6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number: 1-9059

Barrick Mining Corporation

(Registrant’s name)

Brookfield Place, TD Canada Trust Tower, Suite 3700161 Bay Street, P.O. Box 212Toronto, Ontario M5J 2S1 Canada(800) 720-7415	310 South Main StreetSuite 1150Salt Lake City, Utah 84101(801) 990-3745
(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- 287021).

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.

Date: November 10, 2025	BARRICK MINING CORPORATION
	By:	/s/ Joseph Heckendorn
	Name:	Joseph Heckendorn
	Title:	Senior Vice President, Corporate Secretary & Associate General Counsel

EXHIBIT INDEX

Exhibits		Description
99.1		2025 Q3 Report Press Release dated November 10, 2025
99.2		Barrick Mining 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, 2025<br>and Management’s Discussion and Analysis for the same periods

EX-99.1

Exhibit 99.1

<br><br><br><br>

Barrick Reports Third Quarter 2025 Results

Delivering record adjusted net earnings, operating and free cash flow

∎	Q3 gold production 4% higher than Q2 at 829,000 ounces, copper production in line with plan at 55,000 tonnes
∎	Record quarterly operating cash flow and free cash flow^1^ of $2.4 billion and $1.5 billion—up 82% and 274%, respectively,<br>over Q2
∎	$0.76 net earnings per share, $0.58 adjusted net earnings per share^1^
∎	Increased base quarterly dividend 25% to $0.125 per share plus a performance dividend of $0.05 per share to total $0.175 per share dividend for current quarter
∎	Repurchased $1 billion of shares YTD, with existing buyback program expanded by $500 million to up to $1.5 billion
∎	On track to deliver full year gold and copper production and AISC^1^ guidance
∎	Updated preliminary economic assessment (“PEA”) confirms Fourmile as one of this century’s most significant gold discoveries^2^

All amounts expressed in U.S. dollars

Toronto, November 10, 2025 – Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today reported third quarter operating and financial results for the period ending September 30, 2025. Barrick produced 829,000 ounces of gold and 55,000 tonnes of copper in the quarter and the Company generated $4.1 billion in revenue, as well as a record $2.4 billion in operating cash flow and $1.5 billion in free cash flow.^1^ Net earnings per share of $0.76 and adjusted net earnings per share^1^ of $0.58 increased 62% and 23%, respectively, from Q2.

“Higher gold production combined with lower costs and strong commodity prices drove record cash flow forBarrick in Q3,” said Mark Hill, Group Chief Operating Officer and Interim President and Chief Executive Officer. “This allowed us to significantly increase share repurchases while also making progress on our key growth projects,maintaining our industry-leading balance sheet. Given the confidence in ongoing cash flow generation and shareholder focus, the Board has approved a 25% increase in the base quarterly dividend. Our portfolio of world-class assets continues to grow,as demonstrated by the generational gold discovery at Fourmile in Nevada.”

Mark Hill continued, “Since assuming interim CEO responsibilities at the end of September, I have met with our teams across the globe to review performance and assess what we can do differently at Barrick, putting a stronger emphasis on safety andoperational performance. The quality of our portfolio is undeniable and the opportunity in front of the Barrick team is significant. We are singularly focused on driving improved performance and shareholder value, particularly at our Tier One^6^ gold assets in Nevada and the Dominican Republic. To this end, we have begun an operational review from the bottom up to ensure we are completely focused on delivering results safely and consistentlygoing forward and we will provide an update with our year-end results.”

Operational Highlights

Gold production in Q3 was 4% higher than Q2 at 829,000 ounces, with cost of sales (“COS”)^3^ of $1,562 per ounce, total cash costs (“TCC”)^1^ of $1,137 per ounce and all-in sustaining costs (“AISC”)^1^ of $1,538 per ounce. Gold COS^3^ and AISC^1^ were 6% and 9% lower than Q2, respectively, with AISC margins^4^ 19% higher. Cortez and Turquoise Ridge performed well, increasing production 15% and 13% over Q2, respectively. Pueblo Viejo achieved record-high throughput in Q3 with the highest quarterly production since 2022. Unplanned downtime at the Goldstrike roaster near the end of the quarter delayed some of Carlin’s processing volume and production from Q3 into Q4.

Copper production in Q3 was 7% lower than Q2 at 55,000 tonnes, in-line with plan, with COS^5^ of $2.68 per pound, C1 cash costs^1^ of $1.96 per pound and AISC^1^ of $3.14 per pound. Copper production year-to-date is 21% higher than the first nine months of 2024, driven by a 42% increase at Lumwana. Copper COS^5^ and AISC^1^ were 14% and 16% lower year-to-date than the first nine months of 2024, respectively, with AISC margins^4^ 128% higher.

After nearly twelve months fatality free, unfortunately three of our colleagues lost their lives in recent months. A previously recorded lost-time injury at Kibali was reclassified as a fatality after an employee sadly succumbed to injuries. On September 29th an employee at the Goldrush Underground mine in Nevada sustained fatal injuries. On October 21st an employee sustained fatal injuries at the Bulyanhulu mine in Tanzania. Our thoughts are with the families, friends and colleagues of these team members who passed away. Safety remains Barrick’s highest priority, and we are conducting full investigations into these incidents in cooperation with the relevant authorities. We remain unequivocally committed to our safety vision of ‘Every person going home safe and healthy every day.’

Financial Highlights

Barrick achieved record quarterly operating cash flow and free cash flow^1^ of $2.4 billion and $1.5 billion—up 82% and 274%, respectively—compared to operating cash flow of $1.3 billion and free cash flow^1^ of $0.4 billion in the prior quarter. This significant increase was primarily due to higher realized gold prices^1^, increased gold sales volume and lower total cash costs^1^ per ounce. In Q3 2025, Barrick achieved net earnings of $1.3 billion ($0.76 per share and adjusted net earnings^1^ of $982 million ($0.58 per share—another record) compared to net earnings of $483 million ($0.28 per share) and adjusted net earnings^1^ of $529 million ($0.30 per share) in the same prior-year period. Notably, our Q3 net earnings and adjusted net earnings include a $0.04 per share after tax share-based compensation expense due to our higher share price. Revenues of $4.1 billion in Q3 2025 increased 23% from $3.4 billion in Q3 2024.

Non-core asset sales also continued during the quarter, underscoring our disciplined focus on our Tier One^6^ gold and copper portfolio. On September 10, Barrick announced an agreement to sell the Hemlo gold mine in Canada to Carcetti Capital Corp. for gross proceeds of up to $1.09 billion. Subsequently, on October 6, Barrick announced an agreement to sell its interests in the Tongon gold mine and certain exploration properties in Côte d’lvoire to the Atlantic Group for total consideration of up to $305 million. Both transactions are expected to close in the fourth quarter of 2025. Together with the sales of Donlin and Alturas, total gross proceeds from non-core assets divested this year are expected to generate approximately $2.6 billion in value.

Key Growth Projects

Updated studies completed during the quarter reaffirm the 100%-owned Fourmile project in Nevada as one of this century’s most significant gold discoveries.^2^ A new PEA, supported by the 2024 mineral resource estimate and ongoing 2025 evaluation results, underscores Fourmile’s rare combination of

BARRICK THIRD QUARTER 2025	2		PRESS RELEASE

grade, scale, and exploration upside, confirming its potential to become one of the world’s most valuable gold mines. The current drilling program—the largest undertaken to date—supports a potential doubling of the existing resource in 2025. Meanwhile, planned access via the Bullion Hill Decline is progressing as expected, with permitting and engineering activities on track.

The Reko Diq project remains on schedule, with onsite construction activities accelerating and project financing approaching completion. The Lumwana expansion has advanced in both procurement and construction and continues to track slightly ahead of schedule. There was also significant progress at Pueblo Viejo, where more than 180 families have now moved into the new community Nuevos Horizontes (‘New Horizons’), and the tailings storage facility construction is on track to support the expansion.

Quarterly Dividend and Share Buybacks

Given confidence in ongoing cash flow generation and shareholder focus, the Board approved a 25% increase in the quarterly base dividend to $0.125 per share. For the current quarter, the Board approved a $0.175 per share dividend, consisting of the higher $0.125 per share base dividend and including a further $0.05 performance dividend. The enhancement to Barrick’s dividend for the current quarter is aligned with Barrick’s intention to provide shareholders with an attractive cash yield over time.

During the quarter, the Company repurchased $589 million of its shares, with year-to-date buybacks now totaling $1 billion. In light of exceptionally strong cash flow, the Board authorized a $500 million increase to the previously approved $1 billion share buyback program, expiring in February 2026. Total capital returned to shareholders in the first nine months of 2025 amounts to $1.6 billion.

Full Year 2025 Guidance

Full-year 2025 guidance remains unchanged. We continue to expect gold production of 3.15–3.50 million ounces, tracking in the lower half of the range, with quarterly production highest in Q4. Following the agreed sales of Hemlo and Tongon, we expect a portion of the production for the fourth quarter from these assets will be excluded. Gold cost guidance, including COS^3^ of $1,460–$1,560 per ounce, TCC^1^ of $1,050–$1,130 per ounce and ASIC^1^ of $1,460–$1,560 per ounce, is based on a gold price assumption of $2,400 per ounce. Adjusting for the current gold price and the impact on royalties on our costs of approximately $50 per ounce, we are on track to achieve our 2025 gold cost guidance, with the impact as follows: COS/oz^3^ of $1,510–$1,610, TCC/oz^1^ of $1,100–$1,180 and AISC/oz^1^ of $1,510–$1,610.

Full-year copper production guidance remains 200,000–230,000 tonnes at copper COS^5^ of $2.50–$2.80 per pound, C1 cash costs^1^ of $1.80–$2.10 per pound and AISC^1^ of $2.80–$3.10 per pound.

Interim CEO Appointment

On September 29, Mark Hill was appointed Group COO and Interim President and CEO following the departure of Mark Bristow. Mr. Hill was previously COO of Barrick’s LATAM and Asia Pacific region and is a seasoned mining executive with 30 years of experience in strategy, corporate development and leading major projects across the world.

The Search Committee of the Board, chaired by Brett Harvey, is working with a leading executive search firm to identify a permanent President and CEO.

“The Board is committed to conducting a thorough and deliberate process to ensure we assess world-classtalent and identify the right leader for Barrick,” said Mr. Harvey. “Our ideal candidate will possess deep industry expertise, a clear vision for innovation and the ability to grow the business while delivering

BARRICK THIRD QUARTER 2025	3		PRESS RELEASE

sustainable returns for our stakeholders. Throughout this transition, ourexperienced management team remains focused on executing our strategic priorities and maintaining the momentum of the business.”

Presentation and Webcast

The management team will host a webcast to discuss the results today at 11:00 AM ET followed by a question-and-answer session with analysts. The presentation materials will be available on Barrick’s website and a recording of the webcast will be available for replay later in the day.

About Barrick Mining Corporation

Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry—including six of the world’s Tier One gold mines—Barrick’s operations and projects span 18 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.

BARRICK THIRD QUARTER 2025	4		PRESS RELEASE

Financial and Operating Highlights

		For the three months ended																			For the nine months ended
		9/30/25				6/30/25				% Change				9/30/24				% Change			9/30/25				9/30/24				% Change
Financial Results ( millions)
Revenues	****	4,148	****			3,681				13 %				3,368				23 %		****	10,959	****			9,277				18 %
Cost of sales	****	1,890	****			1,878				1 %				2,051				(8)%		****	5,553	****			5,966				(7)%
Net earningsa	****	1,302	****			811				61 %				483				170 %		****	2,587	****			1,148				125 %
Adjusted net earningsb	****	982	****			800				23 %				529				86 %		****	2,385	****			1,419				68 %
Attributable EBITDAb	****	2,022	****			1,690				20 %				1,292				57 %		****	5,073	****			3,488				45 %
Attributable EBITDA marginb	****	59 %	****			55 %				7 %				46 %				28 %		****	56 %	****			45 %				24 %
Minesite sustaining capital expendituresb,c	****	395	****			479				(18)%				511				(23)%		****	1,438	****			1,692				(15)%
Project capital expendituresb,c	****	532	****			439				21 %				221				141 %		****	1,240	****			562				121 %
Total consolidated capital expendituresc,d	****	943	****			934				1 %				736				28 %		****	2,714	****			2,283				19 %
Total attributable capital expenditurese	****	757	****			717				6 %				583				30 %		****	2,105	****			1,849				14 %
Net cash provided by operating activities	****	2,422	****			1,329				82 %				1,180				105 %		****	4,963	****			3,099				60 %
Net cash provided by operating activities marginf	****	58 %	****			36 %				61 %				35 %				66 %		****	45 %	****			33 %				36 %
Free cash flowb	****	1,479	****			395				274 %				444				233 %		****	2,249	****			816				176 %
Net earnings per share (basic and diluted)	****	0.76	****			0.47				62 %				0.28				171 %		****	1.51	****			0.65				132 %
Adjusted net earnings (basic)b<br>per share	****	0.58	****			0.47				23 %				0.30				93 %		****	1.39	****			0.81				72 %
Weighted average diluted common shares<br>(millions of shares)	****	1,703	****			1,716				(1)%				1,752				(3)%		****	1,715	****			1,754				(2)%
Debt (current and long-term)	****	4,714	****			4,729				0 %				4,725				0 %		****	4,714	****			4,725				0 %
Cash and equivalents	****	5,037	****			4,802				5 %				4,225				19 %		****	5,037	****			4,225				19 %
Debt, net of cash	****	(323)	****			(73)				342 %				500				(165)%		****	(323)	****			500				(165)%

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,<br>including detailed reconciliations, is included in the endnotes to this press release.
---	---
^c.^	Amounts presented on a consolidated cash basis. Project capital expenditures are not included in<br>our calculation of all-in sustaining costs.
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^d.^	Total consolidated capital expenditures also includes capitalized interest of $16 million<br>and $36 million for Q3 2025 and YTD 2025, respectively (Q2 2025: $16 million; Q3 2024: $4 million; YTD 2024: $29 million).
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^e.^	These amounts are presented on the same basis as our guidance.
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^f.^	Represents net cash provided by operating activities divided by revenue.
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		For the three months ended																			For the nine months ended
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		9/30/25				6/30/25				% Change				9/30/24				% Change			9/30/25				9/30/24				% Change
Operating Results
Gold
Gold production (thousands of ounces)a	****	829	****			797				4 %				943				(12)%		****	2,384	****			2,831				(16)%
Gold sold (thousands of ounces)a	****	837	****			770				9 %				967				(13)%		****	2,358	****			2,833				(17)%
Market gold price (/oz)	****	3,457	****			3,280				5 %				2,474				40 %		****	3,201	****			2,296				39 %
Realized gold pricea,b<br>(/oz)	****	3,457	****			3,295				5 %				2,494				39 %		****	3,226	****			2,309				40 %
Gold COS (Barrick’s<br>share)a,c (/oz)	****	1,562	****			1,654				(6)%				1,472				6 %		****	1,613	****			1,447				11 %
Gold TCCa,b<br>(/oz)	****	1,137	****			1,239				(8)%				1,104				3 %		****	1,197	****			1,072				12 %
Gold AISCa,b<br>(/oz)	****	1,538	****			1,684				(9)%				1,507				2 %		****	1,660	****			1,495				11 %
Revenue ( millions)a	****	2,943	****			2,575				14 %				2,453				20 %		****	7,733	****			6,673				16 %
Attributable EBITDA (<br>millions)b	****	1,777	****			1,424				25 %				1,169				52 %		****	4,333	****			3,155				37 %
Copper
Copper production (thousands of tonnes)a	****	55	****			59				(7)%				48				15 %		****	158	****			131				21 %
Copper sold (thousands of<br>tonnes)a	****	52	****			54				(4)%				42				24 %		****	157	****			123				28 %
Market copper price (/lb)	****	4.44	****			4.32				3 %				4.18				6 %		****	4.33	****			4.14				5 %
Realized copper pricea,b<br>(/lb)	****	4.39	****			4.36				1 %				4.27				3 %		****	4.42	****			4.23				4 %
Copper COS (Barrick’s<br>share)a,d (/lb)	****	2.68	****			2.56				5 %				3.23				(17)%		****	2.72	****			3.16				(14)%
Copper C1 cash costsa,b<br>(/lb)	****	1.96	****			1.80				9 %				2.49				(21)%		****	2.00	****			2.35				(15)%
Copper AISCa,b<br>(/lb)	****	3.14	****			2.90				8 %				3.57				(12)%		****	3.03	****			3.62				(16)%
Revenue ( millions)a	****	472	****			484				(2)%				357				32 %		****	1,430	****			1,048				36 %
Attributable EBITDA ( millions)b	****	245	****			266				(8)%				123				99 %		****	740	****			333				122 %

All values are in US Dollars.

^a.^	On an attributable basis.
^b.^	Further information on these non-GAAP financial measures,<br>including detailed reconciliations, is included in the endnotes to this press release.
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^c.^	Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure<br>or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
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^d.^	Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold<br>(both on an attributable basis using Barrick’s ownership share).
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BARRICK THIRD QUARTER 2025	5		PRESS RELEASE
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Regional Summary^a^and 2025 Guidance^b^

		For the three months ended											For the nine months ended								2025<br><br><br>Guidance
		9/30/25				6/30/25				9/30/24			9/30/25				9/30/24
Gold
North America
Gold produced (000s oz)	****	429	****			413				415		****	1,222	****			1,310				1,680 - 1,860
Gold sold (000s oz)	****	435	****			408				415		****	1,227	****			1,316
COS (/oz)d	****	1,596	****			1,697				1,579		****	1,647	****			1,503				1,470 - 1,570
TCC (/oz)c	****	1,204	****			1,334				1,234		****	1,274	****			1,157				1,080 - 1,160
AISC (/oz)c	****	1,512	****			1,751				1,661		****	1,706	****			1,616				1,480 - 1,580
Revenue ( millions)	****	1,516	****			1,365				1,060		****	4,007	****			3,106
Attributable EBITDA ( millions)c	****	834	****			700				425		****	2,077	****			1,292
Latin America & Asia Pacific
Gold produced (000s oz)	****	180	****			180				173		****	526	****			462				630 - 730
Gold sold (000s oz)	****	176	****			184				193		****	525	****			467
COS (/oz)d	****	1,446	****			1,494				1,375		****	1,492	****			1,424				1,490 - 1,590
TCC (/oz)c	****	930	****			990				959		****	982	****			975				940 - 1,020
AISC (/oz)c	****	1,327	****			1,440				1,286		****	1,423	****			1,345				1,430 - 1,530
Revenue ( millions)	****	620	****			611				487		****	1,723	****			1,115
Attributable EBITDA ( millions)c	****	441	****			420				290		****	1,144	****			620
Africa & Middle East
Gold produced (000s oz)	****	220	****			204				355		****	636	****			1,059				820 - 910
Gold sold (000s oz)	****	226	****			178				359		****	606	****			1,050
COS (/oz)d	****	1,587	****			1,718				1,404		****	1,643	****			1,386				1,420 - 1,520
TCC (/oz)c	****	1,170	****			1,277				1,037		****	1,226	****			1,016				1,060 - 1,140
AISC (/oz)c	****	1,424	****			1,577				1,328		****	1,528	****			1,317				1,360 - 1,460
Revenue ( millions)	****	807	****			599				906		****	2,003	****			2,452
Attributable EBITDA ( millions)c	****	502	****			304				454		****	1,112	****			1,243
Total Gold
Gold produced (000s oz)	****	829	****			797				943		****	2,384	****			2,831				3,150 - 3,500
Gold sold (000s oz)	****	837	****			770				967		****	2,358	****			2,833
COS (/oz)d	****	1,562	****			1,654				1,472		****	1,613	****			1,447				1,460 - 1,560
TCC (/oz)c	****	1,137	****			1,239				1,104		****	1,197	****			1,072				1,050 - 1,130
AISC (/oz)c	****	1,538	****			1,684				1,507		****	1,660	****			1,495				1,460 - 1,560
Revenue ( millions)	****	2,943	****			2,575				2,453		****	7,733	****			6,673
Attributable EBITDA ( millions)c	****	1,777	****			1,424				1,169		****	4,333	****			3,155
Total Copper
Copper produced (kt)	****	55	****			59				48		****	158	****			131				200 - 230
Copper sold (kt)	****	52	****			54				42		****	157	****			123
COS (/lb)e	****	2.68	****			2.56				3.23		****	2.72	****			3.16				2.50 - 2.80
C1 cash costs (/lb)c	****	1.96	****			1.80				2.49		****	2.00	****			2.35				1.80 - 2.10
AISC (/lb)c	****	3.14	****			2.90				3.57		****	3.03	****			3.62				2.80 - 3.10
Revenue ( millions)	****	472	****			484				357		****	1,430	****			1,048
Attributable EBITDA ( millions)c	****	245	****			266				123		****	740	****			333

All values are in US Dollars.

a.	All figures in this table are on an attributable basis.
b.	See “Outlook Assumptions and Economic Sensitivity Analysis” in endnote 7 of this<br>press release.
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c.	Further information on these non-GAAP financial measures,<br>including detailed reconciliations, is included in endnote 1 of this press release.
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d.	Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure<br>or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
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e.	Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold<br>(both on an attributable basis using Barrick’s ownership share).
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BARRICK THIRD QUARTER 2025	6		PRESS RELEASE
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Investor Relations Contact		Media Contact
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Barrick Mining Corporation		Brunswick Group
Cleve Rueckert, +1 775 397 5443		Carole Cable, +44 (0) 7974 982 458
[email protected]		[email protected]

Technical Information

The scientific and technical information contained in this press release has been reviewed and approved by Tricia Evans, BSc, SMERM, Mineral Resource Manager: North America; Mark Roux, BSc (Hons), P. Grad. Cert. (Geostatistics), Pr. Sci. Nat, Resource Geology Lead – North America; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology – Latin America & Asia Pacific; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration – each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2024.

Endnotes

Endnote 1– Non-GAAP Financial Measures

Adjusted Net Earnings and Adjusted Net Earnings perShare

“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
		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
Net earnings attributable to equity holders of the Company	****	1,302	****		811			483		****	2,587	****		1,148
Impairment charges related to intangibles, goodwill, property, plant and<br>equipment, and investmentsa	****	3	****		0			2		****	7	****		20
Acquisition/disposition (gains) lossesb	****	(250	)		289			(1	)	****	39	****		(7	)
(Gain) loss on currency translation	****	(3	)		(2	)		4		****	(3	)		21
Significant tax adjustmentsc	****	(119	)		(35	)		(30	)	****	(169	)		136
Other expense adjustmentsd	****	47	****		44			97		****	264	****		136
Non-controlling<br>interest	****	0	****		(4	)		(7	)	****	(15	)		(11	)
Tax effecte	****	2	****		(303	)		(19	)	****	(325	)		(24	)
Adjusted net earnings	****	982	****		800			529		****	2,385	****		1,419
Net earnings per sharef	****	0.76	****		0.47			0.28		****	1.51	****		0.65
Adjusted net earnings per sharef	****	0.58	****		0.47			0.30		****	1.39	****		0.81

All values are in US Dollars.

^a.^	There were no significant impairment charges or reversals in the current period or prior periods.
^b.^	Acquisition/disposition (gains) losses for Q3 2025 mainly related to the $250 million<br>revaluation of our 80% equity investment in Loulo-Gounkoto, as it was deconsolidated and an investment at fair value was recognized in Q2 2025 (resulting in a Q2 2025 net loss of $1,035 million) following the change of control after it was placed<br>under a temporary provisional administration on June 16, 2025. This loss in Q2 2025 and YTD 2025 was partially offset by a gain of $745 million on the sale of our 50% interest in the Donlin Gold project.
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^c.^	For Q3 2025, significant tax adjustments include the<br>re-measurement of deferred tax balances and the recognition of deferred tax assets. Significant tax adjustments for YTD 2025 also include the adjustments in respect of prior years. For Q3 2024, significant tax<br>adjustments include the re-measurement of
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BARRICK THIRD QUARTER 2025	7		PRESS RELEASE
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deferred tax balances and the recognition of deferred tax assets. Significant tax adjustments for<br>YTD 2024 also include the adjustments in respect of prior years and the proposed settlement of the Zaldívar Tax Assessments in Chile.
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^d.^	Other expense adjustments for the 2025 periods mainly relate to reduced operation costs at<br>Loulo-Gounkoto. Q3 2025 also includes severance costs and YTD 2025 was further impacted by the signing of agreements to settle legacy legal matters in the Philippines related to Placer Dome Inc. Other adjustments in Q3 2024 mainly relate to the<br>$40 million accrual relating to the road construction in Tanzania per our community investment obligations under the Twiga partnership, and changes in the discount rate assumptions on our closed mine rehabilitation provision, combined with a<br>provision made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick. YTD 2024 was further impacted by the interest and penalties recognized following the settlement of the<br>Zaldívar Tax Assessments in Chile.
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^e.^	Tax effect for Q2 2025 and YTD 2025 primarily relates to acquisition/disposition losses (gains).
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^f.^	Calculated using weighted average number of shares outstanding under the basic method of earnings<br>per share.
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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. 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 FreeCash Flow

( millions)	For the three months ended									For the nine months ended
		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
Net cash provided by operating activities	****	2,422	****		1,329			1,180		****	4,963	****		3,099
Capital expenditures	****	(943	)		(934	)		(736	)	****	(2,714	)		(2,283	)
Consolidated free cash flow	****	1,479	****		395			444		****	2,249	****		816
Free cash flow applicable to equity investees	****	191	****		66			71		****	413	****		247
Non-controlling interests	****	(516	)		(249	)		(210	)	****	(885	)		(475	)
Attributable free cash flow	****	1,154	****		212			305		****	1,777	****		588

All values are in US Dollars.

Capital Expenditures

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. 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
		9/30/25				6/30/25				9/30/24				9/30/25				9/30/24
Minesite sustaining capital expenditures	****	395	****			479				511			****	1,438	****			1,692
Project capital expenditures	****	532	****			439				221			****	1,240	****			562
Capitalized interest	****	16	****			16				4			****	36	****			29
Total consolidated capital<br>expenditures	****	943	****			934				736			****	2,714	****			2,283

All values are in US Dollars.

Total cash costs per ounce and All-in sustaining costs per ounce

“Total cash costs” per ounce and “All-in sustaining 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

BARRICK THIRD QUARTER 2025	8		PRESS RELEASE

levels. 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 and “All-in sustaining 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 and “All-in sustaining 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. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

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

( millions, except per oz information in dollars)			For the three months ended									For the nine months ended
		Footnote		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
COS applicable to gold production			****	1,690	****		1,676			1,856		****	4,934	****		5,416
Depreciation			****	(384	)		(359	)		(409	)	****	(1,085	)		(1,217	)
Total cash costs applicable to equity method investments			****	114	****		101			93		****	324	****		226
By-product credits			****	(80	)		(64	)		(58	)	****	(204	)		(189	)
Non-recurring items	a		****	0	****		0			0		****	0	****		0
Other	b		****	5	****		11			3		****	21	****		10
Non-controlling interests	c		****	(393	)		(411	)		(417	)	****	(1,168	)		(1,210	)
Total cash costs			****	952	****		954			1,068		****	2,822	****		3,036
General & administrative costs			****	77	****		39			46		****	158	****		106
Minesite exploration and evaluation costs	d		****	7	****		7			10		****	19	****		29
Minesite sustaining capital expenditures	e		****	395	****		479			511		****	1,438	****		1,692
Sustaining leases			****	7	****		7			8		****	22	****		23
Rehabilitation - accretion and amortization (operating sites)	f		****	17	****		16			14		****	50	****		51
Non-controlling interest, copper operations and other	g		****	(171	)		(208	)		(199	)	****	(596	)		(701	)
All-in sustaining costs			****	1,284	****		1,294			1,458		****	3,913	****		4,236
Ounces sold - attributable basis<br>(koz)	h		****	837	****		770			967		****	2,358	****		2,833
COS/oz	i,j		****	1,562	****		1,654			1,472		****	1,613	****		1,447
TCC/oz	j		****	1,137	****		1,239			1,104		****	1,197	****		1,072
TCC/oz (on a<br>co-product basis)	j,k		****	1,199	****		1,292			1,145		****	1,253	****		1,117
AISC/oz	j		****	1,538	****		1,684			1,507		****	1,660	****		1,495
AISC/oz (on a<br>co-product basis)	j,k		****	1,600	****		1,737			1,548		****	1,716	****		1,540

All values are in US Dollars.

a.	Non-recurring items - These costs are not<br>indicative of our cost of production and have been excluded from the calculation of TCC.
b.	Other - Other adjustments mainly relate to treatment and refinement charges.
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c.	Non-controlling interests - Non-controlling interests include non-controlling interests related to gold production of $540 million and $1,567 million for Q3 2025 and YTD 2025, respectively, (Q2<br>2025: $540 million; Q3 2024: $556 million; YTD 2024: $1,630 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu. Refer to Note 5 to the<br>Financial Statements for further information.
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d.	Exploration and evaluation costs - Exploration, evaluation and project expenses are<br>presented as minesite sustaining if they support current mine operations and project if they relate to future projects. Refer to page 36 of Barrick’s Q3 2025 MD&A.
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e.	Capital expenditures - Capital expenditures are related to our gold sites only and are<br>split between minesite sustaining and project capital expenditures.
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f.	Rehabilitation—accretion and amortization - Includes depreciation on the assets<br>related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.
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g.	Non-controlling interest and copper operations -Removes general and administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses,<br>rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It also<br>includes capital expenditures applicable to our equity method investment in Kibali. 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 interest, copper operations and other	9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
General & administrative costs	****	(13	)		(6	)		(7	)	****	(25	)		(17	)
Minesite exploration and evaluation expenses	****	(1	)		(3	)		(2	)	****	(4	)		(8	)
Rehabilitation - accretion and amortization (operating sites)	****	(5	)		(6	)		(5	)	****	(16	)		(16	)
Minesite sustaining capital<br>expenditures	****	(152	)		(193	)		(185	)	****	(551	)		(660	)
All-in sustaining costs total	****	(171	)		(208	)		(199	)	****	(596	)		(701	)

All values are in US Dollars.

h.	Ounces sold - attributable basis - Excludes Long Canyon which is producing residual ounces<br>from the leach pad while in care and maintenance.
BARRICK THIRD QUARTER 2025	9		PRESS RELEASE
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i.	COS/oz - Gold COS/oz is calculated as cost of sales across our gold operations (excluding<br>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 - COS/oz, TCC/oz and AISC/oz may not calculate based on amounts<br>presented in this table due to rounding.
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k.	Co-product costs/oz
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	TCC/oz and AISC/oz presented on a co-product basis<br>removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:
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( millions)	For the three months ended									For the nine months ended
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		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
By-product credits	****	80	****		64			58		****	204	****		189
Non-controlling interest	****	(28	)		(23	)		(18	)	****	(71	)		(60	)
By-product credits (net of non-controlling<br>interest)	****	52	****		41			40		****	133	****		129

All values are in US Dollars.

C1 cash costs per pound and All-in sustaining costs per pound

“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. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

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

( millions, except per lb information in dollars)	For the three months ended									For the nine months ended
		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
Cost of sales	****	193	****		193			187		****	594	****		527
Depreciation/amortization	****	(69	)		(68	)		(60	)	****	(197	)		(191	)
Treatment and refinement charges	****	44	****		40			39		****	126	****		111
C1 cash costs applicable to equity method investments	****	91	****		84			83		****	265	****		249
Less: royalties	****	(25	)		(25	)		(17	)	****	(71	)		(45	)
By-product credits	****	(7	)		(12	)		(3	)	****	(24	)		(14	)
C1 cash costs	****	227	****		212			229		****	693	****		637
General & administrative costs	****	12	****		8			6		****	28	****		15
Rehabilitation - accretion and amortization	****	1	****		3			2		****	5	****		6
Royalties	****	25	****		25			17		****	71	****		45
Minesite exploration and evaluation costs	****	1	****		1			1		****	4	****		2
Minesite sustaining capital expenditures	****	93	****		90			71		****	240	****		265
Sustaining leases	****	2	****		2			2		****	7	****		7
All-in sustaining costs	****	361	****		341			328		****	1,048	****		977
Tonnes sold - attributable basis (Kt)	****	52	****		54			42		****	157	****		123
Pounds sold - attributable basis<br>(Mlb)	****	116	****		118			91		****	347	****		270
COS/lba,b	****	2.68	****		2.56			3.23		****	2.72	****		3.16
C1 cash costs/lba	****	1.96	****		1.80			2.49		****	2.00	****		2.35
AISC/lba	****	3.14	****		2.90			3.57		****	3.03	****		3.62

All values are in US Dollars.

a.	COS/lb, C1 cash costs/lb and AISC/lb may not calculate based on amounts presented in this table<br>due to rounding.
b.	Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold<br>(both on an attributable basis using Barrick’s ownership share).
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EBITDA, Adjusted EBITDA, AttributableEBITDA, Attributable EBITDA Margin and Net Leverage

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,

BARRICK THIRD QUARTER 2025	10		PRESS RELEASE

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. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

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

( millions)	For the three months ended									For the nine months ended
		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
Net earnings	****	1,904	****		1,256			780		****	3,941	****		1,901
Income tax expense	****	477	****		102			245		****	857	****		826
Finance costs, neta	****	21	****		36			59		****	96	****		97
Depreciation	****	460	****		436			477		****	1,307	****		1,431
EBITDA	****	2,862	****		1,830			1,561		****	6,201	****		4,255
Impairment charges of non-current<br>assetsb	****	3	****		0			2		****	7	****		20
Acquisition/disposition losses (gains)c	****	(250	)		289			(1	)	****	39	****		(7	)
(Gain) loss on currency translation	****	(3	)		(2	)		4		****	(3	)		21
Other expense adjustmentsd	****	47	****		44			97		****	264	****		136
Income tax expense, net finance costsa and depreciation from equity investees	****	197	****		156			110		****	494	****		331
Adjusted EBITDA	****	2,856	****		2,317			1,773		****	7,002	****		4,756
Non-controlling Interests	****	(834	)		(627	)		(481	)	****	(1,929	)		(1,268	)
Attributable EBITDA	****	2,022	****		1,690			1,292		****	5,073	****		3,488
Revenues - as adjustede	****	3,405	****		3,050			2,806		****	9,140	****		7,686
Attributable EBITDA marginf	****	59	%		55	%		46	%	****	56	%		45	%
		As at 9/30/25			As at 12/31/24			As at 9/30/24			As at 9/30/25			As at 12/31/24
Net leverageg	****	0.0:1	****		0.1:1			0.1:1		****	0.0:1	****		0.0:1

All values are in US Dollars.

^a.^	Finance costs exclude accretion.
^b.^	There were no significant impairment charges or reversals in the current period or prior periods.
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^c.^	Acquisition/disposition (gains) losses for Q3 2025 mainly related to the $250 million<br>revaluation of our 80% equity investment in Loulo-Gounkoto, as it was deconsolidated and an investment at fair value was recognized in Q2 2025 (resulting in a Q2 2025 net loss of $1,035 million) following the change of control after it was placed<br>under a temporary provisional administration on June 16, 2025. This loss in Q2 2025 and YTD 2025 was partially offset by a gain of $745 million on the sale of our 50% interest in the Donlin Gold project.
---	---
^d.^	Other expense adjustments for the 2025 periods mainly relate to reduced operation costs at<br>Loulo-Gounkoto. Q3 2025 also includes severance costs and YTD 2025 was further impacted by the signing of agreements to settle legacy legal matters in the Philippines related to Placer Dome Inc. Other adjustments in Q3 2024 mainly relate to the $40<br>million accrual relating to the road construction in Tanzania per our community investment obligations under the Twiga partnership, and changes in the discount rate assumptions on our closed mine rehabilitation provision, combined with a provision<br>made relating to a legacy mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick. YTD 2024 was further impacted by the interest and penalties recognized following the settlement of the Zaldívar<br>Tax Assessments in Chile.
---	---
^e.^	Refer to Reconciliation of Sales to Realized Price per oz/pound on page 58 of Barrick’s Q3<br>2025 MD&A.
---	---
^f.^	Represents attributable EBITDA divided by revenues - as adjusted.
---	---
^g.^	Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.
---	---

Realized Price

“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

BARRICK THIRD QUARTER 2025	11		PRESS RELEASE

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.

Reconciliation of Sales to Realized Price per ounce/pound

( millions, except per oz/lb information indollars)					Gold												Copper								Gold								Copper
														For the three months ended																For the nine months ended
		9/30/25				6/30/25				9/30/24				9/30/25				6/30/25				9/30/24				9/30/25				9/30/24				9/30/25				9/30/24
Sales	****	3,748	****			3,280				3,097			****	320	****			337				213			****	9,794	****			8,493			****	961	****			595
Sales applicable to non-controlling<br>interests	****	(1,237)	****			(1,054)				(930)			****	0	****			0				0			****	(3,139)	****			(2,575)			****	0	****			0
Sales applicable to equity method investmentsa,b	****	377	****			306				241			****	147	****			135				141			****	935	****			609			****	446	****			438
Sales applicable to sites in closure or care and maintenancec	****	(1)	****			(1)				(2)			****	0	****			0				0			****	(3)	****			(7)			****	0	****			0
Treatment and refinement<br>charges	****	7	****			7				7			****	44	****			40				39			****	20	****			22			****	126	****			111
Revenues – as adjusted	****	2,894	****			2,538				2,413			****	511	****			512				393			****	7,607	****			6,542			****	1,533	****			1,144
Ounces/pounds sold (koz/Mlb)c	****	837	****			770				967			****	116	****			118				91			****	2,358	****			2,833			****	347	****			270
Realized gold/copper price per oz/lbd	****	3,457	****			3,295				2,494			****	4.39	****			4.36				4.27			****	3,226	****			2,309			****	4.42	****			4.23

All values are in US Dollars.

^a.^	Represents sales of $294 million and $711 million, respectively, for Q3 2025 and YTD 2025<br>(Q2 2025: $226 million; Q3 2024: $193 million; YTD 2024: $533 million) applicable to our 45% equity method investment in Kibali and $83 million and $224 million, respectively (Q2 2025: $80 million; Q3 2024: $48 million;<br>YTD 2024: $76 million) applicable to our 24.5% equity method investment in Porgera for gold. Represents sales of $77 million and $243 million, respectively, for Q3 2025 and YTD 2025 (Q2 2025: $71 million; Q3 2024: $91 million;<br>YTD 2024: $260 million) applicable to our 50% equity method investment in Zaldívar and $71 million and $208 million, respectively (Q2 2025: $65 million; Q3 2024: $55 million; YTD 2024: $196 million), applicable to our 50%<br>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 Long Canyon which is producing residual ounces from the leach<br>pad while in care and maintenance.
---	---
^d.^	Realized price per oz/lb may not calculate based on amounts presented in this table due to<br>rounding.
---	---

Endnote 2 – Fourmile 2025 Preliminary Economic Assessment Summary of Results

Potential quantities and grades in these Fourmile preliminary results are conceptual in nature and there has been insufficient exploration to define a mineral resource at this time and it is uncertain that further exploration will result in the target being delineated as a mineral resource.

Fourmile 2025 PEA Results Summary:
2024 Mineral Resourceiii	M&I: 3.6Mt @ 11.8g/t for 1.4Moz<br><br><br>INF: 14Mt @ 14.1g/t for 6.4Moz<br><br><br>+<br><br><br>Exploration Upside:^ii^<br><br><br>32-34Mt @ 15–16g/t
Mine Life (yrs)ii	>25
Ore tonnes (ktpa)i	Approx. 1.5–1.8Mtpa^iv^
Avg annual production (Au koz)i	Approx. 600–750
Project Capital (Bn)i	Approx. 1.5–1.7
Cost of Sales (/oz)i	Approx. 850–900
LOM<br>AISC1 (/oz)i	Approx. 650–750

All values are in US Dollars.

i.	Fourmile production and economic metrics are based upon a preliminary economic assessment, using<br>2024 mineral resources only and August 2025 Long Term Consensus Gold Price of $2,585/oz. These metrics are conceptual in nature because they include inferred mineral resources that are considered too speculative to have the considerations applied to<br>them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.
ii.	Fourmile mine life is based upon combined 2024 mineral resource and exploration upside and is<br>conceptual in nature with no certainty that this will be realized. Potential quantities and grades in these Fourmile preliminary results are conceptual in nature and there has been insufficient exploration to define a mineral resource at this time<br>and it is uncertain that further exploration will result in the target being delineated as a mineral resource.
---	---
iii.	Estimates are as of December 31, 2024, unless otherwise noted. Complete mineral reserve and<br>mineral resource data for all mines and projects referenced in this presentation, including tonnes, grades, and ounces, can be found in the Mineral Reserves and Mineral Resources Tables included on pages 36-45<br>of Barrick’s 2024 Annual Information Form/Form 40-F filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
---	---
iv.	Fourmile exploration potential tonnage and grade ranges are based upon a preliminary economic<br>assessment which is preliminary in nature because it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral<br>reserves, and there is no certainty that the preliminary economic assessment
---	---
BARRICK THIRD QUARTER 2025	12		PRESS RELEASE
---	---	---	---
will be realized. The preliminary economic assessment for Fourmile is based upon $1,900/oz mineable<br>stope optimizer. The assumptions outlined within the preliminary economic assessment have formed the basis for the ongoing study and are made by the Qualified Person. Fourmile is currently 100% owned by Barrick. Barrick anticipates Fourmile being<br>contributed to the Nevada Gold Mines joint venture, at fair market value, if certain criteria are met.
---

Endnote 3

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

Endnote 4

“AISC Margin” is a non-GAAP financial measure calculated as the difference between the realized gold price per ounce and “All-in sustaining costs” (AISC) per ounce for the relevant period. Management uses this metric to assess the efficiency of our gold mining operations and to evaluate the ability of our assets to generate cash flow in excess of sustaining expenditures. This measure does not have a standardized meaning under IFRS and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Other companies may calculate AISC Margin differently and therefore it may not be comparable to similar measures presented by other companies.

Endnote 5

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

Endnote 6

A Tier One Gold Asset is an asset with a $1,400/oz reserve with potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and with costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset/ Project is an asset with a $3.00/lb reserve with potential for +5Mt contained copper in support at least 20 years life, annual production of at least 200ktpa, with 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 7 – 2025 OutlookAssumptions and Economic Sensitivity Analysis

Reflects the impact of the full year

		2025 guidance   assumption	Hypothetical change	Consolidated impact on EBITDA (millions)	Attributable impact on EBITDA (millions)	Attributable impact on <br>TCC and AISC
Gold price sensitivity		2,400/oz	‘+ 100/oz	‘+ 440	‘+ 310	‘+ $4.00/oz
Copper price sensitivity		4.00/lb	‘+/- 0.25/lb	‘+/- 120	‘+/- 120	‘+/- $0.01/lb

All values are in US Dollars.

BARRICK THIRD QUARTER 2025	13		PRESS RELEASE

Cautionary Statement on Forward-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 “believe”, “expect”, “plan”, “committed”, “guidance”, “project”, “progress”, “invest”, “continue”, “progress”, “develop”, “on track”, “ongoing”, “estimate”, “growth”, “potential”, “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; the ability for Fourmile to be one of this century’s most significant gold discoveries and its ability to double its mineral resource in 2025; expected benefits from the sale of Barrick’s interests in the Hemlo gold mine, Tongon gold mine, Alturas project and its 50% interest in Donlin; timing and progress of the Bullion Hill Decline; mine life and production rates, including anticipated production growth from Barrick’s organic project pipeline; Barrick’s global exploration strategy and planned exploration activities; Barrick’s copper strategy; our plans, and expected timing, completion and benefits of our growth projects, including the progress at Pueblo Viejo, Lumwana and Reko Diq; the timing for completion of the Reko Diq project financing; potential mineralization and metal or mineral recoveries; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including local community relations, planned resettlement activities at Pueblo Viejo, and health and safety initiatives; Barrick’s performance dividend policy and share buyback program; Barrick’s search for a permanent President and Chief Executive Officer; 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 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, Mali or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas (“GHG”) emission levels, energy efficiency and reporting of risks; the Company’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which require reliance on entities within Barrick’s value chain, but outside of the Company’s direct control, to achieve such targets within the specified timeframes; 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 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

BARRICK THIRD QUARTER 2025	14		PRESS RELEASE

ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick’s existing operations and material growth projects; 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 2025	15		PRESS RELEASE

EX-99.2

Exhibit 99.2

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

Quarterly Report on the Third Quarter of 2025

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, 2025, in comparison to the corresponding prior-year periods. The MD&A is intended to help the reader understand Barrick Mining Corporation (formerly 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 7, 2025, 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, 2025 (collectively, the “Financial Statements”), which are included in this Quarterly Report on pages 60 to 64. 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, 2024, the related annual MD&A included in the 2024 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

AISC		All-in Sustaining Costs
BNL		Barrick Niugini Limited
CCV		Critical Control Verifications
CEO		Chief Executive Officer
COS		Cost of Sales
DRC		Democratic Republic of Congo
G&A		General and administrative
GHG		Greenhouse Gas
GoT		Government of Tanzania
IASB		International Accounting Standards Board
ICMM		International Council on Mining and Metals
ICSID		International Centre for the Settlement of Investment Disputes
IFRS		IFRS Accounting Standards as issued by the International Accounting Standards Board
Ktpa		Thousand tonnes per annum
Lb		Pound
LME		London Metal Exchange
LTI		Lost Time Injury
LTIFR		Lost Time Injury Frequency Rate
Mtpa		Million tonnes per annum
---	---	---
MW		Megawatt
NGM		Nevada Gold Mines
OECD		Organisation for Economic Co-operation and Development
Oz		Ounce
PJL		Porgera Jersey Limited
PNG		Papua New Guinea
Randgold		Randgold Resources Limited
SOKIMO		Société Minière de Kilo-Moto
TCC		Total Cash Costs
TRIFR		Total Recordable Injury Frequency Rate
TSF		Tailings Storage Facilities
UN SDG		United Nations Sustainable Development Goals
VAT		Value-Added Tax
WGC		World Gold Council
WTI		West Texas Intermediate
YTD		Year to date September 30
BARRICK THIRD QUARTER 2025		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”, “aim”, “strategy”, “ramp up”, “target”, “plan”, “opportunities”, “guidance”, “forecast”, “outlook”, “project”, “develop”, “progress”, “continue”, “temporary”, “committed”, “estimate”, “potential”, “prospective”, “future”, “focus”, “ongoing”, “following”, “subject to”, “scheduled”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identify forward-looking statements. In particular, this MD&A contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production and cost guidance, including our ability to meet our 2025 guidance; anticipated production growth from Barrick’s organic project pipeline and reserve replacement; 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; mine life and production rates; anticipated benefits from the sale of the Donlin Gold project, the Hemlo gold mine, the Tongon gold mine, and the Alturas project; anticipated timing for development of the Goldrush Project; our plans, timelines, and expected completion and benefits of our growth projects, including the Goldrush Project, Fourmile, Ren, Pueblo Viejo Expansion project, Veladero Phase 8 Leach Pad, Reko Diq, solar power project at Kibali, and the Lumwana Super Pit Expansion; anticipated production at Goldrush, Ren, Reko Diq and Lumwana; timing for first production from the Lumwana Super Pit Expansion; timing for first ore delivery from the Gokona open pit; capital expenditures related to upgrades and ongoing management initiatives; Barrick’s global exploration strategy and planned exploration activities; Barrick’s copper strategy; the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex, including the outcome of dispute resolution through arbitration; the resumption of operations and the temporary nature of the provisional administration and transfer of operational control to an external administrator at Loulo-Gounkoto; our pipeline of high confidence projects at or near existing operations; our ability to identify new Tier One assets and the potential for existing assets to attain Tier One status, including Fourmile; the incorporation of Fourmile into the NGM joint venture at fair market value; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves and future reserve replacement; asset sales, joint ventures and partnerships; Barrick’s strategy, plans, targets and goals in respect of sustainability issues, including climate change, greenhouse gas (“GHG”) emissions reduction targets, safety performance, community development and resettlement, and responsible water use; Barrick’s search for a permanent President and Chief Executive Officer; 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 expropriation or nationalization of property and political or economic developments in Canada, the United States, Mali or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to GHG emission levels, energy efficiency and reporting of risks; the Company’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which require reliance on entities within Barrick’s value chain, but outside of the Company’s direct control, to achieve such targets within the specified time frames; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings 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

BARRICK THIRD QUARTER 2025		2		MANAGEMENT’S DISCUSSION AND ANALYSIS

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; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick’s existing operations and material growth projects; 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 2025		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”
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∎	“EBITDA”
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∎	“adjusted EBITDA”
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∎	“attributable EBITDA”
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∎	“attributable EBITDA margin”
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∎	“net leverage”
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∎	“minesite sustaining capital expenditures”
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∎	“project capital expenditures”
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∎	“TCC/oz”
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∎	“C1 cash costs/lb”
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∎	“AISC per oz/lb” and
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∎	“realized price per oz/lb”
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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 43 to 58. Each non-GAAP financial measure has been annotated with a reference to an endnote on page 59. 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.

Index

5   Overview
5     Financial and Operating Highlights
8     Key Business Developments
10     Sustainability
11     Outlook
13   Operating Performance
13     Nevada Gold Mines
14       Carlin
16       Cortez
18       Turquoise Ridge
20     Pueblo Viejo
22     Kibali
24     North Mara
26     Bulyanhulu
28     Other Mines - Gold
29     Lumwana
30     Other Mines - Copper
31   Future Growth
34   Review of Financial Results
34     Revenue
35     Production Costs
36     General and Administrative Expenses
36     Exploration, Evaluation and Project Expenses
37     Finance Costs, Net
37     Additional Statement of Income Items
37     Income Tax Expense
38   Financial Condition Review
38     Balance Sheet Review
38     Financial Position and Liquidity
39     Summary of Cash Inflow (Outflow)
41   Commitments and Contingencies
42   Review of Quarterly Results
42   Internal Control over Financial Reporting and Disclosure Controls andProcedures
43   IFRS Critical Accounting Policies and Accounting Estimates
43   Non-GAAP Financial Measures
59   Technical Information
59   Endnotes
60   Financial Statements
65   Notes to Consolidated Financial Statements
BARRICK THIRD QUARTER 2025		4		MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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Overview

Financial and Operating Highlights

										For the three months ended										For the nine months ended
		9/30/25				6/30/25				% Change			9/30/24				% Change			9/30/25				9/30/24				% Change
Financial Results ( millions)
Revenues	****	4,148	****			3,681				13 %			3,368				23 %		****	10,959	****			9,277				18 %
Cost of sales	****	1,890	****			1,878				1 %			2,051				(8)%		****	5,553	****			5,966				(7)%
Net earningsa	****	1,302	****			811				61 %			483				170 %		****	2,587	****			1,148				125 %
Adjusted net earningsb	****	982	****			800				23 %			529				86 %		****	2,385	****			1,419				68 %
Attributable EBITDAb	****	2,022	****			1,690				20 %			1,292				57 %		****	5,073	****			3,488				45 %
Attributable EBITDA marginb	****	59 %	****			55 %				7 %			46 %				28 %		****	56 %	****			45 %				24 %
Minesite sustaining capital<br>expendituresb,c	****	395	****			479				(18)%			511				(23)%		****	1,438	****			1,692				(15)%
Project capital expendituresb,c	****	532	****			439				21 %			221				141 %		****	1,240	****			562				121 %
Total consolidated capital<br>expendituresc,d	****	943	****			934				1 %			736				28 %		****	2,714	****			2,283				19 %
Total attributable capital expenditurese	****	757	****			717				6 %			583				30 %		****	2,105	****			1,849				14 %
Net cash provided by operating activities	****	2,422	****			1,329				82 %			1,180				105 %		****	4,963	****			3,099				60 %
Net cash provided by operating activities<br>marginf	****	58 %	****			36 %				61 %			35 %				66 %		****	45 %	****			33 %				36 %
Free cash flowb	****	1,479	****			395				274 %			444				233 %		****	2,249	****			816				176 %
Net earnings per share (basic and diluted)	****	0.76	****			0.47				62 %			0.28				171 %		****	1.51	****			0.65				132 %
Adjusted net earnings (basic)b per share	****	0.58	****			0.47				23 %			0.30				93 %		****	1.39	****			0.81				72 %
Weighted average diluted common shares<br>(millions of shares)	****	1,703	****			1,716				(1)%			1,752				(3)%			1,715				1,754				(2)%
Operating Results
Gold production (thousands of ounces)g	****	829	****			797				4 %			943				(12)%		****	2,384	****			2,831				(16)%
Gold sold (thousands of ounces)g	****	837	****			770				9 %			967				(13)%		****	2,358	****			2,833				(17)%
Market gold price (/oz)	****	3,457	****			3,280				5 %			2,474				40 %		****	3,201	****			2,296				39 %
Realized gold priceb,g (/oz)	****	3,457	****			3,295				5 %			2,494				39 %		****	3,226	****			2,309				40 %
Gold COS (Barrick’s share)g,h<br>(/oz)	****	1,562	****			1,654				(6)%			1,472				6 %		****	1,613	****			1,447				11 %
Gold TCCb,g (/oz)	****	1,137	****			1,239				(8)%			1,104				3 %		****	1,197	****			1,072				12 %
Gold AISCb,g (/oz)	****	1,538	****			1,684				(9)%			1,507				2 %		****	1,660	****			1,495				11 %
Copper production (thousands of<br>tonnes)g	****	55	****			59				(7)%			48				15 %		****	158	****			131				21 %
Copper sold (thousands of tonnes)g	****	52	****			54				(4)%			42				24 %		****	157	****			123				28 %
Market copper price (/lb)	****	4.44	****			4.32				3 %			4.18				6 %		****	4.33	****			4.14				5 %
Realized copper priceb,g (/lb)	****	4.39	****			4.36				1 %			4.27				3 %		****	4.42	****			4.23				4 %
Copper COS (Barrick’s share)g,i<br>(/lb)	****	2.68	****			2.56				5 %			3.23				(17)%		****	2.72	****			3.16				(14)%
Copper C1 cash costsb,g (/lb)	****	1.96	****			1.80				9 %			2.49				(21)%		****	2.00	****			2.35				(15)%
Copper AISCb,g (/lb)	****	3.14	****			2.90				8 %			3.57				(12)%		****	3.03	****			3.62				(16)%
		****	As at9/30/25	****			As at<br>6/30/25				% Change			As at<br>9/30/24				% Change
Financial Position ( millions)
Debt (current and long-term)	****	4,714	****			4,729				0 %			4,725				0 %
Cash and equivalents	****	5,037	****			4,802				5 %			4,225				19 %
Debt, net of cash	****	(323)	****			(73)				342 %			500				(165)%

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 43<br>to 58 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>AISC.
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^d.^	Total consolidated capital expenditures also includes capitalized interest of $16 million and $36 million for Q3 2025<br>and YTD 2025, respectively (Q2 2025: $16 million; Q3 2024: $4 million; YTD 2024: $29 million).
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^e.^	These amounts are presented on the same basis as our guidance.
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^f.^	Represents net cash provided by operating activities divided by revenue.
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^g.^	On an attributable basis.
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^h.^	Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and<br>maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
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^i.^	Copper COS/lb 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).
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BARRICK THIRD QUARTER 2025		5		MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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^a.^	On an attributable basis.
^b.^	Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and<br>maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using<br>Barrick’s ownership share). Refer to endnote 2 for further details.
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^c.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
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^d.^	Capital expenditures also includes capitalized interest.
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^e.^	Dividends declared are inclusive of performance dividends.
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BARRICK THIRD QUARTER 2025		6		MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 2025 versus Q2 2025

The higher realized gold price^1^ combined with an increase in gold ounces sold were the primary drivers of our Q3 2025 results performance relative to Q2 2025. Unit costs were lower although this was partially offset by higher royalties as a result of the higher gold price. This result ensured that the majority of the benefit of the higher price was delivered to the bottom line.

Net earnings and adjusted net earnings^1^attributable to equity holders of Barrick (“net earnings”) for Q3 2025 were $1,302 million and $982 million, respectively, compared to $811 million and $800 million, respectively in Q2 2025. The primary drivers of the increase were higher realized gold prices^1^, increased gold sales volumes, and lower gold COS/oz^2^.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings^1^ of $982 million for Q3 2025 was $182 million higher than Q2 2025. Q3 2025 realized gold prices^1^ were 5% higher when compared to Q2 2025. The increase in gold sales volumes was mainly as a result of the ongoing ramp up of Goldrush (part of Cortez) combined with higher grades processed at Pueblo Viejo and Kibali and higher throughput at Turquoise Ridge, partially offset by lower production at Veladero as a result of fewer recoverable ounces placed on the leach pad which is per the mine plan as previously guided. Lower gold COS/oz^2^ was mainly driven by higher fixed cost dilution driven by higher sales volume, combined with lower maintenance costs at Turquoise Ridge related to the planned autoclave shutdown in Q2 2025. This was partially offset by higher share based compensation and higher royalties associated with the higher realized gold price^1^.

Factors affecting net earnings and adjusted net earnings^1^- Q3 2025 versus Q3 2024

Net earnings and adjusted net earnings^1^for Q3 2025 were $1,302 million and $982 million, respectively, compared to $483 million and $529 million, respectively in Q3 2024. The primary drivers of the increase were higher realized gold prices^1^and lower copper COS/lb^2^, partially offset by lower gold sales volumes and higher gold COS/oz^2^. Q3 2025 realized gold prices^1^ were 39% higher when compared to Q3 2024. Lower copper COS/lb^2^resulted from higher grades processed at Lumwana. The decrease in gold sales volume was primarily as a result of the temporary suspension of operations at Loulo-Gounkoto, which was subsequently placed under a temporary provisional administration on June 16, 2025. This was partially offset by increased ounces from Cortez driven by the ongoing ramp up of Goldrush. The increase in gold COS/oz^2^ was mainly due to the impact of less fixed cost dilution driven by lower sales volumes, combined with higher share-based compensation and higher royalties (impact approximately $50/oz) associated with the higher realized gold price^1^.

Factors affecting net earnings and adjusted net earnings^1^- YTD 2025 versus YTD 2024

Net earnings and adjusted net earnings^1^ for YTD 2025 were $2,587 million and $2,385 million, respectively, up from $1,148 million and $1,419 million in YTD 2024. The primary drivers of the increase were higher realized gold prices^1^ and lower copper COS/lb^2^, partially offset by lower

gold sales volumes, and higher gold COS/oz^2^. YTD 2025 realized gold prices^1^ were 40% higher when compared to YTD 2024. The decrease in copper COS/lb^2^was mainly due to higher grades processed and higher recovery rates at Lumwana. The lower gold sales volume was primarily driven by the temporary suspension of operations at Loulo-Gounkoto on January 14, 2025, which was subsequently placed under a temporary provisional administration on June 16, 2025. This was combined with lower production at Carlin as a result of a decrease in tonnes processed at lower grades, and lower recoveries at the autoclave. The increase in gold COS/oz^2^ compared to YTD 2024 was primarily due to the impact of lower throughput and to a lesser extent lower grades processed at a number of operations, combined with higher share-based compensation and higher royalties (impact approximately $45/oz) associated with the higher realized gold price^1^.

Significant adjusting items for both Q3 2025 and YTD 2025 include:

∎	acquisition/disposition gains of $250 million for Q3 2025 and losses of $39 million for YTD 2025. The gains in Q3 2025<br>mainly related to the $250 million revaluation of our 80% equity investment in Loulo- Gounkoto, as it was deconsolidated and an investment at fair value was recognized in Q2 2025 (resulting in a Q2 2025 net loss of $1,035 million) following the<br>change of control after it was placed under a temporary provisional administration on June 16, 2025 (refer to page 8 for further details). For YTD 2025, the deconsolidation and recognition of our 80% equity investment in Loulo-Gounkoto resulted<br>in a total net loss of $785 million. This loss in Q2 2025 and YTD 2025 was partially offset by a gain of $745 million on the sale of our 50% interest in the Donlin Gold project; and
∎	other expense adjustments of $47 million and $264 million, respectively, which mainly related to reduced operations costs<br>at Loulo-Gounkoto prior to June 16, 2025. Q3 2025 also included severance costs and YTD 2025 was further impacted by the signing of agreements to settle legacy legal matters in the Philippines related to Placer Dome Inc. (refer to note 17 of<br>the Financial Statements for further details).
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Refer to page 43 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 2025 versus Q2 2025

The cash flow outcomes for Q3 2025 reflect the strong earnings delivery and improved working capital position as discussed below. We also accelerated our share buy back program with $589 million for the quarter and have purchased $1 billion year-to-date, which was the previously authorized limit. Finally, we ended Q3 2025 in a net cash position for the second consecutive quarter. A performance dividend in relation to Q2 2025 was paid in the third quarter, further enhancing our returns to shareholders.

In Q3 2025, we generated $2,422 million in operating cash flow, compared to $1,329 million in Q2 2025. The increase of $1,093 million was primarily due to higher realized gold prices^1^, increased gold sales volumes,

Numerical annotations throughout the text of this document refer to the endnotes found starting on page 59.

BARRICK THIRD QUARTER 2025		7		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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and lower gold TCC/oz^1^. Operating cash flow was further impacted by a favorable movement in working capital, mainly in accounts receivable, partially offset by an unfavorable movement in accounts payable and inventory. The decrease in accounts receivable mainly relates to our mines in Tanzania and Zambia where sales occurred at the end of Q2 2025 with the receipt of the cash early in Q3 2025. These results were also positively impacted by 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.

In Q3 2025, we recorded free cash flow^1^ of $1,479 million, compared to $395 million in Q2 2025, mainly reflecting higher operating cash flows as explained above, with capital expenditures largely in line with Q2 2025. In Q3 2025, capital expenditures on a cash basis were $943 million compared to $934 million in Q2 2025, as discussed on page 39.

Factors affecting Operating Cash Flow and Free Cash Flow^1^- Q3 2025 versus Q3 2024

In Q3 2025, we generated $2,422 million in operating cash flow, compared to $1,180 million in Q3 2024. The increase of $1,242 million was primarily due to higher realized gold prices^1^, partially offset by lower gold sales volumes and higher gold TCC/oz^1^. This was combined with a favorable movement in working capital, mainly in accounts receivable. The decrease in accounts receivable mainly relates to our mines in Tanzania and Zambia where sales were delayed to the end of Q2 2025 with the receipt of the cash occurring early in Q3. These results were partially offset by higher cash taxes paid.

In Q3 2025, we generated free cash flow^1^ of $1,479 million compared to $444 million in Q3 2024. The increase primarily reflects higher operating cash flows as explained above, partially offset by higher capital expenditures. In Q3 2025, capital expenditures on a cash basis were $943 million compared to $736 million in Q3 2024, as discussed on page 40.

Factors affecting Operating Cash Flow and Free Cash Flow^1^- YTD 2025 versus YTD 2024

For YTD 2025, we generated $4,963 million in operating cash flow, compared to $3,099 million in YTD 2024. The increase of $1,864 million was primarily due to higher realized gold prices^1^ and lower C1 cash costs/lb^1^, partially offset by lower gold sales volumes and higher TCC/oz^1^. This was combined with a favorable change in working capital mainly in other current liabilities and accounts receivable. These impacts were partially offset by higher cash taxes paid.

For YTD 2025, we generated free cash flow^1^ of $2,249 million compared to $816 million in YTD 2024. The increase of $1,433 million primarily reflects higher operating cash flows as explained above, partially offset by higher capital expenditures. In YTD 2025, capital expenditures on a cash basis were $2,714 million compared to $2,283 million in YTD 2024, as discussed on page 40.

Key Business Developments

Leadership transition

On September 29, 2025, Mark Hill was appointed as Group Chief Operating Officer and Interim President and Chief Executive Officer, following the departure of Mark Bristow.

Mark Hill, who was previously responsible for Barrick’s LATAM and Asia Pacific regions, is a seasoned mining executive with 30 years of experience. He joined Barrick in 2006 and has experience in strategy, corporate development and leading major projects across the world, and was also integral in the initial decision to undertake exploration at the Fourmile gold project in Nevada. The Search Committee of the Board of Directors, chaired by Brett Harvey, has embarked on a process with the support of a leading executive search firm to identify a permanent President and CEO.

Mark Bristow stepped down as President and CEO after nearly seven years having joined Barrick following Barrick’s merger with Randgold in 2019. Mark Bristow led the successful integration of the two companies, and during his tenure made significant investments in Barrick’s world-class assets to better position Barrick to maintain profitable gold and copper growth.

Fourmile

In September 2025, we presented an update on the 100% owned Fourmile project in Nevada, further establishing its status as one of the most important discoveries this century. Refer to page 31 for more information.

Hemlo sale

On September 11, 2025, Barrick announced that it reached an agreement to sell the Hemlo Gold Mine (“Hemlo”) in Canada to Carcetti Capital Corp., which is to be renamed to Hemlo Mining Corp. (“HMC”). The sale agreement provides for gross proceeds of up to $1.09 billion, consisting of $875 million of cash proceeds due on closing, HMC shares with an aggregate value of $50 million, and a production and tiered gold price-linked cash payment structure of up to $165 million starting in January 2027 for a five-year term. The transaction is expected to be completed within Q4 2025 subject to the satisfaction of customary closing conditions and obtaining required regulatory approvals.

Tongon sale

On October 6, 2025, Barrick announced that it reached an agreement to sell its interests in the Tongon gold mine (“Tongon”) and certain of its exploration properties in Côte d’lvoire to the Atlantic Group for total consideration of up to $305 million. The consideration is composed of cash consideration of $192 million, inclusive of a $23 million shareholder loan repayment within six months of closing, and contingent cash payments totalling up to $113 million payable based on the price of gold over 2.5 years and resource conversions over 5 years. The transaction is expected to be completed within Q4 2025 subject to the satisfaction of customary closing conditions.

BARRICK THIRD QUARTER 2025		8		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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Loulo-Gounkoto Mining Conventions Dispute

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

On December 18, 2024, after multiple good faith attempts to resolve the dispute, Somilo and Gounkoto submitted a request for arbitration to ICSID in accordance with the provisions of their respective Conventions. On January 14, 2025, due to the restrictions imposed by the Government of Mali on gold shipments, the Company announced that the Loulo-Gounkoto complex would temporarily suspend operations.

On June 16, 2025, the Bamako Commercial Tribunal placed Loulo-Gounkoto under a temporary provisional administration. While Barrick retains its 80% legal ownership of the mine, operational control has been transferred to an external administrator. As a result of this loss of control event, the assets, liabilities and non-controlling interest of Loulo-Gounkoto were deconsolidated and derecognized and a retained investment was recognized at fair value.

For more information, refer to notes 17 and 18 of the Financial Statements.

Donlin Sale

On April 22, 2025, Barrick announced it had entered into an agreement to sell its 50% interest in the Donlin Gold project located in Alaska, USA to affiliates of Paulson Advisers LLC and NOVAGOLD Resources Inc. (“NOVAGOLD”) for total cash consideration of $1 billion. In addition, Barrick has granted NOVAGOLD an option to purchase the outstanding debt owed to Barrick (value of $164 million as at September 30, 2025 and presented in Other Assets) in connection with the Donlin Gold project for $90 million if purchased prior to closing (which was not exercised), or for $100 million if purchased within 18 months from closing, when the option expires. If that option is not exercised, the debt will remain outstanding, substantially in accordance with its existing terms which would largely defer repayment to the commencement of production.

The transaction closed on June 3, 2025 and we recognized a gain on sale of $745 million in Q2 2025. In addition, NOVAGOLD retains the option to purchase the outstanding debt for $100 million within 18 months from closing.

Alturas Sale

On August 8, 2025, Barrick announced that it has reached an agreement to sell the Alturas Project in Chile to a subsidiary of Boroo Pte Ltd (Singapore) (“Boroo”) for an up-front cash payment of $50 million. In addition, Barrick will be granted a 0.5% net smelter return royalty on gold and silver produced from the Project, which will terminate once 2 million ounces of gold and gold-equivalent have been produced. Boroo may repurchase the royalty within four years from closing for $10 million. The transaction closed on November 7, 2025.

Name and Ticker Change

At the Company’s Annual and Special Meeting of Shareholders on May 6, 2025, Barrick’s shareholders approved the change of the Company’s corporate name from Barrick Gold Corporation to Barrick Mining

Corporation, which was made effective on that date. In addition, as of May 9, 2025, Barrick’s ticker on the New York Stock Exchange changed to “B” from “GOLD”, better reflecting Barrick’s current business and our mission to achieve sustainable and profitable gold and copper growth. Barrick’s ticker on the TSX remains unchanged.

Board of Directors Changes

Also at the Company’s Annual and Special Meeting of Shareholders on May 6, 2025, two new independent directors were elected to the Board of Directors: Ben van Beurden and Pekka Vauramo. They replace Christopher Coleman and Andrew Quinn who have retired from the Board.

At the August 8, 2025 meeting, the Board of Directors appointed Ben van Beurden as Lead Director, succeeding Brett Harvey who continues to serve on the Board as an independent director. Mr. van Beurden, former CEO of Shell, brings nearly four decades of global leadership in the energy and natural resource sectors.

Increased Dividend

On November 7, 2025 the Board of Directors approved a 25% increase in the quarterly base dividend to $0.125 per share, effective for the Q3 2025 dividend that will be paid on December 15, 2025 to shareholders of record at the close of business on November 28, 2025.Refer to page 38 for further details of our dividend policy, including our performance dividend.

Share Buyback Program

At the February 11, 2025 meeting, the Board of Directors authorized a new share buyback program for the purchase of up to $1.0 billion of Barrick’s outstanding common shares over the next 12 months. Barrick repurchased $589 million of shares in Q3 2025, following repurchases of $268 million and $143 million of shares in Q2 2025 and Q1 2025, respectively, bringing the YTD 2025 to $1.0 billion purchased under this share buyback program. At the November 7, 2025 meeting, the Board of Directors authorized an increase in the share buyback program for the repurchase of up to an additional $500 million of the Company’s outstanding common shares before the program expires in February 2026.

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, overall 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.

BARRICK THIRD QUARTER 2025		9		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 13 of our fourth quarter and full year 2024 MD&A for a full description of governance, strategy, risk management and targets. Key updates for 2025 are summarized below:

After nearly twelve months of fatality free operations throughout the group there were unfortunately three fatalities in the later part of the year.

A previously recorded LTI at Kibali in Q2 has unfortunately been reclassified as a fatality after an employee sadly succumbed to their injuries after nearly two months of treatment in hospital. During Q3, on September 29, an employee at the Goldrush Underground mine in NGM sustained fatal injuries while operating a loader in a stope. The investigation into this incident is ongoing. In October, we had a fatality at Bulyanhulu in Tanzania in the underground. The investigation is currently underway.

These tragic events have deepened our commitment to the Journey to Zero, reminding us of the critical importance of safety and the power of our shared responsibility. 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 progress. The group recorded a Q3 TRIFR^3^ of 0.76 and an LTIFR^3^ of 0.11.

During Q3, we undertook over 36,000 CCVs across the group. The tracking and reporting on leading indicators continues at all sites focused on the completion of CCVs before tasks and implementing corrective actions where identified. These serve as proactive measures, quantifying prevention efforts and anticipating incidents before they occur.

Barrick continues to roll out its climate risk assessments, the Barrick Biodiversity Residual Impact Assessment tool, and development of community based socio-economic metrics aligned to the UN SDGs across all sites, as published in our annual Sustainability Report for 2024, available on Barrick’s website and is not incorporated by reference into, and is not a part of, this MD&A. The report included the forecasting of Barrick’s GHG emissions in line with its expansion projects and increased production outlook towards the end of the decade, along with associated revised GHG targets.

During Q3 2025, the Group’s total Scope 1 and 2 (location-based) GHG emissions were 2,001 kt CO2-e. Absolute emissions are trending 3% higher than 2024, however emissions have increased on a relative basis compared to 2024 as 2024 emissions included the continued operation of Loulo-Gounkoto.

The TSF disclosures as per the Global Industry Standard on Tailings Management are available on Barrick’s website and are not incorporated by reference into, and are not a part of, this MD&A.

	For the three months ended
	****	9/30/2025^a^	****	6/30/2025	^a^	9/30/24
LTIFR3	0.11		0.05		0.00
TRIFR3	0.76		0.57		0.71
Community Development Spend<br>( millions)	17		15		12
Class 14 Environmental Incidents	0		0		0
GHG Scope 1 and 2 emissions (kt CO2-e)<br>(location based)	2,001		1,898		1,852
Water Recycling and Reuse Rate	81 %		81 %		84 %

All values are in US Dollars.

^a.^	Data presented is provisional data and is subject to change as a result of external assurance during annual reporting.<br>
BARRICK THIRD QUARTER 2025		10		MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 2025 Outlook

We continue to expect our 2025 gold production to be in the range of 3.15 to 3.50 million ounces albeit in the lower half. Furthermore, we continue to expect Q4 to be the highest quarter of the year. This is driven by the timing of shutdowns that occurred earlier in the year, the Goldrush ramp-up and mine sequencing across the NGM sites, the 35 day shutdown at Pueblo Viejo in Q1, and grade variability across the other mines. Offsetting this, the divestiture of both Hemlo and Tongon will impact the production outcome for the year with both transactions expected to close during Q4 2025.

Our 2025 gold cost guidance remains unchanged noting the ranges in the table to the right are based on a gold price assumption of $2,400/oz. Given the expectation is that the average gold price for the year is likely to be around $3,400/oz, applying our previously disclosed sensitivity would result in all our cost guidance ranges increasing by $50/oz, with the impact as follows: COS/oz^2^of $1,510 to $1,610, TCC/oz^1^ of $1,100 to $1,180 and AISC/oz^1^ of $1,510 to $1,610. This cost sensitivity of $5/oz for every $100/oz change in the gold price is driven by the higher royalties that flow through from the higher gold price. Taking this impact into account, we are on track to achieve our 2025 gold cost guidance metrics adjusted for the gold price, albeit at the higher end of the gold price adjusted range.

We continue to expect 2025 copper production to be in the range of 200 to 230 thousand tonnes and close to the midpoint of the range. Copper production for Q4 is expected to be similar to the result for Q2 and Q3 whereas Q1 was the lowest quarter of the year mainly driven by grade at Lumwana as per the mine plan. We are on track to achieve our copper cost guidance metrics for 2025, which are based on a LME copper price assumption of $4.00/lb. With a cost sensitivity of $0.01/lb per $0.25/lb change in the copper price, we do not expect the impact of higher copper royalties to be as significant as the impact of higher gold royalties as discussed above.

Further detail on our 2025 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 11, 2025 and as qualified by the comments above.

Company Guidance	2025
( millions, except per oz/lb<br>data)	Estimate
Gold production (millions of ounces)	3.15 - 3.50
Gold cost metrics
COS - gold (/oz)	1,460 - 1,560
TCC (/oz)a	1,050 - 1,130
Depreciation (/oz)	370 - 400
AISC<br>(/oz)a	1,460 - 1,560
Copper production (thousands of tonnes)	200 - 230
Copper cost metrics
COS - copper (/lb)	2.50 - 2.80
C1 cash costs (/lb)a	1.80 - 2.10
Depreciation (/lb)	0.75 - 0.85
AISC<br>(/lb)a	2.80 - 3.10
Exploration and project expenses	330 - 370
Exploration and evaluation	220 - 240
Project expenses	110 - 130
General and administrative expenses	~160
Corporate administration	~120
Share-based compensationb	~40
Other expense	70 - 90
Finance costs, net	270 - 310
Attributable capital expenditures:
Attributable minesite sustaininga	1,400 - 1,650
Attributable<br>projecta	1,700 - 1,950
Total attributable capital expenditures	3,100 - 3,600
Effective income tax ratec	26% - 30%
Key assumptions (used for guidance)
Gold Price (/oz)	2,400
Copper Price (/lb)	4.00
Oil Price (WTI) (/barrel)	80
AUD Exchange Rate (AUD:)	0.75
ARS Exchange Rate (:ARS)	1,000
CAD Exchange Rate (:CAD)	1.30
CLP Exchange Rate (:CLP)	900
Exchange Rate (:)	1.10

All values are in US Dollars.

a.	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
b.	Based on a one-month trailing average ending December 31, 2024 of US$16.39 per share.
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c.	Based on key assumptions included in this table.<br>
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BARRICK THIRD QUARTER 2025		11		MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 2025 forecast gold and copper production, COS^a^, TCC^b^, AISC^b^, and C1 cash costs^b^ ranges by operating division were originally released on February 12, 2025 as follows:

Operating Division		2025 forecast attributable<br>production (koz)			2025 forecast COSa(/oz)		2025 forecast TCCb  (/oz)		2025 forecast AISCb  (/oz)
Gold
Carlin (61.5%)			705 - 785			1,470 - 1,570			1,140 - 1,220			1,630  -  1,730
Cortez (61.5%)^c^			420 - 470			1,420 - 1,520			1,050 - 1,130			1,370 - 1,470
Turquoise Ridge (61.5%)			310 - 345			1,370 - 1,470			1,000 - 1,080			1,260 - 1,360
Phoenix (61.5%)			85 - 105			2,070 - 2,170			890 - 970			1,240 - 1,340
Nevada Gold Mines (61.5%)			1,540 - 1,700			1,470 - 1,570			1,070 - 1,150			1,460 - 1,560
Hemlo			140 - 160			1,500 - 1,600			1,200 - 1,280			1,600 - 1,700
Pueblo Viejo (60%)			370 - 410			1,540 - 1,640			910 - 990			1,280 - 1,380
Veladero (50%)			190 - 220			1,390 - 1,490			890 - 970			1,570 - 1,670
Porgera (24.5%)			70 - 95			1,510 - 1,610			1,210 - 1,290			1,770 - 1,870
Loulo-Gounkoto (80%)^d^			—			—			—			—
Kibali (45%)			310 - 340			1,280 - 1,380			940 - 1,020			1,130 - 1,230
North Mara (84%)			230 - 260			1,370 - 1,470			1,020 - 1,100			1,400 - 1,500
Bulyanhulu (84%)			150 - 180			1,470 - 1,570			1,010 - 1,090			1,540 - 1,640
Tongon (89.7%)			110 - 140			1,790 - 1,890			1,570 - 1,650			1,660 - 1,760
Total Attributable to Barrick^e,f,g^			3,150 - 3,500			1,460 - 1,560			1,050 - 1,130			1,460 - 1,560
		2025 forecast attributable<br>production (kt)			2025 forecast COSa (/lb)		2025 forecast C1 cash  costsb<br>(/lb)		2025 forecast AISCb  (/lb)
Copper
Lumwana			125 - 155			2.30 - 2.60			1.60 - 1.90			2.80 - 3.10
Zaldívar (50%)			40 - 45			3.60 - 3.90			2.70 - 3.00			3.50 - 3.80
Jabal Sayid (50%)			25 - 35			2.00 - 2.30			1.60 - 1.90			1.80 - 2.10
Total Copper^g^			200 - 230			2.50 - 2.80			1.80 - 2.10			2.80 - 3.10

All values are in US Dollars.

a.	Gold COS/oz 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). Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s<br>ownership share).
b.	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43 to<br>58 of this MD&A.
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c.	Includes Goldrush.
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d.	As a result of the temporary suspension of operations at Loulo-Gounkoto in January, Loulo-Gounkoto was excluded from our<br>2025 production guidance at the time it was issued in February (refer to page 8 for more information).
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e.	TCC/oz and AISC/oz include costs allocated to non-operating sites.
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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.
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g.	Includes corporate administration costs.
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BARRICK THIRD QUARTER 2025		12		MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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). Starting with the Q2 2025 MD&A, the discussion on Loulo-Gounkoto is presented in the “Other Mines - Gold” section as no operating or per ounce data is provided as a result of the temporary suspension of operations starting January 14, 2025, and subsequent loss of control on June 16, 2025.

The remaining operating segments, including our remaining gold and copper mines, have been grouped into an “Other Mines” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income.

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

Summary of Operating and Financial Data

						For the three months ended												For the nine months ended
		9/30/25				6/30/25			% Change		9/30/24			% Change				9/30/25				9/30/24			% Change
Total tonnes mined (000s)	****	34,963	****			37,304		(6)%			38,111		(8)%				****	109,228	****			119,603		(9)%
Open pit ore	****	5,080	****			3,988		27 %			5,002		2 %				****	13,042	****			15,113		(14)%
Open pit waste	****	28,239	****			31,724		(11)%			31,639		(11)%				****	91,497	****			100,078		(9)%
Underground	****	1,644	****			1,592		3 %			1,470		12 %				****	4,689	****			4,412		6 %
Average grade (grams/tonne)
Open pit mined	****	0.96	****			0.96		0 %			1.17		(18)%				****	0.97	****			1.01		(4)%
Underground mined	****	8.46	****			8.16		4 %			8.46		0 %				****	8.10	****			8.45		(4)%
Processed	****	2.75	****			2.97		(7)%			2.91		(5)%				****	2.74	****			2.67		3 %
Ore tonnes processed (000s)	****	6,247	****			5,941		5 %			5,125		22 %				****	18,331	****			18,350		0 %
Oxide mill	****	1,906	****			1,847		3 %			1,970		(3)%				****	5,633	****			6,260		(10)%
Roaster	****	1,329	****			1,362		(2)%			1,191		12 %				****	3,817	****			3,886		(2)%
Autoclave	****	1,126	****			929		21 %			945		19 %				****	3,153	****			3,179		(1)%
Heap leach	****	1,886	****			1,803		5 %			1,019		85 %				****	5,728	****			5,025		14%
Recovery rate	****	83 %	****			82 %		1 %			83 %		0 %				****	82 %	****			83 %		(1)%
Oxide Mill	****	82 %	****			79 %		4 %			78 %		5 %				****	79 %	****			78 %		1 %
Roaster	****	86 %	****			86 %		0 %			86 %		0 %				****	86 %	****			86 %		0 %
Autoclave	****	78 %	****			77 %		1 %			82 %		(5)%				****	79 %	****			81 %		(2)%
Gold produced (000s oz)	****	402	****			381		6 %			385		4 %				****	1,125	****			1,206		(7)%
Oxide mill	****	71	****			77		(8)%			75		(5)%				****	220	****			232		(5)%
Roaster	****	222	****			212		5 %			198		12 %				****	606	****			622		(3)%
Autoclave	****	100	****			82		22 %			91		10 %				****	268	****			270		(1)%
Heap leach	****	9	****			10		(10)%			21		(57)%				****	31	****			82		(62)%
Gold sold (000s oz)	****	406	****			376		8 %			387		5 %				****	1,127	****			1,211		(7)%
Revenue ( millions)	****	1,467	****			1,272		15 %			1,008		46 %				****	3,769	****			2,892		30 %
Cost of sales ( millions)	****	633	****			637		(1)%			612		3 %				****	1,840	****			1,816		1 %
Income ( millions)	****	828	****			624		33 %			383		116 %				****	1,905	****			1,042		83 %
EBITDA (<br>millions)b,c	****	962	****			742		30 %			500		92 %				****	2,270	****			1,412		61 %
EBITDA margind	****	66 %	****			58 %		14 %			50 %		32 %				****	60 %	****			49 %		22 %
Capital expenditures (<br>millions)e	****	168	****			201		(16)%			193		(13)%				****	626	****			647		(3)%
Minesite sustainingb	****	107	****			151		(29)%			154		(31)%				****	467	****			537		(13)%
Projectb	****	60	****			48		25 %			38		58 %				****	156	****			106		47 %
COS (/oz)	****	1,557	****			1,685		(8)%			1,553		0 %				****	1,626	****			1,481		10 %
TCC (/oz)b	****	1,156	****			1,319		(12)%			1,205		(4)%				****	1,245	****			1,128		10 %
AISC<br>(/oz)b	****	1,448	****			1,749		(17)%			1,633		(11)%				****	1,687	****			1,600		5 %

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 and Phoenix.
^b.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
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^c.^	EBITDA represents income less depreciation. Depreciation expense is $134 million and $365 million for Q3 2025 and YTD<br>2025, respectively (Q2 2025: $118 million, Q3 2024: $117 million, YTD 2024: $370 million).
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^d.^	Represents EBITDA divided by revenue.
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^e.^	Includes capitalized interest.
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NGM includes Carlin, Cortez, Turquoise Ridge, Phoenix and non-mine site related activity. Barrick is the operator of the joint venture and owns 61.5%, with Newmont owning the remaining 38.5%. Refer to pages 14 to 19 and 28 for a detailed discussion of each minesite’s results.

BARRICK THIRD QUARTER 2025		13		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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
		9/30/25				6/30/25			% Change		9/30/24			% Change				9/30/25				9/30/24			% Change
Total tonnes mined (000s)	****	14,692	****			16,042		(8)%			14,469		2 %				****	47,444	****			45,779		4 %
Open pit ore	****	1,062	****			378		181 %			1,013		5 %				****	1,568	****			2,230		(30)%
Open pit waste	****	12,760	****			14,814		(14)%			12,613		1 %				****	43,360	****			41,006		6 %
Underground	****	870	****			850		2 %			843		3 %				****	2,516	****			2,543		(1)%
Average grade (grams/tonne)
Open pit mined	****	2.21	****			1.38		60 %			1.65		34 %				****	1.93	****			1.73		12 %
Underground mined	****	7.29	****			7.28		0 %			7.63		(4)%				****	7.28	****			7.69		(5)%
Processed	****	4.41	****			4.50		(2)%			4.47		(1)%				****	4.30	****			4.21		2 %
Ore tonnes processed (000s)	****	1,430	****			1,432		0 %			1,505		(5)%				****	4,239	****			5,113		(17)%
Roasters	****	926	****			1,049		(12)%			994		(7)%				****	2,835	****			3,345		(15)%
Autoclave	****	504	****			305		65 %			511		(1)%				****	1,308	****			1,768		(26)%
Heap leach	****	0	****			78		(100)%			0		0 %				****	96	****			0		100 %
Recovery rate	****	80 %	****			81 %		(1)%			84 %		(5)%				****	81 %	****			83 %		(2)%
Roasters	****	85 %	****			85 %		0 %			86 %		(1)%				****	84 %	****			84 %		0 %
Autoclave	****	54 %	****			43 %		26 %			72 %		(25)%				****	55 %	****			71 %		(23)%
Gold produced (000s oz)	****	165	****			170		(3)%			182		(9)%				****	480	****			589		(19)%
Roasters	****	149	****			157		(5)%			160		(7)%				****	431	****			502		(14)%
Autoclave	****	13	****			10		30 %			18		(28)%				****	39	****			71		(45)%
Heap leach	****	3	****			3		0 %			4		(25)%				****	10	****			16		(38)%
Gold sold (000s oz)	****	170	****			166		2 %			183		(7)%				****	478	****			592		(19)%
Revenue ( millions)	****	602	****			552		9 %			466		29 %				****	1,571	****			1,378		14 %
Cost of sales ( millions)	****	254	****			264		(4)%			277		(8)%				****	764	****			848		(10)%
Income ( millions)	****	345	****			285		21 %			186		85 %				****	798	****			520		53 %
EBITDA ( millions)a,b	****	394	****			327		20 %			229		72 %				****	927	****			663		40 %
EBITDA marginc	****	65 %	****			59 %		10 %			49 %		33 %				****	59 %	****			48 %		23 %
Capital expenditures ( millions)d	****	90	****			98		(8)%			104		(13)%				****	362	****			359		1 %
Minesite sustaininga	****	71	****			78		(9)%			91		(22)%				****	305	****			334		(9)%
Projecta	****	18	****			18		0 %			13		38 %				****	54	****			25		116 %
COS (/oz)	****	1,493	****			1,589		(6)%			1,478		1 %				****	1,594	****			1,410		13 %
TCC (/oz)a	****	1,201	****			1,330		(10)%			1,249		(4)%				****	1,323	****			1,171		13 %
AISC<br>(/oz)a	****	1,643	****			1,826		(10)%			1,771		(7)%				****	1,982	****			1,753		13 %

All values are in US Dollars.

^a.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
^b.^	EBITDA represents income less depreciation. Depreciation expense is $49 million and $129 million for Q3 2025 and YTD<br>2025, respectively (Q2 2025: $42 million, Q3 2024: $43 million, YTD 2024: $143 million).
---	---
^c.^	Represents EBITDA divided by revenue.
---	---
^d.^	Includes capitalized interest.
---	---

Safety and Environment

For the three months ended
		9/30/25				6/30/25
LTI		****	0	****			0
LTIFR^3^		****	0.00	****			0.00
TRIFR^3^		****	2.11	****			0.80
Class 1^4^<br>environmental incidents		****	0	****			0

Financial Results

Q3 2025 compared to Q2 2025

Underground mining across the Carlin operations continued its progressive improvement journey delivering higher tonnes versus Q2 2025 and open pit mining continued to track well on both costs and tonnes. On the processing side, the Goldstrike roaster experienced a failure of one of the gas emissions circuits resulting in the loss of seven days of production at the end of the quarter. This circuit

has now been rectified. In addition, there was unplanned downtime at the Gold Quarry roaster earlier in Q3 2025 due to excessive scaling. We now expect that Carlin’s production will be just below the low end of the guidance range for 2025.

Gold production in Q3 2025 was 3% lower compared to Q2 2025 primarily due to the unplanned downtime at the Goldstrike roaster referred to above. This was partially offset by higher autoclave throughput which was driven by higher ore tonnes processed from the open pit operations and higher Gold Quarry Roaster production following the shut down in Q2 2025. Recovery at the autoclave also saw a marked improvement in Q3 2025 due to transitioning back to an acid feed.

COS/oz^2^ and TCC/oz^1^ in Q3 2025 were 6% and 10% lower, respectively, than Q2 2025, which mainly reflected higher fixed cost dilution driven by the higher sales volumes combined with improved contained ounces mined

BARRICK THIRD QUARTER 2025		14		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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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for the quarter. In Q3 2025, AISC/oz^1^ was 10% lower than Q2 2025, driven by lower TCC/oz^1^, combined with lower minesite sustaining capital expenditures^1^.

Capital expenditures decreased by 8% compared to Q2 2025 mainly due to lower minesite sustaining capital expenditures^1^ from lower open pit waste stripping.

Q3 2025 compared to Q3 2024

Gold production for Q3 2025 was 9% lower than Q3 2024, primarily due to lower tonnes processed at the roasters (as explained above), combined with lower grades processed resulting from lower grades mined from the underground operations. Production was also lower at the autoclave due to lower recoveries owing to a lower acid blend compared to the prior year quarter.

COS/oz^2^ for Q3 2025 was in line with Q3 2024, as higher depreciation expense was offset by lower TCC/oz^1^. TCC/oz^1^was 4% lower, primarily due to lower open pit mining costs resulting from the operation of the new Komatsu-930 truck fleet which delivered higher availability and lower fleet maintenance costs, partially offset by lower fixed cost dilution driven by the lower sales volumes. For Q3 2025, AISC/oz^1^ was 7% lower than Q3 2024 owing to lower TCC/oz^1^ combined with lower minesite sustaining capital expenditures^1^.

Capital expenditures were 13% lower than Q3 2024, mainly due to lower minesite sustaining capital expenditures^1^ driven by purchases of the Komatsu-930 truck fleet occurring in Q3 2024, partially offset by higher open pit waste stripping in Q3 2025. Project capital expenditures^1^ increased due to the advancement and continuation of the Ren project.

YTD 2025 compared to YTD 2024

Gold production for YTD 2025 was 19% lower than YTD 2024, mainly due to a decrease in tonnes processed at the autoclave driven by proactive maintenance and less Carlin material processed at the autoclave as Cortez refractory ore was processed instead to the overall benefit of NGM. This was combined with lower recoveries at the autoclave owing to a lower acid blend compared to the prior year period. This was further impacted by a higher proportion of higher grade Cortez refractory ore processed at the Carlin roasters compared to YTD 2024 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).

COS/oz^2^ and TCC/oz^1^ for YTD 2025 were both 13% higher than YTD 2024, primarily due to lower tonnes processed and lower recoveries at the autoclave, and lower fixed cost dilution as a result. This was partially offset by lower open pit mining costs resulting from the operation of the new Komatsu-930 truck fleet which has delivered higher availability and lower fleet maintenance costs. For YTD 2025, AISC/oz^1^was 13% higher than YTD 2024, mainly due to higher TCC/oz^1^, partially offset by lower minesite sustaining capital expenditures^1^.

Capital expenditures were in line with YTD 2024 driven by lower minesite sustaining capital expenditures^1^primarily due to the purchase of the Komatsu-930 truck fleet occurring in YTD 2024 and lower open pit waste stripping, offset by higher project capital expenditures^1^relating to the continuation of the Ren project.

BARRICK THIRD QUARTER 2025		15		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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%), Nevada, USA

Summary of Operating and Financial Data

						For the three months ended												For the nine months ended
		9/30/25				6/30/25			% Change		9/30/24			% Change				9/30/25				9/30/24			% Change
Total tonnes mined (000s)	****	13,699	****			14,639		(6)%			17,292		(21)%				****	42,735	****			53,521		(20)%
Open pit ore	****	1,777	****			1,092		63 %			1,421		25 %				****	4,260	****			4,497		(5)%
Open pit waste	****	11,372	****			13,019		(13)%			15,445		(26)%				****	36,941	****			47,755		(23)%
Underground	****	550	****			528		4 %			426		29 %				****	1,534	****			1,269		21 %
Average grade (grams/tonne)
Open pit mined	****	1.16	****			0.99		17 %			1.60		(28)%				****	1.11	****			1.06		5 %
Underground mined	****	8.06	****			7.88		2 %			7.13		13 %				****	7.51	****			8.11		(7)%
Processed	****	2.26	****			2.69		(16)%			2.25		0 %				****	2.26	****			2.03		11 %
Ore tonnes processed (000s)	****	2,028	****			1,553		31 %			1,542		32 %				****	5,363	****			5,320		1 %
Oxide mill	****	538	****			455		18 %			567		(5)%				****	1,519	****			1,837		(17)%
Roasters	****	403	****			313		29 %			197		105 %				****	982	****			541		82 %
Autoclave	****	44	****			128		(66)%			n/a		100 %				****	185	****			n/a		100 %
Heap leach	****	1,043	****			657		59 %			778		34 %				****	2,677	****			2,942		(9)%
Recovery rate	****	83 %	****			82 %		1 %			82 %		1 %				****	83 %	****			83 %		0 %
Oxide Mill	****	79 %	****			82 %		(4)%			79 %		0 %				****	81 %	****			79 %		3 %
Roasters	****	88 %	****			89 %		(1)%			87 %		1 %				****	88 %	****			88 %		0 %
Autoclave	****	45 %	****			46 %		(2)%			n/a		n/a				****	46 %	****			n/a		n/a
Gold produced (000s oz)	****	124	****			108		15 %			98		27 %				****	324	****			319		2 %
Oxide Mill	****	40	****			45		(11)%			44		(9)%				****	122	****			138		(12)%
Roasters	****	73	****			55		33 %			37		97 %				****	174	****			117		49 %
Autoclave	****	5	****			1		400 %			n/a		100 %				****	7	****			n/a		100 %
Heap leach	****	6	****			7		(14)%			17		(65)%				****	21	****			64		(67)%
Gold sold (000s oz)	****	123	****			107		15 %			99		24 %				****	326	****			321		2 %
Revenue ( millions)	****	438	****			356		23 %			252		74 %				****	1,075	****			743		45 %
Cost of sales ( millions)	****	198	****			181		9 %			152		30 %				****	527	****			450		17 %
Income ( millions)	****	238	****			173		38 %			98		143 %				****	542	****			286		90 %
EBITDA ( millions)a,b	****	283	****			211		34 %			132		114 %				****	660	****			401		65 %
EBITDA marginc	****	65 %	****			59 %		10 %			52 %		25 %				****	61 %	****			54 %		13 %
Capital expenditures ( millions)	****	56	****			75		(25)%			59		(5)%				****	191	****			185		3 %
Minesite sustaininga	****	15	****			45		(67)%			35		(57)%				****	92	****			119		(23)%
Projecta	****	41	****			30		37 %			24		71 %				****	99	****			66		50 %
COS (/oz)	****	1,612	****			1,687		(4)%			1,526		6 %				****	1,616	****			1,401		15 %
TCC (/oz)a	****	1,242	****			1,326		(6)%			1,180		5 %				****	1,249	****			1,039		20 %
AISC<br>(/oz)a	****	1,407	****			1,774		(21)%			1,570		(10)%				****	1,566	****			1,445		8 %

All values are in US Dollars.

^a.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
^b.^	EBITDA represents income less depreciation. Depreciation expense is $45 million and $118 million for Q3 2025 and YTD<br>2025, respectively (Q2 2025: $38 million, Q3 2024: $34 million, YTD 2024: $115 million).
---	---
^c.^	Represents EBITDA divided by revenue.
---	---

Safety and Environment

For the three months ended
		9/30/25				6/30/25
LTI		****	0	****			0
LTIFR^3^		****	0.00	****			0.00
TRIFR^3^		****	5.29	****			0.88
Class 1^4^<br>environmental incidents		****	0	****			0

On September 29, 2025, a fatal tragedy at the Goldrush underground mine resulted in the loss of an employee. Please refer to page 9 for further details on our safety initiatives.

Financial Results

Q3 2025 compared to Q2 2025

Underground delivery at Cortez continued its steady increase in Q3 as the Goldrush ramp-up further progressed. We continue to expect a strong Q4 from Cortez driven by the ongoing ramp-up of the Goldrush underground and high-grade ore from Cortez Pits Phase 1 before mining ends in Q4. Cortez is now expecting to end the year in the top half of the production guidance range for 2025.

Gold production in Q3 2025 was 15% higher than Q2 2025, primarily driven by an increase in underground ore processed at the Carlin roasters and at the oxide mill combined with higher underground grades mined. This was also combined with a 63% increase in open pit ore and a

BARRICK THIRD QUARTER 2025		16		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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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17% increase in open pit grade mined, consistent with the planned mining sequence.

COS/oz^2^ and TCC/oz^1^ in Q3 2025 were 4% and 6% lower, respectively, than Q2 2025, primarily reflecting higher fixed cost dilution driven by higher sales volume, partially offset by less capitalized stripping at Crossroads phase 6. In Q3 2025, AISC/oz^1^ was 21% lower than Q2 2025, driven by lower TCC/oz^1^, combined with lower minesite sustaining capital expenditures^1^.

Capital expenditures in Q3 2025 were 25% lower than Q2 2025 due to lower minesite sustaining capital expenditures^1^ primarily related to the end of waste stripping at Crossroads Phase 6 and timing of equipment deliveries. This was partially offset by project capital expenditures^1^ that increased by 37% in Q3 2025 with the start of the autonomous haul truck project and ongoing ramp-up at Goldrush.

Q3 2025 compared to Q3 2024

Gold production for Q3 2025 was 27% higher than Q3 2024, primarily driven by increased underground ore shipped and processed at the Carlin roasters, combined with higher underground grades mined, driven in large part by the ramp-up at Goldrush. This was combined with a 25% increase in open pit ore mined, consistent with the planned mining sequence.

COS/oz^2^ and TCC/oz^1^ for Q3 2025 were 6% and 5% higher, respectively, than Q3 2024, reflecting an increased proportion of higher cost refractory ounces processed at the Carlin roasters and autoclave. For Q3 2025, AISC/oz^1^ was 10% lower than Q3 2024 as higher TCC/oz^1^ were more than offset by lower minesite sustaining capital expenditures^1^.

Capital expenditures in Q3 2025 were 5% lower than Q3 2024, largely due to lower sustaining capital expenditures^1^ due to the end of waste stripping at Crossroads Phase 6, partially offset by higher project capital expenditures^1^ with the start of the autonomous haul truck project and ongoing ramp-up at Goldrush.

YTD 2025 compared to YTD 2024

Gold production for YTD 2025 was 2% higher than YTD 2024 resulting from an increase in refractory ore shipped and processed at the Carlin roasters and autoclave, partially offset by lower underground grades mined 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.

COS/oz^2^ and TCC/oz^1^ for YTD 2025 were 15% and 20% higher, respectively, than YTD 2024, reflecting an increased proportion of higher-cost refractory ounces processed at Carlin in the sales mix. For YTD 2025, AISC/oz^1^ increased by 8% compared to YTD 2024, due to higher TCC/oz^1^, partially offset by lower minesite sustaining capital expenditures^1^.

Capital expenditures for YTD 2025 were 3% higher than YTD 2024, due to an increase in project capital expenditures^1^ driven by the ongoing ramp-up at Goldrush and start of the autonomous haul truck project, partially offset by lower minesite sustaining capital expenditures^1^due to lower waste stripping in Crossroads Phase 6.

BARRICK THIRD QUARTER 2025		17		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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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Turquoise Ridge (61.5%), Nevada, USA

Summary of Operating and Financial Data

						For the three months ended																For the nine months ended
		9/30/25				6/30/25			% Change			9/30/24			% Change							9/30/25				9/30/24			% Change
Total tonnes mined (000s)	****	430	****			221			95 %			758			(43)%						****	852	****			2,057		(59)%
Open pit ore	****	54	****			0			100 %			82			(34)%						****	54	****			82		(34)%
Open pit waste	****	152	****			7			2,071 %			475			(68)%						****	159	****			1,375		(88)%
Underground	****	224	****			214			5 %			201			11 %						****	639	****			600		7 %
Average grade (grams/tonne)
Open pit mined	****	1.51	****			n/a			n/a			1.36			11 %						****	1.51	****			1.36		11 %
Underground mined	****	13.02	****			11.93			9 %			13.89			(6)%						****	11.91	****			11.96		0 %
Processed	****	4.61	****			4.74			(3)%			5.69			(19)%						****	4.46	****			4.71		(5)%
Ore tonnes processed (000s)	****	650	****			570			14 %			503			29 %						****	1,875	****			1,617		16 %
Oxide Mill	****	72	****			74			(3)%			69			4 %						****	215	****			206		4 %
Autoclave	****	578	****			496			17 %			434			33 %						****	1,660	****			1,411		18 %
Recovery rate	****	87 %	****			89 %			(2)%			84 %			4 %						****	87 %	****			85 %		2 %
Oxide Mill	****	86 %	****			85 %			1 %			82 %			5 %						****	85 %	****			84 %		1 %
Autoclave	****	87 %	****			89 %			(2)%			84 %			4 %						****	87 %	****			85 %		2 %
Gold produced (000s oz)	****	86	****			76			13 %			76			13 %						****	236	****			210		12 %
Oxide Mill	****	4	****			5			(20)%			3			33 %						****	14	****			9		56 %
Autoclave	****	82	****			71			15 %			73			12 %						****	222	****			199		12 %
Heap leach	****	0	****			0			0 %			0			0 %						****	0	****			2		(100)%
Gold sold (000s oz)	****	85	****			75			13 %			77			10 %						****	238	****			209		14 %
Revenue ( millions)	****	301	****			252			19 %			192			57 %						****	777	****			487		60 %
Cost of sales ( millions)	****	123	****			133			(8)%			129			(5)%						****	381	****			349		9 %
Income ( millions)	****	180	****			122			48 %			61			195 %						****	401	****			134		199 %
EBITDA ( millions)a,b	****	209	****			149			40 %			90			132 %						****	486	****			211		130 %
EBITDA marginc	****	69 %	****			59 %			17 %			47 %			47 %						****	63 %	****			43 %		47 %
Capital expenditures ( millions)	****	14	****			16			(13)%			16			(13)%						****	44	****			51		(14)%
Minesite sustaininga	****	13	****			16			(19)%			16			(19)%						****	42	****			50		(16)%
Projecta	****	1	****			0			100 %			0			100 %						****	2	****			1		100 %
COS (/oz)	****	1,452	****			1,761			(18)%			1,674			(13)%						****	1,600	****			1,668		(4)%
TCC (/oz)a	****	1,099	****			1,394			(21)%			1,295			(15)%						****	1,234	****			1,294		(5)%
AISC<br>(/oz)a	****	1,244	****			1,621			(23)%			1,516			(18)%						****	1,417	****			1,554		(9)%

All values are in US Dollars.

^a.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
^b.^	EBITDA represents income less depreciation. Depreciation expense is $29 million and $85 million for Q3 2025 and YTD<br>2025, respectively (Q2 2025: $27 million, Q3 2024: $29 million, YTD 2024: $77 million).
---	---
^c.^	Represents EBITDA divided by revenue.
---	---

Safety and Environment

For the three months ended
		9/30/25				6/30/25
LTI		****	0	****			0
LTIFR^3^		****	0.00	****			0.00
TRIFR^3^		****	0.00	****			0.00
Class 1^4^<br>environmental incidents		****	0	****			0

Financial Results

Q3 2025 compared to Q2 2025

Turquoise Ridge underground continued to deliver on the ore tonnes mined and higher grades as the mining moved into the high-grade zone in the quarter. The focus remains on the ramp up of the underground along with continuing to build on the reliability improvements to the Sage autoclave. We continue to expect that Turquoise Ridge will end the year comfortably within the 2025 production guidance, driven by the combination of the higher ore tonnes and grades mined from the underground.

Gold production in Q3 2025 was 13% higher than Q2 2025, mainly due to higher throughput at the Sage autoclave as a result of the planned shutdown that occurred early in Q2 2025.

COS/oz^2^ and TCC/oz^1^ in Q3 2025 were 18% and 21% lower, respectively, than Q2 2025, primarily due to higher maintenance costs in Q2 2025 related to the planned autoclave shutdown. AISC/oz^1^ was 23% lower than Q2 2025, primarily reflecting lower TCC/oz^1^, combined with decreased minesite sustaining capital expenditures^1^due to lower process improvement and tailings dam capital.

Q3 2025 compared to Q3 2024

Gold production for Q3 2025 was 13% higher than Q3 2024, primarily driven by higher ore tonnes mined from the Turquoise Ridge underground operations. The increase also reflects higher tonnes processed at the Sage autoclave, which had a planned shutdown during Q3 2024.

COS/oz^2^and TCC/oz^1^for Q3 2025 were 13% and 15% lower, respectively, than Q3 2024, primarily owing to

BARRICK THIRD QUARTER 2025		18		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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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higher sales volume and lower processing costs driven by the Q3 2024 shutdown. AISC/oz^1^ was 18% lower than Q3 2024, reflecting lower TCC/oz^1^, combined with lower minesite sustaining capital expenditures^1^due to lower process improvement and mobile equipment capital.

YTD 2025compared to YTD 2024

Gold production for YTD 2025 was 12% higher compared to YTD 2024, primarily due to higher ore tonnes mined from Turquoise Ridge underground as the first half of 2024 was primarily focused on backfill and development. Tonnes processed were 16% higher in YTD 2025 compared to YTD 2024 as we are starting to realize the benefits of the investments made in the Sage autoclave during 2024.

COS/oz^2^and TCC/oz^1^for YTD 2025 were 4% and 5% lower, respectively, compared to YTD 2024 driven by increased underground ore mined combined with higher tonnes processed at the Sage autoclave. AISC/oz^1^decreased by 9% compared to YTD 2024, due to both lower minesite sustaining capital expenditures^1^and decreased TCC/oz^1^.

Capital expenditures for YTD 2025 were 14% lower than YTD 2024 driven by lower mine site sustaining capital expenditures due to lower process improvement, mobile equipment, and underground development capital.

BARRICK THIRD QUARTER 2025	19		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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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Pueblo Viejo (60%)^a^, Dominican Republic

Summary of Operating and Financial Data

					For the three months ended										For the nine months ended
		9/30/25			6/30/25		% Change		9/30/24		% Change				9/30/25			9/30/24		% Change
Open pit tonnes mined (000s)	****	6,303	****		3,876	63 %			3,021	109 %				****	11,561	****		9,466	22 %
Open pit ore	****	1,682	****		673	150 %			2,029	(17)%				****	2,444	****		4,751	(49)%
Open pit waste	****	4,621	****		3,203	44 %			992	366 %				****	9,117	****		4,715	93 %
Average grade (grams/tonne)
Open pit mined	****	2.12	****		2.22	(5)%			2.21	(4)%				****	2.15	****		2.17	(1)%
Processed	****	2.59	****		2.34	11 %			2.58	0 %				****	2.39	****		2.51	(5)%
Autoclave ore tonnes processed (000s)	****	1,717	****		1,611	7 %			1,605	7 %				****	4,622	****		4,353	6 %
Recovery rate	****	77 %	****		77 %	0 %			78 %	(1)%				****	78 %	****		79 %	(1)%
Gold produced (000s oz)	****	107	****		95	13 %			98	9 %				****	276	****		259	7 %
Gold sold (000s oz)	****	108	****		93	16 %			96	13 %				****	277	****		257	8 %
Revenue ( millions)	****	378	****		306	24 %			241	57 %				****	912	****		600	52 %
Cost of sales ( millions)	****	157	****		160	(2)%			140	12 %				****	458	****		395	16 %
Income ( millions)	****	216	****		142	52 %			98	120 %				****	442	****		196	126 %
EBITDA ( millions)b,c	****	263	****		188	40 %			144	83 %				****	579	****		318	82 %
EBITDA margind	****	70 %	****		61 %	15 %			60 %	17 %				****	63 %	****		53 %	19 %
Capital expenditures ( millions)e	****	47	****		56	(16)%			38	24 %				****	149	****		155	(4)%
Minesite sustainingb	****	27	****		37	(27)%			24	13 %				****	100	****		81	23 %
Projectb	****	18	****		16	13 %			12	50 %				****	42	****		52	(19)%
COS (/oz)	****	1,451	****		1,715	(15)%			1,470	(1)%				****	1,653	****		1,538	7 %
TCC (/oz)b	****	929	****		1,147	(19)%			957	(3)%				****	1,074	****		995	8 %
AISC (/oz)b	****	1,198	****		1,552	(23)%			1,221	(2)%				****	1,446	****		1,322	9 %

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 reconciliations, is included on pages 43<br>to 58 of this MD&A.
---	---
^c.^	EBITDA represents income less depreciation. Depreciation expense is $47 million and $137 million for Q3 2025 and YTD<br>2025, respectively (Q2 2025: $46 million, Q3 2024: $46 million, YTD 2024: $122 million).
---	---
^d.^	Represents EBITDA divided by revenue.
---	---
^e.^	Includes capitalized interest.
---	---

Safety and Environment

For the three months ended
		9/30/25				6/30/25
LTI		****	0	****			0
LTIFR^3^		****	0.00	****			0.00
TRIFR^3^		****	0.44	****			0.22
Class 1^4^<br>environmental incidents		****	0	****			0

Financial Results

Q3 2025 compared to Q2 2025

Q3 marked record quarterly throughput with continued benefits from targeted plant improvement initiatives, supporting a 7% increase in throughput compared to the previous quarter. Strong throughput is expected to continue in Q4, supported by further improvements in performance and reliability and the site remains on track to meet full-year guidance.

Gold production in Q3 2025 was 13% higher than Q2 2025, primarily due to higher grade and higher throughput as detailed above.

COS/oz^2^ and TCC/oz^1^ for Q3 2025 were 15% and 19% lower respectively, compared to Q2 2025, primarily reflecting higher production. For Q3 2025, AISC/oz^1^ was 23% lower than Q2 2025, driven by lower TCC/oz^1^ and lower minesite sustaining capital expenditures^1^.

Capital expenditures for Q3 2025 decreased by 16% compared to Q2 2025, mainly due to lower sustaining

capital expenditures^1^ relating to the construction of the Llagal TSF.

Q3 2025 compared to Q3 2024

Gold production for Q3 2025 was 9% higher than Q3 2024, driven by higher tonnes processed following the successfully executed throughput improvement initiatives.

COS/oz^2^ and TCC/oz^1^ for Q3 2025 were 1% and 3% lower, respectively, compared to Q3 2024, primarily reflecting higher production, with TCC/oz^1^ was also aided by higher silver by-product credits. For Q3 2025, AISC/oz^1^was 2% lower than Q3 2024, driven by lower TCC/oz^1^, partially offset by higher minesite sustaining capital expenditures^1^.

Capital expenditures for Q3 2025 increased by 24% compared to Q3 2024, primarily due to increased project capital expenditures^1^ related to the Naranjo TSF and higher minesite sustaining capital expenditures^1^ due to increased activities at the Llagal TSF and the execution of process optimization projects.

YTD 2025 compared to YTD 2024

Gold production for YTD 2025 was 7% higher than YTD 2024, driven by higher throughput resulting from the plant expansion, partially offset by a lower average grade processed driven by the mine and stockpile feed sequence.

COS/oz^2^ and TCC/oz^1^ for YTD 2025 were 7% and 8% higher, respectively, than YTD 2024, primarily due to

BARRICK THIRD QUARTER 2025	20		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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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higher royalties resulting from the higher realized gold price^1^ and increased processing costs. For YTD 2025, AISC/oz^1^ increased by 9% compared to YTD 2024, primarily reflecting higher TCC/oz^1^, and higher minesite sustaining capital expenditures^1^.

Capital expenditures for YTD 2025 decreased by 4% compared to YTD 2024, primarily due to lower project capital expenditures^1^, partially offset by higher sustaining capital expenditures^1^ from the execution of process plant optimization projects.

BARRICK THIRD QUARTER 2025	21		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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
		9/30/25				6/30/25			% Change		9/30/24			% Change				9/30/25				9/30/24			% Change
Total tonnes mined (000s)	****	6,089	****			5,421		12 %			4,615		32 %				****	16,756	****			14,577		15 %
Open pit ore	****	959	****			624		54 %			412		133 %				****	1,975	****			1,414		40 %
Open pit waste	****	4,723	****			4,393		8 %			3,763		26 %				****	13,588	****			11,798		15 %
Underground	****	407	****			404		1 %			440		(8)%				****	1,193	****			1,365		(13)%
Average grade (grams/tonne)
Open pit mined	****	1.49	****			1.45		3 %			1.58		(6)%				****	1.48	****			1.42		4 %
Underground mined	****	4.96	****			5.36		(7)%			4.92		1 %				****	5.11	****			5.20		(2)%
Processed	****	3.15	****			2.73		15 %			2.58		22 %				****	2.75	****			2.79		(1)%
Ore tonnes processed (000s)	****	935	****			946		(1)%			965		(3)%				****	2,812	****			2,856		(2)%
Recovery rate	****	90 %	****			90 %		0 %			89 %		1 %				****	90 %	****			89 %		1 %
Gold produced (000s oz)	****	86	****			75		15 %			71		21 %				****	224	****			229		(2)%
Gold sold (000s oz)	****	84	****			69		22 %			77		9 %				****	220	****			230		(4)%
Revenue ( millions)	****	294	****			226		30 %			193		52 %				****	712	****			534		33 %
Cost of sales ( millions)	****	124	****			108		15 %			111		12 %				****	345	****			304		13 %
Income ( millions)	****	161	****			89		81 %			73		121 %				****	322	****			221		46 %
EBITDA ( millions)b,c	****	199	****			121		64 %			108		84 %				****	424	****			320		33 %
EBITDA margind	****	68 %	****			54 %		26 %			56 %		21 %				****	60 %	****			60 %		0 %
Capital expenditures ( millions)	****	39	****			30		30 %			26		50 %				****	101	****			84		20 %
Minesite sustainingb	****	19	****			10		90 %			12		58 %				****	41	****			43		(5)%
Projectb	****	20	****			20		0 %			14		43 %				****	60	****			41		46 %
COS (/oz)	****	1,482	****			1,565		(5)%			1,441		3 %				****	1,572	****			1,320		19 %
TCC (/oz)b	****	1,019	****			1,094		(7)%			978		4 %				****	1,101	****			884		25 %
AISC (/oz)b	****	1,286	****			1,273		1 %			1,172		10 %				****	1,325	****			1,103		20 %

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<br>joint control have rights to the net assets of the joint venture.
^b.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
---	---
^c.^	EBITDA represents income less depreciation. Depreciation expense is $38 million and $102 million for Q3 2025 and YTD<br>2025, respectively (Q2 2025: $32 million, Q3 2024: $35 million, YTD 2024: $99 million).
---	---
^d.^	Represents EBITDA divided by revenue.
---	---

Safety and Environment

For the three months ended
		9/30/25				6/30/25
LTI		****	2	****			2
LTIFR^3^		****	0.37	****			0.39
TRIFR^3^		****	0.75	****			1.77
Class 1^4^<br>environmental incidents		****	0	****			0

A previously recorded LTI in Q2 2025 has unfortunately been reclassified as a fatality after an employee sadly succumbed to their injuries after nearly two months of treatment in hospital. Please refer to page 9 for further details on our safety initiatives.

Financial Results

Q3 2025 compared to Q2 2025

Kibali had an improved quarter compared to Q2 2025 following a successful ramp-up on open pit mining providing flexibility to the underground where we have seen an improvement on the Q2 2025 performance. We continue to focus on improving equipment utilization and commissioning additional underground trucking capacity as we expect to deliver more underground ounces in Q4 2025

as compared to Q3 2025. As a result and as previously guided, we continue to expect production to be higher in Q4 2025 from both the underground and open pit. Our expectation continues to be that Kibali will end the year within the 2025 production guidance.

Gold production in Q3 2025 was 15% higher than Q2 2025, mainly due to higher grades processed resulting from more ore tonnes mined from the open pit driving the higher feed grade blend.

COS/oz^2^ and TCC/oz^1^for Q3 2025 were 5% and 7% lower, respectively, mainly due to a higher average grade processed and increased volume from the open pits reducing the unit rates, partially offset by higher royalties driven by a higher realized gold price^1^. For Q3 2025, AISC/ oz^1^ was in line with Q2 2025, as lower TCC/oz^1^ was offset by higher minesite sustaining capital expenditures^1^ resulting from down-payments to secure 2026 underground equipment.

Q3 2025 compared to Q3 2024

Gold production for Q3 2025 was 21% higher than Q3 2024, mainly due to the ramp-up in the open pits delivering 133% more ore tonnes, providing flexibility and a higher

BARRICK THIRD QUARTER 2025		22		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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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grade processed underpinned by a steady performance from the underground.

COS/oz^2^and TCC/oz^1^for Q3 2025 were 3% and 4% higher, respectively, compared to Q3 2024 mainly resulting from lower ore delivery from the underground driving up the unit costs coupled with higher royalties resulting from a higher realized gold price^1^. For Q3 2025, AISC/oz^1^ was 10% higher than Q3 2024, driven by higher TCC/oz^1^ and higher minesite sustaining capital expenditures^1^.

Capital expenditures for Q3 2025 were 50% higher than Q3 2024, predominantly driven by higher minesite sustaining capital expenditures^1^ linked to higher capitalized waste stripping and equipment purchases, combined with increased project capital expenditures^1^ driven by the Pamao TSF project.

YTD2025 compared to YTD 2024

Gold production for YTD 2025 was 2% lower compared to YTD 2024, mainly due to lower grades processed driven by fewer ore tonnes from the underground relating to a

planned shaft shutdown during Q1 2025, coupled with an unplanned rope change out in Q2 2025 that resulted in a delay in processing higher grade tonnes.

COS/oz^2^ and TCC/oz^1^for YTD 2025 were 19% and 25% higher, respectively, than YTD 2024, mainly due to lower grades processed, higher unit rates from the underground and higher royalties resulting from the higher realized gold price^1^ and the 3% export duty that was in place during Q1 2025.

For YTD 2025, AISC/oz^1^ was 20% higher compared to YTD 2024, mainly due to the higher TCC/oz^1^, slightly offset by lower minesite sustaining capital expenditures^1^.

Capital expenditures in YTD 2025 were 20% higher than YTD 2024, mainly due to an increase in project capital expenditures^1^ related to the completion of the solar project, the construction of the Cyanide Tailings Storage Facility 3 in Q2 2025 and the ongoing Pamao TSF project, partially offset by lower minesite sustaining capital expenditures^1^due to decreased capitalized waste stripping.

BARRICK THIRD QUARTER 2025		23		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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
		9/30/25				6/30/25			% Change		9/30/24			% Change				9/30/25				9/30/24			% Change
Total tonnes mined (000s)	****	4,189	****			3,271		28 %			4,792		(13)%				****	11,303	****			12,107		(7)%
Open pit ore	****	0	****			488		(100)%			1,061		(100)%				****	1,545	****			1,935		(20)%
Open pit waste	****	3,721	****			2,398		55 %			3,328		12 %				****	8,517	****			8,993		(5)%
Underground	****	468	****			385		22 %			403		16 %				****	1,241	****			1,179		5 %
Average grade (grams/tonne)
Open pit mined	****	n/a	****			1.90		n/a			1.89		n/a				****	2.00	****			1.79		12 %
Underground mined	****	4.09	****			3.73		10 %			4.86		(16)%				****	3.87	****			3.69		5 %
Processed	****	2.99	****			3.16		(5)%			3.84		(22)%				****	3.23	****			2.96		9 %
Ore tonnes processed (000s)	****	729	****			698		4 %			682		7 %				****	2,099	****			2,048		2 %
Recovery rate	****	89 %	****			88 %		1 %			90 %		(1)%				****	88 %	****			90 %		(2)%
Gold produced (000s oz)	****	64	****			62		3 %			75		(15)%				****	193	****			175		10 %
Gold sold (000s oz)	****	72	****			50		44 %			78		(8)%				****	190	****			174		9 %
Revenue ( millions)	****	260	****			168		55 %			197		32 %				****	626	****			410		53 %
Cost of sales ( millions)	****	108	****			71		52 %			86		26 %				****	265	****			242		10 %
Income ( millions)	****	149	****			88		69 %			74		101 %				****	346	****			124		179 %
EBITDA ( millions)b,c	****	178	****			104		71 %			93		91 %				****	409	****			173		136 %
EBITDA margind	****	68 %	****			62 %		10 %			47 %		45 %				****	65 %	****			42 %		55 %
Capital expenditures ( millions)	****	41	****			43		(5)%			28		46 %				****	118	****			82		44 %
Minesite sustainingb	****	13	****			10		30 %			15		(13)%				****	40	****			43		(7)%
Projectb	****	28	****			33		(15)%			13		115 %				****	78	****			39		100 %
COS (/oz)	****	1,497	****			1,430		5 %			1,108		35 %				****	1,393	****			1,393		0 %
TCC (/oz)b	****	1,069	****			1,073		0 %			850		26 %				****	1,040	****			1,100		(5)%
AISC (/oz)b	****	1,268	****			1,292		(2)%			1,052		21 %				****	1,270	****			1,365		(7)%

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%<br>non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share.
^b.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
---	---
c.	EBITDA represents income less depreciation. Depreciation expense is $29 million and $63 million for Q3 2025 and YTD<br>2025, respectively (Q2 2025: $16 million, Q3 2024: $19 million, YTD 2024: $49 million).
---	---
^d.^	Represents EBITDA divided by revenue.
---	---

Safety and Environment

For the three months ended
		9/30/25				6/30/25
LTI		****	0	****			0
LTIFR^3^		****	0.00	****			0.00
TRIFR^3^		****	0.00	****			0.00
Class 1^4^<br>environmental incidents		****	0	****			0

Financial Results

Q3 2025 compared to Q2 2025

North Mara transitioned into a more underground dependent quarter with the open pit mining activity focused on waste material in the Gokona pit. Both underground and open pit delivered above expectations for the quarter. North Mara is still expected to end the year comfortably within the 2025 production guidance.

In Q3 2025, gold production was 3% higher than Q2 2025 mainly driven by higher throughput and higher recoveries as we continue the current blending strategy of lower grade Gena open pit material through the plant. Gold sales were higher than gold production during Q3 2025 as we successfully concluded an agreement with the Bank of Tanzania, following recent updates to the Mining Act, which requires us to sell 20% of our gold production in country, at a reduced royalty rate.

COS/oz^2^ for Q3 2025 were 5% higher compared to Q2 2025 mainly due to the impact of higher depreciation, while TCC/oz^1^ remained in line with Q2 2025. AISC/oz^1^ in Q3 2025 was 2% lower than Q2 2025, mainly due to lower minesite sustaining capital expenditures^1^on a per ounce basis.

Capital expenditures for Q3 2025 were 5% lower compared to Q2 2025 due to decreased project capital expenditures^1^ driven by lower spending on the second crushing line. Project capital expenditures were steady quarter on quarter at the Gokona open pit pre-stripping project, which is on track to deliver its first ore by Q3 2026.

Q3 2025 compared to Q3 2024

Gold production for Q3 2025 was 15% lower mainly due to lower grades processed, slightly offset by higher throughput.

COS/oz^2^and TCC/oz^1^ for Q3 2025 were 35% and 26% higher, respectively, compared to Q3 2024, mainly due to the lower grade processed, combined with higher royalties associated with the higher realized gold price^1^. AISC/oz^1^ in Q3 2025 was 21% higher than Q3 2024, mainly due to higher TCC/oz^1^, while minesite sustaining capital expenditures^1^ on a per ounce basis were marginally lower than Q3 2024.

BARRICK THIRD QUARTER 2025		24		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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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For Q3 2025, capital expenditures increased by 46% compared to Q3 2024, mainly due to higher project capital expenditures^1^ relating to the Gokona pre-stripping project and the powerhouse to further support the underground mining operations.

YTD 2025 compared to YTD 2024

For YTD 2025, gold production was 10% higher than YTD 2024, mainly due to a higher average grade processed driven by higher grades mined.

COS/oz^2^ for YTD 2025 was in line with YTD 2024, as higher depreciation expense was offset by lower TCC/oz^1^. TCC/oz^1^ was 5% lower due to the impact of higher grades processed, partially offset by higher royalties associated with the higher realized gold price^1^. AISC/oz^1^for YTD 2025 was 7% lower than YTD 2024 reflecting the decrease in TCC/oz^1^, combined with lower minesite sustaining capital expenditures^1^.

For YTD 2025, capital expenditures increased by 44% compared to YTD 2024, mainly driven by higher project capital expenditures^1^ reflecting the ramp-up of the Gokona open pit and second crushing line.

BARRICK THIRD QUARTER 2025	25		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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
		9/30/25			6/30/25		% Change		9/30/24		% Change				9/30/25			9/30/24		% Change
Underground tonnes mined (000s)	****	416	****		377	10 %			303	37 %				****	1,097	****		921	19 %
Average grade (grams/tonne)
Underground mined	****	4.95	****		5.29	(6)%			5.62	(12)%				****	5.16	****		5.79	(11)%
Processed	****	4.87	****		5.37	(9)%			5.48	(11)%				****	5.16	****		5.72	(10)%
Ore tonnes processed (000s)	****	255	****		231	10 %			228	12 %				****	723	****		716	1 %
Recovery rate	****	94 %	****		95 %	(1)%			92 %	2 %				****	94 %	****		94 %	0 %
Gold produced (000s oz)	****	38	****		38	0 %			37	3 %				****	113	****		124	(9)%
Gold sold (000s oz)	****	40	****		31	29 %			37	8 %				****	109	****		121	(10)%
Revenue ( millions)	****	144	****		112	29 %			99	45 %				****	379	****		296	28 %
Cost of sales ( millions)	****	73	****		53	38 %			62	18 %				****	191	****		184	4 %
Income ( millions)	****	69	****		58	19 %			36	92 %				****	183	****		109	68 %
EBITDA ( millions)b,c	****	84	****		69	22 %			49	71 %				****	223	****		148	51 %
EBITDA margind	****	58 %	****		62 %	(6)%			49 %	18 %				****	59 %	****		50 %	18 %
Capital expenditures ( millions)	****	32	****		36	(11)%			30	7 %				****	103	****		79	30 %
Minesite sustainingb	****	18	****		22	(18)%			10	80 %				****	63	****		39	62 %
Projectb	****	14	****		14	0 %			20	(30)%				****	40	****		40	0 %
COS (/oz)	****	1,817	****		1,722	6 %			1,628	12 %				****	1,754	****		1,511	16 %
TCC (/oz)b	****	1,334	****		1,189	12 %			1,191	12 %				****	1,250	****		1,069	17 %
AISC (/oz)b	****	1,790	****		1,885	(5)%			1,470	22 %				****	1,831	****		1,394	31 %

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%<br>non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share.
^b.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
---	---
^c.^	EBITDA represents income less depreciation. Depreciation expense is $15 million and $40 million for Q3 2025 and YTD<br>2025, respectively (Q2 2025: $11 million, Q3 2024: $13 million, YTD 2024: $39 million).
---	---
^d.^	Represents EBITDA divided by revenue.
---	---

Safety and Environment

For the three months ended
		9/30/25				6/30/25
LTI		****	0	****			0
LTIFR^3^		****	0.00	****			0.00
TRIFR^3^		****	0.48	****			1.51
Class 1^4^<br>environmental incidents		****	0	****			0

In October 2025, there was a fatality in the Bulyanhulu underground. Please refer to page 9 for further details on our safety initiatives.

Financial Results

Q3 2025 compared to Q2 2025

At Bulyanhulu, Q3 production was in line with Q2 as higher processed tonnes were offset by lower mined grades driven by the type of mineralization of the current mining zones in the plan. The Upper West project continues to advance well and at improved advance rates following the success of the dewatering project and mining improvement initiatives. Our expectation continues to be that Bulyanhulu will end the year within the 2025 production guidance.

Gold sales were higher than gold production during Q3 2025 as we successfully concluded an agreement with the Bank of Tanzania, following recent updates to the Mining Act, which requires us to sell 20% of our gold production in country, at a reduced royalty rate.

COS/oz^2^ and TCC/oz^1^in Q3 2025 were 6% and 12% higher, respectively, due to the impact of the lower average grade processed, partially offset by higher fixed

cost dilution to higher sales volumes. AISC/oz^1^ in Q3 2025 was 5% lower than Q2 2025, due to lower minesite sustaining capital expenditures^1^, partially offset by higher TCC/oz^1^.

Capital expenditures in Q3 2025 were 11% lower compared to Q2 2025, reflecting lower minesite sustaining capital expenditures^1^ driven by the timing of underground equipment procurement, with project capital expenditures^1^remaining consistent quarter on quarter as we continue to develop the Upper West decline.

Q3 2025 compared to Q3 2024

For Q3 2025, gold production was 3% higher than Q3 2024 mainly driven by higher throughput partially offset by a lower average grade processed, in line with the mine plan and with the focus on development.

COS/oz^2^ and TCC/oz^1^for Q3 2025 were both 12% higher compared to Q3 2024, due to the lower grade processed and higher royalties associated with the higher realized gold price^1^, slightly offset by improved underground unit rates associated with the increased tonnes mined. AISC/oz^1^ in Q3 2025 was 22% higher than Q3 2024, mainly due to higher TCC/oz^1^ and higher minesite sustaining capital expenditures^1^.

For Q3 2025, capital expenditures were 7% higher than Q3 2024, mainly due to higher minesite sustaining capital expenditures^1^ related to the purchase of underground equipment, partially offset by lower project capital expenditures^1^ with the transition to the development of Upper West project.

BARRICK THIRD QUARTER 2025		26		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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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YTD 2025 compared to YTD 2024

For YTD 2025, gold production was 9% lower than YTD 2024, due to a lower average grade processed, slightly offset by higher throughput, in line with our mine plan.

COS/oz^2^ and TCC/oz^1^ in YTD 2025 were 16% and 17% higher, respectively, than YTD 2024, largely reflecting the lower grades processed and higher royalties associated with the higher realized gold price^1^. AISC/oz^1^for YTD 2025 was 31% higher than YTD 2024, mainly due to higher TCC/oz^1^ and higher minesite sustaining capital expenditures^1^.

For YTD 2025, capital expenditures increased by 30% compared to YTD 2024, mainly due to higher minesite sustaining capital expenditures^1^ related to underground equipment.

BARRICK THIRD QUARTER 2025		27		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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
		9/30/25																				6/30/25
		Gold<br><br><br>produced<br> <br>(000s oz)				COS<br>(/oz)			TCC<br>(/oz)a			AISC<br>(/oz)a			Capital<br> <br>Expend-<br> <br>itures^b^				Gold<br><br><br>produced<br> <br>(000s oz)			COS<br>(/oz)		TCC<br>(/oz)a		AISC<br>(/oz)a		Capital<br><br><br>Expend-<br> <br>itures^b^
Phoenix (61.5%)		****	27	****		****	2,010	****		****	664	****		****	935	****		****	6	****			27			2,033			1,010			1,376			8
Veladero (50%)		****	49	****		****	1,352	****		****	787	****		****	1,498	****		****	35	****			62			1,234			751			1,295			41
Tongon (89.7%)^c^		****	32	****		****	1,787	****		****	1,605	****		****	1,692	****		****	9	****			29			2,397			2,204			2,390			4
Hemlo^d^		****	27	****		****	2,145	****		****	1,874	****		****	2,417	****		****	14	****			32			1,837			1,512			1,766			8
Porgera (24.5%)		****	24	****		****	1,599	****		****	1,200	****		****	1,594	****		****	9	****			23			1,354			1,041			1,406			10
Loulo-Gounkoto<br>(80%)^e^		****	—	****		****	—	****		****	—	****		****	—	****		****	—	****			—			—			—			—			4

All values are in US Dollars.

^a.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
^b.^	Includes both minesite sustaining and project capital<br>expenditures^1^.
---	---
^c.^	On October 6, 2025, we reached an agreement to sell our interest in the Tongon gold mine and certain of its<br>exploration properties to the Atlantic Group for total consideration of up to $305 million. The transaction is expected to close in Q4 2025.
---	---
^d.^	On September 10, 2025, we reached an agreement to sell the Hemlo gold mine to Carcetti Capital Corp. for gross<br>proceeds of up to $1.09 billion. The transaction is expected to close in Q4 2025.
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^e.^	As a result of temporary suspension of operations at Loulo-Gounkoto starting January 14, 2025, and subsequent loss<br>of control on June 16, 2025, no operating or per ounce data is provided.
---	---

Phoenix (61.5%), Nevada, USA

Gold production for Phoenix in Q3 2025 was in line with the prior quarter as lower grades mined and processed were offset by higher recoveries. COS/oz^2^ was largely in line with Q2 2025 while TCC/oz^1^in Q3 2025 was 34% lower, mainly due to higher by-product credits. In Q3 2025, AISC/oz^1^decreased by 32% compared to Q2 2025 due to lower TCC/oz^1^combined with lower minesite sustaining capital expenditures^1^.

Veladero (50%), Argentina

Gold production for Veladero in Q3 2025 was 21% lower compared to Q2 2025 driven by the planned mining sequence. COS/oz^2^ and TCC/oz^1^in Q3 2025 were 10% and 5% higher, respectively, driven by lower production. AISC/oz^1^ increased by 16% due to higher minesite sustaining capital expenditures^1^ on a per ounce basis, combined with increased TCC/oz^1^.

Tongon (89.7%), Côte d’Ivoire

Gold production for Tongon in Q3 2025 was 10% higher than Q2 2025, primarily due to increased throughput and higher grades processed. COS/oz^2^ and TCC/oz^1^in Q3 2025 were 25% and 27% lower, respectively, compared to Q2 2025, primarily driven by higher production as explained above, partially offset by increased royalty costs as a result of the higher realized gold price^1^. AISC/oz^1^in Q3 2025 decreased by 29% compared to Q2 2025, primarily reflecting lower TCC/oz^1^ and lower minesite sustaining capital expenditures^1^.

Hemlo (100%), Ontario, Canada

Gold production in Q3 2025 was 16% lower than Q2 2025 resulting from lower ore tonnes mined and processed due to the failure of a hoist transformer early in the quarter impacting production for several weeks. COS/oz^2^ and TCC/oz^1^were 17% and 24% higher, respectively, resulting from lower fixed cost dilution related to lower sales volumes. AISC/oz^1^ increased by 37% mainly due to higher minesite sustaining capital expenditures^1^, combined with increased TCC/oz^1^.

Porgera (24.5%), Papua New Guinea

Gold production in Q3 2025 was 4% higher than Q2 2025 driven by the ongoing ramp-up of operations. COS/oz^2^TCC/oz^1^and AISC/oz^1^ were 18%, 15% and 13%, higher respectively, than Q2 2025 driven by higher royalties from the higher gold price and increased maintenance costs, with AISC/oz^1^ partially offset by lower minesite sustaining capital expenditures.

Loulo-Gounkoto (80%), Mali

On January 14, 2025, Loulo-Gounkoto temporarily suspended operations following an ongoing dispute over the existing mining Conventions. On June 16, 2025 the Bamako Commercial Tribunal placed Loulo-Gounkoto under a temporary provisional administration. While Barrick retains its 80% legal ownership of the mine, operational control has been transferred to an external administrator. As a result of this loss of control event, in Q2 2025 the assets, liabilities and non-controlling interest of Loulo-Gounkoto were deconsolidated and derecognized and an investment recognized at fair value. Refer to notes 17 and 18 of the Financial Statements for further information.

BARRICK THIRD QUARTER 2025		28		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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
		9/30/25			6/30/25		% Change		9/30/24		% Change				9/30/25			9/30/24		% Change
Open pit tonnes mined (000s)	****	41,678	****		37,481	11 %			36,809	13 %				****	109,469	****		105,512	4 %
Open pit ore	****	10,505	****		7,667	37 %			6,178	70 %				****	24,176	****		15,468	56 %
Open pit waste	****	31,173	****		29,814	5 %			30,631	2 %				****	85,293	****		90,044	(5)%
Average grade
Open pit mined	****	0.58 %	****		0.63 %	(8)%			0.55 %	5 %				****	0.60 %	****		0.52 %	15 %
Processed	****	0.66 %	****		0.67 %	(1)%			0.53 %	25 %				****	0.64 %	****		0.47 %	36 %
Tonnes processed (000s)	****	6,392	****		7,082	(10)%			6,380	0 %				****	18,711	****		18,925	(1)%
Recovery rate	****	92 %	****		92 %	0 %			91 %	1 %				****	92 %	****		88 %	4 %
Copper produced (kt)	****	38	****		44	(14)%			30	27 %				****	109	****		77	42 %
Copper sold (kt)	****	37	****		39	(5)%			26	42 %				****	110	****		73	51 %
Revenue ( millions)	****	322	****		340	(5)%			213	51 %				****	967	****		595	63 %
Cost of sales ( millions)	****	193	****		194	(1)%			187	3 %				****	595	****		527	13 %
Income ( millions)	****	124	****		144	(14)%			26	377 %				****	363	****		56	548 %
EBITDA ( millions)a,b	****	192	****		213	(10)%			86	123 %				****	560	****		246	128 %
EBITDA marginc	****	60 %	****		63 %	(5)%			40 %	50 %				****	58 %	****		41 %	41 %
Capital expenditures ( millions)d	****	200	****		151	32 %			79	153 %				****	421	****		283	49 %
Minesite sustaininga	****	78	****		78	0 %			62	26 %				****	206	****		239	(14)%
Projecta	****	119	****		72	65 %			17	600 %				****	211	****		44	380 %
COS (/lb)	****	2.32	****		2.25	3 %			3.27	(29)%				****	2.44	****		3.27	(25)%
C1 cash costs (/lb)a	****	1.68	****		1.58	6 %			2.53	(34)%				****	1.81	****		2.39	(24)%
AISC (/lb)a	****	2.93	****		2.79	5 %			3.94	(26)%				****	2.97	****		4.20	(29)%

All values are in US Dollars.

^a.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
^b.^	EBITDA represents income less depreciation. Depreciation expense is $68 million and $197 million for Q3 2025 and YTD<br>2025, respectively (Q2 2025: $69 million, Q3 2024: $60 million, YTD 2024: $190 million).
---	---
^c.^	Represents EBITDA divided by revenue.
---	---
^d.^	Includes capitalized interest.
---	---

Safety and Environment

For the three months ended
		9/30/25				6/30/25
LTI		****	0	****			0
LTIFR^3^		****	0.00	****			0.00
TRIFR^3^		****	0.00	****			0.00
Class 1^4^<br>environmental incidents		****	0	****			0

Financial Results

Q3 2025 compared to Q2 2025

Q3 2025 operational performance continued to improve on Q2 2025 with higher mining volumes through improved productivities and execution of defined maintenance plans. As such, our expectation continues to be that Lumwana will end the year comfortably within the 2025 production guidance range.

Copper production in Q3 2025 was 14% lower than in Q2 2025 due to lower than planned throughput driven by a prolonged September shut and crusher down time, combined with lower grades processed. We have also built up stockpiles to ensure Q4 2025 production remains on track.

COS/lb^2^ and C1 cash costs/lb^1^ were 3% and 6% higher, respectively, than Q2 2025, mainly reflecting increased mining fleet maintenance costs and lower fixed cost dilution. In Q3 2025, AISC/lb^1^ increased by 5% compared to Q2 2025, primarily driven by the increase in C1 cash costs/lb^1^.

Capital expenditures for Q3 2025 were 32% higher than Q2 2025, due to higher project capital expenditures^1^, primarily relating to further milestone payments on long lead items, mobile equipment and civil earth works contracts related to the Lumwana Super Pit Expansion project. Refer to the Future Growth section on page 32 for more details.

Q3 2025 compared to Q3 2024

Copper production for Q3 2025 was 27% higher than Q3 2024, mainly due to higher grades processed, as well as higher recoveries.

COS/lb^2^ and C1 cash costs/lb^1^for Q3 2025 decreased by 29% and 34%, respectively, compared to Q3 2024, mainly due to the higher grades processed and higher fixed cost dilution. For Q3 2025, AISC/lb^1^ was 26% lower than Q3 2024 mainly due to lower C1 cash cost/lb^1^, partially offset by higher royalties due to the higher realized copper price^1^and increased minesite sustaining capital expenditures^1^.

Capital expenditures for Q3 2025 were 153% higher than Q3 2024, mainly due to increased project capital expenditures^1^ on the Super Pit Expansion project, including long lead items, mobile equipment, housing, engineering procurement and construction management, earthworks and owners team costs. This was combined with higher minesite sustaining capital expenditures^1^, primarily on mobile equipment rebuilds.

BARRICK THIRD QUARTER 2025	29		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br> <br>PERFORMANCE	FUTURE GROWTH	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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YTD 2025 compared to YTD 2024

Copper production for YTD 2025 was 42% higher than YTD 2024, primarily due to higher grades processed and higher recovery rates.

COS/lb^2^ and C1 cash costs/lb^1^for YTD 2025 decreased by 25% and 24%, respectively, compared to YTD 2024, mainly as a result of higher grades processed, partially offset by higher mining maintenance and energy costs. For YTD 2025, AISC/lb^1^ decreased by 29%

compared to YTD 2024, mainly due to lower C1 cash costs/lb^1^ and lower minesite sustaining capital expenditures^1^, partially offset by higher royalty costs driven by the higher realized copper price^1^.

Capital expenditures for YTD 2025 were 49% higher than YTD 2024 due to higher project capital expenditures^1^ on the Super Pit Expansion project, as described above.

Other Mines - Copper

Summary of Operating and Financial Data

For the three months ended
		9/30/25																				6/30/25
		Copperproduction(kt)				COS(/lb)			C1 cashcosts(/lb)a			AISC(/lb)a			CapitalExpend-itures^b^				Copper<br>production<br>(kt)			COS(/lb)		C1 cashcosts(/lb)a		AISC(/lb)a		Capital <br>Expend- <br>itures^b^
Zaldívar (50%)		****	9	****		****	5.02	****		****	3.80	****		****	4.82	****		****	16	****			7			4.59			3.46			4.34			13
Jabal Sayid (50%)		****	8	****		****	2.08	****		****	1.47	****		****	1.65	****		****	6	****			8			2.11			1.29			1.46			4

All values are in US Dollars.

^a.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
^b.^	Includes both minesite sustaining and project capital<br>expenditures^1^.
---	---

Zaldívar (50%), Chile

Copper production for Zaldívar in Q3 2025 was 29% higher than Q2 2025 driven by higher throughput and recovery. COS/lb^2^ and C1 cash costs/lb^1^were 9% and 10% higher, respectively, than Q2 2025, driven by higher labor costs and consumable pricing. AISC/lb^1^ in Q3 2025 was 11% higher compared to Q2 2025, driven by higher C1 cash costs/lb^1^and 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 2025 was consistent with Q2 2025. COS/lb^2^ for Q3 2025 was 1% lower than Q2 2025 due to lower depreciation expense. C1 cash costs/lb^1^increased by 14% due to lower by-product credits resulting from lower gold and silver volumes despite the higher commodity prices, partially offset by processing cost efficiencies. AISC/lb^1^ in Q3 2025 increased by 13% compared to Q2 2025, mainly due to higher C1 cash costs/lb^1^.

BARRICK THIRD QUARTER 2025	30		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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Future Growth

Fourmile, Nevada, USA

Fourmile is a 100% owned Barrick asset in Nevada, located adjacent to Goldrush, and has the potential to be a standalone Tier One Gold Asset^5^. Ongoing PFS studies point to the potential for significant resource growth. In Q3 2025, an updated preliminary economic assessment outlined the potential to produce 600-750koz per annum over multiple decades which would make Fourmile one of the most important discoveries this century.

The current focus is on exploration drilling from surface with results supporting the potential to double the declared mineral resource and at higher grades by year end. Drilling activity intensified over 2025, peaking at 16 active rigs, representing the largest drill campaign to date at Fourmile for a total of 23.2km drilled in Q3. Drilling results in 2025 are consistently confirming the geological model and are successfully converting high-grade inferred resources at Rose and Blanche along the known ore controls. Looking ahead, drilling will continue through Q4 and beyond, although the level of activity will likely decline slightly with the onset of winter conditions.

The dedicated Barrick project team is also progressing an independent surface portal access from Bullion Hill and the development of twin exploration declines to facilitate underground drilling. Footwall development along the strike of the Fourmile orebodies would initially be used for underground exploration drilling and then later be re-purposed for ore haulage. The Bullion Hill access would decouple Fourmile evaluation from the existing Goldrush development and ultimately complement Goldrush in the future.

To support the PFS, the Bullion Hill Decline disturbance plan that was submitted to the relevant authorities in Q1 2025 continues to progress on schedule. Development is on track to begin in late 2026.

As previously disclosed, Barrick anticipates Fourmile will be incorporated into the NGM joint venture, at fair market value, if certain criteria are met following the completion of drilling and the requisite feasibility work. In Q3 2025, we spent $29 million, with a YTD spend of $60 million. Based on the successful ramp up of drilling activity, the expected spend for 2025 is now estimated to be $90 to $95 million (previously $75 to $85 million).

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 of gold per year (100% basis) once in full production by 2028.

In Q3 2025, execution planning continued for key infrastructure projects. Construction contracts for the second surface ventilation raise are in progress and site preparation is expected to begin in Q4 ahead of shaft sinking activities in Q1 2026. Life of mine ventilation modeling is under evaluation to optimize future ventilation raises. Additional material handling trade-off studies were completed for ore and backfill aggregate transport options. Material testing continues with a focus on optimizing the paste backfill makeup; specifically the paste pumping capability and cement content necessary to satisfy the backfill strength requirements. A summary test report was

completed in Q3 2025 to finalize paste backfill conceptual designs and inform remaining trade-off studies.

Surface dewatering continued in Horse Canyon as the second of three wells planned in 2025 was commissioned. The third well is expected to be commissioned in Q4 2025. Mine dewatering is on track, with the next wells planned for 2027. The surface shotcrete plant design was finalized and construction is expected to begin in Q4 2025.

As of September 30, 2025, project spend was $473 million on a 100% basis (including $16 million in Q3 2025) inclusive of the exploration declines. This capital spent to date, together with the remaining expected preproduction capital, is still anticipated to be near the approximate $1 billion initial capital estimate for the Goldrush project (100% basis).

Ren, Nevada, USA^7^

Ren is a new ore deposit at Goldstrike Underground and a key expansion project at Carlin. Located north of Goldstrike Underground’s Meikle and Banshee deposits, Ren is anticipated to produce an average of 140,000 ounces per year (contained ounces, 100% basis) once in full production in 2027.

To develop the deposit, the existing exploration drift will be duplicated, allowing for increased ventilation and secondary egress into the working area. Once completed, additional exploration drilling platforms will be constructed to support further drilling on the project allowing for both the conversion of the existing resource and further growth of the deposit.

To support production mining of the deposit, an additional set of twin declines will be driven from the Betze-Post open pit to the north with the intent to provide life of mine ventilation to the deposit as well as a direct path for material to be hauled and hoisted out via the existing Meikle Headframe. To complete the project, a ventilation shaft will be sunk 550 meters to serve as an exhaust raise and utility conduit for mining the orebody.

During Q3 2025, secondary drift development was completed with breakthrough to the existing exploration drift. Remaining exploration drift rehabilitation and utility installation will be completed in Q4 2025. Infill conversion drilling continued with a total of 1,992 meters drilled with 73% of those samples being assayed. An additional 1,034 meters is planned for Q4 2025. The Ren ventilation shaft contract was executed and contractor mobilized to begin pre-sinking activity. Surface infrastructure to support the Betze-Post twin declines development will be completed in Q4 2025.

As of September 30, 2025, project spend was $138 million (including $23 million in Q3 2025) out of an estimated capital cost of $410 to $470 million (100% basis).

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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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Pueblo Viejo Expansion, Dominican Republic^8^

The Pueblo Viejo Life of Mine Expansion continues to focus on housing, resettlement, and the Naranjo TSF. Engineering has advanced significantly on the new water treatment plant, tailings and reclaim system as well as the Naranjo dam and related earth structures. The permit application for the temporary water management structures has now been submitted, while the overall starter dam permit remains on track for submission in 2025. The dam access road and diorite access road continue to advance on track for completion this year, while the diorite filter crushing operation is now in full production and stockpiling dam filter material.

The housing project at Pueblo Viejo continues with over 500 homes constructed and more than 180 families now resettled. The east side of the project is now complete and an elementary school was opened in October, while the west side will begin hosting families during Q4 2025.

The overall resettlement process continues to progress well. As the movement of families continues, the livelihood programs continue to support the successful integration of families into their new homes.

As at September 30, 2025, total project spend was $1,186 million (including $21 million in Q3 2025) on a 100% basis. The estimated capital cost of the plant expansion and mine life extension project remains approximately $2.6 billion (100% basis).

Veladero Phase 8 Leach Pad, Argentina

The construction of the Phase 8 leach pad will be executed in three phases which are named 8A, 8B and 8C. In December 2024, the Phase 8A leach pad construction project was approved, and it has now been completed. Phase 8B was approved in Q3 2025, mobilization has started and construction expected to be completed during H1 2026. Construction of the project includes cutting, filling, sub-drainage and monitoring, leak collection and recirculation, impermeabilization, as well as pregnant leaching solution collection.

Overall, the total Phase 8 leach pad project spend at September 30, 2025 was $68 million ($15 million in Q3 2025) out of an estimated capital cost of $250-$270 million (100% basis).

Reko Diq Project, Pakistan^9^

At the end of 2024, Barrick completed a full update of the project’s 2010 feasibility study and 2011 expansion prefeasibility study and added 7.3 million tonnes of copper and 13 million ounces of attributable gold in probable reserves as at December 31, 202410. Once fully commissioned, the Reko Diq project is projected to deliver 240,000 tonnes of copper production and 297,000 ounces of gold per year during Phase 1 increasing to 460,000 tonnes of copper and 520,000 ounces of gold during the first ten years (2034-2043) of Phase 2 (100% basis). This is based on an increased 45Mtpa process plant throughput in Phase 1 (from the original 40Mtpa) and 90Mtpa (from the original 80Mtpa) in Phase 2, following the grind size optimization work undertaken as part of the feasibility study. The total estimated capital cost of Phase 1 is $5.6-6.0 billion (100% basis, exclusive of capitalization of financing costs) to be spent between 2025-2029. On February 11, 2025, the Board of Directors conditionally approved the development of Phase 1 subject to the closing of

approximately $3 billion of limited recourse project financing. Assuming $3 billion of project financing, Barrick’s share of the total partner equity contribution required to fund the construction of Phase 1 is expected to be $1.4-1.7 billion (exclusive of capitalization of financing costs). The total estimated capital cost of Phase 2 is $3.3-3.6 billion (100% basis, exclusive of capitalization of financing costs) to be spent between 2029-2033.

During Q3 2025 the project focused on supply contracts with key manufacturing and construction partners, with the majority of these to be finalized in Q4 2025. Long-lead procurement continued with the existing key partners of Metso, Weir and Komatsu and early works progressed on site infrastructure. The project obtained a number of key regulatory approvals which were required to advance the project financing including those relating to rail and port infrastructure and water access, and their associated agreements.

Capital expenditures commenced in Q2 2024, with total capitalized spend to date of $636 million (including $215 million in Q3 2025) (100% basis).

For 2025, the spend profile has been optimized with suppliers and is expected to be approximately $700 million (100% basis) with the balance resequenced over the remaining years of Phase 1 construction. The overall project schedule remains on track. ****

Kibali SolarProject, 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. During Q3 2025, we continued with the power management system integration which enabled the solar photovoltaic field to inject 4,213MWh into the Kibali grid. Power management system optimization will continue during the next quarter ensuring that the supply and system integration remains stable and the full utilization of the benefits provided by the solar project is realized. As at September 30, 2025, project spend was $44 million (including $4 million in Q3 2025) out of an estimated capital cost of $55 million (100% basis).

Lumwana Super Pit Expansion, Zambia^11^

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.

The project is tracking slightly ahead of schedule with the target of first copper production during Q1 2028. The main critical path for the process plant expansion is the mill building, where good progress was made during Q3 2025 with the completion of the bulk excavation and associated back fill as part of soil remediation. Long lead equipment manufacturing is continuing to make progress and procurement of future packages is tracking on schedule with the award of key packages during the quarter, including the civil package for the dry plant and crushed ore stockpile tunnel. The building of the second phase of accommodation units for the construction camp has been completed and was handed over to operations during Q3 2025. The TSF design and reviews have been completed and the construction of the first diversion channel for the

BARRICK THIRD QUARTER 2025	32		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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expanded facility is currently in progress. All orders for the 2026 mining fleet expansion have been completed and deliveries are scheduled to commence towards the end of the year.

This positive progress on the detailed engineering, procurement and construction ensured that the total project remains slightly ahead of schedule. Through the successful integration with the engineering, procurement, and construction partner, we maintain the focus on delivery of critical milestones in line with the execution schedule. Following this updated execution schedule, an updated forecast of the project cash flow for 2025 has been completed to ensure it is fully aligned. The spend profile has been optimized with suppliers and is now expected to be approximately $325 million in 2025 with no impact on the project schedule. As at Q3 2025, we have spent $148 million, (including $88 million in Q3 2025). As at September 30, 2025, the total spend on the expansion project was $310 million. The total project capital cost (exclusive of capitalized stripping) is expected to be $2 billion based on the approved feasibility study.

Exploration

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 third party opportunities early in their value chain and secure them, where appropriate.

This quarter, Barrick’s exploration teams have been active around all our operations, with strong results returned from drilling across NGM in Nevada, at the Agbarabo-Rhino-Kombokolo target in Kibali, and on the recently discovered Bukit Pasir porphyry at Reko Diq. In early-stage work, framework drilling continues at the Norris property in Canada as we simultaneously expand our Canadian exploration portfolio further. We are advancing multiple regional targets within the portfolio with drilling and geophysical surveys returning encouraging early results from targets across the western United States, Dominican Republic, Peru and Tanzania. At the same time, we are prioritizing new, highly prospective areas for consolidation and are progressing with the delivery and evaluation of early-stage exploration opportunities in Ecuador, Saudi Arabia and in the Copper Belt in Zambia and DRC, demonstrating our commitment to organic growth with a strong pipeline of high-quality targets.

BARRICK THIRD QUARTER 2025	33		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 Financial Results

Revenue

( millions, except<br>per oz/lb data in dollars)			For the three<br><br><br>months ended				For the nine<br><br><br>months ended
	9/30/25			6/30/25		9/30/24		9/30/25			9/30/24
Gold
000s oz solda	837	****		770		967	****	2,358	****		2,833
000s oz produceda	829	****		797		943	****	2,384	****		2,831
Market price (/oz)	3,457	****		3,280		2,474	****	3,201	****		2,296
Realized price (/oz)b	3,457	****		3,295		2,494	****	3,226	****		2,309
Revenue	3,748	****		3,280		3,097	****	9,794	****		8,493
Copper
000s tonnes solda	52	****		54		42	****	157	****		123
000s tonnes produceda	55	****		59		48	****	158	****		131
Market price (/lb)	4.44	****		4.32		4.18	****	4.33	****		4.14
Realized price (/lb)b	4.39	****		4.36		4.27	****	4.42	****		4.23
Revenue	320	****		337		213	****	961	****		595
Other sales	80	****		64		58	****	204	****		189
Total revenue	4,148	****		3,681		3,368	****	10,959	****		9,277

All values are in US Dollars.

a.	On an attributable basis.
b.	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
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Q3 2025 compared to Q2 2025

In Q3 2025, gold revenues on a consolidated basis increased by 14% compared to Q2 2025, driven by higher sales volumes and a higher realized gold price^1^. The average market price for Q3 2025 was $3,457/oz, representing an all-time high quarterly average and a 5% increase versus the $3,280/oz average in Q2 2025. During Q3 2025, the gold price ranged from $3,268/oz to an all-time nominal high of $3,872/oz, and closed the quarter at $3,825/oz. Gold price strength in Q3 2025 was driven by economic and geopolitical concerns and a decline in the value of the trade-weighted US dollar.

In Q3 2025, gold production on an attributable basis increased by 4% compared to Q2 2025 mainly as a result of the ongoing ramp up of Goldrush (part of Cortez) combined with higher grades processed at Pueblo Viejo and Kibali and higher throughput at Turquoise Ridge. This was partially offset by lower production at Veladero (included in the “Other” category) as a result of fewer recoverable ounces placed on the leach pad which is per the mine plan as previously guided.

In Q3 2025, copper revenues on a consolidated basis decreased by 5% compared to Q2 2025, primarily due to lower sales volumes compared to Q2 2025, partially offset by a higher realized copper price^1^. The average market price in Q3 2025 was $4.44/lb, representing an increase of 3% from the $4.32/lb average in Q2 2025. The realized copper price^1^ in Q3 2025 was slightly lower than the market copper price due to the impact of negative 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 2025, the copper price traded in a range of $4.33/lb to $4.76/lb, and closed the quarter at $4.67/lb. Copper prices in Q3 2025 were impacted by a decline in the trade-weighted US dollar, concerns about the global economy resulting from global trade disputes, supply disruptions, and demand forecasts in China, which is the world’s largest consumer of copper.

Attributable copper production in Q3 2025 was 4 thousand tonnes lower compared to Q2 2025 mainly driven by lower than planned throughput caused by a prolonged September shut and crusher down time, combined with lower grades processed at Lumwana.

Q3 2025 compared to Q3 2024

For Q3 2025, gold revenues on a consolidated basis increased by 21% compared to Q3 2024, primarily due to a higher realized gold price^1^, partially offset by lower sales volumes. The average market price for Q3 2025 was $3,457/oz versus $2,474/oz for Q3 2024.

BARRICK THIRD QUARTER 2025	34		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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For Q3 2025, attributable gold production was 12% lower than Q3 2024, primarily as a result of the temporary suspension of operations at Loulo-Gounkoto, which was subsequently placed under a temporary provisional administration on June 16, 2025. This was partially offset by increased ounces from Cortez driven by the ongoing ramp up of Goldrush.

For Q3 2025, copper revenues on a consolidated basis increased by 50% compared to Q3 2024, due to increased sales volumes, combined with a higher realized copper price^1^. In Q3 2025, the realized copper price^1^ was lower than the market copper price, as discussed above, whereas the realized copper price^1^ was higher than the market copper price in Q3 2024 due to the impact of positive provisional pricing adjustments.

Attributable copper production for Q3 2025 was 7 thousand tonnes higher than Q3 2024, mainly due to higher grades processed and higher recoveries at Lumwana.

YTD 2025 compared to YTD 2024

For YTD 2025, gold revenues increased by 15% compared to YTD 2024, 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 2025 was $3,201/oz versus $2,296/oz for YTD 2024.

For YTD 2025, attributable gold production was 16% lower than YTD 2024, primarily driven by the temporary suspension of operations at Loulo-Gounkoto on January 14, 2025, which was subsequently placed under a temporary provisional administration on June 16, 2025. This was combined with lower production at Carlin as a result of a decrease in tonnes processed at lower grades, and lower recoveries at the autoclave.

Copper revenues for YTD 2025 increased by 62% compared to YTD 2024, as a result of higher sales volumes, combined with a higher realized copper price^1^. For YTD 2025, the realized copper price^1^ was higher than the market copper price due to the impact of positive provisional pricing adjustments, consistent with YTD 2024.

Attributable copper production for YTD 2025, increased by 27 thousand tonnes compared to YTD 2024, mainly due to higher grades processed and higher recovery rates at Lumwana.

Production Costs

( millions, except<br>per oz/lb data in dollars)			For the three<br>months ended				For the nine<br>months ended
	9/30/25			6/30/25		9/30/24		9/30/25			9/30/24
Gold
Site operating costs	1,157	****		1,179		1,313	****	3,433	****		3,822
Depreciation	384	****		359		409	****	1,085	****		1,217
Royalty expense	113	****		103		106	****	311	****		293
Mining and production taxes	29	****		25		19	****	77	****		56
Community relations	7	****		10		9	****	28	****		28
Cost of sales	1,690	****		1,676		1,856	****	4,934	****		5,416
COS (/oz)a	1,562	****		1,654		1,472	****	1,613	****		1,447
TCC (/oz)b	1,137	****		1,239		1,104	****	1,197	****		1,072
AISC<br>(/oz)b	1,538	****		1,684		1,507	****	1,660	****		1,495
Copper
Site operating costs	98	****		99		109	****	323	****		288
Depreciation	69	****		68		60	****	197	****		191
Royalty expense	25	****		25		17	****	71	****		45
Community relations	1	****		1		1	****	3	****		3
Cost of sales	193	****		193		187	****	594	****		527
COS (/lb)a	2.68	****		2.56		3.23	****	2.72	****		3.16
C1 cash costs (/lb)b	1.96	****		1.80		2.49	****	2.00	****		2.35
AISC<br>(/lb)b	3.14	****		2.90		3.57	****	3.03	****		3.62

All values are in US Dollars.

a.	Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and<br>maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using<br>Barrick’s ownership share).
b.	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
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Q3 2025 compared to Q2 2025

In Q3 2025, gold cost of sales on a consolidated basis was 1% higher than Q2 2025, mainly due to higher sales and production volumes, combined with higher share-based compensation as a result of the significant increase in our share price during the current period and 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 COS/oz^2^ and TCC/oz^1^, includes our proportionate share of cost of sales at our equity method investees, and were 6% and 8% lower than Q2 2025, mainly driven by higher fixed cost dilution driven by higher sales volume, combined with lower maintenance costs at Turquoise Ridge related to the planned autoclave shutdown in Q2 2025. This was partially offset by higher share based compensation and higher royalties associated with the higher realized gold price^1^.

In Q3 2025, gold AISC/oz^1^, which also includes our proportionate share of equity method investees, decreased by 9% compared to Q2 2025. This was primarily due to lower TCC/oz^1^as explained above and lower minesite sustaining capital expenditures^1^.

In Q3 2025, copper cost of sales on a consolidated basis was in line with Q2 2025. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and

BARRICK THIRD QUARTER 2025	35		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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therefore, we do not include their cost of sales in our consolidated copper cost of sales. Our per pound metrics, copper COS/lb^2^ and C1 cash costs/lb^1^, include our proportionate share of cost of sales at our equity method investees. Copper COS/lb^2^ and C1 cash costs/lb^1^ were 5% and 9% higher, respectively, compared to Q2 2025, primarily at Lumwana due to increased mining fleet maintenance costs and lower fixed cost dilution.

In Q3 2025, copper AISC/lb^1^, which also includes our proportionate share of equity method investees, was 8% higher compared to Q2 2025, mainly due to an increase in C1 cash costs/lb^1^, combined with slightly higher minesite sustaining capital expenditures^1^.

Q3 2025 compared to Q3 2024

For Q3 2025, gold cost of sales on a consolidated basis was 9% lower than Q3 2024, mainly due to lower sales volumes, partially offset by higher share-based compensation as a result of the significant increase in our share price during the current period and higher royalties associated with the higher realized gold price^1^. As described above, our per ounce metrics, gold COS/oz^2^ and TCC/oz^1^, include our proportionate share of cost of sales at our equity method investees, and were 6% and 3% higher, respectively, compared to Q3 2024. This was mainly due to the impact of less fixed cost dilution driven by lower sales volumes, combined with higher share-based compensation and higher royalties (impact approximately $50/oz) associated with the higher realized gold price^1^.

For Q3 2025, gold AISC/oz^1^ was 2% higher than Q3 2024, primarily due to higher TCC/oz^1^, as described above, partially offset by lower minesite sustaining capital expenditures^1^.

For Q3 2025, copper cost of sales on a consolidated basis was 3% higher than Q3 2024, primarily due to the impact of higher sales volumes. As described above, our per pound metrics, copper COS/lb^2^and C1 cash costs/lb^1^, include our proportionate share of cost of sales at our equity method investees. Copper COS/lb^2^and C1 cash costs/lb^1^were 17% and 21% lower, respectively, compared to Q3 2024, mainly due to higher grades processed at Lumwana.

For Q3 2025, copper AISC/lb^1^was 12% lower than Q3 2024, primarily reflecting lower C1 cash costs/lb^1^, as per above, partially offset by higher minesite sustaining capital expenditures^1^.

YTD 2025 compared to YTD 2024

For YTD 2025, gold cost of sales on a consolidated basis was 9% lower than YTD 2024, mainly due to lower sales volumes, partially offset by higher share-based compensation as a result of the significant increase in our share price during the current period and higher royalties associated with the higher realized gold price^1^. On a per ounce basis, gold COS^2^and TCC^1^, after including our proportionate share of COS at our equity method investees (refer to explanation above), were 11% and 12% higher, respectively, than YTD 2024. This was primarily due to the impact of lower throughput and to a lesser extent lower grades processed at a number of operations, combined with higher share-based compensation and higher royalties (impact approximately $45/oz) associated with the higher realized gold price^1^.

For YTD 2025, gold AISC/oz^1^ increased by 11% compared to YTD 2024, primarily due to an increase in

TCC/oz^1^, combined with higher minesite sustaining capital expenditures^1^ on a per ounce basis.

For YTD 2025, copper cost of sales on a consolidated basis was 13% higher than YTD 2024, primarily due to the impact of higher sales volumes. Our per pound metrics, copper COS^2^ and C1 cash costs^1^, include our proportionate share of COS at our equity method investees (refer to explanation above). Copper COS/lb^2^ and C1 cash costs/lb^1^were 14% and 15% lower, respectively, compared to YTD 2024, due to higher grades processed at Lumwana.

For YTD 2025, copper AISC/lb^1^ was 16% lower than YTD 2024, primarily due to a lower C1 cash costs/lb^1^, as discussed above, combined with lower minesite sustaining capital expenditures^1^which was mainly driven by the decrease in waste stripping at Lumwana.

General andAdministrative Expenses

( millions)					For the three<br>months ended						For the nine<br>months ended
		9/30/25				6/30/25			9/30/24			9/30/25				9/30/24
Corporate administration	****	25	****			30			25		****	78	****			76
Share-based<br>compensationa	****	52	****			9			21		****	80	****			30
General & administrative expenses	****	77	****			39			46		****	158	****			106

All values are in US Dollars.

a.	Based on a US$34.12 share price as at September 30, 2025 (June 30, 2025: US$20.91 and September 30, 2024:<br>US$20.45).

General and administrative expenses for Q3 2025 and YTD 2025 increased compared to the prior periods primarily as a result of higher share-based compensation expenses due to a significant increase in our share price during the current periods compared to prior periods.

Exploration, Evaluation and Project Expenses

( millions)					For the three<br>months ended						For the nine<br>months ended
		9/30/25				6/30/25			9/30/24			9/30/25				9/30/24
Global exploration and evaluation	****	58	****			53			45		****	138	****			116
Project costs:
Reko Diq	****	4	****			0			30		****	7	****			94
Other	****	23	****			22			19		****	64	****			57
Global exploration and evaluation and project expense	****	85	****			75			94		****	209	****			267
Minesite exploration and evaluation	****	7	****			7			10		****	19	****			29
Total exploration, evaluation and project expenses		92				82			104			228				296

All values are in US Dollars.

Exploration, evaluation and project expenses for Q3 2025 and YTD 2025 decreased compared to Q3 2024 and YTD 2024, respectively, driven by lower project costs at Reko Diq as the feasibility study was completed at the end of 2024 which resulted in the conversion of resources to mineral reserves and consequently project development costs are now capitalized consistent with our accounting policy.

BARRICK THIRD QUARTER 2025	36		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Finance Costs, Net

( millions)				For the three<br>months ended						For the nine<br>months ended
		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
Interest expensea	****	93	****		99			137		****	290	****		339
Accretion	****	22	****		22			23		****	67	****		67
Interest capitalized	****	(16	)		(16	)		(4	)	****	(36	)		(29	)
Other finance costs	****	4	****		0			2		****	5	****		4
Finance income	****	(60	)		(47	)		(76	)	****	(163	)		(217	)
Finance costs, net	****	43	****		58			82		****	163	****		164

All values are in US Dollars.

a.

For Q3 2025 and YTD 2025, interest expense includes $8 million and $24 million, respectively, of non-cash interest<br>expense relating to the Pueblo Viejo streaming agreement with Royal Gold Inc. (Q2 2025: $8 million; Q3 2024: $8 million; YTD 2024: $24 million). Interest expense also includes $1 million and $10 million, respectively, relating to finance costs in<br>Argentina (Q2 2025: $4 million; Q3 2024: $44 million; YTD 2024: $60 million).

In Q3 2025, finance costs, net decreased compared to Q2 2025 mainly due to higher finance income resulting from the increased cash balance.

For Q3 2025, finance costs, net decreased by $39 million compared to Q3 2024, primarily due to lower interest expense as Q3 2024 experienced increased finance costs in Argentina associated with cash repatriation, partially offset by lower finance income.

Additional Statement of Income Items

( millions)				For the three<br>months ended						For the nine<br>months ended
		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
Impairment charges	****	3	****		0			2		****	7	****		20
(Gain) loss on currency translation	****	(3	)		(2	)		4		****	(3	)		21
Closed mine rehabilitation	****	4	****		(8	)		59		****	15	****		48
Other (income) expense	****	(193	)		353			46		****	330	****		143

All values are in US Dollars.

Other (Income) Expense

Other income in Q3 2025 of $193 million mainly related to the $250 million revaluation of our 80% equity investment in Loulo-Gounkoto, as it was deconsolidated and an investment at fair value was recognized in Q2 2025 (resulting in a Q2 2025 net loss of $1,035 million) following the change of control after it was placed under a temporary provisional administration on June 16, 2025. For YTD 2025, the deconsolidation and recognition of our 80% equity investment in Loulo-Gounkoto resulted in a total net loss of $785 million. This loss in Q2 2025 and YTD 2025 was partially offset by a gain of $745 million on the sale of our 50% interest in the Donlin Gold project. For both Q3 2024 and YTD 2024, other expense 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 settlement of the Zaldívar Tax Assessments in Chile.

For a further breakdown of other expense, refer to note 9 to the Financial Statements.

Income Tax Expense

Income tax expense was $477 million in Q3 2025. The unadjusted effective income tax rate in Q3 2025 was 20% of income before income taxes.

The underlying effective income tax rate on ordinary income in Q3 2025 was 27% after adjusting for the impact of foreign currency translation losses on deferred tax balances; the impact of the recognition of deferred tax assets; the impact of Loulo-Gounkoto’s loss of control; the impact of Loulo-Gounkoto’s reduced operations costs; 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. In Q3 2025, we recognized previously unrecognized deferred tax assets in Canada following the announced sale of our Canadian mine, Hemlo. The expected taxable gain on this transaction provides sufficient Canadian taxable income to support the recognition of a portion of the previously unrecognized tax losses, resulting in an income tax recovery of $129 million. This recognition partially reverses the deferred tax asset derecognition recorded in 2018 and reflects a one-time event linked to the sale. We continue to carry significant amounts of unrecognized deferred tax assets (e.g. for additional 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 10 of the Financial Statements.

Withholding Taxes

In Q3 2025, we recorded $66 million of dividend withholding taxes related to the undistributed and distributed earnings of our subsidiaries in Argentina, Côte d’lvoire and Saudi Arabia, and 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. Our review of Pillar Two for the current year, based on the OECD’s Transitional Safe Harbour rules as implemented in the Global Minimum Tax Act in Canada, has not identified any material amounts to be accrued for Q3 2025. As the law is evolving, both in Canada and elsewhere, we will continue to monitor the impact of this legislation.

BARRICK THIRD QUARTER 2025	37		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Financial Condition Review

Summary Balance Sheet and Key Financial Ratios

( millions, except ratios and share amounts)	As at 9/30/25				As at 12/31/24
Total cash and equivalents	****	5,037	****			4,074
Current assets	****	3,912	****			3,558
Non-current assets	****	39,408	****			39,994
Total Assets	****	48,357	****			47,626
Current liabilities excluding short-term debt	****	2,969	****			2,618
Non-current liabilities excluding long-term<br>debta	****	6,758	****			7,023
Debt (current and long-term)	****	4,714	****			4,729
Total Liabilities	****	14,441	****			14,370
Total shareholders’ equity	****	25,150	****			24,290
Non-controlling interests	****	8,766	****			8,966
Total Equity	****	33,916	****			33,256
Total common shares outstanding (millions of shares)b	****	1,687	****			1,727
Debt, net of cash	****	(323)	****			655
Key Financial Ratios:
Current ratioc	****	2.94:1	****			2.89:1
Debt-to-equityd	****	0.14:1	****			0.14:1
Net<br>leveragee	****	0.0:1	****			0.1:1

All values are in US Dollars.

^a^.	Non-current financial liabilities as at September 30, 2025 were $5,303 million (December 31, 2024: $5,215<br>million).
^b^.	As of October 28, 2025, the number of common shares outstanding is 1,687,433,930.
---	---
^c^.	Represents current assets divided by current liabilities (including short-term debt) as at September 30, 2025 and<br>December 31, 2024.
---	---
^d^.	Represents debt divided by total shareholders’ equity (including minority interest) as at September 30, 2025<br>and December 31, 2024.
---	---
^e^.	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
---	---

Balance Sheet Review

Total assets were $48.4 billion as at September 30, 2025, slightly higher than total assets as at December 31, 2024, driven by the cash proceeds received from the sale of our 50% interest in the Donlin project, partially offset by the net impact of the deconsolidation and derecognition of the assets, liabilities and non-controlling interests of Loulo-Gounkoto and recognition of an investment at fair value following the loss of control event as it was placed on temporary provisional administration on June 16, 2025.

Our asset base is primarily comprised of non-current assets such as property, plant and equipment and equity method investments, reflecting the capital-intensive nature of the mining business and our history of growing through acquisitions and creation of joint ventures with other mining companies. Other significant assets include our investment in Loulo-Gounkoto, 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 as at September 30, 2025 were $14.4 billion, in line with total liabilities at December 31, 2024. 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, 2025 were $5.0 billion. Our capital structure comprises a mix of debt, non-controlling interest (primarily

at NGM) and shareholders’ equity. As at September 30, 2025, our total debt was $4.7 billion (cash and equivalents, net of debt was $323 million) and our debt-to-equity ratio was 0.14:1. This compares to total debt as at December 31, 2024 of $4.7 billion (debt, net of cash and equivalents was $655 million), and a debt-to-equity ratio of 0.14:1.

Uses of cash for the remainder of 2025 include capital commitments of $1,244 million, and we expect to incur attributable minesite sustaining^1^ and project capital expenditures^1^ of approximately $1,000 million during the remainder of the year, based on our annual guidance range on page 11. For the remainder of 2025, we have contractual obligations and commitments of $670 million for supplies and consumables. In addition, we have $124 million in interest payments and other amounts as detailed in the table on page 41. 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 at September 30, 2025, we have purchased $1 billion of Barrick shares under our share repurchase program for the year-to-date, which was the previously authorized limit. On November 7, 2025 the Board of Directors approved a $500 million increase to the authorized limit of the current program that expires in February 2026.

Also on November 7, 2025 the Board of Directors approved a 25% increase in the quarterly base dividend to $0.125 per share. We also have a performance dividend policy that enhances shareholder returns when the Company’s liquidity is strong. In addition to our base dividend, the amount of the performance dividend on a quarterly basis will be based on the amount of cash, net of debt, on our balance sheet at the end of each quarter as per the schedule below.

BARRICK THIRD QUARTER 2025	38		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
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 <$0	$0.125 per share	$0.00 per share	$0.125 per share
Level II	Net cash >$0 and <$0.5B	$0.125 per share	$0.05 per share	$0.175 per share
Level III	Net cash >$0.5B and <$1B	$0.125 per share	$0.10 per share	$0.225 per share
Level IV	Net cash >$1B	$0.125 per share	$0.15 per share	$0.275 per share

The declaration and payment of dividends is at the discretion of the Board of Directors, and will depend on the company’s financial results, cash requirements, future prospects, the number of outstanding common shares, and other factors deemed relevant by the Board.

Our operating cash flow is dependent on the ability of our operations to deliver projected future cash flows. The market 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 2025, 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 2030. 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 TRIFR^3^. 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 negative 0.01:1 as at September 30, 2025 (0.02:1 as at December 31, 2024).

Summary of Cash Inflow (Outflow)

( millions)				For the three<br>months ended						For the nine<br>months ended
		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
Net cash provided by operating activities	****	2,422	****		1,329			1,180		****	4,963	****		3,099
Investing activities
Capital expenditures	****	(943	)		(934	)		(736	)	****	(2,714	)		(2,283	)
Divestitures	****	0	****		999			0		****	999	****		0
Income taxes paid on divestitures	****	(44	)		(87	)		0		****	(131	)		0
Funding of equity method investments	****	(1	)		0			0		****	(1	)		(55	)
Dividends received from equity method investments	****	63	****		53			38		****	154	****		127
Shareholder loan repayments from equity method investments	****	64	****		53			49		****	177	****		139
Investment sales	****	0	****		0			44		****	0	****		77
Other	****	0	****		2			2		****	2	****		9
Total investing inflows/(outflows)	****	(861	)		86			(603	)	****	(1,514	)		(1,986	)
Net change in debta	****	(3	)		(16	)		(4	)	****	(22	)		(11	)
Dividendsb	****	(254	)		(170	)		(174	)	****	(596	)		(524	)
Net disbursements to non-controlling interests	****	(423	)		(280	)		(110	)	****	(828	)		(348	)
Share buyback program	****	(589	)		(268	)		(95	)	****	(1,000	)		(144	)
Other	****	(26	)		13			(4	)	****	(9	)		(6	)
Total financing outflows	****	(1,295	)		(721	)		(387	)	****	(2,455	)		(1,033	)
Effect of exchange rate	****	1	****		0			(1	)	****	1	****		(3	)
Increase (decrease) in cash and equivalents	****	267	****		694			189		****	995	****		77

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 2025 and YTD 2025, we declared and paid dividends per share in US dollars totaling $0.15 and $0.35, respectively<br>(Q2 2025: declared and paid $0.10; Q3 2024: declared and paid $0.10; YTD 2024: declared and paid $0.30).
---	---

Q3 2025 compared to Q2 2025

In Q3 2025, we generated $2,422 million in operating cash flow, compared to $1,329 million in Q2 2025. The increase of $1,093 million was primarily due to higher realized gold prices^1^, increased gold sales volumes, and lower gold TCC/ oz^1^. Operating cash flow was further impacted by a favorable movement in working capital, mainly in accounts receivable, partially offset by an unfavorable movement in accounts payable and inventory. The decrease in accounts receivable mainly relates to our mines in Tanzania and Zambia where sales occurred at the end of Q2 2025 with the receipt of the cash early in Q3 2025. These results were also positively impacted by 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.

Cash outflows from investing activities in Q3 2025 were $861 million, compared to cash inflows of $86 million in Q2 2025. The increased outflow of $947 million was

BARRICK THIRD QUARTER 2025	39		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

primarily due to proceeds from the sale of our 50% interest in the Donlin project in Q2 2025. Capital expenditures in Q3 2025 were largely in line with Q2 2025, as increased project capital expenditures^1^ relating to Reko Diq site infrastructure and the Lumwana Super Pit Expansion project were largely offset by lower minesite sustaining capital expenditures^1^ mainly due to the end of waste stripping at Crossroads Phase 6 at Cortez.

Net financing cash outflows for Q3 2025 amounted to $1,295 million, compared to $721 million in Q2 2025. The increase of $574 million is primarily due to increased repurchases of shares under our share buyback program compared to Q2 2025. This was combined with higher net disbursements paid to non-controlling interests, primarily to Newmont in relation to their interest in NGM, and higher dividends paid as Q3 2025 included a $0.05 performance dividend reflecting our increased cash position.

Q3 2025 compared to Q3 2024

In Q3 2025, we generated $2,422 million in operating cash flow, compared to $1,180 million in Q3 2024. The increase of $1,242 million was primarily due to higher realized gold prices^1^, partially offset by lower gold sales volumes and higher gold TCC/oz^1^. This was combined with a favorable movement in working capital, mainly in accounts receivable. The decrease in accounts receivable mainly relates to our mines in Tanzania and Zambia where sales were delayed to the end of Q2 2025 with the receipt of the cash occurring early in Q3. These results were partially offset by higher cash taxes paid.

Cash outflows from investing activities in Q3 2025 were $861 million compared to $603 million in Q3 2024. The increase of $258 million was primarily due to higher capital expenditures driven by increased project capital expenditures^1^, mainly related to costs being capitalized at Reko Diq as the feasibility study was completed in Q4 2024 and at Lumwana on the Super Pit Expansion project, partially offset by decreased minesite sustaining capital expenditures^1^ mainly at Carlin driven by purchases of the Komatsu-930 truck fleet occurring in Q3 2024 and lower open pit waste stripping, and at Loulo-Gounkoto as operations were temporarily suspended and the mine was subsequently placed under a temporary provisional administration on June 16, 2025.

Net financing cash outflows for Q3 2025 amounted to $1,295 million compared to $387 million in Q3 2024. The

increase of $908 million is primarily due to increased repurchases of shares under our share buyback program in Q3 2025. This was combined with higher net disbursements paid to non-controlling interests, primarily to Newmont in relation to their interest in NGM, and higher dividends paid as Q3 2025 included a $0.05 performance dividend reflecting our increased cash position.

YTD 2025 compared to YTD 2024

For YTD 2025, we generated $4,963 million in operating cash flow, compared to $3,099 million in YTD 2024. The increase of $1,864 million was primarily due to higher realized gold prices^1^ and lower C1 cash costs/lb^1^, partially offset by lower gold sales volumes and higher TCC/oz^1^. This was combined with a favorable change in working capital mainly in other current liabilities and accounts receivable. These impacts were partially offset by higher cash taxes paid.

Cash outflows from investing activities for YTD 2025 were $1,514 million compared to $1,986 million in YTD 2024. The decrease of $472 million was primarily due to proceeds from the sale of our 50% interest in the Donlin project. This was partially offset by higher capital expenditures as a result of higher project capital expenditures^1^ mainly related to costs being capitalized at Reko Diq as the feasibility study was completed in Q4 2024 and at Lumwana on the Super Pit Expansion project, partially offset by lower minesite sustaining capital expenditures^1^ mainly at Carlin driven by purchases of the Komatsu-930 truck fleet occurring in YTD 2024 and lower open pit waste stripping, and at Loulo-Gounkoto as operations were temporarily suspended and the mine was subsequently placed under a temporary provisional administration on June 16, 2025.

Net financing cash outflows for YTD 2025 amounted to $2,455 million, compared to $1,033 million in YTD 2024. The increased outflow of $1,422 million is primarily due to increased repurchases of shares under our share buyback program in the current year. This was combined with higher net disbursements paid to non-controlling interests, primarily to Newmont in relation to their interest in NGM, and higher dividends paid as Q3 2025 included a $0.05 performance dividend reflecting our increased cash position.

BARRICK THIRD QUARTER 2025	40		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 18 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 9/30/25
		2025			2026			2027			2028			2029			2030 and<br>thereafter			Total
Debta
Repayment of principal		12			47			0			0			0			4,630			4,689
Capital leases		2			13			14			12			1			3			45
Interest		124			283			279			278			277			2,658			3,899
Provisions for environmental<br>rehabilitationb		58			148			119			165			135			1,931			2,556
Restricted share units		22			56			13			0			0			0			91
Pension benefits and other post-retirement benefits		1			5			4			4			4			62			80
Purchase obligations for supplies and<br>consumablesc		670			307			251			164			149			56			1,597
Capital commitmentsd		1,244			612			224			171			30			0			2,281
Social development costse		41			58			9			5			5			65			183
Other<br>obligationsf		10			64			66			61			59			544			804
Total		2,184			1,593			979			860			660			9,949			16,225

All values are in US Dollars.

^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, 2025. Interest is calculated on our long-term debt obligations using both fixed and variable rates.
^b^^.^	Provisions for environmental rehabilitation: Amounts presented in the table represent the undiscounted uninflated<br>future payments for the expected cost of environmental rehabilitation.
---	---
^c.^	Purchase obligations for supplies and consumables: Includes commitments related to new purchase obligations to secure a<br>supply of acid, tires and cyanide for our production process.
---	---
^d.^	Capital commitments: Purchase obligations for capital expenditures include only those items where binding commitments<br>have been entered into.
---	---
^e.^	Social development costs: Includes a commitment of $14 million in 2030 and thereafter, related to the funding of a<br>power transmission line in Argentina.
---	---
^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 2025	41		MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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)	2025				2025			2025			2024			2024			2024			2024			2023
		Q3				Q2			Q1			Q4			Q3			Q2			Q1			Q4
Revenues	****	4,148	****			3,681			3,130			3,645			3,368			3,162			2,747			3,059
Realized price/oz – goldb	****	3,457	****			3,295			2,898			2,657			2,494			2,344			2,075			1,986
Realized price/lb – copperb	****	4.39	****			4.36			4.51			3.96			4.27			4.53			3.86			3.78
Cost of sales	****	1,890	****			1,878			1,785			1,995			2,051			1,979			1,936			2,139
Net earnings	****	1,302	****			811			474			996			483			370			295			479
Per share (dollars)c	****	0.76	****			0.47			0.27			0.57			0.28			0.21			0.17			0.27
Adjusted net earningsb	****	982	****			800			603			794			529			557			333			466
Per share (dollars)b,c	****	0.58	****			0.47			0.35			0.46			0.30			0.32			0.19			0.27
Operating cash flow	****	2,422	****			1,329			1,212			1,392			1,180			1,159			760			997
Consolidated capital expendituresd	****	943	****			934			837			891			736			819			728			861
Free cash<br>flowb	****	1,479	****			395			375			501			444			340			32			136

All values are in US Dollars.

^a.^	Sum of all the quarters may not add up to the annual total due to rounding.
^b.^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
---	---
^c.^	Calculated using weighted average number of shares outstanding under the basic method of earnings per share.<br>
---	---
^d.^	Amounts presented on a consolidated cash basis.
---	---

Our recent financial results reflect our emphasis on cost discipline, an agile management structure that empowers our site based leadership teams and a portfolio of Tier One Gold Assets^5^. This, combined with significant increase in the gold price and ongoing strength in the copper price, has resulted in strong operating cash flows over the past several quarters and record high free cash flow for Q3 2025. The positive operating cash flow generated has allowed us to continue to reinvest in our business including our key growth projects, maintain a strong balance sheet and increase returns to shareholders.

In addition to the strength in metal prices, net earnings has also been impacted by the following items in each quarter, which have been excluded from adjusted net earnings^1^. In Q2 2025, we recorded a net loss of $1,035 million on the deconsolidation of Loulo-Gounkoto following the change of control after it was placed under a temporary

provisional administration on June 16, 2025 (refer to note 17 of the Financial Statements for further details), which was partially offset by the recognition of our 80% equity investment in Loulo-Gounkoto. In addition, we recorded a gain of $745 million on the sale of our 50% interest in the Donlin Gold project. In Q4 2024, we recorded non-current asset impairment reversals of $655 million at Lumwana and $437 million at Veladero. In addition, we recorded a goodwill impairment of $484 million related to Loulo-Gounkoto. In Q2 2024, we recorded a provision following the settlement of the Zaldívar Tax Assessments in Chile (refer to note 18 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 $280 million at Long Canyon.

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 2024 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, 2025 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 Group Chief Operating Officer and Interim 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 2025	42		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

IFRS Critical Accounting Policies and Accounting Estimates

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

Critical Accounting Estimates and Judgments

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

Non-GAAPFinancial 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;
---	---
∎	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<br>
---	---
∎	Tax effect and non-controlling interest of the above items.
---	---

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

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

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

BARRICK THIRD QUARTER 2025	43		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 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
		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
Net earnings attributable to equity holders of the Company	****	1,302	****		811			483		****	2,587	****		1,148
Impairment charges related to intangibles, goodwill, property, plant and equipment, and investmentsa	****	3	****		0			2		****	7	****		20
Acquisition/disposition (gains)<br>lossesb	****	(250	)		289			(1	)	****	39	****		(7	)
(Gain) loss on currency translation	****	(3	)		(2	)		4		****	(3	)		21
Significant tax adjustmentsc	****	(119	)		(35	)		(30	)	****	(169	)		136
Other expense adjustmentsd	****	47	****		44			97		****	264	****		136
Non-controlling interest	****	0	****		(4	)		(7	)	****	(15	)		(11	)
Tax<br>effecte	****	2	****		(303	)		(19	)	****	(325	)		(24	)
Adjusted net earnings	****	982	****		800			529		****	2,385	****		1,419
Net earnings per sharef	****	0.76	****		0.47			0.28		****	1.51	****		0.65
Adjusted net earnings per sharef	****	0.58	****		0.47			0.30		****	1.39	****		0.81

All values are in US Dollars.

^a.^	There were no significant impairment charges or reversals in the current period or prior periods.<br>
^b.^	Acquisition/disposition (gains) losses for Q3 2025 mainly related to the $250 million revaluation of our 80% equity<br>investment in Loulo-Gounkoto, as it was deconsolidated and an investment at fair value was recognized in Q2 2025 (resulting in a Q2 2025 net loss of $1,035 million) following the change of control after it was placed under a temporary provisional<br>administration on June 16, 2025. This loss in Q2 2025 and YTD 2025 was partially offset by a gain of $745 million on the sale of our 50% interest in the Donlin Gold project.
---	---
^c^.	For Q3 2025, significant tax adjustments include the re-measurement of deferred tax balances and the recognition of<br>deferred tax assets. Significant tax adjustments for YTD 2025 also include the adjustments in respect of prior years. For Q3 2024, significant tax adjustments include the re-measurement of deferred tax balances and the recognition of deferred tax<br>assets. Significant tax adjustments for YTD 2024 also include the adjustments in respect of prior years and the proposed settlement of the Zaldívar Tax Assessments in Chile.
---	---
^d.^	Other expense adjustments for the 2025 periods mainly relate to reduced operation costs at Loulo-Gounkoto. Q3 2025 also<br>includes severance costs and YTD 2025 was further impacted by the signing of agreements to settle legacy legal matters in the Philippines related to Placer Dome Inc. Other adjustments in Q3 2024 mainly relate to the $40 million accrual relating to<br>the road construction in Tanzania per our community investment obligations under the Twiga partnership, and changes in the discount rate assumptions on our closed mine rehabilitation provision, combined with a provision made relating to a legacy<br>mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick. YTD 2024 was further impacted by the interest and penalties recognized following the settlement of the Zaldívar Tax Assessments in Chile.<br>
---	---
^e.^	Tax effect for Q2 2025 and YTD 2025 primarily relates to acquisition/disposition losses (gains).
---	---
^f.^	Calculated using weighted average number of shares outstanding under the basic method of earnings per share.<br>
---	---

Free Cash Flow

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

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

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

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

( millions)				For the three months ended						For the nine months ended
		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
Net cash provided by operating activities	****	2,422	****		1,329			1,180		****	4,963	****		3,099
Capital expenditures	****	(943	)		(934	)		(736	)	****	(2,714	)		(2,283	)
Consolidated free cash flow	****	1,479	****		395			444		****	2,249	****		816
Free cash flow applicable to equity investees	****	191	****		66			71		****	413	****		247
Non-controlling interests	****	(516	)		(249	)		(210	)	****	(885	)		(475	)
Attributable free cash flow	****	1,154	****		212			305		****	1,777	****		588

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/pound.

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 2025	44		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Reconciliation of the Classification of Capital Expenditures

( millions)					For the three months ended						For the nine months ended
		9/30/25				6/30/25			9/30/24			9/30/25				9/30/24
Minesite sustaining capital expenditures	****	395	****			479			511		****	1,438	****			1,692
Project capital expenditures	****	532	****			439			221		****	1,240	****			562
Capitalized interest	****	16	****			16			4		****	36	****			29
Total consolidated capital expenditures	****	943	****			934			736		****	2,714	****			2,283

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 costsper pound

TCC/oz and AISC/oz 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.

TCC 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. AISC start with TCC 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 TCC and AISC 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.

TCC/oz and AISC/oz 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/lb and AISC/lb are non-GAAP financial measures related to our copper mine operations. We believe that C1 cash costs/lb 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/lb excludes royalties and non-routine charges as they are not direct production costs. AISC/lb is similar to the gold AISC 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. AISC/lb 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 2025	45		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

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

( millions, except per oz information in dollars)			For the three months ended									For the nine months ended
		Footnote		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
COS applicable to gold production			****	1,690	****		1,676			1,856		****	4,934	****		5,416
Depreciation			****	(384	)		(359	)		(409	)	****	(1,085	)		(1,217	)
Total cash costs applicable to equity method investments			****	114	****		101			93		****	324	****		226
By-product credits			****	(80	)		(64	)		(58	)	****	(204	)		(189	)
Non-recurring items	a		****	0	****		0			0		****	0	****		0
Other	b		****	5	****		11			3		****	21	****		10
Non-controlling interests	c		****	(393	)		(411	)		(417	)	****	(1,168	)		(1,210	)
Total cash costs			****	952	****		954			1,068		****	2,822	****		3,036
General & administrative costs			****	77	****		39			46		****	158	****		106
Minesite exploration and evaluation costs	d		****	7	****		7			10		****	19	****		29
Minesite sustaining capital expenditures	e		****	395	****		479			511		****	1,438	****		1,692
Sustaining leases			****	7	****		7			8		****	22	****		23
Rehabilitation - accretion and amortization (operating sites)	f		****	17	****		16			14		****	50	****		51
Non-controlling interest, copper operations and other	g		****	(171	)		(208	)		(199	)	****	(596	)		(701	)
All-in sustaining costs			****	1,284	****		1,294			1,458		****	3,913	****		4,236
Ounces sold - attributable basis (koz)	h		****	837	****		770			967		****	2,358	****		2,833
COS/oz	i,j		****	1,562	****		1,654			1,472		****	1,613	****		1,447
TCC/oz	j		****	1,137	****		1,239			1,104		****	1,197	****		1,072
TCC/oz (on a co-product basis)	j,k		****	1,199	****		1,292			1,145		****	1,253	****		1,117
AISC/oz	j		****	1,538	****		1,684			1,507		****	1,660	****		1,495
AISC/oz (on a co-product basis)	j,k		****	1,600	****		1,737			1,548		****	1,716	****		1,540

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<br>calculation of TCC.
b.	Other - Other adjustments mainly relate to treatment and refinement charges.
---	---
c.	Non-controlling interests - Non-controlling interests include non-controlling interests related to gold production<br>of $540 million and $1,567 million for Q3 2025 and YTD 2025, respectively, (Q2 2025: $540 million; Q3 2024: $556 million; YTD 2024: $1,630 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and<br>Bulyanhulu. Refer to Note 5 to the Financial Statements for further information.
---	---
d.	Exploration and evaluation costs - Exploration, evaluation and project expenses are presented as minesite<br>sustaining if they support current mine operations and project if they relate to future projects. Refer to page 36 of this MD&A.
---	---
e.	Capital expenditures - Capital expenditures are related to our gold sites only and are split between minesite<br>sustaining and project capital expenditures.
---	---
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.
---	---
g.	Non-controlling interest and copper operations - Removes general and administrative costs related to<br>non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest<br>of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. The impact is summarized as the following:
---	---
( millions)				For the three months ended						For the nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-controlling interest, copper operations and<br>other	9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
General & administrative costs	****	(13	)		(6	)		(7	)	****	(25	)		(17	)
Minesite exploration and evaluation expenses	****	(1	)		(3	)		(2	)	****	(4	)		(8	)
Rehabilitation - accretion and amortization (operating sites)	****	(5	)		(6	)		(5	)	****	(16	)		(16	)
Minesite sustaining capital expenditures	****	(152	)		(193	)		(185	)	****	(551	)		(660	)
All-in sustaining costs total	****	(171	)		(208	)		(199	)	****	(596	)		(701	)

All values are in US Dollars.

h.	Ounces sold - attributable basis - Excludes Long Canyon which is producing residual ounces from the leach pad while<br>in care and maintenance.
i.	COS/oz - Gold COS/oz 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).
---	---
j.	Per ounce figures - COS/oz, TCC/oz and AISC/oz may not calculate based on amounts presented in this table due to<br>rounding.
---	---
k.	Co-product costs/oz
---	---
TCC/oz and AISC/oz presented on a co-product basis removes the impact of by-product credits of our gold production (net of<br>non-controlling interest) calculated as:
---
( millions)				For the three months ended						For the nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
By-product credits	****	80	****		64			58		****	204	****		189
Non-controlling interest	****	(28	)		(23	)		(18	)	****	(71	)		(60	)
By-product credits (net of non-controlling interest)	****	52	****		41			40		****	133	****		129

All values are in US Dollars.

BARRICK THIRD QUARTER 2025	46		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

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

( millions, except per oz information in dollars)												For the three months ended 9/30/25
		Footnote		Carlin			Cortez			TurquoiseRidge			Phoenix			Nevada GoldMines^a^			Hemlo^b^
COS applicable to gold production			****	413	****	****	322	****	****	201	****	****	91	****	****	1,029	****	****	63	****
Depreciation			****	(80	)	****	(73	)	****	(48	)	****	(18	)	****	(220	)	****	(7	)
By-product credits			****	(1	)	****	(1	)	****	(1	)	****	(49	)	****	(52	)	****	(1	)
Non-recurring items	c		****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Other	d		****	0	****	****	0	****	****	0	****	****	6	****	****	6	****	****	0	****
Non-controlling interests			****	(129	)	****	(95	)	****	(58	)	****	(12	)	****	(294	)	****	0	****
Total cash costs			****	203	****	****	153	****	****	94	****	****	18	****	****	469	****	****	55	****
General & administrative costs			****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Minesite exploration and evaluation costs	e		****	3	****	****	1	****	****	0	****	****	1	****	****	5	****	****	0	****
Minesite sustaining capital expenditures	f		****	116	****	****	26	****	****	20	****	****	10	****	****	176	****	****	14	****
Sustaining capital leases			****	0	****	****	0	****	****	0	****	****	1	****	****	1	****	****	0	****
Rehabilitation - accretion and amortization (operating sites)	g		****	3	****	****	5	****	****	1	****	****	1	****	****	10	****	****	0	****
Non-controlling interests			****	(46	)	****	(12	)	****	(9	)	****	(5	)	****	(74	)	****	0	****
All-in sustaining costs			****	279	****	****	173	****	****	106	****	****	26	****	****	587	****	****	69	****
Ounces sold - attributable basis (koz)			****	170	****	****	123	****	****	85	****	****	28	****	****	406	****	****	29	****
COS/oz	h,i		****	1,493	****	****	1,612	****	****	1,452	****	****	2,010	****	****	1,557	****	****	2,145	****
TCC/oz	i		****	1,201	****	****	1,242	****	****	1,099	****	****	664	****	****	1,156	****	****	1,874	****
TCC/oz (on a co-product basis)	i,j		****	1,206	****	****	1,247	****	****	1,106	****	****	1,618	****	****	1,226	****	****	1,885	****
AISC/oz	i		****	1,643	****	****	1,407	****	****	1,244	****	****	935	****	****	1,448	****	****	2,417	****
AISC/oz (on a co-product basis)	i,j		****	1,648	****	****	1,412	****	****	1,251	****	****	1,889	****	****	1,518	****	****	2,428	****

All values are in US Dollars.

( millions, except per oz information in dollars)			For the three months ended 9/30/25
		Footnote		Pueblo Viejo			Veladero			Porgera
COS applicable to gold production			****	260	****	****	60	****	****	38	****
Depreciation			****	(77	)	****	(23	)	****	(9	)
By-product credits			****	(16	)	****	(2	)	****	(1	)
Non-recurring items	c		****	0	****	****	0	****	****	0	****
Other	d		****	0	****	****	0	****	****	0	****
Non-controlling interests			****	(66	)	****	0	****	****	0	****
Total cash costs			****	101	****	****	35	****	****	28	****
General & administrative costs			****	0	****	****	0	****	****	0	****
Minesite exploration and evaluation costs	e		****	0	****	****	0	****	****	0	****
Minesite sustaining capital expenditures	f		****	47	****	****	30	****	****	8	****
Sustaining capital leases			****	0	****	****	0	****	****	0	****
Rehabilitation - accretion and amortization (operating sites)	g		****	2	****	****	1	****	****	1	****
Non-controlling interests			****	(21	)	****	0	****	****	0	****
All-in sustaining costs			****	129	****	****	66	****	****	37	****
Ounces sold - attributable basis (koz)			****	108	****	****	44	****	****	24	****
COS/oz	h,i		****	1,451	****	****	1,352	****	****	1,599	****
TCC/oz	i		****	929	****	****	787	****	****	1,200	****
TCC/oz (on a co-product basis)	i,j		****	1,022	****	****	831	****	****	1,209	****
AISC/oz	i		****	1,198	****	****	1,498	****	****	1,594	****
AISC/oz (on a co-product basis)	i,j		****	1,291	****	****	1,542	****	****	1,604	****

All values are in US Dollars.

BARRICK THIRD QUARTER 2025	47		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 oz information in<br>dollars)											For the three months ended 9/30/25
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Footnote		Loulo- Gounkoto^k^				Kibali				North Mara				Tongon^l^				Bulyanhulu
COS applicable to gold production			****	—	****		****	124	****		****	130	****		****	60	****		****	87	****
Depreciation			****	—	****		****	(38)	****		****	(35)	****		****	(6)	****		****	(18)	****
By-product credits			****	—	****		****	0	****		****	(2)	****		****	0	****		****	(6)	****
Non-recurring items	c		****	—	****		****	0	****		****	0	****		****	0	****		****	0	****
Other	d		****	—	****		****	0	****		****	0	****		****	0	****		****	0	****
Non-controlling interests			****	—	****		****	0	****		****	(16)	****		****	(5)	****		****	(10)	****
Total cash costs			****	—	****		****	86	****		****	77	****		****	49	****		****	53	****
General & administrative costs			****	—	****		****	0	****		****	0	****		****	0	****		****	0	****
Minesite exploration and evaluation costs	e		****	—	****		****	0	****		****	0	****		****	0	****		****	0	****
Minesite sustaining capital expenditures	f		****	—	****		****	19	****		****	16	****		****	1	****		****	21	****
Sustaining capital leases			****	—	****		****	2	****		****	0	****		****	1	****		****	0	****
Rehabilitation - accretion and amortization (operating sites)	g		****	—	****		****	1	****		****	2	****		****	1	****		****	0	****
Non-controlling interests			****	—	****		****	0	****		****	(3)	****		****	0	****		****	(3)	****
All-in sustaining costs			****	—	****		****	108	****		****	92	****		****	52	****		****	71	****
Ounces sold - attributable basis (koz)			****	—	****		****	84	****		****	72	****		****	30	****		****	40	****
COS/oz	h,i		****	—	****		****	1,482	****		****	1,497	****		****	1,787	****		****	1,817	****
TCC/oz	i		****	—	****		****	1,019	****		****	1,069	****		****	1,605	****		****	1,334	****
TCC/oz (on a co-product basis)	i,j		****	—	****		****	1,026	****		****	1,095	****		****	1,612	****		****	1,445	****
AISC/oz	i		****	—	****		****	1,286	****		****	1,268	****		****	1,692	****		****	1,790	****
AISC/oz (on a co-product basis)	i,j		****	—	****		****	1,293	****		****	1,294	****		****	1,699	****		****	1,901	****

All values are in US Dollars.

( millions, except per oz information in<br>dollars)												For the three months ended 6/30/25
		Footnote		Carlin			Cortez			Turquoise<br>Ridge			Phoenix			Nevada Gold<br>Mines^a^			Hemlo^b^
COS applicable to gold production				429			294			216			92			1,031			58
Depreciation				(68	)		(62	)		(44	)		(18	)		(192	)		(10	)
By-product credits				(1	)		(1	)		(1	)		(34	)		(37	)		0
Non-recurring items	c			0			0			0			0			0			0
Other	d			0			0			0			6			6			0
Non-controlling interests				(138	)		(89	)		(66	)		(18	)		(312	)		0
Total cash costs				222			142			105			28			496			48
General & administrative costs				0			0			0			0			0			0
Minesite exploration and evaluation costs	e			4			2			0			1			7			0
Minesite sustaining capital expenditures	f			128			72			26			13			246			7
Sustaining capital leases				0			0			0			0			1			1
Rehabilitation - accretion and amortization (operating sites)	g			2			4			1			2			9			1
Non-controlling interests				(52	)		(30	)		(9	)		(6	)		(100	)		0
All-in sustaining costs				304			190			123			38			659			57
Ounces sold - attributable basis (koz)				166			107			75			28			376			32
COS/oz	h,i			1,589			1,687			1,761			2,033			1,685			1,837
TCC/oz	i			1,330			1,326			1,394			1,010			1,319			1,512
TCC/oz (on a co-product basis)	i,j			1,335			1,331			1,403			1,634			1,370			1,524
AISC/oz	i			1,826			1,774			1,621			1,376			1,749			1,766
AISC/oz (on a co-product basis)	i,j			1,831			1,779			1,630			2,000			1,800			1,778

All values are in US Dollars.

BARRICK THIRD QUARTER 2025	48		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 oz information in dollars)			For the three months ended 6/30/25
---	---	---	---	---	---	---	---	---	---	---	---
		Footnote		Pueblo Viejo			Veladero			Porgera
COS applicable to gold production				267			82			32
Depreciation				(77	)		(31	)		(7	)
By-product credits				(11	)		(2	)		0
Non-recurring items	c			0			0			0
Other	d			0			0			0
Non-controlling interests				(72	)		0			0
Total cash costs				107			49			25
General & administrative costs				0			0			0
Minesite exploration and evaluation costs	e			0			2			1
Minesite sustaining capital expenditures	f			61			34			8
Sustaining capital leases				0			1			1
Rehabilitation - accretion and amortization (operating sites)	g			2			0			0
Non-controlling interests				(25	)		0			0
All-in sustaining costs				145			86			35
Ounces sold - attributable basis (koz)				93			67			24
COS/oz	h,i			1,715			1,234			1,354
TCC/oz	i			1,147			751			1,041
TCC/oz (on a co-product basis)	i,j			1,219			775			1,051
AISC/oz	i			1,552			1,295			1,406
AISC/oz (on a co-product basis)	i,j			1,624			1,319			1,416

All values are in US Dollars.

( millions, except per oz information in<br>dollars)									For the three months ended 6/30/25
		Footnote		Loulo-<br><br><br>Gounkoto^k^			Kibali			North Mara			Tongon^l^			Bulyanhulu
COS applicable to gold production				—			108			84			74			64
Depreciation				—			(32)			(19)			(6)			(14)
By-product credits				—			(1)			(2)			0			(7)
Non-recurring items	c			—			0			0			0			0
Other	d			—			0			0			0			1
Non-controlling interests				—			0			(9)			(7)			(7)
Total cash costs				—			75			54			61			37
General & administrative costs				—			0			0			0			0
Minesite exploration and evaluation costs	e			—			0			0			0			0
Minesite sustaining capital expenditures	f			—			10			11			4			25
Sustaining capital leases				—			3			0			0			0
Rehabilitation - accretion and amortization (operating sites)	g			—			0			1			2			1
Non-controlling interests				—			0			(2)			(1)			(4)
All-in sustaining costs				—			88			64			66			59
Ounces sold - attributable basis (koz)				—			69			50			28			31
COS/oz	h,i			—			1,565			1,430			2,397			1,722
TCC/oz	i			—			1,094			1,073			2,204			1,189
TCC/oz (on a co-product basis)	i,j			—			1,099			1,100			2,207			1,353
AISC/oz	i			—			1,273			1,292			2,390			1,885
AISC/oz (on a co-product basis)	i,j			—			1,278			1,319			2,393			2,049

All values are in US Dollars.

BARRICK THIRD QUARTER 2025	49		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 oz information in<br>dollars)												For the three months ended 9/30/24
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Footnote		Carlin			Cortez			Turquoise<br>Ridge			Phoenix			Nevada<br><br><br>Gold Mines^a^			Hemlo^b^
COS applicable to gold production				449			246			208			83			987			55
Depreciation				(69	)		(55	)		(46	)		(15	)		(185	)		(8	)
By-product credits				(1	)		0			(1	)		(39	)		(41	)		0
Non-recurring items	c			0			0			0			0			0			0
Other	d			(8	)		0			0			7			(1	)		0
Non-controlling interests				(143	)		(73	)		(62	)		(14	)		(293	)		0
Total cash costs				228			118			99			22			467			47
General & administrative costs				0			0			0			0			0			0
Minesite exploration and evaluation costs	e			3			3			2			1			9			0
Minesite sustaining capital expenditures	f			150			57			25			13			251			11
Sustaining capital leases				0			0			0			0			0			1
Rehabilitation - accretion and amortization (operating sites)	g			4			4			1			2			11			0
Non-controlling interests				(60	)		(26	)		(11	)		(6	)		(106	)		0
All-in sustaining costs				325			156			116			32			632			59
Ounces sold - attributable basis (koz)				183			99			77			28			387			28
COS/oz	h,i			1,478			1,526			1,674			1,789			1,553			1,929
TCC/oz	i			1,249			1,180			1,295			764			1,205			1,623
TCC/oz (on a co-product basis)	i,j			1,252			1,183			1,305			1,465			1,260			1,633
AISC/oz	i			1,771			1,570			1,516			1,113			1,633			2,044
AISC/oz (on a co-product basis)	i,j			1,774			1,573			1,526			1,814			1,688			2,054

All values are in US Dollars.

( millions, except per oz information in dollars)					For the three months ended 9/30/24
		Footnote				Pueblo Viejo			Veladero			Porgera
COS applicable to gold production						235			102			22
Depreciation						(78	)		(24	)		(3	)
By-product credits						(5	)		(3	)		0
Non-recurring items		c				0			0			0
Other		d				0			0			0
Non-controlling interests						(61	)		0			0
Total cash costs						91			75			19
General & administrative costs						0			0			0
Minesite exploration and evaluation costs		e				0			0			1
Minesite sustaining capital expenditures		f				41			33			3
Sustaining capital leases						0			0			0
Rehabilitation - accretion and amortization (operating sites)		g				2			0			0
Non-controlling interests						(18	)		0			0
All-in sustaining costs						116			108			23
Ounces sold - attributable basis (koz)						96			78			19
COS/oz		h,i				1,470			1,311			1,163
TCC/oz		i				957			951			999
TCC/oz (on a co-product basis)		i,j				985			995			1,016
AISC/oz		i				1,221			1,385			1,214
AISC/oz (on a co-product basis)		i,j				1,249			1,429			1,231

All values are in US Dollars.

BARRICK THIRD QUARTER 2025	50		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 oz information in<br>dollars)											For the three months ended 9/30/24
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Footnote				Loulo-<br>    Gounkoto^k^			Kibali			North Mara			Tongon^l^			Bulyanhulu
COS applicable to gold production						212			111			102			85			74
Depreciation						(66)			(35)			(23)			(8)			(16)
By-product credits						0			0			(1)			0			(6)
Non-recurring items		c				0			0			0			0			0
Other		d				0			0			0			0			2
Non-controlling interests						(29)			0			(12)			(8)			(9)
Total cash costs						117			76			66			69			45
General & administrative costs						0			0			0			0			0
Minesite exploration and evaluation costs		e				0			0			0			0			0
Minesite sustaining capital expenditures		f				70			12			17			8			12
Sustaining capital leases						0			1			0			0			0
Rehabilitation - accretion and amortization (operating sites)		g				1			0			2			0			0
Non-controlling interests						(14)			0			(3)			(1)			(1)
All-in sustaining costs						174			89			82			76			56
Ounces sold - attributable basis (koz)						135			77			78			32			37
COS/oz		h,i				1,257			1,441			1,108			2,403			1,628
TCC/oz		i				865			978			850			2,184			1,191
TCC/oz (on a co-product basis)		i,j				866			983			863			2,188			1,288
AISC/oz		i				1,288			1,172			1,052			2,388			1,470
AISC/oz (on a co-product basis)		i,j				1,289			1,177			1,065			2,392			1,567

All values are in US Dollars.

( millions, except per oz information in dollars)											For the nine months ended 9/30/25
		Footnote				Carlin			Cortez			TurquoiseRidge			Phoenix			Nevada<br> <br>Gold Mines^a^			Hemlo^b^
COS applicable to gold production					****	1,243	****	****	857	****	****	620	****	****	262	****	****	2,985	****	****	188	****
Depreciation					****	(210	)	****	(192	)	****	(139	)	****	(53	)	****	(595	)	****	(27	)
By-product credits					****	(4	)	****	(3	)	****	(3	)	****	(116	)	****	(126	)	****	(1	)
Non-recurring items		c			****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Other		d			****	0	****	****	0	****	****	0	****	****	18	****	****	18	****	****	0	****
Non-controlling interests					****	(397	)	****	(254	)	****	(184	)	****	(43	)	****	(879	)	****	0	****
Total cash costs					****	632	****	****	408	****	****	294	****	****	68	****	****	1,403	****	****	160	****
General & administrative costs					****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Minesite exploration and evaluation costs		e			****	8	****	****	4	****	****	0	****	****	2	****	****	15	****	****	0	****
Minesite sustaining capital expenditures		f			****	497	****	****	150	****	****	68	****	****	33	****	****	762	****	****	29	****
Sustaining capital leases					****	0	****	****	0	****	****	0	****	****	1	****	****	2	****	****	2	****
Rehabilitation - accretion and amortization (operating sites)		g			****	8	****	****	13	****	****	3	****	****	5	****	****	29	****	****	1	****
Non-controlling interests					****	(197	)	****	(64	)	****	(27	)	****	(16	)	****	(310	)	****	0	****
All-in sustaining costs					****	948	****	****	511	****	****	338	****	****	93	****	****	1,901	****	****	192	****
Ounces sold - attributable basis (koz)					****	478	****	****	326	****	****	238	****	****	85	****	****	1,127	****	****	100	****
COS/oz		h,i			****	1,594	****	****	1,616	****	****	1,600	****	****	1,907	****	****	1,626	****	****	1,884	****
TCC/oz		i			****	1,323	****	****	1,249	****	****	1,234	****	****	807	****	****	1,245	****	****	1,596	****
TCC/oz (on a co-product basis)		i,j			****	1,329	****	****	1,254	****	****	1,242	****	****	1,525	****	****	1,304	****	****	1,607	****
AISC/oz		i			****	1,982	****	****	1,566	****	****	1,417	****	****	1,107	****	****	1,687	****	****	1,925	****
AISC/oz (on a co-product basis)		i,j			****	1,988	****	****	1,571	****	****	1,425	****	****	1,825	****	****	1,746	****	****	1,936	****

All values are in US Dollars.

BARRICK THIRD QUARTER 2025	51		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 oz information in dollars)	For the nine months ended 9/30/25
---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Footnote				Pueblo Viejo			Veladero			Porgera
COS applicable to gold production					****	764	****	****	221	****	****	106	****
Depreciation					****	(229	)	****	(79	)	****	(23	)
By-product credits					****	(39	)	****	(5	)	****	(1	)
Non-recurring items		c			****	0	****	****	0	****	****	0	****
Other		d			****	0	****	****	0	****	****	0	****
Non-controlling interests					****	(198	)	****	0	****	****	0	****
Total cash costs					****	298	****	****	137	****	****	82	****
General & administrative costs					****	0	****	****	0	****	****	0	****
Minesite exploration and evaluation costs		e			****	0	****	****	3	****	****	1	****
Minesite sustaining capital expenditures		f			****	167	****	****	97	****	****	22	****
Sustaining capital leases					****	0	****	****	1	****	****	1	****
Rehabilitation - accretion and amortization (operating sites)		g			****	5	****	****	2	****	****	1	****
Non-controlling interests					****	(69	)	****	0	****	****	0	****
All-in sustaining costs					****	401	****	****	240	****	****	107	****
Ounces sold - attributable basis (koz)					****	277	****	****	179	****	****	69	****
COS/oz		h,i			****	1,653	****	****	1,227	****	****	1,536	****
TCC/oz		i			****	1,074	****	****	761	****	****	1,186	****
TCC/oz (on a co-product basis)		i,j			****	1,160	****	****	788	****	****	1,195	****
AISC/oz		i			****	1,446	****	****	1,336	****	****	1,555	****
AISC/oz (on a co-product basis)		i,j			****	1,532	****	****	1,363	****	****	1,564	****

All values are in US Dollars.

( millions, except per oz information in dollars)	For the nine months ended 9/30/25
		Footnote		Loulo-<br> <br>Gounkoto^k^				Kibali			North Mara			Tongon^l^			Bulyanhulu
COS applicable to gold production			****	—	****		****	345	****	****	316	****	****	204	****	****	228	****
Depreciation			****	—	****		****	(102	)	****	(75	)	****	(18	)	****	(48	)
By-product credits			****	—	****		****	(1	)	****	(5	)	****	0	****	****	(20	)
Non-recurring items	c		****	—	****		****	0	****	****	0	****	****	0	****	****	0	****
Other	d		****	—	****		****	0	****	****	0	****	****	0	****	****	2	****
Non-controlling interests			****	—	****		****	0	****	****	(38	)	****	(19	)	****	(26	)
Total cash costs			****	—	****		****	242	****	****	198	****	****	167	****	****	136	****
General & administrative costs			****	—	****		****	0	****	****	0	****	****	0	****	****	0	****
Minesite exploration and evaluation costs	e		****	—	****		****	0	****	****	0	****	****	0	****	****	0	****
Minesite sustaining capital expenditures	f		****	—	****		****	41	****	****	48	****	****	8	****	****	74	****
Sustaining capital leases			****	—	****		****	7	****	****	0	****	****	1	****	****	0	****
Rehabilitation - accretion and amortization (operating sites)	g		****	—	****		****	1	****	****	4	****	****	5	****	****	1	****
Non-controlling interests			****	—	****		****	0	****	****	(8	)	****	(1	)	****	(12	)
All-in sustaining costs			****	—	****		****	291	****	****	242	****	****	180	****	****	199	****
Ounces sold - attributable basis (koz)			****	—	****		****	220	****	****	190	****	****	87	****	****	109	****
COS/oz	h,i		****	—	****		****	1,572	****	****	1,393	****	****	2,101	****	****	1,754	****
TCC/oz	i		****	—	****		****	1,101	****	****	1,040	****	****	1,916	****	****	1,250	****
TCC/oz (on a co-product basis)	i,j		****	—	****		****	1,107	****	****	1,062	****	****	1,921	****	****	1,385	****
AISC/oz	i		****	—	****		****	1,325	****	****	1,270	****	****	2,063	****	****	1,831	****
AISC/oz (on a co-product basis)	i,j		****	—	****		****	1,331	****	****	1,292	****	****	2,068	****	****	1,966	****

All values are in US Dollars.

BARRICK THIRD QUARTER 2025	52		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 oz information in dollars)														For the nine months ended 9/30/24
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Footnote				Carlin			Cortez			Turquoise<br><br><br>Ridge			Phoenix			Nevada Gold<br><br><br>Mines^a^			Hemlo^b^
COS applicable to gold production						1,378			731			567			259			2,938			184
Depreciation						(232)			(187)			(125)			(50)			(595)			(27)
By-product credits						(2)			(2)			(2)			(117)			(123)			0
Non-recurring items		c				0			0			0			0			0			0
Other		d				(17)			0			0			20			3			0
Non-controlling interests						(434)			(208)			(170)			(43)			(856)			0
Total cash costs						693			334			270			69			1,367			157
General & administrative costs						0			0			0			0			0			0
Minesite exploration and evaluation costs		e				9			6			5			4			25			0
Minesite sustaining capital expenditures		f				544			194			81			32			874			30
Sustaining capital leases						0			0			0			1			2			3
Rehabilitation - accretion and amortization (operating sites)		g				11			12			3			5			31			0
Non-controlling interests						(218)			(82)			(34)			(16)			(360)			0
All-in sustaining costs						1,039			464			325			95			1,939			190
Ounces sold - attributable basis (koz)						592			321			209			89			1,211			105
COS/oz		h,i				1,410			1,401			1,668			1,784			1,481			1,754
TCC/oz		i				1,171			1,039			1,294			770			1,128			1,486
TCC/oz (on a co-product basis)		i,j				1,173			1,042			1,301			1,444			1,180			1,495
AISC/oz		i				1,753			1,445			1,554			1,065			1,600			1,798
AISC/oz (on a co-product basis)		i,j				1,755			1,448			1,561			1,739			1,652			1,807

All values are in US Dollars.

( millions, except per oz information in dollars)					For the nine months ended 9/30/24
		Footnote				Pueblo Viejo			Veladero			Porgera
COS applicable to gold production						658			235			36
Depreciation						(203	)		(57	)		(5	)
By-product credits						(29	)		(7	)		(1	)
Non-recurring items		c				0			0			0
Other		d				0			0			0
Non-controlling interests						(171	)		0			0
Total cash costs						255			171			30
General & administrative costs						0			0			0
Minesite exploration and evaluation costs		e				0			3			1
Minesite sustaining capital expenditures		f				135			79			3
Sustaining capital leases						0			0			1
Rehabilitation - accretion and amortization (operating sites)		g				5			0			1
Non-controlling interests						(56	)		0			0
All-in sustaining costs						339			253			36
Ounces sold - attributable basis (koz)						257			179			31
COS/oz		h,i				1,538			1,308			1,151
TCC/oz		i				995			945			977
TCC/oz (on a co-product basis)		i,j				1,063			989			1,002
AISC/oz		i				1,322			1,409			1,162
AISC/oz (on a co-product basis)		i,j				1,390			1,453			1,187

All values are in US Dollars.

BARRICK THIRD QUARTER 2025	53		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 oz information in dollars)									For the nine months ended 9/30/24
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Footnote		Loulo-<br><br><br>Gounkoto^k^			Kibali			North Mara			Tongon^l^			Bulyanhulu
COS applicable to gold production				616			304			288			259			219
Depreciation				(195)			(99)			(59)			(30)			(47)
By-product credits				0			(1)			(2)			0			(19)
Non-recurring items	c			0			0			0			0			0
Other	d			0			0			0			0			2
Non-controlling interests				(84)			0			(36)			(24)			(25)
Total cash costs				337			204			191			205			130
General & administrative costs				0			0			0			0			0
Minesite exploration and evaluation costs	e			0			0			0			0			0
Minesite sustaining capital expenditures	f			196			43			51			15			46
Sustaining capital leases				1			5			0			1			0
Rehabilitation - accretion and amortization (operating sites)	g			4			1			4			7			1
Non-controlling interests				(40)			0			(9)			(3)			(7)
All-in sustaining costs				498			253			237			225			170
Ounces sold - attributable basis (koz)				412			230			174			113			121
COS/oz	h,i			1,197			1,320			1,393			2,062			1,511
TCC/oz	i			818			884			1,100			1,821			1,069
TCC/oz (on a co-product basis)	i,j			819			889			1,110			1,827			1,189
AISC/oz	i			1,209			1,103			1,365			1,997			1,394
AISC/oz (on a co-product basis)	i,j			1,210			1,108			1,375			2,003			1,514

All values are in US Dollars.

a.	These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge and Phoenix.
b.	On September 10, 2025, we reached an agreement to sell the Hemlo gold mine to Carcetti Capital Corp. for<br>gross proceeds of up to $1.09 billion. The transaction is expected to close in Q4 2025.
c.	Non-recurring items - These costs are not indicative of our cost of production and have been<br>excluded from the calculation of TCC.
d.	Other - Other adjustments at Carlin include the removal of TCC and by-product credits associated<br>with Emigrant, 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 36 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.	COS/oz - Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in<br>closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
i.	Per ounce figures - COS/oz, TCC/oz and AISC/oz may not calculate based on amounts presented in<br>this table due to rounding.
j.	Co-product costs/oz - TCC/oz and AISC/oz presented on a co-product basis removes the impact of by-product credits of our gold<br>production (net of non-controlling interest) calculated as:
( millions)														For the three months ended 9/30/25
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Carlin			Cortez				TurquoiseRidge			Phoenix			Nevada<br> <br>Gold Mines^a^			Hemlo^b^				Pueblo<br> <br>Viejo
By-product credits	****	1	****	****	1	****		****	1	****	****	49	****	****	52	****	****	1	****		****	16	****
Non-controlling interest	****	(1	)	****	0	****		****	0	****	****	(19	)	****	(20	)	****	0	****		****	(7	)
By-product credits (net of non-controlling<br>interest)	****	0	****	****	1	****		****	1	****	****	30	****	****	32	****	****	1	****		****	9	****
( millions)														For the three months ended 9/30/25
		Veladero			Porgera				Loulo-  Gounkoto^k^			Kibali			North Mara			Tongon^l^				Bulyanhulu
By-product credits	****	2	****	****	1	****		****	—	****	****	0	****	****	2	****	****	0	****		****	6	****
Non-controlling interest	****	0	****	****	0	****		****	—	****	****	0	****	****	(1	)	****	0	****		****	(1	)
By-product credits (net of non-controlling<br>interest)	****	2	****	****	1	****		****	—	****	****	0	****	****	1	****	****	0	****		****	5	****
( millions)														For the three months ended 6/30/25
		Carlin			Cortez				Turquoise<br>Ridge			Phoenix			Nevada Gold<br>Mines^a^			Hemlo^b^				Pueblo Viejo
By-product credits		1			1				1			34			37			0				11
Non-controlling interest		0			0				(1	)		(13	)		(14	)		0				(4	)
By-product credits (net of non-controlling interest)		1			1				0			21			23			0				7

All values are in US Dollars.

BARRICK THIRD QUARTER 2025	54		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 6/30/25
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Veladero			Porgera			Loulo-<br>Gounkoto^k^			Kibali			North Mara			Tongon^l^				Bulyanhulu
By-product credits		2			0			—			1			2			0				7
Non-controlling interest		0			0			—			0			0			0				(1	)
By-product credits (net of non-controlling interest)		2			0			—			1			2			0				6
( millions)													For the three months ended 9/30/24
		Carlin			Cortez			Turquoise<br>Ridge			Phoenix			Nevada Gold<br>Mines^a^			Hemlo^b^				Pueblo Viejo
By-product credits		1			0			1			39			41			0				5
Non-controlling interest		(1	)		0			(1	)		(15	)		(17	)		0				(2	)
By-product credits (net of non-controlling interest)		0			0			0			24			24			0				3
( millions)													For the three months ended 9/30/24
		Veladero			Porgera			Loulo-<br>Gounkoto^k^			Kibali			North Mara			Tongon^l^				Bulyanhulu
By-product credits		3			0			0			0			1			0				6
Non-controlling interest		0			0			0			0			0			0				(1	)
By-product credits (net of non-controlling interest)		3			0			0			0			1			0				5
( millions)													For the nine months ended 9/30/25
		Carlin			Cortez			TurquoiseRidge			Phoenix			NevadaGold Mines^a^			Hemlo^b^				PuebloViejo
By-product credits	****	4	****	****	3	****	****	3	****	****	116	****	****	126	****	****	1	****		****	39	****
Non-controlling interest	****	(2	)	****	(1	)	****	(1	)	****	(45	)	****	(49	)	****	0	****		****	(16	)
By-product credits (net of non-controlling interest)	****	2	****	****	2	****	****	2	****	****	71	****	****	77	****	****	1	****		****	23	****
( millions)													For the nine months ended 9/30/25
		Veladero			Porgera			Loulo-Gounkoto^k^			Kibali			North Mara			Tongon^l^				Bulyanhulu
By-product credits	****	5	****	****	1	****	****	—	****	****	1	****	****	5	****	****	0	****		****	20	****
Non-controlling interest	****	0	****	****	0	****	****	—	****	****	0	****	****	(1	)	****	0	****		****	(3	)
By-product credits (net of non-controlling interest)	****	5	****	****	1	****	****	—	****	****	1	****	****	4	****	****	0	****		****	17	****
( millions)													For the nine months ended 9/30/24
		Carlin			Cortez			Turquoise<br>Ridge			Phoenix			Nevada Gold<br>Mines^a^			Hemlo^b^				Pueblo Viejo
By-product credits		2			2			2			117			123			0				29
Non-controlling interest		(1	)		(1	)		(1	)		(45	)		(48	)		0				(12	)
By-product credits (net of non-controlling interest)		1			1			1			72			75			0				17
( millions)													For the nine months ended 9/30/24
		Veladero			Porgera			Loulo-<br>Gounkoto^k^			Kibali			North Mara			Tongon^l^				Bulyanhulu
By-product credits		7			1			0			1			2			0				19
Non-controlling interest		0			0			0			0			0			0				(3	)
By-product credits (net of non-controlling interest)		7			1			0			1			2			0				16

All values are in US Dollars.

k.	As a result of temporary suspension of operations at Loulo-Gounkoto starting January 14, 2025, and<br>subsequent loss of control on June 16, 2025, no operating or per ounce data is provided.
l.	On October 6, 2025, we reached an agreement to sell our interest in the Tongon gold mine and certain of its<br>exploration properties to the Atlantic Group for total consideration of up to $305 million. The transaction is expected to close in Q4 2025.
---	---
BARRICK THIRD QUARTER 2025	55		MANAGEMENT’S DISCUSSION AND ANALYSIS
---	---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 sustainingcosts, including on a per pound basis

( millions, except per lb information in dollars)				For the three months ended						For the nine months ended
		9/30/25			6/30/25			9/30/24			9/30/25			9/30/24
Cost of sales	****	193	****		193			187		****	594	****		527
Depreciation/amortization	****	(69	)		(68	)		(60	)	****	(197	)		(191	)
Treatment and refinement charges	****	44	****		40			39		****	126	****		111
C1 cash costs applicable to equity method investments	****	91	****		84			83		****	265	****		249
Less: royalties	****	(25	)		(25	)		(17	)	****	(71	)		(45	)
By-product credits	****	(7	)		(12	)		(3	)	****	(24	)		(14	)
C1 cash costs	****	227	****		212			229		****	693	****		637
General & administrative costs	****	12	****		8			6		****	28	****		15
Rehabilitation - accretion and amortization	****	1	****		3			2		****	5	****		6
Royalties	****	25	****		25			17		****	71	****		45
Minesite exploration and evaluation costs	****	1	****		1			1		****	4	****		2
Minesite sustaining capital expenditures	****	93	****		90			71		****	240	****		265
Sustaining leases	****	2	****		2			2		****	7	****		7
All-in sustaining costs	****	361	****		341			328		****	1,048	****		977
Tonnes sold - attributable basis (Kt)	****	52	****		54			42		****	157	****		123
Pounds sold - attributable basis (Mlb)	****	116	****		118			91		****	347	****		270
COS/lba,b	****	2.68	****		2.56			3.23		****	2.72	****		3.16
C1 cash<br>costs/lba	****	1.96	****		1.80			2.49		****	2.00	****		2.35
AISC/lba	****	3.14	****		2.90			3.57		****	3.03	****		3.62

All values are in US Dollars.

a.	COS/lb, C1 cash costs/lb and AISC/lb may not calculate based on amounts presented in this table due to rounding.<br>
b.	Copper COS/lb 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).
---	---

Reconciliation of Copper Cost of Sales to C1cash costs and All-in sustaining costs, including on a per pound basis, by operating segment

( millions, except per lb information in dollars)																			For the three months ended
		9/30/25									6/30/25									9/30/24
		Zaldívar			Lumwana			JabalSayid			Zaldívar			Lumwana			Jabal<br>Sayid			Zaldívar			Lumwana			Jabal<br>Sayid
Cost of sales	****	85	****	****	193	****	****	33	****		75			194			33			86			187			23
Depreciation/amortization	****	(20	)	****	(68	)	****	(7	)		(18	)		(69	)		(6	)		(22	)		(60	)		(4	)
Treatment and refinement charges	****	0	****	****	42	****	****	2	****		0			39			1			0			34			5
Less: royalties	****	0	****	****	(25	)	****	0	****		0			(25	)		0			0			(17	)		0
By-product credits	****	(1	)	****	(2	)	****	(4	)		0			(4	)		(8	)		0			0			(3	)
C1 cash costs	****	64	****	****	140	****	****	24	****		57			135			20			64			144			21
Rehabilitation - accretion and amortization	****	0	****	****	1	****	****	0	****		1			1			0			0			2			0
Royalties	****	0	****	****	25	****	****	0	****		0			25			0			0			17			0
Minesite exploration and evaluation costs	****	1	****	****	0	****	****	0	****		1			0			0			1			0			0
Minesite sustaining capital expenditures	****	13	****	****	78	****	****	2	****		10			78			2			7			62			2
Sustaining leases	****	2	****	****	0	****	****	0	****		1			0			1			2			0			0
All-in sustaining costs	****	80	****	****	244	****	****	26	****		70			239			23			74			225			23
Tonnes sold - attributable basis (Kt)	****	8	****	****	37	****	****	7	****		7			39			8			10			26			6
Pounds sold - attributable basis (Mlb)	****	17	****	****	83	****	****	16	****		17			85			16			21			57			13
COS/lba,b	****	5.02	****	****	2.32	****	****	2.08	****		4.59			2.25			2.11			4.04			3.27			1.76
C1 cash<br>costs/lba	****	3.80	****	****	1.68	****	****	1.47	****		3.46			1.58			1.29			2.99			2.53			1.54
AISC/lba	****	4.82	****	****	2.93	****	****	1.65	****		4.34			2.79			1.46			3.45			3.94			1.76

All values are in US Dollars.

BARRICK THIRD QUARTER 2025	56		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 lb information in dollars)													For the nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		9/30/25									9/30/24
		Zaldívar			Lumwana			Jabal Sayid			Zaldívar			Lumwana			Jabal Sayid
Cost of sales	****	248	****	****	595	****	****	99	****		246			527			81
Depreciation/amortization	****	(62	)	****	(197	)	****	(20	)		(62	)		(190	)		(16	)
Treatment and refinement charges	****	0	****	****	120	****	****	6	****		0			93			18
Less: royalties	****	0	****	****	(71	)	****	0	****		0			(45	)		0
By-product credits	****	(1	)	****	(6	)	****	(17	)		0			0			(14	)
Other	****	0	****	****	0	****	****	0	****		0			0			0
C1 cash costs	****	185	****	****	441	****	****	68	****		184			385			69
Rehabilitation - accretion and amortization	****	1	****	****	3	****	****	0	****		0			6			0
Royalties	****	0	****	****	71	****	****	0	****		0			45			0
Minesite exploration and evaluation costs	****	4	****	****	0	****	****	0	****		2			0			0
Minesite sustaining capital expenditures	****	28	****	****	206	****	****	6	****		18			239			8
Sustaining leases	****	5	****	****	1	****	****	1	****		5			1			1
All-in sustaining costs	****	223	****	****	722	****	****	75	****		209			676			78
Tonnes sold - attributable basis (thousands of tonnes)	****	25	****	****	110	****	****	22	****		28			73			22
Pounds sold -attributable basis (millions pounds)	****	55	****	****	243	****	****	49	****		61			161			48
COS/lba,b	****	4.53	****	****	2.44	****	****	2.05	****		4.04			3.27			1.68
C1 cash<br>cost/lba	****	3.38	****	****	1.81	****	****	1.40	****		3.02			2.39			1.40
AISC/lba	****	4.11	****	****	2.97	****	****	1.55	****		3.42			4.20			1.60

All values are in US Dollars.

a.	COS/lb, C1 cash costs/lb and AISC/lb may not calculate based on amounts presented in this table due to rounding.<br>
b.	Copper COS/lb 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).
---	---

EBITDA, Adjusted EBITDA, Attributable EBITDA, Attributable EBITDA Margin and NetLeverage

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.

Net leverage 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 2025	57		MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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
	9/30/25				6/30/25			9/30/24		9/30/25				9/30/24
Net earnings	1,904	****			1,256			780	****	3,941	****			1,901
Income tax expense	477	****			102			245	****	857	****			826
Finance costs, neta	21	****			36			59	****	96	****			97
Depreciation	460	****			436			477	****	1,307	****			1,431
EBITDA	2,862	****			1,830			1,561	****	6,201	****			4,255
Impairment charges of non-current<br>assetsb	3	****			0			2	****	7	****			20
Acquisition/disposition losses<br>(gains)c	(250)	****			289			(1)	****	39	****			(7)
(Gain) loss on currency translation	(3)	****			(2)			4	****	(3)	****			21
Other expense adjustmentsd	47	****			44			97	****	264	****			136
Income tax expense, net finance costsa and depreciation from equity investees	197	****			156			110	****	494	****			331
Adjusted EBITDA	2,856	****			2,317			1,773	****	7,002	****			4,756
Non-controlling Interests	(834)	****			(627)			(481)	****	(1,929)	****			(1,268)
Attributable EBITDA	2,022	****			1,690			1,292	****	5,073	****			3,488
Revenues - as<br>adjustede	3,405	****			3,050			2,806	****	9,140	****			7,686
Attributable EBITDA marginf	59 %	****			55 %			46 %	****	56 %	****			45 %
	As at 9/30/25				As at 12/31/24			As at 9/30/24		As at 9/30/25				As at 12/31/24
Net<br>leverageg	0.0:1	****			0.1:1			0.1:1	****	0.0:1	****			0.0:1

All values are in US Dollars.

^a.^	Finance costs exclude accretion.
^b.^	There were no significant impairment charges or reversals in the current period or prior periods.<br>
---	---
^c.^	Acquisition/disposition (gains) losses for Q3 2025 mainly related to the $250 million revaluation of our 80% equity<br>investment in Loulo-Gounkoto, as it was deconsolidated and an investment at fair value was recognized in Q2 2025 (resulting in a Q2 2025 net loss of $1,035 million) following the change of control after it was placed under a temporary provisional<br>administration on June 16, 2025. This loss in Q2 2025 and YTD 2025 was partially offset by a gain of $745 million on the sale of our 50% interest in the Donlin Gold project.
---	---
^d.^	Other expense adjustments for the 2025 periods mainly relate to reduced operation costs at Loulo-Gounkoto. Q3 2025 also<br>includes severance costs and YTD 2025 was further impacted by the signing of agreements to settle legacy legal matters in the Philippines related to Placer Dome Inc. Other adjustments in Q3 2024 mainly relate to the $40 million accrual relating to<br>the road construction in Tanzania per our community investment obligations under the Twiga partnership, and changes in the discount rate assumptions on our closed mine rehabilitation provision, combined with a provision made relating to a legacy<br>mine site operated by Homestake Mining Company that was closed prior to the 2001 acquisition by Barrick. YTD 2024 was further impacted by the interest and penalties recognized following the settlement of the Zaldívar Tax Assessments in Chile.<br>
---	---
^e.^	Refer to Reconciliation of Sales to Realized Price per oz/pound on page 58 of this MD&A.
---	---
^f.^	Represents attributable EBITDA divided by revenues - as adjusted.
---	---
^g.^	Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.
---	---

Realized Price

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

∎	Treatment and refining charges; and
∎	Cumulative catch-up adjustment to revenue relating to our streaming arrangements.
---	---

We believe this provides investors and analysts with a more accurate measure with which to compare to market gold and copper prices and to assess our gold and copper sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our

Company’s past performance and is a better indicator of its expected performance in future periods.

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

Reconciliation of Sales to Realized Price per ounce/pound

( millions, except per oz/lb information<br>in dollars)	Gold									Copper										Gold						Copper
											For the three months ended													For the nine months ended
		9/30/25			6/30/25			9/30/24			9/30/25				6/30/25			9/30/24			9/30/25			9/30/24			9/30/25				9/30/24
Sales	****	3,748	****		3,280			3,097		****	320	****			337			213		****	9,794	****		8,493		****	961	****			595
Sales applicable to non-controlling interests	****	(1,237	)		(1,054	)		(930	)	****	0	****			0			0		****	(3,139	)		(2,575	)	****	0	****			0
Sales applicable to equity method<br>investmentsa,b	****	377	****		306			241		****	147	****			135			141		****	935	****		609		****	446	****			438
Sales applicable to sites in closure or care and maintenancec	****	(1	)		(1	)		(2	)	****	0	****			0			0		****	(3	)		(7	)	****	0	****			0
Treatment and refinement charges	****	7	****		7			7		****	44	****			40			39		****	20	****		22		****	126	****			111
Revenues – as adjusted	****	2,894	****		2,538			2,413		****	511	****			512			393		****	7,607	****		6,542		****	1,533	****			1,144
Ounces/pounds sold (koz/Mlb)c	****	837	****		770			967		****	116	****			118			91		****	2,358	****		2,833		****	347	****			270
Realized gold/copper price per oz/lbd	****	3,457	****		3,295			2,494		****	4.39	****			4.36			4.27		****	3,226	****		2,309		****	4.42	****			4.23

All values are in US Dollars.

^a.^	Represents sales of $294 million and $711 million, respectively, for Q3 2025 and YTD 2025 (Q2 2025: $226 million; Q3<br>2024: $193 million; YTD 2024: $533 million) applicable to our 45% equity method investment in Kibali and $83 million and $224 million, respectively (Q2 2025: $80 million; Q3 2024: $48 million; YTD 2024: $76 million) applicable to our 24.5% equity<br>method investment in Porgera for gold. Represents sales of $77 million and $243 million, respectively, for Q3 2025 and YTD 2025 (Q2 2025: $71 million; Q3 2024: $91 million; YTD 2024: $260 million) applicable to our 50% equity method investment in<br>Zaldívar and $71 million and $208 million, respectively (Q2 2025: $65 million; Q3 2024: $55 million; YTD 2024: $196 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 Long Canyon which is producing residual ounces from the leach pad while in care and<br>maintenance.
---	---
^d.^	Realized price per oz/lb may not calculate based on amounts presented in this table due to rounding.<br>
---	---
BARRICK THIRD QUARTER 2025	58		MANAGEMENT’S DISCUSSION AND ANALYSIS
---	---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 Tricia Evans, BSc, SMERM, Mineral Resource Manager: North America; Mark Roux, BSc (Hons), P. Grad. Cert. (Geostatistics), Pr. Sci. Nat, Resource Geology Lead – North America; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology – Latin America & Asia Pacific; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration – each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure forMineral Projects.

All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2024.

Endnotes

^1^	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 43<br>to 58 of this MD&A.
^2^	Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and<br>maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using<br>Barrick’s ownership share). References to attributable basis means our 100% share of Hemlo and Lumwana, our 61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North<br>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 the<br>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 $1,400/oz reserve with potential to deliver a minimum 10-year life, annual<br>production of at least 500,000 ounces of gold and with costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset/Project is an asset with a $3.00/lb reserve with potential for +5Mt contained copper in support at least 20<br>years life, annual production of at least 200ktpa, with 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^	Refer to the Technical Report on the Carlin Complex, Eureka and Elko County, Nevada, USA, dated March 14, 2025,<br>and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 14, 2025.
---	---
^8^	Refer to the Technical Report on the Pueblo Viejo mine, Dominican Republic, dated March 17, 2023, and filed on<br>SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023.
---	---
^9^	Refer to the Technical Report on the Reko Diq Project, Balochistan, Pakistan, dated February 19, 2025, and filed<br>on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 19, 2025.
---	---
^10^	Reko Diq probable reserves of 1,400 million tonnes grading 0.28 g/t representing 13 million ounces of gold,<br>probable reserves of 1,500 million tonnes grading 0.48% representing 7.3 million tonnes of copper, indicated resources of 1,800 million tonnes grading 0.25 g/t representing 15 million ounces of gold, inferred resources of<br>640 million tonnes grading 0.2 g/t representing 3.9 million ounces of gold, indicated resources of 2,000 million tonnes grading 0.43% representing 8.4 million tonnes of copper, and inferred resources of 690 million tonnes<br>grading 0.3% representing 2.2 million tonnes of copper. Complete mineral reserve and mineral resource data for all mines and projects referenced in this MD&A, including tonnes, grades, and ounces, can be found on pages 83-92 of<br>Barrick’s Fourth Quarter and Year-End 2024 Report.
---	---
^11^	Refer to the Technical Report on the Lumwana Expansion Project, Republic of Zambia, dated February 19, 2025, and<br>filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 19, 2025.
---	---
BARRICK THIRD QUARTER 2025	59		MANAGEMENT’S DISCUSSION AND ANALYSIS
---	---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 Mining Corporation (formerly 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>September 30,
		2025			2024			2025			2024
Revenue (notes 5 and 6)		****	4,148		3,368	****	10,959		9,277
Costs and expenses (income)
Cost of sales (notes 5 and 7)		****	1,890		2,051	****	5,553		5,966
General and administrative expenses		****	77		46	****	158		106
Exploration, evaluation and project expenses		****	92		104	****	228		296
Impairment charges (note 9b)		****	3		2	****	7		20
(Gain) loss on currency translation		****	(3	)		4	****	(3	)		21
Closed mine rehabilitation		****	4		59	****	15		48
Income from equity investees (note 12)		****	(146	)		(51	)	****	(290	)		(214	)
Other (income) expense (note 9a)		****	(193	)		46	****	330		143
Income before finance costs and income taxes		****	2,424		1,107	****	4,961		2,891
Finance costs, net		****	(43	)		(82	)	****	(163	)		(164	)
Income before income taxes		****	2,381		1,025	****	4,798		2,727
Income tax expense (note 10)		****	(477	)		(245	)	****	(857	)		(826	)
Net income		****	1,904		780	****	3,941		1,901
Attributable to:
Equity holders of Barrick Mining Corporation		****	1,302		483	****	2,587		1,148
Non-controlling interests (note 16)		****	602		297	****	1,354		753
Earnings per share attributable to the equity holders of Barrick Mining Corporation(note8)
Net income
Basic		****	0.76		0.28	****	1.51		0.65
Diluted		****	0.76		0.28	****	1.51		0.65

All values are in US Dollars.

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

BARRICK THIRD QUARTER 2025	60		FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 Mining Corporation (formerly Barrick Gold Corporation)<br>(in millions of United States dollars) (Unaudited)	Three months ended<br>September 30,						Nine months ended<br><br><br>September 30,
		2025			2024			2025			2024
Net income	****	1,904		780	****	3,941		$1,901
Other comprehensive income (loss), net of taxes
Items that may be reclassified subsequently to profit or loss:
Unrealized gains (losses) on derivatives designated as cash flow hedges, net of tax nil, nil, nil<br>and nil	****	(150	)		—	****	(150	)		1
Items that will not be reclassified to profit or loss:
Actuarial gain (loss) on post employment benefit obligations, net of tax nil, nil, nil and<br>nil	****	1		—	****	(1	)		—
Net change on equity investments, net of tax (2), (1), (3) and<br>nil	****	24		3	****	41		12
Total other comprehensive (loss) income	****	(125	)		3	****	(110	)		13
Total comprehensive income	****	1,779		783	****	3,831		$1,914
Attributable to:
Equity holders of Barrick Mining Corporation	****	1,177		486	****	2,477		$1,161
Non-controlling interests	****	602		297	****	1,354		$753

All values are in US Dollars.

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

BARRICK THIRD QUARTER 2025	61		FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 Mining Corporation (formerly 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,
		2025			2024			2025			2024
OPERATING ACTIVITIES
Net income		****	1,904		780	****	3,941		1,901
Adjustments for the following items:
Depreciation		****	460		477	****	1,307		1,431
Finance costs, net		****	43		82	****	163		164
Impairment charges (note 9b)		****	3		2	****	7		20
Income tax expense (note 10)		****	477		245	****	857		826
Income from equity investees (note 12)		****	(146	)		(51	)	****	(290	)		(214	)
Gain on sale of non-current assets (note 9a)		****	—		(1	)	****	(745	)		(7	)
Loulo-Gounkoto (note 9a and 17)		****	(250	)		—	****	785		—
(Gain) loss on currency translation		****	(3	)		4	****	(3	)		21
Change in working capital (note 11)		****	184		(251	)	****	(50	)		(380	)
Other operating activities (note 11)		****	(24	)		45	****	(136	)		(54	)
Operating cash flows before interest and income taxes		****	2,648		1,332	****	5,836		3,708
Interest paid		****	(18	)		(76	)	****	(157	)		(234	)
Interest received		****	53		66	****	136		184
Income taxes<br>paid^1^		****	(261	)		(142	)	****	(852	)		(559	)
Net cash provided by operating activities		****	2,422		1,180	****	4,963		3,099
INVESTING ACTIVITIES
Property, plant and equipment
Capital expenditures (note 5)		****	(943	)		(736	)	****	(2,714	)		(2,283	)
Sales proceeds		****	—		2	****	2		9
Divestitures (note 4)		****	—		—	****	999		—
Income taxes paid on divestitures		****	(44	)		—	****	(131	)		—
Investment sales		****	—		44	****	—		77
Funding of equity method investments (note 12)		****	(1	)		—	****	(1	)		(55	)
Dividends received from equity method investments (note 12)		****	63		38	****	154		127
Shareholder loan repayments from equity method investments		****	64		49	****	177		139
Net cash used in investing activities		****	(861	)		(603	)	****	(1,514	)		(1,986	)
FINANCING ACTIVITIES
Lease repayments		****	(3	)		(4	)	****	(20	)		(11	)
Debt repayments		****	—		—	****	(2	)		—
Dividends		****	(254	)		(174	)	****	(596	)		(524	)
Share buyback program (note 15)		****	(589	)		(95	)	****	(1,000	)		(144	)
Funding from Reko Diq non-controlling interests (note 16)		****	101		32	****	228		84
Disbursements to non-controlling interests (note 16)		****	(524	)		(142	)	****	(1,056	)		(432	)
Pueblo Viejo JV partner shareholder loan		****	(26	)		(4	)	****	(9	)		(6	)
Net cash used in financing activities		****	(1,295	)		(387	)	****	(2,455	)		(1,033	)
Effect of exchange rate changes on cash andequivalents		****	1		(1	)	****	1		(3	)
Net increase in cash and equivalents		****	267		189	****	995		77
Cash and equivalents at the beginning of period		****	4,802		4,036	****	4,074		4,148
Cash and equivalents at the end of period		****	5,069		4,225	****	5,069		4,225
Less: cash and equivalents classified as held for sale at the endof period		****	32		—	****	32		—
Cash and equivalents excluding assets classified as held for saleat the end of period		****	5,037		4,225	****	5,037		4,225

All values are in US Dollars.

^1^	Income taxes paid excludes $53 million (Q3 2024: $36 million) for Q3 2025 and $128 million (YTD 2024: $65 million) for<br>YTD 2025 of income taxes payable that were settled against offsetting value added tax (“VAT”) receivables.

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

BARRICK THIRD QUARTER 2025	62		FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 Mining Corporation (formerly Barrick Gold Corporation)<br><br><br>(in millions of United States dollars) (Unaudited)		As at September 30,2025			As at December 31,<br><br><br>2024
ASSETS
Current assets
Cash and equivalents		****	5,037		4,074
Accounts receivable		****	551		763
Inventories		****	1,870		1,942
Other current assets		****	676		853
Total current assets (excluding assets classified as held for sale)		****	8,134		7,632
Assets classified as held for sale (note 4)		****	815		—
Total current assets		****	8,949		7,632
Non-current assets
Non-current portion of inventory		****	2,650		2,783
Equity in investees (note 12)		****	4,186		4,112
Property, plant and equipment		****	25,849		28,559
Intangible assets		****	148		148
Goodwill		****	3,034		3,097
Deferred income tax assets		****	129		—
Other assets		****	3,412		1,295
Total assets		****	48,357		47,626
LIABILITIES AND EQUITY
Current liabilities
Accounts payable		****	1,423		1,613
Debt		****	71		24
Current income tax liabilities		****	675		545
Other current liabilities		****	585		460
Total current liabilities (excluding liabilities classified as held for sale)		****	2,754		2,642
Liabilities classified as held for sale (note 4)		****	286		—
Total current liabilities		****	3,040		2,642
Non-current liabilities
Debt		****	4,643		4,705
Provisions		****	1,887		1,962
Deferred income tax liabilities		****	3,562		3,887
Other liabilities		****	1,309		1,174
Total liabilities		****	14,441		14,370
Equity
Capital stock (note 15)		****	27,026		27,661
Deficit		****	(3,281	)		(5,269	)
Accumulated other comprehensive income (loss)		****	(77	)		33
Other		****	1,482		1,865
Total equity attributable to Barrick Mining Corporationshareholders		****	25,150		24,290
Non-controlling interests (note 16)		****	8,766		8,966
Total equity		****	33,916		33,256
Contingencies and commitments (notes 5 and 18)
Total liabilities and equity		****	48,357		47,626

All values are in US Dollars.

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

BARRICK THIRD QUARTER 2025	63		FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 Mining Corporation (formerly<br><br><br>Barrick Gold Corporation)				Attributable to equity holders of the company
(in millions of United States dollars)<br><br><br>(Unaudited)	Common<br>Shares (in<br>thousands)			Capital<br><br><br>stock			Retained<br>earnings<br>(deficit)			Accumulated<br>other<br>comprehensive<br><br><br>income (loss)^1^			Other^2^			Total equity<br>attributable to<br>shareholders			Non-<br>controlling<br>interests			Total<br>equity
At January 1, 2025	****	1,727,100	****	****	27,661	****	($5,269	)	****	33	****	1,865	****	24,290	****	8,966	****	33,256
Net income		—			—		2,587			—		—		2,587		1,354		3,941
Total other comprehensive loss		—			—		—			(110	)		—		(110	)		—		(110	)
Total comprehensive income (loss)		—			—		2,587			(110	)		—		2,477		1,354		3,831
Transactions with owners
Dividends		—			—		(596	)		—		—		(596	)		—		(596	)
Loulo-Gounkoto loss of control (note 17)		—			—		—			—		—		—		(686	)		(686	)
Funding from non-controlling interests (note 16)		—			—		—			—		—		—		228		228
Disbursements to non-controlling interests (note 16)		—			—		—			—		—		—		(1,096	)		(1,096	)
Dividend reinvestment plan (note 15)		125			3		(3	)		—		—		—		—		—
Share buyback program (note 15)		(39,791	)		(638	)		—			—		(383	)		(1,021	)		—		(1,021	)
Total transactions with owners		(39,666	)		(635	)		(599	)		—		(383	)		(1,617	)		(1,554	)		(3,171	)
At September 30, 2025	****	1,687,434	****	****	27,026	****	($3,281	)	****	($77	)	****	1,482	****	25,150	****	8,766	****	33,916
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		—			—		—			—		—		—		84		84
Disbursements to non-controlling interests		—			—		—			—		—		—		(432	)		(432	)
Dividend reinvestment plan		154			3		(3	)		—		—		—		—		—
Share buyback program		(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

All values are in US Dollars.

^1^	Includes cumulative translation losses at September 30, 2025: $95 million (December 31, 2024: $95 million;<br>September 30, 2024: $95 million).
^2^	Includes additional paid-in capital as at September 30, 2025: $1,444 million (December 31, 2024: $1,827 million;<br>September 30, 2024: $1,852 million).
---	---

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

BARRICK THIRD QUARTER 2025	64		FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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 Mining Corporation. Tabular dollar amounts in millions of United States dollars, unless otherwise shown.

1∎Corporate Information

Barrick Mining Corporation (formerly 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 B (formerly 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. Our mine in Mali was placed on temporary suspension in January 2025 and on June 16, 2025, the Bamako Commercial Tribunal placed the mine under a temporary provisional administration (refer to note 17 for further details). 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, 2024 (“2024 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 7, 2025.

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 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 2024 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 2024 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. For Q3 2025, we recorded a net decrease of $68 million (Q3 2024: $71 million net increase) to the PER at our minesites and for YTD 2025, a net decrease of $150 million (YTD 2024: $29 million net decrease) primarily due to spending incurred during the year, combined with the deconsolidation of Loulo-Gounkoto upon loss of control (refer to note 17 for further details) and the classification of Hemlo and Tongon as assets held-for-sale (refer to note 4 for further details), partially offset by changes in cost estimates at our Carlin property and 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 Q4 of each year, our life of mine plans are updated and that typically results in an update to the rehabilitation provision.

b) 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 18 for further details on contingencies.

c) Loulo-Gounkoto

On June 16, 2025, we lost control of the subsidiaries that hold our 80% interest in the Loulo-Gounkoto mine in Mali when they were placed under a temporary provisional administration. As a result of this event in Q2 2025, we determined that we no longer had control of the mine and stopped consolidating it. As we retain legal ownership of 80% of the companies that hold the mine, we have recognized an investment at fair value to reflect our retained interest. Refer to note 17 for further details.

BARRICK THIRD QUARTER 2025	65		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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4∎Acquisitions and Divestitures

a) Tongon

On October 6, 2025, Barrick announced that it reached an agreement to sell its interests in the Tongon gold mine (“Tongon”) and certain of its exploration properties in Côte d’lvoire to the Atlantic Group for total consideration of up to $305 million. The consideration is composed of cash consideration of $192 million, inclusive of a $23 million shareholder loan repayment within six months of closing, and contingent cash payments totalling up to $113 million payable based on the price of gold over 2.5 years and resource conversions over 5 years. The transaction is expected to be completed within Q4 2025 subject to the satisfaction of customary closing conditions. As at September 30, 2025, the assets and liabilities of our interest in Tongon were classified as held-for-sale.

b) Hemlo

On September 11, 2025, Barrick announced that it reached an agreement to sell the Hemlo Gold Mine (“Hemlo”) in Canada to Carcetti Capital Corp., which is to be renamed to Hemlo Mining Corp. (“HMC”). The sale agreement provides for gross proceeds of up to $1.09 billion, consisting of $875 million of cash proceeds due on closing, HMC shares with an aggregate value of $50 million, and a production and tiered gold price-linked cash payment structure of up to $165 million starting in January 2027 for a five-year term. The transaction is expected to be completed within Q4 2025 subject to the satisfaction of customary closing conditions and obtaining required regulatory approvals. As at September 30, 2025, the assets and liabilities of our interest in Hemlo were classified as held-for-sale.

c) Alturas

On August 8, 2025, Barrick announced that it reached an agreement to sell the Alturas Project in Chile to a subsidiary of Boroo Pte Ltd (Singapore) (“Boroo”) for an up-front cash payment of $50 million. In addition, Barrick will be granted a 0.5% net smelter return royalty on gold and silver produced from the Project, which will terminate once 2 million ounces of gold and gold-equivalent have been produced. Boroo may repurchase the royalty within four years from closing for $10 million. The transaction closed on November 7, 2025. As at September 30, 2025, the assets and liabilities of our interest in the Alturas Project were classified as held-for-sale.

d) Donlin Gold

On April 22, 2025, Barrick announced it entered into an agreement to sell its 50% interest in the Donlin Gold project located in Alaska, USA to affiliates of Paulson Advisers LLC and NOVAGOLD Resources Inc. (“NOVAGOLD”) for total cash consideration of $1 billion. In addition, Barrick has granted NOVAGOLD an option to purchase the outstanding debt owed to Barrick (value of $164 million as at September 30, 2025, classified as fair value through profit or loss (“FVPL”) and presented in Other Assets) in connection with the Donlin Gold project for $90 million if purchased prior to closing, or for $100 million if purchased within 18 months from closing, when the option expires. If that option is not exercised, the debt will remain outstanding, substantially in accordance with its existing terms which would largely defer repayment to the commencement of production.

The transaction closed on June 3, 2025 and we recognized a gain on sale of $745 million in Q2 2025. In addition, NOVAGOLD did not exercise the option to purchase the outstanding debt owed to Barrick at closing, but retains the option to purchase the outstanding debt for $100 million within 18 months from closing.

BARRICK THIRD QUARTER 2025	66		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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5∎Segment Information

Barrick’s business is organized into sixteen minesites. Barrick’s Chief Operating Decision Maker (“CODM”) (Mark Bristow, President and Chief Executive Officer until September 29, 2025 and Mark Hill, Group Chief Operating Officer and Interim President and Chief Executive Officer thereafter) 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, 2025		Revenue			Site operating<br>costs, royalties and<br>community relations			Depreciation			Exploration,<br><br><br>evaluation and<br> <br>project expenses				Other expenses<br>(income)^1^			Segment income<br>(loss)
Carlin^2^		****	979	****	333	****	80	****	3		****	3	****	560
Cortez^2^		****	712	****	249	****	73	****	2		****	1	****	387
Turquoise Ridge^2^		****	490	****	153	****	48	****	—		****	(4	)	****	293
Pueblo Viejo^2^		****	631	****	183	****	77	****	1		****	4	****	366
Loulo-Gounkoto^2^		****	—	****	—	****	—	****	—		****	—	****	—
Kibali		****	294	****	86	****	38	****	—		****	9	****	161
Lumwana		****	322	****	125	****	68	****	—		****	5	****	124
North Mara^2^		****	309	****	95	****	35	****	—		****	4	****	175
Bulyanhulu^2^		****	173	****	69	****	18	****	—		****	2	****	84
Other<br>Mines^2^		****	582	****	219	****	54	****	2		****	6	****	301
Reportable segment total		****	4,492	****	1,512	****	491	****	8		****	30	****	2,451
Share of equity investees		****	(294	)	****	(86	)	****	(38	)	****	—		****	(9	)	****	(161	)
Segment total		****	4,198	****	1,426	****	453	****	8		****	21	****	2,290

All values are in US Dollars.

Consolidated Statement of Income Information

					Cost of Sales
For the three months ended<br><br><br>September 30, 2024		Revenue			Site operating<br>costs, royalties and<br>community relations			Depreciation			Exploration,<br>evaluation and<br><br><br>project expenses			Other expenses<br>(income)^1^			Segment income<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<br>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.

BARRICK THIRD QUARTER 2025	67		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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, 2025		Revenue			Site operating<br><br><br>costs, royalties and<br>community relations			Depreciation			Exploration,<br>evaluation and<br>project expenses				Other expenses<br>(income)^1^			Segment income<br>(loss)
Carlin^2^		****	2,555	****	1,033	****	210	****	8		****	7	****	1,297
Cortez^2^		****	1,747	****	665	****	192	****	5		****	5	****	880
Turquoise Ridge^2^		****	1,264	****	481	****	139	****	—		****	(8	)	****	652
Pueblo Viejo^2^		****	1,525	****	535	****	229	****	2		****	10	****	749
Loulo-Gounkoto^2^		****	—	****	—	****	14	****	1		****	142	****	(157	)
Kibali		****	712	****	243	****	102	****	—		****	45	****	322
Lumwana		****	967	****	398	****	197	****	—		****	9	****	363
North Mara^2^		****	745	****	241	****	75	****	—		****	18	****	411
Bulyanhulu^2^		****	452	****	180	****	48	****	—		****	6	****	218
Other<br>Mines^2^		****	1,775	****	698	****	177	****	5		****	18	****	877
Reportable segment total		****	11,742	****	4,474	****	1,383	****	21		****	252	****	5,612
Share of equity investees		****	(712	)	****	(243	)	****	(102	)	****	—		****	(45	)	****	(322	)
Segment total		****	11,030	****	4,231	****	1,281	****	21		****	207	****	5,290

All values are in US Dollars.

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 and<br>community relations			Depreciation			Exploration,<br>evaluation and<br>project expenses			Other expenses<br>(income)^1^			Segment income<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<br>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.

^1^	Includes accretion expense, which is included within finance costs in the consolidated statement of income. For Q3<br>2025, accretion expense was $13 million (Q3 2024: $14 million) and for YTD 2025, accretion expense was $39 million (YTD 2024: $41 million).
^2^	Includes non-controlling interest portion of revenues, cost of sales and segment income for Q3 2025 for Nevada Gold<br>Mines $918 million, $395 million, $519 million (Q3 2024: $631 million, $380 million, $246 million), Pueblo Viejo $254 million, $104 million, $150 million (Q3 2024: $162 million, $95 million, $68 million), Loulo-Gounkoto $nil, $nil, $nil (Q3 2024:<br>$84 million, $42 million, $41 million), North Mara and Bulyanhulu $77 million, $35 million, $41 million (Q3 2024: $56 million, $28 million, $20 million), and Tongon $13 million, $6 million, $6 million (Q3 2024: $9 million, $9 million, $nil) and for<br>YTD 2025 for Nevada Gold Mines $2,357 million, $1,148 million, $1,199 million (YTD 2024: $1,806 million, $1,130 million, $660 million), Pueblo Viejo $613 million, $307 million, $306 million (YTD 2024: $407 million, $263 million, $144 million),<br>Loulo-Gounkoto $nil, $3 million, $(29) million (YTD 2024: $237 million, $123 million, $110 million), North Mara and Bulyanhulu $191 million, $87 million, $102 million (YTD 2024: $134 million, $81 million, $44 million) and Tongon $33 million, $21<br>million, $11 million (YTD 2024: $30 million, $27 million, $3 million), respectively.
---	---
BARRICK THIRD QUARTER 2025	68		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
---	---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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Reconciliation of Segment Income to Income Before Income Taxes

		For the three months ended<br> <br>September<br>30						For the nine months ended<br> <br>September<br>30
		2025			2024			2025			2024
Segment income		****	2,290		1,285	****	5,290		3,212
Other revenue		****	(50	)		(21	)	****	(71	)		(23	)
Other cost of sales/amortization		****	(11	)		(11	)	****	(41	)		(32	)
Exploration, evaluation and project expenses not attributable to segments		****	(84	)		(92	)	****	(207	)		(263	)
General and administrative expenses		****	(77	)		(46	)	****	(158	)		(106	)
Other income (expense) not attributable to segments		****	201		(7	)	****	(161	)		(62	)
Impairment charges		****	(3	)		(2	)	****	(7	)		(20	)
Gain (loss) on currency translation		****	3		(4	)	****	3		(21	)
Closed mine rehabilitation		****	(4	)		(59	)	****	(15	)		(48	)
Income from equity investees		****	146		51	****	290		214
Finance costs, net (includes non-segment accretion)		****	(30	)		(68	)	****	(124	)		(123	)
Loss on non-hedge derivatives		****	—		(1	)	****	(1	)		(1	)
Income before income taxes		****	2,381		1,025	****	4,798		2,727
Capital ExpendituresInformation		Segment capital expenditures^1^
		For the three months ended<br> <br>September<br>30						For the nine months ended<br> <br>September<br>30
		2025			2024			2025			2024
Carlin		****	150		185	****	510		614
Cortez		****	92		96	****	311		289
Turquoise Ridge		****	23		28	****	71		84
Pueblo Viejo		****	87		63	****	258		213
Loulo-Gounkoto		****	—		102	****	23		276
Kibali		****	44		29	****	111		90
Lumwana		****	199		79	****	452		272
North Mara		****	46		38	****	139		109
Bulyanhulu		****	42		39	****	116		100
Other Mines		****	71		67	****	213		181
Reportable segment total		****	754		726	****	2,204		2,228
Other items not allocated to segments		****	254		66	****	622		144
Total		****	1,008		792	****	2,826		2,372
Share of equity investees		****	(44	)		(29	)	****	(111	)		(90	)
Total		****	964		763	****	2,715		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 Q3 2025, cash expenditures were $943 million (Q3 2024: $736 million) and the increase in accrued expenditures was $21 million (2024: $27 million increase).<br>For YTD 2025, cash expenditures were $2,714 million (2024: $2,283 million) and the increase in accrued expenditures was $1 million (YTD 2024: $1 million decrease).

Purchase Commitments

At September 30, 2025, we had purchase obligations for supplies and consumables of $1,597 million (December 31, 2024: $1,621 million).

Capital Commitments

In addition to entering into various operational commitments in the normal course of business, we had capital commitments of $2,281 million at September 30, 2025 (December 31, 2024: $605 million).

BARRICK THIRD QUARTER 2025	69		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

6∎Revenue

		For the three months<br><br><br>ended September 30						For the nine months<br><br><br>ended September 30
		2025			2024			2025				2024
Gold sales
Spot market sales		****	3,577		2,965	****	9,295			$8,135
Concentrate sales		****	173		127	****	477			339
Provisional pricing adjustments		****	(2	)		5	****	22			19
		****	3,748		3,097	****	9,794			$8,493
Copper sales
Concentrate sales		****	328		204	****	940			$586
Provisional pricing adjustments		****	(8	)		9	****	21			9
		****	320		213	****	961			$595
Othersales^1^		****	80		58	****	204			189
Total		****	4,148		3,368	****	10,959			$9,277

All values are in US Dollars.

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

7∎Cost of Sales

	Gold					Copper					Other^3^					Total
For the three months ended<br><br><br>September 30	2025			2024		2025			2024		2025			2024		2025			2024
Site operating costs^1,2^	****	1,157		1,313	98		109	—		—	1,255		$1,422
Depreciation^1^	****	384		409	69		60	7		8	460		477
Royalty expense	****	113		106	25		17	—		—	138		123
Mining and production taxes^4^	****	29		19	—		—	—		—	29		19
Community relations	****	7		9	1		1	—		—	8		10
	****	1,690		1,856	193		187	7		8	1,890		$2,051
	Gold					Copper					Other^3^					Total
For the nine months ended<br><br><br>September 30	2025			2024		2025			2024		2025			2024		2025			2024
Site operating costs^1,2^	****	3,433		3,822	323		288	—		—	3,756		$4,110
Depreciation^1^	****	1,085		1,217	197		191	25		23	1,307		1,431
Royalty expense	****	311		293	71		45	—		—	382		338
Mining and production taxes^4^	****	77		56	—		—	—		—	77		56
Community relations	****	28		28	3		3	—		—	31		31
	****	4,934		5,416	594		527	25		23	5,553		$5,966

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: $nil for Q3 2025 (Q3 2024: $5 million) and $1 million for YTD 2025 (YTD 2024: $38 million).
^2^	Site operating costs includes the costs of extracting by-products.
---	---
^3^	Other includes corporate amortization.
---	---
^4^	2024 figures have been changed to present mining and production taxes separately from site operating costs.<br>
---	---

8∎Earnings Per Share

	For the three months ended September 30												For the nine months ended September 30
	2025						2024						2025						2024
	Basic			Diluted			Basic			Diluted			Basic			Diluted			Basic			Diluted
Net income	****	1,904	****	1,904		780		780	****	3,941	****	3,941		1,901		1,901
Net income attributable to non-controlling interests	****	(602	)	****	(602	)		(297	)		(297	)	****	(1,354	)	****	(1,354	)		(753	)		(753	)
Net income attributable to equity holders of Barrick Mining<br>Corporation	****	1,302	****	1,302		483		483	****	2,587	****	2,587		1,148		1,148
Weighted average shares outstanding	****	1,703	****	1,703		1,752		1,752	****	1,715	****	1,715		1,754		1,754
Basic and diluted earnings per share attributable to the equity<br>holders of Barrick Mining Corporation	****	0.76	****	0.76		0.28		0.28	****	1.51	****	1.51		0.65		0.65

All values are in US Dollars.

BARRICK THIRD QUARTER 2025	70		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

9∎Other Expense (Income)

a) Other Expense (Income)

		For the three<br>months ended<br>September 30						For the nine<br>months ended<br>September 30
		2025			2024			2025			2024
Other expense:
Bank charges		****	2		1	****	5		4
Severance costs		****	29		—	****	29		—
Loulo-Gounkoto^1^		****	(250	)		—	****	785		—
Loss on non-hedge derivatives		****	—		1	****	1		1
Litigation legal expenses		****	9		3	****	29		14
Loss (gain) on warrant investments at FVPL		****	—		—	****	(1	)		3
Loulo-Gounkoto reduced operations costs		****	15		—	****	140		—
Litigation settlement accruals		****	—		—	****	91		—
Tanzania community relations projects^2^		****	—		40	****	—		40
Tax interest and penalties		****	—		1	****	—		62
Other		****	13		7	****	30		41
Total other expense (income)		****	($182	)		53	****	1,109		165
Other income:
Gain on sale of non-current assets^3^		****	—		($1	)	****	($745	)		($7	)
Interest income on other assets		****	(11	)		(6	)	****	(34	)		(15	)
Total other income		****	($11	)		($7	)	****	($779	)		($22	)
Total		****	($193	)		46	****	330		143

All values are in US Dollars.

^1^	Refer to note 17 for further details.
^2^	2024 amounts relate to commitment for road construction under the Twiga partnership.
---	---
^3^	2025 includes a gain of $745 million related to the sale of the Donlin Gold project. Refer to note 4 for further<br>details.
---	---

b) Impairment Charges

		For the three<br><br><br>months ended<br>September 30					For the nine<br><br><br>months ended<br> <br>September 30
		2025			2024		2025			2024
Impairment charges of non-current assets		****	3		2	7		$20
Total		****	3		2	7		$20

All values are in US Dollars.

10∎Income Tax Expense

		For the three months<br><br><br>ended September 30						For the nine months<br>ended September 30
		2025			2024			2025			2024
Current		****	521		236	****	1,273		$788
Deferred		****	(44	)		9	****	(416	)		38
Total		****	477		245	****	857		$826

All values are in US Dollars.

Income tax expense was $857 million for YTD 2025 (YTD 2024: $826 million). The unadjusted effective income tax rate for YTD 2025 was 18% of income before income taxes.

The underlying effective income tax rate on ordinary income for YTD 2025 was 26% after adjusting for the impact of foreign currency translation losses on deferred tax balances; the impact of the recognition of deferred tax assets; the impact of the sale of the Donlin Gold project; the impact of the signing of agreements to

settle legacy legal matters in the Philippines related to Placer Dome Inc.; the impact of Loulo-Gounkoto’s loss of control (derecognition of $437 million in current and deferred tax balances); the impact of Loulo-Gounkoto’s reduced operations costs; 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 balances.

In YTD 2025, a tax recovery of $31 million (YTD 2024: $26 million tax expense) arose primarily from net translation gains on deferred tax balances in Mali (prior to their deconsolidation) and Argentina due to the strengthening of the West African CFA, partially offset by the weakening of the Argentine peso against the US dollar. These net translation gains are included within income tax expense.

Withholding Taxes

For YTD 2025, we have recorded $116 million (YTD 2024: $36 million related to Peru and the United States) of dividend withholding taxes related to the distributed earnings of our subsidiaries in Argentina, Côte d’lvoire, Tanzania and Saudi Arabia, and undistributed earnings of our subsidiaries in Argentina, Saudi Arabia and the United States.

Recognition of Deferred Tax Assets

In Q3 2025, we recognized previously unrecognized deferred tax assets in Canada in connection with the agreement to sell Hemlo (refer to note 4). The transaction is expected to give rise to a taxable gain that will provide sufficient Canadian taxable profit to support the recognition of a portion of previously unrecognized Canadian tax loss carryforwards. As a result, we recorded an income tax recovery of $129 million.

This recognition partially reverses the derecognition recorded in 2018 of deferred tax assets in Canada. The recognition represents a discrete, non-recurring event arising from the future Hemlo disposition. Outside of this transaction, it remains not probable that sufficient future taxable profits will be available in Canada to utilize the remaining deferred tax assets. Accordingly, no additional deferred tax assets are expected to be recognized in Canada in the foreseeable future.

United States Tax Reform

Under the Inflation Reduction Act signed in August 2022, the United States implemented a 15% corporate alternative minimum tax (“CAMT”) on applicable financial statement income, effective for tax years beginning after December 31, 2022, with CAMT credit carryforwards having an indefinite life. Barrick is subject to CAMT as it meets the requisite income thresholds for a foreign-parented multi-national group.

While final regulations are still awaited, since its introduction, Barrick has recognized a deferred tax asset from the CAMT credit carryforwards anticipating recovery against future US Federal Income Tax liabilities. No

BARRICK THIRD QUARTER 2025	71		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

additional deferred tax asset related to CAMT has been recognized for YTD 2025 due to the anticipated application of a portion of the existing balance to our federal income tax payable; however, the timing and amount of such offset may be subject to change pending issuance of final regulations.

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

These rules apply to multi-national enterprises with annual consolidated revenues of at least €750 million in at least two of the prior four fiscal years immediately preceding the relevant fiscal year, which is reflective of our status.

Canada enacted Pillar Two legislation in Q2 2024, effective for fiscal years commencing on or after December

31, 2023. Other jurisdictions in which the group operates have either enacted or are in the process of enacting similar legislation.

In terms of the income tax accounting, we have applied the exception available under the amendments to IAS 12 published by the IASB in May 2023 and are not recognizing or disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Our review of Pillar Two for the current year, based on the OECD’s Transitional Safe Harbour rules as implemented in the Global Minimum Tax Act in Canada, has not identified any material amounts to be accrued for Q3 2025. As the law is evolving, both in Canada and elsewhere, we will continue to monitor the impact of this legislation.

11∎Cash Flow - Other Items

Operating Cash Flows – Other Items		For the three months<br>ended September 30						For the nine months<br>ended September 30
		2025			2024			2025			2024
Adjustments for non-cash income statement items:
Loss on non-hedge derivatives		****	—		1	****	1		1
Loss (gain) on warrant investments at FVPL		****	—		—	****	($1	)		3
Litigation settlement accruals		****	—		—	****	91		—
Tax interest and penalties		****	—		1	****	—		62
Share-based compensation expense		****	98		50	****	167		68
Change in estimate of rehabilitation costs at closed mines		****	(3	)		44	****	(10	)		17
Tanzania community relations projects^1^		****	—		37	****	—		37
Inventory impairment charges		****	—		4	****	1		26
Non-cash revenue recognized on Pueblo Viejo gold and silver streaming agreement		****	(10	)		(6	)	****	(25	)		(22	)
Change in other assets and liabilities		****	(60	)		(33	)	****	(168	)		(76	)
Settlement of share-based compensation		****	(9	)		(4	)	****	(62	)		(50	)
Settlement of rehabilitation obligations		****	(40	)		(49	)	****	(130	)		(120	)
Other operating activities		****	($24	)		45	****	($136	)		($54	)
Cash flow arising from changes in:
Accounts receivable		****	316		($107	)	****	112		($26	)
Inventory		****	(68	)		(69	)	****	(133	)		(57	)
Value added taxes receivable^2^		****	(37	)		(66	)	****	(133	)		(217	)
Other current assets		****	(1	)		6	****	(18	)		(7	)
Accounts payable		****	(53	)		(11	)	****	(13	)		(61	)
Other current liabilities		****	27		(4	)	****	135		(12	)
Change in working capital		****	184		($251	)	****	($50	)		($380	)

All values are in US Dollars.

^1^	2024 amounts relate to commitment for road construction under the Twiga partnership.
^2^	Excludes $53 million (Q3 2024: $36 million) for Q3 2025 and $128 million (YTD 2024: $65 million) for YTD 2025 of VAT<br>receivables that were settled against offsetting of income taxes payable and $6 million (Q3 2024: $21 million) for Q3 2025 and $54 million (YTD 2024: $29 million) for YTD 2025 of VAT receivables that were settled against offsetting of other duties<br>and liabilities.
---	---
BARRICK THIRD QUARTER 2025	72		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
---	---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

12∎Equity Accounting Method Investment Continuity

		Kibali			Jabal Sayid			Zaldívar				Porgera			Other			Total
At January 1, 2024			2,119		391		874			703		46		4,133
Investment in equity accounting method investment			—		—		—			7		—		7
Equity pick-up (loss) from equity investees			108		119		1			22		(2	)		248
Funds invested			—		—		—			55		4		59
Dividends received from equity investees			(88	)		(109	)		—			—		(1	)		(198	)
Non-cash dividends received from equity investees			(124	)		—		—			—		—		(124	)
Equity earnings adjustment			—		—		—			(7	)		—		(7	)
Shareholder loan repayment			—		—		—			—		(6	)		(6	)
At December 31, 2024		****	2,015	****	401	****	875		****	780	****	41	****	4,112
Equity earnings adjustment		****	—	****	—	****	—		****	16	****	—	****	16
Equity pick-up (loss) from equity investees		****	107	****	93	****	—		****	75	****	(1	)	****	274
Funds invested		****	—	****	—	****	—		****	—	****	1	****	1
Dividends received from equity investees		****	—	****	(98	)	****	—		****	—	****	(1	)	****	(99	)
Non-cash dividends received from equity investees		****	(18	)	****	—	****	—		****	—	****	—	****	(18	)
Shareholder loan repayment		****	—	****	—	****	—		****	(96	)	****	(4	)	****	(100	)
At September 30, 2025		****	2,104	****	396	****	875		****	775	****	36	****	4,186

All values are in US Dollars.

13∎Financial Instruments

Financial instruments include cash; evidence of ownership in an entity; or a contract that imposes an obligation on one party and conveys a right to a second party to deliver/receive cash or another financial instrument.

Gold Contracts

In Q3 2025, we entered into 25,000 ounces of zero cost gold collars that mature every month between September 2025 and August 2028 for a total of 900,000 ounces. These contracts contain purchased put and sold call options with strike prices of $3,100/oz and $4,310/oz, respectively. These contracts are designated as cash flow hedges, with the effective portion of the hedge recognized in other comprehensive income and the ineffective portion recognized as loss (gain) on non-hedge derivatives. The realized loss (gain) related to these positions is $nil for Q3 2025 (Q3 2024: $nil) and $nil for YTD 2025 (YTD 2024: $nil). As at September 30, 2025, the fair value of the remaining derivatives is a loss of $150 million (December 31, 2024: $nil), with $15 million recorded as other current liabilities and $135 million recorded as other non-current liabilities (December 31, 2024: $nil and $nil, respectively).

BARRICK THIRD QUARTER 2025	73		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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14∎**** Fair Value Measurements

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

As at<br><br><br>September 30,<br> <br>2025	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)			Significant<br><br><br>other<br> <br>observable<br><br><br>inputs<br> <br><br><br><br>(Level 2)			Significant<br><br><br>unobservable<br> <br>inputs<br><br><br><br> <br>(Level 3)			Aggregate<br><br><br>fair value<br> <br><br><br><br>****
Other investments^1^	****	86	****	—	****	—	****	86
Derivatives^2^	****	—	****	(150	)	****	—	****	(150	)
Receivables from provisional copper and gold sales	****	—	****	180	****	—	****	180
Receivable from NOVAGOLD^3^	****	—	****	—	****	164	****	164
Investment in Loulo-<br><br><br>Gounkoto^4^	****	—	****	—	****	1,950	****	1,950
	****	86	****	30	****	2,114	****	2,230

All values are in US Dollars.

^1^	Includes equity investments in other mining companies.
^2^	Refer to note 13 for further details.
---	---
^3^	Refer to note 4 for further details.
---	---
^4^	Refer to note 17 for further details.
---	---

b) Fair Values of Financial Assets and Liabilities

	As at September 30,<br><br><br>2025						As at December 31,<br><br><br>2024
	Carryingamount			Estimatedfair value			Carrying<br>amount		Estimated<br>fair value
Financial assets
Other assets^1^	****	751	****	751		776	$776
Other investments^2^	****	86	****	86		42	42
Investment in<br><br><br>Loulo-Gounkoto^3^	****	1,950	****	1,950		—	—
	****	2,787	****	2,787		818	$818
Financial liabilities
Debt^4^	****	4,714	****	5,025		4,729	$4,821
Derivative liabilities^5^	****	150	****	150		—	—
Other liabilities	****	574	****	574		595	595
	****	5,438	****	5,749		5,324	$5,416

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.
---	---
^3^	Refer to note 17 for further details.
---	---
^4^	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.
---	---
^5^	Refer to note 13 for further details.
---	---

Derivative Instruments

The fair value of derivative instruments is determined using option pricing models that utilize a variety of inputs that are a combination of quoted prices and market-corroborated inputs. As a result, the derivative instruments are classified within Level 2 of the fair value hierarchy.

The Company’s valuation techniques for our remaining financial assets and liabilities were presented in Note 26 of the 2024 Annual Financial Statements and have been consistently applied in these interim financial statements.

15∎Capital Stock

a) Authorized Capital Stock

Our authorized capital stock is composed of an unlimited number of common shares (issued 1,687,433,930 common shares as at September 30, 2025). 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 124,983 common shares being issued to shareholders for YTD 2025.

c) Share Buyback Program

At the February 11, 2025 meeting, the Board of Directors authorized a 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 YTD 2025, Barrick purchased 39.79 million common shares for a total cash amount of $1.0 billion under this program and accrued $21 million in related taxes. At the November 7, 2025 meeting, the Board of Directors authorized an increase in the share buyback program for the repurchase of up to an additional $500 million of the Company’s outstanding common shares before the program expires in February 2026.

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.

BARRICK THIRD QUARTER 2025	74		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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16∎Non-controlling Interests Continuity

		Nevada<br>Gold Mines				Pueblo<br>Viejo				Tanzania<br>Mines^1^				Loulo-<br>Gounkoto				Tongon				Reko Diq				Other				Total
NCI in subsidiary at September 30, 2025				38.5	%			40	%			16	%			20	%			10.3	%			50	%			Various
At January 1, 2024				6,162			1,143			322			760			16			338			($80	)			8,661
Share of income (loss)				884			101			53			(31	)			—			(63	)			—				944
Cash contributed				—			—			—			—			—			146			—				146
Disbursements				(667	)			(84	)			—			(34	)			—			—			—				(785	)
At December 31, 2024			****	6,379		****	1,160		****	375		****	695		****	16		****	421		****	($80	)		****	8,966
Share of income (loss)			****	1,122		****	167		****	67		****	(9	)		****	9		****	(3	)		****	1			****	1,354
Cash contributed			****	—		****	—		****	—		****	—		****	—		****	228		****	—			****	228
Loss of control^2^			****	—		****	—		****	—		****	(686	)		****	—		****	—		****	—			****	(686	)
Disbursements			****	(966	)		****	(88	)		****	(35	)		****	—		****	(7	)		****	—		****	—			****	(1,096	)
At September 30, 2025			****	6,535		****	1,239		****	407		****	—		****	18		****	646		****	($79	)		****	8,766

All values are in US Dollars.

^1^	Tanzania mines consist of the two operating mines, North Mara and Bulyanhulu.
^2^	Refer to note 17 for further details.
---	---

17∎Loulo-Gounkoto

Barrick owns 80% of Société des Mines de Loulo SA (“Somilo”) and Société des Mines de Gounkoto (“Gounkoto”) with the Republic of Mali owning the other 20%. As previously disclosed, the Company and the Government of Mali (“GoM”) have been engaged in an ongoing dispute over the existing mining conventions of these two companies (together, the “Conventions”).

The Loulo and Gounkoto permits each have a 30 year term from their date of grant, after which they are renewable if production is still taking place. The Loulo permit renewal date is February 2026 and a renewal application was submitted on February 13, 2025.

On December 18, 2024, after multiple good faith attempts to resolve the dispute, Somilo and Gounkoto submitted a request for arbitration to the International Centre for the Settlement of Investment Disputes (“ICSID”) in accordance with the provisions of their respective Conventions. On January 14, 2025, due to the restrictions imposed by the GoM on gold shipments, the Company announced that the Loulo-Gounkoto complex would temporarily suspend operations.

On June 16, 2025, the Bamako Commercial Tribunal placed Loulo-Gounkoto under temporary provisional administration. While Barrick retains its 80% legal ownership of the mine, control over operations has been transferred to an external administrator. Following this action by the Malian courts, we concluded that Barrick had lost control of the subsidiaries that hold our interest in Loulo-Gounkoto because we cannot effectively exercise power over the relevant activities related to the mine, nor can we affect the returns of the mine through managerial involvement. As a result of the loss of control event in Q2 2025, we deconsolidated the subsidiaries, and derecognized the assets, liabilities and non-controlling interest of Loulo-Gounkoto at their carrying amounts at the date when control was lost.

Upon deconsolidation, IFRS Accounting Standards require the retained interest in the former subsidiaries to be recognized at fair value. Barrick will account for the retained interest in Somilo and Gounkoto in accordance with IFRS 9. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants. Barrick’s estimate of the initial fair value of the retained interest was $1.7 billion. This fair value was calculated

using our life of mine plan with updates to reflect the situation as at June 30, 2025 inclusive of the adverse measures taken by the GoM against the subsidiaries. This included an increase in the weighted average cost of capital (“WACC”) from the 9% applied as at December 31, 2024 to 18% as at June 30, 2025. We also lowered the Net Asset Value (“NAV”) multiple to 1.1 and used a long-term gold price of $2,000/oz. Finally, the fiscal terms were amended to be in line with 2023 Mining Code, primarily increased royalties and duties; and certain adjustments were made to reflect a period of disruption to the steady state operations. This fair value calculation includes a high level of uncertainty and is subject to change based on further developments that may require an update of these assumptions. Under certain scenarios the fair value could be materially higher or lower. The calculation does not include any value for Barrick’s or its subsidiaries arbitration claims, which are now before the arbitration tribunal.

A loss on the change of control of $1,035 million, equal to the carrying value of the net assets and non-controlling interest of Loulo-Gounkoto at the date when control was lost, partially offset by the value of the retained investment in Loulo-Gounkoto, was recognized in Q2 2025.

The details are summarized in the following table:

Carrying value of net assets derecognized		****	$(3,421	)
Carrying value of non-controlling interest derecognized		****	686	****
Investment in Loulo-Gounkoto recognized		****	1,700	****
Loss of control		****	$  (1,035	)

We reviewed the fair value of the investment as at September 30, 2025 and, primarily as a result of an increase in our gold price assumptions including a long-term price of $2,300/oz, we now estimate the fair value of our retained interest to be $1.95 billion. As a result, income of $250 million was recognized in Other Expense (Income) in Q3 2025, bringing the full year net impact to an expense of $785 million, as summarized in the table below:

Loss of control recognized in Q2 2025		****	$  (1,035	)
Increase in fair value of investment in Q3 2025		****	250	****
Net expense recognized in Other Expense (Income)		****	$    (785	)
BARRICK THIRD QUARTER 2025	75		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br> <br>STATEMENTS
---	---	---	---	---	---

We performed a sensitivity analysis on the September 30, 2025 fair value calculation where we flexed the gold prices, WACC and NAV multiple, which are the most significant assumptions that impact the fair value calculations. We first assumed a +/- $100 per ounce change in our gold price assumptions, while holding all other assumptions constant. We then assumed a +/-1% change in our WACC, independent from the change in gold prices, while holding all other assumptions constant. Finally, we assumed a +/- 0.1 change in the NAV multiple, while holding all other assumptions constant. These sensitivities help to determine the theoretical change in fair value that would be recorded with these changes in gold prices, WACC and NAV multiple.

Change in fair value based on:
Increase in gold price of 100/oz	****	158	****
Decrease in gold price of 100/oz	****	(163	)
Increase in WACC of 1%	****	(83	)
Decrease in WACC of 1%	****	88	****
Increase in NAV multiple of 0.1	****	193	****
Decrease in NAV multiple of 0.1	****	(193	)

All values are in US Dollars.

Refer to note 18 for further details of the legal matters related to this topic.

18∎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 2024 Annual Financial Statements, and no new contingencies have occurred that are material to the Company since the issuance of the 2024 Annual Financial Statements.

The description set out below should be read in conjunction with Note 35 “Contingencies” to the 2024 Annual Financial Statements.

Litigation and Claims Update

Pascua-Lama — Proposed Canadian Securities Class Actions

In the Quebec proceeding, Barrick filed its Statement of Defence on February 12, 2025. No trial date has been set as of this time. In the Ontario proceeding, a hearing on the Plaintiffs’ motion for class certification has been scheduled for January 2026.

Legacy Philippines Matters

On April 4, 2025, Barrick and the Provincial Government of Marinduque (the “PGM”) signed agreements to settle, without admission of liability by Barrick, all proceedings and claims related to alleged environmental issues associated with the Marcopper mine in the Province of Marinduque, Philippines. On October 3, 2025, the Court of Appeals in the Philippines issued a decision approving the settlement agreement and dismissing the Writ of Kalikasan proceedings against Barrick and Placer Dome with prejudice. The settlement is subject to various other conditions precedent, including the issuance of certain

confirmations by the Department of Environment and Natural Resources, the Philippines agency in charge of mining and the environment. Once all conditions are satisfied, Barrick will pay a settlement amount of $100 million to the PGM over a period of three years. This amount was recorded as part of Other Expense in Q1 2025.

Loulo-Gounkoto Mining Conventions Dispute

On January 2, 2025, an interim attachment order was issued by the Senior Investigating Judges of the Pôle National Économique et Financier (“Pôle Économique”) against the existing gold stock on the site of the Loulo-Gounkoto mining complex, which was executed on January 11, 2025, when the gold was removed from the site to a custodial bank. On January 14, 2025, due to the restrictions imposed by the Government of Mali on gold shipments, the Company temporarily suspended operations at the Loulo-Gounkoto complex.

On April 15, 2025, the Government of Mali closed the administrative office of Somilo and Gounkoto in Bamako due to unpaid taxes. The companies had previously explained to the authorities that those taxes could not be timely paid due to the Government’s restrictions on exporting gold

On May 8, 2025, the Government of Mali filed an application with the Bamako Commercial Tribunal to appoint a judicial administrator to manage Somilo and Gounkoto due to the company’s decision to temporarily suspend operations.

On June 16, 2025, the Bamako Commercial Tribunal placed Somilo and Gounkoto under a temporary provisional administration and appointed a Provisional Administrator. On June 17 2025, Somilo and Gounkoto filed an appeal against this decision.

Following the appointment of the Provisional Administrator, on June 23, 2025, the authorities lifted the closure order over the Bamako offices. This was immediately followed by the Provisional Administrator taking over day-to-day management of the operations of the Loulo-Gounkoto complex.

The ICSID arbitration process initiated on December 18, 2024 is ongoing and the Tribunal is now fully constituted. On July 21, 2025, the Tribunal held its first session, along with a hearing on a request filed by Somilo and Gounkoto for provisional measures to prevent further escalation and to safeguard their rights under the Mining Conventions during the pendency of the arbitration. On October 29, 2025, the ICSID Tribunal issued a decision recommending several provisional measures against Mali aimed at restoring Somilo’s and Gounkoto’s ability to operate the mines and denying certain other measures. The decision to grant provisional measures is an interim decision and is not a decision on the merits.

Barrick remains committed to engage with the Government of Mali in parallel to resolve the dispute.

Abuse of Criminal Proceedings

After several appeals were filed seeking the release of the employees, on September 9, 2025, the Investigating Judge at the Pôle Économique issued rulings allowing for the release of the four detained employees on bail. On September 15, 2025, the Public Prosecutor filed an appeal against the release orders, which have been stayed while the appeal is pending.

The Company continues to vigorously defend its rights, as well as those of its Malian subsidiaries and the affected employees, in connection with these proceedings.

BARRICK THIRD QUARTER 2025	76		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	FUTURE GROWTH	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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North Mara — Ontario Litigation

On November 26, 2024, the court granted Barrick’s motion to dismiss both actions on the grounds that the Ontario Superior Court of Justice lacks jurisdiction and that Tanzania is a more appropriate forum in which to litigate this matter. On December 27, 2024, the plaintiffs’ appealed this decision to the Ontario Court of Appeal. The hearing of this appeal has been scheduled for November 27, 2025.

Pueblo Viejo - Amparo Actions

In May 2025, two constitutional actions were filed in an administrative court in the Dominican Republic against Pueblo Viejo Dominicana Jersey 2 Limited (“PV”), the joint venture company that operates the Pueblo Viejo mine, and the Dominican Ministry of Environment and Natural Resources. The actions, which are styled as “amparo” remedies, were brought by local individuals and environmental non-governmental organizations seeking to suspend construction of Pueblo Viejo’s new Naranjo tailings storage facility and revoke the underlying environmental license for such facility on the basis of alleged environmental and human rights concerns.

Following a hearing on September 2, 2025, the administrative court dismissed one of the two amparo actions on procedural grounds. The plaintiffs filed an appeal of this decision with the Constitutional Court on October 6, 2025.

The administrative court has not yet scheduled a hearing for the other amparo action.

The Company believes that there is no merit to these actions and intends to defend its position vigorously. No amounts have been recorded for any potential liability arising from these actions as the Company cannot reasonably predict the outcome.

BARRICK THIRD QUARTER 2025	77		NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Shares Listed

B	The New York Stock Exchange ^[1]^
ABX	The Toronto Stock Exchange
---	---

Transfer Agents and Registrars

TSX Trust Company

301 – 100 Adelaide Street West

Toronto, Ontario M5H 4H1

or

Equiniti Trust Company, LLC

48 Wall Street

New York, New York 10043

Telephone: 1 800 387 0825

Fax: 1 888 249 6189

Email: [email protected]

Website: www.tsxtrust.com

Barrick Mining Corporation

Telephone: +1 416 861 9911

Email: [email protected]

Website: www.barrick.com

161 Bay Street, Suite 3700

Toronto, Ontario M5J 2S1

310 South Main Street, Suite 1150

Salt Lake City, Utah 84101

Enquiries

Investor Relations Contact

Cleve Rueckert, +1 775 397 5443

Email: [email protected]

Media Contact

Brunswick Group

Carole Cable, +44 (0) 7974 982 458

Email: [email protected]

^[1]^ As of May 9, 2025, Barrick’s ticker on the New York Stock Exchange changed to “B” from “GOLD”

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”, “aim”, “strategy”, “ramp up”, “target”, “plan”, “opportunities”, “guidance”, “forecast”, “outlook”, “project”, “develop”, “progress”, “continue”, “temporary”, “committed”, “estimate”, “potential”, “prospective”, “future”, “focus”, “ongoing”, “following”, “subject to”, “scheduled”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identify forward-looking statements. In particular, this MD&A contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production and cost guidance, including our ability to meet our 2025 guidance; anticipated production growth from Barrick’s organic project pipeline and reserve replacement; 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; mine life and production rates; anticipated benefits from the sale of the Donlin Gold project, the Hemlo gold mine, the Tongon gold mine, and the Alturas project; anticipated timing for development of the Goldrush Project; our plans, timelines, and expected completion and benefits of our growth projects, including the Goldrush Project, Fourmile, Ren, Pueblo Viejo Expansion project, Veladero Phase 8 Leach Pad, Reko Diq, solar power project at Kibali, and the Lumwana Super Pit Expansion; anticipated production at Goldrush, Ren, Reko Diq and Lumwana; timing for first production from the Lumwana Super Pit Expansion; timing for first ore delivery from the

Gokona open pit; capital expenditures related to upgrades and ongoing management initiatives; Barrick’s global exploration strategy and planned exploration activities; Barrick’s copper strategy; the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex, including the outcome of dispute resolution through arbitration; the resumption of operations and the temporary nature of the provisional administration and transfer of operational control to an external administrator at Loulo-Gounkoto; our pipeline of high confidence projects at or near existing operations; our ability to identify new Tier One assets and the potential for existing assets to attain Tier One status, including Fourmile; the incorporation of Fourmile into the NGM joint venture at fair market value; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves and future reserve replacement; asset sales, joint ventures and partnerships; Barrick’s strategy, plans, targets and goals in respect of sustainability issues, including climate change, greenhouse gas (“GHG”) emissions reduction targets, safety performance, community development and resettlement, and responsible water use; Barrick’s search for a permanent President and Chief Executive Officer; 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 expropriation or nationalization of property and political or economic developments in Canada, the United States, Mali or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to GHG emission levels, energy efficiency and reporting of risks; the Company’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which require reliance on entities within Barrick’s value chain, but outside of the Company’s direct control, to achieve such targets within the specified time frames; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings 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; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick’s existing operations and material growth projects; 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.