Barrick Annual Report 2022

BARRICK GOLD CORPORATION | Annual Report 2022 | Investment in Growth Opens New Opportunities
CLEAR STRATEGY DRIVES

INVESTMENT IN GROWTH VALUE CREATION
OPENS NEW OPPORTUNITIES CUMULATIVE OPERATING CASH FLOW
$ million
17,500
15,000
12,500
10,000
7,500
5,000
2,500
0
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
CUMULATIVE FREE CASH FLOWi
$ million
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
DEBT, NET OF CASH
BARRICK GOLD CORPORATION
$ million
Corporate Office:
4,000
TD Canada Trust Tower
161 Bay Street, Suite 3700
3,000 Barrick’s foundational
2,000
Toronto, Canada M5J 2S1 strategy was to
1,000
0 combine the best
Tel: +1 416 861-9911
Toll-free throughout North America: -1,000 people with the best
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
1 800 720-7415 assets to produce
the best returns.
On ever y metric it
CUMULATIVE DIVIDENDS PER SHARE1 is delivering a sector-
$ cents
leading performance.
160
140
In 2022, dividends
120
100
and share buybacks
80
60
earned shareholders a
Connect with us 40
20
pay-out of $1.6 billion,
ANNUAL REPORT 2022 0 topping the previous
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
year’s record.
www.barrick.com
1
Dividend declared per share in respect of stated period.
7818-DPA-Barrick Annual Report 2022_Cover_Print.indd 1-4 2023/03/15 10:35

$ million
17,500
15,000
12,500
10,000
7,500
5,000
2,500
0
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
$ million
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
DEBT, NET OF CASH
$ million
Corporate Office:
4,000
2,000
1,000
0 combine the best
Tel: +1 416 861-9911
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
the best returns.
On ever y metric it
$ cents
160
140
In 2022, dividends
120
100
and share buybacks
80
60
Connect with us 40
20
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
year’s record.
www.barrick.com
1

Donlin (50%)
NEW FRONTIERS AND Nevada Gold Mines (61.5%)

Carlin
CANADA
Golden Sunlight2 Jabal Sayid (50%)
NEW OPPORTUNITIES
Cortez (including Goldrush) Hemlo (100%)
Turquoise Ridge
USA Reko Diq (50%)
Phoenix JAPAN
Long Canyon Corporate office, Toronto SAUDI
Tongon (89.7%) ARABIA Balochistan,
PAKISTAN
Fourmile (100%) EGYPT
A world-class business has to have a worldwide Pueblo Viejo(60%) DOMINICAN REPUBLIC

SENEGAL
MALI
presence. In Barrick’s hunt for new discoveries GUYANA

SURINAME
Porgera (24.5%)1
with Tier One potential, it is steadily expanding a CÔTE
D’IVOIRE
Kibali (45%)
DRC
global footprint which already covers 19 countries Loulo-Gounkoto (80%) TANZANIA PAPUA
NEW GUINEA
Pierina North Mara (84%)
on four continents. At the same time, further PERU
ZAMBIA
Bulyanhulu (84%)
exploration of the existing base is delivering major Norte Abierto (50%) Zaldívar (50%)
Pascua-Lama (100%) Buzwagi
Veladero (50%)
growth prospects.
Alturas (100%) Lumwana (100%)
Tier Onei gold mines Other gold mines Copper mines Pipeline projects In closure
CHILE ARGENTINA
In April 2020, Porgera was placed on care and maintenance. Porgera interest of 24.5% reflects Barrick’s expected ownership interest following the
1
implementation of the binding February 3, 2022 Commencement Agreement.

Golden Sunlight is currently reprocessing tailings that produce a sulphur concentrate as fuel for the refractory processing facilities at Nevada Gold Mines.
2
NORTH AMERICA LATIN AMERICA AND ASIA PACIFIC AFRICA AND MIDDLE EAST
Goldrush portal Pueblo Viejo plant Loulo pit
Nevada, USA Nevada, USA Dominican Republic Japan Democratic Republic of Congo Zambia
At Robertson, a maiden proven and The growth potential of Barrick’s The plant expansion and mine life The group’s strategic alliance with Japan Kibali’s KZ Zone continues to reveal exciting The pre-feasibility study for a Super Pit
probable reserve of 1.6 million ounces1,i 100%-owned high-grade Fourmile asset extension project at Pueblo Viejo Gold, which holds the largest exploration exploration potential. Multiple open-pit and and mill expansion at Lumwana is well
was declared with further expansion has significantly increased with the new continues to advance and the property portfolio in Japan, has advanced underground targets are being progressed under way, which has the potential to
potential between existing deposits Dorothy discovery confirming significant significant growth in reserves has six projects to the second evaluation phase. through the resource triangle. extend the mine’s life beyond 2080.
and along strike. Robertson is a key upside along the corridor to the multi- extended the operation’s life to
source of oxide mill feed in the long- million ounce Goldrush project. 2040 and beyondv. Pakistan Mali Egypt
term mineplan for the Cortez Complex. First production from the Reko Diq project – The Loulo District remains one of Barrick’s Barrick now holds a 1,675km2 land package
USA Argentina one of the largest undeveloped copper-gold most successful hunting grounds with where field teams are actively screening for
Nevada, USA Barrick extends its gold and copper Geological work in the Veladero deposits in the world and a potential Tier significant discovery potential, including mineralized systems, and aim to carry out
The Carlin Complex’s North Leeville exploration focus beyond Nevada Gold district is focusing on targets with One asset in the making – is targeted for a 26km-long highly-prospective trend in maiden drill programs in 2023.
inferred resource has grown to 1 million Mines. the potential to add to the mine’s 2028. the Bambadji permit.
ounces1,i, clearly demonstrating this life. Barrick is also evaluating the Saudi Arabia
target’s multi-million ounce potential. Canada significant remaining targets in the Papua New Guinea Tanzania Work is under way to develop a new target
A new pushback in the Hemlo open prospective El Indio belt. Porgera continues its progress towards Mining is scheduled to start at the new less than one kilometre from the existing lode at
pit contributed to reserve growth in restarting under its new ownership structure Gena open pit in the first quarter of 2023, Jabal Sayid, while exploration results continue
2022, which is expected to improve for the benefit of all stakeholders. while the new underground fleet at both to confirm the discovery potential across the
mill productivity and flexibility in the North Mara and Bulyanhulu continues to mine. Barrick is also expanding its exploration
mineplan. deliver on its ramp-up plans. joint venture with Ma’aden at new greenfields
1
On a 100% basis projects, including Umm Ad Damar.
2022 HIGHLIGHTS
MOODY’S LONG-TERM
GROUP GOLD PRODUCTION NET EARNINGS CREDIT RATING
4.1 Moz $432 A3

Highest credit rating in the gold
MILLION mining industry
GROUP COPPER PRODUCTION RETURNS TO SHAREHOLDERS ADJUSTED EBITDAi
440 Mlb $1.6 $5,613

BILLION MILLION
Through dividends and share
buybacks
NET CASH PROVIDED BY GREENHOUSE GAS

OPERATING ACTIVITIES FREE CASH FLOWi EMISSIONS
$3,481 $432 ~6 %
Scope 1 and 2 (market-based)
MILLION MILLION Compared to the 2021 fiscal year
2023 GUIDANCEii
GOLD PRODUCTION COST OF SALESi TOTAL CASH COSTSi AISCi
4.2 - 4.6Moz $1,170 - 1,250/oz $820 - 880/oz $1,170 - 1,250/oz
COPPER PRODUCTION COST OF SALESi C1 CASH COSTSi AISCi
420 - 470Mlb $2.60 - 2.90/lb $2.05 - 2.25/lb $2.95 - 3.25/lb
TOTAL ATTRIBUTABLE GOLD & COPPER CAPEXi
$2,200 - 2,600million
Barrick Gold Gold
Barrick Corporation
Corporation| |Annual Report
Annual 2022
Report 2022 11
7818-DPA-Barrick Annual Report_CMYK.indd 1 2023/03/15 16:40

CONTENTS
2022 Highlights 01
2023 Guidance 01
Key Performance Indicators 04
Who We Are 06
Why Invest In Barrick 07
Letter from the Executive Chairman 08
Board of Directors 10
Message from the President and CEO 12
Executive Committee 16
Financial Review 18
Barrick Gold Corporation shares trade on the New York Stock
Gold Market Overview 20 Exchange (NYSE) under the symbol GOLD, and on the Toronto
Stock Exchange (TSX) under the symbol ABX.
Copper Market Overview 21
Our Regions and Operations 22
Reserves and Resources 38
Exploration 40
Mining Sustainably for a Better Future 44 Barrick Gold Corporation
Endnotes 53
NYSE : GOLD • TSX : ABX
Financial Report 54
www.barrick.com
Unless otherwise indicated, all amounts are expressed in US dollars.
Facing page: Drilling confirming extensions to mineralization at the

Morro Escondido target close to the Veladero operation, Argentina.
2 Annual Report 2022 | Barrick Gold Corporation

Barrick Gold Corporation | Annual Report 2022 3

KEY PERFORMANCE
INDICATORS
GOLD PRODUCTION GOLD COST OF SALESi GOLD TOTAL CASH COSTSi GOLD AISCi
Moz $/oz $/oz $/oz

5.0 1,500 1,000 1,500
4.0 1,200 800 1,200
3.0 900 600 900
2.0 600 400 600
1.0 300 200 300
0 0 0 0
2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022
COPPER PRODUCTION COPPER COST OF SALESi COPPER C1 CASH COSTSi COPPER AISCi
Mlb $/lb $/lb $/lb

500 2.50 2.00 3.50
3.00
400 2.00
1.50 2.50
300 1.50 2.00
1.00
200 1.00 1.50
0.50 1.00
100 0.50
0.50
0 0 0 0
2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022
SAFETY FREQUENCY ENVIRONMENTAL 2022 REVENUE

RATE STATISTICS INCIDENTS 2022 REVENUE
225
2.00 20
868
16
1.50
8
12
1.00 8 5
1.68 2 $ million
1.47 4
0.50 1.30
0 0 0 0
0.34 0.38 0.29
0
2020 2021 2022 2020 2021 2022 9,920
Lost Time Injury Frequency Rate (LTIFR)i Class 1i Class 2iv
Total Recordable Injury Frequency
Rate (TRIFR)i
Gold Copper Other

KEY PERFORMANCE INDICATORS (CONTINUED)
NET CASH PROVIDED BY RETURNS TO

OPERATING ACTIVITIES FREE CASH FLOWi DEBT, NET OF CASH SHAREHOLDERS
$ million $ million $ million $ million

6,000 4,000 600 1,800
4,800 3,200 400 1,500

1,200
3,600 2,400 200
900
2,400 1,600 0
600
1,200 800 -200 300
0 0 -400 0
2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022
Dividend Return of capital
Share buybacks
NET EARNINGS PER PROJECT CAPITAL

SHARE (EPS) ADJUSTED NET EPSi EXPENDITURESi,1 GOLD AND COPPER PRICE
$ $ $ million $/oz $/lb

1.50 1.20 1,100 2,200 5.50
960 2,000 5.00
1.20 0.96 4.50
800 1,800 4.00
0.90 0.72 640 1,600 3.50
480 1,400 3.00
0.60 0.48
2.50
320 1,200
0.30 0.24 2.00
160 1,000 1.50
0 0 0 800 1.00
2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022
1
Amounts presented on a Market gold price
consolidated cash basis Market copper price
2022 GEOGRAPHIC DISTRIBUTION 2022 GEOGRAPHIC DISTRIBUTION

OF GOLD PRODUCTION OF COPPER PRODUCTION
22%
37%
58%
78%
5%
North America (including Dominican Republic2)

Latin America and Asia Pacific Africa and Middle East Africa and Middle East Latin America and Asia Pacific
2
Pueblo Viejo represented approximately 10% of Barrick's attributable
gold production in 2022 and is included as part of the North America region
and shown in the diagonally striped section for illustrative purposes.

WHO WE ARE
Our Business
Barrick is a sector-leading gold and copper
producer. Our portfolio spans the world’s most
prolific gold and copper districts and is focused
on high-margin, long-life assets.
Our Purpose
We are building the world’s most valued gold
and copper company by owning the best assets,
managed by the best people to deliver the best
returns and benefits to all our stakeholders.
Our Strategy
We plan for the long term and continuously
invest in sustainable growth, with worldwide
exploration programs designed to deliver a
steady stream of new business opportunities.
We are committed to partnering with

our host countries and communities
to transform their natural resources
into tangible benefits and mutual
prosperity.
We prioritize local hiring and our

highly diversified workforce is drawn
almost entirely from our host nations
and equipped with world-class skills.

WHY INVEST IN BARRICK
Sustainable Through the Cycles

Best Asset Base
Largest portfolio of Tier One and world-class gold and copper assets that
is unmatched in the industry, with more waiting in the wings.
Growing Copper Exposure

Well positioned to capitalize on global decarbonization trends driving the
demand and long-term fundamental strength of copper.
Clear Runway
All our mines have 10-year business plans — in some cases being rolled
out to 15 and 20 years — firmly anchored in demonstrable geological
understanding, engineering and commercial feasibility.
Exploration is the Foundation

Strong track record of exploration success — new targets and projects
extend mine lives while we seek new world-class discoveries.
Growth from Robust Pipeline and Continued

Reserve Replacement
Our growth projects support and enhance current production levels and
we continue to add to our reserve base organically through exploration.
Disciplined Shareholder Returns

An industry-leading performance dividend framework provides for
enhanced returns while delivering financial flexibility and predictability.
Leader in Sustainability
Sustainability is at the core of how we conduct our business. Our approach
to ESG is driven by tangible on-the-ground action and measurable results
that benefit all stakeholders.

LETTER FROM THE
EXECUTIVE CHAIRMAN
In a year where confident market expectations
were confounded by the emergence of new macro-
economic fundamentals and the growing impact
of the geopolitical situation, Barrick’s long-term
strategy of building its future by continuing to
invest in sustainably profitable growth, organic as
well as external, has equipped us well to manage
challenging circumstances.
Guided by this strategy, our agile team, led by President and Our focus in 2023 will be on expanding Barrick’s value
Chief Executive Mark Bristow, has frequently demonstrated foundation, already one of the industry’s best, both within and
our capacity to deal effectively with the many risks inherent in beyond our current borders. The potential expansion of the
the business of mining as well as unexpected external threats, Lumwana copper mine in Zambia is set to deliver additional
as shown by Barrick’s exemplary handling of the Covid-19 value and the Reko Diq project in Pakistan is expected to
pandemic. In the current climate of uncertainty, we are proving almost double our current copper production and add to our
again that our people are truly world-class and are more than gold production when it is in full production. The expansion
capable of making Barrick the world’s most valued gold and of the Pueblo Viejo gold mine in the Dominican Republic is
copper mining company. designed to extend its Tier One status by at least 20 yearsv.
Considering the dynamics of 2022, Barrick’s production and We are extending our presence in North and South America
financial results were creditable as we continued to distribute and the Asia Pacific region, and we are particularly excited by
peer-leading returns to our investors through a shareholder- new opportunities in North Africa and the Middle East.
friendly, performance-linked dividend policy and a share
buyback program, despite the volatility of the market. At a time when environmental management and human
rights are coming under increasing critical scrutiny, Barrick’s
Barrick boasts one of the strongest balance sheets in the sustainability strategy has long been embedded in our business
gold industry, validated by the Moody’s long-term credit plans. The creation of long-term value for all stakeholders has
rating upgrade from Baa1 to A3 with a stable outlook in and continues to contribute meaningfully to the social and
December 2022. We delivered on some critical projects, kept economic development of our host countries and communities,
others on track and identified major new growth opportunities. protect the safety and health of our people, respect human
Barrick has again more than replaced the gold reserves we rights, and manage our impact on the environment with future
mined during 2022 and our proven ability to sustain this generations in mind.
achievement through ongoing greenfields and brownfields
exploration will support the successful execution of the Sustainability performance accounts for 25% of long-term
company’s 10-year rolling business plan. incentive awards for our senior leaders, demonstrating the
importance Barrick attaches to our sustainability commitments.
Our 2022 Sustainability Report, which objectively rates our
performance against a wide range of metrics, will be published
in April 2023.

LETTER FROM THE EXECUTIVE CHAIRMAN (CONTINUED)
Fundamental changes in the global geopolitical and economic In conclusion, I thank the members of the Board for their close
landscape auger well for gold, which last year outperformed engagement with every aspect of the business and the strategic
most other asset classes. The current risks to the global direction we gain from their broad and deep experience.
economy outlook recalls the period between 2011 and 2015, We look forward to another year in which together with the
when the gold mining industry’s eagerness to buy production executive we continue to advance Barrick towards its goal of
led to a number of expensive merger and acquisition deals being the world’s most valued gold and copper company.
involving high premiums and putting pressure on profitability
and performance. Barrick’s continued exploration success
and disciplined growth strategy ensures that we will continue
to evaluate merger and acquisition opportunities, but we won’t
be tempted to overpay for mediocre assets.
Likewise, driven by the transition to cleaner energy, copper

is destined to become as strategically valuable as gold is
precious. The timely expansion of our copper portfolio has John L Thornton
positioned Barrick ahead of most of its peers in capitalizing Executive Chairman
on this trend. As we look into 2023 and beyond, we are
more certain than ever that Barrick is best placed to deliver
sustainable value to our shareholders and other stakeholders.
RETURNS TO SHAREHOLDERS
Other than our value foundation in North America, Barrick’s
operations are located in developing jurisdictions, which is why $ million
we take our responsibility to our stakeholders in those countries
1,800
so seriously. Mining can and should be a key catalyst for
economic growth and social upliftment. Barrick’s substantial 1,600
contribution to our host countries’ coffers and our equally
significant investment in the welfare of the communities that 1,400
424
border on our mines is making a real difference, highlighting the
important part that the mining industry can play in narrowing 1,200
the gap between the richer and poorer nations to make the
1,000 750
world a better place.
800
Barrick also continues to invest in our next leadership
generation, recruiting and developing talented young people 600 1,143
from across our global network. Similarly, the Board is
committed to board renewal and diversity, and in this regard it 400
is worth noting that four of the seven new directors appointed 634
548 547
since the Merger1 are very highly qualified women, bringing the 200
proportion of women on the Board to 33%. 125
0
2018 2019 2020 2021 2022
1
The merger of Barrick and Randgold completed on January 1, 2019. Dividends Return of capital Share buybacks
PERFORMANCE DIVIDEND POLICY
In addition to Barrick’s quarterly base dividend2, a performance enhancement may be declared based on amount of cash, net of
debt, on Barrick’s balance sheet at the end of each quarter.
Performance Quarterly Quarterly Quarterly

dividend level Threshold level base dividend performance dividend total dividend
Level I Net cash less than $0 $0.10 per share $0.00 per share $0.10 per share
Net cash greater than $0 and less than
Level II $0.5 billion $0.10 per share $0.05 per share $0.15 per share
Net cash greater than $0.5 billion and
Level III less than $1 billion $0.10 per share $0.10 per share $0.20 per share
Level IV Net cash greater than $1 billion $0.10 per share $0.15 per share $0.25 per share
2
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.

BOARD OF DIRECTORS
John L Thornton Mark Bristow J Brett Harvey

NON-INDEPENDENT, NON-INDEPENDENT, INDEPENDENT AND
EXECUTIVE PRESIDENT AND LEAD DIRECTOR
CHAIRMAN CHIEF EXECUTIVE
OFFICER
Director since February 2012 Director since January 2019 Director since December 2005
Nationality: American Nationality: South African Nationality: American
John Thornton has been Executive Mark Bristow was formerly the chief Chair of the Audit & Risk
Chairman of Barrick since 2014. executive of Randgold Resources, the Committee
He has decades of experience in company he built from a small Africa- Audit Committee Financial Expert
global business, finance and public focused exploration business into one Member of the Compensation
affairs and has served as a director of the industry’s most profitable and Committee
of numerous public companies, best managed gold miners. He joined
including China Unicom, Ford, Barrick in his current position with Brett Harvey is chairman of the
HSBC, Industrial and Commercial the Merger in January 2019. Mark board of Warrior Met Coal Inc. He
Bank of China, Intel and News restructured and restrategised was CONSOL Energy Inc’s chairman
Corporation. Barrick, and within months was the emeritus from May 2016 to May
prime mover in the combination of 2017, chairman from January 2015 to
the Nevada assets of Barrick and May 2016, executive chairman from
Newmont, creating the world’s single May 2014 to January 2015, chairman
Helen Cai largest gold mining complex, Nevada and CEO from June 2010 to May
Gold Mines, majority-owned and 2014, and CEO from January 1998 to
INDEPENDENT
operated by Barrick. June 2010.
DIRECTOR
Gustavo A Christopher L
Cisneros Coleman
Director since November 2021 INDEPENDENT INDEPENDENT
Nationality: Chinese DIRECTOR DIRECTOR
Member of the Audit & Risk
Committee
Audit Committee Financial Expert
Member of the Compensation Director since September 2003 Director since January 2019
Committee Nationality: Venezuelan and Nationality: British
Spanish
Helen Cai has almost two decades of Chair of the Compensation
experience in finance and investment. Chair of the ESG & Nominating Committee
She was an equity research analyst Committee Member of the ESG & Nominating
with Goldman Sachs covering the Member of the Compensation Committee
American mining and technology Committee
sectors. Then, at China International Christopher Coleman is the chair
Capital Corporation, she was a lead Gustavo Cisneros is the chairman of the board of Papa John’s
analyst covering the greater China of Cisneros, a privately held media, International Inc. He is also the
region, and later as a senior investment entertainment, telecommunications group head of banking at Rothschild
banker headed various IPO, and consumer products organization. & Co and has more than 25 years’
restructuring, and M&A transactions. He is a member of Barrick’s experience in the financial services
International Advisory Board and is sector, including corporate and
also a senior advisor to RRE Ventures private client banking and project
LLC, a venture capital firm. finance. He has had a long-standing
involvement in the mining sector in
Africa and globally.

BOARD OF DIRECTORS (CONTINUED)
Isela Costantini J Michael Brian L

INDEPENDENT Evans Greenspun
DIRECTOR
INDEPENDENT INDEPENDENT
DIRECTOR DIRECTOR
Director since November 2022 Director since July 2014 Director since July 2014
Nationality: Brazilian, Nationality: Canadian Nationality: American
Argentinian and American
Member of the Audit & Risk Member of the ESG & Nominating
Isela Costantini has over 25 years of Committee Committee
experience in international business Audit Committee Financial Expert Member of the Compensation
and is currently the chief executive Committee
of Grupo Financiero GST, a privately Michael Evans is the president
held asset management company. of Alibaba Group Holding Ltd, a Brian Greenspun is the publisher
Prior to that, she was president position he has held since August and editor of the Las Vegas Sun.
and CEO of Argentina’s national 2015. Prior to becoming president, He is also chairman and CEO
airline, Aerolíneas Argentina, as well he was an independent director of Greenspun Media Group and
as president and general director, and member of the audit committee has been appointed to two US
Argentina, Paraguay and Uruguay, of Alibaba Group Holding Ltd. Presidential Commissions.
for General Motors. Isela is a
member of Barrick’s International
Advisory Board.
Andrew J Loreto Silva
Quinn INDEPENDENT
INDEPENDENT DIRECTOR
Anne DIRECTOR
Kabagambe
INDEPENDENT
DIRECTOR
Director since January 2019 Director since August 2019
Nationality: British Nationality: Chilean
Director since November 2020 Member of the Audit & Risk Member of the ESG & Nominating
Nationality: Ugandan Committee Committee
Member of the Audit & Risk For 15 years, prior to his retirement Loreto Silva serves as a partner at the
Committee in 2011, Andy Quinn was head Chilean law firm Bofill Escobar Silva
of mining investment banking for Abogados. She is also a director of
Anne Kabagambe has 35 years’ Europe and Africa at CIBC. He has ICAFAL Ingeniería y Construcción
experience spanning a diverse over 40 years’ experience in the SA, a privately held infrastructure
range of senior leadership positions mining industry. company in Chile. In 2010, she was
in international institutions. She is appointed Vice Minister of Public
a former executive director of the Works and became the Minister of
World Bank Group and, prior to the Public Works at the end of 2012, a
World Bank, spent 27 years at the position she held until March 2014.
African Development Bank. She She has been named one of Chile’s
has also served on the boards of 100 top woman leaders on four
the Africa American Institute and occasions.
Junior Achievement Africa.

MESSAGE FROM THE
PRESIDENT AND CEO
Four years ago, when we merged Barrick and
Randgold, we set out to build a new industry
leader: a company that would stand out from
its peers, driven by a fundamental promise
to our stakeholders that we would create
and deliver value, and that we would do so
sustainably.
In 2018 Barrick had 62 million ouncesi,iii of gold reserves and, The highlight of an eventful year was the continued growth in our
accounting for the Randgold merger and other transactions gold reserves and resources, driven by our strategy of investing
since then, we have added a net 10 million ouncesi,iii of gold in organic growth through exploration and mineral resource
reserves. In 2022 we increased reserves to 76 million ouncesi management. Barrick’s ability over time to more than replace
of gold, having produced 19 million ounces of gold and the ounces we mine reinforces our sustainability and our sector-
1.7 billion pounds of copper since the Merger. Added to this, we leading production profile.
have significantly expanded our copper resources by 124% in
the last year alone, positioning us for future production growth. Brownfields exploration continues to unlock potential around our
existing assets while greenfields work has started delivering real
Over the same period, we have returned $4 billion to value, detailed in the Exploration section of this report. We’re
shareholders1 while at the same time investing some continuing to expand our global exploration footprint with active
$7.5 billion in our 10-year rolling business plans. Once mired programs elsewhere in the United States as well as in Canada,
in debt, Barrick also reduced net debt2 by approximately Latin America, Saudi Arabia and Egypt.
$4 billion, significantly deleveraging the company, and last year
Moody’s upgraded our long-term credit rating to A3 – the highest We made significant progress with the planned expansion of our
in the industry. copper holdings and started work on the reconstituted Reko
Diq project in Pakistan, one of the largest and highest-quality
We created the world’s largest gold mining complex in Nevada, undeveloped copper and gold deposits in the world. In Zambia,
through the formation of the Nevada Gold Mines joint venture, the revitalized Lumwana mine is planning a new Super Pit and
opening up a wide range of opportunities for expanding its in Saudi Arabia, Jabal Sayid is showing expansion potential. On
existing asset base as well as discovering new world-class the back of this successful joint venture, we and our partner
resources. In Tanzania, we have transformed the derelict Acacia Ma’aden have started two new greenfields projects.
legacy mines, which now produce gold at a Tier One level as a
combined complex. In the Dominican Republic, our Tier One gold mine Pueblo Viejo
started commissioning its plant expansion project, which on the
Overcoming challenges, exploiting opportunities back of a new TSF complex has added 11 million ounces3,v to its
reserves which will extend its life by at least 20 years.
The past year was one in which key consensus assumptions were
upset by unforeseen economic and geopolitical developments,
creating both unique challenges and exceptional opportunities.
1
Through dividends, return of capital and share buybacks.
2
Debt, net of cash.
3
On a 100% basis, net of depletion.

MESSAGE FROM THE PRESIDENT AND CEO (CONTINUED)
In Nevada, Goldrush advanced to the next stage of its permitting The value of real sustainability
process and Turquoise Ridge commissioned its third shaft, Sustainability is fundamental to Barrick’s business. We believe
which will ramp up the underground operation. Nevada is that climate risks, poverty and biodiversity loss are inextricably
Barrick’s value foundation and the quality and prospectivity of the linked and should be managed holistically. This approach is
Nevada Gold Mines complex cannot be overstated. The benefits based on our commitment to supporting the socio-economic
of its creation are now becoming evident in the form of mineral development of our host countries and communities. Last
resource growth and new discoveries supporting future reserve year alone we invested $35 million in community development
conversion. projects.
Strong finish to challenging year For Barrick, sustainability starts at the mine planning stage,
Despite a strong fourth quarter and the usual solid contribution well before construction starts. At the Reko Diq project in
from the Africa and Middle East region, Barrick missed its Pakistan, we plan to show how mining can be at the forefront of
production guidance for the first time since the Merger, albeit by the achievement of the UN’s Sustainable Development Goals.
only 1%. This was mainly due to some unforeseen operational
issues at the Carlin, Cortez and Turquoise Ridge mines in Nevada, This massive project is expected to have a transformative
all of which had staged a robust recovery by the year’s end. effect on the impoverished Chagai region, creating thousands
of jobs and stimulating the growth of a local economy. We
Ten of our 16 operations delivered within guidance, led by Loulo- have scheduled the disbursement of social development funds
Gounkoto in Mali and Pueblo Viejo in the Dominican Republic. and advance royalties to the Balochistan provincial government
The latter ended the year with a record throughput, a major well in advance of first production, targeted for 2028, ensuring
achievement considering the plant downtime required for the that its people will get an early return on their 25% stake in
expansion tie-ins and the on-site presence of 6,000 contract Reko Diq. We have also started the environmental and social
workers employed for the project. baseline studies and had our introductory engagement with
the local communities.
The greening of our power grid continued throughout the group,
notable examples being the new 80MW and 200MW solar The health and safety of our workers and their communities are
projects in the Dominican Republic and Nevada respectively. key components of Barrick’s sustainability strategy. Sadly, our
Also, the expansion of the solar power and battery energy otherwise creditable record in this regard was blemished by a
storage system (BESS) at Loulo-Gounkoto is expected to number of fatalities last year. All of these have been thoroughly
replace 23 million litres of heavy fuel oil and reduce greenhouse investigated and the lessons learned have been applied
gas (GHG) emissions by a further 62,000 tonnes when it is fully throughout the group. Significantly, most of these fatalities
commissioned, and the planned solar power plant and BESS will were suffered by our contractors and we have therefore
provide renewable backup to Kibali’s three hydropower plants tightened our oversight of their safety systems and protocols.
during the dry season.
2023 TO 2027 CUMULATIVE ATTRIBUTABLE FREE CASH FLOWi FROM OPERATING MINESii
$ billion
For every $100/oz change in the gold price, attributable free cash flowi
generated by our operations increases by ~$1.7 billion.
20 For every $0.50/lb change in the copper price, attributable free cash flowi
generated by our operations increases by ~$0.8 billion.
s
15
old asset
T i e r One g
six
by o wning
10
agn ified
e r a g e is m
l ev
rice
5 Our p
0
$1,300/oz $1,400/oz $1,500/oz $1,600/oz $1,700/oz $1,800/oz $1,900/oz $2,000/oz
$3.00/lb $3.25/lb $3.50/lb $3.75/lb $4.00/lb $4.25/lb $4.50/lb $4.75/lb
Tier One gold assets Other gold assets Copper assets
On an attributable basis; excludes corporate-level costs such as interest, exploration, evaluation and project, G&A as well as closure (average of $0.8 billion per
annum). Exclusive of Porgera.

GOLD, COPPER, AND S&P 500 PERFORMANCE - INDEXED SINCE 2000
800
700
Relative Price Performance (Base = 100)
600
500
400
300
200
100
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Gold price Copper price S&P 500 Total Return Index
Source: Bloomberg
10-YEAR GOLD AND COPPER - BASE CASE PRODUCTION OUTLOOK WITH REKO DIQ AND LUMWANA
SUPER PITii (GOLD EQUIVALENT KOZ)
7,000
6,500
6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
North America Latin America and Asia Pacific Africa and Middle East Reko Diq and Lumwana Super Pit
On an attributable basis. Gold equivalent ounces from copper assets are calculated using a gold price of $1,650/oz for 2023 and $1,300/oz for 2024 and
onwards; and a copper price of $3.50/lb for 2023 and $3.00/lb for 2024 and onwards.

Committed to shareholder returns, investing in The case for investing in Barrick is a powerful one. There is no
the future other mining company that has our proven long-term strategy,
our quality assets, our growth projects, our world-class team
Demonstrating our commitment to strong shareholder and our social licence to operate, earned through our mutually
returns, we returned a record $1.6 billion in 2022, including beneficial partnerships with our host countries. These are the
$424 million in share buybacks. A new $1 billion share buyback attributes that secure our sustainability and our capacity to
program has been introduced for the next twelve months. outperform our peers in financial and operational delivery.
Our returns to shareholders have not been at the expense of
Barrick has been built on successful partnerships and I
our organic growth strategy. We continue to invest in and roll
thank the many who have helped to bring us this far on our
out our 10-year gold and copper plans, projecting real growth journey to be the world’s most valued mining company: our
on a steady base case production profile. This investment is
shareholders, our host countries and communities, and our
made possible by the unmatched quality of our assets and the
business associates. Above all, I thank our people, who last
abundant free cash flow they generate. Also embedded in our year again showed that they truly are the best, and our Board,
portfolio is a long pipeline of quality projects from which we are whose collective wisdom and diverse experience continues to
steadily unlocking value. The ability to grow without having to
guide us steadily to that destination.
buy is a very significant advantage that differentiates Barrick
from its peers.
Mark Bristow
President and Chief Executive

EXECUTIVE COMMITTEE
Mark Bristow Graham Kevin Thomson

PRESIDENT AND Shuttleworth SENIOR EXECUTIVE
CHIEF EXECUTIVE SENIOR EXECUTIVE VICE-PRESIDENT,
VICE-PRESIDENT, CHIEF STRATEGIC MATTERS
FINANCIAL OFFICER
Mark Bristow was formerly the chief Graham Shuttleworth is a Chartered Kevin Thomson joined Barrick in
executive of Randgold Resources, the Accountant with over 28 years’ 2014. He was previously a senior
company he built from a small Africa- mining industry experience. partner at one of Canada’s leading
focused exploration business into Previously, he was the Financial law firms, specializing in mergers and
one of the industry’s most profitable Director and Chief Financial Officer acquisitions. He is responsible for all
and best managed gold miners. He of Randgold from July 2007, and matters of strategic significance to
joined Barrick in his current position prior to that was the managing Barrick, including the management
with the Merger in January 2019. director and head of metals and of legal issues related to complex
Mark restructured and restrategised mining for the Americas in the negotiations, corporate strategy and
Barrick, and within months he was global investment banking division governance.
the prime mover in the combination of HSBC. He became the Senior
of the Nevada assets of Barrick and Executive Vice-President and CFO
Newmont, creating the world’s single of Barrick at the time of the Merger
largest gold mining complex, Nevada with Randgold in January 2019. Mark Hill
Gold Mines, majority-owned and
CHIEF OPERATING
operated by Barrick. His goal is to
OFFICER, LATIN
make Barrick the world’s most valued
AMERICA AND ASIA
gold and copper producer, owning Christine Keener PACIFIC
the best assets, managed by the
CHIEF OPERATING
best people, and delivering industry OFFICER, NORTH
leading returns. AMERICA
Mark Hill is the executive responsible
for the Latin America and Asia
Pacific region, a role he assumed
Sebastiaan Bock in January 2019. He was formerly
CHIEF OPERATING
Christine Keener is the executive Chief Investment Officer of Barrick,
OFFICER, AFRICA
responsible for the North America chairing its investment committee
AND MIDDLE EAST region and was appointed in and has more than 28 years’
February 2022. She has a diversified experience in the mining industry.
background having worked in finance,
strategy, a number of commercial
roles and more recently in operations.
Sebastiaan Bock joined Randgold Christine formerly served as vice Peter Richardson
in 2008 and assumed the position president of operations, Europe
EXECUTIVE MANAGING
of Senior Vice-President and Chief and North America, as well as vice
DIRECTOR, NEVADA
Financial Officer for the Africa and president commercial and strategy,
GOLD MINES
Middle East region at the time of the aluminum for Alcoa. She holds an
Merger. He became the executive MBA from Carnegie Mellon University
responsible for the Africa and Middle and a Bachelor of Accounting from
East region in July 2022. His broad Grove City College.
experience includes operations, Peter Richardson was appointed
finance and legal across multiple Executive Managing Director of
jurisdictions. He is a Chartered Nevada Gold Mines in October 2022.
Accountant and a graduate of He was formerly senior vice president
the executive program at Harvard and chief operating officer for Lundin
Business School. Mining Corp and before that worked in
increasing leadership roles at Boliden
AB. Peter holds an MSc in Metallurgical
Engineering and has over 28 years’
experience in the mining industry.

EXECUTIVE COMMITTEE (CONTINUED)
Lois Wark Riaan Grobler Grant Beringer

GROUP CORPORATE COMMERCIAL AND GROUP
COMMUNICATIONS SUPPLY CHAIN SUSTAINABILITY
AND INVESTOR EXECUTIVE EXECUTIVE
RELATIONS
EXECUTIVE
Lois Wark joined Randgold when Riaan Grobler holds an Honours Grant Beringer oversees all
the company was established in degree in Finance and has sustainability related aspects for the
1995 and headed its corporate 24 years’ experience in the gold company and is a member of the
communications function for mining industry. He was appointed Environmental & Social Oversight
20 years. In January 2019, Group Commercial and Supply Chain Committee. He holds an MSc in
following the Merger, she assumed General Manager for Randgold in Environmental Management and
responsibility as executive in 2014 and Senior Vice President has over 19 years’ experience in the
charge of Barrick’s global corporate Commercial and Supply Chain for environmental and social consulting
communications and investor Barrick following the Merger in industry.
relations programs. January 2019. In 2021, Riaan was
appointed Commercial and Supply
Chain Executive.
Poupak
Glenn Heard Bahamin
MINING EXECUTIVE
Darian Rich GENERAL COUNSEL
HUMAN RESOURCES
EXECUTIVE
Poupak Bahamin joined Barrick in

Glenn Heard is a mining engineer 2020 as Deputy General Counsel
with a Bachelor of Engineering and was appointed General
(Mining) Honours and over 30 years’ Darian Rich, who has more than Counsel in April 2022. Previously,
mining experience. In 2017, he was 28 years’ experience in human she served as a partner and co-
appointed Randgold’s Group General resource management, was head of mining US at Norton Rose
Manager – Mining and then Senior appointed Executive Vice-President, Fulbright. Poupak has over 30
Vice President Mining for Barrick Talent Management, in July 2014, years’ legal experience having
following the Merger in January 2019. when he was tasked with attracting, practiced in Canada, France and
In 2021, Glenn was appointed Mining retaining and developing exceptional the United States. She has been
Executive responsible for technical people. listed in Who’s Who Legal Directory
and operational oversight. for Mining and recognized by
Chambers Global as a DRC Foreign
Expert for general business law as
Simon Bottoms well as corporate and M&A work.
John Steele MINERAL RESOURCE
METALLURGY, MANAGEMENT AND
ENGINEERING AND EVALUATION
CAPITAL PROJECTS EXECUTIVE Joel Holliday
EXECUTIVE EXECUTIVE VICE-
PRESIDENT,
EXPLORATION
Simon Bottoms joined Randgold
John Steele is the executive in 2013 and following the Merger
responsible for capital projects and in 2019, served as the Mineral
provides operational and engineering Resource Manager for Barrick’s
oversight to the group, a role he Africa and Middle East region, Joel Holliday joined Barrick as
assumed following the Merger in responsible for leading geology, mine Senior Vice President for Global
January 2019. He joined Randgold planning and associated operational Exploration following the Merger in
in 1996 and was responsible for execution within the region. In 2019. Previously he had managed
the successful construction and October 2022, he was appointed Randgold’s exploration teams for
commissioning of Randgold’s Morila, Mineral Resource Management 15 years with discoveries including
Loulo, Tongon, Gounkoto and Kibali and Evaluation Executive. He is Gounkoto and Loulo 3. Joel assumed
mines. a Chartered Geologist and has a his current role in November 2021.
Master’s degree in Geology from the
University of Southampton.

FINANCIAL
REVIEW
Record annual returns to shareholders,
non-core assets divested, the highest
long-term credit rating in the gold mining
industry and, most importantly, ongoing
replacement of reserves net of depletion
are the hallmarks of results which
differentiate us from our peers.
The significance of having the best assets in the gold mining The performance dividend policy that we established at the
industry is evident when we face economic challenges. Inflation start of 2022 delivers a predictable base dividend payable
was the new threat that had an impact across the industry in through the cycle while still providing our investors with
2022, principally in the form of higher energy prices and the exposure to the upside that comes from higher gold prices.
flow-through effect which put pressure on our margins at a Higher returns are expected to be realized through delivery of
time when gold and copper prices were also trending lower. our growth plans and hence it is important that we continue
Notwithstanding this, Barrick generated more than $11 billion to identify opportunities to drive cost efficiencies, maintain
in revenue and adjusted EBITDA marginsi remained above our capital discipline and retain a simplified operating model.
50% for the year. We have renewed the $1 billion share buyback program for
another 12 months, providing us with an additional tool to
Ultimately this differentiated operating model underpinned our manage our capital structure, while our A3 long-term credit
ability to return a record $1.6 billion to shareholders in the form rating from Moody’s highlights the strength of our balance
of dividends and share buybacks in 2022 (and $4 billion over sheet and lowers our cost of debt.
the last four years inclusive of returns of capital). At the same
time as delivering these returns, we have been reinvesting in Our copper business is a further source of differentiation from
the business to ensure we can maintain these returns in years our peers and made a significant contribution to the bottom
to come, increasing our attributable capital expenditures by line in 2022. We are excited by the growth that Reko Diq is
approximately 25% in 2022. expected to deliver and the potential to turn Lumwana into a
Tier One Copper Asset through the development of a Super Pit.
Some of the value of this investment will crystallize in 2023
with the ramp up of the plant expansion at Pueblo Viejo and Finally, our industry-leading general and administrative costs
the benefits of the Third Shaft at Turquoise Ridge which was have remained at the same low level over the last three years.
commissioned at the end of 2022. In the next 12 months, we This is a function of both our efforts to rationalize the portfolio
will be making significant investments in our growth capital, as well as the systems transformation journey that gives us
including investments in solar power projects under way in better visibility of our costs and the ability to benchmark and
Nevada and Mali, which will deliver both lower energy costs manage our operations.
and a reduced carbon footprint. Over the next five years, we
expect group production to increase slightly and unit costs to
decline.

FINANCIAL REVIEW (CONTINUED)
Identifying and effectively dealing with risk is key to a safe and

sustainable business and is an integral part of how we protect
and create value. Our risk management process is designed
to enable us to identify, evaluate, plan and manage risks,
including new and emerging risks that could have an impact on
our business and this will continue to be another driver of our
competitive advantage in a world that is becoming increasingly
less predictable.
Graham Shuttleworth
Senior Executive Vice-President, Chief Financial Officer
BARRICK 5-YEAR GOLD OUTLOOKii

Gold production (attributable) Moz Cost of Salesi, Total Cash Costsi
Total gold capital expendituresi (attributable) $ billion and AISCi, $/oz
6.0 1,500
5.0 1,250
4.0 1,000
3.0 750
2.0 500
1.0 250
0 0
2022 2023 2024 2025 2026 2027
North America Latin America and Asia Pacific Africa and Middle East
Gold Equivalent Ounces Cost of Sales Total Cash Costs AISC Total Gold Capital
All metrics are exclusive of Porgera.
Royalty expenses included in the per ounce cost metrics are based on a gold price assumption of $1,650/oz for 2023 onwards.
Our realized gold pricei in 2022 was $1,795/oz.
Gold Equivalent Ounces (GEO) are calculated using reserve prices – $1,300/oz for gold and $3.00/lb for copper.
BARRICK 5-YEAR COPPER OUTLOOKii
Copper production (attributable) Mlbs Cost of Salesi, C1 Cash Costsi

Total copper capital expendituresi (attributable) $ million and AISCi, $/lb
600 3.50
500 3.00
2.50
400
2.00
300
1.50
200
1.00
100 0.50
0 0
2022 2023 2024 2025 2026 2027
Lumwana Zaldívar Jabal Sayid

Cost of Sales C1 Cash Costs AISC Total Copper Capital
Royalty expenses included in the per pound cost metrics are based on a copper price assumption of $3.50/lb for 2023 onwards.
Our realized copper pricei in 2022 was $3.85/lb.

GOLD MARKET OVERVIEW
The average price of gold in 2022 was $1,800/oz, a slight increase over the $1,799/oz
average in 2021. $1,800/oz was the highest annual average price on record, surpassing
the previous high reached in 2021, and was the seventh straight year of annual average
gold price increases.
2022 was another year of global economic challenges, led by During the worst impacts of the Covid-19 pandemic, some
the impact of the invasion of Ukraine by Russia, continued central banks looked to their holdings of gold as a source
Covid-19 lockdowns in China, high levels of inflation and of liquidity in difficult economic times, with their ability to do
rising interest rates. Through these difficult periods, gold has so providing a strong statement as to why gold is a valuable
continued to underscore its value as a safe haven investment. reserve asset and a key source of reserve diversification.
Gold prices ended 2022 at $1,814/oz, above the annual The strong year-over-year increase in net purchases in 2022
average for the year and have continued to be strong in the continues to show that central banks view gold positively and
early months of 2023. as a long-term store of value.
After historically low global nominal interest rates were put Global jewellery consumption moderated in 2022, declining 3%
in place in 2020, including a benchmark rate range of 0% to versus the prior year after a strong increase in 2021 following
0.25% in the United States, to help counteract the negative a long-term low in 2020 due to the global impact of Covid-19.
economic impact of the Covid-19 pandemic, benchmark The decline in jewellery consumption in 2022 was led by a 15%
interest rates were raised substantially during 2022 to manage reduction in China that was impacted by Covid-19 lockdowns
inflation. Rising interest rates and a significant increase in the in the country. As a result of the decrease in China, India
value of the trade-weighted US dollar had a negative impact regained the mantle of the country with the highest level of
on gold prices during the middle part of 2022, with the price gold jewellery consumption. On a combined basis, India and
falling from a high of $2,070/oz in March 2022 to a low of China represented approximately 56% of global gold jewellery
$1,615/oz in September 2022. These trends subsequently consumption in 2022, down from 60% in the prior year.
reversed, with inflation expectations decreasing due to
the impact of higher interest rates. With inflation declining, Gold demand for electronics and other industrial uses fell by
expectations of a slowing rate of benchmark interest rate 7% in 2022, due in part to supply chain and labor challenges
increases in the United States helped lead to a decline in the experienced during the year.
value of the trade-weighted US dollar, allowing gold prices to
trade back above $1,800/oz prior to the end of 2022 and back Overall supply of gold in 2022 increased by 2%, due mainly to
above $1,900/oz in early 2023. modest increases in mine production and recycled gold.
Overall demand for gold remained strong, with the World Gold The supply of recycled gold increased by 1%, but was still 30%
Council reporting demand at an 11-year high, reflecting an lower than the all-time high reached in 2009 despite the record
18% increase over the prior year, led by significant growth high annual average gold price.
in purchases by global central banks and an increase in
investment demand. Global mine production rose for the second year in a row but
still remained approximately 1% below the peak reached in
Despite the increase in overall investment demand, the World 2018, highlighting the difficulty that the mining industry faces
Gold Council reported that collective ETF gold holdings in increasing production despite higher demand and the
decreased by 110 tonnes during the year, though this was second straight year of record high annual average prices.
less than the 189 tonne decrease in holdings during 2021. As gold prices have increased and capital has become more
Investment demand was helped by an increase in purchases readily available in recent years, there is continued evidence
of bars and coins, which rose 2% versus 2021. of increased spending on exploration by mining companies,
but the costs of mine construction and the time required for
Central bank purchases rose by over 150% year-over-year, environmental studies and permitting activities before reaching
representing the highest level of net purchases in over 50 the production stage means that a return to sustained global
years. The World Gold Council estimates that global central production growth remains a challenge.
banks added 1,136 tonnes to their reserves during 2022, the
13th consecutive year of net purchases. During late 2022,
China reported its first increases in gold reserves since 2019.
This could have a strong positive impact going forward if
purchases continue.

GOLD AND COPPER MARKET OVERVIEW (CONTINUED)
GOLD ETFS & SIMILAR PRODUCTS
Tonnes, net
COPPER MARKET
1,000
800 OVERVIEW
600
400
200 In 2022, the price of copper remained strong, with an average
0 annual price of $3.99/lb, modestly down from 2021’s all-time
annual average high of $4.23/lb.
-200
-400 Early in the pandemic period, copper prices were negatively
-600 impacted by the global reduction in manufacturing and
-800 economic activity, falling to a four-year low of $1.98/lb in
March 2020.
-1,000
Year 10 11 12 13 14 15 16 17 18 19 20 21 22 Copper prices recovered strongly over the next two years,
reaching an all-time high of $4.92/lb in March 2022 as a result
of an uptick in demand from increased manufacturing activity
and a rebound in economic growth, low levels of global
GLOBAL ANNUAL GOLD MINE PRODUCTION copper stockpiles and constrained mine supply.
Tonnes Shortly after reaching the all-time high, copper prices fell
4,000 to a 19-month low of $3.15/lb in July 2022 as a result of a
strengthening trade-weighted US dollar, recession concerns
3,500
and pandemic-related lockdowns in China. Prices rose over
3,000 the remainder of the year and into early 2023, as China ended
lockdown measures and the US dollar weakened.
2,500
2,000 China’s GDP growth fell to 3.0% in 2022 as a result of Covid-19

lockdown measures. As China is by far the world’s largest
1,500
consumer of copper, this relatively low level of economic
1,000 growth had a significant impact on copper demand, and
the price of copper, during the year. With the International
500 Monetary Fund projecting an increase in China’s GDP growth
0 to 5.2% in 2023, this should have a corresponding positive
Year 10 11 12 13 14 15 16 17 18 19 20 21 22 impact on copper demand.
In the longer run, the increase in the volume of copper that

is used in the manufacture of electric vehicles versus those
with combustion engines bodes well for copper demand, as
OFFICIAL SECTOR NET PURCHASES AND
electric vehicles are poised to comprise a growing share of all
GOLD PRICES vehicles produced over the next decade. Combined with the
Tonnes, net $/oz copper that will be required to build out the electrical grids to
support the anticipated growth in usage of electric vehicles,
1,200 2,000 the outlook for copper demand in the coming years remains
very positive.
1,000 1,800
Since the turn of the century, as the global economy has
800 1,600 undergone a number of significant challenges, the market
prices of both gold and copper have each increased
600 1,400
significantly, with copper prices experiencing greater volatility
and gold prices showing more consistent strength. Over this
400 1,200
period, as well as during 2022, gold and copper prices have
both outpaced the S&P 500 Total Return Index, demonstrating
200 1,000
the long-term benefits of holding hard assets in an investment
0 800
portfolio.
Year 10 11 12 13 14 15 16 17 18 19 20 21 22
Central banks and other institutions

London Bullion Market Association gold price
Source: World Gold Council

NORTH AMERICA1
Hemlo (100%)
100% production: 133koz
P&P Reservesi: 1.7Moz
M&I Resources2,i: 3.6Moz
Inferred Resources2,i: 0.58Moz
Nevada Gold Mines (61.5%)
100% production: 3,028koz
Attributable production: 1,862koz Golden Sunlight (100%)4
Carlin Complex
100% production: 1,571koz
Attributable production: 966koz
P&P Reservesi: 10Moz
M&I Resources2,i: 19Moz
Cortez Complex3
Attributable production: 450koz CANADA
Goldrush (61.5%)
Turquoise Ridge
100% production: 459koz USA
M&I Resources2,i: 12Moz Corporate Office, Toronto
Phoenix
Tier One gold mines
Long Canyon Other gold mines
Pipeline projects
M&I Resources2,i: 0.82Moz In closure
1
All figures as at December 31, 2022.
Figures for mineral reserves and mineral
resources are attributable to Barrick.
Donlin Gold (50%) Fourmile (100%) 2
Mineral resources are reported inclusive
M&I Resources2,i: 20Moz M&I Resources2,i: 0.49Moz of mineral reserves.
3
Mineral reserves and resources at Cortez
Inferred Resources2,i: 3.0Moz Inferred Resources2,i: 2.7Moz
are reported inclusive of Goldrush.
4
Golden Sunlight is currently reprocessing
tailings, producing a sulphur concentrate
as fuel for the refractory processing
facilities at Nevada Gold Mines.

NORTH AMERICA (CONTINUED)
Barrick is the largest gold producer in the United States. Nevada

Gold Mines (NGM) is the single largest gold mining complex in
the world and anchors the group’s production from this region.
Barrick operates and owns 61.5% of this joint venture, which
includes three of the company’s Tier One Gold assets – Carlin,
Cortez and Turquoise Ridge. In 2022, attributable gold production
from NGM was approximately 1.9 million ounces.
ATTRIBUTABLE GOLD PRODUCTION GOLD COST OF SALESi, TOTAL CASH COSTSi AND AISCi
koz $/oz
2,500
1,400
2,100 1,200
2,000 1,160 1,170
to to
2,300 to
1,000 1,240 1,250
1,500
800
600 820
1,000 to
880
400
500
200
0 0
2021 2022 2023 2021 2022 2023 (est)1
(est)1 Cost of sales Total cash costs AISC
1
Based on the midpoint of the guidance range. 1
Based on the midpoint of the guidance range.
ATTRIBUTABLE GOLD MINERAL

RESERVES AND RESOURCES1,i NORTH AMERICA 5-YEAR GOLD OUTLOOKii
Moz Cost of sales2,i

80 Total cash costs2,i
Gold production (attributable) Moz
AISC2,i
70 Total gold capital expendituresi (attributable) $ billion
$/oz
60 3.00 1,500
50 2.50 1,250
40
2.00 1,000
30
1.50 750
20
10 500
1.00
0
Proven Measured Inferred 0.50 250
and and resources
probable indicated 0 0
reserves resources 2022 2023 2024 2025 2026 2027
Carlin Cortez Turquoise Ridge Long Canyon
Phoenix Hemlo
Cost of sales Total cash costs AISC Total capital
1
Mineral resources are inclusive of mineral reserves.
2
Royalty expenses included in the per ounce cost metrics are based on a gold price assumption of $1,650/oz for 2023 onwards. Our realized gold pricei in
2022 was $1,795/oz.

The creation of the NGM joint venture (JV) was driven by The Turquoise Ridge complex consists of multiple open pit and
the opportunity to unlock value through the combination of underground mines as well as an autoclave, oxide mill and heap
Barrick’s and Newmont’s assets in Nevada. This is shown by leach pads. The high-grade Turquoise Ridge underground
the extension of process facility lives, ore routing improving mine is the value driver of the complex. The Third Shaft was
recovery and reducing costs, and the removal of toll treatment commissioned in Q4 2022 and will provide additional ventilation
charges lowering costs and improving the cut-off grade at for underground mining operations, as well as shorter haulage
Turquoise Ridge. In addition, the improvement of orebody distances. At the same time, infrastructure investments are
knowledge and expertise following the establishment of the being made at the Sage mill to improve performance and
JV continues to deliver additional resources and exploration reliability at higher throughput volumes. Growth for Turquoise
opportunities along the fence lines of the properties previously Ridge continues at the BBT Corridor, with additional resources
unexplored. added this year, along with continuity confirmed by exploration.
The Carlin complex consists of multiple open pit and Completing the NGM portfolio are Phoenix and Long Canyon.
underground mines and several processing facilities. These At Phoenix, the copper by-product generated by the mine
include two roasters, an autoclave, an oxide mill and heap provides diversification and further cash flow growth from this
leach pads. Pouring its 100 millionth ounce of gold in 2022, strategic metal. The focus at Long Canyon is now shifting to
Carlin rivals any gold complex in the world and with additions permitting Phase 2. It is expected to recommence mining in
to resources at Ren and North Leeville, where mineralization 2026 and is included in the group’s 10-year outlook.
is open in all directions, production will continue well into the
future. Elsewhere at the Carlin complex, resources increased Elsewhere in North America, the tailings reprocessing project
year on year from the Goldstrike underground, Leeville and the at Golden Sunlight was completed in early 2022 and is now
Gold Quarry open pit. In 2023, the Goldstrike autoclave will be ramping up to full production. The reprocessing of high-
converted to a carbon-in-leach (CIL) operation allowing earlier sulphide tailings eliminates the need for perpetual water
treatment of long-term stockpiles at higher recovery and the treatment, providing a valuable fuel source for the Carlin
Gold Quarry roaster will be upgraded to improve environmental roasters and facilitating proper closure. At Hemlo, most
and operational performance. underground physicals have steadily improved, and further
productivity enhancements remain the key focus over the near
The Cortez complex consists of multiple open pit and term. Studies are also currently under way for the potential
underground mines and several processing facilities. These restart of a larger scale open pit, which would greatly improve
include an oxide mill and heap leach pads with refractory Hemlo’s life of mine, and first production could be achieved as
material transported to and processed at the Carlin complex. early as 2027.
Pouring its first gold over 150 years ago, Cortez is expected
to continue producing long into the future through the addition At Donlin, 2022 saw the largest drill program in over a decade
of projects such as Goldrush, Robertson and Fourmile1. The and significant progress has been made over the last two
final plan of operations has been submitted for Goldrush and years on improving the understanding of the orebodies. The
the issuance of a Record of Decision (ROD) is expected in 2023 work program will focus on reviewing a series of key
the first half of 2023, with commercial production planned trade-off studies on infrastructure and processing, assessing
for 2026. Maiden reserves were declared at Robertson in mining scenarios and continuing with permitting and regulatory
2022 while resources continued to grow, with additional engagement.
exploration upside being further tested at Distal in 2023. This
growth broadens support of Barrick’s plan for the deposit to
contribute meaningfully to Cortez’s production profile and
extending beyond the 10-year outlook. Below Cortez Hills
1
Fourmile is currently 100% owned by Barrick. As previously disclosed,
Barrick anticipates Fourmile being contributed to the Nevada Gold
underground, successful testing of the Hanson target has Mines joint venture if certain criteria are met following the completion of
increased confidence and drilling continues into 2023. drilling and the requisite feasibility work.
Facing page: Nevada Gold Mines, USA


LATIN AMERICA AND ASIA PACIFIC1
Zaldívar (50%) Norte Abierto (50%)

100% production: 196Mlb P&P Copper Reservesi: 2,900Mlb
Attributable production: 98Mlb M&I Copper Resources2,i: 5,500Mlb
P&P Reservesi: 1,900Mlb Inferred Copper Resources2,i: 1,400Mlb
Pueblo Viejo (60%) M&I Resources2,i: 4,800Mlb P&P Gold Reservesi: 12Moz
100% production: 713koz Inferred Resources2,i: 160Mlb M&I Gold Resources2,i: 22Moz
Attributable production: 428koz Inferred Gold Resources2,i: 4.4Moz
P&P Reservesi: 12Moz
DOMINICAN
REPUBLIC
GUYANA
SURINAME
Pascua-Lama (100%)
Pierina (100%) Inferred Resources2,i: 0.86Moz
Veladero (50%)
M&I Resources2,i: 2.8Moz PERU
Balochistan,
PAKISTAN
Reko Diq (50%)4 Alturas (100%)

M&I Copper Resources2,i: 18,000Mlb Inferred Resources2,i: 5.4Moz
CHILE
Inferred Copper Resources2,i:
4,600Mlb 1
All figures as at December 31, 2022. Figures for mineral
M&I Gold Resources2,i: 15Moz reserves and mineral resources are attributable to Barrick.
Inferred Gold Resources2,i: 3.7Moz ARGENTINA 2
Mineral resources are reported inclusive of mineral reserves.
JAPAN
3
Porgera mineral reserves and mineral resources are reported
on a 24.5% interest basis, reflecting Barrick’s expected
ownership interest following the implementation of the binding
PAPUA NEW February 3, 2022 Commencement Agreement.
GUINEA
4
Reko Diq mineral resources are reported on a 50% interest
basis, reflecting Barrick’s ownership interest following the
completion of the transaction allowing for the reconstitution
of the project on December 15, 2022. This completed the
Tier One gold mines process that began earlier in 2022 following the conclusion of
Porgera (24.5%)3 Other gold mines a framework agreement among the governments of Pakistan
and Balochistan province, Barrick and Antofagasta plc, which
P&P Reservesi: 1.2Moz Copper mines provided a path for the development of the project under a
M&I Resources2,i: 2.5Moz reconstituted structure. The reconstituted project is held 50%
Pipeline projects
Inferred Resources2,i: 0.82Moz by Barrick and 50% by Pakistani stakeholders. Barrick is the
In closure operator of the project.

LATIN AMERICA AND ASIA PACIFIC (CONTINUED)
Barrick’s Latin America and Asia Pacific portfolio includes

operations and projects in South America, Dominican Republic,
Pakistan and Papua New Guinea. This region continued to drive
Barrick’s growth pipeline, with the Pueblo Viejo mine in the
Dominican Republic adding 6.5 million ouncesi of attributable proven
and probable reserves and significant progress made towards
securing a potential life of mine extension beyond the 2040s.
koz $/oz
1,000
1,400
1,200 1,260
to
750 1,340 1,110
1,000 to
1,190
630
to 800
500 700
600 800
to
860
250 400
200
0 0
2021 2022 2023 2021 2022 2023 (est)1
(est)1 Cost of sales Total cash costs AISC
1

RESERVES AND RESOURCES1,i LATIN AMERICA AND ASIA PACIFIC 5-YEAR GOLD OUTLOOK2,ii

Gold production (attributable) Moz AISC3,i
70 Total gold capital expendituresi (attributable) $ billion $/oz
60 1.50 1,500
50 1.25 1,250
40
1.00 1,000
30
0.75 750
20
10 500
0.50
0
and and resources
Pueblo Viejo Veladero
1
2
Excludes Porgera, which was placed on temporary care and maintenance in April 2020. We expect to update our guidance to include Porgera following the
execution of all the definitive agreements to implement the binding February 2022 Porgera Project Commencement Agreement (which replaces the Framework
Agreement signed in April 2021) with the Government of Papua New Guinea and the finalization of a timeline for the resumption of full mine operations.
3
2022 was $1,795/oz.

Pueblo Viejo consists of two main open pits, Moore and In December 2022, Barrick executed definitive agreements
Monte Negro, with processing through autoclaves. The plant with the governments of Pakistan and Balochistan. Reko Diq
expansion and mine life extension projects remain on track, will be operated by Barrick, which owns 50% of the project,
with commissioning of the plant expansion well under way and with Balochistan holding 25% and three Pakistani state-owned
the new tailings storage facility (TSF) in the permitting phase. enterprises sharing the remaining 25%. The shareholding
These expansions are expected to extend Pueblo Viejo’s mine structure is in line with Barrick’s policy of benefit-sharing
life to 2040i and beyond, as well as doubling the significant partnerships with its host countries.
contribution the mine has already made to the economy of the
Dominican Republic. Significant technical and evaluation work was completed prior to
2011, including an initial feasibility study (FS) in 2010. An update
The Pueblo Viejo plant expansion is designed to increase of this FS is planned for completion by the end of 2024, with
throughput to approximately 14 million tonnes per annum 2028 targeted for first production.
(Mtpa). Areas of the expanded plant are being commissioned
and handed over from construction to operations and full plant The updated FS will focus on:
capacity is planned to be reached by Q3 2023. The plant ■ Optimizing the flow sheet for the 40Mtpa base case under
expansion will allow the operation to maintain average annual Phase 1 and expansion to 80Mtpa under Phase 2, while
gold production of more than 800,000 ounces per year after maintaining the optionality to go above 80Mtpa.
2022 (on a 100% basis)i. Site investigation works continue to ■ Obtaining adequate information on the community
plan a feasibility level design for the new TSF in 2024. development aspects as well as water and power supply
options. ESG will also be an important focus in the updated
Close to the existing Pueblo Viejo infrastructure, exploration study.
drilling at both the Main Gate and Arroyo Del Rey targets has
intersected alteration and mineralization and further work is being Some of the baseline work has begun and the team has been
carried out to understand the potential of this mineralization. in-country obtaining data for the socio-economic, ecological
Additionally, Barrick is progressing early-stage exploration on a and water use surveys. The surrounding communities have
regional portfolio in the country. been very receptive of this work and there is significant
opportunity for Barrick to contribute to the development of
At Veladero in Argentina, significant progress was made on these communities as the Reko Diq project is advanced. The
Phase 7A of the leach pad expansion with the project now exploration team is also now focused on identifying untested
commissioned and providing stacking capacity through to the upside around the known porphyries as well as upgrading
second half of 2024. Construction on the next phase, Phase the geological understanding of the deposits as part of the
7B, is planned to re-start in Q4 2023 for completion in 2024. feasibility study update.
In addition, the mine was successfully connected to grid power
and is now mainly powered by renewable energy sourced from In Papua New Guinea (PNG), several important milestones
Chile. were achieved in 2022 on the path to re-opening the Porgera
mine including the signing of the Shareholders Agreement for,
Exploration drilling on multiple targets around the Veladero and incorporation of, the project company and the holding of
operation progressed through the year and geological work its first board meeting. Barrick continues to work with the
continued on other high priority projects in the district, which PNG government to finalize the remaining agreements and
includes the large landholding across the El Indio belt as well as satisfy other conditions necessary for the resumption of full
further afield in Argentina. mine operations.
Reko Diq in Pakistan is one of the largest undeveloped copper-

gold porphyry projects in the world and is expected to double
the size of the company’s current copper production profile
when it is commissioned.
Facing page: Pueblo Viejo, Dominican Republic


AFRICA AND MIDDLE EAST1
Loulo-Gounkoto Complex (80%) Kibali (45%)

100% production: 684koz 100% production: 750koz
Attributable production: 547koz Attributable production: 337koz
P&P Reservesi: 6.7Moz P&P Reservesi: 4.6Moz
M&I Resources2,i: 9.1Moz M&I Resources2,i: 7.1Moz
Inferred Resources2,i: 1.9Moz Inferred Resources2,i: 1.1Moz
SAUDI
EGYPT ARABIA
Jabal Sayid (50%)
MALI 100% production: 151Mlb
Tongon (89.7%) SENEGAL Attributable production: 75Mlb
100% production: 201koz P&P Reservesi: 670Mlb
Attributable production: 180koz M&I Resources2,i: 830Mlb
P&P Reservesi: 0.56Moz Inferred Resources2,i: 44Mlb
Inferred Resources2,i: 0.064Moz CÔTE
D’IVOIRE
DRC
TANZANIA
Buzwagi (84%)
ZAMBIA
North Mara (84%)

100% production: 313koz Lumwana (100%)
Attributable production: 263koz 100% production: 267Mlb
P&P Reservesi: 3.0Moz P&P Reservesi: 6,200Mlb
M&I Resources2,i: 4.6Moz M&I Resources2,i: 13,000Mlb
Inferred Resources2,i: 0.93Moz Inferred Resources2,i: 8,700Mlb
Bulyanhulu (84%)
Tier One gold mines 100% production: 233koz
Other gold mines Attributable production: 196koz
Copper mines 1
All figures as at December 31, 2022. Figures for mineral
M&I Resources2,i: 5.0Moz reserves and mineral resources are attributable to Barrick.
In closure Inferred Resources2,i: 4.6Moz 2
Mineral resources are reported inclusive of mineral reserves.

AFRICA AND MIDDLE EAST (CONTINUED)
Barrick is the largest gold producer in Africa. Loulo-Gounkoto

in Mali and Kibali in the DRC are both Tier One Gold assets,
contributing 884,000 attributable ounces of gold during 2022.
Additionally, the company’s two gold mines in Tanzania, North
Mara and Bulyanhulu, boosted their combined output to 546,0001
ounces in 2022, achieving another step towards their potential Tier
One status in the group’s asset portfolio as a combined complex.
1
On a 100% basis.
koz $/oz
1,600
1,400
1,450
to 1,200
1,200 1,600
1,130 1,080
1,000 to to
1,210 1,160
800 820
800 to
880
600
400 400
200
0 0
2021 2022 2023 2021 2022 2023 (est)1
(est)1
Cost of sales Total cash costs AISC
1

RESERVES AND RESOURCES1,i AFRICA AND MIDDLE EAST 5-YEAR GOLD OUTLOOKii

Gold production (attributable) Moz
AISC2,i
Total gold capital expendituresi (attributable) $ billion
$/oz
2.50 1,500
20
2.00 1,200
10 1.50 900
1.00 600
0
and and resources
Loulo-Gounkoto Kibali North Mara Bulyanhulu Tongon
1
2
2022 was $1,795/oz.

The Loulo-Gounkoto complex produced in the top-half of Copper mines Lumwana and Jabal Sayid both met
guidance for 2022 and replaced mined reserves for the production guidance for the year with the Lumwana copper
fourth successive year. At Gounkoto, the complex’s third mineral resource base growing by 89%, net of depletion,
underground mine is on track to begin ore production from relative to 2021. During Q4 2022, Lumwana started the pre-
stoping in the second quarter of 2023. Expansion of the feasibility study for the Super Pit, targeting expansions with
solar plant progressed during the year with early procurement the potential to increase its life of mine beyond 2080. In
enabling the second phase to begin ahead of plan. The Saudi Arabia, new joint venture agreements with Ma’aden
Loulo-Gounkoto complex was one of the largest taxpayers were completed for two prospective exploration projects
in Mali and has been formally thanked by the government for comprising the Jabal Sayid South (three permits) and Umm
its role in enabling the tax department to achieve its revenue Ad Damar licence areas. This is the first step in delivering
targets for 2022. Barrick’s strategy to create additional value from nearby
opportunities by leveraging the existing infrastructure at
At Kibali, Barrick continues to extend the mine’s life beyond Jabal Sayid and its demonstrated exploration expertise.
10 years. An updated underground feasibility study on the
11000 lode of the KCD orebody was completed during 2022. It was an exciting year in Egypt as Barrick worked to
Mineral reserves increased at Kibali, net of depletion, for the establish its exploration programs. Negotiations continued
fourth successive year. The winder change-out planned for with the Egyptian Mineral Resource Authority regarding the
the fourth quarter was completed ahead of time allowing Model Mining Exploitation Agreement. Handover of the
additional monitoring during the ramp up phase and aligning Hamash-Sukari exploration licence was completed – the
with the curing phase of the underground paving project. highest priority licence applied for in the 2020 bid round.
Field teams are currently screening a total land package of
In Tanzania, total production output from Bulyanhulu and 1,675km2 for systems with Tier One potential and assessing
North Mara continued to support their potential Tier One viability of new business opportunities aiming at maiden drill
status as a combined complex. At North Mara, the owner programs later in 2023.
mining strategy has completed a successful ramp up as
part of the ongoing open pit expansion, with improved
efficiencies already evident. North Mara is now recognized as
Tanzania’s largest taxpayer. Barrick’s presence in Tanzania
was expanded through the acquisition of the Tembo licence,
and it plans to extend its footprint further through exploration
licence consolidation.
Through successful exploration, the Tongon gold mine in

Côte d’Ivoire further extended its life to 2026 and it continues
to pursue growth through exploration targets.
Facing page: North Mara, Tanzania


Nevada Gold Mines at the forefront of
mineral processing
The Nevada Gold Mines operations process a wide range of mineralization in the ores
they treat. From simple heap leach ore types to carbonaceous refractory sulphide ores,
NGM can handle the most complex ores in its facilities. The NGM complex not only
hosts many gold processing facilities at the Carlin, Cortez, Turquoise Ridge, Phoenix
and Long Canyon sites, but also conducts copper oxide leaching and copper sulphide
flotation at its Phoenix mine.
It leads the field in the application of carbonaceous refractory NGM’s whole ore refractory sulphide processes have always
gold sulphide roasting with the Goldstrike and Gold Quarry operated sulphur deficient and alternative fuels were sought
roasters, which are coupled with dry milling comminution to augment the ore fuel content. The latest development
circuits. in this area is the Phoenix sulphide concentrate project,
which will supply more sulphide fuel to NGM’s roasters and
The pressure oxidation (POX) circuits at Goldstrike and autoclaves as well as recover gold from the Phoenix tails
Turquoise Ridge are suited to refractory sulphide ores with stream. Recent ore testwork and modelling demonstrated
a lower content of carbonaceous matter. These autoclaves a viable route to limit copper in the concentrate product and
are coupled with wet milling circuits. make the process economics more attractive.
The choice of processing facility for each ore type depends Barrick will continue to innovate to remain at the forefront
on many factors such as the: of metallurgical processing expertise and deploy this where
■ Gold grade; applicable throughout its global operations.
■ Level of oxidation;
■ Refractory sulphide material;
N
■ Carbonate content;
■ Presence of mercury;
■ Presence of arsenic; and HUMBOLDT
■ Proximity to the facility. COUNTY
Sage Mill
Sonoma Leach Pads
NGM’s metal plan optimizes the feed to
SnowStorm Leach Pads
each facility based on blending the ores from Turquoise Izzenhood Heap Leach Facility ELKO COUNTY
many surface and underground locations. Ridge
Juniper Mill Heap Leach Facility
Wells
Osgood Leach Pad
Goldstrike Autoclave
Nevada has always been a center of Goldstrike Roaster Long
excellence for processing technology. Winnemucca North Area Leach Pad
Elko
Canyon
Valmy
Goldstrike implemented a novel thiosulfate Gold Quarry Roaster
Mill Facilities Carlin
leaching process following pressure Battle Dunphy
Mill Facilities
oxidation for problematic preg-robbing Mountain
Beowawe
Carlin 5/6 Heap Leach Facility
sulphide ores with gold recovery by resin PERSHING

COUNTY
Greater Reona Heap Leach Facility
adsorption. Following the exhaustion of Phoenix Crescent
Valley
these stockpiled problematic ores, the Copper Heap Leach Facility
NEVADA GOLD MINES
AOI BOUNDARY
plant is being converted back to a more- Cortez

Mill Facilities
Winnemucca Elko
conventional POX with carbon-in-leach Area 30 Leach Pad
(CIL) gold recovery to treat amenable ores Area 34 Leach Pad

NEVADA
facilitated by the joint venture. LANDER COUNTY
WHITE PINE
CHURCHILL COUNTY
COUNTY
kilometers
EUREKA COUNTY
0 10 20 30 40 50
Leach Pad Mill Autoclave Roaster

Mining our mobile data
Remote monitoring underscores the value of
real-time data in correcting operator behaviour
and reducing maintenance costs.
A 24-month trial to remotely analyze mobile data from Barrick’s Loulo Sandvik Load and
Haul fleet has resulted in a positive improvement in operator behaviour and machine
health, while substantially increasing machine utilization and productivity. The trial has
now been completed and, in Q4 2022, Barrick started a global rollout across all the sites
where Barrick has some 220 connected Sandvik machines while extending the trial to
underground and surface drill fleets as well.
Barrick has been working with the Sandvik Remote Monitoring Thanks to extensive training and a joint effort to develop an
Team, based in Tampere, Finland, who run the data from engineering solution, the practice has been nearly eliminated.
Loulo’s fleet through their algorithms and predictive models. Overall, a significant reduction in operator events per machine
They analyze that data, looking for exceptions to set operating hour has been a consistent outcome throughout the trial.
parameters and then report those findings back to Barrick as
event alarms. Additionally, there are three Sandvik Product The other benefits are better machine utilization and improved
Support Specialists based at Loulo who work with the local productivity, with the Mean Time Before Failure (MTBF) of
teams to maintain connectivity and act on the information from the Loulo fleet increasing despite its age also increasing by
those reports. 9,000 hours on average, resulting in a significant decrease in
breakdowns and a corresponding decrease in operating costs
These reports come in various forms: per engine hour. Additionally, the dashboard visualization of
■ Ad hoc maintenance reports to site maintenance the data allows the Barrick team to quickly see trends and
managers and planners; act on them, allowing for the proactive rather than reactive
■ Weekly operator scorecards to provide feedback on management of the fleet and allowing Barrick to move to a
how an operator can improve; predictive maintenance model.
■ Ad hoc operator guidance reports, which are
typically triggered by an incorrect operator
action and advise what the proper operator
behavior should be to prevent that event
from occurring again; and
■ Defect-based planned maintenance reports,
which ensure that any errors picked up in the
data are added to the planned maintenance
task for that machine.
One of the key benefits of remote monitoring and

real-time data analytics is its ability to quickly
highlight areas for improvement in operator
competency and training. An observation picked
up through the data is the inclination of some
operators to select the incorrect gear up and
down declines, a practice that not only poses a
safety risk but can also prematurely damage the
transmission as it constantly changes gears.
Sandvik data scientists at the Remote Monitoring Service headquarters
in Tampere, Finland.

Kibali – Powering Our Green Agenda
Leaders in Microgrids
The Kibali gold mine in the Haut-Uele province of north-east Democratic Republic of
Congo is a standout example of how Barrick’s self-powered microgrid infrastructures are
configured to serve an immediate need and evolve over time with the right foresight to
sustainably deliver cheaper energy with reduced environmental impact.
The Azambi hydropower station near Kibali, DRC.

Kibali was initially built to use thermal power from high-speed In order to harness the full potential of the low-cost energy
diesel generator sets (gensets). This power plant forms the sources, the reliability of these installations needs to be
base load capable of delivering approximately 43MW, enough exemplary. The Kibali maintenance teams have taken a
to power the entire mine at $0.37 per kWh. The abundance of big step forward from the traditional annual time-based
water during the rainy season and the mine’s close proximity to maintenance philosophy by implementing prescriptive
the Nzoro and Kibali rivers made the investment in hydropower maintenance. Instead of discovering defects by opening up
a natural choice to drive down both its power generation cost the plant once a year or, in a worst-case scenario suffering a
and greenhouse gas (GHG) emissions. In 2014, the Nzoro II breakdown, sensors and instruments are used to detect the
canal fed hydropower station consisting of four Francis turbines diagnostics of the running plant and feed this into an analytical
totalling 22MW was commissioned. Ambarau followed shortly model. This model constantly correlates to the current state
thereafter in 2016 adding two Kaplan turbines totalling ~10MW with the blueprint or signature of a healthy operational plant.
and finally in 2018, Azambi added another ~10MW of green Further to that, the data from the failure events experienced in
energy to the microgrid from two Kaplan turbines. the past are used to create a library of failure blueprints.
Stable operation of the microgrid in island mode requires The advantage of prescriptive maintenance is twofold: first, the
frequency control for grid forming as well as a 7MW spinning operating health of every hydropower generator is continuously
reserve from diesel generator sets. The opportunity was monitored and validated in order to produce the maximum
identified to reduce the amount of diesel generator sets which output; and second, the awareness of potential digression
supply the spinning reserve for the active and reactive power towards a failure signature provides sufficient time to properly
components of the cyclical winding plant. This spinning plan for corrective maintenance. Since implementation of a
reserve requirement was for eight 3512B gensets to provide prescriptive maintenance approach, there have not been any
an intermittent load of approximately ~5.7MW, with a transient catastrophic failures of the plants, and this technology has
reverse power of 1MW running permanently at low load (40%) been rolled out to the milling plant as well.
and ready to accept a transient load impact (up to 100%).
In 2019, a grid stabilizer based on a Battery Energy Storage

System (BESS) was installed, dramatically offsetting the
spinning reserve requirement and bringing stability to the grid
load variations in the event of load shed events. Only four
gensets are kept running to maintain frequency and voltage,
resulting in a drop in daily diesel consumption during the
rainy season to below 12,000 litres per day. This strategic
investment has paid dividends over time with a unit cost as
low as $0.03 per kWh achieved by August 2022.
In line with Barrick’s GHG emission reduction commitments,

the operation set itself the challenge of achieving zero thermal
power generation during the rainy season. A network system
study and transient analysis was completed considering
different contributions to the grid as well as the impact of a
selection of load start and shed events. The learnings from
other Barrick renewable power installations were incorporated
in this study, achieving the positive outcome that the addition
of a 15MVA BESS would completely offset the use of diesel
generators in the rainy season and 17MW of solar power
could increase the use of renewable energy during the dry
season. The net impact is expected to be an annual reduction
of approximately 21 thousand tonnes of CO2 equivalent
emissions. The area for the solar plant has been cleared and
the engineering design is near completion. Procurement and
delivery of long-lead items are expected through 2023 with
construction to start early in 2024.
Top right: Aerial view of the Kibali grid stabilizer with five
BESS containers and step-up transformers.
Bottom right: Internal view of BESS container housing CAT

bi-directional inverters and 3C Li-ion battery banks.

RESERVES AND RESOURCES
Significant growth in attributable proven and probable gold mineral reserves by 6.7 million
ounces net of depletion, is a result of the continued focus on Tier One assets, and improvements
in the understanding of our orebodies through integration of the geological, geotechnical and
geometallurgical models which continue to unlock further value.
Reported at $1,300/oz, attributable proven and probable Our strategy of investing in organic growth through exploration
mineral reserves now stand at 76 million ouncesi at 1.67g/t, and mineral resource management, as well as our focus on quality
increasing from 69 million ouncesi at 1.71g/t reported at assets, continues to deliver successive reserve growth over and
$1,200/oz in 2021. The change in the commodity prices at which above annual depletion as demonstrated with the successful
our mineral reserves are estimated has balanced the inflationary exploration at both the Lumwana and Jabal Sayid mines, which
cost increases across the business, maintaining the quality were the primary drivers in the growth of attributable proven
of our reserve base and delivering growth organically, rather and probable copper reserves. As a result, Barrick replaced
than adding lower quality reserves through further increases in 103% of annual global depletion at consistent quality, effectively
commodity price assumptions. Gold mineral reserve growth maintaining attributable proven and probable copper mineral
was led by Pueblo Viejo and the Africa & Middle East region, reserves of 12 billion poundsi at 0.38% in 2022, notwithstanding
with nearly 12 million ouncesi of attributable proven and probable an increase in the annual reserve price assumption to $3.00/lb.
reserve gains in 2022 before depletion.
For Barrick-operated assets, copper mineral reserves for
The Africa & Middle East region converted a net of 2.4 million 2022 are estimated using a copper price of $3.00/lb relative to
ouncesi to attributable proven and probable reserves in 2022, $2.75/lb in 2021.
before depletion, with contributions from Kibali, Loulo-Gounkoto,
North Mara, Bulyanhulu and Tongon. At Loulo-Gounkoto, this was The growth in total attributable gold mineral resources of nearly
principally from extensions at the Yalea and Gara underground 10% relative to 2021 and of total attributable copper mineral
mines as well as the Faraba open pit replacing annual depletion. resources which more than doubled growing by 124% year on
At Kibali, the completion of an updated underground feasibility year, both net of annual depletion, underpins the future growth
study on the 11000 lode in KCD underground delivered of our production profile. This was driven by the successful
a 0.62 million ouncei increase in attributable proven and completion of a preliminary economic assessment supporting
probable reserves before depletion. At North Mara, a focus on the Lumwana Super Pit expansion, and the incorporation of
underground expansion at Gokona has successfully delivered a Reko Diq following the reconstitution of the project in December
0.44 million ouncei increase in attributable proven and probable 2022.
reserves before depletion.
Attributable measured and indicated gold resources for 2022
The Latin America & Asia Pacific region converted a net of stand at 180 million ouncesi at 1.07g/t, with a further 42 million
7.3 million ouncesi to attributable proven and probable reserves. ouncesi at 0.8g/t of inferred resources. Attributable measured
Most notably, Pueblo Viejo completed a pre-feasibility study for and indicated copper resources for 2022 stand at 44 billion
the new Naranjo TSF, adding 6.5 million ouncesi of attributable poundsi at 0.39%, with a further 15 billion poundsi at 0.4% of
proven and probable reserves, net of depletion, and extending inferred resources.
the mine life beyond 2040v.
In 2022, all mineral resources were estimated using a gold
The North America region converted a net of 1.8 million ouncesi price assumption of $1,700 per ounce and a copper price of
to attributable proven and probable reserves, before depletion. $3.75 per pound, both up from $1,500 per ounce for gold and
This was primarily driven by the completion of pre-feasibility $3.50 per pound for copper in 2021 for Barrick-operated assets.
studies for the Robertson open pit project at Cortez, as well as Barrick’s mineral resources for 2022 continue to be reported
a new pushback in the Hemlo open pit. As a result, Robertson’s on an inclusive basis, incorporating all areas that form mineral
maiden attributable proven and probable gold reserves are reserves. All open-pit mineral resources are contained within
estimated at 1.0 million ouncesi at 0.46g/t. This represents a a Whittle shell, while all underground mineral resources are
milestone for Cortez as a key source of oxide mill feed in the mine contained within optimized mineable shapes.
plan. Similarly, the new Hemlo open pit pushback is expected
to start in 2027 adding 0.86 million ouncesi of gold at 1.49g/t to
probable reserves. Proven and probable attributable reserves
for the region are now estimated at 31 million ouncesi at 2.54g/t.

RESERVES AND RESOURCES (CONTINUED)
In the Africa and Middle East region, the Lumwana copper

mineral resource base grew by 89%, net of depletion, relative
to 2021, demonstrating strong potential as a Tier One copper
asset and providing a robust basis for the ongoing pre-feasibility
study. The reconstitution of the Reko Diq project added an
attributable 18 billion poundsi of copper at 0.44% with 15 million
ouncesi of gold at 0.26g/t to indicated resources, and an
attributable 4.6 billion poundsi of copper at 0.4% with 3.7 million
ouncesi of gold at 0.2g/t to inferred resources. These mineral
resources reflect only three porphyries (H13, H14, H15) as well
as the Tanjeel deposit within the cluster of Western Porphyries.
Alongside the ongoing feasibility study update, the team is also
planning to evaluate further known porphyry occurrences within
the mining lease area.
North America also delivered growth in total attributable mineral

resources, net of depletion, supporting future potential reserve
growth in line with our strategy to fully replace depletion for the
region within a five-year period. This was driven by underground
resource extension drilling at both Goldstrike and Leeville
in Carlin, as well as successful resource definition drilling at
Goldrush and Robertson in Cortez, all of which support the
potential for future reserve growth in this region. Measured and
indicated attributable gold resources for the region increased by
2.8 million ounces to 73 million ouncesi at 2.16g/t, from 70 million
ouncesi at 2.22g/t in 2021. Importantly, inferred attributable gold
resources also increased to 17 million ouncesi at 1.8g/t, from
16 million ouncesi at 2.0g/t in 2021.
2022 mineral reserves and mineral resources are estimated using

the combined value of gold, copper and silver. Accordingly,
mineral reserves and mineral resources are reported for all assets
where copper or silver is produced and sold as a primary product
or a by-product. Barrick’s reserves and resources are reported
to a rounding standard of two significant digits, which remains
unchanged since 2019.
ATTRIBUTABLE GOLD RESERVESi ATTRIBUTABLE COPPER RESERVESi

Moz Blb
90
14
80
12
70
10
60
50 8
40
6
30
4
20
10 2
0 0
2021 Depletion Net conversion 2022 2021 Depletion Net conversion 2022

EXPLORATION
Exploration is the engine that drives Barrick’s organic growth strategy. Brownfields work
around our existing operations continues to more than replace the ounces of gold and
pounds of copper we extract each year, strengthening our already industry-leading gold
portfolio and growing our copper holdings. At the same time, robust greenfields programs
are hunting down new opportunities in the search for our next Tier One mine.
CREATING VALUE THROUGH EXPLORATION AND OPTIMIZATION
Mines
Reserve definition
37 6 5
Measured & Indicated Feasibility projects and
Resources 4 13 5 reserve & resource definition
Inferred Resources 6 12 3
Advanced targets 1 10 5
Exploration targets
Follow-up targets 23 14 6
Identified targets 29 19 22 Identified geological

anomalies
Target delineation Generative

45 28 28 exploration
Africa and North Latin America

Middle East America and Asia Pacific
Barrick’s exploration is managed using the resource triangle – an integrated business tool. Generative work ensures
a constant supply of targets to the base of the triangle and a set of stringent filters, at progressive levels within
the triangle, ensures the promotion of quality targets and the rejection of inferior ones, with economic deposits
ultimately reaching the pinnacle of the triangle.

EXPLORATION (CONTINUED)
North America
In Nevada, our growth drilling programs at North Leeville and On the South Uchi project, all results from the 2022 program
Ren continue to expand the maiden resources announced last were received during the fourth quarter of 2022. 461 till samples
year and discover new mineralized structures, while work at and 1,065 surface rock samples were analyzed during the
North Turf, Cortez Hills Underground, El Nino, and Turquoise summer field mapping and overburden drilling campaigns. Our
Ridge returned strong results, confirming the potential around fieldwork continues across multiple projects in North America
these deposits as we work to convert more ounces to reserves as we expand our gold and copper focus.
and expand their footprints. At Robertson, we declared
maiden reserves and increased resources as that deposit is During the year, Barrick entered into an exploration earn-
progressed towards production. in agreement over the Pic project which is located on the
continuation of the Hemlo greenstone sequence, approximately
We are progressing our copper strategy across North America 20 kilometers to the northwest of Hemlo. Barrick may earn
including at Phoenix in Nevada, where drilling has identified up to an 80% interest in the property and completed till
strongly mineralized porphyry beyond the existing model, geochemical sampling and mapping as well as logging and
highlighting further potential to expand resources. scanning of historical drill core in 2022.
Our exploration programs in Nevada identified multiple

discovery opportunities throughout the year culminating in
the discovery of high-grade, breccia-hosted mineralization
beneath the Dorothy target at Fourmile, confirming significant
remaining upside in this well-endowed trend which includes the
multi-million ounce Goldrush project. Elsewhere in the Cortez
district at the Swift project, an exploration earn-in joint venture
for Nevada Gold Mines, drilling has intersected alteration and
mineralization in lower-plate carbonates over a wide area,
confirming the presence of a significant hydrothermal system.
Around the Turquoise Ridge and Twin Creeks deposits,

exciting targets were identified at Fenceline, South Getchell
and beneath the Mega Pit. Programs to test these targets will
be carried out in 2023.
At Carlin, drilling confirmed open mineralized breccias at the

Golden Egg target in Little Boulder Basin while exploration
drilling to the west of Goldstrike has significantly expanded
the potential along the East Bounding fault system where
framework holes confirmed strong alteration, structural
complexity and breccia development with widespread low-
grade mineralization in a fault corridor that extends for more
than seven kilometers of strike length.
We continue to hunt for opportunities across North America

and entered an exploration agreement with the opportunity to
earn a 100% interest at the Pearl String property, located in
the Walker Lane mineral belt of western Nevada. Work to date
on the property has included geologic mapping, rock and soil
sampling and collection of gravity data to map the underlying
basement rock. This data is being compiled and interpreted
and will lead to target delineation and framework drill testing
in 2023.
In Canada, work at Hemlo focused on improving the geological

understanding and models of the deposit, better defining the
plunging zones of high-grade mineralization which remain
open at depth.
Right: Cortez, Nevada Gold Mines, USA.

Latin America and Asia Pacific

Our exploration work across the Latam and Asia Pacific area In Argentina, drilling on multiple targets around the Veladero
is focused on targets at all levels of the resource triangle operation progressed through the year. Priority targets are
from growth drilling around the deposits at Veladero and located at Veladero Sur and in the La Ortiga trend where
Pueblo Viejo, to regional generative programs in the hunt drilling on a historical target, Morro Escondido, confirmed
for opportunities across South America and the Asia Pacific wide zones of mineralization at surface which may be able to
region. be processed at Veladero. The evaluation of this target will
continue through 2023. Geological work continues on other
With the reconstitution of the Reko Diq copper-gold project high priority projects in the district, which includes our large
in Pakistan, the exploration team is focused on identifying landholding across the El Indio belt as well as further afield
untested upside around the known porphyries as well as across Argentina.
upgrading the geological understanding of the deposits as part
of the feasibility study update. In Peru, we are progressing three very prospective early-stage
projects, while we are looking for opportunities across Latam
At Pueblo Viejo, drilling at both the Main Gate and Arroyo to rationalize our extensive permit portfolio.
Del Rey targets intersected alteration and mineralization
close to existing infrastructure and further work is required to Our work on the Makapa project in Guyana failed to identify
understand the potential of this mineralization. Additionally, the potential for a large system leading to our exit from that
Barrick is progressing early stage exploration on a regional project, however we remain active in the Guyana Shield and
portfolio across the Dominican Republic and initial results from we are progressing our understanding of the region through
this work are encouraging. ongoing generative work.
Our Asia Pacific exploration team is evaluating copper and

gold opportunities across the region. In Japan, the Phase One
screening program on the Japan Gold/Barrick Alliance projects
was concluded, leading to six projects being advanced to the
Second Evaluation Phase. Work is in progress currently on the
two priority targets, Mizobe in Kyushu and Aibetsu in Hokkaido.

Africa and Middle East

On the Bambadji joint venture in Senegal, multiple zones of Providing additional ore sources to support the development of
mineralization have been discovered on numerous structures the Super Pit at Lumwana is the main focus of our exploration
across the project, however the search for a large deposit with work in Zambia, and results from the Lubwe satellite target
the potential to be a standalone operation continues. As a continue to confirm its development potential. Beyond
majority of the known economic mineralization in the district Lumwana and as part of our global copper strategy, we
occurs at depth, deeper drilling is being planned on the largest continue to evaluate opportunities across the Central African
and most anomalous structures. Target delineation programs Copperbelt.
have started on the recently granted Bambadji South permit,
where initial surface observations have highlighted strongly In Egypt, the three exploration concessions awarded during
altered and sulfidized rocks that correlate with high tenor soil the industry bid-round were handed over to Barrick and
geochemistry anomalies. These targets will be prioritized exploration work has started on all of them. We now control
against other opportunities for testing in 2023. On the Dalema 1,675km2 of ground in the Eastern Desert. Meanwhile the
joint venture, early-stage exploration activities commenced industry negotiations with the government to improve the
with the flying of an airborne geophysical survey and auger attractiveness of the mining code is nearing completion.
drilling in the northern part of the permit which identified two
priority targets. At Jabal Sayid in Saudi Arabia, brownfields drilling delineated
a very high-grade extension to the Lode 1 deposit. Meanwhile
At Loulo-Gounkoto in Mali, exploration work is also targeting one kilometer south of Lode 1 at the Janob target, first pass
mineralization at depth on key under-explored structures, exploration drilling discovered a new zone of ore grade copper
several of which host existing deposits, as well as defining mineralization, highlighting the potential along the multiple
and testing high-impact extensions around our orebodies. prospective and largely untested paleosurfaces on the project.
An example is Gara West where strong mineralization was Near the end of the year Barrick, in partnership with Ma’aden,
intersected beneath the open pit, opening up a significant was awarded the sought after Umm Ad Damar project in a
new search space at Loulo. The Domain Boundary structure competitive bid process after which the portfolio was further
at Gounkoto which hosts concealed, high-grade zones expanded with the signing of the Jabal Sayid South exploration
of mineralization, will be a key focus for follow up in 2023 agreement, extending our exploration footprint in the highly
including a 3D geophysical survey to more effectively target prospective area around the Jabal Sayid mine.
the blind potential.
The priority at Tongon continues to be progressing satellite

targets with the potential to extend the life of mine. This
continued successfully through the year with the further
definition of the recently discovered Seydou North deposit and
the identification of several other zones of mineralization along
the Stabilo trend, with the potential to develop into significant
satellite orebodies within 15 kilometers of Tongon.
At Kibali in the DRC, exploration programs have identified the

potential for large scale extensions to mineralization at multiple
deposits along the KZ trend including the KCD orebody itself.
This trend continues to exhibit extensive discovery potential
evidenced by the Oere target near Kalimva where recent
high-grade drill intersections beneath weak near surface
mineralization demonstrates the lack of maturity along large
parts of the trend where deeper drilling has focused largely on
the main deposits.
In Tanzania, early work on our expanding regional portfolio,

as well as around the North Mara and Bulyanhulu operations,
returned encouraging results. At North Mara, drilling beneath
post-mineral cover intersected Gokona-type alteration and
mineralization two kilometers away from the Gokona deposit
indicating a separate, similar hydrothermal center which
is an exciting development. At Bulyanhulu, the exploration
agreement on the surrounding permits was concluded with
early results indicating potential for mineralization beneath
underexplored areas of cover within haulage distance of the
plant.

SUSTAINABILITY STATEMENT
Manage Create
environmental economic
impacts benefits
Our
sustainability
strategy
Protect Respect
health & human rights
safety
Governance of sustainability Keeping score

and scorecard In early 2020, we developed our industry-first Sustainability
Scorecard as our main tool to define good practice and
Our group-level sustainability strategy rests on four benchmark ourselves against our peers. It includes key
interconnected core pillars: (1) respecting human rights; performance indicators aligned to the four pillars of our
(2) protecting the health and safety of its people and local sustainability strategy and is informed by the expectations
communities; (3) sharing the benefits of its operations; and (4) of the UN Global Compact and relevant frameworks such as
managing its impacts on the environment. the World Gold Council’s (WGC) Responsible Gold Mining
Principles (RGMPs) and the International Council for Mining
This approach is codified in our Sustainable Development Policy and Metals (ICMM) Mining Principles.
and a full suite of sustainability policies, which are available on
our website. The abridged scorecard is published on page 45. The score is
expressed as a ranking for each metric in quintiles to produce
We have a bottom-up governance structure that empowers each a rank of 1 (top) – 5 (bottom). The score for each indicator is
mine to be responsible for managing sustainability, while also providing then summed to produce a total score against which we grade
oversight and expert guidance at the group-level. Our Environmental ourselves using an A to E banding (where A represents top
& Social Oversight Committee – our most senior body dedicated to performance and E represents bottom performance). Barrick
sustainability – connects site-level ownership of sustainability with received a B grade in 2022.
our Board, alongside regular interaction from the Group Sustainability
Executive and regional sustainability leads. We also tie incentive
compensation for our President and CEO, members of the Executive
Committee and employees to the achievement of company-wide
sustainability targets set out in our Sustainability Scorecard.

SUSTAINABILITY STATEMENT (CONTINUED)
SUSTAINABILITY SCORECARD
2021 2022
Aspect Key Performance Indicator Trend
Quintile Quintile
Total Recordable Injury Frequency Rate (TRIFR)1 5 2
Zero Fatalities (New) 3,4
N/A 5 N/A
Safety
Percentage of sites that maintained certification to ISO 45001 (2022) (Updated)3 1 1
Percentage of safety leadership interactions completed (New)3,4 N/A 2 N/A
Percentage of annual Community Development Committees commitments met2 2 3
Percentage of workforce who are host nationals 1 1
Social and
economic Percentage of senior management who are host nationals 2 2
development Percentage of economic value that stays in country 2 2
Proportion of grievances resolved within 30 days 2
4 4
Percentage of security personnel receiving training on human rights 1 1
Corporate human rights benchmark score5 4 4
Human rights
Independent human rights impact assessments with zero significant findings at high-risk sites 2,4
1 1
Upgrade controversy listed by one of the ESG Rating Agencies (New)3,4 N/A 1 N/A
Number of significant environmental incidents 1 1
Tonne CO2e per tonne of ore processed 3 3
Progress against absolute emissions target2 1 1
Water use efficiency (recycled & reused) 1 1
Environment
(including Percentage of completion against Biodiversity Action Plan Commitments (2022) (New)2,3 1 1
Climate Change) Independent tailings reviews conducted2 1 1
Percentage of ISO 14001 certified sites maintained4 1 1
Global Industry Standard on Tailings Management progress2 2 2
Proportion of operational sites achieving annual concurrent reclamation targets2 2 3
Progress against RGMP+ implementation2,6 2 1
Percentage of employees receiving Code of Conduct training 2
1 1
Governance
Percentage of supply partners trained on Code of Conduct at time of on-boarding2 1 1
30% female Board composition (New)3,4 N/A 1 N/A
Overall Score7 40 (B) 47 (B)
1
For 2021, actual score assessed at the third quintile reflecting Barrick’s year-on-year improvement; however, this was automatically downgraded to the bottom quintile in
consideration of the fatalities recorded for the year.
2
Internal metrics.
3
Metrics that were changed in 2022 to promote constant improvement.
4
N/A due to changes in the metrics that are not comparable year-on-year.
5
In comparison to the 56 extractive companies assessed against the Corporate Human Rights Benchmark’s methodology, Barrick is ranked in the top 25% in the
extractives industry.
6
The ICMM and the WGC introduced new frameworks in 2019 – the Mining Principles and the Responsible Gold Mining Principles (RGMP), respectively. Barrick’s approach
to conformance with these two frameworks has been to use the equivalency tables to evaluate whichever requirement is more stringent for each aspect to dovetail the two
frameworks into a single framework, which we refer to as RGMP+.
7
For 2022, the grading key was updated to reflect a total of 26 measures assessed by the Sustainability Scorecard resulting in a maximum of 130 quintiles, compared to a
total of 22 measures in 2021 resulting in a maximum of 110 quintiles. The total scores and corresponding grades are therefore not directly comparable year-over-year.
A developing business The success of any Barrick mine rests on the partnerships we
forge with the communities that we are a part of. We seek to
earn their support every day through our investment in community
development projects, by buying and employing locally, and by
“Sustainable development and successful mines establishing Community Development Committees (CDCs) that
are two sides of the same coin to Barrick. We enable local communities to drive their own development.
strive to be a good corporate citizen and a
In 2022, we invested more than $35 million in community
genuine partner for our host communities in development projects around our mines. These included projects
locally led development, and to build resilience such as the building of clean energy infrastructure in both the DRC
to global challenges.” and Mali, as well as support to local entrepreneurs.
Thomas Wilson, Sustainability Lead Africa and Middle East At all operational mines, these project budgets were allocated
through the CDCs.

We also support our host countries and communities by paying Also during 2022, we undertook resettlements and land
our fair share of tax; by prioritizing local hiring (96% of employees acquisition projects at our Kibali, Pueblo Viejo and North Mara
were host country nationals in 2022); and by procuring from local mines. Our approach is guided by our Social Performance
businesses when we can. Policy and conducted in compliance with applicable laws and
regulations and international best practice.
During 2022, 80% of our total procurement spend was from
local and host country suppliers. We also work to support local In particular, we progressed the resettlement of the Kalimva-
entrepreneurs with mentorship programs, skills training, or by Ikamva community at Kibali in 2022. At Kibali, a total of 659
providing loans to cover the cost of materials needed and help households were resettled during the year, with affected
them achieve scale or meet standards. community members given the option to either move into a
house we build for them, or receive an agreed-to sum and build
As shown in Figure 1, we distributed over $15.2 billion in 2022 to their own house.
our workforce, suppliers, host communities and beyond.
More details on our policies, approach and performance on
We also recognize our responsibility to leave a thriving economic resettlement initiatives is available in our 2021 Sustainability Report.
and positive environmental legacy after our mines close. In
2022, we progressed the decommissioning of mine infrastructure FIGURE 1: ECONOMIC VALUE STATEMENT
at Buzwagi in Tanzania. This included the advancement of a
Special Economic Zone aimed at creating 3,000 jobs annually and 2022 2021 2020
delivering additional funds to the Tanzanian government.
Total economic value $15.2b $12.4b $12.1b
Managing resettlement and grievances Proportion of employees that

are host country nationals 96% 96% 97%
An important part of our engagement with communities is our fully
accessible and accountable process to the formal raising and Number of senior
resolution of grievances. In 2022, we received 422 grievances management that are host
across all operating regions and resolved 385. country nationals 78% 78% 80%
Procurement to local and/or
national vendors $6b $5.5b $4.5b
A BAKER’S ‘MARK’ IN SAN JUAN

In the shadow of the Andes where our Veladero mine is located, Tito’s business has risen rapidly. He now uses 50 times the
and just six kilometres from Chile, many people in Huasco in amount of ingredients and instead of a sales window, he
San Juan province rely on small and subsistence farming. now has a proud shopfront to sell from. But for Tito, there
is further to go. More than just growing economically, he will
That group used to include community minded baker Tito now look towards expanding and become a leading regional
Heredia, but with help from the mine’s Business Incubator producer of traditional baked goods.
Program, he now oversees the thriving San Cayetano
bakery, employing as many as 16 people, with queues out
the door, and products that sell out before lunchtime.
Tito began to make bread several years ago with his mother,
baking it by hand and selling it from a window in the family
home. With the focus on quality and freshness, and making
sure that the aroma permeated onto the street, demand for
the bread rapidly grew.
Despite this success, Tito’s ability to grow the business

was hampered by the lack of equipment – until he applied
and was accepted to the Veladero incubator program
for funding to buy a mixer, kneading machine and small
commercial oven. Acceptance to the program has also
provided monthly financial advice from an accountant and
additional business training, support, and mentoring.

SOWING THE SEEDS OF

AMBITION AT NORTH MARA “This land is very fertile and has a lot of potential.
In the first three months, 40 tonnes of tomatoes
In September 2022, we started the Matongo Agricultural were produced, but it has the potential to
project, a program aimed at providing local youth based near more than double that yield with a few small
our North Mara mine in Tanzania with work and livelihood interventions. With time and application, we can
opportunities.
become national and regional suppliers.”
The project is training 100 young people, including former Elard Tarimo, expert agronomist at TAHA
mine intruders, to develop advanced agronomy skills and
methods to bring high-quality, seasonal produce (from carrots
to cauliflowers) to market.
To do this, the mine team identified 10 acres of land for

cultivation, provided pesticides, seedlings and irrigation
equipment, and brought in expert agronomists such as Elard
Tarimo from the Tanzanian Horticultural Association (TAHA) to
provide training and expert advice.
Further to facilitating training and providing initial inputs for

the farm, we have also provided the young farmers with their
first market. We introduced them to our mine caterers, AKO,
to help facilitate a supply agreement and are now working
with them to target new potential customers such as the
hotels near the city of Mwanza that are enroute to the mine.
Health and safety As our safety performance did not meet the standards we expect,
Mines are a hazardous place to work, and we apply robust safety we held a group level workshop with safety representatives from
measures and control mechanisms as our priority is to enable each region and other relevant parties in early 2023 to review our
our workforce to return home safe and healthy each day. We approach to safety.
have an ambition to create a zero-harm culture.
As a result, the roadmap on page 48 has been developed to help
All our operational sites are certified to ISO 45001 standards not just reverse, but stop, the concerning trend of workplace
and our approach to health and safety is set out in a series of fatalities. This initiative is directly overseen by our Executive
standards, policy guidelines, operating procedures and systems Committee. It includes a commitment to further training for
that are regularly reviewed and assured. We also conduct all, a greater focus on leading indicators and raising awareness
regular risk assessments, internal and external audits as well of our ‘stop work responsibility’ to empower individuals to be
as inspections. In 2022, our group TRIFR (total recordable accountable for the safety of themselves and their co-workers.
injury frequency rate) and LTIFR (lost time injury frequency rate)
improved by more than 11% and 23%, respectively, year on year.
Despite this improvement, our safety performance in 2022 was

badly marred by five tragic fatalities. These occurred at our
ZERO
Cortez, Kibali, Loulo-Gounkoto, North Mara and Pueblo Viejo
mines. Each loss of life is felt across all levels of the company.
Full investigations were carried out for each incident in an effort JOURNEY TO
to understand the root cause, with corrective actions widely
implemented and shared to prevent recurrence. We also
recognize that each fatality has a human impact and provide
support to the victims’ families, their co-workers and the
extended teams on the ground.

FIGURE 2: OUR SAFETY ROADMAP TO ZERO
Honest Reflection Connection Engagement Ownership One Team One Mission
Safety
Honest
interactions World
reflection
Near miss benchmark
program Planned task Baseline risk
observation assessment
Fatal risk
Continuous
improvement
Risk tools
FLRA, TRA, Supervisor Global safety
Responsibility FRA training spotlights
to stop unsafe
work Life saving Performance
3rd party review audit
rules review safety
assessment
Respecting human rights and An inclusive culture

We believe we need a diverse workforce to gain the wide
harnessing diversity range of experience and problem-solving skills necessary
We understand and accept our responsibility to respect human to run a world-class mining company, and we engage in
rights. We have zero tolerance for violations of human rights several initiatives to attract the best people from a variety of
committed by employees, affiliates, or any third parties acting backgrounds and to encourage more women to enter the
on behalf or related to any of our operations. mining sector.
Our commitment is codified in our standalone Human Rights At the end of 2022, 33% of the Board of Directors were female,
Policy and informed by the UN Guiding Principles on Business exceeding our target of 30%. On the ground, Pueblo Viejo in
and Human Rights (UNGPs), the Voluntary Principles on the Dominican Republic has led the way and 50% of new hires
Security and Human Rights (VPs) and the OECD Guidelines in 2022, as well as 22% of the workforce, are women.
for Multinational Enterprises. Our Human Rights Policy also
sets out our commitment to recognizing the unique rights and
social, economic and cultural heritage of Indigenous Peoples.
On the ground, we monitor human rights incidents and report

them. No human rights related grievances or incidents were
reported during 2022. The benefits of our transparent and
accountable approach are clear in areas such as North Mara
in Tanzania.
We also conduct human rights assessments at all our mines on

an exposure-to-risk basis over a two to three-year rolling cycle.
In 2022, we undertook independent human rights assessments
at three of our sites: Lumwana (Zambia); Veladero (Argentina);
and Tongon (Côte d’Ivoire).
All employees and relevant suppliers receive training on our

human rights expectations and additional specialist human
rights training is provided to highly exposed workers such as
security personnel.
Right: Successful human rights training was completed
at Tongon mine in Côte d’Ivoire during 2022.

NORTH MARA: ONGOING PROGRESS TOWARDS A SAFER

AND MORE SECURE MINE AND COMMUNITY
North Mara is an area historically beset with social issues Engaging with local stakeholders
including significant in-migration to the area, civil unrest due to In March 2022, a UK-based NGO published a report alleging
poverty and a limited ratio of law enforcement to population. human rights violations by the Tanzanian Police Force at North
There have also been international allegations of human rights Mara. Although we disagree with many of the statements in
violations against the mine, linked to the Tanzanian Police Force. the report and believe they are factually inaccurate, erroneous
and misleading, we take all allegations extremely seriously and
Since we acquired the minority stake that Barrick did not have a dedicated grievance mechanism in place to ensure all
already own and took operational control of North Mara in claims are investigated thoroughly and fairly.
2019, we have worked internally and in partnership with local
community leaders to address legacy issues and rebuild trust, In January 2023, we welcomed the NGO team to the minesite.
maintain our social licence, and to enable local communities The intention of the site visit was to show the initiatives we
to live and work free from harm and to reduce mine intrusions. have implemented to improve the lives and livelihoods of our
surrounding communities since Barrick assumed operational
This has been aided by the work of local NGOs, who are control in 2019, providing a contextual understanding of
working with communities to raise human rights awareness the operating environment at North Mara and hold tripartite
and clarify the reason for the police presence, making it clear meetings with key stakeholders. The village leadership did
that the mine does not employ the police and that they work not corroborate any of the allegations made by the NGO.
under the jurisdiction of the local authorities. North Mara continues to work with in-country civil society,
government, and the local communities to build a better future.
Environmental stewardship
“We are committed to managing our impacts on

the natural environment, both today and with future
generations in mind. We take a pragmatic approach
and recognize that attempts to tackle climate change,
biodiversity loss or water use must go hand-in-hand
with efforts to foster thriving local economies and
positive community relations.”
Grant Beringer, Group Sustainability Executive
Mining impacts the physical environment including the land,

air, water and other important natural resources that we rely
on and share with our stakeholders. It is fundamental for any
modern mining company to minimize and manage its negative
environmental impacts and to take opportunities to support
conservation.
All our operational mines are certified to ISO 14001:2015 for

their environmental management systems, and for the fourth
consecutive year, we recorded zero ‘Class 1’ (high significance)
environmental incidents. Alongside this, we recorded only two
‘Class 2’ (medium significance) environmental incidents, a record
low.

Climate risk and resilience Full details of our approach to climate change, including
disclosures in line with the requirements of the Task Force for
We have a long-term aim to achieve net-zero emissions at our Climate-related Financial Disclosures (TCFD), is available on our
operations by 2050, with an ambitious target, built on practicable website.
measures, to reduce Scope 1 and 2 emissions by at least 30%
by 2030 (from a 2018 baseline), while maintaining a steady
production profile. All our sites have ‘Climate Champions’ and Water stewardship
are working to reduce our carbon footprint, adopt green energy Water is vital for production, and a fundamental human right. We
sources and production systems, and build climate resilience are extremely careful to manage local waterbodies in order to
for our host communities and countries. We also attended the minimize potential negative impact on nearby communities.
global 2022 COP27 summit in Egypt, as part of a delegation
with the ICMM to observe and participate in debate on climate Each mine has its own site-specific water management plan with
resilience and action solutions. a strategy based on four pillars:
■ Conserve and protect: high quality water resources wherever
In 2022, we were encouraged to see an approximately 6% reduction we operate.
in our emissions year-on-year, and an 11% decline compared to our ■ Consider other users: through basin-wide water balances
2018 baseline. Some of the factors behind this are the investments that consider impacts from climate change as well as the
in solar power in the US and Mali, and our hydropower stations current and future demands of our operations and other users.
in DRC. Veladero in Argentina also completed a $54 million (on ■ Site wide balances, monitoring and management plans:
a 100% basis) power line to connect it to the Chilean electricity to track and ensure we don’t exceed our permitted thresholds
grid which is expected to reduce annual emissions at the site by for abstraction or discharge quality.
100,000 tonnes of CO2-e starting early in 2023. ■ Honest and open disclosure: Reporting against the
market leading ICMM Water reporting framework with
Despite progress, it is important to note that reducing our participatory monitoring programs for community members
emissions is not a straight downward projection, and short- across many sites.
term volatility is expected along the way, for example caused by
construction or the expansion of our operations. Each site’s water management plan considers the different
water sources available, local climate conditions and the
In 2022, we continued to progress our measurement and needs of local users and of the mine. In regions identified as
engagement roadmap of Scope 3 (value chain) emissions. We vulnerable to water stress, we take particular care to monitor
continue to evolve the extensive Scope 3 work undertaken since the supply of freshwater for local communities and ecosystem
2021, based on improving the completeness and accuracy of maintenance, aiming to use low-quality water and to recycle
specific emission factors, as we work towards Scope 3 target and reuse as much water from our processes as possible. In
setting in 2023. 2022, we reused or recycled 83% of all the water we use,
which was above our target of 80%.
The urgency with which the world must transition to a low carbon
economy is also an opportunity. We know that gold and copper Our commitment to responsible water use is set out in
mining has a critical role in delivering the resources needed for our Environmental Policy and further details of our water
green technologies and we are actively working to seize this management can be found in our 2021 Sustainability Report.
opportunity.
USING ENGAGEMENT AND We have a robust water management system in place that
tests approximately 500 samples per month from a wide array
EXPERTISE TO REBUILD of boreholes and water sources. The monitoring area stretches
over 200km downstream.
TRUST AT VELADERO
To drive transparency, the Veladero team invites communities
In the two years leading up to 2017, our Veladero site in to participate in sample-taking, makes all results public and
Argentina recorded incidents at the Valley Leach Facility, one of puts all relevant operating data on a live online feed so that
which was an out of containment event. Although independent regulators, local communities and others can monitor the
studies were completed, including by the United Nations system.
Environment Programme (UNEP) and United Nations Office
for Project Services (UNOP), that determined there was no The water quality for local communities is historically poor
environmental damage or risk to human health, it was critical to due to the nature of the High Andes geology. Over the past
implement measures to prevent future incidents, and provide years, the mine, through the CDC, has committed to rebuilding
transparent communications with our communities to rebuild several water treatment stations in the area to improve this
trust. That’s why strengthening our water management at the water quality.
site has been a priority.
Facing page: Testing the water quality from a wide array of
water sources.


Responsible management of Protecting nature and

waste and tailings biodiversity
Dealing responsibly with the waste our operations produce – The creation and operation of a mine has an undeniable impact
including tailings, waste rock, and non-processing waste – is on local biodiversity. We are committed to managing and
vital to the health of local environments, local communities and a minimizing this, and at every opportunity enhancing biodiversity.
priority for our business. Conserving and expanding the natural environment around our
sites and beyond is fundamental to protecting the air, water
We put safety at the center of our approach to tailings and soil that our operations and local communities depend on,
management and have a Tailings and Heap Leach Management is intimately connected to tackling climate change, and has an
Standard to ensure our tailings storage facilities (TSF) are important role to play in economic development.
carefully and consistently monitored and maintained in line with
industry best practice. Our commitments to biodiversity management are set out in
our Biodiversity Policy and 100% of our operational sites have
We are also working to align our approach with the new Global Biodiversity Action Plans (BAPs) in place. These detail the flora,
Industry Standard on Tailings Management (GISTM), having fauna and habitats on and around the site and outline the strategy
contributed to its development. We are on track to align with all we will follow to achieve a net neutral biodiversity impact.
‘Very High’ and ‘Extreme’ classified facilities by the August 2023
disclosure commitment, pending the conclusion of community In 2022, we developed a new internal biodiversity standard for
consultations. We have a dedicated Director of Reclamation and Barrick, working with external experts to define measurable
Closure with direct responsibility for this process, reporting to our conservation actions (MCAs) that not only achieve net neutrality
Group Sustainability Executive. but which can enhance key biodiversity features in a habitat and
achieve conservation gains.
In 2022, we also conducted detailed independent reviews of the
TSFs at nine sites (Kibali, Loulo, Tongon, North Mara, Phoenix, Just one example is our commitment to the Garamba National
Nickel Plate, Grizzly Gulch, Golden Sunlight and Pueblo Viejo El Park, a UNESCO World Heritage Site in the DRC, where this year,
Llagal) and conducted follow-up reviews including site visits at we will realize a project to reintroduce white rhino. Garamba used
five TSFs (Bulyanhulu, Carlin – Goldstrike, Carlin – Gold Quarry, to be home to a population of northern white rhino which are
Cortez and Pueblo Viejo Naranjo). We also completed measures now extinct in the wild. Barrick is the sole sponsor of a project to
to further buttress facilities at our closed sites including Nickel reintroduce the southern white rhino to Garamba National Park,
Plate (Canada) and Mercur (US). helping to conserve an endangered animal and one which plays
an important role in the maintenance of the natural ecosystem
True to the spirit of the GISTM, we are also evolving our tailings and, in the medium term, promote ecotourism to benefit the local
management to include sustainability in the earliest design stage. community.
In 2022, we became one of the first mining companies in the
world to implement the GISTM for a greenfields site. This robust Full details are available in our 2021 Sustainability Report.
process uses environmental and social considerations to inform
the most appropriate location for a new TSF.
Full details of our approach to waste management, including our

policies and processes in relation to hazardous materials such as
mercury, are available in the 2021 Sustainability Report.
Below: The TSF at North Mara. Tanzanian authorities lifted
environmental restrictions in September 2019, following
Barrick’s intervention.

ENDNOTES
i 2.11g/t, representing 36 million ounces of gold, and 600 million tonnes
Please see page 141 of this annual report for corresponding endnotes. grading 0.36%, representing 4,800 million pounds of copper. Indicated
resources of 2,800 million tonnes grading 1.41g/t, representing 130 million
ii
ounces of gold, and 2,500 million tonnes grading 0.36%, representing
Key assumptions 2023 2024 2025+ 20,000 million pounds of copper. Inferred resources of 980 million tonnes
grading 1.4g/t, representing 43 million ounces of gold, and 440 million
Gold Price ($/oz) 1,650 1,650 1,650 tonnes grading 0.2%, representing 2,200 million pounds of copper.
Copper Price ($/lb) 3.50 3.50 3.50 Mineral resources are reported inclusive of mineral reserves. Complete
Oil Price (WTI) ($/barrel) 90 70 70 mineral reserve and mineral resource data for all mines and projects
referenced, including tonnes, grades, and ounces, can be found on pages
AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 136-143 of Barrick’s Fourth Quarter and Year-End 2020 Report.
ARS Exchange Rate (USD:ARS) 170 170 170 Estimated in accordance with National Instrument 43-101 as
CAD Exchange Rate (USD:CAD) 1.30 1.30 1.30 required by Canadian securities regulatory authorities. Estimates are as
of December 31, 2019, unless otherwise noted. Proven reserves of 280
CLP Exchange Rate (USD:CLP) 900 900 900
million tonnes grading 2.42g/t, representing 22 million ounces of gold;
EUR Exchange Rate (EUR:USD) 1.20 1.20 1.20 420 million tonnes grading 0.4%, representing 3,700 million pounds of
copper; and 150 million tonnes grading 4.31g/t, representing 21 million
This five-year indicative outlook is based on our current operating asset ounces of silver. Probable reserves of 1,000 million tonnes grading
portfolio, sustaining projects in progress and exploration/mineral resource 1.48g/t, representing 49 million ounces of gold; 1,200 million tonnes
management initiatives in execution. This outlook is based on our current grading 0.38%, representing 9,800 million pounds of copper; and 750
reserves and resources as disclosed in our annual report and assumes million tonnes grading 5.18g/t, representing 120 million ounces of silver.
that we will continue to be able to convert resources into reserves. Our Measured resources of 530 million tonnes grading 2.21g/t, representing
gold and copper reserve price assumptions are based on $1,300/oz and 37 million ounces of gold; 660 million tonnes grading 0.38%, representing
$3.00/lb, respectively. 5,500 million pounds of copper; and 350 million tonnes grading 12.52g/t,
Additional asset optimization, further exploration growth, new project representing 140 million ounces of silver. Indicated resources of 2,800
initiatives and divestitures are not included. For the group gold and copper million tonnes grading 1.43g/t, representing 130 million ounces of gold;
segments, and where applicable for a specific region, this indicative 2,400 million tonnes grading 0.38%, representing 21,000 million pounds
outlook is subject to change and assumes the following: of copper; and 2,000 million tonnes grading 13.44g/t, representing 870
• New open pit production permitted and commencing at Hemlo in the million ounces of silver. Inferred resources of 940 million tonnes grading
second half of 2025, allowing three years for permitting and two years 1.3g/t, representing 39 million ounces of gold; 430 million tonnes grading
for pre-stripping prior to first ore production in 2027. 0.2%, representing 2,200 million pounds of copper; and 460 million
• Production from the proposed Pueblo Viejo plant expansion and tonnes grading 3.20g/t, representing 47 million ounces of silver. Complete
tailings storage facility project starting in 2023. mineral reserve and resource data, including tonnes, grades, and ounces,
• Tongon will enter care and maintenance by 2026. as well as the assumptions on which the mineral reserves for Barrick
This five-year indicative outlook excludes: are reported, are set out in Barrick’s Q4 2019 Report issued on
• Production from Fourmile. February 12, 2020.
• Production from long-term greenfield optionality from Donlin, Pascua- Barrick reserves estimated in accordance with National Instrument
Lama, Norte Abierto or Alturas. 43-101 as required by Canadian securities regulatory authorities.
• Production from Porgera, Reko Diq and the Lumwana Super Pit Estimates are as of December 31, 2018, unless otherwise noted. Proven
Barrick’s ten-year production profile is subject to change and is based reserves of 344.6 million tonnes grading 2.15g/t, representing 23.9 million
on the same assumptions as the current five-year outlook detailed above, ounces of gold and probable reserves of 0.9 billion tonnes grading 1.33g/t,
except that the subsequent five years of the ten-year outlook assumes representing 38.4 million ounces of gold. Randgold reserves estimated
attributable production from Fourmile as well as exploration and mineral in accordance with the Australasian Code for Reporting of Exploration
resource management projects in execution at Nevada Gold Mines. Results, Mineral Resources and Ore Reserves (the "JORC Code"). The
Barrick’s ten-year production profile in this annual report also JORC Code is an "acceptable foreign code" for purposes of National
assumes the re-start of Porgera, as well as an indicative gold and copper Instrument 43-101 and, as a result, Barrick is entitled to include Randgold
production profile for Reko Diq and an indicative copper production profile ore reserves and mineral resources disclosure in this annual report. Ore
for the Lumwana Super Pit expansion, both of which are conceptual in reserves and mineral resources reported pursuant to the JORC Code are
nature. functionally equivalent to CIM reporting standards. In addition, Barrick
has reconciled the reported Randgold ore reserves to the CIM definition
iii of “mineral reserves” and there are no material differences. Randgold’s
Change in proven and probable gold reserves of 10Moz since 2018 gold ore reserves as of December 31, 2018 comprising total proved gold
represents the following: an increase of 13.4Moz in proven and probable ore reserves of 48 million tonnes, at a grade of 3.35 g/tonne, containing
gold reserves from December 31, 2018 to December 31, 2019, as a 3.3 million attributable ounces and total probable gold ore reserves of
result of the Merger between Barrick and Randgold Resources effective 104 million tonnes, at a grade of 4.30 g/tonne, containing 9.6 million
January 1, 2019, the acquisition of all of the outstanding shares of Acacia attributable ounces, for aggregate proved and probable total gold ore
Mining plc not already owned by Barrick effective September 17, 2019, reserves of 152 million tonnes, at a grade of 4.03 g/tonne, containing 13
and the divestiture of Barrick’s interest in Kalgoorlie Consolidated Gold million attributable ounces. Complete 2018 mineral reserve and mineral
Mines effective November 28, 2019; a decrease of 2.2Moz in proven and resource data for all mines and projects referenced in this report, including
probable gold reserves from December 31, 2019 to December 31, 2020, tonnes, grades, and ounces, can be found on pages 35-46 of Barrick’s
as a result of the divestiture of Barrick’s Massawa gold project effective Annual Information Form/Form 40-F for the year ended December 31,
March 4, 2020; and a decrease of 0.90Moz in proven and probable gold 2018 on file with Canadian provincial securities regulatory authorities and
reserves from December 31, 2020 to December 31, 2021, as a result of the U.S. Securities and Exchange Commission.
the change in Barrick’s equity interest in Porgera from 47.5% to 24.5%
and the net impact of the asset exchange of Lone Tree to i-80 Gold for the iv
remaining 40% of South Arturo that NGM did not already own. Class 2 - Medium Significance is defined as an incident that has the
Estimated in accordance with National Instrument 43-101 - Standards potential to cause negative impact on human health or the environment
of Disclosure for Mineral Projects as required by Canadian securities but is reasonably anticipated to result in only localized and short-term
regulatory authorities. Estimates are as of December 31, 2020, unless environmental or community impact requiring minor remediation.
otherwise noted. Proven reserves of 280 million tonnes grading 2.37g/t,
representing 21 million ounces of gold, and 350 million tonnes grading v
0.39%, representing 3,000 million pounds of copper. Probable reserves Refer to the Technical Report on the Pueblo Viejo Mine, Dominican
of 990 million tonnes grading 1.46g/t, representing 47 million ounces of Republic, dated March 17, 2023 and filed on SEDAR at www.sedar.com
gold, and 1,100 million tonnes grading 0.39%, representing 9,700 million and EDGAR at www.sec.gov on March 17, 2023.
pounds of copper. Measured resources of 530 million tonnes grading

FINANCIAL REPORT
FOR 2022
CONTENTS
Management’s Discussion and Analysis 55
Mineral Reserves and Resources 155
Financial Statements 168
Notes to Financial Statements 173
Shareholder Information 216

MANAGEMENT’S DISCUSSION AND ANALYSIS
MANAGEMENT’S DISCUSSION
AND ANALYSIS (“MD&A”)
Management’s Discussion and Analysis (“MD&A”) is intended to (ii) there is a substantial likelihood that a reasonable investor would
help the reader understand Barrick Gold Corporation (“Barrick”, consider it important in making an investment decision; or (iii) it would
“we”, “our”, the “Company” or the “Group”), our operations, financial significantly alter the total mix of information available to investors.
performance and the present and future business environment. This We evaluate materiality with reference to all relevant circumstances,
MD&A, which has been prepared as of February 14, 2023, should be including potential market sensitivity.
read in conjunction with our audited consolidated financial statements Continuous disclosure materials, including our most recent
(“Financial Statements”) for the year ended December 31, 2022. Form 40-F/Annual Information Form, annual MD&A, audited
Unless otherwise indicated, all amounts are presented in U.S. dollars. consolidated financial statements, and Notice of Annual Meeting of
For the purposes of preparing our MD&A, we consider the Shareholders and Proxy Circular will be available on our website at
materiality of information. Information is considered material if: (i) such www.barrick.com, on SEDAR at www.sedar.com and on EDGAR at
information results in, or would reasonably be expected to result www.sec.gov. For an explanation of terminology unique to the mining
in, a significant change in the market price or value of our shares; industry, readers should refer to the glossary on page 154.
ABBREVIATIONS
BAP Biodiversity Action Plans IRR Internal Rate of Return
BLM Bureau of Land Management KCD Karagba, Chauffeur and Durba
BNL Barrick Niugini Limited Kumul Minerals Kumul Minerals Holdings Limited
Boroo Boroo Pte Ltd. LBMA London Bullion Gold Association
CDCs Community Development Committees LIBOR London Interbank Offered Rate
CHUG Cortez Hills Underground LTI Lost Time Injury
Commencement etailed Porgera Project
D LTIFR Lost Time Injury Frequency Rate
Agreement Commencement Agreement
MRE Mineral Resources Enga Limited
E&S Committee Environmental and Social
NOA Notice of Availability
Oversight Committee
NGM Nevada Gold Mines
E&E Exploration and Evaluation
OECD Organisation for Economic
ENRE Ente Nacional Regulador de Electricidad,
Co-operation and Development
Argentina’s national power regulator
PNG Papua New Guinea
ESG Environmental, Social and Governance
Randgold Randgold Resources
ESG & Environmental, Social, Governance
Nominating & Nominating Committee RC Reverse Circulation
Committee
ROD Record of Decision
ESIA Environmental and Social Impact Assessment
Roundtable Environmental, Social and
FEIS Final Environmental Impact Statement Governance Raters Roundtable
GHG Greenhouse Gas SDG Sustainable Development Goals
GISTM Global Industry Standard for Tailings SML Special Mining Lease
Management
TCFD Task Force for Climate-related
GoT Government of Tanzania Financial Disclosures
i-80 Gold i-80 Gold Corp. TRIFR Total Recordable Injury Frequency Rate
ICMM International Council on Mining and Metals TSF Tailings Storage Facilities
IFRS International Financial Reporting Standards TW True Width
IRC Internal Revenue Commission WACC Weighted Average Cost of Capital
IRP Incident Review Process WTI West Texas Intermediate

CAUTIONARY STATEMENT ON FORWARD- will not be consistent with the Company’s expectations, that quantities
LOOKING INFORMATION or grades of reserves will be diminished, and that resources may not
be converted to reserves; risks associated with the fact that certain
Certain information contained or incorporated by reference in this of the initiatives described in this MD&A are still in the early stages
MD&A, including any information as to our strategy, projects, plans and may not materialize; changes in mineral production performance,
or future financial or operating performance, constitutes “forward- exploitation and exploration successes; risks that exploration
looking statements”. All statements, other than statements of data may be incomplete and considerable additional work may be
historical fact, are forward-looking statements. The words “believe”, required to complete further evaluation, including but not limited to
“expect”, “anticipated”, “vision”, “aim”, “strategy”, “target”, “plan”, drilling, engineering and socioeconomic studies and investment; the
“opportunities”, “guidance”, “forecast”, “outlook”, “objective”, speculative nature of mineral exploration and development; lack of
“intend”, “project”, “pursue”, “goal”, “continue”, “committed”, certainty with respect to foreign legal systems, corruption and other
“budget”, “estimate”, “potential”, “prospective”, “future”, “focus”, factors that are inconsistent with the rule of law; changes in national
“ongoing”, “following”, “subject to”, “scheduled”, “may”, “will”, and local government legislation, taxation, controls or regulations
“can”, “could”, “would”, “should” and similar expressions identify and/or changes in the administration of laws, policies and practices;
forward-looking statements. In particular, this MD&A contains the potential impact of proposed changes to Chilean law on the
forward-looking statements including, without limitation, with respect status of value added tax refunds received in Chile in connection
to: Barrick’s forward-looking production guidance; estimates of with the development of the Pascua-Lama project; expropriation or
future cost of sales per ounce for gold and per pound for copper, nationalization of property and political or economic developments
total cash costs per ounce and C1 cash costs per pound, and all- in Canada, the United States or other countries in which Barrick
in-sustaining costs per ounce/pound; cash flow forecasts; projected does or may carry on business in the future; risks relating to political
capital, operating and exploration expenditures; the share buyback instability in certain of the jurisdictions in which Barrick operates;
program and performance dividend policy, including the criteria for timing of receipt of, or failure to comply with, necessary permits and
dividend payments; mine life and production rates; projected capital approvals, including the issuance of a ROD for the Goldrush Project
estimates and anticipated permitting timelines related to the Goldrush and/or whether the Goldrush Project will be permitted to advance as
Project, as well as opportunities for development in the Redhill mining currently designed under its Feasibility Study, approval of the final
zone during the permitting process; the planned updating of the location of the additional TSF for Pueblo Viejo following submission
historical Reko Diq feasibility study and targeted first production; our of the ESIA in the Dominican Republic, and permitting activities
plans and expected completion and benefits of our growth projects, required to optimize Long Canyon’s life of mine; non-renewal of key
including the Goldrush Project, Pueblo Viejo plant expansion and mine licenses by governmental authorities, including the new SML for
life extension project, including approval of the final location of the Porgera; failure to comply with environmental and health and safety
additional TSF for Pueblo Viejo following submission of the ESIA in laws and regulations; contests over title to properties, particularly title
the Dominican Republic and changes to the estimated capital cost to undeveloped properties, or over access to water, power and other
of that facility following the completion of pre-feasibility engineering, required infrastructure; the liability associated with risks and hazards
proposed Lumwana Super Pit Expansion, new mobile equipment fleet in the mining industry, and the ability to maintain insurance to cover
at Lumwana, and Veladero Phase 7 leach pad and power transmission such losses; increased costs and physical risks, including extreme
line projects, solar power projects at NGM and Loulo-Gounkoto, the weather events and resource shortages, related to climate change;
completion of final construction activities for the Turquoise Ridge Third damage to the Company’s reputation due to the actual or perceived
Shaft, and the Jabal Sayid Lode 1 project; the potential development occurrence of any number of events, including negative publicity
of a super pit at Lumwana; capital expenditures related to upgrades with respect to the Company’s handling of environmental matters or
and ongoing management initiatives; Barrick’s global exploration dealings with community groups, whether true or not; risks related to
strategy and planned exploration activities; the timeline for execution operations near communities that may regard Barrick’s operations
and effectiveness of definitive agreements to implement the binding as being detrimental to them; litigation and legal and administrative
Commencement Agreement between PNG and BNL and the timeline proceedings; operating or technical difficulties in connection with mining
for resolution of outstanding tax audits with PNG’s IRC; the duration of or development activities, including geotechnical challenges, tailings
the temporary suspension of operations at Porgera, the conditions for dam and storage facilities failures, and disruptions in the maintenance
the reopening of the mine and the timeline to recommence operations; or provision of required infrastructure and information technology
our pipeline of high confidence projects at or near existing operations; systems; increased costs, delays, suspensions and technical
potential mineralization and metal or mineral recoveries; our ability to challenges associated with the construction of capital projects; risks
convert resources into reserves and future reserve replacement; asset associated with working with partners in jointly controlled assets;
sales, joint ventures and partnerships; Barrick’s strategy, plans, targets risks related to disruption of supply routes which may cause delays in
and goals in respect of environmental and social governance issues, construction and mining activities, including disruptions in the supply
including climate change, greenhouse gas emissions reduction targets of key mining inputs due to the invasion of Ukraine by Russia; risk of
(including with respect to our Scope 3 emissions), TSF management, loss due to acts of war, terrorism, sabotage and civil disturbances;
responsible water use, biodiversity and human rights initiatives; risks associated with artisanal and illegal mining; risks associated
Barrick’s engagement with local communities to manage the Covid-19 with Barrick’s infrastructure, information technology systems and
pandemic; and expectations regarding future price assumptions, the implementation of Barrick’s technological initiatives; the impact
financial performance and other outlook or guidance. of global liquidity and credit availability on the timing of cash flows
Forward-looking statements are necessarily based upon a and the values of assets and liabilities based on projected future cash
number of estimates and assumptions including material estimates flows; the impact of inflation, including global inflationary pressures
and assumptions related to the factors set forth below that, while driven by supply chain disruptions caused by the ongoing Covid-19
considered reasonable by the Company as at the date of this MD&A pandemic and global energy cost increases following the invasion of
in light of management’s experience and perception of current Ukraine by Russia; adverse changes in our credit ratings; fluctuations
conditions and expected developments, are inherently subject to in the currency markets; changes in U.S. dollar interest rates; risks
significant business, economic and competitive uncertainties and arising from holding derivative instruments (such as credit risk, market
contingencies. Known and unknown factors could cause actual liquidity risk and mark-to-market risk); risks related to the demands
results to differ materially from those projected in the forward- placed on the Company’s management, the ability of management to
looking statements and undue reliance should not be placed on implement its business strategy and enhanced political risk in certain
such statements and information. Such factors include, but are not jurisdictions; uncertainty whether some or all of Barrick’s targeted
limited to: fluctuations in the spot and forward price of gold, copper investments and projects will meet the Company’s capital allocation
or certain other commodities (such as silver, diesel fuel, natural gas objectives and internal hurdle rate; whether benefits expected from
and electricity); risks associated with projects in the early stages of recent transactions are realized; business opportunities that may be
evaluation and for which additional engineering and other analysis is presented to, or pursued by, the Company; our ability to successfully
required; risks related to the possibility that future exploration results integrate acquisitions or complete divestitures; risks related to

competition in the mining industry; employee relations including loss INDEX

of key employees; availability and increased costs associated with
mining inputs and labor; risks associated with diseases, epidemics 58 Overview
and pandemics, including the effects and potential effects of the global 58 Our Vision
Covid-19 pandemic; risks related to the failure of internal controls; 58 Our Business
and risks related to the impairment of the Company’s goodwill and 58 Our Strategy
assets. Barrick also cautions that its 2023 guidance may be impacted 59 Financial and Operating Highlights
by the ongoing business and social disruption caused by the spread 62 Key Business Developments
of Covid-19. 64 Outlook for 2023
In addition, there are risks and hazards associated with the business 67 Environmental, Social and Governance
of mineral exploration, development and mining, including environmental 69 Market Overview
hazards, industrial accidents, unusual or unexpected formations, 71 Reserves and Resources
pressures, cave-ins, flooding and gold bullion, copper cathode 72 Risks and Risk Management
or gold or copper concentrate losses (and the risk of inadequate 74 Production and Cost Summary
insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our 76 Operating Performance
actual results and could cause actual results to differ materially 77 Nevada Gold Mines
from those expressed or implied in any forward-looking statements 78 Carlin
made by, or on behalf of, us. Readers are cautioned that forward- 80 Cortez
looking statements are not guarantees of future performance. All 82 Turquoise Ridge
of the forward-looking statements made in this MD&A are qualified 84 Other Mines – Nevada Gold Mines
by these cautionary statements. Specific reference is made to the 85 Pueblo Viejo
most recent Form 40-F/Annual Information Form on file with the SEC 87 Loulo-Gounkoto
and Canadian provincial securities regulatory authorities for a more 89 Kibali
detailed discussion of some of the factors underlying forward-looking 91 Veladero
statements and the risks that may affect Barrick’s ability to achieve the 93 North Mara
expectations set forth in the forward-looking statements contained in 95 Bulyanhulu
this MD&A. We disclaim any intention or obligation to update or revise 97 Other Mines – Gold
any forward-looking statements whether as a result of new information, 98 Other Mines – Copper
future events or otherwise, except as required by applicable law.
98 Growth Project Updates
USE OF NON-GAAP FINANCIAL MEASURES 100 Exploration and Mineral Resource Management
We use the following non-GAAP financial measures in our MD&A: 104 Review of Financial Results
• “adjusted net earnings” 104 Revenue
105 Production Costs
• “free cash flow” 106 Capital Expenditures
• “EBITDA” 107 General and Administrative Expenses
• “adjusted EBITDA” 107 Exploration, Evaluation and Project Costs
• “minesite sustaining capital expenditures” 108 Finance Costs, Net
• “project capital expenditures” 108 Additional Significant Statement of Income Items
• “total cash costs per ounce” 109 Income Tax Expense
• “C1 cash costs per pound”
• “all-in sustaining costs per ounce/pound” 110 Financial Condition Review
• “all-in costs per ounce” and 111 Balance Sheet Review
• “realized price” 111 Shareholders’ Equity
111 Financial Position and Liquidity
For a detailed description of each of the non-GAAP measures used 111 Summary of Cash Inflow (Outflow)
in this MD&A and a detailed reconciliation to the most directly 112 Summary of Financial Instruments
comparable measure under IFRS, please refer to the Non-GAAP
Financial Measures section of this MD&A on pages 114–140. Each 113 Commitments and Contingencies
non-GAAP financial measure has been annotated with a reference to 113 Review of Quarterly Results
an endnote on page 141. The non-GAAP financial measures set out in
this MD&A are intended to provide additional information to investors 114
Internal Control Over Financial Reporting
and do not have any standardized meaning under IFRS, and therefore and Disclosure Controls and Procedures
may not be comparable to other issuers, and should not be considered 114 I FRS Critical Accounting Policies
in isolation or as a substitute for measures of performance prepared in and Accounting Estimates
accordance with IFRS.
114 Non-GAAP Financial Measures
140 Technical Information
141 Endnotes
154 Glossary of Technical Terms
155 Mineral Reserves and Mineral Resources Tables
164 Management’s Responsibility
164
Management’s Report on Internal
Control Over Financial Reporting
165 Independent Auditor’s Report
168 Financial Statements
173 Notes to Consolidated Financial Statements

OVERVIEW Our Strategy

Our Vision Our strategy is to operate as business owners by attracting and
developing world-class people who understand and are involved in the
We strive to be the world’s most valued gold and copper mining
value chain of the business, act with integrity and are tireless in their
business by finding, developing and owning the best assets, with the
pursuit of excellence. We are focused on returns to our stakeholders
best people, to deliver sustainable returns for our owners and partners.
by optimizing free cash flow, managing risk to create long-term value
for our shareholders and partnering with host governments and our
Our Business local communities to transform their country’s natural resources into
Barrick is one of the world’s leading gold mining companies with sustainable benefits and mutual prosperity. We aim to achieve this
annual gold production and gold reserves that are among the largest in through the following:
the industry. We are principally engaged in the production and sale of
gold and copper, as well as related activities such as exploration and Asset Quality
mine development. We hold ownership interests in thirteen producing • Grow and invest in a portfolio of Tier One Gold Assets1, Tier Two
gold mines, including six Tier One Gold Assets1 and a diversified Gold Assets2, Tier One Copper Assets3 and Strategic Assets4 with
exploration portfolio positioned for growth in many of the world’s most an emphasis on organic growth to leverage our existing footprint.
prolific gold districts. These gold mines are geographically diversified We will focus our efforts on identifying, investing in and developing
and are located in Argentina, Canada, Côte d’Ivoire, the Democratic assets that meet our investment criteria. The required IRR for Tier
Republic of Congo, the Dominican Republic, Mali, Tanzania and the One Gold Assets and Tier Two Gold Assets is 15% and 20%,
United States. Our mine in Papua New Guinea was placed on care respectively, based on our long-term gold price assumption. The
and maintenance in April 2020. Our three copper mines are located required IRR for Tier One Copper Assets is 15% based on our
in Zambia, Chile and Saudi Arabia. Our exploration and development long-term copper price assumption.
projects are located throughout the world, including the Americas, • Invest in exploration across extensive land positions in many of the
Asia and Africa. We sell our production in the world market through world’s most prolific gold and copper districts.
the following distribution channels: gold bullion is sold in the gold spot • Maximize the long-term value of our strategic Copper Business5.
market or to independent refineries; gold and copper concentrate • Sell non-core assets over time in a disciplined manner.
is sold to independent smelting or trading companies; and copper
cathode is sold to third-party purchasers or on exchange. Barrick Operational Excellence
shares trade on the New York Stock Exchange under the symbol • Strive for zero harm workplaces.
GOLD and the Toronto Stock Exchange under the symbol ABX. • Operate a flat management structure with a strong ownership
culture.
2022 REVENUE ($ millions) • Streamline management and operations, and hold management
accountable for the businesses they manage.
• Leverage innovation and technology to drive industry-leading
efficiencies.
• Build trust-based partnerships with our host governments, business
Gold $9,920 partners, and local communities to drive shared long-term value.
Copper $868 Sustainable Profitability

• Follow a disciplined approach to growth and proactively manage
Other $225
our impacts on the wider environment, emphasizing long-term
value for all stakeholders.
• Increase returns to shareholders, driven by a focus on return on
capital, IRR and free cash flow6.
Numerical annotations throughout the text of this document refer to the endnotes
found on page 141.

FINANCIAL AND OPERATING HIGHLIGHTS

For the three months ended For the years ended
12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Financial Results ($ millions)
Revenues 2,774 2,527 10% 11,013 11,985 (8%) 12,595
Cost of sales 2,093 1,815 15% 7,497 7,089 6% 7,417
Net (loss) earningsa (735) 241 (405%) 432 2,022 (79%) 2,324
Adjusted net earningsb 220 224 (2%) 1,326 2,065 (36%) 2,042
Adjusted EBITDAb 1,286 1,155 11% 5,613 7,258 (23%) 7,492
Adjusted EBITDA marginb,c 46% 46% 0% 51% 61% (16%) 59%
Minesite sustaining capital expendituresb,d 557 571 (2%) 2,071 1,673 24% 1,559
Project capital expendituresb,d 324 213 52% 949 747 27% 471
Total consolidated capital expendituresd,e 891 792 13% 3,049 2,435 25% 2,054
Net cash provided by operating activities 795 758 5% 3,481 4,378 (20%) 5,417
Net cash provided by operating activities marginf 29% 30% (3%) 32% 37% (14%) 43%
Free cash flowb (96) (34) (182%) 432 1,943 (78%) 3,363
Net (loss) earnings per share (basic and diluted) (0.42) 0.14 (400%) 0.24 1.14 (79%) 1.31
Adjusted net earnings (basic)b per share 0.13 0.13 0% 0.75 1.16 (35%) 1.15
Weighted average diluted common shares
(millions of shares) 1,759 1,768 (1%) 1,771 1,779 0% 1,778
Operating Results
Gold production (thousands of ounces)g 1,120 988 13% 4,141 4,437 (7%) 4,760
Gold sold (thousands of ounces)g 1,111 997 11% 4,141 4,468 (7%) 4,879
Market gold price ($/oz) 1,726 1,729 0% 1,800 1,799 0% 1,770
Realized gold priceb,g ($/oz) 1,728 1,722 0% 1,795 1,790 0% 1,778
Gold cost of sales (Barrick’s share)g,h ($/oz) 1,324 1,226 8% 1,241 1,093 14% 1,056
Gold total cash costsb,g ($/oz) 868 891 (3%) 862 725 19% 699
Gold all-in sustaining costsb,g ($/oz) 1,242 1,269 (2%) 1,222 1,026 19% 967
Copper production (millions of pounds)g 96 123 (22%) 440 415 6% 457
Copper sold (millions of pounds)g 99 120 (18%) 445 423 5% 457
Market copper price ($/lb) 3.63 3.51 3% 3.99 4.23 (6%) 2.80
Realized copper priceb,g ($/lb) 3.81 3.24 18% 3.85 4.32 (11%) 2.92
Copper cost of sales (Barrick’s share)g,i ($/lb) 3.19 2.30 39% 2.43 2.32 5% 2.02
Copper C1 cash costsb,g ($/lb) 2.25 1.86 21% 1.89 1.72 10% 1.54
Copper all-in sustaining costsb,g ($/lb) 3.98 3.13 27% 3.18 2.62 21% 2.23
As at As at As at As at As at
12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Financial Position ($ millions)
Debt (current and long-term) 4,782 5,095 (6%) 4,782 5,150 (7%) 5,155
Cash and equivalents 4,440 5,240 (15%) 4,440 5,280 (16%) 5,188
Debt, net of cash 342 (145) (336%) 342 (130) (363%) (33)
a. Net (loss) earnings represents net earnings attributable to the equity holders of the Company.
b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114–140 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 $10 million and $29 million, respectively, for the three months and year ended
December 31, 2022 (September 30, 2022: $8 million; 2021: $15 million; 2020: $24 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 care and maintenance) divided by ounces sold
(both on an attributable basis using Barrick’s ownership share).
i. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s
ownership share).

GOLD PRODUCTIONa (thousands of ounces) COPPER PRODUCTIONa (millions of pounds)
6,000 500
5,000 400 457 420
440
4,760 415 to
4,000 4,437 4,200
4,141 300 470
3,000 to
4,600 200
2,000
1,000 100
0 0
2020 2021 2022 2023 (est)b 2020 2021 2022 2023 (est)b
GOLD COST OF SALESc, TOTAL CASH COSTSd, COPPER COST OF SALESc, C1 CASH COSTSd,
AND ALL-IN SUSTAINING COSTSd ($ per ounce) AND ALL-IN SUSTAINING COSTSd ($ per pound)
1,200 1,170 1,170 3.00 3.18

1,241 1,222
to to 2.95
1,056 1,093 1,250 1,250 2.62 2.60
900 1,026 2.43 to to
967 2.00 2.32
862 820 2.23 2.90 3.25
2.02 1.89
600 699 725 to 1.72 2.05
880 1.54 to
1.00 2.25
300
0 0
2020 2021 2022 2023 (est)b 2020 2021 2022 2023 (est)b
Cost of sales Total cash costs AISC Cost of sales C1 cash costs AISC
NET EARNINGS, ADJUSTED EBITDAd ATTRIBUTABLE CAPITAL EXPENDITURESf ($ millions)

AND ADJUSTED EBITDA MARGINe
59% 61%
8,000 51% 2,500 2,417

7,492 1,951 725
7,258 2,000
6,000
1,651 576
5,613 1,500 374 1,678
4,000
1,259 1,364
1,000
2,000
2,324 500
2,022
432
0 0
2020 2021 2022 2020 2021 2022
Net earnings ($ millions) Adjusted EBITDA Margin (%) Minesite sustaining Project
Adjusted EBITDA ($ millions)
OPERATING CASH FLOW AND FREE CASH FLOWd RETURNS TO SHAREHOLDERS ($ millions)
1,770 1,799 1,800
5,000 5,417 1,600 1,567

1,384 424
4,000 4,378 750
1,200
3,000 3,481 1,143
3,363
800
2,000 547
1,943 634
400 547
1,000
0 432 0
2020 2021 2022 2020 2021 2022
Operating Cash Flow ($ millions) Gold Market Price ($/oz) Dividend Return of capital Share buybacks
Free Cash Flow ($ millions)
a. On an attributable basis.
b. Based on the midpoint of the 2023 guidance range.
c. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold
(both on an attributable basis using Barrick’s ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided
by pounds sold (both on an attributable basis using Barrick’s ownership share).
d. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114–140 of this MD&A.
e. Represents adjusted EBITDA divided by revenue.
f. Total attributable capital expenditures also includes capitalized interest. Minesite sustaining and project capital expenditures are non-GAAP financial measures.
Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114–140 of this MD&A.

Factors affecting net earnings and adjusted net After adjusting for items that are not indicative of future operating
earnings6 – three months ended December 31, 2022 earnings, adjusted net earnings6 of $1,326 million for the year ended
versus September 30, 2022 December 31, 2022 was $739 million lower than the prior year. The
Net loss for the three months ended December 31, 2022 was decrease in adjusted net earnings6 was primarily due to higher gold/
$735 million compared to net earnings of $241 million in the prior copper cost of sales per ounce/pound7, lower gold sales volumes and
quarter. The decrease was primarily due to the following items: lower realized copper prices6, partially offset by higher copper sales
volumes. The increase in gold/copper cost of sales per ounce/pound7
• a goodwill impairment of $950 million (net of non-controlling was attributed to higher input prices for energy, labor and consumables
interests) related to Loulo-Gounkoto, a non-current asset driven by inflationary pressures initially related to global supply chain
impairment of $318 million (net of tax) and a net realizable value constraints, and then exacerbated by the Russian invasion of Ukraine.
impairment of leach pad inventory of $27 million (net of tax) at Lower gold sales volumes were mainly due to the completion of Phase 1
Veladero, and a non-current asset impairment of $42 million (net mining in May 2022 at Long Canyon, lower grades processed at Pueblo
of tax and non-controlling interests) at Long Canyon; Viejo, lower leach and refractory ore tonnes mined at Cortez, and lower
throughput due to maintenance events at Turquoise Ridge. These
• the combined $63 million gain on the sale of a portfolio of royalties impacts were partially offset by increased production at Carlin as
to Maverix Metals Inc. and a portfolio of royalties by NGM to Gold the prior year was impacted by the mechanical mill failure at Carlin’s
Royalty Corp. occurring in the prior quarter; partially offset by Goldstrike roaster, which occurred in May 2021. The increase in
• an impairment reversal of $120 million and a gain of $300 million copper sales volumes primarily resulted from higher grades processed
following the completion of the transaction allowing for the at Lumwana. The realized copper price6 was $3.85 per pound in 2022
reconstitution of the Reko Diq project. compared to $4.32 per pound in the prior year.
Refer to page 114 for a full list of reconciling items between net
After adjusting for items that are not indicative of future operating earnings and adjusted net earnings6 for the current and previous
earnings, adjusted net earnings6 of $220 million for the three months periods.
ended December 31, 2022 was in line with the prior quarter as the
increase in cost of sales per ounce/pound6 and lower copper sales Factors affecting Operating Cash Flow and Free Cash
volumes was largely offset by an increase in gold sales volume and a
Flow6 – three months ended December 31, 2022 versus
higher realized copper price6. Higher gold sales volume was attributed
September 30, 2022
to a stronger performance at Cortez due to significantly increased ore
tonnes mined from Crossroads and processed at the Cortez oxide mill In the three months ended December 31, 2022, we generated $795
as well as higher grades mined from Cortez Hills; at Carlin resulting million in operating cash flow, compared to $758 million in the prior
from higher grades; and at Tongon reflecting higher grades, throughput quarter. The increase of $37 million was primarily due to lower cash
and recoveries. This was partially offset by lower production at Pueblo taxes paid and higher gold sales volumes. This was combined with
Viejo due to decreased throughput, driven by planned maintenance an increase in realized copper prices6 and lower total cash costs per
and lower grades processed. Lower copper sales volumes were ounce6. These impacts were partially offset by higher interest paid as
primarily driven by Lumwana due to lower grades processed in line a result of the timing of semi-annual interest payments on our bonds,
with the mine plan and decreased throughput following a planned which occur in the second and fourth quarters. Operating cash flow
shutdown of the mill. The realized copper price6 was $3.81 per pound was further impacted by an unfavorable movement in working capital,
for the three months ended December 31, 2022, compared to $3.24 mainly in accounts receivable. In addition, operating cash flow was
per pound in the prior quarter. also impacted by lower copper sales volumes and higher C1 cash
Refer to page 114 for a full list of reconciling items between net costs per pound6.
earnings and adjusted net earnings6 for the current and previous Free cash flow6 for the three months ended December 31,
periods. 2022 was negative $96 million, compared to negative $34 million
in the prior quarter, reflecting higher capital expenditures, partially
Factors affecting net earnings and adjusted net earnings6 – offset by higher operating cash flows. In the three months ended
year ended December 31, 2022 versus December 31, 2021 December 31, 2022, capital expenditures on a cash basis were
$891 million compared to $792 million in the prior quarter due to an
Net earnings for the year ended December 31, 2022 were $432 million increase in project capital expenditures6, partially offset by a slight
compared to $2,022 million in the prior year. The decrease was decrease in minesite sustaining capital expenditures6. Project capital
primarily due to: expenditures6 increased primarily due to the investment in a new
mining fleet at Lumwana, the continued development of the Gounkoto
• a goodwill impairment of $950 million (net of non-controlling underground expansion, as well as the solar plant projects at both
interests) related to Loulo-Gounkoto, a non-current asset Loulo-Gounkoto and NGM. Minesite sustaining capital expenditures6
impairment of $318 million (net of tax) and a net realizable value decreased slightly compared to the prior quarter, primarily at Cortez
impairment of leach pad inventory of $27 million (net of tax) at due to lower capitalized waste stripping, partially offset by an increase
Veladero, and a non-current asset impairment of $42 million (net in minesite sustaining capital expenditures6 at North Mara related to
of tax and non-controlling interests) at Long Canyon; the procurement of key underground equipment.
• a gain of $94 million ($213 million before tax and non-controlling
interest) in acquisition/disposition gains, primarily resulting from
Factors affecting Operating Cash Flow and Free Cash Flow6 –
the sale of Lone Tree occurring in the prior year;
year ended December 31, 2022 versus December 31, 2021
• an impairment reversal of $64 million ($63 million before tax and
non-controlling interests), primarily resulting from the sale of For the year ended December 31, 2022, we generated $3,481 million
our 100% interest in Lagunas Norte, occurring in the prior year; in operating cash flow, compared to $4,378 million in the prior year.
partially offset by The decrease of $897 million was primarily due to higher gold/copper
• an impairment reversal of $120 million and a gain of $300 million total cash costs/C1 cash costs per ounce/pound7, lower gold sales
following the completion of the transaction allowing for the volumes and lower realized copper prices6. These impacts were
reconstitution of the Reko Diq project; and partially offset by lower cash taxes paid and an increase in interest
• the combined $63 million gain on the sale of a portfolio of royalties received on our cash balances resulting from an increase in market
to Maverix Metals Inc. and a portfolio of royalties by Nevada Gold interest rates. Operating cash flow was further impacted by higher
Mines to Gold Royalty Corp. copper sales volumes.

For 2022, we generated free cash flow6 of $432 million compared Performance Quarterly Quarterly Quarterly
to $1,943 million in the prior year. The decrease primarily reflects lower Dividend Threshold Base Performance Total
operating cash flows and higher capital expenditures. In 2022, capital Level Level Dividend Dividend Dividend
expenditures on a cash basis were $3,049 million compared to $2,435
Level I Net cash $0.10 $0.00 $0.10
million in the prior year, mainly due to an increase in both minesite <$0 per share per share per share
sustaining capital expenditures6 and project capital expenditures6.
Higher minesite sustaining capital expenditures6 were mainly due Level II Net cash $0.10 $0.05 $0.15
to increased capitalized waste stripping at Lumwana and Cortez, >$0 and per share per share per share
combined with higher spend on the Llagal tailings storage facility and <$0.5B
the purchase of new mining equipment at Pueblo Viejo. Project capital Level III Net cash $0.10 $0.10 $0.20
expenditures6 increased compared to the prior year, mainly due to the >$0.5B per share per share per share
investment in a new mining fleet at Lumwana, the ramp-up of open pit and <$1B
operations at North Mara and the solar plant projects at both Loulo-
Level IV Net cash $0.10 $0.15 $0.25
Gounkoto and NGM. >$1B per share per share per share
Key Business Developments

The declaration and payment of dividends is at the discretion of the
Debt Management Board of Directors, and will depend on the Company’s financial results,
On November 23, 2022, Barrick paid $307 million, including $2 million cash requirements, future prospects, the number of outstanding
of accrued and unpaid interest, to purchase $319 million (notional common shares, and other factors deemed relevant by the Board.
value) of its 5.250% Notes due in 2042 through a tender transaction.
A gain on debt extinguishment of $12 million was recorded in the Share Buyback Program
fourth quarter of 2022. Combined with the repurchase of $56 million
At the February 14, 2023 meeting, the Board of Directors authorized
(notional value) of the 5.25% Notes due 2042 in the third quarter, this
a new share buyback program for the purchase up to $1 billion of
is expected to yield annualized interest savings of $20 million.
Barrick’s outstanding shares over the next 12 months. Barrick
repurchased $424 million of shares in 2022 under its prior share
Credit Facility Extended and Sustainability-Linked buyback program, which was announced on February 16, 2022, and
Metrics Established terminated in connection with the new program.
In May 2022, we completed an amendment and restatement of the The actual number of common shares that may be purchased,
Company’s undrawn $3.0 billion revolving credit facility, including an and the timing of any such purchases, will be determined by Barrick
extension of the termination date by one year to May 2027, replacement based on a number of factors, including the Company’s financial
of LIBOR with SOFR as the reference rate for floating interest on performance, the availability of cash flows, and the consideration of
any US dollar funds drawn (currently nil), and the establishment of other uses of cash, including capital investment opportunities, returns
sustainability-linked metrics. to shareholders, and debt reduction.
The sustainability-linked metrics incorporated into the revolving The repurchase program does not obligate the Company to
credit facility consist of annual environmental and social performance acquire any particular number of common shares, and the repurchase
targets directly influenced by Barrick’s actions, rather than based on program may be suspended or discontinued at any time at the
external ratings. The performance targets include Scope 1 and Scope 2 Company’s discretion.
greenhouse gas emissions intensity, water use efficiency (reuse and
recycling rates), and TRIFR8. Barrick may incur positive or negative Reconstituted Reko Diq Project
pricing adjustments on drawn credit spreads and standby fees based On December 15, 2022, Barrick completed the reconstitution of the
on its sustainability performance versus the targets that have been set. Reko Diq project in Pakistan’s Balochistan province. The completion
of this transaction involved, among other things, the execution of all of
Performance Dividend Policy the definitive agreements including the mineral agreement stabilizing
At the February 15, 2022 meeting, the Board of Directors approved a the fiscal regime applicable to the project, as well as the grant of mining
performance dividend policy that will enhance the return to shareholders leases, an exploration license, and surface rights. This completed
when the Company’s liquidity is strong. In addition to our base the process that began earlier in 2022 following the conclusion of
dividend, the amount of the performance dividend on a quarterly basis a framework agreement among the Governments of Pakistan and
will be based on the amount of cash, net of debt, on our consolidated Balochistan province, Barrick and Antofagasta plc, which provided a
balance sheet at the end of each quarter as per the schedule below. path for the development of the project under a reconstituted structure.
Reflecting this policy, a quarterly dividend payment of $0.10 per The project, which was suspended in 2011 due to a dispute over
share was declared by the Board of Directors at the February 14, the legality of its licensing process, hosts one of the world’s largest
2023 meeting, comprised only of the base dividend of $0.10 per share undeveloped open pit copper-gold porphyry deposits.
based on our December 31, 2022 consolidated balance sheet. This The reconstituted project is held 50% by Barrick and 50%
follows dividend payments, including performance dividends, of $0.20 by Pakistani stakeholders, comprising a 10% free-carried, non-
per share declared and paid in respect of each of the first and second contributing share held by the Provincial Government of Balochistan,
quarters of 2022 and $0.15 per share declared and paid in respect of an additional 15% held by a special purpose company owned by
the third quarter of 2022. the Provincial Government of Balochistan and 25% owned by other
federal state-owned enterprises. Barrick is the operator of the project.
Barrick has started a full update of the project’s 2010 feasibility
and 2011 expansion pre-feasibility studies and plans to finish the
Reko Diq feasibility study update by the end of 2024, with 2028
targeted for first production.

The key fiscal terms for Reko Diq are a 5% NSR payable to the Covid-19 Pandemic
Provincial Government of Balochistan, a 1% NSR final tax regime Barrick continues to work closely with our local communities on
payable to the Government of Pakistan (subject to a 15-year exemption managing the impacts of the Covid-19 pandemic on our people and
following commercial production), and a 0.5% NSR export processing business. Our operations are not currently being impacted in any
zone surcharge. significant manner. We continue to monitor developments around the
Barrick recognized an impairment reversal of $120 million and a world and believe we have positioned Barrick as best we can.
gain of $300 million on the increased ownership of the project in the
fourth quarter of 2022. Refer to notes 4, 21 and 35 to the Financial Mineral Resource Management Executive Changes
Statements for more information.
After 26 years of dedicated service, Rodney Quick resigned his
position as Mineral Resource Management and Evaluation Executive
Porgera Special Mining Lease Extension
on September 30, 2022 and departed from Barrick at the end of the
On April 9, 2021, BNL signed a binding Framework Agreement with the year. Mr. Quick joined Randgold in 1996 and was involved in the
Independent State of PNG and Kumul Minerals, a state-owned mining exploration, evaluation, and production phases of all of Randgold’s
company, setting out the terms and conditions for the reopening of the projects since the discovery and development of the Morila gold mine.
Porgera mine. On February 3, 2022, the Framework Agreement was He became responsible for all project development and evaluation for
replaced by the Commencement Agreement. The Commencement Randgold in 2009 and assumed the Mineral Resource Management
Agreement was signed by PNG, Kumul Minerals, BNL and its affiliate and Evaluation Executive role with Barrick upon the merger with
Porgera (Jersey) Limited on October 15, 2021, and it became effective Randgold in 2019. Mr. Quick was succeeded by Simon Bottoms
on February 3, 2022, following signature by MRE, the holder of the effective October 1, 2022. Mr. Bottoms joined Randgold in 2013 and
remaining 5% of the original Porgera joint venture. The Commencement has served as the Mineral Resource Manager for Barrick’s Africa and
Agreement reflects the commercial terms previously agreed to under Middle East region since the merger with Randgold.
the Framework Agreement, namely that PNG stakeholders will receive
a 51% equity stake in the Porgera mine, with the remaining 49% Nevada Gold Mines Management Changes
to be held by BNL or an affiliate. BNL is jointly owned on a 50/50
After 19 years of distinguished service, Greg Walker retired from Barrick
basis by Barrick and Zijin Mining Group. Accordingly, following the
at the end of 2022. Mr. Walker joined Barrick in 2003 and has held
implementation of the Commencement Agreement, Barrick’s current
progressively senior operational leadership roles during his tenure at
47.5% interest in the Porgera mine is expected to be reduced to
Barrick, including as Senior Vice President, Operational and Technical
a 24.5% interest as reflected in Barrick’s reserve and resource
Excellence before his appointment as Executive Managing Director,
estimates for Porgera. BNL will retain operatorship of the mine. The
NGM in 2019. Mr. Walker was succeeded by Peter Richardson who
Commencement Agreement also provides that PNG stakeholders and
was appointed Executive Managing Director, NGM on November 2,
BNL and its affiliates will share the economic benefits derived from the
2022. Mr. Richardson brings a diversified background with extensive
reopened Porgera mine on a 53% and 47% basis over the remaining
experience in process engineering, project management, strategy and
life of mine, respectively, and that the Government of PNG will retain
business development, as well as mining operations leadership. He
the option to acquire BNL’s or its affiliate’s 49% equity participation at
was formerly Senior Vice President and Chief Operating Officer for
fair market value after 10 years.
Lundin Mining Corp. Mr. Walker served as Technical Advisor to NGM
On April 21, 2022, the PNG National Parliament passed legislation
until his retirement on December 31, 2022.
to provide, among other things, certain agreed tax exemptions and tax
stability for the new Porgera joint venture. This legislation was certified
on May 30, 2022, and will come into effect following a public notice Africa and Middle East Regional Management Changes
process under PNG law. After 13 years of dedicated service, Willem Jacobs retired as Barrick’s
On September 13, 2022, the Shareholders’ Agreement for Chief Operating Officer for the Africa and Middle East region at the end
the new Porgera joint venture company was executed by Porgera of June 2022. Mr. Jacobs was initially employed by Randgold as the
(Jersey) Limited, which is an affiliate of BNL, the state-owned Kumul Chief Operating Officer for Central and East Africa before assuming his
Minerals (Porgera) Limited and MRE (a previous version of the current role at the time of the merger with Randgold.
Shareholders’ Agreement had been signed by the BNL and Kumul Mr. Jacobs was succeeded by Sebastiaan Bock. Mr. Bock joined
parties in April 2022 but was not signed by MRE and therefore did not Randgold in 2008 and previously served as Senior Vice-President,
take effect). The new Porgera joint venture company was incorporated Chief Financial Officer for Barrick’s Africa and Middle East region since
on September 22, 2022, and this entity will next apply for a new SML, the merger with Randgold.
the receipt of which is a condition of the reopening of the Porgera mine
under the Commencement Agreement. Legal Executive Changes
The provisions of the Commencement Agreement will be fully On April 1, 2022, after 25 years of distinguished service, Rich Haddock
implemented, and work to recommence full mine operations at transitioned from his position as General Counsel to a new role as
Porgera will begin, following the execution of the remaining definitive Legal Advisor to Barrick. Over his tenure, Mr. Haddock played a critical
agreements and satisfaction of a number of conditions. These include role across the business, including most recently in the successful
an Operatorship Agreement pursuant to which BNL will operate the reconstitution of the Reko Diq project.
Porgera mine, as well as a Mine Development Contract to accompany Poupak Bahamin was appointed to the role of General Counsel on
the new SML that the new Porgera joint venture company will April 1, 2022. Ms. Bahamin has over 25 years of experience practicing
apply for. Under the terms of the Commencement Agreement, law and joined Barrick in February 2020, after nine years as a partner
BNL will remain in possession of the site and maintain the mine on with Norton Rose Fulbright.
care and maintenance.
Porgera was excluded from our 2022 guidance and will also be
excluded from our 2023 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 21 and 35 to the Financial Statements for more information.

Outlook for 2023

Operating Division Guidance
Our 2022 actual gold and copper production, cost of sales, total cash costs6, all-in sustaining costs6 and 2023 forecast gold and copper
production, cost of sales, total cash costs6 and all-in sustaining costs6 ranges by operating division are as follows:
2022 2022 2023 2023 2023 2023

2022 2022 total all-in forecast forecast forecast forecast
attributable cost of cash sustaining attributable cost total all-in
production salesa costsb costsb production of salesa cash costsb sustaining
Operating Division (000s ozs) ($/oz) ($/oz) ($/oz) (000s ozs) ($/oz) ($/oz) costs ($/oz)
b
Gold
Carlin (61.5%)c 966 1,069 877 1,212 910 – 1,000 1,030 – 1,110 820 – 880 1,250 – 1,330
Cortez (61.5%)d 450 1,164 815 1,258 580 – 650 1,080 – 1,160 680 – 740 930 – 1,010
Turquoise Ridge (61.5%) 282 1,434 1,035 1,296 300 – 340 1,290 – 1,370 900 – 960 1,170 – 1,250
Phoenix (61.5%) 109 2,039 914 1,074 100 – 120 1,860 – 1,940 880 – 940 1,110 – 1,190
Long Canyon (61.5%) 55 1,282 435 454 0 – 10 2,120 – 2,200 730 – 790 1,080 – 1,160
Nevada Gold Mines (61.5%) 1,862 1,210 876 1,214 1,900 – 2,100 1,140 – 1,220 790 – 850 1,140 – 1,220
Hemlo 133 1,628 1,409 1,788 150 – 170 1,400 – 1,480 1,210 – 1,270 1,590 – 1,670
North America 1,995 1,238 912 1,252 2,100 – 2,300 1,160 – 1,240 820 – 880 1,170 – 1,250
Pueblo Viejo (60%) 428 1,132 725 1,026 470 – 520 1,130 – 1,210 710 – 770 960 – 1,040
Veladero (50%) 195 1,628 890 1,528 160 – 180 1,630 – 1,710 1,060 – 1,120 1,550 – 1,630
Porgera (47.5%)e – – – – – – – –
Latin America & Asia Pacific 623 1,306 777 1,189 630 – 700 1,260 – 1,340 800 – 860 1,110 – 1,190
Loulo-Gounkoto (80%) 547 1,153 778 1,076 510 – 560 1,100 – 1,180 750 – 810 1,070 – 1,150
Kibali (45%) 337 1,243 703 948 320 – 360 1,080 – 1,160 710 – 770 880 – 960
North Mara (84%) 263 979 741 1,028 230 – 260 1,120 – 1,200 900 – 960 1,240 – 1,320
Bulyanhulu (84%) 196 1,211 868 1,156 160 – 190 1,230 – 1,310 880 – 940 1,160 – 1,240
Tongon (89.7%) 180 1,748 1,396 1,592 180 – 210 1,260 – 1,340 1,070 – 1,130 1,240 – 1,320
Africa and Middle East 1,523 1,219 839 1,111 1,450 – 1,600 1,130 – 1,210 820 – 880 1,080 – 1,160
Total Attributable
to Barrickf,g,h 4,141 1,241 862 1,222 4,200 – 4,600 1,170 – 1,250 820 – 880 1,170 – 1,250
2022 2023 2023 2023

2022 2022 2022 all-in forecast forecast 2023 forecast
attributable cost of C1 cash sustaining attributable cost forecast C1 all-in
production salesa costsb costsb production of salesa cash costsb sustaining
(M lbs) ($/lb) ($/lb) ($/lb) (M lbs) ($/lb) ($/lb) costsb ($/lb)
Copper
Lumwana 267 2.42 1.89 3.63 260 – 290 2.45 – 2.75 2.00 – 2.20 3.20 – 3.50
Zaldívar (50%) 98 3.12 2.36 2.95 100 – 110 3.40 – 3.70 2.60 – 2.80 2.90 – 3.20
Jabal Sayid (50%) 75 1.52 1.26 1.36 65 – 75 1.80 – 2.10 1.50 – 1.70 1.60 – 1.90
Total Copperg 440 2.43 1.89 3.18 420 – 470 2.60 – 2.90 2.05 – 2.25 2.95 – 3.25
a. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold
(both on an attributable basis using Barrick’s ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided
by pounds sold (both on an attributable basis using Barrick’s ownership share).
c. Included within our 61.5% interest in Carlin is NGM’s 100% interest in South Arturo.
d. Includes Goldrush.
e. Porgera was placed on temporary care and maintenance on April 25, 2020 and remains excluded from our 2023 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 63 for further details.
f. Total cash costs and all-in sustaining costs per ounce include costs allocated to non-operating sites.
g. 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 which is producing incidental ounces while in closure.
h. Includes corporate administration costs.

Operating Division, Consolidated Expense and Capital Guidance

Our 2022 actual gold and copper production, cost of sales, total cash costs6, all-in sustaining costs6, consolidated expenses and capital
expenditures and 2023 forecast gold and copper production, cost of sales, total cash costs6, all-in sustaining costs6, consolidated expenses and
capital expenditures are as follows:
($ millions, except per ounce/pound data) 2022 Guidancea 2022 Actual 2023 Guidancea
Gold production
Production (millions of ounces) 4.20 – 4.60 4,141 4.20 – 4.60
Gold cost metrics
Cost of sales – gold ($ per oz) 1,070 – 1,150 1,241 1,170 – 1,250
Total cash costs ($ per oz)b 730 – 790 862 820 – 880
Depreciation ($ per oz) 300 – 330 339 320 – 350
All-in sustaining costs ($ per oz)b 1,040 – 1,120 1,222 1,170 – 1,250
Copper production
Production (millions of pounds) 420 – 470 440 420 – 470
Copper cost metrics
Cost of sales – copper ($ per lb) 2.20 – 2.50 2.43 2.60 – 2.90
C1 cash costs ($ per lb)b 1.70 – 1.90 1.89 2.05 – 2.25
Depreciation ($ per lb) 0.70 – 0.80 0.72 0.80 – 0.90
All-in sustaining costs ($ per lb)b 2.70 – 3.00 3.18 2.95 – 3.25
Exploration and project expenses 310 – 350 350 400 – 440
Exploration and evaluation 180 – 200 198 180 – 200
Project expenses 130 – 150 152 220 – 240
General and administrative expenses ~180 159 ~180
Corporate administration ~130 125 ~130
Stock-based compensationc ~50 34 ~50
Other expense (income) 50 – 70 (268) 70 – 90
Finance costs, net 330 – 370 301 280 – 320
Attributable capital expendituresd
Attributable minesite sustainingb,d 1,350 – 1,550 1,678 1,450 – 1,700
Attributable projectb,d 550 – 650 725 750 – 900
Total attributable capital expendituresd 1,900 – 2,200 2,417 2,200 – 2,600
a. Based on the communication we received from the Government of PNG that the SML will not be extended, Porgera was placed on temporary care and maintenance
on April 25, 2020. Due to the uncertainty related to the timing and scope of future developments on the mine’s operating outlook, our 2022 and 2023 guidance
excludes Porgera. 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 63 for further details. Guidance ranges also exclude Pierina
which is producing incidental ounces while in closure.
c. 2022 actual results are based on a US$17.21 share price and 2023 guidance is based on a one-month trailing average ending December 31, 2022 of US$17.04 per share.
d. Attributable capital expenditures are presented on the same basis as guidance, which includes our 61.5% share of NGM, our 60% share of Pueblo Viejo, our
80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu and our 50% share of Zaldívar and Jabal Sayid. Total
attributable capital expenditures for 2022 actual results also includes capitalized interest of $14 million.
2023 Guidance Analysis Our 2023 gold production guidance currently excludes Porgera.
Estimates of future production, cost of sales per ounce7, total cash We expect to update our guidance following both the execution of
costs per ounce6 and all-in sustaining costs per ounce6 presented in all of the definitive agreements to implement the Commencement
this MD&A are based on mine plans that reflect the expected method Agreement and the finalization of a timeline for the resumption of full
by which we will mine reserves at each site. Actual gold and copper mine operations. This is due to the uncertainty related to the timing and
production and associated costs may vary from these estimates due scope of future operations at Porgera following the decision to place
to a number of operational and non-operational risk factors (see the the mine on temporary care and maintenance on April 25, 2020 to
“Cautionary Statement on Forward-Looking Information” on page 56 ensure the safety and security of our employees and communities. We
of this MD&A for a description of certain risk factors that could cause remain in constructive discussions with the Government of PNG and
actual results to differ materially from these estimates). are optimistic about finding a solution to allow operations at Porgera to
resume in 2023. Refer to page 63 for more information.
Gold Production Outside of our Tier One Gold Assets1, we expect the following
significant changes in year-over-year production. As previously
We expect 2023 gold production to be in the range of 4.2 to 4.6 million
disclosed, mining temporarily ceased at Long Canyon in 2022. As such,
ounces, which is unchanged from our guidance for 2022. We expect
the asset remains a residual leach operation in 2023 while Phase 2 is
stronger year-over-year performance from Cortez, Pueblo Viejo and
advanced through permitting with mining expected to recommence
Turquoise Ridge, together with stable delivery across the remaining
in 2026. At Veladero, we expect 2023 production to be impacted by
Tier One Gold Assets1 as detailed further below. Notably at Turquoise
lower recoveries from the heap leach as the operation works to address
Ridge, the commissioning of the Third Shaft in the fourth quarter of
challenges with metallurgical recovery of planned ore feed from the pit,
2022, combined with increased availability and reliability of the Sage
which partially accounted for the asset’s underperformance against
autoclave, is expected to deliver stronger production in 2023 relative
2022 guidance. We also expect higher year-over-year operating and
to the prior year.
capital expenditure largely due to significant inflationary pressures
coupled with ongoing Argentine foreign exchange controls (as
described further on page 92).

Across the four quarters of 2023, the Company’s gold production and commission new fleet equipment. Separately, major maintenance
is expected to be the lowest in the first quarter. This is mainly due to at Zaldívar is scheduled in the first and third quarters of 2023 as
lower grades at Kibali due to mine sequencing, the commissioning of reported by the operator, Antofagasta.
the plant expansion at Pueblo Viejo, as well as roaster maintenance In 2023, cost of sales applicable to copper7 is expected to be in
and the completion of the autoclave carbon-in-leach conversion at the range of $2.60 to $2.90 per pound, which compares to the actual
Goldstrike. Separately, major maintenance for the Gold Quarry roaster result of $2.43 per pound for 2022. The expected increase compared
at Carlin is planned in the second quarter of 2023. As a result, we to 2022 reflects higher C1 cash costs per pound6 at Zaldívar and to a
expect the Company’s gold production in the second half of 2023 to be lesser extent, Lumwana. C1 cash costs per pound6 guidance of $2.05
stronger than the first half driven by the steady ramp-up of throughput to $2.25 per pound for 2023 is higher than the 2022 actual result of
at Pueblo Viejo, the completion of major roaster maintenance at NGM, $1.89 per pound, mainly driven by higher-cost inventory unwinding
as well as higher grades from Kibali and Crossroads (Phase 5) at from the leach pad at Zaldívar due to the long leach cycle, as well as
Cortez due to mine sequencing. slightly lower grades at Lumwana relative to the prior year. Copper
all-in sustaining costs per pound6 guidance of $2.95 to $3.25 for 2023
Gold Cost of Sales per Ounce7 compares to the actual result of $3.18 in 2022 and is largely driven
On a per ounce basis, cost of sales applicable to gold7, after removing by lower minesite sustaining capital expenditures6 on a per pound
the portion related to non-controlling interests, is expected to be in the basis at Lumwana (refer to Capital Expenditures commentary below
range of $1,170 to $1,250 per ounce in 2023, compared to the 2022 for further detail) partially offset by higher C1 cash costs per pound6
actual result of $1,241 per ounce. at Zaldívar.
This reflects changes in the expected sales mix in 2023 with
a higher contribution from Cortez and Pueblo Viejo (which are Exploration and Project Expenses
comparatively lower cost) offset by the impact of higher costs at We expect to incur approximately $400 to $440 million of exploration
certain other operations as described further in the Gold Total Cash and project expenses in 2023. This is an increase compared to our
Costs per Ounce6 section immediately below. 2022 guidance range of $310 to $350 million, and is higher than the
2022 actual result of $350 million.
Gold Total Cash Costs per Ounce6 Within this range, we expect our exploration and evaluation
Total cash costs per ounce6 in 2023 is expected to be in the range expenditures in 2023 to be approximately $180 to $200 million. This is
of $820 to $880 per ounce, compared to the 2022 actual result of consistent with the 2022 actual result of $198 million and is unchanged
$862 per ounce. from the guidance range for 2022. This expenditure will continue to
This range is based on our expectation that energy pricing should support our resource and reserve conversion over the coming years.
remain the same or slightly moderate in 2023 compared to the levels We also expect to incur approximately $220 to $240 million of
reached in 2022, which we expect to help offset inflationary pressures project expenses in 2023, compared to $152 million in 2022. The
throughout our supply chain. This range is also based on planned key driver of this increase is the ongoing feasibility study update for
improved productivity following commissioning of both the plant the Reko Diq project in Pakistan and the Lumwana Super Pit pre-
expansion at Pueblo Viejo and Third Shaft at Turquoise Ridge, as well feasibility study. The remainder of the expected expenditure relates to
as the renewal of the mining fleet across several mines in the Company. Pascua-Lama as well as project evaluation costs across the rest of the
In North America, our 2023 guidance for total cash costs per ounce6 portfolio, particularly in the Latin America & Asia Pacific region.
for NGM of $790 to $850 per ounce compares to the 2022 actual result
of $876 per ounce. The higher contribution from Cortez, which has a General and Administrative Expenses
comparatively lower cost on a per ounce basis, is expected to drive In 2023, we expect corporate administration costs to be approximately
lower costs for NGM year-over-year. $130 million, which represents the fourth consecutive year we have
In Latin America & Asia Pacific, total cash costs per ounce6 kept this guidance range unchanged, notwithstanding inflationary
at Pueblo Viejo are expected to be slightly higher than 2022 as the pressures over the course of 2022. This is in line with the actual result
impact of lower grades (in line with the mine and stockpile processing for 2022 of $125 million.
plan) is partially offset by the benefit of higher throughput from the Separately, stock-based compensation expense in 2023 is
plant expansion in the second half of 2023. As described earlier, we expected to be approximately $50 million based on a share price
expect higher per ounce costs at Veladero year-over-year, which we assumption of $17.04.
expect to drive a slight increase in total cash costs per ounce6 in 2023
at the regional level compared to 2022. Finance Costs, Net
For Africa and Middle East, total cash costs per ounce6 are In 2023, our guidance range for net finance costs of $280 to $320 million
expected to be in line with 2022 with lower costs from Tongon largely primarily represents interest expense on long-term debt, non-cash
offset by higher costs expected at Kibali, North Mara and Bulyanhulu, interest expense relating to the gold and silver streaming agreements
mainly due to inflationary pressures as well as optimizations to the at Pueblo Viejo, and accretion, net of finance income. This guidance
mineplan which impacted open pit development and stockpile for 2023 is consistent with the actual result for 2022 of $301 million.
management for our operations in Tanzania.
Capital Expenditures
Gold All-In Sustaining Costs per Ounce6
Total attributable gold and copper capital expenditure for 2023 is
All-in sustaining costs per ounce6 in 2023 is expected to be in the expected to be in the range of $2,200 to $2,600 million. This compares
range of $1,170 to $1,250 per ounce, compared to the 2022 actual to the actual spend for the 2022 year of $2,417 million. We continue
result of $1,222 per ounce. This is based on the expectation that to focus on the delivery of our project pipeline and expect attributable
minesite sustaining capital expenditures6 on a per ounce basis will be project capital expenditures6 to be in the range of $750 to $900 million
higher than 2022 (refer to Capital Expenditures commentary below for in 2023, which is higher than our actual expenditures of $725 million
further detail), which is partially offset by slightly lower total cash costs in 2022. This higher level of spend reflects the final construction and
per ounce6 for the reasons described in the Gold Total Cash Costs per commissioning activities for the plant expansion at Pueblo Viejo, which
Ounce6 section above. should transition to expenditure solely for the new Naranjo TSF by mid-
2023. In addition, our solar power initiatives at Loulo-Gounkoto and
Copper Production and Costs NGM continue to progress as we advance towards our interim 2030
We expect 2023 copper production to be in the range of 420 to GHG emissions reduction target. The balance of expected project
470 million pounds, compared to actual production of 440 million capital expenditures6 is mainly related to underground development
pounds in 2022. Production in the second half of 2023 is expected and infrastructure at Goldrush, open pit development at North Mara
to be stronger than the first half, mainly due to steadily increasing and the new mining fleet at Lumwana as we execute our owner-miner
throughput at Lumwana as we execute on our owner-miner strategy strategy.

Attributable minesite sustaining capital expenditure6 for 2023 dewatering at Carlin. Offsetting this impact, minesite sustaining capital
is expected to be in the range of $1,450 to $1,700 million, which expenditures6 at Lumwana are expected to be approximately $80 million
compares to the actual spend for 2022 of $1,678 million. The lower compared to 2022.
guidance range for 2023 is split between our gold assets ($1,170 to
$1,370 million) and copper assets ($280 to $330 million). Compared Effective Income Tax Rate
to the prior year, minesite sustaining capital expenditures6 in 2023 Based on a gold price assumption of $1,650/oz, our expected effective
are expected to be approximately $100 million higher at NGM, driven tax rate range for 2023 is 27% to 32%, unchanged from 2022. The
by underground infrastructure development, haul truck replacements rate is sensitive to the relative proportion of sales in high versus low
at Carlin, as well as the natural gas conversion project at the TS tax jurisdictions, realized gold and copper prices, the proportion of
Power Plant. Significant underground infrastructure projects include income from our equity accounted investments and the level of non-
the portals at Pete Bajo and Rita K, the Meikle paste plant as well as tax affected costs in countries where we generate net losses.
OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS

Impact on
2023 Guidance Hypothetical EBITDAa Impact on TCC
Assumption Change (millions) and AISCa
Gold price sensitivity $ 1,650/oz +/- $ 100/oz +/- $ 590 +/- $ 5/oz
Copper price sensitivity $ 3.50/lb +/- $ 0.25/lb +/- $ 110 +/- $ 0.01/lb
a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114–140 of this MD&A.
Environmental, Social and Governance This is supplemented by weekly meetings, at a minimum, between
Sustainability is entrenched in our DNA: our sustainability strategy is the Regional Sustainability Leads and the Group Sustainability
our business plan. Executive. These meetings examine the sustainability-related risks
Barrick’s approach to sustainability is integrated and holistic; and opportunities facing the business in real time, as well as the
sustainability aspects and impacts do not occur in silos, but rather progress and issues integrated into weekly Executive Committee
overlap and interlink, and must be tackled in conjunction with, and review meetings.
reference to, each other. We call this approach Holistic and Integrated Our industry-first Sustainability Scorecard accounts for 25% of the
Sustainability Management. Although we integrate our sustainability long-term incentive awards for senior leaders as part of the Barrick
management, we discuss our sustainability strategy within four Partnership Plan. As we strive for ongoing strong performance, the
overarching pillars: (1) respecting human rights; (2) protecting the Sustainability Scorecard targets and metrics are updated annually. The
health and safety of our people and local communities; (3) sharing results of the 2022 Sustainability Scorecard, and updated metrics and
the benefits of our operations; and (4) managing our impacts on the targets for 2023, will be disclosed in our 2022 Sustainability Report, to
environment. be published in April 2023. The E&S Committee tracks our progress
We implement this strategy by blending top-down accountability against all metrics.
with bottom-up responsibility. This means we place the day-to-day In the fourth quarter of 2022, we hosted our Annual Roundtable,
ownership of sustainability, and the associated risks and opportunities, during which we discussed Barrick’s sustainability vision, policies,
in the hands of individual sites. In the same way that each site must approach, and site-level performance, including Board and
manage its geological, operational and technical capabilities to meet management oversight of sustainability matters. All of the leading
business objectives, it must also manage and identify programs, ESG rating firms were invited and the content of the presentation was
metrics, and targets that measure progress and deliver real value for based on direct feedback from those ESG rating firms. The session
the business and our stakeholders, including our host countries and included a discussion where attendees could ask questions and
local communities. The Group Sustainability Executive, supported by engage with the Group Sustainability Executive and other members of
regional sustainability leads, provides oversight and direction over this management. The intention of the Roundtable was to provide accurate
site-level ownership, to ensure alignment with the strategic priorities and up-to-date information to the ESG ratings firms, allowing those
of the overall business. ratings firms to make informed decisions with respect to their listed
controversies.
Governance In late 2022, our Lead Director and the Chair of the Compensation
Committee met with significant shareholders representing
The bedrock of our sustainability strategy is strong governance. approximately 30% of the issued and outstanding Barrick Shares (as
Our most senior management-level body dedicated to sustainability at December 31, 2022) to provide an update on a variety of topics,
is the E&S Committee, which connects site-level ownership of our including our performance, sustainability strategy, environmental
sustainability strategy with the leadership of the Group. It is chaired goals, human capital strategy, continued active risk oversight of
by the President and Chief Executive Officer and includes: (1) regional increasingly complex geopolitical dynamics, executive compensation
Chief Operating Officers; (2) minesite General Managers; (3) Health, matters, as well as key governance priorities, including Board
Safety, Environment and Closure Leads; (4) the Group Sustainability composition, diversity, and renewal. The meetings were an instructive
Executive; (5) in-house legal counsel; and (6) an independent two-way discussion where we heard about our shareholders’ priorities,
sustainability consultant in an advisory role. The E&S Committee discussed Barrick’s sustainability vision and provided an opportunity
meets on a quarterly basis to review our performance across a range for our performance to be constructively challenged.
of key performance indicators, and to provide independent oversight
and review of sustainability management.
Human rights
The President and Chief Executive Officer reviews the reports of
the E&S Committee at every quarterly meeting of the Board’s ESG Our commitment to respect human rights is codified in our standalone
& Nominating Committee. The reports are reviewed to ensure the Human Rights Policy and informed by the expectations of the United
implementation of our sustainability policies and to drive performance Nations Guiding Principles on Business and Human Rights, the
of our environmental, health and safety, corporate social responsibility, Voluntary Principles on Security and Human Rights and the OECD
and human rights programs. Guidelines for Multinational Enterprises. This commitment is fulfilled on
the ground via our Human Rights Program, the fundamental principles
of which include: monitoring and reporting, due diligence, training, as
well as disciplinary action and remedy.

We continue to assess and manage security and human rights Community and economic development
risks at all our operations and provide security and human rights Our commitment to social and economic development is set out in
training to security forces across our sites. our overarching Sustainable Development and Social Performance
In 2019, prior to Barrick’s acquisition of the minority shareholding policies. Mining has been identified as vital for the achievement of the
of Acacia Mining plc, the LBMA commenced an IRP against North United Nations SDGs, not only for its role in providing the minerals
Mara, following complaints made by the UK-based non-governmental needed to enable the transition to a lower carbon intensive economy,
organization Rights and Accountability in Development. Due to the but also because of its ability to drive socio-economic development and
IRP, the refiner MMTC-PAMP appointed independent consultants, build resilience. Creating long-term value and sharing economic benefits
Synergy, to undertake an assessment of North Mara based on the is at the heart of our approach to sustainability, as well as community
LBMA’s Responsible Gold Guidance and the OECD Due Diligence development. This approach is encapsulated in three concepts:
Guidance. Synergy completed site assessments in both 2019 and The primacy of partnership: this means that we invest in real
2021, as well as several desktop reviews during the process. During the partnerships with mutual responsibility. Partnerships include local
fourth quarter of 2022, the LBMA confirmed that the IRP is now closed, communities, suppliers, government, and organizations, and this
citing Synergy’s findings that there has been significant measurable approach is epitomized through our CDCs with development initiatives
progress at North Mara since the original assessment in 2019, and and investments.
the recommendation that MMTC-PAMP continues trading with North Sharing the benefits: We hire and buy local wherever possible
Mara. This concludes a multi-year process that provides independent as this injects money into and keeps it in our local communities and
support for the measurable progress and impact implementing host countries. By doing this, we build capacity, community resilience
Barrick’s sustainability strategy has had at North Mara. and create opportunity. We also invest in community development
We continue to face sporadic security challenges at North Mara through our CDCs. Sharing the benefits also means paying our fair
as armed and coordinated trespassers continue to intermittently share of taxes, royalties and dividends and doing so transparently,
attempt to access the mine, and place our property and employees primarily through the reporting mechanism of the Canadian Extractive
at risk. Intrusions have decreased since 2019 and have remained Sector Transparency Measures Act. In April 2022, we published our
relatively stable in the subsequent years. We will continue with our first Tax Contribution Report which sets out, in detail, our economic
ongoing extensive community engagement and development efforts contributions to host governments. We will continue to disclose such
in Tanzania. contributions on an annual basis.
Engaging and listening to stakeholders: We develop tailored
Safety stakeholder engagement plans for every operation and the business
We are committed to the safety, health and well-being of our people, as a whole. These plans guide and document how often we engage
their families and the communities in which we operate. Our safety with various stakeholder groups and allow us to proactively deal with
vision is “Every person going home safe and healthy every day.” issues before they escalate into significant risks.
We continue to implement our “Journey to Zero Harm” initiative, We continued our community development initiatives through our
which is focused on engagement with our workforce through Visible CDCs during the quarter. We invested more than $13 million in local
Felt Leadership, and by aligning and improving our standards across community development projects during the fourth quarter of 2022
the Group, ensuring accountability to our safety commitments, and and $35 million for the full year 2022.
ensuring our employees are fit for duty.
We report our safety performance quarterly as part of both our Environment
E&S Committee meetings and to the ESG & Nominating Committee. We know the environment in which we work and our host communities
Our safety performance is a regular standing agenda item on our are inextricably linked, and we apply a holistic and integrated
weekly Executive Committee review meeting. approach to sustainability management. Being responsible stewards
Our safety performance in the fourth quarter of 2022 did not of the environment by applying the highest standards of environmental
meet our high standards and regrettably we recorded two fatalities management, using natural resources and energy efficiently, recycling
in December 2022, bringing the total number of fatalities for the year and reducing waste as well as working to protect biodiversity, we can
to five. The first fatality occurred at Loulo-Gounkoto of a contractor deliver significant cost savings to our business, reduce future liabilities
on December 14, 2022, and the second was at Kibali of an employee and help build stronger stakeholder relationships. Environmental
on December 22, 2022. Furthermore, in January 2023, two incidents matters such as how we use water, prevent incidents, manage tailings,
occurred that resulted in fatalities: one at Jabal Sayid which resulted respond to changing climate, and protect biodiversity are key areas
in the fatalities of two mining contractors; and one at Carlin that of focus.
resulted in the fatality of an employee. Fatality incident investigations We maintained our strong track record of stewardship and did not
are underway and immediate Fatality Prevention Criteria and gap record any Class 19 environmental incidents during the fourth quarter
assessments are also being implemented across the Group. Group- of 2022 or for the full year 2022.
wide Safety Intervention and Shift Change Interventions were and
continue to be implemented to reinforce our safety procedures and Climate Change
communicate our core safety messages and expectations.
The ESG & Nominating Committee is responsible for overseeing
In terms of other key performance indicators, for the fourth quarter
Barrick’s policies, programs and performance relating to sustainability
of 2022, our LTIFR8 was 0.23 and our TRIFR8 was 0.93. For the 2022
and the environment, including climate change. The Audit & Risk
year, the LTIFR improved significantly to 0.29, and the TRIFR improved
Committee assists the Board in overseeing the Group’s management
to 1.29.
of enterprise risks as well as the implementation of policies and
standards for monitoring and mitigating such risks. Climate change is
Social built into our formal risk management process, outputs of which are
We regard our host communities and countries as important partners regularly reviewed by the Audit & Risk Committee.
in our business. Our sustainability policies commit us to transparency Barrick’s climate change strategy has three pillars: (1) identify,
in our relationships with host communities, government authorities, understand and mitigate the risks associated with climate change;
the public and other key stakeholders. Through these policies, we (2) measure and reduce our GHG emissions across our operations
commit to conducting our business with integrity and with absolute and value chain; and (3) improve our disclosure on climate change.
opposition to corruption. We require our suppliers to operate ethically The three pillars of our climate change strategy do not focus solely
and responsibly as a condition of doing business with us. 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 Ultimately, our vision is net zero GHG emissions by 2050, achieved
our host communities and countries, particularly developing nations primarily through GHG reductions, with some offsets for hard-to-abate
which are often the most vulnerable. As the world economy transitions emissions. Site-level plans to improve energy efficiency, integrate
to renewable power, it is imperative that developing nations are not clean and renewable energy sources and reduce GHG emissions
left behind. As a responsible business, we have focused our efforts will also be strengthened. We plan to supplement our corporate
on building resilience in our host communities and countries, just emissions reduction target with context-based site-specific emissions
as we do for our business. Our climate disclosure is based on the reduction targets.
recommendations of the TCFD. During the fourth quarter of 2022, the Group’s total Scope 1
In November 2022, Barrick attended COP27 in Egypt as part of and 2 (location-based) GHG emissions were 1,890 kt CO2-e10. The
a delegation with the ICMM to observe and participate in debate on Group’s full year Scope 1 and 2 (location-based) GHG emissions were
climate resilience and action solutions. approximately 2% below the prior year.
Identify, understand and mitigate the risks associated with Water

climate change Water is a vital and increasingly scarce global resource. Managing
We identify and manage risks, build resilience to climate change, and using water responsibly is one of the most critical parts of our
as well as position ourselves for new opportunities. Climate sustainability strategy. Our commitment to responsible water use is
change-related factors continue to be incorporated into our formal codified in our Environmental Policy. Steady, reliable access to water
risk assessment process. We have identified several climate-related is critical to the effective operation of our mines. Access to water is
risks and opportunities for our business including: physical impacts also a fundamental human right.
of climate change; an increase in regulations that seek to address Understanding the water stress in the regions we operate enables
climate change; and an increase in global investment in innovation and us to better understand the risks and manage our water resources
low-carbon technologies. through site-specific water balances, based on the ICMM Water
The risk assessment process includes scenario analysis, which is Accounting Framework, aimed at minimizing our water withdrawal and
being rolled out to all sites with an initial focus on our Tier One Gold maximizing water reuse and recycling within our operations.
Assets1, to assess site-specific climate related risks and opportunities. We include each mine’s water risks in its operational risk register.
This work continued throughout the fourth quarter of 2022 at Loulo- These risks are then aggregated and incorporated into the corporate
Gounkoto, Kibali and NGM, and we expect to complete this asset- risk register. Our identified water-related risks include: (1) managing
level physical and transitional risk assessment in early 2023 and to excess water in regions with high rainfall; (2) maintaining access
disclose key findings in our 2022 Sustainability Report. to water in arid areas and regions prone to water scarcity; and (3)
regulatory risks related to permitting limits as well as municipal and
Measure and reduce the Group’s impact on climate change national regulations for water use.
Mining is an energy-intensive business, and we understand the We set an annual water recycling and reuse target of 80% for
important link between energy use and GHG emissions. By measuring 2022. Our water recycling and reuse rate for the fourth quarter of 2022
and effectively managing our energy use, we can reduce our GHG increased from the third quarter of 2022 to approximately 84%, and
emissions, achieve more efficient production, and reduce our costs. was approximately 83% for the full year 2022.
We have climate champions at each site who are tasked with
identifying roadmaps and assessing feasibility for our GHG emissions Tailings
reductions and carbon offsets for hard-to-abate emissions. Any We are committed to having our TSFs meet global best practices for
carbon offsets that we pursue must have appropriate socio-economic safety. Our TSFs are carefully engineered and regularly inspected,
and/or biodiversity benefits. We have published an achievable particularly those in regions with high rainfall and seismic events.
emissions reduction roadmap and continue to assess further reduction We continue to progress with our conformance to the GISTM.
opportunities across our operations. This roadmap is published in our We have completed the consequence classification for a majority
2021 Sustainability Report and includes committed-capital projects of our sites and the self-assessment for selected sites using the
and projects under investigation that rely on technological advances. Conformance Protocols developed by the ICMM. A summary of our
We have also undertaken extensive work across our value chain progress is expected to be made public in the third quarter of 2023.
in quantifying our Scope 3 (indirect value chain) emissions. This work
has enabled us to develop a Scope 3 engagement roadmap that we Biodiversity
will implement with our suppliers to set meaningful and measurable Biodiversity underpins many of the ecosystem services on which
reduction targets, in line with the commitments made through the our mines and their surrounding communities depend. If improperly
ICMM Climate Position Paper. managed, mining and exploration activities have the potential to
negatively affect biodiversity and ecosystem services. Protecting
Improve our disclosure on climate change biodiversity and preventing nature loss is also critical and inextricably
As part of our commitment to improve our disclosure on climate linked to the fight against climate change. We work to proactively
change, our Sustainability Report is developed in line with the TCFD manage our impact on biodiversity and strive to protect the
recommendations. Barrick continues to monitor the various regulatory ecosystems in which we operate. Wherever possible, we aim to
climate disclosure standards being developed around the world. In achieve a net neutral biodiversity impact, particularly for ecologically
addition, we complete the annual CDP (formerly known as the Carbon sensitive environments.
Disclosure Project) Climate Change and Water Security questionnaires. We continue to work to implement our BAPs, which have been
This ensures our investor-relevant water use, emissions and climate established at all our operational sites, during 2022. The BAPs outline
data is widely available. our strategy to achieve net-neutral impacts for all key biodiversity
features and their associated management plans.
Emissions
As detailed in our 2021 Sustainability Report, Barrick’s interim Market Overview
GHG emissions reduction target is for a minimum 30% reduction The market prices of gold and, to a lesser extent, copper are the
by 2030 against our 2018 baseline, while maintaining a steady primary drivers of our profitability and our ability to generate free cash
production profile. The basis of this reduction is against a 2018 flow6 for our shareholders.
baseline of 7,541 kt CO2-e.
Our GHG emissions reduction target is grounded in climate Gold
science and has a detailed pathway for achievement. Our target is not
The price of gold is subject to volatile price movements over
static and will be updated as we continue to identify and implement
short periods of time and is affected by numerous industry and
new GHG reduction opportunities.
macroeconomic factors. During 2022, the gold price ranged from

$1,615 per ounce to $2,070 per ounce. The average market price for We have provisionally priced copper sales for which final price
the year of $1,800 per ounce represented an all-timznnual high, albeit determination versus the relevant copper index is outstanding
very close to the 2021 average of $1,799 per ounce. at the balance sheet date. As at December 31, 2022, we recorded
During the year, the gold price remained strong as a result of 60 million pounds of copper sales still subject to final price
geopolitical tensions, including the invasion of Ukraine by Russia, settlement at an average provisional price of $3.80 per pound. The
global economic uncertainty and the impact of concerns over inflation, impact to net income before taxation of a 10% movement in the
tempered by a strengthening of the trade-weighted US dollar and a market price of copper would be approximately $23 million, holding all
reduction in global gold exchange-traded fund holdings. other variables constant.
AVERAGE MONTHLY SPOT GOLD PRICES Currency Exchange Rates

(dollars per ounce) The results of our mining operations outside of the United States are
affected by fluctuations in exchange rates. We have exposure to the
2,000 Argentine peso through operating costs at our Veladero mine, and
peso denominated VAT receivable balances. In addition, we have
exposure to the Canadian and Australian dollars, Chilean peso, Papua
New Guinea kina, Zambian kwacha, Tanzanian shilling, Dominican
peso, West African CFA franc, Euro, South African rand, and British
pound through mine operating and capital costs.
Fluctuations in these exchange rates increase the volatility of our
1,500 costs reported in US dollars. In 2022, the Australian dollar traded in
a range of $0.62 to $0.77 against the US dollar, while the US dollar
against the Canadian dollar, Argentine peso, and West African CFA
franc ranged from $1.24 to $1.40, ARS 103 to ARS 177, and XOF 571
to XOF 688, respectively. Due to inflationary pressures in Argentina
and the actions of the government, there was a continued weakening
of the Argentine peso during the year. During 2022, we did not have any
1,000 currency hedge positions, and are unhedged against foreign exchange
exposures as at December 31, 2022 beyond spot requirements.
2018 2019 2020 2021 2022
Fuel
For 2022, the price of WTI crude oil traded in a wide range between $70
Copper
and $131 per barrel, with an average market price of $94 per barrel,
During 2022, London Metal Exchange copper prices traded in a wide and closed the year at $80 per barrel. Oil prices were significantly
range of $3.15 per pound to an all-time high of $4.92 per pound, impacted by an increase in global economic activity, constrained
averaged $3.99 per pound, and closed the year at $3.80 per pound. supply, and geopolitical concerns especially following the invasion of
Copper prices are heavily influenced by physical demand from Ukraine by Russia.
emerging markets, especially China.
After copper prices fell to four-year lows in March 2020 due to AVERAGE MONTHLY SPOT CRUDE OIL PRICE (WTI)
initial concerns and near-term economic impacts from the spread (dollars per barrel)
of Covid-19, they subsequently rose to all-time highs in March 2022
as a result of a growth in economic activity led by the lifting of
120
pandemic-related restrictions across the globe, low global stockpile
levels, and the expected impact of global financial stimulus measures.
Prices moderated over the remainder of the year as a result of a
strengthening trade-weighted US dollar and ongoing pandemic- 90
related lockdowns in China.
AVERAGE MONTHLY SPOT COPPER PRICES

60
(dollars per pound)
5.00
30
4.50
4.00 0
2018 2019 2020 2021 2022
3.50
3.00
During 2022, we did not have any fuel hedge positions, and are
unhedged against fuel exposures as at December 31, 2022.
2.50
2.00
2018 2019 2020 2021 2022

US Dollar Interest Rates The Latin America & Asia Pacific region converted a net of 7.3 million
During March 2020, the US Federal Reserve lowered benchmark ounces to attributable proven and probable reserves. Most notably,
interest rates to a range of 0.00% to 0.25% as a result of the economic Pueblo Viejo completed a pre-feasibility study for the new Naranjo
impacts of the spread of Covid-19 and kept rates at that level through TSF, adding 6.5 million ounces of attributable proven and probable
the remainder of 2020 and all of 2021. In response to inflationary reserves, net of depletion, and extending the mine life beyond 204012,14.
pressure, the US Federal Reserve raised benchmark interest rates The North America region converted a net of 1.8 million ounces
during 2022 to a range of 4.25% to 4.50% by the end of the year. A to attributable proven and probable reserves, before depletion. This
lower level of growth in benchmark interest rates is currently expected was primarily driven by the completion of pre-feasibility studies for
during 2023 as those inflationary pressures are forecast to ease, but the Robertson open pit project at Cortez, as well as a new pushback
any changes to monetary policy will be dependent on economic data in the Hemlo open pit. As a result, Robertson’s maiden attributable
to be observed during the year. proven and probable gold reserves are estimated at 1.0 million ounces
At present, our interest rate exposure mainly relates to interest at 0.46 g/t. This represents a milestone for Cortez as a key source
income received on our cash balances ($4.4 billion at December 31, of oxide mill feed in the mine plan. Similarly, the new Hemlo open
2022); the mark-to-market value of derivative instruments; the carrying pit pushback is expected to commence in 2027 adding 0.86 million
value of certain non-current assets and liabilities; and the interest ounces of gold at 1.49 g/t to probable reserves. Proven and probable
payments on our variable-rate debt ($0.1 billion at December 31, attributable reserves for the region are now estimated at 31 million
2022). Currently, the amount of interest expense recorded in our ounces at 2.54 g/t12.
consolidated statement of income is not materially impacted by
changes in interest rates, because the majority of our debt was issued ATTRIBUTABLE CONTAINED GOLD RESERVES12,13,a (Moz)
at fixed interest rates. The relative amounts of variable-rate financial
assets and liabilities may change in the future, depending on the 100
amount of operating cash flow we generate, as well as the level of 12
capital expenditures and our ability to borrow on favorable terms 76
using fixed rate debt instruments. Changes in interest rates affect 50 69 -4.8
the accretion expense recorded on our provision for environmental
rehabilitation and therefore would affect our net earnings.
0
Reserves and Resources11 2021 Depletion Net conversion 2022
For full details of our mineral reserves and mineral resources, refer to
page 155 of the Barrick Annual Report 2022. a. Figures rounded to two significant digits.
Gold Reserves ATTRIBUTABLE CONTAINED COPPER

Barrick’s 2022 mineral reserves are estimated using a gold price RESERVES12,13,a (Blb)
assumption of $1,300 per ounce, relative to $1,200 per ounce in 2021.
Both are reported to a rounding standard of two significant digits, 15
which remains unchanged since 2019. 0.6
As of December 31, 2022, Barrick’s proven and probable gold 10 -0.6 12
12
reserves were 76 million ounces12 at an average grade of 1.67 g/t,
compared to 69 million ounces13 at an average grade of 1.71 g/t in 5
2021. Year-over-year, reserves have increased by 6.7 million ounces,
net of depletion, while maintaining grade despite an increase in the 0
reserve price assumption.
2021 Depletion Net conversion 2022
Mineral reserve growth was led by Pueblo Viejo and the Africa and
Middle East region, with nearly 12 million ounces of attributable proven
a. Figures rounded to two significant digits.
and probable reserve gains in 2022 before depletion. Our strategy of
investing in organic growth through exploration and mineral resource
management, as well as a focus on quality assets continues to deliver
successive reserve growth over and above annual depletion.
Copper Reserves
The Africa and Middle East region converted a net of 2.4 million For Barrick-operated assets, copper mineral reserves for 2022 are
ounces to attributable proven and probable reserves in 2022, before estimated using a copper price of $3.00 per pound relative to $2.75
depletion, with contributions from Kibali, Loulo-Gounkoto, North Mara, per pound in 2021. Both are reported to a rounding standard of two
Bulyanhulu and Tongon. At Loulo-Gounkoto, this was principally from significant digits, which remains unchanged from 2019.
extensions at the Yalea and Gara underground mines as well as the As of December 31, 2022, attributable proven and probable
Faraba open pit replacing annual depletion. At Kibali, the completion copper mineral reserves were 12 billion pounds12 at an average grade
of an updated underground feasibility study on the 11000 lode in KCD of 0.38%. This is flat relative to the mineral reserves of 12 billion
underground delivered a 0.62 million ounce increase in attributable pounds13 at an average grade of 0.38% in the prior year. The Barrick-
proven and probable reserves before depletion. At North Mara, a focus operated Lumwana and Jabal Sayid mines both increased year-over-
on underground expansion at Gokona has successfully delivered year reserves, net of depletion, which was offset by depletion from
a 0.44 million ounce increase in attributable proven and probable the Antofagasta-operated Zaldívar mine. Before depletion, our copper
reserves before depletion. portfolio converted a net of 640 million pounds to attributable proven
and probable reserves in 2022.

Gold & Copper Mineral Resources Risks and Risk Management

In 2022, all mineral resources were estimated using a gold price Overview
assumption of $1,700 per ounce and a copper price of $3.75 per The ability to deliver on our vision, strategic objectives and operating
pound, both up from $1,500 per ounce for gold and $3.50 per pound guidance depends on our ability to understand and appropriately
for copper in 2021 for Barrick-operated assets. Barrick’s mineral respond to the uncertainties or “risks” we face that may prevent us
resources for 2022 continue to be reported on an inclusive basis, from achieving our objectives. To achieve this, we:
incorporating all areas that form mineral reserves. All open-pit mineral
resources are contained within a Whittle shell, while all underground • maintain a framework that permits us to manage risk effectively
mineral resources are contained within optimized mineable shapes. and in a manner that creates the greatest value;
Barrick’s total attributable gold mineral resources grew by nearly
10% relative to 2021, and total attributable copper mineral resources • integrate a process for managing risk into all our important
more than doubled, growing by 124% year-over-year, both net of decision-making processes so that we reduce the effect of
annual depletion. This growth is driven by the successful completion uncertainty on achieving our objectives;
of a preliminary economic assessment supporting the Lumwana • actively monitor key controls we rely on to achieve the Company’s
Super Pit expansion, and the incorporation of Reko Diq following the objectives so they remain in place and are effective at all times; and
reconstitution of the project in December 2022. • provide assurance to senior management and relevant committees
In the Africa and Middle East region, the Lumwana copper mineral of the Board on the effectiveness of key control activities.
resource base grew by 89%, net of depletion, relative to 2021,
demonstrating strong potential as a Tier One Copper Asset3 and Board and Committee Oversight
providing a robust basis for the ongoing pre-feasibility study. We maintain strong risk oversight practices, with responsibilities
The reconstitution of the Reko Diq project added an attributable outlined in the mandates of the Board and related committees. The
18 billion pounds of copper at 0.44% with 15 million ounces gold Board’s mandate is clear on its responsibility for reviewing and
at 0.26 g/t to indicated resources, and an attributable 4.6 billion discussing with management the processes used to assess and
pounds of copper at 0.4% with 3.7 million ounces gold at 0.2 g/t manage risk, including the identification by management of the
to inferred resources12. These mineral resources reflect only three principal risks of the business, and the implementation of appropriate
porphyries (H13, H14, H15) as well as the Tanjeel deposit within the systems to deal with such risks.
cluster of Western Porphyries. Alongside the ongoing feasibility study The Audit & Risk Committee assists the Board in overseeing the
update, the team is also planning to evaluate further known porphyry Company’s management of principal risks and the implementation of
occurrences within the mining lease area. policies and standards for monitoring and modifying such risks, as
North America also delivered growth in total attributable mineral well as monitoring and reviewing the Company’s financial position
resources, net of depletion, supporting future potential reserve and financial risk management programs. The ESG & Nominating
growth in line with our strategy to fully replace depletion for the region Committee assists the Board in overseeing the Company’s policies
within a five-year period. This was driven by underground resource and performance for its environmental, health and safety, corporate
extension drilling at both Goldstrike and Leeville in Carlin, as well as social responsibility and human rights programs. The Compensation
successful resource definition drilling at Goldrush and Robertson in Committee assists the Board in ensuring that executive compensation
Cortez, all of which support the potential for future reserve growth in is appropriately linked to our sustainability performance, including with
this region. Measured and indicated attributable gold resources for respect to climate change and water.
the region increased by 2.8 million ounces to 73 million ounces at
2.16 g/t12, from 70 million ounces at 2.22 g/t in 202113. Importantly, Management Oversight
inferred attributable gold resources also increased to 17 million ounces Our weekly Executive Committee Review is the main forum for senior
at 1.8 g/t12, from 16 million ounces at 2.0 g/t in 202113. management to raise and discuss risks facing the operations and
Barrick’s attributable measured and indicated gold resources for organization more broadly. Additionally, our most senior management-
2022 stand at 180 million ounces12 at 1.07 g/t, with a further 42 million level body dedicated to sustainability is the Environmental & Social
ounces12 at 0.8 g/t of inferred resources. This compares to measured Oversight Committee which meets on a quarterly basis to review
and indicated gold mineral resources of 160 million ounces13 at 1.50 g/t sustainability performance and key performance indicators across
and inferred gold mineral resources of 42 million ounces at 1.3 g/t in our operations. At every quarterly meeting, the ESG & Nominating
202113. The overall reduction in grade is due to the addition of Reko Diq. Committee and the Audit & Risk Committee are provided with updates
Attributable measured and indicated copper resources for on the key issues identified by management at these regular sessions.
2022 stand at 44 billion pounds12 at 0.39%, with a further 15 billion
pounds12 at 0.4% of inferred resources. This compares to measured Principal Risks
and indicated copper resources of 24 billion pounds13 at 0.35% and
The following subsections describe some of our key sources of
inferred copper resources of 2.1 billion pounds13 at 0.2% in 2021.
uncertainty and critical risk mitigation activities. The risks described
2022 mineral reserves and mineral resources are estimated using
below are not the only ones facing Barrick. Our business is subject to
the combined value of gold, copper and silver. Accordingly, mineral
inherent risks in financial, regulatory, strategic and operational areas.
reserves and mineral resources are reported for all assets where
For a more comprehensive discussion of those inherent risks, see
copper or silver is produced and sold as a primary product or a by-
“Risk Factors” in our most recent Form 40-F/Annual Information Form
product. Barrick’s resources are reported to a rounding standard of
on file with the SEC and Canadian provincial securities regulatory
two significant digits.
authorities. Also see the “Cautionary Statement on Forward-Looking
Information” on page 56 of this MD&A.

Risk Factor Risk Mitigation Strategy

Free cash flow6 and costs
Our ability to improve productivity, drive down operating costs and • Maximizing the benefit of higher gold prices through agile
working capital remains a focus in 2023 and is subject to several management and operational execution;
sources of uncertainty. This includes our ability to achieve and maintain • Weekly Executive Committee Review to identify, assess and
industry-leading margins by improving the productivity and efficiency respond to risks in a timely manner;
of our operations. • Enabling simplification and agile decision making through
unification of business systems;
• Supply Chain is decentralized to the operations with a centralized
Strategic Sourcing Group and is focused on mitigating the risks of
rising costs and supply chain disruption; and
• A flat, operationally focused, agile management structure with a
tenet in ownership culture.
Social license to operate
At Barrick, we are committed to building, operating, and closing our • Our commitment to responsible mining is supported by a robust
mines in a safe and responsible manner. To do this, we seek to build governance framework, including an overarching Sustainable
trust-based partnerships with host governments and local communities Development Policy and related policies in the areas of Biodiversity,
to drive shared long-term value while working to minimize the social Conflict-Free Gold, Social Performance, Occupational Health and
and environmental impacts of our activities. Geopolitical risks such as Safety, Environment and Human Rights;
resource nationalism and incidents of corruption are inherent in the • Use of our Sustainability Scorecard to track sustainability
business of a company operating globally. Past environmental incidents performance using key performance indicators aligned to priority
in the extractive industry highlight the hazards (e.g., water management, areas set out in our strategy;
tailings storage facilities, etc.) and the potential consequences to the • Mandatory training on our Code of Business Conduct and Ethics
environment, community health and safety. Our ability to maintain as well as supporting policies which set out the ethical behavior
compliance with regulatory and community obligations in order to expected of everyone working at, or with, Barrick;
protect the environment and our host communities alike remains one • We take a partnership approach with our host governments. This
of our top priorities. Barrick also recognizes climate change as an area means we work to balance our own interests and priorities with
of risk requiring specific focus and that reducing GHG emissions to those of our government partners, working to ensure that everyone
counter the causes of climate change requires strong collective action derives real value from our operations;
by the mining industry. • Established CDCs at each of our operational sites to identify
community needs and priorities and to allocate funds to those
initiatives most meaningful to the local community;
• We open our social and environmental performance to third-party
scrutiny, including through the ISO 14001 re-certification process,
International Cyanide Management Code audits, and annual
human rights impact assessments;
• Our climate change strategy has three pillars: identify, understand
and mitigate the risks associated with climate change; measure
and reduce our impacts on climate change; and improve our
disclosure on climate change;
• We continuously monitor developments around the world and
work closely with our local communities on managing the impacts
of health issues, such as Covid-19 or Ebola outbreaks, on our
people and business; and
• We continuously review and update our closure plans and cost
estimates to plan for environmentally responsible closure and
monitoring of operations.
Resources and reserves and production outlook
Like any mining company, we face the risk that we are unable to • Focus on responsible mineral resource management, continuously
discover or acquire new resources or that we do not convert resources improve ore body knowledge, and add to reserves and resources;
into production. As we move into 2023 and beyond, our overriding • Consolidate and secure dominant land positions in favored
objective of growing free cash flow6 continues to be underpinned operating districts and emerging new prospective geological
by a strong pipeline of organic projects and minesite expansion domains;
opportunities in our core regions. Uncertainty related to these and other • Focus on economically feasible discoveries with potential Tier
opportunities exists (potentially both favorable and unfavorable) due to One1 status;
the speculative nature of mineral exploration and development as well • Optimize the value of underdeveloped projects; and
as the potential for increased costs, delays, suspensions and technical • Identify emerging opportunities and secure them through earn-in
challenges associated with the construction of capital projects. agreements or acquisition.
Financial position and liquidity
Our liquidity profile, level of indebtedness and credit ratings are all • Continued focus on generating positive free cash flow6 by
factors in our ability to meet short- and long-term financial demands. improving the underlying cost structures of our operations in a
Barrick’s outstanding debt balances impact liquidity through scheduled sustainable manner;
interest and principal repayments and the results of leverage ratio • Disciplined capital allocation criteria for all investments, to ensure
calculations, which could influence our investment grade credit ratings a high degree of consistency and rigor is applied to all capital
and ability to access capital markets. In addition, our ability to draw allocation decisions based on a comprehensive understanding of
on our credit facility is subject to meeting its covenants. Our primary risk and reward;
source of liquidity is our operating cash flow, which is dependent on • Preparation of budgets and forecasts to understand the impact
the ability of our operations to deliver projected future cash flows. The of different price scenarios on liquidity, including our capacity to
ability of our operations to deliver projected future cash flows, as well provide cash returns to shareholders, repurchase outstanding
as future changes in gold and copper market prices, either favorable or debt and shares, and formulate appropriate strategies;
unfavorable, will continue to have a material impact on our cash flow • Review of debt and net debt levels to ensure appropriate leverage
and liquidity. and monitor the market for liability management opportunities;
and
• Other options available to the Company to enhance liquidity
include drawing on our $3.0 billion undrawn credit facility, asset
sales, joint ventures, or the issuance of debt or equity securities.

PRODUCTION AND COST SUMMARY – GOLD

12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Nevada Gold Mines LLC (61.5%)a
Gold produced (000s oz) 516 425 21% 1,862 2,036 (9%) 2,131
Cost of sales ($/oz) 1,257 1,242 1% 1,210 1,072 13% 1,029
Total cash costs ($/oz)b 906 924 (2%) 876 705 24% 702
All-in sustaining costs ($/oz)b 1,179 1,333 (12%) 1,214 949 28% 941
Carlin (61.5%)c
Gold produced (000s oz) 265 229 16% 966 923 5% 1,024
Cost of sales ($/oz) 1,081 1,137 (5%) 1,069 968 10% 976
All-in sustaining costs ($/oz)b 1,217 1,304 (7%) 1,212 1,087 11% 1,041
Cortez (61.5%)d
Gold produced (000s oz) 140 98 43% 450 509 (12%) 491
Cost of sales ($/oz) 1,284 1,056 22% 1,164 1,122 4% 958
Total cash costs ($/oz)b 848 770 10% 815 763 7% 678
All-in sustaining costs ($/oz)b 1,037 1,426 (27%) 1,258 1,013 24% 998
Turquoise Ridge (61.5%)
Cost of sales ($/oz) 1,518 1,509 1% 1,434 1,122 28% 1,064
Total cash costs ($/oz)b 1,089 1,105 (1%) 1,035 749 38% 711
Phoenix (61.5%)c
Gold produced (000s oz) 30 30 0% 109 109 0% 126
Cost of sales ($/oz) 1,901 1,964 (3%) 2,039 1,922 6% 1,772
Long Canyon (61.5%)
Gold produced (000s oz) 3 6 (50%) 55 161 (66%) 160
Cost of sales ($/oz) 1,812 1,769 2% 1,282 739 73% 869
All-in sustaining costs ($/oz)b 664 684 (3%) 454 238 91% 405
Pueblo Viejo (60%)
Cost of sales ($/oz) 1,215 1,097 11% 1,132 896 26% 819
All-in sustaining costs ($/oz)b 1,065 1,063 0% 1,026 745 38% 660
Loulo-Gounkoto (80%)
Cost of sales ($/oz) 1,216 1,220 0% 1,153 1,049 10% 1,060
All-in sustaining costs ($/oz)b 1,102 1,216 (9%) 1,076 970 11% 1,006
Kibali (45%)
Cost of sales ($/oz) 1,570 1,047 50% 1,243 1,016 22% 1,091
All-in sustaining costs ($/oz)b 981 876 12% 948 818 16% 778
Veladero (50%)
Cost of sales ($/oz) 2,309 1,430 61% 1,628 1,256 30% 1,151

PRODUCTION AND COST SUMMARY – GOLD (continued)

12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Porgera (47.5%)e
Gold produced (000s oz) – – – – – – 86
Cost of sales ($/oz) – – – – – – 1,225
Total cash costs ($/oz)b – – – – – – 928
All-in sustaining costs ($/oz)b – – – – – – 1,115
Tongon (89.7%)
Cost of sales ($/oz) 1,381 1,744 (21%) 1,748 1,504 16% 1,334
Total cash costs ($/oz)b 1,070 1,462 (27%) 1,396 1,093 28% 747
Hemlo
Cost of sales ($/oz) 1,451 1,670 (13%) 1,628 1,693 (4%) 1,256
Total cash costs ($/oz)b 1,227 1,446 (15%) 1,409 1,388 2% 1,056
All-in sustaining costs ($/oz)b 1,557 1,865 (17%) 1,788 1,970 (9%) 1,423
North Mara
Gold produced (000s oz) 70 71 (1%) 263 260 1% 261
Cost of sales ($/oz) 1,030 956 8% 979 966 1% 992
Total cash costs ($/oz)b 758 737 3% 741 777 (5%) 702
All-in sustaining costs ($/oz)b 1,301 951 37% 1,028 1,001 3% 929
Buzwagif
Gold produced (000s oz) 40 (100%) 84
Cost of sales ($/oz) 1,334 (100%) 1,021
Total cash costs ($/oz)b 1,284 (100%) 859
All-in sustaining costs ($/oz)b 1,291 (100%) 871
Bulyanhulu
Cost of sales ($/oz) 1,237 1,229 1% 1,211 1,079 12% 1,499
Total Attributable to Barrickg
Gold produced (000s oz) 1,120 988 13% 4,141 4,437 (7%) 4,760
Cost of sales ($/oz)h 1,324 1,226 8% 1,241 1,093 14% 1,056
a. These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until 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 Tree and
Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.
c. On September 7, 2021, NGM announced it had entered into an 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 Mountain properties and infrastructure. Operating results within our 61.5% interest 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 30, 2021, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.
d. Starting in the first quarter of 2021, Goldrush is reported as part of Cortez as it is operated by Cortez management. Comparative periods have been restated to
include Goldrush.
e. As Porgera was placed on care and maintenance on April 25, 2020, no operating data or per ounce data has been provided starting in the third quarter of 2020.
f. With the end of mining at Buzwagi in the third quarter of 2021, as previously reported, we have ceased to include production or non-GAAP cost metrics for Buzwagi
from October 1, 2021 onwards.
g. Excludes Pierina, Morila up until its divestiture in November 2020, Lagunas Norte up until its divestiture in June 1, 2021 and Buzwagi starting in the 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 care and maintenance) divided by ounces sold
(both on an attributable basis using Barrick’s ownership share).

PRODUCTION AND COST SUMMARY – COPPER

12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Lumwana
Copper production (millions lbs) 53 82 (35%) 267 242 10% 276
Cost of sales ($/lb) 3.56 2.19 63% 2.42 2.25 8% 2.01
C1 cash costs ($/lb)a 2.34 1.78 31% 1.89 1.62 17% 1.56
All-in sustaining costs ($/lb)a 4.86 3.50 39% 3.63 2.80 30% 2.43
Zaldívar (50%)
Copper production (millions lbs) 25 23 9% 98 97 1% 106
Cost of sales ($/lb) 3.55 3.20 11% 3.12 3.19 (2%) 2.46
C1 cash costs ($/lb)a 2.69 2.45 10% 2.36 2.38 (1%) 1.79
Jabal Sayid (50%)
Copper production (millions lbs) 18 18 0% 75 76 (1%) 75
Cost of sales ($/lb) 1.72 1.58 9% 1.52 1.38 10% 1.42
C1 cash costs ($/lb)a 1.42 1.41 1% 1.26 1.18 7% 1.11
Total Attributable to Barrick
Copper production (millions lbs) 96 123 (22%) 440 415 6% 457
Cost of sales ($/lb)b 3.19 2.30 39% 2.43 2.32 5% 2.02
C1 cash costs ($/lb)a 2.25 1.86 21% 1.89 1.72 10% 1.54
b. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s
ownership share).
OPERATING PERFORMANCE
Review of Operating Performance
Our presentation of reportable operating segments consists of nine including our remaining gold and copper mines have been grouped
gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo- into an “Other Mines” category and will not be reported on individually.
Gounkoto, Kibali, Veladero, North Mara and Bulyanhulu). Starting in Segment performance is evaluated based on a number of measures
the first quarter of 2021, Goldrush was included as part of Cortez as including operating income before tax, production levels and unit
management began reviewing the operating results and assessing production costs. Certain costs are managed on a consolidated basis
performance on a combined level. The remaining operating segments, and are therefore not reflected in segment income.

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

SUMMARY OF OPERATING AND FINANCIAL DATA
12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Total tonnes mined (000s) 36,209 43,388 (17%) 170,302 198,725 (14%) 223,148
Open pit ore 8,250 5,307 55% 24,540 37,670 (35%) 36,305
Open pit waste 26,572 36,701 (28%) 140,245 155,724 (10%) 181,675
Underground 1,387 1,380 1% 5,517 5,331 3% 5,168
Average grade (grams/tonne)
Open pit mined 1.55 1.47 5% 1.27 0.84 51% 1.14
Underground mined 9.24 8.61 7% 8.96 9.32 (4%) 9.67
Processed 2.53 2.69 (6%) 2.50 1.78 40% 2.02
Ore tonnes processed (000s) 10,052 7,594 32% 34,873 49,232 (29%) 43,174
Oxide mill 2,946 3,037 (3%) 11,964 12,334 (3%) 12,907
Roaster 1,365 1,408 (3%) 5,506 4,866 13% 5,222
Autoclave 995 1,172 (15%) 4,341 4,683 (7%) 5,418
Heap leach 4,746 1,977 140% 13,062 27,349 (52%) 19,627
Recovery rateb 80% 78% 3% 78% 79% (1%) 80%
Oxide Millb 76% 71% 7% 73% 77% (5%) 73%
Roaster 86% 86% 0% 86% 86% 0% 86%
Autoclave 72% 66% 9% 67% 69% (3%) 71%
Gold produced (000s oz) 516 425 21% 1,862 2,036 (9%) 2,131
Oxide mill 127 79 61% 350 364 (4%) 300
Roaster 265 236 12% 972 960 1% 1,070
Autoclave 94 83 13% 357 410 (13%) 468
Heap leach 30 27 11% 183 302 (39%) 293
Gold sold (000s oz) 511 424 21% 1,856 2,039 (9%) 2,134
Revenue ($ millions) 918 744 23% 3,428 3,773 (9%) 3,867
Cost of sales ($ millions) 645 531 21% 2,275 2,186 4% 2,186
Income ($ millions) 264 215 23% 1,144 1,675 (32%) 1,636
EBITDA ($ millions)c 426 332 28% 1,695 2,305 (26%) 2,232
EBITDA margind 46% 45% 2% 49% 61% (20%) 58%
Capital expenditures ($ millions) 169 191 (12%) 707 555 27% 583
Minesite sustainingc 128 163 (21%) 584 458 28% 459
Projectc 41 28 46% 123 97 27% 124
Cost of sales ($/oz) 1,257 1,242 1% 1,210 1,072 13% 1,029
Total cash costs ($/oz)c 906 924 (2%) 876 705 24% 702
All-in sustaining costs ($/oz)c 1,179 1,333 (12%) 1,214 949 28% 941
All-in costs ($/oz)c 1,260 1,398 (10%) 1,280 997 28% 998
a. Barrick is the operator of Nevada Gold Mines and owns 61.5%, with Newmont Corporation owning the remaining 38.5%. NGM is accounted for as a subsidiary
with a 38.5% non-controlling interest. These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until 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 Tree and Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and
Long Canyon.
b. Excludes the Gold Quarry (Mill 5) concentrator.
c. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 114–140 of this MD&A.
d. Represents EBITDA divided by revenue.
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 Corporation owning the remaining 38.5%. Refer to the following pages for a detailed discussion of each minesite’s results.

Carlin (61.5% basis)a, Nevada USA

12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Open pit ore 1,686 2,274 (26%) 6,424 6,472 (1%) 6,054
Open pit waste 9,367 14,524 (36%) 58,267 65,507 (11%) 63,579
Underground 793 776 2% 3,280 3,228 2% 3,187
Open pit mined 2.99 2.34 28% 2.09 0.78 168% 2.08
Underground mined 7.88 7.98 (1%) 8.03 8.85 (9%) 9.36
Processed 4.29 3.42 25% 3.60 2.97 21% 3.69
Ore tonnes processed (000s oz) 2,497 2,902 (14%) 11,485 14,282 (20%) 12,195
Oxide mill 617 618 0% 2,448 2,735 (10%) 2,936
Roaster 1,126 1,161 (3%) 4,528 3,616 25% 3,743
Autoclave 503 555 (9%) 2,175 2,221 (2%) 3,071
Heap leach 251 568 (56%) 2,334 5,710 (59%) 2,445
Recovery rateb 81% 78% 4% 78% 77% 1% 79%
Roaster 86% 85% 1% 85% 85% 0% 86%
Autoclave 46% 47% (2%) 44% 46% (4%) 57%
Gold produced (000s oz) 265 229 16% 966 923 5% 1,024
Oxide mill 16 10 60% 48 51 (6%) 38
Roaster 221 184 20% 780 728 7% 784
Autoclave 19 24 (21%) 91 102 (11%) 161
Heap leach 9 11 (18%) 47 42 12% 41
Gold sold (000s oz) 266 226 18% 968 922 5% 1,024
Revenue ($ millions) 467 390 20% 1,752 1,653 6% 1,812
Cost of sales ($ millions) 291 261 11% 1,063 893 19% 999
Income ($ millions) 171 123 39% 685 733 (7%) 795
EBITDA ($ millions)c 226 168 35% 877 903 (3%) 983
EBITDA margind 48% 43% 12% 50% 55% (9%) 54%
Capital expenditures ($ millions) 85 76 12% 306 260 18% 231
Minesite sustainingc 85 76 12% 306 260 18% 231
Projectc 0 0 0% 0 0 0% 0
Cost of sales ($/oz) 1,081 1,137 (5%) 1,069 968 10% 976
Total cash costs ($/oz)c 878 943 (7%) 877 782 12% 790
All-in sustaining costs ($/oz)c 1,217 1,304 (7%) 1,212 1,087 11% 1,041
All-in costs ($/oz)c 1,217 1,304 (7%) 1,212 1,087 11% 1,041
a. On September 7, 2021, NGM announced it had entered into an Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not
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 measures, including detailed reconciliations, is included on pages 114–140 of this MD&A.
d. Represents EBITDA divided by revenue.
Safety and Environment

Financial Results
Q4 2022 compared to Q3 2022
12/31/22 9/30/22 12/31/22 12/31/21
Carlin’s income for the fourth quarter of 2022 was 39% higher than the
LTI 0 4 6 10 prior quarter mainly due to a lower cost of sales per ounce7 and higher
LTIFR8 0.00 1.76 0.69 1.19 sales volume.
TRIFR8 2.27 2.20 2.63 3.08 Gold production in the fourth quarter of 2022 was 16% higher
compared to the prior quarter. As previously reported, processing
Class 19
of higher grades mined from the Goldstrike 5th NW layback was a
environmental
incidents 0 0 0 0 significant contributor to fourth quarter production. In addition, higher
production was driven by higher grades mined and processed from
Unfortunately, on January 23, 2023, an incident occurred at Carlin the Goldstar open pit.
which resulted in the tragic fatality of an employee. Fatality incident Total tonnes mined in the fourth quarter of 2022 were 33% lower
investigations are underway. Please refer to page 68 for further details. compared to the prior quarter, driven primarily by a transition in open
pit mining from Goldstar to Gold Quarry as per the mine schedule,

resulting in longer hauls and shovel movement. In addition, mining at PRODUCTIONa

the Goldstrike 5th NW layback was focused on ore haulage with waste (thousands of ounces)
stripping completed in the prior quarter. Open pit ore tonnes mined
decreased by 26% due to longer hauls. The average open pit mined 1,200
grade increased by 28% compared to the prior quarter driven by the
Goldstrike 5th NW layback and Goldstar. Underground mined tonnes 923 966 910
and grade were in line with the prior quarter. 600 to
Cost of sales per ounce7 and total cash costs per ounce6 in the 1,000
fourth quarter of 2022 were 5% and 7% lower, respectively, than the
prior quarter, mainly due to higher sales volumes, partially offset by 0
an increase in natural gas prices. In the fourth quarter of 2022, all-
2021 2022 2023 (est)b
in sustaining costs per ounce6 was 7% lower compared to the prior
quarter mainly due to lower total cash costs per ounce6, combined with a. The results include NGM’s 60% interest in South Arturo up until May 30, 2021
lower minesite sustaining capital expenditures6 on a per ounce basis. and 100% interest thereafter.
Capital expenditures in the fourth quarter of 2022 were 12% higher b. Based on the midpoint of the guidance range.
than the prior quarter driven by the timing of mobile equipment deliveries,
as well as the ramp-up of spend on both the autoclave carbon-in-leach Cost of sales per ounce7 and total cash costs per ounce6 for 2022
conversion and underground paste plant projects at Goldstrike, partially were 10% and 12% higher, respectively, than the prior year due to
offset by lower capitalized stripping in the Goldstar and Goldstrike higher input costs driven by energy and consumable prices as well as
open pits as waste stripping was completed in the prior quarter. the inclusion of the Nevada mining excise tax effective July 1, 2021,
which more than offset the benefit of higher sales volumes. For 2022,
2022 compared to 2021 all-in sustaining costs per ounce6 was 11% higher than the prior year,
due to the impact of higher total cash costs per ounce6 and higher
Carlin’s income for 2022 was 7% lower than the prior year, mainly due
minesite sustaining capital expenditures6.
to an increase in cost of sales per ounce7, partially offset by higher
sales volume.
COST OF SALES7, TOTAL CASH COSTS6
AND ALL-IN SUSTAINING COSTS6 ($ per ounce)
INCOME AND EBITDA6,a
1,799 1,800 1,200 1,250
1,770 1,212 to
1,330
1,000 1,000 1,087 1,069 1,030
983 968 to
903 877 800 877 1,100 820
800
782 to
795
733 600 880
600 685
400
400
200
200 0
2021 2022 2023 (est)a
0
Cost of Sales Total Cash Costs AISC
2020 2021 2022
a. Based on the midpoint of the guidance range.
Income ($ millions) Gold Market Price ($/oz)
EBITDA ($ millions) Capital expenditures in 2022 increased by 18% from the prior year
driven by higher minesite sustaining capital6, which included higher
a. The results include NGM’s 60% interest in South Arturo up until May 30, 2021 spend on tailings dam construction, major improvement projects at
and 100% interest thereafter. all processing facilities, deliveries of mobile equipment at the open pit
and underground operations, higher underground development, and
Gold production in 2022 was 5% higher compared to the prior year, higher capitalized drilling.
mainly due to higher roaster production following the previously
disclosed mechanical mill failure at the Goldstrike roaster on May 26, 2022 compared to Guidance
2021, and its impact on production in the prior year. In addition,
the current year benefited from higher production at the heap leach 2022 Actual 2022 Guidance
facilities. Gold produced (000s oz) 966 950 – 1,030
Total tonnes mined in 2022 decreased by 10% compared to the
prior year, mainly due to lower waste tonnes mined at the open pit Cost of sales7 ($/oz) 1,069 900 – 980
operations. At the Goldstar open pit, mining continued to advance in Total cash costs6 ($/oz) 877 730 – 790
ore, resulting in lower capitalized waste tonnes mined compared to All-in sustaining costs6 ($/oz) 1,212 1,020 – 1,100
the prior year. This was partially offset by higher waste stripping at the
Goldstrike 5th NW layback for most of the current year to meet tailings Gold production for 2022 was within the guidance range. Cost of
dam construction material requirements, as well as to provide access sales per ounce7 and total cash costs per ounce6 were above the
to higher grade ore in the fourth quarter of 2022. The average open pit guidance range due to higher input costs, primarily driven by energy
grade mined increased by 168% compared to the prior year, primarily and consumable prices. All-in sustaining costs per ounce6 was higher
due to the advancement of mining in the Goldstrike and Goldstar than guidance mainly driven by higher total cash costs per ounce6
open pits. Underground tonnes mined and the average grade mined and increased minesite sustaining capital expenditures due to the
were 2% higher and 9% lower, respectively, compared to the prior same input cost drivers described above, which impacted capitalized
year, driven by a change in the mix of ore sources across the different stripping and underground development.
underground operations as per the mine plan.

Cortez (61.5% basis)a, Nevada USA

12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Open pit ore 3,849 540 613% 7,096 15,456 (54%) 11,392
Open pit waste 13,238 17,993 (26%) 64,136 58,235 10% 73,240
Underground 340 363 (6%) 1,319 1,269 4% 1,108
Open pit mined 1.33 0.44 202% 1.11 0.71 56% 0.56
Underground mined 10.20 9.43 8% 9.76 9.45 3% 9.86
Processed 1.82 3.21 (43%) 2.06 1.22 69% 1.41
Ore tonnes processed (000s) 4,170 1,092 282% 8,706 18,333 (53%) 13,019
Oxide mill 611 617 (1%) 2,510 2,548 (1%) 2,432
Roaster 239 247 (3%) 978 1,250 (22%) 1,479
Autoclave n/a n/a n/a n/a 10 n/a n/a
Heap leach 3,320 228 1,356% 5,218 14,525 (64%) 9,108
Recovery rate 80% 81% (1%) 80% 83% (4%) 83%
Oxide Mill 77% 72% 7% 74% 78% (5%) 75%
Roaster 84% 88% (5%) 87% 88% (1%) 87%
Autoclave n/a n/a n/a n/a 81% n/a n/a
Oxide mill 78 38 105% 183 192 (5%) 129
Roaster 44 52 (15%) 192 232 (17%) 286
Autoclave n/a n/a n/a n/a 1 n/a n/a
Heap leach 18 8 125% 75 84 (11%) 76
Gold sold (000s oz) 137 99 38% 449 508 (12%) 491
Revenue ($ millions) 241 169 43% 809 913 (11%) 865
Cost of sales ($ millions) 175 105 67% 522 570 (8%) 470
Income ($ millions) 63 62 2% 277 337 (18%) 385
EBITDA ($ millions)b 122 90 36% 432 518 (17%) 523
EBITDA marginc 51% 53% (4%) 53% 57% (7%) 60%
Minesite sustainingb 22 63 (65%) 187 118 58% 145
Projectb 20 17 18% 64 59 8% 90
Cost of sales ($/oz) 1,284 1,056 22% 1,164 1,122 4% 958
All-in costs ($/oz)b 1,175 1,602 (27%) 1,400 1,129 24% 1,179
a. Starting in the first quarter of 2021, Goldrush is reported as part of Cortez as it is operated by Cortez management. Comparative periods have been restated to
include Goldrush.
c. Represents EBITDA divided by revenue.
Safety and Environment Financial Results

Cortez’s income for the fourth quarter of 2022 was 2% higher than the
12/31/22 9/30/22 12/31/22 12/31/21 prior quarter due to higher sales volume, largely offset by a higher cost
LTI 1 0 6 7 of sales per ounce7.
LTIFR8 0.95 0.00 1.45 1.81 Gold production in the fourth quarter of 2022 was 43% higher
compared to the prior quarter. This was mainly driven by significantly
TRIFR8 3.78 1.89 4.35 2.85
higher ore tonnes mined from Crossroads and processed at the
Class 19 Cortez oxide mill and leach facilities, higher grades mined from
environmental Cortez Hills underground, and higher ore tonnes mined from the
incidents 0 0 0 0 Goldrush development project, partially offset by lower open pit and
underground stockpiles hauled and processed at the Carlin roasters.

Total tonnes mined in the fourth quarter of 2022 were 8% lower PRODUCTION
than the prior quarter. Open pit ore tonnes mined and the average (thousands of ounces)
grade mined were both significantly higher compared to the prior 800
quarter, primarily driven by the transition from stripping at Crossroads
(Phase 5) to oxide ore delivery, as previously disclosed, resulting in
26% lower waste tonnes mined. Underground tonnes mined were 6% 580
400 509 to
lower while grade mined was 8% higher compared to the prior quarter 450 650
due to mine sequencing as per the mine plan.
Cost of sales per ounce7 and total cash costs per ounce6 in the
fourth quarter of 2022 were 22% and 10% higher, respectively, than 0
the prior quarter, driven by the significant change in the sales mix 2021 2022 2023 (est)a
to higher-cost open pit ounces which also carry higher depreciation
expense, combined with higher energy prices. In the fourth quarter of
2022, all-in sustaining costs per ounce6 was 27% lower than the prior
Cost of sales per ounce7 and total cash costs per ounce6 in 2022 were
quarter, mainly due to lower minesite sustaining capital expenditures6,
4% and 7% higher, respectively, than the prior year mainly due to
partially offset by higher total cash costs per ounce6.
higher input costs driven by energy and consumable prices, as well as
Capital expenditures in the fourth quarter of 2022 were 48% lower
the inclusion of the Nevada mining excise tax effective July 1, 2021. For
compared to the prior quarter, mainly due to lower minesite sustaining
2022, all-in sustaining costs per ounce6 increased by 24% compared
capital expenditures6, which was driven by a decrease in capitalized
to the prior year, driven by an increase in minesite sustaining capital
waste stripping at Crossroads (Phase 5).
expenditures6 and higher total cash costs per ounce6.
2022 compared to 2021
Cortez’s income in 2022 was 18% lower than the prior year, primarily
due to a higher cost of sales per ounce7 and lower sales volume.
1,200 1,258
INCOME AND EBITDA6 1,164
1,000 1,122 1,080
1,013 to
1,160 930
1,770 1,799 1,800 800 to
600 815 1,010
763
600 680
523 518 to
400 740
432 400
385
337
277 200
200
0
0 2021 2022 2023 (est)a
2020 2021 2022 Cost of Sales Total Cash Costs AISC
Income ($ millions) Gold Market Price ($/oz) a. Based on the midpoint of the guidance range.
EBITDA ($ millions)
Capital expenditures in 2022 increased by 42% from the same
prior year period, due to both higher minesite sustaining capital
expenditures6 and project capital expenditures6. Minesite sustaining
capital expenditures6 were 58% higher compared to the same prior
Gold production in 2022 was 12% lower than the prior year. This was year period, primarily due to an increase in capitalized waste stripping
primarily driven by lower leach and refractory ore tonnes mined from at Crossroads. Project capital expenditures6 were 8% higher due to
both Crossroads and Pipeline, partially offset by an increase in grade increased development and exploration activities at Goldrush.
from Cortez Hills underground as well as increased ore tonnes mined
and processed from the Goldrush development project. 2022 compared to Guidance
Total tonnes mined in 2022 were 3% lower, driven by lower ore
tonnes mined from the three open pits (Crossroads, Cortez Pits, and 2022 Actual 2022 Guidance
Pipeline). Open pit ore tonnes mined were 54% lower compared to the
Gold produced (000s oz) 450 480 – 530
prior year, primarily driven by the transition from the Pipeline pit, which
ceased mining operations in the first quarter of 2022, to the next phase Cost of sales7 ($/oz) 1,164 970 – 1,050
at Crossroads (Phase 5). Underground tonnes mined increased by 4% Total cash costs6 ($/oz) 815 650 – 710
over the same prior year period, driven by increased development All-in sustaining costs6 ($/oz) 1,258 1,010 – 1,090
activity at Goldrush.
Gold production for 2022 was below the guidance range, mainly driven
by delays in the ramp-up of the Goldrush development project as
discussed on page 98. Cost of sales per ounce7 and total cash costs
per ounce6 were above the guidance range due to lower production
and sales, higher input costs driven by energy and consumable prices,
as well as higher maintenance expense related to the haul truck fleet.
All-in sustaining costs per ounce6 was also higher than guidance,
mainly driven by higher total cash costs per ounce6 and higher minesite
sustaining capital expenditures6 due to the same input cost drivers as
described above, which impacted capitalized stripping.

Turquoise Ridge (61.5%)a, Nevada USA

12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Total tonnes mined (000s) 366 241 52% 1,053 8,510 (88%) 15,483
Open pit ore 107 0 100% 131 3,020 (96%) 5,150
Open pit waste 4 0 100% 4 4,656 (100%) 9,460
Underground 255 241 6% 918 834 10% 873
Open pit mined 1.04 n/a n/a 1.13 1.69 (33%) 2.24
Processed 4.89 3.61 35% 4.26 3.31 29% 3.42
Ore tonnes processed (000s) 602 699 (14%) 2,541 3,793 (33%) 3,613
Oxide Mill 64 82 (22%) 329 434 (24%) 458
Autoclave 492 617 (20%) 2,166 2,452 (12%) 2,346
Heap leach 46 0 100% 46 907 (95%) 809
Recovery Rate 84% 78% 8% 81% 82% (1%) 83%
Oxide Mill 88% 89% (1%) 84% 83% 1% 88%
Autoclave 84% 78% 8% 81% 82% (1%) 83%
Oxide Mill 3 1 200% 10 16 (38%) 16
Autoclave 75 59 27% 266 307 (13%) 306
Heap leach 0 2 (100%) 6 11 (45%) 8
Gold sold (000s oz) 74 64 16% 278 337 (18%) 332
Cost of sales ($ millions) 112 95 18% 398 378 5% 353
Income ($ millions) 17 11 55% 98 229 (57%) 229
EBITDA ($ millions)a 49 36 36% 208 352 (41%) 342
EBITDA marginb 38% 33% 15% 42% 58% (28%) 58%
Minesite sustaininga 15 19 (21%) 67 47 43% 24
Projecta 8 9 (11%) 30 34 (12%) 27
Cost of sales ($/oz) 1,518 1,509 1% 1,434 1,122 28% 1,064
Total cash costs ($/oz)a 1,089 1,105 (1%) 1,035 749 38% 711
All-in sustaining costs ($/oz)a 1,304 1,423 (8%) 1,296 892 45% 798
All-in costs ($/oz)a 1,424 1,559 (9%) 1,405 993 41% 879
b. Represents EBITDA divided by revenue.
Safety and Environment Gold production in the fourth quarter of 2022 was 26% higher than
the prior quarter, mainly due to higher underground tonnes and grades
For the three months ended For the years ended mined, combined with higher autoclave recovery, which was positively
12/31/22 9/30/22 12/31/22 12/31/21 impacted by improved carbon management. This was partially offset
LTI 1 0 8 8 by lower autoclave throughput, which was impacted by a maintenance
shutdown that was brought forward from the first quarter of 2023.
LTIFR8 1.39 0.00 2.74 2.85 Total tonnes mined increased in the fourth quarter of 2022 by
TRIFR8 5.56 2.70 6.84 4.63 52% compared to the prior quarter, due to higher underground tonnes
Class 19 mined from Turquoise Ridge underground and remnant mining in
environmental the Vista open pit, partially offset by lower tonnes mined from Vista
incidents 0 0 0 0 underground. Tonnes mined from Turquoise Ridge underground
improved significantly with the commissioning of the Third Shaft
completed in the fourth quarter of 2022 (refer to page 99 for more
Financial Results
details). Tonnes processed were lower than the prior quarter driven by
Q4 2022 compared to Q3 2022 the maintenance shutdown at the Sage autoclave as described above.
Turquoise Ridge’s income for the fourth quarter of 2022 was 55% Consistent with the prior quarter, the plant processed more material
higher than the prior quarter mainly due to higher sales volume. than mined during the current period by drawing upon our long-term
open pit stockpiles from the Vista and Mega pits. Most of this stockpile
was established prior to the formation of Nevada Gold Mines.

Cost of sales per ounce7 and total cash costs per ounce6 in the PRODUCTION
fourth quarter of 2022 were consistent with the prior quarter as the (thousands of ounces)
benefit from the improvement in grade and higher recovery were
largely offset by higher energy and autoclave maintenance expense. 500
All-in sustaining costs per ounce6 were 8% lower than the prior quarter,
mainly reflecting lower minesite sustaining capital expenditures6.
Capital expenditures in the fourth quarter of 2022 were 18% 250 334 300
282 to
lower than the prior quarter, due to lower minesite sustaining capital
340
expenditures6 and slightly lower project capital expenditures6 at the
Third Shaft. Lower minesite sustaining capital6 was primarily due to 0
reduced underground capital development activity driven by lower
capital development tonnes mined as per the mine plan. 2021 2022 2023 (est)a
Turquoise Ridge’s income in 2022 was 57% lower than the prior year, Cost of sales per ounce7 and total cash costs per ounce6 in 2022 were
mainly due to lower sales volume and a higher cost of sales per ounce7. 28% and 38% higher, respectively, than the prior year due to higher
maintenance expense, reduced autoclave throughput, and higher
INCOME AND EBITDA6 input costs driven by energy and consumable prices, as well as the
inclusion of the Nevada mining excise tax effective July 1, 2021. All-
in sustaining costs per ounce6 increased by 45% compared to the
1,770 1,799 1,800 prior year due to higher minesite sustaining capital expenditures6 and
400 increased total cash costs per ounce6.
342 352 COST OF SALES7, TOTAL CASH COSTS6

300
1,600
200 229 229
208
1,434
1,200 1,296 1,290 1,170
100 to to
98 1,122 1,370 1,250
1,035
800 892 900
0 to
749 960
2020 2021 2022
400
EBITDA ($ millions)
Gold production in 2022 was 16% lower compared to the prior year, 0
primarily due to lower throughput at the Sage autoclave related to 2021 2022 2023 (est)a
previously disclosed unplanned maintenance events, partially offset
by higher grades processed. In addition, the complex has transitioned Cost of Sales Total Cash Costs AISC
to an underground-only mining operation supplemented by stockpile
reclaim starting in the fourth quarter of 2021, together with residual a. Based on the midpoint of the guidance range.
production from the heap leach facility.
Total tonnes mined in 2022 decreased by 88% compared to the Capital expenditures in 2022 increased by 20% compared to the
prior year. Open pit mining was largely completed in the fourth quarter prior year, mainly due to an increase in minesite sustaining capital
of 2021, which was the source of lower grade heap leach material. expenditures6. This was driven by the same input cost drivers as
This was also the driver behind the 29% increase in average grade described above, which impacted underground development, as well
processed compared to the prior year. Underground tonnes mined as an overall increase in underground development tonnes mined. This
were 10% higher compared to the prior year, which benefited from was partially offset by lower project capital expenditures6 related to
increased ventilation and hoisting from the Third Shaft following the the Third Shaft project.
completion of commissioning in the fourth quarter of 2022.
2022 compared to Guidance
2022 Actual 2022 Guidance

Cost of sales7 ($/oz) 1,434 1,110 – 1,190
Total cash costs6 ($/oz) 1,035 770 – 830
All-in sustaining costs6 ($/oz) 1,296 930 – 1,010
As expected and previously disclosed, gold production in 2022

was below the guidance range as operations were disrupted by
maintenance events at the Sage autoclave in the second half of 2022.
All cost metrics were higher than guidance mainly due to the impact of
lower sales volumes, which reflected the disruptions described above,
as well as higher maintenance expense and higher input costs driven
by energy and consumable prices.

Other Mines – Nevada Gold Mines

For the three months ended
12/31/22 9/30/22
Total All-in Total All-in
Gold Cost of cash sustaining Capital Gold Cost of cash sustaining Capital
produced sales costs costs Expend- produced sales costs costs Expend-
(000s oz) ($/oz) ($/oz)a ($/oz)a ituresb (000s oz) ($/oz) ($/oz)a ($/oz)a ituresb
Phoenix (61.5%)c 30 1,901 946 1,037 2 30 1,964 953 1,084 3
Long Canyon (61.5%) 3 1,812 616 664 0 6 1,769 662 684 0
b. Includes both minesite sustaining and project capital expenditures. Further information on these non-GAAP financial measures, including detailed reconciliations,
is included on pages114–140 of this MD&A.
c. On September 7, 2021, NGM announced it had entered into an 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 Mountain properties and infrastructure. Operating results within our 61.5% interest 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%) Long Canyon (61.5%)

Gold production for Phoenix in the fourth quarter of 2022 was in line Gold production for Long Canyon in the fourth quarter of 2022 was
with the prior quarter as improved grades and recovery offset lower 50% lower compared to the prior quarter, reflecting the expected
mill throughput due to planned maintenance. decrease in recoveries from the leach pad following the completion of
Cost of sales per ounce7 and total cash costs per ounce6 in the Phase 1 mining in May 2022, as previously disclosed.
fourth quarter of 2022 were 3% and 1% lower, respectively, than the Cost of sales per ounce7 in the fourth quarter of 2022 was 2%
prior quarter mainly due to the impact of higher sales volume, partially higher mainly due to higher depreciation expense on a per ounce basis,
offset by increased energy prices. In the fourth quarter of 2022, all-in partially offset by lower total cash costs per ounce6. Total cash costs
sustaining costs per ounce6 decreased by 4% compared to the prior per ounce6 and all-in sustaining costs per ounce6 were 7% and 3%
quarter due to lower sustaining capital expenditures6, combined with lower, respectively, than the prior quarter driven by lower operating
slightly lower total cash costs per ounce6. expense, partially offset by the impact of lower sales volume.
Mining of Phase 1 was completed in May 2022, followed by
2022 Actual 2022 Guidance residual production over the remainder of the year. We continue to
Gold produced (000s oz) 109 90 – 120 work on optimizing the asset’s mine life extension, including permitting
activities.
Cost of sales7 ($/oz) 2,039 2,000 – 2,080
Total cash costs6 ($/oz) 914 720 – 780 2022 Actual 2022 Guidance
All-in sustaining costs6 ($/oz) 1,074 890 – 970 Gold produced (000s oz) 55 40 – 50
Compared to our 2022 outlook, gold production and cost of sales Cost of sales7 ($/oz) 1,282 1,420 – 1,500
per ounce7 were within guidance. Total cash costs per ounce6 and Total cash costs6 ($/oz) 435 540 – 600
all-in sustaining costs per ounce6 were above the guidance ranges All-in sustaining costs6 ($/oz) 454 540 – 620
mainly due to lower by-product credits from higher input costs driven
by energy and consumable prices, combined with a decrease in the Compared to our 2022 outlook, gold production was above the
realized copper price6. top end of the guidance range. All cost metrics were well below the
guidance ranges driven by higher sales volume, which more than offset
inflationary pressures from higher energy and consumable prices.

Pueblo Viejo (60% basis)a, Dominican Republic

12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Open pit tonnes mined (000s) 5,235 5,380 (3%) 19,754 24,687 (20%) 20,262
Open pit ore 2,427 1,853 31% 6,820 7,969 (14%) 6,147
Open pit waste 2,808 3,527 (20%) 12,934 16,718 (23%) 14,115
Open pit mined 1.82 2.29 (21%) 2.23 2.41 (7%) 2.57
Processed 2.43 2.89 (16%) 2.68 3.18 (16%) 3.61
Autoclave ore tonnes processed (000s) 1,353 1,501 (10%) 5,669 5,466 4% 5,297
Recovery rate 92% 87% 6% 87% 88% (1%) 89%
Gold sold (000s oz) 96 124 (23%) 426 497 (14%) 541
Revenue ($ millions) 173 212 (18%) 776 898 (14%) 954
Cost of sales ($ millions) 116 136 (15%) 482 445 8% 443
Income ($ millions) 47 70 (33%) 265 445 (40%) 508
EBITDA ($ millions)b 83 109 (24%) 411 587 (30%) 644
EBITDA marginc 48% 51% (6%) 53% 65% (18%) 68%
Minesite sustainingb 28 40 (30%) 124 96 29% 79
Projectb 67 61 10% 227 215 6% 55
Cost of sales ($/oz) 1,215 1,097 11% 1,132 896 26% 819
All-in costs ($/oz)b 1,757 1,554 13% 1,558 1,178 32% 761
a. Barrick is the operator of Pueblo Viejo and owns 60% with Newmont Corporation owning the remaining 40%. Pueblo Viejo is accounted for as a subsidiary with a
40% non-controlling interest. The results in the table and the discussion that follows are based on our 60% share only.
Safety and Environment Cost of sales per ounce7 and total cash costs per ounce6 for the
fourth quarter of 2022 were 11% and 4% higher, respectively, than the
For the three months ended For the years ended prior quarter primarily reflecting the impact of lower production and
12/31/22 9/30/22 12/31/22 12/31/21 sales volume as well as planned maintenance. This was combined with
LTI 0 1 2 1 lower margins from third-party energy sales at the Quisqueya power
plant driven by lower energy prices. The increase in cost of sales per
LTIFR8 0.00 0.18 0.10 0.07 ounce7 was also impacted by higher depreciation on a per ounce basis,
TRIFR8 0.50 1.05 0.72 0.50 resulting from the impact of lower production and sales volumes. For
Class 19 the fourth quarter of 2022, all-in sustaining costs per ounce6 was in
environmental line with the prior quarter, reflecting higher total cash costs per ounce6,
incidents 0 0 0 0 partially offset by lower sustaining capital expenditures6.
Capital expenditures for the fourth quarter of 2022 decreased
by 6% compared to the prior quarter, mainly due to lower minesite
Financial Results
sustaining capital expenditures6 following the purchase of new mining
Q4 2022 compared to Q3 2022 equipment occurring in the prior quarter.
Pueblo Viejo’s income for the fourth quarter of 2022 was 33% lower
than the prior quarter due to lower sales volume and a higher cost of 2022 compared to 2021
sales per ounce7. Pueblo Viejo’s income for 2022 was 40% lower than the prior year due
Gold production for the fourth quarter of 2022 was 19% lower to lower sales volume and a higher cost of sales per ounce7.
than the prior quarter due to lower throughput driven by planned
maintenance as well as lower grades processed in line with the mine
and stockpile processing plan. This was partially offset by higher
recovery.

INCOME AND EBITDA6 COST OF SALES7, TOTAL CASH COSTS6

1,799 1,200
1,770 1,800
1,132 1,130 960
700 to to
1,026 1,210 1,040
600 644 900
896
587
500 745
508 725 710
600 to
400 445 770
411 541
300
300
200 265
100 0
0 2021 2022 2023 (est)a
EBITDA ($ millions)
Capital expenditures for 2022 increased by 13% compared to the prior
Gold production for 2022 was 12% lower than the prior year, mainly year, mainly due to higher minesite sustaining capital expenditures6
due to lower grades processed in line with the mine and stockpile related to the Llagal TSF and the purchase of new mining equipment.
processing plan, partially offset by higher tonnes processed. Pueblo This was combined with increased project capital expenditures6 for
Viejo once again achieved record throughput in 2022 due to improved the plant expansion and mine life extension project.
maintenance practices and increased tonnes per operating hour, with
throughput 4% higher than the previous record set in 2021. 2022 compared to Guidance

PRODUCTION
(thousands of ounces) Gold produced (000s oz) 428 400 – 440
Cost of sales7 ($/oz) 1,132 1,070 – 1,150
600
Total cash costs6 ($/oz) 725 670 – 730
488 470 All-in sustaining costs6 ($/oz) 1,026 910 – 990
428 to
300 520 Gold production in 2022 was in the upper half of the guidance range.
Cost of sales per ounce7 and total cash costs per ounce6 were also
within the guidance ranges, despite the impact of higher consumable
0 and energy prices. All-in sustaining costs per ounce6 was higher than
2021 2022 2023 (est)a the guidance range mainly driven by increased minesite sustaining
capital expenditures6 largely relating to higher diesel prices and a
a. Based on the midpoint of the guidance range. higher strip ratio on limestone mining for the Llagal TSF.
Cost of sales per ounce7 and total cash costs per ounce6 for 2022
increased by 26% and 34%, respectively, compared to the prior year,
primarily reflecting the impact of lower grades, as described above,
and higher consumable and energy prices. For 2022, all-in sustaining
costs per ounce6 increased by 38% compared to the prior year, mainly
reflecting higher total cash costs per ounce6 and higher minesite
sustaining capital expenditures6.

Loulo-Gounkoto (80% basis)a, Mali

12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Open pit ore 927 643 44% 2,989 1,808 65% 1,698
Open pit waste 4,653 5,800 (20%) 24,560 29,050 (15%) 29,078
Underground 837 828 1% 3,296 2,215 49% 2,260
Open pit mined 2.68 2.59 3% 2.29 3.22 (29%) 5.50
Processed 4.58 4.34 6% 4.59 4.79 (4%) 4.76
Ore tonnes processed (000s) 1,041 1,015 3% 4,069 4,015 1% 3,916
Recovery rate 91% 92% (1%) 91% 91% 0% 91%
Gold sold (000s oz) 141 129 9% 548 558 (2%) 542
Income ($ millions) 70 60 17% 342 380 (10%) 358
EBITDA marginc 51% 49% 4% 55% 60% (8%) 59%
Minesite sustainingb 36 44 (18%) 152 159 (4%) 170
Projectb 40 21 90% 106 79 34% 15
Cost of sales ($/oz) 1,216 1,220 0% 1,153 1,049 10% 1,060
All-in sustaining costs ($/oz)b 1,102 1,216 (9%) 1,076 970 11% 1,006
All-in costs ($/oz)b 1,386 1,385 0% 1,270 1,111 14% 1,034
a. Barrick owns 80% of Société des Mines de Loulo SA and Société des Mines de Gounkoto with the Republic of Mali owning 20%. Loulo-Gounkoto is accounted for
as a subsidiary with a 20% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based
on our 80% share, inclusive of the impact of the purchase price allocation resulting from the merger with Randgold.
Safety and Environment Gold production for the fourth quarter of 2022 was 7% higher than
the prior quarter, mainly due to higher grades and tonnes processed.
For the three months ended For the years ended Cost of sales per ounce7 for the fourth quarter of 2022 was slightly
12/31/22 9/30/22 12/31/22 12/31/21 lower than the prior quarter due to a lower total cash costs per ounce6,
LTI 1 0 2 2 largely offset by higher depreciation expense. Total cash costs per
ounce6 were 3% lower than the prior quarter, primarily due to the
LTIFR8 0.22 0.00 0.11 0.11 impact of higher grades. For the fourth quarter of 2022, all-in sustaining
TRIFR8 0.65 0.00 0.45 0.92 costs per ounce6 decreased by 9% compared to the prior quarter,
Class 19 primarily reflecting lower minesite sustaining capital expenditures6, as
environmental well as lower total cash costs per ounce6.
incidents 0 0 0 0 Capital expenditures for the fourth quarter of 2022 increased by
17% compared to the prior quarter, mainly due to higher project capital
expenditures6 relating to the continued development of the Gounkoto
Unfortunately, on December 14, 2022, an incident occurred at Loulo-
underground expansion and the solar plant expansion project, partially
Gounkoto which resulted in the tragic fatality of a contractor. Fatality
offset by lower minesite sustaining capital expenditures6.
incident investigations are underway. Please refer to page 68 for
further details.
Financial Results Loulo-Gounkoto’s income for 2022 was 10% lower than the prior year,
mainly due to lower sales volume and a higher cost of sales per ounce7.
Loulo-Gounkoto’s income for the fourth quarter of 2022 was 17%
higher than the prior quarter, mainly due to higher production and
sales volume.

INCOME AND EBITDA6

1,770 1,799 1,800 1,200
700
1,153 1,100 1,070
600 1,000 1,049 1,076 to to
602 970 1,180 1,150
500 572
547 800 778 750
to
400 600 650 810
358 380
300 342
400
200
200
100
0
0
2021 2022 2023 (est)a
2020 2021 2022
EBITDA ($ millions) a. Based on the midpoint of the guidance range.
Capital expenditures in 2022 were 8% higher compared to the prior

Gold production in 2022 was 2% lower compared to the prior year, year, mainly due to higher project capital expenditures6 from the
primarily due to lower grades processed in line with the mine plan, development of the Gounkoto underground, which is expected to
partially offset by higher tonnes processed. commence initial stoping activities in the first quarter of 2023, as well
as the start of the solar plant expansion project. This was partially
PRODUCTION offset by slightly lower minesite sustaining capital expenditures6.
(thousands of ounces)
600
560 547 510 2022 Actual 2022 Guidance
to Gold produced (000s oz) 547 510 – 560
300 560
Cost of sales7 ($/oz) 1,153 1,070 – 1,150
0 All-in sustaining costs6 ($/oz) 1,076 940 – 1,020
2021 2022 2023 (est)a
Gold production in 2022 was in the upper half of the guidance range.
a. Based on the midpoint of the guidance range. All cost metrics were higher than the guidance ranges as a result of
higher input costs driven by consumable and energy prices as well as
Cost of sales per ounce7 and total cash costs per ounce6 in 2022 were logistical expenses relating to the border closures imposed on Mali by
10% and 20% higher, respectively, compared to the prior year, mainly the Economic Community of West African States as described above.
due to the impact of lower grades processed, in line with the mine
plan, as well as higher input costs driven by consumable and energy
prices. This was combined with higher logistical expenses following
the border closures imposed on Mali by the Economic Community of
West African States in the first half of 2022. These sanctions were
lifted in July 2022, with conditions normalizing during the third quarter
of 2022. For 2022, all-in sustaining costs6 were 11% higher compared
to the prior year reflecting higher total cash costs per ounce6, slightly
offset by lower minesite sustaining capital expenditures6.

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

12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Total tonnes mined (000s) 4,820 4,138 16% 16,649 14,657 14% 13,308
Open pit ore 1,028 561 83% 2,551 1,278 100% 1,380
Open pit waste 3,367 3,126 8% 12,428 11,610 7% 10,091
Underground 425 451 (6%) 1,670 1,769 (6%) 1,837
Open pit mined 1.67 1.44 16% 1.62 2.71 (40%) 2.22
Processed 3.56 3.26 9% 3.39 3.62 (6%) 3.68
Ore tonnes processed (000s) 954 898 6% 3,495 3,503 0% 3,434
Recovery rate 89% 88% 1% 88% 90% (2%) 90%
Gold sold (000s oz) 94 88 7% 332 367 (10%) 364
Income ($ millions) 7 45 (84%) 142 278 (49%) 244
EBITDA marginc 59% 47% 26% 54% 63% (14%) 65%
Minesite sustainingb 28 13 115% 70 54 30% 49
Projectb 7 5 40% 22 16 38% 2
Cost of sales ($/oz) 1,570 1,047 50% 1,243 1,016 22% 1,091
All-in sustaining costs ($/oz)b 981 876 12% 948 818 16% 778
All-in costs ($/oz)b 1,044 940 11% 1,013 861 18% 782
a. Barrick owns 45% of Kibali Goldmines SA (Kibali) with the Democratic Republic of Congo and our joint venture partner, AngloGold Ashanti, owning 10% and 45%,
respectively. Kibali is accounted for as an equity method investment on the basis that the joint venture partners that have joint control have rights to the net assets
of the joint venture. The figures presented in this table and the discussion that follows are based on our 45% effective interest in Kibali, inclusive of the impact of
the purchase price allocation resulting from the merger with Randgold.
Safety and Environment Gold production for the fourth quarter of 2022 was 17% higher
than the prior quarter, due to higher tonnes and grade processed.
For the three months ended For the years ended Cost of sales per ounce7 for the fourth quarter of 2022 was 50%
12/31/22 9/30/22 12/31/22 12/31/21 higher than the prior quarter due to higher depreciation expense. Total
LTI 0 2 2 2 cash costs per ounce6 were 16% lower than the prior quarter, following
improved grades from the open pit and underground. All-in sustaining
LTIFR8 0 0.48 0.12 0.14 costs per ounce6 for the fourth quarter of 2022 ended 12% higher
TRIFR8 0.47 1.21 0.98 1.22 than the prior quarter, mainly due to higher minesite sustaining capital
Class 19 expenditures6, partially offset by lower total cash costs per ounce6.
environmental Capital expenditures for the fourth quarter of 2022 were 94%
incidents 0 0 0 0 higher than the prior quarter, driven by the cyanide recovery plant
project, initial deposits on the replacement of the underground mining
fleet, as well as higher underground development.
Unfortunately, on December 22, 2022, an incident occurred at Kibali
which resulted in the tragic fatality of an employee. Fatality incident
investigations are underway. Please refer to page 68 for further details. 2022 compared to 2021
Kibali’s income for 2022 was 49% lower than the prior year due to
Financial Results lower sales volume and a higher cost of sales per ounce7.
Kibali’s income for the fourth quarter of 2022 was 84% lower than the
prior quarter as a result of higher cost of sales per ounce7, partially
offset by higher sales volume.


1,799 1,800 1,200 1,243

1,770
450 1,080
1,000
1,016 to
418 419 948 1,160 880
800
818 to
300 960
320 600
627 703 710
278 to
244 400 770
150
200
142
0
0 2021 2022 2023 (est)a
EBITDA ($ millions)
Capital expenditures in 2022 were 31% higher compared to the prior
Gold production in 2022 was 8% lower compared to the prior year, year, due to higher minesite sustaining capital expenditures6 driven by
mainly due to lower grades processed and a slightly lower recovery the cyanide recovery plant project, combined with increased project
following a transition to relatively lower grade open pits as per the capital expenditures6 related to the start of development of Lode
mine plan. 11000 and our investment in the Oere and Kalimva/Ikamva open pit
projects that are expected to underpin future production in our life of
PRODUCTION mine plan.
400
366
337 320
to Gold produced (000s oz) 337 340 – 380
200 360 Cost of sales7 ($/oz) 1,243 990 – 1,070
0 All-in sustaining costs6 ($/oz) 948 800 – 880
2021 2022 2023 (est)a Gold production in 2022 fell slightly below the low end of the guidance
range due to lower than expected grades. All cost metrics were above
the guidance ranges as a result of lower production and sales volumes,
Cost of sales per ounce7 in 2022 increased by 22% compared to the as well as higher input costs driven by consumable and energy prices.
prior year due to higher depreciation expense and higher total cash
costs per ounce6. Total cash costs per ounce6 were 12% higher,
mainly due to higher input costs driven by higher energy prices, as
well as lower grades processed as described above. For 2022, all-in
sustaining costs per ounce6 was 16% higher compared to the prior
year, reflecting higher total cash costs per ounce6 and higher minesite
sustaining capital expenditures6.

Veladero (50% basis)a, Argentina

12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Open pit tonnes mined (000s) 8,544 6,505 31% 30,233 37,787 (20%) 29,108
Open pit ore 3,522 3,685 (4%) 12,464 10,629 17% 13,678
Open pit waste 5,022 2,820 78% 17,769 27,158 (35%) 15,430
Open pit mined 0.60 0.72 (17%) 0.73 0.77 (5%) 0.78
Processed 0.61 0.72 (15%) 0.68 0.77 (12%) 0.84
Heap leach ore tonnes processed (000s) 3,659 3,676 0% 14,222 11,114 28% 12,017
Gold sold (000s oz) 53 44 20% 199 206 (3%) 186
Income (loss) ($ millions) (34) 12 (383%) 32 118 (73%) 114
EBITDA marginc 14% 47% (70%) 42% 53% (21%) 55%
Minesite sustainingb 29 27 7% 120 136 (12%) 98
Projectb 10 5 100% 33 6 450% 15
Cost of sales ($/oz) 2,309 1,430 61% 1,628 1,256 30% 1,151
All-in costs ($/oz)b 1,731 1,659 4% 1,695 1,520 12% 1,390
a. Barrick owns 50% of Veladero with our joint venture partner, Shandong Gold, owning the remaining 50%. Veladero is 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 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.
Safety and Environment Cost of sales per ounce7 in the fourth quarter of 2022 increased
by 61% mainly due to a net realizable value impairment of leach pad
For the three months ended For the years ended inventory of $42 million. Total cash costs per ounce6 increased by 7%,
12/31/22 9/30/22 12/31/22 12/31/21 mainly due to a combination of higher open pit mining activity resulting
LTI 0 0 3 3 in increased maintenance, as well as higher consumable costs.
This was partially offset by higher production volumes and higher
LTIFR8 0.31 0.00 0.08 0.28 capitalized stripping. In the fourth quarter of 2022, all-in sustaining
TRIFR8 0.62 1.01 0.38 0.48 costs per ounce6 was 3% lower than the prior quarter, primarily
Class 19 attributable to lower sustaining capital expenditures6 on a per ounce
environmental basis, partially offset by higher total cash costs per ounce6.
incidents 0 0 0 0 Capital expenditures in the fourth quarter of 2022 increased by
22% compared to the prior quarter due to higher project capital
expenditures6 reflecting the commencement of construction of
Minera Andina del Sol SRL, the joint venture company that operates the
Phase 7A of the leach pad expansion after the winter season. This
Veladero mine, is the subject of various regulatory proceedings related
was combined with a slight increase in minesite sustaining capital
to operational incidents occurring in March 2017, September 2016
expenditures6 resulting from higher capitalized stripping.
and September 2015. Refer to note 35 to the Financial Statements for
more information regarding these and related matters.
Financial Results Veladero’s income for 2022 was 73% lower than the prior year, primarily
due to a higher cost of sales per ounce7 and lower sales volume.
Veladero’s income for the fourth quarter of 2022 was 383% lower than
the third quarter of 2022, primarily due to a higher cost of sales per
ounce7, partially offset by higher sales volume.
Gold production in the fourth quarter of 2022 was 22% higher
following the sub-zero weather conditions in the prior quarter, as well
as leaching of Phases 1 to 5.


1,770 1,799 1,800 1,800

250
1,500 1,628 1,630
1,493 1,528 to 1,550
1,710 to
203 1,200 1,630
1,256
183
1,060
900 to
152
125 890 1,120
816
114 118 600
300
32 0
0
2021 2022 2023 (est)a
2020 2021 2022
EBITDA ($ millions)
In 2022, capital expenditures increased by 8% compared to the prior
year, mainly due to higher project capital expenditures6 related to
In 2022, gold production increased by 13% compared to the prior the Phase 7A leach pad expansion. This was partially offset by lower
year, primarily due to the continuing ramp-up of the Phase 6 leach pad minesite sustaining capital expenditures6 following the completion of
in 2022. As previously disclosed, heap leach processing operations at the Phase 6 leach pad expansion in 2021.
Veladero were reduced through the first half of 2021 while the mine
transitioned to Phase 6. Gold sales were 3% lower than the prior year 2022 compared to Guidance
as we continued to actively manage the timing of sales to minimize our
exposure to local currency devaluation. 2022 Actual 2022 Guidance
PRODUCTION
(thousands of ounces) Cost of sales7 ($/oz) 1,628 1,210 – 1,290
300 All-in sustaining costs6 ($/oz) 1,528 1,270 – 1,350
Gold production in 2022 was below the guidance range due to

150 195 lower recoveries from the leach pad. All cost metrics were above the
172 160
to guidance ranges mainly due to the impact of lower than expected
180 sales volumes and higher input costs, primarily driven by energy and
0 labor related inflationary pressures coupled with the ongoing currency
restrictions as described below.
2021 2022 2023 (est)a
In 2022, cost of sales per ounce7 and total cash costs per ounce6 Regulatory matters
increased by 30% and 9%, respectively, compared to the prior year, On September 1, 2019, the Argentine government issued Decree
mainly due to higher input costs from energy prices and higher labor 609/2019 announcing currency restrictions in Argentina. Subsequently,
and contractor expenses related to significant inflationary pressures, the Central Bank of Argentina issued Communication “A” 6770
coupled with ongoing strict Argentine foreign exchange controls. complementing this decree. As a result, all export proceeds are
Cost of sales per ounce7 was further impacted by higher depreciation required to be converted into Argentine pesos at the official Central
expense and a net realizable value impairment of leach pad inventory Bank exchange rate. In addition, dividend distributions and payments
of $42 million recorded in the fourth quarter of 2022. All-in sustaining to foreign suppliers require specific authorizations from the Central
costs per ounce6 in 2022 increased by 2% compared to the prior year, Bank. These currency restrictions have negatively impacted the cost
primarily due to the impact of higher total cash costs per ounce6, profile at Veladero. We continue to optimize the timing of our gold
partially offset by lower sustaining capital expenditures6. sales to minimize our exposure to currency devaluation. Discussions
continue 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.

North Mara (84% basis)a, Tanzania

12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Total tonnes mined (000s) 3,493 2,188 60% 8,882 1,603 454% 3,758
Open pit ore 1,117 1,445 (23%) 4,379 116 3,675% 1,484
Open pit waste 1,992 319 524% 3,035 160 1,797% 1,197
Underground 384 424 (9%) 1,468 1,327 11% 1,077
Open pit mined 2.00 1.80 11% 1.94 1.63 19% 2.14
Processed 3.37 3.23 4% 3.31 3.30 0% 3.45
Ore tonnes processed (000s) 717 739 (3%) 2,730 2,703 1% 2,546
Recovery rate 92% 92% 0% 91% 90% 1% 92%
Gold produced (000s oz) 70 71 (1%) 263 260 1% 261
Gold sold (000s oz) 70 70 0% 265 257 3% 269
Revenue ($ millions) 123 121 2% 479 463 3% 480
Income ($ millions) 25 39 (36%) 177 214 (17%) 214
EBITDA marginc 35% 45% (22%) 50% 56% (11%) 60%
Projectb 15 13 15% 62 27 130% 30
Cost of sales ($/oz) 1,030 956 8% 979 966 1% 992
Total cash costs ($/oz)b 758 737 3% 741 777 (5%) 702
All-in sustaining costs ($/oz)b 1,301 951 37% 1,028 1,001 3% 929
All-in costs ($/oz)b 1,519 1,149 32% 1,265 1,105 14% 1,039
a. Barrick owns 84% of North Mara, with the GoT owning 16%. North Mara is accounted for as a subsidiary with a 16% non-controlling interest on the basis that
Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share.
Safety and Environment Cost of sales per ounce7 and total cash costs per ounce6 in the
fourth quarter of 2022 were 8% and 3% higher, respectively, than
For the three months ended For the years ended the prior quarter, as we fed additional underground stockpiles to the
12/31/22 9/30/22 12/31/22 12/31/21 mill, in line with our mine plan, combined with increased investment
LTI 0 1 2 1 in community spend. This was partially offset by the improved open
pit mining performance that focused on waste stripping at the Gena
LTIFR8 0.00 0.46 0.24 0.13 pit to support a strong start to 2023. Looking ahead, we commenced
TRIFR8 0.85 1.39 0.95 0.90 preparatory work at the Gena pit with mining of ore scheduled to
Class 19 begin in the first quarter of 2023. Cost of sales per ounce7 was further
environmental impacted by higher depreciation expense. All-in sustaining costs per
incidents 0 0 0 0 ounce6 in the fourth quarter of 2022 was 37% higher than the prior
quarter as a result of higher minesite sustaining capital expenditures6,
combined with higher total cash costs per ounce6.
Financial Results
Capital expenditures in the fourth quarter of 2022 were 89%
Q4 2022 compared to Q3 2022 higher than the third quarter of 2022, driven by higher minesite
North Mara’s income for the fourth quarter of 2022 was 36% lower than sustaining capital expenditures6 mainly due to the procurement of key
the prior quarter mainly due to a non-recurring supplies obsolescence underground equipment in line with our automation and optimization
charge. This was further impacted by a higher cost of sales per ounce7. plans. This was combined with higher project capital expenditures6
In the fourth quarter of 2022, gold production was in line with predominantly relating to the ramp-up of open pit operations.
the prior quarter. We continued to see higher tonnes mined and cost
reductions at our open pit operations with a sequential decrease in per 2022 compared to 2021
tonne mining costs versus the prior quarter, following the successful North Mara’s income for 2022 was 17% lower than the prior year
transition to an owner miner operation earlier in 2022. mainly due to the non-recurring supplies obsolescence charge as
described above. This was further impacted by a marginally higher
cost of sales per ounce7, partially offset by higher gold sales volumes.


1,770 1,799 1,800
1,200 1,240
300 1,120 to
290 to 1,320
1,028
261 900 966 1,001 979 1,200
900
238 to
200 214 214 777 960
741
600
177
100
300
0
0
2021 2022 2023 (est)a
2020 2021 2022
EBITDA ($ millions)
In 2022, capital expenditures increased by 65% compared to the
In 2022, gold production was 1% higher than the prior year as the prior year mainly due to higher project capital expenditures6 relating
investment in our open pit operations has delivered improvements to the ramp-up of open pit operations. This was combined with higher
in plant recovery, as well as tonnes and grades processed. The minesite sustaining capital expenditures6 relating to the investment in
continued investment in our fleet replacement and an improvement the open pit mining fleet and the construction of a new paste backfill
in underground mining efficiency resulted in the second consecutive plant in the underground.
record year of underground tonnes mined. This also marks the second
consecutive year when we have delivered improved mill throughput 2022 compared to Guidance
driven by our investment in the underground operations and the
successful ramp-up of our open pit mining. 2022 Actual 2022 Guidance
PRODUCTION Cost of sales7 ($/oz) 979 820 – 900
300 All-in sustaining costs6 ($/oz) 1,028 930 – 1,010
260 263 Gold production in 2022 was higher than the guidance range. All cost
230
150 to metrics were above the guidance ranges, reflecting higher input costs
260 driven by consumable and energy prices.
0
2021 2022 2023 (est)a
Cost of sales per ounce7 in 2022 was 1% higher than the prior year
due to higher depreciation, partially offset by lower total cash costs per
ounce6. The reduction in total cash costs per ounce6 of 5% followed
the continued ramp-up of both open pit and underground operations,
as well as improved mill throughput, higher grades processed and
higher recovery. All-in sustaining costs per ounce6 was 3% higher
than the prior year, primarily due to higher minesite sustaining capital
expenditures6, partially offset by lower total cash costs per ounce6.

Bulyanhulu (84% basis)a, Tanzania

12/31/22 9/30/22 Change 12/31/22 12/31/21 Change 12/31/20
Underground tonnes mined (000s) 290 262 11% 1,029 730 41% 83
Underground mined 7.07 7.86 (10%) 7.89 9.23 (15%) 8.81
Processed 7.19 7.64 (6%) 7.78 8.95 (13%) 1.35
Ore tonnes processed (000s) 223 211 6% 837 661 27% 1,618
Recovery rate 94% 94% 0% 94% 93% 1% 62%
Gold sold (000s oz) 49 50 (2%) 205 166 23% 103
Revenue ($ millions) 91 89 2% 389 303 28% 202
Cost of sales ($ millions) 60 62 (3%) 248 179 39% 154
Income ($ millions) 13 27 (52%) 118 122 (3%) 27
EBITDA marginc 27% 44% (39%) 43% 56% (23%) 43%
Projectb 6 5 20% 25 41 (39%) 58
Cost of sales ($/oz) 1,237 1,229 1% 1,211 1,079 12% 1,499
All-in costs ($/oz)b 1,536 1,263 22% 1,278 1,138 12% 1,459
a. Barrick owns 84% of Bulyanhulu, with the GoT owning 16%. Bulyanhulu is accounted for as a subsidiary with a 16% non-controlling interest on the basis that
Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share.
Safety and Environment Cost of sales per ounce7 in the fourth quarter of 2022 increased
slightly by 1% due to higher depreciation expense related to the
For the three months ended For the years ended underground ramp-up, while total cash costs per ounce6 were in line
12/31/22 9/30/22 12/31/22 12/31/21 with the prior quarter. All-in sustaining costs per ounce6 in the fourth
LTI 2 1 4 4 quarter of 2022 was 20% higher than the prior quarter, mainly as a
result of higher minesite sustaining capital expenditures6.
LTIFR8 1.20 0.60 0.60 0.72 Capital expenditures in the fourth quarter of 2022 were 61%
TRIFR8 1.20 3.00 1.64 2.90 higher than the prior quarter, mainly due to increased minesite
Class 19 sustaining capital expenditures6 related to the acquisition of additional
environmental underground fleet equipment as well as deposits on equipment orders
incidents 0 0 0 0 for 2023, combined with the prioritization of underground development
as per our mine plan.
Financial Results
Bulyanhulu’s income for 2022 was 3% lower than the prior year,
Bulyanhulu’s income for the fourth quarter of 2022 was 52% lower than primarily due to the non-recurring supplies obsolescence charge as
the prior quarter mainly due to a non-recurring supplies obsolescence described above, and a higher cost of sales per ounce7. This was
charge. This was further impacted by slightly lower sales volume and partially offset by higher sales volumes.
slightly higher cost of sales per ounce7.
In the fourth quarter of 2022, gold production was 2% higher than
the prior quarter, primarily reflecting improved throughput, partially
offset by lower grades.


1,770 1,799 1,800 1,200 1,230

1,211 to 1,160
1,156
150 170 168 1,079 1,310 to
1,240
800 891 868 880
100 122 118 to
709 940
87
50
400
27
0
2020 2021 2022
0
Income ($ millions) Gold Market Price ($/oz) 2021 2022 2023 (est)a
EBITDA ($ millions) Cost of Sales Total Cash Costs AISC
In 2022, gold production was 10% higher than the prior year due to a. Based on the midpoint of the guidance range.
the successful ramp-up of the underground mining and processing
operations, which was completed in the fourth quarter of 2021. In 2022, capital expenditures increased by 16% compared to the prior
Accordingly, higher tonnes were mined and processed in 2022 as the year, reflecting the higher minesite sustaining capital expenditures6
mine was in the ramp-up phase during the prior year. mainly from the commissioning of the new underground fleet, as well
as increased capitalized drilling. This was partially offset by lower
PRODUCTION project capital expenditures6 following the successful ramp-up of
(thousands of ounces) underground operations in the fourth quarter of 2021.
200 2022 compared to Guidance

196
178 160 2022 Actual 2022 Guidance
to
100 190 Gold produced (000s oz) 196 180 – 210
Cost of sales7 ($/oz) 1,211 950 – 1,030
0
All-in sustaining costs6 ($/oz) 1,156 850 – 930
2021 2022 2023 (est)a
a. Based on the midpoint of the guidance range. Gold production in 2022 was slightly above the midpoint of the
guidance range. All cost metrics were higher than the guidance ranges
Cost of sales per ounce7 and total cash costs per ounce6 in 2022 due to higher input costs driven by consumable and energy prices,
were 12% and 22% higher, respectively, than the prior year, mainly combined with an update to the mine plan based on a new geological
due to higher input costs driven by consumable and energy prices block model.
as well as the impact of higher throughput. All-in sustaining costs per
ounce6 was 30% higher than the prior year due to increased total cash
costs per ounce6 and the impact of higher minesite sustaining capital
expenditures6.

Other Mines – Gold

12/31/22 9/30/22
Total All-in Total All-in
Gold Cost of cash sustaining Capital Gold Cost of cash sustaining Capital
produced sales costs costs Expend- produced sales costs costs Expend-
(000s oz) ($/oz) ($/oz)a ($/oz)a ituresb (000s oz) ($/oz) ($/oz)a ($/oz)a ituresb
Tongon (89.7%) 63 1,381 1,070 1,404 18 41 1,744 1,462 1,607 5
Hemlo 38 1,451 1,227 1,557 12 28 1,670 1,446 1,865 9
Porgerac (47.5%) – – – – – – – – – –
is included on pages 114–140 of this MD&A.
c. As Porgera has been on care and maintenance since April 25, 2020, no operating data or per ounce data is provided.
Tongon (89.7% basis), Côte d’Ivoire Porgera (47.5% basis), Papua New Guinea
As expected and previously guided, gold production for Tongon in the On April 9, 2021, BNL signed a binding Framework Agreement with
fourth quarter of 2022 was 54% higher than the prior quarter, reflecting PNG and Kumul Minerals, a state-owned mining company, setting
higher grades, throughput and recoveries. Cost of sales per ounce7 out the terms and conditions for the reopening of the Porgera mine.
in the fourth quarter of 2022 was 21% lower than the prior quarter On February 3, 2022, the Framework Agreement was replaced by the
due to lower total cash costs per ounce6, partially offset by higher Commencement Agreement. The Commencement Agreement was
depreciation expense. Total cash costs per ounce6 were 27% lower signed by PNG, Kumul Minerals, BNL and its affiliate Porgera (Jersey)
than the prior quarter, primarily due to higher grades processed. All-in Limited on October 15, 2021, and it became effective on February 3,
sustaining costs per ounce6 in the fourth quarter of 2022 were 13% 2022, following signature by MRE, the holder of the remaining 5% of the
lower than the prior quarter, due to lower total cash costs per ounce6, original Porgera joint venture. The Commencement Agreement reflects
partially offset by higher minesite sustaining capital expenditures6. the commercial terms previously agreed to under the Framework
Agreement, namely that PNG stakeholders will receive a 51% equity
2022 Actual 2022 Guidance stake in the Porgera mine, with the remaining 49% to be held by
Gold produced (000s oz) 180 170 – 200 BNL or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick
Cost of sales7 ($/oz) 1,748 1,700 – 1,780 and Zijin Mining Group. Accordingly, following the implementation of
the Commencement Agreement, Barrick’s current 47.5% interest in
Total cash costs6 ($/oz) 1,396 1,220 – 1,280 the Porgera mine is expected to be reduced to a 24.5% interest as
All-in sustaining costs6 ($/oz) 1,592 1,400 – 1,480 reflected in Barrick’s reserve and resource estimates for Porgera. BNL
will retain operatorship of the mine. The Commencement Agreement
Gold production for the full year 2022 was within the guidance range, also provides that PNG stakeholders and BNL and its affiliates will share
as was cost of sales per ounce7. Total cash costs per ounce6 and the economic benefits derived from the reopened Porgera mine on a
all-in sustaining costs per ounce6 were both above the guidance 53% and 47% basis over the remaining life of mine, respectively, and
ranges driven by lower than expected grades and recoveries and the that the Government of PNG will retain the option to acquire BNL’s or
impact of higher input costs, primarily driven by increased energy and its affiliate’s 49% equity participation at fair market value after 10 years.
consumable prices. On April 21, 2022, the PNG National Parliament passed legislation
to provide, among other things, certain agreed tax exemptions and tax
Hemlo, Ontario, Canada stability for the new Porgera joint venture. This legislation was certified
Hemlo’s gold production in the fourth quarter of 2022 was 36% higher on May 30, 2022, and will come into effect following a public notice
than the prior quarter, primarily due to higher grades and higher process under PNG law.
ore tonnes mined due to improved underground performance. Cost On September 13, 2022, the Shareholders’ Agreement for
of sales per ounce7 and total cash costs per ounce6 in the fourth the new Porgera joint venture company was executed by Porgera
quarter of 2022 were 13% and 15% lower, respectively, than the (Jersey) Limited, which is an affiliate of BNL, the state-owned Kumul
prior quarter due to the impact of improved production performance. Minerals (Porgera) Limited and MRE (a previous version of the
All-in sustaining costs per ounce6 decreased by 17% compared to Shareholders’ Agreement had been signed by the BNL and Kumul
the prior quarter, primarily due to lower minesite sustaining capital parties in April 2022 but was not signed by MRE and therefore did not
expenditures6 on a per ounce basis and lower total cash costs per take effect). The new Porgera joint venture company was incorporated
ounce6. on September 22, 2022, and this entity will next apply for a new SML,
the receipt of which is a condition of the reopening of the Porgera mine
2022 Actual 2022 Guidance under the Commencement Agreement.
Gold produced (000s oz) 133 160-180 The provisions of the Commencement Agreement will be fully
Cost of sales7 ($/oz) 1,628 1,340-1,420 implemented, and work to recommence full mine operations at
Porgera will begin, following the execution of the remaining definitive
Total cash costs6 ($/oz) 1,409 1,140-1,200 agreements and satisfaction of a number of conditions. These include
All-in sustaining costs6 ($/oz) 1,788 1,510-1,590 an Operatorship Agreement pursuant to which BNL will operate the
Porgera mine, as well as a Mine Development Contract to accompany
As expected and previously disclosed, gold production in 2022 was the new SML that the new Porgera joint venture company will apply for.
below the guidance range, which was due to the temporary water Under the terms of the Commencement Agreement, BNL will remain in
inflow that occurred late in the second quarter of 2022 and impacted possession of the site and maintain the mine on care and maintenance.
mining productivity into the third quarter of 2022. All cost metrics were Porgera was excluded from our 2022 guidance and will also
higher than guidance mainly due to the impact of lower than expected be excluded from our 2023 guidance. We expect to update our
sales volumes which reflected the disruptions described above, as guidance following both the execution of all of the definitive
well as higher input costs driven by energy and consumable prices. agreements to implement the binding Commencement Agreement
and the finalization of a timeline for the resumption of full mine
operations. Refer to notes 21 and 35 to the Financial Statements for
more information.

Other Mines – Copper

12/31/22 9/30/22
Copper All-in Copper All-in
production Cost of C1 cash sustaining Capital production Cost of C1 cash sustaining Capital
(millions of sales costs costs Expend- (millions of sales costs costs Expend-
pounds) ($/lb) ($/lb)a ($/lb)a ituresb pounds) ($/lb) ($/lb)a
($/lb)a
ituresb
Lumwana 53 3.56 2.34 4.86 163 82 2.19 1.78 3.50 106
Zaldívar (50%) 25 3.55 2.69 3.60 22 23 3.20 2.45 2.94 8
Jabal Sayid (50%) 18 1.72 1.42 1.54 7 18 1.58 1.41 1.52 6
is included on page 114–140 of this MD&A.
Lumwana, Zambia Copper production in 2022 of 98 million pounds was slightly

As expected and previously guided, copper production for Lumwana below the guidance range, mainly due to limited heap leach stacking
in the fourth quarter of 2022 was 35% lower compared to the prior availability and lower than expected chloride leach performance. All
quarter, resulting from lower grades processed in line with the mine cost metrics were above the guidance ranges mainly due to lower
plan and lower throughput following a planned shutdown of the mill for production and sales volumes, higher energy and consumable prices,
maintenance. Cost of sales per pound7 and C1 cash costs per pound6 as well as increased site maintenance costs.
in the fourth quarter of 2022 were 63% and 31% higher, respectively,
than the prior quarter primarily due to higher maintenance expense Jabal Sayid (50% basis), Saudi Arabia
associated with the mill shutdown as well as lower grades and Jabal Sayid’s copper production in the fourth quarter of 2022 was in
tonnes processed. Cost of sales per pound7 was further impacted line with the prior quarter. Cost of sales per pound7 in the fourth quarter
by higher depreciation expense. In the fourth quarter of 2022, all-in of 2022 were 9% higher mainly due to higher depreciation expense.
sustaining costs per pound6 increased by 39% compared to the prior C1 cash costs per pound6 and all-in sustaining costs per pound6 were
quarter, primarily due to higher C1 cash costs per pound6 and higher both consistent with the prior quarter.
minesite sustaining capital expenditures6 mainly related to new mining
equipment and securing construction assembly slots for the mobile 2022 Actual 2022 Guidance
fleet in line with equipment replacement schedules. Copper produced (M lbs) 75 70 – 80
2022 Actual 2022 Guidance Cost of sales7 ($/lb) 1.52 1.40 – 1.70
Copper produced (M lbs) 267 250 – 280 C1 cash costs6 ($/lb) 1.26 1.30 – 1.50
Cost of sales7 ($/lb) 2.42 2.20 – 2.50 All-in sustaining costs6 ($/lb) 1.36 1.30 – 1.60
C1 cash costs6 ($/lb) 1.89 1.60 – 1.80 Copper production in 2022 was at the midpoint of the guidance range.
All-in sustaining costs6 ($/lb) 3.63 3.10 – 3.40 Cost of sales per pound7 and all-in sustaining costs per pound6 were
within the guidance ranges, while C1 cash costs per pound6 was
Copper production for Lumwana in 2022 was in the upper half of the below the guidance range due to higher than expected by-product
guidance range. Cost of sales per pound7 was also within the guidance credits as well as lower shipping rates achieved.
range. C1 cash costs per pound6 was above the guidance range due
to higher input costs related to higher energy and consumable prices. GROWTH PROJECT UPDATES
All-in sustaining costs per pound6 were above the guidance range
primarily due to increased capitalized stripping reflecting the same Goldrush Project, Nevada, USA
input cost drivers as described above, as well as increased exploration The FEIS was completed and all supporting material has been
activity following the commencement of the pre-feasibility study for combined into a NOA briefing package, which was submitted to the
the potential Super Pit expansion. State BLM in January 2023. After the State BLM review is complete,
the NOA briefing package will then progress to the Federal BLM for
Zaldívar (50% basis), Chile review, ultimately leading to the NOA being published in the Federal
Copper production for Zaldívar in the fourth quarter of 2022 was 9% Register. This milestone will commence the public comment period for
higher than the prior quarter, mainly due to improvements in chloride the FEIS. We continue to expect the ROD to be issued by the end of
leach recoveries. Cost of sales per pound7 and C1 cash costs per the first half of 2023.
pound6 in the fourth quarter of 2022 were 11% and 10% higher, Mine development and test stoping has continued in the Redhill
respectively, than the prior quarter mainly due to a draw-down in zone where dewatering of the orebody is not required. Development
higher-cost stockpiled ore, which was processed in the fourth quarter also continues on exploration drifts above the Goldrush orebody to
of 2022. All-in sustaining costs per pound6 increased by 22% compared facilitate future underground drilling platforms.
to the prior quarter, primarily due to higher minesite sustaining capital The headcount of Goldrush has ramped up through the course of
expenditures6 due to the catch-up of delayed component replacement 2022 and reached 80% by December 31, 2022. While good progress
work in the previous quarter. has been made on recruiting mobile maintenance technicians,
recruitment of experienced miners remains a key focus.
2022 Actual 2022 Guidance As at December 31, 2022, project spend was $341 million on a
100% basis (including $11 million in the fourth quarter of 2022) on
Copper produced (M lbs) 98 100 – 120
the Goldrush project, inclusive of the exploration declines. This capital
Cost of sales7 ($/lb) 3.12 2.70 – 3.00 spent to date, together with the remaining expected pre-production
C1 cash costs6 ($/lb) 2.36 2.00 – 2.20 capital (with planned commercial production now commencing in
All-in sustaining costs6 ($/lb) 2.95 2.50 – 2.80 2026), is anticipated to be within the approximate $1 billion initial
capital estimate for the Goldrush project (on a 100% basis).

Turquoise Ridge Third Shaft, Nevada, USA15 As at December 31, 2022, total project spend was $828 million
Commissioning of the Third Shaft at Turquoise Ridge was completed (including $110 million in the fourth quarter of 2022) on a 100%
in the fourth quarter of 2022. All three hoists, which have a hoisting basis. As previously disclosed, the estimated capital cost of the
capacity of 5,500 tonnes per day, were handed over to operations for plant expansion and mine life extension project is now approximately
production activities. Together with increased hoisting capacity, the $2.1 billion (on a 100% basis), which incorporates the selected TSF
Third Shaft will provide additional ventilation for underground mining site submitted under the ESIA.
operations as well as shorter haulage distances.
Final construction activities, including surface infrastructure will Veladero Phase 7 Leach Pad, Argentina
conclude in the first half of 2023, but are not expected to impact the In November 2021, the Board of Minera Andina del Sol approved
production or hoisting capacity of the shaft. As such, this project will the Phase 7A leach pad construction project with Phase 7B
no longer be separately reported in this section of the MD&A. subsequently approved in the third quarter of 2022. Construction on
As at December 31, 2022, project spend was $273 million both phases will include sub-drainage and monitoring, leak collection
(including $15 million in the fourth quarter of 2022). We now expect the and recirculation, impermeabilization, as well as pregnant leaching
total project spend to be at the low end of the estimated capital cost solution collection. Additionally, the north channel will be extended
range of approximately $300-$330 million (100% basis). along the leach pad facility.
Construction of Phase 7A progressed well during the fourth
NGM Solar Project, Nevada, USA quarter of 2022, despite a prolonged winter season. Construction is
The TS Solar project is a 200 MW photovoltaic solar farm located now 91% complete and more than 75% of the new construction area
adjacent to NGM’s TS Power Plant and interconnected with the is already being used for ore processing.
existing plant transmission infrastructure. Upon completion, the Construction of Phase 7B commenced during the fourth quarter
project will supply renewable energy to NGM’s operations and is of 2022 and advanced to 9% by the end of the quarter. Given current
expected to realize 254kt of CO2 equivalent emissions reduction per inflationary and currency restriction challenges in Argentina, we
annum, equating to an 8% reduction from NGM’s 2018 baseline. have commenced a ramp-down of Phase 7B construction, since we
Accomplishments in the fourth quarter of 2022 were focused on are ahead on the construction timeline and have sufficient stacking
securing remaining long-lead materials and beginning construction. capacity for 2023 and into the second half of 2024.
Remaining key material contracts were awarded and down Overall, for Phase 7, as of December 31, 2022, project spend was
payments issued to secure a delivery schedule. Site civil preparation $89 million (including $21 million in the fourth quarter of 2022) out of
was initiated with contractor mobilization, site earthworks, and an estimated capital cost of $159 million (100% basis).
substation foundation excavation. Contracts were awarded for
electrical installation, commissioning, and quality control testing. Veladero Power Transmission, Chile-Argentina
Array engineering progressed to 90% complete for civil design and In 2019, we commenced construction of an extension to the existing
60% complete for electrical design. In the first quarter of 2023, civil Pascua-Lama power transmission line to connect to Veladero to
earthworks will continue, foundation pile installation will begin, and enable the operation to convert to grid power exported from Chile and
substation foundations will be completed in preparation to receive cease operating the high-cost diesel generation power plant located
critical electrical equipment. at site. A power purchase price agreement was executed during the
As at December 31, 2022, project spend was $64 million (including fourth quarter of 2019 to supply power from renewable energy that
$20 million in the fourth quarter of 2022) out of an estimated capital is expected to reduce CO2 equivalent emissions by 100 kt per year,
cost of $290-310 million (100% basis). translating to a significant reduction in Veladero’s carbon footprint. As
previously disclosed, we completed the construction of the Veladero
Pueblo Viejo Expansion, Dominican Republic14 Power Transmission project for $54 million (100% basis).
The Pueblo Viejo plant expansion and mine life extension project is In March 2022, a Chilean trial court issued injunctions which,
designed to increase throughput to 14 million tonnes per annum, among other things, prohibited the administrative authority that
allowing the operation to maintain minimum average annual gold oversees electric projects in Chile (the Coordinador Eléctrico Nacional)
production of approximately 800,000 ounces after 2022 (100% basis). from completing the procedures required to energize the Veladero
Construction for the plant expansion is now 84% complete (up Power Transmission project. In September 2022, Barrick’s Chilean
from 70% as at September 30, 2022). Earthworks and civil concrete subsidiary that holds the Chilean portion of the Pascua-Lama project
works were 99% and 97% complete, respectively, at the end of the and the plaintiff settled the dispute, and all injunctions have been lifted.
fourth quarter of 2022. In addition, completion for steelwork has Separately, in November 2022, the Argentinian Secretary of
advanced to 95% and mechanical installation to 87%. Piping and Energy ratified a favorable six-month renewable ENRE energization
electrical installation progressed to 60% and 37%, respectively. and line operation permit resolution.
Commissioning activities commenced in January 2023. During the On December 21, 2022, the power infrastructure in Chile and
first quarter of 2023, we expect to process first ore and substantially Argentina was successfully energized and the Veladero mine site has
complete the commissioning of the new plant infrastructure. since been operating using grid power. As such, this project will no
The technical and social studies for additional tailings storage longer be separately reported in this section of the MD&A.
capacity continued to advance. Barrick completed an ESIA on one of
the site alternatives, Naranjo, identified in both the Government and Loulo-Gounkoto Solar Project, Mali
Barrick alternative assessments in accordance with the Dominican The scope of this project is to design, supply and install a 40 MW (48 MW
Republic’s terms of reference, which was submitted during the peak) photovoltaic solar farm with a 36 MVA battery energy storage
fourth quarter of 2022. We continue to expect the Government of the system. Upon completion, we expect to realize a reduction of 23 million
Dominican Republic’s decision on the ESIA during the first half of 2023. liters of fuel, which translates to a saving of approximately 62 kt of
Geotechnical drilling and site investigation are progressing as CO2 equivalent emissions per annum. The project is designed to be
planned, the engineering progressed and a pre-feasibility study was implemented in two phases of 20 MW (24 MW peak) and 22 MVA battery
completed during the fourth quarter of 2022. This allowed us to add storage each, with commissioning by the end of 2023 and end of 2024,
6.5 million ounces of attributable proven and probable reserves, net respectively. Total project status is 47% complete (up from 32% as at
of depletion, and extend the mine life beyond 204012,14. Drilling and September 30, 2022), with Phase 1 ramming of piles near completion
site investigation continues to allow for a feasibility level design by the and the first trackers being fitted with photovoltaic panels. Upfront
end of 2023. procurement of hardware has enabled work on Phase 2 to commence.
As at December 31, 2022, project spend was $34 million (including
$12 million in the fourth quarter of 2022) out of an expected capital
cost of approximately $90 million (100% basis).

Jabal Sayid Lode 1, Saudi Arabia Mali around the Loulo-Gounkoto complex and have also identified
The scope of this project is to develop and extract a new orebody, material upside around Tongon, Kibali, North Mara, Jabal Sayid and
located less than a kilometer from the existing lode at Jabal Sayid, Lumwana. We have a new team evaluating opportunities across
following the completion of a feasibility study that comfortably meets the Asia-Pacific region and through 2023 we will maintain a healthy
our investment criteria. The project design includes underground balance in our exploration focus between early-stage and advanced
capital development as well as ventilation, paste plant and underground exploration projects in order to deliver Barrick’s growth and long-term
mining infrastructure upgrades with stoping to commence by mid 2023. business plan.
The project is 49% complete (up from 39% as at September 30, 2022) The following section summarizes the exploration results from the
with the raisebore development and equipping finished along with fourth quarter of 2022.
the cyclone cluster installation. The circuit is stable and performing
well. A reagent plant and additional flotation cells installation will North America
provide flexibility in dealing with the higher zinc content from this Carlin, Nevada, USA16, 17, 18, 19, 20
sulfide orebody. Drilling at North Leeville focused on expanding the mineral footprint
As at December 31, 2022, project spend was $27 million (including to the south and east along identified structures, infilling towards
$7 million in the fourth quarter of 2022) out of an estimated capital cost the planned development in 2023. Core drilling along strike of
of approximately $40 million (100% basis). the previously reported NLX-22013b (27.4 meters, true width (TW)
26.3 meters, at 19.57 g/t Au) intersected sulfidized and altered
Lumwana New Mobile Equipment, Zambia target lithologies within the Merlin corridor. Results are pending for
During the fourth quarter of 2022, we began a transition to an owner four core holes, but geological observations indicate the continued
miner fleet at Lumwana following a study which concluded that this expansion of the maiden inferred resource and this is expected to
option could result in a 20% cost reduction within the first five years continue through 2023.
versus contracted services. Separately, an owner miner strategy At North Turf, reserve definition drilling the footwall to the
positions the operation well for future potential expansions including prospective Veld fault continued to return significant intercepts,
the Super Pit, which has the potential to extend Lumwana’s life into including 24.4 meters (TW 24.0 meters) at 6.79 g/t Au from NTC-22033
the 2060s. in the western exploration decline. From the eastern decline, drilling
With the transition, Lumwana will invest in a new fleet initially intercepted a narrow, high-grade zone of mineralization of 5.0 meters
dedicated to waste stripping. During 2022, we placed the initial (TW 4.6 meters) at 12.10 g/t Au in NTC-22027, proximal to the NW-
deposits on the owner miner fleet to secure production assembly trending Merlin fault, interpreted to control high-grade mineralization
slots, with first delivery expected in the first quarter of 2023. This over 700 meters away in NLX-22013b at North Leeville (as described
owner miner transition is being executed concurrently with the Super above). Drilling continues to further expand the reserves and resources
Pit pre-feasibility study, which also commenced in the fourth quarter footprint beyond Turf and into North Leeville.
of 2022. Further to the west in the Little Boulder Basin, drilling at the
As at December 31, 2022, project spend was $27 million (all Golden Egg target has intersected thick intervals of brecciation
in the fourth quarter of 2022) out of an estimated capital cost of with overprinting hydrothermal sulfide veins in drill hole LBB-22006.
approximately $115 million. While the assay results returned 40 meters of intermittent low-grade
mineralization, the presence of sulphides and gold mineralization
EXPLORATION AND MINERAL within a zone of strong brecciation is interpreted as a “near miss”
RESOURCE MANAGEMENT defining the eastern limit of the target. Drilling is planned to continue
into 2023 initially stepping out along the northeast trending corridor
The foundation of our exploration strategy is a deep organizational which remains open more than a kilometer along strike.
understanding that discovery through exploration is a long-term At Ren, the 2022 drilling program added to the existing reserves
investment and the main value driver for the business – not a process. base and has also increased our understanding of the low-angle
Our exploration strategy has multiple elements that all need to be in controls on mineralization within the sheared package of the Devonian
balance to deliver on Barrick’s business plan for growth and long-term Rodeo Creek, with results including 9.8 meters (TW 4.0 meters) at 5.01
sustainability. g/t Au in MRC-22009. This upgrade in the model will inform our 2023
First, we seek to deliver projects of a short- to medium-term nature surface step-out exploration program aimed at extending the known
that will drive improvements in mine plans. Second, we seek to make mineralization in the Corona Corridor further to the north and northeast.
new discoveries that add to Barrick’s Tier One Gold Asset1 portfolio. Exploration drilling to the west of Goldstrike has significantly
Third, we work to optimize the value of our major undeveloped expanded the potential along the East Bounding fault system. Two
projects and finally, we seek to identify emerging opportunities early in framework holes drilled in the fourth quarter of 2022 tested this fertile
their value chain and secure them by an earn-in or outright acquisition, fault corridor over two kilometers along strike to the south of the
where appropriate. previous successful drilling at El Niño. Both drill holes encountered
During 2022, we made significant progress in our exploration strong alteration, structural complexity and breccia development with
work across all regions, making a number of discoveries which are widespread low-grade mineralization and thin intercepts of higher
still being evaluated. In Nevada, drilling on early-stage targets in grades up to 6.85 g/t Au (WSF-22003). The underexplored East
the Cortez, Carlin and Turquoise Ridge camps has confirmed the Bounding fault corridor extends for more than seven kilometers of
presence of anomalous mineralization with alteration and structural strike length and further wide spaced drilling is planned for 2023 to
complexity under cover, which have the potential to vector us towards test and target high-grade opportunities down-dip from outcropping
new orebodies. We continue to intersect strong mineralization around orebodies, which include Tara, Bootstrap and Arturo.
North Leeville as well as at Turf and Fourmile. We also expanded At the El Niño underground mine at Arturo, a five-hole program
beyond our existing ground holdings in Nevada with multiple option was completed, with geological observations that support and expand
agreements in both the United States and Canada. In Latin America, the newly identified mineral trend north of existing mining. Only one
we completed a restructuring of the exploration team while targets result has been returned to date: SEC-22008 intercepted 20.4 meters
in Peru, Dominican Republic and Argentina were re-prioritized with at 6.51 g/t in sheared and stacked lower Devonian Rodeo Creek, with
ongoing work delivering strong early results from a historical target, mineralization remaining open towards the north. A follow-up program
Morro Escondido, near Veladero in Argentina. In the Africa and Middle is planned for 2023.
East region, we have reported robust drill intersections in Senegal and

Cortez, Nevada, USA21, 22 corridor of deep oxidation, strong geochemistry and anomalous gold,
In the fourth quarter of 2022, CHUG saw a step-change in the coincident with a window through the Roberts Mountains thrust fault.
geological understanding of the Hanson Footwall target. Following Follow-up core drilling began in January 2023.
encouraging results from the third quarter of 2022, remodeling and Work completed within the Mega Pit at Twin Creeks has
subsequent drilling has yielded promising grades from a series of highlighted the potential for a high-grade, feeder type target at depth
stacked and repeating layers of Silurian Roberts Mountain formation. below the deposit. Drilling has confirmed the presence of feeder
Results to date include 24.7 meters at 6.67 g/t Au from CMX-22016 like alteration and mineralization on the extensions of primary ore
and 20.1 meters at 9.64 g/t Au from CMX-22019. Four results remain controlling structures below the elevation of historic drilling. At the
pending for the year, but the results cover a strike length of 300 meters, targeted elevation, historic drilling is very limited and deep framework
open to the northwest and southeast. Drilling in 2023 will infill this drilling is planned to define the geologic and structural setting along
framework program as well as extend the footprint below the existing the kilometer scale target area at depth.
Cortez Hills underground infrastructure.
At the Robertson project, drilling continued to confirm geological Phoenix, Nevada, USA
continuity between the Gold Pan and Porphyry targets. Results to At Phoenix, drilling immediately west and below the northern
date include 4.6 meters at 3.28 g/t Au and 3.0 meters at 2.38 g/t Au Bonanza pit has identified a 65-meter-thick downhole (TW not yet
in PYC-21033, supporting near-surface continuity of mineralization known) zone of intensely-veined and strongly-altered porphyry, with
between the two deposits and ultimately, an increase in the resource visible chalcopyrite and pyrite in veinlets and disseminated within
footprint. At the western extent of Robertson, in the Distal target, the rockmass. Results for copper and gold assays are still pending,
results from previous drilling received in the fourth quarter of 2022 but geological observations suggest the potential for a previously
confirm the continuity of grade up-dip of the Distal Fault series and unknown hypogene zone immediately beneath the existing (unmined)
nearer to surface in DTL-21007 with 12.0 meters at 2.17 g/t Au, and resource pit. Follow-up drilling in 2023 will target the extension and
13.9 meters at 15.57 g/t Au in DTL-21004. These results continue further our understanding of the potential for this zone.
to improve the resource potential, some 600 meters away from the
Gold Pan deposit. Infill and further exploration drilling is planned for Pearl String, Nevada, USA
2023 at Distal. Maiden reserves and an increased resource were The Pearl String property, located in the Walker Lane mineral belt of
declared as part of the 2022 Reserves and Resources Statement. western Nevada, was acquired through an exploration agreement with
the opportunity to earn a 100% interest from the underlying claim
Fourmile, Nevada, USA23 holder. In addition to the acquired ground, Barrick staked a large claim
At the Dorothy target, 800 meters north of the existing Fourmile block around the property encompassing approximately 80 square
resource, two drillholes have successfully intersected the most kilometers of prospective ground. The property consists of a volcanic-
continuous zones of mineralization to date in the target area. Gold hosted high sulfidation epithermal alteration system, outcropping to
mineralization is primarily hosted within a breccia, as seen in historic the east and mostly concealed under post mineral pediment cover
drilling, but contains a much higher concentration of mineralized clasts to the west. There are small windows of altered and gold-bearing
with more consistent sulfidation. These intercepts greatly increase volcanics exposed through this cover. Work to date on the property
the potential at Dorothy as the mineralization observed is at a lower has included geologic mapping, rock and soil sampling and collection
horizon than previously tested in the target area and remains open in of gravity data to map the underlying basement rock. This data will be
all directions. Results from drill hole FM22-180D include 39.6 meters compiled and interpreted in the first quarter of 2023, leading to target
at 12.71 g/t Au and 5.4 meters at 17.04 g/t Au. Hole FM22-179D delineation and framework drill testing.
intersected similar brecciation with 31.7 meters at 33.67 g/t Au. Initial
follow-up drilling is planned to extend a historic hole which was not Hemlo, Canada25
drilled deep enough to test the new horizon. A detailed re-interpretation and re-build of the geological model and
Both holes also intersected shallower gold mineralization, along resource estimation has been completed at Hemlo, better defining
the Sadler Fault, a key structural control within the Fourmile resource the geological controls of the mineralization. This has reduced the
to the south. FM22-179D returned 18.0 meters at 29.67 g/t Au and contained ounces and residual potential in the Lower B Zone while
FM22-180D returned 4.0 meters at 13.62 g/t Au. Together, these improving growth targeting in the C and E Zones, where mineralization
intercepts are beginning to establish a thicker and more continuous remains open at depth. Model confirmation drilling continued at C
zone of mineralization along this key structure in the Dorothy area Zone Deep during the fourth quarter of 2022, aiming to extend the
as well. mineralization down plunge. Results from this program received in the
fourth quarter of 2022 include 4.6 meters at 6.06 g/t Au in 90352207,
Turquoise Ridge, Nevada, USA24 4.1 meters at 7.60 g/t Au in 90352208, 3.2 meters at 9.12 g/t Au in
Fourth-quarter drilling and results at Turquoise Ridge continue to 90352209, 2.8 meters at 9.85 g/t Au and 2.6 meters at 6.78 g/t Au in
define and upgrade our understanding of the mineral controls within 90352227 and 2.7 meters at 6.38 g/t Au in 90352229. Further drilling
the BBT corridor and Getchell Fault Zone. Recent drilling continues also continued in Lower C Zone West, aiming to better define the
to upgrade resource numbers within the Getchell Zone, with results mineralization in the area. Results include 3.5 meters at 10.57 g/t Au in
including 10.0 meters (TW 9.2 meters) at 28.00 g/t Au in TUM-22813 drillhole 11522104 and 2.7 meters at 13.82 g/t Au in drillhole 1152295.
and 10.1 meters (TW 8.7 meters) at 20.77 g/t Au in TUM-22816. Final assays were received for the E Zone resource expansion drilling
Similarly, drilling along the TR Corridor has highlighted significant completed in the third quarter of 2022, with results including 2.7 meters
intercepts such as TUM-22219 (34.2 meters (TW 14.6 meters) at at 10.74 g/t Au in W2230 and 6.5 meters at 4.40 g/t Au in W2231.1. All
12.93 g/t Au) approximately 300 meters along trend from TUM-22162 these results confirm the updated model.
(34.8 meters (TW 15.2 meters) at 33.11 g/t Au). Infill drilling is planned At the Pic Project to the west of Hemlo, a soil and till sampling and
to test the undrilled continuity between these two high-grade holes mapping program was conducted over areas of historically identified
and potentially expand the resource here. mineralization and new areas of interest. Approximately 6,600 meters
During the fourth quarter of 2022, results were received from of available historic drill core was scanned using an advanced array
the reverse circulation scout drilling program in the Fenceline target of sensors to measure spectral and compositional characteristics
area, an alluvial material covered target straddling a legacy property and is currently being re-logged to provide context for historical
boundary between the Turquoise Ridge underground mine and the mineralization. More than 550 samples were collected in the northeast
Mega pit at Twin Creeks. The results from the program highlight a area of the property. The results will be utilized to motivate drilling
planned for the summer and fall of 2023.

Uchi Belt, Canada Ground geophysics supported the target concept of the Atena-
On the South Uchi Project, all results from the 2022 program were Chispas, high-sulfidation target that sits immediately south of the
received during the fourth quarter of 2022. 461 till samples and current Veladero Valley Leach Facility. A small proof-of-concept drill
1,065 surface rock samples were analyzed during the summer field program was designed and drilling was initiated prior to end-of-year,
mapping and overburden drilling campaigns. The results have been and will continue into the first quarter of 2023.
disappointing, ultimately leading to the termination of the earn-in Drilling of the Lama targets continued during the fourth quarter of
agreement with Kenorland Minerals. 2022 with two drill rigs testing mineralization concepts at the Penelope
South and Porfiada targets.
Latin America & Asia-Pacific
Cerro Bayo, Argentina
Pueblo Viejo, Dominican Republic26, 27
In Cerro Bayo prospect, detailed mapping and sampling confirmed
Drilling at the Main Gate target in the third quarter of 2022 intersected the northwest striking mineralized structures on the project. The
favorable hydrothermal alteration and mineralization below cover, hydrothermal systems are preserved and close to the surface in
which identified a new target area close to the main Pueblo Viejo certain parts of the property. Surface samples yielded encouraging
deposit. The target remains open over several hundred meters along gold results in northwest-striking veins.
a northwest trend towards the historical “ARD1” target. Drilling on this
trend is underway and will continue through the first half of 2023. Peru
At the Arroyo del Rey target to the northeast of the Pueblo
Viejo deposits, the three-hole framework diamond drilling program At the Austral project, geological mapping, sampling, and ground
confirmed the structurally-controlled, high-grade mineralization geophysical surveys were completed as part of the target delineation
previously identified at surface. DPV22-872 intercepted 1.85 meters program. Fieldwork across the project has defined two gold-bearing
at 10.93 g/t Au from 143 meters associated with a northeast striking targets which both feature strong gold results from outcrops and have
structure. Further drilling to test the wider Arroyo del Rey target as the potential to host a large deposit. RC drill testing is planned in 2023.
well as the deep extensions to the Cumba deposit are being planned.
To the east of the Mejita pit, at the Mejita Extension target, drillhole Porgera, Papua New Guinea
DPV22-875 intercepted 5 meters at 1.68 g/t Au from 133.5 meters, As discussed on page 63, Porgera is currently on temporary care and
including 1.5 meters at 3.7 g/t Au without lateral continuity. This target maintenance and consequently, all exploration activities have ceased.
has been downgraded.
Japan Gold Strategic Alliance, Japan
Regional Exploration, Dominican Republic Focused field activities were undertaken on four of the rationalized
Three new exploration concessions covering a total area of 134 km2 nine projects in the portfolio, comprising prospect scale mapping, rock
were granted across the Dominican Republic, within three different chip sampling and geophysical surveys.
geological districts. At the recently granted La Laja project (located At the Mizobe project in Kyushu, interpretation of the induced
40 kilometers west of Pueblo Viejo), a reconnaissance campaign polarization survey was completed in the fourth quarter of 2022.
identified three areas of interest which feature encouraging indications Combined with results from prior mapping and geochemical sampling,
of hydrothermal alteration as well as gold and copper mineralization. this has resulted in three framework drill holes being planned. Drilling
Follow-up field work to define the geological framework and will target the margins of a graben structure, interpreted as potential
mineralization potential is planned for the first quarter of 2023. fluid conduits, beneath late and post mineral volcanic and sedimentary
cover sequences. Drilling is currently being permitted.
Veladero District, Argentina28 On the Ebino project, also in Kyushu, an induced polarization
A diamond drill program to validate legacy RC drilling results and to survey, prospect scale mapping and surface sampling was completed
improve the understanding of mineralization controls at the Morro over the Otsuka prospect. The prospect is defined by a large area of
Escondido target began in the fourth quarter of 2022. Four completed argillic alteration localized over a fault bounded gravity anomaly along
holes confirmed significant mineralization with intersections including the eastern margin of the Okuchi basin, a similar geological setting to
DDH-MES-02 with 128.0 meters at 0.75 g/t Au from surface, including the Hishikari deposit located 12 kilometers to the south. Upon receipt
9.30 meters at 4.91 g/t Au from surface; DDH-MES-01 with 107.80 and integration of analytical results, follow-up work may be planned.
meters at 0.74 g/t Au from surface; DDH-MES-04 with 41.00 meters On the Aibetsu project, located in Hokkaido, prospect scale
at 1.64 g/t Au, including 4.00 meters at 8.27 g/t Au; and DDH-MES-03 mapping and rock chip sampling was completed over two areas of
with 75.5 meters at 0.52 g/t Au, including 19.50 meters at 1.04 g/t interest, characterized by elevated low level gold and associated
Au from surface. Concurrently, a ground geophysical Controlled pathfinder elements interpreted as leakage along low angle bedding
Source Audio Magnetotelluric survey was completed, revealing a large planes, with potential for a blind system proximal to first order feeder
2.87-km2-high resistivity anomaly greater than >2,000 ohm per meter, structures. Geological observations and initial analytical results
which is interpreted to represent silica alteration that is associated with support this conceptual model, and pending remaining results, next
mineralization. Bottle roll test analysis on surface outcrop samples steps may include geophysics and drill testing after the winter season.
yielded results showing the mineralization is potentially amenable for
blending with ore from Veladero and further tests are being carried out Africa and Middle East
on the new drill core. The system remains open in all directions and Senegal, Exploration29
drilling is ongoing. On the Bambadji joint venture, at the Wari Target, diamond drilling is
Geological work continues on other high priority projects in the underway testing a kilometer scale alteration and mineralized system
district focusing on targets with the potential to impact Veladero’s confirmed by first phase RC drilling in the third quarter of 2022 with
mine plan. At Domo Negro, in the Ortiga trend to the north of Morro significant intercepts such as 14.0 meters at 2.71 g/t, including 7.0
Escondido, further sampling in a high vein density area yielded meters at 4.96 g/t (WARC004). Initial geological observations are
encouraging gold values defining a target with gold porphyry potential encouraging, extending the alteration system down to 200 meter
at depth. At Cerro Lila, in the same trend, surface samples returned vertical depth (results pending). Alteration and mineralization styles are
encouraging gold values, defining a target area of 500 by 1,000 meters, very similar to the Kabetea system, located 1.5 km to the south, where
which is open and under cover to the east. At the Veladero Sur project, wide high-grade intercepts have been reported. RC drilling is planned
field work defined two targets, one of which is a large Veladero-type to test the gap between the two targets and assess the potential of the
high-sulfidation system and one which has porphyry potential with a combined system.
high density of quartz veinlets and associated encouraging gold values. On the Dalema joint venture, scout RC drilling commenced in early
A ground geophysical Controlled Source Audio Magnetotelluric survey 2023 to test the first prioritized targets on the permit in the prospective
is planned for the first quarter of 2023, with diamond drilling to follow. Faleme Domain. Meanwhile auger drilling, mapping and geophysics
will continue screening the remaining parts of the project to generate
additional opportunities.

Target delineation programs have commenced on the recently At Oere, recent results from the deepest drillholes on the
granted Bambadji South permit, where initial surface observations target have returned the strongest intersections to date indicating
have highlighted strongly altered and sulfidized rocks that correlate underground potential as well as highlighting conceptual potential
with high tenor soil geochemistry anomalies; these targets will be at depth along the KZ trend in similar settings where near-surface
prioritized against other opportunities for testing in the first quarter results are weak. Significant results include: 8.1 meters at 11.6 g/t
of 2023. (ORDD0031); 19.80 meters at 6.15 g/t (ORDD0057) and 16.90 meters
at 4.29 g/t (ORDD0043). The geological model is currently being
Loulo-Gounkoto, Mali30 updated to place the high-grade results into context prior to planning
At Gara West, two diamond holes were drilled beneath the pit, to a program to assess the underground opportunity.
test a conceptual target controlled by a plunging fold axis related to A scout RC program has been completed at Zambula, located
the adjacent Gara orebody. Observations confirmed the alteration on the KZ South structure. The program was designed to assess
system and mineralization at 350 meters vertical depth, with a high- the most prospective segments of the sparsely tested shear zone
grade intersection of 10.95 meters at 8.19 g/t, including 5.9 meters for large-scale near-surface satellite potential within 15 kilometers of
at 12.63 g/t (GWDH02). These initial results support the potential for the Kibali mill with wide spaced drill fences. Consistent alteration and
a significant underground opportunity and will be a key focus area for mineralization over more than two kilometers strike length and down
early 2023. Additionally, a review of the four-kilometer-long Gara West to 150 meters vertical depth has been intersected with indications of
trend, which has been tested with limited drilling, has been initiated to high grades within the system. Significant results include: 15 meters
identify further potential in a key prospective corridor. at 2.13 g/t, including 5 meters at 4.61 g/t (ZBRC0009), 11 meters
Scout drilling at the Hippo and Yalea Ridge South targets at 2.68 g/t, including 5 meters at 4.33 g/t (ZBTR0010), 7 meters at
located south of the Yalea deposit, has confirmed a wide silica-albite 2.39 g/t, including 2 meters at 5.69 g/t (ZBRC0021). Results support
alteration corridor over 1.7 kilometer strike and returned localized the potential for the structure to host a significant satellite deposit, a
strong mineralized intercepts from one hole, hosted in brecciated follow-up program, including deeper diamond drilling, is planned for
tourminalized sandstone: YRSAC0010 returned 10 meters at 10.05 g/t, the first quarter of 2023.
including 7 meters at 13.69 g/t, and 18 meters at 1.83 g/t. The tourmaline
breccia host appears to narrow to the south with only weak North Mara and Bulyanhulu, Tanzania
intercepts reported in the other shallow drill fences located At North Mara, a framework drill program has commenced on
200 meters along strike. A full integration and model update for the the Gokona West corridor; the first holes have intersected strong
structural corridor is in progress to better understand the control on the ‘Gokona style’ alteration and host rocks supporting the presence
high-grade mineralization in the system and identify upside potential. of additional mineralized hydrothermal centers along the sparsely
tested prospective corridor, which is concealed beneath post-mineral
Tongon, Côte d’Ivoire31 volcanic cover. Results are pending and the program will continue into
The priority at Tongon continues to be progressing satellite targets the first quarter of 2023.
with the potential to extend the life of mine. The Gokona Deeps drilling program targeting extensions at
At Koro A2, results continue to demonstrate economic satellite depth continued in the fourth quarter of 2022. Several drill holes
potential over 500 meters strike, with significant results in the fourth have intersected mineralization outside of the currently defined
quarter of 2022 including 10.00 meters at 2.49 g/t (KORC020), 12.00 mineralization wireframes, which are expected to support extensions
meters at 2.28 g/t (KORC021) and 7.00 meters at 6.54 g/t (KORC028). of mineral resources. Subsequent conversion drilling will be planned in
The system is open along strike in both directions and at depth with 2023 based on the results.
further drilling planned in the first quarter of 2023. At Bulyanhulu, an updated geological model was developed for
At Jubula Main, encouraging results continue to define the northwest extension of the Bulyanhulu system. The new model
mineralization on multiple sub-parallel structures 0.5 kilometers from has highlighted several near mine targets and initial drill testing will
the Seydou North deposit. Best intersections include 13.41 meters at start early in 2023. In parallel, target delineation programs including
2.74 g/t and 6.00 meters at 2.70 g/t (JBMDH002). Further analysis is ground geophysics, have been completed over the northern permits of
scheduled after receipt of full assay results and metallurgical test work the Bulyanhulu inlier. The new data will support the generation of the
to define upside and economic potential. next phase of targets to fill the base of the resource triangle with the
At Seydou North, an update to the geological model incorporating highest potential targets to be prioritized for drill testing early in 2023.
the latest drilling has successfully led to the extension of the
planned open pit and an increase to the resource. Mining operations Egypt, Regional Exploration
commenced at the end of 2022. In Egypt, the handover of Barrick’s third exploration license
A review of the fertile Stabilo Trend is underway to identify new Hamash-Sukari was completed and the first-year work program has
high impact satellite opportunities along the over 5 km structure commenced. The total land package held by Barrick is now 1,675 km2
hosting Seydou North and several additional prospects. Targets will spread between the Hamash-Sukari, Fatiri and Atalla licenses. Field
be prioritized prior to testing in the first quarter of 2023. teams are actively screening the three licenses for indications of
mineralized systems with Tier One gold system potential with the aim
Kibali, Democratic Republic of Congo32 to execute maiden drill programs on prioritized targets later in 2023.
The remaining results have been received from the initial drill section
at Mengu Hill, designed to test for the continuity of high-grade Lumwana
mineralization down-plunge of the previously mined open pit. Following the successful completion of an internal preliminary
MDD079W1 returned a significant intercept of 7.82 meters at 11.19 g/t, economic assessment, a pre-feasibility study commenced during the
increasing the high-grade zone to 60 meters width, with mineralization fourth quarter of 2022 to further examine the potential of integrating
still open towards the southeast and down-plunge to the northeast. the Chimi Super Pit with the recently drilled Lubwe deposit. To support
Results of the first fence support the potential for a significant satellite this study, drilling continued at Lubwe to test the extents of the orebody
underground project. Additional drilling is planned in the first quarter and to support the release of a potential maiden resource. The new
of 2023 to test the width of the mineralized shoot and the open down- holes confirmed the presence of thick, higher-grade mineralization,
plunge extension. showing the potential to grow the Lubwe starter pits, which will
Drilling at Gorumbwa, adjacent to the KCD deposit commenced positively impact the potential Super Pit expansion.
to test the underground potential below the historical pit. Initial results Exploration drilling commenced at the Kamalamba target during the
are showing strong alteration and mineralization, supporting the fourth quarter of 2022 and initial observations confirmed the presence
potential of an underground project and this work has better defined of shallow chalcopyrite-mineralized schists. The program will continue
and reduced the size of historic mining voids. Drilling will continue through early 2023 to fully test the potential for Kamalamba to provide
down-plunge during early 2023. alternative higher-grade mill feed to support the potential Super Pit
expansion. At a third near-mine target, the Kababisa geological model
has been updated and exploration drilling is scheduled for early 2023.

Jabal Sayid, Kingdom of Saudi Arabia33 Q4 2022 compared to Q3 2022

At Lode 1 at Jabal Sayid, drilling continues to target extensions of the In the fourth quarter of 2022, gold revenues increased by 11%
recently discovered high-grade mineralization and samples have been compared to the prior quarter primarily due to higher sales volume,
taken for independent geometallurgical test work. Results from the while prices were in line. The average realized price for the three
fourth quarter of 2022 include 15.00 meters at 3.51% Cu (BDH1170) month period ended December 31, 2022 was $1,728 per ounce versus
and 52.60 meters at 2.67% Cu (BDH1171), supporting potential $1,722 per ounce for the prior quarter. During the fourth quarter of
resource expansion with an interim model update planned in the first 2022, the gold price ranged from $1,617 per ounce to $1,833 per
quarter of 2023. ounce and closed the quarter at $1,814 per ounce. Gold prices in the
Early success at the Janob target located one kilometer southwest fourth quarter of 2022 continued to be volatile as a result of increasing
of Lode 1 demonstrates new mineralization potential with three concerns over inflation, expectations of a moderation in the pace of
drillholes completed to date intersecting near-surface VMS-style interest rate increases, fluctuations in the price of the trade-weighted
alteration and mineralization. The first result of 15.07 meters at US dollar, and geopolitical concerns.
2.11% Cu (BDHR014) within a 41-meter-wide zone of strong Chlorite
alteration demonstrates the economic potential of the target with other ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz)
results pending. A geological model update and ground geophysics Q4 2022 compared to Q3 2022
are planned early in 2023 to refine and advance the target.
The Umm Ad Damar exploration project was provisionally Q3 2022 988
awarded to the Ma’aden-Barrick consortium following a competitive
bid-process. The project, located 20 km south-east of Jabal Sayid, Cortez (61.5%) 42
is prospective for VMS mineralization. Aggressive exploration Carlin (61.5%) 36
programs are planned to commence early in 2023 upon issuance of
the exploration license and will target either stand-alone or satellite Other 29
opportunities for Jabal Sayid. Turquoise Ridge (61.5%) 16
Kibali (45%)
REVIEW OF FINANCIAL RESULTS 14
Revenue Veladero (50%) 9

Loulo-Gounkoto (80%) 9
($ millions, except
per ounce/pound For the Bulyanhulu (84%) 1
data in dollars) three months ended For the years ended
North Mara (84%) (1)
12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
Pueblo Viejo (60%) (23)
Gold
000s oz solda 1,111 997 4,141 4,468 4,879 Q4 2022 1,120
000s oz
produceda 1,120 988 4,141 4,437 4,760 In the fourth quarter of 2022, attributable gold production was
Market price 132 thousand ounces higher than the prior quarter, primarily driven
($/oz) 1,726 1,729 1,800 1,799 1,770 by stronger performance at Cortez due to significantly increased
Realized price ore tonnes mined from Crossroads and processed at the Cortez
($/oz)b 1,728 1,722 1,795 1,790 1,778 oxide mill as well as higher grades mined from Cortez Hills; at Carlin
Revenue 2,535 2,277 9,920 10,738 11,670 resulting from higher grades; and at Tongon (included in the “Other”
category above) reflecting higher grades, throughput and recoveries.
Copper
This was partially offset by lower production at Pueblo Viejo due to
millions lbs solda 99 120 445 423 457 decreased throughput, driven by planned maintenance and lower
millions lbs grades processed.
produceda 96 123 440 415 457 Copper revenues in the fourth quarter of 2022 decreased by 15%
Market price compared to the prior quarter, primarily due to lower copper sales
($/lb) 3.63 3.51 3.99 4.23 2.80 volume, partially offset by a higher realized copper price6. The average
Realized price market price in the fourth quarter of 2022 was $3.63 per pound versus
($/lb)b 3.81 3.24 3.85 4.32 2.92 $3.51 per pound in the prior quarter. In the fourth quarter of 2022,
the realized copper price6 was higher than the market copper price
Revenue 170 200 868 962 697 due to the impact of positive provisional pricing adjustments, whereas
Other sales 69 50 225 285 228 a negative provisional pricing adjustment was recorded in the prior
Total revenue 2,774 2,527 11,013 11,985 12,595 quarter. During the fourth quarter of 2022, the copper price ranged
from $3.32 per pound to $3.91 per pound and closed the quarter
a. On an attributable basis. at $3.80 per pound. Copper prices in the fourth quarter of 2022
b. Further information on these non-GAAP financial measures, including detailed were influenced by economic optimism following the lifting of some
reconciliations, is included on pages 114–140 of this MD&A.
pandemic related restrictions, low copper stockpiles, and a weakening
trade-weighted US dollar.
Our 2022 gold production of 4.14 million ounces was slightly below the Attributable copper production in the fourth quarter of 2022
guidance range of 4.2 to 4.6 million ounces. As previously disclosed, decreased by 27 million pounds compared to the prior quarter,
this was mainly due to lower than planned production at Turquoise primarily at Lumwana due to lower grades processed in line with the
Ridge where processing operations were disrupted by maintenance mine plan and decreased throughput following a planned shutdown of
events at the Sage autoclave in the second half of 2022 and at Hemlo the mill. Attributable copper sales in the fourth quarter of 2022 were
due to the temporary water inflow that occurred late in the second 18% lower than the prior quarter.
quarter of 2022 and impacted mining productivity into the third quarter
of 2022. Gold production was also impacted by lower than expected
performance from Cortez and Veladero. As expected and previously
guided, copper production of 440 million pounds for 2022 was in the
middle of the guidance range of 420 to 470 million pounds.

2022 compared to 2021 Production Costs

In 2022, gold revenues decreased by 8% compared to the prior year,
($ millions, except
primarily due to a decrease in sales volumes while prices were in line.
per ounce/pound For the
The average market gold price for 2022 was $1,800 per ounce versus data in dollars) three months ended For the years ended
$1,799 per ounce in the prior year.
12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
In 2022, attributable gold production was 4,141 thousand ounces,
or 296 thousand ounces lower than the prior year, mainly due to the Gold
completion of Phase 1 mining in May 2022 at Long Canyon (included Site operating
in the “Other” category below), lower grades processed at Pueblo costs 1,286 1,161 4,678 4,218 4,421
Viejo, lower leach and refractory ore tonnes mined at Cortez, and Depreciation 506 393 1,756 1,889 1,975
lower throughput due to maintenance events at Turquoise Ridge.
These impacts were partially offset by increased production at Carlin Royalty expense 85 74 342 371 410
as the prior year was impacted by the mechanical mill failure at Carlin’s Community
Goldstrike roaster, which occurred in May 2021. Gold sales were in relations 13 10 37 26 26
line with gold production in 2022, whereas in 2021, gold sales were Cost of sales 1,890 1,638 6,813 6,504 6,832
higher than gold production as Veladero sold a portion of its built-up Cost of sales
gold inventory. ($/oz)a 1,324 1,226 1,241 1,093 1,056
Total cash costs
ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz) ($/oz)b 868 891 862 725 699
Year ended December 31, 2022
All-in sustaining
costs ($/oz)b 1,242 1,269 1,222 1,026 967
2021 4,437
Copper
Other* (170)
Site operating
Pueblo Viejo (60%) (60) costs 88 89 336 266 292
(59) Depreciation 92 59 223 197 208
Cortez (61.5%)
Royalty expense 16 23 103 103 54
Turquoise Ridge (61.5%) (52)
Community
Kibali (45%) (29) relations 1 1 4 3 2
Loulo-Gounkoto (80%) (13) Cost of sales 197 172 666 569 556
Cost of sales
North Mara (84%) 3
($/lb)a 3.19 2.30 2.43 2.32 2.02
Bulyanhulu (84%) 18 C1 cash costs
($/lb)b 2.25 1.86 1.89 1.72 1.54
Veladero (50%) 23
All-in sustaining
Carlin (61.5%) 43 costs ($/lb)b 3.98 3.13 3.18 2.62 2.23
2022 4,141
a. Gold cost of sales per ounce is calculated as cost of sales across our gold
operations (excluding sites in closure or care and maintenance) divided by
ounces sold (both on an attributable basis using Barrick’s ownership share).
* Other consists primarily of Long Canyon, Buzwagi and Hemlo.
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
Copper revenues for 2022 were 10% lower compared to the prior Barrick’s ownership share).
year due to a lower realized copper price6, partially offset by higher b. Further information on these non-GAAP financial measures, including detailed
copper sales volume. In 2022, the realized copper price6 was lower reconciliations, is included on pages 114–140 of this MD&A.
than the market copper price as a result of negative provisional pricing
adjustments, whereas a positive provisional pricing adjustment was Q4 2022 compared to Q3 2022
recorded in 2021. In the fourth quarter of 2022, cost of sales applicable to gold was 15%
Attributable copper production for 2022 was 25 million pounds higher compared to the prior quarter, primarily as a result of higher
higher than the prior year, mainly due to higher grades processed at sales volume. Our 45% interest in Kibali is equity accounted and we
Lumwana. therefore do not include its cost of sales in our consolidated gold cost
of sales. On a per ounce basis, cost of sales applicable to gold7, after
including our proportionate share of cost of sales at our equity method
investees, was 8% higher than the prior quarter primarily due to higher
depreciation expense, partially offset by lower total cash costs6 per
ounce. Total cash costs per ounce6 were 3% lower, mainly due to the
impact of higher sales volume partially offset by an increase in natural
gas prices at the NGM operations.
In the fourth quarter of 2022, gold all-in sustaining costs6 decreased
by 2% on a per ounce basis compared to the prior quarter, primarily
due to lower total cash costs per ounce6 as described above.

In the fourth quarter of 2022, cost of sales applicable to copper was 2022 cost of sales applicable to copper7 and C1 cash costs6
15% higher than the prior quarter, primarily due to higher depreciation were $2.43 per pound and $1.89 per pound, respectively, within our
expense, partially offset by lower royalty expense at Lumwana. Our guidance ranges of $2.20 to $2.50 per pound and $1.70 to $1.90 per
50% interests in Zaldívar and Jabal Sayid are equity accounted and pound, respectively. 2022 copper all-in sustaining costs6 of $3.18
therefore we do not include their cost of sales in our consolidated per pound was higher than our guidance range of $2.70 to $3.00 per
copper cost of sales. On a per pound basis, cost of sales applicable pound, mainly due to higher minesite sustaining capital expenditures6.
to copper7 and C1 cash costs6, after including our proportionate share
of cost of sales at our equity method investees, increased by 39% Capital Expendituresa
and 21%, respectively, compared to the prior quarter primarily due to
higher maintenance expense associated with the mill shutdown as well For the
as lower grades and tonnes processed at Lumwana. Cost of sales per ($ millions) three months ended For the years ended
pound7 was further impacted by higher depreciation expense, mainly 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
at Lumwana.
Minesite
In the fourth quarter of 2022, copper all-in sustaining costs6, sustainingb,c 557 571 2,071 1,673 1,559
which have been adjusted to include our proportionate share of equity
method investees, were 27% higher per pound than the prior quarter, Project capital
expendituresb,d 324 213 949 747 471
primarily reflecting higher minesite sustaining capital expenditures6
at Lumwana mainly related to new mining equipment, combined with Capitalized interest 10 8 29 15 24
higher C1 cash costs per pound6. Total
consolidated
2022 compared to 2021 capital
expenditures 891 792 3,049 2,435 2,054
In 2022, cost of sales applicable to gold was 5% higher than the prior
year primarily due to higher site operating costs driven by higher Attributable
input prices for energy, labor and other consumables as a result capital
expenditurese 743 609 2,417 1,951 1,651
of inflationary pressures. This was partially offset by lower sales
volumes. On a per ounce basis, cost of sales applicable to gold7, after 2022 Attributable
including our proportionate share of cost of sales at our equity method capital $1,900
investees, and total cash costs per ounce6 were 14% and 19% higher, expenditures to
guidancee $2,200
respectively, than the prior year, primarily due to higher input prices for
energy, labor and consumables driven by inflationary pressures initially a. These amounts are presented on a cash basis.
related to global supply chain constraints, and then exacerbated by b. Further information on these non-GAAP financial measures, including detailed
the Russian invasion of Ukraine. reconciliations, is included on pages 114–140 of this MD&A.
In 2022, gold all-in sustaining costs per ounce6 increased by c. Includes both minesite sustaining and mine development.
19% compared to the prior year primarily due to higher total cash d. Project capital expenditures are included in our calculation of all-in costs, but
not included in our calculation of all-in sustaining costs.
costs per ounce6, combined with higher minesite sustaining capital e. These amounts are presented on the same basis as our guidance on page 64.
expenditures6.
In 2022, cost of sales applicable to copper was 17% higher than
the prior year, primarily due to higher sales volume and the same
inflationary pressures as described above. Our 50% interests in In the fourth quarter of 2022, total consolidated capital expenditures
Zaldívar and Jabal Sayid are equity accounted and therefore we do on a cash basis were 13% higher than the prior quarter due to an
not include their cost of sales in our consolidated copper cost of sales. increase in project capital expenditures6, partially offset by a slight
On a per pound basis, cost of sales applicable to copper7 and C1 decrease in minesite sustaining capital expenditures6. Project capital
cash costs6, after including our proportionate share of cost of sales at expenditures6 increased by 52% primarily due to the investment in
our equity method investees, increased by 5% and 10%, respectively, a new mining fleet at Lumwana, the continued development of the
compared to the prior year, primarily due to higher operating costs Gounkoto underground expansion, as well as the solar plant projects
as a result of higher input prices for energy, labor and consumables at both Loulo-Gounkoto and NGM. Minesite sustaining capital
driven by inflationary pressures initially related to global supply chain expenditures6 decreased by 2% compared to the prior quarter,
constraints, and then exacerbated by the Russian invasion of Ukraine. primarily at Cortez due to lower capitalized waste stripping, partially
Copper all-in sustaining costs per pound6 was 21% higher than offset by an increase in minesite sustaining capital expenditures6 at
the prior year, primarily reflecting higher minesite sustaining capital North Mara from the procurement of key underground equipment.
expenditures6, combined with higher total C1 cash costs per pound6.
2022 compared to Guidance In 2022, total consolidated capital expenditures on a cash basis
2022 cost of sales applicable to gold7 was $1,241 per ounce, higher increased by 25% compared to the prior year due to an increase in
than our guidance range of $1,070 to $1,150 per ounce. Gold total both minesite sustaining capital expenditures6 and project capital
cash costs6 for 2022 of $862 per ounce were higher than our guidance expenditures6. Higher minesite sustaining capital expenditures6 of
range of $730 to $790 per ounce, while all-in sustaining costs6 for 2022 24% were mainly due to increased capitalized waste stripping at
of $1,222 per ounce were higher than the guidance range of $1,040 to Lumwana and Cortez, combined with higher spend on the Llagal
$1,120 per ounce. All gold cost metrics were higher than the guidance tailings storage facility and the purchase of new mining equipment
ranges, as expected and previously disclosed, mainly due to higher at Pueblo Viejo. Project capital expenditures6 increased by 27%
input prices for energy, labor and consumables driven by inflationary compared to the prior year, mainly due to the investment in a new
pressures initially related to global supply chain constraints and then mining fleet at Lumwana, the ramp-up of open pit operations at North
exacerbated by the Russian invasion of Ukraine, as well as lower Mara and the solar plant projects at both Loulo-Gounkoto and NGM.
production and sales volumes.

2022 compared to Guidance Exploration, Evaluation and Project Costs

Attributable capital expenditures for 2022 of $2,417 million was higher
For the
than the guidance range of $1,900 to $2,200 million. Attributable
($ millions) three months ended For the years ended
minesite sustaining capital expenditures6 of $1,678 million was
higher than the guidance range of $1,350 to $1,550 million, mainly 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
due to higher energy and consumable prices related to the same Global exploration
inflationary impacts that drove operating cost increases as described and evaluation 38 25 123 122 143
throughout this MD&A, which in particular, impacted capitalized waste Project costs:
stripping and underground development. Attributable project capital
expenditures6 of $725 million was higher than the guidance range of Pascua-Lama 16 7 52 46 37
$550 to $650 million, mainly due to the investment in a new mining fleet Pueblo Viejo 5 5 24 3 8
at Lumwana, which was not included in guidance for 2022, an increase Reko Diq 9 2 14 10 7
in the previously disclosed capital cost for the plant expansion and
Other 10 11 47 26 12
mine life extension project at Pueblo Viejo, as well as the timing of
expenditures relating to the Third Shaft project at Turquoise Ridge. Corporate
development 5 5 15 16 9
General and Administrative Expenses Global exploration
and evaluation
For the and project
($ millions) three months ended For the years ended expense 83 55 275 223 216
12/31/22 9/30/22 12/31/22 12/31/21 12/31/20 Minesite
exploration and
Corporate evaluation 23 22 75 64 79
administration 33 26 125 118 118
Total exploration,
Share-based evaluation
compensationa 16 0 34 33 67 and project
General & expenses 106 77 350 287 295
administrative $180
expenses 49 26 159 151 185 2022 E&E to
2022 General & guidance $200
administrative 2022 project $130
expenses expense to
guidance ~$180 guidance $150
a. Based on US$17.21 share price as at December 31, 2022 (September 30, 2022 total E&E
2022: US$14.91; 2021: US$19.00; 2020: US$22.78). and project $310
expenses to
guidance $350
In the fourth quarter of 2022, general and administrative expenses
increased by $23 million compared to the third quarter of 2022, Q4 2022 compared to Q3 2022
primarily due to higher share-based compensation expense as a result Exploration, evaluation and project expenses for the fourth quarter
of an increase in our share price during the fourth quarter of 2022. of 2022 increased by $29 million compared to the prior quarter. This
was primarily due to higher project costs at Pascua-Lama as weather
2022 compared to 2021 conditions improved and Reko Diq as the project was reconstituted,
General and administrative expenses in 2022 increased by $8 million combined with higher global exploration and evaluation costs mainly
compared to the prior year due to higher spend on external services and at the Latin America and Asia-Pacific region due to increased drilling
travel, which was lower in 2021 as a result of the Covid-19 pandemic. activity with the end of winter in the southern hemisphere.
2022 compared to Guidance 2022 compared to 2021

General and administrative expenses in 2022 were lower than guidance Exploration, evaluation and project costs for 2022 increased by
of ~$180 million. Corporate administration expenses of $125 million $63 million compared to the prior year, primarily due to higher project
was below our guidance of ~$130 million, highlighting the continued costs, mainly associated with our projects in the Latin America
benefit of our cost discipline, while share-based compensation and Asia-Pacific region, including Pascua-Lama and Reko Diq as
expense of $34 million was lower than our guidance of ~$50 million well as the technical and social studies for additional tailings storage
due to the commensurate movement in our share price. capacity at Pueblo Viejo.

Exploration, evaluation and project expenses for 2022 of $350 million
were within the guidance range of $310 to $350 million. Exploration
and evaluation costs of $198 million were within the guidance range
of $180 to $200 million, while project expenses of $152 million were
slightly above the guidance range of $130 to $150 million.

Finance Costs, Net Impairment Charges (Reversals)

For the For the
($ millions) three months ended For the years ended ($ millions) three months ended For the years ended
12/31/22 9/30/22 12/31/22 12/31/21 12/31/20 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
Interest expensea 89 95 366 357 342 Post-tax Post-tax Post-tax Post-tax Post-tax
(our (our (our (our (our
Accretion 20 18 66 48 41 share) share) share) share) share)
(Gain)/loss on debt Asset impairments
extinguishment (12) (2) (14) 0 15 (reversals)
Interest capitalized (10) (8) (29) (16) (24) Veladero 318 0 318 0 0
Other finance Long Canyon 42 0 43 0 0
costs 2 1 6 8 1
Lumwana 0 15 16 0 0
Finance income (38) (31) (94) (42) (28)
Lagunas Norte 0 0 0 (86) 0
Finance costs,
net 51 73 301 355 347 Pueblo Viejo 0 0 0 (2) 2
2022 finance $330 Golden Sunlight 0 0 0 12 0
costs, net to Hemlo 0 0 0 4 0
guidance $370
Tanzania 0 0 0 3 (91)
a. For the three months and year ended December 31, 2022, interest expense Pascua-Lama 0 0 0 1 0
includes approximately $8 million and $33 million, respectively, of non-cash
interest expense relating to the gold and silver streaming agreement with Reko Diq (120) 0 (120) 0 0
Royal Gold, Inc. (September 30, 2022: $8 million; 2021: $35 million; 2020: Other 1 2 4 4 21
$34 million).
Total asset
impairment
Q4 2022 compared to Q3 2022 charges
In the fourth quarter of 2022, finance costs, net decreased by (reversals) 241 17 261 (64) (68)
30% compared to the prior quarter, mainly due to a larger gain on debt Goodwill
extinguishment relating to the repurchase of $319 million (notional Loulo-Gounkoto 950 0 950 0 0
value) of our 5.250% Notes due in 2042, which occurred in November Total asset
2022. This was combined with higher finance income earned on our impairment
cash balance resulting from an increase in market interest rates. charges 950 0 950 0 0
Tax effects
2022 compared to 2021 and NCI 451 7 460 1 (201)
In 2022, finance costs, net were 15% lower than the prior year, Total impairment
primarily due to higher finance income earned on our cash balance charges
resulting from an increase in market interest rates, combined with a (reversals) 1,642 24 1,671 (63) (269)
gain on debt extinguishment which mainly relates to the repurchase
of $319 million (notional value) of our 5.250% Notes due in 2042, Q4 2022 compared to Q3 2022
which occurred in November 2022. This was partially offset by In the fourth quarter of 2022, we recognized $241 million (net of tax
higher accretion, also due to the increase in market interest rates. and non-controlling interests) of net impairment charges, mainly
due to non-current asset impairments of $318 million (net of tax) at
2022 compared to Guidance Veladero and $42 million (net of tax and non-controlling interests) at
Finance costs, net for 2022 of $301 million were lower than the Long Canyon. At Veladero, we observed a decrease in the mine’s
guidance range of $330 to $370 million, mainly due to higher finance discounted cash flows reflecting higher operating and capital costs
income earned on our cash balance resulting from the increase in largely due to significant inflationary pressures coupled with strict
market interest rates. Argentine foreign exchange controls, a decrease in expected
recovery rates from the leach pad and an increase in the WACC
Additional Significant Statement of Income Items primarily due to higher country risk and higher risk-free rates. At
Long Canyon, we observed a decrease in the mine’s discounted
For the cash flows in the updated life of mine plan, reflecting an update in the
($ millions) three months ended For the years ended permitting timeline. In addition, we recognized a goodwill impairment
12/31/22 9/30/22 12/31/22 12/31/21 12/31/20 of $950 million (net of non-controlling interests) related to Loulo-
Impairment Gounkoto as we observed a decrease in the mine’s discounted cash
charges flows reflecting higher operating and capital costs largely due to
(reversals) 1,642 24 1,671 (63) (269) inflationary pressures and a higher WACC driven by higher interest
rates as central banks have increased rates to combat inflation. These
Loss on currency
translation 4 3 16 29 50 impacts were partially offset by an impairment reversal of $120 million
(no tax or non-controlling interest impact) on our previously held
Closed mine 37.5% interest of Reko Diq as we completed the reconstitution of the
rehabilitation 44 (55) (136) 18 90
Reko Diq project in Pakistan’s Balochistan province on December 15,
Other (income) 2022. This compares to a net impairment charge of $17 million (net of
expense (250) (9) (268) (67) (178) tax and non-controlling interests) in the prior quarter, mainly related to
an inventory impairment at Lumwana.

In 2022, we recognized $261 million (net of tax and non-controlling
interests) of net asset impairment charges, mainly due to non-current
asset impairments of $318 million (net of tax) at Veladero and $43 million
(net of tax and non-controlling interests) at Long Canyon. In addition,
we recognized a goodwill impairment of $950 million related to Loulo-
Gounkoto. These impacts were partially offset by an impairment

reversal of $120 million (no tax or non-controlling interest impact) and North Mara of $48 million. In 2021, other income mainly related
on our previously held 37.5% interest of Reko Diq. Details of these to a gain on the sale of Lone Tree of $205 million, partially offset by
impairment charges and reversals have been described above. care and maintenance expense at Porgera of $51 million, as well as a
This compares to net impairment reversals of $64 million (net of tax $25 million litigation settlement and $21 million supplies obsolescence
and non-controlling interests) in 2021 mainly due to the impairment expense at Buzwagi.
reversal at Lagunas Norte of $86 million (net of tax) resulting from the For a further breakdown of other expense (income), refer to note 9
agreement to sell our 100% interest to Boroo. to the Financial Statements.
Refer to note 21 to the Financial Statements for a full description of
impairment charges, including pre-tax amounts and sensitivity analysis. Income Tax Expense
Income tax expense was $664 million in 2022. The unadjusted effective
Loss on Currency Translation income tax rate for 2022 was 40% of the income before income taxes.
Q4 2022 compared to Q3 2022 The underlying effective income tax rate on ordinary income
Loss on currency translation in the fourth quarter of 2022 was $4 million for 2022 was 27% after adjusting for the impact of net impairment
compared to $3 million in the prior quarter. The losses in both quarters charges; the impact of the sale of non-current assets; the impact of
mainly related to unrealized foreign currency translation losses from updates to the rehabilitation provision for our non-operating mines;
the depreciation of the Argentine peso. The fourth quarter of 2022 was the impact of foreign currency translation gains and losses on tax
also impacted by the depreciation of the Zambian kwacha, partially balances; the impact of the Porgera mine being placed on care and
offset by the appreciation of the Chilean peso and West African CFA maintenance; the impact of the recognition and de-recognition of
franc, while the prior quarter was partially offset by the appreciation deferred tax assets; and the impact of other expense adjustments.
of the Zambian kwacha. Fluctuations in these currencies versus the We record deferred tax charges or credits if changes in facts
US dollar revalue our foreign currency denominated value-added tax or circumstances affect the estimated tax basis of assets and
receivable balances. therefore, the expectations in our ability to realize deferred tax
assets. The interpretation of tax regulations and legislation as well as
2022 compared to 2021 their application to our business is complex and subject to change.
Loss on currency translation for 2022 was $16 million compared to We have significant amounts of deferred tax assets, including tax
$29 million in the prior year. The losses in both years mainly related loss carry forwards, and also deferred tax liabilities. We also have
to unrealized foreign currency losses from the Argentine peso and significant amounts of unrecognized deferred tax assets (e.g. for tax
the Zambian kwacha, however 2022 was also partially offset by losses in Canada). Potential changes in any of these amounts, as well
the appreciation of the Chilean peso and West African CFA franc. as our ability to realize deferred tax assets, could significantly affect
Fluctuations in these currencies versus the US dollar revalue our net income or cash flow in future periods. For further details on income
foreign currency denominated value-added tax receivable balances. tax expense, refer to note 12 to the Financial Statements.
Closed mine rehabilitation RECONCILIATION TO CANADIAN

STATUTORY RATE
Closed mine rehabilitation in the fourth quarter of 2022 was an For the years ended 12/31/22 12/31/21
expense of $44 million compared to a gain of $55 million in the prior At 26.5% statutory rate 446 1,228
quarter, mainly due to a decrease in the market real risk-free rate used
to discount the closure provision during the current period, whereas Increase (decrease) due to:
the market real risk-free rate increased in the prior quarter. Allowances and special tax deductionsa (146) (138)
Impact of foreign tax ratesb (146) (84)
2022 compared to 2021 Non-deductible expenses /
Closed mine rehabilitation for 2022 was a net gain of $136 million (non-taxable income) (38) 118
compared to an expense of $18 million in the prior year. The gain Goodwill impairment charges not
mainly related to an increase in the market real risk-free rate used to tax deductible 325 0
discount the closure provision in the current period. The expense in
Taxable gains on sales of
the prior year related to a higher closure cost estimate for a closure non-current assets 1 24
site at NGM.
Net currency translation losses on
current and deferred tax balances 59 23
Other (Income) Expense
Tax impact from pass-through entities
Q4 2022 compared to Q3 2022 and equity accounted investments (196) (330)
In the fourth quarter of 2022, other income was $250 million compared Current year tax results sheltered
to $9 million in the prior quarter. Other income in the fourth quarter by previously unrecognized deferred
of 2022 mainly related to a gain of $300 million in other income as tax assets 33 (18)
Barrick’s interest in the Reko Diq project increased from 37.5% to Recognition and de-recognition
50% upon the completion of the reconstitution of the Reko Diq project, of deferred tax assets 15 (31)
as measured in reference to the sale price agreed upon by Barrick’s
original partner in the Reko Diq joint venture to exit the reconstituted Adjustments in respect of prior years 17 24
project. This was partially offset by supplies obsolescence at Increase to income tax related
Bulyanhulu and North Mara. In the prior quarter, other income primarily contingent liabilities 13 19
related to the combined $63 million gain on the sale of a portfolio of Impact of tax rate changes 0 66
royalties to Maverix Metals Inc. and the sale of a portfolio of royalties Withholding taxes 82 110
by NGM to Gold Royalty Corp. These gains were partially offset by
care and maintenance expense at Porgera, as well as litigation costs Mining taxes 201 323
inclusive of provisions for the settlement of cases. Tax impact of amounts recognized
within accumulated OCI (7) 8
2022 compared to 2021 Other items 5 2
Other income was $268 million in 2022 compared to $67 million in Income tax expense 664 1,344
the prior year. In 2022, we recognized a fair value gain of $300 million
on the additional interest in the Reko Diq project and the combined a. We are able to claim certain allowances, incentives and tax deductions unique
$63 million gain on the sale of two royalty portfolios, as described to extractive industries that result in a lower effective tax rate.
b. We operate in multiple foreign tax jurisdictions that have tax rates different
above. This was partially offset by care and maintenance expenses than the Canadian statutory rate.
at Porgera of $53 million and supplies obsolescence at Bulyanhulu

The more significant items impacting income tax expense in 2022 Mining Taxes
and 2021 include the following: Nevada Gold Mines is subject to a Net Proceeds of Minerals tax in
Nevada at a rate of 5% and the tax expense recorded in 2022 was
Currency Translation $88 million (2021: $136 million). Other significant mining taxes include
Current and deferred tax balances are subject to remeasurement the Dominican Republic’s Net Profits Interest tax, which is determined
for changes in foreign currency exchange rates each period. This based on cash flows as defined by the Pueblo Viejo Special Lease
is required in countries where tax is paid in local currency and the Agreement. A tax expense of $110 million (2021: $180 million) was
subsidiary has a different functional currency (e.g. US dollars). The recorded for this in 2022. Both taxes are included on a consolidated
most significant balances relate to Argentine and Malian tax liabilities. basis in the Company’s consolidated statements of income.
In 2022, a tax expense of $59 million arose from translation losses
on tax balances, mainly due to the weakening of the Argentine peso United States Tax Reform
and the West African CFA franc against the US dollar. In 2021, a tax In August 2022, President Joe Biden signed into law the Inflation
expense of $23 million arose from translation losses on tax balances Reduction Act (“the Act”). The Act includes a 15% corporate
due to the weakening of the Argentine peso and the West African CFA alternative minimum tax (“CAMT”) that is imposed on applicable
franc against the US dollar. These net translation losses are included financial statement income (“AFSI”). The CAMT is effective for tax
within income tax expense. years beginning after December 31, 2022. Barrick is subject to CAMT
because the Company meets the applicable income thresholds for a
Withholding Taxes foreign-parented multi-national group.
In 2022, we have recorded $29 million (2021: $66 million) of On December 27, 2022, the US Treasury Department and the
dividend withholding taxes related to the undistributed earnings US Internal Revenue Service issued initial guidance regarding the
of our subsidiaries in Argentina and the United States. We have application of the CAMT. A 60-day consultation period for business
also recorded $36 million (2021: $33 million, related to Argentina, has commenced, and we are providing comments.
Saudi Arabia and the United States) of dividend withholding taxes
related to the distributed earnings of our subsidiaries in Tanzania Impairments
and the United States. A deferred tax recovery of $193 million (2021: deferred tax expense of
$nil related to the impairment reversal at Lagunas Norte) was recorded
Accounting for Joint Ventures and Associates related to the impairments at Veladero, Long Canyon and Lumwana.
Nevada Gold Mines is a limited liability company treated as a flow There was no tax impact from the goodwill impairment recognized at
through partnership for US tax purposes. The partnership is not Loulo-Gounkoto.
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.
FINANCIAL CONDITION REVIEW
SUMMARY BALANCE SHEET AND KEY FINANCIAL RATIOS

($ millions, except ratios and share amounts)
($ millions, except ratios and share amounts)

As at December 31 2022 2021 2020
Total cash and equivalents 4,440 5,280 5,188
Current assets 4,025 2,969 2,955
Non-current assets 37,500 38,641 38,363
Total Assets 45,965 46,890 46,506
Current liabilities excluding short-term debt 3,107 2,071 2,200
a
Non-current liabilities excluding long-term debt 6,787 7,362 7,441
Debt (current and long-term) 4,782 5,150 5,155
Total Liabilities 14,676 14,583 14,796
Total shareholders’ equity 22,771 23,857 23,341
Non-controlling interests 8,518 8,450 8,369
Total Equity 31,289 32,307 31,710
Total common shares outstanding (millions of shares) 1,755 1,779 1,778
Key Financial Ratios:
Current ratiob 2.71:1 3.95:1 3.67:1
Debt-to-equityc 0.15:1 0.16:1 0.16:1
a. Non-current financial liabilities as at December 31, 2022 were $5,314 million (2021: $5,578 million; 2020: $5,486 million).
b. Represents current assets (excluding assets held-for-sale) divided by current liabilities (including short-term debt and excluding liabilities held-for-sale) as at
December 31, 2022, December 31, 2021 and December 31, 2020.
c. Represents debt divided by total shareholders’ equity (including minority interest) as at December 31, 2022, December 31, 2021, and December 31, 2020.

Balance Sheet Review credit facility, including an extension of the termination date by one
year to May 2027, replacement of LIBOR with SOFR as the floating
Total assets were $46.0 billion at December 31, 2022, slightly lower
rate benchmark for setting the interest rate for any US dollar funds
than total assets at December 31, 2021.
drawn down, and the establishment of sustainability-linked metrics.
Our asset base is primarily comprised of non-current assets such
The sustainability-linked metrics incorporated into the revolving credit
as property, plant and equipment and goodwill, reflecting the capital-
facility are made up of annual environmental and social performance
intensive nature of the mining business and our history of growth
targets directly influenced by Barrick’s actions, rather than based on
through acquisitions. Other significant assets include production
external ratings. The performance targets include Scope 1 and Scope
inventories, indirect taxes recoverable and receivable, concentrate
2 greenhouse gas emissions intensity, water use efficiency (reuse and
sales receivables, other government transaction and joint venture
recycling rates), and TRIFR8. Barrick may incur positive or negative
related receivables, and cash and equivalents.
pricing adjustments on drawn credit spreads and standby fees based
Total liabilities at December 31, 2022 were $14.7 billion, slightly
on its sustainability performance versus the targets that have been
higher than total liabilities at December 31, 2021. Our liabilities are
set. The Credit Facility was undrawn as at December 31, 2022. Both
primarily comprised of debt, other non-current liabilities (such as
Moody’s and S&P rate Barrick’s outstanding long-term debt as
provisions and deferred income tax liabilities), and accounts payable.
investment grade. In December 2022, Moody’s upgraded Barrick’s
outstanding long-term corporate credit rating to A3 from Baa1, with a
Shareholders’ Equity stable outlook. This followed an upgrade to BBB+ from BBB by S&P in
March 2022. The key financial covenant in our undrawn credit facility
February 7, 2023 Number of shares requires Barrick to maintain a net debt to total capitalization ratio of
Common shares 1,755,349,661 less than 0.60:1. Barrick’s net debt to total capitalization ratio was
0.01:1 as at December 31, 2022 (0.00:1 as at December 31, 2021).
Stock options –
Summary of Cash Inflow (Outflow)
Financial Position and Liquidity
We believe we have sufficient financial resources to meet our business For the
requirements for the foreseeable future, including capital expenditures, ($ millions) three months ended For the years ended
working capital requirements, interest payments, share buybacks and 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
dividends. To date, we have not experienced significant negative Net cash
impacts to liquidity as a result of the Covid-19 pandemic. provided by
Total cash and cash equivalents as at December 31, 2022 were operating
$4.4 billion. Our capital structure comprises a mix of debt, non- activities 795 758 3,481 4,378 5,417
controlling interest (primarily at NGM) and shareholders’ equity. As at Investing activities
December 31, 2022, our total debt was $4.8 billion (debt net of cash
and equivalents was $342 million) and our debt-to-equity ratio was Capital
expenditures (891) (792) (3,049) (2,435) (2,054)
0.15:1. This compares to debt as at December 31, 2021 of $5.2 billion
(debt, net of cash and cash equivalents was negative $130 million), Investment
and a debt-to-equity ratio of 0.16:1. (purchases)
sales (1) 0 381 (46) 220
In 2023, we have capital commitments of $396 million and expect
to incur attributable sustaining and project capital expenditures6 of Divestitures 0 0 0 27 283
approximately $2,200 to $2,600 million in 2023 based on our guidance Dividends
range on page 65. In 2023, we have contractual obligations and received from
commitments of $672 million in purchase obligations for supplies and equity method
consumables. In addition, we have $291 million in interest payments investments 99 101 869 520 141
and other amounts as detailed in the table on page 113. We expect Other 13 52 88 37 124
to fund these commitments through operating cash flow, which
Total investing
is our primary source of liquidity, as well as existing cash balances outflows (780) (639) (1,711) (1,897) (1,286)
as necessary. As discussed on page 62, at the February 14, 2023
meeting, the Board of Directors authorized a new share buyback Financing activities
program for the purchase up to $1 billion of Barrick’s outstanding Net change
shares over the next 12 months. Barrick repurchased $424 million in debta (323) (62) (395) (27) (379)
of shares in 2022 under its prior share buyback program, which was Dividendsb (261) (351) (1,143) (634) (547)
announced on February 16, 2022, and terminated in connection with
Return of Capital 0 0 0 (750) 0
the new program. In February 2022, we also announced a performance
enhancement mechanism for our quarterly dividend that may result Net disbursements
in a higher dividend based on the closing cash, net of debt position to non-
controlling
each quarter. This performance enhancement mechanism led to an interests (172) (162) (833) (1,092) (1,356)
additional $0.25 per share of dividends paid during 2022. We also
repurchased approximately $375 million notional of debt securities Share buyback
during the year, including approximately $319 million notional under program (110) (141) (424) 0 0
a successful tender transaction during the fourth quarter of 2022. We Other 51 60 191 115 28
may pursue additional selective repurchases in the future. Total financing
Our operating cash flow is dependent on the ability of our operations outflows (815) (656) (2,604) (2,388) (2,254)
to deliver projected future cash flows. The market prices of gold, and Effect of
to a lesser extent, copper, are the primary drivers of our operating exchange rate 0 (3) (6) (1) (3)
cash flow. Other options to enhance liquidity include further portfolio
Increase
optimization and the creation of new joint ventures and partnerships; (decrease)
issuance of equity securities in the public markets or to private in cash and
investors, which could be undertaken for liquidity enhancement and/ equivalents (800) (540) (840) 92 1,874
or in connection with establishing a strategic partnership; issuance of
long-term debt securities in the public markets or to private investors; a. The difference between the net change in debt on a cash basis and the
and drawing on the $3.0 billion available under our undrawn Credit net change on the balance sheet is due to changes in non-cash charges,
Facility (subject to compliance with covenants and the making of specifically the unwinding of discounts and amortization of debt issue costs.
b. For the three months and year ended December 31, 2022, we declared and
certain representations and warranties, this facility is available for paid dividends per share in US dollars totaling $0.15 and $0.65, respectively
drawdown as a source of financing). In May 2022, we completed an (September 30, 2022: declared and paid $0.20; 2021: declared and paid
amendment and restatement of our undrawn $3.0 billion revolving $0.36; 2020: declared and paid $0.31).

Q4 2022 compared to Q3 2022 2022 compared to 2021

In the fourth quarter of 2022, we generated $795 million in operating In 2022, we generated $3,481 million in operating cash flow, compared
cash flow, compared to $758 million in the prior quarter. The increase to $4,378 million in the prior year. The decrease of $897 million was
of $37 million was primarily due to lower cash taxes paid and higher primarily due to higher gold/copper total cash costs/C1 cash costs per
gold sales volumes. This was combined with an increase in realized ounce/pound7, lower gold sales volumes and lower realized copper
copper prices6 and lower total cash costs per ounce6. These impacts prices6. These impacts were partially offset by lower cash taxes paid
were partially offset by higher interest paid as a result of the timing and an increase in interest received on our cash balances resulting
of semi-annual interest payments on our bonds, which occur in the from an increase in market interest rates. Operating cash flow was
second and fourth quarters. Operating cash flow was further impacted further impacted by higher copper sales volumes.
by an unfavorable movement in working capital, mainly in accounts Cash outflows from investing activities for 2022 were $1,711 million
receivable. In addition, operating cash flow was also impacted by compared to $1,897 million in the prior year. The decreased outflow of
lower copper sales volumes and higher C1 cash costs per pound6. $186 million was primarily due to proceeds received from investment
Cash outflows from investing activities in the fourth quarter of sales, including the sale of our interest in Endeavour Mining, Skeena
2022 were $780 million, compared to $639 million in the prior quarter. Resources Ltd., i-80 Gold and Perpetua Resources Corp, combined
The increased outflow of $141 million was primarily due an increase with higher dividends received from equity method investments, in
in capital expenditures primarily due to the investment in a new particular Kibali. This was partially offset by higher capital expenditures.
mining fleet at Lumwana, the continued development of the Gounkoto Net financing cash outflows for 2022 amounted to $2,604 million,
underground expansion, as well as the solar plant projects at both compared to $2,388 million in the prior year. The higher outflow of
Loulo-Gounkoto and NGM. In addition, the prior quarter benefited $216 million is primarily due to higher returns to shareholders in the
from cash proceeds received of $50 million relating to the sale of a form of dividends paid, based on our new performance dividend policy
portfolio of royalties to Maverix Metals Inc. that commenced this year and the repurchase of shares under our
Net financing cash outflows for the fourth quarter of 2022 share buyback program. Additionally, the current year was impacted
amounted to $815 million, compared to $656 million in the prior by the repurchase of $375 million (notional value) of our 5.250% Notes
quarter. The increase of $159 million is primarily due to the repurchase due in 2042 in the third and fourth quarters of 2022. This was partially
of $319 million (notional value) of our 5.250% Notes due in 2042 in offset by the payment of a $750 million return of capital distribution
November 2022. This was partially offset by lower dividends paid and in 2021 and a decrease in net disbursements paid to non-controlling
fewer shares repurchased under our 2022 share buyback program. interest, primarily to Newmont in relation to their interest in NGM,
in 2022.
Summary of Financial Instrumentsa

As at December 31, 2022
Financial Instrument Principal/Notional Amount Associated Risks

• Interest rate
Cash and equivalents $4,440 million • Credit
• Credit
Accounts receivable $554 million • Market
• Interest rate
Notes receivable $160 million • Credit
• Interest rate
Norte Abierto joint venture partner receivable $172 million • Credit
• Interest rate
Restricted cash $1,096 million • Credit
• Liquidity
Derivative assets $59 million • Market
Other investments $112 million • Liquidity
Accounts payable $1,556 million • Liquidity
Debt $4,804 million • Interest rate
Other liabilities $1,562 million • Liquidity
Restricted share units $26 million • Market
Deferred share units $14 million • Market
a. Refer to notes 25, 26 and 28 to the Financial Statements for more information regarding financial instruments, fair value measurements and financial risk
management, respectively

COMMITMENTS AND CONTINGENCIES
Litigation and Claims Contractual Obligations and Commitments

We are currently subject to various litigation proceedings as disclosed In the normal course of business, we enter into contracts that give
in note 35 to the Financial Statements, and we may be involved in rise to commitments for future minimum payments. The following
disputes with other parties in the future that may result in litigation. table summarizes the remaining contractual maturities of our financial
If we are unable to resolve these disputes favorably, it may have a liabilities and operating and capital commitments shown on an
material adverse impact on our financial condition, cash flow and undiscounted basis:
results of operations.
($ millions) Payments due as at December 31, 2022

2028 and
2023 2024 2025 2026 2027 thereafter Total
a
Debt
Repayment of principal 0 0 12 47 0 4,675 4,734
Capital leases 13 9 9 9 8 22 70
Interest 291 290 289 286 282 3,250 4,688
Provisions for environmental rehabilitationb 227 152 104 99 111 1,982 2,675
Restricted share units 20 6 0 0 0 0 26
Pension benefits and other
post-retirement benefits 5 5 5 5 5 40 65
Purchase obligations for supplies
and consumablesc 672 245 177 165 158 336 1,753
Capital commitmentsd 396 3 0 0 0 0 399
Social development costse 19 23 10 8 4 45 109
Other obligationsf 36 36 49 56 42 480 699
Total 1,679 769 655 675 610 10,830 15,218
a. Debt and Interest – Our debt obligations do not include any subjective acceleration clauses or other clauses that enable the holder of the debt to call for early
repayment, except in the event that we breach any of the terms and conditions of the debt or for other customary events of default. We are not required to post
any collateral under any debt obligations. Projected interest payments on variable rate debt were based on interest rates in effect at December 31, 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 future payments for the expected cost of
provisions for environmental rehabilitation.
c. Purchase obligations for supplies and consumables – Includes commitments related to new purchase obligations to secure supply of consumables such as acid
and cyanide for our production process.
d. Capital commitments – Purchase obligations for capital expenditures include only those items where binding commitments have been entered into.
e. Social development costs – Includes a commitment of $14 million in 2028 and thereafter related to the funding of a power transmission line in Argentina.
f. Other obligations includes the Pueblo Viejo joint venture partner shareholder loan, the deposit on the Pascua-Lama silver sale agreement with Wheaton Precious
Metals Corp., and minimum royalty payments.
REVIEW OF QUARTERLY RESULTS

Quarterly Information a
2022 2021
($ millions, except where indicated) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Revenues 2,774 2,527 2,859 2,853 3,310 2,826 2,893 2,956
Realized price per ounce – goldb 1,728 1,722 1,861 1,876 1,793 1,771 1,820 1,777
Realized price per pound – copperb 3.81 3.24 3.72 4.68 4.63 3.98 4.57 4.12
Cost of sales 2,093 1,815 1,850 1,739 1,905 1,768 1,704 1,712
Net (loss) earnings (735) 241 488 438 726 347 411 538
Per share (dollars)c (0.42) 0.14 0.27 0.25 0.41 0.20 0.23 0.30
Adjusted net earningsb 220 224 419 463 626 419 513 507
Per share (dollars)b,c 0.13 0.13 0.24 0.26 0.35 0.24 0.29 0.29
Operating cash flow 795 758 924 1,004 1,387 1,050 639 1,302
Cash consolidated capital expendituresd 891 792 755 611 669 569 658 539
b
Free cash flow (96) (34) 169 393 718 481 (19) 763
a. Sum of all the quarters may not add up to the annual total due to rounding.
c. Calculated using weighted average number of shares outstanding under the basic method of earnings per share.
d. Amounts presented on a consolidated cash basis.

Our recent financial results reflect our emphasis on cost discipline, an The management of Barrick, at the direction of our President
agile management structure that empowers our site based leadership and Chief Executive Officer and Senior Executive Vice-President,
teams and a portfolio of Tier One Gold Assets1. This, combined with Chief Financial Officer, evaluated the effectiveness of the design and
a trend of historically elevated gold and copper prices, has resulted operation of internal control over financial reporting as of the end of
in strong operating cash flows over several quarters. The positive the period covered by this report based on the framework and criteria
free cash flow6 generated, together with the proceeds from various established in Internal Control – Integrated Framework (2013) as
divestitures, have allowed us to continue to strengthen our balance issued by the Committee of Sponsoring Organizations of the Treadway
sheet and to increase returns to shareholders. Commission. Based on that evaluation, management concluded that
Net earnings has also been impacted by the following items in the Company’s internal control over financial reporting was effective
each quarter which have been excluded from adjusted net earnings6. In as at December 31, 2022.
the fourth quarter of 2022, we recorded a goodwill impairment of Barrick’s annual management report on internal control over
$950 million (net of non-controlling interests) related to Loulo- financial reporting and the integrated audit report of Barrick’s auditors
Gounkoto, a non-current asset impairment of $318 million (net of tax) for the year ended December 31, 2022 will be included in Barrick’s
and a net realizable value impairment of leach pad inventory of 2022 Annual Report and its 2022 Form 40-F/Annual Information Form
$27 million (net of tax) at Veladero, and a non-current asset impairment on file with the US Securities and Exchange Commission and Canadian
of $42 million (net of tax and non-controlling interests) at Long Canyon. provincial securities regulatory authorities.
In addition, we recorded an impairment reversal of $120 million and
a gain of $300 million following the completion of the transaction IFRS CRITICAL ACCOUNTING POLICIES
allowing for the reconstitution of the Reko Diq project. In the fourth AND ACCOUNTING ESTIMATES
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 Management has discussed the development and selection of our
quarter of 2021, we recorded a net impairment reversal of $86 million critical accounting estimates with the Audit & Risk Committee of the
(no tax impact) at Lagunas Norte following the agreement to sell our Board of Directors, and the Audit & Risk Committee has reviewed
100% interest of the mine to Boroo. 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
INTERNAL CONTROL OVER FINANCIAL operations, and they may require Management to make estimates or
REPORTING AND DISCLOSURE CONTROLS rely on assumptions about matters that are inherently uncertain. The
AND PROCEDURES consolidated financial statements have been prepared in accordance
Management is responsible for establishing and maintaining adequate with IFRS as issued by the International Accounting Standards Board
internal control over financial reporting and disclosure controls and under the historical cost convention, as modified by revaluation of
procedures. Internal control over financial reporting is a framework certain financial assets, derivative contracts and post-retirement
designed to provide reasonable assurance regarding the reliability assets. Our significant accounting policies are disclosed in note 2 to
of financial reporting and the preparation of financial statements for the Financial Statements, including a summary of current and future
external purposes in accordance with IFRS. The Company’s internal changes in accounting policies.
control over financial reporting framework includes those policies
and procedures that (i) pertain to the maintenance of records that, in Critical Accounting Estimates and Judgments
reasonable detail, accurately and fairly reflect the transactions and Certain accounting estimates have been identified as being “critical”
dispositions of the assets of the Company; (ii) provide reasonable to the presentation of our financial condition and results of operations
assurance that transactions are recorded as necessary to permit because they require us to make subjective and/or complex judgments
preparation of financial statements in accordance with IFRS, and that about matters that are inherently uncertain; or there is a reasonable
receipts and expenditures of the Company are being made only in likelihood that materially different amounts could be reported under
accordance with authorizations of management and directors of the different conditions or using different assumptions and estimates. Our
Company; and (iii) provide reasonable assurance regarding prevention significant accounting judgments, estimates and assumptions are
or timely detection of unauthorized acquisition, use or disposition disclosed in note 3 to the accompanying Financial Statements.
of the Company’s assets that could have a material effect on the
Company’s consolidated financial statements. NON-GAAP FINANCIAL MEASURES
Disclosure controls and procedures form a broader framework
designed to provide reasonable assurance that other financial Adjusted Net Earnings and Adjusted Net Earnings
information disclosed publicly fairly presents in all material respects per Share
the financial condition, results of operations and cash flows of the Adjusted net earnings is a non-GAAP financial measure which
Company for the periods presented in this MD&A and Barrick’s Annual excludes the following from net earnings:
Report. The Company’s disclosure controls and procedures framework
includes processes designed to ensure that material information • Impairment charges (reversals) related to intangibles, goodwill,
relating to the Company, including its consolidated subsidiaries, is property, plant and equipment, and investments;
made known to management by others within those entities to allow • Acquisition/disposition gains/losses;
timely decisions regarding required disclosure. • Foreign currency translation gains/losses;
Together, the internal control over financial reporting and • Significant tax adjustments;
disclosure controls and procedures frameworks provide internal • Other items that are not indicative of the underlying operating
control over financial reporting and disclosure. Due to its inherent performance of our core mining business; and
limitations, internal control over financial reporting and disclosure may • Tax effect and non-controlling interest of the above items.
not prevent or detect all misstatements. Further, the effectiveness
of internal control is subject to the risk that controls may become Management uses this measure internally to evaluate our underlying
inadequate because of changes in conditions, or that the degree of operating performance for the reporting periods presented and to
compliance with policies or procedures may change. assist with the planning and forecasting of future operating results.
There were no changes in the Company’s internal control over Management believes that adjusted net earnings is a useful measure
financial reporting during the year ended December 31, 2022 that have of our performance because impairment charges, acquisition/
materially affected, or are reasonably likely to materially affect, the disposition gains/losses and significant tax adjustments do not reflect
Company’s internal control over financial reporting. 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 Adjusted net earnings is intended to provide additional information
also excluded to reconcile the amounts to Barrick’s share on a post- only and does not have any standardized definition under IFRS and
tax basis, consistent with net earnings. should not be considered in isolation or as a substitute for measures of
As noted, we use this measure for internal purposes. performance prepared in accordance with IFRS. The measures are not
Management’s internal budgets and forecasts and public guidance necessarily indicative of operating profit or cash flow from operations
do not reflect the types of items we adjust for. Consequently, the as determined under IFRS. Other companies may calculate these
presentation of adjusted net earnings enables investors and analysts measures differently. The following table reconciles these non-GAAP
to better understand the underlying operating performance of our financial measures to the most directly comparable IFRS measure.
core mining business through the eyes of management. Management
periodically evaluates the components of adjusted net earnings based
on an internal assessment of performance measures that are useful for
evaluating the operating performance of our business segments and
a review of the non-GAAP financial measures used by mining industry
analysts and other mining companies.
RECONCILIATION OF NET EARNINGS TO NET EARNINGS PER SHARE, ADJUSTED NET EARNINGS AND ADJUSTED
NET EARNINGS PER SHARE
($ millions, except per share amounts in dollars) 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
Net (loss) earnings attributable to equity holders of the Company (735) 241 432 2,022 2,324
Impairment charges (reversals) related to non-current assetsa 1,642 24 1,671 (63) (269)
Acquisition/disposition gainsb (319) (64) (405) (213) (180)
Loss on currency translation 4 3 16 29 50
Significant tax adjustmentsc (4) 44 95 125 (119)
Other expense (income) adjustmentsd 126 (27) 17 73 71
Non-controlling intereste (271) 4 (274) 64 (12)
Tax effecte (223) (1) (226) 28 177
Adjusted net earnings 220 224 1,326 2,065 2,042
Net (loss) earnings per sharef (0.42) 0.14 0.24 1.14 1.31
Adjusted net earnings per sharef 0.13 0.13 0.75 1.16 1.15
a. Net impairment charges for the three month period and year ended December 31, 2022 primarily relate to a goodwill impairment at Loulo-Gounkoto, and non-current
asset impairments at Veladero and Long Canyon, partially offset by an impairment reversal at Reko Diq. Net impairment charges for the prior year mainly relate to
non-current asset reversals at Lagunas Norte.
b. Acquisition/disposition gains for the three month period and year ended December 31, 2022 primarily relate to a gain as Barrick’s interest in the Reko Diq project
increased from 37.5% to 50%. The year ended December 31, 2022 was further impacted by the sale of a portfolio of royalties to Maverix Metals Inc. and the sale of
a portfolio of royalties by NGM to Gold Royalty Corp. Acquisition/disposition gains for the prior year primarily relate to the gain on the sale of Lone Tree.
c. Significant tax adjustments in the current year primarily relate to deferred tax recovery as a result of net impairment charges; foreign currency translation gains and
losses on tax balances; the Porgera mine continuing to be on care and maintenance; updates to the rehabilitation provision for our non-operating mines; and the
recognition and de-recognition of deferred tax assets. In 2021, significant tax adjustments primarily relate to deferred tax expense as a result of tax reform measures
in Argentina, the foreign exchange impact on current tax expense in Peru and the remeasurement of current and deferred tax balances, the acquisition of the 40%
interest in South Arturo that NGM did not already own, the sale of Lagunas Norte, the settlement of the Massawa Senegalese tax dispute and the recognition/
derecognition of our deferred taxes in various jurisdictions.
d. Other expense adjustments for the three month period and year ended December 31, 2022 mainly relate to a net realizable value impairment of leach pad inventory
at Veladero, care and maintenance expenses at Porgera and supplies obsolescence write-off at Bulyanhulu and North Mara. The prior year was impacted by care
and maintenance expenses at Porgera and a $25 million litigation settlement.
e. Non-controlling interest and tax effect for the current year primarily relates to impairment charges (reversals) related to non-current assets.
f. Calculated using weighted average number of shares outstanding under the basic method of earnings per share.
Free Cash Flow

Free cash flow is a non-GAAP financial measure that deducts Free cash flow is intended to provide additional information only
capital expenditures from net cash provided by operating activities. and does not have any standardized definition under IFRS, and should
Management believes this to be a useful indicator of our ability to operate not be considered in isolation or as a substitute for measures of
without reliance on additional borrowing or usage of existing cash. performance prepared in accordance with IFRS. The measure is not
necessarily indicative of operating profit or cash flow from operations
as determined under IFRS. Other companies may calculate this
measure differently. The following table reconciles this non-GAAP
financial measure to the most directly comparable IFRS measure.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

($ millions) 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
Net cash provided by operating activities 795 758 3,481 4,378 5,417
Capital expenditures (891) (792) (3,049) (2,435) (2,054)
Free cash flow (96) (34) 432 1,943 3,363
Capital Expenditures
Capital expenditures are classified into minesite sustaining capital Classifying capital expenditures is intended to provide additional
expenditures or project capital expenditures depending on the information only and does not have any standardized definition under
nature of the expenditure. Minesite sustaining capital expenditures IFRS, and should not be considered in isolation or as a substitute for
is the capital spending required to support current production levels. measures of performance prepared in accordance with IFRS. Other
Project capital expenditures represent the capital spending at new companies may calculate these measures differently. The following
projects and major, discrete projects at existing operations intended table reconciles these non-GAAP financial measures to the most
to increase net present value through higher production or longer mine directly comparable IFRS measure.
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.
RECONCILIATION OF THE CLASSIFICATION OF CAPITAL EXPENDITURES

($ millions) 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
Minesite sustaining capital expenditures 557 571 2,071 1,673 1,559
Project capital expenditures 324 213 949 747 471
Capitalized interest 10 8 29 15 24
Total consolidated capital expenditures 891 792 3,049 2,435 2,054
Total cash costs per ounce, All-in sustaining costs per and the long useful lives over which these items are depreciated,
ounce, All-in costs per ounce, C1 cash costs per pound there can be a significant timing difference between net earnings
calculated in accordance with IFRS and the amount of free cash flow
and All-in sustaining costs per pound
that is being generated by a mine and therefore we believe these
Total cash costs per ounce, all-in sustaining costs per ounce and all-in measures are useful non-GAAP operating metrics and supplement
costs per ounce are non-GAAP financial measures which are calculated our IFRS disclosures. These measures are not representative of all of
based on the definition published by the World Gold Council (a market our cash expenditures as they do not include income tax payments,
development organization for the gold industry comprised of and interest costs or dividend payments. These measures do not include
funded by gold mining companies from around the world, including depreciation or amortization.
Barrick, the “WGC”). The WGC is not a regulatory organization. Total cash costs per ounce, all-in sustaining costs and all-in costs
Management uses these measures to monitor the performance of our are intended to provide additional information only and do not have
gold mining operations and its ability to generate positive cash flow, standardized definitions under IFRS and should not be considered
both on an individual site basis and an overall company basis. in isolation or as a substitute for measures of performance prepared
Total cash costs start with our cost of sales related to gold in accordance with IFRS. These measures are not equivalent to net
production and removes depreciation, the non-controlling interest income or cash flow from operations as determined under IFRS.
of cost of sales and includes by-product credits. All-in sustaining Although the WGC has published a standardized definition, other
costs start with total cash costs and includes minesite sustaining companies may calculate these measures differently.
capital expenditures, sustaining leases, general and administrative In addition to presenting these metrics on a by-product basis, we
costs, minesite exploration and evaluation costs and reclamation have calculated these metrics on a co-product basis. Our co-product
cost accretion and amortization. These additional costs reflect the metrics remove the impact of other metal sales that are produced as
expenditures made to maintain current production levels. a by-product of our gold production from cost per ounce calculations
All-in costs starts with all-in sustaining costs and adds additional but does not reflect a reduction in costs for costs associated with
costs that reflect the varying costs of producing gold over the life-cycle other metal sales.
of a mine, including: project capital expenditures (capital spending C1 cash costs per pound and all-in sustaining costs per pound are
at new projects and major, discrete projects at existing operations non-GAAP financial measures related to our copper mine operations.
intended to increase net present value through higher production We believe that C1 cash costs per pound enables investors to better
or longer mine life) and other non-sustaining costs (primarily non- understand the performance of our copper operations in comparison
sustaining leases, exploration and evaluation costs, community to other copper producers who present results on a similar basis. C1
relations costs and general and administrative costs that are not cash costs per pound excludes royalties and production taxes and
associated with current operations). These definitions recognize that non-routine charges as they are not direct production costs. All-
there are different costs associated with the life-cycle of a mine, and in sustaining costs per pound is similar to the gold all-in sustaining
that it is therefore appropriate to distinguish between sustaining and costs metric and management uses this to better evaluate the costs
non-sustaining costs. of copper production. We believe this measure enables investors to
We believe that our use of total cash costs, all-in sustaining costs better understand the operating performance of our copper mines
and all-in costs will assist analysts, investors and other stakeholders as this measure reflects all of the sustaining expenditures incurred in
of Barrick in understanding the costs associated with producing order to produce copper. All-in sustaining costs per pound includes
gold, understanding the economics of gold mining, assessing our C1 cash costs, sustaining capital expenditures, sustaining leases,
operating performance and also our ability to generate free cash flow general and administrative costs, minesite exploration and evaluation
from current operations and to generate free cash flow on an overall costs, royalties and production taxes, reclamation cost accretion and
company basis. Due to the capital-intensive nature of the industry amortization and write-downs taken on inventory to net realizable value.

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) Footnote 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
Cost of sales applicable to gold production 1,890 1,638 6,813 6,504 6,832
Depreciation (506) (393) (1,756) (1,889) (1,975)
Cash cost of sales applicable to equity method investments 56 61 222 217 222
By-product credits (69) (50) (225) (285) (228)
Non-recurring items a (23) 0 (23) 0 1
Other b 7 (7) (23) (48) (129)
Non-controlling interests c (393) (360) (1,442) (1,261) (1,312)
Total cash costs 962 889 3,566 3,238 3,411
General & administrative costs 49 26 159 151 185
Minesite exploration and evaluation costs d 23 22 75 64 79
Minesite sustaining capital expenditures e 557 571 2,071 1,673 1,559
Sustaining leases 11 12 38 41 31
Rehabilitation – accretion and amortization (operating sites) f 14 12 50 50 46
Non-controlling interest, copper operations and other g (239) (264) (900) (636) (594)
All-in sustaining costs 1,377 1,268 5,059 4,581 4,717
Global exploration and evaluation and project expense d 83 55 275 223 216
Community relations costs not related to current operations 0 0 0 0 1
Project capital expenditures e 324 213 949 747 471
Non-sustaining leases 0 0 0 0 4
Rehabilitation – accretion and amortization
(non-operating sites) f 6 5 19 13 10
Non-controlling interest and copper operations and other g (130) (71) (327) (240) (157)
All-in costs 1,660 1,470 5,975 5,324 5,262
Ounces sold – equity basis (000s ounces) h 1,111 997 4,141 4,468 4,879
Cost of sales per ounce i,j 1,324 1,226 1,241 1,093 1,056
Total cash costs per ounce j 868 891 862 725 699
Total cash costs per ounce (on a co-product basis) j,k 908 925 897 765 727
All-in sustaining costs per ounce j 1,242 1,269 1,222 1,026 967
All-in sustaining costs per ounce (on a co-product basis) j,k 1,282 1,303 1,257 1,066 995
All-in costs per ounce j 1,496 1,474 1,443 1,192 1,079
All-in costs per ounce (on a co-product basis) j,k 1,536 1,508 1,478 1,232 1,107
a. Non-recurring items
These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs. Non-recurring items
for the three months ended and year ended December 31, 2022 relate to a net realizable value impairment of leach pad inventory at Veladero.
b. Other
Other adjustments for the three months and year ended December 31, 2022 include the removal of total cash costs and by-product credits
associated with assets which are producing incidental ounces, of $7 million and $24 million, respectively (September 30, 2022: $7 million;
2021: $51 million; 2020: $104 million). This includes Pierina, Golden Sunlight, Morila up until its divestiture in November 2020, Lagunas Norte
up until its divestiture in June 2021 and Buzwagi starting in the fourth quarter of 2021.
c. Non-controlling interests
Non-controlling interests include non-controlling interests related to gold production of $560 million and $2,032 million, respectively, for
the three months and year ended December 31, 2022 (September 30, 2022: $491 million; 2021: $1,923 million; 2020: $1,959 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 if it supports current mine operations and project if it relates to future
projects. Refer to page 107 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, discrete 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 leach pad expansion. Refer to page 106 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 provisions
of our gold operations, split between operating and non-operating sites.
g. Non-controlling interest and copper operations

Removes general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also
removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the
non-controlling interests of NGM (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, Morila up until its divestiture in November 2020, Lagunas Norte up until its divestiture
in June 2021 and Buzwagi starting in the fourth quarter of 2021. The impact is summarized as the following:
($ millions) For the three months ended For the years ended
Non-controlling interest, copper operations and other 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
General & administrative costs (8) (5) (31) (21) (25)
Minesite exploration and evaluation costs (8) (9) (27) (19) (25)
Rehabilitation – accretion and amortization (operating sites) (6) (3) (16) (14) (14)
Minesite sustaining capital expenditures (217) (247) (826) (582) (530)
All-in sustaining costs total (239) (264) (900) (636) (594)
Global exploration and evaluation and project costs (8) (9) (32) (19) (25)
Project capital expenditures (122) (62) (295) (221) (132)
All-in costs total (130) (71) (327) (240) (157)
h. Ounces sold – equity basis
Figures remove the impact of Pierina, Golden Sunlight, Morila up until its divestiture in November 2020, Lagunas Norte up until its divestiture
in June 2021, and Buzwagi starting in 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 $7 million and $24 million, respectively, for the three months and year ended
December 31, 2022 (September 30, 2022: $6 million; 2021: $20 million; 2020: $18 million); Golden Sunlight of $nil and $nil, respectively, for
the three months and year ended December 31, 2022 (September 30, 2022: $nil; 2021: $nil; 2020: $nil); up until its divestiture in November
2020, Morila of $nil and $nil, respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $nil; 2021: $nil;
2020: $22 million); up until its divestiture in June 2021, Lagunas Norte of $nil and $nil, respectively, for the three months and year ended
December 31, 2022 (September 30, 2022: $nil; 2021: $37 million; 2020: $92 million); and starting in the fourth quarter of 2021, Buzwagi of $nil
and $nil, respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $nil; 2021: $nil; 2020: $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, 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

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

($ millions) 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
By-product credits 69 50 225 285 228
Non-controlling interest (25) (16) (78) (108) (92)
By-product credits (net of non-controlling interest) 44 34 147 177 136

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 SEGMENT
($ millions, except per ounce information in dollars) For the three months ended 12/31/22
Nevada
Turquoise Long Gold North
Footnote Carlin a
Cortezb
Ridge Canyon Phoenix a
Minesc Hemlo America
Cost of sales applicable to
gold production 473 287 182 9 97 1,054 55 1,109
Depreciation (89) (97) (51) (6) (18) (262) (8) (270)
By-product credits (1) 0 0 0 (44) (45) (1) (46)
Non-recurring items d 0 0 0 0 0 0 0 0
Other e (6) 0 0 0 14 8 0 8
Non-controlling interests (145) (73) (51) (1) (19) (291) 0 (291)
Total cash costs 232 117 80 2 30 464 46 510
General & administrative costs 0 0 0 0 0 0 0 0
Minesite exploration and
evaluation costs f 6 1 2 1 0 10 1 11
Minesite sustaining
capital expenditures g 138 37 24 0 3 208 11 219
Sustaining capital leases 0 0 0 0 1 2 0 2
Rehabilitation – accretion and
amortization (operating sites) h 2 4 1 0 0 7 1 8
All-in sustaining costs 322 142 97 2 32 600 59 659
Project exploration and
evaluation and project costs f 0 0 0 0 0 0 0 0
Project capital expenditures g 0 32 15 0 0 68 0 68
Non-controlling interests 0 (12) (7) 0 0 (27) 0 (27)
All-in costs 322 162 105 2 32 641 59 700
Ounces sold – equity basis
(000s ounces) 266 137 74 3 31 511 38 549
Cost of sales per ounce i,j 1,081 1,284 1,518 1,812 1,901 1,257 1,451 1,271
Total cash costs per ounce j 878 848 1,089 616 946 906 1,227 928
Total cash costs per ounce
(on a co-product basis) j,k 879 850 1,092 616 1,533 943 1,233 963
All-in sustaining costs per ounce j 1,217 1,037 1,304 664 1,037 1,179 1,557 1,205
All-in sustaining costs per ounce
(on a co-product basis) j,k 1,218 1,039 1,307 664 1,624 1,216 1,563 1,240
All-in costs per ounce j 1,217 1,175 1,424 664 1,037 1,260 1,558 1,280
All-in costs per ounce

Latin America &
Footnote Pueblo Viejo Veladero Asia Pacific
Cost of sales applicable to gold production 193 122 315
Depreciation (60) (47) (107)
By-product credits (12) (1) (13)
Non-recurring items d 0 (23) (23)
Other e 0 0 0
Non-controlling interests (48) 0 (48)
Total cash costs 73 51 124
General & administrative costs 0 0 0
Minesite exploration and evaluation costs f 1 1 2
Minesite sustaining capital expenditures g 47 29 76
Sustaining capital leases 0 0 0
Rehabilitation – accretion and amortization (operating sites) h 0 0 0
All-in sustaining costs 102 81 183
Project exploration and evaluation and project costs f 1 0 1
Project capital expenditures g 110 10 120
All-in costs 168 91 259
Ounces sold – equity basis (000s ounces) 96 53 149
Cost of sales per ounce i,j 1,215 2,309 1,614
Total cash costs per ounce j 764 954 829
Total cash costs per ounce (on a co-product basis) j,k 835 990 888
All-in sustaining costs per ounce j 1,065 1,526 1,231
All-in sustaining costs per ounce (on a co-product basis) j,k 1,136 1,562 1,290
All-in costs per ounce j 1,757 1,731 1,821
All-in costs per ounce (on a co-product basis) j,k 1,828 1,767 1,880

Loulo- North Africa &
Footnote Gounkoto Kibali Mara Tongon Bulyanhulu Middle East
gold production 215 149 86 92 71 613
Depreciation (70) (90) (22) (20) (14) (216)
By-product credits 0 0 (1) (1) (6) (8)
Non-recurring items d 0 0 0 0 0 0
Other e 0 0 0 0 0 0
Non-controlling interests (29) 0 (10) (7) (8) (54)
Total cash costs 116 59 53 64 43 335
General & administrative costs 0 0 0 0 0 0
evaluation costs f 3 1 1 1 3 9
Minesite sustaining capital
expenditures g 45 28 43 20 26 162
Sustaining capital leases 1 2 0 0 0 3
amortization (operating sites) h 0 1 2 0 0 3
All-in sustaining costs 156 91 92 83 68 490
Project exploration and evaluation
and project costs f 0 0 0 0 0 0
Project capital expenditures g 50 7 18 0 8 83
Non-controlling interests (10) 0 (3) 0 (2) (15)
All-in costs 196 98 107 83 74 558
Ounces sold – equity basis (000s ounces) 141 94 70 59 49 413
Cost of sales per ounce i,j 1,216 1,570 1,030 1,381 1,237 1,291
Total cash costs per ounce j 822 617 758 1,070 896 808
(on a co-product basis) j,k 822 621 764 1,073 993 822
All-in sustaining costs per ounce j 1,102 981 1,301 1,404 1,401 1,186
(on a co-product basis) j,k 1,102 985 1,307 1,407 1,498 1,200
All-in costs per ounce j 1,386 1,044 1,519 1,404 1,536 1,351
(on a co-product basis) j,k 1,386 1,048 1,525 1,407 1,633 1,365

Nevada
Footnote Carlin a
Cortezb
Ridge Canyon Phoenixa
Minesc Hemlo America
Cost of sales applicable
to gold production 425 170 155 19 93 862 46 908
Depreciation (74) (46) (41) (12) (20) (193) (6) (199)
By-product credits (1) 0 (1) 0 (31) (33) 0 (33)
Other e (4) 0 0 0 3 (1) 0 (1)
Total cash costs 213 76 70 4 28 391 40 431
evaluation costs f 7 1 1 0 0 9 1 10
Minesite sustaining
Non-controlling interests (52) (40) (12) 0 (3) (108) 0 (108)
All-in sustaining costs 295 142 89 4 32 565 51 616
All-in costs 295 159 98 4 32 593 51 644
(000s ounces) 226 99 64 6 29 424 27 451

Latin America &
Cost of sales applicable to gold production 225 63 288
Non-recurring items d 0 0 0
Other e 0 0 0

to gold production 196 91 80 79 74 520
Depreciation (60) (27) (18) (13) (15) (133)
By-product credits 0 0 0 0 (5) (5)
Other e 0 0 0 0 0 0
Total cash costs 108 64 52 59 45 328
evaluation costs f 3 (4) 1 1 0 1
expenditures g 55 13 16 5 16 105
amortization (operating sites) h 1 0 1 0 0 2
All-in costs 177 82 80 66 63 468
Ounces sold – equity basis (000s ounces) 129 88 70 41 50 378
Cost of sales per ounce i,j 1,220 1,047 956 1,744 1,229 1,189
All-in sustaining costs per ounce j 1,216 876 951 1,607 1,170 1,124
(on a co-product basis) j,k 1,216 879 956 1,610 1,261 1,138
All-in costs per ounce j 1,385 940 1,149 1,607 1,263 1,246

($ millions, except per ounce information in dollars) For the year ended 12/31/2022
Nevada
Footnote Carlina Cortezb Ridge Canyon Phoenixa Minesc Hemlo America
gold production 1,728 850 647 115 353 3,699 215 3,914
Depreciation (312) (253) (178) (76) (75) (895) (28) (923)
By-product credits (2) (2) (2) 0 (139) (145) (1) (146)
Other e (34) 0 0 0 20 (14) 0 (14)
Non-controlling interests (531) (229) (180) (15) (61) (1,018) 0 (1,018)
Total cash costs 849 366 287 24 98 1,627 186 1,813
Minesite exploration
and evaluation costs f 20 8 7 1 0 37 4 41
Minesite sustaining
All-in sustaining costs 1,173 565 360 25 114 2,251 236 2,487
and project costs f 0 0 0 0 0 0 0 0
All-in costs 1,173 629 390 25 114 2,374 236 2,610
(000s ounces) 968 449 278 55 106 1,856 132 1,988

Latin America &
Cost of sales applicable to gold production 801 325 1,126
Non-recurring items 0 (23) (23)
Other d 0 0 0
Non-controlling interests e (205) 0 (205)
All-in costs 664 338 1,002

Cost of sales applicable to gold production 790 413 309 347 295 2,154
Depreciation (257) (178) (73) (69) (60) (637)
By-product credits 0 (1) (2) (1) (24) (28)
Other e 0 0 0 0 0 0
Total cash costs 426 234 196 249 177 1,282
Minesite exploration and evaluation costs f 9 3 4 4 3 23
Minesite sustaining capital expenditures g 190 70 81 31 66 438
Rehabilitation – accretion
and amortization (operating sites) h 3 1 6 1 1 12
All-in sustaining costs 590 314 273 283 236 1,696
All-in costs 696 336 335 284 261 1,912
Ounces sold – equity basis (000s ounces) 548 332 265 178 205 1,528
Cost of sales per ounce i,j 1,153 1,243 979 1,748 1,211 1,219
All-in sustaining costs per ounce j 1,076 948 1,028 1,592 1,156 1,111
All-in costs per ounce j 1,270 1,013 1,265 1,595 1,278 1,252
(on a co-product basis) j,k 1,270 1,017 1,271 1,598 1,376 1,267

Nevada
gold production 1,451 927 615 193 346 3,532 257 3,789
Depreciation (276) (294) (200) (144) (89) (1,003) (45) (1,048)
Other e 0 0 0 0 9 9 0 9
Total cash costs 722 387 252 30 44 1,435 211 1,646
expenditures g 424 192 77 8 20 746 82 828
All-in costs 1,003 573 335 38 59 2,031 299 2,330
(000s ounces) 922 508 337 161 111 2,039 152 2,191
Cost of sales per ounce i,j 968 1,122 1,122 739 1,922 1,072 1,693 1,115
Total cash costs per ounce j 782 763 749 188 398 705 1,388 752
(on a co-product basis) j,k 784 767 757 188 1,428 764 1,394 807
All-in sustaining costs per ounce j 1,087 1,013 892 238 533 949 1,970 1,020
(on a co-product basis) j,k 1,089 1,017 900 238 1,563 1,008 1,976 1,075
All-in costs per ounce j 1,087 1,129 993 238 533 997 1,970 1,064

Latin America
Footnote Pueblo Viejo Veladero & Asia Pacific
Cost of sales applicable to gold production 739 262 1,001
Non-recurring items d 0 0 0
Other e 0 0 0
(operating sites) h 8 2 10
Cost of sales per ounce i,j 896 1,256 1,028
All-in sustaining costs per ounce j 745 1,493 969
All-in sustaining costs per ounce (on a co-product basis) j,k 814 1,527 1,027

Footnote Gounkoto Kibali Mara Tongon Bulyanhulu Buzwagil Middle East
to gold production 732 373 296 310 212 65 1,988
Depreciation (278) (141) (56) (84) (57) (2) (618)
By-product credits 0 (2) (2) (1) (15) 0 (20)
Non-recurring items d 0 0 0 0 0 0 0
Other e 0 0 0 0 0 0 0
Non-controlling interests (91) 0 (38) (23) (22) (10) (184)
Total cash costs 363 230 200 202 118 53 1,166
General & administrative costs 0 0 0 0 0 0 0
evaluation costs f 18 5 0 3 0 0 26
Minesite sustaining
capital expenditures g 199 54 62 18 34 0 367
Sustaining capital leases 2 10 0 2 0 0 14
amortization (operating sites) h 4 1 6 1 1 0 13
Non-controlling interests (44) 0 (11) (3) (5) 0 (63)
All-in sustaining costs 542 300 257 223 148 53 1,523
and project costs f 0 0 0 0 0 0 0
Project capital expenditures g 98 16 32 0 49 0 195
Non-controlling interests (19) 0 (5) 0 (8) 0 (32)
All-in costs 621 316 284 223 189 53 1,686
Ounces sold – equity basis (000s ounces) 558 367 257 185 166 41 1,574
Cost of sales per ounce i,j 1,049 1,016 966 1,504 1,079 1,334 1,092
Total cash costs per ounce j 650 627 777 1,093 709 1,284 740
(on a co-product basis) j,k 650 631 784 1,096 787 1,277 751
All-in sustaining costs per ounce j 970 818 1,001 1,208 891 1,291 968
(on a co-product basis) j,k 970 822 1,008 1,211 969 1,284 979
All-in costs per ounce j 1,111 861 1,105 1,206 1,138 1,291 1,070
(on a co-product basis) j,k 1,111 865 1,112 1,209 1,216 1,284 1,081

Nevada
to gold production 1,624 764 575 227 365 3,555 281 3,836
Depreciation (306) (221) (184) (165) (94) (970) (44) (1,014)
Other e 0 0 0 0 0 0 0 0
Total cash costs 809 333 236 38 83 1,499 236 1,735
Minesite sustaining
All-in costs 1,066 580 291 66 103 2,132 317 2,449
(000s ounces) 1,024 491 332 161 126 2,134 224 2,358
Cost of sales per ounce i,j 976 958 1,064 869 1,772 1,029 1,256 1,050
Total cash costs per ounce j 790 678 711 236 649 702 1,056 735
(on a co-product basis) j,k 791 680 723 238 1,315 745 1,060 774
All-in sustaining costs per ounce j 1,041 998 798 405 814 941 1,423 987
(on a co-product basis) j,k 1,042 1,000 810 407 1,480 984 1,427 1,026
All-in costs per ounce j 1,041 1,179 879 405 814 998 1,424 1,039
(on a co-product basis) j,k 1,042 1,181 891 407 1,480 1,041 1,428 1,078

Latin America &
Footnote Pueblo Viejo Veladero Porgeram Asia Pacific
Cost of sales applicable to gold production 735 213 106 1,054
Depreciation (224) (69) (25) (318)
By-product credits (57) (5) (1) (63)
Non-recurring items d 0 0 0 0
Other e 0 0 0 0
Non-controlling interests (182) 0 0 (182)
Total cash costs 272 139 80 491
General & administrative costs 0 0 0 0
Minesite exploration and evaluation costs f 3 0 2 5
Minesite sustaining capital expenditures g 132 98 11 241
Sustaining capital leases 0 2 3 5
(operating sites) h 6 4 0 10
All-in sustaining costs 357 243 96 696
Project exploration and evaluation and project costs f 1 0 0 1
Project capital expenditures g 91 15 0 106
All-in costs 412 258 96 766
Ounces sold – equity basis (000s ounces) 541 186 87 814
Cost of sales per ounce i,j 819 1,151 1,225 938
Total cash costs per ounce j 504 748 928 604
Total cash costs per ounce (on a co-product basis) j,k 568 777 934 654
All-in sustaining costs per ounce j 660 1,308 1,115 856
All-in sustaining costs per ounce (on a co-product basis) j,k 724 1,337 1,121 906
All-in costs per ounce j 761 1,390 1,116 942
All-in costs per ounce (on a co-product basis) k,l 825 1,419 1,122 992

Footnote Gounkoto Kibali Mara Tongon Bulyanhulu Buzwagil Middle East
to gold production 719 397 318 380 184 211 2,209
Depreciation (267) (174) (91) (167) (72) (11) (782)
By-product credits 0 (1) (2) 0 (10) (22) (35)
Non-recurring items d 0 0 0 0 0 0 0
Other e 0 0 0 0 0 0 0
Non-controlling interests (90) 0 (36) (22) (16) (28) (192)
Total cash costs 362 222 189 191 86 150 1,200
General & administrative costs 0 0 0 0 0 0 0
evaluation costs f 11 2 0 3 0 0 16
Minesite sustaining
capital expenditures g 213 49 68 8 7 1 346
Sustaining capital leases 3 9 0 2 0 1 15
amortization (operating sites) h 3 1 4 0 1 0 9
Non-controlling interests (46) 0 (12) (1) (1) 0 (60)
All-in sustaining costs 546 283 249 203 93 152 1,526
and project costs f 0 0 0 0 0 0 0
Project capital expenditures g 19 2 35 0 69 0 125
Non-controlling interests (4) 0 (5) 0 (11) 0 (20)
All-in costs 561 285 279 203 151 152 1,631
Ounces sold – equity basis (000s ounces) 542 364 269 255 103 174 1,707
Cost of sales per ounce i,j 1,060 1,091 992 1,334 1,499 1,021 1,119
Total cash costs per ounce j 666 608 702 747 832 859 701
(on a co-product basis) j,k 666 612 709 748 913 968 719
All-in sustaining costs per ounce j 1,006 778 929 791 895 871 893
(on a co-product basis) j,k 1,006 782 936 792 976 980 911
All-in costs per ounce j 1,034 782 1,039 791 1,459 871 954
(on a co-product basis) j,k 1,034 786 1,046 792 1,540 980 972
a. On September 7, 2021, NGM announced it had entered into an 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 Mountain properties and infrastructure. Operating results within
our 61.5% interest 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 30, 2021, reflecting the terms of the Exchange Agreement which
closed on October 14, 2021.
b. Starting in the first quarter of 2021, Goldrush is reported as part of Cortez as it is operated by Cortez management. Comparative periods have
been restated to include Goldrush.
c. These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until 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 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. Non-recurring items
at Veladero for the three months ended and year ended December 31, 2022 relate to a net realizable value impairment of leach pad inventory.
e. Other
Other adjustments for the three month period ended September 30, 2022 and the year ended December 31, 2022 at Carlin include the removal
of total cash costs and by-product credits associated with Emigrant starting the second quarter of 2022, which is producing incidental ounces.
f. 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 107 of this MD&A.

g. 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, discrete 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 leach pad expansion. Refer to page 106 of this MD&A.
h. 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.
i. 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).
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 12/31/22

Nevada
Turquoise Long Gold Pueblo
Carlina Cortezb Ridge Canyon Phoenixa Minesc Hemlo Viejo
By-product credits 1 0 0 0 44 45 1 12
Non-controlling interest 0 0 0 0 (17) (17) 0 (5)
By-product credits
(net of non-controlling interest) 1 0 0 0 27 28 1 7
Loulo- North
Veladero Gounkoto Kibali Mara Tongon Bulyanhulu
By-product credits 1 0 0 1 1 6
Non-controlling interest 0 0 0 0 0 (1)
By-product credits
(net of non-controlling interest) 1 0 0 1 1 5
Nevada
Non-controlling interest (1) 0 (1) 0 (12) (14) 0 (4)
By-product credits
(net of non-controlling interest) 0 0 0 0 19 19 0 6
Loulo- North
By-product credits
(net of non-controlling interest) 1 0 0 0 0 4

($ millions) For the year ended 12/31/22

Nevada
Non-controlling interest (1) (1) (1) 0 (54) (57) 0 (18)
By-product credits (net of
non-controlling interest) 1 1 1 0 85 88 1 27
For the year ended 12/31/22
Loulo- North
non-controlling interest) 4 0 1 2 1 20
Nevada
Loulo- North
Veladero Gounkoto Kibali Mara Tongon Bulyanhulu Buzwagil
By-product credits 7 0 2 2 1 15 0
Non-controlling interest 0 0 0 0 0 (2) 0
non-controlling interest) 7 0 2 2 1 13 0
Nevada
Loulo- North
Veladero Porgeram Gounkoto Kibali Mara Tongon Bulyanhulu Buzwagil
Non-controlling interest 0 0 0 0 0 0 (2) (4)
l. With the end of mining at Buzwagi in the third quarter of 2021, as previously reported, we have ceased to include production or non-GAAP
cost metrics for Buzwagi from October 1, 2021 onwards.
m. As Porgera was placed on care and maintenance on April 25, 2020, no operating data or per ounce data was provided for the three month
periods ended December 31, 2022 and September 30, 2022 and the years ended December 31, 2022 and December 31, 2021.

RECONCILIATION OF COPPER COST OF SALES TO C1 CASH COSTS AND ALL-IN SUSTAINING COSTS,
INCLUDING ON A PER POUND BASIS
($ millions, except per pound information in dollars) 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
Cost of sales 197 172 666 569 556
Depreciation/amortization (92) (59) (223) (197) (208)
Treatment and refinement charges 47 54 199 161 157
Cash cost of sales applicable to equity method investments 90 81 317 313 267
Less: royalties (16) (23) (103) (103) (54)
By-product credits (3) (2) (14) (15) (15)
C1 cash cost of sales 223 223 842 728 703
General & administrative costs 8 4 30 17 18
Rehabilitation – accretion and amortization 2 0 4 6 8
Royalties 16 23 103 103 54
Minesite exploration and evaluation costs 6 8 22 14 5
Minesite sustaining capital expenditures 139 115 410 234 223
Sustaining leases 2 1 6 9 9
All-in sustaining costs 396 374 1,417 1,111 1,020
Pounds sold – consolidated basis (millions pounds) 99 120 445 423 457
Cost of sales per pounda,b 3.19 2.30 2.43 2.32 2.02
C1 cash costs per pounda 2.25 1.86 1.89 1.72 1.54
All-in sustaining costs per pounda 3.98 3.13 3.18 2.62 2.23
a. Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding.
ownership share).

RECONCILIATION OF COPPER COST OF SALES TO C1 CASH COSTS AND ALL-IN SUSTAINING COSTS, INCLUDING
ON A PER POUND BASIS, BY OPERATING SITE
($ millions, except per pound information in dollars) For the three months ended
12/31/22 9/30/22
Jabal Jabal
Zaldívar Lumwana Sayid Zaldívar Lumwana Sayid
Cost of sales 86 197 34 76 172 28
Depreciation/amortization (21) (92) (9) (18) (59) (5)
Treatment and refinement charges 0 40 7 0 50 4
Less: royalties 0 (16) 0 0 (23) 0
By-product credits 0 0 (3) 0 0 (2)
C1 cash cost of sales 65 129 29 58 140 25
Rehabilitation – accretion and amortization 0 1 1 0 0 0
Royalties 0 16 0 0 23 0
Minesite exploration and evaluation costs 2 4 0 3 5 0
Minesite sustaining capital expenditures 19 118 2 8 106 1
Sustaining leases 1 1 0 1 0 0
Pounds sold – consolidated basis (millions pounds) 24 55 20 24 79 17
Cost of sales per pounda,b 3.55 3.56 1.72 3.20 2.19 1.58
C1 cash costs per pounda 2.69 2.34 1.42 2.45 1.78 1.41
All-in sustaining costs per pounda 3.60 4.86 1.54 2.94 3.50 1.52
($ millions, except per pound For the years ended

information in dollars) 12/31/22 12/31/21 12/31/20
Jabal Jabal Jabal
Zaldívar Lumwana Sayid Zaldívar Lumwana Sayid Zaldívar Lumwana Sayid
Cost of sales 305 666 110 314 569 99 262 556 104
Depreciation/amortization (74) (223) (24) (79) (197) (21) (72) (208) (27)
Treatment and refinement charges 0 179 20 0 140 21 1 137 19
Less: royalties 0 (103) 0 0 (103) 0 0 (54) 0
By-product credits 0 0 (14) 0 0 (15) 0 0 (15)
C1 cash cost of sales 231 519 92 235 409 84 191 431 81
Rehabilitation – accretion
and amortization 0 3 1 1 5 0 0 8 0
Royalties 0 103 0 0 103 0 0 54 0
evaluation costs 11 11 0 13 0 1 4 0 1
expenditures 44 360 6 37 189 8 39 175 9
Sustaining leases 3 3 0 4 3 2 5 4 0
All-in sustaining costs 289 999 99 290 709 95 239 672 91
Pounds sold – consolidated basis
(millions pounds) 98 275 72 98 253 72 106 277 74
Cost of sales per pounda,b 3.12 2.42 1.52 3.19 2.25 1.38 2.46 2.01 1.42
C1 cash costs per pounda 2.36 1.89 1.26 2.38 1.62 1.18 1.79 1.56 1.11
All-in sustaining costs per pounda 2.95 3.63 1.36 2.94 2.80 1.33 2.25 2.43 1.24
a. Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding.
ownership share).

EBITDA and Adjusted EBITDA We believe these items provide a greater level of consistency with the
EBITDA is a non-GAAP financial measure, which excludes the following adjusting items included in our adjusted net earnings reconciliation,
from net earnings: with the exception that these amounts are adjusted to remove
any impact on finance costs/income, income tax expense and/or
• Income tax expense; depreciation as they do not affect EBITDA. We believe this additional
• Finance costs; information will assist analysts, investors and other stakeholders of
• Finance income; and Barrick in better understanding our ability to generate liquidity from
• Depreciation. our full business, including equity method investments, by excluding
these amounts from the calculation as they are not indicative of the
Management believes that EBITDA is a valuable indicator of our performance of our core mining business and do not necessarily
ability to generate liquidity by producing operating cash flow to fund reflect the underlying operating results for the periods presented.
working capital needs, service debt obligations, and fund capital EBITDA and adjusted EBITDA are intended to provide additional
expenditures. Management uses EBITDA for this purpose. EBITDA is information to investors and analysts and do not have any standardized
also frequently used by investors and analysts for valuation purposes definition under IFRS, and should not be considered in isolation or as a
whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is substitute for measures of performance prepared in accordance with
based on an observed or inferred relationship between EBITDA and IFRS. EBITDA and adjusted EBITDA exclude the impact of cash costs
market values to determine the approximate total enterprise value of of financing activities and taxes, and the effects of changes in operating
a company. working capital balances, and therefore are not necessarily indicative
Adjusted EBITDA removes the effect of impairment charges; of operating profit or cash flow from operations as determined under
acquisition/disposition gains/losses; foreign currency translation IFRS. Other companies may calculate EBITDA and adjusted EBITDA
gains/losses; and other expense adjustments. We also remove the differently.
impact of the income tax expense, finance costs, finance income and
depreciation incurred in our equity method accounted investments.
RECONCILIATION OF NET EARNINGS TO EBITDA AND ADJUSTED EBITDA
($ millions) 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20
Net (loss) earnings (816) 410 1,017 3,288 3,614
Income tax expense (131) 215 664 1,344 1,332
Finance costs, neta 31 55 235 307 306
Depreciation 604 457 1,997 2,102 2,208
EBITDA (312) 1,137 3,913 7,041 7,460
Impairment charges (reversals) of non-current assetsb 1,642 24 1,671 (63) (269)
Acquisition/disposition gainsc (319) (64) (405) (213) (180)
Loss on currency translation 4 3 16 29 50
Other expense (income) adjustmentsd 126 (27) 17 73 71
Income tax expense, net finance costsa,
and depreciation from equity investees 145 82 401 391 360
Adjusted EBITDA 1,286 1,155 5,613 7,258 7,492
a. Finance costs exclude accretion.
b. Net impairment charges for the three month period and year ended December 31, 2022 primarily relate to a goodwill impairment at Loulo-Gounkoto, and non-
current asset impairments at Veladero and Long Canyon, partially offset by an impairment reversal at Reko Diq. Net impairment charges for the prior year mainly
relate to non-current asset reversals at Lagunas Norte.
c. Acquisition/disposition gains for the three month period and year ended December 31, 2022 primarily relate to a gain as Barrick’s interest in the Reko Diq project
increased from 37.5% to 50%. The year ended December 31, 2022 was further impacted by the sale of a portfolio of royalties to Maverix Metals Inc. and the sale
of a portfolio of royalties by NGM to Gold Royalty Corp. Acquisition/disposition gains for the prior year primarily relate to the gain on the sale of Lone Tree.
d. Other expense adjustments for the three month period and year ended December 31, 2022 mainly relate to a net realizable value impairment of leach pad inventory
at Veladero, care and maintenance expenses at Porgera and supplies obsolescence write-off at Bulyanhulu and North Mara. The prior year was impacted by care
and maintenance expenses at Porgera and a $25 million litigation settlement.

RECONCILIATION OF SEGMENT INCOME TO SEGMENT EBITDA

Nevada
Turquoise Gold Pueblo Loulo- North
Carlina Cortezb Ridge Minesc Viejo Gounkoto Kibali Veladero Mara Bulyanhulu
(61.5%) (61.5%) (61.5%) (61.5%) (60%) (80%) (45%) (50%) (84%) (84%)
Income 171 63 17 264 47 70 7 (34) 25 13
Depreciation 55 59 32 162 36 55 90 47 18 12
EBITDA 226 122 49 426 83 125 97 13 43 25
Nevada
(61.5%) (61.5%) (61.5%) (61.5%) (60%) (80%) (45%) (50%) (84%) (84%)
Income 123 62 11 215 70 60 45 12 39 27
Depreciation 45 28 25 117 39 48 27 23 15 12
EBITDA 168 90 36 332 109 108 72 35 54 39
Nevada
(61.5%) (61.5%) (61.5%) (61.5%) (60%) (80%) (45%) (50%) (84%) (84%)
Income 685 277 98 1,144 265 342 142 32 177 118
Depreciation 192 155 110 551 146 205 178 120 61 50
EBITDA 877 432 208 1,695 411 547 320 152 238 168
Nevada
(61.5%) (61.5%) (61.5%) (61.5%) (60%) (80%) (45%) (50%) (84%) (84%)
Income 733 337 229 1,675 445 380 278 118 214 122
Depreciation 170 181 123 630 142 222 141 85 47 48
EBITDA 903 518 352 2,305 587 602 419 203 261 170
Nevada
(61.5%) (61.5%) (61.5%) (61.5%) (60%) (80%) (45%) (50%) (84%) (84%)
Income 795 385 229 1,636 508 358 244 114 214 27
Depreciation 188 138 113 596 136 214 174 69 76 60
EBITDA 983 523 342 2,232 644 572 418 183 290 87
a. On September 7, 2021, NGM announced it had entered into an Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not
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 30, 2021, reflecting the terms of the Exchange Agreement which closed on October 14, 2021.
b. Starting in the first quarter of 2021, Goldrush is reported as part of Cortez as it is operated by Cortez management. Comparative periods have been restated to
include Goldrush.
c. These results represent our 61.5% interest in Carlin (including NGM’s 60% interest in South Arturo up until 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 Tree and
Buffalo Mountain properties and infrastructure, which closed on October 14, 2021), Cortez, Turquoise Ridge, Phoenix and Long Canyon.
Realized Price
Realized price is a non-GAAP financial measure which excludes from The realized price measure is intended to provide additional
sales: information, and does not have any standardized definition under
IFRS and should not be considered in isolation or as a substitute
• Treatment and refining charges; and
for measures of performance prepared in accordance with IFRS.
• Cumulative catch-up adjustment to revenue relating to our
The measure is not necessarily indicative of sales as determined
streaming arrangements.
under IFRS. Other companies may calculate this measure differently.
The following table reconciles realized prices to the most directly
We believe this provides investors and analysts with a more accurate
comparable IFRS measure.
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.

RECONCILIATION OF SALES TO REALIZED PRICE PER OUNCE/POUND

($ millions, except
per ounce/pound Gold Copper Gold Copper
information in dollars) 12/31/22 9/30/22 12/31/22 9/30/22 12/31/22 12/31/21 12/31/20 12/31/22 12/31/21 12/31/20
Sales 2,535 2,277 170 200 9,920 10,738 11,670 868 962 697
Sales applicable to
non-controlling interests (785) (700) 0 0 (3,051) (3,323) (3,494) 0 0 0
Sales applicable to equity
method investmentsa,b 164 152 160 134 597 660 648 646 707 483
Sales applicable to sites
in closure or care and
maintenancec (11) (14) 0 0 (55) (88) (170) 0 0 0
Treatment and refining charges 15 3 47 54 23 10 7 199 161 157
Otherd 0 0 0 0 0 2 13 0 0 0
Revenues – as adjusted 1,918 1,718 377 388 7,434 7,999 8,674 1,713 1,830 1,337
Ounces/pounds sold
(000s ounces/millions pounds)c 1,111 997 99 120 4,141 4,468 4,879 445 423 457
Realized gold/copper price
per ounce/pounde 1,728 1,722 3.81 3.24 1,795 1,790 1,778 3.85 4.32 2.92
a. Represents sales of $164 million and $597 million, respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $152 million; 2021:
$661 million; 2020: $648 million) applicable to our 45% equity method investment in Kibali and $nil and $nil, respectively (September 30, 2022: $nil; 2021: $nil; 2020:
$nil) applicable to our 40% equity method investment in Morila up until its divestiture in November 2020 for gold. Represents sales of $91 million and $390 million,
respectively, for the three months and year ended December 31, 2022 (September 30, 2022: $82 million; 2021: $423 million; 2020: $298 million) applicable to our
50% equity method investment in Zaldívar and $74 million and $275 million, respectively (September 30, 2022: $57 million; 2021: $305 million; 2020: $204 million)
applicable to our 50% equity method investment in Jabal Sayid for copper.
b. Sales applicable to equity method investments are net of treatment and refinement charges.
c. Excludes Pierina, Morila up until its divestiture in November 2020, Lagunas Norte up until its divestiture in June 2021, and Buzwagi starting in the fourth quarter of
2021. Some of these assets are producing incidental ounces while in closure or care and maintenance.
d. Represents cumulative catch-up adjustment to revenue relating to our streaming arrangements. Refer to note 2f to the Financial Statements for more information.
e. Realized price per ounce/pound may not calculate based on amounts presented in this table.
TECHNICAL INFORMATION All mineral reserve and mineral resource estimates are estimated in
accordance with National Instrument 43-101 – Standards of Disclosure
The scientific and technical information contained in this MD&A has
for Mineral Projects. Unless otherwise noted, such mineral reserve and
been reviewed and approved by Craig Fiddes – SME-RM, Lead
mineral resource estimates are as of December 31, 2022.
– Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo,
Mineral Resource Manager, Latin America & Asia Pacific; Richard
Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and
Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, 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.

ENDNOTES
1 A Tier One Gold Asset is an asset with a reserve potential to deliver grading 5.24 g/t, representing 8.7 million ounces of gold; probable
a minimum 10-year life, annual production of at least 500,000 reserves of 330 million tonnes grading 2.12 g/t, representing
ounces of gold and total cash costs per ounce over the mine life 23 million ounces of gold; measured resources of 110 million
that are in the lower half of the industry cost curve. tonnes grading 4.18 g/t, representing 15 million ounces of gold;
2 A Tier Two Gold Asset is an asset with a reserve potential to deliver indicated resources of 940 million tonnes grading 1.93 g/t,
a minimum 10-year life, annual production of at least 250,000 representing 58 million ounces of gold; and inferred resources of
ounces of gold and total cash costs per ounce over the mine life 300 million tonnes grading 1.8 g/t, representing 17 million ounces
that are in the lower half of the industry cost curve. of gold. Reko Diq indicated resources of 1,800 million tonnes
3 A Tier One Copper Asset is an asset with a reserve potential of grading 0.26 g/t, representing 15 million ounces of gold, and
greater than five million tonnes of contained copper and C1 cash 1,900 million tonnes grading 0.44%, representing 18,000 million
costs per pound over the mine life that are in the lower half of the pounds of copper; and inferred resources of 570 million tonnes
industry cost curve. grading 0.2 g/t, representing 3.7 million ounces of gold, and
4 A Strategic Asset is an asset which in the opinion of Barrick, has 590 million tonnes grading 0.4%, representing 4,600 million
the potential to deliver significant unrealized value in the future. pounds of copper. Pueblo Viejo proven reserves of 35 million
5 Currently consists of Barrick’s Lumwana mine and Zaldívar and tonnes grading 2.29 g/t, representing 2.6 million ounces of
Jabal Sayid copper joint ventures. gold; probable reserves of 140 million tonnes grading 2.16 g/t,
6 Further information on these non-GAAP financial measures, representing 9.7 million ounces of gold; measured resources of
including detailed reconciliations, is included on pages 114–140 46 million tonnes grading 2.08 g/t, representing 3.1 million ounces
of this MD&A. of gold; indicated resources of 190 million tonnes grading 1.99 g/t,
7 Gold cost of sales per ounce is calculated as cost of sales representing 12 million ounces of gold; and inferred resources of
across our gold operations (excluding sites in closure or care and 4.6 million tonnes grading 1.8 g/t, representing 0.26 million ounces
maintenance) divided by ounces sold (both on an attributable of gold. Complete mineral reserve and mineral resource data for
basis using Barrick’s ownership share). Copper cost of sales per all mines and projects referenced in this MD&A, including tonnes,
pound is calculated as cost of sales across our copper operations grades, and ounces, can be found on pages 155–163 of Barrick’s
divided by pounds sold (both on an attributable basis using Annual Report 2022.
Barrick’s ownership share). 13 Estimated in accordance with National Instrument 43-101
8 TRIFR is a ratio calculated as follows: number of reportable – Standards of Disclosure for Mineral Projects as required by
injuries x 1,000,000 hours divided by the total number of hours Canadian securities regulatory authorities. Estimates are as of
worked. Reportable injuries include fatalities, lost time injuries, December 31, 2021, unless otherwise noted. Proven reserves of
restricted duty injuries, and medically treated injuries. LTIFR is a 240 million tonnes grading 2.20 g/t, representing 17 million ounces
ratio calculated as follows: number of lost time injuries x 1,000,000 of gold, and 380 million tonnes grading 0.41%, representing 3,400
hours divided by the total number of hours worked. million pounds of copper. Probable reserves of 1,000 million
9 Class 1 – High Significance is defined as an incident that causes tonnes grading 1.60 g/t, representing 53 million ounces of gold,
significant negative impacts on human health or the environment and 1,100 million tonnes grading 0.37%, representing 8,800
or an incident that extends onto publicly accessible land and has million pounds of copper. Measured resources of 490 million
the potential to cause significant adverse impact to surrounding tonnes grading 2.05 g/t, representing 32 million ounces of gold,
communities, livestock or wildlife. and 680 million tonnes grading 0.38%, representing 5,700 million
10 Preliminary figures and subject to external assurance. pounds of copper. Indicated resources of 2,800 million tonnes
11 All mineral resource and mineral reserve estimates of tonnes, grading 1.40 g/t, representing 130 million ounces of gold, and
Au oz, Ag oz and Cu lb are reported to the second significant digit. 2,500 million tonnes grading 0.34%, representing 19,000 million
All measured and indicated mineral resource estimates of grade pounds of copper. Inferred resources of 1,000 million tonnes
and all proven and probable mineral reserve estimates of grade grading 1.3 g/t, representing 42 million ounces of gold, and 450
for Au g/t, Ag g/t and Cu % are reported to two decimal places. All million tonnes grading 0.2%, representing 2,100 million pounds
inferred mineral resource estimates of grade for Au g/t, Ag g/t and of copper. Complete 2021 mineral reserve and mineral resource
Cu % are reported to one decimal place. 2022 polymetallic mineral data for all mines and projects referenced in this MD&A, including
resources and mineral reserves are estimated using the combined tonnes, grades, and ounces, can be found on pages 34-47 of
value of gold, copper & silver and accordingly are reported as Barrick’s Annual Information Form/Form 40-F for the year ended
Gold, Copper & Silver mineral resources and mineral reserves. December 31, 2021 on file with Canadian provincial securities
12 Estimated in accordance with National Instrument 43-101 regulatory authorities and the U.S. Securities and Exchange
– Standards of Disclosure for Mineral Projects as required by Commission.
Canadian securities regulatory authorities. Estimates are as of 14 A Technical Report to support the Pueblo Viejo mine life extension
December 31, 2022, unless otherwise noted. Proven reserves of and process plant expansion project, including the pre-feasibility
260 million tonnes grading 2.26 g/t, representing 19 million ounces study for the new Naranjo tailings storage facility, will be prepared
of gold, and 390 million tonnes grading 0.40%, representing 3,500 in accordance with Form 43-101F1 and filed on SEDAR within
million pounds of copper. Probable reserves of 1,200 million 45 days of Barrick’s press release dated as of February 9, 2023,
tonnes grading 1.53 g/t, representing 57 million ounces of gold, entitled “Focus on Tier One Assets Delivers Significant Increase
and 1,100 million tonnes grading 0.37%, representing 8,800 in Resources and Reserves, Underpinning Industry-Leading
million pounds of copper. Measured resources of 480 million Production Profile Growth”. For further information with respect
tonnes grading 2.13 g/t, representing 33 million ounces of gold, to the key assumptions, parameters and risks associated with
and 700 million tonnes grading 0.39%, representing 6,000 million the Pueblo Viejo mine life extension and process plant expansion
pounds of copper. Indicated resources of 4,700 million tonnes project, the mineral reserve and resource estimates included
grading 0.96 g/t, representing 150 million ounces of gold, and therein and other technical information, please refer to the Technical
4,500 million tonnes grading 0.39%, representing 38,000 million Report to be made available on SEDAR at www.sedar.com.
pounds of copper. Inferred resources of 1,500 million tonnes 15 See the Technical Report on the Turquoise Ridge mine, dated
grading 0.8 g/t, representing 42 million ounces of gold, and 1,800 March 25, 2020, and filed on SEDAR at www.sedar.com and
million tonnes grading 0.4%, representing 15,000 million pounds EDGAR at www.sec.gov on March 25, 2020.
of copper. North America proven reserves of 52 million tonnes

16 North Turf (Miramar) Significant Interceptsa

Drill Results from Q4 2022
Drill Holeb Azimuth Dip Interval (m) Width (m)c True Width (m)c Au (g/t)
163.1 – 177.4 14.3 10.1 7.58
NTC-22022 80 (30) 181.4 – 201.2 19.8 14.0 8.43
NTC-22024 190 (85) 150.0 – 152.4 2.4 2.4 21.33
NTC-22026 145 (72) 108.8 – 114.3 5.5 5.5 5.52
NTC-22027 62 (50) 119.3 – 124.4 5.0 4.6 12.10
NTC-22030 90 (51) 222.5 – 224.6 2.1 1.8 4.35
NTC-22031A 95 (27) 260.0 – 263.7 3.7 2.8 3.96
136.6 – 139.6 3.0 3.0 9.46
221.9 – 225.2 3.4 3.3 7.34
246.3 – 270.7 24.4 24.0 6.79
290.5 – 293.5 3.0 3.0 4.80
NTC-22033 270 (66) 300.2 – 305.7 5.5 5.4 5.49
NTC-22035 120 (65) 130.8 – 133.8 3.0 2.9 5.73
119.5 – 126.8 7.3 5.2 13.06
NTC-22038 260 (52) 145.7 – 152.4 6.7 4.7 17.59
30.5 – 35.1 4.6 4.3 4.20
53.9 – 57.9 4.0 3.7 6.05
86.9 – 109.7 22.9 21.5 6.02
NTC-22040 100 (71) 128.0 – 132.6 4.6 4.6 6.19
55.5 – 61.3 5.8 2.9 13.34
NTC-22045 32 (46) 291.7 – 294.7 3.0 2.9 8.37
a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 3.0 m; internal dilution is less than 20% total width.
b. Carlin Trend drill hole nomenclature: Project area (CGX – Leeville, NLX – North Leeville Exploration, NTC – North Turf Core, NLX – North Leeville Growth, LUC
– Leeville Underground Core) followed by the year (22 for 2022) then hole number.
c. True width for LUC, NTC and NLX drillholes have been estimated based on the latest geological and ore controls model and it is subject to refinement as
additional data becomes available. True width of the intercepts for CGX drill holes is uncertain at this stage.
The drilling results for Leeville contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of
Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked
by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are
employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data
verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality
control methods.
17 North Leeville (Fallon) Significant Interceptsa

NLX-22013B 306 (79) 811.7 – 839.1 27.4 26.3 19.57
NLX-22020 90 (75) 821.1 – 825.7 4.6 4.5 4.91
b. Carlin Trend drill hole nomenclature: Project area (CGX – Greater Leeville Exploration, NLX – North Leeville Exploration, NTC – North Turf Core, NLX – North
Leeville Exploration, NTC – North Turf Core, NLX – North Leeville Growth, LUC – Leeville Underground Core) followed by the year (22 for 2022) then hole
number.
c. True width for LUC, NTC and NLX drillholes have been estimated based on the latest geological and ore controls model and it is subject to refinement as
additional data becomes available. True width of the intercepts for CGX drill holes is uncertain at this stage.
he drilling results for Leeville contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of
T
verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality
control methods.

18 Carlin Significant Interceptsa

Drill Holeb Azimuth Dip Interval (m) Width (m)c Au (g/t)
LBB-22006 330 (75) 709.3 – 710.2 0.9 3.63
LBB-22007 40 (75)
WSF-22002 77 (76)
653.6 – 654.7 1.1 3.67
WSF-22003 273 (81) 655.9 – 657.0 1.1 6.85
WSF-22005 301 (69) 642.8 – 643.6 0.8 3.48
b. Carlin Trend drill hole nomenclature: Project area (LBB – Little Boulder Basin, WSF – Western Spur) followed by the year (22 for 2022) then hole number.
c. True width of intercepts are uncertain at this stage.
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.
19 Ren Resource Significant Interceptsa

286.8 – 289.9 3.1 2.1 7.17
296.0 – 300.1 4.1 3.0 9.91
306.2 – 316.1 9.9 4.6 11.62d
351.7 – 354.8 3.1 2.1 11.14
MRC-22005 70 (23) 362.4 – 365.5 3.1 2.1 6.79
MRC-22009 250 (19) 310.3 – 317.0 9.8 4.0 5.01
MRC-22010 238 (17) 281.9 – 284.5 2.6 1.5 3.98d
316.7 – 319.7 3.0 3.0 28.08d
334.7 – 345.3 10.6 4.6 5.07d
359.1 – 362.1 3.0 3.0 6.03
MRC-22011 262 (27) 369.7 – 374.3 4.6 3.0 4.42
b. Carlin Trend drill hole nomenclature: Project (MRC – Ren) followed by hole number.
c. True width has been estimated based on the latest geological and ore controls model and it is subject to refinement as additional data becomes available.
d. Greater than 20% dilution
The drilling results for Ren contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of
verification and assay protocols used in connection with drilling and sampling on Ren conform to industry accepted quality control methods.
20 West El Niño Significant Interceptsa

SEC-22001 120 (75) 68.6 – 71.6 3.0 2.9 19.12
SEC-22004 300 (35) 210.6 – 224.6 14.0 14.0 51.89
SEC-22008 239 (25) 69.2 – 89.61 20.4 6.51
b. Carlin Trend drill hole nomenclature: Project Phase (SEC) followed by two digit year and hole number.
c. True width of intercepts uncertain at this stage.
The drilling results for the Carlin Trend 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 American Assay Labs, 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 Carlin Trend property conform to industry accepted
quality control methods.

21 CHUG Hanson Significant Interceptsa

346.8 – 350.8 4 4.75
358.1 – 359.8 1.7 17.21
381.6 – 387.1 5.5 5.86
CMX-22013 233 44 415.3 – 417 1.7 4.90
460 – 461.4 1.4 6.51
488.6 – 498.8 10.2 5.03
514.3 – 516.3 2 6.75
CMX-22014 244 44 523 – 525.4 2.4 8.96
CMX-22015 257 39 466.3 – 467.8 1.5 8.61
479.4 – 480.6 2 11.78
519 – 521.9 2.9 5.13
568.4 – 593.1 24.7 6.67
596.8 – 599.5 2.7 5.75
CMX-22016 216 42 601 – 602.4 1.4 3.55
CMX-22017 204 42 515.7 – 527.9 12.2 7.60
381.4 – 384.3 2.9 11.23
CMX-22018 220 49 385.9 – 387.4 1.5 3.46
607.5 – 609.1 1.6 4.53
610.3 – 611.7 1.4 4.97
CMX-22019 219 45 616.3 – 636.4 20.1 9.64
a. All intercepts calculated using a 3.42 g/t Au cutoff and are uncapped; minimum intercept width is 1.4 m; internal dilution less than 20% total width.
b. Cortez drill hole nomenclature: Project (CMX – CHUG Minex) followed by the year (22 for 2022) then hole number.
c. True widths of intercepts are uncertain at this stage.
The drilling results for Cortez contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards
of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and
re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Procedures
verification and assay protocols used in connection with drilling and sampling at Cortez conform to industry accepted quality control methods.

22 Robertson Significant Interceptsa

AHC-22009 240 (75) 106.1 – 113.7 7.6 5.38
100.0 – 109.1 9.1 0.51
124.4 – 138.3 13.9 0.51
DTL-21004 280 (65) 148.9 – 162.8 13.9 15.57
DTL-21007 280 (58) 152.1 – 164.1 12.0 2.17
19.1 – 23.6 4.6 3.28
25.3 – 28.3 3.0 2.38
PYC-21033 300 (70) 68.0 – 77.0 9.0 0.42
PYC-22005 125 (77) 34.0 – 52.7 18.7 0.70
11.0 – 21.6 10.7 0.37
25.8 – 32.2 6.4 0.23
GPC-22036 273 (50) 36.1 – 60.4 24.2 0.47
2.7 – 6.8 4.1 3.7 0.44
48.8 – 52.8 4.0 3.6 0.23
139.9 – 143.3 3.4 3.1 0.44
GPC-22047 209 (88) 216.1 – 259.4 43.3 38.6 1.84
3.6 – 12.6 9.1 8.1 1.59
GPC-22048 0 (90) 217.3 – 296.1 78.8 69.8 2.88
101.7 – 107.0 5.3 0.47
124.2 – 128.5 4.3 8.52
145.4 – 160.6 15.2 0.55
WPC-22017 272 (69) 170.5 – 175.3 4.7 3.47
b. Robertson drill hole nomenclature: Project area: PYC: Porphyry Core, DTL: Distal, AHW: Altenburg Hill West, RMC: Robertson Material Characterization, AHC:
Altenburg Hill Core, GPC: Gold Pan COre, WPC: West Porphyry COre, 21 indicates drill year of 2021 and 22 indicates drill year of 2022.
c. True width of intercepts uncertain at this stage except where noted.
The drilling results for Robertson 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 ALS Minerals and SGS S.A., independent laboratories.
procedures, data verification and assay protocols used in connection with drilling and sampling on Robertson conform to industry accepted
23 Fourmile Significant Interceptsa

Drill Holeb Azimuth Dip Interval (m) Width (m)c True Width (m) Au (g/t)
1156.7 – 1174.4 18.0 29.67
1198.0 – 1206.2 8.2 8.5
1342.0 – 1352.1 10.1 13.36
FM22-179D 330 84 1461.7 – 1492.0 31.7 33.67
1142.7 – 1146.7 4.0 13.62
1313.7 – 1353.3 39.6 12.71
FM22-180D 239 84 1361.2 – 1366.6 5.4 17.04
a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 3.0 meters; internal dilution is less than 20% total width.
b. Fourmile drill hole nomenclature: Project area: FM: Fourmile, followed by the year (22 for 2022) then hole number.
c. True widths of intercepts are uncertain at this stage.
The drilling results for Fourmile contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of
by the project manager. Sample preparation and analyses are conducted by ALS Minerals and ALS Minerals, an independent laboratory.
procedures, data verification and assay protocols used in connection with drilling and sampling at Fourmile conform to industry accepted

24 Turquoise Ridge Significant Interceptsa

TUM-22162 11 (25) 150.3 – 185.1 34.8 15.2 33.11
TUM-22219 334 (42) 199.9 – 234.1 34.2 14.6 12.93
93.6 – 114.9 21.3 20.5 24.57
TUM-22701A 51 (63) 135.7 – 143.0 7.3 6.7 22.39
TSM-22100 356 (82) 279.3 – 288.8 9.5 8.8 12.33
TUM-22405 292 (31) 329.6 – 339.9 10.4 8.2 9.38
TUM-22813 190 (90) 53.8 – 63.8 10.0 9.2 28.00
TUM-22816 222 (30) 55.8 – 65.9 10.1 8.7 20.77
a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 1 m; internal dilution is less than 20% total width.
b. Turquoise Ridge drill hole nomenclature: Project area: TSM: Turquoise Surface Minex, TUM: Turquoise Underground Minex, First two numbers indicate year
drilled.
c. True widths of intercepts have been estimated based on current geological model.
The drilling results for Turquoise Ridge contained in this MD&A have been prepared in accordance with National Instrument 43-101 –
and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory.
procedures, data verification and assay protocols used in connection with drilling and sampling on Turquoise Ridge conform to industry
25 Hemlo Significant Intercepts

Drill Holea Azimuth Dip Interval (m) True Width (m)b Au (g/t)c
1152295 133 7 84.4 – 88.2 2.7 13.82
11522104 192 (51) 50.0 – 54.0 3.5 10.57
90352207 175 (58) 410.0 – 416.0 4.6 6.06
90352208 179 (34) 194.8 – 199.2 4.1 7.60
90352209 179 (65) 405.3 – 409.4 3.2 9.12
90352227 129 (62) 329.0 – 333.0 2.8 9.85
90352227 129 (62) 663.0 – 666.4 2.6 6.78
90352229 138 (53) 330.0 – 333.0 2.7 6.38
W2230 136 (45) 349.0 – 352.0 2.7 10.74
W2231.1 147 (45) 386.4 – 393.6 6.5 4.40
a. Hemlo drill hole nomenclature: Surface hole nomenclature is defined by (W-surface) followed by the year (e.g. 22 for 2022) then hole number. Underground
hole nomenclature is defined by level (e.g. 115 for the 9115m level) then hole number.
b. True widths of intercepts are estimated using the angle to core axis.
c. All intercepts calculated using a 2.68 g/t Au cutoff. 9035 holes are capped to 80 g/t Au, 115 and W holes are capped to 30 g/t Au; minimum intercept width is
2.50m; internal dilution is less than 42% total width.
The drilling results for Hemlo contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of
by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Procedures are
verification and assay protocols used in connection with drilling and sampling at Hemlo conform to industry accepted quality control methods.

26 Arroyo del Rey – Pueblo Viejo District Significant Interceptsa

DPV22-872d 50 (55) 143 – 144.85 1.85 10.93
a. No internal dilution applied.
b. Arroyo del Rey drill hole nomenclature: Drill system (DPV: Dominican Pueblo Viejo) followed by the year (22: 2022) then hole number.
c. True widths of intercepts are estimated using the core axis and are uncertain at this stage.
d. Drill method is diamond drilling.
The drilling results for Arroyo del Rey 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 ALS Minerals, 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 at Arroyo del Rey conform to industry accepted quality
control methods.
27 Mejita Extension – Pueblo Viejo District Significant Interceptsa

Includingc
Drill Holeb Azimuth Dip Interval (m) Width (m)c Au (g/t) Interval (m) Width (m) Au (g/t)
DPV22-875d 50 (55) 133.5 – 138.5 5 1.68 133.5 – 135 1.5 3.7
a. No internal dilution applied.
b. Mejita Extension drill hole nomenclature: Drill system (DPV: Dominican Pueblo Viejo) followed by the year (22: 2022) then hole number.
The drilling results for Mejita extension contained in this MD&A have been prepared in accordance with National Instrument 43-101 –
procedures, data verification and assay protocols used in connection with drilling and sampling at Mejita extension conform to industry
28 Morro Escondido – Veladero District Significant Interceptsa

Includingc
0 – 11.65 11.65 1.76
42.6 – 63.8 21.20 1.23
DDH-MES-01 0 (90) 0 – 107.8 107.80 0.74 89.8 – 99.75 9.95 1.00
0 – 49 49.00 1.30
0 – 9.3 9.30 4.91
DDH-MES-02 310 (65) 0 – 128 128.0 0.75 76.8 – 89 12.20 1.08
4.5 – 24 19.50 1.04
DDH-MES-03 310 (65) 4.5 – 80 75.5 0.52 43 – 51.6 8.60 1.02
43 – 47 4.00 8.27
62.4 – 69 6.60 3.20
DDH-MES-04 270 (65) 43 – 84 41.00 1.64 81 – 82.5 1.50 1.90
a. All intercepts calculated using a 0.25 g/t Au cutoff and are uncapped; minimum intercept width is 15 meters; maximum internal dilution of 15 m below 0.25 g/t Au.
b. Morro Escondido drill hole nomenclature: Drill system Diamond Drill Hole (DDH), Project Name (Morro Escondido – MES) followed by hole number.
The drilling results for Morro Escondido contained in this MD&A have been prepared in accordance with National Instrument 43-101 –
procedures, data verification and assay protocols used in connection with drilling and sampling at Morro Escondido conform to industry

29 Bambadji Significant Interceptsa

Including
FADH001 60 (50) 168.3 – 184.3 16.3 1.21
WARC001 55 (50) 16 – 35 19.0 0.74
WARC002 235 (50) 53 – 55 2.0 2.43
WARC004 70 (50) 28 – 42 14.0 2.71 30 – 37 7.0 4.96
76 – 86 10.0 0.65
WARC006 90 (50) 177 – 186 9.0 0.76
WARC007 90 (50) 116 – 124 8.0 1.33
WARC008 90 (50) 23 – 48 25.0 1.02
WARC009 90 (50) 13 – 22 9.0 0.69
WARC010 90 (50) 123 – 132 9.0 1.17
WARC011 90 (50) 76 – 82 6.0 1.38
KBTRC009 270 (50) 55 – 102 47.0 3.76
KBTRC011 90 (50) 55 – 87 32.0 4.08
a. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal or less than 2 meters total width.
b. Drill hole nomenclature: FA (Fatima), WA (Wari) and KBT (Kabetea) followed by type of drilling RC (Reverse Circulation) and DH Diamond Drilling).
c. True widths uncertain at this stage.
The drilling results for the Bambadji property contained in this MD&A have been prepared in accordance with National Instrument 43-101 –
and re-checked by the project manager. Sample preparation and analyses are conducted by SGS Bamako, an independent laboratory.
procedures, data verification and assay protocols used in connection with drilling and sampling on the Bambadji property conform to industry

30 Loulo-Gounkoto Significant Interceptsa

Includingd
DBDH015 51 -61 241.25 – 244.8 3.55 1.23
DBDH016 43.78 (62.08) 196.45 – 199.2 2.75 1.10
FSRC013 270 (50) 86 – 93 7 0.75
FSRC013 270 (50) 117 – 119 2 0.74
FSRC013 270 (50) 127 – 129 2 0.62
FSRC013 270 (50) 135 – 137 2 0.84
FSRC013 270 (50) 146 – 150 4 0.87
FSRC014 270 (50) 66 – 68 2 0.68
FSRC014 270 (50) 74 – 76 2 0.89
FSRC014 270 (50) 99 – 101 2 0.95
FSRC016 270 (50) 30 – 34 4 1.21
FSRC018 268.92 (52.72) 123 – 125 2 0.86
GNAC0031 270 (50) 50 – 52 2 2.11
GNAC0039 270 (50) 30 – 32 2 0.62
GNAC0043 270 (50) 34 – 40 6 0.79
GNAC0044 270 (50) 7 – 13 6 3.81
GNAC0045 270 (50) 25 – 29 4 0.93
GNAC0063 270 (50) 40 – 42 2 0.57
GNAC0064 270 (50) 21 – 24 3 0.86
GNAC0064 270 (50) 29 – 38 9 1.74
GNAC0064 270 (50) 46 – 48 2 0.70
GNAC0065 270 (50) 24 – 26 2 0.93
GNAC0074 270 (50) 29 – 31 2 0.71
GNRC016 90 (50) 110 – 112 2 1.35
GNRC017 90 (50) 53 – 60 7 1.36
GNRC017 90 (50) 141 – 143 2 0.76
GNRC018 90 (50) 10 – 13 3 1.14
GWDH02 116.38 (69.59) 389.05 – 392.05 3 0.78
GWDH02 116.38 (69.59) 404.05 – 415 10.95 8.19 409.1 – 415 5.9 12.63
GWRCDH01 110.65 (84.7) 160.1 – 164 3.9 1.21
TRC019 270 (55) 256 – 258 2 0.85
TRC020 270 (55) 102 – 108 6 2.29
TRC022 270 (55) 69 – 74 5 1.19
TRC022 270 (55) 82 – 87 5 1.36
TRC027 268.19 (53.39) 38 – 40 2 1.24
YRDH039 251.37 (54.97) 63.8 – 67.15 3.35 1.38
YRDH039 251.37 (54.97) 69 – 76.1 7.1 1.73
YRDH040 249.89 (55) 35.05 – 37.9 2.85 1.88
YRDH041 268.62 (54.71) 24 – 26 2 1.8
YRDH041 268.62 (54.71) 40.8 – 43.65 2.85 2.79
YRDH041 268.62 (54.71) 53.25 – 56.95 3.7 0.91
YRDH041 268.62 (54.71) 98.9 – 101.85 2.95 1.04
YRSAC0010 280 (50) 16 – 26 10 10.05 17 – 24 7 13.69
YRSAC0010 280 (50) 32 – 50 18 1.83 38 – 42 4 4.98
YRSAC0010 280 (50) 59 – 70 11 2.08
YRSAC0010 280 (50) 72 – 77 5 1.26
YRSAC0024 280 (50) 25 – 30 5 1.79
YRSRC018 270 (55) 112 – 119 7 1.12
a. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 2 meters
total width.
b. Loulo-Gounkoto drill hole nomenclature: prospect initial GN (Gara North), YR (Yalea Ridge), GW (Gara West), DB (Domain Boundary), FS (Faraba South), TR (Toronto),
YRS (Yalea Ridge South) followed by type of drilling AC (Air Core), RC (Reverse Circulation), DH (Diamond Drilling), RCDH (Reverse Circulation with Diamond tail).
d. All intercepts calculated using a 3.0 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 2 meters total width.

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

KORC020 272 (51) 88-98 10.00 2.49
KORC021 265 (51) 57-69 12.00 2.28
KORC023A 270 (50) 68-81 13.00 1.41
KORC028 272 (50) 135-142 7.00 6.54
KORDH002 273 (50) 103-106 3.00 4.05
JBMDH002 302 (53) 78 – 84 6.00 2.70
JBMDH002 302 (53) 237.19-250.6 13.41 2.74
a. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 2 meters width.
b. Nielle drill hole nomenclature: prospect initial KOR (Koro A2), JBM (Jubula Main), followed by type of drilling AC (Aircore), RC (Reverse Circulation), DH
(Diamond Hole).
The drilling results for the Nielle property contained in this MD&A have been prepared in accordance with National Instrument 43-101 –
and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Procedures
verification and assay protocols used in connection with drilling and sampling on the Nielle property conform to industry accepted quality
control methods.

32 Kibali Significant Interceptsa

Includingd
KVDD0049 320 (65) 513.25 – 515.05 2.8 1.51
320 (65) 521.23 – 532.40 11.2 2.78 525.23 – 529.23 4 4.87
KVDD0050A 311 (54) 314.50 – 357.50 16.4 1.25 351.00 – 353.20 2.2 4.13
311 (54) 373.93 – 375.93 2 1.84
MDD079W1 279 (74.5) 414.60 – 425.50 10.9 1.7
279 (74.5) 430.38 – 438.20 7.82 11.19
MDD081 292 (65) 361.80 – 365.60 3.8 0.76
ADD024 135 (68) 180.00 – 192.00 12 2.46 180.00 – 182.00 2 6.66
183.00 – 185.00 2 3.96
MRRC0008 238 (55) 8.00 – 10.00 2 1.6
238 (55) 32.00 – 34.00 2 0.94
238 (55) 41.00 – 46.00 5 7 44.00 – 45.00 1 31.43
238 (55) 55.00 – 58.00 3 0.55
MRRC0009 238 (55) 37.00 – 39.00 2 1.37
238 (55) 43.00 – 48.00 5 1.34 44.00 – 45.00 1 3.22
MMRC0071 155 (59.5) 51.00 – 53.00 2 1.2
ZBRC0008 260 (50) 111.00 – 113.00 2 0.77
260 (50) 142.00 – 148.00 6 0.86
260 (50) 157.00 – 160.00 3 1.39
260 (50) 166.00 – 173.00 7 4.09 172.00 – 173.00 1 16.4
ZBRC0009 260 (50) 76.00 – 78.00 2 2.61
260 (50) 88.00 – 103.00 15 2.13 98.00 – 103.00 5 4.61
260 (50) 118.00 – 121.00 3 1.48
260 (50) 136.00 – 139.00 3 0.78
260 (50) 142.00 – 144.00 2 0.51
ZBRC0010 260 (50) 7.00 – 9.00 2 0.71
260 (50) 32.00 – 35.00 3 0.95
260 (50) 49.00 – 60.00 11 2.68 172.00 – 177.00 5 4.33
ZBRC0011 260 (50) 3.00 – 5.00 2 1.21
260 (50) 17.00 – 19.00 2 0.6
260 (50) 28.00 – 45.00 17 0.72
260 (50) 66.00 – 69.00 3 0.69
ZBRC0012 260 (50) 1.00 – 9.00 8 0.8
260 (50) 16.00 – 18.00 2 1.18
260 (50) 28.00 – 35.00 7 0.52
ZBRC0013 260 (50) 109.00 – 111.00 2 1.33
260 (50) 114.00 – 120.00 6 1.22
ZBRC0014 260 (50) 23.00 – 28.00 5 1.58 26.00 – 27.00 1 3.54
260 (50) 31.00 – 34.00 3 0.68
260 (50) 37.00 – 52.00 15 2.43 42.00 – 45.00 3 5.25
260 (50) 50.00 – 52.00 2 3.96

32 Kibali Significant Interceptsa (continued)

Includingd
ZBRC0015 260 (50) 21.00 – 25.00 4 1 23.00 – 25.00 2 1.48
260 (50) 31.00 – 37.00 6 1 32.00 – 33.00 1 2.38
260 (50) 43.00 – 48.00 5 0.8 43.00 – 44.00 1 1.13
260 (50) 55.00 – 57.00 2 0.6
ZBRC0016 260 (50) 97.00 – 99.00 2 0.82
260 (50) 105.00 – 108.00 3 0.8
260 (50) 111.00 – 114.00 3 1.5
260 (50) 124.00 – 130.00 6 1.83 124.00 – 125.00 1 3.25
260 (50) 144.00 – 157.00 13 1.25 124.00 – 126.00 2 4.15
ZBRC0017 260 (50) 30.00 – 50.00 20 1.07 34.00 – 36.00 2 2.19
38.00 – 39.00 1 3.16
41.00 – 43.00 2 2
47.00 – 48.00 1 2.15
260 (50) 99.00 – 121.00 22 1.66 102.00 – 104.00 2 2.53
108.00 – 112.00 4 4.17
119.00 – 120.00 1 3.31
ZBRC0018 260 (50) 161.00 – 171.00 10 0.78 165.00 – 166.00 1 2.58
170.00 – 171.00 1 1.91
260 (50) 193.00 – 200.00 7 2.32 193.00 – 194.00 1 3.36
196.00 – 197.00 1 8.15
ZBRC0019 260 (50) 24.00 – 36.00 12 2.21 31.00 – 32.00 1 4.43
33.00 – 34.00 1 9.32
ZBRC0020 260 (50) 141.00 – 144.00 3 1.13
260 (50) 153.00 – 157.00 4 1.1
260 (50) 162.00 – 179.00 17 1.25 171.00 – 172.00 1 2.84
ZBRC0021 260 (50) 82.00 – 92.00 10 0.5
260 (50) 95.00 – 112.00 17 0.88 97.00 – 98.00 1 2.09
108.00 – 109.00 1 2.17
260 (50) 149.00 – 156.00 7 2.39 153.00 – 155.00 2 5.69
ORDD0031 290 (65) 189.9 – 197.0 8.1 11.6
ORDD0032 290 (66) 195.0 – 199.69 4.69 3.46
ORDD0034 155 (69) 145.0 – 152.0 7 3.47
ORDD0043 295 (68) 87.0 – 104.92 16.9 4.29
ORDD0057 290 (65) 231.2 – 251.0 19.8 6.15
ORDD0058 290 (65) 231.5 – 245.0 13.5 2.78
ORDD0060 290 (65) 260.0 – 285.3 25.3 3.19
ORDD0062 290 (65) 159.0 – 167.0 8 4.4
a. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 25% total width.
b. Kibali drill hole nomenclature: prospect initial (KCD=Karagba-Chauffeur-Durba; MM=Memekazi; KV=Kalimva; A=Agabarabo; MR=Makoro; M=Mengu;
ZB=Zambula) followed by type of drilling (RC=Reverse Circulation, DD=Diamond, GC=Grade control) with no designation of the year. KCDU=KCD Underground.
c. True width of intercepts are uncertain at this stage.
d. Weighted average is calculated by fence using significant intercepts, over the strike length.
The drilling results for the Kibali property contained in this MD&A have been prepared in accordance with National Instrument 43-101 –
and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Procedures
verification and assay protocols used in connection with drilling and sampling on the Kibali property conform to industry accepted quality
control methods.

33 Jabal Sayid Significant Interceptsa

Drill Holeb Azimuth Dip Interval (m) Width (m)c Cu (%)
BDH1170 265 (65) 355 – 367 12.00 0.81
BDH1170 265 (65) 522 – 537 15.00 3.51
BDH1170 265 (65) 557 – 562 5.00 0.67
BDH1170 265 (65) 569 – 571 2.00 0.60
BDH1170 265 (65) 576 – 578 2.00 0.59
BDH1170 265 (65) 583 – 586 3.00 0.85
BDH1171 267 (62) 595.90 – 648.50 52.60 2.67
BDHR014 86 (56) 148.93 – 164.00 15.07 2.11
a. All intercepts calculated using a 0.5% Cu cutoff and are uncapped; minimum intercept width is 2 meters; internal dilution is equal to or less than 5 meters total width.
b. Jabal Sayid drill hole nomenclature: BDH (surface diamond hole) followed by lode and hole number.
c. True widths uncertain at this stage..
The drilling results for the Jabal Sayid 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
procedures, data verification and assay protocols used in connection with drilling and sampling on the Jabal Sayid property conform to
industry accepted quality control methods.

GLOSSARY OF TECHNICAL TERMS
ALL-IN SUSTAINING COSTS: A non-GAAP measure of cost per HEAP LEACHING: A process whereby gold/copper is extracted by
ounce/pound for gold/copper. Refer to page 116 of this MD&A for “heaping” broken ore on sloping impermeable pads and continually
further information and a reconciliation of the measure. applying to the heaps a weak cyanide solution/sulfuric acid which
dissolves the contained gold/copper. The gold/copper-laden solution
AUTOCLAVE: Oxidation process in which high temperatures and is then collected for gold/copper recovery.
pressures are applied to convert refractory sulfide mineralization into
amenable oxide ore. HEAP LEACH PAD: A large impermeable foundation or pad used as a
base for stacking ore for the purpose of heap leaching.
BY-PRODUCT: A secondary metal or mineral product recovered in the
milling process such as silver. MILL: A processing facility where ore is finely ground and thereafter
undergoes physical or chemical treatment to extract the valuable
C1 CASH COSTS: A non-GAAP measure of cost per pound for metals.
copper. Refer to page 116 of this MD&A for further information and a
reconciliation of the measure. MINERAL RESERVE: See pages 155–163 – Summary Gold/Copper
Mineral Reserves and Mineral Resources.
CONCENTRATE: A very fine, powder-like product containing the
valuable ore mineral from which most of the waste mineral has been MINERAL RESOURCE: See pages 155–163 – Summary Gold/Copper
eliminated. Mineral Reserves and Mineral Resources.
CONTAINED OUNCES: Represents ounces in the ground before loss OPEN PIT: A mine where the minerals are mined entirely from the surface.
of ounces not able to be recovered by the applicable metallurgical
processing process. ORE: Rock, generally containing metallic or non-metallic minerals,
which can be mined and processed at a profit.
DEVELOPMENT: Work carried out for the purpose of gaining access
to an ore body. In an underground mine, this includes shaft sinking, ORE BODY: A sufficiently large amount of ore that can be mined
crosscutting, drifting and raising. In an open-pit mine, development economically.
includes the removal of overburden (more commonly referred to as
stripping in an open pit). OUNCES: Troy ounce is a unit of measure used for weighing gold at
999.9 parts per thousand purity and is equivalent to 31.1035g.
DILUTION: The effect of waste or low-grade ore which is unavoidably
extracted and comingled with the ore mined thereby lowering the RECLAMATION: The process by which lands disturbed as a result
recovered grade from what was planned to be mined. of mining activity are modified to support future beneficial land
use. Reclamation activity may include the removal of buildings,
DORÉ: Unrefined gold and silver bullion bars usually consisting of equipment, machinery and other physical remnants of mining, closure
approximately 90 percent precious metals that will be further refined of tailings storage facilities, leach pads and other mine features,
to almost pure metal. and contouring, covering and re-vegetation of waste rock dumps
and other disturbed areas.
DRILLING:
RECOVERY RATE: A term used in process metallurgy to indicate the
Core: drilling with a hollow bit with a diamond cutting rim to produce a proportion of valuable material physically recovered in the processing
cylindrical core that is used for geological study and assays. of ore. It is generally stated as a percentage of the valuable material
Reverse circulation: drilling that uses a rotating cutting bit within a recovered compared to the total material originally contained in the ore.
double-walled drill pipe and produces rock chips rather than core. Air
or water is circulated down to the bit between the inner and outer wall REFINING: The final stage of metal production in which impurities are
of the drill pipe. The chips are forced to the surface through the center removed through heating to extract the pure metal.
of the drill pipe and are collected, examined and assayed.
ROASTING: The treatment of sulfide ore by heat and air, or oxygen
In-fill: drilling closer spaced holes in between existing holes, used
enriched air, in order to oxidize sulfides and remove other elements
to provide greater geological detail and to help upgrade resource
(carbon, antimony or arsenic).
estimates to reserve estimates.
Step-out: drilling to intersect a mineralized horizon or structure along STRIPPING: Removal of overburden or waste rock overlying an ore
strike or down-dip. body in preparation for mining by open-pit methods.
EXPLORATION: Prospecting, sampling, mapping, drilling and other TAILINGS: The material that remains after all economically and
work involved in searching for minerals. technically recoverable precious metals have been removed from the
ore during processing.
FREE CASH FLOW: A non-GAAP measure that reflects our ability to
generate cash flow. Refer to page 115 of this MD&A for a definition. TOTAL CASH COSTS: A non-GAAP measure of cost per ounce for
gold. Refer to page 116 of this MD&A for further information and a
GRADE: The amount of metal in each tonne of ore, expressed as reconciliation of the measure.
grams per tonne (g/t) for precious metals and as a percentage for most
other metals.
Cut-off grade: the minimum metal grade at which an ore body can be
economically mined (used in the calculation of ore reserves).
Mill-head grade: metal content per tonne of ore going into a mill for
processing.
Reserve grade: estimated metal content of an ore body, based on
reserve calculations.

Mineral Reserves and Mineral Resources
MINERAL RESERVES
AND MINERAL RESOURCES
The tables on the next seven pages set forth Barrick’s interest in the total proven and probable gold, silver and copper reserves and in the total
measured, indicated and inferred gold, silver and copper resources and certain related information at each property. For further details of proven
and probable mineral reserves and measured, indicated and inferred mineral resources by category, metal and property, see pages 155–163.
The Company has carefully prepared and verified the mineral reserve and mineral resource figures and believes that its method of estimating
mineral reserves has been verified by mining experience. These figures are estimates, however, and no assurance can be given that the indicated
quantities of metal will be produced. Metal price fluctuations may render mineral reserves containing relatively lower grades of mineralization
uneconomic. Moreover, short-term operating factors relating to the mineral reserves, such as the need for orderly development of ore bodies or
the processing of new or different ore grades, could affect the Company’s profitability in any particular accounting period.
DEFINITIONS
A mineral resource is a concentration or occurrence of diamonds, A measured mineral resource is that part of a mineral resource
natural solid inorganic material, or natural solid fossilized organic for which quantity, grade or quality, densities, shape and physical
material including base and precious metals, coal, and industrial characteristics are so well established that they can be estimated
minerals in or on the Earth’s crust in such form and quantity and of with confidence sufficient to allow the appropriate application of
such a grade or quality that it has reasonable prospects for economic technical and economic parameters, to support production planning
extraction. The location, quantity, grade, geological characteristics and and evaluation of the economic viability of the deposit. The estimate
continuity of a mineral resource are known, estimated or interpreted is based on detailed and reliable exploration, sampling and testing
from specific geological evidence and knowledge. Mineral resources information gathered through appropriate techniques from locations
are sub-divided, in order of increasing geological confidence, into such as outcrops, trenches, pits, workings and drill holes that are
inferred, indicated and measured categories. spaced closely enough to confirm both geological and grade continuity.
An inferred mineral resource is that part of a mineral resource for Mineral resources, which are not mineral reserves, do not have
which quantity and grade or quality can be estimated on the basis of demonstrated economic viability.
geological evidence and limited sampling and reasonably assumed, A mineral reserve is the economically mineable part of a measured
but not verified, geological and grade continuity. The estimate is based or indicated mineral resource demonstrated by at least a preliminary
on limited information and sampling gathered through appropriate feasibility study. This study must include adequate information on
techniques from locations such as outcrops, trenches, pits, workings mining, processing, metallurgical, economic and other relevant factors
and drill holes. that demonstrate, at the time of reporting, that economic extraction
An indicated mineral resource is that part of a mineral resource can be justified.
for which quantity, grade or quality, densities, shape and physical A mineral reserve includes diluting materials and allowances for
characteristics can be estimated with a level of confidence sufficient losses that may occur when the material is mined. Mineral reserves
to allow the appropriate application of technical and economic are sub-divided in order of increasing confidence into probable
parameters, to support mine planning and evaluation of the economic mineral reserves and proven mineral reserves. A probable mineral
viability of the deposit. The estimate is based on detailed and reliable reserve is the economically mineable part of an indicated and, in some
exploration and testing information gathered through appropriate circumstances, a measured mineral resource demonstrated by at
techniques from locations such as outcrops, trenches, pits, workings least a preliminary feasibility study. This study must include adequate
and drill holes that are spaced closely enough for geological and grade information on mining, processing, metallurgical, economic and
continuity to be reasonably assumed. other relevant factors that demonstrate, at the time of reporting, that
economic extraction can be justified.
A proven mineral reserve is the economically mineable part of a
measured mineral resource demonstrated by at least a preliminary
feasibility study. This study must include adequate information on
mining, processing, metallurgical, economic and other relevant factors
that demonstrate, at the time of reporting, that economic extraction
is justified.

GOLD MINERAL RESERVES1,2,3

As at December 31, 2022 PROVEN PROBABLE TOTAL
Contained Contained Contained
Tonnes Grade ozs Tonnes Grade ozs Tonnes Grade ozs
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu underground (84.00%) 2.2 7.16 0.50 11 6.18 2.2 13 6.34 2.7
Jabal Sayid surface 0.069 0.34 0.00076 – – – 0.069 0.34 0.00076
Jabal Sayid underground 5.8 0.20 0.038 7.5 0.39 0.094 13 0.31 0.13
Jabal Sayid (50.00%) total 5.9 0.21 0.039 7.5 0.39 0.094 13 0.31 0.13
Kibali surface 5.4 2.07 0.36 15 2.19 1.0 20 2.16 1.4
Kibali underground 9.1 4.31 1.3 14 4.15 1.9 23 4.21 3.2
Kibali (45.00%) total 14 3.47 1.6 29 3.15 3.0 44 3.26 4.6
Loulo-Gounkoto surface 11 2.48 0.89 14 2.78 1.3 25 2.65 2.2
Loulo-Gounkoto underground 8.9 4.86 1.4 19 5.04 3.1 28 4.98 4.5
Loulo-Gounkoto (80.00%) total 20 3.54 2.3 34 4.08 4.4 54 3.87 6.7
North Mara surface 0.25 3.43 0.028 29 2.05 1.9 29 2.06 2.0
North Mara underground 0.21 3.68 0.025 9.3 3.42 1.0 9.5 3.43 1.0
North Mara (84.00%) total 0.46 3.55 0.053 39 2.38 2.9 39 2.40 3.0
Tongon surface (89.70%) 3.9 2.36 0.30 3.9 2.14 0.26 7.8 2.25 0.56
AFRICA AND MIDDLE EAST TOTAL 47 3.17 4.8 120 3.24 13 170 3.22 18
LATIN AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%) 110 0.65 2.4 480 0.59 9.2 600 0.60 12
Porgera surface4 – – – 5.0 3.55 0.57 5.0 3.55 0.57
Porgera underground4 0.66 6.69 0.14 2.2 7.05 0.51 2.9 6.96 0.65
Porgera (24.50%) total4 0.66 6.69 0.14 7.2 4.64 1.1 7.9 4.81 1.2
Pueblo Viejo surface (60.00%) 35 2.29 2.6 140 2.16 9.7 170 2.19 12
Veladero surface (50.00%) 8.0 0.41 0.11 77 0.74 1.8 85 0.71 1.9
LATIN AMERICA AND ASIA PACIFIC TOTAL 160 1.02 5.2 710 0.96 22 870 0.97 27
NORTH AMERICA
Carlin surface 9.8 2.48 0.79 63 2.24 4.6 73 2.27 5.4
Carlin underground 11 9.27 3.3 6.0 7.90 1.5 17 8.79 4.8
Carlin (61.50%) total 21 6.07 4.1 69 2.73 6.1 90 3.50 10
Cortez surface 0.76 2.65 0.065 110 0.88 3.0 110 0.90 3.1
Cortez underground5 0.60 9.44 0.18 26 7.74 6.4 26 7.78 6.5
Cortez (61.50%) total 1.4 5.63 0.25 130 2.22 9.4 130 2.26 9.6
Hemlo surface – – – 18 1.49 0.86 18 1.49 0.86
Hemlo underground 0.50 4.93 0.079 4.6 4.87 0.73 5.1 4.88 0.81
Hemlo (100%) total 0.50 4.93 0.079 23 2.19 1.6 23 2.25 1.7
Phoenix surface (61.50%) 8.5 0.71 0.19 96 0.58 1.8 100 0.59 2.0
Turquoise Ridge surface 10 2.29 0.75 0.28 1.38 0.013 11 2.27 0.77
Turquoise Ridge underground 10 10.20 3.4 12 9.51 3.8 23 9.82 7.2
Turquoise Ridge (61.50%) total 21 6.26 4.1 13 9.33 3.8 33 7.43 8.0
NORTH AMERICA TOTAL 52 5.24 8.7 330 2.12 23 380 2.54 31
TOTAL 260 2.26 19 1,200 1.53 57 1,400 1.67 76
See “Mineral Reserves and Resources Endnotes”.

COPPER MINERAL RESERVES1,2,3,7

Cu Contained Cu Contained Cu Contained
Tonnes Grade Cu Tonnes Grade Cu Tonnes Grade Cu
Based on attributable pounds (Mt) (%) (Mlb) (Mt) (%) (Mlb) (Mt) (%) (Mlb)
Bulyanhulu underground (84.00%) 2.2 0.33 16 11 0.34 84 13 0.34 100
Jabal Sayid surface 0.069 2.64 4.0 – – – 0.069 2.64 4.0
Jabal Sayid underground 5.8 2.25 290 7.5 2.28 380 13 2.26 670
Jabal Sayid (50.00%) total 5.9 2.25 290 7.5 2.28 380 13 2.27 670
Lumwana surface (100%) 89 0.51 1,000 390 0.59 5,200 480 0.58 6,200
AFRICA AND MIDDLE EAST TOTAL 97 0.61 1,300 410 0.62 5,600 510 0.62 7,000
Norte Abierto surface (50.00%) 110 0.19 480 480 0.23 2,400 600 0.22 2,900
Zaldívar surface (50.00%) 170 0.44 1,600 38 0.31 260 210 0.42 1,900
LATIN AMERICA AND ASIA PACIFIC TOTAL 280 0.34 2,100 520 0.23 2,700 810 0.27 4,800
NORTH AMERICA
Phoenix surface (61.50%) 11 0.16 40 130 0.16 470 140 0.16 510
NORTH AMERICA TOTAL 11 0.16 40 130 0.16 470 140 0.16 510
TOTAL 390 0.40 3,500 1,100 0.37 8,800 1,500 0.38 12,000
SILVER MINERAL RESERVES1,2,3,7

Ag Contained Ag Contained Ag Contained
Tonnes Grade Ag Tonnes Grade Ag Tonnes Grade Ag
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
Bulyanhulu underground (84.00%) 2.2 6.90 0.48 11 5.91 2.1 13 6.07 2.6
AFRICA AND MIDDLE EAST TOTAL 2.2 6.90 0.48 11 5.91 2.1 13 6.07 2.6
Norte Abierto surface (50.00%) 110 1.91 7.0 480 1.43 22 600 1.52 29
Pueblo Viejo surface (60.00%) 35 12.94 15 140 13.76 62 170 13.60 76
Veladero surface (50.00%) 8.0 12.72 3.3 77 14.62 36 85 14.44 39
LATIN AMERICA AND ASIA PACIFIC TOTAL 160 4.92 25 700 5.34 120 860 5.26 150
NORTH AMERICA
Phoenix surface (61.50%) 8.5 7.46 2.0 96 6.24 19 100 6.34 21
NORTH AMERICA TOTAL 8.5 7.46 2.0 96 6.24 19 100 6.34 21
TOTAL 170 5.07 28 810 5.45 140 980 5.39 170

GOLD MINERAL RESOURCES1,3,8,9

As at December 31, 2022 MEASURED (M)10 INDICATED (I)10 (M) + (I)10 INFERRED11
Contained Contained Contained Contained
Tonnes Grade ozs Tonnes Grade ozs ozs Tonnes Grade ozs
Based on attributable ounces (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz)
Bulyanhulu surface 0.0029 6.70 0.00062 – – – 0.00062 – – –
Bulyanhulu underground 3.3 10.24 1.1 21 5.88 3.9 5.0 17 8.4 4.6
Bulyanhulu (84.00%) total 3.3 10.24 1.1 21 5.88 3.9 5.0 17 8.4 4.6
Jabal Sayid surface 0.069 0.34 0.00076 – – – 0.00076 – – –
Jabal Sayid underground 7.8 0.33 0.083 7.3 0.41 0.097 0.18 1.5 0.6 0.027
Jabal Sayid (50.00%) total 7.9 0.33 0.084 7.3 0.41 0.097 0.18 1.5 0.6 0.027
Kibali surface 7.4 2.19 0.52 26 2.06 1.7 2.2 4.8 2.1 0.32
Kibali underground 12 4.63 1.8 24 3.97 3.1 4.9 8.4 2.9 0.79
Kibali (45.00%) total 20 3.70 2.3 50 2.98 4.8 7.1 13 2.6 1.1
Loulo-Gounkoto surface 12 2.49 0.97 16 2.90 1.5 2.4 6.5 1.9 0.38
Loulo-Gounkoto underground 17 4.39 2.5 28 4.63 4.2 6.7 16 2.9 1.5
Loulo-Gounkoto (80.00%) total 30 3.61 3.4 44 4.02 5.7 9.1 22 2.6 1.9
North Mara surface 18 2.25 1.3 23 1.79 1.3 2.6 4.1 1.4 0.19
North Mara underground 0.77 2.28 0.057 28 2.21 2.0 2.0 15 1.6 0.75
North Mara (84.00%) total 18 2.25 1.3 50 2.02 3.3 4.6 19 1.6 0.93
Tongon surface (89.70%) 4.5 2.57 0.37 5.3 2.32 0.40 0.77 0.82 2.5 0.064
AFRICA AND MIDDLE EAST TOTAL 83 3.23 8.7 180 3.18 18 27 73 3.7 8.6
Alturas surface (100%) – – – – – – – 180 0.9 5.4
Norte Abierto surface (50.00%) 190 0.63 3.9 1,100 0.53 19 22 370 0.4 4.4
Pascua Lama surface (100%) 43 1.86 2.6 390 1.49 19 21 15 1.7 0.86
Porgera surface4 0.39 3.98 0.049 14 2.78 1.3 1.3 6.1 2.2 0.43
Porgera underground4 0.99 6.16 0.20 5.0 6.04 0.97 1.2 1.8 6.6 0.39
Porgera (24.50%) total4 1.4 5.55 0.25 19 3.62 2.3 2.5 8.0 3.2 0.82
Pueblo Viejo surface (60.00%) 46 2.08 3.1 190 1.99 12 15 4.6 1.8 0.26
Reko Diq surface (50.00%)6 – – – 1,800 0.26 15 15 570 0.2 3.7
Veladero surface (50.00%) 9.1 0.40 0.12 120 0.71 2.6 2.8 14 0.6 0.27
LATIN AMERICA AND ASIA
PACIFIC TOTAL 290 1.06 9.9 3,600 0.60 69 79 1,200 0.4 16

GOLD MINERAL RESOURCES1,3,8,9

Tonnes Grade ozs Tonnes Grade ozs ozs Tonnes Grade ozs
NORTH AMERICA
Carlin surface 29 2.18 2.0 140 1.94 8.5 11 60 1.2 2.4
Carlin underground 24 7.80 5.9 13 6.74 2.7 8.7 13 7.3 3.2
Carlin (61.50%) total 53 4.69 8.0 150 2.35 11 19 73 2.3 5.5
Cortez surface 0.99 2.78 0.089 160 0.87 4.4 4.5 110 0.4 1.5
Cortez underground5 1.3 7.66 0.32 37 6.87 8.3 8.6 15 5.9 2.9
Cortez (61.50%) total 2.3 5.53 0.40 190 2.02 13 13 130 1.1 4.4
Donlin surface (50.00%) 3.9 2.52 0.31 270 2.24 19 20 46 2.0 3.0
Fourmile underground (100%) – – – 1.5 10.01 0.49 0.49 7.8 10.5 2.7
Hemlo surface – – – 42 1.40 1.9 1.9 2.4 1.0 0.079
Hemlo underground 0.72 5.11 0.12 11 4.80 1.6 1.8 3.0 5.1 0.50
Hemlo (100%) total 0.72 5.11 0.12 52 2.09 3.5 3.6 5.4 3.3 0.58
Long Canyon surface 0.30 3.53 0.034 4.9 2.56 0.41 0.44 1.1 0.9 0.029
Long Canyon underground – – – 1.1 10.68 0.38 0.38 0.53 9.1 0.16
Long Canyon (61.50%) total 0.30 3.53 0.034 6.1 4.05 0.79 0.82 1.6 3.6 0.18
Phoenix surface (61.50%) 12 0.64 0.25 230 0.50 3.6 3.9 30 0.3 0.32
Turquoise Ridge surface 24 2.14 1.6 21 2.07 1.4 3.0 6.7 1.7 0.37
Turquoise Ridge underground 13 9.49 3.9 19 8.51 5.3 9.2 1.9 6.9 0.42
Turquoise Ridge (61.50%) total 36 4.72 5.5 40 5.19 6.6 12 8.6 2.9 0.79
NORTH AMERICA TOTAL 110 4.18 15 940 1.93 58 73 300 1.8 17
TOTAL 480 2.13 33 4,700 0.96 150 180 1,500 0.8 42

COPPER MINERAL RESOURCES1,3,7,8,9

Tonnes Grade lbs Tonnes Grade lbs lbs Tonnes Grade lbs
Based on attributable pounds (Mt) (%) (Mlb) (Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb)

Bulyanhulu underground 3.3 0.44 32 21 0.31 140 170 17 0.4 130
Bulyanhulu (84.00%) total 3.3 0.44 32 21 0.31 140 170 17 0.4 130
Jabal Sayid surface 0.069 2.64 4.0 – – – 4.0 – – –
Jabal Sayid underground 7.8 2.60 450 7.3 2.36 380 830 1.5 1.3 44
Jabal Sayid (50.00%) total 7.9 2.60 450 7.3 2.36 380 830 1.5 1.3 44
Lumwana surface (100%) 140 0.48 1,500 960 0.55 12,000 13,000 820 0.5 8,700
AFRICA AND MIDDLE EAST TOTAL 150 0.59 2,000 990 0.56 12,000 14,000 840 0.5 8,900
Norte Abierto surface (50.00%) 170 0.21 790 1,000 0.21 4,700 5,500 360 0.2 1,400
Reko Diq surface (50.00%)6 – – – 1,900 0.44 18,000 18,000 590 0.4 4,600
Zaldívar surface (50.00%) 360 0.40 3,200 200 0.37 1,600 4,800 20 0.4 160
LATIN AMERICA AND
ASIA PACIFIC TOTAL 530 0.34 4,000 3,100 0.36 25,000 29,000 970 0.3 6,200
NORTH AMERICA
Phoenix surface (61.50%) 15 0.15 52 320 0.15 1,000 1,100 32 0.1 93
NORTH AMERICA TOTAL 15 0.15 52 320 0.15 1,000 1,100 32 0.1 93
TOTAL 700 0.39 6,000 4,500 0.39 38,000 44,000 1,800 0.4 15,000

SILVER MINERAL RESOURCES1,3,7,8,9

Ag Contained Ag Contained Contained Ag Contained
Tonnes Grade Ag Tonnes Grade Ag Ag Tonnes Grade Ag
Bulyanhulu underground 3.3 8.52 0.90 21 5.54 3.7 4.6 17 6.2 3.4
Bulyanhulu (84.00%) total 3.3 8.52 0.90 21 5.54 3.7 4.6 17 6.2 3.4
AFRICA AND MIDDLE EAST TOTAL 3.3 8.52 0.90 21 5.54 3.7 4.6 17 6.2 3.4
Norte Abierto surface (50.00%) 190 1.62 10 1,100 1.23 43 53 370 1.0 11
Pascua-Lama surface (100%) 43 57.21 79 390 52.22 660 740 15 17.8 8.8
Pueblo Viejo surface (60.00%) 46 11.69 17 190 12.32 75 92 4.6 10.5 1.5
Veladero surface (50.00%) 9.1 11.39 3.3 120 14.42 54 57 14 14.3 6.3
LATIN AMERICA AND
ASIA PACIFIC TOTAL 290 11.73 110 1,800 14.51 830 940 400 2.2 28
NORTH AMERICA
Phoenix surface (61.50%) 12 6.80 2.7 230 5.79 42 45 30 5.6 5.4
NORTH AMERICA TOTAL 12 6.80 2.7 230 5.79 42 45 30 5.6 5.4
TOTAL 310 11.50 110 2,000 13.44 880 990 450 2.5 37

SUMMARY GOLD MINERAL RESERVES1,2,3

For the years ended December 31 2022 2021
Ownership Tonnes Grade Ounces Ownership Tonnes Grade Ounces
Based on attributable ounces % (Mt) (g/t) (Moz) % (Mt) (g/t) (Moz)
Bulyanhulu surface 84.00% – – – 84.00% 0.00010 10.42 0.000035
Bulyanhulu underground 84.00% 13 6.34 2.7 84.00% 10 7.76 2.5
Bulyanhulu Total 84.00% 13 6.34 2.7 84.00% 10 7.76 2.5
Jabal Sayid surface 50.00% 0.069 0.34 0.00076 50.00% 0.072 0.34 0.00079
Jabal Sayid underground 50.00% 13 0.31 0.13 50.00% 13 0.26 0.11
Jabal Sayid Total 50.00% 13 0.31 0.13 50.00% 13 0.26 0.11
Kibali surface 45.00% 20 2.16 1.4 45.00% 17 2.45 1.3
Kibali underground 45.00% 23 4.21 3.2 45.00% 21 4.54 3.0
Kibali Total 45.00% 44 3.26 4.6 45.00% 37 3.60 4.3
Loulo-Gounkoto surface 80.00% 25 2.65 2.2 80.00% 22 2.98 2.1
Loulo-Gounkoto underground 80.00% 28 4.98 4.5 80.00% 29 4.86 4.6
Loulo-Gounkoto Total 80.00% 54 3.87 6.7 80.00% 51 4.06 6.7
North Mara surface 84.00% 29 2.06 2.0 84.00% 38 1.73 2.1
North Mara underground 84.00% 9.5 3.43 1.0 84.00% 6.8 3.44 0.75
North Mara Total 84.00% 39 2.40 3.0 84.00% 44 1.99 2.8
Tongon surface 89.70% 7.8 2.25 0.56 89.70% 7.9 1.87 0.47
AFRICA AND MIDDLE EAST TOTAL 170 3.22 18 160 3.22 17
Norte Abierto surface 50.00% 600 0.60 12 50.00% 600 0.60 12
Porgera surface4 24.50% 5.0 3.55 0.57 24.50% 4.8 3.66 0.56
Porgera underground4 24.50% 2.9 6.96 0.65 24.50% 3.2 6.34 0.66
Porgera Total4 24.50% 7.9 4.81 1.2 24.50% 8.0 4.75 1.2
Pueblo Viejo surface 60.00% 170 2.19 12 60.00% 76 2.22 5.4
Veladero surface 50.00% 85 0.71 1.9 50.00% 90 0.77 2.2
LATIN AMERICA AND ASIA
PACIFIC TOTAL 870 0.97 27 770 0.83 21
NORTH AMERICA
Carlin surface 61.50% 73 2.27 5.4 61.50% 84 2.23 6.0
Carlin underground 61.50% 17 8.79 4.8 61.50% 19 8.86 5.4
Carlin Total 61.50% 90 3.50 10 61.50% 100 3.46 11
Cortez surface 61.50% 110 0.90 3.1 61.50% 39 1.68 2.1
Cortez underground5 61.50% 26 7.78 6.5 61.50% 27 7.79 6.7
Cortez Total 61.50% 130 2.26 9.6 61.50% 65 4.17 8.8
Hemlo surface 100% 18 1.49 0.86 100% 0.018 0.32 0.00018
Hemlo underground 100% 5.1 4.88 0.81 100% 6.4 5.18 1.1
Hemlo Total 100% 23 2.25 1.7 100% 6.4 5.16 1.1
Long Canyon surface 61.50% – – – 61.50% 0.61 1.18 0.023
Phoenix surface 61.50% 100 0.59 2.0 61.50% 100 0.60 2.0
Turquoise Ridge surface 61.50% 11 2.27 0.77 61.50% 26 2.05 1.7
Turquoise Ridge underground 61.50% 23 9.82 7.2 61.50% 21 10.39 6.9
Turquoise Ridge Total 61.50% 33 7.43 8.0 61.50% 46 5.74 8.6
NORTH AMERICA TOTAL 380 2.54 31 330 3.04 32
TOTAL 1,400 1.67 76 1,300 1.71 69

MINERAL RESERVES AND RESOURCES ENDNOTES

1. Mineral reserves (“reserves”) and mineral resources (“resources”) 2. In confirming our annual reserves for each of our mineral
have been estimated as at December 31, 2022 (unless otherwise properties, projects, and operations, we conduct a reserve test on
noted) in accordance with National Instrument 43-101 – Standards December 31 of each year to verify that the future undiscounted
of Disclosure for Mineral Projects (“NI 43-101”) as required by cash flow from reserves is positive. The cash flow ignores all sunk
Canadian securities regulatory authorities. For United States costs and only considers future operating and closure expenses
reporting purposes, the SEC has adopted amendments to its as well as any future capital costs.
disclosure rules to modernize the mineral property disclosure 3. All mineral resource and mineral reserve estimates of tonnes,
requirements for issuers whose securities are registered with the Au oz, Ag oz and Cu lb are reported to the second significant digit.
SEC under the Securities and Exchange Act of 1934, as amended 4. Porgera mineral reserves and mineral resources are reported on
(the “Exchange Act”). These amendments became effective a 24.5% interest basis, reflecting Barrick’s expected ownership
February 25, 2019 (the “SEC Modernization Rules”) with compliance interest following the implementation of the binding February 3,
required for the first fiscal year beginning on or after January 1, 2022 Commencement Agreement. The Commencement Agreement
2021. The SEC Modernization Rules replace the historical property provides, among other things, for ownership of Porgera to be
disclosure requirements for mining registrants that were included held in a new joint venture owned 51% by Papua New Guinea
in SEC Industry Guide 7, which was rescinded from and after the (“PNG”) stakeholders and 49% by Barrick Niugini Limited (“BNL”)
required compliance date of the SEC Modernization Rules. As a or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick
result of the adoption of the SEC Modernization Rules, the SEC now and Zijin Mining Group and will retain operatorship of the mine
recognizes estimates of “measured”, “indicated” and “inferred” under the terms of the Commencement Agreement. Efforts
mineral resources. In addition, the SEC has amended its definitions are ongoing to execute the remaining definitive agreements to
of “proven mineral reserves” and “probable mineral reserves” to implement the Commencement Agreement and finalize a timeline
be substantially similar to the corresponding Canadian Institute for the reopening of the Porgera mine and resumption of full mine
of Mining, Metallurgy and Petroleum definitions, as required by operations. For additional information, see page 97 of Barrick’s
NI 43-101. U.S. investors should understand that “inferred” mineral Annual Report 2022.
resources have a great amount of uncertainty as to their existence 5. Cortez underground includes 21 million tonnes at 7.27g/t for
and great uncertainty as to their economic and legal feasibility. In 4.9 million ounces of probable reserves, 29 million tonnes at
addition, U.S. investors are cautioned not to assume that any part or 6.49g/t for 6.1 million ounces of indicated resources and 15 million
all of Barrick’s mineral resources constitute or will be converted into tonnes at 5.9g/t for 2.8 million ounces of inferred resources related
reserves. Mineral resource and mineral reserve estimations have to Goldrush. As noted in endnote 9, mineral resources are reported
been prepared by employees of Barrick, its joint venture partners on an inclusive basis.
or its joint venture operating companies, as applicable, under the 6. Reko Diq mineral resources are reported on a 50% interest basis,
supervision of Richard Peattie, Africa and Middle East Mineral reflecting Barrick’s ownership interest following the completion of
Resource Manager, Chad Yuhasz, Latin America & Asia Pacific the transaction allowing for the reconstitution of the project on
Mineral Resource Manager and Craig Fiddes – SME-RM, Lead December 15, 2022. This completed the process that began earlier
– Resource Modeling, Nevada Gold Mines and reviewed by Simon in 2022 following the conclusion of a framework agreement among
Bottoms, Barrick’s Mineral Resource Management and Evaluation the Governments of Pakistan and Balochistan province, Barrick
Executive. For 2022, reserves have been estimated based on an and Antofagasta plc, which provided a path for the development
assumed gold price of US$1,300 per ounce, an assumed silver of the project under a reconstituted structure. The reconstituted
price of US$18.00 per ounce, and an assumed copper price project is held 50% by Barrick and 50% by Pakistani stakeholders.
of US$3.00 per pound and long-term average exchange rates Barrick is the operator of the project. For additional information,
of 1.30 CAD/US$, except at Zaldívar, where mineral reserves for see page 62 of Barrick’s Annual Report 2022.
2022 were calculated using Antofagasta guidance and an updated 7. 2022 polymetallic mineral resources and mineral reserves are
assumed copper price of US$3.30 per pound. The Zaldívar joint estimated using the combined value of gold, copper & silver
venture is operated by Antofagasta. Subsequent to the publication and accordingly are reported as gold, copper and silver mineral
of Barrick’s press release of February 9, 2023, entitled “Focus resources and mineral reserves.
on Tier One Assets Delivers Significant Increase in Resources 8. Mineral resources which are not mineral reserves do not have
and Reserves, Underpinning Industry-Leading Production Profile demonstrated economic viability.
Growth” Antofagasta updated their assumed copper price for 2022 9. Mineral resources are reported inclusive of mineral reserves.
reserves from $3.10 per pound to $3.30 per pound, which does not 10. All measured and indicated mineral resource estimates of grade
change Barrick’s 2022 reserves and resources estimates for the joint and all proven and probable mineral reserve estimates of grade for
venture as originally disclosed on February 9, 2023 and set forth Au g/t, Ag g/t and Cu % are reported to two decimal places.
in the tables above. For 2021, reserves were estimated based on 11. All inferred mineral resource estimates of grade for Au g/t, Ag g/t
an assumed gold price of US$1,200 per ounce, an assumed silver and Cu % are reported to one decimal place.
price of US$16.50 per ounce, and an assumed copper price of
US$2.75 per pound and long-term average exchange rates of
1.30 CAD/US$, except at Zaldívar, where mineral reserves for 2021
were calculating using Antofagasta guidance and an assumed
copper price of $3.10 per pound. Reserve estimates incorporate
current and/or expected mine plans and cost levels at each
property. Varying cut-off grades have been used depending on the
mine and type of ore contained in the reserves. Barrick’s normal
data verification procedures have been employed in connection with
the calculations. Verification procedures include industry-standard
quality control practices. Resources as at December 31, 2022 have
been estimated using varying cut-off grades, depending on both the
type of mine or project, its maturity and ore types at each property.

MANAGEMENT’S RESPONSIBILITY
FOR FINANCIAL STATEMENTS
The accompanying consolidated financial statements have been The consolidated financial statements have been audited by
prepared by and are the responsibility of the Board of Directors and PricewaterhouseCoopers LLP, Chartered Professional Accountants.
Management of the Company. Their report outlines the scope of their examination and opinion on the
The consolidated financial statements have been prepared in consolidated financial statements.
accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board and reflect
Management’s best estimates and judgments based on currently
available information. The Company has developed and maintains a
system of internal controls in order to ensure, on a reasonable and
cost effective basis, the reliability of its financial information.
Graham Shuttleworth
Senior Executive Vice President
and Chief Financial Officer
February 14, 2023
MANAGEMENT’S REPORT ON INTERNAL

CONTROL OVER FINANCIAL REPORTING
Barrick’s management is responsible for establishing and maintaining Based on management’s assessment, Barrick’s internal control over
adequate internal control over financial reporting. financial reporting is effective as at December 31, 2022.
Barrick’s management assessed the effectiveness of the The effectiveness of the Company’s internal control over
Company’s internal control over financial reporting as at December 31, financial reporting as at December 31, 2022 has been audited by
2022. Barrick’s Management used the Internal Control – Integrated PricewaterhouseCoopers LLP, Chartered Professional Accountants,
Framework (2013) as issued by the Committee of Sponsoring as stated in their report which is located on page 165–167 of Barrick’s
Organizations of the Treadway Commission (COSO) to evaluate the 2022 Annual Financial Statements.
effectiveness of Barrick’s internal control over financial reporting.

INDEPENDENT AUDITOR’S REPORT
REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Barrick Gold Corporation Our audits of the consolidated financial statements included
performing procedures to assess the risks of material misstatement
Opinions on the Financial Statements and Internal of the consolidated financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such
Control over Financial Reporting procedures included examining, on a test basis, evidence regarding
We have audited the accompanying consolidated balance sheets of the amounts and disclosures in the consolidated financial statements.
Barrick Gold Corporation and its subsidiaries (together, the Company) Our audits also included evaluating the accounting principles used
as of December 31, 2022 and 2021, and the related consolidated and significant estimates made by management, as well as evaluating
statements of income, comprehensive income, changes in equity the overall presentation of the consolidated financial statements. Our
and cash flow for the years then ended, including the related notes audit of internal control over financial reporting included obtaining an
(collectively referred to as the consolidated financial statements). understanding of internal control over financial reporting, assessing
We also have audited the Company’s internal control over financial the risk that a material weakness exists, and testing and evaluating
reporting as of December 31, 2022, based on criteria established in the design and operating effectiveness of internal control based on
Internal Control – Integrated Framework (2013) issued by the Committee the assessed risk. Our audits also included performing such other
of Sponsoring Organizations of the Treadway Commission (COSO). procedures as we considered necessary in the circumstances. We
In our opinion, the consolidated financial statements referred to believe that our audits provide a reasonable basis for our opinions.
above present fairly, in all material respects, the financial position of
the Company as of December 31, 2022 and 2021, and its financial Definition and Limitations of Internal Control over
performance and its cash flows for the years then ended in conformity
with International Financial Reporting Standards as issued by the Financial Reporting
International Accounting Standards Board. Also, in our opinion, the A company’s internal control over financial reporting is a process
Company maintained, in all material respects, effective internal control designed to provide reasonable assurance regarding the reliability
over financial reporting as of December 31, 2022, based on criteria of financial reporting and the preparation of financial statements
established in Internal Control – Integrated Framework (2013) issued for external purposes in accordance with generally accepted
by the COSO. accounting principles. A company’s internal control over financial
reporting includes those policies and procedures that (i) pertain to
Basis for Opinions the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of
The Company’s management is responsible for these consolidated the company; (ii) provide reasonable assurance that transactions are
financial statements, for maintaining effective internal control over recorded as necessary to permit preparation of financial statements
financial reporting, and for its assessment of the effectiveness of in accordance with generally accepted accounting principles, and
internal control over financial reporting, included in the accompanying that receipts and expenditures of the company are being made only
Management’s Report on Internal Control over Financial Reporting. Our in accordance with authorizations of management and directors of
responsibility is to express opinions on the Company’s consolidated the company; and (iii) provide reasonable assurance regarding
financial statements and on the Company’s internal control over prevention or timely detection of unauthorized acquisition, use, or
financial reporting based on our audits. We are a public accounting disposition of the company’s assets that could have a material effect
firm registered with the Public Company Accounting Oversight Board on the financial statements.
(United States) (PCAOB) and are required to be independent with Because of its inherent limitations, internal control over financial
respect to the Company in accordance with the U.S. federal securities reporting may not prevent or detect misstatements. Also, projections
laws and the applicable rules and regulations of the Securities and of any evaluation of effectiveness to future periods are subject to
Exchange Commission and the PCAOB. the risk that controls may become inadequate because of changes
We conducted our audits in accordance with the standards of in conditions, or that the degree of compliance with the policies or
the PCAOB. Those standards require that we plan and perform the procedures may deteriorate.
audits to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due
to error or fraud, and whether effective internal control over financial
reporting was maintained in all material respects.

Critical Audit Matters Addressing the matter involved performing procedures and
The critical audit matters communicated below are matters arising evaluating audit evidence in connection with forming our overall
from the current period audit of the consolidated financial statements opinion on the consolidated financial statements. These procedures
that were communicated or required to be communicated to the Audit included testing the effectiveness of controls relating to management’s
& Risk Committee and that (i) relate to accounts or disclosures that impairment assessments for goodwill and other non-current assets,
are material to the consolidated financial statements and (ii) involved including controls over the significant assumptions used in
our especially challenging, subjective, or complex judgments. The management’s estimates of the FVLCD of the CGUs. These
communication of critical audit matters does not alter in any way our procedures also included, among others, testing management’s
opinion on the consolidated financial statements, taken as a whole, process for estimating the FVLCD of the CGUs with goodwill and for
and we are not, by communicating the critical audit matters below, each CGU where there is an indicator of impairment; evaluating the
providing separate opinions on the critical audit matters or on the appropriateness of the methods and discounted cash flow models
accounts or disclosures to which they relate. used; testing the completeness and accuracy of underlying data used
in the models and evaluating the reasonableness of the significant
Impairment assessments for goodwill and other assumptions used by management in the estimates of FVLCD.
Evaluating the reasonableness of the significant assumptions used by
non-current assets
management in the estimates of FVLCD with respect to future metal
As described in Notes 2, 3, 10, 20 and 21 to the consolidated financial prices, operating and capital costs and NAV multiples involved (i)
statements, the Company’s goodwill and other non-current assets comparing future metal prices to external industry data; (ii) comparing
are tested for impairment if there is an indicator of impairment, and operating and capital costs to recent actual operating and capital costs
in the case of goodwill annually, during the fourth quarter. Impairment incurred and assessing whether these assumptions were consistent
assessments are conducted at the level of the cash generating unit with evidence obtained in other areas of the audit, where appropriate;
(CGU), which is the lowest level for which identifiable cash flows are and (iii) comparing NAV multiples to evidence of value from comparable
largely independent of the cash flows of other assets and includes market information. The work of management’s specialists was used
liabilities specific to the CGU. For operating mines and projects, the in performing the procedures to evaluate the reasonableness of future
individual mine/project represents a CGU for impairment assessments. production levels, including mineral reserves and mineral resources,
The Company’s goodwill and other non-current assets balances as of and the fair value of mineral resources outside LOM plans for certain
December 31, 2022 were $3.6 billion and $33.2 billion, respectively. CGUs. As a basis for using this work, management’s specialists’
Management estimated the recoverable amounts of the CGUs as the qualifications were understood and the Company’s relationship with
Fair Value Less Costs of Disposal (FVLCD) using discounted estimates management’s specialists was assessed. The procedures performed
of future cash flows derived from the life of mine (LOM) plans, also included evaluation of the methods and assumptions used
estimated fair values of mineral resources outside LOM plans and the by management’s specialists, tests of data used by management’s
application of a specific Net Asset Value (NAV) multiple for each CGU, specialists and an evaluation of management’s specialists’ findings.
where applicable. Management’s estimates of the FVLCD of the CGUs Professionals with specialized skill and knowledge were used to assist
included significant assumptions with respect to future metal prices, in evaluating the appropriateness of the methods and discounted cash
operating and capital costs, weighted average costs of capital, NAV flow models and the reasonableness of the weighted average costs of
multiples, future production levels, including mineral reserves and capital and NAV multiple assumptions.
mineral resources, and the fair value of mineral resources outside LOM
plans, where applicable. Management’s estimates of future production Uncertain tax positions
levels, including mineral reserves and mineral resources, and the
fair value of mineral resources outside LOM plans, are based on As described in Notes 2, 3, 30 and 35 to the consolidated financial
information compiled by qualified persons (management’s specialists). statements, the Company is subject to assessments by various
The principal considerations for our determination that performing taxation authorities, who may interpret tax legislation differently than
procedures relating to the impairment assessments for goodwill and the Company. As disclosed by management, the Company operates
other non-current assets is a critical audit matter are (i) the significant in certain jurisdictions where tax legislation and interpretation is
judgment by management, including the use of management’s developing and there is a risk that fiscal reforms could impact existing
specialists, in estimating the FVLCD of the CGUs; (ii) a high degree investments. Management is required to assess uncertainties and
of auditor judgment, subjectivity and effort in performing procedures make significant judgments when assessing the outcome and amounts
and evaluating management’s significant assumptions with respect recorded for uncertain tax positions. If actual results are significantly
to future metal prices, operating and capital costs, weighted average different from the Company’s assessments, this could necessitate
costs of capital, NAV multiples, future production levels, including future adjustments to tax income and expense already recorded.
mineral reserves and mineral resources, and the fair value of mineral
resources outside LOM plans, where applicable; and (iii) the audit effort
involved the use of professionals with specialized skill and knowledge.

The principal considerations for our determination that performing

procedures relating to uncertain tax positions is a critical audit matter
are (i) the significant judgment by management when assessing the
outcome and amounts recorded for uncertain tax positions, which
include a high degree of estimation uncertainty; (ii) a high degree of
auditor judgment, subjectivity and effort in performing procedures
and evaluating management’s timely identification, recognition and
accurate measurement of uncertain tax positions; (iii) the evaluation
of audit evidence available to support the amounts recorded for
uncertain tax positions is complex and resulted in significant auditor
judgment as the nature of the evidence is often highly subjective; and
(iv) the audit effort involved the use of professionals with specialized
skill and knowledge.
Addressing the matter involved performing procedures and
evaluating audit evidence in connection with forming our overall opinion
on the consolidated financial statements. These procedures included
testing the effectiveness of controls relating to the identification and
recognition of the amounts recorded for uncertain tax positions,
controls addressing the completeness of the uncertain tax positions,
and controls over the measurement of the amounts recorded, as well
as consolidated financial statement disclosures. These procedures
also included, among others, testing the information used in the
calculations of the amounts recorded for uncertain tax positions;
testing the calculations of the amounts recorded for uncertain tax
positions by jurisdiction, including management’s assessment of
the technical merits of tax positions; testing the completeness of
management’s assessment of both the identification of uncertain
tax positions and possible outcomes of each uncertain tax position
by reading correspondence with taxation authorities; and evaluating
the related disclosures in the consolidated financial statements.
Professionals with specialized skill and knowledge were used to
assist in evaluating the status and results of income tax assessments,
including obtaining and reading external legal advice related to
management’s positions, where applicable. These professionals with
specialized skill and knowledge were also used to assist in evaluating
the completeness and measurement of the Company’s uncertain tax
positions, including evaluating the reasonableness of management’s
assessment of whether tax positions are probable of being accepted
by the taxation authority, the application of relevant tax legislation and
estimated interest and penalties.
Chartered Professional Accountants, Licensed Public Accountants
Toronto, Canada
February 14, 2023
We have served as the Company’s auditor since at least 1982. We have

not been able to determine the specific year we began serving as auditor
of the Company.

FINANCIAL STATEMENTS
Consolidated Statements of Income
Barrick Gold Corporation

For the years ended December 31 (in millions of United States dollars, except per share data) 2022 2021
Revenue (notes 5 and 6) $ 11,013 $ 11,985
Costs and expenses (income)
Cost of sales (notes 5 and 7) 7,497 7,089
General and administrative expenses (note 11) 159 151
Exploration, evaluation and project expenses (notes 5 and 8) 350 287
Impairment charges (reversals) (notes 10 and 21) 1,671 (63)
Loss on currency translation 16 29
Closed mine rehabilitation (note 27b) (136) 18
Income from equity investees (note 16) (258) (446)
Other (income) expense (note 9) (268) (67)
Income before finance items and income taxes 1,982 4,987
Finance costs, net (note 14) (301) (355)
Income before income taxes 1,681 4,632
Income tax expense (note 12) (664) (1,344)
Net income $ 1,017 $ 3,288
Attributable to:
Equity holders of Barrick Gold Corporation $ 432 $ 2,022
Non-controlling interests (note 32) $ 585 $ 1,266
Earnings (loss) per share data attributable to the equity holders of Barrick Gold Corporation (note 13)
Net income
Basic $ 0.24 $ 1.14
Diluted $ 0.24 $ 1.14
The accompanying notes are an integral part of these consolidated financial statements.

Consolidated Statements
of Comprehensive Income
For the years ended December 31 (in millions of United States dollars) 2022 2021
Net income $ 1,017 $ 3,288
Other comprehensive income (loss), net of taxes
Items that may be reclassified subsequently to profit or loss:
Realized losses on derivatives designated as cash flow hedges, net of tax $nil and $nil 1 3
Currency translation adjustments, net of tax $nil and $nil 1 2
Items that will not be reclassified to profit or loss:
Actuarial gain on post-employment benefit obligations, net of tax $nil and ($1) 8 2
Net change in value of equity investments, net of tax ($7) and $8 39 (44)
Total other comprehensive income (loss) 49 (37)
Total comprehensive income $ 1,066 $ 3,251
Attributable to:
Equity holders of Barrick Gold Corporation $ 481 $ 1,985
Non-controlling interests $ 585 $ 1,266

Consolidated Statements of Cash Flow

For the years ended December 31 (in millions of United States dollars) 2022 2021
OPERATING ACTIVITIES
Net income $ 1,017 $ 3,288
Adjustments for the following items:
Depreciation 1,997 2,102
Finance costs (note 14)1 301 355
Net impairment charges (reversals) (notes 10 and 21) 1,671 (63)
Income tax expense (note 12) 664 1,344
Income from investment in equity investees (note 16) (258) (446)
Loss on currency translation 16 29
Gain on sale of non-current assets (note 9) (405) (213)
Change in working capital (note 15) (322) (273)
Other operating activities (note 15) (217) (203)
Operating cash flows before interest and income taxes 4,464 5,920
Interest paid (305) (303)
Interest received1 89 35
Income taxes paid2 (767) (1,274)
Net cash provided by operating activities 3,481 4,378
INVESTING ACTIVITIES
Property, plant and equipment
Capital expenditures (note 5) (3,049) (2,435)
Sales proceeds 88 35
Divestitures (note 4) – 27
Investment (purchases) sales 381 (46)
Dividends received from equity method investments (note 16) 869 520
Shareholder loan repayments from equity method investments (note 16) – 2
Net cash used in investing activities (1,711) (1,897)
FINANCING ACTIVITIES
Lease repayments (20) (20)
Debt repayments (375) (7)
Dividends (note 31) (1,143) (634)
Return of capital (note 31) – (750)
Share buyback program (note 31) (424) –
Funding from non-controlling interests (note 32) – 12
Disbursements to non-controlling interests (note 32) (833) (1,104)
Other financing activities (note 15) 191 115
Net cash used in financing activities (2,604) (2,388)
Effect of exchange rate changes on cash and equivalents (6) (1)
Net increase (decrease) in cash and equivalents (840) 92
Cash and equivalents at beginning of year (note 25a) 5,280 5,188
Cash and equivalents at the end of year $ 4,440 $ 5,280
1 2021 figures have been restated to present the change in presentation to present interest received ($35 million) separately from finance costs.
2 Income taxes paid excludes $126 million (2021: $69 million) of income taxes payable that were settled against offsetting VAT receivables.

Consolidated Balance Sheets
Barrick Gold Corporation As at As at

(in millions of United States dollars) December 31, 2022 December 31, 2021
ASSETS
Current assets
Cash and equivalents (note 25a) $ 4,440 $ 5,280
Accounts receivable (note 18) 554 623
Inventories (note 17) 1,781 1,734
Other current assets (note 18) 1,690 612
Total current assets 8,465 8,249
Non-current assets
Non-current portion of inventory (note 17) 2,819 2,636
Equity in investees (note 16) 3,983 4,594
Property, plant and equipment (note 19) 25,821 24,954
Intangible assets (note 20a) 149 150
Goodwill (note 20b) 3,581 4,769
Deferred income tax assets (note 30) 19 29
Other assets (note 22) 1,128 1,509
Total assets $ 45,965 $ 46,890
LIABILITIES AND EQUITY
Current liabilities
Accounts payable (note 23) $ 1,556 $ 1,448
Debt (note 25b) 13 15
Current income tax liabilities 163 285
Other current liabilities (note 24) 1,388 338
Total current liabilities 3,120 2,086
Non-current liabilities
Debt (note 25b) 4,769 5,135
Provisions (note 27) 2,211 2,768
Deferred income tax liabilities (note 30) 3,247 3,293
Other liabilities (note 29) 1,329 1,301
Total liabilities 14,676 14,583
Equity
Capital stock (note 31) 28,114 28,497
Deficit (7,282) (6,566)
Accumulated other comprehensive (loss) income 26 (23)
Other 1,913 1,949
Total equity attributable to Barrick Gold Corporation shareholders 22,771 23,857
Non-controlling interests (note 32) 8,518 8,450
Total equity 31,289 32,307
Contingencies and commitments (notes 2, 17, 19 and 36)
Total liabilities and equity $ 45,965 $ 46,890
Signed on behalf of the Board,
Mark Bristow, Director J. Brett Harvey, Director

Consolidated Statements
of Changes in Equity
Attributable to equity holders of the Company
Accumulated
Common other Total equity Non-
Barrick Gold Corporation Shares Capital comprehensive attributable to controlling Total
(in millions of United States dollars) (in thousands) stock Deficit (loss) income1 Other2 shareholders interests equity
At January 1, 2022 1,779,331 $ 28,497 $ (6,566) $ (23) $ 1,949 $ 23,857 $ 8,450 $ 32,307
Net income – – 432 – – 432 585 1,017
Total other comprehensive income – – – 49 – 49 – 49
Total comprehensive income – $ – $ 432 $ 49 $ – $ 481 $ 585 $ 1,066
Transactions with owners
Dividends (note 31) – – (1,143) – – (1,143) – (1,143)
Reko Diq reconstitution (note 4) – – – – – – 329 329
Disbursements to non-controlling
interests (note 32) – – – – – – (846) (846)
Dividend reinvestment plan (note 31) 269 5 (5) – – – – –
Share buyback program (note 31) (24,250) (388) – – (36) (424) – (424)
Total transactions with owners (23,981) $ (383) $ (1,148) $ – $ (36) $ (1,567) $ (517) $ (2,084)
At December 31, 2022 1,755,350 $ 28,114 $ (7,282) $ 26 $ 1,913 $ 22,771 $ 8,518 $ 31,289
At January 1, 2021 1,778,190 $ 29,236 $ (7,949) $ 14 $ 2,040 $ 23,341 $ 8,369 $ 31,710

Net income – – 2,022 – – 2,022 1,266 3,288
Total other comprehensive loss – – – (37) – (37) – (37)
Total comprehensive income (loss) – $ – $ 2,022 $ (37) $ – $ 1,985 $ 1,266 $ 3,251
Transactions with owners
Dividends (note 31) – – (634) – – (634) – (634)
Return of capital (note 31) – (750) – – – (750) – (750)
Acquisition of South Arturo
non-controlling interest (note 4) – – – – (85) (85) (86) (171)
Issued on exercise of stock options 50 – – – – – – –
Funding from non-controlling
interests (note 32) – – – – – – 12 12
Disbursements to non-controlling
interests (note 32) – – – – – – (1,111) (1,111)
Dividend reinvestment plan (note 31) 192 5 (5) – – – – –
Share-based payments 899 6 – – (6) – – –
Total transactions with owners 1,141 $ (739) $ (639) $ – $ (91) $ (1,469) $ (1,185) $ (2,654)
At December 31, 2021 1,779,331 $ 28,497 $ (6,566) $ (23) $ 1,949 $ 23,857 $ 8,450 $ 32,307
1 Includes cumulative translation adjustments as at December 31, 2022: $93 million loss (December 31, 2021: $94 million loss).
2 Includes additional paid-in capital as at December 31, 2022: $1,875 million (December 31, 2021: $1,911 million).

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED
Barrick Gold Corporation. Tabular dollar amounts in millions of 2. MATERIAL ACCOUNTING POLICY
United States dollars, unless otherwise shown. References to A$, INFORMATION
ARS, C$, CLP, DOP, EUR, GBP, PGK, SAR, TZS, XOF, ZAR, and ZMW
are to Australian dollars, Argentine pesos, Canadian dollars, Chilean a) Statement of Compliance
pesos, Dominican pesos, Euros, British pound sterling, Papua New These consolidated financial statements have been prepared in
Guinea kina, Saudi riyal, Tanzanian shilling, West African CFA franc, accordance with International Financial Reporting Standards (“IFRS”)
South African rand, and Zambian kwacha, respectively. as issued by the International Accounting Standards Board (“IASB”).
Accounting policies are consistently applied to all years presented,
1. CORPORATE INFORMATION unless otherwise stated. These consolidated financial statements were
approved for issuance by the Board of Directors on February 14, 2023.
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 b) Basis of Preparation
Place, TD Canada Trust Tower, 161 Bay Street, Suite 3700, Toronto, These consolidated financial statements include the accounts of
Ontario, M5J 2S1. The Company’s registered office is 925 West Barrick, its subsidiaries, its share of joint operations (“JO”) and its
Georgia Street, Suite 1600, Vancouver, British Columbia, V6C 3L2. equity share of joint ventures (“JV”). For non wholly-owned, controlled
Barrick shares trade on the New York Stock Exchange under the subsidiaries, profit or loss for the period that is attributable to non-
symbol GOLD and the Toronto Stock Exchange under the symbol controlling interests is typically calculated based on the ownership of
ABX. We are principally engaged in the production and sale of gold the minority shareholders in the subsidiary.
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 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, Asia and Africa.

Outlined below is information related to our joint arrangements and entities other than 100% owned Barrick subsidiaries at December 31, 2022:
Place of business Entity type Economic interest1 Method2
Nevada Gold Mines3,4 United States Subsidiary 61.5% Consolidation
North Mara3,5 Tanzania Subsidiary 84% Consolidation
Bulyanhulu3,5 Tanzania Subsidiary 84% Consolidation
Buzwagi3,5 Tanzania Subsidiary 84% Consolidation
Loulo-Gounkoto3 Mali Subsidiary 80% Consolidation
Tongon3 Côte d’Ivoire Subsidiary 89.7% Consolidation
Pueblo Viejo3 Dominican Republic Subsidiary 60% Consolidation
Reko Diq Project3,6 Pakistan Subsidiary 50% Consolidation
Norte Abierto Project Chile JO 50% Our share
Donlin Gold Project United States JO 50% Our share
Porgera Mine7,8 Papua New Guinea JO 47.5% Our share
Veladero Argentina JO 50% Our share
Kibali9 Democratic Republic of Congo JV 45% Equity Method
Jabal Sayid9 Saudi Arabia JV 50% Equity Method
Zaldívar9 Chile JV 50% Equity Method
1 Unless otherwise noted, all of our JOs are funded by contributions made by the parties sharing joint control in proportion to their economic interest.
2 For our JOs, we recognize our share of any assets, liabilities, revenues and expenses of the JO.
3 We consolidate our interests in Carlin, Cortez, Turquoise Ridge, Phoenix, Long Canyon, North Mara, Bulyanhulu, Buzwagi, Loulo-Gounkoto, Tongon, Pueblo Viejo
and the Reko Diq project and record a non-controlling interest for the interest that we do not own.
4 Included within our 61.5% interest in Carlin is Nevada Gold Mines’ (“NGM”) 60% interest in South Arturo. On September 7, 2021, NGM announced it had entered
into an 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
Mountain properties and infrastructure. The exchange transaction closed on October 14, 2021, bringing Barrick’s ownership of South Arturo to 61.5%.
5 The Government of Tanzania receives half of the economic benefits from the Tanzanian operations (Bulyanhulu, Buzwagi and North Mara) from taxes, royalties,
clearing fees and participation in all cash distributions made by the mines, after the recoupment of capital investments. Earnings are recorded proportionally based
on our equity interests each period in accordance with the terms of the agreement with the Government of Tanzania.
6 On December 15, 2022, we completed the reconstitution of the Reko Diq project, bringing Barrick’s interest in the joint operation from 37.5% (equity method) to
50% (consolidated subsidiary). Refer to note 4 for further details.
7 We have joint control given that decisions about relevant activities require unanimous consent of the parties to the joint operation.
8 We recognize our share of Porgera on a 47.5% interest basis, reflecting Barrick’s undisputed ownership position prior to April 24, 2020, and the ownership
position Barrick is asserting in its legal proceedings in the Papua New Guinea (“PNG”) court. On August 16, 2019, the special mining lease (the “SML”) at Porgera
was terminated and on April 24, 2020, the PNG government indicated that the SML would not be extended. On April 9, 2021, the PNG government and Barrick
Nuigini Limited (“BNL”), the 95% owner and operator of the Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine
under a binding Framework Agreement. The Framework Agreement was replaced by the more detailed Porgera Project Commencement Agreement (“PPCA)”,
which became effective on February 3, 2022. Under the terms of the binding PPCA, ownership of Porgera will be held in a new joint venture owned 51% by PNG
stakeholders and 49% by BNL or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick expects to hold a 24.5%
interest in the Porgera mine following the implementation of the PPCA. BNL will retain operatorship of the mine. The parties are working towards the signing of
definitive agreements, at which time, full mine recommencement work will begin. For additional information, see note 35.
9 Barrick has commitments of $558 million relating to its interest in the joint ventures, including purchase obligations disclosed in note 17 and capital commitments
disclosed in note 19.
c) Business Combinations e) Revenue Recognition

On the acquisition of a business, the acquisition method of accounting We sell our production in the world market through the following
is used. distribution channels: gold bullion is sold in the gold spot market,
to independent refineries or to our non-controlling interest holders;
d) Foreign Currency Translation and gold and copper concentrate is sold to independent smelting or
The functional currency of all of our operations is the US dollar. We trading companies.
translate non-US dollar balances for these operations into US dollars
as follows: Gold Bullion Sales
Gold bullion is sold primarily in the London spot market. The sale price
• Property, plant and equipment (“PP&E”), intangible assets and is fixed on the date of sale based on the gold spot price. Generally, we
equity method investments using the rates at the time of acquisition; record revenue from gold bullion sales at the time of physical delivery,
• Fair value through other comprehensive income (“FVOCI”) equity which is also the date that title to the gold passes.
investments using the closing exchange rate as at the balance
sheet date with translation gains and losses permanently recorded Concentrate Sales
in Other Comprehensive Income (“OCI”); Under the terms of concentrate sales contracts with independent
• Deferred tax assets and liabilities using the closing exchange rate smelting companies, gold and copper sales prices are provisionally
as at the balance sheet date with translation gains and losses set on a specified future date after shipment based on market prices.
recorded in income tax expense; We record revenues under these contracts at the time of shipment,
• Other assets and liabilities using the closing exchange rate as at which is also when the risk and rewards of ownership pass to the
the balance sheet date with translation gains and losses recorded smelting companies, using forward market gold and copper prices on
in other income/expense; and the expected date that final sales prices will be determined. Variations
• Income and expenses using the average exchange rate for the between the price recorded at the shipment date and the actual final
period, except for expenses that relate to non-monetary assets price set under the smelting contracts are caused by changes in market
and liabilities measured at historical rates, which are translated gold and copper prices, which result in the existence of an embedded
using the same historical rate as the associated non-monetary derivative in accounts receivable. The embedded derivative is recorded
assets and liabilities. at fair value each period until final settlement occurs, with changes
in fair value classified as provisional price adjustments and included
in revenue in the consolidated statement of income and presented
separately in note 6 of these consolidated financial statements.

Streaming Arrangements Deferred tax is recognized using the balance sheet method in
As the deferred revenue on streaming arrangements is considered respect of all temporary differences between the tax bases of assets
variable consideration, an adjustment is made to the transaction price and liabilities, and their carrying amounts for financial reporting
per unit each time there is a change in the underlying production purposes, except as indicated below.
profile of a mine (typically in the fourth quarter of each year). The Deferred income tax liabilities are recognized for all taxable
change in the transaction price per unit results in a cumulative catch- temporary differences, except:
up adjustment to revenue in the period in which the change is made,
reflecting the new production profile expected to be delivered under • Where the deferred income tax liability arises from the initial
the streaming agreement. A corresponding cumulative catch-up recognition of goodwill, or the initial recognition of an asset or
adjustment is made to accretion expense, reflecting the impact of the liability in an acquisition that is not a business combination and, at
change in the deferred revenue balance. the time of the acquisition, affects neither the accounting profit nor
taxable profit or loss; and
• In respect of taxable temporary differences associated with
f) Exploration and Evaluation
investments in subsidiaries and interests in joint arrangements,
Exploration expenditures are the costs incurred in the initial search for where the timing of the reversal of the temporary differences can
mineral deposits with economic potential or in the process of obtaining be controlled and it is probable that the temporary differences will
more information about existing mineral deposits. Exploration not reverse in the foreseeable future.
expenditures typically include costs associated with prospecting,
sampling, mapping, diamond drilling and other work involved in Deferred income tax assets are recognized for all deductible temporary
searching for ore. differences and the carry forward of unused tax assets and unused
Evaluation expenditures are the costs incurred to establish the tax losses, to the extent that it is probable that taxable profit will be
technical and commercial viability of developing mineral deposits available against which the deductible temporary differences and the
identified through exploration activities or by acquisition. Evaluation carry forward of unused tax assets and unused tax losses can be
expenditures include the cost of: (i) establishing the volume and grade utilized, except:
of deposits through drilling of core samples, trenching and sampling
activities in an ore body that is classified as either a mineral resource • Where the deferred income tax asset relating to the deductible
or a proven and probable reserve; (ii) determining the optimal methods temporary difference arises from the initial recognition of an asset
of extraction and metallurgical and treatment processes; (iii) studies or liability in an acquisition that is not a business combination and,
related to surveying, transportation and infrastructure requirements; at the time of the acquisition, affects neither the accounting profit
(iv) permitting activities; and (v) economic evaluations to determine nor taxable profit or loss; and
whether development of the mineralized material is commercially • In respect of deductible temporary differences associated with
justified, including scoping, pre-feasibility and final feasibility studies. investments in subsidiaries and interests in joint arrangements,
Exploration and evaluation expenditures are expensed as incurred deferred tax assets are recognized only to the extent that it
unless management determines that probable future economic is probable that the temporary differences will reverse in the
benefits will be generated as a result of the expenditures. Once the foreseeable future and taxable profit will be available against
technical feasibility and commercial viability of a program or project which the temporary differences can be utilized.
has been demonstrated with a pre-feasibility study, and we have
recognized reserves in accordance with the Canadian Securities The carrying amount of deferred income tax assets is reviewed at
Administrators’ National Instrument 43-101 – Standards of Disclosure each balance sheet date and reduced to the extent that it is no longer
for Mineral Projects, we account for future expenditures incurred in the probable that sufficient taxable profit will be available to allow all or
development of that program or project in accordance with our policy part of the deferred income tax asset to be utilized. To the extent that
for Property, Plant and Equipment, as described in note 2l. an asset not previously recognized fulfills the criteria for recognition, a
deferred income tax asset is recorded.
g) Production Stage Deferred tax is measured on an undiscounted basis at the tax rates
A mine that is under construction is determined to enter the production that are expected to apply in the periods in which the asset is realized
stage when the project is in the location and condition necessary for it or the liability is settled, based on tax rates and tax laws enacted or
to be capable of operating in the manner intended by management. We substantively enacted at the balance sheet date.
use the following factors to assess whether these criteria have been Current and deferred tax relating to items recognized directly in
met: (1) the level of capital expenditures compared to construction cost equity are recognized in equity and not in the income statement.
estimates; (2) the completion of a reasonable period of commissioning The Company is subject to assessments by various taxation
and testing of mine plant and equipment; (3) the ability to produce authorities, who may interpret tax legislation differently than the
minerals in saleable form (within specifications); and (4) the ability to Company. Tax liabilities for uncertain tax positions are adjusted by
sustain ongoing production of minerals. the Company to reflect its best estimate of the probable outcome of
When a mine construction project moves into the production assessments and in light of changing facts and circumstances, such
stage, the capitalization of certain mine construction costs ceases as the completion of a tax audit, expiration of a statute of limitations,
and costs are either capitalized to inventory or expensed, except for the refinement of an estimate, and interest accruals associated with
capitalizable costs related to property, plant and equipment additions the uncertain tax positions until they are resolved. Some of these
or improvements, open pit stripping activities that provide a future adjustments require significant judgment in estimating the timing and
benefit, underground mine development or expenditures that meet the amount of any additional tax expense.
criteria for capitalization in accordance with IAS 16 Property, Plant and
Equipment. Royalties and Special Mining Taxes
Income tax expense includes the cost of royalties and special
h) Taxation mining taxes payable to governments that are calculated based on
Current tax for each taxable entity is based on the local taxable income a percentage of taxable profit whereby taxable profit represents net
at the local statutory tax rate enacted or substantively enacted at income adjusted for certain items defined in the applicable legislation.
the balance sheet date and includes adjustments to tax payable or
recoverable in respect of previous periods.

Indirect Taxes l) Property, Plant and Equipment

Indirect tax recoverable is recorded at its undiscounted amount, and is
disclosed as non-current if not expected to be recovered within twelve Estimated useful lives of Major Asset Categories
months.
Buildings, plant and equipment 1 – 38 years
i) Other Investments Underground mobile equipment 3 – 7 years
Investments in publicly quoted equity securities that are neither Light vehicles and other mobile equipment 1 – 7 years
subsidiaries nor associates are categorized as FVOCI pursuant to the
Furniture, computer and office equipment 1 – 7 years
irrevocable election available in IFRS 9 for these instruments. FVOCI
equity investments are recorded at fair value with all realized and
unrealized gains and losses recorded permanently in OCI. Warrant Buildings, Plant and Equipment
investments are classified as fair value through profit or loss (“FVPL”). At acquisition, we record buildings, plant and equipment at cost,
including all expenditures incurred to prepare an asset for its intended
j) Inventory use. These expenditures consist of: the purchase price; brokers’
Material extracted from our mines is classified as either ore or waste. Ore commissions; and installation costs including architectural, design
represents material that, at the time of extraction, we expect to process and engineering fees, legal fees, survey costs, site preparation costs,
into a saleable form and sell at a profit. Raw materials are comprised of freight charges, transportation insurance costs, duties, testing and
both ore in stockpiles and ore on leach pads as processing is required preparation charges.
to extract benefit from the ore. Ore is accumulated in stockpiles that Buildings, plant and equipment are depreciated on a straight-line
are subsequently processed into gold/copper in a saleable form. basis over their expected useful life, which commences when the
The recovery of gold and copper from certain oxide ores is achieved assets are considered available for use. Once buildings, plant and
through the heap leaching process. Work in process represents gold/ equipment are considered available for use, they are measured at cost
copper in the processing circuit that has not completed the production less accumulated depreciation and applicable impairment losses.
process, and is not yet in a saleable form. Finished goods inventory Depreciation on equipment utilized in the development of assets,
represents gold/copper in saleable form. including open pit and underground mine development, is recapitalized
Metal inventories are valued at the lower of cost and net realizable as development costs attributable to the related asset.
value. Cost is determined on a weighted average basis and includes
all costs incurred, based on a normal production capacity, in bringing Mineral Properties
each product to its present location and condition. Cost of inventories Mineral properties consist of: the fair value attributable to mineral
comprises: direct labor, materials and contractor expenses, including reserves and resources acquired in a business combination or asset
non-capitalized stripping costs; depreciation on PP&E including acquisition; underground mine development costs; open pit mine
capitalized stripping costs; and an allocation of general and development costs; capitalized exploration and evaluation costs;
administrative costs. As ore is removed for processing, costs are and capitalized interest. In addition, we incur project costs which are
removed based on the average cost per ounce/pound in the stockpile. generally capitalized when the expenditures result in a future benefit.
Net realizable value is determined with reference to relevant market
prices less applicable variable selling and downstream processing i) Acquired Mining Properties
costs. Inventory provisions are reversed to reflect subsequent On acquisition of a mining property, we prepare an estimate of the
improvements in net realizable value where the inventory is still on hand. fair value attributable to the proven and probable mineral reserves,
Mine operating supplies represent commodity consumables and mineral resources and exploration potential attributable to the
other raw materials used in the production process, as well as spare property. The estimated fair value attributable to the mineral reserves
parts and other maintenance supplies that are not classified as capital and the portion of mineral resources considered to be probable of
items. Provisions are recorded to reduce mine operating supplies to economic extraction at the time of the acquisition is depreciated on
net realizable value, which is generally calculated by reference to its a units of production (“UOP”) basis whereby the denominator is the
salvage or scrap value, when it is determined that the supplies are proven and probable reserves and the portion of mineral resources
obsolete. considered to be probable of economic extraction based on the
current life of mine (“LOM”) plan that benefit from the development
k) Royalties and are considered probable of economic extraction. The estimated
Certain of our properties are subject to royalty arrangements based fair value attributable to mineral resources that are not considered to
on mineral production at the properties. The primary type of royalty is be probable of economic extraction at the time of the acquisition is
a net smelter return (“NSR”) royalty. Under this type of royalty we pay not subject to depreciation until the resources become probable of
the holder an amount calculated as the royalty percentage multiplied economic extraction in the future. The estimated fair value attributable
by the value of gold production at market gold prices less third- to exploration licenses is recorded as an intangible asset and is not
party smelting, refining and transportation costs. Royalty expense is subject to depreciation until the property enters production.
recorded on completion of the production or sales process in cost of
sales. Other types of royalties include: ii) Underground Mine Development Costs
At our underground mines, we incur development costs to build new
• et profits interest (“NPI”) royalty to a party other than a
N shafts, drifts and ramps that will enable us to physically access ore
government, underground. The time over which we will continue to incur these costs
• Modified NSR royalty, depends on the mine life. These underground development costs are
• Net smelter return sliding scale (“NSRSS”) royalty, capitalized as incurred.
• Gross proceeds sliding scale (“GPSS”) royalty, Capitalized underground development costs are depreciated on a
• Gross smelter return (“GSR”) royalty, UOP basis, whereby the denominator is the estimated ounces/pounds
• Net value (“NV”) royalty, of gold/copper in proven and probable reserves and the portion of
• Land tenement (“LT”) royalty, and a resources considered probable of economic extraction based on
• Gold revenue royalty. the current LOM plan that benefit from the development and are
considered probable of economic extraction.

iii) Open Pit Mine Development Costs m) Impairment (and Reversals of Impairment)
In open pit mining operations, it is necessary to remove overburden of Non-Current Assets
and other waste materials to access ore from which minerals can be We review and test the carrying amounts of PP&E and intangible
extracted economically. The process of mining overburden and waste assets with finite lives when an indicator of impairment is considered
materials is referred to as stripping. Stripping costs incurred in order to exist. Impairment assessments on PP&E and intangible assets are
to provide initial access to the ore body (referred to as pre-production conducted at the level of the cash generating unit (“CGU”), which is the
stripping) are capitalized as open pit mine development costs. lowest level for which identifiable cash flows are largely independent
Pre-production stripping costs are capitalized until an “other of the cash flows of other assets and includes liabilities specific to the
than de minimis” level of mineral is extracted, after which time such CGU. For operating mines and projects, the individual mine/project
costs are either capitalized to inventory or, if it qualifies as an open pit represents a CGU for impairment testing.
stripping activity that provides a future benefit, to PP&E. We consider The recoverable amount of a CGU is the higher of Value in Use
various relevant criteria to assess when an “other than de minimis” (“VIU”) and Fair Value Less Costs of Disposal (“FVLCD”). We have
level of mineral is produced. Some of the criteria considered would determined that the FVLCD is greater than the VIU amounts and is
include, but are not limited to, the following: (1) the amount of minerals therefore used as the recoverable amount for impairment testing
mined versus total ounces in ore expected over the LOM; (2) the purposes. An impairment loss is recognized for any excess of the
amount of ore tonnes mined versus total LOM expected ore tonnes carrying amount of a CGU over its recoverable amount where both the
mined; (3) the current stripping ratio versus the strip ratio expected recoverable amount and carrying value include the associated other
over the LOM; and (4) the ore grade mined versus the grade expected assets and liabilities, including taxes where applicable, of the CGU.
over the LOM. Where it is not appropriate to allocate the loss to a separate asset, an
Stripping costs incurred during the production stage of an open pit impairment loss related to a CGU is allocated to the carrying amount
are accounted for as costs of the inventory produced during the period of the assets of the CGU on a pro rata basis based on the carrying
that the stripping costs are incurred, unless these costs are expected amount of its non-monetary assets.
to provide a future economic benefit to an identifiable component of
the ore body. Components of the ore body are based on the distinct Impairment Reversal
development phases identified by the mine planning engineers when
An assessment is made at each reporting date to determine whether
determining the optimal development plan for the open pit. Production
there is an indication that previously recognized impairment losses
phase stripping costs generate a future economic benefit when the
may no longer exist or may have decreased. A previously recognized
related stripping activity: (1) improves access to a component of
impairment loss is reversed only if there has been a change in the
the ore body to be mined in the future; (2) increases the fair value of
assumptions used to determine the CGU’s recoverable amount since
the mine (or open pit) as access to future mineral reserves becomes
the last impairment loss was recognized. This reversal is recognized
less costly; and (3) increases the productive capacity or extends the
in the consolidated statements of income and is limited to the carrying
productive life of the mine (or open pit). Production phase stripping
value that would have been determined, net of any depreciation where
costs that are expected to generate a future economic benefit are
applicable, had no impairment charge been recognized in prior years.
capitalized as open pit mine development costs.
When an impairment reversal is undertaken, the recoverable amount
Capitalized open pit mine development costs are depreciated on a
is assessed by reference to the higher of VIU and FVLCD. We have
UOP basis whereby the denominator is the estimated ounces/pounds
determined that the FVLCD is greater than the VIU amounts and is
of gold/copper in proven and probable reserves and the portion of
therefore used as the recoverable amount for impairment testing
resources considered probable of economic extraction based on
purposes.
the current LOM plan that benefit from the development and are
considered probable of economic extraction.
n) Intangible Assets
Construction-in-Progress On acquisition of a mineral property in the exploration stage, we prepare
Assets under construction are capitalized as construction-in-progress an estimate of the fair value attributable to the exploration licenses
until the asset is available for use. The cost of construction-in-progress acquired, including the fair value attributable to mineral resources,
comprises its purchase price and any costs directly attributable to if any, of that property. The fair value of the exploration license is
bringing it into working condition for its intended use. Construction-in- recorded as an intangible asset (acquired exploration potential) as at
progress amounts related to development projects are included in the the date of acquisition. When an exploration stage property moves
carrying amount of the development project. Construction-in-progress into development, the acquired exploration potential attributable to
amounts incurred at operating mines are presented as a separate asset that property is transferred to mining interests within PP&E.
within PP&E. Construction-in-progress also includes deposits on long We also have water rights associated with our mineral properties.
lead items. Construction-in-progress is not depreciated. Depreciation Upon acquisition, they are measured at initial cost and are depreciated
commences once the asset is complete, commissioned and available when they are being used. They are also subject to impairment testing
for use. when an indicator of impairment is considered to exist.
Capitalized Interest o) Goodwill

We capitalize interest costs for qualifying assets. Qualifying assets Goodwill is tested for impairment in the fourth quarter and also when
are assets that require a significant amount of time to prepare for there is an indicator of impairment. At the date of acquisition, goodwill
their intended use, including projects that are in the exploration is assigned to the CGU or group of CGUs that is expected to benefit
and evaluation, development or construction stages. Qualifying from the synergies of the business combination. For the purposes of
assets also include significant expansion projects at our operating impairment testing, goodwill is allocated to the Company’s operating
mines. Capitalized interest costs are considered an element of the segments, which are our individual minesites, and corresponds to the
cost of the qualifying asset which is determined based on gross level at which goodwill is internally monitored by the Chief Operating
expenditures incurred on an asset. Capitalization ceases when the Decision Maker (“CODM”). Goodwill impairment charges are not
asset is substantially complete or if active development is suspended reversible.
or ceases. Where the funds used to finance a qualifying asset form
part of general borrowings, the amount capitalized is calculated using p) Debt
a weighted average of rates applicable to the relevant borrowings Debt is recognized initially at fair value, net of financing costs incurred,
during the period. Where funds borrowed are directly attributable to and subsequently measured at amortized cost. Any difference between
a qualifying asset, the amount capitalized represents the borrowing the amounts originally received and the redemption value of the debt is
costs specific to those borrowings. Where surplus funds available out recognized in the consolidated statements of income over the period
of money borrowed specifically to finance a project are temporarily to maturity using the effective interest method.
invested, the total capitalized interest is reduced by income generated
from short-term investments of such funds.

q) Environmental Rehabilitation Provision Adjustments to the estimated amount and timing of future closure
Mining, extraction and processing activities normally give rise to and rehabilitation cash flows are a normal occurrence in light of the
obligations for environmental rehabilitation. Rehabilitation work significant judgments and estimates involved. The principal factors
can include facility decommissioning and dismantling; removal or that can cause expected cash flows to change are: the construction
treatment of waste materials; site and land rehabilitation, including of new processing facilities; changes in the quantities of material in
compliance with and monitoring of environmental regulations; security reserves and resources with a corresponding change in the life of mine
and other site-related costs required to perform the rehabilitation plan; changing ore characteristics that impact required environmental
work; and operation of equipment designed to reduce or eliminate protection measures and related costs; changes in water quality or
environmental effects. The extent of work required and the associated volumes that impact the extent of water treatment required; changes
costs are dependent on the requirements of relevant authorities and in discount rates; changes in foreign exchange rates; changes in
our environmental policies. Routine operating costs that may impact Barrick’s closure policies; and changes in laws and regulations
the ultimate closure and rehabilitation activities, such as waste material governing the protection of the environment.
handling conducted as an integral part of a mining or production Rehabilitation provisions are adjusted as a result of changes in
process, are not included in the provision. Abnormal costs arising estimates and assumptions. Those adjustments are accounted for as
from unforeseen circumstances, such as the contamination caused a change in the corresponding cost of the related assets, including
by unplanned discharges, are recognized as an expense and liability the related mineral property, except where a reduction in the provision
when the event that gives rise to an obligation occurs and reliable is greater than the remaining net book value of the related assets, in
estimates of the required rehabilitation costs can be made. which case the value is reduced to nil and the remaining adjustment
Provisions for the cost of each rehabilitation program are normally is recognized in the consolidated statements of income. In the case of
recognized at the time that an environmental disturbance occurs or a closed sites, changes in estimates and assumptions are recognized
new legal or constructive obligation is determined. When the extent immediately in the consolidated statements of income. For an
of disturbance increases over the life of an operation, the provision operating mine, the adjusted carrying amount of the related asset
is increased accordingly. The major parts of the carrying amount of is depreciated prospectively. Adjustments also result in changes to
provisions relate to closure/rehabilitation of tailings facilities, heap future finance costs. Provisions are discounted to their present value
leach pads and waste dumps; demolition of buildings/mine facilities; using a current US dollar real risk-free pre-tax discount rate and the
ongoing water treatment; and ongoing care and maintenance and accretion expense is included in finance costs.
security of closed mines. Costs included in the provision encompass
all closure and rehabilitation activity expected to occur progressively r) Stock-Based Compensation
over the life of the operation at the time of closure and post-closure We recognize the expense related to these plans over the vesting
in connection with disturbances as at the reporting date. Estimated period, beginning once the grant has been approved and announced
costs included in the determination of the provision reflect the risks to the beneficiaries.
and probabilities of alternative estimates of cash flows required Barrick offers cash-settled (Restricted Share Units (“RSU”),
to settle the obligation at each particular operation. The expected Deferred Share Units (“DSU”) and Performance Granted Share Units
rehabilitation costs are estimated based on the cost of external (“PGSU”)) awards to certain employees, officers and directors of the
contractors performing the work or the cost of performing the work Company.
internally depending on management’s intention.
The timing of the actual rehabilitation expenditure is dependent Restricted Share Units
upon a number of factors such as the life and nature of the asset, the Under our Long-Term Incentive Plan, selected employees are granted
operating license conditions and the environment in which the mine RSUs where each RSU has a value equal to one Barrick common
operates. Expenditures may occur before and after closure and can share. RSUs generally vest within three years in cash and the after-tax
continue for an extended period of time depending on rehabilitation value of the award may be used to purchase common shares on the
requirements. Rehabilitation provisions are measured at the expected open market, depending on the terms of the grant. Additional RSUs
value of future cash flows, which exclude the effect of inflation, are credited to reflect dividends paid on Barrick common shares over
discounted to their present value using a current US dollar real risk- the vesting period.
free pre-tax discount rate. The unwinding of the discount, referred to A liability for RSUs is measured at fair value on the grant date
as accretion expense, is included in finance costs and results in an and is subsequently adjusted for changes in fair value. The liability
increase in the amount of the provision. Provisions are updated each is recognized on a straight-line basis over the vesting period, with a
reporting period for changes to expected cash flows and for the effect corresponding charge to compensation expense, as a component of
of changes in the discount rate, and the change in estimate is added general and administrative expenses and cost of sales. Compensation
or deducted from the related asset and depreciated over the expected expenses for RSUs incorporate an estimate for expected forfeiture
economic life of the operation to which it relates. rates based on which the fair value is adjusted.
Significant judgments and estimates are involved in forming
expectations of future activities, the amount and timing of the
Deferred Share Units
associated cash flows and the period over which we estimate
those cash flows. Those expectations are formed based on existing Under our DSU plan, Directors must receive at least 63.6% of their
environmental and regulatory requirements or, if more stringent, our basic annual retainer in the form of DSUs or cash to purchase common
environmental policies which give rise to a constructive obligation. shares that cannot be sold, transferred or otherwise disposed of until
When provisions for closure and rehabilitation are initially the Director leaves the Board. Each DSU has the same value as one
recognized, the corresponding cost is capitalized as an asset, Barrick common share. DSUs must be retained until the Director
representing part of the cost of acquiring the future economic benefits leaves the Board, at which time the cash value of the DSUs is paid
of the operation. The capitalized cost of closure and rehabilitation out. Additional DSUs are credited to reflect dividends paid on Barrick
activities is recognized in PP&E and depreciated over the expected common shares. The initial fair value of the liability is calculated as of
economic life of the operation to which it relates. the grant date and is recognized immediately. Subsequently, at each
reporting date and on settlement, the liability is remeasured, with any
change in fair value recorded as compensation expense in the period.

Performance Granted Share Units As at As at

Under our PGSU plan, selected employees are granted PGSUs, where Dec. 31, Dec. 31,
each PGSU has a value equal to one Barrick common share. Annual 2022 2021
PGSU awards are determined based on a multiple ranging from three to Gold ($/oz)
six times base salary (depending on position and level of responsibility)
Mineral reserves $ 1,300 $ 1,200
multiplied by a performance factor. The number of PGSUs granted
to a plan participant is determined by dividing the dollar value of the Measured, indicated and inferred 1,700 1,500
award by the closing price of Barrick common shares on the day prior Copper ($/lb)
to the grant, or if the grant date occurs during a blackout period, by Mineral reserves 3.00 2.75
the greater of (i) the closing price of Barrick common shares on the
day prior to the grant date and (ii) the closing price of Barrick common Measured, indicated and inferred 3.75 3.50
shares on the first day following the expiration of the blackout.
PGSUs vest within three years in cash, and the after-tax value of Inventory
the award is used to purchase common shares on the open market. The measurement of inventory including the determination of its
Generally, these shares cannot be sold until the employee meets their net realizable value, especially as it relates to ore in stockpiles and
share ownership requirement (in which case only those Barrick shares recoverable from leach pads, involves the use of estimates. Net
in excess of the requirement can be sold), or until they retire or leave realizable value is determined with reference to relevant market prices
the company. less applicable variable selling expenses. Estimation is also required
The initial fair value of the liability is calculated as of the grant date in determining the tonnage, recoverable gold and copper contained
and is recognized within compensation expense using the straight-line therein, and in determining the remaining costs of completion to bring
method over the vesting period. Subsequently, at each reporting date inventory into its saleable form. Judgment also exists in determining
and on settlement, the liability is remeasured, with any changes in fair whether to recognize a provision for obsolescence on mine operating
value recorded as compensation expense. supplies, and estimates are required to determine salvage or scrap
value of supplies.
s) New Accounting Standards Issued But Not Yet Effective Estimates of recoverable gold or copper on the leach pads
Certain new accounting standards and interpretations have been are calculated from the quantities of ore placed on the leach pads
published that are not mandatory for the current period and have (measured tonnes added to the leach pads), the grade of ore placed
not been early adopted. These standards are not expected to have a on the leach pads (based on assay data) and a recovery percentage
material impact on Barrick in the current or future reporting periods. (based on ore type).
Impairment and Reversal of Impairment for

3. CRITICAL JUDGMENTS, ESTIMATES, Non-Current Assets and Impairment of Goodwill
ASSUMPTIONS AND RISKS Goodwill and non-current assets are tested for impairment if there
Many of the amounts included in the consolidated balance sheet is an indicator of impairment or reversal of impairment, and in the
require management to make judgments and/or estimates. These case of goodwill annually during the fourth quarter, for all of our
judgments and estimates are continuously evaluated and are based operating segments. We consider both external and internal sources
on management’s experience and knowledge of the relevant facts of information for indications that non-current assets and/or goodwill
and circumstances. Actual results may differ from the estimates. are impaired. External sources of information we consider include
Information about such judgments and estimates is contained in changes in the market, economic, legal and permitting environment
the description of our accounting policies and/or other notes to the in which the CGU operates that are not within its control and affect
financial statements. The key areas where judgments, estimates and the recoverable amount of mining interests and goodwill. Internal
assumptions have been made are summarized below. sources of information we consider include the manner in which
mining properties and plant and equipment are being used or are
Life of Mine Plans and Reserves and Resources expected to be used and indications of economic performance of the
assets. Calculating the FVLCD of CGUs for non-current asset and
Estimates of the quantities of proven and probable mineral reserves
goodwill impairment tests requires management to make estimates
and mineral resources form the basis for our LOM plans, which are
and assumptions with respect to future production levels, operating,
used for a number of important business and accounting purposes,
capital and closure costs in our LOM plans, future metal prices,
including: the calculation of depreciation expense; the capitalization
foreign exchange rates, Net Asset Value (“NAV”) multiples, fair value
of production phase stripping costs; the current/non-current
of mineral resources outside LOM plans, the market values per ounce
classification of inventory; the recognition of deferred revenue related
and per pound and weighted average costs of capital. Changes in any
to streaming arrangements and forecasting the timing of the payments
of the assumptions or estimates used in determining the fair values
related to the environmental rehabilitation provision. In addition, the
could impact the impairment analysis. Refer to notes 2m, 2o and 21
underlying LOM plans are used in the impairment tests for goodwill
for further information.
and non-current assets. In certain cases, these LOM plans have
made assumptions about our ability to obtain the necessary permits
required to complete the planned activities. We estimate our mineral Provisions for Environmental Rehabilitation
reserves and resources based on information compiled by qualified Management assesses its provision for environmental rehabilitation
persons as defined in accordance with the Canadian Securities on an annual basis or when new information becomes available. This
Administrators’ National Instrument 43-101 – Standards of Disclosure assessment includes the estimation of the future rehabilitation costs
for Mineral Projects requirements. To calculate our gold and copper (including water treatment), the timing of these expenditures, and
mineral reserves, as well as measured, indicated, and inferred mineral the impact of changes in discount rates and foreign exchange rates.
resources, we have used the following assumptions. Refer to notes The actual future expenditures may differ from the amounts currently
19 and 21. provided if the estimates made are significantly different than actual
results or if there are significant changes in environmental and/or
regulatory requirements in the future. Refer to notes 2q and 27 for
further information.

Taxes Pascua-Lama Value Added Tax

Management is required to assess uncertainties and make judgments The Pascua-Lama project received $457 million as at December 31,
and estimations regarding the tax basis of assets and liabilities and 2022 ($411 million as at December 31, 2021) in value added tax (“VAT”)
related deferred income tax assets and liabilities, amounts recorded refunds in Chile relating to the development of the Chilean side of the
for uncertain tax positions, the measurement of income tax expense project. Under the current arrangement, this amount must be repaid if
and indirect taxes such as royalties and export duties, and estimates the project does not evidence exports for an amount of $3,538 million
of the timing of repatriation of earnings, which would impact the within a term that expires on December 31, 2026, unless extended. On
recognition of withholding taxes and taxes related to the outside July 11, 2022, the Chilean government proposed changes to Chilean
basis on subsidiaries/associates. While these amounts represent law (proposal updated further on January 10, 2023) on VAT refunds
management’s best estimate based on the laws and regulations that that may affect the timeframe of these refunds.
exist at the time of preparation, we operate in certain jurisdictions that In addition, we have recorded $31 million in VAT recoverable in
have increased degrees of political and sovereign risk and while host Argentina as at December 31, 2022 ($48 million as at December 31,
governments have historically supported the development of natural 2021) relating to the development of the Argentinean side of the
resources by foreign companies, tax legislation in these jurisdictions is project. These amounts may not be fully recoverable if the project
developing and there is a risk that fiscal reform changes with respect does not enter into production and are subject to foreign currency risk
to existing investments could unexpectedly impact application of this as the amounts are recoverable in Argentine pesos.
tax legislation. Such changes could impact the Company’s judgments
about the amounts recorded for uncertain tax positions, tax basis Streaming Transactions
of assets and liabilities, and related deferred income tax assets and The upfront cash deposit received from Royal Gold on the gold and
liabilities, and estimates of the timing of repatriation of earnings. This silver streaming transaction for production linked to Barrick’s 60%
could necessitate future adjustments to tax income and expense interest in the Pueblo Viejo mine has been accounted for as deferred
already recorded. A number of these estimates require management revenue since we have determined that it is not a derivative as it will
to make estimates of future taxable profit, as well as the recoverability be satisfied through the delivery of non-financial items (i.e., gold and
of indirect taxes, and if actual results are significantly different than our silver) rather than cash or financial assets. It is our intention to settle
estimates, the ability to realize the deferred tax assets and indirect tax the obligations under the streaming arrangement through our own
receivables recorded on our balance sheet could be impacted. Refer production and if we were to fail to settle the obligations with Royal
to notes 2h, 12, 30 and 35 for further information. Gold through our own production, this would lead to the streaming
arrangement becoming a derivative. This would cause a change to
Contingencies the accounting treatment, resulting in the revaluation of the fair value
Contingencies can be either possible assets or possible liabilities of the agreement through profit and loss on a recurring basis. Refer to
arising from past events which, by their nature, will only be resolved note 29 for further details.
when one or more future events not wholly within our control occur or The deferred revenue component of our streaming agreements is
fail to occur. The assessment of such contingencies inherently involves considered variable and is subject to retroactive adjustment when there
the exercise of significant judgment and estimates of the outcome is a change in the timing of the delivery of ounces or in the underlying
of future events. In assessing loss contingencies related to legal production profile of the relevant mine. The impact of such a change
proceedings that are pending against us or unasserted claims that in the timing or quantity of ounces to be delivered under a streaming
may result in such proceedings or regulatory or government actions agreement will result in retroactive adjustments to both the deferred
that may negatively impact our business or operations, the Company revenue recognized and the accretion recorded prior to the date of the
with assistance from its legal counsel evaluates the perceived merits change. Refer to note 2e. For further details on streaming transactions,
of any legal proceedings or unasserted claims or actions as well as the including our silver sale agreement with Wheaton Precious Metals
perceived merits of the nature and amount of relief sought or expected Corp. (“Wheaton”), refer to note 29.
to be sought, when determining the amount, if any, to recognize as
a contingent liability or assessing the impact on the carrying value Consolidation of Reko Diq
of assets. If the assessment of a contingency suggests that a loss On December 15, 2022, the Reko Diq project was reconstituted, and is
is probable, and the amount can be reliably estimated, then a loss is 50% held by Barrick and 50% by Pakistani stakeholders, comprising
recorded. When a contingent loss is not probable but is reasonably a 10% free-carried, non-contributing share held by the Provincial
possible, or is probable but the amount of loss cannot be reliably Government of Balochistan, an additional 15% held by a special
estimated, then details of the contingent loss are disclosed. Loss purpose company owned by the Provincial Government of Balochistan
contingencies considered remote are generally not disclosed unless and 25% owned by other federal state-owned enterprises. As outlined
they involve guarantees, in which case we disclose the nature of the in the joint venture agreement, Barrick has power over the relevant
guarantee. Contingent assets are not recognized in the consolidated activities of the project, including operatorship of the project, the
financial statements. Refer to note 35 for more information. decision to proceed with development of the project, subject to a
sufficient expected rate of return, as well as development and approval
of LOM plans. Therefore Barrick has concluded that it controls Reko
Diq and it is consolidated in Barrick’s consolidated financial statements
with a 50% non-controlling interest.

OTHER NOTES TO THE FINANCIAL STATEMENTS In the fourth quarter of 2022, upon the reconstitution of the project,
we recorded an impairment reversal of $120 million relating to the
Note Page carrying value of our equity method investment in the Reko Diq project
Acquisitions and Divestitures 4 181 that we fully impaired in 2012 and had a 37.5% interest in. We also
Segment Information 5 182 recognized a gain of $300 million in other income as Barrick’s interest
in the Reko Diq project increased from 37.5% to 50%. In addition,
Revenue 6 184 we recognized a non-controlling interest of $329 million, based on the
Cost of Sales 7 185 historical cost attributed to the project company. A total of $744 million
Exploration, Evaluation and Project Expenses 8 185 was recorded as mining property costs not subject to depreciation.
Other Expense (Income) 9 185 Furthermore, the payments made by the Provincial Government
of Balochistan and other federal state-owned enterprises for the
Impairment Charges (Reversals) 10 185 in aggregate 40% interest, and to fund Antofagasta plc’s exit from
General and Administrative Expenses 11 185 the reconstituted project, remain in an entity that is consolidated by
Income Tax Expense 12 185 Barrick as at December 31, 2022. Those funds are held in a restricted
bank account and are expected to be distributed to Antofagasta plc
Earnings (Loss) Per Share 13 187 within the next 12 months. Accordingly, this restricted cash has been
Finance Costs, Net 14 187 recorded as an other current asset and the liability to Antofagasta plc
Cash Flow – Other Items 15 187 has been recorded as an other current liability.
The reconstitution resolves the damages originally awarded by
Investments 16 188
the International Centre for the Settlement of Investment Disputes
Inventories 17 189 and disputed in the International Chamber of Commerce. For further
Accounts Receivable and Other Current Assets 18 190 details refer to notes 21 and 35.
Property, Plant and Equipment 19 190
Goodwill and other Intangible Assets 20 192 b) Lagunas Norte
On February 16, 2021, Barrick announced it had entered into an
Impairment and Reversal of Non-Current Assets 21 192
agreement to sell its 100% interest in the Lagunas Norte gold mine
Other Assets 22 195 in Peru to Boroo Pte Ltd. (“Boroo”) for total consideration of up to
Accounts Payable 23 195 $81 million, with $20 million of cash consideration on closing, additional
Other Current Liabilities 24 195 cash consideration of $10 million payable on the first anniversary
of closing and $20 million payable on the second anniversary of
Financial Instruments 25 195
closing, a 2% NSR royalty, which may be purchased by Boroo for a
Fair Value Measurements 26 198 fixed period after closing for $16 million, plus a contingent payment
Provisions 27 200 of up to $15 million based on the two-year average gold price. An
Financial Risk Management 28 200 impairment reversal of $86 million was recognized in the first quarter
of 2021. Refer to note 21 for further details. The transaction closed
Other Non-Current Liabilities 29 202 on June 1, 2021 and we recognized a gain on sale of $4 million in the
Deferred Income Taxes 30 203 second quarter of 2021 based on a final fair value of consideration
Capital Stock 31 205 of $65 million. We remain contractually liable for all tax matters that
Non-Controlling Interests 32 205 existed prior to our divestiture until these matters are resolved. In
addition, Boroo assumed 50% of the $173 million reclamation bond
Related Party Transactions 33 206 obligations for Lagunas Norte upon closing. Boroo was to assume
Stock-Based Compensation 34 207 the other 50% within one year of closing; however, this was extended
Contingencies 35 207 until June 1, 2023. Barrick has no liability related to Lagunas Norte’s
closure obligation recorded in the financial statements.
4. ACQUISITIONS AND DIVESTITURES c) Acquisition of South Arturo Non-Controlling Interest

a) Reko Diq On September 7, 2021, Barrick announced NGM had entered into
a definitive asset exchange agreement (the “Exchange Agreement”)
On December 15, 2022, Barrick completed the reconstitution of the
with i-80 Gold Corp. (“i-80 Gold”) to acquire the 40% interest in South
Reko Diq project in Pakistan’s Balochistan province. The completion
Arturo that NGM did not already own, in exchange for the Lone Tree
of this transaction involved, among other things, the execution of
and Buffalo Mountain properties and infrastructure, which were in care
all of the definitive agreements including the mineral agreement
and maintenance at the time. The exchange transaction closed on
stabilizing the fiscal regime applicable to the project, as well as the
October 14, 2021.
grant of the mining leases, an exploration license, and surface rights.
The Exchange Agreement provides for payment to NGM of
This completed the process that began earlier in 2022 following
contingent consideration of up to $50 million based on mineral
the conclusion of a framework agreement among the Governments
resources from the Lone Tree property. In connection with the asset
of Pakistan and Balochistan province, Barrick and Antofagasta plc,
exchange, NGM also entered into toll-milling agreements providing
which provided a path for the development of the project under a
i-80 Gold with interim processing capacity at NGM’s autoclave facilities
reconstituted structure.
until the earlier of the three-year anniversary of the asset exchange and
The reconstituted project is held 50% by Barrick and 50%
the date on which the Lone Tree facility is operational, and separately
by Pakistani stakeholders, comprising a 10% free-carried, non-
at NGM’s roaster facilities for a 10-year period, which was assigned
contributing share held by the Provincial Government of Balochistan,
a fair value of $nil. In addition, each party assumed the environmental
an additional 15% held by a special purpose company owned by
liabilities and closure bonding for their acquired properties. In
the Provincial Government of Balochistan and 25% owned by other
conjunction with the closing of the transaction on October 14, 2021,
federal state-owned enterprises. Barrick is the operator of the project.
NGM subscribed for $48 million in common shares of i-80 Gold.
Barrick began consolidating Reko Diq as at December 31, 2022.

We assigned a fair value of $175 million to the transaction and 5. SEGMENT INFORMATION
recognized a gain of $205 million in the fourth quarter of 2021 in relation
Barrick’s business is organized into eighteen minesites. Barrick’s
to the disposition of Lone Tree. Lone Tree was in a net liability position,
CODM (Mark Bristow, President and Chief Executive Officer) reviews
which resulted in a gain that exceeded the fair value. In addition, we
the operating results, assesses performance and makes capital
recognized a loss of $85 million in equity in the fourth quarter of 2021,
allocation decisions at the minesite, and/or project level. Each
representing our share of the difference between the carrying value
individual minesite is an operating segment for financial reporting
of the South Arturo non-controlling interest and the fair value of the
purposes. Our presentation of our reportable operating segments
transaction.
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 and
copper mines, have been grouped into an “Other Mines” category and
will not be reported on individually. Segment performance is evaluated
based on a number of measures including operating income before
tax, production levels and unit production costs. Certain costs are
managed on a consolidated basis and are therefore not reflected in
segment income.
CONSOLIDATED STATEMENTS OF INCOME INFORMATION

Cost of Sales
Site operating
costs, Exploration,
royalties and evaluation Other Segment
community and project expenses income
For the year ended December 31, 2022 Revenue relations Depreciation expenses (income)1 (loss)
Carlin2 $ 2,848 $ 1,416 $ 312 $ 21 $ (15) $ 1,114
Cortez2 1,316 597 253 12 4 450
Turquoise Ridge2 814 469 178 7 – 160
Pueblo Viejo2 1,303 559 242 24 17 461
Loulo-Gounkoto2 1,236 533 257 9 11 426
Kibali 598 235 178 2 41 142
Veladero 365 205 120 2 6 32
North Mara2 570 236 73 4 48 209
Bulyanhulu2 463 235 60 3 25 140
Other Mines2 2,056 1,223 482 19 75 257
Reportable segment total $ 11,569 $ 5,708 $ 2,155 $ 103 $ 212 $ 3,391
Share of equity investee (598) (235) (178) (2) (41) (142)
Segment total $ 10,971 $ 5,473 $ 1,977 $ 101 $ 171 $ 3,249
CONSOLIDATED STATEMENTS OF INCOME INFORMATION

Cost of Sales
Site operating
costs, Exploration,
royalties and evaluation Other Segment
community and project expenses income
For the year ended December 31, 2021 Revenue relations Depreciation expenses (income)1 (loss)
Carlin2 $ 2,687 $ 1,175 $ 276 $ 22 $ 25 $ 1,189
Cortez2 1,485 633 294 10 1 547
Turquoise Ridge2 987 415 200 1 – 371
Pueblo Viejo2 1,514 505 234 5 11 759
Loulo-Gounkoto2 1,249 454 278 18 25 474
Kibali 661 232 141 5 5 278
Veladero 382 177 85 1 1 118
North Mara2 552 240 56 – 2 254
Bulyanhulu2 361 155 57 – 2 147
Other Mines2 2,659 1,179 580 10 81 809
Reportable segment total $ 12,537 $ 5,165 $ 2,201 $ 72 $ 153 $ 4,946
Share of equity investee (661) (232) (141) (5) (5) (278)
Segment total $ 11,876 $ 4,933 $ 2,060 $ 67 $ 148 $ 4,668
1 Includes accretion expense, which is included with finance costs in the consolidated statements of income. For the year ended December 31, 2022, accretion
expense was $36 million (2021: $26 million).
2 Includes non-controlling interest portion of revenues, cost of sales and segment income (loss) for the year ended December 31, 2022, for Pueblo Viejo,
$528 million, $319 million, $195 million (2021: $617 million, $294 million, $318 million), Nevada Gold Mines, $2,146 million, $1,422 million, $711 million (2021:
$2,362 million, $1,359 million, $991 million), North Mara, Bulyanhulu and Buzwagi, $165 million, $97 million, $55 million (2021: $159 million, $92 million, $63 million),
Loulo-Gounkoto, $247 million, $158 million, $88 million (2021: $250 million, $146 million, $95 million) and Tongon, $37 million, $36 million, $nil (2021: $38 million,
$32 million, $5 million).

RECONCILIATION OF SEGMENT INCOME TO INCOME BEFORE INCOME TAXES

Segment income $ 3,249 $ 4,668
Other revenue 42 109
Other cost of sales/amortization (47) (96)
Exploration, evaluation and project expenses not attributable to segments (249) (220)
General and administrative expenses (159) (151)
Other income not attributable to segments 396 187
Impairment (charges) reversals (1,671) 63
Loss on currency translation (16) (29)
Closed mine rehabilitation 136 (18)
Income from equity investees 258 446
Finance costs, net (includes non-segment accretion)1 (265) (329)
Gain on non-hedge derivatives 7 2
Income before income taxes $ 1,681 $ 4,632
1 Includes debt extinguishment gains of $14 million (2021: $nil).
GEOGRAPHIC INFORMATION
Non-current assets Revenue1
As at As at
Dec. 31, Dec. 31,
2022 2021 2022 2021
United States $ 16,518 $ 16,355 $ 5,573 $ 6,134
Dominican Republic 4,874 4,602 1,303 1,514
Mali 3,599 4,709 1,236 1,249
Democratic Republic of Congo 2,659 3,267 – –
Chile 1,957 1,937 – –
Zambia 1,930 1,793 868 962
Tanzania 1,914 1,767 1,033 993
Argentina 1,247 1,739 365 382
Canada 507 517 231 291
Pakistan 749 – – –
Saudi Arabia 382 382 – –
Papua New Guinea 327 330 – –
Côte d’Ivoire 164 191 356 369
Peru 73 113 48 91
Unallocated 600 939 – –
Total $ 37,500 $ 38,641 $ 11,013 $ 11,985
1 Geographic location is presented based on the location of the mine from which the product originated.

CAPITAL EXPENDITURES INFORMATION

Segment Capital
Expenditures1
As at As at
Dec. 31, Dec. 31,
2022 2021
Carlin $ 506 $ 422
Cortez 419 277
Turquoise Ridge 176 144
Pueblo Viejo 629 533
Loulo-Gounkoto 322 313
Kibali 99 70
Veladero 167 144
North Mara 156 93
Bulyanhulu 90 80
Other Mines 500 351
Reportable segment total $ 3,064 $ 2,427
Other items not allocated to segments 133 129
Total $ 3,197 $ 2,556
Share of equity investee (99) (70)
Total $ 3,098 $ 2,486
1 Segment capital expenditures are presented for internal management reporting purposes on an accrual basis. Capital expenditures in the consolidated statements
of cash flow are presented on a cash basis. In 2022, cash expenditures were $3,049 million (2021: $2,435 million) and the increase in accrued expenditures was
$49 million (2021: $51 million increase).
6. REVENUE Principal Products

All of our gold mining operations produce gold in doré form, except
For the years ended December 31 2022 2021 Phoenix, Bulyanhulu and Porgera (until it was placed on care and
Gold sales maintenance in April 2020), which produce both gold doré and gold
concentrate. Gold doré is unrefined gold bullion bars usually consisting
Spot market sales $ 9,597 $ 10,491
of 90% gold that is refined to pure gold bullion prior to sale to our
Concentrate sales 326 246 customers. Concentrate is a semi-processed product containing the
Provisional pricing adjustments (3) 1 valuable metal minerals from which most of the waste mineral has been
$ 9,920 $ 10,738 eliminated. Our Lumwana mine produces a concentrate that primarily
contains copper. Our Phoenix mine produces a concentrate that
Copper sales contains both gold and copper. Incidental revenues from the sale of
Copper concentrate sales $ 906 $ 915 by-products, primarily copper, silver and energy at our gold mines, are
Provisional pricing adjustments (38) 47 classified within other sales.
$ 868 $ 962
Provisional Copper and Gold Sales
Other sales1 $ 225 $ 285
We have provisionally priced sales for which price finalization,
Total $ 11,013 $ 11,985 referenced to the relevant copper and gold index, is outstanding at the
1 Revenues from the sale of by-products from our gold and copper mines.
balance sheet date. Our exposure at December 31, 2022 to the impact
of future movements in market commodity prices for provisionally
For the year ended December 31, 2022, the Company has four priced sales is set out in the following table:
customers that individually account for more than 10% of the Impact on net
Company’s total revenue. These customers represent approximately Volumes subject to income before
23%, 14%, 11% and 11% of total revenue. However, because final pricing taxation of 10%
gold can be sold through numerous gold market traders worldwide Copper (millions) movement in
Gold (000s) market price
(including a large number of financial institutions), the Company is not
economically dependent on a limited number of customers for the sale As at December 31 2022 2021 2022 2021
of its product. Copper pounds 60 45 $ 23 $ 20
Gold ounces 42 41 8 8
At December 31, 2022, our provisionally priced copper sales subject

to final settlement were recorded at an average price of $3.80/lb
(2021: $4.34/lb). At December 31, 2022, our provisionally priced gold
sales subject to final settlement were recorded at an average price of
$1,824/oz (2021: $1,819/oz). The sensitivities in the above tables have
been determined as the impact of a 10% change in commodity prices
at each reporting date, while holding all other variables, including
foreign currency exchange rates, constant.

7. COST OF SALES
Gold Copper Other4 Total
For the years ended December 31 2022 2021 2022 2021 2022 2021 2022 2021
Site operating cost1,2,3 $ 4,678 $ 4,218 $ 336 $ 266 $ – $ – $ 5,014 $ 4,484
Depreciation1 1,756 1,889 223 197 18 16 1,997 2,102
Royalty expense 342 371 103 103 – – 445 474
Community relations 37 26 4 3 – – 41 29
Total $ 6,813 $ 6,504 $ 666 $ 569 $ 18 $ 16 $ 7,497 $ 7,089
1 Site operating costs and depreciation include charges to reduce the cost of inventory to net realizable value of $104 million (2021: $22 million). Refer to note 17.
2 Site operating costs includes the costs of extracting by-products.
3 Includes employee costs of $1,448 million (2021: $1,396 million).
4 Other includes corporate amortization.
8. EXPLORATION, EVALUATION 10. IMPAIRMENT CHARGES (REVERSALS)

AND PROJECT EXPENSES
For the years ended December 31 2022 2021 Impairment charges (reversals)
Global exploration and evaluation1 $ 123 $ 122 of non-current assets1 $ 483 $ (63)
Project costs: Impairment of goodwill1 1,188 –
Pascua-Lama 52 46 Total $ 1,671 $ (63)
Pueblo Viejo 24 3 1 Refer to note 21 for further details.
Reko Diq 14 10
Other 47 26 11. GENERAL AND ADMINISTRATIVE EXPENSES
Corporate development 15 16
Minesite exploration and evaluation1 75 64
Corporate administration $ 125 $ 118
Total exploration, evaluation
and project expenses $ 350 $ 287 Share-based compensation 34 33
Total1 $ 159 $ 151
1 Approximates the impact on operating cash flow.
1 Includes employee costs of $93 million (2021: $101 million).
9. OTHER EXPENSE (INCOME)
12. INCOME TAX EXPENSE
Other Expense: For the years ended December 31 2022 2021
Litigation costs $ 22 $ 17 Tax on profit
Write-offs 15 12 Current tax
Bank charges 5 7 Charge for the year $ 699 $ 1,031
Porgera care and maintenance costs 53 51 Adjustment in respect of prior years1 6 (32)
Supplies obsolescence 48 21 $ 705 $ 999
Litigation accruals and settlements 19 25 Deferred tax
Other 28 17 Origination and reversal of temporary
differences in the current year $ (52) $ 289
Total other expense $ 190 $ 150
Adjustment in respect of prior years1 11 56
Other Income:
$ (41) $ 345
Gain on acquisition/sale of
non-current assets1 $ (405) $ (213) Income tax expense $ 664 $ 1,344
Insurance proceeds related to NGM (22) – Tax expense related to
continuing operations
Loss (gain) on warrant investments
at FVPL (4) 16 Current
Gain on non-hedge derivatives (7) (2) Canada $ (8) $ (9)
Interest income on other assets (17) (15) International 713 1,008
Other (3) (3) $ 705 $ 999
Total other income $ (458) $ (217) Deferred
Total $ (268) $ (67) Canada $ 3 $ 38
International (44) 307
1 2022 includes a gain of $300 million on the increased ownership of the Reko
Diq project (refer to note 4 for further details) and $63 million from the sale $ (41) $ 345
of the royalty portfolios to Maverix Metals Inc. and Gold Royalty Corp. 2021 Income tax expense $ 664 $ 1,344
includes a gain of $205 million from the disposal of Lone Tree (refer to note 4
for further details). 1
Includes adjustments to equalize the difference between prior year’s tax
return and the year-end provision.

RECONCILIATION TO CANADIAN STATUTORY RATE 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
At 26.5% statutory rate $ 446 $ 1,228 Nevada Legislative Session that ended on May 31, 2021. The revenue
Increase (decrease) due to: generated by this new excise tax will be directed towards education.
Allowances and special tax deductions1 (146) (138) The new excise tax is a tiered tax, with the maximum rate at 1.1%.
First payment in relation to the 2021 year was made in March 2022.
Impact of foreign tax rates2 (146) (84) The bill does not take into consideration expenses or costs
Non-deductible expenses / incurred to generate gross proceeds; therefore, this tax is treated as a
(non-taxable income) (38) 118 gross receipts tax and not as a tax that is based on income subject to
Goodwill impairment charges IAS 12. As a result, this new tax is reported as a component of cost of
not tax deductible 325 – sales and not as an income tax expense.
Taxable gains on sales
of non-current assets 1 24 United States Tax Reform
Net currency translation losses on In August 2022, President Joe Biden signed into law the Inflation
current and deferred tax balances 59 23 Reduction Act (“the Act”). The Act includes a 15% corporate
Tax impact from pass-through entities alternative minimum tax (“CAMT”) that is imposed on applicable
and equity accounted investments (196) (330) financial statement income (“AFSI”). The CAMT is effective for tax
Current year tax results sheltered years beginning after December 31, 2022. Barrick is subject to CAMT
by previously unrecognized deferred because the Company meets the applicable income thresholds for a
tax assets 33 (18) foreign-parented multi-national group.
Recognition and de-recognition On December 27, 2022, the US Treasury Department and the
of deferred tax assets 15 (31) US Internal Revenue Service issued initial guidance regarding the
application of the CAMT. A 60-day consultation period for business
Adjustments in respect of prior years 17 24 has commenced, and we are providing comments.
Increase to income tax related
contingent liabilities 13 19 Nevada Gold Mines
Impact of tax rate changes – 66 Nevada Gold Mines is a limited liability company treated as a flow
Withholding taxes 82 110 through partnership for US tax purposes. The partnership is not
Mining taxes 201 323 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
Tax impact of amounts recognized
within accumulated OCI (7) 8 accounts for its current and deferred income tax associated with the
investment (61.5% share) following the principles in IAS 12.
Other items 5 2
Income tax expense $ 664 $ 1,344 Mining Taxes
1 We are able to claim certain allowances, incentives and tax deductions unique In addition to corporate income tax, we pay mining taxes in the United
to extractive industries that result in a lower effective tax rate. States (Nevada), the Dominican Republic, Canada (Ontario) and Peru.
2 We operate in multiple foreign tax jurisdictions that have tax rates different Nevada Gold Mines is subject to a Net Proceeds of Minerals tax in
than the Canadian statutory rate. Nevada at a rate of 5% and the tax expense recorded in 2022 was
$88 million (2021: $136 million). Other significant mining taxes include
Currency Translation the Dominican Republic’s Net Profits Interest tax, which is determined
Current and deferred tax balances are subject to remeasurement based on cash flows as defined by the Pueblo Viejo Special Lease
for changes in foreign currency exchange rates each period. This Agreement. A tax expense of $110 million (2021: $180 million) was
is required in countries where tax is paid in local currency and the recorded for this in 2022. Both taxes are included on a consolidated
subsidiary has a different functional currency (e.g. US dollars). The basis in the Company’s consolidated statements of income.
most significant balances relate to Argentine and Malian tax liabilities.
In 2022 and 2021, a tax expense of $59 million and $23 million, Impairments
respectively, arose from translation losses on tax balances, mainly due In 2022, we recorded net impairment charges of $483 million (2021:
to the weakening of the Argentine peso and the West African CFA net impairment reversals of $63 million) for non-current assets and
franc against the US dollar. These net translation losses are included $1,188 million (2021: $nil) for goodwill. Refer to note 21 for further
within income tax expense. information.
A deferred tax recovery of $193 million (2021: deferred tax
Withholding Taxes expense of $nil related to the impairment reversal at Lagunas Norte)
In 2022, we have recorded $29 million (2021: $66 million related to was recorded related to the impairments at Veladero, Long Canyon
Argentina, Côte d’Ivoire, Saudi Arabia and the United States) of and Lumwana. There was no tax impact from the goodwill impairment
dividend withholding taxes related to the undistributed earnings of our recognized at Loulo-Gounkoto.
subsidiaries in Argentina and the United States. We have also recorded
$36 million (2021: $33 million related to Argentina, Saudi Arabia and the
United States) of dividend withholding taxes related to the distributed
earnings of our subsidiaries in Tanzania and the United States.

13. EARNINGS (LOSS) PER SHARE

($ millions, except shares in millions and per share amounts in dollars) Basic Diluted Basic Diluted
Net income $ 1,017 $ 1,017 $ 3,288 $ 3,288
Net income attributable to non-controlling interests (585) (585) (1,266) (1,266)
Net income attributable to the equity holders of Barrick Gold Corporation $ 432 $ 432 $ 2,022 $ 2,022
Weighted average shares outstanding 1,771 1,771 1,779 1,779
Basic and diluted earnings per share data attributable to the equity
holders of Barrick Gold Corporation $ 0.24 $ 0.24 $ 1.14 $ 1.14
14. FINANCE COSTS, NET

Interest expense1 $ 366 $ 357
Amortization of debt issue costs 1 1
Amortization of premium – (1)
Interest on lease liabilities 4 5
Loss on interest rate hedges 1 3
Interest capitalized2 (29) (16)
Accretion 66 48
Gain on debt extinguishment (14) –
Finance income (94) (42)
Total $ 301 $ 355
1 Interest in the consolidated statements of cash flow is presented on a cash basis. In 2022, cash interest paid was $305 million (2021: $303 million).
2 For the year ended December 31, 2022, the general capitalization rate was 6.20% (2021: 6.00%).
15. CASH FLOW – OTHER ITEMS

OPERATING CASH FLOWS – OTHER ITEMS
Adjustments for non-cash income statement items:
Gain on non-hedge derivatives $ (7) $ (2)
Stock-based compensation expense 55 81
Loss (gain) on warrant investments at FVPL (4) 16
Change in estimate of rehabilitation costs at closed mines (136) 18
Inventory impairment charges (note 17) 66 13
Supplies obsolescence 48 21
Change in other assets and liabilities (28) (120)
Settlement of stock-based compensation (66) (97)
Settlement of rehabilitation obligations (145) (133)
Other operating activities $ (217) $ (203)
Cash flow arising from changes in:
Accounts receivable $ 89 $ (46)
Inventory (219) (163)
Other current assets (261) (178)
Accounts payable 93 140
Other current liabilities (24) (26)
Change in working capital $ (322) $ (273)
FINANCING CASH FLOWS – OTHER ITEMS

Pueblo Viejo JV partner shareholder loan $ 177 $ 131
GoT shareholder loan – (16)
Gain on debt extinguishment 14 –
Other financing activities $ 191 $ 115

16. INVESTMENTS
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 86 124 47 1 258
Dividends received from equity investees (694) (124) (50) (1) (869)
At December 31, 2022 $ 2,659 $ 382 $ 890 $ 52 $ 3,983
In 2022, Kibali Goldmines SA repaid a portion of its shareholder loans after establishing an additional ongoing mechanism for the repatriation of
cash from the Democratic Republic of Congo. For 2022, the repatriation of this cash has resulted in the payment of dividends of $694 million to
the Barrick entity that holds the 45% interest in Kibali Goldmines SA.
SUMMARIZED EQUITY INVESTEE FINANCIAL INFORMATION

Kibali2 Jabal Sayid Zaldívar
For the years ended December 31 2022 2021 2022 2021 2022 2021
Revenue $ 1,328 $ 1,469 $ 539 $ 597 $ 781 $ 847
Cost of sales (excluding depreciation) 528 513 170 157 463 469
Depreciation 390 308 49 42 147 158
Finance expense (income) – – – 1 1 (4)
Other expense (income) 104 38 4 (5) 32 25
Income before income taxes $ 306 $ 610 $ 316 $ 402 $ 138 $ 199
Income tax expense (121) (125) (67) (84) (44) (61)
Net income $ 185 $ 485 $ 249 $ 318 $ 94 $ 138
Total comprehensive income $ 185 $ 485 $ 249 $ 318 $ 94 $ 138
Net income (net of non-controlling interests) $ 172 $ 438 $ 249 $ 318 $ 94 $ 138
SUMMARIZED BALANCE SHEET

Kibali2 Jabal Sayid Zaldívar
For the years ended December 31 2022 2021 2022 2021 2022 2021
Cash and equivalents $ 92 $ 1,116 $ 77 $ 85 $ 72 $ 171
Other current assets1 194 255 151 178 559 493
Total current assets $ 286 $ 1,371 $ 228 $ 263 $ 631 $ 664
Non-current assets 3,905 3,959 405 419 2,013 2,031
Total assets $ 4,191 $ 5,330 $ 633 $ 682 $ 2,644 $ 2,695
Current financial liabilities (excluding trade,
other payables & provisions) $ 13 $ 14 $ 9 $ 13 $ 90 $ 84
Other current liabilities 126 141 95 136 125 142
Total current liabilities $ 139 $ 155 $ 104 $ 149 $ 215 $ 226
Non-current financial liabilities (excluding trade,
other payables & provisions) 51 42 4 – 87 134
Other non-current liabilities 785 706 6 14 542 529
Total non-current liabilities $ 836 $ 748 $ 10 $ 14 $ 629 $ 663
Total liabilities $ 975 $ 903 $ 114 $ 163 $ 844 $ 889
Net assets $ 3,216 $ 4,427 $ 519 $ 519 $ 1,800 $ 1,806
Net assets (net of non-controlling interests) $ 3,095 $ 4,312 $ 519 $ 519 $ 1,800 $ 1,806
1 Zaldívar other current assets include inventory of $443 million (2021: $384 million).
2 2021 figures have been changed to present Kibali’s summarized financial statements net of non-controlling interests of Kibali Jersey Limited, which is jointly
controlled with Anglogold Ashanti and holds a 90% interest in Kibali Goldmines SA.
The information above reflects the amounts presented in the financial information of the joint venture adjusted for differences between IFRS and
local GAAP and fair value adjustments on acquisition of equity in investees.

RECONCILIATION OF SUMMARIZED FINANCIAL INFORMATION TO CARRYING VALUE

Kibali Jabal Sayid Zaldívar
1
Opening net assets (net of non-controlling interests) $ 4,312 $ 519 $ 1,806
Income for the period (net of non-controlling interests) 172 249 94
Dividends received from equity investees (1,389) (249) (100)
Closing net assets (net of non-controlling interests), December 31 $ 3,095 $ 519 $ 1,800
Barrick’s share of net assets 1,548 259 900
Equity earnings adjustment – – (10)
Goodwill recognition 1,111 123 –
Carrying value $ 2,659 $ 382 $ 890
1 Kibali’s opening net assets have been changed to present Kibali’s summarized financial statements net of non-controlling interests of Kibali Jersey Limited, which
is jointly controlled with Anglogold Ashanti and holds a 90% interest in Kibali Goldmines SA.
17. INVENTORIES
Gold Copper
As at As at As at As at
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2022 2021 2022 2021
Raw materials
Ore in stockpiles $ 2,809 $ 2,587 $ 150 $ 174
Ore on leach pads 641 663 – –
Mine operating supplies 704 593 59 79
Work in process 138 108 – –
Finished products 89 76 10 90
$ 4,381 $ 4,027 $ 219 $ 343
Non-current ore in stockpiles and on leach pads1 (2,669) (2,462) (150) (174)
$ 1,712 $ 1,565 $ 69 $ 169
1 Ore that we do not expect to process in the next 12 months is classified within other long-term assets.
INVENTORY IMPAIRMENT CHARGES ORE ON LEACH PADS

For the years ended December 31 2022 2021 As at As at
Dec. 31, Dec. 31,
Veladero $ 42 $ – 2022 2021
Carlin 33 –
Gold
Lumwana 19 –
Veladero $ 238 $ 196
Cortez 10 22
Carlin 196 209
Inventory impairment charges $ 104 $ 22
Cortez 112 113
Turquoise Ridge 37 41
ORE IN STOCKPILES
Long Canyon 32 77
As at As at Phoenix 26 23
Dec. 31, Dec. 31,
2022 2021 Pierina – 4
Gold $ 641 $ 663
Carlin $ 1,129 $ 986
Pueblo Viejo 712 674 Purchase Commitments
Turquoise Ridge 354 405 At December 31, 2022, we had purchase obligations for supplies and
consumables of approximately $1,753 million (2021: $1,718 million).
Loulo-Gounkoto 175 161
North Mara 165 93
Cortez 104 81
Phoenix 78 73
Veladero 40 51
Porgera 30 30
Tongon 20 33
Bulyanhulu 2 –
Copper
Lumwana 150 174
$ 2,959 $ 2,761

18. ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS

As at As at
Dec. 31, Dec. 31,
2022 2021
Accounts receivable
Amounts due from concentrate sales $ 188 $ 242
Other receivables 366 381
$ 554 $ 623
Other current assets
Restricted cash1 945 –
Value added taxes recoverable2 352 319
Prepaid expenses 243 206
Derivative assets3 59 –
Other4 91 87
$ 1,690 $ 612
1 Relates to restricted cash balance for Antofagasta plc, which will fund their exit from the Reko Diq project, following its reconstitution as described in note 4.
2 Primarily includes VAT and fuel tax recoverables of $49 million in Mali, $66 million in Tanzania, $172 million in Zambia, $32 million in Argentina, and $12 million in
the Dominican Republic (Dec. 31, 2021: $25 million, $90 million, $141 million, $39 million, and $11 million, respectively).
3 Reclassified from Other Assets and primarily consists of contingent consideration received as part of the sale of Massawa in 2020 and Lagunas Norte in 2021.
4 2022 and 2021 balance includes $50 million asset reflecting the final settlement of Zambian tax matters.
19. PROPERTY, PLANT, AND EQUIPMENT

Mining property Mining property
Buildings, plant costs subject costs not subject
and equipment1 to depreciation 2,4
to depreciation2,3 Total
At January 1, 2022
Net of accumulated depreciation $ 6,536 $ 14,485 $ 3,933 $ 24,954
Additions5 30 (139) 2,977 2,868
Capitalized interest – – 29 29
Acquisitions6 – – 744 744
Disposals (4) (1) – (5)
Depreciation (966) (1,229) – (2,195)
Impairment charges (120) (442) (12) (574)
Transfers7 1,273 1,326 (2,599) –
At December 31, 2022 $ 6,749 $ 14,000 $ 5,072 $ 25,821
At December 31, 2022

Cost $ 18,469 $ 33,046 $ 17,027 $ 68,542
Accumulated depreciation and impairments (11,720) (19,046) (11,955) (42,721)
Net carrying amount – December 31, 2022 $ 6,749 $ 14,000 $ 5,072 $ 25,821

Mining property Mining property

Buildings, plant costs subject costs not subject
and equipment1 to depreciation 2,4
to depreciation2,3 Total
At January 1, 2021
Cost $ 18,361 $ 29,901 $ 15,531 $ 63,793
Net carrying amount – January 1, 2021 $ 7,473 $ 13,569 $ 3,586 $ 24,628
Additions5 23 154 2,366 2,543
Capitalized interest – – 16 16
Divestiture (50) (2) (1) (53)
Disposals (7) (1) (10) (18)
Depreciation (1,139) (1,053) – (2,192)
Impairment reversals (charges) 42 (13) 1 30
Transfers7 194 1,831 (2,025) –
At December 31, 2021 $ 6,536 $ 14,485 $ 3,933 $ 24,954
At December 31, 2021

Cost $ 17,237 $ 31,824 $ 15,876 $ 64,937
Net carrying amount – December 31, 2021 $ 6,536 $ 14,485 $ 3,933 $ 24,954
1 Additions include $30 million of right-of-use assets for lease arrangements entered into during the year ended December 31, 2022 (2021: $22 million). Depreciation
includes depreciation for leased right-of-use assets of $20 million for the year ended December 31, 2022 (2021: $18 million). The net carrying amount of leased
right-of-use assets was $61 million as at December 31, 2022 (2021: $53 million).
2 Includes capitalized reserve acquisition costs, capitalized development costs and capitalized exploration and evaluation costs other than exploration license costs
included in intangible assets.
3 Assets not subject to depreciation include construction-in-progress, projects and acquired mineral resources and exploration potential at operating minesites and
development projects.
4 Assets subject to depreciation include the following items for production stage properties: acquired mineral reserves and resources, capitalized mine development
costs, capitalized stripping and capitalized exploration and evaluation costs.
5 Additions include revisions to the capitalized cost of closure and rehabilitation activities.
6 Relates to the Reko Diq reconstitution. Refer to note 4 for further information.
7 Primarily relates to non-current assets that are transferred between categories within PP&E once they are placed into service.
a) Mining Property Costs Not Subject to Depreciation b) Changes in Gold and Copper Mineral Life of Mine Plan
As part of our annual business cycle, we prepare updated estimates
Carrying Carrying of proven and probable gold and copper mineral reserves and the
amount at amount at
Dec. 31, Dec. 31, portion of resources considered probable of economic extraction for
2022 2021 each mineral property. This forms the basis for our LOM plans. We
prospectively revise calculations of amortization expense for property,
Construction-in-progress1 $ 2,553 $ 2,114 plant and equipment amortized using the UOP method, where
Acquired mineral resources the denominator is our LOM ounces. The effect of changes in our
and exploration potential 139 165 LOM on amortization expense for 2022 was an $80 million decrease
Projects (2021: $128 million decrease).
Pascua-Lama 727 780
c) Capital Commitments
Norte Abierto 670 662
In addition to entering into various operational commitments in the
Reko Diq 744 – normal course of business, we had commitments of approximately
Donlin Gold 239 212 $399 million at December 31, 2022 (2021: $443 million) for construction
$ 5,072 $ 3,933 activities at our sites and projects.
1 Represents assets under construction at our operating minesites. d) Other Lease Disclosure
The Company leases various buildings, plant and equipment as
part of the normal course of operations. Lease terms are negotiated
on an individual basis and contain a wide range of different terms
and conditions. Refer to note 25 for a lease maturity analysis. Included
in net income for 2022 are short-term payments and variable lease
payments not included in the measurement of lease liabilities of
$6 million (2021: $10 million) and $88 million (2021: $67 million),
respectively.

20. GOODWILL AND OTHER INTANGIBLE ASSETS

a) Intangible Assets
Supply Exploration
Water rights1 Technology2 contracts3 potential4 Total
Opening balance January 1, 2021 $ 67 $ 6 $ 4 $ 92 $ 169
Disposals (6) – – (10) (16)
Amortization and impairment losses – – (3) – (3)
Closing balance December 31, 2021 $ 61 $ 6 $ 1 $ 82 $ 150
Amortization and impairment losses – – (1) – (1)
Closing balance December 31, 2022 $ 61 $ 6 $ – $ 82 $ 149
Cost $ 61 $ 17 $ 39 $ 252 $ 369
Accumulated amortization and impairment losses – (11) (39) (170) (220)
Net carrying amount December 31, 2022 $ 61 $ 6 $ – $ 82 $ 149
1 Relates to water rights in South America, and will be amortized through cost of sales when we begin using these in the future.
2 The amount is amortized through cost of sales using the UOP method over LOM ounces of the Pueblo Viejo mine, with no assumed residual value.
3 Relates to a supply agreement with Michelin North America Inc. to secure a supply of tires and amortized over the effective term of the contract through cost of sales.
4 Exploration potential consists of the estimated fair value attributable to exploration licenses acquired as a result of a business combination or asset acquisition. The
carrying value of the licenses will be transferred to PP&E when the development of attributable mineral resources commences.
b) Goodwill
Closing balance Closing balance
December 31, 2021 Impairments December 31, 2022
Carlin $ 1,294 $ – $ 1,294
Cortez 899 – 899
Turquoise Ridge 722 – 722
Phoenix 119 – 119
Hemlo 63 – 63
Loulo-Gounkoto 1,672 (1,188) 484
Total $ 4,769 $ (1,188) $ 3,581
On a total basis, the gross amount and accumulated impairment losses are as follows:
Cost $ 12,211
Accumulated impairment losses December 31, 2022 (8,630)
Net carrying amount December 31, 2022 $ 3,581
21. IMPAIRMENT AND REVERSAL OF NON-CURRENT ASSETS

Summary of impairments (reversals)
For the year ended December 31, 2022, we recorded net impairment charges of $483 million (2021: net impairment reversals of $63 million) for
non-current assets and $1,188 million (2021: $nil) for goodwill, as summarized in the following table:
Veladero $ 490 $ –
Reko Diq (120) –
Long Canyon 85 –
Lumwana 23 –
Lagunas Norte – (86)
Golden Sunlight – 15
Pueblo Viejo – (7)
Tanzania – 5
Hemlo – 5
Other 5 5
Total impairment charges (reversals) of non-current assets $ 483 $ (63)
Loulo-Gounkoto goodwill 1,188 –
Total goodwill impairment charges $ 1,188 $ –
Total impairment charges (reversals) $ 1,671 $ (63)

2022 Indicators of Impairment and Reversals an additional 15% held by a special purpose company owned by
In the fourth quarter of 2022, as per our policy, we performed our the Provincial Government of Balochistan and 25% owned by other
annual goodwill impairment test as required by IAS 36 and identified federal state-owned enterprises. Barrick is the operator of the project.
an impairment at our Loulo-Gounkoto mine. Also in the fourth quarter In the fourth quarter of 2022, we recorded an impairment reversal
of 2022, we reconstituted the Reko Diq project, which was an indicator of $120 million relating to the carrying value of our equity method
of impairment reversal, and we reviewed the updated LOM plans investment in the Reko Diq project that we fully impaired in 2012.
for our other operating minesites for indicators of impairment or In addition, we recognized a gain of $300 million in other income as
reversal. We noted an indicator of impairment at our Veladero and Barrick’s interest in the Reko Diq project increased from 37.5% to
Long Canyon mines. 50% as a result of the reconstitution of the project and we did not give
up any consideration for the additional interest. The measurement of
Loulo-Gounkoto the gain was based on the sale price agreed upon by Barrick’s original
partner in the Reko Diq joint venture to exit the reconstituted project.
In the fourth quarter of 2022, we performed the annual goodwill
impairment test at Loulo-Gounkoto and determined that the carrying
Porgera
value of $4,260 million exceeded the FVLCD. We observed a decrease
in the mine’s discounted cash flows reflecting higher operating and On April 9, 2021, the PNG government and BNL agreed on a
capital costs largely due to inflationary pressures and a higher WACC partnership for the future ownership and operation of the Porgera
driven by higher interest rates as central banks have increased rates mine. Porgera has been in care and maintenance since April 2020,
to combat inflation. Therefore we recorded a goodwill impairment when the government declined to renew its SML. The financial impact
of $1,188 million, based on a FVLCD of $3,072 million. The key will be determined once all definitive agreements, which are currently
assumptions used in this assessment are listed below. being negotiated, have been signed. We have determined that the
carrying value of our 47.5% share of Porgera ($327 million as at
Veladero December 31, 2022) remains recoverable and there is no impairment
loss to recognize. The ultimate resolution of this dispute may differ
In the fourth quarter of 2022, we updated the LOM plan for Veladero from this determination and there is no certainty that the carrying value
and we observed a decrease in the mine’s discounted cash flows will remain recoverable. Refer to note 35 for more information.
reflecting higher operating and capital costs largely due to significant
inflationary pressures coupled with strict Argentine foreign exchange
controls, a decrease in expected recovery rates from the leach pad and 2021 Indicators of Impairment and Reversals
an increase in the WACC primarily due to higher country risk and higher In the fourth quarter of 2021, as per our policy, we performed our
risk-free rates. We determined that this was an indicator of impairment annual goodwill impairment test as required by IAS 36 and identified
and concluded that the carrying value of $839 million exceeded the no impairments. Also in the fourth quarter of 2021, we reviewed the
FVLCD and we recorded a non-current asset impairment of $490 updated LOM plans for our other operating minesites for indicators of
million, based on a FVLCD of $479 million. A net realizable value impairment or reversal. We noted an indicator of impairment at Long
impairment of leach pad inventory of $42 million was also recorded Canyon and an indicator of impairment reversal at Lumwana.
(refer to note 17). The key assumptions used in this assessment are
consistent with our testing of goodwill impairment in the fourth quarter Long Canyon
of 2022, as listed below. The delayed timing of permitting activities and an updated geological
model resulting in lower production over the LOM plan represented
Long Canyon impairment triggers in the fourth quarter of 2021. We performed an
In the fourth quarter of 2022, we updated the LOM plan for Long analysis and concluded that the carrying amount remained recoverable
Canyon and we observed a decrease in the mine’s discounted cash under the revised LOM plan as at December 31, 2021. The key
flows reflecting an update in the permitting timeline based on our assumptions used in this assessment were consistent with our testing
experience at Goldrush and an increase in the WACC primarily due to of goodwill impairment in the fourth quarter of 2021, as listed below.
higher risk-free rates as central banks have increased rates to combat
inflation. We determined that this was an indicator of impairment and Lumwana
concluded that the carrying value of $391 million exceeded the FVLCD In the fourth quarter of 2021, the Zambian government enacted
and we recorded a non-current asset impairment of $84 million, amendments to the income tax laws, effective January 1, 2022, which
based on a FVLCD of $319 million. The key assumptions used in this allow for the deductibility of royalties when calculating income tax.
assessment are consistent with our testing of goodwill impairment in We determined that this was an indicator of an impairment reversal,
the fourth quarter of 2022, as listed below. therefore we performed an analysis of the FVLCD and concluded that
no reversal was appropriate at this time.
Reko Diq
On December 15, 2022, Barrick completed the reconstitution of the First Quarter 2021
Reko Diq project in Pakistan’s Balochistan province. The project Lagunas Norte
was suspended in 2011 due to a dispute over the legality of its As described in note 4, on February 16, 2021, we announced an
licensing process, and in 2012, an impairment of $120 million was agreement to sell our 100% interest in the Lagunas Norte gold mine
recorded relating to our 37.5% investment in the Reko Diq project. in Peru to Boroo for total consideration of up to $81 million. An
The reconstitution resolves the damages originally awarded by the impairment reversal of $86 million was recognized in the first quarter
International Centre for the Settlement of Investment Disputes and of 2021 based on the March 31, 2021 fair value of the consideration to
disputed in the International Chamber of Commerce. be received of $63 million. Lagunas Norte was in a net liability position,
The reconstituted project is held 50% by Barrick and 50% which resulted in an impairment reversal that exceeded the FVLCD.
by Pakistani stakeholders, comprising a 10% free-carried, non- The transaction closed on June 1, 2021.
contributing share held by the Provincial Government of Balochistan,

Key Assumptions Neither the increase in the long-term gold price nor long-term
Recoverable amount has been determined based on the estimated copper price assumption from 2021 were considered an indicator
FVLCD, which has been determined to be greater than the VIU amounts. of impairment reversal as the increased price would not, in isolation,
The key assumptions and estimates used in determining the FVLCD have resulted in the identification of an impairment reversal at our
are related to future metal prices, weighted average costs of capital, mines with reversible impairments. The other key assumptions used
NAV multiples for gold assets, operating costs, capital expenditures, in our impairment testing, based on the CGUs tested in each year, are
closure costs, future production levels, continued license to operate, summarized in the table below:
evidence of value from current year disposals and the expected start 2022 2021
of production for our projects. In addition, assumptions are related
to observable market evaluation metrics, including identification of WACC – gold (range) 4%–13% 3%–8%
comparable entities, and associated market values per ounce and per WACC – gold (avg) 6% 4%
pound of reserves and/or resources, as well as the fair value of mineral WACC – copper n/a 12%
resources outside of LOM plans.
NAV multiple – gold (avg) 1.2 1.2
Gold LOM years – gold (avg) 20 19
For the gold segments where a recoverable amount was required to
be determined, FVLCD was determined by calculating the net present Sensitivities
value (“NPV”) of the future cash flows expected to be generated Should there be a significant increase or decline in commodity prices,
by the mines and projects within the CGU (Level 3 of the fair value we would take actions to assess the implications on our LOM plans,
hierarchy). The estimates of future cash flows were derived from the including the determination of reserves and resources, and the
LOM plans and, where the LOM plans exclude a material portion appropriate cost structure for the CGU. The recoverable amount of the
of total reserves and resources, we assign value to resources not CGU would be affected by these changes and also be impacted by
considered in these models. Based on observable market or publicly other market factors such as changes in NAV multiples and the value
available data, including forward prices and equity sell-side analyst per ounce/pound of comparable market entities.
forecasts, we make an assumption of future gold, copper and silver We performed a sensitivity analysis on each gold CGU that was
prices to estimate future revenues. The future cash flows for each tested as part of the goodwill impairment test, as well as those gold
gold mine are discounted using a real WACC, which reflects specific CGUs which we believe are most sensitive to changes in the key
market risk factors for each mine. Some gold companies trade at a assumptions. We flexed the gold prices, WACC and NAV multiple,
market capitalization greater than the NPV of their expected cash which are the most significant assumptions that impact the impairment
flows. Market participants describe this as a “NAV multiple”, which calculations. We first assumed a +/- $100 per ounce change in our
represents the multiple applied to the NPV to arrive at the trading gold price assumptions, while holding all other assumptions constant.
price. The NAV multiple is generally understood to take account of We then assumed a +/-1% change in our WACC, independent
a variety of additional value factors such as the exploration potential from the change in gold prices, while holding all other assumptions
of the mineral property, namely the ability to find and produce more constant. Finally, we assumed a +/- 0.1 change in the NAV multiple,
metal than what is currently included in the LOM plan or reserve and while holding all other assumptions constant. These sensitivities help
resource estimates, and the benefit of gold price optionality. As a to determine the theoretical impairment losses or impairment reversals
result, we applied a specific NAV multiple to the NPV of each CGU that would be recorded with these changes in gold prices, WACC and
within each gold segment based on the NAV multiples observed in NAV multiple.
the market in recent periods and that we judged to be appropriate to If the gold price per ounce was increased by $100, the goodwill
the CGU. impairment recognized for Loulo-Gounkoto would have been lower
by $617 million, the non-current asset impairment for Veladero would
Assumptions have been lower by $90 million and there would not have been a
The short-term and long-term gold and copper price assumptions non-current asset impairment at Long Canyon. If the gold price per
used in our fourth quarter 2022 and 2021 impairment testing are as ounce was decreased by $100, the goodwill impairment recognized
follows: for Loulo-Gounkoto would have been higher by $283 million, the
non-current asset impairments would have increased by $71 million
2022 2021 at Veladero and $55 million at Long Canyon and a non-current asset
Gold price per oz (short-term) $ 1,700 $ 1,700 impairment of $278 million would have been recognized at Bulyanhulu.
Gold price per oz (long-term) 1,550 1,500 If the WACC was decreased by 1%, the goodwill impairment
recognized for Loulo-Gounkoto would have been lower by $412 million,
Copper price per lb (short-term) 3.50 4.00 and a non-current asset impairment of $155 million would have been
Copper price per lb (long-term) 3.25 3.00 recognized at Bulyanhulu, no additional non-current asset impairment
would have been recognized for Veladero and there would not have
been a non-current asset impairment at Long Canyon. If the WACC
was increased by 1%, no additional goodwill impairment would have
been recognized for Loulo-Gounkoto, an additional non-current
asset impairment of $39 million at Long Canyon would have been
recognized and there would have been no change in the non-current
asset impairment at Veladero.

If the NAV multiple was decreased by 0.1, there would have been 24. OTHER CURRENT LIABILITIES
no additional goodwill impairment, a non-current asset impairment
of $167 million would have been recognized at Bulyanhulu, but no As at As at
additional non-current asset impairments recognized at Veladero or Dec. 31, Dec. 31,
Long Canyon. If the NAV multiple was increased by 0.1, the goodwill 2022 2021
impairment recognized for Loulo-Gounkoto would have been lower by Payable to Antofagasta plc1 $ 945 $ –
$416 million, the non-current asset impairments would have decreased
Provision for environmental
by $55 million at Veladero and there would have been no change in the
rehabilitation (note 27b) 191 166
non-current asset impairment at Long Canyon.
The carrying value of the CGUs that are most sensitive to changes Deposit on Pueblo Viejo gold and
in the key assumptions used in the FVLCD calculation are: silver streaming agreement 54 43
Share-based payments (note 34a) 50 57
Carrying
Pueblo Viejo JV partner
As at December 31, 2022 Value shareholder loan (note 29) 32 9
Loulo-Gounkoto $ 3,165 Other 116 63
Bulyanhulu 1,047 $ 1,388 $ 338
Veladero 561
1 Relates to a liability to Antofagasta plc, which will fund their exit from the Reko
Long Canyon 336 Diq project, following its reconstitution as described in note 4.
25. FINANCIAL INSTRUMENTS

22. OTHER ASSETS
Financial instruments include cash; evidence of ownership in an entity;
As at As at or a contract that imposes an obligation on one party and conveys
Dec. 31, Dec. 31, a right to a second entity to deliver/receive cash or another financial
2022 2021 instrument. Information on certain types of financial instruments is
included elsewhere in these consolidated financial statements as
Value added taxes receivable1 $ 218 $ 199
follows: accounts receivable (note 18); restricted share units (note 34a).
Other investments2 112 414
Notes receivable3 160 123 a) Cash and Equivalents
Norte Abierto JV Partner Receivable 149 150 Cash and equivalents include cash, term deposits, treasury bills and
Restricted cash4 151 147 money market investments with original maturities of less than 90 days.
Prepayments5 223 253 As at As at
Derivative assets6 – 53 Dec. 31, Dec. 31,
2022 2021
Other 115 170
Cash deposits $ 2,994 $ 3,691
$ 1,128 $ 1,509
Term deposits 1,443 1,582
1 Includes VAT and fuel tax receivables of $29 million in Argentina, Money market investments 3 7
$119 million in Tanzania and $70 million in Chile (Dec. 31, 2021: $47 million,
$94 million and $58 million, respectively). $ 4,440 $ 5,280
2 Includes equity investments in other mining companies.
3 Primarily represents the interest bearing promissory note due from NovaGold. Of total cash and cash equivalents as of December 31, 2022, $nil (2021:
4 Primarily represents the cash balance at Pueblo Viejo that is contractually $nil) was held in subsidiaries which have regulatory or contractual
restricted in respect of disbursements for environmental rehabilitation that are restrictions or operate in countries where exchange controls and other
expected to occur near the end of Pueblo Viejo’s mine life. legal restrictions apply and are therefore not available for general use
5 Primarily relates to prepaid royalties at Carlin and Pueblo Viejo.
6 Reclassified to Other Current Assets and primarily consists of contingent
by the Company.
consideration received as part of the sale of Massawa in 2020 and Lagunas
Norte in 2021.
23. ACCOUNTS PAYABLE

As at As at
Dec. 31, Dec. 31,
2022 2021
Accounts payable $ 741 $ 539
Accruals1 556 676
Payroll accruals1 259 233
$ 1,556 $ 1,448
1 2021 figures have been restated to reflect the change in presentation to
present payroll accruals ($233 million) separately from accruals.

b) Debt and Interest1

December 31, Amortization December 31,
2021 Proceeds Repayments and other2 2022
5.7% notes3,10 $ 843 $ – $ – $ 1 $ 844
5.25% notes4 744 – (375) 3 372
5.80% notes5,10 395 – – 1 396
6.35% notes6,10 594 – – 1 595
Other fixed rate notes7,10 1,082 – – 1 1,083
Leases8 68 – (20) 22 70
Other debt obligations 581 – – (3) 578
5.75% notes9,10 843 – – 1 844
$ 5,150 $ – $ (395) $ 27 $ 4,782
Less: current portion11 (15) – – – (13)
$ 5,135 $ – $ (395) $ 27 $ 4,769

December 31, Amortization December 31,
2020 Proceeds Repayments and other2 2021
5.7% notes3,10 $ 842 $ – $ – $ 1 $ 843
5.25% notes4 744 – – – 744
5.80% notes5,10 395 – – – 395
6.35% notes6,10 594 – – – 594
Other fixed rate notes7,10 1,081 – – 1 1,082
Leases8 66 – (20) 22 68
Other debt obligations 590 – (7) (2) 581
5.75% notes9,10 843 – – – 843
$ 5,155 $ – $ (27) $ 22 $ 5,150
Less: current portion11 (20) – – – (15)
$ 5,135 $ – $ (27) $ 22 $ 5,135
1 The agreements that govern our long-term debt each contain various provisions which are not summarized herein. These provisions allow Barrick, at its option, to
redeem indebtedness prior to maturity at specified prices and also may permit redemption of debt by Barrick upon the occurrence of certain specified changes in
tax legislation.
2 Amortization of debt premium/discount and increases (decreases) in capital leases.
3 Consists of $850 million (2021: $850 million) of our wholly-owned subsidiary Barrick North America Finance LLC (“BNAF”) notes due 2041.
4 Consists of $375 million (2021: $750 million) of 5.25% notes which mature in 2042.
7 Consists of $1.1 billion (2021: $1.1 billion) in conjunction with our wholly-owned subsidiary BNAF and our wholly-owned subsidiary Barrick (PD) Australia Finance
Pty Ltd. (“BPDAF”). This consists of $250 million (2021: $250 million) of BNAF notes due 2038 and $850 million (2021: $850 million) of BPDAF notes due 2039.
8 Consists primarily of leases at Nevada Gold Mines, $17 million, Loulo-Gounkoto, $24 million, Veladero, $9 million, Lumwana, $4 million, Hemlo, $2 million, Pascua-
Lama, $2 million and Tongon, $2 million (2021: $18 million, $25 million, $2 million, $6 million, $4 million, $2 million and $4 million, respectively).
9 Consists of $850 million (2021: $850 million) in conjunction with our wholly-owned subsidiary BNAF.
10 We provide an unconditional and irrevocable guarantee on all BNAF, BPDAF, Barrick Gold Finance Company (“BGFC”), and Barrick (HMC) Mining (“BHMC”) notes
and generally provide such guarantees on all BNAF, BPDAF, BGFC, and BHMC notes issued, which rank equally with our other unsecured and unsubordinated
obligations.
11 The current portion of long-term debt consists of leases ($13 million; 2021: $15 million).

5.7% Notes 5.75% Notes

In June 2011, BNAF issued an aggregate of $4.0 billion in debt On May 2, 2013, we issued an aggregate of $3 billion in notes through
securities including $850 million of 5.70% notes that mature in 2041 Barrick and our wholly-owned indirect subsidiary BNAF including
issued by BNAF (collectively, the “BNAF Notes”). Barrick provides an $850 million of 5.75% notes issued by BNAF that mature in 2043.
unconditional and irrevocable guarantee of the BNAF Notes, which $2 billion of the net proceeds from this offering was used to repay
rank equally with Barrick’s other unsecured and unsubordinated amounts outstanding under our revolving credit facility at that time. We
obligations. provide an unconditional and irrevocable guarantee on the $850 million
of 5.75% notes issued by BNAF, which rank equally with our other
5.25% Notes unsecured and unsubordinated obligations.
On April 3, 2012, we issued an aggregate of $2 billion in debt securities
including $750 million of 5.25% notes that mature in 2042. During Amendment and Refinancing of the Credit Facility
2022, $375 million of the 5.25% notes was repaid. In May 2022, we amended the credit and guarantee agreement (the
“Credit Facility”) with certain Lenders, which requires such Lenders
Other Fixed Rate Notes to make available to us a credit facility of $3.0 billion or the equivalent
On October 16, 2009, we issued debentures through our wholly- amount in Canadian dollars. The Credit Facility, which is unsecured,
owned indirect subsidiary BPDAF consisting of $850 million of 30-year currently has an interest rate of Secured Overnight Financing Rate
notes with a coupon rate of 5.95%. We also provide an unconditional (“SOFR”) plus 1.00% on drawn amounts, and a standby rate of 0.09%
and irrevocable guarantee of these payments, which rank equally with on undrawn amounts. As part of the amendment, the termination date
our other unsecured and unsubordinated obligations. of the Credit Facility was extended from May 2026 to May 2027. The
In September 2008, we issued an aggregate of $1.25 billion of Credit Facility was undrawn as at December 31, 2022.
notes through our wholly-owned indirect subsidiaries BNAF and
BGFC including $250 million of 30-year notes with a coupon rate of
7.5%. We also provide an unconditional and irrevocable guarantee
of these payments, which rank equally with our other unsecured and
unsubordinated obligations.
INTEREST
2022 2021
Interest Effective Interest Effective
For the years ended December 31 cost rate1 cost rate1
5.7% notes $ 49 5.74% $ 49 5.74%
5.25% notes 37 5.47% 40 5.29%
5.80% notes 23 5.85% 23 5.85%
6.35% notes 38 6.41% 38 6.41%
Other fixed rate notes 70 6.39% 70 6.38%
Leases 4 6.56% 5 7.66%
Other debt obligations 35 6.25% 35 6.25%
5.75% notes 49 5.79% 49 5.79%
Deposits on Pascua-Lama silver sale agreement (note 29) 4 2.82% 4 2.82%
Deposits on Pueblo Viejo gold and silver streaming agreement (note 29) 29 6.07% 31 6.24%
Other interest 34 21
$ 372 $ 365
Less: interest capitalized (29) (16)
$ 343 $ 349
1 The effective rate includes the stated interest rate under the debt agreement, amortization of debt issue costs and debt discount/premium and the impact of interest
rate contracts designated in a hedging relationship with debt.

SCHEDULED DEBT REPAYMENTS1

Maturity 2028 and
Issuer Year 2023 2024 2025 2026 2027 thereafter Total
7.73% notes2 BGC 2025 $ – $ – $ 7 $ – $ – $ – $ 7
7.70% notes2 BGC 2025 – – 5 – – – 5
7.37% notes2 BGC 2026 – – – 32 – – 32
8.05% notes2 BGC 2026 – – – 15 – – 15
6.38% notes2 BGC 2033 – – – – – 200 200
5.80% notes BGC 2034 – – – – – 200 200
5.80% notes BGFC 2034 – – – – – 200 200
6.45% notes2 BGC 2035 – – – – – 300 300
6.35% notes BHMC 2036 – – – – – 600 600
7.50% notes3 BNAF 2038 – – – – – 250 250
5.95% notes3 BPDAF 2039 – – – – – 850 850
5.70% notes BNAF 2041 – – – – – 850 850
5.25% notes BGC 2042 – – – – – 375 375
5.75% notes BNAF 2043 – – – – – 850 850
$ – $ – $ 12 $ 47 $ – $ 4,675 $ 4,734
Minimum annual payments
under leases $ 13 $ 9 $ 9 $ 9 $ 8 $ 22 $ 70
1 This table illustrates the contractual undiscounted cash flows, and may not agree with the amounts disclosed in the consolidated balance sheet.
2 Included in Other debt obligations in the Long-Term Debt table.
3 Included in Other fixed rate notes in the Long-Term Debt table.
c) Derivative Instruments (“Derivatives”) The time frame and manner in which we manage those risks varies
In the normal course of business, our assets, liabilities and forecasted for each item based upon our assessment of the risk and available
transactions, as reported in US dollars, are impacted by various alternatives for mitigating risk. For these particular risks, we believe
market risks including, but not limited to: that derivatives are an appropriate way of managing the risk.
We use derivatives as part of our risk management program to
Item Impacted by mitigate variability associated with changing market values related
• Revenue • Prices of gold, to the hedged item. Many of the derivatives we use meet the hedge
silver and copper effectiveness criteria and are designated in a hedge accounting
relationship.
• Cost of sales Certain derivatives are designated as either hedges of the fair
• Consumption of diesel fuel, • Prices of diesel fuel, value of recognized assets or liabilities or of firm commitments (“fair
propane, natural gas, and propane, natural gas, value hedges”) or hedges of highly probable forecasted transactions
electricity and electricity (“cash flow hedges”), collectively known as “accounting hedges”.
Hedges that are expected to be highly effective in achieving offsetting
• Non-US dollar • Currency exchange rates – changes in fair value or cash flows are assessed on an ongoing basis to
expenditures US dollar versus A$, ARS, determine that they actually have been highly effective throughout the
C$, CLP, DOP, EUR, PGK, financial reporting periods for which they were designated. Some of
TZS, XOF, ZAR and ZMW the derivatives we use are effective in achieving our risk management
• General and administration, • Currency exchange rates – objectives, but they do not meet the strict hedge accounting criteria.
exploration and evaluation US dollar versus A$, ARS, These derivatives are considered to be “non-hedge derivatives”.
costs C$, CLP, DOP, GBP, PGK, During 2022 and 2021, we did not enter into any derivative
TZS, XOF, ZAR, and ZMW contracts for US dollar interest rates, currencies, or commodity inputs.
We had no contracts outstanding at December 31, 2022.
• Capital expenditures
• Non-US dollar capital • Currency exchange rates – 26. FAIR VALUE MEASUREMENTS
expenditures US dollar versus A$, ARS, Fair value is the price that would be received to sell an asset or paid to
C$, CLP, DOP, EUR, GBP, transfer a liability in an orderly transaction between market participants
PGK, XOF, ZAR, and ZMW at the measurement date. The fair value hierarchy establishes three
• Consumption of steel • Price of steel levels to classify the inputs to valuation techniques used to measure fair
value. Level 1 inputs are quoted prices (unadjusted) in active markets
• Interest earned on cash • US dollar interest rates for identical assets or liabilities. Level 2 inputs are quoted prices in
and equivalents markets that are not active, quoted prices for similar assets or liabilities
• Interest paid on • US dollar interest rates in active markets, inputs other than quoted prices that are observable
fixed-rate borrowings for the asset or liability (for example, interest rate and yield curves
observable at commonly quoted intervals, forward pricing curves used
to value currency and commodity contracts and volatility measurements
used to value option contracts), or inputs that are derived principally
from or corroborated by observable market data or other means.
Level 3 inputs are unobservable (supported by little or no market
activity). The fair value hierarchy gives the highest priority to Level 1
inputs and the lowest priority to Level 3 inputs.

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

FAIR VALUE MEASUREMENTS
Quoted Prices in Significant Significant
Active Markets for Other Observable Unobservable
Identical Assets Inputs Inputs Aggregate
At December 31, 2022 (Level 1) (Level 2) (Level 3) Fair Value
Other investments1 $ 112 $ – $ – $ 112
Derivatives – 59 – 59
Receivables from provisional copper and gold sales – 188 – 188
$ 112 $ 247 $ – $ 359
FAIR VALUE MEASUREMENTS

Quoted Prices in Significant Significant
Active Markets for Other Observable Unobservable
Identical Assets Inputs Inputs Aggregate
At December 31, 2021 (Level 1) (Level 2) (Level 3) Fair Value
Other investments1 $ 414 $ – $ – $ 414
Derivatives – 53 – 53
Receivables from provisional copper and gold sales – 242 – 242
$ 414 $ 295 $ – $ 709
1 Includes equity investments in other mining companies.
b) Fair Values of Financial Assets and Liabilities

At December 31, 2022 At December 31, 2021
Carrying Estimated Carrying Estimated
amount fair value amount fair value
Financial assets
Other assets1,5 $ 1,358 $ 1,358 $ 382 $ 382
Other investments2 112 112 414 414
Derivative assets3 59 59 53 53
$ 1,529 $ 1,529 $ 849 $ 849
Financial liabilities
Debt4 $ 4,782 $ 4,922 $ 5,150 $ 6,928
Other liabilities5 1,562 1,562 473 473
$ 6,344 $ 6,484 $ 5,623 $ 7,401
1 Includes restricted cash and amounts due from our partners.
2 Includes equity investments in other mining companies. Recorded at fair value. Quoted market prices are used to determine fair value.
3 Primarily consists of contingent consideration received as part of the sale of Massawa and Lagunas Norte.
4 Debt is generally recorded at amortized cost except for obligations that are designated in a fair-value hedge relationship, in which case the carrying amount is
adjusted for changes in fair value of the hedging instrument in periods when a hedge relationship exists. The fair value of debt is primarily determined using quoted
market prices. Balance includes both current and long-term portions of debt.
5 Other assets include a restricted cash balance and other liabilities include a liability to Antofagasta plc. The restricted cash will fund Antofagasta plc’s exit from the
Reko Diq project, following its reconstitution as described in note 4.
The fair values of the Company’s remaining financial assets and liabilities, which include cash and equivalents, accounts receivable and trade
and other payables approximate their carrying values due to their short-term nature. We do not offset financial assets with financial liabilities.
c) Assets Measured at Fair Value on a Non-Recurring Basis Valuation Techniques

Quoted prices
in active Significant
markets for other Significant
identical observable unobservable
assets inputs inputs Aggregate
At December 31, 2022 (Level 1) (Level 2) (Level 3) fair value
Property, plant and equipment1 – – 648 648
Goodwill2 – – 484 484
1 Property, plant and equipment were written down by $574 million, which was included in earnings in this period.
2 Goodwill was written down at Loulo-Gounkoto by $1,188 million, which was included in earnings in this period.

Receivables from Provisional Copper and Gold Sales The total PER has increased in the fourth quarter of 2022 by
The fair value of receivables arising from copper and gold sales $126 million primarily due to changes in cost estimates at our Cortez,
contracts that contain provisional pricing mechanisms is determined Carlin and Pascua-Lama properties, combined with a decrease in
using the appropriate quoted forward price from the exchange that the discount rate. For the year ended December 31, 2022, our PER
is the principal active market for the particular metal. As such, these balance decreased by $521 million primarily due to an increase in the
receivables, which meet the definition of an embedded derivative, are discount rate and spending incurred during the year, partially offset by
classified within Level 2 of the fair value hierarchy. the changes in cost estimates described above. A 1% increase in the
discount rate would result in a decrease in the PER by $219 million and
Other Long-Term Assets a 1% decrease in the discount rate would result in an increase in the
PER by $266 million, while holding the other assumptions constant.
The fair value of property, plant and equipment, goodwill, intangibles
and other assets is determined primarily using an income approach
based on unobservable cash flows and a market multiples approach 28. FINANCIAL RISK MANAGEMENT
where applicable, and as a result is classified within Level 3 of the Our financial instruments are comprised of financial liabilities
fair value hierarchy. Refer to note 21 for disclosure of inputs used to and financial assets. Our principal financial liabilities, other than
develop these measures. derivatives, comprise accounts payable and debt. The main purpose
of these financial instruments is to manage short-term cash flow and
27. PROVISIONS raise funds for our capital expenditure program. Our principal financial
assets, other than derivative instruments, are cash and equivalents,
a) Provisions restricted cash, accounts receivable, notes receivable and JV partner
receivable, which arise directly from our operations. In the normal
As at As at
Dec. 31, Dec. 31, course of business, we use derivative instruments to mitigate exposure
2022 2021 to various financial risks.
We manage our exposure to key financial risks in accordance with
Environmental rehabilitation (“PER”) $ 2,013 $ 2,559 our financial risk management policy. The objective of the policy is
Post-retirement benefits 46 48 to support the delivery of our financial targets while protecting future
Share-based payments 14 17 financial security. The main risks that could adversely affect our
financial assets, liabilities or future cash flows are as follows:
Other employee benefits 36 42
Other 102 102 a. Market risk, including commodity price risk, foreign currency and
$ 2,211 $ 2,768 interest rate risk;
b. Credit risk;
c. Liquidity risk; and
b) Environmental Rehabilitation d. Capital risk management.
2022 2021 Management designs strategies for managing each of these risks,
At January 1 $ 2,725 $ 3,081 which are summarized below. Our senior management oversees
the management of financial risks. Our senior management ensures
PERs divested during the year – (265) that our financial risk-taking activities are governed by policies and
Closed Sites procedures and that financial risks are identified, measured and
Impact of revisions to expected cash managed in accordance with our policies and our risk appetite. All
flows recorded in earnings (117) 44 derivative activities for risk management purposes are carried out by
the appropriate personnel.
Settlements
Cash payments (102) (89) a) Market Risk
Settlement gains (5) (6) Market risk is the risk that changes in market factors, such as
Accretion 23 18 commodity prices, foreign exchange rates or interest rates, will affect
Operating Sites the value of our financial instruments. We manage market risk by either
accepting it or mitigating it through the use of derivatives and other
PER revisions in the year (317) (42)
economic hedging strategies.
Settlements
Cash payments (43) (44) Commodity Price Risk
Settlement gains (3) (2) Gold and Copper
Accretion 43 30 We sell our gold and copper production in the world market. The
market prices of gold and copper are the primary drivers of our
At December 31 $ 2,204 $ 2,725
profitability and ability to generate both operating and free cash flow.
Current portion (note 24) (191) (166) Our corporate treasury group implements hedging strategies on an
$ 2,013 $ 2,559 opportunistic basis to protect us from downside price risk on our gold
and copper production. We did not enter into any positions during
The eventual settlement of substantially all PERs estimated is expected 2022 and 2021 and we do not have any positions outstanding as at
to take place between 2023 and 2062. December 31, 2022. Our gold and copper production is subject to
market prices.

Fuel The Company’s maximum exposure to credit risk at the reporting

We consume diesel fuel and natural gas to run our operations. Diesel date is the carrying value of each of the financial assets disclosed
fuel is refined from crude oil and is therefore subject to the same as follows:
price volatility affecting crude oil prices. Therefore, volatility in crude As at As at
oil and natural gas prices have a direct and indirect impact on our Dec. 31, Dec. 31,
production costs. 2022 2021
Cash and equivalents $ 4,440 $ 5,280
Foreign Currency Risk
The functional and reporting currency for all of our operating segments Accounts receivable 554 623
is the US dollar and we report our results using the US dollar. The Derivative assets 59 53
majority of our operating and capital expenditures are denominated and Notes receivable 160 123
settled in US dollars. We have exposure to the Argentine peso through
operating costs at our Veladero mine, and peso denominated VAT Norte Abierto JV partner receivable 172 173
receivable balances. In addition, we have exposure to the Canadian Restricted cash 1,096 147
and Australian dollars, Chilean peso, Papua New Guinea kina, $ 6,481 $ 6,399
Zambian kwacha, Tanzanian shilling, Dominican peso, West African
CFA franc, Euro, South African rand, and British pound through mine
operating and capital costs. Consequently, fluctuations in the US dollar c) Liquidity Risk
exchange rate against these currencies increase the volatility of cost of Liquidity risk is the risk of loss from not having access to sufficient
sales, general and administrative costs and overall net earnings, when funds to meet both expected and unexpected cash demands. We
translated into US dollars. manage our exposure to liquidity risk by maintaining cash reserves,
access to undrawn credit facilities and access to public debt markets,
Interest Rate Risk by staggering the maturities of outstanding debt instruments to
Interest rate risk refers to the risk that the value of a financial instrument mitigate refinancing risk and by monitoring of forecasted and actual
or cash flows associated with the instruments will fluctuate due to cash flows. Details of the undrawn credit facility are included in note 25.
changes in market interest rates. Currently, our interest rate exposure Our capital structure comprises a mix of debt, non-controlling
mainly relates to interest receipts on our cash balances ($4.4 billion at interest and shareholders’ equity. As at December 31, 2022, our
the end of the year); the mark-to-market value of derivative instruments; total debt was $4.8 billion (debt net of cash and equivalents was
and to the interest payments on our variable-rate debt ($0.1 billion at $342 million) compared to total debt as at December 31, 2021 of
December 31, 2022). $5.2 billion (debt net of cash and equivalents was $(130) million).
The effect on net earnings and equity of a 1% change in Our operating cash flow is dependent on the ability of our operations
the interest rate of our financial assets and liabilities as at to deliver projected future cash flows. The market prices of gold, and
December 31, 2022 is approximately $39 million (2021: $37 million). to a lesser extent copper, are the primary drivers of our operating
cash flow. Other options to enhance liquidity include further portfolio
b) Credit Risk optimization and the creation of new joint ventures and partnerships;
issuance of equity securities in the public markets or to private
Credit risk is the risk that a third party might fail to fulfill its performance investors, which could be undertaken for liquidity enhancement and/or
obligations under the terms of a financial instrument. Credit risk in connection with establishing a strategic partnership; issuance of
arises from cash and equivalents, restricted cash, notes receivable, long-term debt securities in the public markets or to private investors
JV partner receivable, accounts receivable, as well as derivative (Moody’s and S&P currently rate Barrick’s outstanding long-term
assets. To mitigate our inherent exposure to credit risk on all financial debt as investment grade, with ratings of A3 and BBB+, respectively);
assets listed above (other than derivative assets) we maintain and drawing on the $3.0 billion available under our undrawn credit
policies to limit the concentration of credit risk, review counterparty facility (subject to compliance with covenants and the making of
creditworthiness on a monthly basis, and ensure liquidity of available certain representations and warranties, this facility is available for
funds. We also invest our excess cash and equivalents in highly rated drawdown as a source of financing). The key financial covenant in the
financial institutions, primarily within the United States and Canada. Credit Facility (undrawn as at December 31, 2022) requires Barrick
Furthermore, we sell our gold and copper production into the world to maintain a net debt to total capitalization ratio, as defined in the
market and to financial institutions and private customers with strong agreement, of 0.60:1 or lower (Barrick’s net debt to total capitalization
credit ratings. Historically, customer defaults have not had a significant ratio was 0.01:1 as at December 31, 2022).
impact on our operating results or financial position.

The following table outlines the expected maturity of our significant financial assets and liabilities into relevant maturity groupings based on
the remaining period from the balance sheet date to the contractual maturity date. As the amounts presented in the table are the contractual
undiscounted cash flows, these balances may not agree with the amounts disclosed in the balance sheet.
(in $ millions) Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total
Cash and equivalents $ 4,440 $ – $ – $ – $ 4,440
Accounts receivable 554 – – – 554
Notes receivable – 11 3 146 160
Norte Abierto JV partner receivable 23 25 – 124 172
Restricted cash 945 15 – 136 1,096
Derivative assets 59 – – – 59
Trade and other payables 1,556 – – – 1,556
Debt 13 30 64 4,697 4,804
Other liabilities 1,017 210 76 259 1,562

(in $ millions) Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Total
Cash and equivalents $ 5,280 $ – $ – $ – $ 5,280
Accounts receivable 623 – – – 623
Notes receivable – 1 – 122 123
Norte Abierto JV partner receivable 23 46 – 104 173
Restricted cash – 12 – 135 147
Derivative assets – 53 – – 53
Trade and other payables 1,448 – – – 1,448
Debt 15 17 67 5,077 5,176
Other liabilities 30 196 92 155 473
d) Capital Risk Management Government of Tanzania Shareholder Loan

Our objective when managing capital is to provide value for shareholders On January 24, 2020, Barrick formalized the establishment of a
by maintaining an optimal short-term and long-term capital structure in joint venture between Barrick and the Government of Tanzania
order to reduce the overall cost of capital while preserving our ability (“GoT”). Effective January 1, 2020, the GoT received a 16% interest
to continue as a going concern. Our capital management objectives in the shareholder loans owed by Bulyanhulu and Buzwagi, of which
are to safeguard our ability to support our operating requirements on $167 million was payable to the GoT. During 2021, $16 million was
an ongoing basis, continue the development and exploration of our repaid. During 2022, $32 million was offset against value added
mineral properties and support any expansion plans. Our objectives taxes recoverable.
are also to ensure that we maintain a strong balance sheet and
optimize the use of debt and equity to support our business and Pueblo Viejo Shareholder Loan
provide financial flexibility in order to maximize shareholder value. In November 2020, Pueblo Viejo entered into a $1.3 billion loan
We define capital as total debt less cash and equivalents and it is facility agreement with its shareholders (the “PV Shareholder Loan”)
managed by management subject to approved policies and limits by to provide long-term financing to expand the mine. The shareholders
the Board of Directors. We have no significant financial covenants or will lend funds pro rata in accordance with their shareholding in
capital requirements with our lenders or other parties other than what Pueblo Viejo. The PV Shareholder Loan is broken up into two facilities:
is discussed under liquidity risk in note 28c. $0.8 billion of funds that could be drawn on a pro rata basis until
June 30, 2022 (“Facility I”) and $0.5 billion of funds that can be
29. OTHER NON-CURRENT LIABILITIES drawn on a pro rata basis until June 30, 2025 (“Facility II”). During
As at As at 2022, Facility I was extended to December 31, 2022. Starting in 2023,
Dec. 31, Dec. 31, amortized repayments for Facility I are due to begin twice yearly on the
2022 2021 scheduled repayment dates, with a final maturity date of February 28,
Deposit on Pascua-Lama silver 2032. Amortized repayments for Facility II are due to begin twice
sale agreement $ 158 $ 154 yearly on the scheduled repayment dates after June 30, 2025, with
Deposit on Pueblo Viejo gold a final maturity date of February 28, 2035. The interest rate on drawn
and silver streaming agreement1 415 438 amounts is SOFR plus 400 basis points. During 2022, 2021 and 2020,
$369 million, $327 million and $104 million, respectively, were drawn
Long-term income tax payable 200 267 on Facility I, fully drawing it down, including $147 million, $131 million
GoT shareholder loan 118 150 and $42 million, respectively, from Barrick’s Pueblo Viejo JV partner.
Pueblo Viejo JV partner During 2022, $75 million was drawn on Facility II, including $30 million
shareholder loan 318 164 from Barrick’s Pueblo Viejo JV partner.
Provision for offsite remediation 32 52
Other 88 76
$ 1,329 $ 1,301
1 Revenues of $40 million were recognized in 2022 (2021: $44 million) through
the draw-down of our streaming liabilities relating to a contract in place at
Pueblo Viejo.

Pascua-Lama Silver Sale Agreement 30. DEFERRED INCOME TAXES

Our silver sale agreement with Wheaton requires us to deliver Recognition and Measurement
25 percent of the life of mine silver production from the Pascua-Lama
We record deferred income tax assets and liabilities where temporary
project once it is constructed and required delivery of 100 percent
differences exist between the carrying amounts of assets and liabilities
of silver production from the Lagunas Norte, Pierina and Veladero
in our balance sheet and their tax bases. The measurement and
mines until March 31, 2018. In return, we were entitled to an upfront
recognition of deferred income tax assets and liabilities takes into
cash payment of $625 million payable over three years from the
account: substantively enacted rates that will apply when temporary
date of the agreement, as well as ongoing payments in cash of the
differences reverse; interpretations of relevant tax legislation; estimates
lesser of $3.90 (subject to an annual inflation adjustment of 1 percent
of the tax bases of assets and liabilities; and the deductibility of
starting three years after project completion at Pascua-Lama) and
expenditures for income tax purposes. In addition, the measurement
the prevailing market price for each ounce of silver delivered under
and recognition of deferred tax assets takes into account tax planning
the agreement. An imputed interest expense was recorded on the
strategies. We recognize the effect of changes in our assessment of
liability at the rate implicit in the agreement. The liability plus imputed
these estimates and factors when they occur. Changes in deferred
interest was amortized based on the difference between the effective
income tax assets and liabilities are allocated between net income,
contract price for silver and the amount of the ongoing cash payment
other comprehensive income, equity and goodwill based on the
per ounce of silver delivered under the agreement. The completion
source of the change.
date guarantee under the silver sale agreement for Pascua-Lama
Current income taxes of $29 million have been provided in the
was originally December 31, 2015 but was subsequently extended
year on the undistributed earnings of certain foreign subsidiaries. Our
to June 30, 2020. Per the terms of the amended silver purchase
total income tax provision for these items as at December 31, 2022
agreement, if the requirements of the completion guarantee were not
is $41 million. Deferred income taxes have not been provided on the
satisfied by June 30, 2020, then Wheaton had the right to terminate the
undistributed earnings of all other foreign subsidiaries for which we are
agreement within 90 days of that date, in which case, they would have
able to control the timing of the remittance, and it is probable that there
been entitled to the return of the upfront consideration paid less credit
will be no remittance in the foreseeable future. These undistributed
for silver delivered up to the date of that event.
earnings amounted to $14,569 million as at December 31, 2022.
Given that, as of September 28, 2020, Wheaton had not exercised
its termination right, a residual liability of $253 million remains due
SOURCES OF DEFERRED INCOME TAX
on September 1, 2039 (assuming no future deliveries are made).
This residual cash liability was remeasured to $148 million as at
ASSETS AND LIABILITIES
September 30, 2020, which was the present value of the liability due in As at As at
2039 discounted at a rate estimated for comparable liabilities, including Dec. 31, Dec. 31,
Barrick’s outstanding debt. The liability had a balance of $158 million 2022 2021
as at December 31, 2022 and is measured at amortized cost. Deferred tax assets
Tax loss carry forwards $ 307 $ 330
Pueblo Viejo Gold and Silver Streaming Agreement
Tax credits – 10
On September 29, 2015, we closed a gold and silver streaming
transaction with Royal Gold, Inc. (“Royal Gold”) for production linked Environmental rehabilitation 205 262
to Barrick’s 60 percent interest in the Pueblo Viejo mine. Royal Gold Post-retirement benefit obligations
made an upfront cash payment of $610 million and will continue and other employee benefits 31 30
to make cash payments for gold and silver delivered under the Other working capital 85 68
agreement. The $610 million upfront payment is not repayable and
Barrick is obligated to deliver gold and silver based on Pueblo Viejo’s Other 10 5
production. We have accounted for the upfront payment as deferred $ 638 $ 705
revenue and will recognize it in earnings, along with the ongoing cash Deferred tax liabilities
payments, as the gold and silver is delivered to Royal Gold. We will
Property, plant and equipment (3,476) (3,556)
also be recording accretion expense on the deferred revenue balance
as the time value of the upfront deposit represents a significant Inventory (389) (416)
component of the transaction. Accrued interest payable (1) 3
Under the terms of the agreement, Barrick will sell gold and silver $ (3,228) $ (3,264)
to Royal Gold equivalent to:
Classification:
• 7.5 percent of Barrick’s interest in the gold produced at Pueblo Non-current assets $ 19 $ 29
Viejo until 990,000 ounces of gold have been delivered, and Non-current liabilities (3,247) (3,293)
3.75 percent thereafter. As at December 31, 2022, approximately
317,000 ounces of gold have been delivered. $ (3,228) $ (3,264)
• 75 percent of Barrick’s interest in the silver produced at Pueblo
Viejo until 50 million ounces have been delivered, and 37.5 percent
thereafter. Silver will be delivered based on a fixed recovery rate
of 70 percent. Silver above this recovery rate is not subject to
the stream. As at December 31, 2022, approximately 11 million
ounces of silver have been delivered.
Barrick will receive ongoing cash payments from Royal Gold

equivalent to 30 percent of the prevailing spot prices for the first
550,000 ounces of gold and 23.1 million ounces of silver delivered.
Thereafter payments will double to 60 percent of prevailing spot prices
for each subsequent ounce of gold and silver delivered. Ongoing cash
payments to Barrick are tied to prevailing spot prices rather than fixed
in advance, maintaining exposure to higher gold and silver prices in
the future.

EXPIRY DATES OF TAX LOSSES

No
expiry
2023 2024 2025 2026 2027+ date Total
Non-capital tax losses1
Australia $ – $ – $ – $ – $ – $ 54 $ 54
Barbados 397 212 218 2 131 – 960
Canada – – 1 1 2,349 – 2,351
Chile – – – – – 979 979
Papua New Guinea – – – – 127 10 137
Saudi Arabia – – – – – 330 330
Tanzania – – – – – 1,199 1,199
United Kingdom – – – – – 117 117
Others 2 2 1 38 2 9 54
$ 399 $ 214 $ 220 $ 41 $ 2,609 $ 2,698 $ 6,181
1 Represents the gross amount of tax loss carry forwards translated at closing exchange rates at December 31, 2022.
The non-capital tax losses include $5,165 million of losses which are Deferred tax assets not recognized relate to: non-capital loss carry
not recognized in deferred tax assets. Of these, $399 million expire forwards of $1,168 million (2021: $1,048 million), capital loss carry
in 2023, $213 million expire in 2024, $221 million expire in 2025, forwards with no expiry date of $262 million (2021: $321 million),
$41 million expire in 2026, $2,482 million expire in 2027 or later, and and other deductible temporary differences with no expiry date of
$1,809 million have no expiry date. $1,416 million (2021: $1,414 million).
Recognition of Deferred Tax Assets SOURCE OF CHANGES IN DEFERRED TAX BALANCES

We recognize deferred tax assets taking into account the effects For the years ended December 31 2022 2021
of local tax law. Deferred tax assets are fully recognized when we
conclude that sufficient positive evidence exists to demonstrate that it Temporary differences
is probable that a deferred tax asset will be realized. The main factors Property, plant and equipment $ 80 $ (181)
considered are: Environmental rehabilitation (56) (97)
• Historic and expected future levels of taxable income; Tax loss carry forwards (23) (127)
• Tax plans that affect whether tax assets can be realized; and AMT and other tax credits (10) (3)
• The nature, amount and expected timing of reversal of taxable Inventory 27 48
temporary differences.
Other 18 32
Levels of future income are mainly affected by: market gold, copper $ 36 $ (328)
and silver prices; forecasted future costs and expenses to produce Intraperiod allocation to:
gold and copper; quantities of proven and probable gold and copper Income before income taxes $ 41 $ (345)
reserves; market interest rates; and foreign currency exchange rates. If
these factors or other circumstances change, we record an adjustment Income tax payable (2) (2)
to the recognition of deferred tax assets to reflect our latest assessment Other comprehensive (income) loss (5) 19
of the amount of deferred tax assets that is probable will be realized. Other 2 –
DEFERRED TAX ASSETS NOT RECOGNIZED $ 36 $ (328)
As at As at INCOME TAX RELATED CONTINGENT LIABILITIES

Dec. 31, Dec. 31,
2022 2021 2022 2021
Argentina $ 154 $ 118 At January 1 $ 257 $ 266
Australia 306 302 Additions based on uncertain tax
Barbados 53 27 positions related to prior years 1 19
Canada 954 966 Additions based on uncertain tax
positions related to the current year 7 –
Chile 1,084 1,059
Reductions for tax positions of prior years (45) (28)
Côte d’Ivoire 6 6
Reclassifications1 (160) –
Mali 9 11
At December 312 $ 60 $ 257
Peru 65 79
Saudi Arabia 65 71 1 Following the full implementation of the Framework Agreement in Tanzania,
the agreed payment obligations are shown in current and long-term income
Tanzania 109 105 tax payables.
United Kingdom 22 36 2 If reversed, the total amount of $60 million would be recognized as a benefit
to income taxes on the income statement, and therefore would impact the
United States 15 – reported effective tax rate.
Others 4 3
$ 2,846 $ 2,783

TAX YEARS STILL UNDER EXAMINATION Return of Capital

At the Annual and Special Meeting on May 4, 2021, shareholders
Argentina 2010–2011, 2015–2022
approved a $750 million return of capital distribution. This distribution
Australia 2017–2022 was derived from a portion of the proceeds from the divestiture of
Canada 2015–2022 Kalgoorlie Consolidated Gold Mines in November 2019 and from other
Chile 2015–2022 dispositions made by Barrick and its affiliates in line with our strategy
of focusing on our core assets. The total return of capital distribution
Côte d’Ivoire 2020–2022 was paid in three equal tranches of $250 million on June 15, 2021,
Democratic Republic of Congo 2021–2022 September 15, 2021 and December 15, 2021.
Dominican Republic 2015–2022
Mali 2017–2022 Share Buyback Program
At the February 15, 2022 meeting, the Board of Directors authorized a
Papua New Guinea 2006–2022
share buyback program for the repurchase of up to $1.0 billion of the
Peru 2016–2022 Company’s outstanding common shares over the following 12 months.
Saudi Arabia 2019–2022 In 2022, Barrick purchased 24.25 million common shares for a total of
Tanzania 2018–2022 $424 million before the program was terminated. At the February 14,
2023 meeting, the Board of Directors authorized a new share buyback
United States 2022 program for the repurchase of up to $1.0 billion of the Company’s
Zambia 2018–2022 outstanding common shares over the next 12 months.
The actual number of common shares that may be purchased,
and the timing of any such purchases, will be determined by Barrick
31. CAPITAL STOCK based on a number of factors, including the Company’s financial
Authorized Capital Stock performance, the availability of cash flows, and the consideration of
Our authorized capital stock is composed of an unlimited number other uses of cash, including capital investment opportunities, returns
of common shares (issued 1,755,349,661 common shares as at to shareholders, and debt reduction.
December 31, 2022). Our common shares have no par value. The repurchase program does not obligate the Company to
acquire any particular number of common shares, and the repurchase
Dividends program may be suspended or discontinued at any time at the
Company’s discretion.
In 2022, we declared and paid dividends in US dollars totaling $1,143 million
(2021: $634 million).
The Company’s dividend reinvestment plan resulted in $5 million
(2021: $5 million) reinvested into the Company.
32. NON-CONTROLLING INTERESTS

a) Non-Controlling Interests (“NCI”) Continuity
Nevada Pueblo Tanzania Loulo-
Gold Mines Viejo Mines1 Gounkoto Tongon Reko Diq Other Total
NCI in subsidiary at
December 31, 2022 38.5% 40% 16% 20% 10.3% 50% 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
Increase in non-controlling
interest2 (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
Acquisitions2 – – – – – 329 – 329
Share of income (loss) 633 96 35 (179) – – – 585
Disbursements (626) (157) (12) (35) (16) – – (846)
At December 31, 2022 $ 6,068 $ 1,128 $ 321 $ 739 $ 13 $ 329 $ (80) $ 8,518
1 Tanzania mines consist of the two operating mines (North Mara and Bulyanhulu) and Buzwagi which transitioned into closure early in the third quarter of 2021.
2 Refer to note 4 for further details.

b) Summarized Financial Information on Subsidiaries with Material Non-Controlling Interests
SUMMARIZED BALANCE SHEETS

Nevada Gold Mines Pueblo Viejo Tanzania Mines1 Loulo-Gounkoto Tongon
As at As at As at As at As at As at As at As at As at As at
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Current assets $ 2,408 $ 3,351 $ 485 $ 394 $ 437 $ 637 $ 928 $ 444 $ 158 $ 205
Non-current assets 13,863 13,750 5,003 4,724 1,917 1,798 3,602 4,712 165 192
Total assets $ 16,271 $ 17,101 $ 5,488 $ 5,118 $ 2,354 $ 2,435 $ 4,530 $ 5,156 $ 323 $ 397
Current liabilities 586 561 889 633 800 926 189 141 170 76
Non-current liabilities 1,135 1,244 1,421 1,249 422 526 560 575 46 59
Total liabilities $ 1,721 $ 1,805 $ 2,310 $ 1,882 $ 1,222 $ 1,452 $ 749 $ 716 $ 216 $ 135
SUMMARIZED STATEMENTS OF INCOME

For the years ended
December 31 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Revenue $ 5,573 $ 6,135 $ 1,303 $ 1,514 $ 1,032 $ 993 $ 1,236 $ 1,249 $ 356 $ 368
Income (loss) from
continuing operations
after tax 3,018 2,246 170 361 210 284 (912) 322 (4) 52
Other comprehensive
income 1 9 – – – – – – – –
Total comprehensive
income (loss) $ 3,019 $ 2,255 $ 170 $ 361 $ 210 $ 284 $ (912) $ 322 $ (4) $ 52
Dividends paid to NCI2 $ 626 $ 848 $ 60 $ 48 $ 3 $ – $ 35 $ 51 $ 13 $ 20
SUMMARIZED STATEMENTS OF CASH FLOWS

For the years ended
December 31 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Net cash provided by
operating activities $ 2,693 $ 3,035 $ 524 $ 541 $ 275 $ 373 $ 459 $ 605 $ 75 $ 61
Net cash used in
investing activities (1,103) (962) (599) (522) (253) (178) (322) (297) (32) (17)
Net cash provided
by (used in)
financing activities (1,631) (2,208) 67 (101) (222) (100) (176) (254) (76) (143)
Net increase (decrease)
in cash and cash
equivalents $ (41) $ (135) $ (8) $ (82) $ (200) $ 95 $ (39) $ 54 $ (33) $ (99)
1 Tanzania mines consist of the two operating mines (North Mara and Bulyanhulu) and Buzwagi which transitioned into closure early in the third quarter of 2021.
2 Includes partner distributions.
33. RELATED PARTY TRANSACTIONS Remuneration of Key Management Personnel

The Company’s related parties include its subsidiaries, joint operations, Key management personnel include the members of the Board of
joint ventures and key management personnel. During its normal Directors and the executive leadership team. Compensation for key
course of operations, the Company enters into transactions with its management personnel (including Directors) was as follows:
related parties for goods and services. Transactions between the
Company and its subsidiaries and joint operations, which are related
parties of the Company, have been eliminated on consolidation and Salaries and short-term
are not disclosed in this note. There were no other material related employee benefits1 $ 33 $ 36
party transactions reported in the year. Post-employment benefits2 4 6
Share-based payments and other3 31 25
$ 68 $ 67
1
Includes annual salary and annual short-term incentives/other bonuses
earned in the year.
2 Represents Company contributions to retirement savings plans.
3 Relates to DSU, RSU, and PGSU grants and other compensation.

34. STOCK-BASED COMPENSATION Proposed Canadian Securities Class Actions (Pascua-Lama)

a) Restricted Share Units (RSUs) and Deferred Share Proposed securities class actions have been commenced against
the Company and four of its former senior executives (Aaron Regent,
Units (DSUs)
Jamie Sokalsky, Ammar Al-Joundi and Peter Kinver) in Ontario
Compensation expense for RSUs was a $23 million charge to earnings and Quebec. The proceedings pertain to the Company’s public
in 2022 (2021: $31 million) and is presented as a component of general disclosures concerning the Pascua-Lama Project. In the Ontario
and administrative expenses and cost of sales, consistent with the litigation, the Plaintiffs have alleged that Barrick made false and
classification of other elements of compensation expense for those misleading statements to the investing public during the period from
employees who had RSUs. approximately July 2011 to October 2013 relating to capital cost and
Compensation expense for RSUs incorporates an expected schedule estimates for Pascua-Lama, environmental compliance
forfeiture rate. The expected forfeiture rate is estimated based on matters in Chile, as well as alleged internal control failures and certain
historical forfeiture rates and expectations of future forfeiture rates. accounting-related matters.
We make adjustments if the actual forfeiture rate differs from the The claim for damages is stated to be more than $3 billion.
expected rate. At December 31, 2022, the weighted average remaining In the Quebec litigation, the Plaintiff has alleged that Barrick made
contractual life of RSUs was 0.80 years (2021: 0.75 years). misrepresentations during the period from approximately April 2011 to
October 2013 concerning environmental compliance matters in Chile.
DSU AND RSU ACTIVITY An unspecified amount of damages is being sought.
(NUMBER OF UNITS IN THOUSANDS) In both Ontario and Quebec, the proposed representative
Fair Fair Plaintiffs brought motions seeking: (i) leave of the Court to proceed
DSUs value RSUs value with statutory secondary market misrepresentation claims pursuant to
provincial securities legislation; and (ii) orders certifying the actions
At January 1, 2021 561 $ 12.8 2,623 $ 38.6 as class actions, and therefore allowing the proposed representative
Settled for cash – – (1,435) (36.2) Plaintiffs to pursue statutory secondary market misrepresentation
Granted 117 2.2 1,300 26.4 claims and other claims on behalf of the proposed classes.
In the Quebec proceeding, the Superior Court of Quebec denied
Credits for dividends – – 30 0.6 both motions in March 2020. The proposed representative Plaintiff
Change in value – (2.4) – 1.6 appealed to the Quebec Court of Appeal, which rendered its decision
At December 31, 2021 678 $ 12.6 2,518 $ 31.0 on December 19, 2022. The Court of Appeal allowed the appeal in part.
It granted leave to proceed as against the Company, Mr. Sokalsky
Settled for cash – – (1,656) (29.2)
and Mr. Al-Joundi in respect of a statutory secondary market claim
Granted 159 2.9 1,406 24.2 pertaining to a statement concerning the water management system
Credits for dividends – – 69 1.3 in Chile made by the Company in its Management’s Discussion and
Change in value – (1.1) – (1.0) Analysis for the second quarter of 2012. The Court also granted class
certification in respect of that claim. The Court denied the remainder
At December 31, 2022 837 $ 14.4 2,337 $ 26.3 of the appeal. As a result, as matters currently stand, the proposed
representative Plaintiff can pursue a single statutory secondary market
b) Performance Granted Share Units (PGSUs) misrepresentation claim on behalf of a putative class of shareholders
who acquired Barrick shares during the period from July 26, 2012
In 2014, Barrick launched a PGSU plan. Under this plan, selected
to October 31, 2013. He cannot pursue any of the other statutory
employees are granted PGSUs, where each PGSU has a value equal
secondary market misrepresentation claims he had purported to
to one Barrick common share. At December 31, 2022, 3,117 thousand
assert, and can only pursue his claims pursuant to the primary market
units had been granted at a fair value of $38 million (2021: 2,873
provisions of the Quebec Securities Act and the Civil Code of Quebec
thousand units at a fair value of $43 million).
on an individual basis rather than on behalf of other shareholders.
Barrick is considering whether to seek leave to appeal from the decision
35. CONTINGENCIES of the Quebec Court of Appeal to the Supreme Court of Canada.
Certain conditions may exist as of the date the financial statements are In the Ontario proceeding, the motion for leave to proceed with
issued that may result in a loss to the Company, but which will only be statutory secondary market misrepresentation claims was originally
resolved when one or more future events occur or fail to occur. The heard in July 2019. In October 2019, the Ontario Superior Court of
impact of any resulting loss from such matters affecting these financial Justice dismissed all of those claims except for one. The Court granted
statements and noted below may be material. leave to proceed as against Barrick, Mr. Sokalsky and Mr. Al-Joundi
in respect of a claim pertaining to the same statement in Barrick’s
Litigation and Claims Management’s Discussion and Analysis for the second quarter of
In assessing loss contingencies related to legal proceedings that 2012 as is referred to above. The Plaintiffs appealed to the Court of
are pending against us or unasserted claims that may result in such Appeal for Ontario. In February 2021, the Court of Appeal allowed the
proceedings, the Company with assistance from its legal counsel, proposed representative plaintiffs’ appeal in part. The Court of Appeal
evaluates the perceived merits of any legal proceedings or unasserted set aside the Superior Court’s decision dismissing statutory secondary
claims as well as the perceived merits of the amount of relief sought or market misrepresentation claims pertaining to the Company’s capital
expected to be sought. cost and scheduling estimates as well as to certain accounting and
financial reporting issues, and remitted to the Ontario Superior Court
the issue of whether leave to proceed should be granted in respect
of those claims. The Court of Appeal upheld the Superior Court’s
decision dismissing statutory secondary market misrepresentation
claims pertaining to certain environmental matters in Chile.

On March 22, 2022, the Ontario Superior Court of Justice rendered On April 22, 2015, CMN was notified that the SMA had initiated
its decision concerning the Plaintiffs’ motion for leave to proceed with a new administrative proceeding for alleged deviations from certain
statutory secondary market misrepresentation claims pertaining to requirements of the Project’s environmental approval, including
Barrick’s capital cost and schedule estimates for the Pascua-Lama with respect to the Project’s environmental impact and a series of
project and various accounting and financial reporting matters. In its monitoring requirements. In May 2015, CMN submitted a compliance
decision, the Court denied leave to proceed in respect of all but two program to address certain of the allegations and presented its
of those claims. The Court solicited additional submissions from the defense to the remainder of the alleged deviations. The SMA rejected
parties before deciding whether to grant leave to proceed in respect CMN’s proposed compliance program on June 24, 2015, and denied
of the two remaining claims. On July 18, 2022, the Court rendered a CMN’s administrative appeal of that decision on July 31, 2015. On
supplemental decision granting the Plaintiffs leave to proceed with the December 30, 2016, the Environmental Court rejected CMN’s appeal
two claims in question as against Barrick, Mr. Regent and Mr. Sokalsky. and CMN declined to challenge this decision.
The Company filed a motion with the Ontario Divisional Court for On June 8, 2016, the SMA consolidated the two administrative
leave to appeal from the decision granting the Plaintiffs leave to proceed proceedings against CMN into a single proceeding encompassing both
with those two claims. That motion was dismissed on November 29, the reconsideration of the Original Resolution in accordance with the
2022. The Plaintiffs have appealed to the Court of Appeal for Ontario decision of the Environmental Court and the alleged deviations from
from the decision of the Superior Court to deny leave to proceed in the Project’s environmental approval notified by the SMA in April 2015.
respect of their other statutory secondary market claims. On January 17, 2018, CMN received the revised resolution (the
The motion for class certification in Ontario has not yet been “Revised Resolution”) from the SMA, in which the environmental
heard. The Ontario Superior Court has indicated that it does not intend regulator reduced the original administrative fine from approximately
to hear that motion until after the Plaintiffs’ motion for leave to proceed $16 million to $11.5 million and ordered the closure of existing surface
has been fully determined. facilities on the Chilean side of the Project in addition to certain
The Company intends to vigorously defend the proposed monitoring activities. The Revised Resolution does not revoke the
Canadian securities class actions. No amounts have been recorded for Project’s environmental approval. CMN filed an appeal of the Revised
any potential liability arising from any of the proposed class actions, as Resolution on February 3, 2018 with the First Environmental Court of
the Company cannot reasonably predict the outcome in either Ontario Antofagasta (the “Antofagasta Environmental Court”).
or Quebec. On October 12, 2018, the Antofagasta Environmental Court issued
an administrative ruling ordering review of the significant sanctions
Pascua-Lama – SMA Regulatory Sanctions ordered by the SMA. CMN was not a party to this process. In its ruling,
In May 2013, Compañía Minera Nevada (“CMN”), Barrick’s Chilean the Antofagasta Environmental Court rejected four of the five closure
subsidiary that holds the Chilean portion of the Project, received a orders contained in the Revised Resolution and remanded the related
Resolution (the “Original Resolution”) from Chile’s environmental environmental infringements back to the SMA for further consideration.
regulator (the Superintendencia del Medio Ambiente, or “SMA”) that A new resolution from the SMA with respect to the sanctions for
requires CMN to complete the water management system for the these four infringements could include a range of potential sanctions,
Project in accordance with the Project’s environmental permit before including additional fines, as provided in the Chilean legislation. The
resuming construction activities in Chile. The Original Resolution Antofagasta Environmental Court upheld the SMA’s decision to order
also required CMN to pay an administrative fine of approximately the closure of the Chilean side of the Project for the fifth infringement.
$16 million for deviations from certain requirements of the Project’s Following the issuance of the Revised Resolution, the Company
Chilean environmental approval, including a series of reporting reversed the estimated amount previously recorded for any additional
requirements and instances of non-compliance related to the Project’s proposed administrative fines in this matter. In addition, the Company
water management system. CMN paid the administrative fine in reclassified Pascua-Lama’s proven and probable gold reserves
May 2013. as measured and indicated resources and recorded a pre-tax
In June 2013, CMN began engineering studies to review the impairment of $429 million in the fourth quarter of 2017. No additional
Project’s water management system in accordance with the Original amounts have been recorded for any potential liability arising from
Resolution. The studies were suspended in the second half of 2015 as the Antofagasta Environmental Court’s October 12, 2018 ruling and
a result of CMN’s decision to file a temporary and partial closure plan subsequent review by the SMA, as the Company cannot reasonably
for the Project. The review of the Project’s water management system predict any potential losses and the SMA has not issued any additional
may require a new environmental approval and the construction of proposed administrative fines.
additional water management facilities. On March 14, 2019, the Chilean Supreme Court annulled
In June 2013, a group of local farmers and indigenous communities the October 12, 2018 administrative decision of the Antofagasta
challenged the Original Resolution. The challenge, which was brought Environmental Court on procedural grounds and remanded the case
in the Environmental Court of Santiago, Chile, claimed that the fine back to the Environmental Court for review by a different panel of
was inadequate and requested more severe sanctions against CMN judges. The Chilean Supreme Court did not review the merits of the
including the revocation of the Project’s environmental permit. The Revised Resolution, which remains in effect.
SMA presented its defense of the Original Resolution in July 2013. On On September 17, 2020, the Antofagasta Environmental Court
August 2, 2013, CMN joined as a party to this proceeding and vigorously issued a ruling in which it upheld the closure order and sanctions
defended the Original Resolution. On March 3, 2014, the Environmental imposed on CMN by the SMA in the Revised Resolution from January
Court annulled the Original Resolution and remanded the matter back 2018. As part of its ruling, the Environmental Court also ordered the
to the SMA for further consideration in accordance with its decision SMA to reevaluate certain environmental infringements contained in
(the “Environmental Court Decision”). In particular, the Environmental the Revised Resolution which may result in the imposition of additional
Court ordered the SMA to issue a new administrative decision that fines against CMN. The Company confirmed that it will not appeal the
recalculated the amount of the fine to be paid by CMN using a different Environmental Court’s decision, and the Chilean side of the Pascua-
methodology and addressed certain other errors it identified in the Lama project will be transitioned to closure in accordance with that ruling.
Original Resolution. The Environmental Court did not annul the portion
of the Original Resolution that required CMN to halt construction on
the Chilean side of the Project until the water management system
is completed in accordance with the Project’s environmental permit.
On December 30, 2014, the Chilean Supreme Court declined to
consider CMN’s appeal of the Environmental Court Decision on
procedural grounds. As a result of the Supreme Court’s ruling, on
April 22, 2015, the SMA reopened the administrative proceeding
against CMN in accordance with the Environmental Court Decision.

On October 6, 2020, a group of local farmers challenged the Provincial Amparo Action
Environmental Court’s decision. The challenge, which was brought Following the March 2017 incident, an “amparo” protection action
before the Chilean Supreme Court, claimed that the fines imposed (the “Provincial Amparo Action”) was filed against MAS in the Jachal
by the SMA were inadequate and seeks to require the SMA to issue First Instance Court, San Juan Province (the “Jachal Court”) by
additional and more severe sanctions against CMN. On July 12, 2022, individuals who claimed to be living in Jachal, San Juan Province,
the Chilean Supreme Court rejected that appeal and as a result, the Argentina, seeking the cessation of all activities at the Veladero mine
SMA will now determine the appropriate administrative fine to be or, alternatively, a suspension of the mine’s leaching process. On
imposed on CMN with respect to two environmental infringements in March 30, 2017, the Jachal Court rejected the request for an injunction
accordance with the Environmental Court’s decision. to cease all activities at the Veladero mine, but ordered, among other
No amounts have been recorded for any potential liability arising things, the suspension of the leaching process. The Jachal Court lifted
from this matter, as the Company cannot reasonably predict the the leaching process suspension in June 2017. The Jachal Court tried
amount of the additional administrative fine to be imposed by the SMA. to join this proceeding with the Federal Amparo Action (as defined
below), triggering a jurisdictional dispute. On December 26, 2019,
Veladero – Operational Incidents and Associated Proceedings the Argentine Supreme Court ruled on the jurisdictional dispute in
Minera Andina del Sol SRL (formerly, Minera Argentina Gold SRL) favor of the Federal Court in connection with the Federal Amparo
(“MAS”), the joint venture company that operates the Veladero mine, Action described below, meaning that the Jachal Court has retained
is the subject of various regulatory proceedings related to operational jurisdiction over the Provincial Amparo Action and the two amparo
incidents at the Veladero Valley Leach Facility (“VLF”) occurring in March actions were not effectively joined. The Provincial Amparo Action case
2017 (the “March 2017 incident”), September 2016 (the “September file has not yet been remitted to the Jachal Court by the Supreme
2016 incident”) and September 2015 (the “September 2015 incident”), Court (see “Federal Amparo Action” below).
and involving the San Juan Provincial mining authority, the Argentine
federal government, and certain residents of Jachal, Argentina. Federal Amparo Action
Regulatory authorities were notified following the occurrence of each On April 4, 2017, the National Minister of Environment of Argentina
of these incidents, and remediation and/or monitoring activities were filed an amparo protection action in the Federal Court in connection
undertaken as appropriate. Although the September 2015 incident with the March 2017 incident (the “Federal Amparo Action”) seeking
resulted in the release of cyanide-bearing process solution into a an order requiring the cessation and/or suspension of activities at
nearby waterway, environmental monitoring conducted by MAS and the Veladero mine. MAS submitted extensive information to the
an independent third party has demonstrated that the incident posed Federal Court about the incident, the then-existing administrative
no risk to human health at downstream communities. Monitoring and and provincial judicial suspensions, the remedial actions taken by the
inspection following the September 2016 incident and remediation Company and the lifting of the suspension orders described in the
and inspection following the March 2017 incidents confirmed that Provincial Amparo Action above, and challenged the jurisdiction of
those incidents did not result in any long-term environmental impacts. the Federal Court as well as the standing of the National Minister of
Environment and requested that the matter be remanded to the Jachal
Regulatory Proceedings and Actions Court. The Province of San Juan also challenged the jurisdiction
San Juan Provincial Regulatory Proceedings of the Federal Court in this matter. On December 26, 2019, the
On October 9, 2015, the San Juan Provincial mining authority initiated Argentine Supreme Court ruled on the jurisdictional dispute in favor
an administrative sanction process against MAS for alleged violations of the Federal Court. The Company was notified on October 1, 2020,
of the Mining Code relating to the September 2015 incident. MAS was that the National Ministry of the Environment had petitioned the
formally notified of the imposition of an administrative fine in connection Federal Court to resume the proceedings following the Supreme
with the incident on March 15, 2016. MAS sought reconsideration Court’s decision that the Federal Court is competent to hear the case.
of certain aspects of the decision but paid the administrative fine of The Federal Court ordered the resumption of the proceedings on
approximately $10 million (at the then-applicable Argentine peso to February 19, 2021.
U.S. dollar exchange rate) while the request for reconsideration was On October 12, 2022, MAS received notice of the Federal Amparo
pending. After the San Juan government rejected MAS’ administrative Action. MAS submitted its response on October 27, 2022. The matter
appeal of this decision, on September 5, 2017, the Company remains pending before the Federal Court.
commenced a legal action to continue challenging certain aspects of
the decision before the San Juan courts, which is ongoing. Civil Action
MAS is also the subject of a consolidated provincial regulatory On December 15, 2016, MAS was served notice of a civil action filed
proceeding related to the September 2016 incident and the March before the San Juan Provincial Court by certain persons allegedly living
2017 incident. MAS received notice of a resolution on December 27, in Jachal, San Juan Province, claiming to be affected by the Veladero
2017, from the San Juan Provincial mining authority requiring payment mine and, in particular, the VLF. The plaintiffs requested a court order
of an administrative fine of approximately $5.6 million (calculated that MAS cease leaching metals with cyanide solutions, mercury and
at the prevailing exchange rate on December 31, 2017) for both other similar substances at the mine and replace that process with
the September 2016 incident and the March 2017 incident. On one that is free of hazardous substances, implement a closure and
January 23, 2018, in accordance with local requirements, MAS paid the remediation plan for the VLF and surrounding areas, and create a
administrative fine and filed a request for reconsideration and an appeal committee to monitor this process. These claims were supplemented
with the San Juan Provincial mining authority. MAS was notified in by new allegations that the risk of environmental damage had
March 2018 that the San Juan Provincial mining authority had rejected increased as a result of the March 2017 incident. MAS replied to the
the request for reconsideration of the administrative fine. The pending lawsuit in February 2017 and it also responded to the supplemental
appeal will be heard and decided by the Governor of San Juan. claim and intends to continue defending this matter vigorously.

Criminal Matters In November 2018, MAS received notice that AFIP filed criminal
Federal Criminal Matters charges against current and former employees serving on its board of
directors when the 2010 and 2011 tax returns were filed (the “Criminal
A federal criminal investigation was initiated by a Buenos Aires federal
Tax Case”).
court (the “Federal Court”) based on the alleged failure of certain
Hearings for the Criminal Tax Case were held between March 25
current and former federal and provincial government officials and
and March 27, 2019. The defendants filed a motion to dismiss based
individual directors of MAS to prevent the September 2015 incident
on the statute of limitations, which was granted in part and appealed
(the “Federal Investigation”). On May 5, 2016, the National Supreme
by the prosecution.
Court of Argentina limited the scope of the Federal Investigation to the
On June 2, 2021, the trial court issued a decision dismissing
potential criminal liability of the federal officials, ruling that the Federal
the Criminal Tax Case against the directors. AFIP appealed and on
Court does not have jurisdiction to investigate the solution release.
September 24, 2021, the Mendoza Federal Court of Appeals partially
On April 11, 2018, the federal judge indicted three former federal
reversed the trial court’s decision, ruling that there was insufficient
officials, alleging breach of duty in connection with their actions and
evidence to either indict the directors or dismiss the case against
omissions related to the failure to maintain adequate environmental
them, and ordering additional investigation by the trial court. The
controls during 2015 and the case was sent to trial. The proceeding
Criminal Tax Case was remanded to the trial court in accordance with
poses no risk of conviction or liability for any of the directors of MAS.
the decision of the Mendoza Federal Court of Appeals, and the trial
court has ordered additional evidence to be prepared by the court-
Glacier Investigation
appointed expert.
On October 17, 2016, a separate criminal investigation was initiated On February 4, 2022, the Argentine Minister of Economy, the
by the federal judge overseeing the Federal Investigation based on the competent authority in this matter, issued a decision denying the
alleged failure of federal officials to regulate the Veladero mine under application of the Canada-Argentina Tax Treaty to the Tax Assessment.
Argentina’s glacier legislation (the “Glacier Investigation”) with regard MAS appealed this decision on February 18, 2022.
to the September 2015 incident. On June 16, 2017, MAS submitted a Separately, on April 12, 2022, the trial court issued a ruling
motion to challenge the federal judge’s decision to assign the Glacier dismissing the criminal charges against the MAS directors in the
Investigation to himself, and to request that it be admitted as a party in Criminal Tax Case. AFIP appealed this ruling to the Court of Appeals.
order to present evidence supporting MAS. On September 14, 2017, On November 7, 2022, the Court of Appeals affirmed the dismissal
the Federal Court of Appeals ordered the federal judge to consolidate of the charges. AFIP challenged this decision before the Court of
the two investigations and clarified that MAS is not a party to the Cassation, Argentina’s highest federal criminal court below the National
case and therefore does not have standing to seek the recusal of the Supreme Court, which granted leave to appeal on December 29, 2022.
federal judge, but nonetheless recognized MAS’ right to continue to The matter is currently pending before the Court of Cassation.
participate in the case (without clarifying the scope of those rights). MAS’s July 2018 appeal of the Tax Assessment remains pending
On November 27, 2017, the federal judge indicted four former before the Federal Tax Court.
federal officials, alleging abuse of authority in connection with their The Company believes that the Tax Assessment and the
actions and omissions related to the enforcement of Argentina’s Criminal Tax Case are without merit and intends to defend the
glacier legislation. The Court of Appeals confirmed the indictments proceedings vigorously.
and on August 6, 2018, the case was assigned to a federal trial judge.
In total, six former federal officials were indicted under the Federal Perilla Complaint
Investigation and the Glacier Investigation and will face trial. In 2019,
one of the former federal officials, who was indicted on separate In 2009, Barrick Gold Inc. and Placer Dome Inc. were purportedly
charges under both investigations, passed away and charges against served in Ontario with a complaint filed in November 2008 in the
him were dropped. Regional Trial Court of Boac (the “Court”), on the Philippine island of
Due to the Argentine response to Covid-19 and a procedural Marinduque, on behalf of two named individuals and purportedly on
challenge by one of the former federal officials, the oral arguments behalf of the approximately 200,000 residents of Marinduque. The
originally scheduled for April and May 2020 in this matter have been complaint alleges injury to the economy and the ecology of Marinduque
postponed and have not yet been rescheduled. as a result of the discharge of mine tailings from the Marcopper mine
into Calancan Bay, the Boac River, and the Mogpog River. Placer
Dome Inc., which was acquired by the Company in 2006, had been a
Veladero – Tax Assessment and Criminal Charges
minority indirect shareholder of the Marcopper mine. The plaintiffs are
On December 26, 2017, MAS received notice of a tax assessment claiming for abatement of a public nuisance allegedly caused by the
(the “Tax Assessment”) for 2010 and 2011, amounting to ARS tailings discharge and for nominal damages for an alleged violation of
543 million (approximately $3.1 million at the prevailing exchange their constitutional right to a balanced and healthful ecology. In June
rate at December 31, 2022), plus interest and fines. The Tax 2010, Barrick Gold Inc. and Placer Dome Inc. filed a motion to have the
Assessment primarily claims that certain deductions made by MAS Court resolve their unresolved motions to dismiss before considering
were not properly characterized, including that (i) the interest and the plaintiffs’ motion to admit an amended complaint and also filed
foreign exchange on loans borrowed between 2002 and 2006 to an opposition to the plaintiffs’ motion to admit on the same basis. By
fund Veladero’s construction should have been classified as equity Order dated November 9, 2011, the Court granted a motion to suspend
contributions, and (ii) fees paid for intercompany services were not for the proceedings filed by the plaintiffs. To date, neither the plaintiffs nor
services related to the operation of the Veladero mine. the Company have advised the Court of an intention to resume the
On June 21, 2018, the Argentinean Federal Tax Authority (“AFIP”) proceedings and the matter has been inactive since November 2011.
confirmed the Tax Assessment, which MAS appealed to the Federal The Company intends to defend the action vigorously. No amounts
Tax Court on July 31, 2018. A hearing for the appeal has not yet have been recorded for any potential liability under this complaint, as
been scheduled. the Company cannot reasonably predict the outcome.
The Company filed Mutual Agreement Procedure applications in
Canada on December 21, 2018, and in Argentina on March 29, 2019, Writ of Kalikasan
pursuant to the Canada-Argentina Income Tax Convention Act (the
“Canada-Argentina Tax Treaty”) to escalate resolution of the Tax In April 2010, the Supreme Court in the Republic of the Philippines
Assessment to the competent authority (as defined in the Canada- adopted new Rules of Procedure for Environmental Cases (the
Argentina Tax Treaty) in an effort to seek efficient resolution of the matter. “Environmental Rules”). The Environmental Rules purport to create a
new special civil action or remedy called a “Writ of Kalikasan” available
to persons whose constitutional right to a balanced and healthful
ecology is violated, or threatened with violation. The remedies available
under this procedure are in the nature of injunctive orders preventing
continued harm to the environment and orders for rehabilitation or
remediation of the environment. Damages are not an available remedy
under this procedure.

On February 25, 2011, a Petition for the Issuance of a Writ of On November 2, 2021, the Company filed a Motion to Strike
Kalikasan with Prayer for Temporary Environmental Protection and Reply in respect of the Province’s Petition-in-Intervention. In
Order was filed in the Supreme Court of the Republic of the the Motion to Strike and Reply, the Company seeks to strike those
Philippines by Eliza M. Hernandez, Mamerto M. Lanete and Godofredo portions of the Petition-in-Intervention that seek to expand the issues
L. Manoy against Placer Dome Inc. (“Placer Dome”) and the Company or seek novel and additional relief for alleged wrongdoing that is not
(the “Petition”). The Petition was subsequently transferred to the Court pleaded in the Petitioners’ Writ of Kalikasan proceeding. This motion
of Appeals. is pending and has not yet been decided by the Court.
The Petition alleges that Placer Dome violated the Petitioners’ On February 17, 2021, the Province filed a Motion to Implead
constitutional right to a balanced and healthful ecology as a result asking the Court of Appeals to add Marcopper as a respondent. On
of, amongst other things, the discharge of tailings into Calancan Bay, June 14, 2021, the Court of Appeals denied the Province’s Motion
the 1993 Maguila-Guila dam breach, the 1996 Boac river tailings to add Marcopper as a respondent. On July 2, 2021, the Province of
spill and the failure of Marcopper Mining Corporation (“Marcopper”) Marinduque filed a Motion for Reconsideration of the June 14, 2021
to properly decommission the Marcopper mine. Placer Dome was a decision. This motion is pending and has not yet been decided by
minority indirect shareholder of Marcopper at all relevant times. The the Court.
Petitioners have pleaded that Barrick is liable for the alleged actions On December 2, 2020, the trial commenced and the trial resumed
and omissions of Placer Dome and are seeking orders requiring on January 27, 2021 and again on July 6, 2021, with the Petitioners
Barrick to environmentally remediate the areas in and around the mine calling a total of three witnesses over all three trial dates in addition to
site that are alleged to have sustained environmental impacts. the two Petitioners (whose affidavits were accepted into evidence on
On April 4, 2011, the Company filed its Return Ad Cautelam (or agreement without the requirement to attend in person).
defence pleading) seeking the dismissal of the Petition with prejudice. On July 26, 2021, the Petitioners filed their Formal Offer of
Barrick also filed extensive affidavit evidence as required by the Evidence, which formally concludes the Petitioners’ evidence portion
Environmental Rules. Placer Dome adopted the Company’s defence of the trial. On October 27, 2021, the Company filed its Comments
as its own. and Opposition to the Petitioners’ Formal Offer of Evidence dated
All appearances by the Company or Placer Dome in the Supreme July 26, 2021. The Court has not yet resolved the outstanding issues
Court and the Court of Appeals in this matter have been by way of concerning the Petitioners’ Formal Offer of Evidence.
special and limited appearance and without submitting themselves to No further trial dates have been set for the Company’s evidence
the jurisdiction of either Court. portion of the trial or for the hearing of the Province’s Petition-in-
The Company filed a motion in March 2011 challenging the Intervention.
constitutionality of the Environmental Rules and the jurisdiction of the On June 30, 2022 the Company filed a Motion with the Court
Court. On October 18, 2019, the Court of Appeals decided the motion seeking court-ordered mediation between the Company and the
and rejected the Company’s constitutional objections. The Court also Province. On October 26, 2022 the Court granted the Motion. Court-
held that it has jurisdiction based on a “tentative” determination that annexed mediation attendances took place on November 18, 2022
the Company was doing business in the Philippines made exclusively and January 11, 2023 and a tentative further attendance is scheduled
on the basis of unproved allegations made by the Petitioners in for February 22, 2023. The Court granted an initial 60 day suspension
the Petition, which “tentative” determination expressly does not of the proceedings to allow for the mediation and the parties have filed
foreclose the possibility of a contrary finding on the basis of evidence a joint motion to extend the initial 60 day suspension of proceedings
at a later date. for a further 60 days to March 18, 2023.
In November 2011, the case was suspended to permit the parties No amounts have been recorded for any potential liability under
to explore the possibility of a settlement. Settlement discussions this matter, as the Company cannot reasonably predict the outcome.
ended unsuccessfully in early 2014, but the proceedings were not The Company intends to continue to defend the action vigorously.
re-activated until March 2019 when the Court of Appeals granted the
Petitioners’ motion and lifted the order suspending the proceedings. Reko Diq Arbitration
In December 2019, depositions of all of the Company’s witnesses In November 2011, Tethyan Copper Company Pty Limited (“TCC”), a
were conducted. Petitioners’ counsel did not appear at these joint venture company through which the Company and Antofagasta
depositions or conduct any cross-examination of the Company’s plc (“Antofagasta”) each held a 37.5% interest in the Reko Diq
witnesses. These transcripts now form part of the evidence in the project in Pakistan–filed a request for international arbitration against
Court record for the merits hearing and the Petitioners have foregone the Government of Pakistan (“GOP”) with the International Centre
the opportunity to cross-examine the Company’s witnesses. for Settlement of Investment Disputes (“ICSID”) and against the
Since fall 2019, the Petitioners have taken numerous steps to Government of Balochistan (“GOB”) with the International Chamber
attempt to file additional evidence and to seek to expand the case of Commerce (“ICC”). In the ICSID arbitration, TCC asserted breaches
beyond the scope of the matters pleaded in the Petition, including of the Bilateral Investment Treaty (“BIT”) between Australia (where
to alleged maintenance and structural integrity issues of Marcopper TCC is incorporated) and Pakistan while in the ICC arbitration, TCC
mine infrastructure. asserted breaches of TCC’s joint venture agreement with the GOB.
On October 27, 2020, the Province of Marinduque (the “Province”) Both arbitrations arose out of the unlawful denial of TCC’s application
filed a Motion for Leave to Intervene and a Petition-in-Intervention for a mining lease.
(the “Intervention Motion”). On January 21, 2021, the Court of In July 2019, the ICSID tribunal found that Pakistan had breached
Appeals granted the Province’s Intervention Motion and admitted the the BIT and awarded $5.84 billion in damages to TCC (the “ICSID
Province’s Petition-in-Intervention. In the Petition-in-Intervention, the Award”). Damages included compensation of $4.087 billion in relation
Province seeks to expand the scope of relief sought within the Writ to the fair market value of the Reko Diq project at the time the mining
of Kalikasan proceeding to include claims seeking rehabilitation and lease was denied, and interest until the date of the ICSID Award of
remediation of alleged maintenance and structural integrity issues $1.753 billion. Compound interest was to continue to apply at a rate of
of Marcopper mine infrastructure. On June 24, 2021, the Company US Prime +1% per annum until the ICSID Award was paid. That same
filed an urgent motion asking the Court of Appeals to clarify whether month, the ICC Tribunal issued a partial award, in which it held that
its granting leave to the Province to intervene in the Petition expands certain findings made by the ICSID Tribunal should have preclusive
the scope of issues being litigated in the proceeding. This motion is effect in the ICC proceedings (the “ICC Partial Award”).
pending and has not yet been decided by the Court. Pakistan initiated two different proceedings seeking to annul
On June 25, 2021, the Company filed a Return Ad Cautelam in and revise the ICSID Award, respectively. Meanwhile, TCC initiated
response to the Province’s Petition-in-Intervention. proceedings in Washington D.C., the British Virgin Islands, Australia,
and elsewhere seeking to enforce the ICSID Award. GOB likewise
brought a challenge before the United Kingdom High Court seeking to
set aside the ICC Partial Award.

While these various proceedings progressed, the Company Agreement, Barrick’s current 47.5% interest in the Porgera mine
engaged with the GOP and the GOB to discuss a mutually acceptable is expected to be reduced to a 24.5% interest as reflected in
framework agreement for the potential development of the Reko Diq Barrick’s reserve and resource estimates for Porgera. BNL will retain
project. On March 20, 2022, the Company executed an Umbrella operatorship of the mine. The Commencement Agreement also
Agreement with Antofagasta plc and the two Governments, pursuant provides that PNG stakeholders and BNL and its affiliates will share the
to which, if the conditions to closing were satisfied, the project would economic benefits derived from the reopened Porgera mine on a 53%
be reconstituted with Barrick as the operator and with Antofagasta and 47% basis over the remaining life of mine, respectively, and that
exiting the project. the Government of PNG will retain the option to acquire BNL’s or its
Pursuant to the Umbrella Agreement, a Temporary Standstill affiliate’s 49% equity participation at fair market value after 10 years.
Agreement was to be executed once certain conditions related to an On April 21, 2022, the PNG National Parliament passed legislation
escrow account in favor of Antofagasta in the amount of $900 million to provide, among other things, certain agreed tax exemptions and tax
were satisfied. These conditions were satisfied, and the Temporary stability for the new Porgera joint venture. This legislation was certified
Standstill Agreement went into effect on April 5, 2022 and all legal and on May 30, 2022, and will come into effect following a public notice
arbitral proceedings initiated by the parties in relation to the Reko Diq process under PNG law.
dispute were suspended while the parties worked toward executing On September 13, 2022, the Shareholders’ Agreement for the
definitive agreements. new Porgera joint venture company was executed by Porgera (Jersey)
On December 15, 2022, the parties completed the transaction and Limited, which is an affiliate of BNL, the state-owned Kumul Minerals
executed all definitive agreements allowing for the reconstitution of (Porgera) Limited and MRE (a previous version of the Shareholders’
the Reko Diq project. The reconstituted project is held 50% by Barrick Agreement had been signed by the BNL and Kumul parties in April
and 50% by Pakistani stakeholders, comprising a 10% free-carried, 2022 but was not signed by MRE and therefore did not take effect).
non-contributing share held by the GOB, an additional 15% held by The new Porgera joint venture company was incorporated on
a special purpose company owned by the GOB, and 25% owned by September 22, 2022, and this entity will next apply for a new SML, the
other federal state-owned enterprises. The agreements concluded by receipt of which is a condition of the reopening of the Porgera mine
the parties included a Comprehensive Resolution Agreement in which under the Commencement Agreement.
Barrick, Antofagasta, TCC, GOP, and GOB, waived and released all The provisions of the Commencement Agreement will be fully
claims against each other, including with regard to the ICSID Award implemented, and work to recommence full mine operations at
and the ICC Partial Award. Pursuant to that agreement, TCC, GOP, Porgera will begin, following the execution of the remaining definitive
and GOB subsequently took steps to terminate all pending legal and agreements and satisfaction of a number of conditions. These include
arbitration proceedings, including TCC’s actions to enforce the ICSID an Operatorship Agreement pursuant to which BNL will operate
Award, GOP’s applications to annul and revise the ICSID Award, and the Porgera mine, as well as a Mine Development Contract to
GOB’s application to set aside the ICC Partial Award. accompany the new SML that the new Porgera joint venture company
will apply for. Under the terms of the Commencement Agreement,
Porgera Special Mining Lease BNL will remain in possession of the site and maintain the mine on
Porgera’s Special Mining Lease (“SML”) terminated on August 16, care and maintenance.
2019. The Company applied for a 20-year extension of the SML in In the meantime, under standstill arrangements contemplated by
June 2017 and has been engaging with the Government of Papua New the Commencement Agreement, all legal and arbitral proceedings
Guinea on this matter since then. On August 2, 2019, the National previously initiated by the parties in relation to the Porgera dispute are
Court of Papua New Guinea ruled that the provisions of the country’s to be suspended. These proceedings include Judicial Review actions
1992 Mining Act applied to the Porgera gold mine, thus allowing it to filed by BNL against the Government of Papua New Guinea in April
continue operating while the application to extend its SML was being and September 2020, and international arbitration initiated by Barrick
considered. (PD) Australia Pty Limited, the Company’s subsidiary and an investor
On April 25, 2020, the Porgera gold mine was put on care and in the Porgera mine, before the World Bank’s ICSID in September
maintenance, after Barrick Niugini Limited (“BNL”), the 95% owner 2020. Notwithstanding these arrangements, the PNG courts have
and operator of the Porgera joint venture, received a communication ordered some of the proceedings subject to the standstill to return to
from the Government of Papua New Guinea that its application for the court for hearing. One such proceeding, a Special Reference brought
20-year extension of the SML had been refused. While the Company by the PNG Attorney General to challenge an earlier procedural ruling
believed the Government’s decision not to extend the SML was in BNL’s favor, was heard by the Supreme Court on December 14,
tantamount to nationalization without due process and in violation of 2022. On January 16, 2023, the Supreme Court held that the Special
the Government’s legal obligations to BNL, it nevertheless engaged in Reference was an abuse of process (as contended by BNL) and
discussions with Prime Minister Marape and his Government to agree declined to answer the questions it posed. Other proceedings subject
on a revised arrangement under which the Porgera mine could be to the standstill are listed or in the process of being listed for hearing
reopened, for the benefit of all stakeholders involved. in the coming months.
On April 9, 2021, BNL signed a binding Framework Agreement In December 2021, a group of local landowners known as the
with the Independent State of Papua New Guinea (“PNG”) and Kumul Justice Foundation for Porgera initiated a proceeding in the PNG
Minerals Holdings Limited (“Kumul Minerals”), a state-owned mining Supreme Court in which they seek a declaration that as customary
company, setting out the terms and conditions for the reopening of landowners they own and can mine the minerals situated on their
the Porgera mine. On February 3, 2022, the Framework Agreement customary lands, including at the Porgera mine, and that certain
was replaced by the more detailed Porgera Project Commencement provisions of the Mining Act and related provisions of the PNG
Agreement (the “Commencement Agreement”). The Commencement Constitution are invalid. On July 7, 2022, the PNG Supreme Court
Agreement was signed by PNG, Kumul Minerals, BNL and its affiliate dismissed the proceeding on technical grounds. The landowners
Porgera (Jersey) Limited on October 15, 2021, and it became effective subsequently filed an application challenging the dismissal of the
on February 3, 2022, following signature by Mineral Resources Enga proceedings, which was also dismissed by the Supreme Court on
Limited (“MRE”), the holder of the remaining 5% of the original Porgera October 25, 2022. BNL had intervened in this matter to protect its rights.
joint venture. The Commencement Agreement reflects the commercial On February 10, 2022, the Company was informed that certain
terms previously agreed to under the Framework Agreement, namely directors of a shareholder of MRE have sought standing to challenge
that PNG stakeholders will receive a 51% equity stake in the Porgera the validity of MRE’s signature of the Commencement Agreement and
mine, with the remaining 49% to be held by BNL or an affiliate. BNL this matter has been referred to mediation to which BNL is not a party.
is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group.
Accordingly, following the implementation of the Commencement

Porgera Tax Audits On October 19, 2017, Barrick announced that it had agreed with
In April 2020, BNL received a position paper from the Internal Revenue the GoT on a proposed framework for a new partnership between
Commission (“IRC”) in Papua New Guinea asserting various proposed Acacia and the GoT. Key terms of the proposed framework announced
adjustments and other tax liabilities amounting to $131 million (not by Barrick and the GoT included (i) the creation of a new Tanzanian
including penalties, based on the kina foreign exchange rate as at company to provide management services to Acacia’s Bulyanhulu,
December 31, 2022) arising from tax audits of BNL conducted for 2006 Buzwagi and North Mara mines and all future operations in the country
through 2015. BNL responded to the position paper on June 30, 2020. with key officers located in Tanzania and Tanzanian representation
On October 2, 2020, BNL received amended assessments from the on the board of directors; (ii) maximization of local employment of
IRC which increased the amount of proposed adjustments and other Tanzanians and procurement of goods and services within Tanzania;
taxes to $484 million (including penalties, based on the kina foreign (iii) economic benefits from Bulyanhulu, Buzwagi and North Mara to
exchange rate as at December 31, 2022). The Company has reviewed be shared on a 50/50 basis, with the GoT’s share delivered in the form
the amended assessments and concluded that there is no merit to of royalties, taxes and a 16% free carry interest in Acacia’s Tanzanian
the IRC’s tax audit adjustments, except for certain immaterial items operations; and (iv) in support of the working group’s ongoing efforts
for which a provision had already been made. BNL filed objections to to resolve outstanding tax claims, Acacia would make a payment of
the amended assessments on November 30, 2020 in accordance with $300 million to the GoT, staged over time, on terms to be settled by
the Papua New Guinea Income Tax Act, and the Company remains in the working group. Barrick and the GoT also reviewed the conditions
discussions with the IRC with respect to this matter. for the lifting of the Ban.
To date, the IRC has not reached a determination on the amended Following an investigation conducted by the Mining Commission
tax assessments. The resolution of BNL’s objections to the IRC’s on July 30 and 31, 2019, the North Mara mine received a letter from
amended tax assessments is a condition to the reopening of the the Mining Commission (the “Inspection Findings Letter”) stating that
Porgera mine under the Commencement Agreement. it believes that certain provisions of the Mining Regulations, 2010 were
The Company filed Mutual Agreement Procedure applications in violated and directing the North Mara mine to submit a feasibility study
Canada and Papua New Guinea on September 30, 2022, pursuant report and current mine plan for its approval by August 16, 2019. The
to the Canada-Papua New Guinea Income Tax Convention Act (the Inspection Findings Letter also authorized the resumption of gold exports
“Canada-PNG Tax Treaty”) to escalate resolution of certain elements from North Mara subject to its adherence to the export procedure.
of the amended tax assessments to the competent authority (as On July 19, 2019, the Acacia Transaction Committee Directors and
defined in the Canada-PNG Tax Treaty) in an effort to seek resolution Barrick published a firm offer announcement pursuant to Rule 2.7 of
of this matter. the City Code on Takeovers and Mergers (“Rule 2.7 Announcement”)
The Company intends to defend its position vigorously and has not announcing that they had reached agreement on the terms of a
recorded any additional estimated amounts for the potential liability recommended final offer by Barrick for the ordinary share capital
arising from the amended assessments as the Company cannot of Acacia that Barrick did not already own, with the belief that the
reasonably predict the outcome. recommended final offer would enable Barrick to finalize the terms of
a full, final and comprehensive settlement of all of Acacia’s existing
Tanzania – Concentrate Export Ban and Related Disputes disputes with the GoT. To facilitate this and in anticipation of the
Rule 2.7 Announcement, on July 17, 2019, Acacia announced that
On March 3, 2017, the Government of Tanzania (“GoT”) announced a
Bulyanhulu Gold Mine Limited and Pangea Minerals Limited would
general ban on the export of metallic mineral concentrates (the “Ban”)
immediately seek a stay of their international arbitration proceedings
following a directive made by the President to promote the creation of
with the GoT.
a domestic smelting industry. Following the directive, Acacia Mining
On September 17, 2019, Barrick completed the acquisition of all of
plc (“Acacia”) ceased all exports of its gold/copper concentrate
the shares of Acacia that the Company did not already own pursuant
(“concentrate”) including containers previously approved for export
to a court-ordered scheme of arrangement (the “Scheme”). Acacia
prior to the Ban located at the port in Dar es Salaam.
ceased trading on the London Stock Exchange and became a wholly-
During the second quarter of 2017, the GoT initiated investigations
owned subsidiary of Barrick called Barrick TZ Limited.
which resulted in allegations of historical undeclared revenue and
On October 20, 2019, Barrick announced that it had reached
unpaid taxes by Acacia and its predecessor companies. Acacia
an agreement (the “Framework Agreement”) with the GoT to settle
subsequently received adjusted assessments for the tax years
all disputes between the GoT and the mining companies formerly
2000-2017 from the Tanzania Revenue Authority for a total amount
operated by Acacia but now managed by Barrick. The final agreements
of approximately $190 billion for alleged unpaid taxes, interest and
were submitted to the Tanzanian Attorney General for review and
penalties. In addition, following the end of the third quarter of 2017,
legalization and the Framework Agreement became effective as of
Acacia was served with notices of conflicting adjusted corporate
January 1, 2020.
income tax and withholding tax assessments for tax years 2005 to
The terms of the Framework Agreement are consistent with those
2011 with respect to Acacia’s former Tulawaka joint venture, and
previously announced, including the payment of $300 million to settle
demands for payment, for a total amount of approximately $3 billion.
all outstanding tax and other disputes (the “Settlement Payment”); the
Acacia disputed these assessments through arbitration and the
lifting of the concentrate export ban; the sharing of future economic
Tanzanian tax appeals process, respectively.
benefits from the mines on a 50/50 basis; and a dispute resolution
In addition to the Ban, new and amended legislation was passed
mechanism that provides for binding international arbitration. The 50/50
in Tanzania in early July 2017, including various amendments to the
division of economic benefits will be maintained through an annual
2010 Mining Act and a new Finance Act. The amendments to the 2010
true-up mechanism, which will not account for the Settlement Payment.
Mining Act increased the royalty rate applicable to metallic minerals
Under the Framework Agreement, the Settlement Payment
such as gold, copper and silver to 6% (from 4%), and the new Finance
is required to be paid in installments, with an initial payment of
Act imposes a 1% clearing fee on the value of all minerals exported
$100 million which was paid to the GoT following the resumption
from Tanzania from July 1, 2017. In January 2018, new Mining
of mineral concentrate exports. Five subsequent annual payments of
Regulations were announced by the GoT introducing, among other
$40 million each are to be made, starting on the first anniversary of the
things, local content requirements, export regulations and mineral
fulfillment of all conditions of the Framework Agreement, subject to
rights regulations.
certain cash flow conditions.

On January 24, 2020, Barrick announced that the Company had In light of the resolution of all pending disputes, in October
ratified the creation of Twiga (“Twiga”) at a signing ceremony with 2022 Barrick took steps to formally withdraw from the international
the President of Tanzania, formalizing the establishment of a joint arbitration, which had been initiated by the former Acacia in 2017, and
venture between Barrick and the GoT and resolution of all outstanding bring those proceedings to an end. The arbitration proceedings were
disputes between Barrick and the GoT, including the lifting of the formally terminated on November 29, 2022.
previous concentrate export ban, effective immediately. The GoT
received a free carried shareholding of 16% in each of the Tanzania North Mara – Ontario Litigation
mines (Bulyanhulu, Buzwagi and North Mara), a 16% interest in the On November 23, 2022, an action was commenced against the
shareholder loans owed by the operating companies and will receive Company in the Ontario Superior Court of Justice in respect of
its half of the economic benefits from taxes, royalties, clearing fees alleged security-related incidents in the vicinity of the North Mara
and participation in all cash distributions made by the mines and Mine in Tanzania. The named plaintiffs purport to have been injured,
Twiga, after the recoupment of capital investments. Twiga will provide or to be the dependents of individuals who were allegedly killed, by
management services to the mines. members of the Tanzanian Police Force. The Statement of Claim
In October 2020, Twiga paid a maiden interim cash dividend of asserts that Barrick Gold Corporation is legally responsible for the
$250 million, of which $40 million was paid to the GoT. actions of the Tanzanian Police Force, and that the Company is liable
In March 2022, the Company made a further payment of for an unspecified amount of damages. The Company believes that the
$40 million, bringing the total amount paid toward the Settlement allegations are without merit, including because the Tanzanian Police
Amount to date to $140 million. Force is a sovereign police force that operates under its own chain
Barrick and the GoT have satisfied their respective obligations of command. The Company intends to defend its interests vigorously
under the Framework Agreement and are now working towards and is currently considering its options and next steps in the litigation.
fulfilling their post-completion commitments. No amounts have been recorded for any potential liability
arising from this matter, as the Company cannot reasonably predict
Tanzanian Revenue Authority Assessments the outcome.
The Tanzanian Revenue Authority (“TRA”) issued a number of tax
assessments to Acacia related to past taxation years from 2002 Zaldívar Chilean Tax Assessment
onwards. Acacia believed that the majority of these assessments were On August 28, 2019, Barrick’s Chilean subsidiary that holds the
incorrect and filed objections and appeals accordingly in an attempt to Company’s interest in the Zaldívar mine, Compañía Minera Zaldívar
resolve these matters by means of discussions with the TRA or through Limitada (“CMZ”), received notice of a tax assessment from the
the Tanzanian appeals process. Overall, it was Acacia’s assessment Chilean Internal Revenue Service (“Chilean IRS”) amounting to
that the relevant assessments and claims by the TRA were without merit. approximately $1 billion in outstanding taxes, including interest and
The claims include an assessment issued to Acacia in the amount penalties (the “2015 Tax Assessment”). The 2015 Tax Assessment
of $41.3 million for withholding tax on certain historic offshore primarily claims that CMZ improperly claimed a deduction relating to a
dividend payments paid by Acacia (then African Barrick Gold plc) to loss on an intercompany transaction prior to recognizing and offsetting
its shareholders from 2010 to 2013. Acacia appealed this assessment a capital gain on the sale of a 50% interest by CMZ in the Zaldívar
on the substantive grounds that, as an English incorporated company, mine to Antofagasta in 2015. CMZ filed an administrative appeal with
it was not resident in Tanzania for taxation purposes. In August the Chilean IRS on October 14, 2019. Following initial meetings with
2020, the Tanzanian Court of Appeal found African Barrick Gold CMZ, the Chilean IRS agreed on certain aspects with CMZ’s position
plc (now called Barrick TZ Limited) to be tax resident in Tanzania and reduced the Assessment to $678 million (including interest and
upholding an earlier decision from the Tanzania Revenue Authority, penalties as at December 31, 2021) which was mainly referring to
and that as a result, withholding tax was payable on the dividends of the deduction related to the intercompany transaction mentioned
$41.3 million, plus accrued interest, previously declared and paid above. CMZ continued discussions with the Chilean IRS prior to the
between 2010 to 2013, inclusive. During October 2020, Barrick TZ authority’s final decision.
Limited filed a motion for the Court of Appeal to review this decision On March 17, 2020, CMZ filed a claim against the Chilean IRS at
with written submissions following in December 2020. No date has the Tax Court of Coquimbo (the “Tax Court”) to nullify the 2015 Tax
been set for the Court of Appeal to review its decision. Assessment. The Chilean IRS filed their response to CMZ’s claim on
Further TRA assessments were issued to Acacia in January 2016 April 13, 2020.
in the amount of $500.7 million, based on an allegation that Acacia In April 2020, the Chilean IRS initiated an audit of CMZ for 2016
was resident in Tanzania for corporate and dividend withholding tax relating to the same claims included in the 2015 Tax Assessment. This
purposes. The corporate tax assessments were levied on certain of audit resulted in a new tax assessment against CMZ (the “2016 Tax
Acacia’s net profits before tax. Acacia appealed these assessments at Assessment”). On September 9, 2020, CMZ filed a claim at the Tax
the TRA Board level. Court to nullify the 2016 Tax Assessment and the Chilean IRS filed its
In addition, the TRA issued adjusted tax assessments totaling response on October 7, 2020.
approximately $190 billion for alleged unpaid taxes, interest and On September 29, 2020, the Tax Court approved CMZ’s request
penalties, apparently issued in respect of alleged and disputed under- to consolidate its challenges to the 2015 and 2016 Tax Assessments
declared export revenues as described under “Tanzania – Concentrate (collectively, the “Zaldívar Tax Assessments”) in a single proceeding.
Export Ban and Related Disputes” above. On December 30, 2022, the Tax Court issued its decision,
On October 20, 2019, Barrick announced that it had reached a dismissing CMZ’s claims and upholding the Zaldívar Tax Assessments
Framework Agreement with the GoT to settle all disputes between the as issued by the Chilean IRS. Accordingly, as of December 31, 2022,
GoT and the mining companies formerly operated by Acacia but now CMZ’s exposure, including applicable interest and penalties, amounts
managed by Barrick effective as of January 1, 2020. For details on to approximately $824 million. On January 20, 2023, CMZ filed an
the terms of the Framework Agreement, see “Tanzania – Concentrate appeal against the Tax Court’s decision, which will be heard by the
Export Ban and Related Disputes” above. Court of Appeals of La Serena.
All of the tax disputes with the TRA were considered resolved as The Company continues to believe that the Zaldívar Tax
part of the Framework Agreement with the GoT. In furtherance of this Assessments are without merit and intends to continue to vigorously
settlement, compromise and release agreements were executed by defend its position.
the parties to each of the tax disputes. These agreements were filed No amounts have been recorded for any potential liability arising
and adopted by the relevant courts in Tanzania for the full and final from the Zaldívar Tax Assessments as the Company cannot reasonably
settlement of the tax disputes. predict the outcome.

Kibali Customs Dispute Zaldívar Water Claims

At the end of January and in early February 2022, Kibali Goldmines On March 30, 2022, the State Defense Council (“CDE”), an entity
SA, which owns and operates the Kibali gold mine in the Democratic that represents the interests of the Chilean state, filed a lawsuit in
Republic of Congo, received fifteen claims from the Direction Générale the Environmental Court of Antofagasta against Compañía Minera
des Douanes et Accises (“Customs Authority”) concerning customs Zaldívar SpA (“CMZ SpA”), the joint venture company that operates
duties. The Customs Authority claims that incorrect import duty the Zaldívar mine, and two other companies with mining operations
tariffs have been applied to the importation of certain consumables that utilize water from a shared aquifer (Minera Escondida Ltda. and
and equipment for the Kibali gold mine. In addition, they claim that Albermarle Ltda.). The CDE claims that the extraction of groundwater
the exemption available to Kibali Goldmines SA, which was granted by these companies since 2005 has caused environmental damage
in relation to the original mining lease, no longer applies. Finally, the to the surrounding area. The CDE’s lawsuit seeks to require the
Customs Authority claims that a service fee paid on the exportation of companies to conduct a series of studies and undertake certain
gold was paid to the wrong government body. The claims, including actions to protect and repair the alleged environmental damage in the
substantial penalties and interest, total $339 million. area, and also to cease extracting water from the aquifer.
The Company has examined the Customs Authority claims and, CMZ SpA presented its defense on June 15, 2022. On July 26,
except for certain immaterial items for which a provision has already 2022, the Court issued an order governing the evidentiary stage of
been made, the Company has concluded that they are without merit, the trial. Following an agreed suspension from July through November
as they seek to challenge established customs practices which have 2022, the proceeding resumed. On January 30, 2023, a conciliation
been accepted by the Customs Authority for many years and, where hearing was held to address a potential settlement proposal by
relevant, are in line with ministerial instruction letters. Albermarle Ltda. As of that hearing date, the proceedings have been
The Company is engaged in discussions with the Customs stayed for a further 60-day period to allow settlement discussions to
Authority and Ministry of Finance regarding the customs claims. A continue among the parties. If a definitive settlement is not reached
formal reassessment notice has not yet been issued by the Customs within the stay period, the court is expected to schedule an evidentiary
Authority with respect to these claims. hearing and the case will proceed against the remaining parties.
The Company will vigorously defend its position that the Customs The Company intends to continue to vigorously defend its position.
Authority claims are unfounded, and no additional amounts have been No amounts have been recorded for any potential liability under this
recorded for any potential liability arising from these claims as the matter, as the Company cannot reasonably predict the outcome.
Company cannot reasonably predict the outcome.

SHAREHOLDER INFORMATION
Shares are traded on two stock exchanges 2022 DIVIDEND PER SHARE
US$0.65 (paid in respect of the 2022 financial year)
New York
Toronto COMMON SHARES
TICKER SYMBOL (millions)
NYSE: GOLD Outstanding at December 31, 2022 1,755
TSX: ABX
Weighted average in 2022
Basic 1,771
NUMBER OF REGISTERED SHAREHOLDERS AT
DECEMBER 31, 2022 Fully diluted 1,771
15,578
The Company’s shares were split on a two-for-one basis in 1987, 1989
and 1993.
CLOSING PRICE OF SHARES
December 31, 2022 VOLUME OF SHARES TRADED
NYSE US$17.18 (millions) 2022 2021
TSX C$23.21 NYSE 5,341 4,395
TSX 1,643 956
SHARE TRADING INFORMATION
New York Stock Exchange

Share Volume
(millions) High Low
Quarter 2022 2021 2022 2021 2022 2021
First 1,444 1,231 US$26.07 US$24.95 US$17.93 US$18.64
Second 1,156 1,027 25.99 25.37 17.64 19.94
Third 1.417 1,041 18.18 22.30 13.97 17.56
Fourth 1,324 1,096 17.93 21.19 13.01 17.27
5,341 4,395
Toronto Stock Exchange
Share Volume
(millions) High Low
Quarter 2022 2021 2022 2021 2022 2021
First 301 299 C$33.50 C$31.85 C$22.75 C$23.63
Second 315 255 32.78 30.65 22.70 25.08
Third 542 190 23.81 27.97 19.02 22.30
Fourth 485 212 24.06 26.66 17.88 22.33
1,643 956

SHAREHOLDER INFORMATION
PERFORMANCE DIVIDEND POLICY FORM 40-F

At the February 15, 2022 meeting, the Board of Directors approved a The Company’s Annual Report on Form 40-F is filed with the
performance dividend policy that enhances the return to shareholders United States Securities and Exchange Commission. This report is
when the Company’s liquidity is strong. In addition to our base available on Barrick’s website www.barrick.com and will be made
dividend, the amount of the performance dividend on a quarterly basis available to shareholders, without charge, upon written request to the
is based on the amount of cash, net of debt, on our consolidated Secretary of the Company at the Head Office at corporatesecretary@
balance sheet at the end of each quarter as per the schedule below. barrick.com or at 416-861-9911.
This performance dividend calculation commenced after our March 31,
2022 consolidated balance sheet, with payment in the second quarter SHAREHOLDER CONTACTS
of 2022.
Shareholders are welcome to contact the Investor Relations Department
Performance Quarterly Quarterly Quarterly
for general information on the Company at investor@barrick.com or
Dividend Threshold Base Performance Total at 416-861-9911.
Level Level Dividend Dividend Dividend
For more information on such matters as share transfers, dividend
Level I Net cash $0.10 $0.00 $0.10
<$0 per share per share per share cheques and change of address, inquiries should be directed to the
Company’s Transfer Agents.
Level II Net cash $0.10 $0.05 $0.15
>$0 and per share per share per share TRANSFER AGENTS AND REGISTRARS
<$0.5B
TSX Trust Company
Level III Net cash $0.10 $0.10 $0.20 301 – 100 Adelaide Street West,
>$0.5B per share per share per share Toronto, Ontario, Canada M5H 4H1
and <$1B
or
Level IV Net cash $0.10 $0.15 $0.25 American Stock Transfer & Trust Company, LLC
>$1B per share per share per share 6201 – 15 Avenue
Brooklyn, New York 11219, USA
The declaration and payment of dividends is at the discretion of the
Board of Directors, and will depend on the company’s financial results, Telephone: 1-800-387-0825
cash requirements, future prospects, the number of outstanding Toll-free throughout North America
common shares, and other factors deemed relevant by the Board. Fax: 1-888-249-6189
Email: shareholderinquiries@tmx.com
Website: www.tsxtrust.com
DIVIDEND PAYMENTS
In 2021, Barrick paid an aggregate cash dividend of $0.36 per common AUDITORS
share – $0.09 on March 15, $0.09 on June 15, $0.09 on September 15
and $0.09 on December 15. PricewaterhouseCoopers LLP
In 2022, Barrick paid an aggregate cash dividend of $0.65 per Toronto, Canada
common share – $0.10 on March 15; $0.20 on June 15 (including
a $0.10 per share performance dividend), $0.20 on September 15 ANNUAL MEETING
(including a $0.10 per share performance dividend); and $0.15 on The Annual Meeting of Shareholders will be held on
December 15 (including a $0.05 per share performance dividend). Tuesday, May 2, 2023 at 10:00 am (Toronto time).
SHARE BUYBACK PROGRAM Please visit www.barrick.com/investors/AGM for meeting details.

At its 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 subsequent
12 months. Barrick repurchased $424 million of shares in 2022 under
this program. As a result, a total of $1.6 billion of cash was returned
to shareholders through dividends and share buybacks during 2022,
exceeding the record $1.4 billion of distributions made in 2021.

CAUTIONARY STATEMENT ON
FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this Forward-looking statements are necessarily based upon a
Annual Report 2022, including any information as to our strategy, number of estimates and assumptions including material estimates
projects, plans or future financial or operating performance, constitutes and assumptions related to the factors set forth below that, while
“forward-looking statements”. All statements, other than statements considered reasonable by the Company as at the date of this Annual
of historical fact, are forward-looking statements. The words “believe”, Report 2022 in light of management’s experience and perception of
“expect”, “anticipated”, “vision”, “aim”, “strategy”, “target”, “plan”, current conditions and expected developments, are inherently subject
“opportunities”, “guidance”, “forecast”, “outlook”, “objective”, to significant business, economic and competitive uncertainties
“intend”, “project”, “pursue”, “goal”, “continue”, “committed”, and contingencies. Known and unknown factors could cause actual
“budget”, “estimate”, “potential”, “prospective”, “future”, “focus”, results to differ materially from those projected in the forward-
“ongoing”, “following”, “subject to”, “scheduled”, “may”, “will”, “can”, looking statements and undue reliance should not be placed on
“could”, “would”, “should” and similar expressions identify forward- such statements and information. Such factors include, but are not
looking statements. In particular, this Annual Report 2022 contains limited to: fluctuations in the spot and forward price of gold, copper
forward-looking statements including, without limitation, with respect or certain other commodities (such as silver, diesel fuel, natural gas
to: Barrick’s forward-looking production guidance; estimates of future and electricity); risks associated with projects in the early stages of
cost of sales per ounce for gold and per pound for copper, total cash evaluation and for which additional engineering and other analysis is
costs per ounce and C1 cash costs per pound, and all-in-sustaining required; risks related to the possibility that future exploration results
costs per ounce/pound; cash flow forecasts; projected capital, will not be consistent with the Company’s expectations, that quantities
operating and exploration expenditures; the share buyback program or grades of reserves will be diminished, and that resources may not
and performance dividend policy, including the criteria for dividend be converted to reserves; risks associated with the fact that certain
payments; mine life and production rates; projected capital estimates of the initiatives described in this Annual Report 2022 are still in the
and anticipated permitting timelines related to the Goldrush Project, early stages and may not materialize; changes in mineral production
as well as opportunities for development in the Redhill mining zone performance, exploitation and exploration successes; risks that
during the permitting process; the planned updating of the historical exploration data may be incomplete and considerable additional
Reko Diq feasibility study and targeted first production; our plans and work may be required to complete further evaluation, including
expected completion and benefits of our growth projects, including but not limited to drilling, engineering and socioeconomic studies
the Goldrush Project, Pueblo Viejo plant expansion and mine life and investment; the speculative nature of mineral exploration and
extension project, including approval of the final location of the development; lack of certainty with respect to foreign legal systems,
additional TSF for Pueblo Viejo following submission of the ESIA in corruption and other factors that are inconsistent with the rule of
the Dominican Republic and changes to the estimated capital cost law; changes in national and local government legislation, taxation,
of that facility following the completion of pre-feasibility engineering, controls or regulations and/or changes in the administration of laws,
proposed Lumwana Super Pit Expansion, new mobile equipment fleet policies and practices; the potential impact of proposed changes to
at Lumwana, and Veladero Phase 7 leach pad and power transmission Chilean law on the status of value added tax refunds received in Chile
line projects, solar power projects at NGM and Loulo-Gounkoto, the in connection with the development of the Pascua-Lama project;
completion of final construction activities for the Turquoise Ridge Third expropriation or nationalization of property and political or economic
Shaft, and the Jabal Sayid Lode 1 project; the potential development developments in Canada, the United States or other countries in which
of a super pit at Lumwana; capital expenditures related to upgrades Barrick does or may carry on business in the future; risks relating
and ongoing management initiatives; Barrick’s global exploration to political instability in certain of the jurisdictions in which Barrick
strategy and planned exploration activities; the timeline for execution operates; timing of receipt of, or failure to comply with, necessary
and effectiveness of definitive agreements to implement the binding permits and approvals, including the issuance of a ROD for the
Commencement Agreement between PNG and BNL and the timeline Goldrush Project and/or whether the Goldrush Project will be permitted
for resolution of outstanding tax audits with PNG’s IRC; the duration of to advance as currently designed under its Feasibility Study, approval
the temporary suspension of operations at Porgera, the conditions for of the final location of the additional TSF for Pueblo Viejo following
the reopening of the mine and the timeline to recommence operations; submission of the ESIA in the Dominican Republic, and permitting
our pipeline of high confidence projects at or near existing operations; activities required to optimize Long Canyon’s life of mine; non-renewal
potential mineralization and metal or mineral recoveries; our ability to of key licenses by governmental authorities, including the new SML for
convert resources into reserves and future reserve replacement; asset Porgera; failure to comply with environmental and health and safety
sales, joint ventures and partnerships; Barrick’s strategy, plans, targets laws and regulations; contests over title to properties, particularly title
and goals in respect of environmental and social governance issues, to undeveloped properties, or over access to water, power and other
including climate change, greenhouse gas emissions reduction targets required infrastructure; the liability associated with risks and hazards in
(including with respect to our Scope 3 emissions), TSF management, the mining industry, and the ability to maintain insurance to cover such
responsible water use, biodiversity and human rights initiatives; losses; increased costs and physical risks, including extreme weather
Barrick’s engagement with local communities to manage the Covid-19 events and resource shortages, related to climate change; damage to
pandemic; and expectations regarding future price assumptions, the Company’s reputation due to the actual or perceived occurrence
financial performance and other outlook or guidance. of any number of events, including negative publicity with respect to

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
the Company’s handling of environmental matters or dealings with In addition, there are risks and hazards associated with the
community groups, whether true or not; risks related to operations near business of mineral exploration, development and mining, including
communities that may regard Barrick’s operations as being detrimental environmental hazards, industrial accidents, unusual or unexpected
to them; litigation and legal and administrative proceedings; operating formations, pressures, cave-ins, flooding and gold bullion, copper
or technical difficulties in connection with mining or development cathode or gold or copper concentrate losses (and the risk of inadequate
activities, including geotechnical challenges, tailings dam and storage insurance, or inability to obtain insurance, to cover these risks).
facilities failures, and disruptions in the maintenance or provision of Many of these uncertainties and contingencies can affect our
required infrastructure and information technology systems; increased actual results and could cause actual results to differ materially
costs, delays, suspensions and technical challenges associated with from those expressed or implied in any forward-looking statements
the construction of capital projects; risks associated with working with made by, or on behalf of, us. Readers are cautioned that forward-
partners in jointly controlled assets; risks related to disruption of supply looking statements are not guarantees of future performance. All of
routes which may cause delays in construction and mining activities, the forward-looking statements made in this Annual Report 2022 are
including disruptions in the supply of key mining inputs due to the qualified by these cautionary statements. Specific reference is made
invasion of Ukraine by Russia; risk of loss due to acts of war, terrorism, to the most recent Form 40-F/Annual Information Form on file with
sabotage and civil disturbances; risks associated with artisanal and the SEC and Canadian provincial securities regulatory authorities for
illegal mining; risks associated with Barrick’s infrastructure, information a more detailed discussion of some of the factors underlying forward-
technology systems and the implementation of Barrick’s technological looking statements and the risks that may affect Barrick’s ability to
initiatives; the impact of global liquidity and credit availability on the achieve the expectations set forth in the forward-looking statements
timing of cash flows and the values of assets and liabilities based on contained in this Annual Report 2022. We disclaim any intention or
projected future cash flows; the impact of inflation, including global obligation to update or revise any forward-looking statements whether
inflationary pressures driven by supply chain disruptions caused by as a result of new information, future events or otherwise, except as
the ongoing Covid-19 pandemic and global energy cost increases required by applicable law.
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 as to
whether some or all of Barrick's targeted investments and projects will
meet the Company’s capital allocation objectives and internal hurdle
rate; whether benefits expected from recent transactions are realized;
business opportunities that may be presented to, or pursued by, the
Company; our ability to successfully integrate acquisitions or complete
divestitures; risks related to competition in the mining industry;
employee relations including loss of key employees; availability
and increased costs associated with mining inputs and labor; risks
associated with diseases, epidemics and pandemics, 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 2023 guidance may be impacted by the ongoing
business and social disruption caused by the spread of Covid-19.

Donlin (50%)
NEW FRONTIERS AND Nevada Gold Mines (61.5%)

Carlin
CANADA
Golden Sunlight2 Jabal Sayid (50%)
NEW OPPORTUNITIES
Cortez (including Goldrush) Hemlo (100%)
Turquoise Ridge
USA Reko Diq (50%)
Phoenix JAPAN
Long Canyon Corporate office, Toronto SAUDI
Tongon (89.7%) ARABIA Balochistan,
PAKISTAN
Fourmile (100%) EGYPT
A world-class business has to have a worldwide Pueblo Viejo (60%) DOMINICAN REPUBLIC
SENEGAL
MALI
presence. In Barrick’s hunt for new discoveries GUYANA

SURINAME
Porgera (24.5%)1
with Tier One potential, it is steadily expanding a CÔTE
D’IVOIRE
Kibali (45%)
DRC
global footprint which already covers 19 countries Loulo-Gounkoto (80%) TANZANIA PAPUA
NEW GUINEA
Pierina North Mara (84%)
on four continents. At the same time, further PERU
ZAMBIA
Bulyanhulu (84%)
exploration of the existing base is delivering major Norte Abierto (50%) Zaldívar (50%)
Pascua-Lama (100%) Buzwagi
Veladero (50%)
growth prospects.
Alturas (100%) Lumwana (100%)
Tier One gold mines

i
Other gold mines Copper mines Pipeline projects In closure
CHILE ARGENTINA
1
In April 2020, Porgera was placed on care and maintenance. Porgera interest of 24.5% reflects Barrick’s expected ownership interest following the
implementation of the binding February 3, 2022 Commencement Agreement.
2
Golden Sunlight is currently reprocessing tailings that produce a sulphur concentrate as fuel for the refractory processing facilities at Nevada Gold Mines.
NORTH AMERICA LATIN AMERICA AND ASIA PACIFIC AFRICA AND MIDDLE EAST
Goldrush portal Pueblo Viejo plant Loulo pit
Nevada, USA Nevada, USA Dominican Republic Japan Democratic Republic of Congo Zambia
At Robertson, a maiden proven and The growth potential of Barrick’s The plant expansion and mine life The group’s strategic alliance with Japan Kibali’s KZ Zone continues to reveal exciting The pre-feasibility study for a Super Pit
probable reserve of 1.6 million ounces1,i 100%-owned high-grade Fourmile asset extension project at Pueblo Viejo Gold, which holds the largest exploration exploration potential. Multiple open-pit and and mill expansion at Lumwana is well
was declared with further expansion has significantly increased with the new continues to advance and the property portfolio in Japan, has advanced underground targets are being progressed under way, which has the potential to
potential between existing deposits Dorothy discovery confirming significant significant growth in reserves has six projects to the second evaluation phase. through the resource triangle. extend the mine’s life beyond 2080.
and along strike. Robertson is a key upside along the corridor to the multi- extended the operation’s life to
source of oxide mill feed in the long- million ounce Goldrush project. 2040 and beyondv. Pakistan Mali Egypt
term mineplan for the Cortez Complex. First production from the Reko Diq project – The Loulo District remains one of Barrick’s Barrick now holds a 1,675km2 land package
USA Argentina one of the largest undeveloped copper-gold most successful hunting grounds with where field teams are actively screening for
Nevada, USA Barrick extends its gold and copper Geological work in the Veladero deposits in the world and a potential Tier One significant discovery potential, including mineralized systems, and aim to carry out
The Carlin Complex’s North Leeville exploration focus beyond Nevada Gold district is focusing on targets with asset in the making – is targeted for 2028. a 26km-long highly-prospective trend in maiden drill programs in 2023.
inferred resource has grown to 1 million Mines. the potential to add to the mine’s the Bambadji permit.
life. Barrick is also evaluating the Papua New Guinea Saudi Arabia
Printed on paper made from wood fibre from well-managed forests,
ounces1,i, clearly demonstrating this
target’s multi-million ounce potential. Canada significant remaining targets in the Porgera continues its progress towards Tanzania Work is under way to develop a new target a fully renewable and sustainable resource, including 10% recycled fibre.
A new pushback in the Hemlo open prospective El Indio belt. restarting under its new ownership structure Mining is scheduled to start at the new less than one kilometre from the existing lode at
pit contributed to reserve growth in for the benefit of all stakeholders. Gena open pit in the first quarter of 2023, Jabal Sayid, while exploration results continue
2022, which is expected to improve mill while the new underground fleet at both to confirm the discovery potential across the
productivity and flexibility in the mineplan. North Mara and Bulyanhulu continues to mine. Barrick is also expanding its exploration
deliver on its ramp-up plans. joint venture with Ma’aden at new greenfields
1
On a 100% basis projects, including Umm Ad Damar.

$ million
17,500
15,000
12,500
10,000
7,500
5,000
2,500
0
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
$ million
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
DEBT, NET OF CASH
$ million
Corporate Office:
4,000
2,000
1,000
0 combine the best
Tel: +1 416 861-9911
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
the best returns.
On ever y metric it
$ cents
160
140
In 2022, dividends
120
100
and share buybacks
80
60
Connect with us 40
20
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
year’s record.
www.barrick.com
1

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BARRICK GOLD CORPORATION | Annual Report 2022 | Investment in Growth Opens New Opportunities

CLEAR STRATEGY DRIVES

7818-DPA-Barrick Annual Report 2022_Cover_Print.indd 1-4 2023/03/15 10:35

7818-DPA-Barrick Annual Report 2022_Cover_Print.indd 1-4 2023/03/15 10:35

NEW FRONTIERS AND Nevada Gold Mines (61.5%)

Golden Sunlight2 Jabal Sayid (50%)

A world-class business has to have a worldwide Pueblo Viejo(60%) DOMINICAN REPUBLIC

presence. In Barrick’s hunt for new discoveries GUYANA

implementation of the binding February 3, 2022 Commencement Agreement.

Goldrush portal Pueblo Viejo plant Loulo pit

4.1 Moz $432 A3

GROUP COPPER PRODUCTION RETURNS TO SHAREHOLDERS ADJUSTED EBITDAi

440 Mlb $1.6 $5,613

NET CASH PROVIDED BY GREENHOUSE GAS

7818-DPA-Barrick Annual Report_CMYK.indd 1 2023/03/15 16:40

Facing page: Drilling confirming extensions to mineralization at the

2 Annual Report 2022 | Barrick Gold Corporation

7818-DPA-Barrick Annual Report_CMYK.indd 2 2023/03/15 16:40

7818-DPA-Barrick Annual Report_CMYK.indd 3 2023/03/15 16:40

Moz $/oz $/oz $/oz

4.0 1,200 800 1,200

3.0 900 600 900

2.0 600 400 600

1.0 300 200 300

Mlb $/lb $/lb $/lb

SAFETY FREQUENCY ENVIRONMENTAL 2022 REVENUE

Gold Copper Other

4 Annual Report 2022 | Barrick Gold Corporation

7818-DPA-Barrick Annual Report_CMYK.indd 4 2023/03/15 16:40

NET CASH PROVIDED BY RETURNS TO

$ million $ million $ million $ million

4,800 3,200 400 1,500

NET EARNINGS PER PROJECT CAPITAL

$ $ $ million $/oz $/lb

2022 GEOGRAPHIC DISTRIBUTION 2022 GEOGRAPHIC DISTRIBUTION

North America (including Dominican Republic2)

Barrick Gold Corporation | Annual Report 2022 5

7818-DPA-Barrick Annual Report_CMYK.indd 5 2023/03/15 16:40

We are committed to partnering with

We prioritize local hiring and our

6 Annual Report 2022 | Barrick Gold Corporation

7818-DPA-Barrick Annual Report_CMYK.indd 6 2023/03/15 16:40

Sustainable Through the Cycles

Growing Copper Exposure

Exploration is the Foundation

Growth from Robust Pipeline and Continued

Disciplined Shareholder Returns

Barrick Gold Corporation | Annual Report 2022 7

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8 Annual Report 2022 | Barrick Gold Corporation

7818-DPA-Barrick Annual Report_CMYK.indd 8 2023/03/15 16:40

Likewise, driven by the transition to cleaner energy, copper

PERFORMANCE DIVIDEND POLICY

Performance Quarterly Quarterly Quarterly

Barrick Gold Corporation | Annual Report 2022 9

7818-DPA-Barrick Annual Report_CMYK.indd 9 2023/03/15 16:40

John L Thornton Mark Bristow J Brett Harvey

10 Annual Report 2022 | Barrick Gold Corporation