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Results for Q2 2020…
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Sep 27, 2020

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  • Results for Q2 2020…

  • Cautionary Statement on Forward Looking InformationCertain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements,other than statements of historical fact, are forward-looking statements. The words “expect”, “target”, “plan”, “project”, “goal”, “continue”, “budget”, “estimate”, “potential”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressionsidentify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance and estimates of future costs; cash flowforecasts; projected capital, operating and exploration expenditures; Barrick’s engagement with local communities to manage the Covid-19 pandemic; future investments in community projects and contributions to local economies; Barrick’sresponse to the government of Papua New Guinea’s decision not to extend Porgera’s Special Mining Lease; the duration of the temporary suspension of operations at Porgera; our goals with respect to environmental, health and safetycertifications for our operating mines; mine life and production rates; estimated timing for development of projects, including Goldrush, Turquoise Ridge underground third shaft, Gounkoto underground project and Zaldivar Chloride LeachProject; timing of resumption of mining operations at Bulyanhulu; our pipeline of high confidence projects at or near existing operations; potential for existing or newly acquired and/or developed assets to become Tier One gold assets; potentialextensions to life of mine; potential exploration targets and potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves; our project pipeline and results of our greenfield and brownfield exploration work;our non-core asset disposition strategy; and expectations regarding future price assumptions, financial performance and other outlook or guidance. Forward-looking statements are necessarily based upon a number of estimates andassumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this presentation in light of management’s experience and perception ofcurrent conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from thoseprojected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain othercommodities (such as silver, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; risks associated withprojects in the early stages of evaluation and for which additional engineering and other analysis is required; timing of receipt of, or failure to comply with, necessary permits and approvals, including the non-renewal of Porgera’s Special MiningLease; the benefits expected from recent transactions being realized, including Nevada Gold Mines; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the constructionof capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technologysystems; failure to comply with environmental and health and safety laws and regulations; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdlerate; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; adverse changes in our credit ratings; the impact of inflation; fluctuations in thecurrency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws,policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; lackof certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, includingthe effects and potential effects of the global Covid-19 pandemic; disruption of supply routes which may cause delays in construction and mining activities; damage to the Company’s reputation due to the actual or perceived occurrence of anynumber of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with theCompany’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies andinvestment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water,power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; risks associated with the fact that certain of the initiatives described in this presentation are still in the early stages andmay not materialize; our ability to successfully integrate acquisitions or complete divestitures, including our ability to successfully reintegrate Acacia’s operations; risks associated with working with partners in jointly controlled assets; employeerelations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor.Barrick also cautions that its 2020 guidance and ten year plan may be impacted by the unprecedented business and social disruption causes by the spread of Covid-19. In addition, there are risks and hazards associated with the business ofmineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (andthe risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

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

  • Covid-19…focus on our employees and communities

    Focus during the Covid-19 outbreak on health and safety of our workforce and communities: proactive response, preparedness, prevention and communication

    Engaged with our host authorities, communities and employees as a supportive partner providingMedical supplies and equipment for local clinicsIsolation centresSupport to communities

    Provision of food parcels and other essentials for vulnerable groups such as the elderly, those with pre-existing medical issues, school children and indigenous peoplesSetting up funds to help drive and support economic recovery for impacted local businesses

    In Latin America – focus on infrastructural and equipment needs In Africa – emphasis on improving existing healthcare facilities and capacity

    Financial donations were conditional on government partnership and clear deliverables overseen by Barrick management and also included sourcing equipment and supplies

    Over $20 million contributed by the company in support of our host countries and communities in Covid-19 infection prevention

  • Health & Safety…

    LTIFR1 decreases by 16% quarter on quarter; Total Recordable Injuries also decreased from Q1

    TRIFR2 1.65 in line with Q1

    YTD LTIFR of 0.30 and TRIFR of 1.64; significantly down from the same period in 2019 (LTIFR of 0.57 and TRIFR of 2.46)

    0.61 0.520.41 0.47 0.32 0.27

    2.75

    2.18 2.23

    1.861.64 1.65

    0.0

    0.5

    1.0

    1.5

    2.0

    2.5

    3.0

    Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20

    LTIFR TRIFR Linear (LTIFR) Linear (TRIFR)

    Lost Time Injury Frequency Rate & Total Recordable Injury Frequency Rate

  • Environment…

    Zero Class 1 (high severity) environmental incidents3

    Improvement in water reuse and recycling rate – 78% in Q2; 77% year to date

    Reduction in CO2 emissions quarter on quarter – driven by conversion of the Quisqueya Power Plant in the Dominican Republic from HFO to natural gas and introduction of battery technology for grid stabilisation at Kibali

    Barrick on track to achieve its goal of certifying all operational mines to ISO 14001:2015 by the end of 2020

    Quisqueya Power Plant, Dominican Republic –natural gas power generation was fully operational in Q2

    Kibali, DRC – battery power installed for grid stabilisation

  • Community…

    +$8.8 million YTD community development investment on top of Covid-19 community related support

    Covid-19 related community support > $20 million

    Plus $1 billion spent at operational sites on local and national procurement of goods and services

    Western Shoshone Scholarship Foundation –2020 graduation reception held during the quarter

    Total amount of $26 million committed by NGM to the fund in support of education of Native American youth creating employment opportunities

    Reusable face masks issued to employees across Barrick’s Africa and Middle East operations - proudly sourced from members within our local communities providing a sustainable source of income – to date approximately 50,000 reusable face masks sourced from local community suppliers

    Western Shoshone Scholarship Foundation –2020 Graduation Reception - Nevada

    Kakola Village tailor - Tanzania

  • Barrick…Q2 2020 KPIsContinued solid performance positions Barrick well within annual production guidance, despite Covid-19 challengesImprovement in safety management following increased focusStrong cash generation highlights quality of assets and leverage to gold priceBarrick continues to be vigilant in its approach to contain the impact of Covid-19Higher gold prices also result in higher royalty payments and costsStrong operating performance for copper with costs per pound at lower end of the guidance rangeOperating Cash Flow in excess of $1.0 billion and Free Cash Flow4 greater than $0.5 billion for the quarterNet debt down almost 25% to $1.4 billion with no significant maturities until 2033Net earnings per share of 20 cents; adjusted net earnings per share5 up 44% to 23 cents for the quarterStrong operating performance from Tier One6 assets, with PV production impacted by planned maintenance shutdownVeladero production impacted by Argentina's Covid-19 movement and social distancing restrictions30% of stockpiled concentrate shipped from Tanzania and first $100 million paid to GovernmentAgreement reached in Mali to extend Loulo convention to 2038Significant exploration drill results from Nevada, Dominican Republic, Mali and TanzaniaPV expansion, Goldrush development, Turquoise Ridge shaft and other key projects remain on track despite Covid-19 challengesNon-core asset disposal strategy delivers $1.5 billion value realisation, including $1.25 billion in cash, with more to comeBarrick increases quarterly dividend by 14% to $0.08 per share

  • Group operating results…

    Solid Q2 2020 production despite Covid-19 pandemic

    Group year-to-date production of 2.4Moz at the mid-point of guidance of 4.6Moz to 5.0Mozi for the year

    Anchored by strong operating performance from Tier One asset portfolio including NGM, Loulo-Gounkoto and Kibali

    H2 2020 gold production expected to be in line with first half of the year

    Higher royalty costs due to higher precious metal prices now a common theme across the industry

    Copper portfolio continues to outperformBest quarterly production from Lumwana in several yearsPer pound copper costs trending to low end of guidance

    Gold operating results Q2 2020 Q1 2020 Q2 2019Production (oz 000) 1,149 1,250 1,353

    Cost of sales ($/oz)7 1,075 1,020 964

    Total cash costs ($/oz)8 716 692 651

    All-in sustaining costs ($/oz)8 1,031 954 869

    Copper operating results Q2 2020 Q1 2020 Q2 2019

    Production (millions of pounds) 120 115 97

    Cost of sales ($/lb)7 2.08 1.96 2.04

    C1 cash costs ($/lb)9 1.55 1.55 1.59

    All-in sustaining costs ($/lb)9 2.15 2.04 2.28

    iBarrick is closely monitoring the global Covid-19 pandemic and Barrick’s guidance may be impacted if the operation or development of our mines and projects is disrupted due to efforts to slow the spread of the virus

  • Group financial results…

    Free cash flow4 increased by nearly 20% from Q1 to $522 million in Q2 given diversified and industry-leading Tier One asset portfolio

    Captured benefit of higher gold prices through agile management and operational execution

    Debt net of cash at $1.4 billion, down almost 25% from end Q1

    No significant public debt maturities until 2033Quarterly dividend increased to $0.08 per share

    Doubled compared to a $0.04 per share quarterly dividend a year agoA 14% increase on Q1 2020 dividend per shareDividend underpinned by strong balance sheet and free cash flow4 outlook based on ten-year guidance

    Financial Results Q2 2020 Q1 2020 Q2 2019

    Revenue ($ million) 3,055 2,721 2,063

    Net earnings ($ million) 357 400 194

    Adjusted net earnings ($ million)5 415 285 154

    Adjusted EBITDA10 1,697 1,466 972

    Net cash provided by operating activities ($ million)

    1,031 889 434

    Free cash flow ($ million)4 522 438 55

    Net earnings per share ($) 0.20 0.22 0.11

    Adjusted net earnings per share ($)5 0.23 0.16 0.09

    Total attributable capital expenditures ($ million)11

    402 364 361

    Cash and equivalents ($ million) 3,743 3,327 2,153

    Debt, net of cash ($ million) 1,425 1,852 3,654

    Dividend per share ($) 0.08 0.07 0.04

  • Carlin…Nevada, USA

    Lower production compared to Q1 2020 due to scheduled plant maintenance at the Goldstrike roaster Mill 6 completed roaster maintenance in JulyProduction also impacted by an increase in higher grade Cortez ore processed by the Carlin roasters, displacing lower grade Carlin ore in the feed mix – a synergy captured due to the formation of NGMCosts in Q2 reflect lower throughput, plant maintenance and throughput efficiency projects at the Goldstrike roaster

    Carlin12 (61.5%) Q2 2020 Q1 2020 Q2 2019Total tonnes mined (000) 15,793 17,120 12,138Average grade processed (g/t) 3.60 3.41 4.26Ore tonnes processed (000) 2,835 3,229 1,961Recovery rate (%) 80% 71% 71%Gold produced (oz 000) 235 253 181Gold sold (oz 000) 234 256 181Income ($ millions) 151 153 33EBITDA ($ millions)10 195 202 86Capital expenditures ($ millions) 60 55 54

    Minesite sustaining 60 55 54Cost of sales ($/oz)7 1,037 970 1,116Total cash costs ($/oz)8 850 776 769All-in sustaining costs ($/oz)8 1,130 1,007 1,088

    Refer to the Technical Report on the Carlin Complex, dated March 25, 2020, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 25, 2020

  • Carlin trend…growth and discoveryiNevada, USABest intercept to date at North Leeville 21.3m at 35.3g/t -geologic model upgraded to support resource evaluation

    Bold step out drilling NE of Leeville continues to intersect Carlin system with gold anomalism and significant alteration north of Fence (assays pending)

    Highest priority target along Post-Gen Fault corridor successfully tested down plunge of Deep Post, multiple zones of significant mineralisation and alteration including 5.2m at 10.9g/t and 3.7m at 9.4g/t (additional assays pending)

    SW of Gold Quarry, framework drilling is answering key geologic questions and showing down plunge continuation of the system; gold anomalism associated with strong decalcification and silicification

    Framework drilling in Carlin Basin initiated

    At Rain, sub-district scale model highlights new opportunities; testing priority targets will begin in Q3

    iSee Appendix A for additional details including assay results for the significant intercepts

  • Cortez…Nevada, USA

    Production improved by 3% from prior quarter and total cash cost per ounce8 on track

    Higher grades from Crossroads and Pipeline, plus more Cortez Hills Underground Ore processed through oxide mill Cortez Hills Underground productivity continues to outperform due to ongoing efficiency and availability initiativesImprovements on the CIL tanks and ore characterization have boosted oxide mill recoveries

    Cortez13 (61.5%) Q2 2020 Q1 2020 Q2 2019

    Total tonnes mined (000) 20,719 22,696 31,598

    Average grade processed (g/t) 1.87 1.06 1.82

    Ore tonnes processed (000) 2,381 4,783 5,014

    Recovery rate (%) 84% 84% 84%

    Gold produced (oz 000) 132 128 280

    Gold sold (oz 000) 132 128 281Income ($ millions) 109 89 158EBITDA ($ millions)10 144 122 223Capital expenditures ($ millions)14 52 50 83

    Minesite sustaining14 42 46 15Project14 10 4 68

    Cost of sales ($/oz)7 870 876 719Total cash costs ($/oz)8 613 614 489All-in sustaining costs ($/oz)8 950 1,009 561

    Refer to the Technical Report on the Cortez Joint Venture Operations, dated March 22, 2019, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 22, 2019

    GoldrushConstruction of twin exploration declines ahead of scheduleTransition from contract to owner mining brought forward to Q4 2020 – six months earlier than plannedScheduled to intersect first ore in first half of 2021Permitting timeline for a Record of Decision in Q4 2021 is unchanged

  • Cortez Hills Underground (CHUG) Upside…Hanson Footwall Target

    Significant upside identified at CHUGCurrent Reserves and Resource base15:

    P&P: 3.9Moz at 10.03g/tM&I: 4.7Moz at 8.85g/t (inclusive of P&P)Inferred: 0.3Moz at 8.33g/t

    Drilling the Hanson Footwall – first upside target – confirmed mineralisation ~100m below existing R&RTest targets to expand R&R and extend asset life of mine

    Lithology 3900’ CHUG – Overview Map

    A

    A’

    Devonian Wenban

    Silurian Roberts MountainOrdovician Hanson Creek

    Fault3.43 g/t (0.1 opt) grade shell

    Tertiary Quartz Porphyry

    Upside Potential m m

    A’

    Au g/t

    300m

    29.6m at 8.64g/ti

    12.8m at 7.95g/ti18.6m at 4.94g/ti

    3.43

    Au g/t

    6.86

    34.28

    17.14

    171.4

    1.71

    0.68

    0.34

    0.17

    0.03

    0

    1km

    N

    A

    iSee Appendix B for additional details including assay results for the significant intercepts

  • Fourmile…expanding high grade mineralisationiNevada, USA

    Significant mineralisation intersected west of Dorothy; strong alteration intersected to the southSignificant mineralisation in step-out holes west and southwest of Sophia; strong alteration intersected in another hole to the northwestTwo holes between Fourmile and Goldrush intersected strong mineralisation and alteration at favourable stratigraphic contactInfill drilling program to de-risk Fourmile inferred resource confirmed tenor; variability consistent with inferred classificationRefinement of Fourmile ore controls and geologic model continues to yield strong results from target testing; footprint continues to growExtracting maximum value from every drill hole to support project design and execution

    Fourmile

    Goldrush

    Dorothy

    Sophia

    Blanche

    Rose

    FM20-154D1.4 m @ 14.6 g/t9.4 m @ 17.9 g/t1.5 m @ 24.0 g/t0.9 m @ 16.0 g/t

    Barrick

    NGM

    FM20-153D1.2 m @ 41.1 g/t3.2 m @ 12.7 g/t9.9 m @ 48.4 g/t1.5 m @ 18.4 g/t4.7 m @ 41.5 g/t

    FM20-161D1.5 m @ 30.3 g/t

    2.4 m @ 15.1 g/t62.9 m @ 13.1 g/t3.2 m @ 10.5 g/t

    FM20-169D9.1m, 2.0m, & 10.0m of

    significant alteration(assays pending)

    FM20-170D20.4m of significant alteration (assays

    pending)

    FM20-160D5.2 m @ 10.6 g/t1.5 m @ 5.6 g/t3.9 m @ 7.3 g/t

    FM20-158D8.4 m @ 21.5 g/t0.9 m @ 10.6 g/t

    2019 Resource FootprintExploration UpsideDrill intercepts > 5g/t AuNo significant intercept

    N

    400m

    iSee Appendix C for additional details including assay results for the significant intercepts

  • Turquoise Ridge…Nevada, USA

    Production and total cash costs per ounce8 impacted by lower head grade and recoveries for the autoclave versus the prior quarter, partially offset by higher grades for the oxide mill but at lower throughputAISC per ounce8 slightly higher – up 3% from Q1

    Turquoise Ridge16 (61.5%) Q2 2020 Q1 2020 Q2 2019Ore tonnes processed (000) 821 862 -Average grade processed (g/t) 3.61 3.35 -Overall recovery rate (%) 82% 84% 91%

    Gold produced (oz 000) 79 84 65

    Gold sold (oz 000) 79 87 85Income ($ millions) 48 47 53EBITDA ($ millions)10 73 78 62Capital expenditures ($ millions) 9 19 19

    Minesite sustaining 3 11 7Project 6 8 12

    Cost of sales ($/oz)7 1,073 1,032 665Total cash costs ($/oz)8 753 668 569

    All-in sustaining costs ($/oz)8 829 806 667

    TR Underground Third ShaftConstruction of the third shaft remains on schedule and within budgetShaft liner advanced to a depth of 509m below the collar Commissioning expected in late 2022

    Refer to the Technical Report on the Turquoise Ridge mine, dated March 25, 2020, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 25, 2020

    ExplorationMRM and exploration teams continue to integrate the geological models between Turquoise Ridge UG and Vista and Mega pits on the legacy Twin Creeks propertyStill more work required to deliver comprehensive integrated orebody and grade control models

  • Other Nevada Gold Mines…

    Phoenix Phoenix (61.5%) Q2 2020 Q1 2020Gold produced (oz 000) 35 35Cost of sales ($/oz)7 1,726 1,583Total cash costs ($/oz)8 725 737

    All-in sustaining costs ($/oz)8 957 914

    Long Canyon (61.5%) Q2 2020 Q1 2020Gold produced (oz 000) 40 26Cost of sales ($/oz)7 1,009 1,025Total cash costs ($/oz)8 308 345All-in sustaining costs ($/oz)8 430 561

    Consistent performance with production in line compared to the prior quarter at lower total cash cost per ounce8

    AISC per ounce8 5% higher due to increased capitalisedstripping, in line with mine sequencing

    Long CanyonProduction 54% higher than prior quarter due to a focus on pad inventory reduction as mining and stacking moves towards main part of the Cut 7 orebodyTogether with a decrease in capitalised stripping in Cut 7, AISC per ounce8 fell by 23% compared to the prior quarter

  • Hemlo…Ontario, Canada

    Production slightly lower than prior quarter due to lower throughput, partially offset by higher grades from the underground C-Zone

    Hemlo (100%) Q2 2020 Q1 2020 Q2 2019Ore tonnes processed (000) 472 493 779

    Average grade processed (g/t) 3.89 3.64 2.38

    Recovery rate (%) 96% 95% 94%

    Gold produced (oz 000) 54 57 55

    Cost of sales ($/oz) 1,268 1,119 953

    Total cash costs ($/oz)8 1,080 945 822

    All-in sustaining costs ($/oz)8 1,456 1,281 1,015

    Refer to the Technical Report on the Hemlo Mine, Marathon, Ontario, Canada, dated April 25, 2017, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on April 25, 2017

    2020 OutlookProduction remains on track to achieve guidanceCosts higher as a result of –

    Increase in royalty expense from higher gold prices and mining in underground zones that incur a higher NPI royalty burdenTemporary delay in new underground contractor arriving at site due to movement restrictions in response to Covid-19, resulting in increased proportion of higher cost stockpiled material being processedNew underground contractor started mobilising to site at end of Q2 2020, with ramp-up of underground development now underway

  • Hemlo deposit…growth upside

    Western Discovery potential for new orebodies (Blackfly) [100 & 300 series]

    Recent field evidence of plunging zonesWestern extension of known orebodies [100 & 300 series] in C Zone

    Focus of significant future drill targetingDown-plunge extension of C Zone

    Recently confirmed by ultra-deep drillingDown-plunge extension of B Zone [FW]

    Future deep drill-testing

    MINE ZONES [Series]1. B ZONE [MAIN]

    2. B ZONE [FW]

    3. C ZONE [100]

    4. BLACKFLY [100]

    5. C ZONE [300]

    6. SOUTH RIM [FW]

    3

    45

    6

    12

    B ZONE1000m

    N

    Williams

    David BellGolden Giant

    Moose Lake Porphyry [300-series]

    Volcaniclastics [100-series]

    WOC/GG/DB headframes

    Williams open pit extents

    Further western extension potential

  • Pueblo Viejo…Dominican Republic

    As expected, production 22% lower than the prior quarter due to a total plant maintenance shutdown

    Production expected to be higher in H2 2020 with major scheduled maintenance shutdowns now complete for the year

    Together with higher royalties from higher gold prices, total cash cost per ounce8 and AISC per ounce8 increased from prior quarter due to lower throughput from planned shutdown – partially offset by lower energy costs

    Commenced early works expenditures for proposed plant and tailings expansion

    Pueblo Viejo17 (60%) Q2 2020 Q1 2020 Q2 2019Open pit tonnes mined (000) 4,647 4,039 6,116

    Average grade processed (g/t) 3.45 3.44 3.56Ore tonnes processed (000) 1,088 1,471 1,212Recovery rate (%) 89% 89% 90%

    Gold produced (oz 000) 111 143 124

    Gold sold (oz 000) 115 144 132

    Income ($ millions) 92 102 75

    EBITDA ($ millions)10 125 134 104Capital expenditures ($ millions) 21 17 18

    Minesite sustaining 15 17 18Project 6 - -

    Cost of sales ($/oz)7 935 767 852Total cash costs ($/oz)8 579 502 557All-in sustaining costs ($/oz)8 720 626 702

    Refer to the Technical Report on the Pueblo Viejo mine, Sanchez Ramirez Province, Dominican Republic, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018

  • Pueblo Viejo expansion…Dominican Republic

    Plant expansion project environmental impact study submitted to authorities – no issues identified in subsequent field visit

    Engineering of process plant facilities progressed to plan during Q2 and orders placed for critical long lead items – including an LOI for the oxygen plant which is on the critical path for the plantexpansion schedule

    Field work for baseline environmental assessment of additional tailings capacity commenced. Discussions continue with national authorities to obtain the necessary tenure and permitting

    Implementation strategy for the expansion project is focused on utilising local Dominican businesses – targeting over $100 million contribution to the local construction industry by the end of 2022

    Agribusiness project team engaged with stakeholders and will now commence pilot projects with local cocoa farmers

  • 275 RL

    Pueblo Viejo JV…new targetsFoundational geology (structural framework) with state-of-the-art geophysics unveils new targets in proximity to a significant orebodyi

    Anomaly analogous to known deposits (scale, tenor and orientation)Initial drilling intersected zones of sulphidesTwo holes drilled with evidence of sulphides and potential mineralisationGeophysics to be expanded along structural intersections and projected into new Pueblo Grande JV property

    Favourable alteration and sulphides intersected but low grade so far

    Arroyo El Reytarget

    MonteNegro

    DPV20778

    GrowthPit

    N

    Moore

    MejitaNE

    Arroyo Hondo

    DPV20778ArroyoHondo

    0.72g/tStructural FrameworkInferred Faults

    Au contours

    iAs at December 31, 2019, orebody estimated to contain 25Moz of measured and indicated resources and 3.7Moz of inferred resources with 7.9Moz historical contained ounces processed. Refer to endnote 24 for further details.

  • Veladero…Argentina

    As previously reported, production and costs at Veladero in Q2 2020 were impacted by:

    A mandatory nationwide quarantineFollowed by movement and social distancing restrictions that limited remobilisation back to siteFurther impacted by severe winter weather that impacted both mining and processing operations

    Veladero18 (50%) Q2 2020 Q1 2020 Q2 2019Average grade processed (g/t) 0.93 0.80 0.75Ore tonnes processed (000) 2,609 3,243 2,828Gold produced (oz 000) 49 75 75Gold sold (oz 000) 35 57 74Income ($ millions) 16 24 12EBITDA ($ millions)10 29 46 43Capital expenditures ($ millions) 20 40 19

    Minesite sustaining 20 25 19Project - 15 -

    Cost of sales ($/oz) 1,228 1,182 1,186Total cash costs ($/oz)8 801 788 746All-in sustaining costs ($/oz)8 1,383 1,266 1,046

    Refer to the Technical Report on the Veladero Mine, San Juan Province, Argentina, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018

    2020 OutlookDemobilisation of contractors working on capital projects in accordance with government’s pandemic response delayed construction and commissioning of leach pad phasesProduction at Veladero currently trending below guidance for 2020 at slightly higher per ounce costs

  • Veladero…next stepsArgentina

    Due to the Covid-19 pandemic in Q2, the Argentinian government limited personnel on site which impacted mining and project activities. Proposed easing of restrictions in September will allow remobilisation of contractors and personnel Mining

    Open pit operations stopped for 17 days and were at 30% capacity for a further 23 days. Pit has since operated at 85% capacity due to personnel restrictions on site contributing to a 10Mt waste stripping deficit in 2020Equipment orders brought forward to catch up on stripping deficit and phase designs being optimised to reduce impact of waste stripping. Recommissioning of ore conveyor also under review

    Leach Pad Expansions Phase 6 pad construction works stopped at start of pandemic causing 6 month construction delay due to winter season. Additional resources to be mobilised at end of the winter season to accelerate construction worksPhase 4B/5B upgrade program continued throughout winter season and inspections of liner and collection system in progress

    Other Capital ProjectsNew Veladero airstrip to be completed by end of 2020Construction of powerline from Chile to recommence dependent on easing of current government restrictions

  • Chile Argentina

    Alturas - Del Carmen District

    >0.50 Au ppm Block Model

    Alturas - Del Carmen…exploration drives update of project economicsArgentina

    Exploration upside of the district now in a range from 352.0 to 374.5 Mt at 1.07 to 1.08 g/t Auii

    Outcropping ore in Rojo Grande could provide early ore feed

    Updated mineral estimation and pit optimisation in progress

    Update of scoping level economics scheduled for Q4

    Project team engaged and full development timeline established with near term strategic filters defined

    Structural framework study initiated to establish controls to high grade mineralisation

    71m at 1.56g/t from 152mi

    28m at 3.38g/t from 211miIncluding 17m at 5.20g/t

    Rojo GrandeExploration upside

    63.5 to 77.0 Mt at 0.6g/t to 0.9 g/t Auii

    C° AmarilloExploration upside

    15.0 to 18.5Mt at 1.75g/t to 2.2g/t Auii

    AlturasInferred Resource8.9Moz at 1.1g/t Auiii

    LaderaExploration upside

    22.0 to 27.0Mt at1.2g/t to 1.5g/t Auii

    N

    1km

    iSee Appendix D for additional details including assay results for the significant interceptsiiPotential quantities and grades in these preliminary results are conceptual in nature and there has been insufficient exploration to define a mineral resource at this time and it is uncertain that further exploration will result in the target being delineated as a mineral resource. Exploration upside has not been optimised in a pit designiiiBased on a 2018 optimised pit. See endnote 19

  • Porgera…Papua New Guinea

    As previously disclosed, Porgera entered care and maintenance on April 25Due to the uncertainty related to the timing and scope of future developments at Porgera, 2020 guidance for this site has been withdrawn

    Porgera20 (47.5%) Q2 2020 Q1 2020 Q2 2019

    Total tonnes mined (000) 654 2,809 3,655

    Average grade processed (g/t) 3.16 2.98 3.25Ore tonnes processed (000) 200 736 557Recovery rate (%) 91% 90% 90%Gold produced (oz 000) 24 62 61Gold sold (oz 000) 24 63 63Income ($ millions) (13) 29 16EBITDA ($ millions)10 (7) 39 24Capital expenditures ($ millions) 2 8 12

    Minesite sustaining 2 8 12Cost of sales ($/oz) 1,141 1,097 1,032Total cash costs ($/oz)8 875 941 893All-in sustaining costs ($/oz)8 1,046 1,089 1,112

    In response to a request from PNG Prime Minister Marape, Barrick proposed a benefit-sharing arrangement in 2019 that would deliver more than half the economic benefits from Porgera to PNG stakeholders for 20 yearsBarrick believes the government’s decision not to extend the SML is without due process and in violation of the government’s legal obligations to BNL

    Special Mining Lease Extension

  • Loulo-Gounkoto…Mali

    Production in line with prior quarter as lower feed grade and throughput was offset by higher recoveryTotal cash cost per ounce8 slightly higher from Q1 due to increased royalties as a result of higher gold prices and marginally higher operating costsAISC per ounce8 increased by 16% versus prior quarter due to increased capitalised stripping at the Gounkoto open-pit, in-line with plan

    Loulo-Gounkoto21 (80%) Q2 2020 Q1 2020 Q2 2019

    Total tonnes mined (000) 8,736 7,572 8,048Average grade processed (g/t) 4.92 4.96 4.74Ore tonnes processed (000) 972 980 1,034Recovery rate (%) 92% 90% 93%Gold produced (oz 000) 141 141 147Gold sold (oz 000) 157 123 148Income ($ millions) 107 68 32EBITDA ($ millions)10 167 115 102Capital expenditures ($ millions) 55 32 31

    Minesite sustaining 55 32 29Project - - 2

    Cost of sales ($/oz)7 1,012 1,002 1,072Total cash costs ($/oz)8 639 614 598

    All-in sustaining costs ($/oz)8 1,030 891 811

    Refer to the Technical Report on the Loulo-Gounkoto Gold Mine Complex, Mali dated September 18, 2018 with an effective date of December 31, 2017, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on January 2, 2019

    Gounkoto underground remains on track to start development in Q4 2020Potential minelife extensions continue to be confirmed in Q2. Drilling at the Yalea Transfer Zone extended mineralisation by an additional 160m and is currently 480m south of the extent of the 2019 block model

    Projects and Exploration

  • Loulo District…strong drill results to drive mine life extensionsi

    Loulo:Loulo 3 new intersections confirmed high grade mineralisation is still open down plunge. Footwall intercepts include 19.25m at 6.06g/t and 6.85m at 5.81g/tHigh-grade Yalea transfer zone extended 480m beyond 2019 block model and still open down plunge. Significant intercepts include 14.95m at 7.34g/t and 8.70m at 22g/tStructural thickening at base of Yalea Transfer Zone supports wider intercepts including 66.0m at 4.83g/t, 28.0m at 4.10g/t, 25.4m at 4.61g/t, 17.8m at 3.22g/t and 17.4m at 15.68g/t – further enhancing significant resource potential

    Gounkoto:>1 km long mineralised trend confirmed south of Gounkoto open pit. Significant results include 9m at 3.42g/t and 7m at 7.23g/t

    Bambadji: Second phase of auger drilling extends Kora-Latifaprospective corridor over 11km. New diamond drilling confirms significance of Gefa mineralised system. Follow up drilling in Faleme volcanics highlights positive results Strong results from prefeasibility studyii at Sabodala-Massawa complex

    GounkotoFaraba

    Focus Areas

    Fekola

    Bambadji JV

    Baboto

    Loulo 3Yalea

    Gara

    5km

    Tabakoto

    Senegal

    Mali

    Kedougou

    KeniebaSaraya

    Fekola

    Loulo District

    Petowal

    SabodolaGaraYalea

    Gounkoto

    Sadiola

    Yatela

    Boto

    Massawa

    Diakha

    N

    25km

    iSee Appendix E for additional details including assay results for the significant intercepts iiThe website link to the Teranga press release titled “Teranga Gold Announces Positive Pre-Feasibility Study Results for Top-Tier Sabodala-Massawa Gold Complex” can be found here

    https://s2.q4cdn.com/949220588/files/doc_news/2020/07/2020-July-26-PFS-Release-FINAL.pdf

  • Tongon…Côte d'Ivoire

    Production 5% higher than the prior quarter due to stronger throughputPer ounce costs improved from Q1 driven by lower processing and mining costs

    Delivering Mine Life ExtensionAt Mercator, a revised geological model optimised that resulting in higher grades at similar metal content

    Conceptual economic analysis with final pit designs underway for this satellite deposit located 15km from the Tongon plant

    Exploration during Q2 focused on several priority targets located on three major structures

    Follow-up drilling will continue in Q3, including the evaluation of four targets along the western flank of the Badenou trend

    Tongon (89.7%) Q2 2020 Q1 2020 Q2 2019Ore tonnes processed (000) 1,013 982 945

    Average grade processed (g/t) 2.34 2.34 2.31

    Recovery rate (%) 83% 83% 85%

    Gold produced (oz 000) 64 61 61

    Cost of sales ($/oz)7 1,275 1,368 1,562

    Total cash costs ($/oz)8 688 762 750

    All-in sustaining costs ($/oz)8 745 788 802

  • Nielle…exploring new corridors for opportunities to extend LoMCôte d'Ivoire

    Djinni PFS and EISA underwaySZ and NZ cut back evaluations underway

    Stabilo Trend:Seydou N – Jubula, 5.1km structure beneath ferricrete plateau tested with Auger program for follow up in Q3

    Moyet Trend: First phase Scout RC at Tiebila East evaluated target prospectivity, alteration system open along strike supporting prospectivity of the trend

    Tekono Trend: AC drilling in progress at Soumotarget, 3.6km strike opportunity, 5km from plantBadenou Trend:

    Mercator: Added drilling and updated model drives increase in potential for mineral resource definition4 targets: Zulu West, Kanon, Zulu main and Kamino North prioritised. Follow up AC drilling started to evaluate targets

    Known DepositsActive/historic targets Early stage (map + litho)Q1 generated targets parked

    Djinni2019 Indicated Resource: 1.9Mt at 2.30g/t for 139koz 2019 Inferred Resource: 1.2Mt at 2.41g/t for 94koz

    Tongon West SatelliteSekala

    2019 Probable Mineral Reserve:510kt at 1.85g/t for 30.5koz Seydou S.2019 Probable Mineral

    Reserve:408kt at 1.95g/t for 26koz

    MercatorSatellite

    North Zone Pit

    South Zone Pit

    Badenou Trend (10) Kanon (9) Zulu area(11) Kamino N (12) Sougo

    Moyet Trend (4) Tiebila(7) Loko(5) Rhodia (8) Mira

    Tekono Trend (2) Soumo(6) Rokubo

    Stabilo Trend (2) Seydou N-Jubula(6) Koro

    N

    10km

  • Kibali…DRC

    Kibali continued to deliver consistent results, with production in-line versus Q1Total cash cost per ounce8 was 6% higher than the prior quarter due to increased labour and logistic charges as well as higher royalties from higher gold prices Despite this, AISC per ounce8 was 4% lower than Q1 due to decrease in underground development

    Kibali22 (45%) Q2 2020 Q1 2020 Q2 2019Total tonnes mined (000) 3,253 3,175 2,938Average grade processed (g/t) 3.68 3.77 3.88Ore tonnes processed (000) 857 838 850Recovery rate (%) 89% 89% 89%Gold produced (oz 000) 90 91 95Gold sold (oz 000) 96 88 95Income ($ millions) 64 48 43EBITDA ($ millions)10 106 89 74

    Capital expenditures ($ millions) 10 15 10

    Minesite sustaining 9 15 10Project 1 - -

    Cost of sales ($/oz)7 1,067 1,045 868Total cash costs ($/oz)8 617 582 540All-in sustaining costs ($/oz)8 739 773 651

    Refer to the Technical Report on the Kibali Gold Mine, Democratic Republic of the Congo dated September 18, 2018 with an effective date of December 31, 2017, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on January 2, 2019

  • Gold production in Q2 5% higher than prior quarter primarily due to higher processed grade as open pit mining ceased during the quarter and mill feed was mainly sourced from higher grade underground zones at GokonaTotal cash cost per ounce8 was 12% higher than Q1 due to higher direct mining costs from transition to underground miningWe continue to evaluate sequencing at North Mara and expect to update the mineplan in due course for an optimised restart of open pit miningCapital expenditures in Q2 were significantly higher than Q1 due to our investment in the tailings storage facility, other water management initiatives and land acquisitions

    We expect this capital investment to reduce over time as legacy issues in Tanzania are addressed

    North Mara (84%)23 Q2 2020 Q1 2020 Q2 2019Total tonnes mined (000) 766 2,448 2,709Average grade processed (g/t)

    3.75 3.42 5.37

    Ore tonnes processed (000) 611 636 467

    Recovery rate (%) 93% 93% 94%Gold produced (oz 000) 68 65 76Gold sold (oz 000) 67 70 66Income ($ millions) 44 49 31EBITDA ($ millions)10 65 70 47Capital expenditures ($ millions) 30 13 10

    Minesite sustaining 29 11 7Project 1 2 3

    Cost of sales ($/oz)7 1,040 959 800Total cash costs ($/oz)8 724 646 539All-in sustaining costs ($/oz)8 1,166 816 675

    North Mara…Tanzania

  • North Mara…Gokona targetsExtensive upside potential, open in all directionsi

    GOKONA UG

    DrillGap

    Deep Central

    Au g/t2.5-55-10>10

    GENA OP

    Lower West Potential Reserve

    Extension

    Upper EastExtn. Potential

    Reserve Replacement

    East

    DrillGap

    Gena Conversion Area Potential resource extn.

    Phase 1 Phase 2

    Open

    Open

    Shoot

    Current targets have capacity to replace 2020 and 2021 depletionIn Q2, re-logging extended geological model 900m along strike, covering GenaScout exploration drilling to test potential for extra resourcesGena conversion drilling aims to inform a larger pit cutback decision end of year 2020

    West

    KOFIA

    Mid 2020 conversionEOY 2020 conversionScout drilling in Q3

    Priority Targets

    +2.8km

    Q2 conversion drillingScout drilling

    Shoot

    Open

    Open

    Deep East

    UGKD69717m @ 18.94g/t 7m @ 4.15g/t UGKD6958m @ 6.52g/t 11m @ 4.03g/t 6m @ 2.40g/t

    UGKD67419.7m @ 37.51g/t 6m @ 4.82g/t UGKD67917m @ 3.44g/t UGKD6805.8m @ 4.01g/t

    UGKD664UGKD665No sig intercept

    UGKD694A5.5m @ 22.57g/t

    UGKD648No sig interceptUGKD6555.4m @ 3.74g/t

    UGKD6925m @ 2.35g/t 9m @ 4.58g/t UGKD6936m @ 2.96/t 5m @ 3.43g/t

    UGKD688:7m @ 2.66g/t 6m @ 30.43g/t UGKD690:6m @ 3.40g/t 7m @ 3.50g/t 6.08m @ 7.57g/t UGKD687:9m @ 11.35g/t 5.6m @ 3.81g/t UGKD671:5m @ 3.64g/t 6m @ 3.02g/t 6m @ 6.83g/t

    UGKD666:6m @ 2.65g/tUGKD672:No sig. interceptUGKD681:6m @ 8.03g/t 7m @ 2.50g/t 7m @ 4.38g/t UGKD682:9m @ 3.62g/t

    Deep Centr

    al

    iSee Appendix F for additional details including assay results for the significant intercepts

  • North Mara…Kofia targetPotential extension opportunity

    Gokona Nyabigena

    Tertiary Fault (dextral)HW Contact (MSC)FW Contact (VAN)IP Chargeability AnomalyLogged Alteration (A1 to A3)

    Initial scout drilling aims to extend Gokona system 500m west of current block model

    Previous drilling 300m east of Kofiareturned strong mineralisation (Upper West)

    Kofia has Gokona style potassium feldspar alteration and the same host sequence (andesitic porphyry and sediment). Chargeability anomalies are located on the HW and FW contacts

    Good continuity mapped in geology, alteration and geophysical response

    UGKD6887m @ 2.66g/t 6m @ 30.43g/t UGKD6906m @ 3.40g/t 7m @ 3.50g/t 6.08m @ 7.57g/t

    UGKD6879m @ 11.35g/t 5.6m @ 3.81g/t UGKD6715m @ 3.64g/t 6m @ 3.02g/t 6m @ 6.83g/t

    Upper Westi

    Kofia Exploration TargetiiArea: 500m strike x 350vmAverage TWiii: 5m (range 3.8m to 6.8m)Potential Grades: 4g/t to 5g/t

    UGKD666:6m @ 2.65g/tUGKD672:No sig intercept

    UGKD681:6m @ 8.03g/t 7m @ 2.50g/t 7m @ 4.38g/t UGKD682:9m @ 3.62g/t

    Upper Westi

    Mafic Schist (MSC)Host Sequence (CAP + SED) Volcanic Andesite (VAN)

    Drillhole geology

    N

    600m

    900m

    iiPotential grades are conceptual in nature and there has been insufficient exploration to define a mineral resource at this time and it is uncertain that further exploration will result in the target being delineated as a mineral resource.iiiTrue width

    iSee Appendix F for additional details including assay results for the significant intercepts

  • BulyanhuluBulyanhulu (84%)23 Q2 2020 Q1 2020 Q2 2019Gold produced (oz 000) 7 7 6Gold sold (oz 000) 30 7 6Cost of sales ($/oz)7 1,658 1,685 1,217Total cash costs ($/oz)8 950 686 525

    All-in sustaining costs ($/oz)8 1,014 906 666

    Buzwagi (84%)23 Q2 2020 Q1 2020 Q2 2019Gold produced (oz 000) 20 22 19Gold sold (oz 000) 56 24 20Cost of sales ($/oz)7 909 1,373 1,198Total cash costs ($/oz)8 751 1,275 1,099

    All-in sustaining costs ($/oz)8 770 1,288 1,150

    On track to resume underground mining operations by end of 2020, in line with guidanceShaft refurbishment scheduled to start in August

    BuzwagiFocus is on optimising throughput and managing grade from stockpile processing Scout drilling to validate the exploration model for upside potential at depth has commenced, totaling 2,720m

    Bulyanhulu and Buzwagi…Tanzania

    Exports of Concentrate StockpiledApproximately 30% of concentrate shipped by end of Q2 with remainder shipped in Q3First $100 million tranche of settlement paid to Government of Tanzania in May 2020

  • Central and East Africa…Congo – Tanzania Craton

    LakeVictoria

    Tanzania

    DemocraticRepublic of

    Congo

    Central African Republic

    Kibali

    South Sudan

    Kenya

    Uganda

    Bulyanhulu

    Ngayu Belt

    North Mara

    BuzwagiGold depositsExploration focus

    N

    500km

    Greenstone BeltArchean GranitoidPhanerozoicProterozoicArchean Gneiss

    KibaliDrilling in progress confirming presence at depth of plunging controls on mineralisation at KCD and satellite depositsKalimva – deeper drilling scheduled to test for underground potentialFollow up work begins on regional anomalies outside the KZ trend

    TanzaniaNorth Mara

    Gokona drill results validate revised geology model and exceed grade expectations pointing to anticipated resource increaseDistrict scale mapping and modelling reveals new target areaNyabigena conversion drilling aims to inform a larger pit cutback decision end of year 2020

    BulyanhuluVisible gold intersected ~400m below M&I resource supporting down plunge continuity of high grade Deep West Shoots

  • Copper mines….

    Best quarterly production from Lumwana in several yearsProduction 13% higher than Q1 due to improved head grade, combined with solid throughput performance at the plantHigher grades and cost control resulted in a 5% decrease in C1 cash costs per pound9 from Q1

    Lumwana, Zambia

    Jabal Sayid, Saudi Arabia (50%)

    Zaldívar, Chile (50%)

    Production in line with the prior quarter, delivering Q2 per pound costs below the bottom end of 2020 guidanceConcentrate filter expansion project to improve milling rates and availability continues to advance to completion for H2 2020

    Jabal Sayid (50%) Q2 2020 Q1 2020 Q2 2019

    Copper produced (lbs million) 20 20 16

    Cost of sales ($/lb)7 1.41 1.28 1.45

    C1 cash costs ($/lb)9 1.14 0.97 1.22

    All-in sustaining costs ($/lb)9 1.41 1.11 1.31

    Lumwana (100%) Q2 2020 Q1 2020 Q2 2019

    Copper produced (lbs million) 72 64 49

    Cost of sales ($/lb) 2.06 1.94 2.07

    C1 cash costs ($/lb)9 1.55 1.63 1.70

    All-in sustaining costs ($/lb)9 2.27 2.26 2.78

    Zaldívar (50%) Q2 2020 Q1 2020 Q2 2019

    Copper produced (lbs million) 28 31 32

    Cost of sales ($/lb)7 2.52 2.39 2.32

    C1 cash costs ($/lb)9 1.79 1.71 1.61

    All-in sustaining costs ($/lb)9 2.09 1.99 1.85

    Production lower than Q1 mainly due to lower grades and recoveries, partially offset by improved heap leach throughput Chloride Leach Project - mobilisation of contractors ramped up in July with onsite activities expected to commence in August. Project remains on-budget with efforts underway to minimize delays due to Covid-19

  • 75

    100

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    200

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    275

    300

    Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20

    Barrick: 183%

    Spot Gold: 63% GDX: 132%

    60

    70

    80

    90

    100

    110

    120

    130

    140

    150

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    170

    Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20

    Barrick: 59%

    Spot Gold: 29%

    GDX: 49%

    Market data as at July 28, 2020. Share price performance based in USD. Source: Bloomberg Financial Markets

    Relative Share Price Performance since merger with Randgold announced Relative Share Price Performance YTD

    Relative Share Price Performance…

    Base = 100

    Barrick 183%

    GDX 132% Spot Gold 63%

    Base = 100

    Barrick 59%

    GDX 49%

    Spot Gold 29%

    Chart1

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