6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2024

Commission File Number: 1-9059

Barrick Gold Corporation

(Registrant’s name)

BrookfieldPlace, TD Canada Trust Tower, Suite 3700

161 Bay Street, P.O. Box 212

Toronto, Ontario M5J 2S1 Canada

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐     Form 40-F  ☒

INCORPORATION BY REFERENCE

Exhibit 99.1 to this report on Form 6-K is furnished, not filed, and will not be incorporated by reference into any registration statement.

Exhibit 99.2 to this report on Form 6-K is hereby incorporated by reference into the Registration Statements on Form F-3 (File No. 333-206417), Form S-8 (File Nos. 333-121500, 333-131715, 333-135769, 333-224560) and Form F-10 (File No. 333-271603).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BARRICK GOLD CORPORATION
Date: November 7, 2024	By:	/s/ Poupak Bahamin
	Name:	Poupak Bahamin
	Title:	General Counsel

EXHIBIT INDEX

Exhibits	Description
99.1	2024 Q3 Report Press Release dated November 7, 2024
99.2	Barrick Gold Corporation’s Comparative Unaudited Financial Statements prepared in accordance with International Financial Reporting Standards and the notes thereto for the three and nine months ended September 30, 2024 and<br>Management’s Discussion and Analysis for the same periods

EX-99.1

Exhibit 99.1

BARRICK MINES SET TO DELIVER STRONG FINISH TO THE YEAR

****<br><br><br>TORONTO – NOVEMBER 7,2024	****<br><br><br>NYSE: GOLD
ALL AMOUNTS EXPRESSED IN U.S. DOLLARS	TSX: ABX

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) dealt with ongoing challenges and made significant progress on many fronts in the third quarter of the year to keep its annual production and cost guidance within reach on the back of the strong performance anticipated in Q4.

Gold production was in line with that of the previous quarter while copper production was up 12% quarter on quarter. The Company said it was on track for a materially improved Q4, driven by the continuing ramp-up of the Pueblo Viejo plant expansion, increased throughput at Nevada Gold Mines and higher grades at Kibali.

Improved margins across the gold operations reflected the higher gold price and cost discipline. Net earnings per share rose by 33% year on year, operating cash flow totaled $1.18 billion and free cash flow^1^ of $444 million was up 31% quarter on quarter. Debt net of cash was reduced by 27% quarter on quarter. An unchanged quarterly dividend of 10 cents per share was declared and shareholder returns were enhanced by a further share buyback of $95 million in Q3.

CONTINUED ON PAGE 3

Key Performance Indicators

Financial and Operating Highlights

Financial Results	Q3 2024	Q2 2024	Q3 2023
Realized gold price^2,3^<br><br><br>($ per ounce)	2,494	2,344	1,928
Realized copper price^2,3^<br><br><br>($ per pound)	4.27	4.53	3.78
Net earnings^4^<br><br><br>($ millions)	483	370	368
Adjusted net earnings^5^<br><br><br>($ millions)	529	557	418
Attributable EBITDA^6^<br><br><br>($ millions)	1,292	1,289	1,071
Net cash provided by operating activities<br><br><br>($ millions)	1,180	1,159	1,127
Free cash flow^1^<br><br><br>($ millions)	444	340	359
Net earnings per share<br><br><br>($)	0.28	0.21	0.21
Adjusted net earnings per share^5^<br><br><br>($)	0.30	0.32	0.24
Attributable capital expenditures^7,8^<br><br><br>($ millions)	583	694	589
Operating Results	Q3 2024	Q2 2024	Q3 2023
Gold
Production^2^<br><br><br>(thousands of ounces)	943	948	1,039
Cost of sales<br><br><br>(Barrick’s share)^9,2^($ per ounce)	1,472	1,441	1,277
Total cash costs^2,10^<br><br><br>($ per ounce)	1,104	1,059	912
All-in sustaining costs^2,10^<br><br><br>($ per ounce)	1,507	1,498	1,255
Copper
Production^2,11^<br><br><br>(thousands of tonnes)	48	43	51
Cost of sales<br><br><br>(Barrick’s share)^12,2^($ per pound)	3.23	3.05	2.68
C1 cash costs^2,13^<br><br><br>($ per pound)	2.49	2.18	2.05
All-in sustaining costs^2,13^<br><br><br>($ per pound)	3.57	3.67	3.23
Financial Position	As at9/30/24	As at<br>6/30/24	As at<br>9/30/23
Debt (current and long-term)<br><br><br>($ millions)	4,725	4,724	4,775
Cash and equivalents<br> <br>($<br>millions)	4,225	4,036	4,261
Debt, net of cash<br><br><br>($ millions)	500	688	514

Best Assets

∎	Higher margins^14^ across gold operations on back of higher gold price and stable unit costs
∎	Pueblo Viejo increases quarterly production and lowers unit costs as part of ongoing plant ramp-up and stabilization
---	---
∎	Another strong quarter from Loulo-Gounkoto with full-year production expected to be at the top end of guidance
---	---
∎	Successful completion and commissioning of Phase 2 of Gold Quarry roaster expansion sets Carlin and Cortez up for strong delivery in Q4
---	---
∎	Turquoise Ridge continues to progress underground mining ramp-up
---	---
∎	2024 copper production on track for midpoint of guidance range
---	---
∎	Reko Diq and Lumwana feasibility studies on track for year end completion; ordering of long-lead items commenced
---	---
∎	Drilling at Fourmile completes 24 holes with additional 11 underway, continuing to support substantial growth in Fourmile orebody
---	---
∎	Renewed discipline and focus on quality confirms exciting exploration targets with Tier One^15^ potential around existing operations and on<br>early-stage projects
---	---

Leader in Sustainability

∎	Year-on-year improvement in the TRIFR^16^ and LTIFR^16^, regrettably marred by a fatality at<br>Kibali
∎	Concurrent rehabilitation ahead of plan across the group, with five TSFs to be recommended for Safe Closure by year-end
---	---
∎	Reko Diq and Lumwana ESIAs completed and submitted to relevant authorities
---	---
∎	Barrick Academy on track to have trained over 2,700 managers in Africa & Middle East region by 2025
---	---
∎	In Balochistan, new vocational programs launched to support the development of local employees
---	---

Delivering Value

∎	Q3 operating cash flow of $1.18 billion and free cash flow^1^ up 31% quarter-on-quarter to $444 million
∎	Net earnings per share of $0.28 and adjusted net earnings per share^5^ of $0.30 for the quarter
---	---
∎	Debt, net of cash reduced by 27% quarter-on-quarter
---	---
∎	Continuation of share buybacks deliver enhanced returns to shareholders
---	---
∎	$0.10 per share dividend declared
---	---
BARRICK THIRD QUARTER 2024	2	PRESS RELEASE
---	---	---

CONTINUED FROM PAGE 1

President and chief executive Mark Bristow said the Company was again planning to replace mineral reserves net of depletion in 2024 by a significant margin, driven by the contributions from the Reko Diq copper-gold project and the Lumwana Super Pit expansion project. The feasibility studies for both projects are on track for completion by the year-end. Long lead items are being ordered and key project team members are being recruited.

“The Fourmile project in Nevada continues to show exciting value potential, and significant new satellite orebody opportunities have been highlighted at Loulo and Kibali. In addition, our exploration teams are working on very promising new prospects across our portfolio,” he said.

Barrick is continuing to invest in its leadership and employee skills development, expanding its bench strength across all three regions.

Bristow noted that over the last five years the Company had reduced its closure liabilities by more than $1 billion through the continuous review and optimization of closure projects. In addition, in 2023 two Tailings Storage Facilities (“TSF”) conformed to the Safe Closure requirements as per the Global Industry Standard on Tailings Management (“GISTM”) with a further five expected to conform by the end of this year.

Q3 2024 Results Presentation

Mark Bristow will host a live presentation of the results today at 11:00 AM ET, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

Go to the webinar

US/Canada (toll-free), 1 844 763 8274

UK (toll), +44 20 3795 9972

International (toll), +1 647 484 8814

The Q3 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.

Investor Day 2024

Please join us for Barrick’s Investor Day on Friday, November 22, 2024. The event begins at 9:00 AM ET and will include presentations by members of the Barrick Executive Team covering Exploration, Mineral Resource Management, Operations, Growth Projects, Finance & Supply Chain and Sustainability. Register now for the webinar.

BARRICK DECLARES Q3 DIVIDEND

AND BUYS BACK ADDITIONAL SHARES

Barrick today announced the declaration of a dividend of $0.10 per share for the third quarter of 2024. The dividend is consistent with theCompany’s Performance Dividend Policy announced at the start of 2022.

The Q3 2024 dividend will be paid on December 16, 2024 to shareholders of record at the close of business on November 29, 2024.

Barrick also repurchased an additional 4.725 million shares during the third quarter under the $1 billion share buyback program that was announced in February 2024, bringing the total repurchases during the year to 7.675 million shares.

“The continued strength of our balance sheet, bolstered by record high gold prices and our world class gold and copper asset base, allows us to distribute a robust quarterly dividend whilst maintaining ample liquidity to invest in the growth of our business and to repurchase additional stock at a compelling valuation,” said senior executive vice-president and chief financial officer Graham Shuttleworth.

BARRICK THIRD QUARTER 2024	3	PRESS RELEASE

AFTER CHALLENGING START, PUEBLO VIEJO

EXPANSION STARTS DELIVERING THE GOODS

Pueblo Viejo’s ambitious expansion and upgrade project — designed to extend the Barrick-operated Tier One mine’s life to beyond 2040with an average annual gold production of 800,000 ounces^17^ (100% basis) — is getting up to speed with a 23% quarter-on-quarter increase in production in Q3. It also improved its throughputfor the fourth consecutive quarter.

This performance is a tribute to the management team who, with executive support, had to overcome a series of major equipment failures during the commissioning and ramp-up phases. These included the collapse of the new stockpile feed conveyor structure, which necessitated its re-engineering and re-establishment in a complex operating environment, as well as the redesign and replacement of the flotation circuit gearboxes.

The mine expects to achieve an 80% recovery rate by year-end, rising to 85% in 2025, and is targeting a 90% recovery rate by 2027. This will be supported by installation and commissioning of a new closed circuit classification step and grinding thickener-capacity

increase. Also on the short-term to-do list are bringing the deslime cyclones and staged reagent dosing to full operation which will increase the efficiency of the flotation operations by reducing the fines and increasing capacity of the carbon in leach launders to improve carbon containment at higher throughput.

In the meantime, work on the new tailings facility is progressing with the completion of the environmental study. Resettlement work is also advancing with several hundred of the 700 all-amenity new homes required already built or under construction. The full relocation is expected to be completed by 2025.

BARRICK THIRD QUARTER 2024	4	PRESS RELEASE

EXPLORATION SET TO DELIVER ANOTHER YEAR

OF RESERVE REPLACEMENT AS WELL AS

NEW HIGH-POTENTIAL TARGETS

Barrick’s brownfields and greenfields exploration teams are having a good year with exciting drilling results from around its orebodiespointing to the company retaining its record of reserve replacement and new targets, with Tier One potential, emerging elsewhere within its global portfolio.

Nevada continues to develop orebody and greenfields opportunities, with a strong focus on the Cortez complex, with drilling at the Swift target, and at the Fourmile project, where an exciting hole two kilometers north of Dorothy has intersected a broad zone of Carlin-style alteration. Framework drilling of a large anomalous altered target along strike from the Gold Quarry mine in the Carlin Trend will be completed this year. Elsewhere in the western USA, targets are being developed throughout consolidated positions in multiple prospective terrains, while in Canada, fieldwork on three separate projects has identified multiple targets with anomalous alteration and geochemistry for follow-up work.

The Latin America & Asia Pacific region has made enormous progress in rationalizing its legacy portfolio and the focus is now on target delineation, moving prospects up the resource triangle. Several drill-ready targets have been identified in the Pueblo Viejo and Veladero districts as well as in Barrick’s portfolio in Peru. In Pakistan, the exploration team on-site at Reko Diq is raking in opportunities for an updated resource triangle by the end of this year. Early indications are that the mining lease area holds a resource potential far beyond what is currently envisaged.

In the Africa & Middle East region, the Baboto complex system within the Loulo Lease is showing the potential for a major discovery with the mineralization expanding in multiple directions and exhibiting similarities in style and control to Yalea. A detailed model update will drive an aggressive assessment of the potential in Q1 next year. A full Loulo district geological model — including Bambadji/Dalema across the river in Senegal — will also be updated by the end of the year to produce a new resource triangle for the next generation of major discoveries. At Kibali, the ARK corridor is showing the potential to deliver a high-grade, multi-million-ounce satellite complex less than four kilometres from the processing plant. At the same time, new large-scale grassroots targets are emerging within the Kibali basin, complementing early-stage potential along the KZ trend.

In Tanzania, the update of the Gokona-Gena model is being applied across the entire 20-kilometer corridor to generate and prioritize high-impact targets, while geochemical drilling on the Bulyanhulu Inlier has intersected multiple gold and copper anomalies. Follow-up drilling to rank these for aggressive testing is underway.

BARRICK THIRD QUARTER 2024	5	PRESS RELEASE

NEVADA GOLD MINES FOCUSED ON

FLEXIBILITY, RELIABILITY AND EFFICIENCY

New rolling plans and investment in contractors to enhance underground development inventory at Nevada Gold Mines (“NGM”) are keepingdevelopment faces ahead of operational stopes, increasing the flexibility the mines need to increase the overall processed grade and subsequently ounce production.

Over the past 12 months, this new approach, known as Stope Line Ready – Developed Reserves, has increased the amount of accessible ore developed and ready for production by 19% for longhole stopes and 33% for drift and fill areas. This is equivalent to raising developed capacity from three to four months at current mining volumes. It has the added benefit of maximizing consistency of plan execution, reducing the need to replan the mine to cover shortfalls.

NGM is also making substantial investments in replacing and upgrading equipment and infrastructure which, while in the short term will be reflected in its costs, will effectively recapitalize the complex for the next 10 to 15 years. This follows years of underinvestment prior to the formation of the joint venture. Since its formation, the joint venture has extended the life of mine for the complex by more than ten years and this reinvestment period will ensure the equipment and infrastructure deliver world-class performance for this extended life.

Investments in the open pits include 63 new Komatsu trucks, of which 47 have been purchased and delivered to increase the average payload per truck by approximately 15% and availability by 7%-25%, while

significantly lowering maintenance spend. During the quarter at Carlin, open pit optimization work was also conducted, and several pieces of equipment are being parked with the impacted workforce being offered new assignments throughout NGM where the need exists and to reduce higher-cost contractors supplementing our workforce.

Investment continued in our process facilities with the completion of the Gold Quarry roaster expansion project to increase throughput by 20% combined with process improvements at the Goldstrike roaster. These facilities are now back to industry-leading reliability and operational performance. At the Turquoise Ridge Sage autoclave, significant process equipment upgrades were completed during the quarter, increasing its reliability and performance. We expect to continue these investments over the next couple of years with planned investments in underground equipment and infrastructure, process infrastructure, and notably, automation technology. As these investments pay dividends and we return to our natural sustaining capital run rate, unit costs are projected to taper off and margins will significantly improve.

THE BARRICKACADEMY ROLLS OUT TO NEVADA

Based on the success of the Barrick Academy at the now closed and repurposed Buzwagi mine in Tanzania,the Academy concept will be rolled out to NGM and incorporated into its existing training mine, which was established in 2022 to equip new hires to work safely and efficiently.

Based on the success of the Barrick Academy at the now closed and repurposed Buzwagi mine in Tanzania, the Academy concept will be rolled out to NGM and incorporated into its existing training mine, which was established in 2022 to equip new hires to work safely and efficiently. The launch date is set for 2025 and more than 700 frontline supervisors, general supervisors and superintendents are expected to complete the training that year.

Opened in March, the Buzwagi Barrick Academy offers a program called the Foundations for Leadership and Management. Aimed at frontline staff, this four-day, 40-hour program features 16 interactive modules and is designed to enhance leadership skills, team collaboration and productivity improvement. So far 1,137 participants have

completed the course with more than double that number expected to be trained over the next 24 months.

Courses at the enlarged Academy will be extended to include Barrick’s contractors and the curriculum expanded to cover more disciplines, such as financial leadership, advanced computer literacy and safety. This is being done to ensure a uniform standard of training quality across the group.

“Barrick has the industry’s best assets and the best people that we need to fully develop to maximize their value. The expansion of the Barrick Academy underlines our dedication to investing in the professional growth of our workplace,” says Mark Bristow.

BARRICK THIRD QUARTER 2024	6	PRESS RELEASE

Storm water management infrastructure ensures significant precipitation events can be safely managed at our Giant Nickel closure site in British Columbia, Canada.

REALIZING LONG-TERM VALUE THROUGH

SUSTAINABLE MINE CLOSURE

As reclamation costs and liabilities are projected to grow significantly across the mining industry, Barrick’s efforts to proactivelyunderstand and mitigate closure risk are helping to keep its closure costs and liabilities low.

Group sustainability executive Grant Beringer says the sustainable closure of Barrick’s mines plays a key part in its endeavors to create long-lasting value. “We believe that how we close our mines is as important as how we build and operate them, and that is why we plan their closure before we even start designing them,” he says.

Beringer says sustainable mine closure creates value for Barrick through the realization of cost efficiencies by executing concurrent rehabilitation while mines are still operating; the repurposing of mining infrastructure to create new economic opportunities for communities; and the creation of post-closure conditions to facilitate divestiture. “Responsible mine closure also maintains stakeholder trust and improves our license to operate,” Beringer says.

Relative to 2018 and inclusive of the acquired properties, Barrick has reduced its closure liabilities across the group by more than $1 billion (36%) through the continuous review, optimization and completion of closure projects. This year alone more than $20 million of closure project savings were identified and realized.

According to Beringer, substantial opportunities for value creation lie in Barrick’s North American legacy

portfolio. Over the past five years Barrick has optimized the portfolio, making adjustments to post-closure management plans as well as working with local communities and other stakeholders to identify alternative development opportunities.

“Since 2019, we have invested $280 million in our North American legacy portfolio with the ambitious goal of reducing liabilities by approximately 80% over the next 10 years. In 2024, we will spend approximately $65 million on risk mitigation and eliminating active water treatment as a long-term closure strategy at our legacy sites in New Mexico, California, Colorado, South Dakota and British Columbia,” he says.

“This quarter we also successfully completed the Buzwagi TSF closure project in Tanzania which began in 2022 and, at Pierina in Peru, good progress was made on the closure of the heap leach and waste rock facilities, with the remaining rehabilitation on track for completion in 2025,” says Beringer. “Owning, understanding and actively working to address long-term risks create resilient post-closure conditions that will allow value to be realized long after a mine stops operating.”

BARRICK THIRD QUARTER 2024	7	PRESS RELEASE

Nevada Senator Jacky Rosen and Mark Bristow (center) celebrate the completion of the 200-megawatt solar power plant at Nevada Gold Mines.

NGM COMPLETES CONSTRUCTION

OF 200MW SOLAR POWER PLANT

The Barrick-operated Nevada Gold Mines has completed the construction of the second and final phase of a 200-megawatt solar power plant, which willhave the capability of producing 17% of NGM’s annual power demand while realizing a reduction of 234kt of carbon dioxide equivalent emissions per year.

Mark Bristow says the solar facility would reduce NGM’s total annual greenhouse gas emissions by 8% against a 2018 baseline.

“The solar facility is one of many initiatives to reduce our reliance on carbon-based electricity sources. We are also taking steps to modify the TS Power Plant to use cleaner-burning natural gas as a future fuel source. Additionally, in 2023, we began introducing electric vehicles to our light vehicle fleet which included the required charging infrastructure in Elko and at the main mines Carlin, Cortez, Turquoise Ridge and Phoenix, as well as the TS Power Plant,” Bristow said.

With the second 100-megawatt phase of the TS Solar Power plant now online and performance testing fully

completed, NGM is shifting its focus to installation of solar and battery energy storage (“BESS”) at the operations. NGM was recently awarded $95 million in funding from the US Department of Energy to develop additional solar facilities with BESS at the Turquoise Ridge and Cortez mine sites. These will serve as a secondary power source, mitigating the impacts of power grid disruption and enhancing renewable energy consumption during off-peak hours.

In addition to the TS Power Plant conversion to co-fire capability, we are furthering studies into geothermal energy sources.

BARRICK THIRD QUARTER 2024	8	PRESS RELEASE

LUMWANA’S SUPER PIT EXPANSION

OFFICIALLY LAUNCHED

Feasibility Study Expected by Year-End

The development of a Super Pit at Barrick’s Lumwana copper mine has been officially launched by the Zambian President, His Excellency HakaindeHichilema, accompanied by members of his cabinet.

Speaking at the groundbreaking ceremony also attended by the Barrick board of directors, Mark Bristow said a critical element of the Super Pit Expansion was its focus on creating a sustainable legacy through the development of local capacity within the region, which would benefit both local communities and businesses throughout the construction and operational phases. The expansion will need around 550 additional workers over the next five years to support the ramp up and an additional 2,500 construction workers for a three-year period to 2028.

“We are also planning to build critical infrastructure, including an airstrip and an industrial supplier park. This will enable key suppliers to establish themselves in the area, creating an economic hub that will further fuel growth and development in the wider region,” Bristow said.

“Mining plays a key role in Zambia’s economic structure and our partnership with Barrick is creating one team with a shared vision to develop a new economic frontier in the North-Western Province of the country and beyond,” said President Hakainde Hichilema.

The feasibility study for the Super Pit Expansion is expected by the end of the year, paving the way for construction to start in 2025. Once completed, the $2 billion project^18,19^ unlocks the potential to transform Lumwana into a long-life, high-yielding, top 25 copper producer^18^ and a Tier One^15^ copper mine, capable of contending with the volatility of the copper demand cycles.

The expansion involves first doubling throughput of the existing process circuit and then significantly increasing mining volumes. Plant throughput will grow from the current 27Mt to 52Mt, doubling the mine’s annual copper production from 120kt to a life-of-mine average of 240kt a year.^19,20^ The process plant expansion is supported by a ramp-up of total mining volumes, which are planned to increase incrementally year-on-year, from 150Mt in 2025 to approximately 240Mt in 2028 and then to an average rate of 290Mt per annum from 2030 onwards.^19,20^

Chief operating officer for Africa and Middle East Sebastiaan Bock said, “The phased ramp-up will enable

a competitive cost profile over the life of the mine and annual operating cash flow and free cash flow^1^ are projected to improve by as much as 85% and 60%, respectively, based on the long-term copper price consensus. These production and cost improvements will contribute to an estimated incremental net present value (NPV8) of $1.7 billion^18^.”

At a flat long-term average copper price consensus of $4.13/lb, Barrick estimates that the project will deliver an incremental internal rate of return (“IRR”) of approximately 20%^21^ and a total mine IRR of more than 50%^21^, paying back the initial expansion capital in approximately two years after completion of the expansion. Post-expansion, cost of sales and C1 cash costs^12^ are estimated at approximately $2.36/lb and $1.85/lb, respectively, placing Lumwana in the first quartile of the industry, excluding the benefit of any byproducts.

According to mineral resource management and evaluation executive Simon Bottoms, the process plant engineering has matured to a point that has allowed Barrick to select major equipment vendors and place orders for long lead equipment, including both mills and crushers. “We are starting detailed engineering works this quarter and expanding our onsite accommodation while building partnerships with key suppliers and contractors ahead of the pre-construction ground preparation works, which are scheduled to start next year,” said Bottoms.

Commissioning of the new process plant is planned to start in the second half of 2027. Once the new process circuit is commissioned, the existing circuit will undergo a series of planned shutdowns, allowing Barrick to install upgrades, while ensuring uninterrupted copper delivery throughout the expansion.

The permitting process for the expansion is well underway. An Environmental and Social Impact Assessment (“ESIA”) has already been submitted to the Zambian authorities and approval is expected by the end of this year.

BARRICK THIRD QUARTER 2024	9	PRESS RELEASE

BARRICK CONTINUES TO UNLOCK VALUE

EMBEDDED IN ITS ASSET BASE

Barrick is projecting a 30% growth in the production of gold-equivalent ounces from its existing assets by the end of this decade^22^ while it continues to unlock the value embedded in its portfolio.

Mark Bristow says while Barrick was alert to potentially value-accretive opportunities generated by the consolidation of the industry, it had the rare luxury of doing so from an asset base that would support organic growth well into the future.

“Five years ago, we set out to build a sustainably profitable gold and copper business focused on world-class assets. We did not have to buy them at a premium: they were embedded in the merged portfolio of Barrick and Randgold and we just had to unlock their value,” he said.

“We have six Tier One^15^ gold mines with more in the making and our long-term plans are based on quality orebodies with industry-leading grades that drive improving cost profiles. Alongside our peerless gold portfolio, we are also building a substantial copper business, both to feed the rising demand for this strategic metal and because it enhances our growth optionality to include copper-gold porphyries.”

Bristow listed three world-class gold opportunities, all in Nevada, which he described as the world’s premier mining jurisdiction. The recently commissioned Goldrush is ramping up to a targeted 400,000 ounces per annum (100% basis) by 2028.^23^ Bordering on Goldrush is the 100% Barrick-owned Fourmile, which is returning grades double those of Goldrush and is

another Tier One mine in the making.^24^ Still in Nevada, the 14-million-ounce Leeville project is developing into a major growth driver that could double Carlin’s reserves, extending its life beyond 2045.^25^

On the copper side of the business, two transformative projects are on track for first production in 2028. The Reko Diq copper-gold project in Pakistan is designed to produce 400,000 tonnes of copper and 500,000 ounces of gold per year in the second phase of its development.^24^ The Lumwana Super Pit project in Zambia will double the mine’s production over a +30-year life.^24^

“Mining is a consumptive industry which requires constant replacement of the ounces it depletes. Barrick leads the industry in orebody expansion and has more than replaced the gold reserves it has mined over the past five years.^26^ Even more significantly, the ounces that have been added are at the same or better grade than the reserves that were mined,” Bristow said.

He noted that since 2019, Barrick had also built an industry-leading balance sheet, reducing net debt by $3.5 billion, investing $11.2 billion in +10 year life-of-mine plans for its key mines and returning more than $5 billion to shareholders. Its strong operating cash flows would provide the financial flexibility to fund its growth projects.

BARRICK THIRD QUARTER 2024	10	PRESS RELEASE

2024 Operating and Capital Expenditure Guidance

GOLD PRODUCTION AND COSTS
	2024 forecast<br><br><br>attributable production<br> <br>(000s oz)	2024 forecast cost<br><br><br>of sales^9^ ($/oz)	2024 forecast total<br><br><br>cash costs^10^ ($/oz)	2024 forecast all-in<br>sustaining costs^10^($/oz)
Carlin (61.5%)	800 - 880	1,270 - 1,370	1,030 - 1,110	1,430 - 1,530
Cortez (61.5%)^27^	380 - 420	1,460 - 1,560	1,040 - 1,120	1,390 - 1,490
Turquoise Ridge (61.5%)	330 - 360	1,230 - 1,330	850 - 930	1,090 - 1,190
Phoenix (61.5%)	120 - 140	1,640 - 1,740	810 - 890	1,100 - 1,200
Nevada Gold Mines (61.5%)	1,650 - 1,800	1,340 - 1,440	980 - 1,060	1,350 - 1,450
Hemlo	140 - 160	1,470 - 1,570	1,210 - 1,290	1,600 - 1,700
North America	1,750 - 1,950	1,350 - 1,450	1,000 - 1,080	1,370 - 1,470
Pueblo Viejo (60%)	420 - 490	1,340 - 1,440	830 - 910	1,100 - 1,200
Veladero (50%)	210 - 240	1,340 - 1,440	1,010 - 1,090	1,490 - 1,590
Porgera<br>(24.5%)^28^	50 - 70	1,670 - 1,770	1,220 - 1,300	1,900 - 2,000
Latin America & Asia Pacific	700 - 800	1,370 - 1,470	920 - 1,000	1,290 - 1,390
Loulo-Gounkoto (80%)	510 - 560	1,190 - 1,290	780 - 860	1,150 - 1,250
Kibali (45%)	320 - 360	1,140 - 1,240	740 - 820	950 - 1,050
North Mara (84%)	230 - 260	1,250 - 1,350	970 - 1,050	1,270 - 1,370
Bulyanhulu (84%)	160 - 190	1,370 - 1,470	990 - 1,070	1,380 - 1,480
Tongon (89.7%)	160 - 190	1,520 - 1,620	1,200 - 1,280	1,440 - 1,540
Africa & Middle East	1,400 - 1,550	1,250 - 1,350	880 - 960	1,180 - 1,280
Total Attributable to Barrick^29,30,31^	3,900 - 4,300	1,320 - 1,420	940 - 1,020	1,320 - 1,420
COPPER PRODUCTION AND COSTS
	2024 forecast<br><br><br>attributable production<br> <br>(000s tonnes)^11^	2024 forecast cost<br><br><br>of sales^12^ ($/lb)	2024 forecast C1<br><br><br>cash costs^13^ ($/lb)	2024 forecast<br>all-in<br> <br>sustaining costs^13^ ($/lb)
Lumwana	120 - 140	2.50 - 2.80	1.85 - 2.15	3.30 - 3.60
Zaldívar (50%)	35 - 40	3.70 - 4.00	2.80 - 3.10	3.40 - 3.70
Jabal Sayid (50%)	25 - 30	1.75 - 2.05	1.40 - 1.70	1.70 - 2.00
Total Attributable to Barrick^31^	180 - 210	2.65 - 2.95	2.00 - 2.30	3.10 - 3.40
ATTRIBUTABLE CAPITAL EXPENDITURES^8^
---	---
	( millions)
Attributable minesite sustaining^7,8^
Attributable<br>project^7,8^
Total attributable capital expenditures^8^

All values are in US Dollars.

2024 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS

	2024 guidance<br>assumption	Hypothetical change	Consolidated impact<br><br><br>on EBITDA^6^(millions)	Attributable impact on<br>EBITDA^6^(millions)	Attributable impact on<br>TCC and AISC^10,13^
Gold price sensitivity	$1,900/oz	+$100/oz	+$550	+$400	+$4/oz
Copper price sensitivity	$3.50/lb	+/- $0.25/lb	+/- $110	+/- $110	+/- $0.01/lb
BARRICK THIRD QUARTER 2024	11	PRESS RELEASE
---	---	---

Production and Cost Summary - Gold

		6/30/24		% Change		9/30/23		% Change
Nevada Gold Mines LLC (61.5%)a
Gold produced (000s oz attributable basis)	385		401		(4)%		478		(19)%
Gold produced (000s oz 100% basis)	625		653		(4)%		777		(19)%
Cost of sales (/oz)	1,553		1,464		6 %		1,273		22 %
Total cash costs (/oz)b	1,205		1,104		9 %		921		31 %
All-in sustaining costs (/oz)b	1,633		1,636		0 %		1,286		27 %
Carlin (61.5%)
Gold produced (000s oz attributable basis)	182		202		(10)%		230		(21)%
Gold produced (000s oz 100% basis)	296		327		(10)%		374		(21)%
Cost of sales (/oz)	1,478		1,390		6 %		1,166		27 %
Total cash costs (/oz)b	1,249		1,145		9 %		953		31 %
All-in sustaining costs (/oz)b	1,771		1,805		(2)%		1,409		26 %
Cortez (61.5%)c
Gold produced (000s oz attributable basis)	98		102		(4)%		137		(28)%
Gold produced (000s oz 100% basis)	160		166		(4)%		224		(28)%
Cost of sales (/oz)	1,526		1,366		12 %		1,246		22 %
Total cash costs (/oz)b	1,180		1,013		16 %		840		40 %
All-in sustaining costs (/oz)b	1,570		1,447		9 %		1,156		36 %
Turquoise Ridge (61.5%)
Gold produced (000s oz attributable basis)	76		72		6 %		83		(8)%
Gold produced (000s oz 100% basis)	123		118		6 %		134		(8)%
Cost of sales (/oz)	1,674		1,603		4 %		1,300		29 %
Total cash costs (/oz)b	1,295		1,235		5 %		938		38 %
All-in sustaining costs (/oz)b	1,516		1,505		1 %		1,106		37 %
Phoenix (61.5%)
Gold produced (000s oz attributable basis)	29		25		16 %		26		12 %
Gold produced (000s oz 100% basis)	46		42		16 %		42		12 %
Cost of sales (/oz)	1,789		2,018		(11)%		2,235		(20)%
Total cash costs (/oz)b	764		781		(2)%		1,003		(24)%
All-in sustaining costs (/oz)b	1,113		1,167		(5)%		1,264		(12)%
Long Canyon (61.5%)d
Gold produced (000s oz attributable basis)	—		—		— %		2		(100)%
Gold produced (000s oz 100% basis)	—		—		— %		3		(100)%
Cost of sales (/oz)	—		—		— %		1,832		(100)%
Total cash costs (/oz)b	—		—		— %		778		(100)%
All-in sustaining costs (/oz)b	—		—		— %		831		(100)%
Pueblo Viejo (60%)
Gold produced (000s oz attributable basis)	98		80		23 %		79		24 %
Gold produced (000s oz 100% basis)	164		133		23 %		131		24 %
Cost of sales (/oz)	1,470		1,630		(10)%		1,501		(2)%
Total cash costs (/oz)b	957		1,024		(7)%		935		2 %
All-in sustaining costs (/oz)b	1,221		1,433		(15)%		1,280		(5)%

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	12	PRESS RELEASE

Production and Cost Summary - Gold (continued)

		6/30/24		% Change		9/30/23		% Change
Loulo-Gounkoto (80%)
Gold produced (000s oz attributable basis)	144		137		5 %		142		1 %
Gold produced (000s oz 100% basis)	180		172		5 %		176		1 %
Cost of sales (/oz)	1,257		1,160		8 %		1,087		16 %
Total cash costs (/oz)b	865		795		9 %		773		12 %
All-in sustaining costs (/oz)b	1,288		1,251		3 %		1,068		21 %
Kibali (45%)
Gold produced (000s oz attributable basis)	71		82		(13)%		99		(28)%
Gold produced (000s oz 100% basis)	159		182		(13)%		221		(28)%
Cost of sales (/oz)	1,441		1,313		10 %		1,152		25 %
Total cash costs (/oz)b	978		868		13 %		694		41 %
All-in sustaining costs (/oz)b	1,172		1,086		8 %		801		46 %
Veladero (50%)
Gold produced (000s oz attributable basis)	57		56		2 %		55		4 %
Gold produced (000s oz 100% basis)	113		112		2 %		111		4 %
Cost of sales (/oz)	1,311		1,298		1 %		1,376		(5)%
Total cash costs (/oz)b	951		931		2 %		988		(4)%
All-in sustaining costs (/oz)b	1,385		1,308		6 %		1,314		5 %
Porgera (24.5%)e
Gold produced (000s oz attributable basis)	18		11		64 %		—		— %
Gold produced (000s oz 100% basis)	72		49		64 %		—		— %
Cost of sales (/oz)	1,163		1,132		3 %		—		— %
Total cash costs (/oz)b	999		941		6 %		—		— %
All-in sustaining costs (/oz)b	1,214		1,079		13 %		—		— %
Tongon (89.7%)
Gold produced (000s oz attributable basis)	28		45		(38)%		47		(40)%
Gold produced (000s oz 100% basis)	32		50		(38)%		53		(40)%
Cost of sales (/oz)	2,403		1,960		23 %		1,423		69 %
Total cash costs (/oz)b	2,184		1,716		27 %		1,217		79 %
All-in sustaining costs (/oz)b	2,388		1,899		26 %		1,331		79 %
Hemlo
Gold produced (000s oz)	30		37		(19)%		31		(3)%
Cost of sales (/oz)	1,929		1,663		16 %		1,721		12 %
Total cash costs (/oz)b	1,623		1,395		16 %		1,502		8 %
All-in sustaining costs (/oz)b	2,044		1,660		23 %		1,799		14 %
North Mara (84%)
Gold produced (000s oz attributable basis)	75		54		39 %		62		21 %
Gold produced (000s oz 100% basis)	89		63		39 %		73		21 %
Cost of sales (/oz)	1,108		1,570		(29)%		1,244		(11)%
Total cash costs (/oz)b	850		1,266		(33)%		999		(15)%
All-in sustaining costs (/oz)b	1,052		1,491		(29)%		1,429		(26)%

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	13	PRESS RELEASE

Production and Cost Summary - Gold (continued)

		6/30/24		% Change		9/30/23		% Change
Bulyanhulu (84%)
Gold produced (000s oz attributable basis)	37		45		(18)%		46		(20)%
Gold produced (000s oz 100% basis)	44		53		(18)%		55		(20)%
Cost of sales (/oz)	1,628		1,438		13 %		1,261		29 %
Total cash costs (/oz)b	1,191		985		21 %		859		39 %
All-in sustaining costs (/oz)b	1,470		1,243		18 %		1,132		30 %
Total Attributable to Barrickf
Gold produced (000s oz)	943		948		(1)%		1,039		(9)%
Cost of sales (/oz)g	1,472		1,441		2 %		1,277		15 %
Total cash costs (/oz)b	1,104		1,059		4 %		912		21 %
All-in sustaining costs (/oz)b	1,507		1,498		1 %		1,255		20 %

All values are in US Dollars.

a.	These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon until it<br>transitioned to care and maintenance at the end of 2023, as previously reported.
b.	Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included<br>in the endnotes to this press release.
---	---
c.	Includes Goldrush.
---	---
d.	Starting Q1 2024, we have ceased to include production or non-GAAP cost metrics for Long Canyon as it was placed on<br>care and maintenance at the end of 2023, as previously reported.
---	---
e.	As Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023, no operating data<br>or per ounce data has been provided from the third quarter of 2020 to the fourth quarter of 2023. On December 22, 2023, we completed the Commencement Agreement, pursuant to which the PNG government and BNL, the 95% owner and operator of the<br>Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Ownership of Porgera is now held in a new joint venture owned 51% by PNG stakeholders and 49% by a Barrick affiliate, PJL. PJL is jointly owned on a<br>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<br>agreed with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the overall economic benefits derived from the mine accumulated over time, and the PNG stakeholders share the remaining 53%.
---	---
f.	Excludes Pierina, which was producing incidental ounces until December 31, 2023 while in closure. It also excludes<br>Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.
---	---
g.	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or<br>care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
---	---
BARRICK THIRD QUARTER 2024	14	PRESS RELEASE
---	---	---

Production and Cost Summary - Copper

		6/30/24		% Change		9/30/23		% Change
Lumwana
Copper production (thousands of tonnes)a	30		25		20 %		33		(9)%
Cost of sales (/lb)	3.27		3.15		4 %		2.48		32 %
C1 cash costs (/lb)b	2.53		2.14		18 %		1.86		36 %
All-in sustaining costs (/lb)b	3.94		4.36		(10)%		3.41		16 %
Zaldívar (50%)
Copper production (thousands of tonnes attributable basis)a	10		10		0 %		10		0 %
Copper production (thousands of tonnes 100% basis)a	20		19		0 %		20		0 %
Cost of sales (/lb)	4.04		4.13		(2)%		3.86		5 %
C1 cash costs (/lb)b	2.99		3.12		(4)%		2.99		0 %
All-in sustaining costs (/lb)b	3.45		3.55		(3)%		3.39		2 %
Jabal Sayid (50%)
Copper production (thousands of tonnes attributable basis)a	8		8		0 %		8		0 %
Copper production (thousands of tonnes 100% basis)a	16		16		0 %		16		0 %
Cost of sales (/lb)	1.76		1.67		5 %		1.72		2 %
C1 cash costs (/lb)b	1.54		1.34		15 %		1.45		6 %
All-in sustaining costs (/lb)b	1.76		1.53		15 %		1.64		7 %
Total Attributable to Barrick
Copper production (thousands of tonnes)a	48		43		12 %		51		(6)%
Cost of sales (/lb)c	3.23		3.05		6 %		2.68		21 %
C1 cash costs (/lb)b	2.49		2.18		14 %		2.05		21 %
All-in sustaining costs (/lb)b	3.57		3.67		(3)%		3.23		11 %

All values are in US Dollars.

a.	Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is<br>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 performance measures, including detailed reconciliations, is included<br>in the endnotes to this press release.
---	---
c.	Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both<br>on an attributable basis using Barrick’s ownership share).
---	---
BARRICK THIRD QUARTER 2024	15	PRESS RELEASE
---	---	---

Financial and Operating Highlights

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

All values are in US Dollars.

^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 in the<br>endnotes to this press release.
---	---
^c.^	Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of<br>all-in sustaining costs.
---	---
^d.^	Total consolidated capital expenditures also includes capitalized interest of $4 million and $29 million, respectively,<br>for Q3 2024 and YTD 2024 (Q2 2024: $12 million; Q3 2023: $12 million; YTD 2023: $27 million).
---	---
^e.^	These amounts are presented on the same basis as our guidance.
---	---
^f.^	Represents net cash provided by operating activities divided by revenue.
---	---
^g.^	On an attributable basis.
---	---
^h.^	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or<br>care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
---	---
^i.^	Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is<br>equivalent to 2,204.6 pounds). Production and sales amounts for prior periods have been restated for comparative purposes. Our copper cost metrics are still reported on a per pound basis.
---	---
^j.^	Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both<br>on an attributable basis using Barrick’s ownership share).
---	---
BARRICK THIRD QUARTER 2024	16	PRESS RELEASE
---	---	---

Consolidated Statements of Income

Barrick Gold Corporation<br><br><br>(in millions of United States dollars, except per share data) (Unaudited)	Three months ended<br>September 30,				Nine months ended<br>September 30,
	2024		2023		2024		2023
Revenue (notes 4 and 5)	****	3,368		2,862	****	9,277		8,338
Costs and expenses (income)
Cost of sales (notes 4 and 6)	****	2,051		1,915	****	5,966		5,793
General and administrative expenses	****	46		30	****	106		97
Exploration, evaluation and project expenses	****	104		86	****	296		258
Impairment charges (note 8b)	****	2		—	****	20		23
Loss on currency translation	****	4		30	****	21		56
Closed mine rehabilitation	****	59		(44	****	48		(35
Income from equity investees (note 11)	****	(51		(68	****	(214		(179
Other expense (note 8a)	****	46		58	****	143		128
Income before finance costs and income taxes	****	1,107		855	****	2,891		2,197
Finance costs, net	****	(82		(52	****	(164		(154
Income before income taxes	****	1,025		803	****	2,727		2,043
Income tax expense (note 9)	****	(245		(218	****	(826		(687
Net income	****	780		585	****	1,901		1,356
Attributable to:
Equity holders of Barrick Gold Corporation	****	483		368	****	1,148		793
Non-controlling interests (note 14)	****	297		217	****	753		563
Earnings per share data attributable to the equity holders of Barrick Gold Corporation (note7)
Net income
Basic	****	0.28		0.21	****	0.65		0.45
Diluted	****	0.28		0.21	****	0.65		0.45

All values are in US Dollars.

The notes to these unaudited condensed interim financial statements, which are contained in the Third Quarter Report 2024 available on our website, are an integral part of these consolidated financial statements.

BARRICK THIRD QUARTER 2024	17	PRESS RELEASE

Consolidated Statements of Comprehensive Income

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

All values are in US Dollars.

The notes to these unaudited condensed interim financial statements, which are contained in the Third Quarter Report 2024 available on our website, are an integral part of these consolidated financial statements.

BARRICK THIRD QUARTER 2024	18	PRESS RELEASE

Consolidated Statements of Cash Flow

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

All values are in US Dollars.

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

The notes to these unaudited condensed interim financial statements, which are contained in the Third Quarter Report 2024 available on our website, are an integral part of these consolidated financial statements.

BARRICK THIRD QUARTER 2024	19	PRESS RELEASE

Consolidated Balance Sheets

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

All values are in US Dollars.

The notes to these unaudited condensed interim financial statements, which are contained in the Third Quarter Report 2024 available on our website, are an integral part of these consolidated financial statements.

BARRICK THIRD QUARTER 2024	20	PRESS RELEASE

Consolidated Statements of Changes in Equity

Barrick Gold Corporation				Attributable to equity holders of the company
(in millions of United States dollars)<br> (Unaudited)	Common<br>Shares (in<br>thousands)			Capital<br>stock		Retained<br>earnings<br>(deficit)			Accumulated<br>other<br>comprehensive<br>income (loss)^1^		Other^2^		Total equity<br>attributable to<br>shareholders		Non-<br>controlling<br>interests		Total<br>equity
At January 1, 2024	****	1,755,570	****	****	28,117	****	($6,713	)	****	24	****	1,913	****	23,341	****	8,661	****	32,002
Net income		—			—		1,148			—		—		1,148		753		1,901
Total other comprehensive income		—			—		—			13		—		13		—		13
Total comprehensive income		—			—		1,148			13		—		1,161		753		1,914
Transactions with owners
Dividends		—			—		(524	)		—		—		(524		—		(524
Funding from non-controlling interests (note 14)		—			—		—			—		—		—		84		84
Disbursements to non-controlling interests (note 14)		—			—		—			—		—		—		(432		(432
Dividend reinvestment plan (note 13)		154			3		(3	)		—		—		—		—		—
Share buyback program (note 13)		(7,675	)		(124		—			—		(23		(147		—		(147
Total transactions with owners		(7,521	)		(121		(527	)		—		(23		(671		(348		(1,019
At September 30, 2024	****	1,748,049	****	****	27,996	****	($6,092	)	****	37	****	1,890	****	23,831	****	9,066	****	32,897
At January 1, 2023	****	1,755,350	****	****	28,114	****	($7,282	)	****	26	****	1,913	****	22,771	****	8,518	****	31,289
Net income		—			—		793			—		—		793		563		1,356
Total other comprehensive loss		—			—		—			(20		—		(20		—		(20
Total comprehensive income (loss)		—			—		793			(20		—		773		563		1,336
Transactions with owners
Dividends		—			—		(524	)		—		—		(524		—		(524
Funding from non-controlling interests		—			—		—			—		—		—		23		23
Disbursements to non-controlling interests		—			—		—			—		—		—		(426		(426
Dividend reinvestment plan		173			3		(3	)		—		—		—		—		—
Total transactions with owners		173			3		(527	)		—		—		(524		(403		(927
At September 30, 2023	****	1,755,523	****	****	28,117	****	($7,016	)	****	6	****	1,913	****	23,020	****	8,678	****	31,698

All values are in US Dollars.

^1^	Includes cumulative translation losses at September 30, 2024: $95 million (December 31, 2023: $95 million;<br>September 30, 2023: $95 million).
^2^	Includes additional paid-in capital as at September 30, 2024: $1,852 million (December 31, 2023: $1,875 million;<br>September 30, 2023: $1,875 million).
---	---

The notes to these unaudited condensed interim financial statements, which are contained in the Third Quarter Report 2024 available on our website, are an integral part of these consolidated financial statements.

BARRICK THIRD QUARTER 2024	21	PRESS RELEASE

Technical Information

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

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

Endnotes

Endnote 1

“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. Further details on this non-GAAP financial performance measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure.

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

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

All values are in US Dollars.

Endnote 2

On an attributable basis.

Endnote 3

“Realized price” is a non-GAAP financial performance 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. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

BARRICK THIRD QUARTER 2024	22	PRESS RELEASE

Reconciliation of Sales to Realized Price per ounce/pound

($ millions, except per ounce/pound information<br> in dollars)	Gold									Copper						Gold						Copper
										For the three months ended									For the nine months ended
	9/30/24			6/30/24			9/30/23			9/30/24		6/30/24		9/30/23		9/30/24			9/30/23			9/30/24		9/30/23
Sales	****	3,097	****		2,868			2,588		****	213		219		209	****	8,493	****		7,583		****	595		569
Sales applicable to non-controlling interests	****	(930	)		(850	)		(797	)	****	0		0		0	****	(2,575	)		(2,307	)	****	0		0
Sales applicable to equity method<br>investments^a,b^	****	241	****		217			187		****	141		161		126	****	609	****		484		****	438		419
Sales applicable to sites in closure or care and maintenance^c^	****	(2	)		(3	)		(4	)	****	0		0		0	****	(7	)		(13	)	****	0		0
Treatment and refinement charges	****	7	****		8			7		****	39		38		47	****	22	****		22		****	111		140
Revenues – as adjusted	****	2,413	****		2,240			1,981		****	393		418		382	****	6,542	****		5,769		****	1,144		1,128
Ounces/pounds sold (000s ounces/millions pounds)^c^	****	967	****		956			1,027		****	91		93		101	****	2,833	****		2,982		****	270		291
Realized gold/copper price per ounce/pound^d^	****	2,494	****		2,344			1,928		****	4.27		4.53		3.78	****	2,309	****		1,934		****	4.23		3.88
^a.^	Represents sales of $193 million and $533 million, respectively, for Q3 2024 and YTD 2024 (Q2 2024: $189 million; Q3<br>2023: $187 million; YTD 2023: $484 million) applicable to our 45% equity method investment in Kibali and $48 million and $76 million, respectively (Q2 2024: $28 million; Q3 2023: $nil; YTD 2023: $nil, respectively) applicable to our 24.5% equity<br>method investment in Porgera for gold. Represents sales of $91 million and $260 million, respectively, for Q3 2024 and YTD 2024 (Q2 2024: $89 million; Q3 2023: $82 million; YTD 2023: $261 million) applicable to our 50% equity method investment in<br>Zaldívar and $55 million and $196 million, respectively (Q2 2024: $79 million; Q3 2023: $49 million; YTD 2023: $176 million), applicable to our 50% equity method investment in Jabal Sayid for copper.
---	---
^b.^	Sales applicable to equity method investments are net of treatment and refinement charges.
---	---
^c.^	On an attributable basis. Excludes Pierina, which was producing incidental ounces until December 31, 2023 while in<br>closure. It also excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.
---	---
^d.^	Realized price per ounce/pound may not calculate based on amounts presented in this table due to rounding.<br>
---	---

Endnote 4

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

Endnote 5

“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings 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. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and does not have any standardized definition under IFRS Accounting Standards as issued by the International Accounting Standards Board (“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. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

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

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

All values are in US Dollars.

^a.^	The net impairment charges for YTD 2024 and 2023 relate to miscellaneous assets.
^b.^	For Q3 2024 and YTD 2024, significant tax adjustments include the de-recognition of deferred tax assets; the impact of<br>the community relations projects at Tanzania per our community investment obligations under the Twiga partnership, and the re-measurement of deferred tax balances. Significant tax adjustments for YTD 2024 also include the proposed settlement of the<br>Zaldívar Tax Assessments in Chile, and adjustments in respect of prior years. For YTD 2023,
---	---
BARRICK THIRD QUARTER 2024	23	PRESS RELEASE
---	---	---
significant tax adjustments mainly related to the settlement agreement to resolve the tax dispute at Porgera, the<br>de-recognition of deferred tax assets, adjustments in respect of prior years and the re-measurement of deferred tax balances.
---
^c.^	For Q3 2024, other expense adjustments mainly relate to the $40 million accrual relating to the road construction in<br>Tanzania per our community investment obligations under the Twiga partnership, and changes in the discount rate assumptions on our closed mine rehabilitation provision, combined with a provision made relating to a legacy mine site operated by<br>Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick. YTD 2024 was further impacted by the interest and penalties recognized following the proposed settlement of the Zaldívar Tax Assessments in Chile, which was<br>recorded in Q2 2024. Other expense adjustments for YTD 2023 mainly relate to changes in the discount rate assumptions on our closed mine rehabilitation provision, care and maintenance expenses at Porgera, and the $30 million accrual relating to the<br>expansion of education infrastructure in Tanzania, also pursuant to the Twiga partnership.
---	---
^d.^	Non-controlling interest and tax effect for YTD 2024 primarily relates to other expense adjustments and net impairment<br>charges.
---	---
^e.^	Calculated using weighted average number of shares outstanding under the basic method of earnings per share.<br>
---	---

Endnote 6

EBITDA is a non-GAAP financial performance 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. 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. 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 full 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 not necessarily reflective of the underlying operating results for the periods presented. 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 and which 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 the Q2 2024 MD&A, we are presenting net leverage as a non-GAAP ratio and 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. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

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

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

All values are in US Dollars.

^a.^	Finance costs exclude accretion.
^b.^	The net impairment charges for YTD 2024 and 2023 relate to miscellaneous assets.
---	---
^c.^	For Q3 2024, other expense adjustments mainly relate to the $40 million accrual relating to the road construction in<br>Tanzania per our community investment obligations under the Twiga partnership, and changes in the discount rate assumptions on our closed mine rehabilitation provision, combined with a provision
---	---
BARRICK THIRD QUARTER 2024	24	PRESS RELEASE
---	---	---
made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition<br>by Barrick. YTD 2024 was further impacted by the interest and penalties recognized following the proposed settlement of the Zaldívar Tax Assessments in Chile, which was recorded in Q2 2024. Other expense adjustments for YTD 2023 mainly relate<br>to changes in the discount rate assumptions on our closed mine rehabilitation provision, care and maintenance expenses at Porgera, and the $30 million accrual relating to the expansion of education infrastructure in Tanzania, also pursuant to the<br>Twiga partnership.
---
^d.^	Refer to Reconciliation of Sales to Realized Price per ounce/pound on page 62 of the Q3 2024 MD&A.<br>
---	---
^e.^	Represents attributable EBITDA divided by revenues - as adjusted.
---	---
^f.^	Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.
---	---

Endnote 7

These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs per ounce and all-in 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 performance measures to the most directly comparable IFRS measure.

Reconciliation of the Classification of Capital Expenditures

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

All values are in US Dollars.

Endnote 8

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 50% share of Zaldívar and Jabal Sayid and, beginning in 2024, our 24.5% share of Porgera.

Endnote 9

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 (on an attributable basis using Barrick’s ownership share).

Endnote 10

“Total cash costs” per ounce, “All-in sustaining costs” per ounce and “All-in costs” per ounce are non-GAAP financial performance measures which are calculated based on the definition published by the World Gold Council (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, the “WGC”). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and their ability to generate positive cash flow, both on an individual site basis and an overall company basis. “Total cash costs” per ounce start with our cost of sales related to gold production and removes depreciation, the noncontrolling interest of cost of sales and includes by-product credits. “All-in sustaining costs” per ounce start with “Total cash costs” per ounce and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels. “All-in costs” per ounce start with “All-in sustaining costs” and adds additional costs that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures (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) and other non-sustaining costs (primarily non-sustaining leases, exploration and evaluation costs, community relations costs and general and administrative costs that are not associated with current operations). These definitions recognize that there are different costs associated with the life-cycle of a mine, and that it is therefore appropriate to distinguish between sustaining and non-sustaining costs. Barrick believes that the use of “Total cash costs” per ounce, “All-in sustaining costs” per ounce and “All-in costs” per ounce will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. “Total cash costs” per ounce, “All-in sustaining costs” per ounce and “All-in costs” per ounce 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. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

BARRICK THIRD QUARTER 2024	25	PRESS RELEASE

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

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

All values are in US Dollars.

a.	Non-recurring items - These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs.
b.	Other - Other adjustments for Q3 2024 and YTD 2024 include the removal of total cash costs and by-product credits associated with Pierina of $nil and $nil,<br>respectively (Q2 2024: $nil; Q3 2023: $nil; YTD 2023: $3 million), which was producing incidental ounces until December 31, 2023 while in closure.
c.	Non-controlling interests - Non-controlling interests include non-controlling interests related to gold production of $556 million and $1,630 million, respectively,<br>for Q3 2024 and YTD 2024 (Q2 2024: $532 million; Q3 2023: $536 million; YTD 2023: $1,598 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu. Refer to Note 4 to the Financial<br>Statements for further information.
d.	Exploration and evaluation costs - Exploration, evaluation and project expenses are presented as minesite sustaining if they support current mine operations and<br>project if they relate to future projects. Refer to page 39 of the Q3 2024 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<br>rehabilitation provision of our gold operations, split between operating and non-operating sites.
g.	Non-controlling interest and copper operations - Removes general and administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes<br>exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It<br>also includes capital expenditures applicable to our equity method investment in Kibali. Figures remove the impact of Pierina up until December 31, 2023. The impact is summarized as the following:
( millions)			For the three months ended						For the nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-controlling interest, copper operations and other			6/30/24			9/30/23			9/30/24			9/30/23
General & administrative costs	(7	)		(6	)		(5	)	****	(17	)		(16	)
Minesite exploration and evaluation expenses	(2	)		(4	)		(4	)	****	(8	)		(12	)
Rehabilitation - accretion and amortization (operating sites)	(5	)		(6	)		(5	)	****	(16	)		(15	)
Minesite sustaining capital expenditures	(185	)		(262	)		(224	)	****	(660	)		(551	)
All-in sustaining costs total	(199	)		(278	)		(238	)	****	(701	)		(594	)

All values are in US Dollars.

h.	Ounces sold - attributable basis - Excludes Pierina, which was producing incidental ounces until December 31, 2023 while in closure. It also excludes Long<br>Canyon which is producing residual ounces from the leach pad while in care and maintenance.
i.	Cost of sales per ounce - Figures remove the cost of sales impact of: Pierina of $nil and $nil, respectively, for Q3 2024 and YTD 2024 (Q2 2024: $nil; Q3 2023: $nil;<br>YTD 2023: $3 million), which was producing incidental ounces up until December 31, 2023 while in closure. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance)<br>divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
j.	Per ounce figures - Cost of sales per ounce, total cash costs per ounce and all-in sustaining costs per ounce may not calculate based on amounts presented in this<br>table due to rounding.
k.	Co-product costs per ounce<br> <br>Total<br>cash costs per ounce and all-in sustaining costs per ounce presented on a co-product basis removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:
BARRICK THIRD QUARTER 2024	26	PRESS RELEASE
---	---	---
( millions)			For the three months ended						For the nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			6/30/24			9/30/23			9/30/24			9/30/23
By-product credits	58	****		75			65		****	189	****		186
Non-controlling interest	(18	)		(24	)		(22	)	****	(60	)		(61	)
By-product credits (net of non-controlling interest)	40	****		51			43		****	129	****		125

All values are in US Dollars.

Endnote 11

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). Our copper cost metrics are still reported on a per pound basis.

Endnote 12

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

Endnote 13

“C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures related to our copper mine operations. We believe that “C1 cash costs” per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. “C1 cash costs” per pound excludes royalties and non-routine charges as they are not direct production costs. “All-in sustaining costs” per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. “All-in sustaining costs” per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

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

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

All values are in US Dollars.

a.	Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on<br>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 (on<br>an attributable basis using Barrick’s ownership share).
---	---

Endnote 14

Gold margins are calculated as realized price^3^ per ounce of gold minus cost of sales per ounce of gold. Refer to page 5 of the Q3 2024 MD&A.

BARRICK THIRD QUARTER 2024	27	PRESS RELEASE

Endnote 15

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

Endnote 16

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

Endnote 17

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

Endnote 18

Financial metrics and production metrics are based upon Barrick’s internal pre-feasibility study which is conceptual in nature because it includes mineral resources that are not yet categorized as mineral reserves, and there is no certainty that the pre-feasibility assessment will be realized. These metrics are subject to change upon completion of the feasibility study. The assumptions outlined within the pre-feasibility study assessment have formed the basis for the ongoing study and were made by a Qualified Person. The Qualified Person will evaluate the results of the completed feasibility study before determining whether all or a part of the mineral resource for the Super Pit Expansion Project may be converted to a mineral reserve.

Endnote 19

The results in this press release represent forward-looking information and are based on Barrick’s internal pre-feasibility study for the Super Pit. These results are based on mineral resources only and depend on inputs that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those presented here. Barrick is in the process of completing a feasibility study in respect of the Super Pit, the results of which may differ from the figures disclosed in this press release. Barrick does not currently identify Lumwana as a material property. Barrick expects to reevaluate Lumwana’s status as a potential material property following the completion of the feasibility study for the Super Pit Expansion Project and the preparation of updated mineral reserves and resources estimates for Lumwana as of December 31, 2024. A Technical Report will be prepared in accordance with Form 43-101F1 and filed on SEDAR+ within 45 days of the disclosure of the results of the feasibility study if Lumwana is classified as a material property.

Endnote 20

Life of Mine Plan mined tonnes, grade and ounces and financials are based on the pre-feasibility study but are conceptual in nature due to using mineral resources and are subject to change with completion of the feasibility study which is anticipated for Q4 2024.

Endnote 21

All financial metrics are estimated based upon CIBC Global Mining Group mean long-term consensus forecast copper price of $4.13/lb. Refer to the below table for the complete list of Barrick’s outlook assumptions.

Key Outlook Assumptions	2024	2025	2026+
Gold Price<br>($/oz)	1,900	1,300	1,300
Copper Price<br>($/lb)	3.50	3.00	3.00
Oil Price (WTI)<br>($/barrel)	80	70	70
AUD Exchange Rate<br>(AUD:USD)	0.75	0.75	0.75
ARS Exchange Rate<br>(USD:ARS)	800	800	800
CAD Exchange Rate<br>(USD:CAD)	1.30	1.30	1.30
CLP Exchange Rate<br>(USD:CLP)	900	900	900
EUR Exchange Rate<br>(EUR:USD)	1.10	1.20	1.20
BARRICK THIRD QUARTER 2024	28	PRESS RELEASE
---	---	---

Endnote 22

Scenario assumes an indicative production profile for Reko Diq and Lumwana, both of which are conceptual in nature. Does not include Fourmile. Refer to the below table for the complete list of Barrick’s outlook assumptions.

Key Outlook Assumptions	2024	2025	2026+
Gold Price<br>($/oz)	1,900	1,300	1,300
Copper Price<br>($/lb)	3.50	3.00	3.00
Oil Price (WTI)<br>($/barrel)	80	70	70
AUD Exchange Rate<br>(AUD:USD)	0.75	0.75	0.75
ARS Exchange Rate<br>(USD:ARS)	800	800	800
CAD Exchange Rate<br>(USD:CAD)	1.30	1.30	1.30
CLP Exchange Rate<br>(USD:CLP)	900	900	900
EUR Exchange Rate<br>(EUR:USD)	1.10	1.20	1.20

Gold equivalent ounces calculated from our copper assets are calculated using a gold price of $1,300/oz and copper price of $3.00/lb. Barrick’s ten-year indicative production profile for gold equivalent ounces is based on the following assumptions:

Barrick’s five-year indicative outlook is based on our current operating asset portfolio, sustaining projects in progress and exploration/mineral resource management initiatives in execution. This outlook is based on our current reserves and resources and assumes that we will continue to be able to convert resources into reserves. Additional asset optimization, further exploration growth, new project initiatives and divestitures are not included. For the company’s gold and copper segments, and where applicable for a specific region, this indicative outlook is subject to change and assumes the following: new open pit production permitted and commencing at Hemlo in the second half of 2025, allowing three years for permitting and two years for pre-stripping prior to first ore production in 2027; and production from the Zaldívar CuproChlor® Chloride Leach Project (Antofagasta is the operator of Zaldívar).

Our five-year indicative outlook excludes: production from Fourmile; Pierina, and Golden Sunlight, both of which are currently in care and maintenance; and production from long-term greenfield optionality from Donlin, Pascua-Lama, Norte Abierto and Alturas.

Barrick’s ten-year indicative production profile is subject to change and is based on the same assumptions as the current five-year outlook detailed above, except that the subsequent five years of the ten-year outlook assumes attributable production from Fourmile as well as exploration and mineral resource management projects in execution at Nevada Gold Mines and Hemlo.

Barrick’s five-year and ten-year production profile in this presentation also assumes an indicative gold and copper production profile for Reko Diq and an indicative copper production profile for the Lumwana Super Pit expansion, both of which are conceptual in nature.

Endnote 23

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

Endnote 24

Indicative production profiles from Fourmile and Lumwana and recovered production profiles from Reko Diq are conceptual in nature and subject to change following completion of Fourmile’s pre-feasibility study, Lumwana’s feasibility study and Reko Diq’s updated feasibility study, respectively. Fourmile is currently 100% owned by Barrick. As previously disclosed, Barrick anticipates Fourmile being contributed to the Nevada Gold Mines joint venture, at fair market value, if certain criteria are met.

BARRICK THIRD QUARTER 2024	29	PRESS RELEASE

Endnote 25

“14 million ounce Leeville project” refers to total historical gold production of the Leeville Complex from 2005 to 2023 of 8.5 million ounces (100% basis) plus estimated year-end 2023 probable mineral reserves of the Leeville Complex of 5.4 million ounces of gold (100% basis).

Leeville (100%Basis)
Year	Tonnes<br><br><br>Processed<br> <br>(kt)	Head<br><br><br>Grade<br> <br>(g/t)	Gold<br><br><br>Produced<br> <br>(oz)
2005	43	12.18	16,649
2006	378	15.86	192,678
2007	635	13.06	266,602
2008	1,132	13.34	485,607
2009	1,308	12.81	538,597
2010	1,480	11.98	569,915
2011	1,569	10.22	515,429
2012	1,091	9.77	342,495
2013	1,300	9.44	394,388
2014	1,107	9.29	330,622
2015	1,147	9.21	339,814
2016	1,377	9.19	407,024
2017	1,498	9.67	465,799
2018	1,438	9.75	450,661
2019	1,439	9.74	450,744
2020	1,445	9.83	456,899
2021	1,406	9.65	436,268
2022	1,433	9.42	433,791
2023	1,503	9.51	459,744
Total	22,730	10.34	7,553,728
Pete Bajo (100%Basis)
---	---	---	---
Year	Tonnes<br><br><br>Processed<br> <br>(kt)	Head<br><br><br>Grade<br> <br>(g/t)	Gold<br><br><br>Produced<br> <br>(oz)
2011	71	11.77	26,7
2012	219	11.27	79,2
2013	208	8.43	56,2
2014	217	8.64	60,2
2015	269	8.61	74,5
2016	270	8.77	76,0
2017	289	7.95	73,9
2018	242	8.26	64,1
2019	280	8.72	78,4
2020	319	8.51	87,4
2021	323	8.16	84,7
2022	339	7.24	78,8
2023	323	7.34	76,2
Total	3,368	8.47	916,82
Rita K (100%Basis)
---	---	---	---
Year	Tonnes<br><br><br>Processed<br> <br>(kt)	Head<br><br><br>Grade<br> <br>(g/t)	Gold<br><br><br>Produced<br> <br>(oz)
2020	3	4.8	438
2021	26	5.9	5,028
2022	115	7.45	27,561
2023	85	6.26	17,067
Total	229	6.8	50,094
Total Leeville Complex (100% Basis)
---	---	---	---
Year	Tonnes<br><br><br>Processed<br> <br>(kt)	Head<br><br><br>Grade<br> <br>(g/t)	Gold<br><br><br>Produced<br> <br>(oz)
2005	43	12.18	16,649
2006	378	15.86	192,678
2007	635	13.06	266,602
2008	1,132	13.34	485,607
2009	1,308	12.81	538,597
2010	1,480	11.98	569,915
2011	1,640	10.29	542,151
2012	1,310	10.02	421,768
2013	1,507	9.3	450,646
2014	1,324	9.18	390,899
2015	1,417	9.1	414,340
2016	1,647	9.12	483,059
2017	1,788	9.39	539,704
2018	1,679	9.54	514,796
2019	1,719	9.57	529,188
2020	1,767	9.59	544,795
2021	1,756	9.32	526,003
2022	1,887	8.9	540,166
2023	1,911	9	553,083
Total	26,327	10.07	8,520,645

Historical production data sourced from Barrick and Newmont company filings.

Fallon forms part of Leeville Complex but is not included in the tables above due to lack of production.

Estimates of Leeville Complex mineral reserves as of December 31, 2023 on a 100% basis: Probable mineral reserves of 20 million tonnes grading 8.48g/t, representing 5.4 million ounces of gold. Currently, no proven mineral reserves are reported for Leeville Complex. Leeville Complex comprises:

•	Pete Bajo: Probable mineral reserves of 2.0 million tonnes grading 7.39g/t, representing 0.47 million<br>ounces of gold ****
•	Rita K: Probable mineral reserves of 3.5 million tonnes grading 6.26g/t, representing<br>0.70 million ounces of gold ****
---	---
•	Leeville: Probable mineral reserves of 14 million tonnes grading 9.17g/t, representing<br>4.2 million ounces of gold
---	---
BARRICK THIRD QUARTER 2024	30	PRESS RELEASE
---	---	---

Endnote 26

Proven and probable reserve gains calculated from cumulative net change in reserves from year end 2019 to 2023. Reserve replacement percentage is calculated from the cumulative net change in reserves from year end 2019 to 2023 divided by the cumulative depletion in reserves from year end 2019 to 2023 as shown in the table below.

Year	Attributable P&P Gold (Moz)	Attributable Gold<br><br><br>Acquisition & Divestments<br><br><br>(Moz)	Attributable Gold Depletion<br><br><br>(Moz)	Attributable Gold Net<br><br><br>Change (Moz)
2019^a^	71	—	—	—
2020^b^	68	(2.2)	(5.5)	4.2
2021^c^	69	(0.91)	(5.4)	8.1
2022^d^	76	—	(4.8)	12
2023^e^	77	—	(4.6)	5
2019-2023<br> <br>Total	N/A	(3.1)	(20)	29

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 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<br>g/t, representing 22 million ounces of gold and Probable reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold.
b.	Estimates as of December 31, 2020, unless otherwise noted. Proven reserves of 280 million tonnes grading<br>2.37g/t, representing 21 million ounces of gold and Probable reserves of 990 million tonnes grading 1.46g/t, representing 47 million ounces of gold.
---	---
c.	Estimates as of December 31, 2021, unless otherwise noted. Proven mineral reserves of 240 million tonnes<br>grading 2.20g/t, representing 17 million ounces of gold and Probable reserves of 1,000 million tonnes grading 1.60g/t, representing 53 million ounces of gold.
---	---
d.	Estimates as of December 31, 2022, unless otherwise noted. Proven mineral reserves of 260 million tonnes<br>grading 2.26g/t, representing 19 million ounces of gold and Probable reserves of 1,200 million tonnes grading 1.53g/t, representing 57 million ounces of gold.
---	---
e.	Estimates are as of December 31, 2023, unless otherwise noted. Proven mineral reserves of 250 million tonnes<br>grading 1.85g/t, representing 15 million ounces of gold. Probable reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million ounces of gold
---	---

Endnote 27

Includes Goldrush.

Endnote 28

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

Endnote 29

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

Endnote 30

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

Endnote 31

Includes corporate administration costs.

BARRICK THIRD QUARTER 2024	31	PRESS RELEASE

Shares Listed

GOLD	The New York Stock Exchange
ABX	The Toronto Stock Exchange
---	---

Transfer Agents and Registrars

TSX Trust Company

301 – 100 Adelaide Street West

Toronto, Ontario M5H 4H1

Canada

or

Equiniti Trust Company,LLC

6201 – 15^th^ Avenue

Brooklyn, New York 11219

USA

Telephone: 1 800 387 0825

Fax: 1 888 249 6189

Email: [email protected]

Website: www.tsxtrust.com

Corporate Office

Barrick Gold Corporation

161 Bay Street, Suite 3700

Toronto, Ontario M5J 2S1

Canada

Telephone: +1 416 861 9911

Email: [email protected]

Website: www.barrick.com

Enquiries

President and Chief ExecutiveOfficer

Mark Bristow

+1 647 205 7694

+44 7880 711 386

Senior Executive Vice-President and

Chief Financial Officer

Graham Shuttleworth

+1 647 262 2095

+44 7797 711 338

Investor and Media Relations

Kathy duPlessis

+44 207 557 7738

Email: [email protected]

Cautionary Statement onForward-Looking Information

Certain information contained or incorporated by reference in this press release, 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 “on track”, “expect”, “strategy”, “target”, “plan”, “set”, “focus”, “scheduled”, “ramp up”, “opportunities”, “guidance”, “project”, “expand”, “invest”, “study”, “continue”, “ongoing”, “progress”, “develop”, “estimate”, “growth”, “potential”, “prospect”, “future”, “extend”, “will”, “could”, “would”, “should”, “may” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; mine life and production rates and anticipated production growth from Barrick’s organic project pipeline and reserve replacement; Barrick’s global exploration strategy and planned exploration activities; our ability to identify new Tier One assets and the potential for existing assets to attain Tier One status, including Fourmile and Lumwana; ongoing optimization work, the status of the new tailings facility and resettlement at Pueblo Viejo; expected benefits of our planned investments in equipment, infrastructure and technology; Barrick’s copper strategy; Barrick’s Lumwana Super Pit expansion project and estimated copper production and throughput from the Super Pit, including projected mining rates, and its ability to extend Lumwana’s life of mine; the potential for Lumwana to become

a top 25 copper producer; expected cost and production improvements resulting from the Super Pit expansion project, including our estimated net present value and internal rate of return; our plans for, and expected completion and benefits of, our growth projects; potential mineralization and metal or mineral recoveries; timing of completion of the feasibility studies for Reko Diq and the Lumwana Super Pit; projected annual production for Reko Diq and Goldrush; our pipeline of high confidence projects at or near existing operations, including Fourmile; the potential for Leeville to double or triple Carlin’s existing mineral reserves and extend its life of mine; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including employment and training initiatives, climate change (including our greenhouse gas (“GHG”) emissions reduction targets and renewable energy initiatives), and rehabilitation and closure initiatives; Barrick’s performance dividend policy and share buyback program; 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 press release 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

BARRICK THIRD QUARTER 2024	32	PRESS RELEASE

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 press release 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 value added tax refunds received in Chile in connection with the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to greenhouse gas 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 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 cyber-attacks, 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 press release 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 press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

BARRICK THIRD QUARTER 2024	33	PRESS RELEASE

EX-99.2

Exhibit 99.2

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

Quarterly Report on the Third Quarter of 2024

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

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

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

Abbreviations

ARK	Agbarabo-Rhino-Kombokolo
BNL	Barrick Niugini Limited
CHRAGG	Commission on Human Rights and Good Governance
CIL	Carbon-in-leach
Commencement	Detailed Porgera Project Commencement
Agreement	Agreement between PNG and BNL
CTSF	Kibali Cyanide Tailings Storage Facility
DRC	Democratic Republic of Congo
ESIA	Environmental and Social Impact Assessment
G&A	General and administrative
GHG	Greenhouse Gas
GoT	Government of Tanzania
IASB	International Accounting Standards Board
ICMM	International Council on Mining and Metals
IFRS	IFRS Accounting Standards as issued by the International Accounting Standards Board
KCD	Karagba, Chauffeur and Durba
Ktpa	Thousand tonnes per annum
LTI	Lost Time Injury
LTIFR	Lost Time Injury Frequency Rate
Mtpa	Million tonnes per annum
---	---
MVA	Megavolt-amperes
MW	Megawatt
NGM	Nevada Gold Mines
OECD	Organisation for Economic Co-operation and Development
PEA	Preliminary Economic Assessment
PFS	Prefeasibility Study
PJL	Porgera Jersey Limited
PNG	Papua New Guinea
Randgold	Randgold Resources Limited
RC	Reverse Circulation
RIL	Resin-in-leach
TRIFR	Total Recordable Injury Frequency Rate
TSF	Tailings Storage Facilities
UNHRC	United Nations Human Rights Council
VAT	Value-Added Tax
WGC	World Gold Council
WTI	West Texas Intermediate
YTD	Year to date September 30
BARRICK THIRD QUARTER 2024	1	MANAGEMENT’S DISCUSSION AND ANALYSIS
---	---	---

Cautionary Statement on Forward-Looking Information

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

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

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

BARRICK THIRD QUARTER 2024	2	MANAGEMENT’S DISCUSSION AND ANALYSIS

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

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

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

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

BARRICK THIRD QUARTER 2024	3	MANAGEMENT’S DISCUSSION AND ANALYSIS

Use of Non-GAAP Financial Measures

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

∎	“adjusted net earnings”
∎	“free cash flow”
---	---
∎	“EBITDA”
---	---
∎	“adjusted EBITDA”
---	---
∎	“attributable EBITDA”
---	---
∎	“attributable EBITDA margin”
---	---
∎	“net leverage”
---	---
∎	“minesite sustaining capital expenditures”
---	---
∎	“project capital expenditures”
---	---
∎	“total cash costs per ounce”
---	---
∎	“C1 cash costs per pound”
---	---
∎	“all-in sustaining costs per ounce/pound” and
---	---
∎	“realized price”
---	---

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

Changes in Presentation of Non-GAAP Financial Performance Measures

Net Leverage

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

Index

5   Overview
5     Financial and Operating Highlights
8     Key Business Developments
9     Sustainability
10     Outlook
12   Operating Performance
12     Nevada Gold Mines
13       Carlin
15       Cortez
17       Turquoise Ridge
19     Pueblo Viejo
21     Loulo-Gounkoto
23     Kibali
25     North Mara
27     Bulyanhulu
28     Other Mines - Gold
29     Lumwana
30     Other Mines - Copper
31   Growth Projects
33   Exploration and Mineral Resource Management
37   Review of Financial Results
37     Revenue
38     Production Costs
39     General and Administrative Expenses
39     Exploration, Evaluation and Project Expenses
40     Finance Costs, Net
40     Additional Statement of Income Items
40     Income Tax Expense
41   Financial Condition Review
41     Balance Sheet Review
41     Financial Position and Liquidity
42     Summary of Cash Inflow (Outflow)
44   Commitments and Contingencies
45   Review of Quarterly Results
45   Internal Control over Financial Reporting and Disclosure Controls andProcedures
46   IFRS Critical Accounting Policies and Accounting Estimates
46   Non-GAAP Financial Measures
63   Technical Information
63   Endnotes
70   Financial Statements
75   Notes to Consolidated Financial Statements
BARRICK THIRD QUARTER 2024	4	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Overview

Financial and Operating Highlights

				For the three months ended						For the nine months ended
		6/30/24		% Change		9/30/23		% Change		9/30/24		9/30/23		% Change
Financial Results ( millions)
Revenues	3,368		3,162		7 %		2,862		18 %	****	9,277		8,338		11 %
Cost of sales	2,051		1,979		4 %		1,915		7 %	****	5,966		5,793		3 %
Net earningsa	483		370		31 %		368		31 %	****	1,148		793		45 %
Adjusted net earningsb	529		557		(5)%		418		27 %	****	1,419		1,001		42 %
Attributable EBITDAb	1,292		1,289		0 %		1,071		21 %	****	3,488		2,919		19 %
Attributable EBITDA marginb	46 %		48 %		(4)%		45 %		2 %	****	45 %		42 %		7 %
Minesite sustaining capital<br>expendituresb,c	511		631		(19)%		529		(3)%	****	1,692		1,507		12 %
Project capital expendituresb,c	221		176		26 %		227		(3)%	****	562		691		(19)%
Total consolidated capital<br>expendituresc,d	736		819		(10)%		768		(4)%	****	2,283		2,225		3 %
Total attributable capital<br>expenditurese	583		694		(16)%		589		(1)%	****	1,849		1,703		9 %
Net cash provided by operating activities	1,180		1,159		2 %		1,127		5 %	****	3,099		2,735		13 %
Net cash provided by operating activities<br>marginf	35 %		37 %		(5)%		39 %		(10)%	****	33 %		33 %		0 %
Free cash flowb	444		340		31 %		359		24 %	****	816		510		60 %
Net earnings per share (basic and diluted)	0.28		0.21		33 %		0.21		33 %	****	0.65		0.45		44 %
Adjusted net earnings (basic)b per<br>share	0.30		0.32		(6)%		0.24		25 %	****	0.81		0.57		42 %
Weighted average diluted common shares(millions of<br>shares)	1,752		1,755		0 %		1,755		0 %	****	1,754		1,755		0 %
Operating Results
Gold production (thousands of ounces)g	943		948		(1)%		1,039		(9)%	****	2,831		3,000		(6)%
Gold sold (thousands of ounces)g	967		956		1 %		1,027		(6)%	****	2,833		2,982		(5)%
Market gold price (/oz)	2,474		2,338		6 %		1,928		28 %	****	2,296		1,930		19 %
Realized gold priceb,g (/oz)	2,494		2,344		6 %		1,928		29 %	****	2,309		1,934		19 %
Gold cost of sales (Barrick’s share)g,h<br>(/oz)	1,472		1,441		2 %		1,277		15 %	****	1,447		1,325		9 %
Gold total cash costsb,g (/oz)	1,104		1,059		4 %		912		21 %	****	1,072		953		12 %
Gold all-in sustaining costsb,g (/oz)	1,507		1,498		1 %		1,255		20 %	****	1,495		1,325		13 %
Copper production (thousands of<br>tonnes)g,i	48		43		12 %		51		(6)%	****	131		139		(6)%
Copper sold (thousands of tonnes)g,i	42		42		0 %		46		(9)%	****	123		132		(7)%
Market copper price (/lb)	4.18		4.42		(5)%		3.79		10 %	****	4.14		3.89		6 %
Realized copper priceb,g (/lb)	4.27		4.53		(6)%		3.78		13 %	****	4.23		3.88		9 %
Copper cost of sales (Barrick’s share)g,j<br>(/lb)	3.23		3.05		6 %		2.68		21 %	****	3.16		2.90		9 %
Copper C1 cash costsb,g (/lb)	2.49		2.18		14 %		2.05		21 %	****	2.35		2.33		1 %
Copper all-in sustaining costsb,g<br>(/lb)	3.57		3.67		(3)%		3.23		11 %	****	3.62		3.25		11 %
	As at9/30/24		As at<br>6/30/24		% Change		As at<br>9/30/23		% Change
Financial Position ( millions)
Debt (current and long-term)	4,725		4,724		0 %		4,775		(1)%
Cash and equivalents	4,225		4,036		5 %		4,261		(1)%
Debt, net of cash	500		688		(27)%		514		(3)%

All values are in US Dollars.

^a.^	Net earnings represents net earnings attributable to the equity holders of the Company.
^b.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46<br>to 62 of this MD&A.
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^c.^	Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of<br>all-in sustaining costs.
---	---
^d.^	Total consolidated capital expenditures also includes capitalized interest of $4 million and $29 million, respectively,<br>for Q3 2024 and YTD 2024 (Q2 2024: $12 million; Q3 2023: $12 million; YTD 2023: $27 million).
---	---
^e.^	These amounts are presented on the same basis as our guidance.
---	---
^f.^	Represents net cash provided by operating activities divided by revenue.
---	---
^g.^	On an attributable basis.
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^h.^	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or<br>care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
---	---
^i.^	Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is<br>equivalent to 2,204.6 pounds). Production and sales amounts for prior periods have been restated for comparative purposes. Our copper cost metrics are still reported on a per pound basis.
---	---
^j.^	Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both<br>on an attributable basis using Barrick’s ownership share).
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BARRICK THIRD QUARTER 2024	5	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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GOLD PRODUCTION^a^(thousands of ounces)	COPPER PRODUCTION^a,b^(thousands of tonnes)
---	---
GOLD COST OF SALES^c^, TOTAL CASH COSTS^d^,<br> <br>AND ALL-IN SUSTAININGCOSTS^d^ ($ per ounce)	COPPER COST OF SALES^c^, C1 CASH COSTS^d^,<br> <br>AND ALL-IN SUSTAINING COSTS^d^($ per pound)
NET EARNINGS, ATTRIBUTABLEEBITDA^d^<br> <br>AND ATTRIBUTABLE EBITDA MARGIN^d^	CAPITAL EXPENDITURES^d,e^<br><br><br>($ millions)
OPERATING CASH FLOW AND FREE CASH FLOW^d^	RETURNS TO SHAREHOLDERS^f^($<br>millions)
^a.^	On an attributable basis.
---	---
^b.^	Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is<br>equivalent to 2,204.6 pounds). Production and sales amounts for prior periods have been restated for comparative purposes. Our copper cost metrics are still reported on a per pound basis.
---	---
^c.^	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or<br>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<br>attributable basis using Barrick’s ownership share). Refer to endnote 2 for further details.
---	---
^d.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 46<br>to 62 of this MD&A.
---	---
^e.^	Capital expenditures also includes capitalized interest.
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^f.^	Dividends declared are inclusive of the performance dividend.
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BARRICK THIRD QUARTER 2024	6	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Factors affecting net earnings and adjusted net earnings^1^ - Q3 2024 versus Q2 2024

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

∎	The provision recognized following the proposed settlement of the Zaldívar Tax Assessments in Chile (refer to note<br>15 of the Financial Statements) occurring in Q2 2024, partially offset by the following items occurring in Q3 2024:
∎	The $40 million accrual relating to the road construction in Tanzania per our community investment obligations under the<br>Twiga partnership; and
---	---
∎	An increase in closed mine rehabilitation expense mainly due to a decrease in the market real risk-free rate used to<br>discount the closure provision, combined with a current period update to the provision relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick.
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Refer to page 46 for a full list of reconciling items between net earnings and adjusted net earnings^1^ for the current and previous periods.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings^1^ of $529 million for Q3 2024 was $28 million lower than Q2 2024. This decrease was mainly due to minor increases in finance costs and share-based compensation expense. Adjusted net earnings^1^ was positively impacted by higher realized gold prices^1^, and increased gold sales volumes, partially offset by a higher gold and copper cost of sales per ounce/pound^2^ and lower realized copper prices^1^. Q3 2024 realized gold and copper prices^1^ were 6% higher and 6% lower, respectively, when compared to Q2 2024. The increase in gold sales volumes was primarily due to higher sales volumes at Veladero relative to production volumes. Aside from this impact, production was almost in line with the prior quarter, with higher production at North Mara and Pueblo Viejo offset by lower production at Carlin and Kibali. The increase at North Mara was mainly as a result of higher grades and at Pueblo Viejo it was driven by continued optimization of the expanded processing plant and higher grades. This was partially offset by the planned shutdown at the Gold Quarry roaster at Carlin to complete phase 2 of the roaster expansion project, which is expected to result in higher throughput and recoveries in Q4 2024. In addition, at Kibali underground activity was focused on development during Q3 in order to open up access to more high grade underground headings, which are expected to be further supplemented by higher open pit grades and volumes to drive a stronger performance in Q4. Higher gold cost of sales per ounce^2^ was mainly due to the impact of the increased maintenance costs associated with the planned autoclave shutdown at Turquoise Ridge and higher processing costs at Cortez. The increase in the realized gold price^1^ compared to Q2 2024 also contributed to this increase ($6/oz impact). The increase in copper cost of sales per pound^2^ was primarily at Lumwana due to higher processing costs as a result of increased power costs, higher maintenance costs, and decreased capitalized stripping.

Factors affecting net earnings and adjusted net earnings^1^ - Q3 2024 versus Q3 2023

Net earnings and adjusted net earnings^1^ for Q3 2024 were $483 million and $529 million, respectively, compared to $368 million and $418 million, respectively in Q3 2023. Among the drivers of the increase were higher realized gold and copper prices^1^, partially offset by lower gold and copper sales volumes and higher gold and copper cost of sales per ounce/pound^2^. Q3 2024 realized gold and copper prices^1^ were 29% and 13% higher, respectively, when compared to Q3 2023. The decrease in gold sales volume was primarily due to the planned shutdown of the Gold Quarry roaster at Carlin, less open pit oxide ore mined at Cortez following the transition to Crossroads Phase 6, as well as lower grades processed at Kibali. This was partially offset by higher production at Pueblo Viejo driven by higher throughput resulting from the plant expansion, higher grades processed and improved recoveries due to better flotation circuit performance. This was combined with higher production at Porgera as significant ramp up progress was achieved during Q2 2024 and continued into Q3. Lower copper sales volumes were mainly due to lower grades processed and lower throughput at Lumwana. The increase in gold cost of sales per ounce^2^ was mainly due to lower sales volumes, combined with lower tonnes processed, lower recoveries and lower capitalized stripping at Carlin. This was combined with higher royalties. Higher copper cost of sales per pound^2^ resulted from higher depreciation due to higher processing and maintenance costs at Lumwana.

Factors affecting net earnings and adjusted net earnings^1^ - YTD 2024 versus YTD 2023

Net earnings and adjusted net earnings^1^ for YTD 2024 were $1,148 million and $1,419 million, respectively, up from $793 million and $1,001 million in YTD 2023. Among the drivers of the increase were higher realized gold and copper prices^1^, partially offset by lower gold and copper sales volumes, and higher gold and copper cost of sales per ounce/pound^2^. YTD 2024 realized gold and copper prices^1^ were 19% and 9% higher, respectively, when compared to YTD 2023. The lower gold sales volume was primarily due to lower production at Cortez as a result of lower leach ore mined at the Crossroads open pit and lower oxide ore mined from Cortez Hills underground in line with the mine plan, and at Carlin due to lower grades processed, lower recoveries and the reduction in open pit ore mined. This was partially offset by higher production at Porgera following the ramp up of operations in 2024. The decrease in copper sales volume was mainly due to lower production at Lumwana resulting from lower grades processed and lower throughput. The increase in gold cost of sales per ounce^2^ compared to YTD 2023 was primarily due to higher plant maintenance costs and higher electricity unit prices and consumption at Pueblo Viejo; lower grades processed and lower recoveries at Carlin; and higher royalties due to the increase in the realized gold price^1^, while the increase in copper cost of sales per pound^2^ was mainly due to higher depreciation due to the new fleet placed into service in 2023 at Lumwana.

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

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

BARRICK THIRD QUARTER 2024	7	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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dispute at Porgera, and the $30 million accrual relating to the expansion of education infrastructure in Tanzania, pursuant to the Twiga partnership. Refer to page 46 for a full list of reconciling items between net earnings and adjusted net earnings^1^ for the current and previous periods.

Factors affecting Operating Cash Flow and Free Cash Flow^1^ - Q3 2024 versus Q2 2024

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

In Q3 2024, we recorded free cash flow^1^ of $444 million, compared to $340 million in Q2 2024, mainly reflecting lower capital expenditures and higher operating cash flows as explained above. In Q3 2024, capital expenditures on a cash basis were $736 million compared to $819 million in Q2 2024, as discussed on page 42.

Factors affecting Operating Cash Flow and Free Cash Flow^1^ - Q3 2024 versus Q3 2023

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

In Q3 2024, we generated free cash flow^1^ of $444 million compared to $359 million in Q3 2023. The increase primarily reflects higher operating cash flows as explained above, combined with lower capital expenditures. In Q3 2024, capital expenditures on a cash basis were $736 million compared to $768 million in the third quarter of 2023, as discussed on page 43.

Factors affecting Operating Cash Flow and Free Cash Flow^1^ - YTD 2024 versus YTD 2023

For YTD 2024, we generated $3,099 million in operating cash flow, compared to $2,735 million in YTD 2023. The increase of $364 million was primarily due to higher realized gold and copper prices^1^, partially offset by lower gold and copper sales volumes and higher total cash costs/C1 cash costs per ounce/pound^1^. This was partially offset by higher cash taxes paid, and an unfavorable change in working capital, mainly in other current assets, accounts receivable, accounts payable and other current liabilities.

For YTD 2024, we generated free cash flow^1^ of $816 million compared to $510 million in YTD 2023. The increase of $306 million primarily reflects higher operating cash flows as explained above, partially offset by higher capital expenditures. In YTD 2024, capital expenditures on a cash basis were $2,283 million compared to $2,225 million in YTD 2023, as discussed on page 43.

Key Business Developments

Nevada Gold Mines Management Change

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

BARRICK THIRD QUARTER 2024	8	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Sustainability

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

Regrettably, we suffered a setback in our safety performance in August, when a fatality occurred at the Kibali underground operations. Notwithstanding this tragic incident at Kibali, the group did achieve zero LTI across all operations, a significant milestone for the organization. Furthermore, we recorded a TRIFR^3^ of 0.71 during the quarter, a 15% improvement from the previous quarter.

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

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

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

The climate change risk assessment process includes scenario analysis, which has been rolled out to all our Tier One Gold Assets^5^, to assess site-specific climate related risks and opportunities. The key findings of the climate change risk assessment and a summary of this asset-level physical and transitional risk assessment at NGM were disclosed as part of our annual CDP (formerly known as the Carbon Disclosure Project) Climate Change and Water Security questionnaires, submitted to CDP in October 2024.

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

		For the three<br><br><br>months ended			For the nine<br><br><br>months ended
	9/30/24		6/30/24	9/30/23	****	9/30/24	9/30/23
LTIFR^3^	0.00		0.16	0.29		0.14	0.27
TRIFR^3^	0.71		0.84	1.28		0.94	1.24
Community Development Spend ($ millions)	12		10	10		32	27
Class 1^4^Environmental Incidents	0		0	0		0	0
GHG Scope 1 and 2 (kt CO2-e)	1,852		1,751	1,908		5,441	5,120
Water Recycling and Reuse Rate	84 %		85 %	85 %		84 %	85 %
BARRICK THIRD QUARTER 2024	9	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Full Year 2024 Outlook

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

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

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

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

sensitivity, if the copper price were to average $4.75 per pound for the 2024 year, the copper all-in sustaining cost^1^ guidance range would increase by $0.05 per pound (note royalties are excluded from C1 cash costs^1^).

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

Company Guidance	2024
($ millions, except per ounce/pound<br>data)	Estimate
Gold production (millions of ounces)	3.90 - 4.30
Gold cost metrics
Cost of sales - gold ($/oz)	1,320 - 1,420
Total cash costs ($/oz)^a^	940 - 1,020
Depreciation ($/oz)	340 - 370
All-in sustaining costs ($/oz)^a^	1,320 - 1,420
Copper production (thousands of tonnes)^b^	180 - 210
Copper cost metrics
Cost of sales - copper ($/lb)	2.65 - 2.95
C1 cash costs ($/lb)^a^	2.00 - 2.30
Depreciation ($/lb)	0.90 - 1.00
All-in sustaining costs ($/lb)^a^	3.10 - 3.40
Exploration and project expenses	400 - 440
Exploration and evaluation	180 - 200
Project expenses	220 - 240
General and administrative expenses	~180
Corporate administration	~130
Share-based compensation^c^	~50
Other expense	70 - 90
Finance costs, net	260 - 300
Attributable capital expenditures:
Attributable minesite sustaining^a^	1,550 - 1,750
Attributable project^a^	950 - 1,150
Total attributable capital expenditures	2,500 - 2,900
Effective income tax rate^d^	26% - 30%
Key assumptions (used for guidance)
Gold Price ($/oz)	1,900
Copper Price ($/lb)	3.50
Oil Price (WTI) ($/barrel)	80
AUD Exchange Rate (AUD:USD)	0.75
ARS Exchange Rate (USD:ARS)	800
CAD Exchange Rate (USD:CAD)	1.30
CLP Exchange Rate (USD:CLP)	900
EUR Exchange Rate (EUR:USD)	1.10
a.	Further information on these non-GAAP financial measures, including detailed<br>reconciliations, is included on pages 46 to 62 of this MD&A.
---	---
b.	Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is<br>equivalent to 2,204.6 pounds). Production and sales amounts for prior periods have been restated for comparative purposes. Our copper cost metrics are still reported on a per pound basis.
---	---
c.	Based on a one-month trailing average ending December 31, 2023 of US$17.61<br>per share.
---	---
d.	Based on key assumptions included in this table.<br>
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BARRICK THIRD QUARTER 2024	10	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Operating Division Guidance

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

Operating Division	2024 forecast attributable<br>production (000s ozs)		2024 forecast cost ofsalesa (/oz)	2024 forecast total cashcostsb (/oz)	2024 forecast all-insustaining <br>costsb (/oz)
Gold
Carlin (61.5%)		800 - 880
Cortez (61.5%)^c^		380 - 420
Turquoise Ridge (61.5%)		330 - 360
Phoenix (61.5%)		120 - 140
Nevada Gold Mines (61.5%)		1,650 - 1,800
Hemlo		140 - 160
North America		1,750 - 1,950
Pueblo Viejo (60%)		420 - 490
Veladero (50%)		210 - 240
Porgera (24.5%)^d^		50 - 70
Latin America & Asia Pacific		700 - 800
Loulo-Gounkoto (80%)		510 - 560
Kibali (45%)		320 - 360
North Mara (84%)		230 - 260
Bulyanhulu (84%)		160 - 190
Tongon (89.7%)		160 - 190
Africa & Middle East		1,400 - 1,550
Total Attributable to Barrick^e,f,g^		3,900 - 4,300
	2024 forecast attributable<br><br><br>production (000s tonnes)^h^		2024 forecast cost of<br>salesa (/lb)	2024 forecast C1 cash<br>costsb (/lb)	2024 forecast<br>all-insustaining costsb (/lb)
Copper
Lumwana		120 - 140
Zaldívar (50%)		35 - 40
Jabal Sayid (50%)		25 - 30
Total Copper^g^		180 - 210

All values are in US Dollars.

a.	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care<br>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<br>basis using Barrick’s ownership share).
b.	Further information on these non-GAAP financial measures, including detailed<br>reconciliations, is included on pages 46 to 62 of this MD&A.
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c.	Includes Goldrush.
---	---
d.	Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023. On December 22,<br>2023, the Porgera Project Commencement Agreement was completed and recommissioning of the mine commenced. As a result, Porgera is included in our 2024 guidance at 24.5%.
---	---
e.	Total cash costs and all-in sustaining costs per ounce include costs allocated to non-operating sites.
---	---
f.	Operating division guidance ranges reflect expectations at each individual operating division and may not add up to the<br>company-wide guidance range total.
---	---
g.	Includes corporate administration costs.
---	---
h.	Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is<br>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.
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BARRICK THIRD QUARTER 2024	11	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Operating Performance

Our presentation of reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining operating segments, including our remaining gold and copper mines, have been grouped into an “Other

Mines” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income.

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

Summary of Operating and Financial Data

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

All values are in US Dollars.

^a.^	Barrick is the operator of NGM and owns 61.5%, with Newmont Corporation owning the remaining 38.5%. NGM is accounted<br>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<br>at the end of 2023, as previously reported.
^b.^	Excludes the Gold Quarry (Mill 5) concentrator.
---	---
^c.^	Further information on these non-GAAP financial measures, including detailed<br>reconciliations, is included on pages 46 to 62 of this MD&A.
---	---
^d.^	Represents EBITDA divided by revenue.
---	---
^e.^	These amounts are presented on a cash basis.
---	---
^f.^	Includes capitalized interest.
---	---

NGM includes Carlin, Cortez, Turquoise Ridge, Phoenix and non-mine site related activity such as the TS Solar Project. Barrick is the operator of the joint venture and owns 61.5%, with Newmont owning the remaining 38.5%. Refer to pages 13 to 18 and 28 for a detailed discussion of each minesite’s results.

BARRICK THIRD QUARTER 2024	12	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Carlin (61.5%), Nevada, USA

Summary of Operating and Financial Data

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

All values are in US Dollars.

^a.^	Excludes the Gold Quarry (Mill 5) concentrator.
^b.^	Further information on these non-GAAP financial measures, including detailed<br>reconciliations, is included on pages 46 to 62 of this MD&A.
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^c.^	Represents EBITDA divided by revenue.
---	---
^d.^	These amounts are presented on a cash basis.
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Safety and Environment

For the three months ended
	9/30/24		6/30/24
LTI	****	0		0
LTIFR^3^	****	0.00		0.64
TRIFR^3^	****	1.53		3.18
Class 1^4^environmental incidents	****	0		0

Financial Results

Q3 2024 compared to Q2 2024

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

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ in Q3 2024 were 6% and 9% higher, respectively, than Q2 2024, which mainly reflected the lower throughput and ounce production at the Gold Quarry roaster and the autoclave. This was combined with lower capitalized stripping driven by an increase in ore mined from South Arturo. In Q3 2024, all-in sustaining costs per ounce^1^ were 2% lower than Q2 2024 driven by lower minesite sustaining capital expenditures^1^ partially offset by higher total cash costs per ounce^1^.

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

BARRICK THIRD QUARTER 2024	13	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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expenditures^1^ driven by lower capitalized stripping. This was partially offset by an increase in project capital expenditures^1^, relating to the continuation of dewatering and detailed engineering associated with the Ren project.

Q3 2024 compared to Q3 2023

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for Q3 2024 were 27% and 31% higher, respectively, than Q3 2023, primarily due to the lower tonnes processed and lower recoveries at the autoclave, combined with lower capitalized stripping driven by fewer waste tonnes mined at both Gold Quarry and South Arturo which was in pre-production stripping in Q3 2023. For Q3 2024, all-in sustaining costs per ounce^1^ were 26% higher than Q3 2023 owing to higher total cash costs per ounce^1^, partially offset by lower minesite sustaining capital expenditures^1^.

Capital expenditures were in line with Q3 2023, as an increase in project capital expenditures^1^ relating to the continuation of dewatering and detailed engineering associated with the Ren project was offset by decreased minesite sustaining capital expenditures^1^ driven by lower capitalized stripping, partially offset by the purchase of the Komatsu-930 truck fleet.

YTD 2024 compared to YTD 2023

Gold production for YTD 2024 was 9% lower than YTD 2023, mainly due to a combination of lower grades processed, lower recoveries and the reduction in open pit ore mined. This was further impacted by a higher proportion of higher grade Cortez refractory ore being processed at the Carlin roasters compared to YTD 2023 which displaced lower grade Carlin feed (noting that overall production for NGM was maximized as a result of these ore movements between the two sites). These factors were partially offset by higher tonnes processed at the roasters given the planned shutdowns that occurred at both roasters in YTD 2023, combined with higher underground tonnes mined and processed in YTD 2024. Gold production was also impacted by higher throughput at the autoclave as the conversion from RIL to CIL occurred in YTD 2023. Finally, heap leach production was lower for YTD 2024 owing to the leach cycle with no tonnes placed on leach pads in YTD 2024.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for YTD 2024 were 11% and 12% higher, respectively, than YTD 2023, primarily due to the lower grades processed and lower recoveries, combined with lower capitalized stripping driven by less waste tonnes mined at both Gold Quarry and South Arturo, which was in pre-production stripping in YTD 2023. For YTD 2024, all-in sustaining costs per ounce^1^ were 18% higher than YTD 2023, mainly due to higher minesite sustaining capital expenditures^1^ and higher total cash costs per ounce^1^.

Capital expenditures were 35% higher than YTD 2023 resulting from higher minesite sustaining capital expenditures^1^ driven primarily by the purchase of the Komatsu-930 truck fleet. This was combined with an increase in project capital expenditures^1^, relating to the continuation of dewatering and detailed engineering associated with the Ren project.

BARRICK THIRD QUARTER 2024	14	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Cortez (61.5%)^a^, Nevada, USA

Summary of Operating and Financial Data

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

All values are in US Dollars.

^a.^	Includes Goldrush.
^b.^	Further information on these non-GAAP financial measures, including detailed<br>reconciliations, is included on pages 46 to 62 of this MD&A.
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^c.^	Represents EBITDA divided by revenue.
---	---
^d.^	These amounts are presented on a cash basis.
---	---

Safety and Environment

For the three months ended
	9/30/24		6/30/24
LTI	****	0		1
LTIFR^3^	****	0.00		0.93
TRIFR^3^	****	2.79		1.85
Class 1^4^environmental incidents	****	0		0

Financial Results

Q3 2024 compared to Q2 2024

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ in Q3 2024 were 12% and 16% higher, respectively, than Q2 2024, primarily reflecting increased processing costs driven by the 16% increase in refractory tonnes shipped and processed at the Carlin roasters. In Q3 2024, all-in sustaining costs per ounce^1^ were 9% higher than Q2 2024, driven by higher total cash costs per ounce^1^, partially offset by lower minesite sustaining capital expenditures^1^.

Capital expenditures in Q3 2024 were 5% lower than Q2 2024, resulting from lower minesite sustaining capital expenditures^1^ primarily due to lower underground development driven by the mine sequence, partially offset by the purchase of lighter, higher capacity trays for the Caterpillar 795 truck fleet. Project capital expenditures^1^ increased by 4% in Q3 2024 as the ramp-up continues at Goldrush.

BARRICK THIRD QUARTER 2024	15	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Q3 2024 compared to Q3 2023

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for Q3 2024 were 22% and 40% higher, respectively, than Q3 2023, reflecting lower sales volume combined with a higher proportion of higher cost refractory ounces processed at the Carlin roasters. For Q3 2024, all-in sustaining costs per ounce^1^ were 36% higher than Q3 2023, driven by higher total cash costs per ounce^1^, partially offset by lower minesite sustaining capital expenditures^1^.

Capital expenditures in Q3 2024 were 5% higher than Q3 2023, largely due to higher project capital expenditures^1^ as the ramp-up continues at Goldrush, partially offset by lower minesite sustaining capital expenditures^1^ as the Komatsu 930-E truck fleet was primarily purchased in 2023.

YTD 2024 compared to YTD 2023

Gold production for YTD 2024 was 18% lower than YTD 2023 resulting from a combination of less leach ore mined at the Crossroads open pit as well as less oxide ore mined from Cortez Hills underground in line with the mine sequence. This resulted in lower grade oxide ore processed at the oxide mill and a decrease in tonnes placed on the leach pad. This was partially offset by an increase in refractory ore shipped and processed at the Carlin roasters.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for YTD 2024 were 8% and 15% higher, respectively, than YTD 2023, reflecting lower sales volume combined with a higher proportion of higher cost refractory ounces processed at the Carlin roasters in the sales mix. For YTD 2024, all-in sustaining costs per ounce^1^ increased by 14% compared to YTD 2023, due to higher total cash costs per ounce^1^, combined with higher minesite sustaining capital expenditures^1^ on a per ounce basis.

Capital expenditures for YTD 2024 were 3% higher than YTD 2023, due to an increase in project capital expenditures^1^ as the ramp-up continues at Goldrush, partially offset by lower minesite sustaining capital expenditures^1^ as the Komatsu 930-E truck fleet was primarily purchased in 2023.

BARRICK THIRD QUARTER 2024	16	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Turquoise Ridge (61.5%), Nevada, USA

Summary of Operating and Financial Data

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

All values are in US Dollars.

^a.^	Further information on these non-GAAP financial measures, including detailed<br>reconciliations, is included on pages 46 to 62 of this MD&A.
^b.^	Represents EBITDA divided by revenue.
---	---
^c.^	These amounts are presented on a cash basis.
---	---

Safety and Environment

For the three months ended
	9/30/24		6/30/24
LTI	****	0		0
LTIFR^3^	****	0.00		0.00
TRIFR^3^	****	4.06		1.46
Class 1^4^environmental incidents	****	0		0

Financial Results

Q3 2024 compared to Q2 2024

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ in Q3 2024 were 4% and 5% higher, respectively, than Q2 2024, primarily due to the increased maintenance

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

Q3 2024 compared to Q3 2023

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for Q3 2024 were 29% and 38% higher, respectively, than Q3 2023, primarily owing to the increased maintenance costs on the back of the planned Sage

BARRICK THIRD QUARTER 2024	17	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

autoclave shutdown that occurred in Q3 2024. All-in sustaining costs per ounce^1^ were 37% higher than Q3 2023, reflecting higher total cash costs per ounce^1^ and higher minesite sustaining capital expenditures^1^, driven in large part by the Juniper tailings dam construction and the CIL tank upgrades.

YTD 2024 compared to YTD 2023

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for YTD 2024 were 20% and 27% higher, respectively, compared to YTD 2023 due to the additional autoclave shutdown in the current year and increased backfill and development activity at the Turquoise Ridge underground mine in the first half of 2024. All-in sustaining costs per ounce^1^ increased by 27% compared to YTD 2023, primarily due to both higher total cash costs per ounce^1^ and higher minesite sustaining capital expenditures^1^ driven in large part by the Juniper tailings dam construction and the CIL tank upgrades.

BARRICK THIRD QUARTER 2024	18	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Pueblo Viejo (60%)^a^, Dominican Republic

Summary of Operating and Financial Data

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

All values are in US Dollars.

^a.^	Barrick is the operator of Pueblo Viejo and owns 60%, with Newmont Corporation owning the remaining 40%. Pueblo Viejo<br>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<br>reconciliations, is included on pages 46 to 62 of this MD&A.
---	---
^c.^	Represents EBITDA divided by revenue.
---	---
^d.^	These amounts are presented on a cash basis.
---	---
^e.^	Starting in the first quarter of 2024, this amount includes capitalized interest.
---	---

Safety and Environment

For the three months ended
	9/30/24		6/30/24
LTI	****	0		1
LTIFR^3^	****	0.00		0.26
TRIFR^3^	****	0.00		0.77
Class 1^4^environmental incidents	****	0		0

Financial Results

Q3 2024 compared to Q2 2024

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for Q3 2024 were 10% and 7% lower, respectively, compared to Q2 2024, mainly driven by the impact of higher production and lower plant maintenance costs, partially offset by lower by-product credits. For Q3 2024, all-in sustaining costs per ounce^1^ were 15% lower than Q2 2024, mainly driven by lower total cash costs per ounce^1^ and lower minesite sustaining capital expenditures^1^.

Capital expenditures for Q3 2024 decreased by 39% compared to Q2 2024, due to lower project capital expenditures^1^ on the plant expansion and lower minesite sustaining capital expenditures^1^, driven by reduced spend on the Llagal TSF and lower capitalized stripping.

Q3 2024 compared to Q3 2023

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

Cost of sales per ounce^2^ was 2% lower compared to Q3 2023 due to lower depreciation on a per ounce basis, partially offset by higher total cash costs per ounce^1^. Total cash costs per ounce^1^ for Q3 2024 were 2% higher compared to Q3 2023, primarily due to higher plant maintenance costs, higher electricity unit prices, higher royalties from higher realized gold prices^1^ and lower by-product credits, partially offset by lower mining costs and higher production. For Q3 2024, all-in sustaining costs per ounce^1^ were 5% lower than Q3 2023, driven by lower minesite sustaining capital expenditures^1^ on a per ounce basis partially offset by higher total cash costs per ounce^1^.

Capital expenditures for Q3 2024 decreased by 30% compared to Q3 2023, primarily due to lower project capital expenditures^1^ incurred on the plant expansion. Minesite sustaining capital expenditures^1^ were also lower due to reduced capitalized stripping.

YTD 2024 compared to YTD 2023

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

BARRICK THIRD QUARTER 2024	19	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for YTD 2024 were 13% and 21% higher, respectively, than YTD 2023, primarily due to higher plant maintenance costs, higher electricity unit prices and consumption, partially offset by lower mining costs. For YTD 2024, all-in sustaining costs per ounce^1^ increased by 12% compared to YTD 2023, primarily reflecting higher total cash costs per ounce^1^, partially offset by lower minesite sustaining capital expenditures^1^.

Capital expenditures for YTD 2024 decreased by 21% compared to YTD 2023, primarily due to lower project capital expenditures^1^ incurred on the plant expansion, as expenditure on the project was substantially completed by the end of 2023. Minesite sustaining capital expenditures^1^ were lower driven by lower capitalized stripping.

BARRICK THIRD QUARTER 2024	20	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Loulo-Gounkoto (80%)^a^, Mali

Summary of Operating and Financial Data

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

All values are in US Dollars.

^a.^	Barrick owns 80% of Société des Mines de Loulo SA and Société des Mines de Gounkoto with<br>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<br>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<br>reconciliations, is included on pages 46 to 62 of this MD&A.
---	---
^c.^	Represents EBITDA divided by revenue.
---	---
^d.^	These amounts are presented on a cash basis.
---	---

Safety and Environment

For the three months ended
	9/30/24		6/30/24
LTI	****	0		0
LTIFR^3^	****	0.00		0.00
TRIFR^3^	****	0.00		0.39
Class 1^4^environmental incidents	****	0		0

Financial Results

Q3 2024 compared to Q2 2024

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for Q3 2024 were 8% and 9% higher, respectively, than Q2 2024, due to higher processing costs, primarily driven by increased power costs due to lower solar power availability, influenced by seasonality in Mali. For Q3 2024, all-in sustaining costs per ounce^1^ were 3% higher than Q2 2024, mainly due to higher total cash costs per ounce^1^, partially offset by lower minesite sustaining capital expenditures^1^.

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

capital expenditures^1^, partially offset by slightly lower minesite sustaining capital expenditures^1^.

Q3 2024 compared toQ3 2023

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for Q3 2024 were 16% and 12% higher, respectively, than Q3 2023, mainly due to the impact of higher royalties from higher realized gold prices^1^ and higher open pit mining costs as a result of the longer hauls associated with the new mining area at Baboto. For Q3 2024, all-in sustaining costs per ounce^1^ were 21% higher than Q3 2023, due to higher minesite sustaining capital expenditures^1^ as a result of increased capitalized stripping, combined with higher total cash costs per ounce^1^.

YTD 2024 compared toYTD 2023

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

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

BARRICK THIRD QUARTER 2024	21	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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costs per ounce^1^ were 4% higher than YTD 2023, due to higher minesite sustaining capital expenditures^1^ and higher total cash costs per ounce^1^.

Capital expenditures for YTD 2024 decreased by 2% compared to YTD 2023, primarily driven by lower project capital expenditures^1^ as a result of the completion of the Loulo-Gounkoto solar plant expansion project in 2023, partially offset by higher minesite sustaining capital expenditures^1^ due to increased capitalized stripping.

Regulatory Matters

In August 2022, the Government of Mali announced that it would conduct an audit of the Malian gold mining industry, including the Loulo-Gounkoto complex. Barrick engaged with the government-appointed auditors and hosted the auditors at Loulo-Gounkoto for a site visit in November 2022. In April 2023, Barrick received a draft report containing the auditors’ preliminary findings. During Q2 2023, Barrick responded to the draft report to challenge the auditors’ findings, which Barrick believed to be legally and

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

In addition, a new mining code and a law requiring local content in the mining sector were adopted in Mali in August 2023. The implementing decree for the new mining code was published in the legal gazette in July 2024 and the local content law was published in September 2024. Under the new mining code, pre-existing mining titles remain subject to the legal and contractual regime under which they were issued for the remainder of their current term.

Refer to note 15 of the Financial Statements for information regarding ongoing discussions with the Government of Mali including with respect to the establishment conventions for the Loulo-Gounkoto complex and related matters.

BARRICK THIRD QUARTER 2024	22	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Kibali (45%)^a^, Democratic Republic of Congo

Summary of Operating and Financial Data

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

All values are in US Dollars.

^a.^	Barrick owns 45% of Kibali Goldmines SA with the Government of DRC and our joint venture partner, AngloGold Ashanti,<br>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<br>(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<br>control have rights to the net assets of the joint venture.
^b.^	Further information on these non-GAAP financial measures, including detailed<br>reconciliations, is included on pages 46 to 62 of this MD&A.
---	---
^c.^	Represents EBITDA divided by revenue.
---	---
^d.^	These amounts are presented on a cash basis.
---	---

Safety and Environment

For the three months ended
	9/30/24		6/30/24
LTI	****	0		2
LTIFR^3^	****	0.00		0.46
TRIFR^3^	****	0.45		1.15
Class 1^4^environmental incidents	****	0		0

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

Financial Results

Q3 2024 compared to Q2 2024

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for Q3 2024 were 10% and 13% higher,

respectively, mainly due lower grades processed and higher open pit unit costs related to the opening of new pits. This was partially offset by lower underground, processing and G&A costs. For Q3 2024, all-in sustaining costs per ounce^1^ were 8% higher compared to Q2 2024, mainly due to higher total cash costs per ounce^1^, partially offset by lower minesite sustaining capital expenditures^1^.

Capital expenditures for Q3 2024 were 24% lower compared to Q2 2024, mainly due to lower capitalized stripping, and lower project capital expenditures^1^ due to the timing of payments on the CTSF 3 and the solar project.

Q3 2024 compared to Q3 2023

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for Q3 2024 were 25% and 41% higher, respectively, compared to Q3 2023 mainly due to higher royalties related to the higher realized gold price^1^ and lower grades processed. For Q3 2024, all-in sustaining costs per ounce^1^ were 46% higher than Q3 2023, driven by higher total cash costs per ounce^1^ and higher minesite sustaining capital expenditures^1^.

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

BARRICK THIRD QUARTER 2024	23	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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capital expenditures^1^ predominantly driven by higher capitalized stripping, and increased project capital expenditures^1^ due to the timing of deliveries related to the solar project and progress made towards the construction of CTSF 3.

YTD 2024 compared to YTD 2023

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for YTD 2024 were 6% and 9% higher, respectively, than YTD 2023, mainly due to lower grades processed and

higher royalties resulting from the higher realized gold price^1^. For YTD 2024, all-in sustaining costs per ounce^1^ were 16% higher compared to YTD 2023, mainly due to higher minesite sustaining capital expenditures^1^ and higher total cash costs per ounce^1^.

Capital expenditures in YTD 2024 were 58% higher than YTD 2023, mainly due to an increase in project capital expenditures^1^ resulting from the timing of payments related to the solar project and progress made towards the construction of CTSF 3, and higher minesite sustaining capital expenditures^1^ due to increased capitalized waste stripping.

BARRICK THIRD QUARTER 2024	24	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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North Mara (84%)^a^, Tanzania

Summary of Operating and Financial Data

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

All values are in US Dollars.

^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<br>reconciliations, is included on pages 46 to 62 of this MD&A.
---	---
^c.^	Represents EBITDA divided by revenue.
---	---
^d.^	These amounts are presented on a cash basis.
---	---

Safety and Environment

For the three months ended
	9/30/24		6/30/24
LTI	****	0		0
LTIFR^3^	****	0.00		0.00
TRIFR^3^	****	0		0.69
Class 1^4^environmental incidents	****	0		0

Financial Results

Q3 2024 compared to Q2 2024

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ were 29% and 33% lower, respectively, than Q2 2024 mainly due to the impact of the higher grade processed. All-in sustaining costs per ounce^1^ in Q3 2024 were 29% lower than Q2 2024, mainly due to lower total cash costs per ounce^1^. This was slightly offset by increased minesite sustaining capital expenditures^1^ driven by an increase in advanced grade control drilling activity and spending on the sewage plant.

Q3 2024 compared to Q3 2023

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ were 11% and 15% lower, respectively, compared to Q3 2023, due to the higher grade processed, partially offset by higher royalties associated with the higher realized gold price^1^. All-in sustaining costs per ounce^1^ in Q3 2024 were 26% lower than Q3 2023, mainly due to lower total cash cost per ounce^1^, combined with lower minesite sustaining capital expenditures^1^.

For Q3 2024, capital expenditures decreased by 40% compared to Q3 2023, mainly due to lower minesite sustaining capital expenditures^1^ resulting from decreased capitalized stripping following the ramp up of the Gena open pit. This was combined with lower project capital expenditures^1^ related to land acquisitions and conversion drilling at Gokona during Q3 2023.

YTD 2024 compared to YTD 2023

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

BARRICK THIRD QUARTER 2024	25	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Cost of sales per ounce^2^ and total cash costs per ounce^1^ in YTD 2024 were 22% and 23% higher, respectively, due to the impact of lower grades processed as described above, combined with lower throughput, lower recovery and higher royalties associated with the higher realized gold price^1^. All-in sustaining costs per ounce^1^ for YTD 2024 were 5% higher than YTD 2023, reflecting the increase in total cash costs per ounce^1^, partially offset by lower minesite sustaining capital expenditures^1^.

For YTD 2024, capital expenditures decreased by 33% compared to YTD 2023, mainly due to lower minesite sustaining capital expenditures^1^ driven by lower capitalized stripping, reflecting the successful ramp up of the Gena open pit, and lower project capital expenditures^1^ given the purchase of the underground fleet and TSF extension during YTD 2023.

BARRICK THIRD QUARTER 2024	26	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Bulyanhulu (84%)^a^, Tanzania

Summary of Operating and Financial Data

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

All values are in US Dollars.

^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<br>reconciliations, is included on pages 46 to 62 of this MD&A.
---	---
^c.^	Represents EBITDA divided by revenue.
---	---
^d.^	These amounts are presented on a cash basis.
---	---

Safety and Environment

For the three months ended
	9/30/24		6/30/24
LTI	****	0		0
LTIFR^3^	****	0.00		0.00
TRIFR^3^	****	2.97		2.00
Class 1^4^environmental incidents	****	0		0

Financial Results

Q3 2024 compared to Q2 2024

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ in Q3 2024 were 13% and 21% higher, respectively, than Q2 2024, reflecting the lower grade processed and lower throughput. All-in sustaining costs per ounce^1^ in Q3 2024 were 18% higher than Q2 2024, due to higher total cash costs per ounce^1^ and higher minesite sustaining capital expenditures^1^ on a per ounce basis.

Capital expenditures in Q3 2024 were 30% higher compared to Q2 2024, reflecting higher project capital expenditures^1^ related to the Upper West decline project.

Q3 2024 compared to Q3 2023

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for Q3 2024 were 29% and 39% higher, respectively, compared to Q3 2023, due to the lower grade processed and higher royalties associated with the higher

realized gold price^1^, slightly offset by higher capitalized underground costs. All-in sustaining costs per ounce^1^ in Q3 2024 were 30% higher than Q3 2023, mainly due to higher total cash costs per ounce^1^.

For Q3 2024, capital expenditures were 43% higher than Q3 2023, mainly due to higher project capital expenditures^1^ related to the Upper West project. Minesite sustaining capital expenditures^1^ were in line with Q3 2023.

YTD 2024 compared to YTD 2023

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

Cost of sales per ounce^2^ and total cash costs per ounce^1^ in YTD 2024 were 18% and 19% higher, respectively, than YTD 2023, largely reflecting the lower grades processed and higher royalties associated with the higher realized gold price^1^, partially offset by improved processing unit rate efficiency. All-in sustaining costs per ounce^1^ for YTD 2024 were 17% higher than YTD 2023, mainly due to higher total cash costs per ounce^1^ and higher minesite sustaining capital expenditures^1^ on a per ounce basis.

For YTD 2024, capital expenditures increased by 30% compared to YTD 2023, mainly due to higher project capital expenditures^1^ related to the Upper West project. Minesite sustaining capital expenditures^1^ were in line with YTD 2023.

BARRICK THIRD QUARTER 2024	27	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Other Mines - Gold

Summary of Operating and Financial Data

For the three months ended
	9/30/24							6/30/24
	Goldproduced(000s oz)		Cost ofsales(/oz)	Total cashcosts(/oz)a	All-insustainingcosts (/oz)a	CapitalExpend-<br> <br>itures^b^		Gold<br>produced<br>(000s oz)		Cost ofsales(/oz)	Total cashcosts(/oz)a	All-insustainingcosts (/oz)a	Capital<br>Expend-<br><br><br>itures^b^
Phoenix (61.5%)	****	29				****	8		25					8
Veladero (50%)	****	57				****	36		56					31
Tongon (89.7%)	****	28				****	7		45					4
Hemlo	****	30				****	11		37					9
Porgera (24.5%)	****	18				****	6		11					46

All values are in US Dollars.

^a.^	Further information on these non-GAAP financial measures, including detailed<br>reconciliations, is included on pages 46 to 62 of this MD&A.
^b.^	Includes both minesite sustaining and project capital<br>expenditures^1^. These amounts are presented on a cash basis.
---	---

Phoenix (61.5%)

Gold production for Phoenix in Q3 2024 was 16% higher compared to Q2 2024, mainly driven by higher grades from mining in the Fortitude pit, partially offset by lower throughput on the back of a planned shutdown in Q3 2024. Cost of sales per ounce^2^ and total cash costs per ounce^1^ in Q3 2024 were 11% and 2% lower compared to Q2 2024 due primarily to the impact of the higher grade processed. In Q3 2024, all-in sustaining costs per ounce^1^ decreased by 5% compared to Q2 2024 due primarily to lower total cash costs per ounce^1^. Minesite sustaining capital expenditures^1^ were largely in line with Q2 2024.

Veladero (50%), Argentina

Gold production for Veladero in Q3 2024 was in line with Q2 2024. Cost of sales per ounce^2^ and total cash costs per ounce^1^ in Q3 2024 were also similar to Q2 2024. All-in sustaining costs per ounce^1^ in Q3 2024 increased by 6% compared to Q2 2024, primarily driven by higher minesite sustaining capital expenditures^1^.

Tongon (89.7%), Côte d’Ivoire

Gold production for Tongon in Q3 2024 was 38% lower than Q2 2024 mainly due to lower grade processed and lower recovery. This was driven by mining delays resulting from heavy rains leading to the flooding of the South Zone pit and along the Mercator haulage road to the plant. We expect to catch up in Q4 2024 with higher grade ore from Mercator and Djinni pits as the rainy season comes to an end. Cost of sales per ounce^2^ and total cash costs per ounce^1^ in Q3 2024 were 23% and 27% higher, respectively, compared to Q2 2024, primarily driven by the lower grade processed and lower recovery, partially offset by processing unit cost efficiencies from feeding a higher proportion of oxide ore, and reducing power and reagent consumption. All-in sustaining costs per ounce^1^ in Q3 2024 increased by 26% compared to Q2 2024, primarily reflecting higher total cash costs per ounce^1^, combined with higher minesite sustaining capital expenditures^1^. Although Tongon continues to be managed for the benefit of all stakeholders, our investment in this asset is not considered to be a core part of our portfolio.

Hemlo (100%), Ontario, Canada

Gold production in Q3 2024 was 19% lower than Q2 2024 resulting from lower tonnes mined due to a shaft rope change, combined with lower mined and processed grades. Cost of sales per ounce^2^ and total cash costs per ounce^1^ in Q3 2024 both increased by 16% compared to Q2 2024, primarily due to the lower grade processed, combined with higher maintenance costs. In Q3 2024, all-in sustaining costs per ounce^1^ increased by 23% compared to Q2 2024, primarily reflecting higher total cash costs per ounce^1^, combined with higher minesite sustaining capital expenditures^1^.

Porgera (24.5%), Papua New Guinea

Gold production in Q3 2024 was 64% higher than Q2 2024 driven by the ongoing ramp up of operations. Cost of sales per ounce^2^ and total cash costs per ounce^1^ were 3% and 6% higher than Q2 2024 as the mine ramped up to achieve commercially sustainable production levels which occurred during Q3 2024. All-in sustaining costs per ounce^1^ increased by 13% compared to Q2 2024 primarily reflecting higher total cash costs per ounce^1^, combined with higher minesite sustaining capital expenditures^1^.

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

BARRICK THIRD QUARTER 2024	28	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Lumwana (100%), Zambia

Summary of Operating and Financial Data

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

All values are in US Dollars.

^a.^	Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is<br>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<br>reconciliations, is included on pages 46 to 62 of this MD&A.
---	---
^c.^	Represents EBITDA divided by revenue.
---	---
^d.^	These amounts are presented on a cash basis.
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Safety and Environment

For the three months ended
	9/30/24		6/30/24
LTI	****	0		2
LTIFR^3^	****	0.00		0.53
TRIFR^3^	****	0.00		0.79
Class 1^4^environmental incidents	****	0		0

Financial Results

Q3 2024 compared to Q2 2024

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

Cost of sales per pound^2^ and C1 cash costs per pound^1^ were 4% and 18% higher, respectively, than Q2 2024, mainly due to higher processing costs as a result of increased power costs related to grid instability, higher maintenance costs, and decreased capitalized stripping. In Q3 2024, all-in sustaining costs per pound^1^ decreased by 10% compared to Q2 2024, primarily driven by a decrease in minesite sustaining capital expenditures^1^ resulting from decreased capitalized stripping, partially offset by an increase in C1 cash costs per pound^1^.

Q3 2024 compared to Q3 2023

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

Cost of sales per pound^2^ and C1 cash costs per pound^1^ for Q3 2024 increased by 32% and 36%, respectively, compared to Q3 2023, mainly due to higher processing costs as a result of increased power costs and maintenance costs and lower capitalized stripping. For Q3 2024, all-in sustaining costs per pound^1^ were 16% higher than Q3 2023 mainly due to higher royalties due to the higher realized copper price^1^ and increased C1 cash cost per pound^1^, partially offset by lower minesite sustaining capital expenditures^1^.

Capital expenditures for Q3 2024 were 23% lower than Q3 2023, mainly due to lower minesite sustaining capital expenditures^1^ resulting from lower capitalized stripping.

YTD 2024 compared to YTD 2023

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

Cost of sales per pound^2^ and C1 cash costs per pound^1^ for YTD 2024 increased by 13% and 2%, respectively, compared to YTD 2023, mainly as a result of lower grades processed, partially offset by lower mining unit rates. Cost of sales per pound^2^ was further impacted by higher depreciation due to the new fleet placed into service

BARRICK THIRD QUARTER 2024	29	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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in 2023. For YTD 2024, all-in sustaining costs per pound^1^ increased by 19% compared to YTD 2023, mainly due to higher minesite sustaining capital expenditures^1^, combined with slightly higher C1 cash cost per pound^1^.

Capital expenditures for YTD 2024 were 26% higher than YTD 2023 due to higher minesite sustaining capital expenditures^1^ resulting from the increase in capitalized stripping following the investment in the owner stripping fleet made in 2023. This was partially offset by a

decrease in project capital expenditures^1^ resulting from the purchase of the owner stripping truck fleet which occurred in YTD 2023, whereas in YTD 2024, project capital expenditures^1^ are mainly related to the feasibility study for the expansion project.

Other Mines - Copper

Summary of Operating and Financial Data

For the three months ended
	9/30/24							6/30/24
	Copper<br> <br>production<br> <br>(kt)^a^		Cost of sales (/lb)	C1 cash costs (/lb)b	All-in sustaining<br>costs (/lb)b	Capital<br> <br>Expend-<br> <br>itures^c^		Copper<br><br><br>production<br> <br>(kt)^a^		Cost of<br>sales (/lb)	C1 cash<br>costs<br>(/lb)b	All-in<br>sustaining costs<br>(/lb)b	Capital<br><br><br>Expend-<br> <br>itures^c^
Zaldívar (50%)	****	10				****	9		10					8
Jabal Sayid (50%)	****	8				****	5		8					4

All values are in US Dollars.

^a.^	Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is<br>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<br>reconciliations, is included on pages 46 to 62 of this MD&A.
---	---
^c.^	Includes both minesite sustaining and project capital<br>expenditures^1^. These amounts are presented on a cash basis.
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Zaldívar (50%), Chile

Copper production for Zaldívar in Q3 2024 was in line with Q2 2024. Cost of sales per pound^2^ and C1 cash costs per pound^1^ were 2% and 4% lower, respectively, than Q2 2024, mainly driven by the impact of lower mining and processing costs. All-in sustaining costs per pound^1^ in Q3 2024 were 3% lower compared to Q2 2024, driven by lower C1 cash costs per pound^1^ partly offset by higher minesite sustaining capital expenditures^1^. Our investment in this asset, of which we are not the operator, continues to be a non-core part of our portfolio.

Jabal Sayid (50%), Saudi Arabia

Jabal Sayid’s copper production in Q3 2024 was in line with Q2 2024. Cost of sales per pound^2^ and C1 cash costs per pound^1^ for Q3 2024 increased by 5% and 15%, respectively, mainly due to lower gold by-product credits due to the increased processing of copper/zinc ore from Lode 1. Feed blend is expected to normalize in Q4. All-in sustaining costs per pound^1^ in Q3 2024 increased by 15% compared to Q2 2024, mainly due to higher C1 cash costs per pound^1^, combined with higher minesite sustaining capital expenditures^1^.

BARRICK THIRD QUARTER 2024	30	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Growth Projects

Goldrush Project, Nevada, USA^6^

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

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

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

Fourmile, Nevada, USA^7^

Fourmile is a 100% owned Barrick asset in Nevada and has the potential to be a standalone Tier One Gold Asset^5^. The current focus is on exploration drilling with promising results to date that support the potential to significantly increase the modeled extents of the declared mineral resource within the 2.5km of prospective Wenban stratigraphy, as well as uplift the grade. A dedicated Barrick project development team and budget are targeting the extension of the existing mineral resources, while also evaluating an independent surface portal access from Bullion Hill, which would decouple the evaluation of the project from the existing Goldrush development and ultimately complement the current Goldrush multi-purpose development. Footwall development along the strike of the Fourmile orebodies would initially be used for underground exploration drilling and then later be re-used for mine haulage. During Q3 2024, geotechnical drilling commenced to support the assessment of the Bullion Hill portal.

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

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

NGM TS Solar Project, Nevada, USA

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

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

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

Donlin Gold, Alaska, USA

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

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

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

BARRICK THIRD QUARTER 2024	31	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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the Donlin Gold project up the value curve. Focus continues to be on updating the resource model; modifying factors to support mine design and scheduling; optimizing the power sources and delivery, infrastructure constructability review, and flow sheet; mitigating the technical challenges; advancing the remaining project permitting; defending challenges to the existing permits; and exploring further partnership opportunities to unlock value for our Alaskan partners and communities.

Pueblo Viejo Expansion,Dominican Republic^8^

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

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

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

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

Veladero Phase 7 Leach Pad, Argentina

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

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

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

Reko Diq Project, Pakistan^9^

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

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

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

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

Loulo-Gounkoto Solar Project, Mali

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

Kibali Solar Project, DRC

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

BARRICK THIRD QUARTER 2024	32	MANAGEMENT’S DISCUSSION AND ANALYSIS
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progressed well during the quarter with all long lead equipment ordered and at different stages of manufacturing and shipping to site. As at September 30, 2024, project spend was $23 million (including $4 million in Q3 2024) out of an estimated capital cost of $55 million (100% basis).

Jabal Sayid Lode 1, Saudi Arabia

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

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

Lumwana Super Pit Expansion, Zambia^10^

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

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

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

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

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

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

Exploration and MineralResource Management

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

First, we seek to deliver projects of a short- to medium-term nature that will drive improvements in mine plans. Second, we seek to make new discoveries that add to Barrick’s Tier One Gold Asset^5^ portfolio. Third, we work to optimize the value of our major undeveloped projects and finally, we seek to identify emerging opportunities early in their value chain and secure them, where appropriate.

The following section summarizes the exploration results from Q3 2024.

North America

Carlin, Nevada, USA^11^

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

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

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

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

Cortez, Nevada, USA^12,13^

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

BARRICK THIRD QUARTER 2024	33	MANAGEMENT’S DISCUSSION AND ANALYSIS
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Hanson”, an area of closer-spaced drilling, where a resource is expected to be declared next year. This early-stage step-out hole continues to provide confidence in the resource potential below the existing infrastructure of the Cortez Hills Underground mine that could add material life-of-mine additions. Follow up drilling is planned for 2025.

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

Turquoise Ridge, Nevada, USA

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

Patris, Quebec, Canada

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

Sturgeon, Ontario, Canada

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

Latin America & Asia-Pacific

Pueblo Viejo, Dominican Republic

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

Regional Exploration, Dominican Republic

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

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

Jamaica

During Q3 2024, exploration fieldwork activities began in the areas under the earn-in agreement with Geophysx Jamaica Ltd. The main objective of this early work is to narrow down target areas with potential for Tier One^5^ deposits.

Veladero District, Argentina^14^

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

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

Peru

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

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

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

Ecuador

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

Reko Diq, Pakistan

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

BARRICK THIRD QUARTER 2024	34	MANAGEMENT’S DISCUSSION AND ANALYSIS
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an area of 300km^2^ across the Reko Diq licenses. These results will be integrated to define a pipeline of high potential projects to Reko Diq by the first half of 2025.

Porgera, Papua New Guinea

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

Japan Gold Strategic Alliance, Japan

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

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

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

Africa and Middle East

Loulo-Gounkoto, Mali^15^

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

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

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

Tongon, Côte D’Ivoire^16^

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

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

Kibali, DRC^17^

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

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

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

BARRICK THIRD QUARTER 2024	35	MANAGEMENT’S DISCUSSION AND ANALYSIS
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the 15 kilometer strike of the KZ South Structure. Follow-up drilling is planned for early 2025.

North Mara and Bulyanhulu, Tanzania

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

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

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

Jabal Sayid, Kingdom of Saudi Arabia

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

BARRICK THIRD QUARTER 2024	36	MANAGEMENT’S DISCUSSION AND ANALYSIS
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Review of Financial Results

Revenue

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

All values are in US Dollars.

a.	On an attributable basis.
b.	Further information on these non-GAAP financial measures, including detailed<br>reconciliations, is included on pages 46 to 62 of this MD&A.
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c.	Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is<br>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.
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Q3 2024 compared to Q2 2024

In Q3 2024, gold revenues increased by 8% compared to the Q2 2024, as a higher realized gold price^1^ was combined with higher sales volumes. The average market price for Q3 2024 was $2,474 per ounce, representing an all-time high quarterly average and a 6% increase versus the $2,338 per ounce average in Q2 2024. During Q3 2024, the gold price ranged from $2,319 per ounce to an all-time nominal high price of $2,686 per ounce, and closed the quarter at $2,630 per ounce. Gold prices in Q3 2024 continued to be volatile, impacted by economic and geopolitical concerns, benchmark interest rate cuts and expectations for further cuts, along with modestly declining levels of inflation.

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

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

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

Copper revenues in Q3 2024 decreased by 3% compared to Q2 2024, primarily due to a lower realized copper price^1^, whereas sales volumes were in line with Q2 2024. The average market price in Q3 2024 was $4.18 per pound, representing a decrease of 5% from the $4.42 per pound average in Q2 2024. The realized copper price^1^ in Q3 2024 was higher than the market copper price due to the impact of positive provisional pricing adjustments, whereas the realized copper price^1^ was higher than the market copper price in Q2 due to the timing of sales. During Q3 2024, the copper price traded in a range of $3.95 per pound to $4.61 per pound, and closed the quarter at $4.43 per pound. Copper prices in Q3 2024 were impacted by concerns about the global economy, including demand forecasts in China, which is the world’s largest consumer of copper.

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

Q3 2024 compared to Q3 2023

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

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

BARRICK THIRD QUARTER 2024	37	MANAGEMENT’S DISCUSSION AND ANALYSIS
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For Q3 2024, attributable gold production was 96 thousand ounces lower than Q3 2023, primarily due to the planned shutdown of the Gold Quarry roaster at Carlin, less open pit oxide ore mined at Cortez following the transition to Crossroads Phase 6, as well as lower grades processed at Kibali. This was partially offset by higher production at Pueblo Viejo driven by higher throughput resulting from the plant expansion, higher grades processed and improved recoveries due to better flotation circuit performance. This was combined with higher production at Porgera (included in the “Other” category above) as significant ramp up progress was achieved during Q2 2024 and continued into Q3.

Copper revenues for Q3 2024 increased by 2% compared to Q3 2023, due to a higher realized copper price^1^, partially offset by slightly lower sales volumes. In Q3 2024, the realized copper price^1^ was higher than the market copper price, as discussed above, whereas the realized copper price^1^ was slightly lower than the market copper price in Q3 2023 due to the impact of negative provisional price adjustments.

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

YTD 2024 compared to YTD 2023

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

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

Copper revenues for YTD 2024 increased by 5% compared to YTD 2023, as result of a higher realized copper price^1^, partially offset by lower sales volume. For YTD 2024, the realized copper price^1^ was higher than the market copper price due to the impact of positive provisional pricing adjustments, whereas the realized copper price^1^ was slightly lower than the market copper price in YTD 2023 due to the impact of negative provisional pricing adjustments.

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

Production Costs

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

All values are in US Dollars.

a.	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or<br>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<br>attributable basis using Barrick’s ownership share).
b.	Further information on these non-GAAP financial measures, including detailed<br>reconciliations, is included on pages 46 to 62 of this MD&A.
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Q3 2024 compared to Q2 2024

In Q3 2024, gold cost of sales on a consolidated basis was 3% higher than Q2 2024, mainly due to higher sales volumes, combined with higher royalties as a result of a higher realized gold price^1^. Our 45% interest in Kibali and 24.5% interest in Porgera are equity accounted, and therefore each mine’s cost of sales is excluded from our consolidated gold cost of sales. Our per ounce metrics, gold cost of sales^2^ and total cash costs^1^, includes our proportionate share of cost of sales at our equity method investees, and were 2% and 4% higher, respectively, than Q2 2024, mainly due to the impact of increased maintenance costs associated with the planned autoclave shutdown at Turquoise Ridge and higher processing costs at Cortez. The increase in the realized gold price^1^ compared to Q2 2024 also contributed to this increase ($6/ oz impact).

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

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

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processing and maintenance costs, partially offset by lower depreciation expense. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore, we do not include their cost of sales in our consolidated copper cost of sales. Our per pound metrics, copper cost of sales^2^ and C1 cash costs^1^, include our proportionate share of cost of sales at our equity method investees. Copper cost of sales per pound^2^ and C1 cash costs per pound^1^ were 6% and 14% higher, respectively, compared to Q2 2024, primarily at Lumwana due to higher processing costs as a result of increased power costs, higher maintenance costs, and decreased capitalized stripping.

In Q3 2024, copper all-in sustaining costs^1^ per pound, which also includes our proportionate share of equity method investees, was 3% lower than Q2 2024, primarily due to a decrease in minesite sustaining capital expenditures^1^ related to lower capitalized waste stripping at Lumwana, partially offset by an increase in C1 cash costs per pound^1^, as discussed above.

Q3 2024 compared to Q3 2023

For Q3 2024, gold cost of sales on a consolidated basis was 7% higher than Q3 2023, mainly due to higher site operating costs and higher royalties as a result of a higher realized gold price^1^. This was partially offset by lower sales volumes. As described above, our per ounce metrics, gold cost of sales^2^^^and total cash costs^1^, include our proportionate share of cost of sales at our equity method investees, and were 15% and 21% higher, respectively, compared to Q3 2023. This was mainly due to lower sales volumes, combined with lower tonnes processed, lower recoveries and lower capitalized stripping at Carlin. This was combined with higher royalties, as explained above ($20/oz impact).

For Q3 2024, gold all-in sustaining costs per ounce^1^ were 20% higher than Q3 2023, primarily due to higher total cash costs per ounce^1^, as described above, combined with higher minesite sustaining capital expenditures^1^ on a per ounce basis.

For Q3 2024, copper cost of sales on a consolidated basis was 12% higher than Q3 2023, primarily due to the impact of higher processing and maintenance costs, partially offset by lower depreciation expense. As described above, our per pound metrics, copper cost of sales^2^ and C1 cash costs^1^, include our proportionate share of cost of sales at our equity method investees. Copper cost of sales per pound^2^ and C1 cash costs^1^ were both 21% higher compared to Q3 2023, due to higher processing and maintenance costs at Lumwana.

For Q3 2024, copper all-in sustaining costs per pound^1^ were 11% higher than Q3 2023, primarily reflecting higher C1 cash costs per pound^1^, as per above, partially offset by lower minesite sustaining capital expenditures^1^ resulting from lower capitalized stripping at Lumwana.

YTD 2024 compared to YTD 2023

For YTD 2024, cost of sales applicable to gold was 3% higher than YTD 2023, mainly due to higher site operating costs and increased royalties as a result of a higher realized gold price^1^, partially offset by lower depreciation. On a per ounce basis, gold cost of sales^2^ and total cash costs^1^, after including our proportionate share of cost of sales at our equity method investees (refer to explanation above), were 9% and 12% higher, respectively, than YTD 2023. This was primarily due to higher plant maintenance costs and higher electricity unit prices and

consumption at Pueblo Viejo; lower grades processed and lower recoveries at Carlin; and higher royalties due to the increase in the realized gold price^1^ ($10/oz impact).

For YTD 2024, gold all-in sustaining costs per ounce^1^ increased by 13% compared to YTD 2023, primarily due to an increase in total cash costs per ounce^1^, combined with higher minesite sustaining capital expenditures^1^.

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

For YTD 2024, copper all-in sustaining costs per pound^1^ were 11% higher than YTD 2023, primarily due to a higher C1 cash costs per pound^1^, as discussed above, combined with higher minesite sustaining capital expenditures^1^ which was mainly driven by the increase in waste stripping tonnes following the investment in the owner stripping fleet at Lumwana.

General and Administrative Expenses

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

All values are in US Dollars.

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

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

Exploration,Evaluation and Project Expenses

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

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	39	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Exploration, evaluation and project expenses for Q3 2024 and YTD 2024 increased compared to the same prior year periods, driven by higher project costs at Reko Diq due to the ramp-up of project activities and higher global exploration and evaluation costs mainly driven by Fourmile (refer to Growth Projects section). This was partially offset by lower project costs at Lumwana as the PFS work was completed in 2023 and the feasibility study costs are capitalized.

Finance Costs, Net

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

All values are in US Dollars.

a.

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

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

Additional Statement of Income Items

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

All values are in US Dollars.

Loss on Currency Translation

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

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

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

Closed Mine Rehabilitation

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

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

Other Expense

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

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

Income Tax Expense

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

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

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

Withholding Taxes

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

OECD Pillar Two model rules

We have applied the exception available under the amendments to IAS 12 published by the IASB in May 2023 and are not recognizing or disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Based on the analysis performed to date to assess our exposure to the recently enacted Pillar Two income taxes in Canada, we do not expect the impact of Pillar Two provisions to be material to the Company for 2024 although this assessment is ongoing.

BARRICK THIRD QUARTER 2024	40	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Financial Condition Review

Summary Balance Sheet and Key Financial Ratios

($ millions, except ratios and share amounts)	As at 9/30/24		As at 12/31/23
Total cash and equivalents	****	4,225		4,148
Current assets	****	3,802		3,290
Non-current assets	****	39,327		38,373
Total Assets	****	47,354		45,811
Current liabilities excluding short-term debt	****	3,016		2,345
Non-current liabilities excluding long-term debt^a^	****	6,716		6,738
Debt (current and long-term)	****	4,725		4,726
Total Liabilities	****	14,457		13,809
Total shareholders’ equity	****	23,831		23,341
Non-controlling<br>interests	****	9,066		8,661
Total Equity	****	32,897		32,002
Total common shares outstanding (millions of shares)^b^	****	1,748		1,756
Debt, net of cash	****	500		578
Key Financial Ratios:
Current ratio^c^	****	2.65:1		3.16:1
Debt-to-equity^d^	****	0.14:1		0.15:1
Net leverage^e^	****	0.1:1		0.1:1
^a.^	Non-current financial liabilities as at September 30, 2024 were<br>$5,215 million (December 31, 2023: $5,221 million).
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^b.^	As of October 29, 2024, the number of common shares outstanding is 1,748,048,766.
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^c.^	Represents current assets divided by current liabilities (including short-term debt) as at September 30, 2024 and<br>December 31, 2023.
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^d.^	Represents debt divided by total shareholders’ equity (including minority interest) as at September 30, 2024<br>and December 31, 2023.
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^e.^	Further information on these non-GAAP financial measures, including detailed<br>reconciliations, is included on pages 46 to 62 of this MD&A.
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Balance Sheet Review

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

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

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

Financial Position and Liquidity

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

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

Uses of cash for the remainder of 2024 include capital commitments of $360 million, and we expect to incur attributable minesite sustaining^1^ and project capital

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

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

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

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

BARRICK THIRD QUARTER 2024	41	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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company’s financial results, cash requirements, future prospects, the number of outstanding common shares, and other factors deemed relevant by the Board.

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

Summary of Cash Inflow (Outflow)

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

All values are in US Dollars.

^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<br>in non-cash charges, specifically the unwinding of discounts and amortization of debt issue costs.
^b.^	For Q3 2024 and YTD 2024, we declared and paid dividends per share in US dollars totaling $0.10 and $0.30, respectively<br>(Q2 2024: declared and paid $0.10; Q3 2023: declared and paid $0.10; YTD 2023: declared and paid $0.30).
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Q3 2024 compared to Q2 2024

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

Cash outflows from investing activities in Q3 2024 were $603 million, compared to $703 million in Q2 2024. The decreased outflow of $100 million was primarily due to lower capital expenditures relating to decreased minesite sustaining capital expenditures^1^ mainly due to lower capitalized stripping at Carlin and Lumwana, partially offset

BARRICK THIRD QUARTER 2024	42	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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by higher project capital expenditures^1^ relating to early works expenditure at Reko Diq.

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

Q3 2024 compared to Q3 2023

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

Cash outflows from investing activities in Q3 2024 were $603 million compared to $689 million in Q3 2023. The decrease of $86 million was primarily due to shareholder loan repayments from equity method investments, in particular Kibali, and cash proceeds received from the sale of some of our investments in other mining companies. This was combined with lower capital expenditures driven by decreased minesite sustaining capital expenditures^1^ and slightly lower project capital expenditures^1^. Lower minesite sustaining capital expenditures^1^ primarily relates to lower capitalized waste stripping at Carlin and Lumwana. The decrease in project capital expenditures^1^ was due to the Pueblo Viejo plant expansion project and TS Solar Project at NGM being substantially completed in the prior year although this was largely offset by early works expenditure at Reko Diq. These impacts were partially offset by decreased dividends received from equity method investments, in particular Kibali.

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

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

YTD 2024 compared to YTD 2023

For YTD 2024, we generated $3,099 million in operating cash flow, compared to $2,735 million in YTD 2023. The increase of $364 million was primarily due to higher realized gold and copper prices^1^, partially offset by lower gold and copper sales volumes and higher total cash costs/C1 cash costs per ounce/pound^1^. This was partially offset by higher cash taxes paid, and an unfavorable change in working capital, mainly in other current assets, accounts receivable, accounts payable and other current liabilities.

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

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

BARRICK THIRD QUARTER 2024	43	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Commitments and Contingencies

Litigation and Claims

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

Contractual Obligations and Commitments

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

($ millions)	Payments due as at 9/30/24
	2024		2025		2026		2027		2028		2029 and<br>thereafter		Total
Debt^a^
Repayment of principal		0		12		47		0		0		4,631		4,690
Capital leases		4		13		9		9		5		15		55
Interest		124		285		282		279		279		2,938		4,187
Provisions for environmental rehabilitation^b^		211		170		113		88		119		1,866		2,567
Restricted share units		10		30		9		0		0		0		49
Pension benefits and other post-retirement benefits		1		5		5		5		4		51		71
Purchase obligations for supplies and consumables^c^		611		336		222		202		165		198		1,734
Capital commitments^d^		360		236		52		0		0		0		648
Social development costs^e^		71		15		11		6		3		57		163
Other obligations^f^		4		52		75		58		59		540		788
Total		1,396		1,154		825		647		634		10,296		14,952
^a.^	Debt and Interest: Our debt obligations do not include any subjective acceleration clauses or other clauses that enable<br>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.<br>Projected interest payments on variable rate debt were based on interest rates in effect at September 30, 2024. Interest is calculated on our long-term debt obligations using both fixed and variable rates.
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^b.^	Provisions for environmental rehabilitation: Amounts presented in the table represent the undiscounted uninflated<br>future payments for the expected cost of environmental rehabilitation.
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^c.^	Purchase obligations for supplies and consumables: Includes commitments related to new purchase obligations to secure a<br>supply of acid, tires and cyanide for our production process.
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^d.^	Capital commitments: Purchase obligations for capital expenditures include only those items where binding commitments<br>have been entered into.
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^e.^	Social development costs: Includes a commitment of $14 million in 2029 and thereafter, related to the funding of a<br>power transmission line in Argentina.
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^f.^	Other obligations includes the Pueblo Viejo joint venture partner shareholder loan, the deposit on the Pascua-Lama<br>silver sale agreement with Wheaton Precious Metals Corp. due in 2039, and minimum royalty payments.
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BARRICK THIRD QUARTER 2024	44	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Review of Quarterly Results

Quarterly Information^a^

($ millions, except where indicated)	2024		2024		2024		2023		2023		2023		2023		2022
	Q3		Q2		Q1		Q4		Q3		Q2		Q1		Q4
Revenues	****	3,368		3,162		2,747		3,059		2,862		2,833		2,643		2,774
Realized price per ounce – gold^b^	****	2,494		2,344		2,075		1,986		1,928		1,972		1,902		1,728
Realized price per pound – copper^b^	****	4.27		4.53		3.86		3.78		3.78		3.70		4.20		3.81
Cost of sales	****	2,051		1,979		1,936		2,139		1,915		1,937		1,941		2,093
Net earnings	****	483		370		295		479		368		305		120		(735)
Per share (dollars)^c^	****	0.28		0.21		0.17		0.27		0.21		0.17		0.07		(0.42)
Adjusted net earnings^b^	****	529		557		333		466		418		336		247		220
Per share (dollars)^b,c^	****	0.30		0.32		0.19		0.27		0.24		0.19		0.14		0.13
Operating cash flow	****	1,180		1,159		760		997		1,127		832		776		795
Consolidated capital expenditures^d^	****	736		819		728		861		768		769		688		891
Free cash flow^b^	****	444		340		32		136		359		63		88		(96)
^a.^	Sum of all the quarters may not add up to the annual total due to rounding.
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^b.^	Further information on these non-GAAP financial measures, including detailed<br>reconciliations, is included on pages 46 to 62 of this MD&A.
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^c.^	Calculated using weighted average number of shares outstanding under the basic method of earnings per share.<br>
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^d.^	Amounts presented on a consolidated cash basis.
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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 Assets^5^. This, combined with ongoing strength in gold and copper prices, has resulted in strong operating cash flows over several quarters. The positive operating cash flow generated has allowed us to continue to reinvest in our business including our key growth projects, maintain a strong balance sheet and deliver returns to shareholders.

In addition to the strength in metal prices, net earnings has also been impacted by the following items in each quarter, which have been excluded from adjusted net earnings^1^. In Q2 2024, we recorded a provision following the proposed settlement of the Zaldívar Tax Assessments in Chile (refer to note 15 of the Financial Statements). In Q4 2023, we recorded a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023. In addition, we recorded a long-lived

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

InternalControl Over Financial Reporting and Disclosure Controls and Procedures

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

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

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

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

BARRICK THIRD QUARTER 2024	45	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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IFRS Critical Accounting Policies and Accounting Estimates

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

Critical Accounting Estimates and Judgments

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

Non-GAAP Financial Measures

Adjusted Net Earnings and Adjusted Net Earnings per Share

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

∎	Impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments;<br>
∎	Acquisition/disposition gains/losses;
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∎	Foreign currency translation gains/losses;
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∎	Significant tax adjustments;
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∎	Other items that are not indicative of the underlying operating performance of our core mining business; and<br>
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∎	Tax effect and non-controlling interest of the above items.<br>
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Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/ disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Furthermore, foreign currency translation gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented. The tax effect and non-controlling interest of the adjusting items are also excluded to reconcile the amounts to Barrick’s share on a post-tax basis, consistent with net earnings.

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

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

BARRICK THIRD QUARTER 2024	46	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earningsand Adjusted Net Earnings per Share

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

All values are in US Dollars.

^a.^	The net impairment charges for YTD 2024 and 2023 relate to miscellaneous assets.
^b.^	For Q3 2024 and YTD 2024, significant tax adjustments include the<br>de-recognition of deferred tax assets; the impact of the community relations projects at Tanzania per our community investment obligations under the Twiga partnership, and the<br>re-measurement of deferred tax balances. Significant tax adjustments for YTD 2024 also include the proposed settlement of the Zaldívar Tax Assessments in Chile, and adjustments in respect of prior<br>years. For YTD 2023, significant tax adjustments mainly related to the settlement agreement to resolve the tax dispute at Porgera, the de-recognition of deferred tax assets, adjustments in respect of prior<br>years and the re-measurement of deferred tax balances.
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^c.^	For Q3 2024, other expense adjustments mainly relate to the $40 million accrual relating to the road construction<br>in Tanzania per our community investment obligations under the Twiga partnership, and changes in the discount rate assumptions on our closed mine rehabilitation provision, combined with a provision made relating to a legacy mine site operated by<br>Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick. YTD 2024 was further impacted by the interest and penalties recognized following the proposed settlement of the Zaldívar Tax Assessments in Chile, which was<br>recorded in Q2 2024. Other expense adjustments for YTD 2023 mainly relate to changes in the discount rate assumptions on our closed mine rehabilitation provision, care and maintenance expenses at Porgera, and the $30 million accrual relating to<br>the expansion of education infrastructure in Tanzania, also pursuant to the Twiga partnership.
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^d.^	Non-controlling interest and tax effect for YTD 2024 primarily relates to other<br>expense adjustments and net impairment charges.
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^e.^	Calculated using weighted average number of shares outstanding under the basic method of earnings per share.<br>
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Free Cash Flow

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

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

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

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

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

All values are in US Dollars.

Capital Expenditures

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

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

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

BARRICK THIRD QUARTER 2024	47	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Reconciliation of the Classification of Capital Expenditures

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

All values are in US Dollars.

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

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

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

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

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

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

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

BARRICK THIRD QUARTER 2024	48	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Reconciliation of Gold Cost of Sales to Total cash costs and All-in sustaining costs, including on a per ounce basis

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

All values are in US Dollars.

a.	Non-recurring items - These costs are not indicative of our cost of<br>production and have been excluded from the calculation of total cash costs.
b.	Other - Other adjustments for Q3 2024 and YTD 2024 include the removal of total cash costs and by-product credits associated with Pierina of $nil and $nil, respectively (Q2 2024: $nil; Q3 2023: $nil; YTD 2023: $3 million), which was producing incidental ounces until December 31, 2023 while in closure.<br>
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c.	Non-controlling interests -Non-controlling interests include non-controlling interests related to gold production of $556 million and $1,630 million, respectively, for Q3 2024 and<br>YTD 2024 (Q2 2024: $532 million; Q3 2023: $536 million; YTD 2023: $1,598 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu. Refer to<br>Note 4 to the Financial Statements for further information.
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d.	Exploration and evaluation costs - Exploration, evaluation and project expenses are presented as minesite<br>sustaining if they support current mine operations and project if they relate to future projects. Refer to page 39 of this MD&A.
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e.	Capital expenditures - Capital expenditures are related to our gold sites only and are split between minesite<br>sustaining and project capital expenditures.
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f.	Rehabilitation - accretion and amortization - Includes depreciation on the assets related to rehabilitation<br>provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.
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g.	Non-controlling interest and copper operations - Removes general and<br>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<br>expenditures incurred by our copper sites and the non-controlling interest of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It also includes capital expenditures<br>applicable to our equity method investment in Kibali. Figures remove the impact of Pierina up until December 31, 2023. The impact is summarized as the following:
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( millions)			For the three months ended						For the nine months ended
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Non-controlling<br>interest, copper operations and other			6/30/24			9/30/23			9/30/24			9/30/23
General & administrative costs	(7	)		(6	)		(5	)	****	(17	)		(16	)
Minesite exploration and evaluation expenses	(2	)		(4	)		(4	)	****	(8	)		(12	)
Rehabilitation - accretion and amortization (operating sites)	(5	)		(6	)		(5	)	****	(16	)		(15	)
Minesite sustaining capital expenditures	(185	)		(262	)		(224	)	****	(660	)		(551	)
All-in sustaining costs<br>total	(199	)		(278	)		(238	)	****	(701	)		(594	)

All values are in US Dollars.

h.	Ounces sold - attributable basis - Excludes Pierina, which was producing incidental ounces until December 31,<br>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<br>Q3 2024 and YTD 2024 (Q2 2024: $nil; Q3 2023: $nil; YTD 2023: $3 million), which was producing incidental ounces up until December 31, 2023 while in closure. Gold cost of sales per ounce is calculated as cost of sales across our gold operations<br>(excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
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j.	Per ounce figures - Cost of sales per ounce, total cash costs per ounce and<br>all-in sustaining costs per ounce may not calculate based on amounts presented in this table due to rounding.
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k.	Co-product costs per ounce
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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:<br>
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BARRICK THIRD QUARTER 2024	49	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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( millions)			For the three months ended						For the nine months ended
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			6/30/24			9/30/23			9/30/24			9/30/23
By-product credits	58	****		75			65		****	189	****		186
Non-controlling<br>interest	(18	)		(24	)		(22	)	****	(60	)		(61	)
By-product credits (net<br>of non-controlling interest)	40	****		51			43		****	129	****		125

All values are in US Dollars.

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<br>dollars)										For the three months ended 9/30/24
	Carlin			Cortez^a^			Turquoise<br> <br>Ridge			Phoenix			Nevada Gold<br> <br>Mines^b^			Hemlo			North<br> <br>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	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Other	****	(8	)	****	0	****	****	0	****	****	7	****	****	(1	)	****	0	****	****	(1	)
Non-controlling<br>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	****	3	****	****	3	****	****	2	****	****	1	****	****	9	****	****	0	****	****	9	****
Minesite sustaining capital expenditures	****	150	****	****	57	****	****	25	****	****	13	****	****	251	****	****	11	****	****	262	****
Sustaining capital leases	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	1	****	****	1	****
Rehabilitation - accretion and amortization (operating sites)	****	4	****	****	4	****	****	1	****	****	2	****	****	11	****	****	0	****	****	11	****
Non-controlling<br>interests	****	(60	)	****	(26	)	****	(11	)	****	(6	)	****	(106	)	****	0	****	****	(106	)
All-in sustaining<br>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	****	1,478	****	****	1,526	****	****	1,674	****	****	1,789	****	****	1,553	****	****	1,929	****	****	1,579	****
Total cash costs per ounce	****	1,249	****	****	1,180	****	****	1,295	****	****	764	****	****	1,205	****	****	1,623	****	****	1,234	****
Total cash costs per ounce (on a<br>co-product basis)	****	1,252	****	****	1,183	****	****	1,305	****	****	1,465	****	****	1,260	****	****	1,633	****	****	1,286	****
All-in sustaining costs per ounce	****	1,771	****	****	1,570	****	****	1,516	****	****	1,113	****	****	1,633	****	****	2,044	****	****	1,661	****
All-in sustaining costs<br>per ounce (on a co-product basis)	****	1,774	****	****	1,573	****	****	1,526	****	****	1,814	****	****	1,688	****	****	2,054	****	****	1,713	****

All values are in US Dollars.

( millions, except per ounce information<br>in dollars)	For the three months ended 9/30/24
	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	****	0	****	****	0	****	****	0	****	****	0	****
Other	****	0	****	****	0	****	****	0	****	****	0	****
Non-controlling<br>interests	****	(61	)	****	0	****	****	0	****	****	(61	)
Total cash costs	****	91	****	****	75	****	****	19	****	****	185	****
General & administrative costs	****	0	****	****	0	****	****	0	****	****	0	****
Minesite exploration and evaluation costs	****	0	****	****	0	****	****	1	****	****	1	****
Minesite sustaining capital expenditures	****	41	****	****	33	****	****	3	****	****	77	****
Sustaining capital leases	****	0	****	****	0	****	****	0	****	****	0	****
Rehabilitation - accretion and amortization (operating sites)	****	2	****	****	0	****	****	0	****	****	2	****
Non-controlling<br>interests	****	(18	)	****	0	****	****	0	****	****	(18	)
All-in sustaining<br>costs	****	116	****	****	108	****	****	23	****	****	247	****
Ounces sold - attributable basis (000s ounces)	****	96	****	****	78	****	****	19	****	****	193	****
Cost of sales per ounce	****	1,470	****	****	1,311	****	****	1,163	****	****	1,375	****
Total cash costs per ounce	****	957	****	****	951	****	****	999	****	****	959	****
Total cash costs per ounce (on a<br>co-product basis)	****	985	****	****	995	****	****	1,016	****	****	992	****
All-in sustaining costs per ounce	****	1,221	****	****	1,385	****	****	1,214	****	****	1,286	****
All-in sustaining costs<br>per ounce (on a co-product basis)	****	1,249	****	****	1,429	****	****	1,231	****	****	1,319	****

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	50	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions, except per ounce information<br>in dollars)										For the three months ended 9/30/24
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Loulo-<br> <br>Gounkoto			Kibali			North Mara			Tongon			Bulyanhulu			Africa &<br> <br>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	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Other	****	0	****	****	0	****	****	0	****	****	0	****	****	2	****	****	2	****
Non-controlling<br>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	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Minesite sustaining capital expenditures	****	70	****	****	12	****	****	17	****	****	8	****	****	12	****	****	119	****
Sustaining capital leases	****	0	****	****	1	****	****	0	****	****	0	****	****	0	****	****	1	****
Rehabilitation - accretion and amortization (operating sites)	****	1	****	****	0	****	****	2	****	****	0	****	****	0	****	****	3	****
Non-controlling<br>interests	****	(14	)	****	0	****	****	(3	)	****	(1	)	****	(1	)	****	(19	)
All-in sustaining<br>costs	****	174	****	****	89	****	****	82	****	****	76	****	****	56	****	****	477	****
Ounces sold - attributable basis (000s ounces)	****	135	****	****	77	****	****	78	****	****	32	****	****	37	****	****	359	****
Cost of sales per ounce	****	1,257	****	****	1,441	****	****	1,108	****	****	2,403	****	****	1,628	****	****	1,404	****
Total cash costs per ounce	****	865	****	****	978	****	****	850	****	****	2,184	****	****	1,191	****	****	1,037	****
Total cash costs per ounce (on a<br>co-product basis)	****	866	****	****	983	****	****	863	****	****	2,188	****	****	1,288	****	****	1,052	****
All-in sustaining costs per ounce	****	1,288	****	****	1,172	****	****	1,052	****	****	2,388	****	****	1,470	****	****	1,328	****
All-in sustaining costs<br>per ounce (on a co-product basis)	****	1,289	****	****	1,177	****	****	1,065	****	****	2,392	****	****	1,567	****	****	1,343	****

All values are in US Dollars.

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

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	51	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions, except per ounce information in<br>dollars)	For the three months ended 6/30/24
---	---	---	---	---	---	---	---	---	---	---	---	---
	Pueblo Viejo			Veladero			Porgera^k^			Latin America &<br>Asia Pacific
Cost of sales applicable to gold production		213			88			14			315
Depreciation		(63	)		(22	)		(2	)		(87	)
By-product credits		(14	)		(3	)		(1	)		(18	)
Non-recurring items		0			0			0			0
Other		0			0			0			0
Non-controlling<br>interests		(55	)		0			0			(55	)
Total cash costs		81			63			11			155
General & administrative costs		0			0			0			0
Minesite exploration and evaluation costs		0			0			0			0
Minesite sustaining capital expenditures		52			25			0			77
Sustaining capital leases		0			0			1			1
Rehabilitation - accretion and amortization (operating sites)		2			0			1			3
Non-controlling<br>interests		(21	)		0			0			(21	)
All-in sustaining<br>costs		114			88			13			215
Ounces sold - attributable basis (000s ounces)		79			68			12			159
Cost of sales per ounce		1,630			1,298			1,132			1,441
Total cash costs per ounce		1,024			931			941			977
Total cash costs per ounce (on a<br>co-product basis)		1,147			978			980			1,061
All-in sustaining costs per ounce		1,433			1,308			1,079			1,348
All-in sustaining costs<br>per ounce (on a co-product basis)		1,556			1,355			1,118			1,432

All values are in US Dollars.

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

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	52	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions, except per ounce information in<br>dollars)										For the three months ended 9/30/23
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Carlin			Cortez^a^			Turquoise<br>Ridge			Long<br>Canyon^l^			Phoenix			Nevada Gold<br>Mines^b^			Hemlo			North<br>America
Cost of sales applicable to gold production		458			273			164			6			96			997			53			1,050
Depreciation		(83	)		(88	)		(45	)		(3	)		(18	)		(237	)		(6	)		(243	)
By-product credits		(1	)		0			(1	)		0			(41	)		(43	)		(1	)		(44	)
Non-recurring items		0			0			0			0			0			0			0			0
Other		(5	)		0			0			0			6			2			0			2
Non-controlling<br>interests		(142	)		(72	)		(45	)		(1	)		(17	)		(277	)		0			(277	)
Total cash costs		227			113			73			2			26			442			46			488
General & administrative costs		0			0			0			0			0			0			0			0
Minesite exploration and evaluation costs		6			2			1			0			1			10			0			10
Minesite sustaining capital expenditures		169			62			19			0			10			264			9			273
Sustaining capital leases		0			0			0			0			0			1			1			2
Rehabilitation - accretion and amortization (operating sites)		3			5			1			0			1			10			0			10
Non-controlling<br>interests		(69	)		(27	)		(8	)		0			(4	)		(110	)		0			(110	)
All-in sustaining<br>costs		336			155			86			2			34			617			56			673
Ounces sold - attributable basis (000s ounces)		238			135			78			2			27			480			31			511
Cost of sales per ounce		1,166			1,246			1,300			1,832			2,235			1,273			1,721			1,300
Total cash costs per ounce		953			840			938			778			1,003			921			1,502			956
Total cash costs per ounce (on a<br>co-product basis)		954			844			944			779			1,812			968			1,508			1,001
All-in sustaining costs per ounce		1,409			1,156			1,106			831			1,264			1,286			1,799			1,317
All-in sustaining costs<br>per ounce (on a co-product basis)		1,410			1,160			1,112			832			2,073			1,333			1,805			1,362

All values are in US Dollars.

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

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	53	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions, except per ounce information<br>in dollars)										For the three months ended 9/30/23
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Loulo-<br><br><br>Gounkoto			Kibali			North Mara			Tongon			Bulyanhulu			Africa &<br><br><br>Middle East
Cost of sales applicable to gold production		198			112			88			74			68			540
Depreciation		(57	)		(44	)		(17	)		(10	)		(16	)		(144	)
By-product credits		0			(1	)		(1	)		(1	)		(6	)		(9	)
Non-recurring items		0			0			0			0			0			0
Other		0			0			0			0			0			0
Non-controlling<br>interests		(28	)		0			(11	)		(6	)		(7	)		(52	)
Total cash costs		113			67			59			57			39			335
General & administrative costs		0			0			0			0			0			0
Minesite exploration and evaluation costs		0			0			0			0			0			0
Minesite sustaining capital expenditures		53			8			29			6			14			110
Sustaining capital leases		(1	)		2			0			0			0			1
Rehabilitation - accretion and amortization (operating sites)		1			2			1			(1	)		0			3
Non-controlling<br>interests		(10	)		0			(5	)		(1	)		(2	)		(18	)
All-in sustaining<br>costs		156			79			84			61			51			431
Ounces sold - attributable basis (000s ounces)		145			97			59			46			45			392
Cost of sales per ounce		1,087			1,152			1,244			1,423			1,261			1,186
Total cash costs per ounce		773			694			999			1,217			859			850
Total cash costs per ounce (on a<br>co-product basis)		774			698			1,007			1,222			973			866
All-in sustaining costs per ounce		1,068			801			1,429			1,331			1,132			1,095
All-in sustaining costs<br>per ounce (on a co-product basis)		1,069			805			1,437			1,336			1,246			1,111

All values are in US Dollars.

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

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	54	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions, except per ounce information in dollars)		For the nine months ended 9/30/24
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Pueblo Viejo			Veladero			Porgera^k^			Latin America<br><br><br>& Asia Pacific
Cost of sales applicable to gold production		****	658	****	****	235	****	****	36	****	****	929	****
Depreciation		****	(203	)	****	(57	)	****	(5	)	****	(265	)
By-product credits		****	(29	)	****	(7	)	****	(1	)	****	(37	)
Non-recurring items	c	****	0	****	****	0	****	****	0	****	****	0	****
Other	d	****	0	****	****	0	****	****	0	****	****	0	****
Non-controlling<br>interests		****	(171	)	****	0	****	****	0	****	****	(171	)
Total cash costs		****	255	****	****	171	****	****	30	****	****	456	****
General & administrative costs		****	0	****	****	0	****	****	0	****	****	0	****
Minesite exploration and evaluation costs	e	****	0	****	****	3	****	****	1	****	****	4	****
Minesite sustaining capital expenditures	f	****	135	****	****	79	****	****	3	****	****	217	****
Sustaining capital leases		****	0	****	****	0	****	****	1	****	****	1	****
Rehabilitation - accretion and amortization (operating sites)	g	****	5	****	****	0	****	****	1	****	****	6	****
Non-controlling<br>interests		****	(56	)	****	0	****	****	0	****	****	(56	)
All-in sustaining<br>costs		****	339	****	****	253	****	****	36	****	****	628	****
Ounces sold - attributable basis (000s ounces)		****	257	****	****	179	****	****	31	****	****	467	****
Cost of sales per ounce	h,i	****	1,538	****	****	1,308	****	****	1,151	****	****	1,424	****
Total cash costs per ounce	i	****	995	****	****	945	****	****	977	****	****	975	****
Total cash costs per ounce (on a<br>co-product basis)	i,j	****	1,063	****	****	989	****	****	1,002	****	****	1,031	****
All-in sustaining costs per ounce	i	****	1,322	****	****	1,409	****	****	1,162	****	****	1,345	****
All-in sustaining costs<br>per ounce (on a co-product basis)	i,j	****	1,390	****	****	1,453	****	****	1,187	****	****	1,401	****

All values are in US Dollars.

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

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	55	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions, except per ounce information in dollars)								For the nine months ended 9/30/23
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Carlin		Cortez^a^		Turquoise<br>Ridge		Long<br> Canyon^l^		Phoenix		Nevada Gold<br>Mines^b^		Hemlo		North<br> America
Cost of sales applicable to gold production			1,346		813		525		20		291		2,995		168		3,163
Depreciation			(237)		(246)		(138)		(12)		(55)		(688)		(21)		(709)
By-product credits			(2)		(2)		(3)		0		(119)		(126)		(1)		(127)
Non-recurring items	c		0		0		0		0		0		0		0		0
Other	d		(13)		0		0		0		20		8		0		8
Non-controlling<br>interests			(422)		(218)		(148)		(3)		(53)		(844)		0		(844)
Total cash costs			672		347		236		5		84		1,345		146		1,491
General & administrative costs			0		0		0		0		0		0		0		0
Minesite exploration and evaluation costs	e		21		4		4		0		1		31		0		31
Minesite sustaining capital expenditures	f		431		210		72		0		22		749		29		778
Sustaining capital leases			0		0		0		0		1		2		2		4
Rehabilitation - accretion and amortization (operating sites)	g		9		14		2		0		3		28		1		29
Non-controlling<br>interests			(178)		(88)		(30)		0		(10)		(312)		0		(312)
All-in sustaining<br>costs			955		487		284		5		101		1,843		178		2,021
Ounces sold - attributable basis (000s ounces)			645		384		232		7		81		1,349		106		1,455
Cost of sales per ounce	h,i		1,266		1,303		1,391		1,691		2,225		1,359		1,579		1,375
Total cash costs per ounce	i		1,042		905		1,018		660		1,047		998		1,374		1,025
Total cash costs per ounce (on a<br>co-product basis)	i,j		1,044		909		1,026		662		1,803		1,046		1,379		1,070
All-in sustaining costs per ounce	i		1,480		1,270		1,225		707		1,250		1,366		1,672		1,389
All-in sustaining costs<br>per ounce (on a co-product basis)	i,j		1,482		1,274		1,233		709		2,006		1,414		1,677		1,434

All values are in US Dollars.

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

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	56	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions, except per ounce information in dollars)					For the nine months ended 9/30/23
---	---	---	---	---	---	---	---	---	---	---	---	---
	Loulo-<br><br><br>Gounkoto		Kibali		North Mara		Tongon		Bulyanhulu		Africa &<br>Middle East
Cost of sales applicable to gold production		612		314		262		233		213		1,634
Depreciation		(188)		(110)		(55)		(32)		(47)		(432)
By-product credits		0		(2)		(2)		(1)		(17)		(22)
Non-recurring items		0		0		0		0		0		0
Other		0		0		0		0		0		0
Non-controlling<br>interests		(85)		0		(33)		(20)		(24)		(162)
Total cash costs		339		202		172		180		125		1,018
General & administrative costs		0		0		0		0		0		0
Minesite exploration and evaluation costs		0		0		0		0		0		0
Minesite sustaining capital expenditures		184		30		89		15		47		365
Sustaining capital leases		1		5		0		1		0		7
Rehabilitation - accretion and amortization (operating sites)		2		2		4		0		1		9
Non-controlling<br>interests		(37)		0		(15)		(2)		(8)		(62)
All-in sustaining<br>costs		489		239		250		194		165		1,337
Ounces sold - attributable basis (000s ounces)		419		251		193		143		139		1,145
Cost of sales per ounce		1,168		1,250		1,138		1,462		1,282		1,232
Total cash costs per ounce		809		808		893		1,256		896		889
Total cash costs per ounce (on a<br>co-product basis)		809		813		900		1,260		1,000		905
All-in sustaining costs per ounce		1,166		954		1,298		1,356		1,188		1,169
All-in sustaining costs<br>per ounce (on a co-product basis)		1,166		959		1,305		1,360		1,292		1,185

All values are in US Dollars.

a.	Includes Goldrush.
b.	These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon<br>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<br>excluded from the calculation of total cash costs.
d.	Other - Other adjustments at Carlin include the removal of total cash costs and by-product credits associated with Emigrant starting Q2 2022, which is producing incidental ounces.
e.	Exploration and evaluation costs - Exploration, evaluation and project expenses are presented as<br>minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 39 of this MD&A.
f.	Capital expenditures - Capital expenditures are related to our gold sites only and are split<br>between minesite sustaining and project capital expenditures.
g.	Rehabilitation - accretion and amortization - Includes depreciation on the assets related to<br>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<br>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<br>ounce presented on a co-product basis removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:
( millions)											For the three months ended 9/30/24
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			Cortez^a^		TurquoiseRidge			Phoenix			Nevada<br> <br>Gold Mines^b^			Hemlo		Pueblo<br> <br>Viejo
By-product credits	1	****	****	0	****	1	****	****	39	****	****	41	****	****	0	****	5	****
Non-controlling<br>interest	(1	)	****	0	****	(1	)	****	(15	)	****	(17	)	****	0	****	(2	)
By-product credits<br>(net of non-controlling interest)	0	****	****	0	****	0	****	****	24	****	****	24	****	****	0	****	3	****
( millions)											For the three months ended 9/30/24
			Porgera^k^		Loulo-<br> <br>Gounkoto			Kibali			North Mara			Tongon		Bulyanhulu
By-product credits	3	****	****	0	****	0	****	****	0	****	****	1	****	****	0	****	6	****
Non-controlling<br>interest	0	****	****	0	****	0	****	****	0	****	****	0	****	****	0	****	(1	)
By-product credits<br>(net of non-controlling interest)	3	****	****	0	****	0	****	****	0	****	****	1	****	****	0	****	5	****

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	57	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions)												For the three months ended 6/30/24
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			Cortez^a^			Turquoise<br>Ridge			Phoenix			Nevada Gold<br>Mines^b^			Hemlo			Pueblo Viejo
By-product credits	0			1			1			44			46			0			14
Non-controlling<br>interest	0			(1	)		0			(17	)		(18	)		0			(6	)
By-product credits (net<br>of non-controlling interest)	0			0			1			27			28			0			8
( millions)												For the three months ended 6/30/24
			Porgera^k^			Loulo-<br>Gounkoto			Kibali			North Mara			Tongon			Bulyanhulu
By-product credits	3			1			0			1			1			0			7
Non-controlling<br>interest	0			0			0			0			0			0			(1	)
By-product credits (net<br>of non-controlling interest)	3			1			0			1			1			0			6
( millions)												For the three months ended 9/30/23
			Cortez^a^			Turquoise<br>Ridge			Long<br>Canyon^l^			Phoenix			Nevada Gold<br>Mines^b^			Hemlo
By-product credits	1			0			1			0			41			43			1
Non-controlling<br>interest	(1	)		0			0			0			(16	)		(17	)		0
By-product credits (net<br>of non-controlling interest)	0			0			1			0			25			26			1
( millions)												For the three months ended 9/30/23
			Veladero			Loulo-<br>Gounkoto			Kibali			North Mara			Tongon			Bulyanhulu
By-product credits	8			3			0			1			1			1			6
Non-controlling<br>interest	(4	)		0			0			0			0			0			(1	)
By-product credits (net<br>of non-controlling interest)	4			3			0			1			1			1			5
( millions)												For the nine months ended 9/30/24
			Cortez^a^			TurquoiseRidge			Phoenix			NevadaGold Mines^b^			Hemlo			PuebloViejo
By-product credits	2	****	****	2	****	****	2	****	****	117	****	****	123	****	****	0	****	****	29	****
Non-controlling<br>interest	(1	)	****	(1	)	****	(1	)	****	(45	)	****	(48	)	****	0	****	****	(12	)
By-product credits<br>(net of non-controlling interest)	1	****	****	1	****	****	1	****	****	72	****	****	75	****	****	0	****	****	17	****
( millions)												For the nine months ended 9/30/24
			Porgera^k^			Loulo-<br> <br>Gounkoto			Kibali			North Mara			Tongon			Bulyanhulu
By-product credits	7	****	****	1	****	****	0	****	****	1	****	****	2	****	****	0	****	****	19	****
Non-controlling<br>interest	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	(3	)
By-product credits<br>(net of non-controlling interest)	7	****	****	1	****	****	0	****	****	1	****	****	2	****	****	0	****	****	16	****
( millions)												For the nine months ended 9/30/23
			Cortez^a^			Turquoise<br>Ridge			Long<br>Canyon^l^			Phoenix			Nevada Gold<br>Mines^b^			Hemlo
By-product credits	2			2			3			0			119			126			1
Non-controlling<br>interest	(1	)		(1	)		(1	)		0			(46	)		(49	)		0
By-product credits (net<br>of non-controlling interest)	1			1			2			0			73			77			1
( millions)												For the nine months ended 9/30/23
			Veladero			Loulo-<br>Gounkoto			Kibali			North Mara			Tongon			Bulyanhulu
By-product credits	26			7			0			2			2			1			17
Non-controlling<br>interest	(10	)		0			0			0			0			0			(3	)
By-product credits (net<br>of non-controlling interest)	16			7			0			2			2			1			14

All values are in US Dollars.

k.	As Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023, no<br>operating data or per ounce data has been provided from the third quarter of 2020 to the fourth quarter of 2023. On December 22, 2023, we completed the Commencement Agreement, pursuant to which the PNG government and BNL, the 95% owner and<br>operator of the Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Ownership of Porgera is now held in a new joint venture owned 51% by PNG stakeholders and 49% by a Barrick affiliate, PJL. PJL is<br>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<br>sharing arrangement agreed with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the overall economic benefits derived from the mine accumulated over time, and the PNG stakeholders share the remaining 53%.<br>
l.	Starting Q1 2024, we have ceased to include production or non-GAAP cost<br>metrics for Long Canyon as it was placed on care and maintenance at the end of 2023, as previously reported.
---	---
BARRICK THIRD QUARTER 2024	58	MANAGEMENT’S DISCUSSION AND ANALYSIS
---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

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

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

All values are in US Dollars.

a.	Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs<br>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<br>on an attributable basis using Barrick’s ownership share).
---	---

Reconciliation of Copper Cost of Sales toC1 cash costs and All-in sustaining costs, including on a per pound basis, by operating segment

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

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	59	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions, except per pound information in dollars)												For the nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
									9/30/23
			Lumwana			Jabal Sayid			Zaldívar			Lumwana			Jabal Sayid
Cost of sales	246	****	****	527	****	****	81	****		253			517			73
Depreciation/amortization	(62	)	****	(190	)	****	(16	)		(57	)		(173	)		(16	)
Treatment and refinement charges	0	****	****	93	****	****	18	****		0			122			18
Less: royalties	0	****	****	(45	)	****	0	****		0			(46	)		0
By-product credits	0	****	****	0	****	****	(14	)		(1	)		0			(13	)
Other	0	****	****	0	****	****	0	****		0			0			0
C1 cash costs	184	****	****	385	****	****	69	****		195			420			62
Rehabilitation - accretion and amortization	0	****	****	6	****	****	0	****		0			7			0
Royalties	0	****	****	45	****	****	0	****		0			46			0
Minesite exploration and evaluation costs	2	****	****	0	****	****	0	****		7			0			0
Minesite sustaining capital expenditures	18	****	****	239	****	****	8	****		21			155			6
Sustaining leases	5	****	****	1	****	****	1	****		4			2			3
All-in sustaining<br>costs	209	****	****	676	****	****	78	****		227			630			71
Tonnes sold - attributable basis (thousands of tonnes)	28	****	****	73	****	****	22	****		30			81			21
Pounds sold - attributable basis (millions pounds)	61	****	****	161	****	****	48	****		66			179			46
Cost of sales per pounda,b	4.04	****	****	3.27	****	****	1.68	****		3.82			2.89			1.61
C1 cash cost per pounda	3.02	****	****	2.39	****	****	1.40	****		2.95			2.35			1.36
All-in sustaining costs<br>per pounda	3.42	****	****	4.20	****	****	1.60	****		3.44			3.52			1.55

All values are in US Dollars.

a.	Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs<br>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<br>on an attributable basis using Barrick’s ownership share).
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EBITDA, Adjusted EBITDA, Attributable EBITDA, Attributable EBITDA Margin andNet Leverage

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

∎	Income tax expense;
∎	Finance costs;
---	---
∎	Finance income; and
---	---
∎	Depreciation.
---	---

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

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

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

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

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

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

BARRICK THIRD QUARTER 2024	60	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

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

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

All values are in US Dollars.

^a.^	Finance costs exclude accretion.
^b.^	The net impairment charges for YTD 2024 and 2023 relate to miscellaneous assets.
---	---
^c.^	For Q3 2024, other expense adjustments mainly relate to the $40 million accrual relating to the road construction<br>in Tanzania per our community investment obligations under the Twiga partnership, and changes in the discount rate assumptions on our closed mine rehabilitation provision, combined with a provision made relating to a legacy mine site operated by<br>Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick. YTD 2024 was further impacted by the interest and penalties recognized following the proposed settlement of the Zaldívar Tax Assessments in Chile, which was<br>recorded in Q2 2024. Other expense adjustments for YTD 2023 mainly relate to changes in the discount rate assumptions on our closed mine rehabilitation provision, care and maintenance expenses at Porgera, and the $30 million accrual relating to<br>the expansion of education infrastructure in Tanzania, also pursuant to the Twiga partnership.
---	---
^d.^	Refer to Reconciliation of Sales to Realized Price per ounce/pound on page 62 of this MD&A.
---	---
^e.^	Represents attributable EBITDA divided by revenues - as adjusted.
---	---
^f.^	Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.
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Reconciliation of Income to EBITDA by operating site

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

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	61	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions)														For the nine months ended 9/30/2023
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Cortez^a^(61.5%)		Turquoise<br>Ridge<br>(61.5%)		Nevada Gold<br>Mines^b^(61.5%)		Pueblo Viejo<br>(60%)		Loulo-<br>Gounkoto<br>(80%)		Kibali<br>(45%)		North Mara<br>(84%)		Bulyanhulu<br>(84%)		Lumwana<br>(100%)
Income	409		231		124		790		138		306		165		127		91		20
Depreciation	146		151		85		424		114		150		110		46		39		172
EBITDA	555		382		209		1,214		252		456		275		173		130		192

All values are in US Dollars.

a.	Includes Goldrush.
b.	These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon until it<br>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.<br>
---	---

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<br><br><br>in dollars)	Gold									Copper						Gold						Copper
										For the three months ended									For the nine months ended
	9/30/24			6/30/24			9/30/23			9/30/24		6/30/24		9/30/23		9/30/24			9/30/23			9/30/24		9/30/23
Sales	****	3,097	****		2,868			2,588		****	213		219		209	****	8,493	****		7,583		****	595		569
Sales applicable to non-controlling interests	****	(930	)		(850	)		(797	)	****	0		0		0	****	(2,575	)		(2,307	)	****	0		0
Sales applicable to equity method investments^a,b^	****	241	****		217			187		****	141		161		126	****	609	****		484		****	438		419
Sales applicable to sites in closure or care and maintenance^c^	****	(2	)		(3	)		(4	)	****	0		0		0	****	(7	)		(13	)	****	0		0
Treatment and refinement charges	****	7	****		8			7		****	39		38		47	****	22	****		22		****	111		140
Revenues – as adjusted	****	2,413	****		2,240			1,981		****	393		418		382	****	6,542	****		5,769		****	1,144		1,128
Ounces/pounds sold (000s ounces/millions pounds)^c^	****	967	****		956			1,027		****	91		93		101	****	2,833	****		2,982		****	270		291
Realized gold/copper price per ounce/pound^d^	****	2,494	****		2,344			1,928		****	4.27		4.53		3.78	****	2,309	****		1,934		****	4.23		3.88
a.	Represents sales of $193 million and $533 million, respectively, for Q3 2024 and YTD 2024 (Q2 2024:<br>$189 million; Q3 2023: $187 million; YTD 2023: $484 million) applicable to our 45% equity method investment in Kibali and $48 million and $76 million, respectively (Q2 2024: $28 million; Q3 2023: $nil; YTD 2023: $nil,<br>respectively) applicable to our 24.5% equity method investment in Porgera for gold. Represents sales of $91 million and $260 million, respectively, for Q3 2024 and YTD 2024 (Q2 2024: $89 million; Q3 2023: $82 million; YTD 2023:<br>$261 million) applicable to our 50% equity method investment in Zaldívar and $55 million and $196 million, respectively (Q2 2024: $79 million; Q3 2023: $49 million; YTD 2023: $176 million), applicable to our 50% equity<br>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<br>closure. It also excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.
---	---
^d.^	Realized price per ounce/pound may not calculate based on amounts presented in this table due to rounding.<br>
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BARRICK THIRD QUARTER 2024	62	MANAGEMENT’S DISCUSSION AND ANALYSIS
---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Technical Information

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

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

Endnotes

^1^	Further information on these non-GAAP financial measures, including detailed<br>reconciliations, is included on pages 46 to 62 of this MD&A.
^2^	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or<br>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<br>attributable basis using Barrick’s ownership share). References to attributable basis means our 100% share of Hemlo and Lumwana, our 61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon,<br>our 84% share of North Mara, and Bulyanhulu, our 50% share of Veladero, Zaldívar and Jabal Sayid, our 24.5% share of Porgera and our 45% share of Kibali.
---	---
^3^	Total reportable incident frequency rate (“TRIFR”) is a ratio calculated as follows: number of reportable<br>injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries. Lost time injury frequency rate (“LTIFR”) is a<br>ratio calculated as follows: number of lost time injuries x 1,000,000 hours divided by the total number of hours worked.
---	---
^4^	Class 1 - High Significance is defined as an incident that causes significant negative impacts on human health or<br>the environment or an incident that extends onto publicly accessible land and has the potential to cause significant adverse impact to surrounding communities, livestock or wildlife.
---	---
^5^	A Tier One Gold Asset is an asset with a $1,300/oz reserve with potential for 5 million ounces to support a<br>minimum 10-year life, annual production of at least 500,000 ounces of gold and with all-in sustaining costs per ounce in the lower half of the industry cost curve. A<br>Tier One Copper Asset is an asset with a $3.00/lb reserve with potential for 5 million tonnes or more of contained copper to support a minimum 20-year life, annual production of at least 200ktpa, with all-in sustaining costs per pound in the lower half of the industry cost curve. Tier One Assets must be located in a world class geological district with potential for organic reserve growth and long-term<br>geologically driven addition.
---	---
^6^	Refer to the Technical Report on the Cortez Complex, Lander and Eureka Counties, State of Nevada, USA, dated<br>December 31, 2021, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022.
---	---
^7^	Fourmile Significant Intercepts^a^
---	---
Drill Resultsfrom Q3 2024
---	---	---	---	---	---
Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)
FM23-189D	40	(76)	1219.5-1227.12	7.6	23.73
FM24-190D	270	(81)	842.8-869.6	26.8	10.43
			880.4-892.8	12.3	20.11
			898.2-899.8	1.5	4.46
			916.5-918.4	1.8	5.38
FM24-191D	284	(80)	845.8-847.5	1.7	5.13
			851.8-855.9	4.1	13.22
			903.6-904.8	1.2	81.9
			936.3-952.2	15.8	39.92
FM24-192D	80	(69)	633.8-644.3	10.5	15.17
FM24-193D	80	(64)	644.2-645.3	1.1	5.63
		(69)	824.6-837.7	13.1	42.97
FM24-194D	76	(68.5)	640.1-643.7	3.7	11.02
			838.0-878.3	43.3	29.32
FM24-195D	110	(80)	748.1-757.3	9.1	7.54
			887.1-898.4	11.3	22.72
FM24-196D	150	(70)	941.7-946.7	5	45.47
BARRICK THIRD QUARTER 2024	63	MANAGEMENT’S DISCUSSION AND ANALYSIS
---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
			1016.7-1017.7	1.1	5.67
---	---	---	---	---	---
			1019.3-1022.9	3.7	4.59
			1033.0-1041.5	8.5	5.33
FM24-198D	80	(70)	729.7-741.3	11.6	14.81
			946.7-949.8	3	15.9
			997.9-999.1	1.2	21.4
FM24-199D	114	(61)	732.6-735.1	2.5	24.82
			736.4-737.9	1.5	4.41
			743.6-753.0	9.4	11.15
			923.8-925.4	1.5	3.57
			926.6-928.1	1.5	9.17
			961.0-962.3	1.2	28.2
FM24-200D	55	(66)	735.9-745.7	9.8	10.21
FM24-201D	64	(76)	678.9-680.6	1.7	6.21
			682.1-685.2	3	3.73
			705.8-714.0	8.2	5.91
FM24-202D	109	(62)	660.2-662.5	2.3	11.74
FM24-204DW1	36	(65)	752.2-753.2	0.9	4.67
			759.9-771.9	12	9.14
			942.5-954.8	12.3	41.46
FM24-205D	101	(74)	767.0-768.7	1.7	3.45
			776.9-780.9	4	9.55
			927.0-929.6	2.6	40.19
FM24-206D	22	(72)	730.8-737.0	6.2	8.98
FM24-207D	102	(81)	722.1-723.3	1.2	5.28
			727.9-738.1	10.2	17.54
			779.5-784.6	5	23.5
			789.0-790.0	1.1	9.74
			792.9-793.9	0.9	8.04
			803.5-805.1	1.7	16.25
			837.3-840.6	3.4	32.13
FM24-209D	50	(82)	1000.5-1004.5	4	32.17
			1031.3-1038.3	7	16.37
			1044.2-1045.8	1.5	5.9
			1048.4-1051.0	2.6	41.44
			1053.1-1069.4	16.3	47.07
FM24-212D	149	(80)	1216.3-1217.7	1.4	32.8
			1231.4-1233.1	1.7	8.32
FM24-216D	179	(79)	984.0-985.4	1.4	8.21
			989.7-991.2	1.5	3.42
			1246.0-1252.9	6.9	24.36
			1309.6-1311.2	1.7	5.63
FM24-225D	66	(66)	1171.3-1172.9	1.5	22.1
a.	All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 meters; internal<br>dilution is less than 20% total width.
---	---
b.	Fourmile drill hole nomenclature: Project area FM: Fourmile, followed by the year (24 for 2024) then hole number.<br>
---	---
c.	True width of intercepts are uncertain at this stage.
---	---

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

^8^	See the Technical Report on the Pueblo Viejo mine, Dominican Republic, dated March 17, 2023, and filed on SEDAR+<br>at www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023.
^9^	Indicative gold and copper recovered production profile from Reko Diq is conceptual in nature and subject to change<br>following completion of the updated feasibility study.
---	---
^10^	Indicative copper production profile from Lumwana, which is conceptual in nature. Subject to change following<br>completion of the feasibility study.
---	---
BARRICK THIRD QUARTER 2024	64	MANAGEMENT’S DISCUSSION AND ANALYSIS
---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
^11^	Greater Leeville Significant Intercepts
---	---
Drill Resultsfrom Q3 2024
---	---	---	---	---	---	---
Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	True Width (m)^d^	Ag (g/t)
NTC-240013	260	(55)	83.8-92.9	9.1	5.7	8.51
			175.3-178.3	3.0	2.9	8.07
			267.6-271.0	3.4	2.4	16.76
NTC-24005	77	(36)	228.6-231.6	3.0	2.0	5.52
NTC-24011	309	(42)	120.7-159.3	38.6	14.5	9.21
			165.9-212.4	46.5	15.9	7.15
NTC-24015	230	(36)	102.7-125.9	23.2	11.6	13.61
NTC-24017	135	(45)	149.4-152.4	3.0	2.4	4.91
NTC-24023	250	(54)	89.3-111.6	22.3	15.8	7.37
NTC-24016	201	(34)	77.1-80.1	3.0	1.4	8.25
			105.8-140.8	34.7	21.4	19.97
			187.1-198.2	11.1	4.7	9.50
NTC-24018	63	(72)	147.5-160.3	12.8	12.8	5.57
			163.9-176.4	12.5	12.5	11.36
NTC-24014	250	(39)	104.9-150.9	46	14.2	13.69
			157.9-169.8	11.9	3.3	20.9
			178.9-183.2	4.3	1.5	22.32
NTC-24019	17	(86)	129.2-150.9	21.6	20.0	10.59
			187.8-199.6	11.9	11.7	4.47
NLC-24001	87	(19)	239.6-242.6	3.0		8.37
			257.4-262.7	5.3		8.40
			301.7-312.4	10.7		4.38
			364.4-367.6	3.2		4.68
			375.2-378.2	3.0		4.52
NLC-24004B	279	(22)	197.8-246.3	48.5		15.00
			258.9-294.6	35.7		20.97
a.	All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 2.4 meters;<br>internal dilution is less than 20% total width.
---	---
b.	Carlin Trend drill hole nomenclature: Project area (NTC - North Turf Core, HSC - Horsham Underground Core, HSX -<br>Horsham Surface Core; RKU - Rita K Core, NLC - North Leeville/Fallon Core) followed by the year (24 for 2024) then hole number.
---	---
c.	True width (TW) for NTC and HSC drillholes have been estimated based on the latest geological and ore controls model<br>and it is subject to refinement as additional data becomes available. True width of the intercepts for HSX and RKU drillholes is uncertain at this stage.
---	---
d.	True intercepts not calculated at this time.
---	---

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

^12^	Cortez Hanson Significant Intercepts^a^
Drill Resultsfrom Q3 2024
---	---	---	---	---	---
Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)
CMX-23018	260	(62)	444.4-477.6	33.2	18.42
CMX-24012	241	(27)	471.5-478.2	6.7	24.74
			531.9-533.4	1.5	3.99
			543.2-544.4	1.2	3.60
			546.8-548.2	1.4	3.84
			560.8-562.4	1.5	3.84
CMX-24014	251	(25)	456.3-458.1	1.8	6.50
			480.1-483.1	3.0	4.19
			668-669.2	1.2	3.53
			670.3-671.5	1.2	4.90
CMX-24016	246	(32)	498-499.3	1.2	4.30
			509-510.5	1.5	4.08
a.	All intercepts calculated using a 3.42 g/t Au cutoff and are uncapped; minimum intercept width is 1.2 meters; internal<br>dilution is less than 20% total width.
---	---
b.	Cortez drill hole nomenclature: Project (CMX - CHUG Minex) followed by the year (23 for 2023, 24 for 2024) then hole<br>number.
---	---
c.	True width of intercepts are uncertain at this stage.
---	---

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

BARRICK THIRD QUARTER 2024	65	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

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

^13^	Swift Significant Intercepts^a^
Drill Resultsfrom Q3 2024
---	---	---	---	---	---	---	---	---
						Including^d^
Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)	Interval (m)	Width (m)^c^	Au (g/t)
SW21-001	098	(68)	14.6-17.7	3.0	1.11
SW22-002	273	(84)	568.6-572.1	3.5	1.08
			696.5-698.0	1.1	1.51
SW22-003	270	(69)	607.2-609.9	2.7	1.10
			813.8-816.9	3.0	1.27
			850.2-583.6	3.4	1.92
			988.2-989.7	1.5	1.24
SW22-004	269	(71)	724.5-727.5	3.0	2.27
SW23-005	252	(81)	No Significant Intercept
SW24-006	300	(70)	676.3-679.0	2.7	6.95	676.8-677.9	1.1	10.4
			728.6-730.0	1.4	2.16
			737.6-923.2	Assay Pending
a.	All intercepts calculated using a 1.0 g/t Au cutoff and are uncapped; minimum intercept width is 1.0 meters; internal<br>dilution is less than 20% total width.
---	---
b.	Swift drill hole nomenclature: Project area SW: Swift, followed by the year (21 for 2021) then hole number.<br>
---	---
c.	True width of intercepts are uncertain at this stage.
---	---
d.	Included intervals calculated using a 7.0 g/t Au cutoff and are uncapped; minimum intercept width is 1.0 meters;<br>internal dilution is less than 20% total width.
---	---

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

^14^	Domo Negro, Veladero District, Argentina Significant Intercepts^a^<br>
Drill Resultsfrom Q3 2024
---	---	---	---	---	---	---	---	---
						Including
Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)	Interval (m)	Width (m)^c^	Au (g/t)
DDH-DON-02^d^	342	(65)	24 - 28	4	110.9	26 - 27	1	419
a.	No internal dilution applied.
---	---
b.	Domo Negro drill hole nomenclature: Drill system Diamond Drill Hole (DDH), Project Name (Domo Negro-DON) followed by hole number.
---	---
c.	True width of intercepts are estimated using the core axis and are uncertain at this stage.
---	---
d.	Drill method is diamond drilling.
---	---

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

^15^	Loulo-Gounkoto Significant Intercepts^a^
Drill Resultsfrom Q3 2024
---	---	---	---	---	---	---	---	---
						Including^d^
Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)	Interval (m)	Width (m)^c^	Au (g/t)
BDH64	90	(55)	378.6-387.95	9.35	5.25	380.95 - 383	2.05	18.99
BDH64	90	(55)	391.9-394.6	2.7	0.97
BDH61	90	(58)	184.6-188	3.4	0.54
BDH65	90	(52)	371.85-376.55	4.7	0.96
BDH65	90	(52)	381.25-387.7	6.45	1.02
BNRC358	270	(53)	53-59	6	1.28
BNRC358	270	(53)	87-90	3	0.91
BNRC358	270	(53)	98-101	3	1.39
BNRC358	270	(53)	104-109	5	1.69
BNRC358	270	(53)	115-141	26	3.18	117 - 119	2	15.9
						134 - 137	3	5.4
BNRC358	270	(53)	142-145	3	1.96
BARRICK THIRD QUARTER 2024	66	MANAGEMENT’S DISCUSSION AND ANALYSIS
---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
BNRC358	270	(53)	189-194	5	1.22
---	---	---	---	---	---	---	---	---
BNRCDH359	270	(51)	51-53	2	1.14
BNRCDH359	270	(51)	77-82	5	1.15
BNRCDH359	270	(51)	87-91	4	0.79
BNRCDH359	270	(51)	94-98	4	3.33
BNRCDH359	270	(51)	121-132	11	2.57	123 - 125	2	8.71
BNRCDH359	270	(51)	133-143	10	1.44	137 - 139	2	3.52
BNRCDH359	270	(51)	169-199	30	1.95	179 - 183	4	4.18
BNRCDH359	270	(51)	202-208	6	1.11
BNRCDH359	270	(51)	213-215	2	1.00
BNRCDH359	270	(51)	277-302	25	3.57	277 - 284	7	9.25
BNRCDH359	270	(51)	306-320	14	2.49	308 - 312	4	5.13
BNRCDH359	270	(51)	329-332	3	0.92
BDH66	90	(50)	323.2-335.2	12	2.57	326 – 328.7	2.7	3.98
						330.5 – 335.2	4.7	2.99
BDH66	90	(50)	355.7-360.95	5.25	2.14
BDH66	90	(50)	362.5-378.7	16.2	3.19	372 – 376.6	4.6	8.76
BNRC371	90	(50)	168-173	5	2.09
BNRC371	90	(50)	179-181	2	1.53
BNRC371	90	(50)	239-241	2	2.04
BNRCDH361	270	(51)	25-46	21	4.23	26 – 29	3	7.92
						33 – 38	5	7.89
BKDH004	90	(50)	312.85-337.8	24.95	3.55	314.5 – 323.3	8.8	5.93
						325 – 327.5	2.5	7.41
BKDH004	90	(50)	374.65-378.45	3.8	1.39
a.	All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal<br>dilution is equal to or less than 2 meters total width.
---	---
b.	Loulo-Gounkoto drill hole nomeclature: prospect initial G (Gounkoto), B (Baboto), BN (Baboto North), BK (Barika), YA<br>and Y (Yalea) followed by type of drilling RC (Reverse Circulation), DH (Diamond Drilling), RCDH (Diamond Tail), then hole number.
---	---
c.	True widths uncertain at this stage.
---	---
d.	All intercepts calculated using a 3.0 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal<br>dilution is equal to or less than 2 meters total width.
---	---

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

^16^ Tongon Significant Intercepts^a^

Drill Resultsfrom Q3 2024
						Including
Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)	Interval (m)	Width (m)^c^	Au (g/t)
JNRC016B	95	(50)	162 -167	5	1.21
JNRC017	95	(50)	114 - 116	2	0.76
JNRC018B	95	(50)	63 - 70	7	1.73
JNRC019	95	(50)	152 - 155	3	1.28
JNRC020	95	(50)	85 - 87	2	0.68
JNRC020	95	(50)	90 - 93	3	2.56
JNRC022	95	(50)	81 - 85	4	0.62
JNRC024	95	(50)	137 - 147	10	0.82
JNRC025	95	(50)	18 - 22	4	0.60
JNRC025	95	(50)	148 - 166	18	2.41
JNRC026	95	(50)	47 - 51	4	0.68
JNRC026	95	(50)	65 - 71	6	0.70
JNRC026	95	(50)	95 - 97	2	1.26
JNRC027	95	(50)	54 - 56	2	0.77
JNRC027	95	(50)	100 - 102	2	2.73
JNRC031	95	(50)	44 - 46	2	1.31
JNRC031	95	(50)	52 - 55	3	0.52
JNRC031	95	(50)	64 - 66	2	0.64
JNRC031	95	(50)	73 - 76	3	2.36
JNRC031	95	(50)	85 - 87	2	0.72
JNRC031	95	(50)	92 - 96	4	0.60
BARRICK THIRD QUARTER 2024	67	MANAGEMENT’S DISCUSSION AND ANALYSIS
---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
JNRC032	95	(50)	40 - 43	3	0.55
---	---	---	---	---	---	---	---	---
JNRC032	95	(50)	121 - 126	5	0.62
JNRC032	95	(50)	132 - 135	3	2.46
JNRC032	95	(50)	138 - 140	2	2.04
JNRC034	95	(50)	21 - 23	2	0.68
JNRC034	95	(50)	102 - 104	2	0.89
JNRC036	95	(50)	58 - 65	7	0.94
JNRC036	95	(50)	70 - 73	3	0.55
JNRC036	95	(50)	89 - 94	5	0.81
JNRC037	95	(50)	119 - 121	2	0.89
JNRC037	95	(50)	130 - 132	2	1.33
JNRC037	95	(50)	140 - 142	2	0.68
JNRC037	95	(50)	169 - 172	3	0.57
JNRC037	95	(50)	174 - 176	2	0.65
JNRC038	95	(50)	78 - 87	9	1.71
JNRC038	95	(50)	92 - 96	4	0.53
JNRC039	95	(50)	127 - 136	9	7.35	129-130	2	23.25
JNRC039	95	(50)	151 - 153	2	1.04
JNRC039	95	(50)	156 - 163	7	1.99
JNRC040	95	(50)	40 - 43	3	0.92
JNRC040	95	(50)	49 - 54	5	1.18
JNRC040	95	(50)	60 - 70	10	0.66
JNRC040	95	(50)	74 - 78	4	0.91
JNRC040	95	(50)	84 - 86	2	1.59
JNRC040	95	(50)	96 - 100	4	1.44
JNRC042	95	(50)	76 - 81	5	0.94
JNRC042	95	(50)	87 - 91	4	1.01
JNRC042	95	(50)	99 - 101	2	1.15
JNRC043	95	(50)	*4 - 8	4	0.73
JNRC043	95	(50)	*12 - 14	2	0.80
JNRC043	95	(50)	56 - 59	3	0.83
JNRC045	95	(50)	91 - 95	4	2.24
MTDH032	90	(50)	212.8 - 215	2.2	0.77
MTDH032	90	(50)	220 - 224	4	0.59
MTDH032	90	(50)	229 - 232.2	3.2	0.86
MTDH032	90	(50)	267 - 269	2	1.24
KKHRC014	270	(50)	102 - 105	3	0.84
KKHRC014	270	(50)	129 - 133	4	1.32
KKHRC014	270	(50)	157 - 164	7	0.62
KKHRC015	270	(50)	59 - 65	6	1.47
a.	All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal<br>dilution is equal to or less than 2 meters width.
---	---
b.	Tongon drill hole nomenclature: License initial KKH (Korokaha), Target initial: JN (Jane), MT (Mercator), followed by<br>type of drilling AC (Air Core), RC (Reverse Circulation), DH (Diamond Drilling).
---	---
c.	True widths uncertain at this stage.
---	---
d.	All intercepts calculated using a 2.0 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal<br>dilution is equal to or less than 2 meters width.
---	---

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

^17^ Kibali Significant Intercepts^a^

Drill Resultsfrom Q3 2024
						Including^d^
Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)	Interval (m)	Width (m)^e^	Au (g/t)
RHDD0056	223.7	(69.62)	195.80 - 197.00	1.2	0.58
RHRC0217	225.82	(68.9)	121.00 - 141.00	20	4.64	126.00 - 132.00	6	9.1
						134.00 - 138.00	4	6.98
DDD609	138	(71.8)	192.80 - 195.90	3.1	2.04
			198.50 - 204.30	5.8	3.33
BARRICK THIRD QUARTER 2024	68	MANAGEMENT’S DISCUSSION AND ANALYSIS
---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
AWRC0012	172	(55)	57.00-60.00	3	1
---	---	---	---	---	---	---	---	---
AWRC0013	172	(55)	99.00-109.00	10	1.44	108-109	1	7.63
AWRC0014	165	(55)	68.00-76.00	8	2.75	69.00-71.00	2	3.98
						73.00-75.00	2	5.55
AWRC0017	165	(55)	99.00-109.00	5	0.86
AWRC0018	165	(55)	96.00-98.00	2	2.56	96.00-97.00	1	4.02
			100.00-103.00	5	0.88
AWRC0019	165	(55)	119.00-125.00	6	2	121.00-123.00	2	4.63
AWRC0020	165	(55)	24.00-27.00	3	1.69	24.00-26.00	2	2.29
			38.00-40.00	2	0.67
KCDU6417W5	121	(61)	665.40 - 710.20	44.8	4.23	682.95 - 687.85	4.9	8.72
						694.4 - 699.15	4.75	13.29
			719.62 - 772.00	52.38	1.30	726.00 - 733.00	7	5.17
KCDU7474A	115	(56)	645.89 - 723.00	77.11	1.88	651.40 - 655.00	3.6	6.43
						658.00 - 660.00	2	4.42
						674.62 - 677.00	2.38	4.87
						684.00 - 688.00	4	7.82
RHGC1585	228	(68)	126.00 - 156.00	30	5.12	126.00 - 140.00	14	6.08
						148.00 - 150.00	2	27.3
a.	All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal<br>dilution is equal to or less than 25% total width.
---	---
b.	Kibali drill hole nomenclature: prospect initial (KC=Durba (KCD); D=Durba (KCD); AW = Aindi Watsa; RH=Rhino/AIRBO),<br>followed by type of drilling (RC=Reverse Circulation, DD=Diamond, GC=Grade control), with no designation of the year. KCDU=KCD Underground.
---	---
c.	True width of intercepts are uncertain at this stage.
---	---
d.	Weighted average is calculated by fence using significant intercepts, over the strike length.
---	---
e.	All including intercepts, calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 1 meter; no<br>internal dilution, with grade significantly above (>40%) the overall intercept grade.
---	---

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

BARRICK THIRD QUARTER 2024	69	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

Consolidated Statements of Income

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

All values are in US Dollars.

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

BARRICK THIRD QUARTER 2024	70	FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

Consolidated Statements

of Comprehensive Income

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

All values are in US Dollars.

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

BARRICK THIRD QUARTER 2024	71	FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

Consolidated Statements of Cash Flow

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

All values are in US Dollars.

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

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

BARRICK THIRD QUARTER 2024	72	FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

Consolidated Balance Sheets

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

All values are in US Dollars.

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

BARRICK THIRD QUARTER 2024	73	FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

Consolidated Statements of Changes in Equity

Barrick Gold Corporation				Attributable to equity holders of the company
(in millions of United States dollars)<br><br><br>(Unaudited)	Common<br><br><br>Shares (in<br> <br>thousands)			Capital<br><br><br>stock		Retained<br><br><br>earnings<br> <br>(deficit)			Accumulated<br><br><br>other<br> <br>comprehensive<br><br><br>income (loss)^1^		Other^2^		Total equity<br><br><br>attributable to<br> <br>shareholders		Non-<br><br><br>controlling<br> <br>interests		Total<br><br><br>equity
At January 1, 2024	****	1,755,570	****	****	28,117	****	($6,713	)	****	24	****	1,913	****	23,341	****	8,661	****	32,002
Net income		—			—		1,148			—		—		1,148		753		1,901
Total other comprehensive income		—			—		—			13		—		13		—		13
Total comprehensive income		—			—		1,148			13		—		1,161		753		1,914
Transactions with owners
Dividends		—			—		(524	)		—		—		(524		—		(524
Funding from non-controlling interests<br>(note 14)		—			—		—			—		—		—		84		84
Disbursements to non-controlling interests (note 14)		—			—		—			—		—		—		(432		(432
Dividend reinvestment plan (note 13)		154			3		(3	)		—		—		—		—		—
Share buyback program (note 13)		(7,675	)		(124		—			—		(23		(147		—		(147
Total transactions with owners		(7,521	)		(121		(527	)		—		(23		(671		(348		(1,019
At September 30, 2024	****	1,748,049	****	****	27,996	****	($6,092	)	****	37	****	1,890	****	23,831	****	9,066	****	32,897
At January 1, 2023	****	1,755,350	****	****	28,114	****	($7,282	)	****	26	****	1,913	****	22,771	****	8,518	****	31,289
Net income		—			—		793			—		—		793		563		1,356
Total other comprehensive loss		—			—		—			(20		—		(20		—		(20
Total comprehensive income (loss)		—			—		793			(20		—		773		563		1,336
Transactions with owners
Dividends		—			—		(524	)		—		—		(524		—		(524
Funding from non-controlling interests		—			—		—			—		—		—		23		23
Disbursements to non-controlling interests		—			—		—			—		—		—		(426		(426
Dividend reinvestment plan		173			3		(3	)		—		—		—		—		—
Total transactions with owners		173			3		(527	)		—		—		(524		(403		(927
At September 30, 2023	****	1,755,523	****	****	28,117	****	($7,016	)	****	6	****	1,913	****	23,020	****	8,678	****	31,698

All values are in US Dollars.

^1^	Includes cumulative translation losses at September 30, 2024: $95 million (December 31, 2023:<br>$95 million; September 30, 2023: $95 million).
^2^	Includes additional paid-in capital as at September 30, 2024:<br>$1,852 million (December 31, 2023: $1,875 million; September 30, 2023: $1,875 million).
---	---

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

BARRICK THIRD QUARTER 2024	74	FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

Notes to Consolidated Financial Statements

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

1∎Corporate Information

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

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

2∎Material Accounting Policy Information

a) Statement of Compliance

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

b) New Accounting Standards Issued

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

∎	Amendments to the Classification and Measurement of Financial Instruments (IFRS 9 and IFRS 7) with mandatory<br>application of the standard in annual reporting periods beginning on or after January 1, 2026.<br>
∎	IFRS 18 Presentation and Disclosure in Financial Statements with mandatory application of the standard in annual<br>reporting periods beginning on or after January 1, 2027.
---	---

No standards have been early adopted in the current period.

3∎Critical Judgements, Estimates, Assumptions and Risks

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

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

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

b) Pascua-Lama

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

BARRICK THIRD QUARTER 2024	75	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

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

c) Contingencies

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

4∎Segment Information

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

Consolidated Statement of Income Information

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

All values are in US Dollars.

Consolidated Statement of Income Information

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

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	76	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

Consolidated Statement of Income Information

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

All values are in US Dollars.

Consolidated Statement of Income Information

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

All values are in US Dollars.

^1^	Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the<br>three months ended September 30, 2024, accretion expense was $14 million (2023: $12 million) and for the nine months ended September 30, 2024, accretion expense was $41 million (2023: $36 million).
^2^	Includes non-controlling interest portion of revenues, cost of sales and<br>segment income for the three months ended September 30, 2024 for Nevada Gold Mines $631 million, $380 million, $246 million (2023: $592 million, $384 million, $201 million), Pueblo Viejo $162 million,<br>$95 million, $68 million (2023: $105 million, $79 million, $25 million), Loulo-Gounkoto $84 million, $42 million, $41 million (2023: $70 million, $40 million, $28 million), North Mara and Bulyanhulu<br>$56 million, $28 million, $20 million (2023: $39 million, $25 million, $12 million), and Tongon $9 million, $9 million, $nil (2023: $10 million, $8 million, $3 million) and for the nine months ended<br>September 30, 2024 for Nevada Gold Mines $1,806 million, $1,130 million, $660 million (2023: $1,675 million, $1,153 million, $500 million), Pueblo Viejo $407 million, $263 million, $144 million (2023:<br>$326 million, $222 million, $102 million), Loulo-Gounkoto $237 million, $123 million, $110 million (2023: $203 million, $123 million, $78 million), North Mara and Bulyanhulu $134 million, $81 million,<br>$44 million (2023: $125 million, $76 million, $41 million) and Tongon $30 million, $27 million, $3 million (2023: $32 million, $24 million, $8 million), respectively.
---	---
BARRICK THIRD QUARTER 2024	77	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

Reconciliation of Segment Income to Income Before Income Taxes

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

All values are in US Dollars.

^1^

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

Purchase Commitments

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

Capital Commitments

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

BARRICK THIRD QUARTER 2024	78	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

5∎Revenue

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

All values are in US Dollars.

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

6∎Cost of Sales

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

All values are in US Dollars.

^1^	Site operating costs and depreciation include charges to reduce the cost of inventory to net realizable value as<br>follows: $5 million for the three months ended September 30, 2024 (2023: $13 million) and $38 million for the nine months ended September 30, 2024 (2023: $27 million).
^2^	Site operating costs includes the costs of extracting by-products.<br>
---	---
^3^	Other includes corporate amortization.
---	---

7∎Earnings Per Share

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

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	79	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

8∎Other Expense

a) Other Expense (Income)

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

All values are in US Dollars.

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

b) Impairment Charges

	For the three<br><br><br>months ended<br> <br>September 30
	2024
Impairment charges of non-current assets	****	2	—	20	$23
Total	****	2	—	20	$23

All values are in US Dollars.

9∎Income Tax Expense

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

All values are in US Dollars.

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

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

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

Currency Translation

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

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

Withholding Taxes

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

United States Tax Reform

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

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

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

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

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

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

In terms of the potential implications for income tax accounting, we have applied the exception available under the amendments to IAS 12 published by the IASB in May 2023 and are not recognizing or disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Based on the analysis performed to date to assess our exposure to the recently enacted Pillar Two income taxes in Canada, we do not expect the impact of Pillar Two provisions to be material to the Company for 2024 although this assessment is ongoing.

BARRICK THIRD QUARTER 2024	80	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
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10∎Cash Flow - Other Items

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

All values are in US Dollars.

^1^	2024 amounts relate to commitment for road construction and 2023 amounts relate to education infrastructure program,<br>both under the Twiga partnership.
^2^	Excludes $36 million (2023: $68 million) for the three months ended September 30, 2024 and $65 million<br>(2023: $124 million) for the nine months ended September 30, 2024 of VAT receivables that were settled against offsetting of income taxes payable and $21 million (2023: $44 million) for the three months ended September 30, 2024 and<br>$29 million (2023: $142 million) for the nine months ended September 30, 2024 of VAT receivables that were settled against offsetting of other duties and liabilities.
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^3^	2023 figures have been changed to present VAT receivables separately from other current assets.
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11∎Equity Accounting Method Investment Continuity

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

All values are in US Dollars.

BARRICK THIRD QUARTER 2024	81	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
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12∎Fair Value Measurements

a) Assets and Liabilities Measured atFair Value on a Recurring Basis

As at<br><br><br>September<br> <br>30, 2024	Quoted<br><br><br>prices in<br> <br>active<br><br><br>markets<br> <br>for<br><br><br>identical<br> <br>assets<br><br><br><br> <br>(Level 1)
Other investments^1^	****	62	—	—	$62
Receivables from provisional copper and gold sales	****	—	201	—	201
	****	62	201	—	$263

All values are in US Dollars.

^1^	Includes equity investments in other mining companies.

b) Fair Values of Financial Assets and Liabilities

	As at September 30,<br><br><br>2024
	Carryingamount
Financial assets
Other assets^1^	****	723	723	807	$807
Other<br>investments^2^	****	62	62	131	131
	****	785	785	938	$938
Financial liabilities
Debt^3^	****	4,725	5,131	4,726	$5,107
Other liabilities	****	1,097	1,097	574	574
	****	5,822	6,228	5,300	$5,681

All values are in US Dollars.

^1^	Includes restricted cash and amounts due from our partners.
^2^	Includes equity investments in other mining companies. Recorded at fair value. Quoted market prices are used to<br>determine fair value.
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^3^	Debt is generally recorded at amortized cost. The fair value of debt is primarily determined using quoted market<br>prices. Balance includes both current and long-term portions of debt.
---	---

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

13∎Capital Stock

a) Authorized Capital Stock

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

b) Dividends

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

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

c) Share Buyback Program

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

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

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

14∎Non-controllingInterests Continuity

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

All values are in US Dollars.

^1^	Tanzania mines consist of the two operating mines, North Mara and Bulyanhulu.
BARRICK THIRD QUARTER 2024	82	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
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15 ****∎Contingencies

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

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

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

Litigation and Claims Update

Pascua-Lama — Proposed Canadian Securities Class Actions

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

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

Veladero –- Operational Incidents and Associated Proceedings

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

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

Veladero –- Federal Amparo Action

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

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

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

Veladero — Tax Assessment and Criminal Charges

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

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

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

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

Writ of Kalikasan

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

North Mara — Ontario Litigation

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

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

Loulo-Gounkoto Tax Dispute — VAT Credit Offsets

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

Loulo-Gounkoto Mining Convention Negotiations

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

BARRICK THIRD QUARTER 2024	83	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
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made a payment of CFA 50 billion (US$ 85 million) to support the Government’s immediate liquidity requirements. Since then it has continued negotiations on the terms of a Memorandum of Agreement to settle the outstanding disputes. While engagement with the Government of Mali is ongoing, the parties have not yet been able to reach agreement on the terms of the Memorandum of Agreement. Barrick remains committed to resolving its disputes with the Government of Mali, but there can be no assurance that the parties will reach a settlement on the terms proposed by Barrick or at all. On October 24, 2024, Barrick issued a press release reiterating its commitment to finding a mutually acceptable solution to the current impasse and to act in the interest of all stakeholders.

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

Zaldívar Chilean Tax Assessments

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

Zaldívar Water Claims

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

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

Shares Listed

GOLD	The New York Stock Exchange
ABX	The Toronto Stock Exchange
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Transfer Agents and Registrars

TSX Trust Company

301 – 100 Adelaide Street West

Toronto, Ontario M5H 4H1

Canada

or

Equiniti Trust Company, LLC

6201 – 15^th^ Avenue

Brooklyn, New York 11219

USA

Telephone: 1 800 387 0825

Fax: 1 888 249 6189

Email: [email protected]

Website: www.tsxtrust.com

Corporate Office

Barrick Gold Corporation

161 Bay Street, Suite 3700

Toronto, Ontario M5J 2S1

Canada

Telephone: +1 416 861 9911

Email: [email protected]

Website: www.barrick.com

Enquiries

President andChief Executive Officer

Mark Bristow

+1 647 205 7694

+44 7880 711 386

Senior Executive Vice-President and

ChiefFinancial Officer

Graham Shuttleworth

+1 647 262 2095

+44 7797 711 338

Investor and Media Relations

Kathy duPlessis

+44 207 557 7738

Email: [email protected]

Cautionary Statement onForward-Looking Information

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

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

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

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

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

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

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