6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of May 2022

Commission File Number: 1-9059

BARRICK GOLD CORPORATION

(Registrant’s name)

BrookfieldPlace, TD Canada Trust Tower, Suite 3700

161 Bay Street, P.O. Box 212

Toronto, Ontario M5J 2S1 Canada

(Address of principal executive offices)

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

Form 20-F  ☐                Form 40-F  ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

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. 333-255874).

SIGNATURES

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

	BARRICK GOLD CORPORATION
Date: May 4, 2022	By:	/s/ Poupak Bahamin
	Name:	Poupak Bahamin
	Title:	General Counsel

EXHIBIT INDEX

Exhibits	Description
99.1	2022 Q1 Report Press Release dated May 4, 2022
99.2	Barrick Gold Corporation’s Comparative Unaudited Financial Statements prepared in accordance with International Financial Reporting Standards and the notes thereto for the three months ended March 31, 2022 and<br>Management’s Discussion and Analysis for the same period.

EX-99.1

Exhibit 99.1

BARRICK RAISES DIVIDEND

ON BACK OF STRONG CASH POSITION

ALL AMOUNTS EXPRESSED IN U.S. DOLLARS

Toronto, May 4, 2022 — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced a $0.20 per share quarterly dividend, the first to include a $0.10 per share performance component in line with its new dividend policy.

President and chief executive Mark Bristow said the Company’s net cash balance at the end of Q1 stood at $743 million, reflecting cash flow from the operations, the continuing sale of non-core assets, and its share of a further $0.6 billion in cash distributions by Kibali.

Since agreement on the repatriation of revenue from Kibali was reached with the Democratic Republic of Congo (DRC) last year, Kibali has delivered $1.2 billion (on a 100% basis) in the form of dividends and debt repayments, inclusive of distributions received subsequent to March 31, 2022.

Bristow said as guided earlier, Q1 was a softer quarter, particularly when compared to Q4 of 2021, which included a record-breaking performance from Nevada Gold Mines. With a stronger performance expected in the second half of the year, Barrick remains on track to meet its 2022 production guidance.

CONTINUED ON PAGE 3

Key Performance Indicators

Financial and Operating Highlights

Financial Results		Q4 2021		Q1 2021
Realized gold price4	1,876		1,793		1,777
( per ounce)
Net earnings	438		726		538
( millions)
Adjusted net earnings3	463		626		507
( millions)
Net cash provided by operating	1,004		1,387		1,302
activities ( millions)
Free cash flow1	393		718		763
( millions)
Net earnings per share	0.25		0.41		0.30
()
Adjusted net earnings	0.26		0.35		0.29
per share3 ()
Attributable capital	478		552		424
expenditures5,6 ( millions)
Operating Results		Q4 2021		Q1 2021
Gold
Production7	990		1,203		1,101
(000s of ounces)
Cost of sales (Barrick’s share)7,8	1,190		1,075		1,073
( per ounce)
Total cash costs7,9	832		715		716
( per ounce)
All-in sustaining<br>costs7,9	1,164		971		1,018
( per ounce)
Copper
Production6	101		126		93
(millions of pounds)
Cost of sales (Barrick’s share)7,8	2.21		2.21		2.11
( per pound)
C1 cash costs7,10	1.81		1.63		1.60
( per pound)
All-in sustaining<br>costs7,10	2.85		2.92		2.26
( per pound)

All values are in US Dollars.

Q1 2022 Results Presentation

Webinar and Conference Call

President and CEO Mark Bristow will host a virtual presentation on the results today at 11:00 EDT, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

Go to the webinar

US and Canada (toll-free), 1 800 319 4610

UK (toll-free), 0808 101 2791

International (toll), +1 416 915 3239

The Q1 2022 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.

Best Assets

∎	First quarter puts Barrick on track to achieve 2022 production targets
∎	Strong performance from Loulo-Gounkoto on the back of solid throughput, recovery and grade
---	---
∎	Pueblo Viejo new Tailings Storage Facility permitting makes significant progress
---	---
∎	Reko Diq framework agreement signed with Pakistan paving the way for the next potential Tier One^11^ asset development
---	---
∎	New senior appointments strengthen management team as it expands globally
---	---
∎	Exciting exploration results in all regions with significant new potential highlighted in Nevada, Argentina, and the Loulo District
---	---

Leader in Sustainability

∎	2021 Sustainability Report published highlighting our integrated approach to ESG
∎	33% decrease in LTIFR^12^ quarter on quarter
---	---
∎	Updated GHG Reduction Roadmap outlining our journey to Net Zero by 2050
---	---
∎	Funding the reintroduction of white rhinos to the Garamba National Park in the DRC
---	---

Delivering Value

∎	Operating cash flow of $1,004 million and free cash flow^1^ of$393****million for the quarter
∎	Net earnings per share of $0.25 and adjusted net earnings per share^3^of $0.26 for the quarter
---	---
∎	Kibali distributes a further $0.6 billion in cash during the quarter (100% basis)
---	---
∎	Net cash^2^ of $743 million results in a $0.20 per sharedividend for Q1 2022, inclusive of a $0.10 per share performance dividend^14^
---	---
BARRICK FIRST QUARTER 2022	2	PRESS RELEASE
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CONTINUED FROM PAGE 1

Highlights of the quarter included the framework agreement with Pakistan on restarting the Reko-Diq copper-gold project. Bristow is scheduled to meet the country’s new prime minister later this month to review progress.

Also significant was the progress made in securing a new tailings storage facility for the Pueblo Viejo project in the Dominican Republic. The project is designed to unlock approximately 9 million ounces of measured and indicated resources and convert them into additional proven and probable reserves, extending the mine’s life by more than 20 years.^13^

“Barrick controls what are unquestionably the mining industry’s best gold assets as well as some substantial copper mines. Reko Diq is one of the largest undeveloped copper-gold porphyry deposits in the world, and if the conditions to closing are satisfied, it will be a very significant addition to this portfolio, even before it goes into production, by boosting reserves and resources as the updated feasibility study unfolds,” Bristow said.

“In addition to its size and quality, Barrick’s asset base is distinguished by our continued success in more than replacing the reserves depleted by mining through brownfields exploration. At the same time, we continue to hunt for new Tier One assets across our expanding global

footprint. The past quarter again produced promising results from all regions, with significant new potential identified in Nevada, Argentina and Africa’s Loulo district.”

Bristow said the Company’s latest annual Sustainability Report highlights its integrated approach to ESG, based on its belief that the challenges of poverty, climate change and biodiversity are intertwined and should be addressed holistically. The report notes that last year Barrick spent $5.5 billion with host country suppliers, equating to 81% of its global procurement expenditure. Host country nationals accounted for 96% of its total workforce and 78% of its management, and the drive to employ more women is succeeding.

Some $850 million has been spent on or budgeted for renewable energy and greenhouse gas (GHG) emissions reduction projects. These are outlined in the report in an updated GHG emissions reduction roadmap leading to a Net Zero target by 2050. Barrick, for the first time, has disclosed its Scope 3 emissions and Scope 3 roadmap to engage and assist its suppliers with their GHG emissions reductions.

“Sustainability has long been an integral part of the way Barrick does business and our commitment to its effective management is key to our goal of building the world’s most valued gold and copper mining company,” Bristow said.

NEW PERFORMANCE DIVIDEND POLICY

DOUBLES BARRICK’S QUARTERLY DIVIDEND

Barrick today announced the declaration of a dividend in respect of performance for the first quarter of 2022 that incorporatesan enhancement to the base dividend as a result of achieving Level III under the Company’s Performance Dividend Policy.

Barrick’s Board of Directors declared a dividend of $0.20 per share for the first quarter of 2022 that will be paid on June 15, 2022 to shareholders of record at the close of business on May 27, 2022.^14^ This dividend comprises a base quarterly dividend of $0.10 per share and a performance dividend enhancement of an additional $0.10 per share.

“Our strong operating performance and robust net cash balance has allowed us to provide an enhanced dividend to our shareholders,” says senior executive vice-president and chief financial officer Graham Shuttleworth. “We believe this shows the benefit of the Performance Dividend Policy that we announced in February, including the guidance it provides to our shareholders on future dividend streams.”

The $0.10 per share enhancement to the base quarterly dividend was achieved as a result of Barrick reporting net

cash on its Consolidated Balance Sheet at March 31, 2022 of greater than $0.5 billion and less than $1 billion as per the following schedule:

Performance<br><br><br>Dividend<br> <br>Level	Threshold<br> <br>Level	Quarterly<br> <br>Base<br><br><br>Dividend	Quarterly<br><br><br>Performance<br> <br>Dividend	Quarterly<br><br><br>Total<br> <br>Dividend
Level I	Net cash<br> <br><$0	$0.10<br> <br>per share	$0.00<br> <br>per share	$0.10<br> <br>per share
Level II	Net cash<br> <br>>$0 and<br><br><br><$0.5B	$0.10 per<br>share	$0.05<br> <br>per share	$0.15<br> <br>per share
Level III	Net cash<br> <br>>$0.5B<br><br><br>and <$1B	$0.10<br> <br>per share	$0.10<br> <br>per share	$0.20<br> <br>per share
Level IV	Net cash<br> <br>>$1B	$0.10<br> <br>per share	$0.15<br> <br>per share	$0.25<br> <br>per share
BARRICK FIRST QUARTER 2022	3	PRESS RELEASE
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STRATEGY SECURES BARRICK’S ABILITY TO SUCCEED

AMID GLOBAL GEOPOLITICAL DYNAMICS

AND IN CHALLENGING JURISDICTIONS

While Barrick’s core strategy — the creation and delivery of real, sustainable value to its stakeholders — isfixed, the actions needed to secure its consistent execution are subject to a rigorous review process.

This starts at the beginning of each year with a week-long strategic planning and team effectiveness review for the group’s top executives, led by president and chief executive Mark Bristow. Risks and opportunities are carefully assessed, and the outputs needed to manage them effectively are identified. These outputs are then rolled out through similar planning sessions at all operational and corporate sites, ensuring a group-wide alignment with the agreed objectives and actions.

This year’s group strategy session took particular note of the importance of risk management in a global environment which, says Bristow, is probably in greater political, social and economic disarray than any previous period since World War II.

“We’re still dealing with the fall-out of the Covid-19 pandemic, inflation in developed countries is rising to levels not experienced in a generation and in Eastern Europe a major war, the like of which we never expected to see again, is ongoing, with huge personal cost and potentially devastating economic consequences for the major countries dependent on Russian oil and gas,” says Bristow.

“Fortunately for Barrick, managing risks in challenging geopolitical jurisdictions is one of our core competencies, largely gained in Africa, where our mines have continued to operate

steadily and profitably through civil wars, coups d’état, complex logistics and delicate negotiations with host governments,” he says.

“It’s our partnership philosophy that has enabled us to achieve this. Mining is a long-term business and we therefore need the ability to benefit our host countries for the length of our investment and beyond. We secure this essential social licence to operate by demonstrating that the value we create is equitably shared with our local stakeholders and that we are a major contributor to the state’s coffers — in short, a welcome and responsible citizen and neighbour.”

Bristow says with mature mining regions offering fewer opportunities for major discoveries, new Tier One assets will inevitably have to be sought in developing countries, where Barrick is already operating successfully.

“Our decision to proceed with the reconstitution of the Reko Diq project in Pakistan, a Tier One copper and gold asset in the making by any measure, is based on this track record and on our confidence in our ability to deliver yet another world-class mine in a remote region. Our drive to expand our Asia-Pacific presence and grow our copper portfolio also sit firmly within this strategy,” he says.

INVESTING INTHE BEST PEOPLE FOR THE BEST FUTURE

“Getting the optimal results from the industry’s best assetsrequires people who not only possess skills and drive but are also sufficiently diverse in terms of race, age and gender to lead Barrick into the new world” explains the Group Human Resources executive, Darian Rich.

Thanks to Barrick’s long-established policy of recruiting host country nationals, 96% of its workforce and 78% of its managers are local hires. Its drive for gender diversity in a traditionally male-dominated industry has also started producing results, with women accounting for 24% of new hires during the past quarter and 11% of Barrick’s global workforce.

Similarly, the employee age shift continues and 56% of the workforce are now under the age of 40 and 16% under the age of 30. In the past quarter, 38% of new hires were younger than 30.

Last quarter, the North America region participated in 36 recruiting events at schools and universities while Latin America’s internship programs cater for graduates as well as

workers, with Veladero currently training 20 female truck drivers. In Africa and the Middle East, competency-based training programs continue to upskill workers.

Preparing the group’s future generation of leaders requires deep succession planning, reflected in a number of key recent changes. With Willem Jacobs retiring in June 2022, the region’s chief financial officer, Sebastiaan Bock, is stepping up as chief operating officer for Africa and the Middle East. Greg Walker is being succeeded as executive managing director of Nevada Gold Mines at the end of 2022 and, in the corporate office, Poupak Bahamin has been appointed general counsel while Rich Haddock transitions to a legal advisor role. Rich will remain a valuable resource through March 2024 to provide continuity of support for Reko Diq and other projects.

BARRICK FIRST QUARTER 2022	4	PRESS RELEASE

MANAGING COSTS AMID HIGH INFLATION

AND GEOPOLITICAL CONFLICT

Rising inflation, exacerbated by the conflict between Russia and Ukraine and the sanctions imposed on Russia, has had a directimpact on Barrick’s business in terms not only of fuel and gas prices but also the cost and availability of input commodities.

To mitigate inflation and manage supply risks, Barrick is employing a proven multi-pronged strategy, says group commercial and supply chain executive Riaan Grobler.

“Our procurement strategy is built on a thorough understanding of our key cost drivers, commodities and services. The recent groupwide roll-out of SAP has improved the visibility of these factors and allowed real-time decision-making. At the same time, we are identifying technical levers that could drive internal efficiencies,” he says.

“Secondly, we have built strong collaborative relationships with leading global supply chain partners, with a dedicated freight forwarding capacity that spans five continents. They pool their buying power to ensure that we have fixed-price agreements with key suppliers. A big part of the cost of logistics is in the efficiency of the movement of goods from port to destination and we leverage global logistics through our partnership structures to do cross-continent bookings of charters and to consolidate freight from multiple ports.”

Barrick is also cultivating alternative suppliers, particularly in developing countries, as back-up to its main supply chain partners and as a cost-base benchmark. Its long-standing policy of local procurement in host countries, which now stands at 65% of its global procurement, is serving Barrick well as a hedge against inflation, particularly in terms of the cost of logistics, tariffs and inventory.

To manage price and supply volatility, Barrick has built up a strategic inventory of key commodities and Barrick optimizes this inventory and its cost through improved demand and maintenance planning. Where possible it also leverages new projects to renegotiate supply contracts. The proposed 200MW solar power project in Nevada, for example, has allowed Barrick to reduce the costs of the existing energy supplier for Nevada Gold Mines.

TRUE PARTNERSHIP WILL DELIVER REKO DIQ PROJECT

The groundbreaking partnership agreement between Barrick, the federal government of Pakistan and the provincial government ofBalochistan should unlock the enormous value of Reko Diq, one of the world’s largest undeveloped copper and gold deposits, says president and chief executive Mark Bristow.

Speaking on a recent investor call, Bristow said the project represented a unique mining opportunity, which would be a major addition to Barrick’s Tier One asset base, while also bringing significant economic and social benefits to Pakistan and Balochistan.

The agreement in principle recently reached between the parties provides for the reconstitution and restart of the project, which has been on hold since 2011. It will be operated and owned 50% by Barrick, 25% by Pakistani state-

owned enterprises and 25% by the government of Balochistan. The Company has similar partnerships in other countries which have proved to be catalysts in developing local economies.

Bristow said that, following the finalization of the underlying agreements, legalization and closing, Barrick would update the 2010 feasibility study.

BARRICK FIRST QUARTER 2022	5	PRESS RELEASE

“Reko Diq’s fundamentals have not changed materially since then. Subject to the updated feasibility study, it is still envisaged as a conventional open pit and milling operation producing a high-quality copper-gold concentrate. We are planning a two-phase construction approach, starting with an approximately 40 million tonne per annum plant, which could be doubled within five years. The staged development will optimize returns, manage upfront capital, lower execution risk and bring forward production and cash flows in the long run. If all goes according to plan, we anticipate first production in five to six years’ time,” he said.

“Offering a unique combination of large scale, low strip and good grade, Reko Diq will be a multi-generational mine, with a life of at least 40 years. The contemplated mine plan is based on four porphyry deposits within our land package and our exploration licence area holds additional deposits with future upside potential.”

Noting that since 2010 there had been game-changing technological advances in renewable energy alternatives, some of which are particularly well-suited to the area, Bristow said a Barrick team was already assessing various solar, wind and battery configurations to maximize the mine’s renewable power generation. This could also deliver a range of economic and operational benefits.

The development of Reko Diq will make Balochistan the largest recipient of foreign investment in Pakistan. During peak construction periods, the project is expected to employ 7,500 people and once in production will create about 4,000 long-term jobs. Barrick’s policy of prioritizing local employment and suppliers will have a positive downstream impact on the local economy.

“At Barrick we know that our long-term success depends on sharing the benefits we create equitably with our host governments and communities. That’s why we wanted Balochistan’s share of the venture to be fully funded, 10% by the project and 15% by the government of Pakistan. It’s equally important to us that Balochistan and its people should see the benefits from day one. Even before construction begins, we will be implementing a range of social development programs, supported by upfront commitments to the development of the skills required for mining, the improvement of education, healthcare, food security and, importantly, access to potable water in a region where the groundwater has a high saline content,” Bristow said.

KIBALIPOWERS AHEAD WHILE BARRICK PLANS

FURTHER INVESTMENTS IN DRC

Africa’s largest gold mine, Kibali in the DRC, has made a strong start to 2022 and is on track to equalits 2021 production this year. Last year it again replaced the reserves depleted by mining and its prolific KZ trend of orebodies continues to deliver opportunities for significant open pit and underground growth.

Speaking to media and other stakeholders in Kinshasa, Barrick president and chief executive Mark Bristow said Kibali had notched up a number of other key deliverables during the current quarter. These include the signing of a cahier de charge with the surrounding communities to formalize their role in identifying and overseeing the mine’s investment in social development projects.

Another section of the Durba road to Watsa has been completed and the resettlement of the Kalimva-Ikamva and Pamao villages has started with the first group of people moving into their new homes. On the health and safety front, there were zero lost time injuries during the quarter, the malaria and HIV programs continued to deliver infection rate reductions and 60% of our employees have been vaccinated against Covid-19, versus a national average of 1%.

In addition to Kibali’s long-standing support for conservation measures in one of DRC’s leading national parks, African Parks and Barrick are looking to reintroduce the white rhino to the Garamba National Park. In what will be the largest exercise of its kind, the plan envisages the relocation of around 50 white rhinos to Garamba creating a new population group which is critical in the long-term plan to protect this species. In line with Barrick’s development

strategy, the mine also launched the Garamba Alliance in partnership with the US Agency for International Development (USAID).

Since the project that became Kibali was acquired in 2009, its probable mineral reserves were doubled to more than 10 million ounces^15^ of gold in 2010. Construction then started the following year, three hydropower plants were built and the infrastructure — including the road to the Ugandan border — was developed. The mine went into production in 2013 and still today has more than 10 years of mine life ahead, with 2021 total proven and probable mineral reserves of 83Mt at 3.60g/t for 9.6Moz^16^ of gold, before considering extensions to known orebodies and new discoveries. Since 2009, Kibali has invested almost $4 billion in the DRC in the form of royalties, taxes and permits; infrastructure and community development; salaries; and payments to local suppliers and contractors, which have created a thriving regional economy.

“Barrick is continuing to invest in the DRC, not only by developing the many new growth opportunities which are extending Kibali’s life, but also through pursuing greenfields exploration and other opportunities across the country as we search for our next world-class discovery,” Bristow said.

BARRICK FIRST QUARTER 2022	6	PRESS RELEASE

HOLISTIC APPROACH TO ESG

WILL MAKE LASTING IMPACT

Barrick has an integrated approach to sustainability to address each of the Environmental, Social and Governance (ESG) components concurrently, says group sustainability executive Grant Beringer in the Company’s 2021 Sustainability Report.

“The challenges of fighting poverty, climate change and biodiversity loss are deeply connected, and we have no option but to tackle them together through a holistic and integrated approach to sustainability management, if we are to make a lasting, positive impact on any of them,” he says.

“While excellent management of environmental aspects is critical for sustainable delivery, this only focuses on one side of the issue. That is why this report has a strong focus on the ‘silent S’ in ESG, demonstrating that responsible mining is an enormous lever for delivering social upliftment and development.”

Barrick achieved a ‘B’ grade for a third consecutive year in its industry-first Sustainability Scorecard and recorded significant improvements across most of its key metrics. Highlights for the year include the certification of all operational sites to the ISO 45001 and ISO 14001 standards and the procurement of goods and services worth $1.67 billion from local suppliers close to Barrick’s operations. In total, $5.5 billion was spent on host country suppliers, equating to 81% of Barrick’s global procurement spend. Further details of Barrick’s economic value contribution, including taxes paid, is included in its standalone Tax Contribution Report for 2021. Host country nationals now comprise 96% of its workforce and the group maintained its downward trend in the Total Recordable Injury Frequency Rate.^17^

Additionally, approximately $850 million has been spent or budgeted for renewable energy and GHG emissions reduction projects, all of which meet the Company’s required 15% internal rate of return. The report also contains an

updated GHG Reduction Roadmap, outlining the projects that decrease emissions against Barrick’s 2018 baseline by at least 30% by 2030, while maintaining a steady production profile, as well as its course to be Net-Zero by 2050. It also details Barrick’s first-ever disclosure of its Scope 3 emissions and Scope 3 roadmap to engaging and assisting its suppliers with their GHG emissions reduction. Barrick’s water efficiency rate, a measure of the amount of water it reuses and recycles, was 82% for 2021.

Meanwhile, its new Biodiversity Standard, focused on driving positive biodiversity outcomes in critically important areas, has resulted in a significant increase in key species populations in the Garamba National Park in the Democratic Republic of Congo near its Kibali mine. Barrick, through its partnership with African Parks and the Congolese Institute for the Conservation of Nature (ICCN), is also the sole sponsor to reintroduce white rhino to the park in 2022.

“Conserving biodiversity is fundamental to planetary survival, essential to tackling climate change and has an important role to play in the war on poverty. We strive not only to preserve and maintain biodiversity within our permits but to partner with NGOs and other organizations, to protect and restore critical biodiversity in some of the world’s most ecologically sensitive places,” says Beringer.

The latest report is now aligned to the Sustainability Accounting Standards Board’s (SASB) reporting requirements for metals and mining and continues to conform to the Global Reporting Initiative’s ‘GRI Standards: Core option’ as well as the Task Force on Climate-related Financial Disclosures (TCFD) framework.

BARRICK FIRST QUARTER 2022	7	PRESS RELEASE

FUNDING THE RE-INTRODUCTION OF WHITERHINOS TO THE GARAMBA NATIONAL PARK IN THE DRC

Measurable conservation action focused on threatened species abatement andrestoration

Barrick wants to restore the white rhino population at the Garamba National Park in the DRC and has partnered with African Parks and the Congolese Institute for the Conservation of Nature (ICCN) to fund the transfer of at least 50 rhinos from South Africa in 2022.

The Garamba National Park, located 70km north of the Kibali mine in the north-east of the DRC, covers an area greater than 5,000km^2^ and is adjacent to four contiguous reserves with an additional 10,000km^2^. It is one of Africa’s oldest national parks and a UNESCO World Heritage Site. The park has been placed on the list of World Heritage Sites in danger,

following years of armed conflict, civil wars and poaching that has resulted in steep declines in its wildlife populations.

Barrick has provided support to the park since 2015, with a view to protecting and restoring its biodiversity and resulting in a notable improvement in the herd size of the endangered Kordofan giraffe, which has grown from 22 individuals in 2012 to 65 last year. Similarly, buffalo populations have also steadily grown with average herd sizes ranging from 20 to nearly 500 individuals. Furthermore, there has not been an instance of elephant poaching since September 2020.

BARRICK FIRST QUARTER 2022	8	PRESS RELEASE

UPDATED GHG ROADMAP OUTLINES JOURNEY TO 2050

Sun to help power journey to Net Zero

Solar power will account for approximately a third of the total reduction in the GHG emissions that Barrick plans to achieve by 2030, according to the latest GHG Reduction Roadmap published in its 2021 Sustainability Report.

Barrick’s GHG Reduction Roadmap outlines the renewable energy projects that are contributing to or have the potential to help meet its target of reducing total emissions by 30% by 2030 as well as its course to be Net Zero by 2050. Solar power is expected to account for 681kt of the 2,262kt Barrick needs to reduce its total annual GHG emissions to 5,279kt CO2e by 2030 against a 2018 baseline of 7,541kt CO2e.

In addition to the 20MW solar power plant at Loulo (27kt estimated reduction of CO2e per year) completed in 2020, work has begun on an estimated $262 million 200MW solar

facility with battery storage in Nevada. The facility is expected to satisfy approximately 15% of Nevada Gold Mines’ (NGM) total electricity requirements and should reduce Barrick’s GHG emissions by 254kt per year, which is equivalent to taking almost 34,000 cars off the road.

Other projects being investigated include expansions to the solar plants at Loulo (54kt estimated reduction of CO2e) and Nevada (254kt CO2e), as well as additional solar installations at Jabal Sayid (11kt estimated reduction of CO2e), Kibali (12kt estimated reduction of CO2e) and Pueblo Viejo (69kt estimated reduction of CO2e). Approximately $850 million has been spent or budgeted for renewable energy and GHG emissions reduction projects, all of which meet the Company’s required 15% internal rate of return.

Roadmap to Net Zero

BARRICK FIRST QUARTER 2022	9	PRESS RELEASE

PUEBLO VIEJO MOVES FORWARD

WITH LIFE OF MINE EXTENSION PROJECT

The Dominican Government has completed its strategic review of the location of the new Tailings Storage Facility (TSF) for thePueblo Viejo mine in the Dominican Republic. The new TSF forms part of the expansion project that is designed to extend the Tier One mine’s life to beyond 2040 and support annual production in excess of 800,000 ounces.^13^

The government, through their process, have identified a select number of alternatives for further assessment. At the same time, Barrick conducted its own alternatives assessment, completed by a multidisciplinary team of external subject matter experts from various independent consulting companies.

Several sites were initially identified and after various screening phases, which considered environmental, social, and technical factors, potentially feasible sites were identified for further evaluation. The two separate assessments independently identified four alternative sites, of which two sites, located in the Sanchez Ramirez Province, would be put forward for further investigation.

Barrick president and chief executive Mark Bristow said that although these alternative sites existed as determined by the reviews, the final location and construction of the facility would be subject to the completion of an Environmental and Social Impact Assessment (ESIA) in accordance with Dominican Republic legislation and international standards. Once completed, the ESIA would be submitted to the government for evaluation and final decision.

The ESIA will identify and implement mechanisms to mitigate potential environmental impacts as well as initiatives to

improve the livelihoods of the communities. Barrick is committed to following international standards and will adhere to the Global Industry Standard on Tailings Management in terms of design, construction, operation, and closure of the tailings storage facility.

The new TSF would enable operations at Pueblo Viejo to continue beyond 2040. As a major creator of value for the Dominican Republic, the project will stop the decline in production, and will facilitate the continued payment of taxes, exportation, jobs, national and local purchases, and social benefits the mine brings to the country.

In 2021, the Tier One mine paid $527 million in direct and indirect taxes which brings total tax payments since 2013 to more than $3 billion.

“Our goal in the Dominican Republic, as elsewhere in the world, is to create long-term value for all our stakeholders through our strategy of sustainable development. Pueblo Viejo’s expansion project is expected to increase total direct and indirect taxes to over $9 billion from the beginning of commercial production in 2013 through to the extended life of mine beyond 2040^18^,” Bristow said.

BARRICK FIRST QUARTER 2022	10	PRESS RELEASE

BARRICK ANNUAL REPORT PUBLISHED

The 2021 Annual Report was published in March

Barrick’s 2021 Annual Report, Annual Information Form and Form 40-F are available on SEDAR (www.sedar.com) and EDGAR (www.sec.gov), respectively. Updated National Instrument 43-101 technical reports for each of the Kibali Gold Mine and the Cortez Complex, current as of December 31, 2021, are also available on SEDAR and EDGAR.

To access the above-mentioned documents, please visit www.barrick.com. Shareholders may also receive a copy of Barrick’s audited financial statements without charge upon request to Barrick’s Investor Relations Department, 161 Bay Street, Suite 3700, Toronto, Ontario, M5J 2S1 or to [email protected].

Barrick expands global footprint in hunt for high-quality assets

Barrick is continuing to invest in its future through the development of capital projects that will expand and enhance an operating platform which already holds some of the industry’s best assets, says president and chief executive Mark Bristow.

Writing in the Company’s 2021 Annual Report Bristow says that, while building on this value foundation, Barrick was also expanding its presence into new prospective areas in its hunt for high-quality assets.

“A specialist Asia-Pacific team, set up to look at opportunities in that region, has acquired exploration permits in Japan and are hunting for additional opportunities in that region. We are also investigating projects across the Nubian and Arabian Shields in North Africa and the Middle East. We have put a particularly strong focus on exploration in Latin America, where our teams are testing a portfolio of targets on the El Indio belt along the border between Argentina and Chile. We have also added ground in Peru and started fieldwork on new projects in Guyana and Suriname.”

“We are working on a well-defined strategy to grow our business in Canada where I believe we are under-invested. A significant exploration portfolio has been secured in the country’s Uchi Belt and the team is also looking at other opportunities in the country.”

Bristow says Barrick has mapped out and is advancing on a clear road to achievable GHG emissions reduction targets and its long-standing commitment to ESG principles informs all its business decisions.

“The Social component of ESG tends to be overshadowed by its Environmental counterpart, but for Barrick it is the socio-economic state of our less-developed host countries that is critically important, and much of our sustainability strategy is directed at ensuring that our host communities are not negatively impacted by the world’s transition to a green economy.”

“Our drive to employ the next generation of mining talent remained steady, with 56% of our workforce now under the age of 40 and 19%^[19]^ under 30. Throughout the period we also continued to increase our gender diversity, and last year 17% of new hires globally were women. Barrick believes in empowering our people to thrive in a decentralized structure with lean regional teams designed for agility and focused on creating value for all our stakeholders,” says Bristow.

Barrick set to deliver substantial futurefree cash flows

Barrick is built on a foundation of six Tier One gold mines with rolling 10-year plans which secure the Company’s ability to generate substantial free cash flows^[1]^ for the next decade and beyond, says executive chairman John Thornton.

Writing in the Company’s 2021 Annual Report, Thornton notes that in September 2018, when the Randgold merger was announced, Barrick had net debt in excess of $4 billion. Since then, it has not only moved into a net cash position but has returned $2.5 billion of cash to shareholders, including last year’s record distribution of $1.4 billion.

“As previously announced, after careful consideration of our capital allocation, the board has settled on a new dividend policy comprising a base dividend with an additional performance dividend linked to the net cash on the balance sheet, starting in 2022. We believe this will give our shareholders guidance on future dividend streams14,” he says.

“The board has also approved a $1 billion share buyback plan which will afford us the opportunity to acquire our shares when they are trading below what we consider to be their intrinsic value.”^[20]^

S&P UPGRADES BARRICK TO BBB+ WITH STABLE OUTLOOK

S&P Global Ratings has upgraded Barrick’s long-term corporate credit rating to BBB+ from BBB, with a stable outlook. This follows a similar upgrade to Baa1 by Moody’s Investors Service in October 2020.

BARRICK FIRST QUARTER 2022	11	PRESS RELEASE

Appendix 1

2022 Operating and Capital Expenditure Guidance

GOLD PRODUCTION AND COSTS

	2022 forecast<br>attributable production<br><br><br>(000s oz)	2022 forecast cost<br><br><br>of sales^8^ ($/oz)	2022 forecast total<br><br><br>cash costs^9^ ($/oz)	2022 forecast all-in<br><br><br>sustaining costs^9^<br><br><br>($/oz)
Carlin (61.5%)^21^	950 - 1,030	900 -  980	730 - 790	1,020 - 1,100
Cortez (61.5%)^22^	480 - 530	970 - 1,050	650 - 710	1,010 - 1,090
Turquoise Ridge (61.5%)	330 - 370	1,110 - 1,190	770 - 830	930 - 1,010
Phoenix (61.5%)	90 - 120	2,000 - 2,080	720 - 780	890 - 970
Long Canyon (61.5%)	40 - 50	1,420 - 1,500	540 - 600	540 - 620
Nevada Gold Mines (61.5%)	1,900 - 2,100	1,020 - 1,100	710 - 770	990 - 1,070
Hemlo	160 - 180	1,340 - 1,420	1,140 - 1,200	1,510 - 1,590
North America	2,100 - 2,300	1,050 - 1,130	740 - 800	1,040 - 1,120
Pueblo Viejo (60%)	400 - 440	1,070 - 1,150	670 - 730	910 - 990
Veladero (50%)	220 - 240	1,210 - 1,290	740 - 800	1,270 - 1,350
Porgera (47.5%)^23^	—	—	—	—
Latin America & Asia Pacific	620 - 680	1,140 - 1,220	700 - 760	1,040 - 1,120
Loulo-Gounkoto (80%)	510 - 560	1,070 - 1,150	680 - 740	940 - 1,020
Kibali (45%)	340 - 380	990 - 1,070	600 - 660	800 - 880
North Mara (84%)	230 - 260	820 - 900	670 - 730	930 - 1,010
Tongon (89.7%)	170 - 200	1,700 - 1,780	1,220 - 1,280	1,400 - 1,480
Bulyanhulu (84%)	180 - 210	950 - 1,030	630 - 690	850 - 930
Africa & Middle East	1,450 - 1,600	1,070 - 1,150	720 - 780	950 - 1,030
Total Attributable to Barrick^24,25,26^	4,200 - 4,600	1,070 - 1,150	730 - 790	1,040 - 1,120

COPPER PRODUCTION AND COSTS

	2022 forecast<br><br><br>attributable production<br> <br>(Mlbs)	2022 forecast cost<br><br><br>of sales^8^ ($/lb)	2022 forecast C1<br><br><br>cash costs^10^ ($/lb)	2022 forecast all-in<br><br><br>sustaining costs^10^<br><br><br>($/lb)
Lumwana	250 - 280	2.20 - 2.50	1.60 - 1.80	3.10 - 3.40
Zaldívar (50%)	100 - 120	2.70 - 3.00	2.00 - 2.20	2.50 - 2.80
Jabal Sayid (50%)	70 - 80	1.40 - 1.70	1.30 - 1.50	1.30 - 1.60
Total Attributable to Barrick^25^	420 - 470	2.20 - 2.50	1.70 - 1.90	2.70 - 3.00
ATTRIBUTABLE CAPITAL EXPENDITURES
---	---
	( millions)
Attributable minesite sustaining^6^
Attributable project^6^
Total attributable capital expenditures^7^

All values are in US Dollars.

2022 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS

	2022 Guidance<br><br><br>Assumption	Hypothetical Change	Impact on EBITDA^27^<br> <br>(millions)	Impact on TCC and<br><br><br>AISC^9,10^
Gold price sensitivity	$1,700/oz	+/- $100/oz	+/- $580	+/- $5/oz
Copper price sensitivity	$4.00/lb	+/- $0.25/lb	+/- $60	+/- $0.01/lb
BARRICK FIRST QUARTER 2022	12	PRESS RELEASE
---	---	---

Appendix 2

Production and Cost Summary - Gold

		12/31/21		% Change		3/31/21		% Change
Nevada Gold Mines LLC<br>(61.5%)a
Gold produced (000s oz attributable basis)	459		604		(24)%		485		(5)%
Gold produced (000s oz 100% basis)	747		981		(24)%		789		(5)%
Cost of sales (/oz)	1,169		1,023		14 %		1,047		12 %
Total cash costs<br>(/oz)b	820		687		19 %		686		20 %
All-in sustaining costs (/oz)b	1,118		893		25 %		932		20 %
Carlin<br>(61.5%)c
Gold produced (000s oz attributable basis)	229		295		(22)%		229		0 %
Gold produced (000s oz 100% basis)	373		479		(22)%		373		0 %
Cost of sales (/oz)	1,015		899		13 %		950		7 %
Total cash costs<br>(/oz)b	829		728		14 %		766		8 %
All-in sustaining costs (/oz)b	1,139		950		20 %		1,045		9 %
Cortez<br>(61.5%)d
Gold produced (000s oz attributable basis)	115		169		(32)%		100		15 %
Gold produced (000s oz 100% basis)	187		275		(32)%		163		15 %
Cost of sales (/oz)	1,113		984		13 %		1,251		(11)%
Total cash costs<br>(/oz)b	784		657		19 %		860		(9)%
All-in sustaining costs (/oz)b	1,150		853		35 %		1,203		(4)%
Turquoise Ridge (61.5%)
Gold produced (000s oz attributable basis)	67		82		(18)%		92		(27)%
Gold produced (000s oz 100% basis)	109		133		(18)%		149		(27)%
Cost of sales (/oz)	1,436		1,194		20 %		1,007		43 %
Total cash costs<br>(/oz)b	1,030		819		26 %		647		59 %
All-in sustaining costs (/oz)b	1,281		996		29 %		741		73 %
Phoenix<br>(61.5%)c
Gold produced (000s oz attributable basis)	23		25		(8)%		25		(8)%
Gold produced (000s oz 100% basis)	37		41		(8)%		41		(8)%
Cost of sales (/oz)	2,253		2,047		10 %		2,051		10 %
Total cash costs<br>(/oz)b	835		443		88 %		346		141 %
All-in sustaining costs (/oz)b	1,027		614		67 %		530		94 %
Long Canyon (61.5%)
Gold produced (000s oz attributable basis)	25		33		(24)%		39		(36)%
Gold produced (000s oz 100% basis)	41		53		(24)%		63		(36)%
Cost of sales (/oz)	1,093		999		9 %		511		114 %
Total cash costs<br>(/oz)b	342		325		5 %		79		333 %
All-in<br>sustaining costs (/oz)b	366		384		(5)%		156		135 %
Pueblo Viejo (60%)
Gold produced (000s oz attributable basis)	104		107		(3)%		137		(24)%
Gold produced (000s oz 100% basis)	174		178		(3)%		229		(24)%
Cost of sales (/oz)	1,077		987		9 %		816		32 %
Total cash costs<br>(/oz)b	682		612		11 %		507		35 %
All-in<br>sustaining costs (/oz)b	948		858		10 %		689		38 %

All values are in US Dollars.

BARRICK FIRST QUARTER 2022	13	PRESS RELEASE

Production and Cost Summary - Gold (continued)

		12/31/21		% Change		3/31/21		% Change
Loulo-Gounkoto (80%)
Gold produced (000s oz attributable basis)	138		126		10 %		154		(10)%
Gold produced (000s oz 100% basis)	172		158		10 %		193		(10)%
Cost of sales (/oz)	1,088		1,139		(4)%		974		12 %
Total cash costs<br>(/oz)b	721		685		5 %		608		19 %
All-in<br>sustaining costs (/oz)b	982		822		19 %		920		7 %
Kibali (45%)
Gold produced (000s oz attributable basis)	76		94		(19)%		86		(12)%
Gold produced (000s oz 100% basis)	168		209		(19)%		192		(12)%
Cost of sales (/oz)	1,137		979		16 %		1,065		7 %
Total cash costs<br>(/oz)b	744		582		28 %		691		8 %
All-in<br>sustaining costs (/oz)b	996		776		28 %		856		16 %
Veladero (50%)
Gold produced (000s oz attributable basis)	46		61		(25)%		32		44 %
Gold produced (000s oz 100% basis)	92		122		(25)%		64		44 %
Cost of sales (/oz)	1,348		1,279		5 %		1,151		17 %
Total cash costs<br>(/oz)b	847		834		2 %		736		15 %
All-in<br>sustaining costs (/oz)b	1,588		1,113		43 %		2,104		(25)%
Porgera<br>(47.5%)e
Gold produced (000s oz attributable basis)	—		—		— %		—		— %
Gold produced (000s oz 100% basis)	—		—		— %		—		— %
Cost of sales (/oz)	—		—		— %		—		— %
Total cash costs<br>(/oz)b	—		—		— %		—		— %
All-in<br>sustaining costs (/oz)b	—		—		— %		—		— %
Tongon (89.7%)
Gold produced (000s oz attributable basis)	35		50		(30)%		48		(27)%
Gold produced (000s oz 100% basis)	39		56		(30)%		54		(27)%
Cost of sales (/oz)	2,036		1,494		36 %		1,510		35 %
Total cash costs<br>(/oz)b	1,667		1,205		38 %		995		68 %
All-in<br>sustaining costs (/oz)b	1,803		1,301		39 %		1,062		70 %
Hemlo
Gold produced (000s oz)	31		35		(11)%		47		(34)%
Cost of sales (/oz)	1,727		1,770		(2)%		1,610		7 %
Total cash costs<br>(/oz)b	1,503		1,481		1 %		1,324		14 %
All-in<br>sustaining costs (/oz)b	1,982		1,938		2 %		1,840		8 %
North Mara (84%)
Gold produced (000s oz attributable basis)	56		69		(19)%		62		(10)%
Gold produced (000s oz 100% basis)	66		82		(19)%		74		(10)%
Cost of sales (/oz)	852		858		(1)%		1,061		(20)%
Total cash costs<br>(/oz)b	709		679		4 %		832		(15)%
All-in<br>sustaining costs (/oz)b	874		1,033		(15)%		1,038		(16)%

All values are in US Dollars.

BARRICK FIRST QUARTER 2022	14	PRESS RELEASE

Production and Cost Summary - Gold (continued)

		12/31/21		% Change		3/31/21		% Change
Buzwagi<br>(84%)f
Gold produced (000s oz attributable basis)							17
Gold produced (000s oz 100% basis)							20
Cost of sales (/oz)							1,486
Total cash costs<br>(/oz)b							1,450
All-in<br>sustaining costs (/oz)b							1,467
Bulyanhulu (84%)
Gold produced (000s oz attributable basis)	45		57		(21)%		33		36 %
Gold produced (000s oz 100% basis)	53		68		(21)%		39		36 %
Cost of sales (/oz)	1,216		956		27 %		1,211		0 %
Total cash costs<br>(/oz)b	847		567		49 %		865		(2)%
All-in sustaining costs (/oz)b	984		897		10 %		957		3 %
Total Attributable to<br>Barrickg
Gold produced (000s oz)	990		1,203		(18)%		1,101		(10)%
Cost of sales<br>(/oz)h	1,190		1,075		11 %		1,073		11 %
Total cash costs<br>(/oz)b	832		715		16 %		716		16 %
All-in<br>sustaining costs (/oz)b	1,164		971		20 %		1,018		14 %

All values are in US Dollars.

a.	These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until<br>May 30, 2021 and 100% interest thereafter, reflecting the terms of the Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone<br>Tree and Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.
b.	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included in the endnotes to this press release.
---	---
c.	On September 7, 2021, NGM announced it had entered into an Exchange Agreement with<br>i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest<br>in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, and operating results within our 61.5% interest in Phoenix includes Lone Tree up until May 31, 2021, reflecting the terms of<br>the Exchange Agreement which closed on October 14, 2021.
---	---
d.	Includes Goldrush.
---	---
e.	As Porgera was placed on care and maintenance on April 25, 2020, no operating data or per ounce data is provided.<br>
---	---
f.	With the end of mining at Buzwagi in the third quarter of 2021, as previously disclosed, we have ceased to include<br>production or non-GAAP cost metrics for Buzwagi from October 1, 2021 onwards.
---	---
g.	Excludes Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting in the<br>fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.
---	---
h.	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or<br>care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
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BARRICK FIRST QUARTER 2022	15	PRESS RELEASE
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Production and Cost Summary - Copper

						For the three months ended
		12/31/21		% Change		3/31/21		% Change
Lumwana
Copper production (Mlbs)	57		78		(27)%		51		12 %
Cost of sales (/lb)	2.20		2.16		2 %		1.97		12 %
C1 cash costs (/lb)a	1.86		1.54		21 %		1.48		26 %
All-in<br>sustaining costs (/lb)a	3.16		3.29		(4)%		2.37		33 %
Zaldívar (50%)
Copper production (Mlbs attributable basis)	25		27		(7)%		24		4 %
Copper production (Mlbs 100% basis)	51		54		(7)%		48		4 %
Cost of sales (/lb)	2.85		3.14		(9)%		3.03		(6)%
C1 cash costs (/lb)a	2.15		2.35		(9)%		2.25		(4)%
All-in<br>sustaining costs (/lb)a	2.64		3.42		(23)%		2.47		7 %
Jabal Sayid (50%)
Copper production (Mlbs attributable basis)	19		21		(10)%		18		6 %
Copper production (Mlbs 100% basis)	38		42		(10)%		36		6 %
Cost of sales (/lb)	1.30		1.36		(4)%		1.21		7 %
C1 cash costs (/lb)a	1.10		1.11		(1)%		1.06		4 %
All-in<br>sustaining costs (/lb)a	1.17		1.27		(8)%		1.22		(4)%
Total Attributable to Barrick
Copper production (Mlbs attributable basis)	101		126		(20)%		93		9 %
Cost of sales (/lb)b	2.21		2.21		0 %		2.11		5 %
C1 cash costs (/lb)a	1.81		1.63		11 %		1.60		13 %
All-in<br>sustaining costs (/lb)a	2.85		2.92		(2)%		2.26		26 %

All values are in US Dollars.

a.	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included in the endnotes to this press release.
b.	Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both<br>on an attributable basis using Barrick’s ownership share).
---	---
BARRICK FIRST QUARTER 2022	16	PRESS RELEASE
---	---	---

Technical Information

The scientific and technical information contained in this press release has been reviewed and approved by Craig Fiddes, SME-RM, Manager – Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources Manager: Africa & Middle East; Rodney Quick, MSc, Pr. Sci.Nat, Mineral Resource Management and Evaluation Executive; John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Rob Krcmarov, FAusIMM, Technical Advisor to Barrick — 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, 2021.

Endnotes

Endnote 1

“Free cash flow” is a non-GAAP financial performance 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. 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.sedar.com and on EDGAR at www.sec.gov.

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

( millions)			For the three months ended
			12/31/21			3/31/21
Net cash provided by operating activities	1,004	****		1,387			1,302
Capital expenditures	(611	)		(669	)		(539	)
Free cash flow	393	****		718			763

All values are in US Dollars.

Endnote 2

Calculated as cash and equivalents ($5,887 million) less debt ($5,144 million).

Endnote 3

“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: certain impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments; gains (losses) and other one time costs relating to acquisitions or dispositions; foreign currency translation gains (losses); significant tax adjustments not related to current period earnings; and the tax effect and non-controlling interest of these 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 these adjusting items 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 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. 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.sedar.com and on EDGAR at www.sec.gov.

BARRICK FIRST QUARTER 2022	17	PRESS RELEASE

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

( millions, except per share amounts in dollars)			For the three months ended
			12/31/21			3/31/21
Net earnings attributable to equity holders of the Company	438	****		726			538
Impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and<br>investmentsa	2	****		14			(89	)
Acquisition/disposition (gains) lossesb	(2	)		(198	)		(3	)
Loss on currency translation	3	****		13			4
Significant tax adjustmentsc	17	****		(29	)		47
Other expense adjustmentsd	13	****		36			11
Tax effect and<br>non-controlling intereste	(8	)		64			(1	)
Adjusted net earnings	463	****		626			507
Net earnings per sharef	0.25	****		0.41			0.30
Adjusted net earnings per sharef	0.26	****		0.35			0.29

All values are in US Dollars.

a.	For the three month period ended March 31, 2022, we recorded no significant impairment charges or reversals. Net<br>impairment reversals for the three months ended March 31, 2021 mainly relate to non-current asset reversals at Lagunas Norte.
b.	There were no significant acquisition/disposition gains or losses for the three months ended March 31, 2022.<br>Acquisition/disposition gains for the three month period ended December 31, 2021 primarily relate to the gain on the divestiture of Lone Tree.
---	---
c.	For the three month period ended December 31, 2021, significant tax adjustments mainly relate to the impacts of<br>the South Arturo asset exchange, foreign currency translation gains and losses on tax balances, and the recognition/derecognition of our deferred taxes in various jurisdictions. For the three months ended March 31, 2021, significant tax<br>adjustments primarily relate to the remeasurement of deferred tax balances for changes in foreign currency rates and the recognition/derecognition of our deferred taxes in various jurisdictions.
---	---
d.	Other expense adjustments for all periods mainly relate to care and maintenance expenses at Porgera. The three month<br>period ended December 31, 2021 was further impacted by a $25 million litigation settlement.
---	---
e.	Tax effect and non-controlling interest for the three month period ended<br>March 31, 2022 primarily relates to other expense adjustments, while tax effect and non- controlling interest for the three month period ended December 31, 2021 mainly relates to<br>acquisition/disposition gains.
---	---
f.	Calculated using weighted average number of shares outstanding under the basic method of earnings per share.<br>
---	---

Endnote 4

“Realized price” is a non-GAAP financial performance measure which excludes from sales: unrealized gains and losses on non-hedge derivative contracts; unrealized mark-to-market gains and losses on provisional pricing from copper and gold sales contracts; sales attributable to ore purchase arrangements; treatment and refining charges; and cumulative catch-up adjustments to revenue relating to our streaming arrangements. This measure is intended to enable Management to better understand the price realized in each reporting period for gold and copper sales because unrealized mark-to-market values of non-hedge gold and copper derivatives are subject to change each period due to changes in market factors such as market and forward gold and copper prices, so that prices ultimately realized may differ from those recorded. The exclusion of such unrealized mark-to-market gains and losses from the presentation of this performance measure enables investors to understand performance based on the realized proceeds of selling gold and copper production. 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. Other companies may calculate this measure 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.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Sales to Realized Price per ounce/pound

($ millions, except per ounce/pound information in dollars)	Gold									Copper
										For the three months ended
	3/31/22			12/31/21			3/31/21			3/31/22		12/31/21		3/31/21
Sales	****	2,511	****		2,977			2,641		****	287		263		256
Sales applicable to non-controlling interests	****	(787	)		(931	)		(814	)	****	0		0		0
Sales applicable to equity method investments^a,b^	****	136	****		172			154		****	188		222		170
Sales applicable to sites in closure or care and maintenance^c^	****	0	****		(8	)		(41	)	****	0		0		0
Treatment and refinement charges	****	3	****		1			0		****	51		39		41
Other^d^	****	0	****		2			0		****	0		0		0
Revenues – as adjusted	****	1,863	****		2,213			1,940		****	526		524		467
Ounces/pounds sold (000s ounces/millions pounds)^c^	****	993	****		1,234			1,093		****	113		113		113
Realized gold/copper price per ounce/pound^e^	****	1,876	****		1,793			1,777		****	4.68		4.63		4.12
a.	Represents sales of $137 million for the three month period ended March 31, 2022 (December 31, 2021:<br>$172 million and March 31, 2021: $154 million) applicable to our 45% equity method investment in Kibali for gold. Represents sales of $118 million for the three months ended March 31, 2022 (December 31, 2021: $119 million<br>and March 31, 2021: $109 million) applicable to our 50% equity method investment in Zaldívar and $75 million (December 31, 2021: $111 million and March 31, 2021: $65 million) applicable to our 50% equity method investment<br>in Jabal Sayid for copper.
---	---
b.	Sales applicable to equity method investments are net of treatment and refinement charges.
---	---
c.	Excludes Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting in the<br>fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.
---	---
d.	Represents a cumulative catch-up adjustment to revenue relating to our<br>streaming arrangements. Refer to note 2e of the 2021 Annual Financial Statements for more information.
---	---
e.	Realized price per ounce/pound may not calculate based on amounts presented in this table due to rounding.<br>
---	---
BARRICK FIRST QUARTER 2022	18	PRESS RELEASE
---	---	---

Endnote 5

Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs per ounce and all-in costs per ounce. Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS measure.

Reconciliation of the Classification of Capital Expenditures

			For the three months ended
($ millions)	3/31/22		12/31/21		3/31/2021
Minesite sustaining capital expenditures	****	420		431		405
Project capital expenditures	****	186		234		131
Capitalized interest	****	5		4		3
Total consolidated capital expenditures	****	611		669		539

Endnote 6

Attributable capital expenditures are presented on the same basis as guidance, which includes our 61.5% share of Nevada Gold Mines, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu and our 50% share of Zaldívar and Jabal Sayid.

Endnote 7

On an attributable basis.

Endnote 8

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

Endnote 9

“Total cash costs” per ounce, “All-in sustaining costs” per ounce and “All-in costs” per ounce are non-GAAP financial performance measures. “Total cash costs” per ounce starts with cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales, and includes by-product credits. “All-in sustaining costs” per ounce start with “Total cash costs” per ounce and includes minesite sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels. “All in costs” per ounce starts with “All-in sustaining costs” per ounce and adds additional costs that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures and other non-sustaining costs. Barrick believes that the use of “Total cash costs” per ounce, “All-in sustaining costs” per ounce and “All-in costs” per ounce will assist investors, analysts and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. “Total cash costs” per ounce, “All-in sustaining costs” per ounce and “All-in costs” per ounce are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Although a standardized definition of all-in sustaining costs was 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), it is not a regulatory organization, and other companies may calculate this measure 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.sedar.com and on EDGAR at www.sec.gov.

BARRICK FIRST QUARTER 2022	19	PRESS RELEASE

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

( millions, except per ounce information in dollars)	For the three months ended
	3/31/22			12/31/21			3/31/21
Cost of sales applicable to gold production	****	1,582	****		1,771			1,571
Depreciation	****	(419	)		(512	)		(454	)
Cash cost of sales applicable to equity method investments	****	51	****		52			59
By-product credits	****	(55	)		(70	)		(59	)
Realized (gains) losses on hedge and non-hedge derivatives	****	0	****		0			0
Non-recurring items	****	0	****		0			0
Other	****	(1	)		(7	)		(33	)
Non-controlling<br>interests	****	(331	)		(351	)		(302	)
Total cash costs	****	827	****		883			782
General & administrative costs	****	54	****		39			38
Minesite exploration and evaluation costs	****	10	****		12			16
Minesite sustaining capital expenditures	****	420	****		431			405
Sustaining leases	****	9	****		13			13
Rehabilitation - accretion and amortization (operating sites)	****	11	****		12			11
Non-controlling interest,<br>copper operations and other	****	(176	)		(191	)		(154	)
All-in sustaining<br>costs	****	1,155	****		1,199			1,111
Global exploration and evaluation and project expense	****	57	****		70			45
Community relations costs not related to current operations	****	0	****		0			0
Project capital expenditures	****	186	****		234			131
Non-sustaining leases	****	0	****		0			0
Rehabilitation - accretion and amortization (non-operating<br>sites)	****	3	****		2			3
Non-controlling interest and<br>copper operations and other	****	(58	)		(71	)		(42	)
All-in costs	****	1,343	****		1,434			1,248
Ounces sold - equity basis (000s ounces)	****	993	****		1,234			1,093
Cost of sales per ounce	****	1,190	****		1,075			1,073
Total cash costs per ounce	****	832	****		715			716
Total cash costs per ounce (on a<br>co-product basis)	****	869	****		753			746
All-in sustaining costs per ounce	****	1,164	****		971			1,018
All-in sustaining costs per<br>ounce (on a co-product basis)	****	1,201	****		1,009			1,048
All-in costs per ounce	****	1,353	****		1,162			1,144
All-in costs per ounce (on a co-product basis)	****	1,390	****		1,200			1,174

All values are in US Dollars.

a.  Non-recurringitems
These costs are not indicative of our cost of production and have been<br>excluded from the calculation of total cash costs.
b.  Other
Other adjustments for the three month period ended March 31, 2022<br>include the removal of total cash costs and by-product credits associated with Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting the fourth quarter of 2021,<br>which all are producing incidental ounces, of $3 million (December 31, 2021: $7 million; March 31, 2021: $24 million).
c.  Non-controlling interests
Non-controlling interests include non-controlling interests related to gold production of $476 million for the three month period ended March 31, 2022 (December 31, 2021: $527 million and March 31, 2021: $462 million). Non-controlling interests include Nevada Gold Mines, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu, and Buzwagi up until the third quarter of 2021. Refer to Note 5 to the Financial Statements for<br>further information.
d.  Exploration and evaluation costs
Exploration, evaluation and project expenses are<br>presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 70 of the Q1 2022 MD&A.
BARRICK FIRST QUARTER 2022	20	PRESS RELEASE
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e.	Capital expenditures
---	---

Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are capital spending at new projects and major, distinct projects at existing operations intended to increase net present value through higher production or longer mine life. Significant projects in the current year are the expansion project at Pueblo Viejo, construction of the Third Shaft at Turquoise Ridge, and the Veladero Phase 7 expansion. Refer to page 69 of the Q1 2022 MD&A.

f.	Rehabilitation—accretion and amortization

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

g.	Non-controlling interest and copper operations

Removes general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of Nevada Gold Mines (including South Arturo), Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu, and Buzwagi (up until the third quarter of 2021) operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. Figures remove the impact of Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting the fourth quarter of 2021. The impact is summarized as the following:

( millions)			For the three months ended
Non-controlling interest, copper operations and other			12/31/21			3/31/21
General & administrative costs	(13	)		(4	)		(6	)
Minesite exploration and evaluation expenses	(3	)		(2	)		(7	)
Rehabilitation - accretion and amortization (operating sites)	(3	)		(3	)		(3	)
Minesite sustaining capital expenditures	(157	)		(182	)		(138	)
All-in sustaining costs<br>total	(176	)		(191	)		(154	)
Global exploration and evaluation and project expense	(4	)		(6	)		(1	)
Project capital expenditures	(54	)		(65	)		(41	)
All-in costs total	(58	)		(71	)		(42	)

All values are in US Dollars.

h.	Ounces sold - equity basis

Figures remove the impact of: Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting the fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.

i.	Cost of sales per ounce

Figures remove the cost of sales impact of: Pierina of $3 million for the three month period ended March 31, 2022 (December 31, 2021: $7 million and March 31, 2021: $5 million); Golden Sunlight of $nil for the three month period ended March 31, 2022 (December 31, 2021: $nil and March 31, 2021: $nil); up until its divestiture in June 2021, Lagunas Norte of $nil for the three month period ended March 31, 2022 (December 31, 2021: $nil and March 31, 2021: $23 million); and starting the fourth quarter of 2021, Buzwagi of $nil for the three month period ended March 31, 2022 (December 31, 2021: $nil and March 31, 2021: $nil), which are producing incidental ounces. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).

j.	Per ounce figures

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

k.	Co-product costs per ounce

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

( millions)			For the three months ended
			12/31/21			3/31/21
By-product credits	55	****		70			59
Non-controlling<br>interest	(19	)		(25	)		(26	)
By-product credits (net of non-controlling interest)	36	****		45			33

All values are in US Dollars.

Endnote 10

“C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures. “C1 cash costs” per pound is based on cost of sales but excludes the impact of depreciation and royalties and production taxes and includes treatment and refinement charges. “All-in sustaining costs” per pound begins with “C1 cash costs” per pound and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties and production taxes, reclamation cost accretion and amortization and write-downs taken on inventory to net realizable value. Management believes that the use of “C1 cash costs” per pound and “all-in sustaining costs” per pound will enable 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. “C1 cash costs” per pound and “All-in sustaining costs” per pound 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. 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.sedar.com and on EDGAR at www.sec.gov.

BARRICK FIRST QUARTER 2022	21	PRESS RELEASE

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

( millions, except per pound information in dollars)			For the three months ended
			12/31/21			3/31/21
Cost of sales	154	****		134			136
Depreciation/amortization	(38	)		(43	)		(48	)
Treatment and refinement charges	51	****		39			41
Cash cost of sales applicable to equity method investments	72	****		88			79
Less: royalties and production<br>taxesa	(32	)		(28	)		(23	)
By-product credits	(3	)		(6	)		(4	)
Other	0	****		0			0
C1 cash costs	204	****		184			181
General & administrative costs	12	****		5			4
Rehabilitation - accretion and amortization	1	****		2			1
Royalties and production<br>taxesa	32	****		28			23
Minesite exploration and evaluation costs	3	****		5			2
Minesite sustaining capital expenditures	67	****		104			42
Sustaining leases	1	****		3			2
All-in sustaining<br>costs	320	****		331			255
Pounds sold - consolidated basis (millions pounds)	113	****		113			113
Cost of sales per poundb,c	2.21	****		2.21			2.11
C1 cash cost per poundb	1.81	****		1.63			1.60
All-in sustaining costs per<br>poundb	2.85	****		2.92			2.26

All values are in US Dollars.

a.	For the three month period ended March 31, 2022, royalties and production taxes include royalties of<br>$32 million (December 31, 2021: $28 million and March 31, 2021: $23 million).
b.	Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs<br>per pound may not calculate based on amounts presented in this table due to rounding.
---	---
c.	Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both<br>on an attributable basis using Barrick’s ownership share).
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Endnote 11

A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve. A Tier One Copper Asset is an asset with a reserve potential of greater than five million tonnes of contained copper and C1 cash costs per pound over the mine life that are in the lower half of the industry cost curve.

Endnote 12

Lost time injury frequency rate (“LTIFR”) is a ratio calculated as follows: number of lost time injuries x 1,000,000 hours divided by the total number of hours worked.

Endnote 13

On a 100% basis. See the Technical Report on the Pueblo Viejo mine, Sanchez Ramirez Province, Dominican Republic, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018.

Endnote 14

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.

Endnote 15

Historical estimate as of December 31, 2010 on a 100% basis. Probable reserves of 74 million tonnes grading 4.21g/t, representing 10 million ounces of gold. Historical reserves were estimated by Randgold Resources in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). The JORC Code reporting standards are functionally equivalent to National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Endnote 16

Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2021 on a 100% basis. Proven reserves of 32 million tonnes grading 3.76g/t, representing 3.9 million ounces of gold; probable reserves of 51 million tonnes grading 3.50g/t, representing 5.8 million ounces of gold. Complete mineral reserve and mineral resource data for all of Barrick’s mines and projects, including tonnes, grades, and ounces, can be found on pages 34-47 of Barrick’s 2021 Annual Information Form / Form 40-F on file with the

BARRICK FIRST QUARTER 2022	22	PRESS RELEASE

Canadian provincial securities regulators on SEDAR at www.sedar.com and the Securities and Exchange Commission on EDGAR at www.sec.gov.

Endnote 17

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

Endnote 18

Future economic contribution over extended mine life assuming a gold price of $1,599 per ounce and a silver price of $20.96 per ounce.

Endnote 19

As of December 31, 2021.

Endnote 20

The actual number of common shares that may be purchased, if any, 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.

Endnote 21

Included within our 61.5% interest in Carlin is Nevada Gold Mines’ 100% interest in South Arturo.

Endnote 22

Includes Goldrush.

Endnote 23

Porgera was placed on temporary care and maintenance in April 2020 and remains excluded from our 2022 guidance. We expect to update our guidance to include Porgera following both the execution of definitive agreements to implement the Commencement Agreement and the finalization of a timeline for the resumption of full mine operations. Refer to page 31 of Barrick’s Q1 2022 MD&A for further details.

Endnote 24

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

Endnote 25

Operating division guidance ranges reflect expectations at each individual operating division, and may not add up to the company-wide guidance range total. Guidance ranges exclude Pierina, Golden Sunlight and Buzwagi. Some of these assets are producing incidental ounces while in closure or care and maintenance.

Endnote 26

Includes corporate administration costs.

Endnote 27

EBITDA is a non-GAAP financial performance measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; and other expense adjustments. We also remove the impact of the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. We believe these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our full business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and not necessarily reflective of the underlying operating results for the periods presented. EBITDA and adjusted EBITDA are intended to provide additional information only 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. Other companies may calculate EBITDA and adjusted EBITDA 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.sedar.com and on EDGAR at www.sec.gov.

BARRICK FIRST QUARTER 2022	23	PRESS RELEASE

Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA

( millions)			For the three months ended
			12/31/21			3/31/21
Net earnings	706	****		1,152			830
Income tax expense	301	****		304			374
Finance costs,<br>neta	76	****		74			77
Depreciation	460	****		557			507
EBITDA	1,543	****		2,087			1,788
Impairment charges (reversals) of long-lived assetsb	2	****		14			(89	)
Acquisition/disposition (gains) lossesc	(2	)		(198	)		(3	)
Loss on currency translation	3	****		13			4
Other expense<br>adjustmentsd	13	****		36			11
Income tax expense, net finance costs, and depreciation from equity<br>investees	86	****		118			89
Adjusted EBITDA	1,645	****		2,070			1,800

All values are in US Dollars.

a.	Finance costs exclude accretion.
b.	For the three month period ended March 31, 2022, we recorded no significant impairment charges or reversals. Net<br>impairment reversals for the three months ended March 31, 2021 mainly relate to non-current asset reversals at Lagunas Norte.
---	---
c.	There were no significant acquisition/disposition gains or losses for the three months ended March 31, 2022.<br>Acquisition/disposition gains for the three month period ended December 31, 2021 primarily relate to the gain on the divestiture of Lone Tree.
---	---
d.	Other expense adjustments for all periods mainly relate to care and maintenance expenses at Porgera. The three month<br>period ended December 31, 2021 was further impacted by a $25 million litigation settlement.
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BARRICK FIRST QUARTER 2022	24	PRESS RELEASE
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Corporate Office

Barrick Gold Corporation

161 Bay Street, Suite 3700

Toronto, Ontario M5J 2S1

Canada

Telephone: +1 416 861-9911

Email: [email protected]

Website: www.barrick.com

Shares Listed

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

TSX Trust Company

P.O. Box 700, Postal Station B

Montreal, Quebec H3B 3K3

or

American StockTransfer & Trust Company, LLC

6201 – 15 Avenue

Brooklyn, New York 11219

Telephone: 1-800-387-0825

Fax: 1-888-249-6189

Email: [email protected]

Website: www.astfinancial.com

Enquiries

President and Chief Executive Officer

Mark Bristow

+1 647 205 7694

+44 788 071 1386

Senior Executive Vice-Presidentand

Chief Financial Officer

Graham Shuttleworth

+1 647 262 2095

+44 779 771 1338

Investor and Media Relations

Kathy du Plessis

+44 20 7557 7738

Email: [email protected]

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”, “anticipate”, “contemplate”, “goal”, “target”, “plan”, “strategy”, “opportunities”, “guidance”, “outlook”, “project”, “continue”, “committed”, “budget”, “estimate”, “forecast”, “potential”, “proposed”, “future”, “prospective”, “focus”, “during”, “ongoing”, “following”, “subject to”, “scheduled”, “will”, “could”, “would”, “should” 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; 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; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; mine life and production rates; Barrick’s global exploration strategy and planned exploration activities, including in new prospective territories in the Asia Pacific region, North Africa and the Middle East, Latin America and Canada; the timeline and process for the execution and legalization of definitive agreements and the reconstitution of a joint venture to carry out the future

development and operation of the Reko Diq project; the planned updating of the historical Reko Diq feasibility study and our plans upon the project’s reconstitution; the proposed fiscal and governance terms applicable to the Reko Diq project and the joint venture through which it is held; the duration of the temporary suspension of operations at Porgera, the conditions for the reopening of the mine and the timeline to recommence operations; our plans and expected completion and benefits of our growth projects, including the Pueblo Viejo plant expansion and mine life extension project; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including local community relations, climate change, greenhouse gas emissions reduction targets (including with respect to our Scope 3 emissions), tailings storage facility management (including the new Tailings Storage Facility at Pueblo Viejo) and biodiversity initiatives in our local communities; plans to repurchase Barrick shares pursuant to the share buyback program, which does not obligate the Company to acquire any particular number of common shares and which may be suspended or discontinued at any time at the Company’s discretion; Barrick’s performance dividend policy; 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; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of or failure to obtain key licenses by governmental authorities, including the mining lease and exploration license for the Reko Diq project; failure to comply with environmental and health and safety laws and regulations; 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; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; 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; 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; 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 supply chain disruptions caused by the ongoing Covid-19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions being 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, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets. Barrick also cautions that its 2022 guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19. 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.

EX-99.2

Exhibit 99.2

Management’s Discussion and Analysis (“MD&A”) Quarterly Report on the First Quarter of 2022

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 month period ended March 31, 2022, in comparison to the corresponding prior-year periods. The MD&A is intended to help the reader understand Barrick Gold Corporation (“Barrick”, “we”, “our”, the “Company” or the “Group”), our operations, financial performance and present and future business environment. This MD&A, which has been prepared as of May 3, 2022, is intended to supplement and complement the condensed unaudited interim consolidated financial statements and notes thereto, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), including International Accounting Standard 34 Interim Financial Reporting (“IAS 34”), for the three month period ended March 31, 2022 (collectively, the “Financial Statements”), which are included in this Quarterly Report on pages 95 to 99. 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, 2021, the related annual MD&A included in the 2021 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.sedar.com 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.

Cautionary Statement onForward-Looking Information

Certain information contained or incorporated by reference in this MD&A, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipated”, “vision”, “aim”, “strategy”, “target”, “plan”, “opportunities”, “guidance”, “forecast”, “outlook”, “objective”, “intend”, “project”, “pursue”, “goal”, “continue”, “committed” “budget”, “estimate”, “potential”, “prospective”, “future”, “focus”, “during”, “ongoing”, “following”, “subject to”, “scheduled”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identify forward-looking statements. In particular, this MD&A contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in-sustaining costs per ounce/pound; cash flow forecasts; projected capital, operating and exploration expenditures; the share buyback program and performance dividend policy, including the criteria for dividend payments; mine life and production rates; Barrick’s engagement with local communities to manage the Covid-19 pandemic, including Covid-19 vaccination initiatives and Covid-19 protocols at Barrick’s minesites; projected capital estimates and anticipated permitting timelines related to the Goldrush Project; the process for the execution and legalization of definitive agreements and the reconstitution of a joint venture to carry out the future development and operation of the Reko Diq project; the planned updating of the historical Reko Diq feasibility study and our plans upon the

project’s reconstitution; the proposed fiscal and governance terms applicable to the Reko Diq project and the joint venture through which it is held; our plans and expected completion and benefits of our growth projects, including the Goldrush Project, Turquoise Ridge Third Shaft, Pueblo Viejo plant expansion and mine life extension project, and Veladero Phase 7 leach pad and power transmission projects; capital expenditures related to upgrades and ongoing management initiatives, including at North Mara; Barrick’s global exploration strategy and planned exploration activities, including the acquisition of drilling permits in Southern Peru; the impact of Nevada’s new mining excise tax on Nevada Gold Mines; the timeline for execution and effectiveness of definitive agreements and formation of a new joint venture to implement the Framework Agreement between Papua New Guinea and Barrick Niugini Limited (“BNL”); the duration of the temporary suspension of operations at Porgera, the conditions for the reopening of the mine and the timeline to recommence operations; our pipeline of high confidence projects at or near existing operations; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves; asset sales, joint ventures and partnerships, including the potential sale of Long Canyon; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including climate change, greenhouse gas emissions reduction targets (including with respect to our Scope 3 emissions), responsible water use, tailings storage facility management, biodiversity and human rights initiatives; and expectations regarding future price assumptions, financial performance and other outlook or guidance. Forward-

BARRICK FIRST QUARTER 2022	25	MANAGEMENT’S DISCUSSION AND ANALYSIS

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; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals, including the issuance of a Record of Decision for the Goldrush Project and/or whether the Goldrush Project will be permitted to advance as currently designed under its Feasibility Study; non-renewal of or failure to obtain key licenses by governmental authorities, including the new special mining lease for Porgera and the mining lease and exploration license for the Reko Diq project; failure to comply with environmental and health and safety laws and regulations; 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; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; 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; 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; 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 supply chain disruptions caused by the ongoing Covid-19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions being 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, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets. Barrick also cautions that its 2022 guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19.

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 FIRST QUARTER 2022	26	MANAGEMENT’S DISCUSSION AND ANALYSIS

Use of Non-GAAP Financial Performance Measures

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

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

For a detailed description of each of the non-GAAP financial performance 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 Performance Measures section of this MD&A on pages 76 to 89. Each non-GAAP financial performance measure has been annotated with a reference to an endnote on page 90. The non-GAAP financial performance 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

28	Overview
	28	Financial and Operating Highlights
	31	Key Business Developments
	32	Environmental, Social and Governance
	36	Outlook
	38	Production and Cost Summary
40	Operating Performance
	41	Nevada Gold Mines
	42	Carlin
	44	Cortez
	46	Turquoise Ridge
	48	Other Mines - Nevada Gold Mines
	49	Pueblo Viejo
	50	Loulo-Gounkoto
	52	Kibali
	54	Veladero
	56	North Mara
	58	Bulyanhulu
	59	Other Mines - Gold
	60	Other Mines - Copper
61	Growth Projects
62	Exploration and Mineral Resource Management
67	Review of Financial Results
	67	Revenue
	68	Production Costs
	69	Capital Expenditures
	70	General and Administrative Expenses
	70	Exploration, Evaluation and Project Expenses
	70	Finance Costs, Net
	70	Additional Significant Statement of Income Items
	71	Income Tax Expense
72	Financial Condition Review
	72	Balance Sheet Review
	72	Shareholders’ Equity
	72	Financial Position and Liquidity
	73	Summary of Cash Inflow (Outflow)
74	Commitments and Contingencies
75	Review of Quarterly Results
75	Internal Control over Financial Reporting and Disclosure Controls and Procedures
76	IFRS Critical Accounting Policies and Accounting Estimates
76	Non-GAAP Financial Performance Measures
90	Technical Information
90	Endnotes
95	Financial Statements
100	Notes to Consolidated Financial Statements
BARRICK FIRST QUARTER 2022	27	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Overview

Financial and Operating Highlights

		12/31/21		% Change		3/31/21		% Change
Financial Results ( millions)
Revenues	2,853		3,310		(14)%		2,956		(3)%
Cost of sales	1,739		1,905		(9)%		1,712		2 %
Net earningsa	438		726		(40)%		538		(19)%
Adjusted net earningsb	463		626		(26)%		507		(9)%
Adjusted EBITDAb	1,645		2,070		(21)%		1,800		(9)%
Adjusted EBITDA marginc	58 %		63 %		(8)%		61 %		(5)%
Minesite sustaining capital expendituresb,d	420		431		(3)%		405		4 %
Project capital expendituresb,d	186		234		(21)%		131		42 %
Total consolidated capital expendituresd,e	611		669		(9)%		539		13 %
Net cash provided by operating activities	1,004		1,387		(28)%		1,302		(23)%
Net cash provided by operating activities marginf	35 %		42 %		(17)%		44 %		(20)%
Free cash flowb	393		718		(45)%		763		(48)%
Net earnings per share (basic and diluted)	0.25		0.41		(39)%		0.30		(17)%
Adjusted net earnings<br>(basic)b per share	0.26		0.35		(26)%		0.29		(10)%
Weighted average diluted common shares (millions of shares)	1,779		1,779		0 %		1,778		0 %
Operating Results
Gold production (thousands of ounces)g	990		1,203		(18)%		1,101		(10)%
Gold sold (thousands of ounces)g	993		1,234		(20)%		1,093		(9)%
Market gold price (/oz)	1,877		1,795		5 %		1,794		5 %
Realized gold<br>priceb,g (/oz)	1,876		1,793		5 %		1,777		6 %
Gold cost of sales (Barrick’s share)g,h (/oz)	1,190		1,075		11 %		1,073		11 %
Gold total cash<br>costsb,g (/oz)	832		715		16 %		716		16 %
Gold all-in sustaining costsb,g (/oz)	1,164		971		20 %		1,018		14 %
Copper production (millions of pounds)g	101		126		(20)%		93		9 %
Copper sold (millions of pounds)g	113		113		0 %		113		0 %
Market copper price (/lb)	4.53		4.40		3 %		3.86		17 %
Realized copper<br>priceb,g (/lb)	4.68		4.63		1 %		4.12		14 %
Copper cost of sales (Barrick’s share)g,i (/lb)	2.21		2.21		0 %		2.11		5 %
Copper C1 cash<br>costsb,g (/lb)	1.81		1.63		11 %		1.60		13 %
Copper all-in sustaining costsb,g (/lb)	2.85		2.92		(2)%		2.26		26 %
		As at<br>12/31/21		% Change		As at 3/31/21		% Change
Financial Position ( millions)
Debt (current and long-term)	5,144		5,150		0 %		5,153		0 %
Cash and equivalents	5,887		5,280		11 %		5,672		4 %
Debt, net of cash	(743)		(130)		472 %		(519)		43 %

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 performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
---	---
^c.^	Represents adjusted EBITDA divided by revenue.
---	---
^d.^	Amounts presented on a consolidated cash basis. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.
---	---
^e.^	Total consolidated capital expenditures also includes capitalized interest of $5 million for the three month<br>period ended March 31, 2022 (December 31, 2021: $4 million and March 31, 2021: $3 million).
---	---
^f.^	Represents net cash provided by operating activities divided by revenue.
---	---
^g.^	On an attributable basis.
---	---
^h.^	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or<br>care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
---	---
^i.^	Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both<br>on an attributable basis using Barrick’s ownership share).
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BARRICK FIRST QUARTER 2022	28	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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^a.^	On an attributable basis.
^b.^	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or<br>care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an<br>attributable basis using Barrick’s ownership share).
---	---
^c.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
---	---
^d.^	Represents adjusted EBITDA divided by revenue.
---	---
^e.^	Minesite sustaining and project capital expenditures are non-GAAP financial<br>performance measures. Further information on non-GAAP financial performance measures, including detailed reconciliations, is included on pages 76 to 89 of this MD&A.
---	---
^f.^	Dividend per share declared in respect of the stated period inclusive of the performance dividend.<br>
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BARRICK FIRST QUARTER 2022	29	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Factors affecting net earnings and adjusted net earnings^1^ -three months ended March 31, 2022 versus December 31, 2021

Net earnings attributable to equity holders of Barrick (“net earnings”) for the three months ended March 31, 2022 were $438 million compared to $726 million in the prior quarter. The decrease was primarily due to the $205 million gain on the divestiture of Lone Tree in the prior quarter, in addition to the drivers described immediately below.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings^1^ of $463 million for the three months ended March 31, 2022 were 26% lower than the prior quarter. The decrease was primarily due to lower gold sales volumes and higher gold cost of sales per ounce^2^. The lower gold sales volume was primarily at Carlin and Cortez following the depletion of stockpiled higher grade underground ore that was processed in the fourth quarter of 2021 after the mechanical mill failure at the Goldstrike roaster in the second quarter of 2021. To a lesser extent, production was also lower at Kibali and Turquoise Ridge due to planned maintenance, and at Tongon due to mine sequencing. The higher gold cost of sales per ounce^2^ compared to the prior quarter was also impacted by lower sales volumes, given that a significant proportion of our costs are fixed in nature, combined with higher prices of fuel, energy and other consumables due to inflationary pressures. This was partially offset by a higher realized gold price^1^ of $1,876 per ounce in the three months ended March 31, 2022 compared to $1,793 per ounce in the prior quarter. Copper sales volumes, cost of sales per pound^2^ and realized copper price per pound^1^ were largely in line with the prior quarter.

Factors affecting net earnings and adjusted net earnings^1^ -three months ended March 31, 2022 versus March 31, 2021

Net earnings for the first quarter of 2022 were $438 million compared to $538 million in the same prior year period. The decrease was primarily due to the net impairment reversal of $86 million at Lagunas Norte in the same prior year period, in addition to the drivers described immediately below.

After adjusting for items that are not indicative of future operating earnings, adjusted net earnings^1^ of $463 million in the first quarter of 2022 were $44 million lower than the same prior year period. The decrease was primarily due to lower gold sales volume combined with higher cost of sales per ounce/pound^2^. The lower gold sales volume was primarily a result of lower grades processed at Pueblo Viejo and Loulo-Gounkoto, planned maintenance at Turquoise Ridge, and the end of mining at Buzwagi as the operation transitioned into closure in the third quarter of 2021. The higher gold cost of sales per ounce^2^ compared to the same prior year period was mainly due to lower sales volumes, given that a significant proportion of our costs are fixed in nature, combined with higher prices of fuel, energy and other consumables due to inflationary pressures. This was partially offset by a higher realized gold price^1^ of $1,876 per ounce in the three months ended March 31, 2022 compared to $1,777 per ounce in the same prior year period, and a higher realized copper price^1^ of $4.68 per pound in the three months ended March 31, 2022 compared to $4.12 per pound in the same prior year period.

Copper sales volumes were in line with the same prior year period.

There were no significant adjusting items in the three months ended March 31, 2022.

Refer to page 77 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^ - three months ended March 31, 2022 versus December 31, 2021

In the three months ended March 31, 2022, we generated $1,004 million in operating cash flow, compared to $1,387 million in the prior quarter. The decrease of $383 million was primarily due to lower gold sales volumes, higher total cash costs/C1 cash costs per ounce/pound^1^, and higher cash taxes paid. This was combined with an unfavorable movement in working capital, mainly other current assets and inventory, partially offset by a favorable movement in accounts receivable. Operating cash flow was positively impacted by higher realized gold and copper prices^1^ and lower interest paid as a result of the timing of semi-annual interest payments on our bonds.

For the three months ended March 31, 2022, we recorded free cash flow^1^ of $393 million, compared to $718 million in the prior quarter, reflecting lower operating cash flows, partially offset by lower capital expenditures. In the first quarter of 2022, capital expenditures on a cash basis were $611 million compared to $669 million in the prior quarter due to a decrease in both project capital expenditures^1^ and minesite sustaining capital expenditures^1^. The decrease in project capital expenditures^1^ primarily relates to lower expenditure on the plant expansion and mine life extension project at Pueblo Viejo as well as the development of the third underground mine and expansion of power capacity at Loulo-Gounkoto, partially offset by higher expenditures from the Nevada Gold Mines solar power plant project. Lower minesite sustaining capital expenditures^1^ were mainly due to the purchase of new mining equipment at Lumwana occurring in the prior quarter and the timing of expenditures at North Mara. This was partially offset by higher capitalized waste stripping at the Gounkoto open pit.

Factors affecting Operating Cash Flow and Free Cash Flow^1^ - three months ended March 31, 2022 versus March 31, 2021

In the first quarter of 2022, we generated $1,004 million in operating cash flow, compared to $1,302 million in the same prior year period. The decrease of $298 million was primarily due to lower gold sales volumes and higher total cash costs/C1 cash costs per ounce/pound^1^. This was combined with an unfavorable movement in working capital, mainly other current assets, partially offset by a favorable movement in accounts payable. Operating cash flow was positively impacted by higher realized gold and copper prices^1^.

In the first quarter of 2022, we generated free cash flow^1^ of $393 million compared to $763 million in the same prior year period. The decrease primarily reflects lower operating cash flows and higher capital expenditures. In the first quarter of 2022, capital expenditures on a cash basis were $611 million compared to $539 million in the first

Numerical annotations throughout the text of this document refer to the endnotes found on page 90.

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quarter of 2021. The increase in capital expenditures of $72 million was primarily due to higher project capital expenditures^1^, including for the Pueblo Viejo plant expansion and mine life extension project, the development of the third underground mine and expansion of power capacity at Loulo-Gounkoto, as well as the solar power plant project at Nevada Gold Mines. This was combined with slightly higher minesite sustaining capital expenditures^1^ due to increased capitalized waste stripping at Cortez as well as underground equipment purchases and process efficiency related projects at Turquoise Ridge, partially offset by lower capitalized stripping at Veladero and reduced underground development at Loulo-Gounkoto.

Key BusinessDevelopments

Reconstituted Reko Diq Project

Barrick and the governments of Pakistan and Balochistan have reached agreement in principle on a framework that provides for the reconstitution of the Reko Diq project in the country’s Balochistan province. The project, which was suspended in 2011 due to a dispute over the legality of its licensing process, hosts one of the world’s largest undeveloped open pit copper-gold porphyry deposits.

The reconstituted project will be held 50% by Barrick and 50% by Pakistani stakeholders, comprising a 10% free-carried, non-contributing share held by the Government of Balochistan, an additional 15% held by a special purpose company owned by the Government of Balochistan and 25% owned by other federal state-owned enterprises.

Barrick will be the operator of the project and will be granted a mining lease, exploration license, surface rights and a mineral agreement stabilizing the fiscal regime applicable to the project for a specified period. The process to finalize and approve definitive agreements, including the stabilization of the fiscal regime pursuant to the mineral agreement, will involve the federal and provincial governments, as well as the Supreme Court of Pakistan. If the definitive agreements are executed and the conditions to closing are satisfied, the project will be reconstituted, including the resolution of the damages originally awarded by the International Centre for the Settlement of Investment Disputes and disputed in the International Chamber of Commerce. On closing, Barrick will start a full update of the project’s 2010 feasibility and 2011 expansion prefeasibility studies. Refer to notes 13 and 17 to the Financial Statements for more information.

Performance Dividend Policy

At the February 15, 2022 meeting, the Board of Directors approved a performance dividend policy that will enhance the return to shareholders 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 consolidated balance sheet at the end of each quarter as per the schedule below. This performance dividend calculation has commenced with our March 31, 2022 consolidated balance sheet, and a quarterly dividend payment of $0.20 per share was declared by the Board of Directors at the May 3, 2022 meeting, representing $0.10 per share as a base dividend and $0.10 per share as a performance dividend.

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

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

Share Buyback Program

At the February 15, 2022 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 the first quarter of 2022, Barrick did not purchase any shares under this program.

The actual number of common shares that may be purchased, if any, 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.

Porgera Special Mining Lease

On April 9, 2021, BNL signed a binding Framework Agreement with the Independent State of Papua New Guinea (“PNG”) and Kumul Minerals Holdings Limited (“Kumul Minerals”), a state-owned mining company, setting out the terms and conditions for the reopening of the Porgera mine. On February 3, 2022, the Framework Agreement was replaced by the more detailed Porgera Project Commencement Agreement (the “Commencement Agreement”). The Commencement Agreement was signed by PNG, Kumul Minerals, BNL and its affiliate Porgera (Jersey) Limited on October 15, 2021, and it became effective on February 3, 2022, following signature by Mineral Resources Enga Limited (“MRE”), the holder of the remaining 5% of the original Porgera joint venture. The Commencement Agreement reflects the commercial terms previously agreed to under the Framework Agreement, namely that PNG stakeholders will receive a 51% equity stake in the Porgera mine, with the remaining 49% to be held by BNL or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group. Accordingly, following the implementation of the Commencement Agreement, Barrick’s current 47.5% interest in the Porgera mine is expected to be reduced to a 24.5% interest as reflected in Barrick’s reserve and resource estimates for Porgera. BNL will retain operatorship of the mine. The Commencement Agreement also provides that PNG

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stakeholders and BNL and its affiliates will share the economic benefits derived from the reopened Porgera Mine on a 53% and 47% basis over the remaining life of mine, respectively, and that the Government of PNG will retain the option to acquire BNL’s or its affiliate’s 49% equity participation at fair market value after 10 years.

The provisions of the Commencement Agreement will be implemented, and work to recommence full mine operations at Porgera will begin, following the execution of a number of definitive agreements and satisfaction of a number of conditions. On April 7, 2022, one such definitive agreement, the Shareholders’ Agreement for the new Porgera joint venture company was signed by BNL’s affiliate, Porgera (Jersey) Limited, and the state-owned Kumul Minerals (Porgera) Limited, and is awaiting signature by MRE to take effect. This would clear the way for the incorporation of a new Porgera joint venture company and the application for a new Special Mining Lease, a condition of the Porgera mine’s reopening. On April 21, 2022, the PNG National Parliament passed legislation to provide, among other things, certain agreed tax exemptions and tax stability for the new Porgera joint venture. The passage of this legislation marks an important step toward the reopening of the Porgera mine and satisfies one of the key obligations of the PNG Government under the Commencement Agreement. This legislation will come into effect following a certification and public notice process under PNG law.

Other definitive agreements, which remain to be concluded, include an Operatorship Agreement pursuant to which BNL will operate the Porgera mine, as well as a Mine Development Contract to accompany the new SML that the new Porgera joint venture company will apply for following its incorporation. Under the terms of the Commencement Agreement, BNL will remain in possession of the site and maintain the mine on care and maintenance.

Porgera continues to be excluded from our 2022 guidance. We expect to update our guidance following both the execution of all of the definitive agreements to implement the binding Commencement Agreement and the finalization of a timeline for the resumption of full mine operations. Refer to notes 13 and 17 to the Financial Statements for more information.

Covid-19 Pandemic

Barrick continues to work closely with our local communities on managing the impacts of the Covid-19 pandemic on our people and business. Our operations are not currently being impacted in any significant manner although we recognize the situation remains dynamic. We continue to monitor developments around the world and believe we have positioned Barrick as best we can, and will advance any value opportunities should they present themselves.

Legal Executive Changes

On April 1, 2022, after 25 years of distinguished service, Rich Haddock transitioned from his position as General Counsel to a new role as Legal Advisor to Barrick. Over his tenure, Mr. Haddock played a critical role across the business, including most recently the framework agreement that provides for the reconstitution of the Reko Diq project.

Poupak Bahamin was appointed to the role of General Counsel on April 1, 2022. Ms. Bahamin has 25 years of experience practicing law and joined Barrick in February 2020, after 11 years with Norton Rose Fulbright.

Africa and Middle East Regional Management Changes

After 13 years of dedicated service, Willem Jacobs will be retiring as Barrick’s Chief Operating Officer for the Africa and the Middle East region at the end of June 2022. Mr. Jacobs was initially employed by Randgold Resources as the Chief Operating Officer for Central and East Africa before assuming his current role at the time of the merger with Randgold Resources.

Mr. Jacobs will be succeeded by Sebastiaan Bock. Mr. Bock joined Randgold Resources in 2008 and has served as Senior Vice-President, Chief Financial Officer for Barrick’s Africa and Middle East region since the merger with Randgold Resources.

Environmental, Social andGovernance (“ESG”)

At Barrick, sustainability is entrenched in our DNA: our sustainability strategy is incorporated into our business plan.

Our sustainability strategy has four main pillars: (1) ensuring we respect human rights; (2) protecting the health and safety of our people and local communities; (3) sharing the benefits of our operations; and (4) managing our impacts on the environment.

We implement this strategy by blending top-down accountability with bottom-up responsibility. This means we empower the day-to-day ownership of sustainability, and the associated risks and opportunities, into the hands of individual sites. In the same way that each site must manage its geological, operational and technical capabilities to meet business objectives, it must also manage and identify programs, metrics, and targets that measure progress and deliver real value for the business and our stakeholders, including our host countries and local communities. The Group Sustainability Executive, supported by regional sustainability leads, provides oversight and direction over this site-level ownership, to ensure alignment with the strategic priorities of the overall business.

Governance

The bedrock of our sustainability strategy is strong governance. Our most senior management-level body dedicated to sustainability is the Environmental and Social Oversight Committee (“E&S Committee”) to connect site-level ownership of our sustainability strategy with the leadership of the Group. It is chaired by the President and Chief Executive Officer and includes: (1) regional Chief Operating Officers; (2) minesite General Managers; (3) Health, Safety, Environment and Closure Leads; (4) the Group Sustainability Executive; (5) in-house legal counsel; and (6) an independent sustainability consultant in an advisory role. The E&S Committee meets on a quarterly basis to review our performance across a range of key performance indicators, and to provide independent oversight and review of sustainability management.

The President and Chief Executive Officer reviews the reports of the E&S Committee with the Board’s Environmental, Social, Governance & Nominating Committee (“ESG & Nominating Committee”). The reports are reviewed to ensure the implementation of our sustainability policies and to drive performance of our environmental, health and safety, corporate social responsibility, and human rights programs.

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This is supplemented by weekly meetings, at a minimum, between the Regional Sustainability Leads and the Group Sustainability Executive. These meetings examine the sustainability-related risks and opportunities facing the business in real time, as well as the progress and issues integrated into weekly Executive Committee review meetings.

In April 2022, we published our annual Sustainability Report that dives into the detail of our approach to sustainability. Sustainability impacts do not occur in silos, but rather overlap and interlink, and must be tackled in conjunction with and with reference to one another. We call this approach “Holistic and Integrated Sustainability Management”. Taking a holistic and integrated approach to sustainability means we:

Regard water as a fundamental humanright, and strive to manage local water bodies to have minimal negative impact for nearby communities and other users in our local watersheds. We also work to enhance and improve access to water for our communities.

Build community resilience into our climate change work. The climate crisis requires us to set and meet ambitious reduction targets. For us, that is only part of the story. Equally important is ensuring the communities that are near our operations, particularly those most vulnerable, are not left to weather the worst impacts of the storm.

Understand that global prosperity and life is underpinned by healthy and functioning ecosystems services, and work to not only achieve no net loss to biodiversity, but also actively participate in additional conservation actions to deliver positive biodiversity outcomes.

This sustainability approach and its outcomes helps us align and strive towards the United Nations’ Sustainable Development Goals (“SDG”s), which are 17 ambitious goals aimed at tackling the world’s most pressing challenges, starting with SDG 1: Eradicating poverty.

Our 2021 Sustainability Report has again highlighted our performance in our industry-first Sustainability Scorecard, which accounts for 25% of the long-term incentive awards for senior leaders as part of the Barrick Partnership Plan. As we strive for continued performance, the Sustainability Scorecard targets and metrics have been updated in the 2021 Sustainability Report. Barrick received a B grade in 2021, unchanged from 2020 (on a scale where A represents top performance and E represents bottom performance). Overall, in 2021 we improved our score and would have seen an increase in our grade to A, were it not for the tragic fatalities late in 2021. We have a zero tolerance for fatalities. Barrick resolutely believes all incidents can be prevented, and that one fatality is one too many.

Our 2021 Sustainability Report is prepared in accordance with the Global Reporting Initiative’s GRI Standards: Core option, in line with the Sustainability Accounting Standards Board’s (SASB) reporting requirements of metals and mining, and aligned with the Task Force for Climate-related Financial Disclosures (“TCFD”).

Human rights

Our commitment to respect human rights is codified in our standalone Human Rights Policy and informed by the expectations of the UN Guiding Principles on Business and Human Rights (“UNGP“s), the Voluntary Principles on

Security and Human Rights and the OECD Guidelines for Multinational Enterprises. This commitment is fulfilled on the ground via our Human Rights Program, the fundamental principles of which include: monitoring and reporting, due diligence, training, as well as disciplinary action and remedy.

We continue to provide security and human rights training to security forces across our sites. In February 2022, we published our annual Voluntary Principles on Security and Human Rights Plenary Report, which was a full detailed report as part of a three-year reporting cycle.

Safety

We are committed to the safety, health and well-being of our people, their families and the communities in which we operate. Our safety vision is “Every person going home safe and healthy every day.”

To achieve this, we continue to implement our “Journey to Zero Harm” initiative. This is focused on engagement with our workforce through Visible Felt Leadership, and by aligning and improving our standards across the Group, ensuring accountability to our safety commitments, and ensuring our employees are fit for duty.

We report our safety performance quarterly as both part of our E&S Committee meetings and to the Board’s ESG & Nominating Committee. Our safety performance is a regular standing agenda item on our weekly Executive Committee review meeting.

Safety key performance indicators for the first quarter of 2022 include our Lost Time Injury Frequency Rate (“LTIFR”)^3^ at 0.28 and our Total Recordable Injury Frequency Rate (“TRIFR”)^3^ at 1.83. The LTIFR is a 33% quarter on quarter improvement, however the TRIFR increased from 1.57 in the fourth quarter of 2021.

The indicator that is most concerning however, is the two tragic fatalities we had in the first quarter of 2022. The first was on January 17, 2022, when an incident occurred at North Mara which resulted in the tragic fatality of a contractor. The second was on February 14, 2022, when an incident at Cortez resulted in a tragic fatality of an employee.

Our safety performance since the third quarter of 2021 has not met our expectations. Safety starts with our people and their behavior, and ensuring this message gets to all of our workforce on the ground. Further action plans are under development and implementation to ensure our people live and demonstrate safe behaviors and do not compromise on safety standards.

We continue to focus on safeguarding our employees and operations from Covid-19. Strict Covid-19 screening and prevention measures remain in place at our mine gates, including ‘test to enter’ policies at some higher risk operations. We continue to implement extensive vaccination awareness campaigns to encourage uptake of the vaccines by our employees. To date, approximately 67% of our employees are fully vaccinated, and a further 9% are partially vaccinated.

Social

We regard our host communities and countries as important partners in our business. Our sustainability policies commit us to transparency in our relationships with host communities, government authorities, the public and other key stakeholders. Through these policies, we commit to conducting our business with integrity and with absolute

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opposition to corruption. We require our suppliers to operate ethically and responsibly as a condition of doing business with us.

Community and economic development

Our commitment to social and economic development is set out in our overarching Sustainable Development and Social Performance policies. Mining has been identified as vital for the achievement of the UN SDGs, not only for its role in providing the minerals needed to enable the green transition, but also because of its ability to drive socioeconomic development and build resilience. Creating long-term value and sharing economic benefits is at the heart of our approach to sustainability, as well as community development. This approach is encapsulated in three concepts:

The primacy of partnership: this means that we invest in real partnerships with mutual responsibility. Partnerships include local communities, suppliers, government, and organizations, and this approach is epitomized through our community development committees (“CDCs”) with community development initiatives and investments.

Sharing the benefits: We hire and buy local wherever possible as this injects and keeps money in our local communities and host countries. By doing this, we build capacity, community resilience and create opportunity. We also invest in community development through our CDCs. Sharing the benefits also means paying our fair share of taxes, royalties and dividends and doing so transparently, primarily through the reporting mechanism of the Canadian Extractive Sector Transparency Measures Act (‘’ESTMA’’). In April 2022, we published our first Tax Contribution Report which sets out, in detail, our economic contributions to host governments.

Engaging and listening to stakeholders: We develop tailored stakeholder engagement plans for every operation and the business as a whole. These plans guide and document how often we engage with various stakeholder groups and allow us to proactively deal with issues before they escalate into significant risks.

We continued our community development initiatives through the CDCs during the first quarter of 2022. Most of the work across the Group was based around setting investment priorities, budgets and the appropriate governance structures for the year ahead. However, we invested approximately $4.9 million in local community development projects during the first quarter of 2022.

Environment

We know the environment in which we work and our host communities are inextricably linked, and we apply a holistic and integrated approach to sustainability management. Being responsible stewards of the environment by applying the highest standards of environmental management, using natural resources and energy efficiently, recycling and reducing waste and working to protect biodiversity, we can deliver significant cost savings to our business, reduce future liabilities and help build stronger stakeholder relationships. Environmental matters such as how we use water, prevent incidents, manage tailings, respond to changing climate, and protection of biodiversity are key focuses.

We maintained our strong track record of stewardship and did not record any Class 14 environmental incidents during the first quarter of 2022.

Climate Change

The Board’s ESG & Nominating Committee is responsible for overseeing Barrick’s policies, programs and performance relating to sustainability and the environment, including climate change. The Audit & Risk Committee assists the Board in overseeing the Group’s management of enterprise risks as well as the implementation of policies and standards for monitoring and mitigating such risks. Climate change is built into our formal risk management process, outputs of which are regularly reviewed by the Audit & Risk Committee.

Barrick’s climate change strategy has three pillars: (1) identify, understand and mitigate the risks associated with climate change; (2) measure and reduce our greenhouse gas (“GHG”) emissions across our operations and value chain; and (3) improve our disclosure on climate change. The three pillars of our climate change strategy do not focus solely on the development of emissions reduction targets, rather, we integrate and consider aspects of biodiversity protection, water management and community resilience in our approach.

We are acutely aware of the impacts that climate change has on our host communities and countries, particularly developing nations who are often most vulnerable. As the world economy transitions to renewable power, it is imperative that developing nations are not left behind. As a responsible business, we have focused our efforts on building resilience in our host communities and countries, just as we do for our business. Our climate disclosure is based on the recommendations of the TCFD.

Identify,understand and mitigate the risks associated with climate change

We identify and manage risks, build resilience to climate change, as well as position ourselves for new opportunities. Climate change-related factors continue to be incorporated into our formal risk assessment process. We have identified several climate-related risks and opportunities for our business including: physical impacts of climate change; an increase in regulations that seek to address climate change; and an increase in global investment in innovation and low-carbon technologies. The risk assessment process includes scenario analysis, which is being rolled out to all sites with an initial focus on our Tier One Gold Assets5, to assess site-specific climate related risks and opportunities. For example, when assessing site weather-related risks, we also consider availability and access to water and the impact of increased precipitation, drought and severe storms on operations, as well as on communities near our operations.

Measure and reduce the Group’s impact on climate change

Mining is an energy-intensive business, and we understand the important link between energy use and GHG emissions. By measuring and effectively managing our energy use, we can reduce our GHG emissions, achieve more efficient production, and reduce our costs.

We have climate champions at each site that are tasked with identifying roadmaps and assessing feasibility for our GHG emissions reductions and carbon offsets for hard-to-abate emissions. Any carbon offsets that we pursue

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must have appropriate socioeconomic and/or biodiversity benefits. We have published an achievable emissions reduction roadmap and continue to assess further reduction opportunities across our operations. This roadmap is published in our 2021 Sustainability Report and includes committed-capital projects and projects under investigation that are reliant on technological advances.

We have also undertaken extensive work across our value chain in quantifying our Scope 3 (indirect value chain) emissions. This work has enabled us to develop a Scope 3 engagement roadmap that we will implement with our suppliers to set meaningful and measurable reduction targets, in line with the commitments made through the ICMM Climate Position Paper. Our Scope 3 emissions and engagement roadmap are also included in our 2021 Sustainability Report.

Improve ourdisclosure on climate change

As part of our commitment to improve our disclosure on climate change, our Sustainability Report is developed in line with the TCFD recommendations. In addition, we complete the annual CDP (formerly known as the Carbon Disclosure Project) Climate Change and Water Security questionnaires. This ensures our investor-relevant water use, emissions and climate data is widely available.

Emissions

As detailed in our 2021 Sustainability Report, Barrick’s GHG emissions reduction target is for a minimum 30% reduction by 2030, while maintaining a steady production profile. The basis of this reduction is against a 2018 baseline of 7,541 ktCO2-e.

Our emissions reduction target is grounded in climate science and has a detailed pathway for achievement. Our target is not static and will be updated as we continue to identify and implement new GHG reduction opportunities.

Ultimately, our vision is net zero GHG emissions by 2050, achieved primarily through GHG reductions, with some offsets for hard-to-abate emissions. Site-level plans to improve energy efficiency, integrate clean and renewable energy sources and reduce GHG emissions will also be strengthened, and we plan to supplement our corporate emissions reduction target with context-based site-specific emissions reduction targets.

Our GHG emissions for 2021 were 7,105kt CO2-e10 (Scope 1 and Scope 2: Market-Based), representing more than a 5% reduction from our 2018 baseline. During the first quarter of 2022, the Group’s total Scope 1 and 2 (Location-Based) emissions were 1,762 kt CO2-e which represents nearly 2% reduction compared with the first quarter of 2021.

Water

Water is a vital and increasingly scarce global resource. Managing and using water responsibly is one of the most critical parts of our sustainability strategy. Our commitment to responsible water use is codified in our Environmental Policy. Steady, reliable access to water is critical to the

effective operation of our mines. Access to water is also a fundamental human right.

Understanding the water stress in the regions we operate enables us to better understand the risks and manage our water resources through site-specific water balances, based on the International Council on Mining and Metals’ (“ICMM”) Water Accounting Framework, aimed at minimizing our water withdrawal and maximizing water reuse and recycling within our operations.

We include each mine’s water risks in its operational risk register. These risks are then aggregated and incorporated into the corporate risk register. Our identified water-related risks include: (1) managing excess water in regions with high rainfall; (2) maintaining access to water in arid areas and regions prone to water scarcity; and (3) regulatory risks related to permitting limits as well as municipal and national regulations for water use.

We are pleased that our 2021 water recycling and reuse rate of 82% was above our annual target of 80%, and we will work to maintain this performance throughout 2022. Our water recycling and reuse rate for the first quarter of 2022 was 84%.

Tailings

We are committed to ensuring our tailings storage facilities (“TSFs”) meet global best practices for safety. Our TSFs are carefully engineered and regularly inspected, particularly those in regions with high rainfall and seismic events.

We continue to progress our compliance to the Global Industry Standard for Tailings Management (“GISTM”), and have completed the consequence classification for a majority of sites. Sites are currently working to complete a gap assessment against the GISTM using the Conformance Protocols developed by the ICMM.

Biodiversity

Biodiversity underpins many of the ecosystem services on which our mines and their surrounding communities depend. If improperly managed, mining and exploration activities have the potential to negatively affect biodiversity and ecosystem services. Protecting biodiversity and preventing nature loss is also critical and inextricably linked to the fight against climate change. We work to proactively manage our impact on biodiversity and strive to protect the ecosystems in which we operate. Wherever possible, we aim to achieve a net neutral biodiversity impact, particularly for ecologically sensitive environments.

We established a target to develop Biodiversity Action Plans (“BAPs”) for all our operational sites by the end of 2021. We achieved this target and are in the process of implementing these BAPs throughout 2022, which outline our strategy to achieve net-neutral impacts and associated management plans.

We have made progress in developing conservation and offset projects, including sagebrush and mule-deer habitats in Nevada, forestry conservation in Zambia and establishing a partnership at the Fina Reserve in Mali.

BARRICK FIRST QUARTER 2022	35	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Full Year 2022 Outlook

We continue to expect 2022 gold production to be in the range of 4.2 to 4.6 million ounces, anchored by stable year-over-year performance across our portfolio of our six Tier One Gold Assets^5^ highlighting the importance of a world class asset base in delivering consistent performance. As previously guided, the Company’s gold production is expected to improve over the remaining quarters of 2022, with the fourth quarter forecasted to be the strongest. We continue to expect Cortez to ramp up towards the end of the year based on the issuance of a Record of Decision (“ROD”) for Goldrush in the fourth quarter of 2022, higher grades from Phoenix and Tongon as well as improved underground productivity at Hemlo.

Across the rest of the Group, we continue to expect the following changes in year-over-year production. As previously disclosed, mining of Phase 1 at Long Canyon is scheduled to be completed early in the second quarter of 2022, followed by residual heap leach production for the remainder of 2022. This is partially offset by Veladero, where we expect stronger performance in 2022 after the commissioning of Phase 6 in the second quarter of 2021. Furthermore, we expect higher production at Bulyanhulu in 2022 following the successful ramp-up of underground operations achieved at the end of 2021.

Our 2022 gold guidance continues to exclude Porgera. We expect to update our guidance to include Porgera following both the execution of all of the definitive agreements to implement the Commencement Agreement and the finalization of a timeline for the resumption of full mine operations.

Our 2022 gold cost guidance remains unchanged, including cost of sales of $1,070 to $1,150 per ounce^2^, total cash costs of $730 to $790 per ounce^1^ and all-in sustaining costs of $1,040 to $1,120 per ounce^1^. These ranges are based on a gold price assumption of $1,700 per ounce and $65 per barrel WTI oil price (refer to our key assumptions). We have previously disclosed a sensitivity of approximately $5 per ounce on our 2022 gold cost guidance metrics for every $100 per ounce change in the gold price. Accordingly, given the higher gold price environment and the impact that the invasion of Ukraine by Russia is having on global energy prices, we expect to be at the high end of our gold cost guidance ranges for 2022.

We continue to expect 2022 copper production to be in the range of 420 to 470 million pounds, with stronger production in the second half of 2022 mainly due to steadily increasing throughput at Lumwana. Certain maintenance activities planned for the first quarter of 2022 at Zaldívar have also been deferred to the second quarter. Our copper cost guidance metrics for 2022 remain unchanged, which are based on a copper price assumption of $4.00 per pound.

We continue to monitor the impact of the Covid-19 pandemic and the emergence of new strains of the virus. Our 2022 guidance may be further impacted if the operation

or development of our mines and projects are disrupted due to efforts to contain the spread of the virus.

Notwithstanding the risks discussed above, 2022 Company guidance remains unchanged at this time. Listed below are the key assumptions that were used as the basis for our 2022 guidance as released on February 16, 2022.

Company Guidance	2022
($ millions, except per ounce/pound data)	Estimate
Gold production (millions of ounces)	4.20 - 4.60
Gold cost metrics
Cost of sales - gold ($/oz)	1,070  - 1,150
Total cash costs<br>($/oz)^a^	730 - 790
Depreciation ($/oz)	300 - 330
All-in sustaining costs<br>($/oz)^a^	1,040 - 1,120
Copper production (millions of pounds)	420 - 470
Copper cost metrics
Cost of sales - copper ($/lb)	2.20 - 2.50
C1 cash costs<br>($/lb)^a^	1.70 - 1.90
Depreciation ($/lb)	0.70 - 0.80
All-in sustaining costs<br>($/lb)^a^	2.70 - 3.00
Exploration and project expenses	310 - 350
Exploration and evaluation	180 - 200
Project expenses	130 - 150
General and administrative expenses	~180
Corporate administration	~130
Share-based compensation^b^	~50
Other expense	50 - 70
Finance costs, net	330 - 370
Attributable capital expenditures:
Attributable minesite sustaining^a^	1,350 - 1,550
Attributable project^a^	550 - 650
Total attributable capital expenditures	1,900 - 2,200
Effective income tax rate^c^	27% - 32%
Key assumptions (used for guidance)
Gold Price ($/oz)	1,700
Copper Price ($/lb)	4.00
Oil Price (WTI) ($/barrel)	65
AUD Exchange Rate (AUD:USD)	0.75
ARS Exchange Rate (USD:ARS)	100
CAD Exchange Rate (USD:CAD)	1.30
CLP Exchange Rate (USD:CLP)	800
EUR Exchange Rate (EUR:USD)	1.20
a.	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
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b.	Based on a one-month trailing average ending December 31, 2021 of US$19.23<br>per share.
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c.	Based on key assumptions included in this table.<br>
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BARRICK FIRST QUARTER 2022	36	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Operating Division Guidance

Our 2022 forecast gold and copper production, cost of sales^a^, total cash costs^b^, all-in sustaining costs^b^, and C1 cash costs^b^ ranges by operating division are as follows:

Operating Division	2022 forecast attributable<br><br><br>production (000s ozs)	2022 forecast cost of<br><br><br>sales^a^ ($/oz)	2022 forecast total cash<br><br><br>costs^b^ ($/oz)	2022 forecast all-in<br><br><br>sustaining costs^b^ ($/oz)  <br>
Gold
Carlin<br>(61.5%)^c^	950 - 1,030	900 - 980	730 - 790	1,020 - 1,100
Cortez<br>(61.5%)^d^	480 - 530	970 - 1,050	650 - 710	1,010 - 1,090
Turquoise Ridge (61.5%)	330 - 370	1,110 - 1,190	770 - 830	930 - 1,010
Phoenix (61.5%)	90 - 120	2,000 - 2,080	720 - 780	890 - 970
Long Canyon (61.5%)	40 - 50	1,420 - 1,500	540 - 600	540 - 620
Nevada Gold Mines (61.5%)	1,900 - 2,100	1,020 - 1,100	710 - 770	990 - 1,070
Hemlo	160 - 180	1,340 - 1,420	1,140 - 1,200	1,510 - 1,590
North America	2,100 - 2,300	1,050 - 1,130	740 - 800	1,040 - 1,120
Pueblo Viejo (60%)	400 - 440	1,070 - 1,150	670 - 730	910 - 990
Veladero (50%)	220 - 240	1,210 - 1,290	740 - 800	1,270 - 1,350
Porgera<br>(47.5%)^e^	—	—	—	—
Latin America & Asia Pacific	620 - 680	1,140 - 1,220	700 - 760	1,040 - 1,120
Loulo-Gounkoto (80%)	510 - 560	1,070 - 1,150	680 - 740	940 - 1,020
Kibali (45%)	340 - 380	990 - 1,070	600 - 660	800 - 880
North Mara (84%)	230 - 260	820 - 900	670 - 730	930 - 1,010
Bulyanhulu (84%)	180 - 210	950 - 1,030	630 - 690	850 - 930
Tongon (89.7%)	170 - 200	1,700 - 1,780	1,220 - 1,280	1,400 - 1,480
Africa & Middle East	1,450 - 1,600	1,070 - 1,150	720 - 780	950 - 1,030
Total Attributable to Barrick^f,g,h^	4,200 - 4,600	1,070 - 1,150	730 - 790	1,040 - 1,120
	2022 forecast attributable<br><br><br>production (M lbs)	2022 forecast cost of<br><br><br>sales^a^ ($/lb)	2022 forecast C1 cash<br><br><br>costs^b^ ($/lb)	2022 forecast all-in<br><br><br>sustaining costs^b^ ($/lb) <br>
Copper
Lumwana	250 - 280	2.20 - 2.50	1.60 - 1.80	3.10 - 3.40
Zaldívar (50%)	100 - 120	2.70 - 3.00	2.00 - 2.20	2.50 - 2.80
Jabal Sayid (50%)	70 - 80	1.40 - 1.70	1.30 - 1.50	1.30 - 1.60
Total Copper^g^	420 - 470	2.20 - 2.50	1.70 - 1.90	2.70 - 3.00
a.	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care<br>and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable<br>basis using Barrick’s ownership share).
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b.	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
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c.	Included within our 61.5% interest in Carlin is Nevada Gold Mines’ 100% interest in South Arturo.<br>
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d.	Includes Goldrush.
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e.	Porgera was placed on temporary care and maintenance on April 25, 2020 and remains excluded from our 2022 guidance.<br>We expect to update our guidance to include Porgera following both the execution of definitive agreements to implement the Commencement Agreement and the finalization of a timeline for the resumption of full mine operations. Refer to page 31 for<br>further details.
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f.	Total cash costs and all-in sustaining costs per ounce include costs allocated to non-operating sites.
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g.	Operating division guidance ranges reflect expectations at each individual operating division, and may not add up to the<br>company-wide guidance range total. Guidance ranges exclude Pierina, Golden Sunlight and Buzwagi. Some of these assets are producing incidental ounces while in closure or care and maintenance.
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h.	Includes corporate administration costs.
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BARRICK FIRST QUARTER 2022	37	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Production and Cost Summary - Gold

For the three months ended
		12/31/21	% Change	3/31/21	% Change
Nevada Gold Mines LLC<br>(61.5%)a
Gold produced (000s oz)	459	604	(24)%	485	(5)%
Cost of sales (/oz)	1,169	1,023	14 %	1,047	12 %
Total cash costs<br>(/oz)b	820	687	19 %	686	20 %
All-in sustaining costs (/oz)b	1,118	893	25 %	932	20 %
Carlin<br>(61.5%)c
Gold produced (000s oz)	229	295	(22)%	229	0 %
Cost of sales (/oz)	1,015	899	13 %	950	7 %
Total cash costs<br>(/oz)b	829	728	14 %	766	8 %
All-in sustaining costs (/oz)b	1,139	950	20 %	1,045	9 %
Cortez<br>(61.5%)d
Gold produced (000s oz)	115	169	(32)%	100	15 %
Cost of sales (/oz)	1,113	984	13 %	1,251	(11)%
Total cash costs<br>(/oz)b	784	657	19 %	860	(9)%
All-in sustaining costs (/oz)b	1,150	853	35 %	1,203	(4)%
Turquoise Ridge (61.5%)
Gold produced (000s oz)	67	82	(18)%	92	(27)%
Cost of sales (/oz)	1,436	1,194	20 %	1,007	43 %
Total cash costs<br>(/oz)b	1,030	819	26 %	647	59 %
All-in sustaining costs (/oz)b	1,281	996	29 %	741	73 %
Phoenix<br>(61.5%)c
Gold produced (000s oz)	23	25	(8)%	25	(8)%
Cost of sales (/oz)	2,253	2,047	10 %	2,051	10 %
Total cash costs<br>(/oz)b	835	443	88 %	346	141 %
All-in sustaining costs (/oz)b	1,027	614	67 %	530	94 %
Long Canyon (61.5%)
Gold produced (000s oz)	25	33	(24)%	39	(36)%
Cost of sales (/oz)	1,093	999	9 %	511	114 %
Total cash costs<br>(/oz)b	342	325	5 %	79	333 %
All-in sustaining costs<br>(/oz)b	366	384	(5)%	156	135 %
Pueblo Viejo (60%)
Gold produced (000s oz)	104	107	(3)%	137	(24)%
Cost of sales (/oz)	1,077	987	9 %	816	32 %
Total cash costs<br>(/oz)b	682	612	11 %	507	35 %
All-in sustaining costs<br>(/oz)b	948	858	10 %	689	38 %
Loulo-Gounkoto (80%)
Gold produced (000s oz)	138	126	10 %	154	(10)%
Cost of sales (/oz)	1,088	1,139	(4)%	974	12 %
Total cash costs<br>(/oz)b	721	685	5 %	608	19 %
All-in sustaining costs<br>(/oz)b	982	822	19 %	920	7 %
Kibali (45%)
Gold produced (000s oz)	76	94	(19)%	86	(12)%
Cost of sales (/oz)	1,137	979	16 %	1,065	7 %
Total cash costs<br>(/oz)b	744	582	28 %	691	8 %
All-in sustaining costs<br>(/oz)b	996	776	28 %	856	16 %
Veladero (50%)
Gold produced (000s oz)	46	61	(25)%	32	44 %
Cost of sales (/oz)	1,348	1,279	5 %	1,151	17 %
Total cash costs<br>(/oz)b	847	834	2 %	736	15 %
All-in sustaining costs<br>(/oz)b	1,588	1,113	43 %	2,104	(25)%
Porgera<br>(47.5%)e
Gold produced (000s oz)	—	—	— %	—	— %
Cost of sales (/oz)	—	—	— %	—	— %
Total cash costs<br>(/oz)b	—	—	— %	—	— %
All-in sustaining costs<br>(/oz)b	—	—	— %	—	— %

All values are in US Dollars.

BARRICK FIRST QUARTER 2022	38	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Production and Cost Summary - Gold (continued)

For the three months ended
		12/31/21	% Change	3/31/21	% Change
Tongon (89.7%)
Gold produced (000s oz)	35	50	(30)%	48	(27)%
Cost of sales (/oz)	2,036	1,494	36 %	1,510	35 %
Total cash costs<br>(/oz)b	1,667	1,205	38 %	995	68 %
All-in sustaining costs<br>(/oz)b	1,803	1,301	39 %	1,062	70 %
Hemlo
Gold produced (000s oz)	31	35	(11)%	47	(34)%
Cost of sales (/oz)	1,727	1,770	(2)%	1,610	7 %
Total cash costs<br>(/oz)b	1,503	1,481	1 %	1,324	14 %
All-in sustaining costs<br>(/oz)b	1,982	1,938	2 %	1,840	8 %
North Mara (84%)
Gold produced (000s oz)	56	69	(19)%	62	(10)%
Cost of sales (/oz)	852	858	(1)%	1,061	(20)%
Total cash costs<br>(/oz)b	709	679	4 %	832	(15)%
All-in sustaining costs<br>(/oz)b	874	1,033	(15)%	1,038	(16)%
Buzwagi<br>(84%)f
Gold produced (000s oz)				17
Cost of sales (/oz)				1,486
Total cash costs<br>(/oz)b				1,450
All-in sustaining costs<br>(/oz)b				1,467
Bulyanhulu (84%)
Gold produced (000s oz)	45	57	(21)%	33	36 %
Cost of sales (/oz)	1,216	956	27 %	1,211	0 %
Total cash costs<br>(/oz)b	847	567	49 %	865	(2)%
All-in sustaining costs<br>(/oz)b	984	897	10 %	957	3 %
Total Attributable to<br>Barrickg
Gold produced (000s oz)	990	1,203	(18)%	1,101	(10)%
Cost of sales<br>(/oz)h	1,190	1,075	11 %	1,073	11 %
Total cash costs<br>(/oz)b	832	715	16 %	716	16 %
All-in sustaining costs<br>(/oz)b	1,164	971	20 %	1,018	14 %

All values are in US Dollars.

a.	These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until<br>May 30, 2021 and 100% interest thereafter, reflecting the terms of the Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone<br>Tree and Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.
b.	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
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c.	On September 7, 2021, NGM announced it had entered into an Exchange Agreement with<br>i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest<br>in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, and operating results within our 61.5% interest in Phoenix includes Lone Tree up until May 31, 2021, reflecting the terms of<br>the Exchange Agreement which closed on October 14, 2021.
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d.	Includes Goldrush.
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e.	As Porgera was placed on care and maintenance on April 25, 2020, no operating data or per ounce data is provided.<br>
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f.	With the end of mining at Buzwagi in the third quarter of 2021, as previously disclosed, we have ceased to include<br>production or non-GAAP cost metrics for Buzwagi from October 1, 2021 onwards.
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g.	Excludes Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting in the<br>fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.
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h.	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or<br>care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
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BARRICK FIRST QUARTER 2022	39	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Production and Cost Summary - Copper

				For the three months ended
		12/31/21	% Change	3/31/21	% Change
Lumwana
Copper production (millions lbs)	57	78	(27)%	51	12 %
Cost of sales (/lb)	2.20	2.16	2 %	1.97	12 %
C1 cash costs (/lb)a	1.86	1.54	21 %	1.48	26 %
All-in sustaining costs<br>(/lb)a	3.16	3.29	(4)%	2.37	33 %
Zaldívar (50%)
Copper production (millions lbs)	25	27	(7)%	24	4 %
Cost of sales (/lb)	2.85	3.14	(9)%	3.03	(6)%
C1 cash costs<br>(/lb)a	2.15	2.35	(9)%	2.25	(4)%
All-in sustaining costs<br>(/lb)a	2.64	3.42	(23)%	2.47	7 %
Jabal Sayid (50%)
Copper production (millions lbs)	19	21	(10)%	18	6 %
Cost of sales (/lb)	1.30	1.36	(4)%	1.21	7 %
C1 cash costs (/lb)a	1.10	1.11	(1)%	1.06	4 %
All-in sustaining costs<br>(/lb)a	1.17	1.27	(8)%	1.22	(4)%
Total Copper
Copper production (millions lbs)	101	126	(20)%	93	9 %
Cost of sales<br>(/lb)b	2.21	2.21	0 %	2.11	5 %
C1 cash costs (/lb)a	1.81	1.63	11 %	1.60	13 %
All-in sustaining costs<br>(/lb)a	2.85	2.92	(2)%	2.26	26 %

All values are in US Dollars.

a.	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
b.	Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both<br>on an attributable basis using Barrick’s ownership share).
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Operating Performance

Our presentation of reportable operating segments consists of nine gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, Veladero, North Mara and Bulyanhulu). The remaining operating segments, including our remaining gold mines, copper mines and project, have been grouped into an “other” 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.

BARRICK FIRST QUARTER 2022	40	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Nevada Gold Mines (61.5% basis)^a^, Nevada, USA

Summary of Operating and Financial Data

				For the three months ended
	3/31/22	12/31/21	% Change	3/31/21	% Change
Total tonnes mined (000s)	45,431	45,593	0 %	54,157	(16)%
Open pit ore	6,106	8,763	(30)%	8,170	(25)%
Open pit waste	38,000	35,468	7 %	44,685	(15)%
Underground	1,325	1,362	(3)%	1,302	2 %
Average grade (grams/tonne)
Open pit mined	0.75	0.65	15 %	1.09	(31)%
Underground mined	8.79	9.86	(11)%	9.22	(5)%
Processed	1.98	1.90	4 %	2.18	(9)%
Ore tonnes processed (000s)	9,075	12,194	(26)%	10,025	(9)%
Oxide mill	2,954	3,054	(3)%	3,171	(7)%
Roaster	1,394	1,386	1 %	1,397	0 %
Autoclave	986	1,203	(18)%	1,193	(17)%
Heap leach	3,741	6,551	(43)%	4,264	(12)%
Recovery rate^b^	77 %	80 %	(4)%	79 %	(3)%
Oxide Mill^b^	71 %	75 %	(5)%	74 %	(4)%
Roaster	85 %	86 %	(1)%	86 %	(1)%
Autoclave	65 %	68 %	(5)%	68 %	(4)%
Gold produced (000s oz)	459	604	(24)%	485	(5)%
Oxide mill	70	113	(38)%	71	(1)%
Roaster	232	308	(25)%	241	(4)%
Autoclave	87	102	(15)%	109	(20)%
Heap leach	70	81	(14)%	64	9 %
Gold sold (000s oz)	458	611	(25)%	488	(6)%
Revenue ($ millions)	888	1,128	(21)%	889	0 %
Cost of sales ($ millions)	535	625	(14)%	508	5 %
Income ($ millions)	363	617	(41)%	375	(3)%
EBITDA ($ millions)^c^	502	793	(37)%	517	(3)%
EBITDA margin^d^	57 %	70 %	(19)%	58%	(2)%
Capital expenditures ($ millions)^e^	160	135	19 %	134	19 %
Minesite sustaining^c^	130	115	13 %	113	15 %
Project^c^	30	20	50 %	21	43 %
Cost of sales ($/oz)	1,169	1,023	14 %	1,047	12 %
Total cash costs ($/oz)^c^	820	687	19 %	686	20 %
All-in sustaining costs ($/oz)^c^	1,118	893	25 %	932	20 %
All-in costs ($/oz)^c^	1,184	927	28 %	974	22 %
^a.^	Barrick is the operator of Nevada Gold Mines (NGM) and owns 61.5%, with Newmont Corporation owning the remaining 38.5%.<br>NGM is accounted for as a subsidiary with a 38.5% non-controlling interest. These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until May 30, 2021<br>and 100% interest thereafter, reflecting the terms of the Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo<br>Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.
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^b.^	Excludes the Gold Quarry (Mill 5) concentrator.
---	---
^c.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
---	---
^d.^	Represents EBITDA divided by revenue.
---	---
^e.^	Amounts presented exclude capitalized interest.
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Nevada Gold Mines includes Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon. Barrick is the operator of the joint venture and owns 61.5%, with Newmont owning the remaining 38.5%. Refer to the following pages for a detailed discussion of each minesite’s results.

BARRICK FIRST QUARTER 2022	41	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Carlin (61.5%basis)^a^, Nevada, USA

Summaryof Operating and Financial Data

				For the three months ended
	3/31/22	12/31/21	% Change	3/31/21	% Change
Total tonnes mined (000s)	18,634	17,833	4 %	18,898	(1)%
Open pit ore	957	1,381	(31)%	882	9 %
Open pit waste	16,841	15,622	8 %	17,215	(2)%
Underground	836	830	1 %	801	4 %
Average grade (grams/tonne)
Open pit mined	0.97	0.91	7 %	0.95	2 %
Underground mined	7.87	9.23	(15)%	8.75	(10)%
Processed	3.39	3.48	(3)%	3.49	(3)%
Ore tonnes processed (000s)	2,973	3,373	(12)%	3,026	(2)%
Oxide mill	593	671	(12)%	749	(21)%
Roasters	1,122	1,029	9 %	1,058	6 %
Autoclave	540	571	(5)%	525	3 %
Heap leach	718	1,102	(35)%	694	3 %
Recovery<br>rate^b^	77 %	78 %	(1)%	78 %	(1)%
Roasters	85 %	85 %	0 %	86 %	(1)%
Autoclave	46 %	47 %	(2)%	45 %	2 %
Gold produced (000s oz)	229	295	(22)%	229	0 %
Oxide mill	9	23	(61)%	7	29 %
Roasters	183	229	(20)%	188	(3)%
Autoclave	25	27	(7)%	25	0 %
Heap leach	12	16	(25)%	9	33 %
Gold sold (000s oz)	230	297	(23)%	231	0 %
Revenue ($ millions)	435	535	(19)%	408	7 %
Cost of sales ($ millions)	232	268	(13)%	219	6 %
Income ($ millions)	215	247	(13)%	188	14 %
EBITDA ($<br>millions)^c^	257	298	(14)%	230	12 %
EBITDA<br>margin^d^	59%	56 %	5 %	56%	5 %
Capital expenditures ($ millions)	69	63	10 %	61	13 %
Minesite<br>sustaining^c^	69	63	10 %	61	13 %
Project^c^	0	0	0 %	0	0 %
Cost of sales ($/oz)	1,015	899	13 %	950	7 %
Total cash costs<br>($/oz)^c^	829	728	14 %	766	8 %
All-in sustaining costs ($/oz)^c^	1,139	950	20 %	1,045	9 %
All-in costs ($/oz)^c^	1,139	950	20 %	1,045	9 %
^a.^	On September 7, 2021, NGM announced it had entered into an Exchange Agreement with<br>i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest<br>in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.
---	---
^b.^	Excludes the Gold Quarry (Mill 5) concentrator.
---	---
^c.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
---	---
^d.^	Represents EBITDA divided by revenue.
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Safety and Environment

Carlin recorded one lost time injury (“LTI”) during the first quarter of 2022 with a LTIFR^3^ of 0.50 per million hours worked. This compares to two LTIs and a LTIFR^3^ of 0.99 in the prior quarter. The TRIFR^3^ for the first quarter of 2022 was 3.50 per million hours worked, an increase from the prior quarter of 3.47. No Class 1^4^ environmental incidents occurred during the first quarter of 2022.

Financial Results

Q1 2022 compared to Q4 2021

Carlin’s income for the first quarter of 2022 was 13% lower than the prior quarter due to a decrease in sales volume

and a higher cost of sales per ounce^2^, partially offset by a higher realized gold price^1^.

Gold production in the first quarter of 2022 was 22% lower compared to the prior quarter. This was mainly driven by the depletion of higher grade underground ore that was stockpiled through the third quarter of 2021 and processed in the production record-setting fourth quarter of 2021 for NGM, following the mechanical mill failure at the Goldstrike roaster on May 26, 2021. This return to run-of-mine ore processing in the current quarter resulted in lower roaster production relative to the prior quarter, which had benefited from the processing of the higher-grade stockpiled underground ore.

BARRICK FIRST QUARTER 2022	42	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Total tonnes mined were 4% higher compared to the prior quarter, driven by improvements in open pit and underground mining rates. Open pit waste tonnes increased primarily at the Goldstrike 5^th^ NW layback to meet tailings dam construction material requirements and scheduled ore delivery in the second half of 2022. Open pit ore tonnes mined were 31% lower compared to the prior quarter, driven by a decrease in ore mined from the Gold Quarry and Gold Star open pits, while average open pit mined grade increased by 7%. Underground mined tonnes were 1% higher, while underground mined grade was 15% lower than the prior quarter due to mine sequencing across the six underground mines.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ in the first quarter of 2022 were 13% and 14% higher, respectively, than the prior quarter, due to the impact of lower grades processed following the depletion of higher grade stockpiled underground ore in the fourth quarter of 2021 as described above, as well as a higher strip ratio. In the first quarter of 2022, all-in sustaining costs per ounce^1^ were 20% higher than the prior quarter due to higher total cash costs per ounce^1^, combined with higher minesite sustaining capital expenditures^1^.

Capital expenditures^1^ in the first quarter of 2022 increased by 10% compared to the prior quarter, primarily due to higher capitalized waste stripping and higher underground capital development.

Q1 2022 compared toQ1 2021

Carlin’s income for the three month period ended March 31, 2022 was 14% higher than the same prior year period, mainly due to a higher realized gold price^1^, partially offset by an increase in cost of sales per ounce^1^ and a slight decrease in sales volume.

Gold production for the three month period ended March 31, 2022 was in line with the same prior year period. Lower roaster production was due to lower underground grades, partially offset by higher roaster throughput as

Carlin ore displaced lower grade Cortez ore. This was offset by improved oxide mill production and higher production from the heap leach facilities.

Total tonnes mined were in line with the same prior year period. At the open pit mines, higher ore tonnes mined offset lower waste stripping. Waste stripping continued at the Goldstrike 5^th^ NW layback at higher rates than the same prior year period to meet tailings dam construction material requirements and scheduled ore delivery in the second half of 2022. In the Gold Quarry and Gold Star open pits, mining continued to advance in ore, resulting in lower capitalized waste tonnes mined compared to the same prior year period. Average open pit mined grade increased by 2% compared to the same prior year period. Underground tonnes mined were 4% higher and grade was 10% lower compared to the same prior year period, driven by a change in the mix of ore sources across the different underground operations as per the mine plan.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for the three month period ended March 31, 2022 were 7% and 8% higher, respectively, than the same prior year period, mainly due to an expected increase in price for major commodity inputs, combined with slightly lower sales volumes. For the three month period ended March 31, 2022, all-in sustaining costs per ounce^1^ increased by 9% compared to the same prior year period, due to higher total cash costs per ounce^1^, combined with higher minesite sustaining capital expenditures^1^.

Capital expenditures for the three month period ended March 31, 2022 increased by 13%, driven by higher minesite sustaining capital expenditures^1^, higher underground capital development, and higher capitalized drilling. Higher sustaining capital expenditures^1^ was due to increased haulage for the tailings dam construction, higher spend for Goldstrike dewatering, and major maintenance at the autoclave.

BARRICK FIRST QUARTER 2022	43	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Cortez (61.5%basis)^a^, Nevada, USA

Summaryof Operating and Financial Data

							For the three months ended
		12/31/21		% Change		3/31/21		% Change
Total tonnes mined (000s)	17,895		17,996		(1)%		20,923		(14)%
Open pit ore	1,623		4,528		(64)%		1,818		(11)%
Open pit waste	15,994		13,136		22 %		18,800		(15)%
Underground	278		332		(16)%		305		(9)%
Average grade (grams/tonne)
Open pit mined	1.01		0.62		63 %		0.84		20 %
Underground mined	9.17		10.96		(16)%		8.51		8 %
Processed	1.76		1.28		38%		1.81		(3)%
Ore tonnes processed (000s)	2,014		5,413		(63)%		2,335		(14)%
Oxide mill	664		673		(1)%		556		19 %
Roasters	272		357		(24)%		339		(20)%
Autoclave	n/a		10		n/a		n/a		n/a
Heap leach	1,078		4,373		(75)%		1,440		(25)%
Recovery rate	80 %		83 %		(4)%		81 %		(1)%
Oxide Mill	72 %		75 %		(4)%		77 %		(6)%
Roasters	87 %		90 %		(3)%		84 %		4 %
Autoclave	n/a		81 %		n/a		n/a		n/a
Gold produced (000s oz)	115		169		(32)%		100		15 %
Oxide Mill	35		61		(43)%		36		(3)%
Roasters	49		79		(38)%		53		(8)%
Autoclave	n/a		1		n/a		n/a		n/a
Heap leach	31		28		11 %		11		182 %
Gold sold (000s oz)	118		170		(31)%		102		16 %
Revenue ( millions)	224		306		(27)%		179		25 %
Cost of sales ( millions)	131		167		(22)%		127		3 %
Income ( millions)	92		139		(34)%		49		88 %
EBITDA (<br>millions)b	130		194		(33)%		88		48 %
EBITDA<br>marginc	58 %		63 %		(8)%		49 %		18 %
Capital expenditures (<br>millions)d	53		49		8 %		43		23 %
Minesite<br>sustainingb	41		31		32 %		33		24 %
Projectb	12		18		(33)%		10		20 %
Cost of sales (/oz)	1,113		984		13 %		1,251		(11)%
Total cash costs<br>(/oz)b	784		657		19 %		860		(9)%
All-in sustaining costs (/oz)b	1,150		853		35 %		1,203		(4)%
All-in costs (/oz)b	1,257		958		31 %		1,303		(4)%

All values are in US Dollars.

^a.^	Includes Goldrush.
^b.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
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^c.^	Represents EBITDA divided by revenue.
---	---
^d.^	Amounts presented exclude capitalized interest.
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Safety and Environment

Tragically, Cortez reported a fatality of an employee in the first quarter of 2022 at the Cortez Hills underground mine.

There was one LTI at Cortez during the first quarter of 2022, which resulted in a LTIFR^3^ of 1.01 per million hours worked, compared to 3.21 in the prior quarter. The TRIFR^3^ was 8.11 per million hours worked in the first quarter of 2022, an increase from 3.21 in the prior quarter. No Class 1^4^ environmental incidents occurred during the first quarter of 2022.

Financial Results

Q1 2022 compared to Q4 2021

Cortez’s income for the first quarter of 2022 was 34% lower than the prior quarter due to decreased sales volume and a higher cost of sales per ounce^2^, partially offset by a higher realized gold price^1^.

Gold production in the first quarter of 2022 was 32% lower compared to the prior quarter. This was mainly driven by the depletion of higher grade underground ore that was stockpiled through the third quarter of 2021 and processed in the production record-setting fourth quarter of 2021 for NGM, following the mechanical mill failure at the Goldstrike roaster on May 26, 2021. The fourth quarter of 2021 also benefited from the batch processing of trial

BARRICK FIRST QUARTER 2022	44	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Goldrush ore. Oxide mill and roaster production were also negatively impacted in the first quarter of 2022 by lower underground ore production following a fatal incident at the Cortez Hills underground mine.

Total tonnes mined were in line with the prior quarter. Open pit ore tonnes mined were 64% lower compared to the prior quarter, driven primarily by mine sequencing at Crossroads. Underground tonnes mined were 16% lower compared to the prior quarter, driven primarily by the temporary suspension of operations following a fatal incident at the Cortez Hills underground mine.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ in the first quarter of 2022 were 13% and 19% higher, respectively, than the prior quarter, due to the impact of lower sales volume driven by a reduced proportion of ounces from higher grade underground operations as described above, which has a higher cost per tonne mined but lower cost per ounce. In the first quarter of 2022, all-in sustaining costs per ounce^1^ were 35% higher than the prior quarter, mainly driven by higher total cash costs per ounce^1^, combined with increased minesite sustaining capital expenditures^1^.

Capital expenditures in the first quarter of 2022 were 8% higher than the prior quarter, due to higher minesite sustaining capital expenditures^1^, partially offset by lower project capital expenditures^1^. Minesite sustaining capital expenditures^1^ were 32% higher compared to the fourth quarter of 2021, primarily due to an increase in capitalized waste stripping in the Crossroads open pit.

Q1 2022 compared to Q1 2021

Cortez’s income for the three month period ended March 31, 2022 was 88% higher than the same prior year period, primarily due to higher sales volume, lower cost of sales per ounce^2^, and a higher realized gold price^1^.

Gold production for the three month period ended March 31, 2022 was 15% higher than the same prior year

period, primarily driven by higher heap leach production due to the timing of ore placement and the leach cycle. Increased underground production from the oxide mill and Carlin roasters, including Goldrush development ore, was largely offset by lower open pit production from these facilities.

Total tonnes mined were 14% lower driven by reduced open pit mining at Crossroads, partially offset by higher production from the Pipeline open pit. Open pit ore tonnes mined were 11% lower compared to the same prior year period, primarily driven by mine sequencing at Crossroads. Underground tonnes mined decreased 9% over the same prior year period, driven by the temporary suspension of operations following a fatal incident at the Cortez Hills underground mine, partially offset by increased development activity at Goldrush.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for the three month period ended March 31, 2022 were 11% and 9% lower, respectively, than the same prior year period, mainly due to increased sales volume, which includes a significantly higher proportion of ounces from lower cost underground production. For the three month period ended March 31, 2022, all-in sustaining costs per ounce^1^ decreased by 4% compared to the same prior year period, driven by lower total cash costs per ounce^1^, partially offset by an increase in minesite sustaining capital expenditures^1^.

Capital expenditures for the three month period ended March 31, 2022 increased by 23% from the same prior year period, due to both higher minesite sustaining^1^ and project capital expenditures^1^. Minesite sustaining capital expenditures^1^ were 24% higher compared to the same prior year period, primarily due to an increase in capitalized waste stripping at Crossroads. Higher project capital expenditures^1^ were due to increased development and exploration activities at Goldrush underground.

BARRICK FIRST QUARTER 2022	45	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Turquoise Ridge (61.5%), Nevada, USA

Summary of Operating and Financial Data

		12/31/21		% Change		3/31/21		% Change
Total tonnes mined (000s)	211		235		(10)%		3,569		(94)%
Open pit ore	0		35		(100)%		1,158		(100)%
Open pit waste	0		0		0 %		2,215		(100)%
Underground	211		200		6 %		196		8 %
Average grade (grams/tonne)
Open pit mined	n/a		1.72		n/a		1.87		n/a
Underground mined	11.87		10.36		15 %		11.64		2 %
Processed	4.65		4.12		13 %		3.42		36 %
Ore tonnes processed (000s)	539		747		(28)%		967		(44)%
Oxide Mill	93		125		(26)%		105		(11)%
Autoclave	446		622		(28)%		668		(33)%
Heap leach	0		0		0 %		194		(100)%
Recovery rate	79 %		81 %		(2)%		82 %		(4)%
Oxide Mill	79 %		81 %		(2)%		87 %		(9)%
Autoclave	79 %		81 %		(2)%		81 %		(2)%
Gold produced (000s oz)	67		82		(18)%		92		(27)%
Oxide Mill	3		4		(25)%		5		(40)%
Autoclave	62		74		(16)%		84		(26)%
Heap leach	2		4		(50)%		3		(33)%
Gold sold (000s oz)	64		84		(24)%		92		(30)%
Revenue ( millions)	120		151		(21)%		165		(27)%
Cost of sales ( millions)	92		100		(8)%		93		(1)%
Income ( millions)	28		51		(45)%		72		(61)%
EBITDA (<br>millions)a	54		82		(34)%		104		(48)%
EBITDA<br>marginb	45 %		54 %		(17)%		63 %		(29)%
Capital expenditures ( millions)	22		19		16 %		20		10 %
Minesite sustaininga	16		14		14 %		9		78 %
Projecta	6		5		20 %		11		(45)%
Cost of sales (/oz)	1,436		1,194		20 %		1,007		43 %
Total cash costs<br>(/oz)a	1,030		819		26 %		647		59 %
All-in sustaining costs (/oz)a	1,281		996		29 %		741		73 %
All-in costs (/oz)a	1,376		1,061		30 %		866		59 %

All values are in US Dollars.

^a.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
^b.^	Represents EBITDA divided by revenue.
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Safety and Environment

There were three LTIs at Turquoise Ridge in the first quarter of 2022 which resulted in a LTIFR^3^ of 4.13, versus three LTIs and a LTIFR^3^ of 4.29 per million hours worked in the prior quarter. The TRIFR^3^ for the first quarter of 2022 was 9.64 per million hours worked, an increase from the prior quarter of 8.58. No Class 1^4^ environmental incidents occurred during the first quarter of 2022.

Financial Results

Q1 2022 compared to Q4 2021

Turquoise Ridge’s income for the first quarter of 2022 was 45% lower than the prior quarter due to a higher cost of sales per ounce^2^ and a lower sales volume, partially offset by a higher realized gold price^1^.

Gold production in the first quarter of 2022 was 18% lower than the prior quarter due to lower throughput and recovery at the Sage autoclave. This was mainly due to the scheduled maintenance shutdown on the entire

processing plant, combined with unplanned maintenance events.

Total tonnes mined decreased by 10% compared to the prior quarter, driven by lower open pit production as the current mining phase was completed in the fourth quarter of 2021, as previously disclosed. Underground tonnes mined increased by 6% compared to the prior quarter due to improved equipment availabilities, which was impacted in the fourth quarter of 2021 mainly due to a battery fire in our electric truck fleet. In the first quarter of 2022, the electric truck fleet was replaced with a conventionally powered fleet, significantly improving underground productivity.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ in the first quarter of 2022 were 20% and 26% higher, respectively, than the prior quarter, primarily due to higher maintenance costs and reduced autoclave throughput, partially offset by higher grade processed. All-in sustaining costs per ounce^1^ were 29% higher than the prior quarter, primarily reflecting higher total cash costs per

BARRICK FIRST QUARTER 2022	46	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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ounce^1^ and higher minesite sustaining capital expenditures^1^.

Capital expenditures in the first quarter of 2022 were 16% higher than the prior quarter, mainly due to higher project capital expenditures^1^ at the Third Shaft due to shaft steel placement, combined with higher minesite sustaining capital expenditures^1^.

Q1 2022 compared to Q1 2021

Turquoise Ridge’s income for the first quarter of 2022 was 61% lower than the same prior year period, mainly due to lower sales volume and a higher cost of sales per ounce^2^, partially offset by a higher realized gold price^1^.

Gold production for the three month period ended March 31, 2022 was 27% lower than the same prior year period, mainly due to lower throughput at the Sage autoclave. This was mainly due to a scheduled maintenance shutdown on the entire processing plant, combined with unplanned maintenance events.

Total tonnes mined were 94% lower compared to the same prior year period due to a decrease in open pit tonnes as the current mining phase was completed in the

fourth quarter of 2021. Underground tonnes mined increased by 8% due to higher productivity at the Turquoise Ridge underground operations, resulting from vent breakthrough into the Third Shaft, which provided increased ventilation in the lower levels of the mine.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for the three month period ended March 31, 2022 was 43% and 59% higher, respectively, than the same prior year period due to higher maintenance costs and reduced autoclave throughput, partially offset by higher grade processed. All-in sustaining costs per ounce^1^ increased by 73%, due to higher total cash costs per ounce^1^ and higher minesite sustaining capital expenditures^1^.

Capital expenditures for the three month period ended March 31, 2022 increased by 10% compared to the same prior year period, mainly due to a ramp-up in minesite sustaining capital expenditures^1^ relating to underground equipment purchases and process efficiency related projects. Project capital expenditures^1^ at the Third Shaft were 45% lower than the same prior year period, as project capital ramped up in the same prior year period to reach final depth in mid-2021.

BARRICK FIRST QUARTER 2022	47	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Other Mines - Nevada Gold Mines

Summary of Operating and Financial Data

For the three months<br>ended
	3/31/22							12/31/21
	Gold<br><br><br>produced<br> <br>(000s oz)		Cost of<br>sales (/oz)	Total cash<br>costs (/oz)a	All-in<br>sustaining costs (/ oz)a	Capital<br><br><br>Expend-<br> <br>itures^b^		Gold<br><br><br>produced<br> <br>(000s oz)		Cost of<br>sales (/oz)	Total cash<br>costs (/oz)a	All-in<br>sustaining costs<br>(/oz)a	Capital<br><br><br>Expend-<br> <br>itures^b^
Phoenix<br>(61.5%)^c^	****	23				****	3		25					4
Long Canyon (61.5%)	****	25				****	0		33					1

All values are in US Dollars.

^a.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
^b.^	Includes both minesite sustaining and project capital expenditures^1^.<br>
---	---
^c.^	On September 7, 2021, NGM announced it had entered into an Exchange Agreement with<br>i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest<br>in Phoenix includes Lone Tree up until May 30, 2021, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.
---	---

Phoenix (61.5%)

Gold production for Phoenix in the first quarter of 2022 was 8% lower compared to the prior quarter, mainly driven by lower grades and lower recovery impacted by ore feed constituents.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ in the first quarter of 2022 were 10% and 88% higher, respectively, than the prior quarter, mainly due to the impact of lower grades and recovery as described above, combined with higher diesel and power prices. In addition, total cash costs per ounce^1^ were also impacted by lower copper by-product credits reflecting lower year-over-year copper production. In the first quarter of 2022, all-in sustaining costs per ounce^1^ were 67% higher than the prior quarter due to higher total cash costs per ounce^1^, partially offset by lower minesite sustaining capital expenditures^1^.

Long Canyon (61.5%)

Gold production for Long Canyon in the first quarter of 2022 was 24% lower compared to the prior quarter. This was primarily due to the timing of ore placement, combined with a higher stacking height leading to a longer leach cycle. Mining of Phase 1 at Long Canyon is scheduled to be completed early in the second quarter of 2022, with residual production to follow for the remainder of 2022.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ were 9% and 5% higher, respectively, than the prior quarter, primarily due to the impact of lower sales volume. All-in sustaining costs per ounce^1^ decreased by 5% compared to the prior quarter, due to lower minesite sustaining capital expenditures^1^, partially offset by higher total cash costs per ounce^1^.

We continue to pursue sales of non-core assets and will only proceed with transactions that make sense for the business on terms we consider favorable to our shareholders. In this regard, we initiated a process to explore the sale of Long Canyon in the first quarter of 2022.

BARRICK FIRST QUARTER 2022	48	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Pueblo Viejo (60%basis)^a^, Dominican Republic

Summary of Operating and Financial Data

For the three months ended
		12/31/21		% Change		3/31/21		% Change
Open pit tonnes mined (000s)	4,318		5,626		(23)%		6,636	(35)%
Open pit ore	1,199		1,489		(19)%		2,137	(44)%
Open pit waste	3,119		4,137		(25)%		4,499	(31)%
Average grade (grams/tonne)
Open pit mined	2.46		2.57		(4)%		2.46	0 %
Processed	2.47		2.83		(13)%		3.55	(30)%
Autoclave ore tonnes processed (000s)	1,511		1,365		11 %		1,349	12 %
Recovery rate	87 %		90 %		(3)%		88 %	(1)%
Gold produced (000s oz)	104		107		(3)%		137	(24)%
Gold sold (000s oz)	104		113		(8)%		141	(26)%
Revenue ( millions)	203		203		0 %		246	(17)%
Cost of sales ( millions)	112		112		0 %		115	(3)%
Income ( millions)	89		90		(1)%		131	(32)%
EBITDA ( millions)b	124		125		(1)%		168	(26)%
EBITDA marginc	61 %		62 %		(2)%		68 %	(10)%
Capital expenditures ( millions)	73		94		(22)%		59	24 %
Minesite sustainingb	26		27		(4)%		24	8 %
Projectb	47		67		(30)%		35	34 %
Cost of sales (/oz)	1,077		987		9 %		816	32 %
Total cash costs (/oz)b	682		612		11 %		507	35 %
All-in sustaining costs (/oz)b	948		858		10 %		689	38 %
All-in costs (/oz)b	1,401		1,453		(4)%		936	50 %

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 performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
---	---
^c.^	Represents EBITDA divided by revenue.
---	---

Safety and Environment

There was one LTI at Pueblo Viejo during the first quarter of 2022, which resulted in a LTIFR^3^ of 0.23 per million hours worked, an increase compared to 0.00 in the prior quarter. The TRIFR^3^ for the first quarter of 2022 was 0.70 per million hours worked, compared to 0.46 in the prior quarter. No Class 14 environmental incidents occurred during the first quarter of 2022.

Financial Results

Q1 2022 compared to Q4 2021

Pueblo Viejo’s income for the first quarter of 2022 was 1% lower than the prior quarter, mainly due to lower sales volume and higher cost of sales per ounce^2^, offset by a higher realized gold price^1^.

Gold production for the first quarter of 2022 was 3% lower than the prior quarter as a result of lower feed grade in line with the mine plan and lower recovery driven by higher carbonaceous content, as expected. This was partially offset by higher throughput following improvement initiatives at the process plant, which resulted in record monthly throughput at the mill and autoclaves in March 2022.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for the first quarter of 2022 were 9% and 11% higher, respectively, than the prior quarter, mainly due to the impact of lower production and lower margins achieved from third-party energy sales at the Quisqueya power plant. For the first quarter of 2022, all-in sustaining costs per ounce^1^ were 10% higher than the prior quarter, mainly due to higher total cash costs per ounce^1^.

Capital expenditures for the first quarter of 2022 decreased by 22% compared to the prior quarter, primarily due to lower project capital expenditures^1^ from the plant expansion and mine life extension project.

Q1 2022 compared to Q1 2021

Pueblo Viejo’s income for the first quarter of 2022 was 32% lower than the same prior year period, driven by lower sales volume and higher cost of sales per ounce^2^, partially offset by a higher realized gold price^1^.

Gold production for the three month period ended March 31, 2022 was 24% lower than the same prior year period due to lower grades processed in line with the mine plan, partially offset by higher throughput.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for the three month period ended March 31, 2022 were 32% and 35% higher, respectively, than the same prior year period due to the impact of lower grades processed and higher fuel costs. For the three month period ended March 31, 2022, all-in sustaining costs per ounce^1^ were 38% higher than the same prior year period due to higher total cash costs per ounce1 and higher minesite sustaining capital expenditures^1^.

Capital expenditures for the three month period ended March 31, 2022 increased by 24% compared to the same prior year period, primarily due to increased project capital expenditures^1^ incurred on the plant expansion and mine life extension project. This was combined with higher minesite sustaining capital expenditures^1^ mainly related to the Llagal tailings storage facility and higher capitalized waste stripping.

BARRICK FIRST QUARTER 2022	49	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Loulo-Gounkoto (80% basis)^a^, Mali

Summary of Operating and Financial Data

	For the three months ended
		12/31/21		% Change		3/31/21		% Change
Total tonnes mined (000s)	9,325		7,766		20%		9,009		4 %
Open pit ore	735		1,208		(39)%		149		393 %
Open pit waste	7,797		5,999		30 %		8,313		(6)%
Underground	793		559		42 %		547		45 %
Average grade (grams/tonne)
Open pit mined	1.73		3.47		(50)%		2.82		(39)%
Underground mined	4.91		4.34		13 %		4.61		7 %
Processed	4.74		4.25		12 %		5.38		(12)%
Ore tonnes processed (000s)	995		1,019		(2)%		984		1 %
Recovery rate	91 %		91 %		0 %		91 %		0 %
Gold produced (000s oz)	138		126		10 %		154		(10)%
Gold sold (000s oz)	137		128		7 %		151		(9)%
Revenue ( millions)	258		228		13 %		269		(4)%
Cost of sales ( millions)	149		145		3 %		147		1 %
Income ( millions)	106		74		43 %		113		(6)%
EBITDA ( millions)b	156		132		18 %		168		(7)%
EBITDA marginc	60 %		58 %		3 %		62 %		(3)%
Capital expenditures ( millions)	51		50		2 %		55		(7)%
Minesite sustainingb	33		13		154 %		43		(23)%
Projectb	18		37		(51)%		12		50 %
Cost of sales (/oz)	1,088		1,139		(4)%		974		12 %
Total cash costs (/oz)b	721		685		5 %		608		19 %
All-in sustaining costs (/oz)b	982		822		19 %		920		7 %
All-in costs (/oz)b	1,110		1,109		0 %		1,000		11 %

All values are in US Dollars.

^a.^	Barrick owns 80% of Société des Mines de Loulo SA and Société des Mines de Gounkoto with the<br>Republic of Mali owning 20%. Loulo-Gounkoto is accounted for as a subsidiary with a 20% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that<br>follows are based on our 80% share, inclusive of the impact of the purchase price allocation resulting from the merger with Randgold.
^b.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
---	---
^c.^	Represents EBITDA divided by revenue.
---	---

Safety and Environment

There was one LTI recorded during the first quarter of 2022, which resulted in a LTIFR3 of 0.25 per million hours worked, compared to 0.00 recorded in the prior quarter. The TRIFR3 for the first quarter of 2022 was 0.99 per million hours worked, an increase from 0.35 recorded in the prior quarter. No Class 1^4^ environmental incidents occurred during the first quarter of 2022.

Financial Results

Q1 2022 compared to Q4 2021

Loulo-Gounkoto’s income for the first quarter of 2022 was 43% higher than the prior quarter, primarily due to higher sales volume, a higher realized gold price^1^ and lower cost of sales per ounce^2^.

Gold production for the first quarter of 2022 was 10% higher than the prior quarter mainly due to higher grades processed in line with the mine plan, partially offset by lower throughput.

Cost of sales per ounce^2^ was 4% lower than the prior quarter mainly due to lower depreciation expense, partially offset by higher total cash costs per ounce^1^. Total cash costs per ounce1 for the first quarter of 2022 were 5% higher than the prior quarter, mainly due to the impact of higher power costs, higher fuel prices and logistical costs related to the ongoing sanctions and border closures

imposed on Mali by the Economic Community of West African States. The ongoing maintenance program on our power generators was completed in the first quarter of 2022, which is expected to improve performance for the remainder of 2022. For the first quarter of 2022, all-in sustaining costs per ounce^1^ was 19% higher than the prior quarter mainly due to higher minesite sustaining capital expenditures^1^, combined with higher total cash costs per ounce^1^.

Capital expenditures for the first quarter of 2022 increased by 2% compared to the prior quarter, driven by an increase in minesite sustaining capital expenditures^1^, partially offset by a decrease in project capital expenditures1. Higher minesite sustaining capital expenditures^1^ was due to higher capitalized waste stripping at the Gounkoto open pit. The decrease in project capital expenditures^1^ reflects the timing of expenditures on the development of Gounkoto underground and the expansion of power capacity, including the solar plant.

Q1 2022 compared to Q1 2021

Loulo-Gounkoto’s income for the first quarter of 2022 was 6% lower than the same prior year period, primarily due to lower sales volumes and a higher cost of sales per ounce^2^, partially offset by a higher realized gold price^1^.

BARRICK FIRST QUARTER 2022	50	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Gold production in the three month period ended March 31, 2022 was 10% lower compared to the same prior year period, mainly due to lower grades processed, partially offset by slightly higher throughput.

Cost of sales per ounce2 and total cash costs per ounce^1^ for the first quarter of 2022 were 12% and 19% higher, respectively, than the same prior year period mainly due to the impact of lower grades, in line with the mine plan. For the first quarter of 2022, all-in sustaining costs per ounce^1^ increased by 7% compared to the same prior year period, reflecting the increase in total cash costs per ounce^1^, partially offset by lower minesite sustaining capital expenditures^1^.

Capital expenditures in the three month period ended March 31, 2022 decreased by 7% compared to the same prior year period, driven by lower minesite sustaining capital expenditures^1^, partially offset by higher project capital expenditures^1^. Lower minesite sustaining capital expenditures1 were mainly due to reduced underground development at the Yalea and Gara mines of Loulo. The increase in project capital expenditures^1^ was driven by the development of Gounkoto underground and the expansion of power capacity, including the solar plant.

BARRICK FIRST QUARTER 2022	51	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Kibali (45% basis)^a^, Democratic Republic of Congo

Summary of Operating andFinancial Data

						For the three months ended
		12/31/21		% Change		3/31/21		% Change
Total tonnes mined (000s)	3,806		3,866		(2)%		3,409		12 %
Open pit ore	376		330		14 %		261		44 %
Open pit waste	3,079		3,082		0 %		2,694		14 %
Underground	351		454		(23)%		454		(23)%
Average grade (grams/tonne)
Open pit mined	1.43		2.43		(41)%		2.55		(44)%
Underground mined	5.88		5.88		0 %		5.18		14 %
Processed	3.37		3.90		(14)%		3.33		1 %
Ore tonnes processed (000s)	781		841		(7)%		894		(13)%
Recovery rate	89 %		89 %		0 %		90%		(1)%
Gold produced (000s oz)	76		94		(19)%		86		(12)%
Gold sold (000s oz)	73		95		(23)%		86		(15)%
Revenue ( millions)	137		172		(20)%		154		(11)%
Cost of sales ( millions)	83		93		(11)%		92		(10)%
Income ( millions)	41		71		(42)%		63		(35)%
EBITDA (<br>millions)b	69		108		(36)%		95		(27)%
EBITDA<br>marginc	50 %		63 %		(21)%		62%		(19)%
Capital expenditures ( millions)	19		19		0 %		11		73 %
Minesite sustainingb	15		12		25 %		11		36 %
Projectb	4		7		(43)%		0		100 %
Cost of sales (/oz)	1,137		979		16 %		1,065		7 %
Total cash costs<br>(/oz)b	744		582		28 %		691		8 %
All-in sustaining costs (/oz)b	996		776		28 %		856		16 %
All-in costs (/oz)b	1,045		844		24 %		862		21 %

All values are in US Dollars.

^a.^	Barrick owns 45% of Kibali Goldmines SA with the Democratic Republic of Congo (“DRC”) and our joint venture<br>partner, AngloGold Ashanti, owning 10% and 45%, respectively. The figures presented in this table and the discussion that follows are based on our 45% effective interest in Kibali Goldmines SA held through our 50% interest in Kibali (Jersey) Limited<br>and its other subsidiaries (collectively “Kibali”), inclusive of the impact of the purchase price allocation resulting from the merger with Randgold. Kibali is accounted for as an equity method investment on the basis that the joint<br>venture partners that have joint control have rights to the net assets of the joint venture.
^b.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
---	---
^c.^	Represents EBITDA divided by revenue.
---	---

Safety and Environment

Kibali had zero LTIs during the first quarter of 2022, which resulted in a LTIFR^3^ of 0.00 per million hours worked, consistent with the prior quarter. The TRIFR^3^ for the first quarter of 2022 was 1.02 per million hours worked, an improvement from 1.39 in the prior quarter. No Class 1^4^ environmental incidents occurred during the first quarter of 2022.

Financial Results

Q1 2022 compared to Q4 2021

Kibali’s income for the first quarter of 2022 was 42% lower than the prior quarter as a result of lower sales volumes and a higher cost of sales per ounce^2^, partially offset by a higher realized gold price^1^.

Gold production for the first quarter of 2022 was 19% lower than the prior quarter, mainly due to lower grades processed as open pit mining focused on waste stripping, in line with the mine plan, as well as lower throughput related to planned maintenance.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for the first quarter of 2022 were 16% and 28% higher, respectively, than the prior quarter, mainly due to lower grades, higher maintenance costs and higher energy costs driven by seasonally lower hydroelectric power

generation. For the first quarter of 2022, all-in sustaining costs per ounce^1^ increased by 28% compared to the prior quarter, mainly due to higher total cash costs per ounce^1^ and higher minesite sustaining capital expenditures^1^.

Capital expenditures for the three month period ended March 31, 2022 were in line with the prior quarter, as a reduction in project capital expenditures^1^ was offset by higher minesite sustaining capital expenditures^1^. The decrease in project capital expenditures^1^ mainly relates to lower planned spend on the Kalimva/Ikamva and Pamao open pit projects. The higher minesite sustaining capital expenditures^1^ reflects our investment in carbon-in-leach optimization at the mill.

Q1 2022 compared to Q1 2021

Kibali’s income for the three month period ended March 31, 2022 was 35% lower than the same prior year period as reduced sales volume and a higher cost of sales per ounce^2^ were partially offset by a higher realized gold price^1^.

Gold production in the three month period ended March 31, 2022 was 12% lower than the same prior year period, mainly due to reduced throughput following planned maintenance in the current quarter.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for the three month period ended March 31, 2022

BARRICK FIRST QUARTER 2022	52	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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were 7% and 8% higher, respectively, than the same prior year period, mainly due to higher maintenance costs, increased fuel prices and higher royalty expense due to a higher realized gold price^1^. For the three month period ended March 31, 2022, all-in sustaining costs per ounce^1^ were 16% higher than the same prior year period, due to higher total cash costs per ounce^1^, combined with higher minesite sustaining capital expenditures^1^.

Capital expenditures for the three month period ended March 31, 2022 were 73% higher compared to the same prior year period due to higher minesite capital expenditures and project capital expenditures^1^. The higher minesite sustaining capital expenditures^1^ reflect increased stripping for the new Pamao and Aerodrome mines as we continue to open up these pits, in line with the mine plan. The higher project capital expenditures^1^ relate to our investment on the Kalimva/Ikamva and Pamao open pit projects.

BARRICK FIRST QUARTER 2022	53	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Veladero (50% basis)^a^, Argentina

Summary of Operating and Financial Data

						For the three months ended
		12/31/21		% Change		3/31/21		% Change
Open pit tonnes mined (000s)	7,886		8,997		(12)%		9,550	(17)%
Open pit ore	2,606		3,308		(21)%		1,311	99 %
Open pit waste	5,280		5,689		(7)%		8,239	(36)%
Average grade (grams/tonne)
Open pit mined	0.80		0.85		(5)%		0.78	3 %
Processed	0.67		0.81		(17)%		0.85	(21)%
Heap leach ore tonnes processed (000s)	3,506		3,442		2 %		1,305	169%
Gold produced (000s oz)	46		61		(25)%		32	44 %
Gold sold (000s oz)	39		83		(53)%		31	26 %
Revenue ( millions)	76		153		(50)%		57	33 %
Cost of sales ( millions)	54		109		(50)%		35	54 %
Income ( millions)	21		43		(51)%		22	(5)%
EBITDA (<br>millions)b	40		80		(50)%		33	21 %
EBITDA<br>marginc	53 %		52 %		2 %		58 %	(9)%
Capital expenditures ( millions)	36		28		29 %		41	(12)%
Minesite sustainingb	28		22		27 %		41	(32)%
Projectb	8		6		33 %		0	100 %
Cost of sales (/oz)	1,348		1,279		5 %		1,151	17 %
Total cash costs<br>(/oz)b	847		834		2 %		736	15 %
All-in sustaining costs (/oz)b	1,588		1,113		43 %		2,104	(25)%
All-in costs (/oz)b	1,794		1,179		52 %		2,104	(15)%

All values are in US Dollars.

^a.^	Barrick owns 50% of Veladero with our joint venture partner, Shandong Gold, owning the remaining 50%. Veladero is<br>proportionately consolidated on the basis that the joint venture partners that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. The figures presented in this table and the discussion that<br>follows are based on our 50% interest in Veladero, inclusive of the impact of remeasurement of our interest in Veladero following the disposal of a 50% interest on June 30, 2017.
^b.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
---	---
^c.^	Represents EBITDA divided by revenue.
---	---

Safety and Environment

Veladero had zero LTIs during the first quarter of 2022, resulting in a LTIFR^3^ of 0.00 per million hours worked, consistent with the prior quarter. The TRIFR^3^ for the first quarter of 2022 was 0.00 per million hours worked, also consistent with the prior quarter. No Class 1^4^ environmental incidents occurred during the first quarter of 2022.

In January 2022, there was a significant increase in the number of Covid-19 cases in Argentina, caused by the Omicron variant. Despite this, Veladero was able to maintain operations through enhanced preventive controls, though there was a higher level of absenteeism. In February 2022, the number of Covid-19 cases decreased and in March 2022, only a few cases were reported.

Minera Andina del Sol SRL, the joint venture company that operates the Veladero mine, is the subject of various regulatory proceedings related to operational incidents that occurred in March 2017, September 2016 and September 2015. Refer to note 17 to the Financial Statements for more information regarding these and related matters.

Financial Results

Q1 2022 compared to Q4 2021

Veladero’s income for the first quarter of 2022 was 51% lower than the prior quarter, primarily due to lower sales volumes and a higher cost of sales per ounce^2^, partially offset by a higher realized gold price^1^.

Gold production in the first quarter of 2022 was 25% lower than the prior quarter, mainly due to lower grades processed and fewer ore tonnes mined. Gold sales were lower than production in the first quarter of 2022, as we continue to manage the timing of our sales to minimize our exposure to local currency devaluation.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ in the first quarter of 2022 increased by 5% and 2%, respectively, compared to the prior quarter. This was mainly due to the impact of lower production volumes as well as higher energy and labor costs, partially offset by lower operating costs. Lower operating costs were mainly driven by the deferral of maintenance due to temporary delays in component deliveries, combined with higher capitalized stripping. In the first quarter of 2022, all-in sustaining costs per ounce^1^ increased by 43% compared to the prior quarter, primarily driven by an increase in minesite sustaining capital expenditures and higher total cash costs per ounce^1^.

Capital expenditures were 29% higher compared to the prior quarter, mainly due to higher minesite sustaining capital expenditures^1^ related to higher capitalized stripping.

BARRICK FIRST QUARTER 2022	54	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Q1 2022 compared to Q1 2021

Veladero’s income for the three month period ended March 31, 2022 was 5% lower compared to the same prior year period, mainly due to a higher cost of sales per ounce^2^, partially offset by higher sales volumes and a higher realized gold price^1^.

Gold production for the three month period ended March 31, 2022 was 44% higher than the same prior year period. This was mainly due to higher tonnes processed, partially offset by lower grades, as the mine was transitioning to Phase 6 of the leach pad in the first half of 2021.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ for the three month period ended March 31, 2022 were 17% and 15% higher, respectively, compared to the same prior year period, mainly due to higher operating costs resulting from higher energy and labor costs, combined with lower capitalized stripping. For the three month period ended March 31, 2022, all-in sustaining costs per ounce^1^ decreased by 25% compared to the same prior year period, mainly due to lower minesite sustaining capital expenditures^1^, partially offset by higher total cash costs per ounce^1^.

Capital expenditures for the three month period ended March 31, 2022 were 12% lower than the same prior

year period, mainly due to lower minesite sustaining capital expenditures^1^, partially offset by higher project capital expenditures^1^. The decrease in minesite sustaining capital expenditures^1^ is a result of lower capitalized stripping. Project capital expenditures relate to the Phase 7 leach pad expansion project.

Regulatory matters

On September 1, 2019, the Argentine government issued Decree 609/2019 announcing currency restrictions in Argentina. Subsequently, the Central Bank of Argentina issued Communication “A” 6770 complementing this decree. As a result, all export proceeds are required to be converted into Argentine pesos. Dividend distributions and payments to foreign suppliers now require specific authorizations from the Central Bank. These currency restrictions have had limited impact on mining operations to date but we continue to optimize the timing of our gold sales to minimize our exposure to currency devaluation. Ongoing constructive discussions are still being held with the Central Bank on our rights to repatriate profits.

Separately, on October 2, 2020, the Argentine government issued Decree 785/2020 that established the rate for mining export duties at 8%. On December 31, 2021, this decree was extended until December 31, 2023.

BARRICK FIRST QUARTER 2022	55	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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North Mara (84%basis)^a^, Tanzania

Summary ofOperating and Financial Data

				For the three months ended
	3/31/22	12/31/21		% Change		3/31/21		% Change
Total tonnes mined (000s)	1,412		661		114 %		248	469 %
Open pit ore	709		116		511 %		n/a	n/a
Open pit waste	379		160		137 %		n/a	n/a
Underground	324		385		(16)%		248	31 %
Average grade (grams/tonne)
Open pit mined	2.13		1.63		31 %		n/a	n/a
Underground mined	5.84		6.89		(15)%		3.94	48 %
Processed	3.31		3.57		(7)%		3.31	0 %
Ore tonnes processed (000s)	598		690		(13)%		642	(7)%
Recovery rate	88 %		90 %		(2)%		90 %	(2)%
Gold produced (000s oz)	56		69		(19)%		62	(10)%
Gold sold (000s oz)	58		70		(17)%		56	4 %
Revenue ($ millions)	110		126		(13)%		100	10 %
Cost of sales ($ millions)	50		59		(15)%		59	(15)%
Income ($ millions)	58		68		(15)%		40	45 %
EBITDA ($<br>millions)^b^	66		80		(18)%		52	27 %
EBITDA<br>margin^c^	60 %		63 %		(5)%		52 %	15 %
Capital expenditures ($ millions)	18		32		(44)%		16	13 %
Minesite<br>sustaining^b^	7		23		(70)%		11	(36)%
Project^b^	11		9		22 %		5	120%
Cost of sales ($/oz)	852		858		(1)%		1,061	(20)%
Total cash costs<br>($/oz)^b^	709		679		4 %		832	(15)%
All-in sustaining costs ($/oz)^b^	874		1,033		(15)%		1,038	(16)%
All-in costs ($/oz)^b^	1,057		1,150		(8)%		1,134	(7)%
^a.^	Barrick owns 84% of North Mara, with the Government of Tanzania owning 16%. North Mara is accounted for as a subsidiary<br>with a 16% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share.
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^b.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
---	---
^c.^	Represents EBITDA divided by revenue.
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Safety and Environment

Tragically, North Mara reported a fatality of a contractor in the first quarter of 2022.

There were zero LTIs recorded for the first quarter of 2022, which resulted in a LTIFR^3^ of 0.00 per million hours worked for the first quarter of 2022, consistent with the prior quarter. The TRIFR^3^ for the first quarter of 2022 was 0.53 per million hours worked, compared to 1.04 in the prior quarter. No Class 1^4^ environmental incidents occurred during the first quarter of 2022.

Financial Results

Q1 2022 compared to Q4 2021

North Mara’s income for the first quarter of 2022 was 15% lower than the prior quarter due to lower sales volumes, partially offset by a higher realized gold price^1^ and a lower cost of sales per ounce^2^.

In the first quarter of 2022, production was 19% lower than the prior quarter. This was primarily due to lower grades mined from the underground, in line with the mine plan, as well as lower throughput and recovery following planned plant maintenance. The ramp-up of the open pit is advancing according to plan and is expected to further ramp-up into the second quarter of 2022.

Cost of sales per ounce^2^ in the first quarter of 2022 was 1% lower than the prior quarter due to lower depreciation expense, partially offset by higher total cash

costs per ounce^1^. The increase in total cash costs per ounce^1^ of 4% is mainly due to the ramp-up of open pit operations as well as lower underground grades processed, in line with the mine plan. All-in sustaining costs per ounce^1^ in the first quarter of 2022 were 15% lower than the prior quarter, mainly due to lower minesite sustaining capital expenditures^1^, partially offset by higher total cash costs per ounce^1^.

Capital expenditures in the first quarter of 2022 were 44% lower than the prior quarter due to a decrease in minesite sustaining capital expenditures^1^, partially offset by an increase in project capital expenditures^1^. Minesite sustaining capital expenditures^1^ were lower than the prior quarter due to the timing of spend, which is expected to ramp-up later in 2022. The increase in project capital expenditures^1^ is driven by the ramp-up of open pit operations.

Q1 2022 compared to Q1 2021

North Mara’s income for the three month period ending March 31, 2022 was 45% higher than the same prior year period, mainly due to a higher realized gold price^1^, higher sales volumes and lower cost of sales per ounce^2^.

For the three month period ended March 31, 2022, production was 10% lower than the same prior year period, mainly due to lower throughput and recovery following planned plant maintenance.

BARRICK FIRST QUARTER 2022	56	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Cost of sales per ounce^2^ and total cash costs per ounce^1^ in the three month period ending March 31, 2022 were 20% and 15% lower, respectively, than the same prior year period, mainly due to improved productivity from new underground equipment and a strong re-start of open pit operations. All-in sustaining costs per ounce^1^ in the first quarter of 2022 were 16% lower than the same prior year period, mainly due to lower total cash costs per ounce^1^, combined with lower minesite sustaining capital expenditures^1^.

For the three month period ending March 31, 2022, capital expenditures increased by 13% compared to the same prior year period, mainly due to higher project capital expenditures^1^, partially offset by lower minesite sustaining capital expenditures^1^. The increase in project capital expenditures^1^ is driven by the ramp-up of open pit operations. The focus on this initiative has resulted in lower minesite sustaining capital expenditures^1^, which has also been impacted by the timing of expenditures. These expenditures are expected to ramp-up later in 2022.

BARRICK FIRST QUARTER 2022	57	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Bulyanhulu (84%basis)^a^, Tanzania

Summary ofOperating and Financial Data

							For the three months ended
	3/31/22	12/31/21		% Change		3/31/21		% Change
Underground tonnes mined (000s)	231		243		(5)%		125	85 %
Average grade (grams/tonne)
Underground mined	8.25		8.86		(7)%		9.78	(16)%
Processed	7.76		8.18		(5)%		9.90	(22)%
Ore tonnes processed (000s)	193		234		(18)%		110	75 %
Recovery rate	92 %		93 %		(1)%		94 %	(2)%
Gold produced (000s oz)	45		57		(21)%		33	36 %
Gold sold (000s oz)	55		53		4 %		28	96 %
Revenue ($ millions)	110		101		9 %		42	162 %
Cost of sales ($ millions)	66		50		32%		34	94 %
Income ($ millions)	43		51		(16)%		7	514 %
EBITDA ($<br>millions)^b^	57		65		(12)%		17	235 %
EBITDA<br>margin^c^	52 %		64 %		(19)%		40 %	30 %
Capital expenditures ($ millions)	11		31		(65)%		11	0 %
Minesite<br>sustaining^b^	7		17		(59)%		2	250 %
Project^b^	4		14		(71)%		9	(56)%
Cost of sales ($/oz)	1,216		956		27 %		1,211	0 %
Total cash costs<br>($/oz)^b^	847		567		49 %		865	(2)%
All-in sustaining costs ($/oz)^b^	984		897		10 %		957	3 %
All-in costs ($/oz)^b^	1,052		1,159		(9)%		1,275	(17)%
^a.^	Barrick owns 84% of Bulyanhulu, with the Government of Tanzania owning 16%. Bulyanhulu is accounted for as a subsidiary<br>with a 16% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share.
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^b.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
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^c.^	Represents EBITDA divided by revenue.<br>
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Safety and Environment

There were no LTIs recorded at Bulyanhulu during the first quarter of 2022, which resulted in a LTIFR^3^ of 0.00 per million hours worked, which is a decrease from 1.34 in the prior quarter. The TRIFR^3^ for the first quarter of 2022 was 1.91 per million hours worked, which is a decrease from 2.69 in the prior quarter. No Class 1^4^ environmental incidents occurred during the first quarter of 2022.

Financial Results

Q1 2022 compared to Q4 2021

Bulyanhulu’s income for the first quarter of 2022 was 16% lower than the fourth quarter of 2021 due to a higher cost of sales per ounce^2^, partially offset by a higher realized gold price^1^ and higher sales volumes.

In the first quarter of 2022, production was 21% lower than the prior quarter, primarily due to lower grades processed and lower throughput driven by new development headings and the clearing of legacy waste tonnes mined to increase long-term flexibility as per the mine plan.

Cost of sales per ounce^2^ and total cash costs per ounce^1^ in the first quarter of 2022 were 27% and 49% higher, respectively, than the prior quarter as the mine prioritized the clearing of legacy waste tonnes as described above. All-in sustaining costs per ounce^1^ in the first quarter of 2022 were 10% higher than the prior quarter, due to higher total cash costs per ounce^1^, partially offset by lower minesite sustaining capital expenditures^1^.

Capital expenditures in the first quarter of 2022 were 65% lower than the prior quarter as underground mining focused on development and clearing legacy waste tonnes mined as described above.

Q1 2022 compared to Q1 2021

Bulyanhulu’s income for the three month period ending March 31, 2022 was 514% higher than the same prior year period, mainly due to higher sales volume driven by the successful ramp-up of the underground mining and processing operations that progressed through 2021.

For the three month period ended March 31, 2022, production was 36% higher than the same prior year period due to the successful ramp-up of the underground mining and processing operations, which was completed in the fourth quarter of 2021. This resulted in higher tonnes processed as the mine was in the ramp-up phase during the same prior year period.

Cost of sales per ounce^2^ was in line with the three month period ending March 31, 2022 and total cash costs^1^ per ounce were 2% lower than the same prior year period, mainly due to the successful ramp-up of the underground operations as described above, partially offset by higher grades and higher project capitalization occurring in the same prior year period during the ramp-up phase. All-in sustaining costs per ounce^1^ in the first quarter of 2022 were 3% higher than the same prior year period, mainly due to increased minesite sustaining capital expenditures^1^, partially offset by higher total cash costs per ounce^1^.

For the three month period ending March 31, 2022, capital expenditures were in line with the same prior year period as higher minesite sustaining capital expenditures^1^ during steady-state operations were offset by lower project capital expenditures^1^ following the successful ramp-up of underground operations in the fourth quarter of 2021.

BARRICK FIRST QUARTER 2022	58	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Other Mines - Gold

Summary of Operating and Financial Data

								For the three months ended
	3/31/22							12/31/21
	Goldproduced(000s oz)		Cost of sales (/oz)	Total cash costs (/oz)a	All-in sustaining<br>costs <br>(/oz)a	CapitalExpend-itures^b^		Gold<br><br><br>produced<br> <br>(000s oz)		Cost of<br>sales (/oz)	Total cash<br>costs (/oz)a	All-insustaining<br>costs (/oz)a	Capital<br><br><br>Expend-<br> <br>itures^b^
Tongon (89.7%)	****	35				****	4		50					2
Hemlo	****	31				****	13		35					15
Porgera^c^ (47.5%)	****	—				****	—		—					—

All values are in US Dollars.

^a.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
^b.^	Includes both minesite sustaining and project capital<br>expenditures^1^.
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^c.^	As Porgera was placed on care and maintenance on April 25, 2020, no operating data or per ounce data is provided.<br>
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Tongon (89.7% basis), Côte d’Ivoire

Gold production for Tongon in the first quarter of 2022 decreased by 30% compared to the prior quarter, mainly due to lower throughput, grades and recovery in line with the mine plan. This performance reflects the focus on open pit stripping in the first quarter of 2022. Cost of sales per ounce^2^ and total cash costs per ounce^1^ in the first quarter of 2022 were 36% and 38% higher, respectively, than the prior quarter, primarily driven by the impact of lower grades and recovery. All-in sustaining costs per ounce^1^ in the first quarter of 2022 increased by 39%, reflecting the increase in total cash costs per ounce^1^ and an increase in minesite sustaining capital expenditures^1^.

Hemlo, Ontario, Canada

Hemlo’s gold production in the first quarter of 2022 was 11% lower than the prior quarter due to lower tonnes processed. Importantly, underground tonnes mined has improved compared to the prior quarter, reflecting improvements in productivity. Cost of sales per ounce2 in the first quarter of 2022 decreased by 2%, while total cash costs per ounce1 increased by 1% compared to the prior quarter. In the first quarter of 2022, all-in sustaining costs per ounce^1^ increased by 2% compared to the prior quarter reflecting the increase in total cash costs per ounce^1^.

Porgera (47.5% basis), Papua New Guinea

On April 9, 2021, BNL signed a binding Framework Agreement with PNG and Kumul Minerals, a state-owned mining company, setting out the terms and conditions for the reopening of the Porgera mine. On February 3, 2022, the Framework Agreement was replaced by the Commencement Agreement. The Commencement Agreement was signed by PNG, Kumul Minerals, BNL and its affiliate Porgera (Jersey) Limited on October 15, 2021, and it became effective on February 3, 2022, following signature by MRE, the holder of the remaining 5% of the original Porgera joint venture. The Commencement Agreement reflects the commercial terms previously agreed to under the Framework Agreement, namely that PNG stakeholders will receive a 51% equity stake in the Porgera mine, with the remaining 49% to be held by BNL or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group. Accordingly, following the implementation of the Commencement Agreement, Barrick’s current 47.5% interest in the Porgera mine is expected to be reduced to a 24.5% interest as reflected in Barrick’s reserve and resource estimates for Porgera. BNL will retain operatorship of the mine. The Commencement Agreement also provides that PNG stakeholders and BNL

and its affiliates will share the economic benefits derived from the reopened Porgera Mine on a 53% and 47% basis over the remaining life of mine, respectively, and that the Government of PNG will retain the option to acquire BNL’s or its affiliate’s 49% equity participation at fair market value after 10 years.

The provisions of the Commencement Agreement will be implemented, and work to recommence full mine operations at Porgera will begin, following the execution of a number of definitive agreements and satisfaction of a number of conditions. On April 7, 2022, one such definitive agreement, the Shareholders’ Agreement for the new Porgera joint venture company was signed by BNL’s affiliate, Porgera (Jersey) Limited, and the state-owned Kumul Minerals (Porgera) Limited, and is awaiting signature by MRE to take effect. This would clear the way for the incorporation of a new Porgera joint venture company and the application for a new SML, a condition of the Porgera mine’s reopening. On April 21, 2022, the PNG National Parliament passed legislation to provide, among other things, certain agreed tax exemptions and tax stability for the new Porgera joint venture. The passage of this legislation marks an important step toward the reopening of the Porgera mine and satisfies one of the key obligations of the PNG Government under the Commencement Agreement. This legislation will come into effect following a certification and public notice process under PNG law.

Other definitive agreements, which remain to be concluded, include an Operatorship Agreement pursuant to which BNL will operate the Porgera mine, as well as a Mine Development Contract to accompany the new SML that the new Porgera joint venture company will apply for following its incorporation. Under the terms of the Commencement Agreement, BNL will remain in possession of the site and maintain the mine on care and maintenance.

Porgera continues to be excluded from our 2022 guidance. We expect to update our guidance following both the execution of all of the definitive agreements to implement the binding Commencement Agreement and the finalization of a timeline for the resumption of full mine operations. Refer to notes 13 and 17 to the Financial Statements for more information.

BARRICK FIRST QUARTER 2022	59	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Other Mines - Copper

Summary of Operating and Financial Data

For the three months ended
	3/31/22							12/31/21
	Copper<br> <br>production<br> <br>(millions of<br><br><br>pounds)		Cost of  <br>sales   (/lb)	C1 cash  <br>costs   (/lb) a	All-in   sustaining  <br>costs   (/lb)a	Capital<br> <br>Expend-<br> <br>itures^b^		Copper<br><br><br>production<br> <br>(millions of<br><br><br>pounds)		Cost of  <br>sales   (/lb)	C1 cash  <br>costs   (/lb) a	All-in  <br>sustaining   costs  <br>(/lb)a	Capital<br><br><br>Expend-<br> <br>itures ^b^
Lumwana	****	57				****	57		78					79
Zaldívar
(50%)	****	25				****	15		27					35
Jabal Sayid
(50%)	****	19				****	3		21					3
Total Copper	****	101				****	75		126					117

All values are in US Dollars.

^a.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
^b.^	Includes both minesite sustaining and project capital<br>expenditures^1^.
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Lumwana, Zambia

Copper production for Lumwana in the first quarter of 2022 was 27% lower than the prior quarter, mainly due to lower throughput and grades. This is in line with the mine plan, as we continued our focus on waste stripping to open up higher-grade areas. Cost of sales per pound^2^ in the first quarter of 2022 was 2% higher, mainly due to higher C1 cash costs per pound^1^ and partially offset by lower depreciation expense. C1 cash costs per pound^1^ in the first quarter of 2022 were 21% higher, mainly due to the impact of lower grades and higher mining costs per tonne. In the first quarter of 2022, all-in sustaining costs per pound^1^ decreased by 4% compared to the prior quarter, due to lower minesite sustaining capital expenditures^1^, partially offset by higher C1 cash costs per pound^1^.

Zaldívar (50% basis), Chile

Copper production for Zaldívar in the first quarter of 2022 was 7% lower than the prior quarter, mainly due to fewer tonnes stacked on the heap leach. Cost of sales per pound^2^ and C1 cash costs per pound^1^ were both 9% lower than the prior quarter, mainly due to lower maintenance and processing costs, partially offset by higher fuel and explosives costs. All-in sustaining costs per pound^1^ in the first quarter of 2022 decreased by 23% compared to the prior quarter, due to lower minesite sustaining capital expenditures^1^, combined with lower C1 cash costs per pound^1^.

Jabal Sayid (50% basis), Saudi Arabia

Jabal Sayid’s copper production in the first quarter of 2022 was 10% lower compared to the prior quarter, reflecting lower grades, in line with our mine plan. Cost of sales per pound^2^ and C1 cash costs per pound^1^ for the first quarter of 2022 decreased by 4% and 1%, respectively, compared to the prior quarter, mainly due to lower operating costs in both the underground and processing operations. Cost of sales per pound^2^ further benefited from lower depreciation expense. All-in sustaining costs per pound^1^ in the first quarter of 2022 decreased by 8% compared to the prior quarter, mainly due to lower minesite sustaining capital expenditures^1^ on a per pound basis and slightly lower C1 cash costs per pound^1^.

BARRICK FIRST QUARTER 2022	60	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Growth Project Updates

Goldrush Project, Nevada, USA

The public comment period for the Draft Environmental Impact Statement (“DEIS”) is now expected to occur in the second quarter of 2022. The Notice of Availability (“NOA”) briefing package has been through various stages of review by the Bureau of Land Management (“BLM”). The local and state BLM offices have now completed their review, and the NOA briefing package is now being reviewed by the federal BLM. After a satisfactory review, the NOA will be published in the Federal Register. This will begin the 45-day public comment period on the DEIS. Comments gathered during the public review of the DEIS will then be addressed in the Final Environmental Impact Study (“FEIS”) documents. We continue to expect the issuance of a Record of Decision (“ROD”) in the fourth quarter of 2022, which is reflected in the current mine plan.

Mine development and test stoping has continued in the Red Hill zone of Goldrush, where dewatering of the ore body is not required. Development of the multi-purpose drift (“MPD”) continues over the top of the Goldrush orebody to facilitate future underground drilling platforms.

Assembly continues on a modular dry facility just outside of the existing office and shop facility near the Cortez Hills Open Pit. Engineering work is progressing on ventilation raise #1, the materials handling system, and the underground backfill system. The drilling of test wells for the first three dewatering wells is scheduled to begin in the third quarter of 2022.

The headcount ramp-up at Goldrush continued and has increased to around 60% of a total planned workforce of approximately 230 people, with the recruitment of experienced miners being a key focus.

As at March 31, 2022, we have spent $302 million on a 100% basis (including $12 million in the first quarter of 2022) on the Goldrush project, inclusive of the exploration declines. This capital spent to date, together with the remaining expected pre-production capital (until commercial production begins, which is expected in 2025), is anticipated to be slightly less than the $1 billion initial capital estimate previously disclosed for the Goldrush project (on a 100% basis).

Turquoise Ridge Third Shaft, Nevada,USA^6^

Construction of the Third Shaft at Turquoise Ridge, which has a hoisting capacity of 5,500 tonnes per day, continues to advance according to schedule and within budget. We continue to expect commissioning in late 2022. Together with increased hoisting capacity, the Third Shaft is expected to provide additional ventilation for underground mining operations as well as shorter haulage distances.

Construction activities continued in the first quarter of 2022, focusing on steel installation and construction of the station at the 2280 level. At March 31, 2022, shaft steel equipping reached 97% completion as measured by steel weight. Furthermore, the concrete and shotcrete slick line was successfully utilized for construction on the 2280 level material handling system. Construction of the changehouse began and continued for the additional main exhaust fan at First Shaft. The focus of the Third Shaft project will be the headframe refit and the 2280 material handling system during the second quarter of 2022.

As at March 31, 2022, we have spent $233 million (including $11 million in the first quarter of 2022) out of an estimated capital cost of approximately $300-$330 million (100% basis).

PuebloViejo Expansion, Dominican Republic^7^

The Pueblo Viejo plant expansion and mine life extension project is designed to increase throughput to 14 million tonnes per annum, allowing the operation to maintain minimum average annual gold production of approximately 800,000 ounces after 2022 (100% basis).

Engineering design of the plant expansion is complete. Procurement has reached 98% and close to 70% of bulk materials are on-site or already installed.

Construction for the plant expansion is now 39% complete (from 26% as at December 31, 2021). Earthworks and civil concrete works were 86% and 77% complete, respectively, at the end of the first quarter of 2022. In addition, completion for steelwork has advanced to 23% and mechanical installation to 33%. Steelwork has progressed slower than expected due to the late delivery of materials. Construction plans are being adjusted to offset a later delivery schedule. We expect completion of the plant expansion by the end of 2022.

The social, environmental, and technical studies for additional tailings storage capacity continued to advance. The Government of Dominican Republic, through their process, has identified a select number of alternatives for further assessment. At the same time, Barrick conducted its own alternatives assessment, completed by a multi-disciplinary team of external subject matter experts from various independent consulting companies. Several sites were initially identified and after various screening phases, which considered environmental, social, and technical factors, potentially feasible sites were identified for further evaluation. These two separate assessments independently identified four alternative sites, of which two sites, located in the Sanchez Ramirez Province, would be put forward for further investigation. The final location and construction of the tailings storage facility would be subject to the completion of an Environmental and Social Impact Assessment (ESIA) in accordance with Dominican Republic legislation and international standards. Once completed, the ESIA would be submitted to the Government of Dominican Republic for evaluation and final decision.

Geotechnical drilling and site investigation is progressing as planned and at the end of the quarter, 41 of 128 holes were drilled with four rigs in operation. A geophysical survey is also underway and is approximately 30% complete. Resistivity work has been completed and the seismic refraction work will commence in the second quarter of 2022.

As of March 31, 2022, we have incurred $529 million (including $79 million in the first quarter of 2022) on the project (100% basis). The estimated capital cost of the project remains at approximately $1.4 billion (100% basis), but will be subject to change once the selection of a tailings storage facility site in consultation with the Government of the Dominican Republic, as well as detailed design and engineering, has been completed.

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Zaldívar Chloride Leach Project, Chile

Zaldívar is jointly owned by Antofagasta and Barrick and is operated by Antofagasta. In December 2019, the Board of Compañía Minera Zaldívar approved the Chloride Leach Project. The project involved the construction of a chloride dosing system, an upgrade of the solvent extraction plant and the construction of additional washing ponds.

During the first quarter of 2022, the project was successfully completed and handed over to the Zaldívar operations team. As of March 31, 2022, we have spent $186 million (including $6 million in the first quarter of 2022) compared to the estimated capital cost of approximately $189 million (100% basis). As construction of this project has been completed, it will no longer be separately reported in this section of the MD&A.

Veladero Phase 7 Leach Pad, Argentina

In November 2021, the Board of Minera Andina del Sol approved the Phase 7A leach pad construction project. Construction of Phase 7B will commence following the completion of Phase 7A, subject to approval by the board of Minera Andina del Sol. Construction on both phases will include sub-drainage and monitoring, leak collection and recirculation, impermeabilization, and pregnant leaching solution collection. Additionally, the north channel (non-contacted water management) will be extended along the leach pad facility.

Construction of Phase 7A progressed to 48% by the end of the first quarter of 2022. The first two sectors (of four) will be ready for ore stacking during the middle of 2022. The remaining two sectors are not required for production until 2023.

As of March 31, 2022, we have incurred $26 million (including $16 million in the first quarter of 2022) out

of an estimated capital cost of $75 million (100% basis). Subject to approval by the board of Minera Andina del Sol, construction of Phase 7B is expected to commence in the fourth quarter of 2022. Early procurement of long lead items for Phase 7B will start in the second quarter of 2022.

Veladero Power Transmission, Chile-Argentina

In 2019, we commenced construction of an extension to the existing Pascua-Lama power transmission line to connect to Veladero. Upon completion, the power transmission line will allow Veladero to convert to grid power exported from Chile and cease operating the current high-cost diesel generation power plant located at site. A power purchase price agreement was executed during the fourth quarter of 2019 to supply power from renewable energy that will significantly reduce Veladero’s carbon footprint. This is expected to reduce CO2 equivalent emissions by 100,000 tonnes per year upon commissioning.

We have completed the construction of the Veladero Power Transmission project, which is expected to be energized in 2022, subject to final authorization. We have spent $52 million to complete the project (100% basis).

In March 2022, a Chilean trial court issued injunctions which, among other things, prohibited the administrative authority that oversees electric projects in Chile (the Coordinador Eléctrico Nacional, or “CNE”) from completing the procedures required to energize the Veladero Power Transmission Project. Compañía Minera Nevada, Barrick’s Chilean subsidiary that holds the Chilean portion of the Pascua-Lama Project, has appealed the trial court’s decision.

Exploration and MineralResource Management

The foundation of our exploration strategy starts with a deep organizational understanding that exploration is an investment and a value driver for the business - not a process. Our exploration strategy has multiple elements that all need to be in balance to deliver on the Company’s business plan for growth and long-term sustainability.

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

Our exploration approach is to first understand the geological framework and ore controls. We then design exploration programs based upon that understanding, instead of simply drilling for mineralized intervals. This has put us in good stead with robust results from multiple projects highlighted in the following section.

North America

Carlin, Nevada, USA^8,9,10^

At North Leeville, results from the 2021 resource delineation program have delivered a maiden inferred resource of 1.9 million tonnes at 11.5 g/t for 0.70 million

ounces (on a 100% basis). The bulk of high-grade mineralization occurs in a 200 meter by 250 meter area, with significant growth opportunity along prospective northwest and north-northeast structures. New results returned in the first quarter of 2022 include 44.2 meters at 10.31 g/t Au in hole NLX-00011 that together with the previously reported 4.3 meters at 8.88 g/t Au and 7.8 meters at 26.03 g/t Au in hole NLX-00012 will further expand the inferred resource footprint. Resource delineation drilling will continue into 2022 to capture additional high-value ounces, while exploration drilling will test down-dip opportunities along interpreted feeder faults that remain untested for more than a kilometer of strike length.

At Ren, results from the 2021 resource delineation program have delivered a maiden resource of 50 thousand ounces in the indicated category (0.11 million tonnes at 14.40 g/t Au) and 1.2 million ounces in the inferred category (5.2 million tonnes at 7.3 g/t Au). New drilling at Ren focused on increasing confidence in the continuity of high grade mineralization in the JB Zone and extending the footprint to the south, as well as further testing the exploration upside on the western Corona Corridor. Three holes drilled to the south of the JB Zone intercepted 10.7 meters at 9.19 g/t Au in hole MRC-21013, 7.6 meters at 17.49 g/t Au in hole MRC-21014, as well as 12.2 meters at

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9.63 g/t Au and 14.0 meters at 5.25 g/t Au in hole MRC-21015. These intercepts are expected to further expand the inferred resource footprint. On the eastern side, mineralization remains unconstrained by drilling up to 800 meters to the south at East Banshee. Drilling on the western Corona Corridor also intercepted 10.7 meters at 10.22 g/t Au in hole MRC-21012, further expanding the mineralization, which remains open to the north, south and west. In addition, a metallurgical purposed hole (MRC-21016) completed in the JB Zone returned 36.6 meters at 13.95 g/t Au, confirming model expectation.

East of El Niño, exploration drilling intersected a new zone of mineralization. Assay results from discovery hole WSF-22001 returned 15.5 meters at 7.86 g/t Au in the down-dropped fault block three hundred meters east of the deposit. This fault block is part of a two-kilometer-wide untested graben that separates the El Niño and Ren deposits. Similar to these deposits, the intercept is hosted in the same Rodeo Creek stratigraphy with favorable intrusive activity and low angle structural complexity. Follow-up drilling is in progress to better define ore controls and assess size potential.

Cortez, Nevada, USA^11^

At the Cortez Hills underground mine, drill testing of a fertile fault and inferred feeder below the mine known as the Hanson Footwall target is ongoing. The previously reported intersections of 16.9 meters at 11.24 g/t Au in hole CMX 21-21012 and 22.6 meters at 23.07 g/t Au in hole CMX-21025 were followed up by two holes testing for continuity along strike. While both drill holes intersected favorable breccia and alteration in target lithology, the thicknesses of alteration were less than anticipated. Geological knowledge gained from these holes will be used to refine target geometry before testing continues.

Progress at Robertson continues with updated fault interpretations at Distal and refined alteration models at Gold Pan that are driving current exploration drilling strategy.

On the Swift property, an exploration earn-in joint venture for Nevada Gold Mines, an exploration framework core hole was completed to assess depth and alteration of favorable lower plate carbonate host rocks in an area of sparse drilling and strong surficial geochemistry. Lower plate carbonates were intersected, though only weak alteration and mineralization was defined. Structural and geochemical data obtained from the hole will be utilized for vectoring purposes to target additional framework holes starting in the second quarter of 2022.

Fourmile, Nevada, USA

Interpretive work continued in an area of strong geochemical anomalism at surface, north of the Mill Canyon stock, refining the location of fertile fault corridors tracking north from Fourmile. This work is based on interpretations from field mapping and an initial framework drillhole completed in 2021. A drill rig moved to site at the end of the first quarter of 2022 to continue a fence of holes to define the geological framework of the area and identify down dip extensions of fertile faults.

At Fourmile, interpretive work continued on the Dorothy breccia to better understand breccia formation and zonation leading to a better understanding of vectors to mineralization. This work will be utilized to target further

follow-up drillholes planned to begin in the second quarter of 2022.

Turquoise Ridge, Nevada, USA

The 2022 exploration program at Turquoise Ridge is significantly larger than in recent years due to advances in geological understanding and the development of several new target ideas. Exploration work is spread across the district, drill testing multiple high potential concepts. Additional data consolidation and interpretive work has identified a new geochemical anomaly just southwest of the Mega deposit and along the legacy property boundary between the two mines. This target area, Fence Line, represents the strongest open anomaly in the district and is a high priority for the exploration team at Turquoise Ridge. Reverse circulation drilling is currently underway to define the extent of anomalism in the broad open area, and will be followed by core drilling as the program progresses during the year.

Hemlo, Canada^12^

Resource delineation and extension drilling continued with two drills in the western extension of the E Zone. The assay results from the last four surface holes drilled in the infill program in the fourth quarter of 2021 returned significant intercepts including W2117: 3.6 meters at 18.94 g/t Au, W2118: 4.8 meters at 19.62 g/t Au and W2119: 3.0 meters at 9.08 g/t Au, confirming the high-grade ore shoot delineated with 2020 drilling. The drillhole W2120 returned 2.90 meters at 5.69 g/t Au, confirming down dip and plunge continuity of mineralization. The current geological interpretation for the high-grade mineralization in the E Zone is associated with mineralized carbonate and quartz-carbonate veins that are hosted by pervasively carbonate and feldspar altered fine-grained volcaniclastic units.

On April 1, 2022, Barrick entered into a binding term sheet with Hemlo Explorers for an exploration earn-in agreement over a portion of their Pic property, covering 16,800 hectares. The Pic property covers the continuation of the Hemlo greenstone sequence, as it extends westward and northward from Hemlo, located just 20 kilometers to the southeast. Under the terms of the earn-in agreement, Barrick may earn up to an 80% interest in the property through various expenditure and milestone commitments over a six to eight year period.

Uchi Belt, Canada

On the South Uchi option with Kenorland Minerals in the east of the belt, a property wide till survey has been completed and results identified an anomalous Au-As train within the eastern half of the property package, coincident with the approximately 40 kilometer long As anomaly identified from legacy lake sediment data. Multiple barren grid lines to the immediate northeast, in the up-ice flow direction from the anomalous area, suggests that the source is proximal.

Analysis of LIDAR survey results flown over the three western properties in the fourth quarter of 2021 provided a geomorphology map, which will be used for planning till surveys when the weather allows in 2022.

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Latin America & Asia Pacific

Pueblo Viejo, Dominican Republic

An induced polarization survey has started at the Arroyo del Rey target, where we have previously identified multiple silica alteration events and rock chip samples with mineralization at surface, within a large geochemical footprint of 1.5 by 0.7 kilometers. The survey is expected to be completed in early April, with a follow up drilling campaign planned to start in the second quarter of 2022.

Adjacent to the Mejita pit, we have identified a prospective area, Mejita East, where there are encouraging indications of structurally controlled gold mineralization in a preserved block. A soil sampling grid was completed, confirming gold anomalism. All information has been compiled in an updated geological model, and drill testing is planned in the second quarter of 2022.

Ichuraya, Peru

Ongoing detailed geological mapping and sampling has identified a large intermediate sulphidation target related to a breccia-dome complex, with evidence of at least four magmatic events associated with a gold anomaly that extends over 1.5 kilometers at surface. Based on this work, additional prospective mining properties were secured at the Ichuraya project in Southern Peru.

We have commenced the drill permitting process for this target, which is anticipated to be granted in early 2023.

Pascua-Lama Project Area, Argentina and Chile

At Pascua, the review of the metallurgical results from the 5,537 meter metallurgical campaign remains ongoing. Initial results from bottle roll tests are being reviewed, and variability in data is being correlated to the underlying geology models. Flotation variability testwork results were received at the end of the first quarter of 2022, and are also being reviewed. Bottle roll tests are showing indicative results that portions of the orebody do recover well through direct cyanidation. However, preliminary flotation testwork also indicates that portions of the orebody may not be as amenable to flotation as previously expected. Geometallurgical modeling will continue with the current data into the second quarter of 2022, and preliminary conceptual scenario analyses will be conducted on possible mining and processing scenarios.

Exploration drilling at Pascua was suspended by a February 4, 2022 decision of the Chilean Supreme Court, which ruled that Barrick’s exploration activities are incompatible with the Temporary Closure Plan for the project, and that only closure-related activities may be conducted at the project going forward. Barrick is currently reviewing the impact of this decision and considering its next steps.

At Lama one drill rig has been deployed and an additional drill rig is planned to be added in the second quarter of 2022. Various Lama targets will be drill tested through a success-based campaign with an objective of discovery or elimination of the target from the resource triangle. All of this work is being conducted in conjunction with the Pascua-Lama and Veladero business plans to define additional mineralization that could grow the project and/or operation profile.

El Indio Belt, Argentina and Chile^13^

We continue with our efforts to identify the next generation of targets along the El Indio Belt, which extends over 120 kilometers along the Chile-Argentina border. We are currently delineating areas in both countries that will be drilled in the second half of 2022.

At Alturas-Del Carmen, work in the first quarter of 2022 continued on the Alturas project where the focus remains on testing structural controls within the system that could yield higher-grade controls and continuity in the larger framework of the deposit; along with a focus on metallurgical results, where preliminary data is suggesting higher variability than previously modeled. This work will continue into the second quarter of 2022, until winter weather conditions temporarily halt the drilling.

At Del Carmen, drilling at the Rojo Grande and Chibolita targets resumed in the first quarter of 2022 with one drill rig. Early drilling suggests that the controls to mineralization are different from those at Alturas, thus infill drilling is required to determine (or establish) the continuity of mineralization. Drilling will continue until the winter season.

All geological models, grade estimates and geometallurgical models will be updated and rebuilt during the second quarter and into the start of the third quarter of 2022 to inform a decision on next steps for the projects.

Results received from the first two holes drilled at Carmen Norte, located immediately to the north of the Rojo Grande target at Del Carmen, confirmed gold mineralization related to a high-sulphidation system (DDH-CN-01: 39 meters at 0.50 g/t Au), which opens up a new area with upside potential to add resources to the Alturas-Del Carmen project.

In Chile, we have completed drilling at the Azufreras target in the El Indio camp, where results show potential for breccia-hosted mineralization in the southern part of the target, with more than 45 meters of anomalous gold mineralization intersected. Drilling has also started at the Campanario target, where we have confirmed favorable widespread high-sulphidation style alteration, related to a large breccia-hosted oxidized system. Results are pending.

Veladero District, Argentina

Near the operation, we continue to progress the exploration of the N-S trend, where a large and poorly explored low sulphidation system holds potential to rapidly deliver quality ounces to the mine. Drilling is planned during the second quarter of 2022 to test continuity at depth and enable metallurgical test work.

At La Ortiga Norte, we have delineated one target with the potential to host an economic resource. Drilling is scheduled for the fourth quarter of 2022. Results received from two holes drilled at Zancarron, located 39 kilometers to the south of Veladero, confirms gold mineralization associated with vuggy silica and silicification, but grades are lower than anticipated. We continue to carry out delineation work to unveil the potential under post-mineral cover along trend and to the southeast.

El Quevar, Argentina

Delineation work was completed during the first quarter of 2022, resulting in the definition of four targets. We have completed access roads and drill pads to start drilling early in the second quarter. We expect to complete the initial

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framework drill campaign by the end of the second quarter of 2022.

Cerro Bayo, Argentina

Barrick and Latin Metals have entered an earn-in agreement that gives Barrick the right to earn-in to 85% of three properties covering more than 18,400 hectares of highly prospective ground in the Deseado Massif in the Santa Cruz district.

The project area has only been superficially explored to date, with numerous favorable indications of preserved paleo-surfaces and shallow epithermal features, such as hot springs and silica caps noted. Delineation and field work has commenced with the objective of developing drill targets later in 2022.

Porgera, Papua New Guinea

As discussed on page 31, Porgera is currently on temporary care and maintenance and consequently, all exploration activities have ceased.

Japan Gold Strategic Alliance, Japan

The Initial Evaluation phase has been extended by six months to August 31, 2022 to account for the inclusion of additional high potential properties, as well as pending analytical results from work programs comprised of geochemical sampling and geophysical gravity surveys and Covid-19 related travel restrictions. Virtual workshops reviewed and prioritized the entire portfolio of properties to design effective work programs. This will be further enhanced by field workshops planned for the second and third quarters of 2022.

Makapa Project, Guyana

Systematic geological and geochemical screening along a 60 kilometer zone of the Makapa-Kuribrong Shear Zone continues to support the interpretation of prospectivity beneath post-mineral sand cover. Two main prospective structural corridors have been defined over more than 8 kilometers of strike length. Encouragingly, multiple intrusions were identified near the main shear zone by a wide spaced air-core drilling program in the southern Potaro target which was at 88% progress by the end of the first quarter of 2022. Drilling is planned for the northern Apanachi target area in the second quarter of 2022.

Reunion Gold Strategic Alliance, Guiana Shield

Drilling continued on the NW Extension project in Suriname, and 30 drill holes have been completed to date on three drill fences. The purpose of the program is to geologically and geochemically screen the projection of interpreted structural corridors, similar to those associated with gold mineralization at the Rosebel gold deposit located 70 kilometers to the southeast. Favorably magnetized and sulphidized sediments, and quartz-tourmaline veining, has been intersected, which are similar hosts to mineralization at Rosebel. A strain corridor has also been intersected between the volcanics and sediments, further supporting the structural corridors previously interpreted from airborne magnetics. Analytical results from the first drill fence failed to record elevated gold or pathfinder elements. This program was suspended at the end of the first quarter due to the early onset of the wet season, and will resume when conditions permit, which is currently expected to be early in the third quarter of 2022.

Africa & Middle East

Bambadji, Senegal^14^

At the Kabewest target, drilling results continued to support the presence of coherent zones of high grade mineralization, demonstrated by strong new intercepts in KBWDH020 of 26.7 meters at 2.15 g/t Au, including 15.9 meters at 3.17 g/t Au; 49.8 meters at 2.46 g/t Au, including15.9 meters at 3.27 g/t Au; and 9.7 meters at 4.81 g/t Au. Although open at depth, the overall size of the high grade zones appears to be constrained, and drilling has now been paused to undertake a 3D induced polarization geophysical survey to support more effective targeting of additional larger mineralized zones within the wider Kabewest system.

Fatima is a new target which shows geological similarities to Kabewest, based on preliminary observations. First pass air core drill testing has returned encouraging results over two lines spaced 500 meters apart. The northern line intersected strong mineralization highlighted by: 21 meters at 3.01 g/t Au, including 6 meters at 8.12 g/t Au (FAAC004); and 29 meters at 3.17 g/t Au (FAAC006), including 9 meters at 8.62 g/t Au (ended in mineralization). The best result on the southern line was 9 meters at 1.29 g/ t Au, including 2 meters at 4.64 g/t Au (FAAC002). A framework drill program to progress this emerging target will be completed in the second quarter of 2022.

At Baqata Ridge, diamond drilling has commenced over a one kilometer strike length to build the geological framework of the target, which is characterized by high-grade quartz-carbonate-hematite-pyrite vein arrays within a tourminalized sandstone.

On the new Dalema permit, early stage exploration activities have commenced with auger drilling in the northern part of the permit to generate new targets, while a high resolution airborne magnetic survey is planned in the second quarter of 2022 over the entire tenement to refine the geological architecture within the prospective Faleme volcanic domain.

Loulo-Gounkoto, Mali^15^

At Yalea Ridge, drilling has continued with the aim of defining the extent and continuity of the mineralized system, within which the highest gold grades are associated with sheeted quartz veinlets and hematite-quartz stockwork veins. Results have continued to support the potential of zones with higher vein densities being amenable to open pit mining. A full geological model update will follow the completion of the current drilling program.

Drilling to the north of the previously mined P129 satellite deposit has defined mineralization over a 600 meter strike length. The grade is variable with several significant intercepts: 7 meters at 5.66 g/t Au (P129AC0046), 4 meters at 2.63 g/t Au (P129RC103), 7 meters at 9.28 g/t Au (P129RC92) and 8 meters at 1.19 g/t Au (P129RC91). The next step is to improve the understanding of the geological controls on the high-grade mineralization and to assess the target as a satellite opportunity early in the second quarter of 2022.

At the Faraba Complex, an updated block model and pit optimization incorporating all drill results from the first quarter of 2022 shows potential for growth of the economic in-pit mineralization outside the 2021 mineral resource base. Consequently, further resource definition and conversion drilling will be completed during the second and third quarters of 2022, targeting a significant contribution towards the replacement of annual depletion.

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At Gounkoto DB1, follow up drilling has focused on the high grade footwall zone intersected in the fourth quarter of 2021. Modeling of drill results indicated a south plunging and concealed zone of high-grade mineralization controlled by the interaction of a folded shear zone and the Gounkoto Domain Boundary structure (“GKDB”) hosted in fine sediments. This model indicates significant potential for other concealed high grade targets along the greater than 4 kilometer strike of the GKDB, which previous drilling would not have effectively tested. Additional drilling will be carried out to test the continuity of the high-grade zone and work programs commenced to identify other similar targets in the second quarter of 2022.

Tongon, Côte d’Ivoire^16^

At Seydou North, four additional high-grade shoots have been identified with results including 19 meters at 7.20 g/t Au (SNRC283) and 12 meters at 4.95 g/t Au (SNRC112). Infill resource conversion drilling of the previously defined main shoot is complete with strong results including 28 meters at 8.19 g/t Au from SNRC067 and 26 meters at 8.53 g/t Au from SNRC247. The new data has been integrated within an updated block model and pit optimization, which are expected to further extend the Tongon life of mine and contribute to resource expansion.

Along the fertile Stabilo Trend, multiple targets within 15 kilometers of Tongon continue to be advanced. At Koro A2, drilling has defined mineralization over 300 meters of strike with significant results, including 44 meters at 1.46 g/t Au (KORC011). The system is open to the north-northeast where auger drilling is in progress to further refine strike extension potential.

Kibali, Democratic Republic of Congo

At Kalimva, a program designed to test the underground opportunity below the open pit is in progress (4 of 19 holes completed). The mineralized system was successfully intersected in two holes, measuring up to 100 meters thick (downhole), with expected mineralized zones supporting extension of mineralization 300 meters below previous drilling, the results of which are pending.

At Kolapi, the first phase of drilling was completed to test open-pit potential along a 1.6 kilometer section of the KZ structure between the Oere and Mofu pits. Observations and results from drilling are supporting the continuity of the Oere system to the south.

At Makoro, field mapping has defined a northwest trending shear corridor extending more than three kilometers strike length, correlating with gold in soil anomalism and localized high grade lithosamples. Current work is focusing on refining the geological model and defining targets for follow up.

North Mara and Bulyanhulu, Tanzania

At North Mara, re-logging of historical drill holes and a reassessment of geological models has identified multiple targets in a similar setting to the mineralization at Gokona and Gena. These targets will be prioritized against others in the portfolio for follow-up drill testing in the second quarter of 2022.

At Ochuna, located 45 kilometers west of Rama, geochemical soil sampling is in progress to assess the potential for a cluster of Rama-style intrusive targets within a five kilometer corridor.

At Bulyanhulu, Phase 1 reverse circulation drilling was completed, testing the structural repetition of Reef 2 on the northeast limb of a regional scale synformal fold. Drilling intersected the expected geologic sequence, validating the geological model, but returned only anomalous results. A drill program to test the equivalent interpreted Reef 1 and Itetemia trends is currently being designed.

Regional Exploration, Tanzania

Mapping and sampling within the Maji Moto block has identified several multi-kilometer scale prospective structures and the completion of an updated regolith interpretation will add key context to planned geochemical sampling programs to be executed in the second quarter of 2022. Meanwhile, airborne geophysics surveys over the four other regional projects (Itongo, Ndalilo, Nzega North and South) are planned to commence in the second quarter of 2022.

Egypt, Regional Exploration

In Egypt, our team has been active carrying out initial geological assessments of our licenses. Fieldwork is successfully validating areas of interest identified during the license selection process and the first-year work program is being designed to rapidly identify and prioritize targets for testing.

Lumwana

Drilling at the Lubwe target has intersected thick zones (greater than 100 meters in most cases) of low-grade ore schist with higher grade inclusions, which has extended the Lubwe potential resource a further one kilometer to the north. Structural complexity within the Lubwe area supports the opportunity for additional near surface mineralization through fault offsets and potential for structurally controlled zones of mineralization, which may contain higher grades.

Drilling will commence shortly on the other three Lumwana prospects in the northwest of the concession –Kamaranda, Kababisa and Kamaranda Northwest. All of these prospects have the potential to be large tonnage additions to the life of mine.

BARRICK FIRST QUARTER 2022	66	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Review of Financial Results

Revenue

( millions, except per ounce/pound<br>  data in dollars)
		12/31/21		3/31/21
Gold
000s oz<br>solda	993		1,234		1,093
000s oz<br>produceda	990		1,203		1,101
Market price (/oz)	1,877		1,795		1,794
Realized price<br>(/oz)b	1,876		1,793		1,777
Revenue	2,511		2,977		2,641
Copper
millions lbs<br>solda	113		113		113
millions lbs<br>produceda	101		126		93
Market price (/lb)	4.53		4.40		3.86
Realized price<br>(/lb)b	4.68		4.63		4.12
Revenue	287		263		256
Other sales	55		70		59
Total revenue	2,853		3,310		2,956

All values are in US Dollars.

a.	On an attributable basis.
b.	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
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Q1 2022 compared to Q4 2021

In the first quarter of 2022, gold revenues decreased by 16% compared to the fourth quarter of 2021, primarily due to lower sales volume, partially offset by a higher realized gold price^1^. The average market price for the three month period ended March 31, 2022 was $1,877 per ounce, a 5% increase versus the $1,795 per ounce average in the prior quarter. During the first quarter of 2022, the gold price ranged from $1,780 per ounce to $2,070 per ounce, and closed the quarter at $1,942 per ounce. Gold prices in the first quarter of 2022 continued to be volatile and were impacted by economic and geopolitical concerns as a result of the invasion of Ukraine by Russia, the emergence of new variants of Covid-19, as well as uncertainty related to reductions in fiscal and monetary stimulus measures that were put in place by governments and central banks worldwide during the pandemic. In particular, economic and geopolitical concerns have led to an increase in investor interest in gold, with global ETF holdings increasing in the first quarter of 2022 after declining in 2021.

In the first quarter of 2022, gold production on an attributable basis was 213 thousand ounces lower than the prior quarter, primarily at Carlin and Cortez following the depletion of stockpiled higher grade underground ore that was processed in the fourth quarter of 2021 after the mechanical mill failure at the Goldstrike roaster in the second quarter of 2021. To a lesser extent, production was also lower at Kibali and Turquoise Ridge due to planned maintenance, and at Tongon (included in the Other category above) due to mine sequencing.

ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz)

Q1 2022 compared to Q4 2021

Copper revenues in the first quarter of 2022 increased by 9% compared to the prior quarter, primarily due to a higher realized copper price^1^. The average market price in the first quarter of 2022 was $4.53 per pound, marking an all-time high quarterly average price and representing an increase of 3% from the quarterly average of $4.40 per pound in the prior quarter. The realized copper price^1^ in the first quarter of 2022 was higher than the market copper price due to the impact of positive provisional pricing adjustments, similar to the prior quarter. During the first quarter of 2022, the copper price traded in a range of $4.29 per pound to an all-time high of $4.92 per pound, and closed the quarter at $4.69 per pound. Copper prices in the first quarter of 2022 traded at historically high levels due to strong demand as the global economy continues its recovery from the interruptions caused by the pandemic, low levels of stockpiles, and supply constraints. Expectations for increases in copper demand from infrastructure spending and the transition to a low-carbon global economy also continue to have a positive impact on copper demand and consequently, prices.

Attributable copper production in the first quarter of 2022 was 25 million pounds lower compared to the prior quarter due to lower throughput and lower grades at Lumwana as per the mine plan.

Q1 2022 compared to Q1 2021

For the three month period ended March 31, 2022, gold revenues decreased by 5% compared to the same prior year period, primarily due to a decrease in sales volume, partially offset by an increase in the realized gold price^1^. The average market price for the three month period ended March 31, 2022 was $1,877 per ounce versus $1,794 per ounce for the same prior year period.

BARRICK FIRST QUARTER 2022	67	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz)

Q1 2022 compared to Q1 2021

For the three month period ended March 31, 2022, attributable gold production was 111 thousand ounces lower than the same prior year period, primarily as a result of lower grades processed at Pueblo Viejo and Loulo-Gounkoto, planned maintenance at Turquoise Ridge, and the end of mining at Buzwagi (included in the Other category above) as the operation transitioned into closure in the third quarter of 2021.

Copper revenues for the three month period ended March 31, 2022 increased by 12% compared to the same prior year period, primarily due to a higher realized copper price^1^. In the first quarter of 2022, the realized copper price^1^ was higher than the market copper price due to positive provisional pricing adjustments, similar to the same prior year period.

Attributable copper production for the three month period ended March 31, 2022 increased by 8 million pounds compared to the same prior year period, primarily due to higher grades at Lumwana.

Production Costs

( millions, except per ounce/pound<br>  data in dollars)
	3/31/22	12/31/21	3/31/21
Gold
Site operating costs	1,068	1,157	1,020
Depreciation	419	512	454
Royalty expense	88	93	93
Community relations	7	9	4
Cost of sales	1,582	1,771	1,571
Cost of sales (/oz)a	1,190	1,075	1,073
Total cash costs (/oz)b	832	715	716
All-in sustaining costs<br>(/oz)b	1,164	971	1,018
Copper
Site operating costs	83	63	65
Depreciation	38	43	48
Royalty expense	32	28	23
Community relations	1	0	0
Cost of sales	154	134	136
Cost of sales (/lb)a	2.21	2.21	2.11
C1 cash costs (/lb)b	1.81	1.63	1.60
All-in sustaining costs<br>(/lb)b	2.85	2.92	2.26

All values are in US Dollars.

a.	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or<br>care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an<br>attributable basis using Barrick’s ownership share).
b.	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
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Q1 2022 compared to Q4 2021

In the first quarter of 2022, gold cost of sales on a consolidated basis was 11% lower compared to the fourth quarter of 2021, mainly due to lower sales volume. Our 45% interest in Kibali is equity accounted, and therefore the mine’s cost of sales is excluded from our consolidated gold cost of sales. Our per ounce metrics, gold cost of sales^2^ and total cash costs^1^, include our proportionate share of cost of sales at our equity method investees, and these were 11% and 16% higher, respectively, than the prior quarter. This was mainly due to the impact of lower sales volumes, given that a significant proportion of our costs are fixed in nature, combined with higher prices of fuel, energy and other consumables due to inflationary pressures.

In the first quarter of 2022, gold all-in sustaining costs per ounce^1^, which also include our proportionate share of equity method investees, increased by 20% compared to the prior quarter. This was primarily due to higher total cash costs per ounce^1^ as discussed above, combined with higher minesite sustaining capital expenditures^1^ on a per ounce basis.

In the first quarter of 2022, copper cost of sales on a consolidated basis was 15% higher compared to the prior quarter, mainly due to higher sales volume at Lumwana. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore, we do not include their cost of sales in our consolidated copper cost of sales. Our per pound metrics, copper cost of sales^2^ and C1 cash costs^1^ include our proportionate share of cost of sales at our equity method investees. Copper cost of sales per pound^2^ was in line with the same prior period, primarily due to lower depreciation expense, partially offset by higher C1 cash

BARRICK FIRST QUARTER 2022	68	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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costs per pound^1^. C1 cash costs per pound^1^ increased by 11% compared to the prior quarter mainly due to lower planned grades at Lumwana, as the mine continued to focus on capitalized waste stripping to open up higher-grade mining areas and allow for future production growth over the five-year outlook.

In the first quarter of 2022, copper all-in sustaining costs^1^ per pound, which also include our proportionate share of equity method investees, were 2% lower than the prior quarter, primarily reflecting lower minesite sustaining capital expenditures^1^ mainly due to the purchase of new mining equipment at Lumwana occurring in the prior quarter, partially offset by higher C1 cash costs per pound^1^.

Q1 2022 compared to Q1 2021

For the three month period ended March 31, 2022, gold cost of sales on a consolidated basis was 1% higher than the same prior year period, primarily due to higher site operating costs resulting from higher fuel, energy, labor and other consumable prices due to inflationary pressures. This was partially offset by lower sales volumes. Our 45% interest in Kibali is equity accounted and therefore, the mine’s cost of sales is excluded from our consolidated gold cost of sales. Our per ounce metrics, gold cost of sales^2^ and total cash costs^1^ include our proportionate share of cost of sales at our equity method investees and these were 11% and 16% higher, respectively, compared to the same prior year period. This was due to lower sales volumes, given that a significant proportion of our costs are fixed in nature, combined with higher prices of fuel, energy and other consumables due to inflationary pressures, as described above.

For the three month period ended March 31, 2022, gold all-in sustaining costs per ounce^1^ increased by 14% compared to the same prior year period, primarily due to an increase in total cash costs per ounce^1^, combined with higher minesite sustaining capital expenditures^1^.

For the three month period ended March 31, 2022, copper cost of sales on a consolidated basis was 13% higher than the same prior year period, primarily due to higher site operating costs due to the inflationary pressures described above, combined with higher royalty expense as a result of a higher realized copper price^1^. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore, we do not include their cost of sales in our consolidated copper cost of sales. Our per pound metrics, copper cost of sales^2^ and C1 cash costs^1^ include our proportionate share of cost of sales at our equity method investees, and these increased by 5% and 13%, respectively, due to lower planned grades at Lumwana, as the mine continued to focus on capitalized waste stripping to open up higher-grade mining areas and allow for future production growth over the five-year outlook.

For the three month period ended March 31, 2022, copper all-in sustaining costs per pound^1^ was 26% higher than the same prior year period primarily reflecting higher C1 cash costs per pound^1^, combined with higher minesite sustaining capital expenditures^1^.

CapitalExpenditures^a^

($ millions)	For the three<br><br><br>months ended
	3/31/22		12/31/21		3/31/21
Minesite sustaining^b,c^	****	420		431		405
Project capital expenditures^b,d^	****	186		234		131
Capitalized interest	****	5		4		3
Total consolidated capital expenditures	****	611		669		539
Attributable capital expenditures^e^	****	478		552		424
a.	These amounts are presented on a cash basis.
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b.	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
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c.	Includes both minesite sustaining and mine development.
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d.	Project capital expenditures^1^<br>are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.
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e.	These amounts are presented on the same basis as our guidance.
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Q1 2022 compared to Q4 2021

In the first quarter of 2022, total consolidated capital expenditures on a cash basis were 9% lower than the fourth quarter of 2021 due to a decrease in both project capital expenditures^1^ and to a lesser extent, minesite sustaining capital expenditures^1^. The decrease in project capital expenditures^1^ of 21% primarily relates to lower expenditure on the plant expansion and mine life extension project at Pueblo Viejo as well as the development of the third underground mine and expansion of power capacity at Loulo-Gounkoto, partially offset by higher expenditures from the Nevada Gold Mines solar power plant project. Slightly lower minesite sustaining capital expenditures^1^ of 3% compared to the prior quarter were mainly due to the purchase of new mining equipment at Lumwana occurring in the prior quarter and the timing of expenditures at North Mara. This was partially offset by higher capitalized waste stripping at the Gounkoto open pit.

Q1 2022 compared to Q1 2021

For the three month period ended March 31, 2022, total consolidated capital expenditures on a cash basis increased by 13% compared to the same prior year period. This was primarily due to higher project capital expenditures^1^, including for the Pueblo Viejo plant expansion and mine life extension project, the development of the third underground mine and expansion of power capacity at Loulo-Gounkoto, as well as the solar power plant project at Nevada Gold Mines. This was combined with slightly higher minesite sustaining capital expenditures^1^ due to increased capitalized waste stripping at Cortez as well as underground equipment purchases and process efficiency related projects at Turquoise Ridge, partially offset by lower capitalized stripping at Veladero and reduced underground development at Loulo-Gounkoto.

BARRICK FIRST QUARTER 2022	69	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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General and Administrative Expenses

($ millions)	For the three<br><br><br>months ended
	3/31/22	12/31/21	3/31/21
Corporate administration	30	32	28
Share-based<br>compensation^a^	24	7	10
General & administrative expenses	54	39	38
a.	Based on a US$24.53 share price as at March 31, 2022 (December 31, 2021: US$19.00 and March 31, 2021:<br>US$20.34).
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Q1 2022 compared to Q4 2021

In the first quarter of 2022, general and administrative expenses increased by $15 million compared to the fourth quarter of 2021, primarily driven by higher share-based compensation due to a greater increase in our share price during the current quarter compared to the prior quarter.

Q1 2022 compared to Q1 2021

For the three month period ended March 31, 2022, general and administrative expenses increased by $16 million, mainly due to higher share-based compensation resulting from an increase in our share price during the current quarter compared to a decrease in the same prior year period.

Exploration, Evaluation and Project Expenses

($ millions)	For the three<br> <br>months ended
	3/31/22	12/31/21	3/31/21
Global exploration and evaluation	27	35	28
Project costs:
Pascua-Lama	14	16	10
Other	13	11	6
Corporate development	3	8	1
Global exploration and evaluation and project expense	57	70	45
Minesite exploration and evaluation	10	12	16
Total exploration, evaluation and project expenses	67	82	61

Q1 2022 compared to Q4 2021

Exploration, evaluation and project expenses for the first quarter of 2022 decreased by $15 million compared to the fourth quarter of 2021. This was primarily due to lower global exploration and evaluation expenses, mainly due to the impact of winter on the timing of drill programs at Nevada Gold Mines. This was combined with lower corporate development costs mainly due to expenses related to certain corporate transactions occurring in the prior quarter.

Q1 2022 compared to Q1 2021

Exploration, evaluation and project expenses for the three month period ended March 31, 2022 was $6 million higher than the same prior year period, mainly due to higher project costs, mainly associated with our projects in the Latin America region, partially offset by lower minesite exploration and evaluation costs at Loulo-Gounkoto.

Finance Costs, Net

($ millions)	For the three<br><br><br>months ended
	****	3/31/22	****	12/31/21		3/31/21
Interest<br>expense^a^	****	91	****	90		88
Accretion	****	12	****	10		10
Interest capitalized	****	(5	)	(5	)	(3	)
Other finance costs	****	1	****	1		1
Finance income	****	(11	)	(12	)	(9	)
Finance costs, net	****	88	****	84		87
a.	For the three months ended March 31, 2022, interest expense includes approximately $8 million of non-cash interest expense relating to the streaming agreements with Royal Gold, Inc. (December 31, 2021: $9 million and March 31, 2021: $9 million).
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Q1 2022 compared to Q4 2021

In the first quarter of 2022, finance costs, net were 5% higher than the prior quarter. There were no significant movements within finance costs, net.

Q1 2022 compared to Q1 2021

For the three month period ended March 31, 2022, finance costs, net were in line with the same prior year period. There were no significant movements within finance costs, net.

Additional Significant Statement of Income Items

($ millions)	For the three<br><br><br>months ended
	3/31/22	****	12/31/21		3/31/21
Impairment charges (reversals)	2	****	14		(89	)
Loss (gain) on currency translation	3	****	13		4
Other expense (income)	(11	)	(130	)	19

Impairment Charges (Reversals)

Q1 2022 compared to Q4 2021

In the first quarter of 2022, net impairment charges were $2 million compared to $14 million in the prior quarter. There were no significant impairment charges or reversals in the current quarter. The impairment charges in the prior quarter related to miscellaneous assets.

Q1 2022 compared to Q1 2021

For the three month period ended March 31, 2022, net impairment charges were $2 million compared to net impairment reversals of $89 million in the same prior year period. There were no significant impairment charges or reversals in the current quarter. Net impairment reversals in the first quarter of 2021 mainly related to the impairment reversal of Lagunas Norte resulting from the agreement to sell our 100% interest to Boroo Pte Ltd.

Loss (Gain) on Currency Translation

Q1 2022 compared to Q4 2021

Loss on currency translation in the first quarter of 2022 was $3 million compared to $13 million in the prior quarter. The losses in both quarters relate primarily to unrealized foreign currency losses from the Zambian kwacha and the Argentine peso. In the current quarter, this was partially offset by gains from the Chilean peso. Fluctuations in these currencies versus the US dollar impact our local currency denominated value-added tax receivable balances.

BARRICK FIRST QUARTER 2022	70	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Q1 2022 compared to Q1 2021

Loss on currency translation in the first quarter of 2022 was $3 million compared to $4 million in the same prior year period. The losses in both the current quarter and the same prior year period primarily relate to unrealized foreign currency losses from the Argentine peso. The current quarter was further impacted by the depreciation of the Zambian kwacha, partially offset by the appreciation of the Chilean peso. These currency fluctuations resulted in a revaluation of our local currency denominated value-added tax receivable balances.

Other Expense (Income)

Q1 2022 compared to Q4 2021

In the first quarter of 2022, other income decreased by $119 million compared to the prior quarter. Other income in the first quarter of 2022 mainly relates to insurance proceeds received in relation to the claim for the mechanical mill failure at the Goldstrike roaster of $22 million, partially offset by care and maintenance expenses at Porgera. In the fourth quarter of 2021, other income of $130 million mainly relates to a gain on the sale of Lone Tree of $205 million, partially offset by a $25 million litigation settlement, $21 million of supplies obsolescence at Buzwagi, as well as care and maintenance expenses at Porgera.

Q1 2022 compared to Q1 2021

For the three months ended March 31, 2022, other income was $11 million compared to an expense of $19 million in the same prior year period. Other income in the first quarter of 2022 mainly relates to insurance proceeds received in relation to the claim for the mechanical mill failure at the Goldstrike roaster of $22 million, partially offset by care and maintenance expenses at Porgera. For the three month period ended March 31, 2021, other expense primarily related to care and maintenance expenses at Porgera and losses on the revaluation of warrant investments.

Income Tax Expense

Income tax expense was $301 million in the first quarter of 2022. The unadjusted effective income tax rate in the first quarter of 2022 was 30% of income before income taxes.

The underlying effective income tax rate on ordinary income in the first quarter of 2022 was 29% after adjusting for the impact of foreign currency translation losses on deferred tax balances; the impact of non-deductible foreign exchange losses; the impact of the Porgera mine being placed on care and maintenance; and the impact of other expense adjustments.

We record deferred tax charges or credits if changes in facts or circumstances affect the estimated tax basis of assets and therefore, the expectations of our ability to realize deferred tax assets. The interpretation of tax regulations and legislation as well as their application to our business is complex and subject to change. We have significant amounts of deferred tax assets, including tax loss carry forwards, and also deferred tax liabilities. We also have significant amounts of unrecognized deferred tax assets (e.g. for tax losses in Canada). Potential changes in any of these amounts, as well as our ability to realize deferred tax assets, could significantly affect net income or cash flow in future periods. For further details on income tax expense, refer to note 10 of the Financial Statements.

Withholding Taxes

In the first quarter of 2022, we recorded $20 million of dividend withholding taxes related to the undistributed earnings of our subsidiaries in Argentina and the United States.

Nevada Gold Mines

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

BARRICK FIRST QUARTER 2022	71	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Financial Condition Review

Summary Balance Sheet and Key Financial Ratios

($ millions, except ratios and share amounts)	As at 3/31/22		As at 12/31/21
Total cash and equivalents	****	5,887		5,280
Current assets	****	3,128		2,969
Non-current assets	****	38,291		38,641
Total Assets	****	47,306		46,890
Current liabilities excluding short-term debt	****	2,233		2,071
Non-current liabilities excluding long-term debt^a^	****	7,303		7,362
Debt (current and long-term)	****	5,144		5,150
Total Liabilities	****	14,680		14,583
Total shareholders’ equity	****	24,175		23,857
Non-controlling interests	****	8,451		8,450
Total Equity	****	32,626		32,307
Total common shares outstanding (millions of shares)	****	1,779		1,779
Debt, net of cash	****	(743)		(130)
Key Financial Ratios:
Current ratio^b^	****	4.01:1		3.95:1
Debt-to-equity^c^	****	0.16:1		0.16:1
^a.^	Non-current financial liabilities as at March 31, 2022 were<br>$5,574 million (December 31, 2021: $5,578 million).
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^b.^	Represents current assets divided by current liabilities (including short-term debt) as at March 31, 2022 and<br>December 31, 2021.
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^c.^	Represents debt divided by total shareholders’ equity (including minority interest) as at March 31, 2022 and<br>December 31, 2021.
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Balance Sheet Review

Total assets were $47.3 billion at March 31, 2022, approximately $0.4 billion higher than December 31, 2021, primarily reflecting the strong cash flow from operating activities, dividends from equity method investments and investment sales.

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

Total liabilities at March 31, 2022 were $14.7 billion, which was slightly higher than total liabilities at December 31, 2021. Our liabilities are primarily comprised of debt, other non-current liabilities (such as provisions and deferred income tax liabilities), and accounts payable.

Shareholders’ Equity

4/26/2022	Number of shares
Common shares		1,779,356,248
Stock options		—

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, share buybacks and dividends. To date, we have not experienced significant negative impacts to liquidity as a result of the Covid-19 pandemic. During the first quarter of 2022, our cash balance benefited from strong cash flow from operating activities, dividends from equity method investments and

investment sales. Cash continues to exceed debt as at March 31, 2022.

Total cash and cash equivalents as at March 31, 2022 were $5.9 billion. Our capital structure comprises a mix of debt, non-controlling interest (primarily at Nevada Gold Mines) and shareholders’ equity. As at March 31, 2022, our total debt was $5.1 billion (debt, net of cash and equivalents was negative $743 million) and our debt-to-equity ratio was 0.16:1. This compares to total debt as at December 31, 2021 of $5.2 billion (debt, net of cash and equivalents was negative $130 million), and a debt-to-equity ratio of 0.16:1.

Uses of cash for the remainder of 2022 include capital commitments of $581 million and we expect to incur attributable minesite sustaining^1^ and project capital expenditures^1^ of approximately $1,400 to $1,700 million during the remainder of the year, based on our guidance range on page 36. For the remainder of 2022, we have contractual obligations and commitments of $704 million for supplies and consumables. In addition, we have $290 million in interest payments and other amounts as detailed in the table on page 74. As discussed on page 31, we have authorized a share buyback program, where we may purchase up to $1 billion of Barrick shares and a performance dividend that may result in a higher dividend based on the closing cash, net of debt position each quarter. We expect to fund these commitments through operating cash flow, which is our primary source of liquidity, as well as existing cash balances as necessary.

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 further portfolio optimization and the creation of new joint ventures and partnerships; issuance of equity securities in the public markets or to private investors, which could be undertaken for liquidity enhancement and/or in connection with establishing a

BARRICK FIRST QUARTER 2022	72	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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strategic partnership; issuance of long-term debt securities in the public markets or to private investors; 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). Both Moody’s and S&P rate Barrick’s outstanding long-term debt as investment grade. In March 2022, S&P upgraded Barrick’s long-term corporate credit rating to BBB+ from BBB, with a stable outlook. This follows a similar upgrade to Baa1 by Moody’s in October 2020. 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 0.02:1 as at March 31, 2022 (0.00:1 as at December 31, 2021).

Summary of Cash Inflow (Outflow)

( millions)			For the three<br>months ended
			12/31/21			3/31/21
Net cash provided by operating activities	1,004	****		1,387			1,302
Investing activities
Capital expenditures	(611	)		(669	)		(539	)
Investment sales (purchases)	260	****		(46	)		0
Divestitures	0	****		8			0
Dividends received from equity method investments	359	****		306			126
Other	1	****		14			5
Total investing inflows (outflows)	9	****		(387	)		(408	)
Net change in debta	(6	)		(5	)		(13	)
Dividendsb	(178	)		(159	)		(158	)
Return of Capital	0	****		(250	)		0
Net disbursements to non-controlling interests	(267	)		(363	)		(259	)
Other	45	****		14			21
Total financing outflows	(406	)		(763	)		(409	)
Effect of exchange rate	0	****		0			(1	)
Increase in cash and equivalents	607	****		237			484

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 the three months ended March 31, 2022, we declared and paid dividends per share in US dollars totaling $0.10<br>(December 31, 2021: declared and paid $0.09; March 31, 2021: declared and paid $0.09).
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Q1 2022 compared to Q4 2021

In the first quarter of 2022, we generated $1,004 million in operating cash flow, compared to $1,387 million in the prior quarter. The decrease of $383 million was primarily due to lower gold sales volumes, higher total cash costs/C1 cash costs per ounce/pound^1^, and higher cash taxes paid. This was combined with an unfavorable movement in working capital, mainly other current assets and inventory, partially offset by a favorable movement in accounts receivable. Operating cash flow was positively impacted by higher realized gold and copper prices^1^ and lower interest paid as a result of the timing of semi-annual interest payments on our bonds.

Cash inflows from investing activities in the first quarter of 2022 were $9 million compared to cash outflows of $387 million in the prior quarter. The increase of

$396 million was primarily due to proceeds received from investment sales, including the sale of shares of Skeena Resources Ltd and Endeavour Mining. This was combined with lower capital expenditures and higher dividends received from equity method investments, in particular Kibali, during the current quarter.

Net financing cash outflows for the first quarter of 2022 amounted to $406 million, compared to $763 million in the prior quarter. The decrease of $357 million is primarily due to the payment of the last $250 million tranche of a $750 million return of capital distribution in 2021 occurring in the same prior year period. This was combined with lower net disbursements paid to non-controlling interests, primarily to Newmont in relation to their interest in Nevada Gold Mines.

Q1 2022 compared to Q1 2021

In the first quarter of 2022, we generated $1,004 million in operating cash flow, compared to $1,302 million in the same prior year period. The decrease of $298 million was primarily due to lower gold sales volumes and higher total cash costs/C1 cash costs per ounce/pound^1^. This was combined with an unfavorable movement in working capital, mainly other current assets, partially offset by a favorable movement in accounts payable. Operating cash flow was positively impacted by higher realized gold and copper prices^1^.

Cash inflows from investing activities in the first quarter of 2022 were $9 million compared to cash outflows $408 million in the same prior year period. The increase of $417 million was primarily due to proceeds received from investment sales, including the sale of shares of Skeena Resources Ltd and Endeavour Mining. This was combined with higher dividends received from equity method investments, in particular Kibali, partially offset by higher capital expenditures during the current quarter.

Net financing cash outflows for the first quarter of 2022 amounted to $406 million, compared to $409 million in the same prior year period. The decrease of $3 million is primarily due to higher repayments received from the Pueblo Viejo shareholder loan, partially offset by higher dividends paid, reflecting Barrick’s continued strong financial performance.

BARRICK FIRST QUARTER 2022	73	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Commitments and Contingencies

Litigation and Claims

We are currently subject to various litigation proceedings as disclosed in note 17 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 3/31/22
		2023		2024		2025		2026		2027 and<br><br><br>thereafter		Total
Debta
Repayment of principal	0		0		0		12		47		5,050		5,109
Capital leases	11		11		5		4		4		25		60
Interest	290		308		307		307		305		3,836		5,353
Provisions for environmental rehabilitationb	183		177		102		96		145		1,929		2,632
Restricted share units	9		11		1		0		0		0		21
Pension benefits and other post-retirement benefits	3		4		4		4		4		41		60
Purchase obligations for supplies and consumablesc	704		178		149		142		141		454		1,768
Capital<br>commitmentsd	581		22		0		0		0		0		603
Social development<br>costse	16		14		12		7		7		49		105
Other<br>obligationsf	1		22		22		22		22		384		473
Total	1,798		747		602		594		675		11,768		16,184

All values are in US Dollars.

^a.^	Debt and Interest - Our debt obligations do not include any subjective acceleration clauses or other clauses that<br>enable the holder of the debt to call for early repayment, except in the event that we breach any of the terms and conditions of the debt or for other customary events of default. We are not required to post any collateral under any debt<br>obligations. Projected interest payments on variable rate debt were based on interest rates in effect at March 31, 2022. 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 provisions for environmental rehabilitation.
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^c.^	Purchase obligations for supplies and consumables - Includes commitments related to new purchase obligations to secure<br>a supply of acid, tires and cyanide for our production process.
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^d.^	Capital commitments - Purchase obligations for capital expenditures include only those items where binding commitments<br>have been entered into.
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^e.^	Social development costs - Includes a commitment of $14 million in 2027 and thereafter, related to the funding of<br>a power transmission line in Argentina.
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^f.^	Other obligations includes the Pueblo Viejo JV partner shareholder loan, the deposit on the Pascua-Lama silver sale<br>agreement with Wheaton Precious Metals Corp., and minimum royalty payments.
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BARRICK FIRST QUARTER 2022	74	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Review of Quarterly Results

Quarterly Information^a^

($ millions, except where indicated)	2022	2021	2021	2021		2021	2020	2020	2020
	Q1	Q4	Q3	Q2		Q1	Q4	Q3	Q2
Revenues	2,853	3,310	2,826	2,893		2,956	3,279	3,540	3,055
Realized price per ounce –<br>gold^b^	1,876	1,793	1,771	1,820		1,777	1,871	1,926	1,725
Realized price per pound – copper^b^	4.68	4.63	3.98	4.57		4.12	3.39	3.28	2.79
Cost of sales	1,739	1,905	1,768	1,704		1,712	1,814	1,927	1,900
Net earnings	438	726	347	411		538	685	882	357
Per share<br>(dollars)^c^	0.25	0.41	0.20	0.23		0.30	0.39	0.50	0.20
Adjusted net<br>earnings^b^	463	626	419	513		507	616	726	415
Per share (dollars)^b,c^	0.26	0.35	0.24	0.29		0.29	0.35	0.41	0.23
Operating cash flow	1,004	1,387	1,050	639		1,302	1,638	1,859	1,031
Consolidated capital<br>expenditures^d^	611	669	569	658		539	546	548	509
Free cash flow^b^	393	718	481	(19	)	763	1,092	1,311	522
^a.^	Sum of all the quarters may not add up to the annual total due to rounding.
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^b.^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
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^c.^	Calculated using weighted average number of shares outstanding under the basic method of earnings per share.<br>
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^d.^	Amounts presented on a consolidated cash basis.
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Our recent financial results reflect our emphasis on cost discipline, an agile management structure that empowers our site based leadership teams and a portfolio of Tier One Gold Assets^5^. This, combined with rising gold and copper prices, has resulted in stronger operating cash flows. The positive free cash flow^1^ generated, together with the proceeds from various divestitures, have allowed us to continue to strengthen our balance sheet over the past two years and to increase returns to shareholders.

These same fundamentals have also driven higher net earnings in recent quarters. Net earnings has also been impacted by the following items in each quarter, which have been excluded from adjusted net earnings^1^. In the fourth quarter of 2021, we recorded a gain of $118 million (net of tax and non-controlling interest) related to the disposition of Lone Tree. In the first quarter of 2021, we recorded a net impairment reversal of $86 million (no tax impact) at Lagunas Norte resulting from the agreement to sell our 100% interest of the mine to Boroo.

Internal Control OverFinancial 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 2021 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 March 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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

BARRICK FIRST QUARTER 2022	75	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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IFRS Critical Accounting Policies and Accounting Estimates

Management has discussed the development and selection of our critical accounting estimates with the Audit & Risk Committee of the Board of Directors, and the Audit & Risk Committee has reviewed the disclosure relating to such estimates in conjunction with its review of this MD&A. The accounting policies and methods we utilize determine how we report our financial condition and results of operations, and they may require management to make estimates or rely on assumptions about matters that are inherently uncertain. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) under the historical cost convention, as modified by revaluation of certain financial assets, derivative contracts and post-retirement assets. Our significant accounting policies are disclosed in note 2 of the Financial Statements, including a summary of current and future changes in accounting policies.

Critical Accounting Estimates and Judgments

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

Non-GAAP Financial Performance Measures

Adjusted Net Earnings and Adjusted Net Earnings per Share

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

As noted, we use this measure for internal purposes. Management’s internal budgets and forecasts and public guidance do not include 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 performance 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 performance measures to the most directly comparable IFRS measure.

BARRICK FIRST QUARTER 2022	76	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and AdjustedNet Earnings per Share

($ millions, except per share amounts in dollars)	For the three months ended
	3/31/22			12/31/21			3/31/21
Net earnings attributable to equity holders of the Company	****	438	****		726			538
Impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments^a^	****	2	****		14			(89	)
Acquisition/disposition (gains) losses^b^	****	(2	)		(198	)		(3	)
Loss on currency translation	****	3	****		13			4
Significant tax<br>adjustments^c^	****	17	****		(29	)		47
Other expense<br>adjustments^d^	****	13	****		36			11
Tax effect and non-controlling interest^e^	****	(8	)		64			(1	)
Adjusted net earnings	****	463	****		626			507
Net earnings per<br>share^f^	****	0.25	****		0.41			0.30
Adjusted net earnings per share^f^	****	0.26	****		0.35			0.29
^a.^	For the three month period ended March 31, 2022, we recorded no significant impairment charges or reversals. Net<br>impairment reversals for the three months ended March 31, 2021 mainly relate to non-current asset reversals at Lagunas Norte.
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^b.^	There were no significant acquisition/disposition gains or losses for the three months ended March 31, 2022.<br>Acquisition/disposition gains for the three month period ended December 31, 2021 primarily relate to the gain on the divestiture of Lone Tree.
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^c.^	For the three month period ended December 31, 2021, significant tax adjustments mainly relate to the impacts of<br>the South Arturo asset exchange, foreign currency translation gains and losses on tax balances, and the recognition/derecognition of our deferred taxes in various jurisdictions. For the three months ended March 31, 2021, significant tax<br>adjustments primarily relate to the remeasurement of deferred tax balances for changes in foreign currency rates and the recognition/derecognition of our deferred taxes in various jurisdictions.
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^d.^	Other expense adjustments for all periods mainly relate to care and maintenance expenses at Porgera. The three month<br>period ended December 31, 2021 was further impacted by a $25 million litigation settlement.
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^e.^	Tax effect and non-controlling interest for the three month period ended<br>March 31, 2022 primarily relates to other expense adjustments, while tax effect and non- controlling interest for the three month period ended December 31, 2021 mainly relates to<br>acquisition/disposition gains.
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^f.^	Calculated using weighted average number of shares outstanding under the basic method of earnings per share.<br>
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Free Cash Flow

Free cash flow is a non-GAAP financial performance 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 performance measure to the most directly comparable IFRS measure.

Reconciliation of Net CashProvided by Operating Activities to Free Cash Flow

($ millions)	For the three months ended
	3/31/22	****	12/31/21		3/31/21
Net cash provided by operating activities	1,004	****	1,387		1,302
Capital expenditures	(611	)	(669	)	(539	)
Free cash flow	393	****	718		763

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 and all-in costs per ounce.

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

BARRICK FIRST QUARTER 2022	77	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Reconciliation of the Classification of Capital Expenditures

			For the three months ended
($ millions)	3/31/22		12/31/21		3/31/2021
Minesite sustaining capital expenditures	****	420		431		405
Project capital expenditures	****	186		234		131
Capitalized interest	****	5		4		3
Total consolidated capital expenditures	****	611		669		539

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

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

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

All-in costs starts with all-in sustaining costs and adds additional costs that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures (capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life) and other non-sustaining costs (primarily non-sustaining leases, exploration and evaluation costs, community relations costs and general and administrative costs that are not associated with current operations). These definitions recognize that there are different costs associated with the life-cycle of a mine, and that it is therefore appropriate to distinguish between sustaining and non-sustaining costs.

We believe that our use of total cash costs, all-in sustaining costs and all-in costs will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free

cash flow that is being generated by a mine and therefore we believe these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization.

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

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

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

BARRICK FIRST QUARTER 2022	78	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Reconciliation of Gold Cost of Sales to Total cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis

( millions, except per ounce information in dollars)	For the three months ended
	3/31/22	****	12/31/21		3/31/21
Cost of sales applicable to gold production	1,582	****	1,771		1,571
Depreciation	(419	)	(512	)	(454	)
Cash cost of sales applicable to equity method investments	51	****	52		59
By-product credits	(55	)	(70	)	(59	)
Realized (gains) losses on hedge and non-hedge derivatives	0	****	0		0
Non-recurring items	0	****	0		0
Other	(1	)	(7	)	(33	)
Non-controlling<br>interests	(331	)	(351	)	(302	)
Total cash costs	827	****	883		782
General & administrative costs	54	****	39		38
Minesite exploration and evaluation costs	10	****	12		16
Minesite sustaining capital expenditures	420	****	431		405
Sustaining leases	9	****	13		13
Rehabilitation - accretion and amortization (operating sites)	11	****	12		11
Non-controlling interest,<br>copper operations and other	(176	)	(191	)	(154	)
All-in sustaining<br>costs	1,155	****	1,199		1,111
Global exploration and evaluation and project expense	57	****	70		45
Community relations costs not related to current operations	0	****	0		0
Project capital expenditures	186	****	234		131
Non-sustaining leases	0	****	0		0
Rehabilitation - accretion and amortization (non-operating<br>sites)	3	****	2		3
Non-controlling interest and<br>copper operations and other	(58	)	(71	)	(42	)
All-in costs	1,343	****	1,434		1,248
Ounces sold - equity basis (000s ounces)	993	****	1,234		1,093
Cost of sales per ounce	1,190	****	1,075		1,073
Total cash costs per ounce	832	****	715		716
Total cash costs per ounce (on a<br>co-product basis)	869	****	753		746
All-in sustaining costs per ounce	1,164	****	971		1,018
All-in sustaining costs per<br>ounce (on a co-product basis)	1,201	****	1,009		1,048
All-in costs per ounce	1,353	****	1,162		1,144
All-in costs per ounce (on a co-product basis)	1,390	****	1,200		1,174

All values are in US Dollars.

a.	Non-recurring items

These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs.

b.	Other

Other adjustments for the three month period ended March 31, 2022 include the removal of total cash costs and by-product credits associated with Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting the fourth quarter of 2021, which all are producing incidental ounces, of $3 million (December 31, 2021: $7 million; March 31, 2021: $24 million).

c.	Non-controlling interests

Non-controlling interests include non-controlling interests related to gold production of $476 million for the three month period ended March 31, 2022 (December 31, 2021: $527 million and March 31, 2021: $462 million). Non-controlling interests include Nevada Gold Mines, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu, and Buzwagi up until the third quarter of 2021. 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 sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 70 of this MD&A.

e.	Capital expenditures

Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are capital spending at new projects and major, distinct projects at existing operations intended to increase net present value through higher production or longer mine life. Significant projects in the current year are the expansion project at Pueblo Viejo, construction of the Third Shaft at Turquoise Ridge, and the Veladero Phase 7 expansion. Refer to page 69 of this MD&A.

f.	Rehabilitation—accretion and amortization

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

g.	Non-controlling interest and copper operations

Removes general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of Nevada Gold Mines (including South Arturo), Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu, and Buzwagi (up until the third quarter of 2021) operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. Figures remove the impact of Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting the fourth quarter of 2021. The impact is summarized as the following:

BARRICK FIRST QUARTER 2022	79	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions)		For the three months ended
---	---	---	---	---	---
Non-controlling interest, copper operations and other	****	12/31/21		3/31/21
General & administrative costs	)	(4	)	(6	)
Minesite exploration and evaluation expenses	)	(2	)	(7	)
Rehabilitation - accretion and amortization (operating sites)	)	(3	)	(3	)
Minesite sustaining capital expenditures	)	(182	)	(138	)
All-in sustaining costs total	)	(191	)	(154	)
Global exploration and evaluation and project expense	)	(6	)	(1	)
Project capital expenditures	)	(65	)	(41	)
All-in costs total	)	(71	)	(42	)

All values are in US Dollars.

h.	Ounces sold - equity basis

Figures remove the impact of: Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting the fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.

i.	Cost of sales per ounce

Figures remove the cost of sales impact of: Pierina of $3 million for the three month period ended March 31, 2022 (December 31, 2021: $7 million and March 31, 2021: $5 million); Golden Sunlight of $nil for the three month period ended March 31, 2022 (December 31, 2021: $nil and March 31, 2021: $nil); up until its divestiture in June 2021, Lagunas Norte of $nil for the three month period ended March 31, 2022 (December 31, 2021: $nil and March 31, 2021: $23 million); and starting the fourth quarter of 2021, Buzwagi of $nil for the three month period ended March 31, 2022 (December 31, 2021: $nil and March 31, 2021: $nil), which are producing incidental ounces. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).

j.	Per ounce figures

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

k.	Co-product costs per ounce

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

( millions)		For the three months ended
	****	12/31/21		3/31/21
By-product credits	****	70		59
Non-controlling<br>interest	)	(25	)	(26	)
By-product credits (net of non-controlling interest)	****	45		33

All values are in US Dollars.

BARRICK FIRST QUARTER 2022	80	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

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

( millions, except per ounce information in dollars)													For the three months ended 3/31/22
	Carlin^a^			Cortez^b^			TurquoiseRidge			LongCanyon			Phoenix^a^			Nevada GoldMines^c^			Hemlo			NorthAmerica
Cost of sales applicable to gold production	****	379	****	****	214	****	****	149	****	****	45	****	****	79	****	****	866	****	****	54	****	****	920	****
Depreciation	****	(69	)	****	(62	)	****	(42	)	****	(31	)	****	(18	)	****	(222	)	****	(7	)	****	(229	)
By-product credits	****	0	****	****	(1	)	****	0	****	****	0	****	****	(34	)	****	(35	)	****	0	****	****	(35	)
Non-recurring items	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Other	****	0	****	****	0	****	****	0	****	****	0	****	****	2	****	****	2	****	****	0	****	****	2	****
Non-controlling<br>interests	****	(119	)	****	(58	)	****	(41	)	****	(5	)	****	(11	)	****	(234	)	****	0	****	****	(234	)
Total cash costs	****	191	****	****	93	****	****	66	****	****	9	****	****	18	****	****	377	****	****	47	****	****	424	****
General & administrative costs	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Minesite exploration and evaluation costs	****	2	****	****	3	****	****	0	****	****	0	****	****	0	****	****	5	****	****	1	****	****	6	****
Minesite sustaining capital expenditures	****	111	****	****	66	****	****	26	****	****	0	****	****	5	****	****	209	****	****	13	****	****	222	****
Sustaining capital leases	****	0	****	****	0	****	****	0	****	****	0	****	****	1	****	****	2	****	****	1	****	****	3	****
Rehabilitation - accretion and amortization (operating sites)	****	2	****	****	2	****	****	0	****	****	0	****	****	1	****	****	5	****	****	0	****	****	5	****
Non-controlling<br>interests	****	(45	)	****	(28	)	****	(10	)	****	0	****	****	(3	)	****	(87	)	****	0	****	****	(87	)
All-in sustaining<br>costs	****	261	****	****	136	****	****	82	****	****	9	****	****	22	****	****	511	****	****	62	****	****	573	****
Global exploration and evaluation and project expense	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Project capital expenditures	****	0	****	****	20	****	****	10	****	****	0	****	****	0	****	****	49	****	****	0	****	****	49	****
Non-controlling<br>interests	****	0	****	****	(8	)	****	(4	)	****	0	****	****	0	****	****	(19	)	****	0	****	****	(19	)
All-in costs	****	261	****	****	148	****	****	88	****	****	9	****	****	22	****	****	541	****	****	62	****	****	603	****
Ounces sold - equity basis (000s ounces)	****	230	****	****	118	****	****	64	****	****	25	****	****	21	****	****	458	****	****	31	****	****	489	****
Cost of sales per ounce	****	1,015	****	****	1,113	****	****	1,436	****	****	1,093	****	****	2,253	****	****	1,169	****	****	1,727	****	****	1,205	****
Total cash costs per ounce	****	829	****	****	784	****	****	1,030	****	****	342	****	****	835	****	****	820	****	****	1,503	****	****	863	****
Total cash costs per ounce (on a co-product<br>basis)	****	830	****	****	790	****	****	1,035	****	****	343	****	****	1,730	****	****	865	****	****	1,512	****	****	905	****
All-in sustaining costs per ounce	****	1,139	****	****	1,150	****	****	1,281	****	****	366	****	****	1,027	****	****	1,118	****	****	1,982	****	****	1,173	****
All-in sustaining costs per ounce (on a co-product basis)	****	1,140	****	****	1,156	****	****	1,286	****	****	367	****	****	1,922	****	****	1,163	****	****	1,991	****	****	1,215	****
All-in costs per ounce	****	1,139	****	****	1,257	****	****	1,376	****	****	366	****	****	1,027	****	****	1,184	****	****	1,983	****	****	1,235	****
All-in costs per ounce (on a co-product basis)	****	1,140	****	****	1,263	****	****	1,381	****	****	367	****	****	1,922	****	****	1,229	****	****	1,992	****	****	1,277	****

All values are in US Dollars.

($ millions, except per ounce information in dollars)	For the three months ended 3/31/22
	Footnote		Pueblo Viejo			Veladero			Latin America & Asia Pacific
Cost of sales applicable to gold production			****	187	****	****	54	****	****	241	****
Depreciation			****	(58	)	****	(19	)	****	(77	)
By-product credits			****	(11	)	****	(1	)	****	(12	)
Non-recurring items		d	****	0	****	****	0	****	****	0	****
Other			****	0	****	****	0	****	****	0	****
Non-controlling<br>interests			****	(47	)	****	0	****	****	(47	)
Total cash costs			****	71	****	****	34	****	****	105	****
General & administrative costs			****	0	****	****	0	****	****	0	****
Minesite exploration and evaluation costs		e	****	0	****	****	0	****	****	0	****
Minesite sustaining capital expenditures		f	****	44	****	****	28	****	****	72	****
Sustaining capital leases			****	0	****	****	1	****	****	1	****
Rehabilitation - accretion and amortization (operating sites)		g	****	2	****	****	1	****	****	3	****
Non-controlling<br>interests			****	(18	)	****	0	****	****	(18	)
All-in sustaining<br>costs			****	99	****	****	64	****	****	163	****
Global exploration and evaluation and project expense		e	****	0	****	****	0	****	****	0	****
Project capital expenditures		f	****	79	****	****	8	****	****	87	****
Non-controlling<br>interests			****	(32	)	****	0	****	****	(32	)
All-in costs			****	146	****	****	72	****	****	218	****
Ounces sold - equity basis (000s ounces)			****	104	****	****	39	****	****	143	****
Cost of sales per ounce		h,i	****	1,077	****	****	1,348	****	****	1,176	****
Total cash costs per ounce		i	****	682	****	****	847	****	****	728	****
Total cash costs per ounce (on a<br>co-product basis)		i,j	****	744	****	****	867	****	****	778	****
All-in sustaining costs per ounce		i	****	948	****	****	1,588	****	****	1,133	****
All-in sustaining costs per<br>ounce (on a co-product basis)		i,j	****	1,010	****	****	1,608	****	****	1,183	****
All-in costs per ounce		i	****	1,401	****	****	1,794	****	****	1,520	****
All-in costs per ounce (on a co-product basis)		i,j	****	1,463	****	****	1,814	****	****	1,570	****
BARRICK FIRST QUARTER 2022	81	MANAGEMENT’S DISCUSSION AND ANALYSIS
---	---	---
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions, except per ounce information in dollars)										For the three months ended 3/31/22
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Loulo-Gounkoto			Kibali			North Mara			Tongon			Bulyanhulu			Africa & MiddleEast
Cost of sales applicable to gold production	****	186	****	****	83	****	****	60	****	****	85	****	****	79	****	****	493	****
Depreciation	****	(63	)	****	(28	)	****	(10	)	****	(15	)	****	(17	)	****	(133	)
By-product credits	****	0	****	****	0	****	****	0	****	****	0	****	****	(7	)	****	(7	)
Non-recurring items	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Other	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Non-controlling<br>interests	****	(25	)	****	0	****	****	(8	)	****	(7	)	****	(9	)	****	(49	)
Total cash costs	****	98	****	****	55	****	****	42	****	****	63	****	****	46	****	****	304	****
General & administrative costs	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Minesite exploration and evaluation costs	****	2	****	****	3	****	****	1	****	****	1	****	****	0	****	****	7	****
Minesite sustaining capital expenditures	****	42	****	****	15	****	****	9	****	****	4	****	****	9	****	****	79	****
Sustaining capital leases	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Rehabilitation - accretion and amortization (operating sites)	****	1	****	****	0	****	****	1	****	****	0	****	****	0	****	****	2	****
Non-controlling<br>interests	****	(9	)	****	0	****	****	(2	)	****	(1	)	****	(2	)	****	(14	)
All-in sustaining<br>costs	****	134	****	****	73	****	****	51	****	****	67	****	****	53	****	****	378	****
Global exploration and evaluation and project expense	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****	****	0	****
Project capital expenditures	****	22	****	****	4	****	****	13	****	****	0	****	****	4	****	****	43	****
Non-controlling<br>interests	****	(4	)	****	0	****	****	(2	)	****	0	****	****	0	****	****	(6	)
All-in costs	****	152	****	****	77	****	****	62	****	****	67	****	****	57	****	****	415	****
Ounces sold - equity basis (000s ounces)	****	137	****	****	73	****	****	58	****	****	38	****	****	55	****	****	361	****
Cost of sales per ounce	****	1,088	****	****	1,137	****	****	852	****	****	2,036	****	****	1,216	****	****	1,178	****
Total cash costs per ounce	****	721	****	****	744	****	****	709	****	****	1,667	****	****	847	****	****	842	****
Total cash costs per ounce (on a<br>co-product basis)	****	721	****	****	749	****	****	715	****	****	1,670	****	****	956	****	****	861	****
All-in sustaining costs per ounce	****	982	****	****	996	****	****	874	****	****	1,803	****	****	984	****	****	1,053	****
All-in sustaining costs per<br>ounce (on a co-product basis)	****	982	****	****	1,001	****	****	880	****	****	1,806	****	****	1,093	****	****	1,072	****
All-in costs per ounce	****	1,110	****	****	1,045	****	****	1,057	****	****	1,803	****	****	1,052	****	****	1,152	****
All-in costs per ounce (on a co-product basis)	****	1,110	****	****	1,050	****	****	1,063	****	****	1,806	****	****	1,161	****	****	1,171	****

All values are in US Dollars.

( millions, except per ounce information in dollars)													For the three months ended 12/31/21
	Carlin^a^			Cortez^b^			Turquoise<br>Ridge			Long<br>Canyon			Phoenix^a^			Nevada Gold<br>Mines^c^			Hemlo			North<br>America
Cost of sales applicable to gold production		434			271			163			54			87			1,009			60			1,069
Depreciation		(82	)		(89	)		(51	)		(37	)		(21	)		(280	)		(9	)		(289	)
By-product credits		0			(1	)		(1	)		0			(47	)		(49	)		0			(49	)
Non-recurring items		0			0			0			0			0			0			0			0
Other		0			0			0			0			1			1			0			1
Non-controlling<br>interests		(135	)		(70	)		(43	)		(6	)		(8	)		(262	)		0			(262	)
Total cash costs		217			111			68			11			12			419			51			470
General & administrative costs		0			0			0			0			0			0			0			0
Minesite exploration and evaluation costs		4			2			0			1			1			11			0			11
Minesite sustaining capital expenditures		99			50			23			3			6			188			15			203
Sustaining capital leases		2			0			0			0			0			2			0			2
Rehabilitation - accretion and amortization (operating sites)		3			3			1			0			0			7			0			7
Non-controlling<br>interests		(42	)		(22	)		(9	)		(2	)		(3	)		(81	)		0			(81	)
All-in sustaining<br>costs		283			144			83			13			16			546			66			612
Global exploration and evaluation and project expense		0			0			0			0			0			0			0			0
Project capital expenditures		0			29			9			0			0			33			0			33
Non-controlling<br>interests		0			(11	)		(4	)		0			0			(13	)		0			(13	)
All-in costs		283			162			88			13			16			566			66			632
Ounces sold - equity basis (000s ounces)		297			170			84			34			26			611			34			645
Cost of sales per ounce		899			984			1,194			999			2,047			1,023			1,770			1,063
Total cash costs per ounce		728			657			819			325			443			687			1,481			729
Total cash costs per ounce (on a co-product<br>basis)		729			661			821			326			1,533			736			1,487			775
All-in sustaining costs per ounce		950			853			996			384			614			893			1,938			948
All-in sustaining costs per ounce (on a co-product<br>basis)		951			857			998			385			1,704			942			1,944			994
All-in costs per ounce		950			958			1,061			384			614			927			1,939			980
All-in costs per ounce (on a co-product basis)		951			962			1,063			385			1,704			976			1,945			1,026

All values are in US Dollars.

BARRICK FIRST QUARTER 2022	82	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions, except per ounce information in dollars)				For the three months ended 12/31/21
---	---	---	---	---	---	---	---	---	---
	Pueblo Viejo			Veladero			Latin America & Asia Pacific
Cost of sales applicable to gold production		185			109			294
Depreciation		(57	)		(37	)		(94	)
By-product credits		(12	)		(1	)		(13	)
Non-recurring items		0			0			0
Other		0			0			0
Non-controlling<br>interests		(47	)		0			(47	)
Total cash costs		69			71			140
General & administrative costs		0			0			0
Minesite exploration and evaluation costs		1			0			1
Minesite sustaining capital expenditures		45			22			67
Sustaining capital leases		0			0			0
Rehabilitation - accretion and amortization (operating sites)		2			1			3
Non-controlling<br>interests		(20	)		0			(20	)
All-in sustaining<br>costs		97			94			191
Global exploration and evaluation and project expense		1			0			1
Project capital expenditures		112			6			118
Non-controlling<br>interests		(46	)		0			(46	)
All-in costs		164			100			264
Ounces sold - equity basis (000s ounces)		113			83			196
Cost of sales per ounce		987			1,279			1,131
Total cash costs per ounce		612			834			707
Total cash costs per ounce (on a<br>co-product basis)		677			852			752
All-in sustaining costs per ounce		858			1,113			964
All-in sustaining costs per<br>ounce (on a co-product basis)		923			1,131			1,009
All-in costs per ounce		1,453			1,179			1,332
All-in costs per ounce (on a co-product basis)		1,518			1,197			1,377

All values are in US Dollars.

( millions, except per ounce information in dollars)							For the three months ended 12/31/21
	Loulo-<br>Gounkoto		Kibali		North Mara		Tongon		Bulyanhulu		Africa & Middle<br>East
Cost of sales applicable to gold production		181		93		72		79		59		484
Depreciation		(72)		(37)		(15)		(15)		(17)		(156)
By-product credits		0		(1)		0		(1)		(6)		(8)
Non-recurring items		0		0		0		0		0		0
Other		0		0		0		0		0		0
Non-controlling<br>interests		(21)		0		(9)		(6)		(6)		(42)
Total cash costs		88		55		48		57		30		278
General & administrative costs		0		0		0		0		0		0
Minesite exploration and evaluation costs		4		3		0		0		0		7
Minesite sustaining capital expenditures		17		12		28		3		20		80
Sustaining capital leases		0		3		0		1		0		4
Rehabilitation - accretion and amortization (operating sites)		1		0		1		1		0		3
Non-controlling<br>interests		(4)		0		(5)		(1)		(3)		(13)
All-in sustaining<br>costs		106		73		72		61		47		359
Global exploration and evaluation and project expense		0		0		0		0		0		0
Project capital expenditures		46		7		10		0		17		80
Non-controlling<br>interests		(9)		0		(1)		0		(3)		(13)
All-in costs		143		80		81		61		61		426
Ounces sold - equity basis (000s ounces)		128		95		70		47		53		393
Cost of sales per ounce		1,139		979		858		1,494		956		1,067
Total cash costs per ounce		685		582		679		1,205		567		705
Total cash costs per ounce (on a<br>co-product basis)		686		586		688		1,209		678		723
All-in sustaining costs per ounce		822		776		1,033		1,301		897		915
All-in sustaining costs per ounce (on a co-product basis)		823		780		1,042		1,305		1,008		933
All-in costs per ounce		1,109		844		1,150		1,278		1,159		1,078
All-in costs per ounce (on a co-product basis)		1,110		848		1,159		1,282		1,270		1,096

All values are in US Dollars.

BARRICK FIRST QUARTER 2022	83	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions, except per ounce information in dollars)													For the three months ended 3/31/21
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Carlin^a^			Cortez^b^			Turquoise<br>Ridge			Long<br>Canyon			Phoenix^a^			Nevada Gold<br>Mines^c^			Hemlo			North<br>America
Cost of sales applicable to gold production		356			207			151			32			80			826			76			902
Depreciation		(68	)		(64	)		(51	)		(27	)		(20	)		(230	)		(13	)		(243	)
By-product credits		(1	)		(1	)		(3	)		0			(46	)		(51	)		0			(51	)
Non-recurring items		0			0			0			0			0			0			0			0
Other		0			0			0			0			0			0			0			0
Non-controlling<br>interests		(110	)		(55	)		(37	)		(2	)		(6	)		(210	)		0			(210	)
Total cash costs		177			87			60			3			8			335			63			398
General & administrative costs		0			0			0			0			0			0			0			0
Minesite exploration and evaluation costs		3			1			0			1			0			5			1			6
Minesite sustaining capital expenditures		100			54			14			3			6			185			22			207
Sustaining capital leases		0			0			0			0			0			1			0			1
Rehabilitation - accretion and amortization (operating sites)		2			2			0			0			0			4			1			5
Non-controlling<br>interests		(41	)		(22	)		(5	)		(1	)		(2	)		(74	)		0			(74	)
All-in sustaining<br>costs		241			122			69			6			12			456			87			543
Global exploration and evaluation and project expense		0			0			0			0			0			0			0			0
Project capital expenditures		0			17			19			0			0			36			0			36
Non-controlling<br>interests		0			(7	)		(8	)		0			0			(15	)		0			(15	)
All-in costs		241			132			80			6			12			477			87			564
Ounces sold - equity basis (000s ounces)		231			102			92			39			24			488			47			535
Cost of sales per ounce		950			1,251			1,007			511			2,051			1,047			1,610			1,097
Total cash costs per ounce		766			860			647			79			346			686			1,324			742
Total cash costs per ounce (on a<br>co-product basis)		768			863			665			79			1,534			749			1,329			800
All-in sustaining costs per ounce		1,045			1,203			741			156			530			932			1,840			1,013
All-in sustaining costs per ounce (on a co-product basis)		1,047			1,206			759			156			1,718			995			1,845			1,071
All-in costs per ounce		1,045			1,303			866			156			530			974			1,838			1,051
All-in costs per ounce (on a co-product basis)		1,047			1,306			884			156			1,718			1,037			1,843			1,109

All values are in US Dollars.

( millions, except per ounce information in dollars)				For the three months ended 3/31/21
	Pueblo Viejo			Veladero			Latin America & Asia Pacific
Cost of sales applicable to gold production		191			35			226
Depreciation		(61	)		(11	)		(72	)
By-product credits		(12	)		(1	)		(13	)
Non-recurring items		0			0			0
Other		0			0			0
Non-controlling<br>interests		(47	)		0			(47	)
Total cash costs		71			23			94
General & administrative costs		0			0			0
Minesite exploration and evaluation costs		0			0			0
Minesite sustaining capital expenditures		40			41			81
Sustaining capital leases		0			0			0
Rehabilitation - accretion and amortization (operating sites)		2			0			2
Non-controlling<br>interests		(16	)		0			(16	)
All-in sustaining<br>costs		97			64			161
Global exploration and evaluation and project expense		0			0			0
Project capital expenditures		58			0			58
Non-controlling<br>interests		(23	)		0			(23	)
All-in costs		132			64			196
Ounces sold - equity basis (000s ounces)		141			31			172
Cost of sales per ounce		816			1,151			903
Total cash costs per ounce		507			736			548
Total cash costs per ounce (on a<br>co-product basis)		553			782			594
All-in sustaining costs per ounce		689			2,104			954
All-in sustaining costs per<br>ounce (on a co-product basis)		735			2,150			1,000
All-in costs per ounce		936			2,104			1,157
All-in costs per ounce (on a co-product basis)		982			2,150			1,203

All values are in US Dollars.

BARRICK FIRST QUARTER 2022	84	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions, except per ounce information in dollars)													For the three months ended 3/31/21
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Loulo-<br>Gounkoto			Kibali			North<br>Mara			Tongon			Bulyanhulu			Buzwagi^k^			Africa &<br>Middle East
Cost of sales applicable to gold production		184			92			71			81			40			31			499
Depreciation		(69	)		(32	)		(15	)		(28	)		(12	)		(1	)		(157	)
By-product credits		0			0			0			0			0			1			1
Non-recurring items		0			0			0			0			0			0			0
Other		0			0			0			0			0			0			0
Non-controlling<br>interests		(23	)		0			(10	)		(5	)		(4	)		(6	)		(48	)
Total cash costs		92			60			46			48			24			25			295
General & administrative costs		0			0			0			0			0			0			0
Minesite exploration and evaluation costs		4			0			0			1			0			0			5
Minesite sustaining capital expenditures		53			11			12			2			3			0			81
Sustaining capital leases		1			3			0			0			0			0			4
Rehabilitation - accretion and amortization (operating sites)		1			0			2			0			0			0			3
Non-controlling<br>interests		(12	)		0			(2	)		0			(1	)		0			(15	)
All-in sustaining<br>costs		139			74			58			51			26			25			373
Global exploration and evaluation and project expense		0			0			0			0			0			0			0
Project capital expenditures		15			0			6			0			10			0			31
Non-controlling<br>interests		(3	)		0			(1	)		0			(1	)		0			(5	)
All-in costs		151			74			63			51			35			25			399
Ounces sold - equity basis (000s ounces)		151			86			56			48			28			17			386
Cost of sales per ounce		974			1,065			1,061			1,510			1,211			1,486			1,114
Total cash costs per ounce		608			691			832			995			865			1,450			763
Total cash costs per ounce (on a<br>co-product basis)		608			695			839			996			861			1,420			763
All-in sustaining costs per ounce		920			856			1,038			1,062			957			1,467			968
All-in sustaining costs per ounce (on a co-product basis)		920			860			1,045			1,063			953			1,437			969
All-in costs per ounce		1,000			862			1,134			1,062			1,275			1,467			1,037
All-in costs per ounce (on a co-product basis)		1,000			866			1,141			1,063			1,271			1,437			1,038

All values are in US Dollars.

a.	On September 7, 2021, NGM announced it had entered into an Exchange Agreement with<br>i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest<br>in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, and operating results within our 61.5% interest in Phoenix includes Lone Tree up until May 31, 2021, reflecting the terms of<br>the Exchange Agreement which closed on October 14, 2021.
b.	Includes Goldrush.
---	---
c.	These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until<br>May 30, 2021 and 100% interest thereafter, reflecting the terms of the Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone<br>Tree and Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.
---	---
d.	Non-recurring items
---	---

These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs.

e.	Exploration and evaluation costs

Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 70 of this MD&A.

f.	Capital expenditures

Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are capital spending at new projects and major, distinct projects at existing operations intended to increase net present value through higher production or longer mine life. Significant projects in the current year are the expansion project at Pueblo Viejo, construction of the Third Shaft at Turquoise Ridge, and the Veladero Phase 7 expansion. Refer to page 69 of this MD&A.

g.	Rehabilitation - accretion and amortization

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

h.	Cost of sales per ounce

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

i.	Per ounce figures

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

j.	Co-product costs per ounce

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

BARRICK FIRST QUARTER 2022	85	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
( millions)										For the three months ended 3/31/22
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			Cortez^b^		TurquoiseRidge			LongCanyon		Phoenix^a^			NevadaGold Mines^c^			Hemlo
By-product credits	0	****	****	1	****	0	****	****	0	****	34	****	****	35	****	****	0	****
Non-controlling interest	0	****	****	0	****	0	****	****	0	****	(13	)	****	(13	)	****	0	****
By-product credits (net of non-controlling interest)	0	****	****	1	****	0	****	****	0	****	21	****	****	22	****	****	0	****
( millions)										For the three months ended 3/31/22
			Veladero		Loulo-Gounkoto			Kibali		North Mara			Tongon			Bulyanhulu
By-product credits	11	****	****	1	****	0	****	****	0	****	0	****	****	0	****	****	7	****
Non-controlling interest	(4	)	****	0	****	0	****	****	0	****	0	****	****	0	****	****	(1	)
By-product credits (net of non-controlling interest)	7	****	****	1	****	0	****	****	0	****	0	****	****	0	****	****	6	****
( millions)										For the three months ended 12/31/21
			Cortez^b^		Turquoise<br>Ridge			Long<br>Canyon		Phoenix^a^			Nevada Gold<br>Mines^c^			Hemlo
By-product credits	0			1		1			0		47			49			0
Non-controlling interest	0			0		0			0		(18	)		(18	)		0
By-product credits (net of non-controlling interest)	0			1		1			0		29			31			0
( millions)										For the three months ended 12/31/21
			Veladero		Loulo-<br>Gounkoto			Kibali		North Mara			Tongon			Bulyanhulu
By-product credits	12			1		0			1		0			1			6
Non-controlling interest	(5	)		0		0			0		0			0			(1	)
By-product credits (net of non-controlling interest)	7			1		0			1		0			1			5
( millions)										For the three months ended 3/31/2021
			Cortez^b^		Turquoise<br>Ridge			Long<br>Canyon		Phoenix^a^			Nevada Gold<br>Mines^c^			Hemlo
By-product credits	1			1		3			0		46			51			0
Non-controlling interest	0			0		(1	)		0		(18	)		(19	)		0
By-product credits (net of non-controlling interest)	1			1		2			0		28			32			0

All values are in US Dollars.

( millions)									For the three months ended 3/31/2021
			Veladero		Loulo-<br>Gounkoto		Kibali		North Mara		Tongon		Bulyanhulu		Buzwagi^k^
By-product credits	12			1		0		0		0		0		0		(1	)
Non-controlling interest	(5	)		0		0		0		0		0		0		0
By-product credits (net of non-controlling interest)	7			1		0		0		0		0		0		(1	)

All values are in US Dollars.

k.	With the end of mining at Buzwagi in the third quarter of 2021, as previously disclosed, we have ceased to include<br>production or non-GAAP cost metrics for Buzwagi from October 1, 2021 onwards.
BARRICK FIRST QUARTER 2022	86	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

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

($ millions, except per pound information in dollars)	For the three months ended
	3/31/22			12/31/21			3/31/21
Cost of sales	****	154	****		134			136
Depreciation/amortization	****	(38	)		(43	)		(48	)
Treatment and refinement charges	****	51	****		39			41
Cash cost of sales applicable to equity method investments	****	72	****		88			79
Less: royalties and production taxes^a^	****	(32	)		(28	)		(23	)
By-product credits	****	(3	)		(6	)		(4	)
Other	****	0	****		0			0
C1 cash costs	****	204	****		184			181
General & administrative costs	****	12	****		5			4
Rehabilitation - accretion and amortization	****	1	****		2			1
Royalties and production<br>taxes^a^	****	32	****		28			23
Minesite exploration and evaluation costs	****	3	****		5			2
Minesite sustaining capital expenditures	****	67	****		104			42
Sustaining leases	****	1	****		3			2
All-in sustaining<br>costs	****	320	****		331			255
Pounds sold - consolidated basis (millions pounds)	****	113	****		113			113
Cost of sales per pound^b,c^	****	2.21	****		2.21			2.11
C1 cash cost per pound^b^	****	1.81	****		1.63			1.60
All-in sustaining<br>costs per pound^b^	****	2.85	****		2.92			2.26
a.	For the three month period ended March 31, 2022, royalties and production taxes include royalties of<br>$32 million (December 31, 2021: $28 million and March 31, 2021: $23 million).
---	---
b.	Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs<br>per pound may not calculate based on amounts presented in this table due to rounding.
---	---
c.	Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both<br>on an attributable basis using Barrick’s ownership share).
---	---

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

( millions, except per pound information in dollars)			For the three months ended
									12/31/21									3/31/21
			Lumwana			Jabal<br><br><br>Sayid			Zaldívar			Lumwana			Jabal<br><br><br>Sayid			Zaldívar			Lumwana			Jabal<br><br><br>Sayid
Cost of sales	73	****	****	154	****	****	22	****		84			134			33			83			136			21
Depreciation/amortization	(18	)	****	(38	)	****	(5	)		(21	)		(43	)		(8	)		(21	)		(48	)		(3	)
Treatment and refinement charges	0	****	****	46	****	****	5	****		0			31			8			0			37			4
Less: royalties and production taxesa	0	****	****	(32	)	****	0	****		0			(28	)		0			0			(23	)		0
By-product credits	0	****	****	0	****	****	(3	)		0			0			(6	)		0			0			(4	)
Other	0	****	****	0	****	****	0	****		0			0			0			0			0			0
C1 cash costs	55	****	****	130	****	****	19	****		63			94			27			62			102			18
Rehabilitation - accretion and amortization	0	****	****	1	****	****	0	****		1			1			0			0			1			0
Royalties and production<br>taxesa	0	****	****	32	****	****	0	****		0			28			0			0			23			0
Minesite exploration and evaluation costs	3	****	****	0	****	****	0	****		4			0			1			2			0			0
Minesite sustaining capital expenditures	9	****	****	57	****	****	1	****		22			79			3			2			37			3
Sustaining leases	0	****	****	1	****	****	0	****		1			1			1			1			1			0
All-in sustaining<br>costs	67	****	****	221	****	****	20	****		91			203			32			67			164			21
Pounds sold - consolidated basis (millions pounds)	26	****	****	70	****	****	17	****		26			62			25			27			69			17
Cost of sales per poundb,c	2.85	****	****	2.20	****	****	1.30	****		3.14			2.16			1.36			3.03			1.97			1.21
C1 cash cost per poundb	2.15	****	****	1.86	****	****	1.10	****		2.35			1.54			1.11			2.25			1.48			1.06
All-in sustaining<br>costs per poundb	2.64	****	****	3.16	****	****	1.17	****		3.42			3.29			1.27			2.47			2.37			1.22

All values are in US Dollars.

a.	For the three month period ended March 31, 2022, royalties and production taxes include royalties of<br>$32 million (December 31, 2021: $28 million and March 31, 2021: $23 million).
b.	Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs<br>per pound may not calculate based on amounts presented in this table due to rounding.
---	---
c.	Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both<br>on an attributable basis using Barrick’s ownership share).
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BARRICK FIRST QUARTER 2022	87	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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EBITDA and Adjusted EBITDA

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

∎	Income tax expense;
∎	Finance costs;
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∎	Finance income; and
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∎	Depreciation.
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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. We believe these items provide a greater

level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our full business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and do not necessarily reflect the underlying operating results for the periods presented.

EBITDA and adjusted EBITDA 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 and adjusted 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 and adjusted EBITDA differently.

Reconciliation of NetEarnings to EBITDA and Adjusted EBITDA

($ millions)	For the three months ended
	3/31/22			12/31/21			3/31/21
Net earnings	****	706	****		1,152			830
Income tax expense	****	301	****		304			374
Finance costs,<br>net^a^	****	76	****		74			77
Depreciation	****	460	****		557			507
EBITDA	****	1,543	****		2,087			1,788
Impairment charges (reversals) of long-lived assets^b^	****	2	****		14			(89	)
Acquisition/disposition (gains) losses^c^	****	(2	)		(198	)		(3	)
Loss on currency translation	****	3	****		13			4
Other expense<br>adjustments^d^	****	13	****		36			11
Income tax expense, net finance costs, and depreciation from<br>equity investees	****	86	****		118			89
Adjusted EBITDA	****	1,645	****		2,070			1,800
a.	Finance costs exclude accretion.
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b.	For the three month period ended March 31, 2022, we recorded no significant impairment charges or reversals. Net<br>impairment reversals for the three months ended March 31, 2021 mainly relate to non-current asset reversals at Lagunas Norte.
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c.	There were no significant acquisition/disposition gains or losses for the three months ended March 31, 2022.<br>Acquisition/disposition gains for the three month period ended December 31, 2021 primarily relate to the gain on the divestiture of Lone Tree.
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d.	Other expense adjustments for all periods mainly relate to care and maintenance expenses at Porgera. The three month<br>period ended December 31, 2021 was further impacted by a $25 million litigation settlement.
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Reconciliation ofIncome to EBITDA by operating site

($ millions)	For the three months ended 3/31/22
	Carlin^a^<br><br><br>(61.5%)		Cortez^b^<br><br><br>(61.5%)		Turquoise<br><br><br>Ridge<br> <br>(61.5%)		Nevada Gold<br><br><br>Mines^c^<br><br><br>(61.5%)		Pueblo<br><br><br>Viejo (60%)		Loulo-<br><br><br>Gounkoto<br> <br>(80%)		Kibali<br><br><br>(45%)		Veladero<br><br><br>(50%)		North<br><br><br>Mara<br> <br>(84%)		Bulyanhulu<br><br><br>(84%)
Income	****	215	****	92	****	28	****	363	****	89	****	106	****	41	****	21	****	58	****	43
Depreciation	****	42	****	38	****	26	****	139	****	35	****	50	****	28	****	19	****	8	****	14
EBITDA	****	257	****	130	****	54	****	502	****	124	****	156	****	69	****	40	****	66	****	57
For the three months ended 12/31/21
	Carlin^a^<br> <br>(61.5%)		Cortez^b^<br> <br>(61.5%)		Turquoise<br><br><br>Ridge<br> <br>(61.5%)		Nevada Gold<br><br><br>Mines^c^<br><br><br>(61.5%)		Pueblo Viejo<br><br><br>(60%)		Loulo-<br><br><br>Gounkoto<br> <br>(80%)		Kibali<br><br><br>(45%)		Veladero<br><br><br>(50%)		North<br><br><br>Mara<br> <br>(84%)		Bulyanhulu<br><br><br>(84%)
Income		247		139		51		617		90		74		71		43		68		51
Depreciation		51		55		31		176		35		58		37		37		12		14
EBITDA		298		194		82		793		125		132		108		80		80		65
BARRICK FIRST QUARTER 2022	88	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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For the three months ended 3/31/21
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	Carlin^a^<br> <br>(61.5%)		Cortez^b^<br> <br>(61.5%)		Turquoise<br><br><br>Ridge<br> <br>(61.5%)		Nevada Gold<br><br><br>Mines^c^<br><br><br>(61.5%)	Pueblo Viejo<br><br><br>(60%)		Loulo-<br><br><br>Gounkoto<br> <br>(80%)		Kibali<br><br><br>(45%)		Veladero<br><br><br>(50%)		North<br><br><br>Mara<br> <br>(84%)		Bulyanhulu<br><br><br>(84%)
Income		188		49		72	375		131		113		63		22		40		7
Depreciation		42		39		32	142		37		55		32		11		12		10
EBITDA		230		88		104	517		168		168		95		33		52		17
a.	On September 7, 2021, NGM announced it had entered into an Exchange Agreement with<br>i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure. Operating results within our 61.5% interest<br>in Carlin includes NGM’s 60% interest in South Arturo up until May 30, 2021, and 100% interest thereafter, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.
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b.	Includes Goldrush.
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c.	These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until<br>May 30, 2021 and 100% interest thereafter, reflecting the terms of the Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone<br>Tree and Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.
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Realized Price

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

∎	Unrealized gains and losses on non-hedge derivative contracts;<br>
∎	Unrealized mark-to-market gains and<br>losses on provisional pricing from copper and gold sales contracts;
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∎	Sales attributable to ore purchase arrangements;
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∎	Treatment and refining charges; and
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∎	Cumulative catch-up adjustment to revenue relating to our streaming arrangements.<br>
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This measure is intended to enable management to better understand the price realized in each reporting period for gold and copper sales because unrealized mark-to-market values of non-hedge gold and copper derivatives are subject to change each period due to changes in market factors such as market and forward gold and copper prices, so that prices ultimately realized may differ from those recorded. The exclusion of such unrealized mark-to-market gains and losses from the presentation of this performance measure enables investors to understand performance based on the realized proceeds of selling gold and copper production.

The gains and losses on non-hedge derivatives and receivable balances relate to instruments/balances that

mature in future periods, at which time the gains and losses will become realized. The amounts of these gains and losses reflect fair values based on market valuation assumptions at the end of each period and do not necessarily represent the amounts that will become realized on maturity. We also exclude export duties that are paid upon sale and netted against revenues as well as treatment and refining charges that are paid to the refiner on gold and copper concentrate sales that are netted against revenues. We believe this provides investors and analysts with a more accurate measure with which to compare to market gold prices and to assess our gold 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 toRealized Price per ounce/pound

($ millions, except per ounce/pound information in dollars)	Gold									Copper
	For the three months ended
	3/31/22			12/31/21			3/31/21			3/31/22		12/31/21		3/31/21
Sales	****	2,511	****		2,977			2,641		****	287		263		256
Sales applicable to non-controlling interests	****	(787	)		(931	)		(814	)	****	0		0		0
Sales applicable to equity method investments^a,b^	****	136	****		172			154		****	188		222		170
Sales applicable to sites in closure or care and maintenance^c^	****	0	****		(8	)		(41	)	****	0		0		0
Treatment and refinement charges	****	3	****		1			0		****	51		39		41
Other^d^	****	0	****		2			0		****	0		0		0
Revenues – as adjusted	****	1,863	****		2,213			1,940		****	526		524		467
Ounces/pounds sold (000s ounces/millions pounds)^c^	****	993	****		1,234			1,093		****	113		113		113
Realized gold/copper price per ounce/pound^e^	****	1,876	****		1,793			1,777		****	4.68		4.63		4.12
a.	Represents sales of $137 million for the three month period ended March 31, 2022 (December 31, 2021:<br>$172 million and March 31, 2021: $154 million) applicable to our 45% equity method investment in Kibali for gold. Represents sales of $118 million for the three months ended March 31, 2022 (December 31, 2021: $119 million<br>and March 31, 2021: $109 million) applicable to our 50% equity method investment in Zaldívar and $75 million (December 31, 2021: $111 million and March 31, 2021: $65 million) applicable to our 50% equity method investment<br>in Jabal Sayid for copper.
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b.	Sales applicable to equity method investments are net of treatment and refinement charges.
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c.	Excludes Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting in the<br>fourth quarter of 2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.
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d.	Represents a cumulative catch-up adjustment to revenue relating to our<br>streaming arrangements. Refer to note 2f of the 2021 Annual Financial Statements for more information.
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e.	Realized price per ounce/pound may not calculate based on amounts presented in this table due to rounding.<br>
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BARRICK FIRST QUARTER 2022	89	MANAGEMENT’S DISCUSSION AND ANALYSIS
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Technical Information

The scientific and technical information contained in this MD&A has been reviewed and approved by Craig Fiddes, SME-RM, Manager – Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources Manager: Africa & Middle East; Rodney Quick, MSc, Pr. Sci.Nat, Mineral Resource Management and Evaluation Executive; John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Rob Krcmarov, FAusIMM, Technical Advisor to Barrick – 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, 2021.

Endnotes

^1^	Further information on these non-GAAP financial performance measures, including<br>detailed reconciliations, is included on pages 76 to 89 of this MD&A.
^2^	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or<br>care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an<br>attributable basis using Barrick’s ownership share). References to attributable basis means our 100% share of Hemlo and Lumwana, our 61.5% share of Nevada Gold Mines, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7%<br>share of Tongon, our 84% share of North Mara, Bulyanhulu and Buzwagi up until the third quarter of 2021, our 50% share of Veladero, Zaldívar and Jabal Sayid, our 47.5% share of Porgera and our 45% share of Kibali.
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^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.
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^4^	Class 1 - High Significance is defined as an incident that causes significant negative impacts on human health or<br>the environment or an incident that extends onto publicly accessible land and has the potential to cause significant adverse impact to surrounding communities, livestock or wildlife.
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^5^	A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum<br>10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.
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^6^	See the Technical Report on the Turquoise Ridge complex, dated March 25, 2020, and filed on SEDAR at www.sedar.com<br>and EDGAR at www.sec.gov on March 25, 2020.
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^7^	See the Technical Report on the Pueblo Viejo mine, Sanchez Ramirez Province, Dominican Republic, dated March 19,<br>2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018.
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^8^	North Leeville Significant<br>Intercepts^a^
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Drill Results from Q1 2022
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Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)
CGX-20078	106	(67)	733.6-736.7	3.1	16.72
CGX-20078	106	(67)	765.5-789.4	32.9	16.94
NLX-00005	103	(85)	782.7-785.9	3.2	4.04
NLX-00005	103	(85)	802.8-829.9	27.1	17.92
NLX-00010	117	(72)	791.6-848.3	56.7	28.39
NLX-00011	104	(71)	808.5-852.7	44.2	10.31
NLX-00012	305	(79)	826.9-831.2	4.3	8.88
NLX-00012	305	(79)	837.3-845.1	7.8	26.03
a.	All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 3.0 meters; internal<br>dilution is less than 20% total width.
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b.	Carlin Trend drill hole nomenclature: Project (CGX - Greater Leeville; NLX - North Leeville) followed by hole number.<br>
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c.	True width of intercepts are uncertain at this stage.
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The drilling results for the Carlin Trend contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality control methods.

BARRICK FIRST QUARTER 2022	90	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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^9^	REN Significant Interceptsa
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Drill Results from Q1 2022
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Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)
MRC-20011	85	(18)	100.9-108.2	7.0	32.37
MRC-20011	85	(18)	117.3-121.9	4.4	4.42
MRC-20011	85	(18)	283.5-331.0	21.4	7.17
MRC-21001	301	(28)	273.7-313.9	12.8	26.39
MRC-21001	301	(28)	329.2-341.4	7.6	13.77
MRC-21006	86	(28)	111.25-133.5	16.6	5.04
MRC-21006	86	(28)	280.11-295.96	13.1	7.23
MRC-21007	95	(19)	107.29-114.6	6.7	22.25
MRC-21007	95	(19)	364.85-387.4	17.8	6.45
MRC-21007	95	(19)	395.02-423.37	22.3	7.30
MRC-21010	239	(22)	235.0-260.6	8.0	16.95
MRC-21010	239	(22)	266.9-276.1	3.8	24.76
MRC-21010	239	(22)	299.6-307.2	2.6	5.10
MRC-21011	262	(27)	347.5-351.7	9.1	5.25
MRC-21011	262	(27)	413.9-430.7	12.2	7.03
MRC-21012	283	(28)	280.1-296.9	10.7	10.22
MRC-21013	92	(18)	412.1-430.1	10.7	9.19
MRC-21014	80	(29)	286.8-298.1	7.6	17.49
MRC-21015	96	(20)	242.2-258.8	12.2	9.63
MRC-21015	96	(20)	274-293.5	14	5.25
MRC-21016	80	(5)	307.8-350.2	36.6	13.95
RU-24c	255	(89)	828.5-874.2	45.7	32.54
RU-24c	255	(89)	907.7-922.9	15.2	5.61
a.	All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 3.0 meters; internal<br>dilution is less than 20% total width.
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b.	Carlin Trend drill hole nomenclature: Project area (MRC - Ren Underground) followed by the year (21 for 2021) then the<br>hole number. RU-historic Ren drilling.
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c.	True width of intercepts are uncertain at this stage.
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The drilling results for the Carlin Trend contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality control methods.

^10^	Carlin Trend Significant Intercepts^a^
Drill Results from Q1 2022
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Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)
PGX-21003	264	(73)		No significant intercept
REN-21002	307	(83)		No significant intercept
REN-21005	165	(86)		No significant intercept
REN-21006	060	(81)		No significant intercept
WSF-22001	303	(77)	601.5 - 617.0	15.5	7.86
a.	All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 0.8m; internal<br>dilution is less than 20% total width.
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b.	Carlin Trend drill hole nomenclature: Project area (PGX- Post-Gen, REN - Ren, WSF - Western Spur) followed by the year (22 for 2022) then hole number.
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c.	True width of intercepts are uncertain at this stage.
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The drilling results for the Carlin Trend contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality control methods.

BARRICK FIRST QUARTER 2022	91	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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^11^	CHUG Hanson Significant<br>Intercepts^a^
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Drill Results from Q1 2022
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Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)
CMX-21012	217	42	479.6-499.5	16.9	11.24
CMX-21012	217	42	564.4-577	No significant intercept^d^
CMX-21025	228	47	584.4-608.1	22.6	23.07
a.	All intercepts calculated using a 4.2 g/t Au cutoff and are uncapped; minimum intercept width is 2.5 meters; internal<br>dilution is less than 20% total width.
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b.	Cortez drill hole nomenclature: Project (CMX-CHUG Minex) followed by the year<br>(21 for 2021) then hole number.
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c.	True width of intercepts are uncertain at this stage.
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d.	Sub-grade intercept in drillhole<br>CMX-21012 of 12.6 meters at 2.59 g/t using a 1.0 g/t cutoff uncapped; minimum intercept width is 2.5 meters; internal dilution is less than 20% total width, are listed for the purpose of showing the presence<br>of the mineral system.
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The drilling results for Cortez contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Cortez conform to industry accepted quality control methods.

^12^	Hemlo Significant Interceptsa
Drill Results from Q1 2022
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Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)
W2117	152	(56)	392.0-396.0	3.6	18.94
W2118	175	(65)	434.0-439.32	4.8	19.62
W2119	167	(72)	496.0-499.42	3.0	9.08
W2120	200	(80)	533.0-537.06	2.9	5.69
a.	All intercepts calculated using a 2.68 g/t Au cutoff and are uncapped; minimum intercept width is 2.5 meters; internal<br>dilution is less than 60% total width.
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b.	Hemlo drill hole nomenclature: Location (W - surface) followed by the year (21 for 2021) then hole number.<br>
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c.	True width of intercepts are estimated using the angle to core axis and are uncertain at this stage.<br>
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The drilling results for Hemlo contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Hemlo conform to industry accepted quality control methods.

^13^	El Indio Belt Significant Intercepts^a^
Drill Results from Q1 2022
---	---	---	---	---	---
Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)
DDH-CN-01	220	(70)	162.0-201.0	39.0	0.50
DDH-ZAN-21-02	100	(70)	140.0-143.0	3.0	1.84
DDH-CAM-002	40	(65)	141.45-163.0	21.55	0.97
a.	All intercepts calculated using a 0.45 g/t Au cutoff and are uncapped; minimum intercept width is 2.5 meters; internal<br>dilution is less than 60% total width.
---	---
b.	El Indio Belt drill hole nomenclature: Drill system (DDH: Diamond Drillhole) followed by the project (CN: Carmen Norte,<br>ZAN, Zancarron, CAM: Campanario) then hole number.
---	---
c.	True width of intercepts are estimated using the angle to core axis and are uncertain at this stage.<br>
---	---

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

BARRICK FIRST QUARTER 2022	92	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---
^14^	Bambadji Significant Intercepts^a^<br>
---	---
Drill Results from Q1 2022
---	---	---	---	---	---	---	---	---	---
Drill Hole^b^	Azimuth	Dip	From	To	Width (m)^c^	Au (g/t)	Interval (m)	Including^d^<br> <br>Width(m)^c^	Au (g/t)
KBWDH014	110	(50)	13	46.5	33.5	0.64	29.2-31.2	2.00	3.46
KBWDH014	110	(50)	96	102	3	1.03
KBWDH015	315	(50)	172.2	184.4	12.2	0.55
KBWDH015	315	(50)	148	150.8	2.8	2.86
KBWDH016	315	(50)	250.8	264	13.2	0.74
KBWDH020	110	(50)	137.9	164.6	26.7	2.15	143-158.9	15.90	3.17
							202-217.9	15.90	3.27
KBWDH020	110	(50)	199	248.8	49.8	2.46	240.1-249.8	9.70	4.81
FAAC002	270	(50)	14	23	9	1.29	17-19	2.00	4.64
FAAC004	270	(50)	2.00	23.00	21.00	3.01	10-16	6.00	8.12
FAAC006	270	(50)	19.00	48.00	29.00	3.17	39-48	9.00	8.62
FAAC007	270	(50)	0.00	27.00	27.00	1.53	5-11	6.00	3.24
FAAC007	270	(50)	31.00	49.00	18.00	0.81
FAAC008	270	(50)	0.00	30.00	30.00	1.85	9-21	12.00	3.00
FAAC008	270	(50)	35.00	45.00	10.00	1.05
a.	All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal<br>dilution is equal to or less than 2 meters total width.
---	---
b.	Drill hole nomenclature: KBW (Kabewest), GF (Gefa), SY (Soya), BQW (Baqata West) followed by type of drilling RC<br>(Reverse Circulation) and DH (Diamond Drilling).
---	---
c.	True widths uncertain at this stage.
---	---
d.	Includings calculated using a 10.0 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal<br>dilution is equal to or less than 2 meters total width.
---	---

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

^15^	Loulo-Gounkoto Significant<br>Intercepts^a^
		Drill Results from Q1 2022
---	---	---	---	---	---
Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)
YRDH033	336.59	(50.94)	225.20-230.75	5.55	6.80
YRDH033	336.59	(50.94)	256.20-258.40	2.20	1.06
YRDH033	336.59	(50.94)	272.50-277.50	5.00	2.37
YRNRC001	270.00	(55.00)	42.00-48.00	6.00	2.92
YRNRC001	270.00	(55.00)	56.00-59.00	3.00	2.21
P129AC0046	270.00	(55.00)	18.00-25.00	7.00	5.66
P129AC0239	270.00	(55.00)	7.00-20.00	13.00	1.40
P129RC83	270.00	(55.00)	11.00-13.00	2.00	1.37
P129RC88	270.00	(55.00)	34.00-36.00	2.00	1.16
P129RC90	270.00	(55.00)	49.00-53.00	4.00	1.00
P129RC91	270.00	(55.00)	100.00-108.00	8.00	1.19
P129RC92	270.00	(55.00)	44.00-51.00	7.00	9.28
P129RC94	270.00	(55.00)	82.00-84.00	2.00	1.13
P129RC96	273.00	(55.00)	84.00-86.00	2.00	2.02
P129RC97	270.00	(55.00)	78.00-81.00	3.00	1.49
P129RC100	270.00	(55.00)	98.00-101.00	3.00	2.29
P129RC102	265.00	(55.00)	93.00-101.00	8.00	1.06
P129RC103	270.00	(55.00)	15.00-20.00	5.00	2.42
P129RC103	270.00	(55.00)	21.00-25.00	4.00	2.63
a.	All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal<br>dilution is equal to or less than 2 meters total width.
---	---
b.	Loulo-Gounkoto drill hole nomenclature: prospect initial YR (Yalea Ridge), (Sanssamba West/Yalea Ridge North), (P129)<br>followed by type of drilling AC (Aircore), RC (Reverse Circulation), DH (Diamond Drilling).
---	---
c.	True widths uncertain at this stage.
---	---

The drilling results for the Loulo-Gounkoto property contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed

BARRICK FIRST QUARTER 2022	93	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br> <br>NON-GAAP<br><br><br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS Laboratories, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Loulo property conform to industry accepted quality control methods.

^16^	Nielle East Significant<br>Intercepts^a^
		Drill Results from Q1 2022
---	---	---	---	---	---
Drill Hole^b^	Azimuth	Dip	Interval (m)	Width (m)^c^	Au (g/t)
SNRC067	120.00	(51.00)	72-78	6.00	3.06
SNRC067	120.00	(51.00)	102-104	2.00	5.15
SNRC067	120.00	(51.00)	112-140	28.00	8.19
SNRC112	120.00	(53.00)	147-159	12.00	4.95
SNRC112	120.00	(53.00)	166-171	5.00	1.24
SNRC144	123.00	(53.00)	27-37	10.00	27.70
SNRC144	123.00	(53.00)	43-47	4.00	1.39
SNRC144	123.00	(53.00)	63-67	4.00	1.11
SNRC148	121.00	(55.00)	41-50	9.00	3.08
SNRC148	121.00	(55.00)	80-87	7.00	1.10
SNRC148	121.00	(55.00)	115-117	2.00	0.90
SNRC215	120.00	(50.00)	9-24	15.00	6.04
SNRC247	123.00	(52.00)	36-62	26.00	8.53
SNRC283	120.00	(50.00)	5-24	19.00	7.20
SNRC283	120.00	(50.00)	31-39	8.00	5.64
JBRC034	131.00	(49.00)	2-5	3.00	0.69
JBRC034	131.00	(49.00)	16-25	9.00	1.35
JBRC034	131.00	(49.00)	38-46	8.00	1.53
JBRC034	131.00	(49.00)	51-62	11.00	2.13
JBRC034	131.00	(49.00)	73-75	2.00	0.57
JBRC034	131.00	(49.00)	93-100	7.00	1.08
JBRC044	304.00	(51.00)	23-26	3.00	1.99
JBRC044	304.00	(51.00)	30-44	14.00	2.48
JBRC044	304.00	(51.00)	117-120	3.00	0.67
JBRC044	304.00	(51.00)	136-140	4.00	1.52
JBRC049	302.00	(51.00)	32-34	2.00	1.60
JBRC049	302.00	(51.00)	134-140	6.00	0.70
JBRC049	302.00	(51.00)	143-149	6.00	0.90
JBRC049	302.00	(51.00)	152-169	17.00	2.07
KORC011	120.00	(52.00)	18-46	28.00	1.88
KORC011	120.00	(52.00)	48-92	44.00	1.46
KORC011	120.00	(52.00)	108-115	7.00	1.64
KORC011	120.00	(52.00)	120-122	2.00	0.72
KORC011	120.00	(52.00)	141-143	2.00	8.00
a.	All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal<br>dilution is equal to or less than 2 meters width.
---	---
b.	Nielle drill hole nomenclature: prospect initial SN (Seydou North), JB (Jubula Main), JW (Jubula West), KOR (Koro),<br>followed by type of drilling RC (Reverse Circulation), DDH (Diamond Drilling), RCDH (RC pre-collar with Diamond tail), or AC (Aircore).
---	---
c.	True widths uncertain at this stage.
---	---

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

BARRICK FIRST QUARTER 2022	94	MANAGEMENT’S DISCUSSION AND ANALYSIS
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Consolidated Statements of Income

Barrick Gold Corporation<br><br><br>(in millions of United States dollars, except per share data) (Unaudited)	Three months ended<br><br><br>March 31,
	2022		2021
Revenue (notes 5 and 6)	****	2,853		2,956
Costs and expenses (income)
Cost of sales (notes 5 and 7)	****	1,739		1,712
General and administrative expenses	****	54		38
Exploration, evaluation and project expenses	****	67		61
Impairment (reversals) charges (notes 9b and 13)	****	2		(89
Loss on currency translation	****	3		4
Closed mine rehabilitation	****	3		23
Income from equity investees (note 12)	****	(99		(103
Other (income) expense (note 9a)	****	(11		19
Income before finance costs and income taxes	****	1,095		1,291
Finance costs, net	****	(88		(87
Income before income taxes	****	1,007		1,204
Income tax expense (note 10)	****	(301		(374
Net income	****	706		830
Attributable to:
Equity holders of Barrick Gold Corporation	****	438		538
Non-controlling<br>interests (note 16)	****	268		292
Earnings per share data attributable to the equity holders of Barrick Gold Corporation (note8)
Net income
Basic	****	0.25		0.30
Diluted	****	0.25		0.30

All values are in US Dollars.

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

BARRICK FIRST QUARTER 2022	95	FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Consolidated Statements

of Comprehensive Income

Barrick Gold Corporation<br> (in millions of United States dollars) (Unaudited)
Net income	706	830
Other comprehensive income (loss), net of taxes
Items that will not be reclassified to profit or loss:
Net change on equity investments, net of<br>tax (8) and 8	58	(47
Total other comprehensive income (loss)	58	(47
Total comprehensive income	764	783
Attributable to:
Equity holders of Barrick Gold Corporation	496	491
Non-controlling<br>interests	268	292

All values are in US Dollars.

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

BARRICK FIRST QUARTER 2022	96	FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Consolidated Statements of Cash Flow

Barrick Gold Corporation<br><br><br>(in millions of United States dollars) (Unaudited)	Three months<br><br><br>ended March 31,
	2022		2021
OPERATING ACTIVITIES
Net income	****	706		830
Adjustments for the following items:
Depreciation	****	460		507
Finance costs, net	****	98		94
Impairment (reversals) charges (notes 9b and 13)	****	2		(89
Income tax expense (note 10)	****	301		374
Income from equity investees (note 12)	****	(99		(103
Gain on sale of non-current assets	****	(2		(3
Loss on currency translation	****	3		4
Change in working capital (note 11)	****	(131		(58
Other operating activities (note 11)	****	(77		(34
Operating cash flows before interest and income taxes	****	1,261		1,522
Interest paid	****	(23		(22
Income taxes paid^1^	****	(234		(198
Net cash provided by operating activities	****	1,004		1,302
INVESTING ACTIVITIES
Property, plant and equipment
Capital expenditures (note 5)	****	(611		(539
Sales proceeds	****	1		4
Investment sales	****	260		—
Dividends received from equity method investments (note 12)	****	359		126
Shareholder loan repayments from equity method investments<br>(note 12)	****	—		1
Net cash provided by (used in) investingactivities	****	9		(408
FINANCING ACTIVITIES
Lease repayments	****	(6		(6
Debt repayments	****	—		(7
Dividends	****	(178		(158
Funding from non-controlling interests (note 16)	****	—		6
Disbursements to non-controlling interests (note 16)	****	(267		(265
Pueblo Viejo JV partner shareholder loan	****	45		21
Net cash used in financing activities	****	(406		(409
Effect of exchange rate changes on cash andequivalents	****	—		(1
Net increase in cash and equivalents	****	607		484
Cash and equivalents at the beginning of period	****	5,280		5,188
Cash and equivalents at the end of period	****	5,887		5,672

All values are in US Dollars.

^1^	Income taxes paid excludes $26 million (2021: $36 million) of income taxes payable that were settled against<br>offsetting VAT receivables.

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

BARRICK FIRST QUARTER 2022	97	FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Consolidated Balance Sheets

Barrick Gold Corporation<br><br><br>(in millions of United States dollars) (Unaudited)	As at March 31,<br><br><br>2022		As at December 31,<br><br><br>2021
ASSETS
Current assets
Cash and equivalents	****	5,887		5,280
Accounts receivable	****	640		623
Inventories	****	1,766		1,734
Other current assets	****	722		612
Total current assets	****	9,015		8,249
Non-current assets
Equity in investees (note 12)	****	4,334		4,594
Property, plant and equipment	****	25,153		24,954
Goodwill	****	4,769		4,769
Intangible assets	****	149		150
Deferred income tax assets	****	15		29
Non-current portion of inventory	****	2,639		2,636
Other assets	****	1,232		1,509
Total assets	****	47,306		46,890
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	****	1,525		1,448
Debt	****	14		15
Current income tax liabilities	****	342		285
Other current liabilities	****	366		338
Total current liabilities	****	2,247		2,086
Non-current liabilities
Debt	****	5,130		5,135
Provisions	****	2,738		2,768
Deferred income tax liabilities	****	3,308		3,293
Other liabilities	****	1,257		1,301
Total liabilities	****	14,680		14,583
Equity
Capital stock (note 15)	****	28,497		28,497
Deficit	****	(6,306		(6,566
Accumulated other comprehensive income (loss)	****	35		(23
Other	****	1,949		1,949
Total equity attributable to Barrick Gold Corporation<br>shareholders	****	24,175		23,857
Non-controlling interests<br>(note 16)	****	8,451		8,450
Total equity	****	32,626		32,307
Contingencies and commitments (notes 5 and 17)
Total liabilities and equity	****	47,306		46,890

All values are in US Dollars.

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

BARRICK FIRST QUARTER 2022	98	FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Consolidated Statements of Changes in Equity

Barrick Gold Corporation			Attributable to equity holders of the company
(in millions of United States dollars)<br><br><br>(Unaudited)	Common<br>Shares (in<br>thousands)		Capital<br>stock				Accumulated<br>other<br>comprehensive<br>income (loss)^1^		Other^2^			Non-<br>controlling<br>interests		Total<br>equity
At January 1, 2022	****	1,779,331	****	28,497	($6,566	)	****	(23	****	1,949	23,857	****	8,450	****	32,307
Net income	****	—	****	—	438	****	****	—	****	—	438	****	268	****	706
Total other comprehensive income (loss)	****	—	****	—	—	****	****	58	****	—	58	****	—	****	58
Total comprehensive income	****	—	****	—	438	****	****	58	****	—	496	****	268	****	764
Transactions with owners
Dividends	****	—	****	—	(178	)	****	—	****	—	(178	****	—	****	(178
Disbursements to non-controlling interests (note 16)	****	—	****	—	—	****	****	—	****	—	—	****	(267	****	(267
Dividend reinvestment plan (note 15)	****	25	****	—	—	****	****	—	****	—	—	****	—	****	—
Total transactions with owners	****	25	****	—	(178	)	****	—	****	—	(178	****	(267	****	(445
At March 31, 2022	****	1,779,356	****	28,497	($6,306	)	****	35	****	1,949	24,175	****	8,451	****	32,626
At January 1, 2021	****	1,778,190	****	29,236	($7,949	)	****	14	****	2,040	23,341	****	8,369	****	31,710
Net income		—		—	538			—		—	538		292		830
Total other comprehensive income (loss)		—		—	—			(47		—	(47		—		(47
Total comprehensive income (loss)		—		—	538			(47		—	491		292		783
Transactions with owners
Dividends		—		—	(158	)		—		—	(158		—		(158
Issued on exercise of stock options		50		—	—			—		—	—		—		—
Funding from non-controlling interests		—		—	—			—		—	—		6		6
Disbursements to non-controlling interests		—		—	—			—		—	—		(262		(262
Dividend reinvestment plan		72		2	(2	)		—		—	—		—		—
Share-based payments		59		—	—			—		—	—		—		—
Total transactions with owners		181		2	(160	)		—		—	(158		(256		(414
At March 31, 2021	****	1,778,371	****	29,238	($7,571	)	****	(33	****	2,040	23,674	****	8,405	****	32,079

All values are in US Dollars.

^1^	Includes cumulative translation losses at March 31, 2022: $94 million (December 31, 2021: $94 million;<br>March 31, 2021: $95 million).
^2^	Includes additional paid-in capital as at March 31, 2022: $1,911 million<br>(December 31, 2021: $1,911 million; March 31, 2021: $2,002 million).
---	---

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

BARRICK FIRST QUARTER 2022	99	FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

Notes to Consolidated Financial Statements

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

1 ∎ Corporate Information

Barrick Gold Corporation (“Barrick”, “we” or the “Company”) is a corporation governed by the Business Corporations Act (British Columbia). The Company’s corporate office is located at Brookfield Place, TD Canada Trust Tower, 161 Bay Street, Suite 3700, Toronto, Ontario, M5J 2S1. The Company’s registered office is 925 West Georgia Street, Suite 1600, Vancouver, British Columbia, V6C 3L2. 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, Tanzania and the United States. Our mine in Papua New Guinea was placed on care and maintenance in April 2020. We have ownership interests in producing copper mines in Chile, Saudi Arabia and Zambia. We also have various projects located throughout the Americas and Africa.

2 ∎Significant Accounting Policies

a)    Statement of Compliance

These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”). 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 significant accounting policies were presented in Note 2 of the Annual Consolidated Financial Statements for the year ended December 31, 2021 (“2021 Annual Financial Statements”), and have been consistently applied in the preparation of these interim financial statements, except as otherwise noted in Note 2b. These condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on May 3, 2022.

b)    New Accounting Standards Issued But Not Yet Effective

Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on Barrick in the current or future reporting periods.

3 ∎ Critical Judgements, Estimates, Assumptions and Risks

The judgments, estimates, assumptions and risks discussed here reflect updates from the 2021 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 2021 Annual Financial Statements.

a)    Pascua-Lama

The Pascua-Lama project received $451 million as at March 31, 2022 (December 31, 2021: $411 million) in value added tax (“VAT”) refunds in Chile relating to the development of the Chilean side of the project. Under the current arrangement, this amount must be repaid if the project does not evidence exports for an amount of $3,538 million within a term that expires on December 31, 2026, unless extended.

In addition, we have recorded $46 million in VAT recoverable in Argentina as at March 31, 2022 (December 31, 2021: $48 million) relating to the development of the Argentinean side of the project. These amounts may not be fully recoverable if the project does not enter into production and are subject to foreign currency risk as the amounts are recoverable in Argentine pesos.

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 17 for further details on contingencies.

c)    Covid-19

Barrick continues to work closely with our local communities on managing the impacts of the Covid-19 pandemic on our people and business. Our operations are not currently being impacted in any significant manner although we recognize the situation remains dynamic. We continue to monitor developments around the world.

4 ∎Acquisitions and Divestitures

a)    Lagunas Norte

On February 16, 2021, Barrick announced it had entered into an agreement to sell its 100% interest in the Lagunas Norte gold mine in Peru to Boroo Pte Ltd. (“Boroo”) for total consideration of up to $81 million, with $20 million of cash consideration on closing, additional cash consideration of $10 million payable on the first anniversary of closing and $20 million payable on the second anniversary of closing, a 2% net smelter return royalty, which may be purchased by Boroo for a fixed period after closing for $16 million, plus a contingent payment of up to $15 million based on the two-year average gold price. An impairment reversal of $86 million was recognized in the first quarter of 2021. Refer to Note 13 for further details. The transaction closed on June 1, 2021 and we recognized a gain on sale of $4 million in the second quarter of 2021 based on a final fair value of consideration of $65 million. We remain contractually liable for all tax matters that existed prior to our divestiture until these matters are resolved. In addition, Boroo assumed 50% of the $173 million reclamation bond obligations for Lagunas Norte upon closing and will assume the other 50% within one year of closing.

BARRICK FIRST QUARTER 2022	100	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

5 ∎ Segment Information

Barrick’s business is organized into eighteen minesites and one project. Barrick’s Chief Operating Decision Maker (“CODM”) (Mark Bristow, President and Chief Executive Officer) reviews the operating results, assesses performance and makes capital allocation decisions at the minesite, and/or project level. Each individual minesite and the Pascua-Lama project are operating segments for financial reporting purposes. Our presentation of our reportable operating segments consists of nine gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, Veladero, North Mara and Bulyanhulu). The remaining operating segments, including our remaining gold mines, copper mines and project, have been grouped into an “other” 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>March 31, 2022	Revenue		Site operating<br>costs, royalties<br>and community<br>relations		Depreciation		Exploration,<br>evaluation and<br>project expenses		Other expenses<br><br><br>(income)^1^		Segment income<br>(loss)
Carlin^2^	****	707	****	310	****	69	****	2	****	(21	****	347
Cortez^2^	****	364	****	152	****	62	****	2	****	—	****	148
Turquoise<br>Ridge^2^	****	195	****	107	****	42	****	—	****	1	****	45
Pueblo<br>Viejo^2^	****	338	****	129	****	58	****	2	****	1	****	148
Loulo-Gounkoto^2^	****	322	****	123	****	63	****	2	****	2	****	132
Kibali	****	137	****	55	****	28	****	3	****	10	****	41
Veladero	****	76	****	35	****	19	****	—	****	1	****	21
North Mara^2^	****	131	****	50	****	10	****	1	****	1	****	69
Bulyanhulu^2^	****	131	****	62	****	17	****	—	****	1	****	51
Other Mines^2^	****	604	****	308	****	113	****	3	****	17	****	163
Reportable segment total	****	3,005	****	1,331	****	481	****	15	****	13	****	1,165
Share of equity investees	****	(137	****	(55	****	(28	****	(3	****	(10	****	(41
Segment total	****	2,868	****	1,276	****	453	****	12	****	3	****	1,124

All values are in US Dollars.

Consolidated Statement of Income Information

			Cost of Sales
For the three months ended<br><br><br>March 31, 2021	Revenue		Site operating<br>costs, royalties<br>and community<br>relations		Depreciation		Exploration,<br>evaluation and<br>project expenses			Segment income<br>(loss)
Carlin^2^		663		288		68		3	(1		305
Cortez^2^		292		143		64		3	1		81
Turquoise<br>Ridge^2^		269		100		51		—	—		118
Pueblo<br>Viejo^2^		420		130		61		1	1		227
Loulo-Gounkoto^2^		337		115		69		4	8		141
Kibali		154		60		32		—	(1		63
Veladero		57		24		11		—	—		22
North Mara^2^		119		56		15		—	1		47
Bulyanhulu^2^		50		28		12		—	1		9
Other Mines^2^		687		299		142		3	15		228
Reportable segment total		3,048		1,243		525		14	25		1,241
Share of equity investees		(154		(60		(32		—	1		(63
Segment total		2,894		1,183		493		14	26		1,178

All values are in US Dollars.

^1^	Includes accretion expense, which is included within finance costs in the consolidated statement of income. For the<br>three months ended March 31, 2022, accretion expense was $7 million (2021: $5 million).
^2^	Includes the non-controlling interest portion of revenues, cost of sales and<br>segment income for the three months ended March 31, 2022 for Nevada Gold Mines $556 million, $333 million, $228 million (2021: $557 million, $318 million, $236 million), Pueblo Viejo $135 million, $75 million,<br>$59 million (2021: $174 million, $76 million, $98 million), Loulo-Gounkoto $64 million, $37 million, $27 million (2021: $67 million, $37 million, $28 million), North Mara, Bulyanhulu and Buzwagi<br>$42 million, $22 million, $19 million (2021: $32 million, $23 million, $8 million) and Tongon $8 million, $9 million, $(1) million (2021: $10 million, $8 million, $1 million), respectively.<br>
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BARRICK FIRST QUARTER 2022	101	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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Reconciliation of Segment Income to Income Before Income Taxes

	For the three months ended<br>March 31
	2022		2021
Segment income	****	1,124		1,178
Other revenue	****	(15		62
Other cost of sales/amortization	****	(10		(36
Exploration, evaluation and project expenses not attributable to segments	****	(55		(47
General and administrative expenses	****	(54		(38
Other income not attributable to segments	****	—		1
Impairment (charges) reversals	****	(2		89
Loss on currency translation	****	(3		(4
Closed mine rehabilitation	****	(3		(23
Income from equity investees	****	99		103
Finance costs, net (includes non-segment accretion)	****	(81		(82
Gain on non-hedge<br>derivatives	****	7		1
Income before income taxes	****	1,007		1,204

All values are in US Dollars.

Capital Expenditures Information

	Segment capital<br><br><br>expenditures^1^
	For the three months ended<br>March 31
	2022		2021
Carlin	****	117		92
Cortez	****	93		62
Turquoise Ridge	****	42		33
Pueblo Viejo	****	144		101
Loulo-Gounkoto	****	62		70
Kibali	****	17		11
Veladero	****	38		40
North Mara	****	22		18
Bulyanhulu	****	12		15
Other Mines	****	77		74
Reportable segment total	****	624		516
Other items not allocated to segments	****	34		24
Total	****	658		540
Share of equity investees	****	(17		(11
Total	****	641		529

All values are in US Dollars.

^1^	Segment capital expenditures are presented for internal management reporting purposes on an accrual basis. Capital<br>expenditures in the Consolidated Statements of Cash Flow are presented on a cash basis. For the three months ended March 31, 2022, cash expenditures were $611 million (2021: $539 million) and the increase in accrued expenditures was<br>$30 million (2021: $10 million decrease).

Purchase Commitments

At March 31, 2022, we had purchase obligations for supplies and consumables of $1,768 million (December 31, 2021: $1,718 million).

Capital Commitments

In addition to entering into various operational commitments in the normal course of business, we had capital commitments of $603 million at March 31, 2022 (December 31, 2021: $443 million).

BARRICK FIRST QUARTER 2022	102	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
---	---	---	---	---	---

6 ∎ Revenue

	For the three months ended<br><br><br>March 31
	2022
Gold sales
Spot market sales	****	2,426	2,615
Concentrate sales	****	81	29
Provisional pricing adjustments	****	4	(3
	****	2,511	2,641
Copper sales
Concentrate sales	****	271	211
Provisional pricing adjustments	****	16	45
	****	287	256
Othersales^1^	****	55	59
Total	****	2,853	2,956

All values are in US Dollars.

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

7 ∎ Cost of Sales

	Gold
For the three months ended March 31	2022
Site operating costs^1,2^	****	1,068	1,020	83	65	—	—	1,151	$1,085
Depreciation^1^	****	419	454	38	48	3	5	460	507
Royalty expense	****	88	93	32	23	—	—	120	116
Community relations	****	7	4	1	—	—	—	8	4
	****	1,582	1,571	154	136	3	5	1,739	$1,712

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 the three months ended March 31, 2022 (2021: $14 million).
^2^	Site operating costs includes the costs of extracting by-products.<br>
---	---
^3^	Other includes corporate amortization.
---	---

8 ∎Earnings Per Share

	For the three months ended March 31
	2022				2021
	Basic		Diluted		Basic		Diluted
Net income	****	706	****	706		830		830
Net income attributable to<br>non-controlling interests	****	(268	****	(268		(292		(292
Net income attributable to equity holders of Barrick Gold<br>Corporation	****	438	****	438		538		538
Weighted average shares outstanding	****	1,779	****	1,779		1,778		1,778
Basic and diluted earnings per share data attributable to the equity<br>holders of Barrick Gold Corporation	****	0.25	****	0.25		0.30		0.30

All values are in US Dollars.

BARRICK FIRST QUARTER 2022	103	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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9 ∎ Other Expense

a)    Other Expense (Income)

	For the three<br><br><br>months ended<br> <br>March 31
	2022		2021
Other expense:
Bank charges	****	2		2
Litigation	****	4		1
Porgera care and maintenance costs	****	13		11
Buzwagi supplies obsolescence	****	2		—
Other	****	8		7
Total other expense	****	29		21
Other income:
Gain on sale of non-current assets	****	(2		(3
Gain on non-hedge derivatives	****	(7		(1
Loss (gain) on warrant investments at FVPL	****	(2		5
Insurance proceeds related to NGM	****	(22		—
Interest income on other assets	****	(4		(3
Other	****	(3		—
Total other income	****	(40		(2
Total	****	(11		19

All values are in US Dollars.

b)    Impairment (Reversals) Charges

	For the three<br><br><br>months ended<br> <br>March 31
	2022
Impairment (reversals) charges of non-current assets^1^	****	2	($89	)
Total	****	2	($89	)

All values are in US Dollars.

^1^	Refer to note 13 for further details.

10 ∎Income Tax Expense

	For the three months<br><br><br>ended March 31
	2022
Current	****	277	$265
Deferred	****	24	109
Total	****	301	$374

All values are in US Dollars.

Income tax expense was $301 million for the three months ended March 31, 2022 (2021: $374 million). The unadjusted effective income tax rate for the three months ended March 31, 2022 was 30% of the income before income taxes.

The underlying effective income tax rate on ordinary income for the three months ended March 31, 2022 was 29% after adjusting for the impact of foreign currency translation losses on deferred tax balances; the impact of non-deductible foreign exchange losses; the impact of the Porgera mine being placed on care and maintenance; 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 (e.g. US dollars). The most significant balances relate to Argentine and Malian tax liabilities.

In the three months ended March 31, 2022, a tax expense of $16 million (2021: $25 million tax expense) primarily arose from translation losses on tax balances in Argentina and Mali due to the weakening of the Argentine peso and the West African CFA franc, respectively, against the US dollar. These net translation losses are included within income tax expense.

Withholding Taxes

For the three months ended March 31, 2022, we have recorded $20 million (2021: $10 million related to Argentina and the United States) of dividend withholding taxes related to the undistributed earnings of our subsidiaries in Argentina and the United States.

Nevada Mining Education Tax

A new mining excise tax applied to gross proceeds became effective on July 1, 2021 following the passing of Assembly Bill 495 at the Nevada Legislative Session that ended on May 31, 2021. The revenue generated by this new excise tax will be directed towards education. The new excise tax is a tiered tax, with a maximum rate of 1.1% and the first payment in relation to the 2021 year was made in March 2022.

The bill does not take into consideration expenses or costs incurred to generate gross proceeds, therefore, this tax is treated as a gross receipts tax and not as a tax based on income subject to IAS 12. As a result, this new tax is reported as a component of cost of sales and not as an income tax expense.

Nevada Gold Mines

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

BARRICK FIRST QUARTER 2022	104	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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11 ∎ Cash Flow - Other Items

Operating Cash Flows – Other Items	For the three months<br><br><br>ended March 31
	2022		2021
Adjustments for non-cash income statement items:
Gain on non-hedge derivatives	****	(7		(1
Loss (gain) on warrant investments at FVPL	****	(2		5
Share-based compensation expense	****	35		13
Change in estimate of rehabilitation costs at closed mines	****	3		23
Insurance proceeds related to NGM	****	(22		—
Net inventory impairment charges	****	—		14
Change in other assets and liabilities	****	(15		(22
Settlement of share-based compensation^1^	****	(45		(44
Settlement of rehabilitation obligations	****	(24		(22
Other operating activities	****	(77		(34
Cash flow arising from changes in:
Accounts receivable	****	27		35
Inventory	****	(40		(20
Other current assets	****	(104		(7
Accounts payable	****	(25		(101
Other current<br>liabilities^1^	****	11		35
Change in working capital	****	(131		(58

All values are in US Dollars.

^1^	2021 figures have been restated to reflect the change in presentation to present settlement of share-based compensation<br>($44 million) separately from other current liabilities.

12∎ Equity Accounting Method Investment Continuity

	Kibali		Jabal Sayid		Zaldívar		Other		Total
At January 1, 2021		3,279		369		967		55		4,670
Equity pick-up from equity investees		219		159		68		—		446
Dividends received from equity investees		(231		(146		(142		(1		(520
Shareholder loan repayment		—		—		—		(2		(2
At December 31, 2021	****	3,267	****	382	****	893	****	52	****	4,594
Equity pick-up from equity investees	****	31	****	40	****	28	****	—	****	99
Dividends received from equity investees	****	(326	****	(33	****	—	****	—	****	(359
At March 31, 2022	****	2,972	****	389	****	921	****	52	****	4,334

All values are in US Dollars.

In 2022, Kibali Goldmines SA repaid a portion of its shareholder loans establishing an additional ongoing mechanism for the repatriation of cash from the Democratic Republic of Congo. During the first quarter of 2022, the repatriation of this cash has resulted in the payment of a dividend of $326 million to the Barrick entity that holds the indirect 45% interest in Kibali Goldmines SA. Subsequent to March 31, 2022, an additional dividend payment of $210 million was paid to the Barrick entity that holds the indirect interest in Kibali Goldmines SA.

BARRICK FIRST QUARTER 2022	105	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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13 ∎ Impairment of Goodwill and Other Assets

In accordance with our accounting policy, goodwill is tested for impairment in the fourth quarter and also when there is an indicator of impairment. Non-current assets are tested for impairment or impairment reversals when events or changes in circumstances suggest that the carrying amount may not be recoverable or is understated. Refer to note 21 of the 2021 Annual Financial Statements for further information.

For the three months ended March 31, 2022, we recorded net impairment charges of $2 million (2021: $89 million net impairment reversals) for non-current assets.

Indicators of impairment and reversals

2022

Reko Diq

On March 20, 2022, Barrick and the Governments of Pakistan and Balochistan reached agreement in principle on a framework that provides for the reconstitution of the Reko Diq project in the country’s Balochistan province. The project was suspended in 2011 due to a dispute over the legality of its licensing process, and in 2012 an impairment of $120 million was recorded related to our investment in the Reko Diq project.

The reconstituted project will be held 50% by Barrick and 50% by Pakistani stakeholders, comprising a 10% free-carried, non-contributing share held by the Government of Balochistan, an additional 15% held by a special purpose company owned by the Government of Balochistan and 25% owned by other federal state-owned enterprises. Barrick will be the operator of the project and will be granted a mining lease, exploration license, surface rights and a mineral agreement stabilizing the fiscal regime applicable to the project for a specified period.

If the definitive agreements are executed and the conditions to closing are satisfied, the project will be reconstituted. The reconstitution would resolve the damages originally awarded by the International Centre for the Settlement of Investment Disputes and disputed in the International Chamber of Commerce. Refer to note 17 to the Financial Statements for more information.

We have determined that no impairment reversal exists as at March 31, 2022.

Porgera

On April 9, 2021, the Papua New Guinea (“PNG”) government and Barrick Niugini Limited (“BNL”, the 95% owner and operator of the Porgera joint venture) agreed on a partnership for the future ownership and operation of the Porgera mine. Porgera has been on care and maintenance since April 2020, when the government declined to renew its special mining lease (“SML”). The financial impact will be determined once all definitive agreements, which are currently being negotiated, have been signed. We have determined that as at March 31, 2022, there is no impairment loss to recognize. The ultimate resolution of this dispute may differ from this determination and there is no certainty that the carrying value will remain recoverable. Refer to note 17 for more information.

2021

Lagunas Norte

As described in Note 4, on February 16, 2021, we announced an agreement to sell our 100% interest in the

Lagunas Norte gold mine in Peru to Boroo for total consideration of up to $81 million. An impairment reversal of $86 million was recognized in the first quarter of 2021 based on the March 31, 2021 fair value of the consideration to be received of $63 million. Lagunas Norte was in a net liability position, which resulted in an impairment reversal that exceeded the fair value less costs of disposal (“FVLCD”). The transaction closed on June 1, 2021.

14 ∎ Fair Value Measurements

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

As at March<br> <br>31,<br>2022	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)
Cash and equivalents	****	5,887	—	—	$5,887
Other investments^1^	****	164	—	—	164
Derivatives	****	—	60	—	60
Receivables from provisional copper and gold sales	****	—	276	—	276
	****	6,051	336	—	$6,387

All values are in US Dollars.

^1^	Includes equity investments in other mining companies.

b)    Fair Values of Financial Assets and Liabilities

	As at March 31, 2022
	Carryingamount
Financial assets
Other<br>assets^1^	****	377	377	382	$382
Other<br>investments^2^	****	164	164	414	414
Derivative<br>assets^3^	****	60	60	53	53
	****	601	601	849	$849
Financial liabilities
Debt^4^	****	5,144	6,252	5,150	$6,928
Other liabilities	****	485	485	473	473
	****	5,629	6,737	5,623	$7,401

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^	Primarily consists of contingent consideration received as part of the sale of Massawa and Lagunas Norte.<br>
---	---
^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.
---	---

The Company’s valuation techniques were presented in Note 26 of the 2021 Annual Financial Statements and have been consistently applied in these interim financial statements.

BARRICK FIRST QUARTER 2022	106	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
OVERVIEW	OPERATING<br><br><br>PERFORMANCE	GROWTH PROJECTS &<br><br><br>EXPLORATION	REVIEW OF FINANCIAL<br><br><br>RESULTS	OTHER INFORMATION &<br><br><br>NON-GAAP<br> <br>RECONCILIATIONS	FINANCIAL<br><br><br>STATEMENTS
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15 ∎ Capital Stock

a)    Authorized Capital Stock

Our authorized capital stock is composed of an unlimited number of common shares (issued 1,779,356,248 common shares as at March 31, 2022). Our common shares have no par value.

b)    Dividends

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

The Company’s dividend reinvestment plan resulted in 25,211 common shares issued to shareholders for the three months ended March 31, 2022.

c)    Return of Capital

At the Annual and Special Meeting on May 4, 2021, shareholders approved a $750 million return of capital distribution. This distribution was derived from a portion of the proceeds from the divestiture of Kalgoorlie Consolidated Gold Mines in November 2019 and from other recent dispositions made by Barrick and its affiliates in line with our strategy of focusing on our core assets. The total return of capital distribution was paid in three equal tranches of $250 million on June 15, 2021, September 15, 2021 and Dec 15, 2021.

d)    Share Buyback Program

At the February 15, 2022 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 the first quarter of 2022, Barrick did not purchase any shares under this program.

The actual number of common shares that may be purchased, if any, 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.

16 ∎ Non-controlling Interests Continuity

	Nevada<br><br><br>Gold Mines		Pueblo<br><br><br>Viejo		Tanzania<br><br><br>Mines^1^		Loulo-<br><br><br>Gounkoto		Tongon		Other			Total
NCI in subsidiary at March 31, 2022		38.5		40		16		20		10.3		Various
At January 1, 2021		5,978		1,193		263		933		39		($37	)		8,369
Share of income		980		174		35		71		6		—			1,266
Cash contributed		—		—		—		—		—		12			12
Decrease in non-controlling interest		(49		—		—		—		—		(37	)		(86
Disbursements		(848		(178		—		(51		(16		(18	)		(1,111
At December 31, 2021	****	6,061	****	1,189	****	298	****	953	****	29	****	($80	)	****	8,450
Share of income (loss)	****	210	****	28	****	13	****	18	****	(1	****	—	****	****	268
Disbursements	****	(212	****	(46	****	—	****	(9	****	—	****	—	****	****	(267
At March 31, 2022	****	6,059	****	1,171	****	311	****	962	****	28	****	($80	)	****	8,451

All values are in US Dollars.

^1^	Tanzania mines consist of North Mara, Bulyanhulu and Buzwagi.

17 ∎ 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 2021 Annual Financial Statements, and no new contingencies have occurred that are material to the Company since the issuance of the 2021 Annual Financial Statements.

The description set out below should be read in conjunction with Note 35 “Contingencies” to the 2021 Annual Financial Statements.

Litigation and Claims Update

Proposed Canadian Securities Class Actions (Pascua-Lama)

On March 22, 2022, the Ontario Superior Court of Justice rendered its decision concerning the Plaintiffs’ motion for leave to proceed with statutory secondary market misrepresentation claims pertaining to Barrick’s capital cost and schedule estimates for the Pascua-Lama project and various accounting and financial reporting matters. In its decision, the Court denied leave to proceed in respect of all but two of those claims. The Court has solicited additional written submissions, and will hear supplemental oral arguments, before deciding whether to grant leave to proceed in respect of the two remaining claims. The parties will deliver additional written submissions during May 2022, and the supplemental oral argument will occur on June 27, 2022. To protect its rights while the Court is considering

BARRICK FIRST QUARTER 2022	107	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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these matters, the Company has also filed a motion for leave to appeal from the potentially unfavorable aspects of the March 2022 decision. On April 21, 2022, the Plaintiffs filed an appeal with the Court of Appeal for Ontario from the aspects of the March 2022 decision that denied leave to proceed in respect of their claims.

In the Quebec action, the hearing of the proposed representative plaintiff’s appeal from the March 2020 decision denying leave to proceed and class certification took place on May 2, 2022. A decision in this matter is pending.

Veladero – Tax Assessment and Criminal Charges

On February 4, 2022, the Argentine Minister of Economy, the competent authority in this matter, issued a decision denying the application of the Canada-Argentina Tax Treaty to the Tax Assessment. Minera Andina del Sol SRL (formerly, Minera Argentina Gold SRL) (“MAS”), the joint venture company that operates the Veladero mine, appealed this decision on February 18, 2022.

Separately, on April 12, 2022, the trial court issued a ruling dismissing the criminal charges against the MAS directors in the Criminal Tax Case. The Argentinean Federal Tax Authority (“AFIP”) has appealed this ruling.

Writ of Kalikasan

In the fall of 2021, the justice who was presiding over the panel of justices of the Court of Appeals hearing this matter was appointed to the Supreme Court of the Philippines. The case is awaiting “re-raffling” of a panel of Court of Appeals justices before any further steps will take place in the proceedings on the merits and before the pending motions will be resolved.

Reko Diq Arbitration

On March 20, 2022, the Company executed an Umbrella Agreement with Antofagasta plc and the Governments of Pakistan and Balochistan, pursuant to which, if the conditions to closing are satisfied, the project would be reconstituted with Barrick as the operator going forward and, following such reconstitution, Antofagasta would exit the project. Pursuant to the Umbrella Agreement, a Temporary Standstill Agreement would be executed once a certain condition of an escrow account in favor of Antofagasta in the amount of $900 million was satisfied. This condition was satisfied, and the Temporary Standstill Agreement went into effect on April 5, 2022. Pursuant to the Temporary Standstill Agreement, all legal and arbitral proceedings initiated by the parties in relation to the Reko Diq dispute are suspended while the parties work toward closing under the Umbrella Agreement.

Porgera Special Mining Lease

On April 7, 2022, the Shareholders’ Agreement for the new Porgera joint venture company was signed by Porgera (Jersey) Limited, which is an affiliate of Barrick Niugini Limited (“BNL”), and the state-owned Kumul Minerals (Porgera) Limited. The Shareholders’ Agreement will become effective following signature by Mineral Resources Enga Limited (“MRE”), the holder of the remaining 5% of the original Porgera joint venture not owned by BNL, which will allow for the incorporation of a new Porgera joint venture company and application by this entity for a new Special Mining Lease, a condition of the reopening of the Porgera mine under the Commencement Agreement. On

April 21, 2022, the PNG National Parliament passed legislation to provide, among other things, certain agreed tax exemptions and tax stability for the new Porgera joint venture. This legislation, the passage of which is a key condition for the reopening of the Porgera mine, will come into effect following a certification and public notice process under PNG law.

Tanzania – Concentrate Export Ban and Related Disputes

In March 2022, the Company made the first of five annual payments of $40 million each toward the Settlement Amount, as provided under the signed agreement with the Government of Tanzania (“GoT”) for the resolution of all outstanding disputes between the GoT and the mining companies formerly operated by Acacia Mining plc (“Acacia”) and now managed by Barrick.

Tanzanian Revenue Authority Assessments

All of the tax disputes between the former Acacia and the Tanzanian Revenue Authority (“TRA”) were considered resolved as part of the settlement with the GoT described above under “Tanzania – Concentrate Export Ban and Related Disputes.” In furtherance of this settlement, compromise and release agreements have been executed by the parties to each of the tax disputes. These agreements will be filed and confirmed by the relevant courts in Tanzania for the full and final settlement of the tax disputes.

Zaldívar Chilean Tax Assessment

Court proceedings in this matter resumed in April 2022, following a delay due to the Covid-19 pandemic. The parties will now present evidence to the Tax Court in this matter in accordance with the Court’s scheduling order.

Kibali Customs Dispute

The Company is engaged in discussions with the Customs Authority regarding the customs claims. A formal reassessment notice has not yet been issued by the Customs Authority with respect to these claims.

Zaldívar Water Claims

On March 30, 2022, the State Defense Council (“CDE”), an entity that represents the interests of the Chilean state, filed a lawsuit in the Environmental Court of Antofagasta against Compañía Minera Zaldívar SpA (“CMZ”), the joint venture company that operates the Zaldívar mine, and two other companies with mining operations that utilize water from a shared aquifer (Minera Escondida Ltda. and Albermarle Ltda.) The CDE claims that the extraction of groundwater by these companies since 2005 has caused environmental damage to the surrounding area. The CDE’s lawsuit seeks to require the companies to conduct a series of studies and undertake certain actions to protect and repair the alleged environmental damage in the area, and also to cease extracting water from the aquifer.

The Company is currently reviewing the CDE’s claims and intends to vigorously defend its position. No amounts have been recorded for any potential liability under this matter, as the Company cannot reasonably predict the outcome.

BARRICK FIRST QUARTER 2022	108	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Corporate Office

Barrick Gold Corporation

161 Bay Street, Suite 3700

Toronto, Ontario M5J 2S1

Canada

Telephone: +1 416 861-9911

Email: [email protected]

Website: www.barrick.com

Shares Listed

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

TSX Trust Company

P.O. Box 700, Postal Station B

Montreal, Quebec H3B 3K3

or

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Telephone: 1-800-387-0825

Fax: 1-888-249-6189

Email: [email protected]

Website: www.astfinancial.com

Enquiries

President and Chief Executive Officer

Mark Bristow

+1 647 205 7694

+44 788 071 1386

Senior Executive Vice-Presidentand

Chief Financial Officer

Graham Shuttleworth

+1 647 262 2095

+44 779 771 1338

Investor and Media Relations

Kathy du Plessis

+44 20 7557 7738

Email: [email protected]

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”, “anticipate”, “contemplate”, “goal”, “target”, “plan”, “strategy”, “opportunities”, “guidance”, “outlook”, “project”, “continue”, “committed”, “budget”, “estimate”, “forecast”, “potential”, “proposed”, “future”, “prospective”, “focus”, “during”, “ongoing”, “following”, “subject to”, “scheduled”, “will”, “could”, “would”, “should” 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; 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; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; mine life and production rates; Barrick’s global exploration strategy and planned exploration activities, including in new prospective territories in the Asia Pacific region, North Africa and the Middle East, Latin America and Canada; the timeline and process for the execution and legalization of definitive agreements and the reconstitution of a joint venture to carry out the future

development and operation of the Reko Diq project; the planned updating of the historical Reko Diq feasibility study and our plans upon the project’s reconstitution; the proposed fiscal and governance terms applicable to the Reko Diq project and the joint venture through which it is held; the duration of the temporary suspension of operations at Porgera, the conditions for the reopening of the mine and the timeline to recommence operations; our plans and expected completion and benefits of our growth projects, including the Pueblo Viejo plant expansion and mine life extension project; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including local community relations, climate change, greenhouse gas emissions reduction targets (including with respect to our Scope 3 emissions), tailings storage facility management (including the new Tailings Storage Facility at Pueblo Viejo) and biodiversity initiatives in our local communities; plans to repurchase Barrick shares pursuant to the share buyback program, which does not obligate the Company to acquire any particular number of common shares and which may be suspended or discontinued at any time at the Company’s discretion; Barrick’s performance dividend policy; 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; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of or failure to obtain key licenses by governmental authorities, including the mining lease and exploration license for the Reko Diq project; failure to comply with environmental and health and safety laws and regulations; 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; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; 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; 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; 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 supply chain disruptions caused by the ongoing Covid-19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions being 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, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets. Barrick also cautions that its 2022 guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19. 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.