Barrick Gold Corp.
Annual Report 2023

Plain-text annual report

Driving value, building growth ANNUAL REPORT 2023 CONTENTS Building Growth Our Global Business 2023 Highlights 2024 Guidance Key Performance Indicators Key Growth Projects We Are Barrick The Case for Investing in Barrick Letter from the Chairman Board of Directors Message from the President and CEO Executive Committee Financial Review Gold Market Overview Copper Market Overview Our Regions and Operations Reserves and Resources Exploration Mining Sustainably for a Better Future Endnotes Financial Report 01 02 03 03 04 06 08 09 10 12 14 18 20 22 23 24 36 38 42 54 55 Barrick Gold Corporation shares trade on the New York Stock Exchange (NYSE) under the symbol GOLD, and on the Toronto Stock Exchange (TSX) under the symbol ABX. Barrick Gold Corporation NYSE : GOLD • TSX : ABX www.barrick.com Unless otherwise indicated, all amounts are expressed in US dollars. BUILDING GROWTH Organic Replacement of Reserves Sets Us Apartii Gold equivalent ounces (GEO) Moz 4.2 2.2 7.4 8.5 0.91 6.9 13 0.0 6.3 6.7 0.0 6.0 104 105 97 98 120 110 100 102 90 80 70 60 2019 2020 2021 2022 2023 Proven and probable gold equivalent ounces Net change Acquisitions and divestments Depleted ounces Gold Equivalent Production Growth with Reko Diq and Lumwana Super Pitiii GEO Moz 7 6 5 4 3 2 1 0 Wangima Pit More than 30% growth by the end of the decade driven by our organic project pipeline and continued reserve replacement 2023 2030 Gold Copper Reko Diq and Lumwana Super Pit 1 Barrick Gold Corporation | Annual Report 2023OUR GLOBAL BUSINESS Nevada Gold Mines (61.5%) Cortez (including Goldrush) Turquoise Ridge Carlin Phoenix CANADA Donlin (50%) Hemlo (100%) USA Fourmile (100%) Corporate office, Toronto DOMINICAN REPUBLIC Kibali (45%) Jabal Sayid (50%) Reko Diq (50%) SAUDI ARABIA Balochistan, PAKISTAN JAPAN SENEGAL Tongon (89.7%) EGYPT MALI ECUADOR PERU Norte Abierto (50%) Pascua-Lama (100%) Alturas (100%) CÔTE D’IVOIRE DRC Lumwana (100%) ZAMBIA TANZANIA North Mara (84%) Bulyanhulu (84%) Zaldívar (50%) Veladero (50%) CHILE ARGENTINA Loulo-Gounkoto (80%) Pueblo Viejo (60%) PAPUA NEW GUINEA Porgera (24.5%) Tier One gold minesi Other gold mines Copper mines Development projects Pipeline projects Barrick has one of the largest portfolios of world-class gold and copper assets in the industry with 13 gold mines, including six of the world’s Tier One gold operations, and three strategic copper mines; each with a long-term business plan based on declared resources. Its operations and projects span 18 countries and four continents. 2 Annual Report 2023 | Barrick Gold Corporation2023 HIGHLIGHTS Group Gold Production Net Earnings 4.05 Moz Group Copper Production 420 Mlbs Net Cash Provided by Operating Activities $3,732 million $1,272 million Cash Distribution to Shareholders $700 million Free Cash Flowi $646 million 2024 GUIDANCE Moody’s Long-term Credit Rating A3 Highest rating in the gold mining industry Attributable EBITDAi $3,987 million Greenhouse Gas Emissions ~5% Scope 1 and 2 (location-based) Gold Production Cost of Salesi Total Cash Costsi AISCi 3.9 – 4.3Moz $1,320 – 1,420/oz $940 - 1,020/oz $1,320 - 1,420/oz Copper Production Cost of Salesi C1 Cash Costsi AISCi 180 – 210kt $2.65 – 2.95/lb $2.00 – 2.30/lb $3.10 – 3.40/lb Total Attributable Gold & Copper Capexi $2,500 – 2,900 million 3 Barrick Gold Corporation | Annual Report 2023KEY PERFORMANCE INDICATORS Gold Production Gold Cost of Salesi Gold Total Cash Costsi Gold AISCi Moz 5.0 4.0 3.0 2.0 1.0 0 2021 2022 2023 $/oz 1,500 1,200 900 600 300 0 2021 2022 2023 $/oz 1,000 800 600 400 200 0 2021 2022 2023 $/oz 1,500 1,200 900 600 300 0 2021 2022 2023 Copper Production Copper Cost of Salesi Copper C1 Cash Costsi Copper AISCi Mlbs 500 400 300 200 100 0 2021 2022 2023 $/lb 3.00 2.50 2.00 1.50 1.00 0.50 0 2021 2022 2023 $/lb 2.50 2.00 1.50 1.00 0.50 0 2021 2022 2023 $/lb 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0 2021 2022 2023 Safety Frequency Rate Statistics Environmental Incidents Net Cash Provided by Operating Activities Free Cash Flowi $ million 5 4 3 2 1 0 5 0 4 0 2 0 1.47 1.30 1.14 0.38 0.29 0.23 2021 2022 2023 2021 2022 2023 Lost Time Injury Frequency Rate (LTIFR)i Total Recordable Injury Frequency Rate (TRIFR)i Class 1i Class 2iv 5,000 4,000 3,000 2,000 1,000 0 2021 2022 2023 $ million 2,000 1,500 1,000 500 0 2021 2022 2023 2.00 1.50 1.00 0.50 0 4 Annual Report 2023 | Barrick Gold CorporationKEY PERFORMANCE INDICATORS (CONTINUED) 2023 Revenue 795 $ million 252 10,350 Gold Copper Other 2023 Geographic Distribution of Gold Production 13% 50% Net EPSi Adjusted Net EPSi $ 1.50 1.00 0.50 0 2021 2022 2023 $ 1.50 1.00 0.50 0 2021 2022 2023 Debt, Net of Cash Returns to Shareholders $ million $ million 1,800 1,500 1,200 900 600 300 0 600 400 200 0 -200 -400 2021 2022 2023 Project Capital Expenditures1,i $ million 1,000 800 600 400 200 0 2021 2022 2023 37% Dividend Return of capital Share buybacks North America Africa and Middle East Latin America and Asia Pacific Gold and Copper Price $/oz 2,100 1,950 1,800 1,650 1,500 2023 Geographic Distribution of Copper Production 21% 5.00 4.50 4.00 3.50 3.00 2021 2022 2023 2021 2022 2023 1 Amounts presented on a consolidated cash basis Market gold price Market copper price Africa and Middle East Latin America and Asia Pacific 79% 5 Barrick Gold Corporation | Annual Report 2023KEY GROWTH PROJECTS GOLDRUSH PROJECT, NEVADA, USA ■ A long-life, underground mine – included in the Nevada Gold Mines’ Cortez operation ■ Record of Decision issued in December 2023 and now forecast to produce 130,000 ounces of gold in 2024 with commercial production scheduled for 2026 ■ Anticipated production of +400,000oz p.a. (100%) by 2028i FOURMILE, NEVADA, USA ■ 100% Barrick-owned project ■ Promising results from exploration drilling support potential to significantly increase modeled extents of declared mineral resource ■ Prefeasibility study scheduled to start at the end of 2024 ■ Could be included in Nevada Gold Mines JV, at fair market value, if certain criteria are met PUEBLO VIEJO EXPANSION, DOMINICAN REPUBLIC ■ Plant expansion and mine life extension designed to increase throughput to 14Mtpa and to sustain gold production at >800,000oz p.a. (100%)i beyond 2040 ■ Construction and commissioning substantially completed in 2023 ■ Continued stability and optimization of flotation circuit the focus in first half of 2024 ■ Feasibility study for additional tailings storage capacity due for completion in 2024 REKO DIQ PROJECT, PAKISTAN ■ Targeting production of 250,000oz p.a. gold and 300kt p.a. copper (Phase 1) and 400,000oz p.a. gold and 500kt p.a. copper (Phase 2)v ■ Personnel continue to be mobilized for the project, majority from Balochistan ■ Feasibility study expected to be completed by end 2024 ■ Construction scheduled to start in 2025 and first production from Phase 1 targeted for 2028 6 Annual Report 2023 | Barrick Gold CorporationKEY PROJECTS (CONTINUED) LUMWANA SUPER PIT EXPANSION, ZAMBIA ■ ~$2 billion project positioned to transform Lumwana into one of the world’s major copper mines ■ Projected to produce 240kt p.a. of copper from a 50Mt p.a. process plant with a mine life of more than 30 yearsi ■ Feasibility study scheduled for completion end of 2024, construction expected to start in 2025 ■ First copper production from new plant targeted in 2028 JABAL SAYID LODE 1, SAUDI ARABIA ■ New orebody located less than 1km from existing lode at Jabal Sayid ■ Project design includes process plant upgrade, underground capital development, ventilation, paste plant and underground mining infrastructure upgrades VELADERO PHASE 7 LEACH PAD, ARGENTINA ■ Construction of Phase 7A and 7B combined with upcoming leach pad expansion in Phases 8 and 9 will allow the extension of the life of mine to 10 years at an average production rate of approximately 400,000oz p.a. 7 Barrick Gold Corporation | Annual Report 2023WE ARE BARRICK We are committed to partnering with our host countries and communities to transform their natural resources into tangible benefits for mutual prosperity. local hiring We prioritize and our highly diversified workforce is drawn almost entirely from our host nations and equipped with world- class skills. 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. 8 Annual Report 2023 | Barrick Gold CorporationTHE CASE FOR INVESTING IN BARRICK Best Asset Base One of the largest portfolios of Tier One and world-class gold and copper assets that is unmatched in the industry, with more waiting in the wings. 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. Growing Copper Exposure Disciplined Shareholder Returns An industry-leading performance dividend policy. 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. Well positioned to capitalize on global decarbonization trends driving the long-term fundamental strength of copper. Clear Runway All our Tier One 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. 9 Barrick Gold Corporation | Annual Report 2023LETTER FROM THE CHAIRMAN Five years have passed since we merged Barrick and Randgold to create a business with a single focus: the delivery of real value to its stakeholders. We set out our mission in clear terms – to build a business which will lead the mining industry on every front, with a constantly replenished, global asset base of peerless quality; managed by a team with an unparalleled record of recognizing and realizing opportunities while managing the many difficulties inherent in mining and presented by an increasingly complex operating environment. Of course, these five years have not been without their Mark Bristow and I have worked closely together to build challenges, internal as well as external. Guided by the Board, this new Barrick, to achieve its foundational goals and to however, Barrick’s highly skilled and motivated management create a clear roadmap for its future growth. I have therefore overcame these with characteristic tenacity. The Merger’s concluded that this is an appropriate time for me to transition foundational creed was that the best assets run by the best from my position as Executive Chairman to that of Chairman, people would deliver the best returns. Barrick’s focus on which became effective February 13, 2024. As Chairman, Tier One assets and the results they are producing show I will continue to provide leadership to the Board and together unquestionably that its management ranks in the forefront of we will be the custodians of the strategy of the Company. the industry’s leadership. Through continuing investment in Mark Bristow remains President and Chief Executive human capital, Barrick is recruiting and developing its next and he will continue to develop the strategy and drive its generation of high achievers. implementation. Looking back to the Merger, it is clear to me that we have achieved all the initial objectives we set for ourselves. Barrick has been restructured and repurposed as a modern mining business. The renewed emphasis on exploration has placed it in the unique position of more than replenishing the reserves depleted by mining year after year. Major organic growth projects will secure Barrick’s production profile well into the future. Expanding the copper portfolio was one of Barrick’s key strategic aims and when the new Lumwana and Reko Diq mines are commissioned in 2028, Barrick will become a major-league producer. In the meantime, we continue to pursue opportunities for growing our copper portfolio. Barrick’s balance sheet, once burdened by heavy debt, is now one of the industry’s most robust and our strong operational cash flows ensure that we have the capacity to fund existing and new organic growth projects, as well as to take advantage of any fresh opportunities that meet our stringent investment criteria. We scan a wide horizon for such: Barrick’s footprint is being expanded and currently comprises mines, projects and exploration programs in 18 countries across four continents, covering the main prospective regions for gold and copper. 10 Annual Report 2023 | Barrick Gold CorporationLETTER FROM THE CHAIRMAN (CONTINUED) I wish to take this opportunity to pay tribute to Gustavo On behalf of the Board and management team, I would Cisneros, who passed away on December 29, 2023. Gustavo like to extend our deepest gratitude and appreciation to became a valued member of our Board in 2003, bringing J Michael Evans, who will be retiring from the Barrick Board with him a wealth of global business experience, which was effective April 30, 2024. Michael’s invaluable contributions both broad and deep. He was a towering figure in both the and dedicated service have been an integral part of our business and cultural landscapes of Latin America. Gustavo company's journey since he joined the Board in 2014. His was an exceptional businessman as well as a visionary who leadership and expertise have played a significant role in left an indelible mark on our Board and our Company. His shaping our company's trajectory. We wish him all the best wisdom, grace, and generosity inspired all those fortunate in his future endeavors and express our heartfelt thanks for enough to work alongside him. We deeply feel his absence his exceptional service. and we extend our heartfelt sympathies, thoughts, and prayers to his beloved wife Patty and their three children Guillermo, Carolina and Adriana. In conclusion, I thank the members of the Board for their close engagement in every aspect of the business and the strategic direction we gain from their broad and deep experience. The Board has also noted with great sadness the passing We look forward to another year in which together with the of the Chairman of Barrick’s International Advisory Board, executive we continue to advance Barrick towards its goal the Right Honourable Brian Mulroney, on February 29, 2024. of being the world’s most valued gold and copper company. One of the greatest statesmen of his generation, he was a leader with a purpose who accomplished many vital goals and did so with decency and skill. His insightful contribution to geopolitical and other strategic issues will be sorely missed and our deepest sympathies, thoughts and prayers are with his wife Mila and their four children Caroline, Benedict, Mark and Nicolas. John L Thornton Chairman Gold, Copper and S&P 500 Performance – Indexed since 2000 e c n a m r o f r e P e c i r P e v i t a e R l ) 0 0 1 = e s a B ( 800 700 600 500 400 300 200 100 0 0 0 0 2 1 0 0 2 2 0 0 2 3 0 0 2 4 0 0 2 5 0 0 2 6 0 0 2 7 0 0 2 8 0 0 2 9 0 0 2 0 1 0 2 1 1 0 2 2 1 0 2 3 1 0 2 4 1 0 2 5 1 0 2 6 1 0 2 7 1 0 2 8 1 0 2 9 1 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 Gold Price Copper Price S&P 500 Total Return Index Source: Bloomberg 11 Barrick Gold Corporation | Annual Report 2023 BOARD OF DIRECTORS John L Thornton NON-INDEPENDENT, CHAIRMAN Director since February 2012 Nationality: American John Thornton is the Chairman of the Barrick Board of Directors, transitioning from Executive Chairman in February 2024. He has decades of experience in global business, finance and public affairs and has served as a director of numerous public companies, including China Unicom, Ford, HSBC, Industrial and Commercial Bank of China, Intel and News Corporation. Mark Bristow NON-INDEPENDENT, PRESIDENT AND CHIEF EXECUTIVE OFFICER Director since January 2019 Nationality: South African Mark Bristow was formerly the chief executive of Randgold Resources, the company he built from a small Africa-focused exploration business into one of the industry’s most profitable and best managed gold miners. He joined Barrick in his current position with the Merger in January 2019. Mark restructured and restrategised Barrick, and within months was the prime mover in the combination of the Nevada assets of Barrick and Newmont, creating the world’s single largest gold mining complex, Nevada Gold Mines, majority-owned and operated by Barrick. J Brett Harvey INDEPENDENT AND LEAD DIRECTOR Director since December 2005 Nationality: American Chair of the Audit & Risk Committee Audit Committee Financial Expert Acting Chair of the ESG and Nominating Committee Member of the Compensation Committee Brett Harvey is chairman of the board of Warrior Met Coal Inc. He was CONSOL Energy Inc’s chairman emeritus from May 2016 to May 2017, chairman from January 2015 to May 2016, executive chairman from May 2014 to January 2015, chairman and CEO from June 2010 to May 2014, and CEO from January 1998 to June 2010. 12 Helen Cai INDEPENDENT DIRECTOR Director since November 2021 Nationality: Chinese Member of the Audit & Risk Committee Audit Committee Financial Expert Member of the Compensation Committee Helen Cai has two decades of experience in finance and investment. She was an equity research analyst with Goldman Sachs covering the American mining and technology sectors. Then, at China International Capital Corporation, she was a lead analyst covering the greater China region, and later as a senior investment banker headed various IPO, restructuring, and M&A transactions. Christopher L Coleman INDEPENDENT DIRECTOR Director since January 2019 Nationality: British Chair of the Compensation Committee Member of the ESG & Nominating Committee Christopher Coleman is the chair of the board of Papa John’s International Inc. He is also the group head of banking and a global partner at Rothschild & Co and has more than 25 years’ experience in the financial services sector, including corporate and private client banking and project finance. He has had a long-standing involvement in the mining sector in Africa and globally. Annual Report 2023 | Barrick Gold CorporationBOARD OF DIRECTORS (CONTINUED) Anne Kabagambe INDEPENDENT DIRECTOR Director since November 2020 Nationality: Ugandan Member of the Audit & Risk Committee Member of the ESG & Nominating Committee Anne Kabagambe has 35 years’ experience spanning a diverse range of senior leadership positions in international institutions. She formerly served on the board of the World Bank Group and, prior to the World Bank, spent 27 years at the African Development Bank. She has also served on the boards of the Africa American Institute and Junior Achievement Africa. Andrew J Quinn INDEPENDENT DIRECTOR Director since January 2019 Nationality: British Member of the Audit & Risk Committee For 15 years, prior to his retirement in 2011, Andy Quinn was head of mining investment banking for Europe and Africa at CIBC. He has more than 45 years’ experience in the mining industry and, since 2016, has served as a non-executive director of the London Bullion Market Association. Loreto Silva INDEPENDENT DIRECTOR Director since August 2019 Nationality: Chilean Member of the ESG & Nominating Committee Loreto Silva is a partner at the Chilean law firm Bofill Escobar Silva Abogados. She is also a director of ICAFAL Ingeniería y Construcción SA, a privately held infrastructure company in Chile. In 2010, she was appointed Vice Minister of Public Works and became the Minister of Public Works at the end of 2012, a position she held until March 2014. She has been named one of Chile’s 100 top woman leaders on four occasions. 13 Isela Costantini INDEPENDENT DIRECTOR Director since November 2022 Nationality: Brazilian, Argentinian and American Member of the Compensation Committee Isela Costantini has over 25 years of experience in international business and is currently the chief executive of Grupo Financiero GST, a privately held asset management company. Prior to that, she was president and CEO of Argentina’s national airline, Aerolíneas Argentina, as well as president and general director, Argentina, Paraguay and Uruguay, for General Motors. Isela is a member of Barrick’s International Advisory Board. J Michael Evans INDEPENDENT DIRECTOR Director since July 2014 Nationality: Canadian Member of the Audit & Risk Committee Audit Committee Financial Expert Michael Evans is the president of Alibaba Group Holding Ltd, a position he has held since August 2015. Prior to becoming president, he was an independent director and member of the audit committee of Alibaba Group Holding Ltd. Brian L Greenspun INDEPENDENT DIRECTOR Director since July 2014 Nationality: American Member of the ESG & Nominating Committee Member of the Compensation Committee Brian Greenspun is the publisher and editor of the Las Vegas Sun. He is also chairman and CEO of Greenspun Media Group and has been appointed to two US Presidential Commissions. Barrick Gold Corporation | Annual Report 2023MESSAGE FROM THE PRESIDENT AND CEO By the start of 2019, we had a clear strategy for building the new Barrick into the world’s most valued mining company. As this Report shows, we have come a long way towards achieving this objective. We now have a global platform with a peerless gold portfolio and rapidly growing copper portfolio. Significantly, it also hosts a number of major growth projects and a wealth of opportunities for further organic expansion. Our foundational belief that combining the best assets with There were no significant environmental incidents during the the best people would yield the best results has produced an year. Our continuing drive to improve our water management industry-leading production profile, backed by a strong balance has increased the group’s overall re-use and recovery rate to sheet, as well as exceptional returns to shareholders, a pioneering 84%. Our Scope 1 and Scope 2 greenhouse gas reduction partnership business model and a sustainability strategy that drive delivered a 5% decrease year-on-year and a 15% delivers tangible benefits. Under every heading – asset quality, decrease against our roadmap’s 2018 baseline. In November operational excellence and sustainable profitability – we have we published our Scope 3 targets for indirect emissions in now ticked virtually every box on our five-year report card. our value chain. Major solar power expansion projects at Nevada Gold Mines, Loulo-Gounkoto and Kibali are on track for commissioning this year. A leader in sustainability Barrick was the first mining company to publish a comprehensive Sustainability Report with an objective performance scorecard. The 2023 Report will be published in April 2024. P I C T B C The principal differentiator between Barrick and its peers is its unique record of asset base replenishment. Last year we maintained this, increasing our gold reserves to 77 million ounces and replacing 112% of our annual gold equivalent productioni. Since 2019, we have organically added 29 million ounces of attributable reserves, which, on a 100% basis, represents 44 million ounces of reserve addition across all Barrick-managed minesii. We are also poised to add more gold and copper reserves and substantially expand our copper production profile as the Reko Diq and Lumwana Expansion projects complete their respective feasibility studies by the end of 2024 before moving to construction. Our key growth projects are profiled elsewhere in this Report. Protecting our people, caring for the environment The health and safety of our workforce remain a priority and last year we again made progress on what we call our Journey to Zero, posting the best results since the Merger. While both the Lost Time Injury Frequency Rate (LTIFR)i and the Total Recordable Injury Rate (TRIFR)i continued to come down, this record was sadly tarnished by a number of fatalities. Clearly there is no room for complacency and our focus remains on that Zero goal. The enormous progress made in this regard by our Latin America and Asia Pacific region shows that this is well within our global reach. Our concern for our people extends to the communities that host our mines. Malaria is by a wide margin Africa’s greatest health scourge. Since 2019 the preventative measures Barrick instituted have decreased the incidence of this disease around our operations by 33%, by gradually eliminating its mosquito-borne transmission. 14 Annual Report 2023 | Barrick Gold CorporationMESSAGE FROM THE PRESIDENT AND CEO (CONTINUED) Our commitment to real sustainability has long been the Strong finish to the year bedrock of our business and it is based on a holistic approach which integrates all aspects of our environmental and community responsibilities, as distinct from the siloed ESG model. Its aim is not only to secure Barrick’s sustainable profitability, but to make sustainability the core of all its activities. Barrick had a slow start to the year with operational issues at Nevada Gold Mines and Kibali and commissioning setbacks with Pueblo Viejo’s plant expansion impacting on production. In true Barrick fashion, we kept our focus, dealt with the challenges, progressed our long-term strategic plans and delivered on some of our key objectives. We achieved This strategy is based on sharing the benefits of our operations a steady quarter-on-quarter improvement but despite a with our stakeholders and is fundamental to our social particularly good Q4, we fell fractionally short of our gold licence to operate. It includes employing local people (97% production guidance. Copper met its guidance. of our employees are host country nationals), procuring from local businesses and investing in the social and economic development of local communities. It also encompasses our biodiversity initiatives, such as the reintroduction of white rhinos to the Garamba National Park in the Democratic Republic of Congo and the reclamation and rehabilitation of land. Barrick’s pioneering partnership philosophy is a key component of its commitment to sustainability. It has already transformed the once-derelict Tanzanian gold mines into a complex with Tier One potential; reconstituted the Reko Diq project in Pakistan and is now developing it into one of the world’s largest copper and gold producers; and after more than three years of negotiation achieved an agreement for the re-opening of the Porgera gold mine in Papua New Guinea. Highlights of the year were the gold and copper reserve replacement I mentioned earlier and the usual strong performance from our Africa and Middle East region. Our financial results were more than satisfactory, again demonstrating the ability of our asset portfolio to create value, admittedly with the wind of a record gold price at our backs. The year-on-year operating cash flow increased by 7%, the free cash flow grew by 50% and the adjusted net earnings per share rose by 12%. The performance of the business and the continued strength of our balance sheet, reflected in our investment-grade credit rating, allowed us to maintain a robust dividend to our shareholders in 2023. Subsequent to the year-end, Barrick announced a new $1 billion share buyback program. 2024 to 2028 Cumulative Attributable Operating Cash Flow from Operating Mines1,iii Operating cash flow, $ billion For every $100/oz change in gold price, attributable operating cash flow generated by our operations increases by ~$1.6bn For every $0.5/lb change in copper price, attributable operating cash flow generated by our operations increases by ~$0.9bn O u r p r i c e l e v e r a g e i s m a g n i f i e d b y o w n i n g s i x T i e r O n e g o l d a s s e t s 30 20 10 0 $1,500/oz $3.00/lb $1,600/oz $3.20/lb $1,700/oz $3.40/lb $1,800/oz $3.60/lb $1,900/oz $3.80/lb $2,000/oz $4.00/lb $2,100/oz $4.20/lb $2,200/oz $4.40/lb Gold and copper price assumptions Tier One gold assets2 Other gold assets2 Copper assets2 1 2 On an attributable basis, excluding corporate-level costs such as interest, exploration, evaluation and project costs, G&A as well as closure costs (in aggregate approximately $0.8bn per year). Also does not include capital expenditures which are forecast to be ~$15bn (on attributable basis) over the 2024-2028 period. The ~$15bn in capital requirements is inclusive of construction capital for the Lumwana Super Pit and Reko Diq projects, albeit the benefit from these projects will only be received from 2028 and beyond. Does not include capital requirements. 15 Barrick Gold Corporation | Annual Report 2023MESSAGE FROM THE PRESIDENT AND CEO (CONTINUED) Cumulative Distribution to Shareholders since the Merger $ million 5,000 4,000 3,000 2,000 1,000 0 2019 2020 2021 2022 2023 Dividends Return of capital Share buybacks 10-Year Gold and Copper Production Outlook (GEO koz)iii 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Gold Copper Lumwana Super Pit Reko Diq On an attributable basis. Gold Equivalent oz from copper assets are calculated using a gold price of $1,900/oz for 2024 and $1,300/oz 2025+; and copper price of $3.50/lb for 2024 and $3.00/lb 2025+.  Includes gold and copper production profile for Reko Diq and copper production profile for the Lumwana Super Pit expansion, both of which are conceptual in nature. Mark Bristow shaking hands with the head of the Prevention and Combating of Corruption Bureau, Tarime, Protas Sambagi at a Community Development Committee event near North Mara. 16 Annual Report 2023 | Barrick Gold Corporation MESSAGE FROM THE PRESIDENT AND CEO (CONTINUED) The year ahead There will be some exciting developments in 2024 as we advance our organic growth strategy. In Nevada, which hosts three of our Tier One gold mines, Cortez received the long-awaited Record of Decision for Goldrush just before the end of last year, allowing it to accelerate the development of this project, which is forecast to produce 130,000 ounces of gold in 2024, rising to 400,000 ounces per year by 2028i. Far from being a mature destination, this vast area is rich in potential for further world-class discoveries as well as opportunities for reserve replacement and expansion, which we are aggressively pursuing. We are ramping up the drilling and evaluation of the Barrick-owned Fourmile project, adjacent to Goldrush, with a view to starting a prefeasibility study at year-end. Elsewhere Robertson is a particularly significant target, where step-out drilling has confirmed an upside potential which comes with the additional advantage of mostly oxide ore. We also continue to have a 30% increase in gold equivalent production by the end of this decade in our sights. Importantly, we have the balance sheet strength and operating cash flows to fund this growth while maintaining our industry- leading credit rating. I have no doubt that our strategies and partnerships, together with the quality of our assets and our people, will create real and sustainable long-term value for our shareholders and our stakeholders. The best people Our nil premium transactions five years ago equipped the new Barrick with most of the best assets it needed. Our first challenge was to assemble the best people to run them and to provide these teams with the structure and support in which they could flourish. We sought not only technical excellence but shared values: accountability, tenacity, an entrepreneurial spirit and a sense of ownership. As our progress and performance show, we found them. I thank everyone at Barrick for the personal contribution they made In the Dominican Republic, our flagship growth project, the to last year’s operating and financial performance. expansion of Pueblo Viejo, is addressing its teething problems and is forecast to get back on track this quarter: to sustain an average annual production in excess of 800,000 ounces over a Life of Mine that will extend beyond 2040. We continue to identify and groom Barrick’s next generation of leaders, who will be equipped to manage the challenges of a continually changing operating environment. Our local employment policy has given us one of the world’s most Our strategic decision to invest in the expansion of our diverse workforces in terms of nationality, gender, race and copper portfolio led to the $2 billion Super Pit expansion religion. We continue to enhance our employee profile project at Lumwana in Zambia. This will transform Lumwana through targeted recruitment and training programs. Led into one of the world’s major copper mines, with a projected by our Latin American operations, which are having an extraordinary success in this regard, we are attracting more women to our traditionally male-dominated industry. In conclusion I would like to thank the Board for their wise guidance and scrupulous corporate governance. A particular word of appreciation for John Thornton who has transitioned from his role as Executive Chairman to Chairman. John and I shared the vision that gave birth to the new Barrick and we have worked together productively to make that vision a reality. I look forward to continuing our partnership. Mark Bristow President and Chief Executive annual production of 240,000 tonnes over a more than 30-year lifei. It is scheduled to go into production in 2028, at the same time as the even larger copper-gold Reko Diq project in Pakistan. Together they will promote Barrick into the premier league of copper producers. The voyage continues To be world-class you have to be global and Barrick’s presence now extends across all the world’s major gold and copper districts outside Russia and China. This is a solid foundation on which we can grow our production and our value, directed by a proven strategy and supported by the broad spectrum of skills we have developed to build a modern mining business. Discovery and development are the true drivers of value and our strong focus on exploration is evident in our widespread hunt for new discoveries with Tier One potential as well as reserve replenishment opportunities. The bar chart which appears on page 16 shows Barrick’s 10-year gold and production outlook, expressed in gold equivalent ounces. Our proven ability to replace the ounces of gold and pounds of copper we mine, and the organic growth opportunities embedded in our business give us the confidence to believe that we can deliver on this forecast without dilutionary acquisitions. 17 Barrick Gold Corporation | Annual Report 2023EXECUTIVE COMMITTEE Mark Bristow PRESIDENT AND CHIEF EXECUTIVE Mark Bristow was formerly the chief executive of Randgold Resources, the company he built from a small Africa- focused exploration business into one of the industry’s most profitable and best managed gold miners. He joined Barrick in his current position with the Merger in January 2019. Mark restructured and restrategised Barrick, and within months he was the prime mover in the combination of the Nevada assets of Barrick and Newmont, creating the world’s single largest gold mining complex, Nevada Gold Mines, majority-owned and operated by Barrick. His goal is to make Barrick the world’s most valued gold and copper producer, owning the best assets, managed by the best people, and delivering industry leading returns. Graham Shuttleworth SENIOR EXECUTIVE VICE-PRESIDENT, CHIEF FINANCIAL OFFICER Graham Shuttleworth is a Chartered Accountant with over 29 years’ mining industry experience. Previously, he was the Financial Director and Chief Financial Officer of Randgold from July 2007, and prior to that was the managing director and head of metals and mining for the Americas in the global investment banking division of HSBC. He became the Senior Executive Vice-President and CFO of Barrick at the time of the Merger with Randgold in January 2019. Kevin Thomson SENIOR EXECUTIVE VICE-PRESIDENT, STRATEGIC MATTERS Kevin Thomson joined Barrick in 2014. He was previously a senior partner at one of Canada’s leading law firms, specializing in mergers and acquisitions. He is responsible for all matters of strategic significance to Barrick, including the management of legal issues related to complex negotiations, corporate strategy and governance. Sebastiaan Bock CHIEF OPERATING OFFICER, AFRICA AND MIDDLE EAST joined Randgold Sebastiaan Bock in 2008 and assumed the position of Senior Vice-President and Chief Financial Officer for the Africa and Middle East region at the time of the Merger. He became the executive responsible for the Africa and Middle East region in July 2022. His broad experience includes operations, finance and legal across multiple jurisdictions. He is a Chartered Accountant and a graduate of the executive program at Harvard Business School. Christine Keener CHIEF OPERATING OFFICER, NORTH AMERICA is Christine Keener the executive responsible for the North America region and was appointed in February 2022. She has a diversified background having worked in finance, strategy, a number of commercial roles and more recently in operations. Christine formerly served as vice president of operations, Europe and North America, as well as vice president commercial and strategy, aluminum for Alcoa. She holds an MBA from Carnegie Mellon University and a Bachelor of Accounting from Grove City College. Peter Richardson EXECUTIVE MANAGING DIRECTOR, NEVADA GOLD MINES Peter Richardson was appointed Executive Managing Director of Nevada Gold Mines in October 2022. He was formerly senior vice president and chief operating officer for Lundin Mining Corp and before that worked in increasing leadership roles at Boliden AB. Peter holds an MSc in Metallurgical Engineering and has over 29 years’ experience in the mining industry. Mark Hill CHIEF OPERATING OFFICER, LATIN AMERICA AND ASIA PACIFIC Lois Wark GROUP CORPORATE COMMUNICATIONS AND INVESTOR RELATIONS EXECUTIVE Mark Hill is the executive responsible for the Latin America and Asia Pacific region, a role he assumed in January 2019. He was formerly Chief Investment Officer of Barrick, chairing its investment committee and has more than 29 years’ experience in the mining industry. Lois Wark joined Randgold when the company was established in 1995 and headed its corporate communications function for 20 years. In January 2019, following the Merger, she assumed responsibility as executive in charge of Barrick’s global corporate communications and investor relations programs. 18 Annual Report 2023 | Barrick Gold CorporationEXECUTIVE COMMITTEE (CONTINUED) Riaan Grobler COMMERCIAL AND SUPPLY CHAIN EXECUTIVE John Steele METALLURGY, ENGINEERING AND CAPITAL PROJECTS EXECUTIVE Riaan Grobler holds an Honours degree in Finance and has 25 years’ experience in the gold mining industry. He was appointed Group Commercial and Supply Chain General Manager for Randgold in 2014 and Senior Vice President Commercial and Supply Chain for Barrick following the Merger in January 2019. In 2021, Riaan was appointed Commercial and Supply Chain Executive. the executive is John Steele responsible for capital projects and provides operational and engineering oversight to the group, a role he assumed following the Merger in January 2019. He joined Randgold in 1996 and was responsible for the successful construction and commissioning of Randgold’s Morila, Loulo, Tongon, Gounkoto and Kibali mines. Grant Beringer GROUP SUSTAINABILITY EXECUTIVE Poupak Bahamin GENERAL COUNSEL Beringer oversees all Grant sustainability related aspects for the company and is a member of the Environmental & Social Oversight Committee. He holds an MSc in Environmental Management and has over 20 years’ experience in the environmental and social consulting industry. Glenn Heard MINING EXECUTIVE Poupak Bahamin joined Barrick in 2020 as Deputy General Counsel and was appointed General Counsel in April 2022. Previously, she served as a partner and co-head of mining US at Norton Rose Fulbright. Poupak has over 30 years’ legal experience having practiced in Canada, France and the United States. She has been listed in Who’s Who Legal Directory for Mining and recognized by Chambers Global as a DRC Foreign Expert for general business law as well as corporate and M&A work. Glenn Heard is a mining engineer with a Bachelor of Engineering (Mining) Honours and over 31 years’ mining experience. In 2017, he was appointed Randgold’s Group General Manager – Mining and then Senior Vice President Mining for Barrick following the Merger in January 2019. In 2021, Glenn was appointed Mining Executive responsible for technical and operational oversight. Darian Rich HUMAN RESOURCES EXECUTIVE Darian Rich, who has more than 29 years’ experience in human resource management, appointed Executive Vice-President, Talent Management, in July 2014, when he was tasked with attracting, retaining and developing exceptional people. was Joel Holliday EXECUTIVE VICE-PRESIDENT, EXPLORATION Joel has an Honours degree in Geology and 25 years’ experience in exploration. Joel assumed leadership of Barrick’s global exploration team in November 2021. Since the merger with Randgold Resources in 2019, he served as Barrick’s Senior Vice-President for Global Exploration with a focus on new exploration initiatives across the group. Prior to that, Joel worked in various exploration roles in Randgold over 15 years, managing exploration teams which made multiple discoveries including the world-class Gounkoto deposit in Mali. Simon Bottoms MINERAL RESOURCE MANAGEMENT AND EVALUATION EXECUTIVE Simon Bottoms joined Randgold in 2013 and following the Merger in 2019, served as the Mineral Resource for Barrick’s Africa and Manager Middle East region, responsible for leading geology, mine planning and associated operational execution within the region. In October 2022, he was appointed Mineral Resource Management and Evaluation Executive. He is a Chartered Geologist and has a Master’s degree in Geology from the University of Southampton. 19 Barrick Gold Corporation | Annual Report 2023FINANCIAL REVIEW Five years post the transformational merger, the Barrick of today represents the delivery of what was envisaged in September 2018 with one of the strongest balance sheets in the industry, as evidenced by its industry leading credit ratings. This means Barrick is well positioned to fund its next Turning to shareholder returns, Barrick’s performance phase of growth. The year was not without its challenges, dividend policy is designed to provide investors with exposure notably at Pueblo Viejo and Nevada Gold Mines, with lower to the upside that comes from higher gold and copper prices production increasing costs per ounce production for the as well as the certainty of the base dividend through the year. Notwithstanding these challenges, Barrick was still able cycle. The company has also renewed the $1 billion share buyback program for another 12 months providing it with another tool to manage its capital structure and enhance shareholder returns. As part of the focus on free cash flowi, Barrick continues to identify opportunities to drive cost efficiencies in the business while maintaining a simplified operating model. Barrick’s industry leading low corporate costs are a function of both the portfolio rationalization it has undertaken in line with its clearly articulated strategy as well as the investment in management systems over the past few years, which allows Barrick to do more with fewer resources. to deliver a strong set of financial results generating more than $11 billion in revenue, attributable EBITDAi margins in excess of 40%, higher year on year operating cash flow, a 50% increase in free cash flowi and a 200% increase in earnings per share. Escalating input costs have been a challenge in the prior two years, including higher energy costs, but the company has seen a moderation in these pressures in 2023. Across the portfolio, operating costs per tonne mined were 4% higher relative to 2022, with some benefit from moderating energy prices offset by higher labour costs, particularly in North America. Looking forward, Barrick is expecting this to stabilize and as such the guidance for 2024 has costs in line with 2023. In addition, changes in mix of production with a higher contribution from Pueblo Viejo and grade changes should continue to drive costs per ounce lower over the next five years. Barrick’s investment in a common system platform across the group over the last few years has allowed it to manage the business with real time data analytics to mitigate the cost pressures and ensure timely interventions. To ensure it can continue to deliver value into the 2030s and beyond, Barrick is embarking on a major investment phase with the organic growth projects at Lumwana and Reko Diq, both of which are now included in Barrick’s capital expenditure forecasts. Importantly, on the back of a strong balance sheet and Tier One assets, Barrick is able to fund these projects from free cash flow and existing sources of liquidity. 20 Annual Report 2023 | Barrick Gold CorporationFINANCIAL REVIEW (CONTINUED) Identifying and effectively dealing with risk is also key to a safe and sustainable business and is an integral part of how Barrick protects and creates value and this framework will be applied to manage the next growth phase. With Barrick’s world class asset portfolio and exciting growth opportunities, the company continues to be excited by the additional value these projects will deliver to achieve the goal of becoming the world’s most valued gold and copper mining company. Graham Shuttleworth Senior Executive Vice-President, Chief Financial Officer Barrick 5-Year Gold Outlookiii Gold production (attributable) Moz Total gold capital expendituresi (attributable) $ billion Cost of Salesi, Total Cash Costsi and AISC $/ozi 6.0 5.0 4.0 3.0 2.0 1.0 0 1,500 1,250 1,000 750 500 250 0 2023 2024 2025 2026 2027 2028 North America Cost of sales Latin America and Asia Pacific Total cash costs AISC Africa and Middle East Total gold capital Per ounce cost metrics are presented in real terms. Royalty expenses included in the per ounce cost metrics are based on a gold price assumption of $1,900/oz for 2024 onwards. Production in 2028 includes production from Reko Diq. Our realized gold price in 2023 was $1,948/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 Outlookiii Copper production (attributable), Mlbs Cost of Salesi, C1 Cash Costsi and AISCi, $/lb Total copper capital expenditures (attributable) $ billion 700 600 500 400 300 200 100 0 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0 2023 2024 2025 2026 2027 2028 Lumwana Cost of sales Zaldivar C1 cash costs Jabal Sayid AISC Reko Diq Total copper capital Per pound cost metrics are presented in real terms. Royalty expenses included in the per pound cost metrics are based on a copper price assumption of $3.50/lb for 2024 onwards. Production in 2028 includes copper production from Reko Diq and Lumwana Super Pit. Our realized copper price in 2023 was $3.85/lb. 21 Barrick Gold Corporation | Annual Report 2023GOLD MARKET OVERVIEW The average price of gold in 2023 was $1,941/oz, an 8% increase over the $1,800/oz average in 2022. $1,941/oz was the highest annual average price on record, exceeding the previous high reached in 2022. It was the eighth straight year of annual average gold price increases. 2023 marked another year of global economic challenges, led by continued high levels of inflation and rising interest rates. Through these difficult periods, gold has continued to underscore its value as a safe haven investment and store of value. The gold price at the end of 2023 was $2,078/oz, above the annual average for the year, and has continued to be strong in the early months of 2024. After 2020’s historically low global nominal interest rates, including a benchmark rate range of 0% to 0.25% in the United States to help counteract the negative economic impact of the Covid-19 pandemic, benchmark interest rates were raised substantially during 2022 and 2023 to manage inflation. Rising benchmark interest rates in early 2023 ultimately led to a reduction in inflation from long-term highs. As expectations for a peak in benchmark rates for 2023 took hold and expectations for benchmark rate cuts in 2024 grew, the value of the trade-weighted US dollar continued to moderate. When combined with geopolitical tensions, including the conflict in the Middle East and the continued invasion of Ukraine by Russia, the gold price traded at an all- time high of $2,135/oz in December 2023. Strong demand Demand for gold remained strong in 2023 with the World Gold Council reporting total demand of 4,899 tonnes, up 3% from the prior year, reflecting continued elevated levels of net purchases from global central banks tempered by outflows in global gold ETFs. The World Gold Council reported that collective ETF gold holdings decreased by 244 tonnes during the year, representing the largest level of annual outflows since 2013. Demand in gold-backed ETFs, bar and coin declined by a combined 15% in 2023 but this was more than offset by other investment demand, including over-the-counter transactions. Central bank purchases continued at an impressive pace during 2023, exceeding 1,000 tonnes for the second consecutive year. 2022 and 2023 represented the two highest levels of net purchases in over 50 years. The World Gold Council estimates that global central banks added 1,037 tonnes to their reserves during 2023, the 14th consecutive year of net purchases. The People’s Bank of China was the largest single buyer of gold during the year, with reported purchases of 225 tonnes representing the country’s highest annual purchases since at least 1977. During the worst impacts of the Covid-19 pandemic, some central banks looked to their holdings of gold as a source of liquidity in difficult economic times. Their ability to do so provides a strong statement as to why gold is a valuable reserve asset and a key source of reserve diversification. The strong level of purchases in the following years shows that central banks view gold positively and as a long-term store of value. Global jewellery consumption increased modestly in 2023, with the increase being led by 10% growth in Chinese consumption after the removal of Covid-19 restrictions in the country. This was partially offset by a reduction in Indian consumption that was impacted by a weakening of the local currency. As a result of these divergent trends, China regained the mantle as the country with the highest level of gold jewellery consumption. On a combined basis, India and China represented approximately 57% of global gold jewellery demand in 2023, up slightly from 56% in the prior year. Gold demand for technology, electronics and other industrial uses fell by 3% in 2023 due in part to a challenging economic environment. Recycled gold increase The overall supply of gold in 2023 increased by 3% due mainly to an increase in recycled gold. The supply of recycled gold increased by 9% but was still approximately 30% lower than the all-time high reached in 2009, despite record high gold prices. Global mine production rose modestly for the third year in a row but still remained slightly below the peak reached in 2018. This highlights the mining industry’s difficulty in increasing production despite the fourth straight year of record high annual average prices. As gold prices have increased and capital has become more readily available in recent years, there is continued evidence of increased spending on exploration. However, the costs of mine construction and the time required for environmental studies and permitting activities before reaching the production stage means that a return to sustained global production growth remains a challenge. 22 Annual Report 2023 | Barrick Gold CorporationAnnual Demand – Gold ETFs and Similar Products Tonnes, net 1,000 COPPER MARKET OVERVIEW 800 600 400 200 0 -200 -400 -600 -800 -1,000 Year 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Global Annual Gold Mine Production Tonnes 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Year In 2023, the price of copper remained strong with an average annual price of $3.85/lb, modestly down from 2022’s annual average of $3.99/lb. After experiencing volatility in the previous year, copper prices traded in a relatively narrow range of $3.56/lb to $4.33/lb in 2023. High interest rates and economic concerns kept near-term prices rangebound despite rising demand and supply limitations. Chinese demand China’s GDP grew by 5.2% in 2023 after the country ended Covid-19 lockdown measures. China is by far the world’s largest consumer of copper and overall demand for the metal is significantly impacted by economic activity in the country. With the International Monetary Fund projecting China’s GDP to grow by an additional 4.6% in 2024, combined with low levels of global copper stockpiles and constrained mine supply due in part to production disruptions, there should be a corresponding positive impact on copper prices. In the longer run, due to the critical role that copper will play in the energy transition, though the manufacture of electric vehicles, EV batteries, solar panels, wind turbines, and power grids, the outlook for copper demand in the coming years remains very positive. 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Price volatility Official Sector Net Purchases and Gold Prices gold and copper have increased impacted by challenges Since the turn of the century, the market prices of both Tonnes 1,200 1,000 800 600 400 200 0 Year 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Central banks and other institutions London Bullion Market Association gold price Source: World Gold Council facing the global economy. Copper prices have experienced greater volatility while gold prices showed more consistent strength. Over this period, increases in gold prices have exceeded the S&P 500 Total Return Index with copper prices keeping pace, demonstrating the long-term benefits of holding hard assets in an investment portfolio. $/oz 2,000 1,800 1,600 1,400 1,200 1,000 800 23 Barrick Gold Corporation | Annual Report 2023OUR REGIONS AND OPERATIONS: NORTH AMERICA1 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 is the operator and owns 61.5% of this joint venture, which includes three of the company’s Tier One Gold assets1 – Carlin, Cortez and Turquoise Ridge. Nevada Gold Mines (61.5%) 100% production: 3,032koz Attributable production: 1,865koz Donlin (50%) M&I Resources2,i: 20Moz Inferred Resources2,i: 3.0Moz Carlin Complex 100% production: 1,411koz Attributable production: 868koz P&P Reservesi: 9.7Moz M&I Resources2,i: 16Moz Inferred Resources2,i: 6.2Moz Cortez Complex3 100% production: 892koz Attributable production: 549koz P&P Reservesi: 9.0Moz M&I Resources2,i: 12Moz Inferred Resources2,i: 4.0Moz Turquoise Ridge 100% production: 514koz Attributable production: 316koz P&P Reservesi: 8.6Moz M&I Resources2,i: 12Moz Inferred Resources2,i: 0.97Moz Phoenix 100% production: 200koz Attributable production: 123koz P&P Reservesi: 1.9Moz M&I Resources2,i: 3.9Moz Inferred Resources2,i: 0.31Moz Long Canyon 100% production: 15koz Attributable production: 9koz M&I Resources2,i: 0.82Moz Inferred Resources2,i: 0.18Moz 24 CANADA Golden Sunlight (100%) USA Fourmile (100%) M&I Resources2,i: 0.48Moz Inferred Resources2,i: 2.7Moz 1 2 3 Hemlo (100%) 100% production: 141koz P&P Reservesi: 1.7Moz M&I Resources2,i: 3.2Moz Inferred Resources2,i: 0.62Moz Corporate Office, Toronto Tier One gold mines Other gold mines Pipeline projects In closure All figures as at December 31, 2023. Figures for mineral reserves and mineral resources are attributable to Barrick. Mineral resources are reported inclusive of mineral reserves. Mineral reserves and resources at Cortez are reported inclusive of Goldrush. Annual Report 2023 | Barrick Gold CorporationOUR REGIONS AND OPERATIONS: NORTH AMERICA (CONTINUED) REGIONAL HIGHLIGHTS Attributable Gold Production 2,006koz LTIFRi 0.86 AISC Costsi P&P Reservesi $1,388/oz 30.9Moz Total Cash Costsi $1,017/oz Attributable Gold Production Gold Cost of Salesi, Total Cash Costsi and AISCi 1,995 2,006 1,750 to 1,950 koz 2,500 2,000 1,500 1,000 500 0 $/oz 1,400 1,200 1,000 800 600 400 200 0 1,238 1,252 912 1,368 1,388 1,017 1,350 to 1,450 1,370 to 1,470 1,000 to 1,080 2022 2023 2024 (est)1 1 Based on the midpoint of the guidance range. 2022 2023 2024 (est)1 Cost of sales Total cash costs AISC 1 Based on the midpoint of the guidance range. Attributable Gold Mineral Reserves and Resources1,i North America 5-year Gold Outlookiii Moz 80 70 60 50 40 30 20 10 0 68 31 18 Inferred resources Proven and probable reserves Measured and indicated resources 3.00 2.50 2.00 1.50 1.00 0.50 0 1 Mineral resources are reported inclusive of mineral reserves. Gold production (attributable) Moz Total gold capital expendituresi (attributable) $ billion Cost of salesi Total cash costsi AISCi $/oz 1,500 1,250 1,000 750 500 250 0 2023 Carlin Phoenix 2024 2025 2026 2027 2028 Cortez Hemlo Turquoise Ridge Cost of sales Total cash costs AISC Total capital Costs are presented in real terms and incorporate impact of royalties assuming gold price of $1,900/oz. 25 Barrick Gold Corporation | Annual Report 2023OUR REGIONS AND OPERATIONS: NORTH AMERICA (CONTINUED) The creation of the NGM joint venture (JV) was driven by the opportunity to unlock value through the combination of The Turquoise Ridge complex consists of multiple open pit and underground mines as well as an autoclave, oxide Barrick’s and Newmont’s assets in Nevada. This is shown by mill and heap leach pads. The high-grade Turquoise Ridge the extension of process facility lives, optimized ore routing underground mine is the value driver of the complex. The Third to improve recovery and reduce costs, and the removal of toll Shaft was commissioned in Q4 2022 and is now providing treatment charges to lower costs and improve the cut-off grade additional ventilation for underground mining operations, as at Turquoise Ridge. In addition, the improvement of orebody well as shorter haulage distances. At the Sage autoclave, knowledge and expertise following the establishment of the significant investment in infrastructure is being made together JV continues to deliver additional resources and exploration with improvements in maintenance practices, to enhance opportunities along the fence lines of the properties previously performance and reliability at higher throughput volumes. unexplored. In 2023, attributable gold production from NGM Reserve growth for Turquoise Ridge continues to be driven was approximately 1.9 million ounces. by the open pit with the addition of Cut 40 and improved The Carlin complex consists of multiple open pit and underground mines and several processing facilities. These include two roasters, an autoclave, heap leach pads and an oxide mill that was decommissioned at the end of the first quarter of 2023. Pouring its 100 millionth ounce of gold in stockpile economics. Additional resources were also added this year in the open pit at Cut 55 and at Turquoise Ridge Underground. Completing the NGM portfolio is Phoenix. The copper by- product generated by the mine provides diversification and 2022, Carlin rivals any gold complex in the world. Additions further cash flow growth from this strategic metal. At Long to reserves at Leeville, Miramar (formerly North Leeville), Canyon, following the completion of further studies, we Rita K and Pete Bajo as well as increases in resources at have decided not to pursue the permitting associated with Leeville, Fallon (formerly North Leeville) and Rita K will Phase 2 mining at this time and have removed those ounces ensure continued production well into the future. In 2023, from our life of mine plan. the Goldstrike autoclave was converted to a carbon-in-leach (CIL) operation allowing for the earlier treatment of long-term stockpiles at higher recovery. Phase One of the Gold Quarry Roaster expansion was also completed with the second and final stage to take place in the latter half of 2024, and is expected to deliver an additional 20% in throughput. The Cortez complex consists of multiple open pit and underground mines and multiple processing facilities. These include an oxide mill and heap leach pads with refractory material transported to and processed at the Carlin complex. Pouring its first gold over 150 years ago, as in the case of Carlin, Cortez is expected to continue producing long into the future through the addition of projects such as Goldrush, Robertson and Fourmile. The Record of Decision (ROD) for Goldrush was issued on December 8, 2023 and work has Elsewhere in North America, the tailings reprocessing project at Golden Sunlight continues to ramp-up and we expect the project to reach full production towards the end of 2024. The reprocessing of high-sulphide tailings eliminates the need for perpetual water treatment, providing a valuable fuel source for the Carlin roasters, and facilitating proper closure. At Hemlo, most underground physicals continued to steadily improve in 2023, and further productivity enhancements remain the key focus for the near term. We advanced studies for the potential restart of an open pit, which would greatly improve Hemlo’s life of mine, and first production could be achieved as early as 2026. At Donlin, during geotechnical data was gathered for baseline engineering field season, additional the 2023 since started on surface infrastructure accesses. The mine to support permitting water retention dams and the tailings can now complete the construction of the first ventilation storage facility. Trade-off studies and analysis on project raise, alleviating the ventilation constraints and allowing for assumptions, inputs, design components for optimization the continued ramp up of the Goldrush operation. Goldrush (mine engineering, metallurgy, hydrology, power, and is a long-life underground mine with projected annual infrastructure) were also conducted and will continue in 2024. production of more than 400,000 ounces per annum (100% basis) by 2028i. Reserves at Robertson and resources at Hanson continued to grow, with additional exploration upside being further tested in 2024 at both Distal and Hanson. This growth contributes meaningfully to Cortez’s production profile extending it beyond the 10-year outlook. 26 Annual Report 2023 | Barrick Gold CorporationOUR REGIONS AND OPERATIONS: NORTH AMERICA (CONTINUED) 27 Barrick Gold Corporation | Annual Report 2023OUR REGIONS AND OPERATIONS: LATIN AMERICA AND ASIA PACIFIC1 Barrick’s Latin America and Asia Pacific portfolio includes operations and projects in South America, Dominican Republic, Pakistan and Papua New Guinea. This region continues to be a value driver for Barrick with the Pueblo Viejo expansion project gaining momentum, the restart of Porgera and the massive Reko Diq project expected to produce its first gold and copper in 2028. Balochistan, PAKISTAN Pueblo Viejo (60%) 100% production: 559koz Attributable production: 335koz P&P Reservesi: 12Moz M&I Resources2,i: 15Moz Inferred Resources2,i: 0.24Moz Reko Diq (50%) M&I Copper Resources2,i: 8.3Mt Inferred Copper Resources2,i: 2.2Mt M&I Gold Resources2,i: 14Moz Inferred Gold Resources2,i: 3.8Moz JAPAN PAPUA NEW GUINEA DOMINICAN REPUBLIC ECUADOR Porgera (24.5%) P&P Reservesi: 1.2Moz M&I Resources2,i: 2.5Moz Inferred Resources2,i: 0.82Moz Pierina (100%) PERU CHILE Alturas (100%) ARGENTINA Zaldívar (50%) 100% production: 178Mlbs Attributable production: 89Mlbs P&P Reservesi: 0.74Mt M&I Resources2,i: 2.1Mt Inferred Resources2,i: 0.070Mt Veladero (50%) 100% production: 414koz Attributable production: 207koz P&P Reservesi: 2.0Moz M&I Resources2,i: 2.7Moz Inferred Resources2,i: 0.32Moz Pascua-Lama (100%) M&I Resources2,i: 21Moz Inferred Resources2,i: 0.86Moz 1 2 All figures as at December 31, 2023. Figures for mineral reserves and mineral resources are attributable to Barrick. Mineral resources are reported inclusive of mineral reserves. Norte Abierto (50%) P&P Copper Reservesi: 1.3Mt M&I Copper Resources2,i: 2.5Mt Inferred Copper Resources2,i: 0.66Mt P&P Gold Reservesi: 12Moz M&I Gold Resources2,i: 22Moz Inferred Gold Resources2,i: 4.4Moz Tier One gold mines Other gold mines Copper mines Development projects Pipeline projects In closure 28 Annual Report 2023 | Barrick Gold CorporationOUR REGIONS AND OPERATIONS: LATIN AMERICA AND ASIA PACIFIC (CONTINUED) REGIONAL HIGHLIGHTS Attributable Gold Production Attributable Copper Production LTIFRi 542koz 89Mlbs 0.03 Total Cash Costsi $931/oz AISC Costsi P&P Gold Reservesi P&P Copper Reservesi $1,358/oz 26.8Moz 2.04Mt Attributable Gold Production Gold Cost of Salesi, Total Cash Costsi and AISCi 700 to 800 623 542 koz 800 600 400 200 0 2022 2023 2024 (est)1 1 Based on the midpoint of the guidance range. Attributable Gold Mineral Reserves and Resources1,i $/oz 1,400 1,200 1,000 800 600 400 200 0 1,306 1,189 777 1,441 1,358 1,370 to 1,470 931 1,290 to 1,390 920 to 1,000 2022 2023 2024 (est)1 Cost of sales Total cash costs AISC 1 Based on the midpoint of the guidance range. Latin America and Asia Pacific 5-year Production Outlookiii Moz 80 70 60 50 40 30 20 10 0 Gold cost of salesi Gold total cash costsi Gold AISCi $/oz 1,500 81 Total GEO production (attributable) Moz Total capital expenditures (attributable) $ billion 1.50 1.25 1.00 0.75 0.50 0.25 0 27 14 Inferred resources Proven and probable reserves Measured and indicated resources 1,250 1,000 750 500 250 0 2023 2024 2025 2026 2027 2028 1 Mineral resources are reported inclusive of mineral reserves. Pueblo Viejo Reko Diq Veladero Copper production, GEO* Porgera Cost of sales Total cash costs AISC Total capital Gold equivalent ounces (GEO) from copper assets are calculated using gold price of $1,948/oz for 2023 and $1,300 for 2024 to 2028; and copper price of $3.85/lb for 2023 and $3.00/lb for 2024 to 2028. Gold produced at Reko Diq is included as part of LATAM and AP gold production bar. Copper produced at Reko Diq is included in GEOs. Costs are presented in real terms and incorporate impact of royalties assuming gold price of $1,900/oz and copper price of $3.50/lb from 2024 onwards. 29 Barrick Gold Corporation | Annual Report 2023OUR REGIONS AND OPERATIONS: LATIN AMERICA AND ASIA PACIFIC (CONTINUED) Pueblo Viejo consists of two open pits, Moore and Monte Negro, with material processed through autoclaves. The Formal completion of the Commencement Agreement was achieved on December 22, 2023. Recommissioning of the commissioning of the expansion project is on track to be Porgera mine commenced on that date and first gold is ramped up during the second quarter of 2024, following the expected during the first quarter of 2024. At Reko Diq in Pakistan, one of the largest undeveloped copper gold porphyry projects in the world, Barrick is updating the project’s 2010 feasibility study, with engineering consultants engaged to advance key areas and to start basic engineering. This is expected to be completed by the end of 2024, with 2028 targeted for first production. reconstruction of the feed conveyor. The technical and social studies for additional tailings storage capacity (El Naranjo) continues to advance as planned. Geotechnical drilling and site investigations are ongoing and continue to support the feasibility study, which is due for completion in the third quarter of 2024. The project is designed to increase throughput to approximately 14 million tonnes per annum and transform Pueblo Viejo into a mine capable of sustaining average annual gold production of more than 800,000 ounces beyond 2040i. New high potential areas of interest have been consolidated in the Dominican Republic and field work will be conducted in 2024 to define their geological framework and mineral potential. In the Pueblo Viejo District, the exploration team continues to return strong results at new satellite systems, with follow-up drilling planned for 2024. At Veladero in Argentina, the mine exceeded the top end of its production guidance for 2023. Construction of Phase 7A of the leach pad expansion was successfully completed while construction of Phase 7B started during the third quarter of 2023 and is scheduled for completion in 2024. Several target areas have been confirmed as areas of interest for high sulfidation mineralization in the Veladero district, with drilling expected after the Andean Winter. In Peru, a portfolio of exciting targets was progressed and are permitted for drilling in 2024. New areas have been consolidated, with positive early results from regional reconnaissance work. Generative work is ongoing in Chile, with the aim of securing a strong portfolio of district-scale projects that provide exploration optionality. During the year a detailed desktop prospectivity review was completed, and the team progressed to field-validation of the highest ranked areas. In Papua New Guinea (PNG), Barrick successfully engaged with the PNG government and other stakeholders to reopen Porgera, which had been in care and maintenance since April 2020. The Independent State of PNG granted a new Special Mining Lease, following the execution of the Mining Development Contract and other key agreements. 30 Annual Report 2023 | Barrick Gold CorporationOUR REGIONS AND OPERATIONS: LATIN AMERICA AND ASIA PACIFIC (CONTINUED) Reko Diq is ramping up its headcount, with most of the new recruits from its host province of Balochistan, while working with schools and hospitals as part of its community development commitments. The exploration team is also focused on identifying untested upside around the known porphyries as well as upgrading the geological understanding of the deposits as part of the feasibility study update. 31 Barrick Gold Corporation | Annual Report 2023OUR REGIONS AND OPERATIONS: AFRICA AND MIDDLE EAST1 Barrick is the largest gold producer in Africa. Loulo- Gounkoto in Mali and Kibali in the DRC are both Tier One Gold assets. Additionally, the company’s two gold mines in Tanzania, North Mara and Bulyanhulu, have the potential as a combined complex of Tier One production status in the group’s asset portfolio. Loulo-Gounkoto Complex (80%) 100% production: 683koz Attributable production: 547koz P&P Reservesi: 7.2Moz M&I Resources2,i: 10Moz Inferred Resources2,i: 1.2Moz Tier One gold mines Other gold mines Copper mines In closure SENEGAL MALI EGYPT SAUDI ARABIA Jabal Sayid (50%) 100% production: 142Mlbs Attributable production: 71Mlbs P&P Reservesi: 0.30Mt M&I Resources2,i: 0.38Mt Inferred Resources2,i: 0.0092Mt CÔTE D’IVOIRE DRC Buzwagi (84%) TANZANIA Kibali (45%) ZAMBIA 100% production: 763koz Attributable production: 343koz P&P Reservesi: 4.7Moz M&I Resources2,i: 6.8Moz Inferred Resources2,i: 0.79Moz Tongon (89.7%) 100% production: 204koz Attributable production: 183koz P&P Reservesi: 0.35Moz M&I Resources2,i: 0.88Moz Inferred Resources2,i: 0.18Moz Lumwana (100%) 100% production: 260Mlbs P&P Reservesi: 3.0Mt M&I Resources2,i: 7.1Mt Inferred Resources2,i: 4.0Mt Bulyanhulu (84%) 100% production: 214koz Attributable production: 180koz P&P Reservesi: 3.4Moz M&I Resources2,i: 6.2Moz Inferred Resources2,i: 4.1Moz 32 North Mara (84%) 100% production: 302koz Attributable production: 253koz P&P Reservesi: 2.9Moz M&I Resources2,i: 5.1Moz Inferred Resources2,i: 0.54Moz 1 2 All figures as at December 31, 2023. Figures for mineral reserves and mineral resources are attributable to Barrick. Mineral resources are reported inclusive of mineral reserves. Annual Report 2023 | Barrick Gold CorporationOUR REGIONS AND OPERATIONS: AFRICA AND MIDDLE EAST (CONTINUED) REGIONAL HIGHLIGHTS Attributable Gold Production Attributable Copper Production LTIFRi 1,506koz 331Mlbs 0.17 Total Cash Costsi $903/oz AISC Costsi P&P Gold Reservesi P&P Copper Reservesi $1,176/oz 18.8Moz 3.3Mt Attributable Gold Production Gold Cost of Salesi, Total Cash Costsi and AISCi 1,523 1,506 1,400 to 1,550 koz 1,600 1,200 800 400 0 2022 2023 2024 (est)1 1 Based on the midpoint of the guidance range. Attributable Gold Mineral Reserves and Resources1,i $/oz 1,400 1,200 1,000 800 800 600 600 400 400 200 200 0 0 1,219 1,251 1,111 839 1,176 903 1,250 to 1,350 1,180 to 1,280 880 to 960 2022 2023 2024 (est)1 Cost of sales Total cash costs AISC 1 Based on the midpoint of the guidance range. Africa and Middle East 5-year Production Outlookiii Total GEO production (attributable) Moz Total capital expenditures (attributable) $ billion Gold cost of salesi Gold total cash costsi Gold AISCi $/oz Moz 40 35 30 25 20 15 10 5 0 30 19 6.8 Inferred resources Proven and probable reserves Measured and indicated resources 2.50 2.00 1.50 1.00 0.50 0 1,500 1,200 900 600 300 0 2023 2024 2025 2026 2027 2028 1 Mineral resources are reported inclusive of mineral reserves. Loulo-Gounkoto Tongon Copper production, GEO* Kibali North Mara Bulyanhulu Cost of sales Total cash costs AISC Total capital Gold equivalent ounces (GEO) from copper assets are calculated using gold price of $1,948/oz for 2023 and $1,300 for 2024 to 2028; and copper price of $3.85/lb for 2023 and $3.00/lb for 2024 to 2028. Copper produced at the Lumwana Super Pit expansion is included in GEOs. Costs are presented in real terms and incorporate impact of royalties assuming gold price of $1,900/oz and copper price of $3.50/lb from 2024 onwards. 33 Barrick Gold Corporation | Annual Report 2023OUR REGIONS AND OPERATIONS: AFRICA AND MIDDLE EAST (CONTINUED) The Loulo-Gounkoto complex in Mali produced in the top- half of guidance for 2023 and replaced mined reserves for the fifth successive year. At Gounkoto, the complex’s third underground mine started ore production from stoping ahead of schedule in the first quarter of 2023. The expansion of the solar plant to a total of 60MW has been completed 12 months ahead of plan, in line with Barrick’s global commitment to increase its use of renewable energy. At Kibali in the DRC, Barrick continues to extend the mine’s life beyond 10 years. Mineral reserves increased, net of depletion, for the fifth successive year. During the year, Barrick completed a feasibility study for a 17MW solar power station, to supplement the current energy mix which is predominantly hydropower, with construction starting in early 2024. Conversion drilling at North Mara and Bulyanhulu in Tanzania has again replenished reserves after depletion and both mines are now planning to deliver a combined production of greater than 500koz for the next 10 years. There is significant further exploration potential surrounding the mines which has been unlocked through the consolidation efforts of new permits during 2023. At the 2023 Association of Tanzania Employers Awards, the mines were awarded Top Employer of the Year, among several other accolades. Additionally, the Ministry of Minerals recognized the mines as the largest contributor to the economy, demonstrating the successful turnaround of the Tanzanian operations. Completing the Africa and Middle East gold portfolio, the Tongon gold mine in Côte d’Ivoire delivered within guidance. The mine continues to extend its life with intensive exploration efforts. The Lumwana copper mine in Zambia delivered on its Successful drilling for the year. production guidance programs at the mine drove the majority of Barrick’s copper reserve additions for the year, growing the reserve base by 6% year on year, net of depletion. The Lumwana Super Pit expansion project has been accelerated with first production now scheduled for 2028. The project will transform Lumwana into one of the world’s major copper mines, with projected annual production of around 240,000 tonnes per year over a +30-year lifei. In Saudi Arabia, at Jabal Sayid, the top-half of production guidance was achieved. Work is progressing well at Umm Ad Damar and Jabal Sayid South in an effort to deliver further value from nearby opportunities by leveraging the existing infrastructure at Jabal Sayid. 34 Annual Report 2023 | Barrick Gold CorporationOUR REGIONS AND OPERATIONS: AFRICA AND MIDDLE EAST (CONTINUED) 35 Barrick Gold Corporation | Annual Report 2023RESERVES AND RESOURCES During 2023, Barrick’s attributable proven and probable gold mineral reserves grew by 5.0 million ounces before annual depletion of 4.6 million ounces, delivering a third consecutive year of organic gold reserve growth over and above depletion, while continuing to maintain the quality of the mineral reserve base. This resulted in proven and probable gold reserves of 77 million ouncesi at an average grade of 1.65g/t for 2023, increasing from 76 million ouncesi at an average grade of 1.67g/t in 2022. For 2023, this breaks out into proven gold mineral reserves of 250 million tonnesi grading 1.85g/t, representing 15 million ounces of gold and probable gold reserves of 1,200 million tonnesi grading 1.61g/t, representing 61 million ounces of gold. Barrick’s 2023 gold mineral reserves are estimated using In North America, ongoing growth programs at Turquoise Ridge, Leeville Underground in Carlin and Robertson in Cortez added 1.9 million ouncesi of gold on an attributable basis before annual depletion, effectively replacing more than 80% of annual depletion, resulting in sustained attributable proven and probable mineral reserves for the region of 31 million ouncesi at 2.45g/t. Attributable proven and probable copper reserves grew by 330,000 tonnesi of copper year on year before annual depletion of 270,000 tonnes of copper. This has resulted a gold price assumption of $1,300/oz which is consistent in 124% of annual global copper depletion, with attributable with 2022, except at Tongon, where mineral reserves were estimated using a gold price assumption of $1,500/oz and Hemlo where mineral reserves were estimated using a gold price assumption of $1,400/oz. Both are reported to a rounding standard of two significant digits for tonnes and metal content, with grades reported to two decimal places. Since year-end 2019, Barrick has organically replaced over 140% of the Company’s gold reserve depletion, adding almost 29 million ounces of attributable proven and probable reserves or 44 million ounces of proven and probable proven and probable copper mineral reserves of 5.6 million tonnesi at 0.39% as of end of year 2023 supporting the consistent replacement track record. 2023’s proven copper mineral reserves of 320 million tonnesi grading 0.41%, represents 1.3 million tonnes of copper and probable gold reserves of 1,100 million tonnesi grading 0.38%, representing 4.3 million tonnes of copper. The 2023 copper mineral reserve growth was driven by Lumwana, where the mineral reserves grew by 6% year on year, net of depletion, as a result of ongoing conversion drilling in the Malundwe Pit. reserves on a 100% basis, excluding both acquisitions and divestmentsii. As of December 31, 2023, Barrick’s copper reserves are reported in tonnes, whereas previously they were reported The Africa and Middle East region, replaced 165% of the regional 2023 gold reserve depletion, led by Loulo-Gounkoto, with extensions of the high grade Yalea orebody, delivering a 1.1 million ouncei increase in attributable proven and probable reserves before depletion. Bulyanhulu also added 0.9 million ouncesi to attributable proven and probable reserves, through the extension of Reef 1 and Reef 2 near surface mineralization, with updated feasibility studies supporting an additional surface decline access portal for in pounds. For Barrick-operated assets, copper mineral reserves for 2023 are estimated using a copper price of $3.00 per pound, consistent with 2022. Tonnes and metal content are reported to a rounding standard of two significant digits, with grades reported to two decimal places. Barrick’s attributable measured and indicated gold resources for 2023 stand at 180 million ouncesi at 1.06g/t, with a further 39 million ouncesi at 0.8g/t of inferred resources. Mineral resources are estimated using a gold price of $1,700 per each Reef. At Kibali, the ongoing conversion drilling in the 11000 ounce. All mineral resources are reported inclusive of mineral lode in KCD underground combined with the conversion of some satellite pit resources delivered a 0.47  million ouncei increase in attributable proven and probable reserves before depletion. reserves and both tonnes and metal content are reported to a rounding standard of two significant digits for tonnes and metal content. Measured and indicated mineral resource Within the Latin America and Asia Pacific region, a pre- feasibility study was completed on the expansion of the leach pad supporting an additional pushback in the open pit at Veladero, resulting in 2023 attributable proven and probable gold reserves for the region of 27 million ounces at 0.96g/ti. grades are reported to two decimal places, while inferred mineral resource grades are reported to one decimal place. Continued growth of the gold mineral resource base is expected to be realised through comprehensive evaluation programs of the Fourmile deposit, which target an update to mineral resources at the end of 2024 in addition to supporting the commencement of a pre-feasibility study on the southernmost portion of the Fourmile deposit immediately adjacent to Goldrush. 36 Annual Report 2023 | Barrick Gold CorporationRESERVES AND RESOURCES (CONTINUED) indicated copper Barrick’s attributable measured and resources for 2023 stand at 21 million tonnesi of copper at 0.39%, with a further 7.1 million tonnesi of copper at 0.4% of inferred resources. Mineral resources are reported inclusive of mineral reserves and both tonnes and metal content are reported to a rounding standard of two significant digits for tonnes and metal content. Measured and indicated mineral resource grades are reported to two decimal places, while inferred mineral resource grades are reported to one decimal place. Copper mineral resources for 2023 are estimated using an updated price of $4.00 per pound. As of December 31, 2023, Barrick’s copper mineral resources are reported in tonnes, whereas previously they were reported in pounds. Looking forward to 2024, the Barrick mineral resource base is expected to provide the foundation of future growth with two potential Tier One assetsi. As part of this, the 2023 Reko Diq mineral resource updates reflect the ongoing feasibility study updates, resulting in attributable measured and indicated mineral resource of 8.3 million tonnesi of copper at 0.43% with 14 million ouncesi of gold at 0.25g/t, and an attributable inferred mineral resource of 2.2 million tonnesi of copper at 0.3% with 3.8 million ouncesi of gold at 0.2g/t. Additionally, the Lumwana updated 2023 measured and indicated copper resources stand at 7.1 million tonnesi of copper at 0.52%, providing the basis for 2024 feasibility study updates, with a further 4 million tonnesi of copper at 0.4% of inferred resources. 2023 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. Attributable Gold Reservesi Moz 90 80 70 60 50 40 30 20 10 0 -4.6 5.0 76 77 2022 Depletion Net change 2023 Attributable Copper Reservesi Mt 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0 -0.27 0.33 5.6 5.6 2022 Depletion Net change 2023 37 Barrick Gold Corporation | Annual Report 2023EXPLORATION The foundation of Barrick’s exploration strategy is a deep organizational understanding that discovery through exploration is a long-term investment and the main value driver for the business – not a process. Barrick’s exploration strategy has multiple elements that all need to be in balance to deliver on its business plan for growth and long-term sustainability. First, Barrick seeks to deliver projects of a short- to medium-term nature that will drive improvements in mine plans. Second, it seeks to make new discoveries that have the potential to add to Barrick's Tier One Gold Asset portfolio. Third, Barrick works to optimize the value of its major undeveloped projects and finally, it seeks to identify emerging opportunities early in their value chain and secure them by an earn-in or outright acquisition, where appropriate. During 2023, exploration work expanded in all regions with the addition of new projects, while ongoing work continues to return encouraging results at all stages of the target pipeline. Creating Value Through Exploration and Optimization Construction & Development Projects 2 2 1 Feasibility Prefeasibility 1 1 Potential Resource to Reserve Conversions 6 Potential Inferred Resource Conversions Potential Brownfield Additions Brownfield Exploration Targets Greenfields Exploration Targets 8 3 35 10 1 2 7 5 6 18 2 1 1 4 4 4 10 8 North America Latin America and Asia Pacific Africa and Middle East 38 EXPLORATION (CONTINUED) In Canada, a solid portfolio of projects is being built with In the Africa and Middle East region, the team confirmed high- encouraging early results. In the United States, Barrick grade mineralization on key structures around deposits in Mali, secured several exciting prospects outside the Carlin district, DRC, and Côte d’Ivoire and in Tanzania Barrick expanded its and the Nevada exploration team continues to identify new ground holding significantly and identified multiple alteration opportunities. In Latin America, a portfolio of exciting targets in Peru were progressed and are permitted for drilling in 2024. Barrick entered Ecuador, completing initial mapping and geochemical programs while around Pueblo Viejo in the Dominican Republic and Veladero in Argentina, exploration continues to return strong drill results, identifying new satellite potential at both operations. systems beneath cover around North Mara. In Saudi Arabia, early drilling at the Umm Ad Damar project has identified VMS-style mineralization and alteration at all targets. Barrick also continues to evaluate opportunities across the Asia- Pacific region as it progresses targets around Reko Diq in Pakistan and across Japan. Through 2024, Barrick plans to maintain a healthy balance in its exploration focus between early-stage and advanced exploration projects to deliver on Barrick’s growth and long-term business plan. NORTH AMERICA Exploration work in North America continues to grow in Canada and outside Nevada on early-stage projects, while At Turquoise Ridge, drilling extended high-grade mineralization in multiple directions around the Turquoise maintaining a strong focus on discovering the next Carlin Ridge deposit while exploration work focused on the untested deposit in Nevada. On the Carlin trend, exploration drilling continues to extend high-grade mineralization on fertile structures around the Leeville, Horsham, Ren, Miramar, Rita K and Fallon deposits, confirming the long-term potential to add resources around feeder potential beneath the Mega Pit, intersecting alteration and mineralization which is interpreted to be an indicator of proximity to significant mineralization. Our copper exploration strategy in North America progressed through the year, leading to the securing of multiple early- the Little Bounder Basin. Surface geochemistry results this stage opportunities outside Nevada which will be progressed year, to the north of the area along the important Eastern through 2024. Bounding Fault, identified multiple, structurally-controlled anomalies providing targets for testing in future seasons. Geochemical drilling programs are in progress in multiple untested areas within and around the trend. At Cortez, strong results from ongoing drilling at Fourmile confirmed its potential as the next Tier One deposit in the district and a dedicated study team is now progressing the target towards a prefeasibility study. Drilling continued to extend mineralization around the Robertson deposit and drilling at the Swift target confirmed the presence of a large Carlin hydrothermal system which is open and requires further drilling to understand its potential. In Canada, till geochemistry results from a belt-scale opportunity in Sturgeon Lake identified multiple large, anomalies to be further evaluated in 2024. Early work at the Patris project in the Southern Abitibi district confirmed gold mineralization around intrusive rocks along a major structural corridor which we will evaluate further in 2024 through drilling. 39 Barrick Gold Corporation | Annual Report 2023EXPLORATION (CONTINUED) LATIN AMERICA AND ASIA PACIFIC This region has a strong early stage and new frontier exploration focus, balanced with Barrick’s ongoing In Peru, the team is exploring across four regions, with the most advanced target, Pataquena, in the south of the brownfields work to support the operations at Veladero and country, permitted for drilling in 2024. Libelula, close to Pueblo Viejo and identify new ore sources to replace depleted Pierina, will also be drill tested, subject to permitting, in 2024. resources. At Pueblo Viejo in the Dominican Republic, exploration work on multiple satellite targets around the deposit identified two new areas of interest close to the mine: at the Pueblo Additionally, Barrick extended its ground holding in the centre of the country where there is significant opportunity. In Argentina, exploration is focused on the brownfields targets around Veladero. As the metallurgical work on the Grande target, drilling has confirmed the existence of Pueblo Morro Escondido inventory continues, geophysical surveys Viejo-type lithologies and alteration in a previously untested and drilling programs are evaluating other targets in the area, while at Zambrana, drilling has intersected mineralized Ortiga and Veladero trends. breccias and shallow oxide mineralization which is interpreted to be a separate system to Pueblo Viejo. As drilling continues on these and other targets around the mine the exploration team is progressing additional opportunities across the Dominican Republic. As part of Barrick’s global expansion into world class districts, the company entered Ecuador during 2023, conducting early regional reconnaissance prospecting work on various districts in the southern Jurassic Belt, which hosts the Mirador and Fruta del Norte deposits. Early results are positive, confirming both the epithermal and/or porphyry potential of the districts. Generative teams are active across the region and advancing targeting concepts in Chile as well as continuing research and improving our understanding of the prospectivity in multiple priority areas in the Andes and the Guiana Shield. Across to the Asia Pacific region, the exploration team continues to evaluate the most prospective regions for opportunities. At the Reko Diq Copper Porphyry project in Pakistan, the exploration team is focused on identifying untested upside around the known porphyries as well as upgrading the geological understanding of the deposits as part of the feasibility study update. In Japan, Barrick is progressing four priority projects with drilling at the Mizobe target in Kyushu intersecting wide intervals of breccia hosted mineralization. 40 Annual Report 2023 | Barrick Gold CorporationEXPLORATION (CONTINUED) AFRICA AND MIDDLE EAST With seven operations, the AME region is Barrick’s busiest in terms of brownfields exploration. However, there is also extensive greenfields exploration work in progress. On the Bambadji joint venture in Senegal, the team interpreted a highly anomalous, 26km long corridor of increased strain and alteration which contains significant mineralization along its length. Work in the past year has focused on a set of deeper framework holes which have tested the corridor around its most prospective segments. Results from this work have been encouraging, identifying continuity of mineralization in very wide-spaced drilling and significantly upgrading Barrick’s interpretation and the corridor remains the principal target on the project. Also in Senegal, the Dalema and Bambadji South projects saw significant work through shallow geochemical drilling and geophysical surveys, which identified multiple anomalous areas for follow up work. At Loulo-Gounkoto in Mali, the team has started testing the extensions to open, high-grade mineralization beneath In Tanzania, Barrick continued to consolidate ground in the most prospective parts of the country, including establishing a new large scale exploration footprint on a highly endowed and under explored belt away from our current operations. To rapidly progress this portfolio we have carried out geochemical and geophysical surveys this year, while the teams have also identified multiple near mine targets at both Bulyanhulu and North Mara. Along the Gokona Corridor at North Mara, exploration beneath 100m of cover has confirmed multiple areas with elevated Gokona-type geochemistry and alteration which need to be further drill-tested. Around Bulyanhulu, the team confirmed the continuity of mineralization along the main structures beyond the deposit and further work is required to better define the opportunity. Generative work continues across the Copper Belt of DRC and Zambia where we are evaluating multiple opportunities. At Lumwana, our team continues to support the ongoing Superpit feasibility study through the successful extension of mineralized horizons. the Yalea, Gounkoto and Baboto deposits. At Baboto there is significant untested space at relatively shallow depths beneath historical drilling and early results have confirmed In the Arabian Nubian shield, Barrick is progressing projects with exciting results in Saudi Arabia and in Egypt. Initial results from the Hamash Sukari project were received and the high grade mineralization, while at Yalea, drilling is testing for plan is to complete an airborne EM survey in 2024. Barrick’s a repetition of the high-grade ‘purple-patch’ mineralization. partnership with Ma’aden was extended beyond Jabal Sayid Exploration also continues along significant structures away this year to include the Jabal Sayid South and Umm ad from the deposits such as the domain boundary, where Damaar projects. At Umm ad Damar, following mapping and results this year identified additional zones of mineralization. geophysical surveys, results from a first phase of drilling across four different targets have been highly encouraging with VMS alteration and mineralization intersected at all targets. In Côte d’Ivoire, the Boundiali permit was reissued with a significant conversion drilling program being completed at the Fonondara target as part of the program to evaluate its potential as a Tongon satellite ore source. On the Tongon permit the aim is to identify another large mineralized Skarn system, like Tongon, and shallow drilling along prospective structures around Tongon and onto the new Korokaha North permit is in progress. At Kibali in the DRC, strong drilling results through the year on multiple targets continue to confirm the prospectivity of the principal structures around the KCD deposit. High-grade mineralization was intersected beneath the Oere target, confirming its open nature and highlighting the deep potential along an untested, multi-kilometre part of that structure. At Agbarabo and Rhino, drilling confirmed the down-plunge continuity of multiple mineralized shoots with the potential to be mined from underground, while drilling at KCD identified a new plunging mineralized lode on the sparsely tested western side of the deposit. Drilling at the Zambula target in the south of the Kibali project also confirmed open mineralization near surface. 41 Barrick Gold Corporation | Annual Report 2023MINING SUSTAINABLY FOR A BETTER FUTURE “Our Board-led governance of sustainability is about having clear lines of accountability and oversight, with the right policies, people and processes in place to manage genuine partnerships with our stakeholders.” John L Thornton Barrick Chairman CLEAR, ROBUST AND ACCOUNTABLE GOVERNANCE OF SUSTAINABILITY The prime mission of our business is to create long-term value for all our stakeholders, and that puts our approach to sustainability at the heart of our business. We know, and feel every day, that to achieve our mission It’s why we manage our sustainability impacts with the same our operations must have the trust and support of their host diligence we might apply to understanding our ore bodies countries and communities, and must protect the natural or our accounts. And we consider our contributions to capital they rely on. achieving the UN Sustainable Development Goals (SDGs) – the 17 global goals which most closely align with our values and the ambitions of our host communities – as an important measure of our success as a company. Figure 1: Our approach to sustainability management Climate resilience Barrick’s approach Nature Poverty alleviation 42 Annual Report 2023 | Barrick Gold CorporationAs shown in in Figure 1, our holistic and integrated approach We also tie incentive compensation for our President, CEO, to sustainability management is based on three interlinked members of the Executive Committee and employees to the MINING SUSTAINABLY FOR A BETTER FUTURE (CONTINUED) achievement of company-wide sustainability targets such as safety, community relations and environmental performance, human rights and anti-corruption. Performance against our sustainability scorecard (see below) accounts for 20% of the long-term incentive awards for senior leaders as part of the Barrick partnership plan. We believe in transparently measuring and reporting our performance and the main tool we use to define good practice and benchmark ourselves against peers is our Sustainability Scorecard – published below. This tracks key performance indicators based on the pillars of our sustainability strategy and scores our performance as a ranking for each metric in quintiles, to produce a score of 1 (top) – 5 (bottom). The score for each indicator is then summed to produce a total score against which we have graded ourselves using an A-E banding. For 2023 the fatalities metric was given a double-weighting, further added to by the Board, to underline the seriousness with which we hold our goal of zero fatalities. The results show that Barrick received an A grade in 2023. This is an improvement on our B grade in 2022. areas that align with the SDGs. As part of this approach, we understand and regularly assess both the risks that material sustainability issues pose to our business, and the potential and perceived impacts from our business on society and the environment. Our transparent governance aims to ensure we carefully measure and manage those risks and impacts. This approach is codified in our Sustainable Development Policy and a full suite of sustainability policies, which are available on our website. The following pages seek to demonstrate how we have been putting these policies and this approach into action in 2023 with full details in our stand-alone Sustainability Report. On-the-ground leadership In keeping with a focus on local impacts and delivery, we have a bottom-up structure that sees sustainability activity driven at mine level, with each mine having its own teams to implement sustainability initiatives. We fuse this bottom-up approach with oversight and expert guidance at group-level. Our Board has ultimate responsibility for our sustainability activities with support from several committees including the Environmental & Social Oversight Committee – one of our most senior management-level bodies – which connects site- level ownership of sustainability with our Board. There is also regular interaction between all our operations and the Group Sustainability Executive and specialist regional leads. 43 Barrick Gold Corporation | Annual Report 2023MINING SUSTAINABLY FOR A BETTER FUTURE (CONTINUED) Sustainability Scorecard For 2023, the grading key was updated to reflect a total of 28 measures assessed by the Sustainability Scorecard resulting in a maximum of 140 quintiles, compared to a total of 26 measures in 2022 resulting in a maximum of 130 quintiles. The total scores and corresponding grades are therefore not directly comparable year-over-year. Sustainability Scorecard Grading Key Assessment Framework for the Long-Term Company Scorecard Grade 2022 Score (sum of quintiles) 2023 Score (sum of quintiles) No Award (0%) Maximum award (100%) A B C D E 26 – 46 47 – 67 68 – 88 89 – 109 110 – 130 28 – 49 50 – 72 73 – 95 96 – 118 119 – 140 to If the score is a Grade C or lower If the score is a Grade A Abridged 2023 Sustainability Scorecard Aspect Key Performance Indicator Safety Social and economic development Human rights Environment (including Climate Change) Total Recordable Injury Frequency Rate (TRIFR) Zero Fatalities Progress against our Journey to Zero Roadmap (New)1 Percentage of safety leadership interactions completed Percentage of annual Community Development Committees commitments met2 Percentage of workforce who are host country nationals Percentage of senior management who are host country nationals Percentage of economic value that stays in host country Increase in national procurement year-on-year (New)1 Proportion of grievances resolved within 30 days2 Percentage of security personnel receiving training on human rights Corporate human rights benchmark score3 Independent human rights impact assessments with zero significant findings at high risk sites2,3 Percentage of recommendations completed from Independent Human Rights Assessments (New)1 N/A Upgrade controversy listed by one of the ESG Rating Agencies3 Number of significant environmental incidents Tonne CO2-e per tonne of ore processed Progress against absolute emissions target as per Reduction Roadmap2 Water use efficiency (recycled & reused) Percentage of completion against Biodiversity Action Plan Commitments2 Percentage of Independent tailings reviews conducted2 Global Industry Standard on Tailings Management (GISTM) progress2 Proportion of operational sites achieving annual concurrent reclamation targets2 Progress against RGMP+ implementation2,4 Percentage of employees receiving Code of Conduct training2 2022 Quintile 2 2023 Quintile 1 Trend 5 N/A 2 3 1 2 2 N/A 4 1 4 1 1 1 3 1 1 1 1 2 3 1 1 1 N/A 1 5 3 2 3 1 2 2 1 4 1 2 1 2 1 1 3 1 1 1 1 1 1 1 1 1 1 1 N/A N/A N/A N/A Governance Percentage of supply partners trained on Code of Conduct at time of on-boarding2 Increase female representation across the organization (New)1 30% female Board composition Overall Score5 47 (B) 46 (A) 1 2 3 4 5 N/A due to changes in the metrics that are not comparable year-on-year. Internal metrics. In comparison to the 55 extractive companies assessed against the Corporate Human Rights Benchmark’s methodology, Barrick is ranked in the top 25% in the extractives industry. 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+. For 2023, the grading key was updated to reflect a total of 28 measures assessed by the Sustainability Scorecard resulting in a maximum of 140 quintiles, compared to a total of 26 measures in 2022 resulting in a maximum of 130 quintiles. The total scores and corresponding grades are therefore not directly comparable year-over-year. Our management and disclosure of sustainability activity is informed by the ever-growing number of ESG frameworks and standards. Our full Sustainability Report conforms with the member requirements of the World Gold Council (WGC) and International Council on Mining and Metals (ICMM), including the implementation of the WGC Responsible Gold Mining Principles (RGMPs) and the ICMM Mining Principles Performance Expectations. It is prepared with reference to the requirements of the GRI Universal Standards and its recently released Mining and Metals Standards and aims to align with the requirements of the International Sustainability Standards Board. 44 Annual Report 2023 | Barrick Gold CorporationCREATING SOCIAL AND ECONOMIC VALUE MINING SUSTAINABLY FOR A BETTER FUTURE (CONTINUED) “Creating value goes beyond our shareholders to all our stakeholders, most notably by emphasizing and prioritising our localisation efforts: through our employment, our procurement and our community investment.” Graham Shuttleworth Chief Financial Officer All our mines rely on making and maintaining mutually The bedrock of our approach is to put host communities at beneficial partnerships with our host countries and the center of the local decision-making process through the communities. Together with our communities we establish creation of Community Development Committees (CDCs). operations that nurture local talent and catalyze thriving local We have established CDCs at all our operations, enabling economies. Our commitment to create social value in this way, including upskilling the national sector and supporting initiatives in education, healthcare and local entrepreneurship, is formalized in our Sustainable Development and Social Performance Policies. local stakeholders to drive their own development in line with the UN SDGs (Figure 2). Each CDC is an elected group made up of local leaders as well as representatives from women’s, youth, disadvantaged groups in the community and a Barrick official. Figure 2: Community development committee process Community Submit potential projects The Community Development Committee Debate, discuss and select projects for funding and oversee implementation. Community companies involved where possible. Allocate funds Local economic development Water Food Health Education 45 Community feed in funds Barrick Gold Corporation | Annual Report 2023MINING SUSTAINABLY FOR A BETTER FUTURE (CONTINUED) In 2023 Barrick distributed around $15.1bn in total economic We also support local entrepreneurs with mentorship value (Figure 3) and invested more than $43.2 million in programs, skills training, or by providing loans to cover the community development projects around our mines. cost of start-up materials. This included support for educational projects such as Being a long-term partner also means paying our fair share Early Learning Centers in the US (see box) and university of tax and in 2023, our total tax and royalty contributions and scholarships in Dominican Republic; support to local dividends to states was $2.8bn. entrepreneurs in Africa and Saudi Arabia, provision of sports to science equipment and backing for projects from health care to heritage conservation. We recognize that our responsibility does not stop when operations cease. We aim to leave a thriving economic and environmental legacy after our mines close and in 2023 the We also encourage all economic development to consider Special Economic Zone (SEZ) around the former Buzwagi the environmental impacts. For example, the Lumwana team mine in Tanzania showed what can be achieved. The former in Zambia support community beekeeping businesses not mine now houses agricultural resource centers, a range of only by funding the construction of a new honey production apiary and poultry projects, welcomed new investors with facility, but also by backing initiatives to protect local forests plans to produce conveyor belt rollers and grinding media from pesticides and deforestation, as the health of local and, perhaps most significantly last year, saw the conclusion forests is key to creating productive bee hives. of an eight-month partnership to open a new airport terminal. Local hiring and buying Located on the former mine’s Kahama Airstrip the new terminal will serve more than 200 passengers at a time and We see the large pool of workers and goods and services that connect the SEZ to wider trade partners. our mines require as an opportunity to share and create value by implementing hiring and buying policies that help inject money and world-class skills into local communities and host countries. By the end of 2023, 77% of senior management were host country nationals, and we spent nearly $7 billion on goods and services from local and host country suppliers. Figure 3: Our contribution to society in 2023 46 Annual Report 2023 | Barrick Gold CorporationMINING SUSTAINABLY FOR A BETTER FUTURE (CONTINUED) A HELPING HAND, TO STAND ON HER OWN TWO FEET In 2012, Violet Kahaji was illiterate and relied on Since starting her business, Violet has been able to invest subsistence farming to support herself and her five funds back into herself and her family. She’s bought a children. However, the Women’s Empowerment Program home, has seen a first child graduate from college, and developed by Lumwana copper mine (Zambia) offered a is supporting two of her other kids with college tuition. helping hand to change her situation – and Violet grasped When asked about how her life has changed, Violet said it. After a few years in the program, Violet learned to she was very grateful to Barrick, saying: “For me, what read and write, and by 2015, with the opportunities I wanted was just to stand on my own as a woman, not that literacy opened up she decided to start a business: to depend on any other person.” Kuwunda Supplies. The start-up was supported by the Lumwana Business Accelerator Program, and the training Violet received helped build her skills and hit the ground running. Kuwunda Supplies won several contracts including selling maize, beans, and roots for brewing the local fermented drink munkoyo. In a little over a decade, Violet has grown her business to reach approximately 40 workers in the start of 2024. EARLY LEARNING CHILDCARE, FOR EARLY HOURS WORKERS In Elko, Nevada, home of our Nevada Gold Mines (NGM) To date, we’ve invested $4.5 million into the Early complex, we aim to support programs that directly Learning Centers, with classrooms caring for children address the communities’ needs. This includes backing ages 9 months to 5 years old, and care starting as early the much loved Elko Boys and Girls Club – a hub of the as 4am, and continuing as late as 8pm. Through the partnership with Early Learning Centers, we’ve helped NGM employees and community members gain peace of mind that their children are in good hands. town. The club already provides facilities such as after-school programs, sports equipment and a computer lab dedicated to encouraging STEM (Science, technology, engineering, and mathematics) learning. It also provides emergency support to those facing welfare issues including a weekend family meal program and mental health support. Last year, however, the local community highlighted an additional facility needed from the Club. A lack of affordable and accessible childcare in the mornings meant some parents, especially women, could not access the job market. To help remove this barrier for women and others to build viable careers we partnered with the Elko and Spring Creek Boys and Girls clubs to form Early Learning Centers.   47 Barrick Gold Corporation | Annual Report 2023MINING SUSTAINABLY FOR A BETTER FUTURE (CONTINUED) HEALTH AND SAFETY “Safety is about doing the right thing even if no-one is looking. Each individual in our workforce from labourers to leadership must take responsibility for the safety of themselves and those around them.” Detlev van der Veen Head of Health and Safety Ensuring our people go home from work safe and healthy each day is one of our foundational values, and a top priority at every site through every phase of the mine life cycle. Zambrana in Dominican Republic, who received safety training provided by Barrick, and now provide their own training services to a local energy company. All of our workforce is covered by occupational health and safety programs which include regular medical checks, job specific risk assessments, PPE and the control and monitoring of occupational health hazards and exposure as set out in our Occupational Health & Safety Policy. We also focus on personal wellbeing and all our sites have fit-for-work programs that consider the importance of mental health, adequate sleep, diet and exercise. MILITARY-GRADE SAFETY TRAINING Having formally worked in the military Tommy Brockman at our NGM complex knows the vital All our operational sites are certified to the internationally- importance of effective preparation and protocols. He recognized ISO 45001 standard and our safety-first mindset recently completed our underground training process is codified in a set of standards, policy guidelines, operating which includes study of underground maps and procedures and controls, including site-specific safety navigation in a classroom setting, use of driving haul- management plans at each mine, that we aim to continually truck simulators and riding with trained operators. It improve. Yet it is people, not documentation, at the heart of our safety culture. We conducted continuous safety training in 2023 takes in a full review of all aspects of our safety policy including responsibility to speak up and stop unsafe work. and our workers and contractors discuss safety every day In his first day at work following graduation, his safety and know to take responsibility for the safety of themselves, training came into play. their colleagues and their wider communities. This includes giving all our people the responsibility to stop or refuse unsafe work (see box). While assisting a haul truck driver in backwards navigation, Tommy spotted a bolt sticking out of the ground – creating a safety hazard for the truck and Safety is a standing agenda item at our weekly Executive surrounding workers. While initially hesitant to speak Committee meetings, and quarterly board meetings and up, he remembered a key lesson from his mine safety to drive safety culture and behaviors, our leadership teams training program: it’s everyone’s responsibility to stop spend time in the field every day engaging with people on unsafe work. He notified the driver and stopped to safely executing their work, correcting unsafe practices and remove the bolt before continuing work. The near behavior, working to identify nearby risks and hazard, and miss saved Tommy and his colleagues from both striving for operational excellence. potential injury and costly delays. In 2023, however, the progress on our ‘Journey to Zero’ has been too slow. Despite steady improvements in LTIFRi from 0.50 in 2019 to 0.23 in 2023, and TRIFRi (reducing from 2.24 to 1.14 over the same period) we recorded five fatalities Tommy says he couldn’t imagine being thrown into these situations without this level of training. The course and the instructors made him feel like family, and ensured no student was put into a situation across the group in 2023, which were felt across all levels of before they were ready. the company. Full investigations were carried out for each incident to understand all causes and corrective actions were both implemented and shared across the group to prevent recurrence. We also recognize that each fatality has a human impact and provide relevant support to each victim’s families, co-workers and extended teams. Our commitment to a safety culture does not end at the mine gates. We also work with communities and suppliers, for example on improving road safety through speed awareness campaigns or encouraging suppliers to spread strong safety practices. Just one example is community supplier Construc 48 Annual Report 2023 | Barrick Gold CorporationMINING SUSTAINABLY FOR A BETTER FUTURE (CONTINUED) RESPECTING HUMAN RIGHTS At Barrick we have zero tolerance for violations of human In 2023 97% of our workforce were host country nationals rights committed by employees, affiliates, or any third parties and 23% of management positions were filled by women as acting on behalf or related to any of our operations.   of the end of 2023. We understand and accept our responsibility to respect At Board level independent directors make up 82% of our human rights with our commitment codified in our standalone Board and 36% of our Board is comprised of directors who Human Rights Policy and informed by the expectations of self-identify as racially and/or ethnically diverse. the UN Guiding Principles on Business and Human Rights (UNGPs), the Voluntary Principles on Security and Human Rights (VPs), and the OECD Guidelines for Multinational Enterprises. This is further embedded across the business through our Code of Conduct, which all staff are trained in and our Ethics, Anti-Bribery and Corruption Policy. Our Human Rights Policy also sets out our commitment to recognizing the unique rights and social, economic and cultural heritage of Indigenous Peoples. In line with the target we set for women to represent at least 30% of directors by the end of 2022, women make up 36% of our Board and 44% of independent directors. Respecting indigenous rights Where indigenous populations live close to our mine we believe that consideration of their values, needs and concerns is fundamental to the way we do business. Our commitment is detailed in our Human Rights Policy and informed by the All employees and relevant suppliers receive training on our ICMM position statement to work to obtain free, prior and human rights expectations and additional specialist human informed consent of Indigenous Peoples. rights training is provided to highly-exposed workers such as security personnel. Just one example of this policy in action is our strong relationship with the Western Shoshone, Northern Paiute, and We engage in constant dialogue with local communities Goshute peoples around our Nevada Gold Mines complex. to identify any salient human rights issues through formal This has seen Barrick invest over $700,000 in scholarships channels such as our grievance mechanisms, hotline reports to support students from native tribes and in 2023 saw us and internal monitoring and evaluation processes. We also provide a $400,000 donation to a Summer Youth Employment work with global multi-stakeholder initiatives to broaden Program helping Native American youth find the right careers our understanding of where risks for negative human rights and employment for them. impacts are most significant for mining companies. More details on our policies, approach and performance in Our human rights program has us conduct an independent this area is available in our Sustainability Report. human rights assessment at all our mines on, at most, a three-year cycle, with those mines most exposed to human rights risks on a two-year cycle. In 2023 we undertook independent human rights assessments at Loulo-Gounkoto (Mali), North Mara (Tanzania), Bulyanhulu (Tanzania) and Jabal Sayid (Saudi Arabia). During 2023 we also continued with resettlements of the Kalimva-Ikanva area near our Kibali mine in DRC and began the land acquisition process at Komarera in Tanzania. Our approach to resettlement is guided by our Social Performance Policy and conducted in compliance with applicable laws, regulations and international best practices such as that set out by the IFC’s Performance Standard 5. Supporting diversity and inclusion As part of our fundamental belief in human rights we are also an equal opportunity employer with an aim to build diverse and locally-representative workforces. This diversity is a critical part of our mission to transform natural resources into sustainable benefits and mutual prosperity for our employees, local communities and host country governments. 49 Barrick Gold Corporation | Annual Report 2023MINING SUSTAINABLY FOR A BETTER FUTURE (CONTINUED) ENVIRONMENTAL STEWARDSHIP In 2023 we generated direct emissions (scope 1 and 2) of 6,357kt of CO2-e1, which represents a 5% reduction compared to 2022, and a 15% reduction against our 2018 baseline. We continue to progress our emission reduction capex and operational efficiency projects as part of our target to reduce emissions by 30% by 2030 against this baseline while maintaining a steady production profile. In 2023 we also published a detailed target for reduction of our scope 3 emissions which is available on our website. We continue to develop alternative sources of electricity, as set out in our roadmap to Net Zero including expansion of the Loulo-Gounkoto solar farm in Mali from 20MW to 60MW, breaking ground on the new solar plant in Nevada and introducing electric vehicles into the light vehicle fleet in the same complex. We are also seeing the benefits of our major project to connect our Veladero mine to the Chilean national grid, which has a higher proportion of clean energy than the national grid of Argentina where Veladero is located. As part of managing our long-term climate risks we completed a TCFD (Taskforce for Climate-related Financial Disclosures) aligned scenario analysis for Nevada Gold Mines, as the US is our biggest source of emissions by country. We also conducted climate change risk and vulnerability assessments as part of our ESIA processes for proposed expansions at our Tongon, Loulo, Kibali and Lumwana mines. Full details of our governance and risk management approach, as set out using the requirements of Taskforce for Climate-related Financial Disclosure is available online. 1 Market-based. to protecting the it comes “When natural environment, hope is not a strategy. That’s why our work to reduce emissions, manage water and waste, and conserve biodiversity is not framed by aspirations far into the future, but grounded improvements, constant measurement and transparent reporting.” in everyday Grant Beringer Group Sustainability Executive We recognize that mining for gold and copper has consequences for the natural environment and as a responsible mining company we act to minimize and mitigate the negative impacts, and amplify the positive ones. Here we report on our most material environmental focus areas: climate resilience, water stewardship, biodiversity conservation and waste management. Our careful stewardship of the natural environment is governed by our Environmental Policy, responsibility for which lies with the Group Sustainability Executive with oversight by our Board. In 2023 all our operational mines were certified against the globally-respected ISO 14001:2015 standard for their environmental management system, and for the fifth consecutive year since the Merger that we recorded zero major environmental incidents. Climate resilience We are committed to managing our climate risks and leveraging the opportunities of the low carbon transition, including investing in clean energy to power the needs of our mines and host communities. The increasing use of renewable energy is a key driver of growth for our business, with copper a critical input in renewable energy sources such as solar PVs and wind turbines and gold used in solar and fuel cells to improve efficiency. We have a multi-faced approach to addressing, avoiding, managing and adapting to climate change. This includes detailed emissions disclosure by each site against short, medium and long term reduction targets and a detailed and continually updated emissions reduction roadmap. Since 2021 this has included disclosure in the complex area of ‘scope 3’ ie the indirect emissions caused by suppliers and other entities not owned or controlled by our company, but an area of our business where we believe we can have influence driving global action. 50 Annual Report 2023 | Barrick Gold CorporationLIGHTING THE WAY MINING SUSTAINABLY FOR A BETTER FUTURE (CONTINUED) Our Loulo-Gountoko complex on the western edge of Mali was the first Barrick mine to introduce solar power in the Africa and Middle East region, helping the plant cut emissions by around 57kt/year. In 2023 we progressed a project to triple this capacity including drawing up plans for battery storage facilities, working in partnership with local Malian-based companies, helping them become solar experts in the West African region. The increase in the solar plant’s capacity to 60MW reduces fuel use by around 10 million liters of diesel and Heavy Fuel Oil fuel per year. Much of the model is now being applied in completion of a new solar plant in Nevada, USA. Water stewardship Responsible water management is critical to our business and we seek to protect and where possible enhance access to clean water for other stakeholders, particularly local communities. As with all elements of sustainability our approach is holistic and access to water is one of the key investment themes for Community Development Committees. In 2023 this saw, for example, local communities deliver a new water tower in North Mara giving 30,000 Tanzanians better access to water and the establishment of several community drinking Each mine has its own site-specific water management plan fountains near Kibali in the DRC. with a strategy based on four pillars: ■ To conserve and protect high quality water resources wherever we operate. In 2023 we reused or recycled 84% of all water used to help achieve this. ■ To consider other users through using basin-wide water balances. These studies consider impacts from climate change as well as the current and future demands of other users and the key biodiversity features that rely on shared water sources. ■ To track and ensure we don’t exceed our permitted thresholds for abstraction or discharge quality, which we do through site-wide balances, monitoring and management plans. For example at our Jabal Sayid mine in Saudi Arabia, which is considered a water scarce area, the operations use water sent from a wastewater facility, so as not to impact local catchment water stress. In areas of water abundance such as Kibali (DRC) and Pueblo Vieojo (Dominican Republic) management plans focus on how to avoid stress from heavy rainfall and flooding. ■ To provide honest and open disclosure, including reporting against the market-leading ICMM Water Reporting Framework. We also conduct participatory monitoring programs for community members across many sites, especially where water is a key community concern. Our commitment to responsible water use is set out in our Environmental policy and further details of our water management can be found in our Sustainability Report. Nurturing nature “It’s vital for any mine to understand the unique habitats and ecosystems it depends on. But from rewilding to reseeding, eco-tourism to elephant collars, we aim to go beyond awareness and work with partners on the ground to protect, conserve and enhance nature in our host countries, doing this in lockstep with plans for economic and social development.” Duncan Pettit Sustainability Manager We aim to play a positive role in the management of the biodiversity both inside and outside the mine gates, and strive to use biodiversity as a tool to help drive community development. Our commitments are enshrined in our Environmental Policy, and as a standalone Biodiversity Policy. 51 Barrick Gold Corporation | Annual Report 2023MINING SUSTAINABLY FOR A BETTER FUTURE (CONTINUED) Our approach is to have no net loss on any Key Biodiversity The wetland provides a habitat for a range of local fauna and Features (KBFs) identified at our sites, and to contribute flora and acts as a carbon sink by converting carbon dioxide positively to the conservation of high value biodiversity in the regions in which we operate. into plant material potentially storing close to 80 tonnes CO2-e. Examples of these contributions can be found in each mine’s Many stakeholders, particularly in the investment community, Biodiversity Action Plan (BAP). These include the protection are now aware of the risks posed by poor biodiversity of sage-grouse habitat in Nevada, our extensive support to management but we have found few tools on the market that the Garamba National Park (DRC) and Aniana Vargas National help us measure the complexity and nuance of biodiversity Park in Dominican Republic. Many of these projects also and impacts to the extent that is necessary to make informed support local jobs based on conservation and eco-tourism. decision. That’s why throughout 2023 we have been Our work to protect biodiversity is also about long-term value creation. For example the most cost-effective solution for active and sustained water treatment is the creation of wetlands. At Loulo we developed the largest constructed wetland in West Africa, which removes and reduces nitrates and sediment from the mine’s underground pumped water down to acceptable levels prior to discharge. working with third party experts to develop and pilot a new biodiversity measurement tool. We hope that in time this will be a useful contribution to help the sector effectively measure biodiversity impacts, identify projects to support, set metrics for good management and drive good practice. BANKING ON BIODIVERSITY IN NORTHERN NEVADA The greater sage-grouse is the largest  grouse  in North Since 2012 we have focused on managing our IL America, but the species is in decline from a range of ranch with environment-first best practices and risks including wildfires, habitat loss and invasive species. entered significant portions of the ranch into Nevada’s To help protect the greater sage-grouse population Conservation Credit System to protect and improve in Nevada we work closely with partners including sage-grouse habitat. participation in the state authority’s Conservation Credit System to help protect and restore the strutting grounds the bird relies on. Through our efforts to replant, reforest and rewild the habitats of our ranches and wider properties in Nevada we receive credits that offset against any potential future Our operations in Northern Nevada cover significant impacts. This program is a long-term investment, which tracts of ranchland and these include one of the largest helps our Nevada team to uplift local ecosystems and tracks of greater sage-grouse habitat in the state. help protect a species under threat. Biodiversity Credit Generation YEAR 1 YEAR X YEAR XX YEAR XX d e l l o r n e s t i d e r c l a t o T Future credits available for use Credits allocated to projects Impacted land Fires Invasive species Climate change Seeding phase (environment restoration) Growth phase (credits generating) Mature habitat developed & credits recognised Credits realised Capital investment $$$ $$ $ 52 Annual Report 2023 | Barrick Gold Corporation MINING SUSTAINABLY FOR A BETTER FUTURE (CONTINUED) Responsible waste and tailings management operate and close our heap leach facilities in compliance Dealing responsibly with the waste our operations produce – including tailings, waste rock, and non-processing waste – is with all applicable laws and regulations and in alignment with accepted international practice. vital to the health of people, the environment and our business Our standard sets out the key roles required for the as a whole. At Barrick, we endeavor to reduce the waste and pollution that stems from our operations, reuse or recycle those products that can be, and to deal with remaining waste in a responsible manner that protects the natural environment. management of all active and closed tailings facilities (TSFs) and our six levels of inspection and surety for the safe management and operation of TSFs and heap leach pads. All our TSFs meet regulatory requirements and continually work towards best practice. All our operations have waste sorting areas for the separation In line with the requirements of the recently created Global of metals, wood and equipment, and for waste oil collection. Industry Standard on Tailings Management (GISTM) all our We are always looking for innovative ways to reuse or recycle, including working with local companies or artisans to collect, recycle or dispose of our waste safely and hope to replicate the good work being done on circular initiatives at our Veladero mine in 2023 (see box). We follow a rigorous risk-based approach to the management of hazardous waste. We are aligned with the ICMM position statement on Mercury Risk Management, are a signatory to the International Cyanide Management Code (ICMC) and member of the International Cyanide Management Institute (ICMI). Safety-first approach The most significant of our waste streams is tailings, ie the crushed rock, unrecoverable materials and chemicals left from the processing of mined ore, and as set out in our group- wide Tailings Management Standard, safety is at the center of our approach. However, our safety focus is not only on tailings. For example, our group Heap Leach Management Standard is designed to ensure we locate, design, construct, priority facilities (those with extreme or very high consequence classifications) conform to GISTM requirements. We are now working to ensure our other facilities also conform by the August 2025 deadline. In 2023, in line with our standard and GISTM requirements, of the 59 tailings storage facilities that Barrick owns or operates, only 14 are classified as ‘Extreme’ (five facilities) or ‘Very High’ (nine facilities) under the GISTM. All 14 of these facilities conform with the requirements of the GISTM. Two facilities (Giant Nickel’s Upper and Lower TSFs) are classified as being in ‘Safe Closure’ and are therefore not subject to the disclosure requirements of the GISTM, while one facility (Zaldivar TSF) is operated by a joint venture partner and is therefore not included in Barrick’s GISTM disclosures. Full details of our approach to waste management and an inventory of our tailings facilities are available in the Sustainability Report and on our website. CIRCULAR LOGIC IN A REMOTE REGION The isolated location of our Veladero mine, high in the The mine is working on wide range of other circular Andes Mountain range of Argentina, brings the need economy initiatives including partnering with TECK to repair and reuse materials into sharp focus, and the Argentina to rehabilitate drilling tools and accessories, mine is leading the way on circular economy initiatives and working with local organizations to create backpacks for elements from chemicals to clothes and compost. and bags from our used clothing, to turn our worn-out Manganese is a good example. It may be a common element in the Earth’s crust but Argentina is facing tyres into playgrounds, and to turn on-site plastic waste into patio furniture. national shortages of the chemical element. That’s The impacts of these initiatives go beyond avoiding why the Veladero team is working with a leading steel landfill. Many of our recycling partnerships, like our scrap mill to begin recycling the many million tons of scrap material recycler ACINDAR, employ local community manganese used in the crushing process at the mine. In members and support community economies. Even the first 10 trips since the project’s initiation in November our food waste at Veladero is collected and transported 2023, we have sent 230 tons of manganese to be to the nearby Municipality of Iglesia, where processed recycled, resulting in an additional $65,500 in recovered compost can be donated to community members or credits for new equipment. sold for a profit to boost the local economy. Currently in pilot phase the plan is to adapt and replicate Veladero’s program across our other operations in the future. 53 Barrick Gold Corporation | Annual Report 2023ENDNOTES i. Please see pages 141 - 148 of this annual report for corresponding endnotes. ii. Gold equivalent ounces (GEO) from our copper assets are calculated using long-term mineral reserve commodity prices of $1,300/oz gold and $3.00/lb copper. Proven and probable reserve gains calculated from cumulative net change in reserves from year end 2019 to 2023. GEO Reserve replacement percentage from the cumulative net change in reserves from 2020 to 2023 divided by the cumulative depletion in reserves from year end 2019 to 2023 as shown in the table below: is calculated l e b a t u b i r t t A O E G P & P 102 97 98 104 105 N/A Year 2019a 2020b 2021c 2022d 2023e 2019 – 2023 Total l l d o G e b a t u b i r t t A l l d o G e b a t u b i r t t A ) z o M ( n o i t e p e D l - (7.4) (6.9) (6.3) (6.0) (26) e g n a h C t e N d o G l l e b a t u b n i r t t A ) z o M ( - 4.2 8.5 13 6.7 32 & n o i t i s u q c A i s t n e m t s e v D i ) z o M ( - (2.2) (0.91) - - (3.1) Totals may not appear to sum correctly due to rounding. Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz in proven and probable gold reserves from December 31, 2019 to December 31, 2020, as a result of the divestiture of Barrick’s Massawa gold project effective March 4, 2020; and a decrease of 0.91 Moz in proven and probable gold reserves from December 31, 2020 to December 31, 2021, as a result of the change in Barrick’s 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 remaining 50% of South Arturo that Nevada Gold Mines did not already own. All estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. a Estimates as of December 31, 2019, unless otherwise noted. Proven reserves of 280 million tonnes grading 2.42g/t, representing 22 million ounces of gold and 420 million tonnes grading 0.4%, representing 3,700 million pounds of copper (which is equal to 1.7 million tonnes of copper). Probable reserves of 1,000 million tonnes grading 1.48g/t, representing 49 million ounces of gold and 1,200 million tonnes grading 0.38%, representing 9,800 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding. b Estimates as of December 31, 2020, unless otherwise noted. Proven reserves of 280 million tonnes grading 2.37g/t, representing 21 million ounces of gold, and 350 million tonnes grading 0.39%, representing 3,000 million pounds of copper (which is equal to 1.4 million tonnes of copper). Probable reserves of 990 million tonnes grading 1.46g/t, representing 47 million ounces of gold, and 1,100 million tonnes grading 0.39%, representing 9,700 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding. c Estimates as of December 31, 2021, unless otherwise noted. Proven mineral reserves of 240 million tonnes grading 2.20g/t, representing 17 million ounces of gold and 380 million tonnes grading 0.41%, representing 3,400 million pounds of copper (which is equal to 1.6 million tonnes of copper), and probable reserves of 1,000 million tonnes grading 1.60g/t, representing 53 million ounces of gold and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding. d Estimates as of December 31, 2022, unless otherwise noted. Proven mineral reserves of 260 million tonnes grading 2.26g/t, representing 19 million ounces of gold and 390 million tonnes grading 0.40%, representing 3,500 million pounds of copper (which is equal to 1.6 million tonnes of copper), and probable reserves of 1,200 million tonnes grading 1.53g/t, representing 57 million ounces of gold and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding. 54 e Estimates are as of December 31, 2023, unless otherwise noted. Proven mineral reserves of 250 million tonnes grading 1.85g/t, representing 15 million ounces of gold, and 320 million tonnes grading 0.41%, representing 1.3 million tonnes of copper. Probable reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million ounces of gold, and 1,100 million tonnes grading 0.38%, representing 4.3 million tonnes of copper. iii. Key assumptions Key Outlook Assumptions Gold Price ($/oz) Copper Price ($/lb) Oil Price (WTI) ($/barrel) AUD Exchange Rate (AUD:USD) ARS Exchange Rate (USD:ARS) CAD Exchange Rate (USD:CAD) CLP Exchange Rate (USD:CLP) EUR Exchange Rate (EUR:USD) 2023 1,948 2024 1,900 2025+ 1,300 3.85 85 0.75 800 1.30 900 1.10 3.50 75 0.75 800 1.30 900 1.20 3.00 75 0.75 800 1.30 900 1.20 Gold equivalent ounces calculated from our copper assets are calculated using a gold price of $1,300/oz and copper price of $3.00/lb. Barrick’s ten-year indicative production profile for gold equivalent ounces is based on the following assumptions: This five-year indicative outlook is based on our current operating asset portfolio, sustaining projects in progress and exploration/mineral resource management initiatives in execution. This outlook is based on our current reserves and resources as disclosed in our annual report and assumes that we will continue to be able to convert resources into reserves. Our gold and copper reserve price assumptions for 2023 are based on $1,300/oz and $3.00/lb, respectively, except at Tongon, where gold mineral reserves for 2023 are based upon a price assumption of $1,500/oz, at Hemlo, where gold mineral reserves are based on a price assumption of $1,400/oz and at Zaldivar, where mineral reserves and resources are based on Antofagasta’s price assumptions. For mineral reserves, the copper price assumption used by Antofagasta is $3.50/lb for 2023. Additional asset optimization, further exploration growth, new project initiatives and divestitures are not included. For the group gold and copper segments, and where applicable for a specific region, this indicative outlook is subject to change and assumes the following: • New open pit production permitted and commencing at Hemlo in the second half of 2025, allowing three years for permitting and two years for pre-stripping prior to first ore production in 2027. • Tongon will enter care and maintenance by 2026. • Production from the Zaldivar CupoChlor® Chloride Leach Project (Antofagasta is the operator of Zaldivar). This five-year indicative outlook excludes: • Production from Fourmile. • Production from Pierina and Golden Sunlight, both of which are currently in care and maintenance. • Production from long-term greenfield optionality from Donlin, Pascua- Lama, Norte Abierto and Alturas. Barrick’s ten-year production profile is subject to change and is based on the same assumptions as the current five-year outlook detailed above, except that the subsequent five years of the ten-year outlook assumes attributable production from Fourmile as well as exploration and mineral resource management projects in execution at NGM and Hemlo. Barrick’s five and ten-year production profile in this annual report also assumes the re-start of Porgera, as well as an indicative gold and copper production profile for Reko Diq and an indicative copper production profile for the Lumwana Super Pit expansion, both of which are conceptual in nature. iv. Class 2 - Medium Significance is defined as an incident that has the potential to cause negative impact on human health or the environment but is reasonably anticipated to result in only localized and short-term environmental or community impact requiring minor remediation. v. Indicative copper production profile from Reko Diq is conceptual in nature and is subject to change following completion of the updated feasibility study. Annual Report 2023 | Barrick Gold Corporation Financial Report for 2023 CONTENTS Management’s Discussion and Analysis Mineral Reserves and Resources Financial Statements Notes to Financial Statements Shareholder Information 56 150 162 167 208 Barrick Gold Corporation | Annual Report 2023 55 MANAGEMENT’S DISCUSSION AND ANALYSIS (“MD&A”) Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand Barrick Gold Corporation (“Barrick”, “we”, “our”, the “Company” or the “Group”), our operations, financial performance and the present and future business environment. This MD&A, which has been prepared as of February 13, 2024, should be read in conjunction with our audited consolidated financial statements (“Financial Statements”) for the year ended December  31, 2023. Unless otherwise indicated, all amounts are presented in U.S. dollars. For the purposes of preparing our MD&A, we consider the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of our shares; (ii)  there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. We evaluate materiality with reference to all relevant circumstances, including potential market sensitivity. Continuous disclosure materials, including our most recent Form 40-F/Annual Information Form, annual MD&A, audited consolidated financial statements, and Notice of Annual Meeting of Shareholders and Proxy Circular will be available on our website at www.barrick. com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec. gov. For an explanation of terminology unique to the mining industry, readers should refer to the glossary on page 149. Environmental and Social Impact Assessment Randgold Randgold Resources Limited ABBREVIATIONS BAP BNL CDCs CHUG CIL Biodiversity Action Plans Barrick Niugini Limited Community Development Committees Cortez Hills Underground Carbon-in-leach Commencement Agreement Detailed Porgera Project Commencement Agreement between PNG and BNL DRC Democratic Republic of Congo E&S Committee Environmental and Social Oversight Committee ESG Environmental, Social and Governance ESG & Nominating Committee Environmental, Social, Governance & Nominating Committee Environmental Impact Assessment EIA ESIA FEIS GHG GISTM GoT IASB ICMM IFRS IP IRC IRR ISSB KCD Final Environmental Impact Statement Greenhouse Gas Global Industry Standard for Tailings Management Government of Tanzania International Accounting Standards Board International Council on Mining and Metals IFRS Accounting Standards as issued by the International Accounting Standards Board Induced Polarization Internal Revenue Commission Internal Rate of Return International Sustainability Standards Board Karagba, Chauffeur and Durba Kumul Minerals Kumul Minerals Holdings Limited 56 LTI LTIFR LOM MAA MRE Mtpa MVA MW NGM NSR OECD PFS PNG Lost Time Injury Lost Time Injury Frequency Rate Life of Mine Multiple Accounts Analysis Mineral Resources Enga Limited Million tonnes per annum Megavolt-amperes Megawatt Nevada Gold Mines Net Smelter Return Organisation for Economic Co-operation and Development Pre-feasibility Study Papua New Guinea RAP RC RIB RIL ROD SAG SDG SML TCFD TRIFR TSF TW WGC WTI Resettlement Action Plan Reverse Circulation Rapid Infiltration Basin Resin-in-leach Record of Decision Semi-autogenous grinding Sustainable Development Goals Special Mining Lease Task Force for Climate-related Financial Disclosures Total Recordable Injury Frequency Rate Tailings Storage Facilities True Width World Gold Council West Texas Intermediate Annual Report 2023 | Barrick Gold CorporationCAUTIONARY STATEMENT ON FORWARD- LOOKING INFORMATION Certain information contained or incorporated by reference in this MD&A, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward- looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipated”, “vision”, “aim”, “strategy”, “target”, “plan”, “opportunities”, “guidance”, “forecast”, “outlook”, “objective”, “intend”, “project”, “pursue”, “develop”, “progress”, “continue”, “committed”, “budget”, “estimate”, “potential”, “prospective”, “future”, “focus”, “ongoing”, “following”, “subject to”, “scheduled”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identify forward- looking statements. In particular, this MD&A contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in-sustaining costs per ounce/pound; cash flow forecasts; projected capital, operating and exploration expenditures; the share buyback program and performance dividend policy, including the criteria for dividend payments; mine life and production rates; projected capital estimates and anticipated development timelines related to the Goldrush Project; the planned updating of the historical Reko Diq feasibility study and targeted first production; our plans and expected completion and benefits of our growth projects, including the Goldrush Project, Fourmile, Pueblo Viejo plant expansion and mine life extension project, Lumwana Super Pit expansion, Veladero Phase 7 leach pad project, solar power projects at NGM and Loulo-Gounkoto, Donlin Gold, and the Jabal Sayid Lode 1 project; the transition of the Chilean side of the Pascua- Lama project into closure; the potential for Lumwana to extend its life of mine through the development of a Super Pit and expected timing of the feasibility study and targeted first production; the new mining code in Mali and the status of the establishment conventions for the Loulo- Gounkoto complex; capital expenditures related to upgrades and ongoing management initiatives; Barrick’s global exploration strategy and planned exploration activities; the resumption of operations at the Porgera mine and expected restart of mining and processing in the first quarter of 2024; our pipeline of high confidence projects at or near existing operations; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves and future reserve replacement; asset sales, joint ventures and partnerships; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including climate change, greenhouse gas emissions reduction targets (including with respect to our Scope 3 emissions and our reliance on our value chain to help us achieve these targets within the specified time frames), safety performance, TSF management, including Barrick’s conformance with the GISTM, community development, responsible water use, biodiversity and human rights initiatives; Barrick’s engagement with local communities; and expectations regarding future price assumptions, financial performance and other outlook or guidance. Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this MD&A in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this MD&A are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; the potential impact of proposed changes to Chilean law on the status of value added tax refunds received in Chile in connection with the development of the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting of risks; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related to cyber-attacks, cybersecurity breaches, or similar network or system disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics, 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. 57 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward- looking statements are not guarantees of future performance. All of the forward-looking statements made in this MD&A are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this MD&A. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. USE OF NON-GAAP FINANCIAL MEASURES We use the following non-GAAP financial measures in our MD&A: • • • • • • • • • • • • “adjusted net earnings” “free cash flow” “EBITDA” “adjusted EBITDA” “attributable EBITDA” “minesite sustaining capital expenditures” “project capital expenditures” “total cash costs per ounce” “C1 cash costs per pound” “all-in sustaining costs per ounce/pound” “all-in costs per ounce” and “realized price” For a detailed description of each of the non-GAAP measures used in this MD&A and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Measures section of this MD&A on pages 115 to 141. Each non-GAAP financial measure has been annotated with a reference to an endnote on page 142. The non-GAAP financial measures set out in this MD&A are intended to provide additional information to investors and do not have any standardized meaning under IFRS, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Changes in Presentation of Non-GAAP Financial Performance Measures Attributable EBITDA In addition to adjusted EBITDA, we are also providing attributable EBITDA, which we introduced in the third quarter of 2023 and removes the non-controlling interest portion from our adjusted EBITDA measure. Prior periods have been presented to allow for comparability. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and do not necessarily reflect the underlying operating results for the periods presented. Additionally, it is aligned with how we present our forward-looking guidance on gold ounces and copper pounds produced. INDEX 59 Overview 59 Our Vision 59 Our Business 59 Our Strategy 60 Financial and Operating Highlights 63 Key Business Developments 64 Outlook for 2024 67 Environmental, Social and Governance 69 Market Overview 71 Reserves and Resources 72 Risks and Risk Management 74 Production and Cost Summary 76 Operating Performance 77 Nevada Gold Mines 78 Carlin 80 Cortez 82 Turquoise Ridge 84 Other Mines – Nevada Gold Mines 85 Pueblo Viejo 87 Loulo-Gounkoto 89 Kibali 91 North Mara 93 Bulyanhulu 95 Other Mines – Gold 96 Lumwana 98 Other Mines – Copper 98 Growth Project Updates 101 Exploration and Mineral Resource Management 105 Review of Financial Results 105 Revenue 106 Production Costs 107 Capital Expenditures 107 General and Administrative Expenses 108 Exploration, Evaluation and Project Costs 108 Finance Costs, Net 108 Additional Significant Statement of Income Items 110 Income Tax Expense 111 Financial Condition Review 111 Balance Sheet Review 111 Shareholders’ Equity 111 Financial Position and Liquidity 112 Summary of Cash Inflow (Outflow) 113 Summary of Financial Instruments 114 Commitments and Contingencies 114 Review of Quarterly Results 115 Internal Control Over Financial Reporting and Disclosure Controls and Procedures 115 IFRS Critical Accounting Policies and Accounting Estimates 115 Non-GAAP Financial Measures 141 Technical Information 142 Endnotes 149 Glossary of Technical Terms 150 Mineral Reserves and Mineral Resources Tables 159 Management’s Responsibility 159 Management’s Report on Internal Control Over Financial Reporting 160 Independent Auditor’s Report 162 Financial Statements 167 Notes to Consolidated Financial Statements 58 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS OVERVIEW Our Vision We strive to be 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 for all our stakeholders. Our Business Barrick is a sector-leading gold and copper producer with annual gold production and gold reserves that are among the largest in the industry. We are principally engaged in the production and sale of gold and copper, as well as related activities such as exploration and mine development. We hold ownership interests in thirteen producing gold mines, including six Tier One Gold Assets1 and a diversified exploration portfolio positioned for growth in many of the world’s most prolific gold districts. These gold mines are geographically diversified and are located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Papua New Guinea, Tanzania and the United States. Our three copper mines are located in Zambia, Chile and Saudi Arabia. Our exploration and development projects are located throughout the world, including the Americas, Asia and Africa. We sell our production in the world market through the following distribution channels: gold bullion is sold in the gold spot market or to independent refineries; gold and copper concentrate is sold to independent smelting or trading companies; and copper cathode is sold to third-party purchasers or on an exchange. Barrick shares trade on the New York Stock Exchange under the symbol GOLD and the Toronto Stock Exchange under the symbol ABX. Our Strategy Our strategy is to operate as business owners by attracting and developing world-class people who understand and are involved in the value chain of the business, act with integrity and are tireless in their pursuit of excellence. We are focused on returns to our stakeholders by optimizing free cash flow, managing risk to create long-term value for our shareholders and partnering with host governments and our local communities to transform their country’s natural resources into sustainable benefits and mutual prosperity. We aim to achieve this through the following: Asset Quality • Grow and invest in a portfolio of Tier One Gold Assets1, Tier Two Gold Assets2, Tier One Copper Assets3 and Strategic Assets4 with an emphasis on organic growth to leverage our existing footprint located in world class geological districts. We will focus our efforts on identifying, investing in and developing assets that meet our investment criteria. The required return on Tier One1,3 capital investments is 15%, adjusting to 10% return on long-life (20+ year) investments with exposure to multiple commodity cycles. The required return on investment for Tier Two Gold Assets2 is 20%. Invest in exploration across extensive land positions in many of the world’s most prolific gold and copper districts. • • Maximize the long-term value of our strategic Copper Business5. • Sell non-core assets over time in a disciplined manner. Operational Excellence • Strive for zero harm workplaces. • Operate a flat management structure with a strong ownership culture. • 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 partners, and local communities to drive shared long- term value. Sustainable Profitability • Follow a disciplined approach to growth and proactively manage 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 142. 59 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Financial and Operating Highlights Financial Results ($ millions) Revenues Cost of sales Net earningsa Adjusted net earningsb Attributable EBITDAb Attributable EBITDA marginb Minesite sustaining capital expendituresb,c Project capital expendituresb,c Total consolidated capital expendituresc,d Net cash provided by operating activities Net cash provided by operating activities margine Free cash flowb Net earnings per share (basic and diluted) Adjusted net earnings (basic)b per share Weighted average diluted common shares (millions of shares) Operating Results Gold production (thousands of ounces)f Gold sold (thousands of ounces)f Market gold price ($/oz) Realized gold priceb,f ($/oz) Gold cost of sales (Barrick’s share)f,g ($/oz) Gold total cash costsb,f ($/oz) Gold all-in sustaining costsb,f ($/oz) Copper production (millions of pounds)f Copper sold (millions of pounds)f Market copper price ($/lb) Realized copper priceb,f ($/lb) Copper cost of sales (Barrick’s share)f,h ($/lb) Copper C1 cash costsb,f ($/lb) Copper all-in sustaining costsb,f ($/lb) Financial Position ($ millions) Debt (current and long-term) Cash and equivalents Debt, net of cash For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 3,059 2,139 479 466 1,068 42% 569 278 861 997 33% 136 0.27 0.27 2,862 1,915 368 418 1,071 45% 529 227 768 1,127 39% 359 0.21 0.24 1,756 1,755 1,054 1,042 1,971 1,986 1,359 982 1,364 113 117 3.70 3.78 2.92 2.17 3.12 1,039 1,027 1,928 1,928 1,277 912 1,255 112 101 3.79 3.78 2.68 2.05 3.23 7% 12% 30% 11% 0% (7%) 8% 22% 12% (12%) (15%) (62%) 29% 13% 0% 1% 1% 2% 3% 6% 8% 9% 1% 16% (2%) 0% 9% 6% (3%) 11,397 11,013 7,932 1,272 1,467 3,987 42% 2,076 969 3,086 3,732 33% 646 0.72 0.84 7,497 432 1,326 4,029 44% 2,071 949 3,049 3,481 32% 432 0.24 0.75 3% 6% 194% 11% (1%) (5%) 0% 2% 1% 7% 3% 50% 200% 12% 11,985 7,089 2,022 2,065 5,247 53% 1,673 747 2,435 4,378 37% 1,943 1.14 1.16 1,755 1,771 (1%) 1,779 4,054 4,024 1,941 1,948 1,334 960 1,335 420 408 3.85 3.85 2.90 2.28 3.21 4,141 4,141 1,800 1,795 1,241 862 1,222 440 445 3.99 3.85 2.43 1.89 3.18 (2%) (3%) 8% 9% 7% 11% 9% (5%) (8%) (4%) 0% 19% 21% 1% 4,437 4,468 1,799 1,790 1,093 725 1,026 415 423 4.23 4.32 2.32 1.72 2.62 As at 12/31/23 As at 9/30/23 Change As at 12/31/23 As at 12/31/22 Change As at 12/31/21 4,726 4,148 578 4,775 4,261 514 (1%) (3%) 12% 4,726 4,148 578 4,782 4,440 342 (1%) (7%) 69% 5,150 5,280 (130) a. Net earnings represents net earnings attributable to the equity holders of the Company. b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. c. 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. d. Total consolidated capital expenditures also includes capitalized interest of $14  million and $41  million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $12 million; 2022: $29 million; 2021: $15 million). e. Represents net cash provided by operating activities divided by revenue. f. On an attributable basis. g. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). h. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share). 60 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Gold Productiona (thousands of ounces) Copper Productiona,c (thousands of tonnes) 4,437 4,141 4,054 3,900 to 4,300 5,000 4,000 3,000 2,000 1,000 0 200 150 100 50 0 188 (415 lbs) 200 (440 lbs) 191 (420 lbs) 180 to 210 2021 2022 2023 2024 (est)b 2021 2022 2023 2024 (est)b Gold Cost of Salesd, Total Cash Costse, and All-In Sustaining Costse ($ per ounce) Copper Cost of Salesc,d, C1 Cash Costsc,e and All-In Sustaining Costsc,e ($ per pound) 1,093 1,026 725 1,241 1,222 862 1,334 1,335 960 1,320 to 1,420 1,320 to 1,420 940 to 1,020 1,400 1,050 700 350 0 3.00 2.00 2.32 2.62 1.72 2.43 3.18 1.89 2.90 3.21 2.28 1.00 0 3.10 to 3.40 2.65 to 2.95 2.00 to 2.30 2021 2022 2023 2024 (est)b Cost of sales Total cash costs AISC 2021 2022 Cost of sales C1 cash costs 2023 AISC 2024 (est)b Net Earnings, Attributable EBITDAd and Attributable EBITDA Margind Capital Expendituresf ($ millions) 53% 5,247 2,022 2021 6,000 4,000 2,000 0 44% 42% 4,029 3,987 432 2022 1,272 2023 Net earnings ($ millions) Attributable EBITDA ($ millions) Attributable EBITDA Margin (%) 3,049 949 2,071 2,417 725 1,678 3,086 969 2,076 2,363 769 1,590 2,435 747 1,951 1,673 576 1,364 3,000 2,500 2,000 1,500 1,000 500 0 2021 2022 2023 Consolidated minesite sustaining Attributable minesite sustaining Consolidated project Attributable project Operating Cash Flow and Free Cash Flowd Dividendsg (cents per share) 1,799 1,800 1,941 5,000 4,000 3,000 2,000 1,000 0 4,378 1,943 2021 3,481 3,732 432 2022 646 2023 Operating Cash Flow ($ millions) Free Cash Flow ($ millions) Gold Market Price ($/oz) 80 60 40 20 0 65 37 40 2021 2022 2023 a. On an attributable basis. b. Based on the midpoint of the 2024 guidance range. c. Beginning in 2024, we will present our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Our copper cost metrics will continue to be reported on a per pound basis. d. 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). e. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. f. Capital expenditures also includes capitalized interest. g. Dividend per share declared in respect of the stated period, inclusive of the performance dividend. 61 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Factors affecting net earnings and adjusted net earnings6 – three months ended December 31, 2023 versus September 30, 2023 Net earnings for the three months ended December  31, 2023 were $479 million compared to $368 million in the prior quarter. The increase was primarily due to the following items: • a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December  22, 2023; partially offset by • a long-lived asset impairment of $143 million (net of tax and non- controlling interests) at Long Canyon; and • significant tax adjustments of $120 million related to deferred tax recoveries as a result of net impairment charges; foreign currency translation gains and losses on tax balances; the resolution of uncertain tax positions; the impact of prior year adjustments; the impact of nondeductible foreign exchange losses; and the recognition and derecognition of deferred tax assets. After adjusting for items that are not indicative of future operating earnings, adjusted net earnings6 of $466 million for the three months ended December  31, 2023 was $48  million higher than the prior quarter mainly due to a higher realized gold price6 and higher gold and copper sales volumes, partially offset by an increase in cost of sales per ounce/pound7. The realized gold price6 was $1,986 per ounce for the three months ended December 31, 2023, compared to $1,928 per ounce in the prior quarter, while the realized copper price6 remained consistent with the prior quarter at $3.78 per pound. Higher gold sales volume was attributed to stronger performance at Cortez mainly due to higher grades, at Phoenix as planned maintenance was performed in the prior quarter, and at Pueblo Viejo reflecting higher recovery and higher grades processed. This was partially offset by lower production at Loulo-Gounkoto, as planned, due to lower grades processed. The increase in gold cost of sales per ounce7 was mainly due to the impact of lower grades processed at Loulo-Gounkoto and Carlin, combined with higher electricity, grinding media and plant maintenance costs, as well as the impact of a 1 in 500 year tropical storm in November 2023 at Pueblo Viejo. Higher copper cost of sales per pound7 was primarily due to lower mining efficiencies as the wet season commenced, combined with lower grades processed and lower plant recovery at Lumwana. Refer to page 115 for a full list of reconciling items between net earnings and adjusted net earnings6 for the current and previous periods. Factors affecting net earnings and adjusted net earnings6 – year ended December 31, 2023 versus December 31, 2022 Net earnings for the year ended December 31, 2023 were $1,272 million compared to $432 million in the prior year. The increase was primarily due to: • a goodwill impairment of $950  million (net of non-controlling to Loulo-Gounkoto, a non-current asset interests) related impairment of $318 million (net of tax) and a net realizable value impairment of leach pad inventory of $27  million (net of tax) at Veladero, and a non-current asset impairment of $42 million (net of tax and non-controlling interests) at Long Canyon occurring in the prior year; • a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December  22, 2023; partially offset by • an impairment reversal of $120 million and a gain of $300 million following the completion of the transaction allowing for the reconstitution of the Reko Diq project occurring in the prior year; • significant tax adjustments of $220 million related to deferred tax recoveries as a result of net impairment charges; foreign currency translation gains and losses on tax balances; the resolution of uncertain tax positions; the impact of prior year adjustments; the impact of nondeductible foreign exchange losses; and the recognition and derecognition of deferred tax assets; and • a long-lived asset impairment of $143 million (net of tax and non- controlling interests) at Long Canyon. After adjusting for items that are not indicative of future operating earnings, adjusted net earnings6 of $1,467 million for the year ended December 31, 2023 was $141 million higher than the prior year. The increase in adjusted net earnings6 was primarily due to a higher realized gold price6, partially offset by an increase in cost of sales per ounce/ pound7 and lower gold and copper sales volumes. The realized gold price6 was $1,948 per ounce in 2023 compared to $1,795 per ounce in the prior year, while the realized copper price6 remained consistent with the prior year at $3.85 per pound. The increase in gold/copper cost of sales per ounce/pound7 was mainly attributed to lower grades processed. Lower gold sales volumes were largely driven by Carlin and Pueblo Viejo. At Carlin, this was mainly related to the closure of the Gold Quarry concentrator at the beginning of the second quarter of 2023 and the conversion of the Goldstrike autoclave to a conventional CIL process in the first quarter of 2023 and at Pueblo Viejo due to lower grades processed in line with the mine and stockpile processing plan, lower recovery and lower throughput following the delayed commissioning and ramp-up of the expanded processing plant. These impacts were partially offset by increased production at Cortez due to higher oxide ore tonnes mined and processed from Crossroads and CHUG (at a higher recovery rate), combined with higher heap leach production. The decrease in copper sales volumes was mainly due to lower grades, tonnes mined and throughput at Zaldívar, combined with lower grades processed at Lumwana. Refer to page 115 for a full list of reconciling items between net earnings and adjusted net earnings6 for the current and previous periods. Factors affecting operating cash flow and free cash flow6 – three months ended December 31, 2023 versus September 30, 2023 In the three months ended December  31, 2023, we generated $997 million in operating cash flow, compared to $1,127 million in the prior quarter. The decrease of $130 million was primarily due to higher interest paid as a result of the timing of semi-annual interest payments on our bonds, which occur in the second and fourth quarters. This was combined with an increased unfavorable movement in working capital, mainly in accounts receivable driven by higher gold prices and higher sales volumes, partially offset by a favorable movement in inventory. Operating cash flow was further impacted by an increase in total/C1 cash costs per ounce/pound6, partially offset by a higher realized gold price6 and higher gold sales volume. Free cash flow6 for the three months ended December 31, 2023 was $136  million, compared to $359  million in the prior quarter, reflecting higher capital expenditures, and lower operating cash flows. In the three months ended December 31, 2023, capital expenditures on a cash basis were $861 million compared to $768 million in the prior quarter due to an increase in both project capital expenditures6 and minesite sustaining capital expenditures6. Project capital expenditures6 increased primarily due to the continued development of the TS Solar project at NGM, combined with the progress at the Yalea South project at Loulo-Gounkoto. The increase in minesite sustaining capital expenditures6 was primarily at Cortez which was mainly due to more of the new truck fleet being commissioned in the fourth quarter of 2023, partially offset by decreased capitalized waste stripping at Lumwana. Factors affecting operating cash flow and free cash flow6 – year ended December 31, 2023 versus December 31, 2022 For the year ended December 31, 2023, we generated $3,732 million in operating cash flow, compared to $3,481 million in the prior year. The increase of $251  million was primarily due to lower cash taxes paid and higher interest received on our cash balances resulting from an increase in market interest rates. This was partially offset by an increased unfavorable movement in working capital, mainly in accounts receivable and accounts payable, partially offset by a favorable movement in inventory and other current assets. Operating cash flow was further impacted by an increase in total/C1 cash costs per ounce/pound6, partially offset by a higher realized gold price6 and higher gold sales volume. 62 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Following the granting of the new SML, New Porgera Limited commenced negotiations with the Porgera mine property’s landowners to agree the terms of land compensation agreements applicable to the new SML. The majority of landowners agreed to allow the Porgera mine to reopen on the compensation terms that applied under the original Porgera joint venture, and to defer substantive negotiation on new compensation terms until after the mine reopens. The PNG National Parliament passed legislation on November  29, 2023 to enable the mine to reopen on this basis, and New Porgera Limited will make true- up payments to landowners for any increase in compensation under the new agreements from the date the new SML was granted. The Commencement Agreement became unconditional on December  8, 2023, and formal completion of the Commencement Agreement was achieved on December  22, 2023. Work started on the recommissioning of the Porgera mine on that date and mining and processing are expected to restart at Porgera in the first quarter of 2024. BNL is taking steps to withdraw the legal proceedings that it initiated in relation to the Porgera dispute in accordance with the Commencement Agreement, and the international arbitration proceedings were formally terminated on January 25, 2024. The other parties to the Commencement Agreement including the State of PNG have a similar obligation to withdraw such proceedings. Refer to notes 4 and 35 to the Financial Statements for more information. Share Buyback Program At the February 13, 2024 meeting, the Board of Directors authorized a new share buyback program for the purchase of up to $1 billion of Barrick’s outstanding common shares over the next 12 months. We did not purchase any shares in 2023 under the prior share buyback program, which was terminated following the authorization of the new program. The actual number of common shares that may be purchased, and the timing of any such purchases, will be determined by Barrick based on a number of factors, including the Company’s financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction. The repurchase program does not obligate the Company to acquire any particular number of common shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. Executive Chairman Transitions to Chairman Having achieved the foundational objectives set for the Company following its historic merger with Randgold, Mr. John Thornton concluded that it was the appropriate time to transition from the Executive Chairman role to that of Chairman, as this governance structure is best suited for the Company’s next growth phase. The transition became effective on February 13, 2024. In his capacity as Chairman, Mr. Thornton will continue to provide leadership and direction to the Board and facilitate the operations and deliberations of the Board and the satisfaction of the Board’s functions and responsibilities under its mandate. For 2023, we generated free cash flow6 of $646 million compared to $432 million in the prior year. The increase primarily reflects higher operating cash flows, partially offset by higher capital expenditures. In 2023, capital expenditures on a cash basis were $3,086  million compared to $3,049 million in the prior year, mainly due to an increase in project capital expenditures6, while minesite sustaining capital expenditures6 were relatively consistent with the prior year. Higher project capital expenditures6 were mainly due to the TS Solar project at NGM, as construction began in the fourth quarter of 2022, combined with the investment in the new owner mining truck fleet at Lumwana. This was partially offset by lower project spend incurred on the plant expansion at Pueblo Viejo, as the construction was largely completed in 2023. Minesite sustaining capital expenditures6 were consistent with the prior year, as increased spend on processing facilities and underground development at Carlin, higher capitalized waste stripping at North Mara, and the commencement of production at the Gounkoto underground mine were largely offset by lower capitalized waste stripping at Lumwana. Key Business Developments Porgera Special Mining Lease On April 9, 2021, BNL signed a binding Framework Agreement with the Independent State of PNG and Kumul Minerals, a state-owned mining company, setting out the terms and conditions for the reopening of the Porgera mine. On February  3, 2022, the Framework Agreement was replaced by the Commencement Agreement signed by PNG, Kumul Minerals, BNL, Porgera (Jersey) Limited, an affiliate of BNL, and MRE, the holder of the remaining 5% of the original Porgera joint venture. The Commencement Agreement reflects the commercial terms previously agreed to under the Framework Agreement, namely that PNG stakeholders receive a 51% equity stake in the Porgera mine, with the remaining 49% held by BNL or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group. The Commencement Agreement also provides that PNG stakeholders and BNL and its affiliates share the economic benefits derived from the reopened Porgera mine on a 53% and 47% basis over the remaining life of mine, respectively, and that the Government of PNG retains the option to acquire BNL’s or its affiliate’s 49% equity participation at fair market value after 10 years. Under the terms of the Commencement Agreement, BNL remained in possession of the site and maintained the mine on care and maintenance while the parties worked to satisfy the conditions required for the reopening of the Porgera mine as summarized below. On April 21, 2022, the PNG National Parliament passed legislation to provide, among other things, certain agreed tax exemptions and tax stability for the new Porgera joint venture. This legislation was certified on May 30, 2022. Six out of the seven pieces of legislation took effect as of April 11 and 14, 2023, respectively, when they were published in the National Gazette, as required under PNG law. The remaining act awaits publication to take effect. On September  13, 2022, the Shareholders’ Agreement for the new Porgera joint venture company was executed by Porgera (Jersey) Limited, the state-owned Kumul Minerals (Porgera) Limited and MRE. New Porgera Limited, the new Porgera joint venture company, was incorporated and subsequently became a party to the Commencement Agreement and the Shareholders’ Agreement on October 13, 2023. On June  20, 2023, the PNG IRC, the Commissioner General, Barrick and BNL entered into a settlement agreement to resolve a dispute regarding tax assessments issued by the IRC against BNL. On October  13, 2023, the Independent State of PNG granted a new SML, Special Mining Lease 13, to New Porgera Limited, following the execution of the Mining Development Contract by the Independent State of PNG and New Porgera Limited. The granting of the new SML to New Porgera Limited reduced Barrick’s ownership interest in the Porgera mine from 47.5% to 24.5%. Also on October  13, 2023, the Independent State of PNG and New Porgera Limited executed the Fiscal Stability Agreement for the Porgera mine and New Porgera Limited and BNL executed the Project Operatorship Agreement, pursuant to which BNL was appointed as operator of the Porgera mine. 63 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Outlook for 2024 Operating Division Guidance Our 2023 actual gold and copper production, cost of sales, total cash costs6, all-in sustaining costs6 and 2024 forecast gold and copper production, cost of sales, total cash costs6 and all-in sustaining costs6 ranges by operating division are as follows: 2023 attributable production (000s ozs) 2023 cost of salesa ($/oz) 2023 total cash costsb ($/oz) 2023 all-in sustaining costsb ($/oz) 2024 forecast attributable production (000s ozs) 2024 forecast cost of salesa ($/oz) 2024 forecast total cash costsb ($/oz) 2024 forecast all-in sustaining costsb ($/oz) Operating Division Gold Carlin (61.5%)c Cortez (61.5%)d Turquoise Ridge (61.5%) Phoenix (61.5%) Nevada Gold Mines (61.5%)e Hemlo North America Pueblo Viejo (60%) Veladero (50%) Porgera (24.5%)f Latin America & Asia Pacific Loulo-Gounkoto (80%) Kibali (45%) North Mara (84%) Bulyanhulu (84%) Tongon (89.7%) Africa and Middle East Total Attributable to Barrickg,h,i 1,506 4,054 868 549 316 123 1,865 141 2,006 335 207 – 542 547 343 253 180 183 1,254 1,318 1,399 2,011 1,351 1,589 1,368 1,418 1,440 – 1,441 1,198 1,221 1,206 1,312 1,469 1,251 1,334 1,033 906 1,026 961 989 1,382 1,017 889 1,011 – 931 835 789 944 920 1,240 903 960 1,486 1,282 1,234 1,162 1,366 1,672 1,388 1,249 1,516 – 1,358 1,166 918 1,335 1,231 1,408 1,176 1,335 800 – 880 1,270 – 1,370 1,030 – 1,110 1,430 – 1,530 380 – 420 1,460 – 1,560 1,040 – 1,120 1,390 – 1,490 330 – 360 1,230 – 1,330 850 – 930 1,090 – 1,190 120 – 140 1,640 – 1,740 810 – 890 1,100 – 1,200 1,650 – 1,800 1,340 – 1,440 980 – 1,060 1,350 – 1,450 140 – 160 1,470 – 1,570 1,210 – 1,290 1,600 – 1,700 1,750 – 1,950 1,350 – 1,450 1,000 – 1,080 1,370 – 1,470 420 – 490 1,340 – 1,440 830 – 910 1,100 – 1,200 210 – 240 1,340 – 1,440 1,010 – 1,090 1,490 – 1,590 50 – 70 1,670 – 1,770 1,220 – 1,300 1,900 – 2,000 700 – 800 1,370 – 1,470 920 – 1,000 1,290 – 1,390 510 – 560 1,190 – 1,290 780 – 860 1,150 – 1,250 320 – 360 1,140 – 1,240 740 – 820 950 – 1,050 230 – 260 1,250 – 1,350 970 – 1,050 1,270 – 1,370 160 – 190 1,370 – 1,470 990 – 1,070 1,380 – 1,480 160 – 190 1,520 – 1,620 1,200 – 1,280 1,440 – 1,540 1,400 – 1,550 1,250 – 1,350 880 – 960 1,180 – 1,280 3,900 – 4,300 1,320 – 1,420 940 – 1,020 1,320 – 1,420 2023 attributable production (000s tonnes)j 2023 cost of salesa,j ($/lb) 2023 C1 cash costsb,j ($/lb) 2023 all-in sustaining costsb,j ($/lb) 2024 forecast attributable productionj (000s tonnes) 2024 forecast cost of salesa ($/lb) 2024 forecast C1 cash costsb ($/lb) 2024 forecast all-in sustaining costsb ($/lb) Copper Lumwana Zaldívar (50%) Jabal Sayid (50%) Total Copperh 118 41 32 191 2.91 3.83 1.60 2.90 2.29 2.95 1.35 2.28 3.48 3.46 1.53 3.21 120 – 140 2.50 – 2.80 1.85 – 2.15 3.30 – 3.60 35 – 40 3.70 – 4.00 2.80 – 3.10 3.40 – 3.70 25 – 30 180 – 210 1.75 – 2.05 2.65 – 2.95 1.40 – 1.70 2.00 – 2.30 1.70 – 2.00 3.10 – 3.40 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). b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. c. Included within our 61.5% interest in Carlin is NGM’s 100% interest in South Arturo. d. Includes Goldrush. e. 2023 results include Long Canyon, which was placed on care and maintenance at the end of 2023 and is not included in 2024 guidance. f. Porgera was placed on temporary care and maintenance on April 25, 2020 until December 22, 2023. On December 22, 2023, the Porgera Project Commencement Agreement was completed and recommissioning of the mine commenced. As a result, Porgera is included in our 2024 guidance at 24.5%. Refer to page 63 for further details. g. Total cash costs and all-in sustaining costs per ounce include costs allocated to non-operating sites. h. 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. i. Includes corporate administration costs. j. Beginning in 2024, we will present our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Production amounts for 2023 have been restated in tonnes for comparative purposes. Our copper cost metrics will continue to be reported on a per pound basis. 64 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Operating Division, Consolidated Expense and Capital Guidance Our 2023 actual gold and copper production, cost of sales, total cash costs6, all-in sustaining costs6, consolidated expenses and capital expenditures and 2024 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) 2023 Guidancea 2023 Actual 2024 Guidancea Gold production Production (millions of ounces) Gold cost metrics Cost of sales – gold ($ per oz) Total cash costs ($ per oz)b Depreciation ($ per oz) All-in sustaining costs ($ per oz)b Copper production Production (millions of pounds) Production (thousands of tonnes)c Copper cost metrics Cost of sales – copper ($ per lb) C1 cash costs ($ per lb)b Depreciation ($ per lb) All-in sustaining costs ($ per lb)b Exploration and project expenses Exploration and evaluation Project expenses General and administrative expenses Corporate administration Stock-based compensationd Other expense (income) Finance costs, net Attributable capital expenditurese Attributable minesite sustainingb,e Attributable projectb,e Total attributable capital expenditurese 4.20 – 4.60 1,170 – 1,250 820 – 880 320 – 350 1,170 – 1,250 420 – 470 N/A 2.60 – 2.90 2.05 – 2.25 0.80 – 0.90 2.95 – 3.25 400 – 440 180 – 200 220 – 240 ~180 ~130 ~50 70 – 90 280 – 320 4,054 1,334 960 335 1,335 420 191 2.90 2.28 0.89 3.21 361 183 178 126 101 25 (195) 170 3.90 – 4.30 1,320 – 1,420 940 – 1,020 340 – 370 1,320 – 1,420 N/A 180 – 210 2.65 – 2.95 2.00 – 2.30 0.90 – 1.00 3.10 – 3.40 400 – 440 180 – 200 220 – 240 ~180 ~130 ~50 70 – 90 260 – 300 1,450 – 1,700 750 – 900 2,200 – 2,600 1,590 769 2,363 1,550 – 1,750 950 – 1,150 2,500 – 2,900 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 2023 guidance excluded Porgera. On December 22, 2023, the Porgera Project Commencement Agreement was completed and recommissioning of the mine commenced. As a result, Porgera is included in our 2024 guidance. Refer to page 63 for further details. Guidance ranges also exclude Pierina and Long Canyon which are producing incidental ounces while in closure and care and maintenance. b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. c. Beginning in 2024, we will present our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). d. 2023 actual results are based on a US$18.09 share price and 2024 guidance is based on a one-month trailing average ending December 31, 2023 of US$17.61 per share. e. Attributable capital expenditures are presented on the same basis as guidance, which includes our 61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu, our 50% share of Zaldívar and Jabal Sayid and, beginning in 2024, our 24.5% share of Porgera. Total attributable capital expenditures for 2023 actual results also includes capitalized interest of $4 million. 2024 Guidance Analysis Estimates of future production, cost of sales per ounce7, total cash costs per ounce6 and all-in sustaining costs per ounce6 presented in this MD&A are based on mine plans that reflect the expected method by which we will mine reserves at each site. Actual gold and copper production and associated costs may vary from these estimates due to a number of operational and non-operational risk factors (see the “Cautionary Statement on Forward-Looking Information” on page 57 of this MD&A for a description of certain risk factors that could cause actual results to differ materially from these estimates). Gold Production We expect 2024 gold production to be in the range of 3.9 to 4.3 million ounces, compared to our actual 2023 gold production of 4.05 million ounces. We expect stronger year-over-year performances from Pueblo Viejo and to a lesser extent Turquoise Ridge, together with stable delivery across the remaining Tier One Gold Assets1 with the exception of Cortez. Production at Cortez is expected to be lower in 2024 relative to 2023 due to the Crossroads resource model changes reducing oxide mill feed partially offset by a higher contribution from Goldrush (although the delay in the receipt of the ROD has pushed some ounces from 2024 into 2025). In addition, given that formal completion of the Commencement Agreement at Porgera was achieved on December 22, 2023, our 2024 gold production guidance now includes Porgera. Refer to page 63 for more information. Outside of our Tier One Gold Assets1, we expect the following changes in year-over-year production. At Veladero, we expect 2024 production to be marginally higher than 2023. As previously disclosed, mining temporarily ceased at Long Canyon in 2022 and this asset has now been placed on care and maintenance and will no longer be included in our guidance metrics. Across the four quarters of 2024, the Company’s gold production is expected to steadily increase throughout the year as we work towards the restart of operations at Porgera and complete rectification work at Pueblo Viejo. 65 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Gold Cost of Sales per Ounce7 On a per ounce basis, cost of sales applicable to gold7, after removing the portion related to non-controlling interests, is expected to be in the range of $1,320 to $1,420 per ounce in 2024, compared to the 2023 actual result of $1,334 per ounce. Costs are expected to be marginally higher than 2023 which reflects higher depreciation and the impact of higher costs at certain other operations as described further in the Gold Total Cash Costs per Ounce6 section immediately below. Gold Total Cash Costs per Ounce6 Total cash costs per ounce6 in 2024 are expected to be in the range of $940 to $1,020 per ounce, compared to the 2023 actual result of $960 per ounce. This range is based on our expectation that energy prices will on average be similar in 2024 compared to 2023, albeit with potentially higher volatility. Until we see lower energy prices, we are not expecting the inflationary impact from the 2022 and 2023 years to materially unwind. In North America, our 2024 guidance for total cash costs per ounce6 for NGM of $980 to $1,060 per ounce compares to the 2023 actual result of $989 per ounce. Higher unit costs at Cortez driven by the lower production volumes are expected to largely offset lower costs at both Turquoise Ridge and Phoenix, producing a consistent result year on year. In Latin America & Asia Pacific, total cash costs per ounce6 at Pueblo Viejo are expected to be lower compared to 2023, driven by higher throughput from the plant expansion partially offset by the impact of slightly lower grades (in line with the mine and stockpile processing plan). For Africa and Middle East, total cash costs per ounce6 are expected to be consistent with 2023 as lower costs from Loulo- Gounkoto and Kibali are partially offset by higher costs expected at North Mara and Bulyanhulu. Gold All-In Sustaining Costs per Ounce6 All-in sustaining costs per ounce6 in 2024 are expected to be in the range of $1,320 to $1,420 per ounce, compared to the 2023 actual result of $1,335 per ounce. This is based on the expectation that minesite sustaining capital expenditures6 on a per ounce basis will be higher than 2023 (refer to Capital Expenditures commentary below for further detail). Copper Production and Costs We expect 2024 copper production to be in the range of 180 to 210 thousand tonnes, compared to actual production of 191 thousand tonnes (equivalent to 420  million pounds) in 2023. Production in the second half of 2024 is expected to be materially stronger than the first half, mainly due to steadily increasing throughput at Lumwana as the new owner mining fleet is anticipated to be fully ramped up by the end of the second quarter of 2024. In 2024, cost of sales applicable to copper7 is expected to be in the range of $2.65 to $2.95 per pound, which compares to the actual result of $2.90 per pound for 2023. C1 cash costs per pound6 guidance of $2.00 to $2.30 per pound for 2024 compares to the 2023 actual result of $2.28 per pound, mainly driven by lower costs at Lumwana resulting from higher production and operating efficiencies partially offset by higher costs at Jabal Sayid. Copper all-in sustaining costs per pound6 guidance of $3.10 to $3.40 for 2024 compares to the actual result of $3.21 in 2023. Higher minesite sustaining capital expenditures6 on a per pound basis at Lumwana (refer to Capital Expenditures commentary below for further detail) are expected to largely offset lower C1 cash costs per pound6. Exploration and Project Expenses We expect to incur approximately $400 to $440 million of exploration and project expenses in 2024. This is unchanged compared to our 2023 guidance range, although it is higher than the 2023 actual result of $361 million. Within this range, we expect our exploration and evaluation expenditures in 2024 to be approximately $180 to $200 million. This is consistent with the 2023 actual result of $183 million and is unchanged from the guidance range for 2023. This expenditure will continue to support our resource and reserve conversion over the coming years including approximately $40  million in relation to Barrick’s Fourmile project. We also expect to incur approximately $220 to $240  million of project expenses in 2024, compared to $178  million in 2023. The key driver of this increase is the ongoing feasibility study update for the Reko Diq project in Pakistan. The remainder of the expected expenditure relates to Pascua-Lama as well as project evaluation costs across the rest of the portfolio, particularly in the Latin America & Asia Pacific region. General and Administrative Expenses In 2024, we expect corporate administration costs to be approximately $130  million, which represents the fifth consecutive year we have kept this guidance range unchanged, notwithstanding inflationary pressures over the course of 2022 and 2023 in particular. Separately, stock-based compensation expense in 2024 is expected to be approximately $50  million based on a share price assumption of $17.61 but will be impacted by the share price. Finance Costs, Net In 2024, our guidance range for net finance costs of $260 to $300 million primarily represents interest expense on long-term debt, non-cash interest expense relating to the gold and silver streaming agreements at Pueblo Viejo, and accretion, net of finance income. This guidance for 2024 is higher than the actual result for 2023 of $170 million, and reflects lower capitalized interest and our expectation that market interest rates will decrease relative to 2023, translating to lower interest income. Interest expense incurred on our bonds is at a fixed rate and consequently does not change with market interest rates. Capital Expenditures Total attributable gold and copper capital expenditure for 2024 is expected to be in the range of $2,500 to $2,900 million. This is higher than the actual spend for the 2023 year of $2,363 million. We continue to focus on the delivery of our project pipeline and expect attributable project capital expenditures6 to be in the range of $950 to $1,150 million in 2024, which is higher than our actual expenditures of $769 million in 2023. This higher level of spend is primarily related to early works and long lead time items at our two major growth projects, Reko Diq and the Lumwana Super Pit, which collectively are expected to increase by around $150 million year on year. Across the Company’s gold assets, the material changes relate to expenditures on the new Naranjo TSF at Pueblo Viejo (around $100 million) and the restart of Porgera (around $50 million). Attributable minesite sustaining capital expenditure6 for 2024 is expected to be in the range of $1,550 to $1,750 million, which compares to the actual spend for 2023 of $1,590  million. The guidance range for 2024 is split between our gold assets ($1,200 to $1,400  million) and copper assets ($335 to $385 million). Compared to the prior year, minesite sustaining capital expenditures6 in 2024 are expected to be approximately $100 million higher at Lumwana, up to $75 million higher at our Latin America & Asia Pacific sites (in particular Veladero and Porgera) and up to $50  million higher across the Africa and Middle East sites. Offsetting this impact, minesite sustaining capital expenditures6 at NGM are expected to be approximately $50 million lower compared to 2023. Effective Income Tax Rate Based on a gold price assumption of $1,900/oz, our expected effective tax rate range for 2024 is 26% to 30%. The rate is sensitive to the relative proportion of sales in high versus low tax jurisdictions, realized gold and copper prices, the proportion of income from our equity accounted investments and the level of non-tax affected costs in countries where we generate net losses. 66 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Outlook Assumptions and Economic Sensitivity Analysis Gold price sensitivity Copper price sensitivity 2024 Guidance Assumption Hypothetical Change Impact on EBITDAa (millions) Impact on TCC and AISCa $ 1,900/oz $ 3.50/lb +/- $ 100/oz +/- $ 0.25/lb +/- $ 550 +/- $ 110 +/- $ 5/oz +/- $ 0.01/lb a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. Environmental, Social and Governance ESG or sustainability as we like to refer to it, including our license to operate, is entrenched in our DNA: our sustainability strategy is our business plan. Barrick’s vision for sustainability is underpinned by the knowledge that sustainability aspects are interconnected and must be tackled in conjunction with, and reference to, each other. We call this approach Holistic and Integrated Sustainability Management. We must tackle all sustainability aspects holistically and concurrently to make meaningful progress in any single aspect. Although we integrate our sustainability management, we discuss our sustainability strategy within four overarching pillars: (1) respecting human rights; (2) protecting the health and safety of our people and local communities; (3) sharing the benefits of our operations; and (4) managing our impacts on the environment. We implement this strategy by blending top-down accountability with bottom-up responsibility. This means we place the day-to-day ownership of sustainability, and the associated risks and opportunities, in the hands of individual sites. In the same way that each site must manage its geological, operational and technical capabilities to meet business objectives, it must also manage and identify programs, metrics, and targets that measure progress and deliver real value for the business and our stakeholders, including our host countries and local communities. The Group Sustainability Executive, supported by regional sustainability leads, provides oversight and direction over this site-level ownership, to ensure alignment with the strategic priorities of the overall business. Governance The bedrock of our sustainability strategy is strong governance. Our most senior management-level body dedicated to sustainability is the E&S Committee, which connects site-level ownership of our sustainability strategy with the leadership of the Group. It is chaired by the President and Chief Executive Officer and includes: (1) regional Chief Operating Officers; (2) minesite General Managers; (3) Health, Safety, Environment and Closure Leads; (4) the Group Sustainability Executive; (5) in-house legal counsel; and (6) an independent sustainability consultant in an advisory role. The E&S Committee meets on a quarterly basis to review our performance across a range of key performance indicators, and to provide independent oversight and review of sustainability management. The President and Chief Executive Officer reviews the reports of the E&S Committee at every quarterly meeting of the Board’s ESG & Nominating Committee. The reports are reviewed to ensure the implementation of our sustainability policies and to drive performance of our environmental, health and safety, community relations and development, and human rights programs. This is supplemented by weekly meetings, at a minimum, between the Regional Sustainability Leads and the Group Sustainability Executive. These meetings examine the sustainability-related risks and opportunities facing the business in real time, as well as the progress and issues integrated into weekly Executive Committee review meetings. 30% of incentive payments for senior leaders under Barrick’s Partnership Plan are now tied to ESG performance, including a new 10% weighting under the annual incentive program linked to our annual safety and environment performance and a 20% weighting under our Long-Term Company Scorecard linked to the assessment of our industry-first Sustainability Scorecard. As we strive for ongoing strong performance, the Sustainability Scorecard targets and metrics are updated annually. The results of the 2023 Sustainability Scorecard, and updated metrics and targets for 2024, will be disclosed in our 2023 Annual Report and Sustainability Report, published in March and April 2024 respectively. The E&S Committee tracks our progress against all metrics. Human rights Our commitment to respect human rights is codified in our standalone Human Rights Policy and informed by the expectations of the United Nations Guiding Principles on Business and Human Rights, the Voluntary Principles on Security and Human Rights and the OECD Guidelines for Multinational Enterprises. This commitment is fulfilled on the ground via our Human Rights Program, the fundamental principles of which include: monitoring and reporting, due diligence, training, as well as disciplinary action and remedy. We continue to assess and manage security and human rights risks at all our operations and provide security and human rights training to private and public security forces across our sites. During 2023, independent human rights assessments were undertaken at the following sites: North Mara and Bulyanhulu in Tanzania; Jabal Sayid in Saudi Arabia; Loulo-Gounkoto in Mali; and Kibali in the DRC. Safety We are committed to the safety, health and well-being of our people, their families and the communities in which we operate. Our safety vision is “Everyone to go home safe and healthy every day.” Following a number of severe safety incidents in 2022 and early in 2023, we established a Management-Level Safety Committee, and developed our “Journey to Zero” initiative at the end of the first quarter of 2023, which was disclosed in our 2022 Sustainability Report (published in April 2023). Our focus and priority throughout the remainder of 2023 and beyond continues to be on the roll out of our “Journey to Zero” initiative. The journey was kicked off with the responsibility to STOP unsafe work, since we are all safety leaders within our organization. We recognize our responsibility to identify hazards and ensure that all the controls are in place to do the job/or task safely. We report our safety performance quarterly as part of both our E&S Committee meetings and our reports to the ESG & Nominating Committee. Our safety performance is a regular standing agenda item on our weekly Executive Committee review meeting. Reflecting on 2023, our frequency rates are at an all-time low. As an organization, we had 9% fewer injuries compared to 2022, a significant reduction in injury severity, an 18% decrease in LTIs, and a 25% decrease in Restricted Duty Injuries. Statistics for 2023 show a 12% improvement in the TRIFR8 (1.14) compared to 2022. The LTIFR8 was 0.23 and dropped by 21% compared to 2022, an overall improvement of 36% over a three-year period, based on a 12-month rolling average. We also had four operating sites that worked without a LTI for the year. Regrettably, the safety improvements were offset by five fatalities that took place during 2023, and two additional fatalities that occurred in early 2024 at North Mara and Kibali. The leading causes of the fatal incidents were related to energy isolation and mobile equipment accidents. These incidents underscore the focus on effective training, particularly task training, and the link it to our Fatal Risk Management Program. As part of our Journey to Zero, we have identified four key elements in developing a culture that fosters a strong and effective focus on safety: (1) Leadership and Culture, (2) Zero Fatalities, (3) Risk Management, and (4) Prevention of Injuries. In terms of key performance indicators, for the fourth quarter of 2023, our LTIFR8 was 0.14, a 52% decrease quarter on quarter, and our TRIFR8 was 0.69, a decrease of 46% from the third quarter of 2023. 67 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Social We regard our host communities and countries as important partners in our business. Our sustainability policies commit us to transparency in our relationships with host communities, government authorities, the public and other key stakeholders. Through these policies, we commit to conducting our business with integrity and with absolute opposition to corruption. We require our suppliers to operate ethically and responsibly as a condition of doing business with us. Community and economic development Our commitment to social and economic development is set out in our overarching Sustainable Development and Social Performance policies. Mining has been identified as vital for the achievement of the United Nations SDGs, not only for its role in providing the minerals needed to enable the transition to a lower carbon intensive economy, but more importantly because of its ability to drive socio-economic development and build resilience. Creating long-term value and sharing economic benefits is at the heart of our approach to sustainability, as well as community development. This approach is encapsulated in three concepts: The primacy of partnership: this means that we invest in real partnerships with mutual responsibility. Partnerships include local communities, suppliers, government, and organizations, and this approach is epitomized through our CDCs with development initiatives and investments. Sharing the benefits: We hire and buy local wherever possible as this injects money into and keeps it in our local communities and host countries. By doing this, we build capacity, community resilience and create opportunity. We also invest in community development through our CDCs. Sharing the benefits also means paying our fair share of taxes, royalties and dividends and doing so transparently, primarily through the reporting mechanism of the Canadian Extractive Sector Transparency Measures Act. Our annual Tax Contribution Report sets out, in detail, our economic contributions to host governments. Engaging and listening to stakeholders: We develop tailored stakeholder engagement plans for every operation and the business as a whole. These plans guide and document how often we engage with various stakeholder groups and allow us to proactively deal with issues before they escalate into significant risks. Our community development spend during the fourth quarter was $15.4 million, and $43.2 million for 2023. Environment We know the environment in which we work and our host communities are inextricably linked, and we apply a holistic and integrated approach to sustainability management. Being responsible stewards of the environment by applying the highest standards of environmental management, using natural resources and energy efficiently, recycling and reducing waste as well as working to protect biodiversity, we can deliver significant cost savings to our business, reduce future liabilities and help build stronger stakeholder relationships. Environmental matters such as how we use water, prevent incidents, manage tailings, respond to changing climate, and protect biodiversity are key areas of focus. We maintained our strong track record of stewardship and did not record any Class 19 environmental incidents in 2023. Climate Change The ESG & Nominating Committee is responsible for overseeing Barrick’s policies, programs and performance relating to sustainability and the environment, including climate change. The Audit & Risk Committee assists the Board in overseeing the Group’s management of enterprise risks as well as the implementation of policies and standards for monitoring and mitigating such risks. Climate change is built into our formal risk management process, outputs of which are regularly reviewed by the Audit & Risk Committee. Barrick’s climate change strategy has three pillars: (1) identify, understand and mitigate the risks associated with climate change; (2) measure and reduce our GHG emissions across our operations and value chain; and (3) improve our disclosure on climate change. The three pillars of our climate change strategy do not focus solely on the development of emissions reduction targets, rather, we integrate and consider aspects of biodiversity protection, water management and community resilience in our approach. We are acutely aware of the impacts that climate change and extreme weather events have on our host communities and countries, particularly developing nations which are often the most vulnerable. As the world economy transitions to renewable power, it is imperative that developing nations are not left behind. As a responsible business, we have focused our efforts on building resilience in our host communities and countries, just as we do for our business. Our climate disclosure is based on the recommendations of the TCFD. Identify, understand and mitigate the risks associated with climate change We identify and manage risks, build resilience to a changing climate and extreme weather events, as well as position ourselves for new opportunities. These factors continue to be incorporated into our formal risk assessment process. We have identified several risks and opportunities for our business including: physical impacts of extreme weather events; an increase in regulations that seek to address climate change; and an increase in global investment in innovation and low- carbon technologies. The risk assessment process includes scenario analysis, which is being rolled out to all sites with an initial focus on our Tier One Gold Assets1, to assess site-specific climate related risks and opportunities. The key findings and a summary of this asset-level physical and transitional risk assessment at Loulo-Gounkoto and Kibali were disclosed as part of our CDP (formerly known as the Carbon Disclosure Project) Climate Change and Water Security questionnaires, submitted to CDP in July 2023. In addition, climate scenario analysis and risk assessments were completed in 2023 for Carlin (physical risks) and NGM (transitional risks). These disclosures will be included in the 2023 Sustainability Report to be published in April 2024. Measure and reduce the Group’s impact on climate change Mining is an energy-intensive business, and we understand the important link between energy use and GHG emissions. By measuring and effectively managing our energy use, we can reduce our GHG emissions, achieve more efficient production, and reduce our costs. We have climate champions at each site who are tasked with identifying roadmaps and assessing feasibility for our GHG emissions reductions and carbon offsets for hard-to-abate emissions. Any carbon offsets that we pursue must have appropriate socio-economic and/or biodiversity benefits. We have published an achievable emissions reduction roadmap and continue to assess further reduction opportunities across our operations. The detailed roadmap was first published in our 2021 Sustainability Report and includes committed-capital projects and projects under investigation that rely on technological advances, with a progress summary contained in the 2022 Sustainability Report. We continue to progress our extensive work across our value chain in understanding our Scope 3 (indirect emissions associated with the value chain) emissions and implementing our engagement roadmap to enable our key suppliers to set meaningful and measurable reduction targets, in line with the commitments made through the ICMM Climate Position Paper. In November  2023, Barrick announced its Scope  3 emissions targets which it developed to promote awareness and action in its value chain and empower those actors to set their own net zero commitments, with short- and medium-term targets. These targets are both quantitative and qualitative and are focused on high emission areas in our value chain as outlined below: 68 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Goods and Suppliers (Category 110): • Quantitative Target: 30% emissions reduction of “Tier 1” suppliers (those suppliers that collectively account for 5% of Barrick’s total spend in this category) by 2030 against a 2022 Scope 3 base year; • Qualitative Target: Incorporate 130 of our largest suppliers by spend into our annual outreach (this includes our Tier 1 suppliers as well as chemical and metal fabricator suppliers) and engagement; and • 2025 Target: Collect high-quality data for 50% of Tier 1 and chemical and metal fabricator suppliers through engagement, and refine emissions reduction targets by 2025. Fuels and Energy (Category 310): • Quantitative Target: 20% reduction against a 2022 Scope 3 base year by 2030; and • Qualitative Targets: • Collaborate towards new technologies to reduce fleet emissions; and • Engage with host governments where we consume power from national grids for continued renewable energy incorporation. Downstream Copper Processing (Category 1010): • Qualitative Target: Outreach and engagement of all downstream customers and smelters; and • 2025 Target: Set emissions reduction target, covering 75% of copper processing, by 2025. Improve our disclosure on climate change Our disclosure on climate change, including in our Sustainability Report and on our website, is developed in line with the TCFD recommendations. Barrick continues to monitor the various regulatory climate disclosure standards being developed around the world, including the ISSB’s recently issued S2 Climate-related Disclosures. In addition, we complete the annual CDP Climate Change and Water Security questionnaires. This ensures our investor-relevant water use, emissions and climate data is widely available. Emissions Barrick’s interim GHG emissions reduction target is for a minimum 30% reduction by 2030 against our 2018 baseline, while maintaining a steady production profile. The basis of this reduction is against a 2018 baseline of 7,541 kt CO2-e. Our GHG emissions reduction target is grounded in science and has a detailed pathway for achievement. Our target is not static and will be updated as we continue to identify and implement new GHG reduction opportunities. Ultimately, our vision is net zero GHG emissions by 2050, achieved primarily through GHG reductions, with some offsets for hard-to-abate emissions. Site-level plans to improve energy efficiency, integrate clean and renewable energy sources and reduce GHG emissions will also be strengthened. We plan to supplement our corporate emissions reduction target with context-based site-specific emissions reduction targets. During the fourth quarter of 2023, the Group’s total Scope  1 and 2 (location-based) GHG emissions were 1,726  kt CO2-e11. The preliminary 2023 emissions are approximately 6% less than the GHG emissions for the same period year period in 2022 (Scope  1 and 2 (location-based)). The full year data assurance process is currently underway and final 2023 data will be included in Barrick’s 2023 Sustainability Report. Water Water is a vital and increasingly scarce global resource. Managing and using water responsibly is one of the most critical parts of our sustainability strategy. Our commitment to responsible water use is codified in our Environmental Policy and standalone Water Policy. Steady, reliable access to water is critical to the effective operation of our mines. Access to water is also a fundamental human right. Understanding the water stress in the regions in which we operate enables us to better understand the risks and manage our water resources through site-specific water balances, based on the ICMM Water Accounting Framework, aimed at minimizing our water withdrawal and maximizing water reuse and recycling within our operations. We include each mine’s water risks in its operational risk register. These risks are then aggregated and incorporated into the corporate risk register. Our identified water-related risks include: (1) managing excess water in regions with high rainfall; (2) maintaining access to water in arid areas and regions prone to water scarcity; and (3) regulatory risks related to permitting limits as well as municipal and national regulations for water use. We set an annual water recycling and reuse target of 80%. Our water recycling and reuse rate for the fourth quarter of 2023 was approximately 84%. The increase was due to refinement of the Pueblo Viejo water balance accounting and thus the performance against 2022 is not directly comparable. Tailings We are committed to having our TSFs meet global best practices for safety. Our TSFs are carefully engineered and regularly inspected, particularly those in regions with high rainfall and seismic events. We disclosed our conformance to the GISTM for all Extreme and Very High consequence facilities on the Barrick website on August 4, 2023, within the committed disclosure timeframe. All of our sites that are classified as Very High or Extreme consequence are in conformance with the GISTM. We continue to progress with our conformance for lower consequence facilities in accordance with the GISTM. Disclosures for lower consequence facilities will be completed by August 2025, also in accordance with the GISTM. Biodiversity Biodiversity underpins many of the ecosystem services on which our mines and their surrounding communities depend. If improperly managed, mining and exploration activities have the potential to negatively affect biodiversity and ecosystem services. Protecting biodiversity and preventing nature loss is also critical and inextricably linked to the fight against climate change. We work to proactively manage our impact on biodiversity and strive to protect the ecosystems in which we operate. Wherever possible, we aim to achieve a net neutral biodiversity impact, particularly for ecologically sensitive environments. We continue to work to implement our BAPs. The BAPs outline our strategy to achieve no-net loss for all key biodiversity features and their associated management plans. Market Overview The market prices of gold and, to a lesser extent, copper are the primary drivers of our profitability and our ability to generate free cash flow6 for our shareholders. Gold The price of gold is subject to volatile price movements over short periods of time and is affected by numerous industry and macroeconomic factors. During 2023, the gold price ranged from $1,805 per ounce to an all-time high of $2,135 per ounce. The average market price for the year of $1,941 per ounce represented an all-time annual high, and an 8% increase from the 2022 average of $1,800 per ounce. During the year, the gold price remained strong as a result of geopolitical tensions, including the conflicts in the Middle East, global economic uncertainty, the expectation of benchmark interest rate cuts as inflation pressures ease, and central bank purchases, tempered by a reduction in global gold exchange-traded fund holdings. 69 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Average Monthly Spot Gold Prices (dollars per ounce) 2,000 1,750 1,500 1,250 1,000 2019 2020 2021 2022 2023 Copper During 2023, London Metal Exchange copper prices traded in a range of $3.56 per pound to $4.33 per pound, averaged $3.85 per pound, and closed the year at $3.84 per pound. Copper prices are heavily influenced by physical demand from emerging markets, especially China. Copper prices in 2023 were impacted by low global economic growth, especially in China, which is the world’s largest consumer of copper, tempered by supply disruptions. Average Monthly Spot Copper Prices (dollars per pound) 5.00 4.50 4.00 3.50 3.00 2.50 2.00 2019 2020 2021 2022 2023 We have provisionally priced copper sales for which final price determination versus the relevant copper index is outstanding at the balance sheet date. As at December 31, 2023, we recorded 61 million pounds of copper sales still subject to final price settlement at an average provisional price of $3.81 per pound. The impact to net income before taxation of a 10% movement in the market price of copper would be approximately $23 million, holding all other variables constant. Currency Exchange Rates The results of our mining operations outside of the United States are affected by fluctuations in exchange rates. We have exposure to the Argentine peso through operating costs at our Veladero mine, and peso denominated VAT receivable balances. We also 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. In addition, we also have exposure to the Pakistani rupee through project costs on Reko Diq. 70 Fluctuations in these exchange rates increase the volatility of our costs reported in US dollars. In 2023, the Australian dollar traded in a range of $0.63 to $0.72 against the US dollar, while the US dollar against the Canadian dollar and West African CFA franc ranged from $1.31 to $1.39 and XOF 582 to XOF 628, 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 and it ranged from ARS 177 to ARS 809. During 2023, we did not have any currency hedge positions, and are unhedged against foreign exchange exposures as at December  31, 2023 beyond spot requirements. Fuel For 2023, the price of WTI crude oil traded in a range between $64 and $95 per barrel, with the market price averaging $78 per barrel, and closing the year at $72 per barrel. Oil prices were impacted by constrained supply, expectations for a decline in economic activity as a result of increased interest rates, and geopolitical concerns, including the ongoing invasion of Ukraine by Russia and the conflicts in the Middle East. Average Monthly Spot Crude Oil Price (WTI) (dollars per barrel) 120 100 80 60 40 20 0 2019 2020 2021 2022 2023 During 2023, we did not have any fuel hedge positions, and are unhedged against fuel exposures as at December 31, 2023. US Dollar Interest Rates In response to inflationary pressure, the US Federal Reserve raised benchmark interest rates during 2022 and 2023 to a range of 5.25% to 5.50% by the end of 2023. Cuts in benchmark interest rates are currently expected during 2024 as those inflationary pressures are forecast to continue to ease, but any changes to monetary policy will be dependent on economic data to be observed during the year. At present, our interest rate exposure mainly relates to interest income received on our cash balances ($4.1 billion at December 31, 2023); the mark-to-market value of derivative instruments; the carrying value of certain non-current assets and liabilities; and the interest payments on our variable-rate debt ($0.1  billion at December  31, 2023). Currently, the amount of interest expense recorded in our consolidated statement of income is not materially impacted by changes in interest rates, because the majority of our debt was issued at fixed interest rates. The relative amounts of variable-rate financial assets and liabilities may change in the future, depending on the amount of operating cash flow we generate, as well as the level of capital expenditures and our ability to borrow on favorable terms using fixed rate debt instruments. Changes in interest rates affect the accretion expense recorded on our provision for environmental rehabilitation and therefore would affect our net earnings. Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Reserves and Resources12 For full details of our mineral reserves and mineral resources, refer to page 150 of the Fourth Quarter 2023 Report. Gold Reserves and Resources Barrick’s 2023 gold mineral reserves and resources are estimated using a gold price assumption of $1,300 and $1,700 per ounce, respectively, which are both consistent with 2022, except at Tongon, where mineral reserves were estimated using a gold price assumption of $1,500 per ounce and Hemlo where mineral reserves were estimated using a gold price assumption of $1,400 per ounce. Both are reported to a rounding standard of two significant digits for tonnes and metal content, with grades reported to two decimal places. As of December  31, 2023, Barrick’s proven and probable gold reserves were 77  million ounces13 at an average grade of 1.65  g/t, increasing from 76  million ounces14 at an average grade of 1.67  g/t in 2022. Year-over-year, attributable reserves have increased by 5 million ounces before 2023 depletion of 4.6 million, delivering a third consecutive year of organic gold reserve growth over and above annual depletion. Since year-end 2019, Barrick has successfully delivered replacement of over 140%15 of the Company’s gold reserve depletion, adding almost 29 million ounces15 of attributable proven and probable reserves or 44 million ounces15 of proven and probable reserves on a 100% basis (excluding both acquisitions and divestments). Attributable Contained Gold Reserves13,14,a (Moz) 76 -4.6 5.0 77 100 50 0 2022 Depletion Net conversion 2023 a. Figures rounded to two significant digits. Barrick attributable measured and indicated gold resources for 2023 stand at 180  million ounces13 at 1.06  g/t, with a further 39  million ounces13 at 0.8 g/t of inferred resources. Mineral resources are reported inclusive of mineral reserves and both tonnes and metal content are reported to a rounding standard of two significant digits for tonnes and metal content. Measured and indicated mineral resource grades are reported to two decimal places, whilst inferred mineral resource grades are reported to one decimal place. The Africa & Middle East region, replaced 165% of the regional 2023 gold reserve depletion, led by Loulo-Gounkoto, with extensions of the high grade Yalea orebody, delivering a 1.1  million ounce13 increase in attributable proven and probable reserves before depletion. Bulyanhulu also delivered strong results through the extension of Reef 1 and Reef 2 near surface mineralization, with updated feasibility studies supporting an additional surface decline access portal for each Reef, adding 0.9 million ounces13 to attributable proven and probable reserves. At Kibali, the ongoing conversion drilling in the 11000 lode in KCD underground combined with the conversion of some satellite pit resources delivered a 0.47 million ounce13 increase in 2023 attributable proven and probable reserves before depletion. Within the Latin America & Asia Pacific region, a pre-feasibility study was completed on the expansion of the leach pad supporting an additional pushback in the open pit at Veladero, resulting in 2023 attributable proven and probable gold reserves for the region of 27  million ounces13 at 0.96  g/t. Updates to the Reko Diq mineral resources reflect ongoing feasibility study updates, resulting in an attributable measured and indicated mineral resource of 8.3  million tonnes13 of copper at 0.43% with 14  million ounces13 of gold at 0.25  g/t, and an attributable inferred mineral resource of 2.2  million tonnes13 of copper at 0.3% with 3.8 million ounces13 of gold at 0.2 g/t. In North America, ongoing growth programs at Turquoise Ridge, Leeville Underground in Carlin and Robertson in Cortez added 1.9  million ounces13 of gold on an attributable basis before annual depletion, effectively replacing more than 80% of annual depletion. This resulted in sustaining attributable proven and probable mineral reserves for the region at 31  million ounces13 at 2.45  g/t for 2023. At the same time, attributable gold measured and indicated mineral resources for the region stand at 68 million ounces13 at 2.10 g/t, whilst 2023 updated inferred attributable gold resources grew to 18 million ounces13 at 2.1  g/t. Looking forward to 2024, the regional mineral resource base is forecast to be a key driver of future growth. As part of this, a comprehensive evaluation program and dedicated study team will evaluate the strike length of the 100% Barrick-owned Fourmile deposit16, targeting an update to mineral resources at the end of 2024, which will inform Barrick’s decision on commencement of a pre- feasibility study. Copper Reserves and Resources For Barrick-operated assets, copper mineral reserves for 2023 are estimated using a copper price of $3.00 per pound, consistent with 2022. Copper mineral resources for 2023 are estimated using an updated price of $4.00 per pound. Both are reported to a rounding standard of two significant digits, for tonnes and metal content, with grades reported to two decimal places. Starting at December  31, 2023, our copper reserves and resources are being reported in tonnes, whereas previously they were reported in pounds. Attributable proven and probable copper reserves grew by 330 thousand tonnes13 of copper year-over-year before annual depletion of 270 thousand tonnes of copper. This has resulted in 124% of annual global copper depletion at a consistent quality, with attributable proven and probable copper mineral reserves of 5.6 million tonnes13 at 0.39% as of end of year 2023. This was primarily driven by the successful drilling programs at Lumwana, which converted additional pushbacks on the Malundwe pit, and grew the Lumwana copper mineral reserve base by 6% year on year, net of depletion. Attributable Contained Copper Reserves13,14,a (M tonnes) 0.33 5.0 5.6 -0.27 5.6 0.0 2022 Depletion Net conversion 2023 a. Figures rounded to two significant digits. Barrick’s attributable measured and indicated copper resources for 2023 stand at 21 million tonnes of copper13 at 0.39%, with a further 7.1 million tonnes of copper13 at 0.4% of inferred resources. Mineral resources are reported inclusive of mineral reserves and both tonnes and metal content are reported to a rounding standard of two significant digits for tonnes and metal content. Measured and indicated mineral resource grades are reported to two decimal places, whilst inferred mineral resource grades are reported to one decimal place. The Lumwana updated 2023 measured and indicated copper resources stand at 7.1  million tonnes13 of copper at 0.52%, with a further 4  million tonnes13 of copper at 0.4% of inferred resources expected to provide the foundation for a Tier One Copper Asset3 following the completion of the Super Pit Expansion feasibility study in 2024. 2023 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. 71 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Risks and Risk Management Overview The ability to deliver on our vision, strategic objectives and operating guidance depends on our ability to understand and appropriately respond to the uncertainties or “risks” we face that may prevent us from achieving our objectives. To achieve this, we: • maintain a framework that permits us to manage risk effectively • and in a manner that creates the greatest value; integrate a process for managing risk into all our important decision-making processes so that we reduce the effect of uncertainty on achieving our objectives; • actively monitor key controls we rely on to achieve the Company’s objectives so they remain in place and are effective at all times; and • provide assurance to senior management and relevant committees of the Board on the effectiveness of key control activities. Board and Committee Oversight We maintain strong risk oversight practices, with responsibilities outlined in the mandates of the Board and related committees. The Board’s mandate is clear on its responsibility for reviewing and discussing with management the processes used to assess and manage risk, including the identification by management of the principal risks of the business, and the implementation of appropriate systems to deal with such risks. The Audit & Risk Committee assists the Board in overseeing the Company’s management of principal risks and the implementation of policies and standards for monitoring and modifying such risks, as well as monitoring and reviewing the Company’s financial position and financial risk management programs. The ESG & Nominating Committee assists the Board in overseeing the Company’s policies and performance for its environmental, health and safety, corporate social responsibility and human rights programs. The Compensation Committee assists the Board in ensuring that executive compensation is appropriately linked to our sustainability performance, including with respect to climate change and water. Management Oversight Our weekly Executive Committee Review is the main forum for senior management to raise and discuss risks facing the operations and organization more broadly. Additionally, our most senior management- level body dedicated to sustainability is the E&S Committee which meets on a quarterly basis to review sustainability performance and key performance indicators across our operations. At every quarterly meeting, the ESG & Nominating Committee and the Audit & Risk Committee are provided with updates on the key issues identified by management at these regular sessions. Principal Risks The following subsections describe some of our key sources of uncertainty and critical risk mitigation activities. The risks described below are not the only ones facing Barrick. Our business is subject to inherent risks in financial, regulatory, strategic and operational areas. For a more comprehensive discussion of those inherent risks, see “Risk Factors” in our most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities. Also see the “Cautionary Statement on Forward-Looking Information” on page 57 of this MD&A. Risk Factor Free cash flow6 and costs Risk Mitigation Strategy Our ability to improve productivity, drive down operating costs and optimize working capital remains a focus in 2024 and is subject to several sources of uncertainty. This includes our ability to achieve and maintain industry-leading margins by improving the productivity and efficiency of our operations. • Maximizing the benefit of higher gold prices through agile management and operational execution; • Weekly Executive Committee Review to identify, assess and respond to risks in a timely manner; • Enabling simplification and agile decision making through optimization 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; • Disciplined capital allocation criteria for all investments, to ensure a high degree of consistency and rigor is applied to all capital allocation decisions based on a comprehensive understanding of risk and reward; • Continued enhancement of controls to prevent, detect and respond to potential cyber-attacks; and • A flat, operationally focused, agile management structure with a tenet in ownership culture. 72 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Risk Factor Social license to operate At Barrick, we are committed to building, operating, and closing our mines in a safe and responsible manner. To do this, we seek to build trust-based partnerships with host governments and local communities to drive shared long-term value while working to minimize the social and environmental impacts of our activities. Geopolitical risks such as resource nationalism and incidents of corruption are inherent in the business of a company operating globally. Past environmental incidents in the extractive industry highlight the hazards (e.g., water management, tailings storage facilities, etc.) and the potential consequences to the environment, community health and safety. Our ability to maintain compliance with regulatory and community obligations in order to protect the environment and our host communities alike remains one of our top priorities. Barrick also recognizes climate change as an area of risk requiring specific focus and that reducing GHG emissions to counter the causes of climate change requires strong collective action by the mining industry. Resources and reserves and production outlook Like any mining company, we face the risk that we are unable to discover or acquire new resources or that we do not convert resources into production. As we move into 2024 and beyond, our overriding objective of growing free cash flow6 continues to be underpinned by a strong pipeline of organic projects and minesite expansion opportunities in our core regions. Uncertainty related to these and other opportunities exists (potentially both favorable and unfavorable) due to the speculative nature of mineral exploration and development as well as the potential for increased costs, delays, suspensions and technical challenges associated with the construction of capital projects. Financial position and liquidity Our liquidity profile, level of indebtedness and credit ratings are all factors in our ability to meet short- and long-term financial demands. Barrick’s outstanding debt balances impact liquidity through scheduled interest and principal repayments and the results of leverage ratio calculations, which could influence our investment grade credit ratings and ability to access capital markets. In addition, our ability to draw on our credit facility is subject to meeting its covenants. Our primary source of liquidity is our operating cash flow, which is dependent on the ability of our operations to deliver projected future cash flows. The ability of our operations to deliver projected future cash flows, as well as future changes in gold and copper market prices, either favorable or unfavorable, will continue to have a material impact on our cash flow and liquidity. Risk Mitigation Strategy • Our commitment to responsible mining is supported by a robust governance framework, including an overarching Sustainable Development Policy and related policies in the areas of Biodiversity, Conflict-Free Gold, Social Performance, Occupational Health and Safety, Environment and Human Rights; • Use of our Sustainability Scorecard to track sustainability performance using key performance indicators aligned to priority areas set out in our strategy; • Mandatory training on our Code of Business Conduct and Ethics as well as supporting policies which set out the ethical behavior expected of everyone working at, or with, Barrick; • We take a partnership approach with our host governments. This means we work to balance our own interests and priorities with those of our government partners, working to ensure that everyone derives real value from our operations; • Established CDCs at all our operating mines to identify community needs and priorities and to allocate funds to those initiatives most needed and desired by local stakeholders; • 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; • We published site-level TSF disclosures, in accordance with Principle 15 of the GISTM, for all of the Company’s facilities classified as in ‘Very High’ and conformance with the requirements of the GISTM. ‘Extreme’ consequence, • 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. • Focus on responsible mineral resource management, continuously improve ore body knowledge, and add to reserves and resources; • Consolidate and secure dominant land positions in favored operating districts and emerging new prospective geological domains; • Focus on economically feasible discoveries with potential Tier One1,3 status; • Optimize the value of underdeveloped projects; • Establish and develop motivated and highly agile discovery-driven • teams; and Identify emerging opportunities and secure them through earn-in agreements or acquisition. • Continued focus on generating positive free cash flow6 by improving the underlying cost structures of our operations in a sustainable manner; • Preparation of budgets and forecasts to understand the impact of different price scenarios on liquidity, including our capacity to provide cash returns to shareholders, repurchase outstanding debt and shares, and formulate appropriate strategies; • Review of debt and net debt levels to ensure appropriate leverage and monitor the market for liability management opportunities; and • Other options available to the Company to enhance liquidity include drawing on our $3.0 billion undrawn Credit Facility, asset sales, joint ventures, or the issuance of debt or equity securities. 73 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Production and Cost Summary – Gold For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 513 1,331 968 1,366 224 1,219 1,006 1,506 162 1,353 909 1,309 84 1,419 1,046 1,257 41 1,576 787 981 2 2,193 990 1,074 90 1,588 1,070 1,428 127 1,296 924 1,168 93 1,141 737 819 55 1,378 1,021 1,403 478 1,273 921 1,286 230 1,166 953 1,409 137 1,246 840 1,156 83 1,300 938 1,106 26 2,235 1,003 1,264 2 1,832 778 831 79 1,501 935 1,280 142 1,087 773 1,068 99 1,152 694 801 55 1,376 988 1,314 7% 5% 5% 6% (3%) 5% 6% 7% 18% 9% 8% 13% 1% 9% 12% 14% 58% (29%) (22%) (22%) 0% 20% 27% 29% 14% 6% 14% 12% (11%) 19% 20% 9% (6%) (1%) 6% 2% 0% 0% 3% 7% 1,865 1,351 989 1,366 868 1,254 1,033 1,486 549 1,318 906 1,282 316 1,399 1,026 1,234 123 2,011 961 1,162 9 1,789 724 779 335 1,418 889 1,249 547 1,198 835 1,166 343 1,221 789 918 207 1,440 1,011 1,516 1,862 1,210 876 1,214 966 1,069 877 1,212 450 1,164 815 1,258 282 1,434 1,035 1,296 109 2,039 914 1,074 55 1,282 435 454 428 1,132 725 1,026 547 1,153 778 1,076 337 1,243 703 948 195 1,628 890 1,528 0% 12% 13% 13% (10%) 17% 18% 23% 22% 13% 11% 2% 12% (2%) (1%) (5%) 13% (1%) 5% 8% (84%) 40% 66% 72% (22%) 25% 23% 22% 0% 4% 7% 8% 2% (2%) 12% (3%) 6% (12%) 14% (1%) 2,036 1,072 705 949 923 968 782 1,087 509 1,122 763 1,013 334 1,122 749 892 109 1,922 398 533 161 739 188 238 488 896 541 745 560 1,049 650 970 366 1,016 627 818 172 1,256 816 1,493 Nevada Gold Mines LLC (61.5%)a Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Carlin (61.5%)c Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Cortez (61.5%) Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Turquoise Ridge (61.5%) Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Phoenix (61.5%)c Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Long Canyon (61.5%) Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Pueblo Viejo (60%) Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Loulo-Gounkoto (80%) Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Kibali (45%) Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Veladero (50%) Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b 74 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Production and Cost Summary – Gold (continued) For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 Porgera (47.5%)d Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Tongon (89.7%) Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Hemlo (100%) Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b North Mara (84%) Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Buzwagi (84%)e Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Bulyanhulu (84%) Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Total Attributable to Barrickf Gold produced (000s oz) Cost of sales ($/oz)g Total cash costs ($/oz)b All-in sustaining costs ($/oz)b – – – – 42 1,489 1,184 1,586 34 1,618 1,407 1,671 59 1,420 1,103 1,449 41 1,413 1,002 1,376 1,054 1,359 982 1,364 – – – – 47 1,423 1,217 1,331 31 1,721 1,502 1,799 62 1,244 999 1,429 46 1,261 859 1,132 1,039 1,277 912 1,255 – – – – (11%) 5% (3%) 19% 10% (6%) (6%) (7%) (5%) 14% 10% 1% (11%) 12% 17% 22% 1% 6% 8% 9% – – – – 183 1,469 1,240 1,408 141 1,589 1,382 1,672 253 1,206 944 1,335 180 1,312 920 1,231 4,054 1,334 960 1,335 – – – – 180 1,748 1,396 1,592 133 1,628 1,409 1,788 263 979 741 1,028 196 1,211 868 1,156 4,141 1,241 862 1,222 – – – – 2% (16%) (11%) (12%) 6% (2%) (2%) (6%) (4%) 23% 27% 30% (8%) 8% 6% 6% (2%) 7% 11% 9% – – – – 187 1,504 1,093 1,208 150 1,693 1,388 1,970 260 966 777 1,001 40 1,334 1,284 1,291 178 1,079 709 891 4,437 1,093 725 1,026 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. b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 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 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. As Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023, no operating data or per ounce data has been provided starting in the third quarter of 2020. On December 22, 2023, we completed the Commencement Agreement, pursuant to which the PNG government and BNL, the 95% owner and operator of the Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Ownership of Porgera is now held in a new joint venture owned 51% by PNG stakeholders and 49% by a Barrick affiliate, Porgera (Jersey) Limited (“PJL”). PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick now holds a 24.5% ownership interest in the Porgera joint venture. Barrick holds a 23.5% interest in the economic benefits of the mine under the economic benefit sharing arrangement agreed with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the overall economic benefits derived from the mine accumulated over time, and the PNG stakeholders share the remaining 53%. Refer to page 63 for further information. e. 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. f. Excludes Pierina, 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. g. 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). 75 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Production and Cost Summary – Copper For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 Lumwana (100%) Copper production (millions lbs) Cost of sales ($/lb) C1 cash costs ($/lb)a All-in sustaining costs ($/lb)a Zaldívar (50%) Copper production (millions lbs) Cost of sales ($/lb) C1 cash costs ($/lb)a All-in sustaining costs ($/lb)a Jabal Sayid (50%) Copper production (millions lbs) Cost of sales ($/lb) C1 cash costs ($/lb)a All-in sustaining costs ($/lb)a Total Attributable to Barrick Copper production (millions lbs) Cost of sales ($/lb)b C1 cash costs ($/lb)a All-in sustaining costs ($/lb)a 73 2.95 2.14 3.38 23 3.85 2.93 3.51 17 1.59 1.32 1.50 113 2.92 2.17 3.12 72 2.48 1.86 3.41 22 3.86 2.99 3.39 18 1.72 1.45 1.64 112 2.68 2.05 3.23 1% 19% 15% (1%) 5% 0% (2%) 4% (6%) (8%) (9%) (9%) 1% 9% 6% (3%) 260 2.91 2.29 3.48 89 3.83 2.95 3.46 71 1.60 1.35 1.53 420 2.90 2.28 3.21 267 2.42 1.89 3.63 98 3.12 2.36 2.95 75 1.52 1.26 1.36 440 2.43 1.89 3.18 (3%) 20% 21% (4%) (9%) 23% 25% 17% (5%) 5% 7% 13% (5%) 19% 21% 1% 242 2.25 1.62 2.80 97 3.19 2.38 2.94 76 1.38 1.18 1.33 415 2.32 1.72 2.62 a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. b. Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share). OPERATING PERFORMANCE Review of Operating Performance In the first quarter of 2023, we re-evaluated our reportable operating segments and started detailed reporting on our interest in Lumwana and no longer provide detailed reporting on our interest in Veladero. As a result, our presentation of reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining operating segments, including our remaining gold and copper mines, have been grouped into an “Other Mines” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income. 76 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Nevada Gold Mines (61.5% basis)a, Nevada USA Summary of Operating and Financial Data For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 Total tonnes mined (000s) Open pit ore Open pit waste Underground Average grade (grams/tonne) Open pit mined Underground mined Processed Ore tonnes processed (000s) Oxide mill Roaster Autoclave Heap leach Recovery rateb Oxide Millb Roaster Autoclave Gold produced (000s oz) Oxide mill Roaster Autoclave Heap leach Gold sold (000s oz) Revenue ($ millions) Cost of sales ($ millions) Income ($ millions) EBITDA ($ millions)c EBITDA margind Capital expenditurese ($ millions) Minesite sustainingc Projectc,f Cost of sales ($/oz) Total cash costs ($/oz)c All-in sustaining costs ($/oz)c All-in costs ($/oz)c 42,801 7,430 33,839 1,532 0.98 9.24 2.08 9,155 2,215 1,425 1,153 4,362 83% 82% 85% 81% 513 126 234 108 45 511 1,047 684 355 522 50% 274 193 77 1,331 968 1,366 1,518 42,953 8,374 33,171 1,408 0.80 9.28 1.99 10,014 2,299 1,364 959 5,392 85% 82% 86% 84% 478 96 228 106 48 480 945 614 314 460 49% 213 162 51 1,273 921 1,286 1,389 0% (11%) 2% 9% 23% 0% 5% (9%) (4%) 4% 20% (19%) (2%) 0% (1%) (4%) 7% 31% 3% 2% (6%) 6% 11% 11% 13% 13% 2% 29% 19% 51% 5% 5% 6% 9% 167,641 29,797 132,323 5,521 170,302 24,540 140,245 5,517 1.03 8.99 1.98 35,590 9,624 4,993 3,636 17,337 83% 79% 86% 82% 1,865 411 891 386 177 1,860 3,721 2,528 1,145 1,736 47% 864 654 206 1,351 989 1,366 1,477 1.27 8.96 2.50 34,873 11,964 5,506 4,341 13,062 78% 73% 86% 67% 1,862 350 972 357 183 1,856 3,428 2,275 1,144 1,695 49% 707 584 123 1,210 876 1,214 1,280 (2%) 21% (6%) 0% (19%) 0% (21%) 2% (20%) (9%) (16%) 33% 6% 8% 0% 22% 0% 17% (8%) 8% (3%) 0% 9% 11% 0% 2% (4%) 22% 12% 67% 12% 13% 13% 15% 198,725 37,670 155,724 5,331 0.84 9.32 1.78 49,232 12,334 4,866 4,683 27,349 79% 77% 86% 69% 2,036 364 960 410 302 2,039 3,773 2,186 1,675 2,305 61% 555 458 97 1,072 705 949 997 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 until its decommissioning at the end of Q1 2023. c. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. d. Represents EBITDA divided by revenue. e. Includes capitalized interest. f. Includes amounts spent on the NGM TS Solar project. 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. 77 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Carlin (61.5% basis)a, Nevada USA Summary of Operating and Financial Data For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 Total tonnes mined (000s) Open pit ore Open pit waste Underground Average grade (grams/tonne) Open pit mined Underground mined Processed Ore tonnes processed (000s) Oxide mill Roaster Autoclave Heap leach Recovery rateb Roaster Autoclave Gold produced (000s oz) Oxide mill Roaster Autoclave Heap leach Gold sold (000s oz) Revenue ($ millions) Cost of sales ($ millions) Income ($ millions) EBITDA ($ millions)c EBITDA margind Capital expenditures ($ millions) Minesite sustainingc Projectc Cost of sales ($/oz) Total cash costs ($/oz)c All-in sustaining costs ($/oz)c All-in costs ($/oz)c 18,338 739 16,721 878 19,674 600 18,271 803 2.05 8.32 4.60 1,840 0 1,232 564 44 81% 84% 67% 224 0 187 29 8 220 443 272 168 215 49% 110 108 2 1,219 1,006 1,506 1,513 1.50 7.98 4.74 1,707 0 1,219 349 139 85% 86% 80% 230 0 194 27 9 238 461 282 174 225 49% 103 103 0 1,166 953 1,409 1,409 (7%) 23% (8%) 9% 37% 4% (3%) 8% 0% 1% 62% (68%) (5%) (2%) (16%) (3%) 0% (4%) 7% (11%) (8%) (4%) (4%) (3%) (4%) 0% 7% 5% 0% 5% 6% 7% 7% 71,059 4,067 63,836 3,156 2.38 7.97 4.51 7,256 377 4,350 1,385 1,144 83% 85% 72% 868 4 745 87 32 865 1,697 1,100 577 770 45% 375 373 2 1,254 1,033 1,486 1,488 67,971 6,424 58,267 3,280 2.09 8.03 3.60 11,485 2,448 4,528 2,175 2,334 78% 85% 44% 966 48 780 91 47 968 1,752 1,063 685 877 50% 306 306 0 1,069 877 1,212 1,212 5% (37%) 10% (4%) 14% (1%) 25% (37%) (85%) (4%) (36%) (51%) 6% 0% 64% (10%) (92%) (4%) (4%) (32%) (11%) (3%) 3% (16%) (12%) (10%) 23% 22% 0% 17% 18% 23% 23% 75,207 6,472 65,507 3,228 0.78 8.85 2.97 14,282 2,735 3,616 2,221 5,710 77% 85% 46% 923 51 728 102 42 922 1,653 893 733 903 55% 260 260 0 968 782 1,087 1,087 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, reflecting the terms of the Exchange Agreement which closed on October 14, 2021. b. Excludes the Gold Quarry (Mill 5) concentrator until its decommissioning at the end of Q1 2023. c. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. d. Represents EBITDA divided by revenue. Safety and Environment For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 0 0.00 2.09 2 1.02 2.47 7 0.77 2.09 6 0.69 2.63 0 0 0 0 LTI LTIFR8 TRIFR8 Class 19 environmental incidents Financial Results Q4 2023 compared to Q3 2023 Carlin’s income for the fourth quarter of 2023 was 3% lower than the prior quarter mainly due to the lower sales volume and a higher cost of sales per ounce7, partially offset by a higher realized gold price6. Gold production in the fourth quarter of 2023 was 3% lower compared to the prior quarter primarily due to processing higher grade ore transported from Cortez, which displaced ore from Carlin. To optimize roaster recovery, this also necessitated processing a higher proportion of open pit stockpiled ore. Additionally, fewer leach ounces were produced in the fourth quarter due to the timing of leach placement. This was partially offset by additional ounces produced at the Goldstrike autoclave due to unplanned downtime in the prior quarter. 78 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Total tonnes mined in the fourth quarter of 2023 were 7% lower compared to the prior quarter, primarily driven by open pit sequencing per the mine plan. Open pit ore tonnes mined increased by 23% as Gold Quarry phase 7 was primarily in ore in the fourth quarter of 2023, driving a decrease in waste mined compared to the prior quarter. The average open pit mined grade increased by 37% compared to the prior quarter driven by Gold Quarry phase 7. Underground mined tonnes and grade were 9% and 4% higher, respectively, compared to the prior quarter, as a result of both productivity improvements at the underground mines and access to higher grade stopes. Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 were 5% and 6% higher, respectively, than the prior quarter, mainly due to lower grades processed. In the fourth quarter of 2023, all-in sustaining costs per ounce6 was 7% higher compared to the prior quarter, mainly due to higher total cash costs per ounce6, combined with higher minesite sustaining capital expenditures6. Capital expenditures in the fourth quarter of 2023 were 7% higher than the prior quarter, driven by the timing of mobile equipment deliveries, partially offset by lower capitalized stripping in the Gold Quarry and South Arturo open pits as per the mine plan. 2023 compared to 2022 Carlin’s income for 2023 was 16% lower than the prior year, mainly due to the lower sales volume and an increase in cost of sales per ounce7. This was partially offset by a higher realized gold price6. Income and EBITDA6,a Production (thousands of ounces) 1,000 500 0 966 868 800 to 880 2022 2023 2024 (est)a a. Based on the midpoint of the guidance range. Cost of sales per ounce7 and total cash costs per ounce6 for 2023 were 17% and 18% higher, respectively, than the prior year due to higher maintenance costs driven by the planned shutdowns at both roasters in 2023 and the unplanned maintenance at the Goldstrike autoclave in the second half of 2023. This was combined with higher maintenance costs related to the open pit trucks that are scheduled to be replaced in 2024 and H1 2025. Costs were also further impacted by lower tonnes processed although this was partially offset by higher grades. For 2023, all-in sustaining costs per ounce6 were 23% higher than the prior year, due to the impact of higher total cash costs per ounce6 and higher minesite sustaining capital expenditures6. Cost of Sales7, Total Cash Costs6 and All-In Sustaining Costs6 ($ per ounce) 1,799 1,800 903 733 877 685 1,000 800 600 400 200 0 1,941 770 577 1,500 1,200 900 600 300 0 1,069 1,212 877 1,254 1,486 1,033 1,270 to 1,370 1,430 to 1,530 1,030 to 1,110 2022 2023 2024 (est)a 2021 2022 2023 Cost of Sales Total Cash Costs AISC Income ($ millions) Gold Market Price ($/oz) a. Based on the midpoint of the guidance range. EBITDA ($ millions) a. The results include NGM’s 60% interest in South Arturo up until May 30, 2021 and 100% interest thereafter. Gold production in 2023 was 10% lower compared to the prior year, mainly due to the closure and decommissioning of the Gold Quarry concentrator at the end of the first quarter of 2023. In addition, production was impacted by the extended shutdown to undertake the autoclave conversion from RIL to CIL in the first quarter of 2023 and the planned maintenance shutdowns at both roasters that occurred earlier in 2023, whereas the previous shutdown at the Goldstrike roaster was in 2021. Total tonnes mined in 2023 increased by 5% compared to the prior year, mainly due to higher waste tonnes mined at the open pit operations, as waste stripping ramped up at the next phase of South Arturo, whereas there was no mining at South Arturo in the prior year. Open pit ore tonnes mined decreased 37% from the prior year as mining of phase 4 at Goldstar was substantially completed at the beginning of the third quarter of 2023 and we completed mining of the Goldstrike 5th NW pit in the fourth quarter of 2022. The average open pit grade mined increased by 14% compared to the prior year, primarily due to the progression of mining in the Gold Quarry and Goldstar open pits. Underground tonnes mined and the average grade mined were 4% higher and 1% lower, respectively, compared to the prior year, driven by a change in the mix of ore sources across the different underground operations as per the mine plan. Capital expenditures in 2023 increased by 23% from the prior year primarily due to the continuing advancement of projects related to processing facilities and underground development, along with the timing of open pit and underground mobile equipment deliveries across Carlin’s mining operations. 2023 compared to Guidance Gold produced (000s oz) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 868 1,254 1,033 1,486 910 – 1,000 1,030 – 1,110 820 – 880 1,250 – 1,330 Gold production for 2023 was below the guidance range, impacted primarily by unplanned downtime at the Goldstrike autoclave in the second half of the year. This was also a key driver of cost of sales per ounce7 and total cash costs per ounce6 being above the guidance range through both lower production and higher maintenance costs. In addition, costs were higher due to lower availabilities and higher maintenance costs mainly related to the open pit trucks that are scheduled to be replaced in 2024 and the first half of 2025. All-in sustaining costs per ounce6 was higher than guidance, mainly driven by higher total cash costs per ounce6. 79 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Cortez (61.5% basis), Nevada USA Summary of Operating and Financial Data For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 Total tonnes mined (000s) Open pit ore Open pit waste Underground Average grade (grams/tonne) Open pit mined Underground mined Processed Ore tonnes processed (000s) Oxide mill Roaster Autoclave Heap leach Recovery rate Oxide mill Roaster Autoclave Gold produced (000s oz) Oxide mill Roaster Autoclave Heap leach Gold sold (000s oz) Revenue ($ millions) Cost of sales ($ millions) Income ($ millions) EBITDA ($ millions)a EBITDA marginb Capital expenditures ($ millions) Minesite sustaininga Projecta Cost of sales ($/oz) Total cash costs ($/oz)a All-in sustaining costs ($/oz)a All-in costs ($/oz)a 18,488 3,547 14,533 408 0.77 9.85 1.54 3,965 683 193 n/a 16,613 5,168 11,062 383 0.76 9.65 1.17 5,266 627 145 n/a 3,089 4,494 84% 80% 90% n/a 162 82 46 n/a 34 164 327 222 102 175 86% 85% 88% n/a 137 67 33 n/a 37 135 259 168 87 141 54% 54% 80 62 18 1,353 909 1,309 1,416 56 38 18 1,246 840 1,156 1,290 11% (31%) 31% 7% 1% 2% 32% (25%) 9% 33% n/a (31%) (2%) (6%) 2% n/a 18% 22% 39% n/a (8%) 21% 26% 32% 17% 24% 0% 43% 63% 0% 9% 8% 13% 10% 70,570 14,991 54,133 1,446 0.78 9.54 1.37 15,741 2,504 643 n/a 12,594 84% 82% 88% n/a 549 273 143 n/a 133 548 1,068 722 333 557 52% 260 191 69 1,318 906 1,282 1,407 72,551 7,096 64,136 1,319 1.11 9.76 2.06 8,706 2,510 978 n/a 5,218 80% 74% 87% n/a 450 183 192 n/a 75 449 809 522 277 432 53% 251 187 64 1,164 815 1,258 1,400 (3%) 111% (16%) 10% (30%) (2%) (33%) 81% 0% (34%) n/a 141% 5% 11% 1% n/a 22% 49% (26%) n/a 77% 22% 32% 38% 20% 29% (2%) 4% 2% 8% 13% 11% 2% 1% 74,960 15,456 58,235 1,269 0.71 9.45 1.22 18,333 2,548 1,250 10 14,525 83% 78% 88% 81% 509 192 232 1 84 508 913 570 337 518 57% 177 118 59 1,122 763 1,013 1,129 a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. b. Represents EBITDA divided by revenue. Safety and Environment For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 1 0.92 1.85 0 0.00 0.93 3 0.70 1.64 6 1.45 4.35 0 0 0 0 LTI LTIFR8 TRIFR8 Class 19 environmental incidents Financial Results Q4 2023 compared to Q3 2023 Cortez’s income for the fourth quarter of 2023 was 17% higher than the prior quarter due to higher sales volume and a higher realized gold price6, partially offset by a higher cost of sales per ounce7. Gold production in the fourth quarter of 2023 was 18% higher compared to the prior quarter. This was mainly driven by higher grades from both Crossroads and CHUG ore processed at the Cortez oxide mill, higher ore tonnes from both CHUG and the Goldrush development project transported and processed at the Carlin roasters, partially offset by lower leach ore tonnes placed resulting in lower leach production. 80 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Cost of sales per ounce7 and total cash costs per ounce6 in 2023 were 13% and 11% higher, respectively, than the prior year mainly due to lower grades processed, reflecting a higher proportion of ounces sourced from the open pit operations, combined with lower capitalized waste stripping. For 2023, all-in sustaining costs per ounce6 increased by 2% compared to the prior year, driven by higher total cash costs per ounce6, partially offset by lower minesite sustaining capital expenditures6 on a per ounce basis. Cost of Sales7, Total Cash Costs6 and All-In Sustaining Costs6 ($ per ounce) 1,258 1,164 815 1,318 1,282 906 1,460 to 1,560 1,390 to 1,490 1,040 to 1,120 1,500 1,200 900 600 300 0 2022 2023 2024 (est)a Cost of Sales Total Cash Costs AISC a. Based on the midpoint of the guidance range. Capital expenditures in 2023 increased by 4% from the same prior year period, due to both higher minesite sustaining capital expenditures6 and project capital expenditures6. Minesite sustaining capital expenditures6 were 2% higher compared to the same prior year period, primarily due to the Komatsu fleet purchase for Cortez, which was largely offset by a decrease in capitalized waste stripping at Crossroads. Project capital expenditures6 were 8% higher due to increased development and exploration activities at Goldrush. 2023 compared to Guidance Gold produced (000s oz) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 549 1,318 906 1,282 580 – 650 1,080 – 1,160 680 – 740 930 – 1,010 Gold production for 2023 was below the guidance range, primarily due to lower than forecasted oxide grades out of Crossroads and the slower than expected ramp-up at Goldrush which was partly due to the delay in receiving the ROD (the ROD was received late in the fourth quarter). Cost of sales per ounce7 and total cash costs per ounce6 were above the guidance range primarily due to lower grades from Crossroads, lower capitalized tonnes due to less capitalized stripping at Crossroads and fewer tonnes allocated to the Cortez Hills open pit buttress, higher maintenance costs earlier in the year and higher royalties from the higher realized gold price6 (royalty impact was $22/oz for Cortez). All-in sustaining costs per ounce6 were also higher than guidance, mainly driven by higher total cash costs per ounce6. Total tonnes mined in the fourth quarter of 2023 were 11% higher than the prior quarter. Open pit ore tonnes mined were 31% lower, while the average grade mined was largely in line with the prior quarter, primarily driven by the transition to stripping at Crossroads (Phase 6), resulting in 31% higher waste tonnes mined. Underground tonnes and grade mined were 7% and 2% higher, respectively, compared to the prior quarter due to mine sequencing as per the mine plan. Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 were 9% and 8% higher, respectively, than the prior quarter, driven by the change in the sales mix to higher-cost open pit stockpile and refractory ounces produced at the Carlin roasters, partially offset by higher grades processed. In the fourth quarter of 2023, all-in sustaining costs per ounce6 was 13% higher than the prior quarter, mainly due to higher total cash costs per ounce6, combined with higher minesite sustaining capital expenditures6. Capital expenditures in the fourth quarter of 2023 were 43% higher compared to the prior quarter, mainly due to higher minesite sustaining capital expenditures6, which was driven by more of the new Komatsu truck fleet being commissioned in the fourth quarter of 2023, combined with an increase in capitalized waste stripping at Crossroads (Phase 6). 2023 compared to 2022 Cortez’s income in 2023 was 20% higher than the prior year, primarily due to the higher sales volume and a higher realized gold price6, partially offset by higher cost of sales per ounce7. Income and EBITDA6 1,799 1,800 518 337 432 277 1,941 557 333 600 400 200 0 2021 2022 2023 Income ($ millions) Gold Market Price ($/oz) EBITDA ($ millions) Gold production in 2023 was 22% higher than the prior year, primarily driven by higher oxide ore tonnes mined and processed from Crossroads and CHUG (at a higher recovery rate), combined with higher heap leach production. This was partially offset by a decrease in refractory ore transported and processed at the Carlin roasters. Total tonnes mined in 2023 were 3% lower, primarily due to lower open pit waste mined. Open pit ore tonnes mined were 111% higher compared to the prior year, primarily driven by the transition from the Pipeline pit, which ceased mining operations in the first quarter of 2022, to the next phases at Crossroads and Cortez Pits which have predominantly been mining in ore this year. Underground tonnes mined increased by 10% over the same prior year period driven by higher tonnes from CHUG and increased development activity at Goldrush. Production (thousands of ounces) 800 400 0 450 549 380 to 420 2022 2023 2024 (est)a a. Based on the midpoint of the guidance range. 81 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Turquoise Ridge (61.5%), Nevada USA Summary of Operating and Financial Data For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 Total tonnes mined (000s) Open pit ore Open pit waste Underground Average grade (grams/tonne) Open pit mined Underground mined Processed Ore tonnes processed (000s) Oxide mill Autoclave Heap leach Recovery Rate Oxide mill Autoclave Gold produced (000s oz) Oxide mill Autoclave Heap leach Gold sold (000s oz) Revenue ($ millions) Cost of sales ($ millions) Income ($ millions) EBITDA ($ millions)a EBITDA marginb Capital expenditures ($ millions) Minesite sustaininga Projecta Cost of sales ($/oz) Total cash costs ($/oz)a All-in sustaining costs ($/oz)a All-in costs ($/oz)a 246 0 0 246 n/a 11.08 4.48 671 82 589 0 87% 83% 87% 84 4 79 1 86 171 121 48 79 46% 18 17 1 1,419 1,046 1,257 1,275 222 0 0 222 n/a 12.73 4.37 704 94 610 0 86% 87% 86% 83 4 79 0 78 150 101 49 77 51% 13 12 1 1,300 938 1,106 1,114 11% 0% 0% 11% n/a (13%) 3% (5%) (13%) (3%) 0% 1% (5%) 1% 1% 0% 0% 0% 10% 14% 20% (2%) 3% (10%) 38% 42% 0% 9% 12% 14% 14% 919 1,053 0 0 919 n/a 11.28 4.34 2,608 357 2,251 0 86% 85% 86% 316 14 299 3 318 620 444 172 288 131 4 918 1.13 11.08 4.26 2,541 329 2,166 46 81% 84% 81% 282 10 266 6 278 501 398 98 208 46% 42% 67 61 6 1,399 1,026 1,234 1,251 97 67 30 1,434 1,035 1,296 1,405 (13%) (100%) (100%) 0% n/a 2% 2% 3% 9% 4% (100%) 6% 1% 6% 12% 40% 12% (50%) 14% 24% 12% 76% 38% 10% (31%) (9%) (80%) (2%) (1%) (5%) (11%) 8,510 3,020 4,656 834 1.69 10.69 3.31 3,793 434 2,452 907 82% 83% 82% 334 16 307 11 337 607 378 229 352 58% 81 47 34 1,122 749 892 993 a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. b. Represents EBITDA divided by revenue. Safety and Environment For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 1 1.54 1.54 2 3.23 8.09 5 1.99 3.98 8 2.74 6.84 0 0 0 0 LTI LTIFR8 TRIFR8 Class 19 environmental incidents Financial Results Q4 2023 compared to Q3 2023 Turquoise Ridge’s income for the fourth quarter of 2023 was 2% lower than the prior quarter, mainly due to higher cost of sales per ounce7, partially offset by the higher sales volume and a higher realized gold price6. Gold production in the fourth quarter of 2023 was 1% higher than the prior quarter, mainly due to higher underground tonnes mined, combined with higher recoveries at the Sage autoclave, which continues to be positively impacted by improved carbon management. This was partially offset by lower autoclave throughput, which was impacted by unplanned maintenance in the fourth quarter. Total tonnes mined increased in the fourth quarter of 2023 by 11% compared to the prior quarter, due to higher underground tonnes mined from Turquoise Ridge Underground. Grades mined decreased by 13% compared to the prior quarter, as per the mine sequence at both underground mines. 82 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 were 9% and 12% higher, respectively, than the prior quarter, primarily due to higher maintenance spend at both Turquoise Ridge Underground and at the autoclave. All-in sustaining costs per ounce6 was 14% higher than the prior quarter, mainly reflecting higher total cash costs per ounce6, combined with higher minesite sustaining capital expenditures6. Capital expenditures in the fourth quarter of 2023 were 38% higher than the prior quarter, mainly due to increased minesite sustaining capital expenditures6 related to underground mobile equipment purchases. 2023 compared to 2022 Turquoise Ridge’s income in 2023 was 76% higher than the prior year due to the higher sales volume, a lower cost of sales per ounce7, and a higher realized gold price6. Income and EBITDA6 1,799 1,800 400 300 352 200 229 100 0 1,941 288 208 172 98 2021 2022 2023 Income ($ millions) Gold Market Price ($/oz) EBITDA ($ millions) Gold production in 2023 was 12% higher compared to the prior year, primarily due to higher average grades processed, combined with higher recoveries at the Sage autoclave, which was positively impacted by improved carbon management. In addition, improvements in maintenance practices led to significantly higher plant availability, which in turn allowed for higher tonnes processed. Total tonnes mined in 2023 decreased by 13% compared to the prior year, as there was some remaining open pit mining completed in the first quarter of 2022. Underground tonnes mined were in line compared to the prior year, primarily due to lower tonnes from the Vista underground mine, as per the mine plan, partially offset by improved production rates at Turquoise Ridge Underground as the benefits of the commissioning of the Third Shaft started to be realized. Production (thousands of ounces) 500 250 0 282 316 330 to 360 2022 2023 2024 (est)a a. Based on the midpoint of the guidance range. Cost of sales per ounce7 and total cash costs per ounce6 in 2023 were 2% and 1% lower, respectively, than the prior year primarily driven by improvements in both grade and recovery. All-in sustaining costs per ounce6 decreased by 5% compared to the prior year due to lower total cash costs per ounce6, combined with lower minesite sustaining capital expenditures6. Cost of Sales7, Total Cash Costs6 and All-In Sustaining Costs6 ($ per ounce) 1,434 1,296 1,035 1,399 1,234 1,026 1,230 to 1,330 1,090 to 1,190 850 to 930 1,600 1,200 800 400 0 2022 2023 2024 (est)a Cost of Sales Total Cash Costs AISC a. Based on the midpoint of the guidance range. Capital expenditures in 2023 decreased by 31% compared to the prior year, mainly due to a decrease in project capital expenditures6 as the Third Shaft was largely completed by the end of 2022. This was combined with lower minesite sustaining capital expenditures6 due to lower underground development. 2023 compared to Guidance Gold produced (000s oz) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 316 1,399 1,026 1,234 300 – 340 1,290 – 1,370 900 – 960 1,170 – 1,250 Gold production in 2023 was within the guidance range. Cost of sales per ounce7 and total cash costs per ounce6 were slightly above the guidance range driven by higher than planned maintenance costs both on underground infrastructure and at the Sage autoclave. All-in sustaining costs per ounce6 was within the guidance range as higher total cash costs per ounce6 were more than offset by lower than planned minesite sustaining capital expenditures6. 83 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Other Mines – Nevada Gold Mines Summary of Operating and Financial Data For the three months ended Gold produced (000s oz) Phoenix (61.5%) Long Canyon (61.5%) 41 2 12/31/23 Total cash costs ($/oz)a All-in sustaining costs ($/oz)a Capital Expend- ituresb Gold produced (000s oz) 787 990 981 1,074 5 0 26 2 9/30/23 Total cash costs ($/oz)a 1,003 778 Cost of sales ($/oz) 2,235 1,832 All-in sustaining costs ($/oz)a Capital Expend- ituresb 1,264 831 6 0 Cost of sales ($/oz) 1,576 2,193 a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. b. Includes both minesite sustaining and project capital expenditures6. Phoenix (61.5%) Gold production for Phoenix in the fourth quarter of 2023 was 58% higher than the prior quarter owing to planned maintenance performed in the prior quarter, combined with improved grades and recoveries. Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 were 29% and 22% lower, respectively, than the prior quarter, mainly due to the impact of higher grades and recoveries, combined with lower maintenance spend. In the fourth quarter of 2023, all-in sustaining costs per ounce6 decreased by 22% compared to the prior quarter, due to lower total cash costs per ounce6, combined with lower minesite sustaining capital expenditures6. Gold produced (000s oz) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 123 2,011 961 1,162 100 – 120 1,860 – 1,940 880 – 940 1,110 – 1,190 Compared to our 2023 outlook, gold production was slightly higher than the guidance range. Total cash costs per ounce6 and cost of sales per ounce7 were both marginally above the guidance range, driven mainly by higher leach inventory drawdown. All-in sustaining costs per ounce6 was within the guidance range with lower minesite sustaining capital expenditures6 offsetting the higher total cash costs per ounce6. Long Canyon (61.5%) Mining of Phase 1 was completed in May  2022, with residual leach production over the remainder of 2022 and 2023. Following the completion of further studies, we have decided at this time not to pursue the permitting associated with Phase 2 mining and have removed those ounces from our LOM plan and the mine has been placed in care and maintenance. Gold produced (000s oz) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 9 0 – 10 1,789 2,120 – 2,200 724 779 730 – 790 1,080 – 1,160 Compared to our 2023 outlook, gold production was at the top end of the guidance range. All cost metrics were within or below their respective guidance ranges. 84 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Pueblo Viejo (60% basis)a, Dominican Republic Summary of Operating and Financial Data For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 Open pit tonnes mined (000s) Open pit ore Open pit waste Average grade (grams/tonne) Open pit mined Processed Autoclave ore tonnes processed (000s) Recovery rate Gold produced (000s oz) Gold sold (000s oz) Revenue ($ millions) Cost of sales ($ millions) Income ($ millions) EBITDA ($ millions)b EBITDA marginc Capital expenditures ($ millions) Minesite sustainingb Projectb Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b All-in costs ($/oz)b 2,819 1,902 917 2.19 2.64 1,345 79% 90 89 190 141 49 89 4,489 2,037 2,452 2.25 2.40 1,404 70% 79 77 152 117 31 70 47% 46% 40 31 9 1,588 1,070 1,428 1,532 54 26 28 1,501 935 1,280 1,640 (37%) (7%) (63%) (3%) 10% (4%) 13% 14% 16% 25% 21% 58% 27% 2% (26%) 19% (68%) 6% 14% 12% (7%) 18,074 7,794 10,280 19,754 6,820 12,934 2.05 2.39 5,332 81% 335 335 670 475 187 341 51% 236 117 119 1,418 889 1,249 1,604 2.23 2.68 5,669 87% 428 426 776 482 265 411 53% 351 124 227 1,132 725 1,026 1,558 (9%) 14% (21%) (8%) (11%) (6%) (7%) (22%) (21%) (14%) (1%) (29%) (17%) (4%) (33%) (6%) (48%) 25% 23% 22% 3% 24,687 7,969 16,718 2.41 3.18 5,466 88% 488 497 898 445 445 587 65% 311 96 215 896 541 745 1,178 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. b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. c. Represents EBITDA divided by revenue. Safety and Environment For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 0 0.00 0.73 0 0.00 0.50 0 0.00 0.82 2 0.10 0.72 0 0 0 0 LTI LTIFR8 TRIFR8 Class 19 environmental incidents Financial Results Q4 2023 compared to Q3 2023 Pueblo Viejo’s income for the fourth quarter of 2023 was 58% higher than the prior quarter due to the higher realized gold price6 and higher sales volume, partially offset by a higher cost of sales per ounce7. Gold production for the fourth quarter of 2023 was 14% higher than the prior quarter due to higher recovery and higher grades processed. This was partially offset by lower throughput, mainly caused by the structural failure of the crusher conveyor at the start of October  2023, as previously disclosed, which connects the new crusher and the new SAG mill feed stockpile. In addition, productivity at the mine was negatively impacted by a 1 in 500 year tropical storm in November 2023. Cost of sales per ounce7 and total cash costs per ounce6 for the fourth quarter of 2023 were 6% and 14% higher, respectively, than the prior quarter primarily due to higher electricity costs and grinding media consumption related to the commissioning of the expansion plant. This was combined with higher plant maintenance costs, partially offset by higher grades and recovery. In addition, cost of sales per ounce7 was positively impacted by lower depreciation on a per ounce basis. For the fourth quarter of 2023, all-in sustaining costs per ounce6 were 12% higher than the prior quarter, reflecting higher total cash costs per ounce6 and higher minesite sustaining capital expenditures6 on a per ounce basis. Capital expenditures for the fourth quarter of 2023 decreased by 26% compared to the prior quarter, mainly due to lower project capital expenditures6 incurred on the plant expansion as the construction was substantially completed in 2023, partially offset by higher minesite sustaining capital expenditures6 following the purchase of new mining equipment and higher Llagal TSF works execution costs. 2023 compared to 2022 Pueblo Viejo’s income for 2023 was 29% lower than the prior year due to lower sales volume and a higher cost of sales per ounce7, partially offset by the higher realized gold price6. 85 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS 1,941 Cost of Sales7, Total Cash Costs6 and All-In Sustaining Costs6 ($ per ounce) 1,132 1,026 725 1,418 1,249 889 1,340 to 1,440 1,100 to 1,200 830 to 910 1,400 1,200 1,000 800 600 400 200 0 2022 2023 2024 (est)a Cost of Sales Total Cash Costs AISC a. Based on the midpoint of the guidance range. Capital expenditures for 2023 decreased by 33% compared to the prior year, mainly due to lower project capital expenditures6 incurred on the plant expansion as the construction was substantially completed in 2023. Minesite sustaining capital expenditures6 decreased due to lower capitalized waste stripping and a reduction in the purchase of new mining equipment in 2023. 2023 compared to Guidance Gold produced (000s oz) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 335 1,418 889 1,249 470 – 520 1,130 – 1,210 710 – 770 960 – 1,040 Gold production in 2023 was lower than the guidance range mainly due to lower throughput associated with the delayed commissioning and ramp-up of the expanded processing plant. Cost of sales per ounce7 and total cash costs per ounce6 were higher than the guidance ranges, mainly due to the lower production. All-in sustaining costs per ounce6 was also higher than the guidance range mainly driven by higher total cash costs6 and higher minesite sustaining capital expenditures6 on a per ounce basis. Income and EBITDA6 1,799 1,800 587 445 600 500 400 300 200 100 0 411 265 341 187 2021 2022 2023 Income ($ millions) Gold Market Price ($/oz) EBITDA ($ millions) Gold production for 2023 was 22% lower than the prior year, mainly due to lower grades processed in line with the mine and stockpile processing plan, lower recovery and lower tonnes processed. Throughput and recovery during 2023 were impacted by the commissioning of the new plant, with throughput additionally affected by the structural failure of the crusher conveyor in the fourth quarter, delaying the ramp-up. Production (thousands of ounces) 600 300 0 428 335 420 to 490 2022 2023 2024 (est)a a. Based on the midpoint of the guidance range. Cost of sales per ounce7 and total cash costs per ounce6 for 2023 increased by 25% and 23%, respectively, compared to the prior year, primarily reflecting the impact of lower grades, as described above, and higher consumables and energy consumption. For 2023, all-in sustaining costs per ounce6 increased by 22% compared to the prior year, mainly reflecting higher total cash costs per ounce6. 86 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Loulo-Gounkoto (80% basis)a, Mali Summary of Operating and Financial Data Total tonnes mined (000s) Open pit ore Open pit waste Underground Average grade (grams/tonne) Open pit mined Underground mined Processed Ore tonnes processed (000s) Recovery rate Gold produced (000s oz) Gold sold (000s oz) Revenue ($ millions) Cost of sales ($ millions) Income ($ millions) EBITDA ($ millions)b EBITDA marginc Capital expenditures ($ millions) Minesite sustainingb Projectb Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b All-in costs ($/oz)b For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 5,846 28 4,872 946 2.80 4.54 4.31 1,013 91% 127 127 256 164 82 129 6,370 575 4,893 902 3.40 5.05 4.76 1,012 91% 142 145 280 158 111 156 50% 56% 75 30 45 1,296 924 1,168 1,521 69 43 26 1,087 773 1,068 1,249 (8%) (95%) 0% 5% (18%) (10%) (9%) 0% 0% (11%) (12%) (9%) 4% (26%) (17%) (11%) 9% (30%) 73% 19% 20% 9% 22% 28,200 1,240 23,353 3,607 30,845 2,989 24,560 3,296 2.98 5.04 4.61 4,049 91% 547 546 1,068 653 388 585 55% 300 177 123 1,198 835 1,166 1,392 2.29 4.58 4.59 4,069 91% 547 548 989 631 342 547 55% 258 152 106 1,153 778 1,076 1,270 (9%) (59%) (5%) 9% 30% 10% 0% 0% 0% 0% 0% 8% 3% 13% 7% 0% 16% 16% 16% 4% 7% 8% 10% 33,073 1,808 29,050 2,215 3.22 4.68 4.79 4,015 91% 560 558 999 585 380 602 60% 238 159 79 1,049 650 970 1,111 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. b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. c. Represents EBITDA divided by revenue. Safety and Environment For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 0 0.00 0.00 1 0.21 0.64 1 0.06 0.45 2 0.11 0.45 0 0 0 0 LTI LTIFR8 TRIFR8 Class 19 environmental incidents Financial Results Q4 2023 compared to Q3 2023 Loulo-Gounkoto’s income for the fourth quarter of 2023 was 26% lower than the prior quarter, mainly due to lower sales volume and a higher cost of sales per ounce7, partially offset by the higher realized gold price6. Gold production for the fourth quarter of 2023 was 11% lower than the prior quarter, mainly due to lower grades processed, in line with the mine plan. Cost of sales per ounce7 and total cash costs per ounce6 for the fourth quarter of 2023 were 19% and 20% higher, respectively, than the prior quarter, primarily due to the impact of lower grades processed and a higher proportion of stockpile feed (both related to a pit wall failure at the Gounkoto open pit at the end of Q3) combined with higher processing costs driven by higher power plant costs. For the fourth quarter of 2023, all-in sustaining costs per ounce6 increased by 9% compared to the prior quarter, primarily reflecting the higher total cash costs per ounce6, partially offset by lower minesite sustaining capital expenditures6. Capital expenditures for the fourth quarter of 2023 increased by 9% compared to the prior quarter, mainly due to higher project capital expenditures6 relating to the progress at the Yalea South project, partially offset by lower minesite sustaining capital expenditures6. 2023 compared to 2022 Loulo-Gounkoto’s income for 2023 was 13% higher than the prior year, mainly due to the higher realized gold price6, partially offset by higher cost of sales per ounce7, while sales volume was in line with the prior year. 87 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS 1,941 Cost of Sales7, Total Cash Costs6 and All-In Sustaining Costs6 ($ per ounce) Income and EBITDA6 1,799 1,800 602 547 585 380 342 388 700 600 500 400 300 200 100 0 2021 2022 2023 Income ($ millions) Gold Market Price ($/oz) EBITDA ($ millions) Gold production in 2023 was in line with the prior year based on consistent grades processed, recoveries and plant throughput across both years. Production (thousands of ounces) 600 300 0 547 547 510 to 560 2022 2023 2024 (est)a a. Based on the midpoint of the guidance range. Cost of sales per ounce7 and total cash costs per ounce6 in 2023 were 4% and 7% higher, respectively, compared to the prior year, mainly due to higher underground costs from higher operating development meters in the current year, the impact of a pit wall failure at Gounkoto, the corresponding higher stockpile drawdown, and higher royalties driven by the higher realized gold price6. For 2023, all-in sustaining costs6 were 8% higher compared to the prior year reflecting higher total cash costs per ounce6 and higher minesite sustaining capital expenditures6. 88 1,153 1,076 778 1,198 1,166 835 1,190 to 1,290 1,150 to 1,250 780 to 860 1,200 1,000 800 600 400 200 0 2022 2023 2024 (est)a Cost of Sales Total Cash Costs AISC a. Based on the midpoint of the guidance range. Capital expenditures in 2023 were 16% higher compared to the prior year, mainly due to both higher project capital expenditures6 and increased minesite sustaining capital expenditures6. The increase in project capital expenditures6 is related to the solar plant expansion project and the commencement of the Yalea South project, while minesite sustaining capital expenditures6 were higher than the prior year reflecting the commencement of production at the Gounkoto underground mine. 2023 compared to Guidance Gold produced (000s oz) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 547 1,198 835 1,166 510 – 560 1,100 – 1,180 750 – 810 1,070 – 1,150 Gold production in 2023 was in the upper half of the guidance range. All cost metrics were higher than the guidance ranges as a result of higher royalties from the higher realized gold price6 (royalty impact was $18/oz for Loulo-Gounkoto), the impact of the pit wall failure at Gounkoto, and the corresponding stockpile drawdown and higher underground unit cost rates. Regulatory Matters In August  2022, the Government of Mali announced that it would conduct an audit of the Malian gold mining industry, including the Loulo-Gounkoto complex. Barrick engaged with the government- appointed auditors and hosted the auditors at Loulo-Gounkoto for a site visit in November 2022. In April 2023, Barrick received a draft report containing the auditors’ preliminary findings. During the second quarter, Barrick responded to the draft report to challenge the auditors’ findings, which Barrick believes are legally and factually flawed and without merit. In addition, in June  2023, the Government of Mali announced a plan to reform the Malian mining legislation. A new mining code and a law requiring local content in the mining sector were adopted in August  2023 but are not currently being enforced, pending the adoption of implementing decrees. Under the new mining code, pre- existing mining titles remain subject to the legal and contractual regime under which they were issued for the remainder of their current term. Refer to note 35 of the Financial Statements for information regarding the establishment conventions for the Loulo-Gounkoto complex and related matters. Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Kibali (45% basis)a, Democratic Republic of Congo Summary of Operating and Financial Data Total tonnes mined (000s) Open pit ore Open pit waste Underground Average grade (grams/tonne) Open pit mined Underground mined Processed Ore tonnes processed (000s) Recovery rate Gold produced (000s oz) Gold sold (000s oz) Revenue ($ millions) Cost of sales ($ millions) Income ($ millions) EBITDA ($ millions)b EBITDA marginc Capital expenditures ($ millions) Minesite sustainingb Projectb Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b All-in costs ($/oz)b For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 3,993 619 2,901 473 1.63 5.28 3.50 911 90% 93 92 184 105 78 115 4,467 764 3,188 515 1.92 5.28 3.58 960 90% 99 97 187 112 72 116 63% 62% 20 5 15 16 8 8 1,141 1,152 737 819 988 694 801 881 (11%) (19%) (9%) (8%) (15%) 0% (2%) (5%) 0% (6%) (5%) (2%) (6%) 8% (1%) 2% 25% (38%) 88% (1%) 6% 2% 12% 17,837 2,721 13,288 1,828 1.60 5.11 3.21 3,700 90% 343 343 670 419 243 390 16,649 2,551 12,428 1,670 1.62 5.62 3.39 3,495 88% 337 332 598 413 142 320 58% 54% 73 35 38 1,221 789 918 1,030 92 70 22 1,243 703 948 1,013 7% 7% 7% 9% (1%) (9%) (5%) 6% 2% 2% 3% 12% 1% 71% 22% 7% (21%) (50%) 73% (2%) 12% (3%) 2% 14,657 1,278 11,610 1,769 2.71 5.63 3.62 3,503 90% 366 367 661 373 278 419 63% 70 54 16 1,016 627 818 861 a. Barrick owns 45% of Kibali Goldmines SA with the DRC and our joint venture partner, AngloGold Ashanti, owning 10% and 45%, respectively. The figures presented in this table and the discussion that follows are based on our 45% effective interest in Kibali Goldmines SA held through our 50% interest in Kibali (Jersey) Limited and its other subsidiaries (collectively “Kibali”), inclusive of the impact of the purchase price allocation resulting from the merger with Randgold. Kibali is accounted for as an equity method investment on the basis that the joint venture partners that have joint control have rights to the net assets of the joint venture. b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. c. Represents EBITDA divided by revenue. Safety and Environment For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 0 0 0.47 2 0.46 1.62 3 0.17 1.39 2 0.12 0.98 0 0 0 0 LTI LTIFR8 TRIFR8 Class 19 environmental incidents Unfortunately, on January  31, 2024, an incident occurred at Kibali which resulted in the tragic fatality of an employee. Fatality incident investigations are underway. Please refer to page 67 for further details. Financial Results Q4 2023 compared to Q3 2023 Kibali’s income for the fourth quarter of 2023 was 8% higher than the prior quarter as a result of the higher realized gold price6 and a lower cost of sales per ounce7, partially offset by lower sales volume. Gold production for the fourth quarter of 2023 was 6% lower than the prior quarter, due to lower throughput and lower grades processed. Cost of sales per ounce7 for the fourth quarter of 2023 was 1% lower than the prior quarter due to lower depreciation expense, partially offset by higher total cash costs per ounce6. Total cash costs per ounce6 were 6% higher than the prior quarter mainly due to the lower grades processed as per the plan as mining in the Gorumbwa open pit came to an end during the fourth quarter. All-in sustaining costs per ounce6 for the fourth quarter of 2023 were 2% higher than the prior quarter, mainly due to higher total cash costs per ounce6, partially offset by lower minesite sustaining capital expenditures6. Capital expenditures for the fourth quarter of 2023 were 25% higher than the prior quarter, driven by higher project capital expenditures6 relating to the progress of the solar project, completion of the reagent recovery plant and progress on the Kalimva/Ikamva and Pamao open pit projects. This was partially offset by lower minesite sustaining capital expenditures6. 2023 compared to 2022 Kibali’s income for 2023 was 71% higher than the prior year due to higher sales volume, the higher realized gold price6 and a lower cost of sales per ounce7. 89 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Income and EBITDA6 1,799 1,800 450 300 150 0 419 278 320 142 1,941 390 243 2021 2022 2023 Income ($ millions) Gold Market Price ($/oz) EBITDA ($ millions) Gold production in 2023 was 2% higher compared to the prior year, mainly due to higher tonnes processed and higher recovery partially offset by lower grades processed. This represents a record year for throughput sustained by improved open pit and underground tonnes mined. Production (thousands of ounces) 400 200 0 337 343 320 to 360 2022 2023 2024 (est)a a. Based on the midpoint of the guidance range. Cost of sales per ounce7 in 2023 decreased by 2% compared to the prior year due to lower depreciation expense, partially offset by higher total cash costs per ounce6. Total cash costs per ounce6 were 12% higher, mainly due to higher royalties driven by the higher realized gold price6 and lower grades processed, as mining in the Gorumbwa open pit came to an end during the fourth quarter. For 2023, all-in sustaining costs per ounce6 were 3% lower compared to the prior year, reflecting lower minesite sustaining capital expenditures6, partially offset by higher total cash costs per ounce6. Cost of Sales7, Total Cash Costs6 and All-In Sustaining Costs6 ($ per ounce) 1,243 1,221 948 703 918 789 1,140 to 1,240 950 to 1,050 740 to 820 1,200 1,000 800 600 400 200 0 2022 2023 2024 (est)a Cost of Sales Total Cash Costs AISC a. Based on the midpoint of the guidance range. Capital expenditures in 2023 were 21% lower compared to the prior year, due to lower minesite sustaining capital expenditures6 driven by lower capitalized waste stripping and underground development, whereas the mine plan for 2022 required higher capital investment. This was partially offset by increased project capital expenditures6 relating to the start of the solar project and our investment in the Kalimva/Ikamva open pit projects that are expected to underpin the GHG emission reduction plan and future production in our life of mine plan, respectively. 2023 compared to Guidance Gold produced (000s oz) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 343 1,221 789 918 320 – 360 1,080 – 1,160 710 – 770 880 – 960 Gold production in 2023 was above the midpoint of the guidance range. Cost of sales per ounce7 and total cash costs per ounce6 were above the guidance ranges as a result of higher royalties from the higher realized gold price6 (royalty impact was $16/oz for Kibali) combined with lower processed grades and lower strip ratio. Cost of sales per ounce7 was further impacted by higher depreciation driven by the stockpile drawdown. All-in sustaining costs per ounce6 ended at the midpoint of the guidance range due to lower minesite capital expenditures6, resulting from lower capitalized waste stripping and underground development, notwithstanding total cash costs per ounce6 were above the guidance range. 90 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS North Mara (84% basis)a, Tanzania Summary of Operating and Financial Data Total tonnes mined (000s) Open pit ore Open pit waste Underground Average grade (grams/tonne) Open pit mined Underground mined Processed Ore tonnes processed (000s) Recovery rate Gold produced (000s oz) Gold sold (000s oz) Revenue ($ millions) Cost of sales ($ millions) Income ($ millions) EBITDA ($ millions)b EBITDA marginc Capital expenditures ($ millions) Minesite sustainingb Projectb Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b All-in costs ($/oz)b For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 4,241 406 3,407 428 1.84 3.17 2.85 719 91% 59 61 124 86 12 30 4,529 439 3,686 404 1.62 3.32 2.91 715 92% 62 59 115 74 37 51 24% 44% 53 20 33 1,420 1,103 1,449 1,985 47 25 22 1,244 999 1,429 1,802 (6%) (8%) (8%) 6% 14% (5%) (2%) 1% (1%) (5%) 3% 8% 16% (68%) (41%) (45%) 13% (20%) 50% 14% 10% 1% 10% 16,547 1,400 13,610 1,537 1.83 3.22 3.02 2,848 92% 253 254 497 306 139 203 41% 176 95 81 1,206 944 1,335 1,653 8,882 4,379 3,035 1,468 1.94 4.07 3.31 2,730 91% 263 265 479 259 177 238 50% 130 68 62 979 741 1,028 1,265 86% (68%) 348% 5% (6%) (21%) (9%) 4% 1% (4%) (4%) 4% 18% (21%) (15%) (18%) 35% 40% 31% 23% 27% 30% 31% 1,603 116 160 1,327 1.63 5.58 3.30 2,703 90% 260 257 463 248 214 261 56% 79 52 27 966 777 1,001 1,105 a. Barrick owns 84% of North Mara, with the GoT owning 16%. North Mara is accounted for as a subsidiary with a 16% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share. b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. c. Represents EBITDA divided by revenue. Safety and Environment For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 0 0.00 0.36 1 0.38 1.52 3 0.29 0.97 2 0.24 0.95 0 0 0 0 LTI LTIFR8 TRIFR8 Class 19 environmental incidents Unfortunately, on January 9, 2024, an incident occurred at North Mara which resulted in the tragic fatality of an employee. Fatality incident investigations are underway. Please refer to page 67 for further details. Financial Results Q4 2023 compared to Q3 2023 North Mara’s income for the fourth quarter of 2023 was 68% lower than the prior quarter mainly due to the transfer of a $15 million expense previously recognized in Bulyanhulu related to the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. This was further impacted by a higher cost of sales per ounce7, partially offset by the higher realized gold price6 and marginally higher sales volume. In the fourth quarter of 2023, gold production was slightly lower than the prior quarter as lower grades processed and lower recoveries largely offset by higher throughput. Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 were 14% and 10% higher, respectively, than the prior quarter, resulting from increased royalties from the higher realized gold price6, and higher power generation costs following temporary grid instability challenges faced in the fourth quarter of 2023. This was combined with higher cost underground stockpiles fed to the mill, partially offset by lower underground mining unit costs in the fourth quarter of 2023. Cost of sales per ounce7 was further impacted by higher depreciation expense, from the increased proportion of underground material fed. All-in sustaining costs per ounce6 in the fourth quarter of 2023 were 1% higher than the prior quarter, reflecting the higher total cash costs per ounce6, largely offset by lower minesite sustaining capital expenditures6. Capital expenditures in the fourth quarter of 2023 increased by 13% compared to the third quarter of 2023, driven by higher project capital expenditures6 mainly related to the underground paste plant. This was partially offset by lower minesite sustaining capital expenditures6, mainly due to higher spend in the prior quarter linked to the procurement of key underground equipment in line with our automation and optimization plans. 2023 compared to 2022 North Mara’s income for 2023 was 21% lower than the prior year, mainly due to the $30  million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. This was further impacted by higher cost of sales per ounce7 and lower gold sales volumes, partially offset by the higher realized gold price6. 91 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Income and EBITDA6 1,941 Cost of Sales7, Total Cash Costs6 and All-In Sustaining Costs6 ($ per ounce) 1,799 1,800 261 214 238 177 203 139 300 200 100 0 2021 2022 2023 Income ($ millions) Gold Market Price ($/oz) EBITDA ($ millions) In 2023, gold production was 4% lower than the prior year as we transitioned into mining Gena at the start of 2023 with a focus on stripping and opening up the new open pit, resulting in the additional waste tonnes mined this year. This also marks the third consecutive year when we have delivered improved mill throughput driven by our investment in the underground operations and the successful ramp-up of our open pit mining. 1,206 1,355 944 1,250 to 1,350 1,270 to 1,370 970 to 1,050 1,028 979 741 1,400 1,200 1,000 800 600 400 200 0 2022 2023 2024 (est)a Cost of Sales Total Cash Costs AISC a. Based on the midpoint of the guidance range. In 2023, capital expenditures increased by 35% compared to the prior year mainly due to higher project capital expenditures6 relating to the installation of the paste plant, the second crushing line and fleet investment in the ramp-up of open pit operations. This was combined with higher minesite sustaining capital expenditures6, which reflects the higher capitalized stripping, ongoing investment in the new mining fleet and the commencement of TSF lift 9 in 2023. 2023 compared to Guidance 230 to 260 Gold produced (000s oz) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 253 1,206 944 1,335 230 – 260 1,120 – 1,200 900 – 960 1,240 – 1,320 Gold production in 2023 ended near the upper end of the guidance range. All cost metrics were slightly above the guidance ranges or towards the high end of the guidance range, reflecting higher royalties from the higher gold realized prices6, and increased input costs driven by consumable and energy prices. Production (thousands of ounces) 263 253 300 150 0 2022 2023 2024 (est)a a. Based on the midpoint of the guidance range. Cost of sales per ounce7 and total cash costs per ounce6 in 2023 were 23% and 27% higher, respectively, than the prior year, mainly reflecting higher royalties from the higher realized gold price6, higher power generation costs following the grid instability challenges faced in the fourth quarter of 2023 and higher levels of underground and open pit ore fed to the mill as we transitioned into mining Gena at the start of 2023. These impacts were partially offset by the improved open pit unit rates, lower general and administrative unit rates, improved mill throughput and higher recovery. All-in sustaining costs per ounce6 were 30% higher than the prior year, primarily due to higher total cash costs per ounce6 and higher minesite sustaining capital expenditures6. 92 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Bulyanhulu (84% basis)a, Tanzania Summary of Operating and Financial Data For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 Underground tonnes mined (000s) Average grade (grams/tonne) Underground mined Processed Ore tonnes processed (000s) Recovery rate Gold produced (000s oz) Gold sold (000s oz) Revenue ($ millions) Cost of sales ($ millions) Income ($ millions) EBITDA ($ millions)b EBITDA marginc Capital expenditures ($ millions) Minesite sustainingb Projectb Cost of sales ($/oz) Total cash costs ($/oz)b All-in sustaining costs ($/oz)b All-in costs ($/oz)b 300 318 5.88 5.88 222 96% 41 41 87 59 32 45 52% 28 15 13 1,413 1,002 1,376 1,692 6.25 6.33 241 95% 46 45 91 57 33 46 51% 21 12 9 1,261 859 1,132 1,335 (6%) (6%) (7%) (8%) 1% (11%) (9%) (4%) 4% (3%) (2%) 2% 33% 25% 44% 12% 17% 22% 27% 1,217 1,029 18% 6.56 6.64 880 96% 180 180 371 237 123 175 47% 89 55 34 1,312 920 1,231 1,422 7.89 7.78 837 94% 196 205 389 248 118 168 43% 81 56 25 1,211 868 1,156 1,278 (17%) (15%) 5% 2% (8%) (12%) (5%) (4%) 4% 4% 9% 10% (2%) 36% 8% 6% 6% 11% 730 9.23 8.95 661 93% 178 166 303 179 122 170 56% 70 29 41 1,079 709 891 1,138 a. Barrick owns 84% of Bulyanhulu, with the GoT owning 16%. Bulyanhulu is accounted for as a subsidiary with a 16% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share. b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. c. Represents EBITDA divided by revenue. Safety and Environment For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 0 0.00 1.10 1 0.57 1.72 3 0.44 2.40 4 0.60 1.64 0 0 0 0 LTI LTIFR8 TRIFR8 Class 19 environmental incidents Financial Results Q4 2023 compared to Q3 2023 Bulyanhulu’s income for the fourth quarter of 2023 was 3% lower than the prior quarter, mainly due to lower sales volume and a higher cost of sales per ounce7, partially offset by the higher realized gold price6. This was partially offset by the transfer to North Mara of a $15 million expense previously recognized in Bulyanhulu in Q1, related to the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. In the fourth quarter of 2023, gold production was 11% lower than the prior quarter, primarily reflecting lower throughput and the transition into lower grade stopes as per the plan, partially offset by a slight improvement in recovery. Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 increased by 12% and 17%, respectively, due to the lower grades processed, lower underground capital development in line with our plan, and higher power generation costs. All-in sustaining costs per ounce6 in the fourth quarter of 2023 were 22% higher than the prior quarter, mainly as a result of higher total cash costs6 and increased minesite sustaining capital expenditures6. Capital expenditures in the fourth quarter of 2023 were 33% higher than the prior quarter, mainly due to increased minesite sustaining capital expenditures6 related to electrical substation upgrades, additional underground mobile equipment, as well as deposits on equipment orders for 2024 as we continue to expand the underground operations. This was partially offset by lower underground development and waste mining in the fourth quarter. 2023 compared to 2022 Bulyanhulu’s income for 2023 was 4% higher than the prior year, mainly due to a non-recurring supplies obsolescence charge incurred in the prior year. This was further impacted by the higher realized gold price6, partially offset by lower gold sales volume and a higher cost of sales per ounce7. 93 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS 1,941 Cost of Sales7, Total Cash Costs6 and All-In Sustaining Costs6 ($ per ounce) Income and EBITDA6 1,799 1,800 170 168 175 122 118 123 200 150 100 50 0 2021 2022 2023 Income ($ millions) Gold Market Price ($/oz) EBITDA ($ millions) In 2023, gold production was 8% lower than the prior year as we transitioned into lower grade areas of the mine in order to prioritize underground development in line with the mine plan. This tracked ahead of plan on the back of the investment made in the underground fleet. This was a key driver of the higher tonnes mined and processed in 2023 as we continue to scale operations. Looking ahead, 2024 commences with the box-cut in Upper West as we unlock additional underground headings which are expected to increase our plant throughput. Production (thousands of ounces) 1,211 1,156 868 1,312 1,231 920 1,370 to 1,470 1,380 to 1,480 990 to 1,070 1,400 1,200 1,000 800 600 400 200 0 2022 2023 2024 (est)a Cost of Sales Total Cash Costs AISC a. Based on the midpoint of the guidance range. In 2023, capital expenditures increased by 10% compared to the prior year, reflecting higher project capital expenditures6 from the resource addition drilling projects, the commissioning of an additional ore tipping point and ventilation expansion at Bulyanhulu. 2023 compared to Guidance Gold produced (000s oz) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 180 1,312 920 1,231 160 – 190 1,230 – 1,310 880 – 940 1,160 – 1,240 196 180 200 100 0 160 to 190 Gold production in 2023 ended in the upper half of the guidance range. Cost of sales per ounce7 was slightly above the guidance range, mainly due to higher input costs driven by higher royalties, increased consumables and energy prices, combined with an update to the mine plan based on a new geological block model. Total cash costs6 and all-in sustaining costs6 were within their respective guidance ranges. 2022 2023 2024 (est)a a. Based on the midpoint of the guidance range. Cost of sales per ounce7 and total cash costs per ounce6 in 2023 were 8% and 6% higher, respectively, than the prior year, reflecting the lower grades in 2023, higher input costs driven by consumables and energy prices. All-in sustaining costs per ounce6 was 6% higher than the prior year due to increased total cash costs per ounce6 and higher minesite sustaining capital expenditures6 on a per ounce basis. 94 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Other Mines – Gold Summary of Operating and Financial Data For the three months ended 12/31/23 9/30/23 Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)a All-in sustaining costs ($/oz)a Capital Expend- ituresb Gold produced (000s oz) Cost of sales ($/oz) Total cash costs ($/oz)a All-in sustaining costs ($/oz)a Capital Expend- ituresb Veladero (50%) Tongon (89.7%) Hemlo Porgerac (47.5%) 55 42 34 – 1,378 1,489 1,618 – 1,021 1,184 1,407 – 1,403 1,586 1,671 – 22 13 8 – 55 47 31 – 1,376 1,423 1,721 – 988 1,217 1,502 – 1,314 1,331 1,799 – 15 6 12 – a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. b. Includes both minesite sustaining and project capital expenditures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. c. As Porgera has been on care and maintenance on April 25, 2020 until December 22, 2023, no operating data or per ounce data is provided. On December 22, 2023, we completed the Commencement Agreement, pursuant to which the PNG government and BNL, the 95% owner and operator of the Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Ownership of Porgera is now held in a new joint venture owned 51% by PNG stakeholders and 49% by a Barrick affiliate, Porgera (Jersey) Limited (“PJL”). PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick now holds a 24.5% ownership interest in the Porgera joint venture. Barrick holds a 23.5% interest in the economic benefits of the mine under the economic benefit sharing arrangement agreed with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the overall economic benefits derived from the mine accumulated over time, and the PNG stakeholders share the remaining 53%. Refer to page 63 for further information. Veladero (50%), Argentina Gold production for Veladero in the fourth quarter of 2023 was consistent with the prior quarter. Cost of sales per ounce7 in the fourth quarter of 2023 was also in line with the prior quarter, while total cash costs per ounce6 and all-in sustaining costs per ounce6 increased in the fourth quarter of 2023 by 3% and 7%, respectively, compared to the prior quarter, primarily driven by lower throughput resulting in higher processing unit rates, and a higher achieved gold price, resulting in higher export duties and royalties per ounce. Hemlo, Ontario, Canada Hemlo’s gold production in the fourth quarter of 2023 was 10% higher than the prior quarter, primarily due to higher ore tonnes mined due to improved underground performance. Cost of sales per ounce7 and total cash costs per ounce6 in the fourth quarter of 2023 were both 6% lower than the prior quarter due to the impact of the improved production performance. All-in sustaining costs per ounce6 decreased by 7% compared to the prior quarter, primarily due to lower minesite sustaining capital expenditures6 and lower total cash costs per ounce6. Gold produced (000s oz) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 141 1,589 1,382 1,672 150 – 170 1,400 – 1,480 1,210 – 1,270 1,590 – 1,670 Gold production in 2023 was below the guidance range, which was primarily due to interruptions to the underground operations in the fourth quarter, including a fire which damaged some ventilation infrastructure, leading to delays in ramping back up, coupled with underground interruptions earlier in the year. All cost metrics were higher than guidance mainly due to the impact of lower than expected sales volumes which reflected the disruptions referred to above and higher royalties from the higher realized gold price6 (royalty impact was $30/oz for Hemlo). Gold produced (000s oz) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 207 1,440 1,011 1,516 160 – 180 1,630 – 1,710 1,060 – 1,120 1,550 – 1,630 Gold production for the full year 2023 was above the guidance range driven by higher recoveries. All cost metrics were below the guidance ranges as a result of the higher production. Tongon (89.7% basis), Côte d’Ivoire Gold production for Tongon in the fourth quarter of 2023 was 11% lower than the prior quarter, reflecting lower grades and recoveries, offset slightly by higher throughput. Cost of sales per ounce7 in the fourth quarter of 2023 was 5% higher than the prior quarter due to higher depreciation expense, partially offset by lower total cash costs per ounce6. Total cash costs per ounce6 were 3% lower than the prior quarter, primarily due to a lower strip ratio in the current quarter. All- in sustaining costs per ounce6 in the fourth quarter of 2023 was 19% higher than the prior quarter, due to higher minesite sustaining capital expenditures6 primarily driven by increased capitalized drilling in the final quarter, partially offset by lower total cash costs per ounce6. Gold produced (000s oz) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 183 1,469 1,240 1,408 180 – 210 1,260 – 1,340 1,070 – 1,130 1,240 – 1,320 Gold production for the full year 2023 was within the guidance range. All cost metrics were above the guidance ranges driven by lower than expected grades and recoveries. 95 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Lumwana (100%), Zambia Summary of Operating and Financial Data For the three months ended For the years ended 12/31/23 9/30/23 Change 12/31/23 12/31/22 Change 12/31/21 Open pit tonnes mined (000s) Open pit ore Open pit waste Average grade (grams/tonne) Open pit mined Processed Tonnes processed (000s) Recovery rate Copper produced (millions of pounds) Copper sold (millions of pounds) Revenue ($ millions) Cost of sales ($ millions) Income (loss) ($ millions) EBITDA ($ millions)a EBITDA marginb Capital expenditures ($ millions) Minesite sustaininga Projecta Cost of sales ($/lb) C1 cash costs ($/lb)a All-in sustaining costs ($/lb)a All-in costs ($/lb)a 32,081 7,011 25,070 0.60% 0.54% 7,090 87% 73 70 226 207 17 102 45% 81 68 13 2.95 2.14 3.38 3.55 37,455 6,617 30,838 0.56% 0.55% 6,606 91% 72 67 209 166 32 101 48% 102 85 17 2.48 1.86 3.41 3.66 (14%) 6% (19%) 7% (2%) 7% (4%) 1% 4% 8% 25% (47%) 1% (6%) (21%) (20%) (24%) 19% 15% (1%) (3%) 113,633 26,030 87,603 0.51% 0.49% 26,797 89% 260 249 795 723 37 294 37% 306 223 83 2.91 2.29 3.48 3.81 98,340 20,277 78,063 0.61% 0.52% 25,166 93% 267 275 868 666 180 403 46% 405 360 45 2.42 1.89 3.63 3.79 16% 28% 12% (16%) (6%) 6% (4%) (3%) (9%) (8%) 9% (79%) (27%) (20%) (24%) (38%) 84% 20% 21% (4%) 0% 99,009 33,510 65,499 0.45% 0.46% 25,711 93% 242 253 962 570 391 588 61% 189 189 0 2.25 1.62 2.80 2.80 a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. b. Represents EBITDA divided by revenue. Capital expenditures were 21% lower compared to the prior quarter due to a decrease in both minesite sustaining capital expenditures6, and project capital expenditures6. Minesite sustaining capital expenditures6 were 20% lower mainly due to decreased capitalized waste stripping. Project capital expenditures6 decreased by 24% reflecting reduced spend on the new owner mining fleet to replace the contract mining, which is coming to an end. 2023 compared to 2022 Lumwana’s income for 2023 was 79% lower than the prior year, primarily due to lower sales volume and a higher cost of sales per pound7. The realized copper price6 was consistent with the same prior year period. Safety and Environment For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 2 0.53 0.53 1 0.30 0.30 3 0.23 0.31 1 0.08 0.50 0 0 0 0 LTI LTIFR8 TRIFR8 Class 19 environmental incidents Financial Results Q4 2023 compared to Q3 2023 Lumwana’s income for the fourth quarter 2023 was 47% lower compared to the prior quarter as a result of a higher cost of sales per pound7, partially offset by higher sales volumes, while the realized copper price6 was consistent with the prior quarter. Copper production in the fourth quarter of 2023 was 1% higher than the prior quarter as improved throughput offset lower grades and recovery. Cost of sales per pound7 and C1 cash costs per pound6 were 19% and 15% higher, respectively, than the prior quarter due to lower mining efficiencies as the wet season commenced, combined with lower grades processed and lower plant recovery. Cost of sales per pound7 was further impacted by higher depreciation expense. In the fourth quarter of 2023, all-in sustaining costs per pound6 decreased by 1% compared to the prior quarter, primarily driven by a decrease in minesite sustaining capital expenditures6, partially offset by higher C1 cash costs per pound6. 96 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Income and EBITDA6 Cost of Sales7, Total Cash Costs6 and All-In Sustaining Costs6 ($ per pound) 4.23 588 3.99 3.85 391 403 180 294 37 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 3.63 1.89 2.42 2.91 3.48 2.29 3.30 to 3.60 2.50 to 2.80 1.85 to 2.15 600 400 200 0 2021 2022 2023 Income ($ millions) Copper Market Price ($/lb) EBITDA ($ millions) In 2023, copper production decreased by 3% compared to the prior year, primarily due to lower grades processed, in line with the mine plan. This was further impacted by lower recoveries, partially offset by higher throughput. Copper sales were 9% lower than the prior year as 2022 had significant finished goods built up from 2021. The increase in mined tonnes and tonnes processed is reflective of the investment in the new owner mining fleet and the plant improvement projects, respectively, which are expected to continue to ramp up in 2024. Production (thousands of tonnes) 150 100 50 0 121 (267M lbs) 118 (260M lbs) 120 to 140 2022 2023 2024 (est)a a. Based on the midpoint of the guidance range. In 2023, cost of sales per pound7 and total C1 cash costs per pound6 increased by 20% and 21%, respectively, compared to the prior year, mainly due to lower grades processed, lower recoveries and to a lesser extent lower capitalized waste stripping. All-in sustaining costs per pound6 in 2023 decreased by 4% compared to the prior year, mainly due to lower minesite sustaining capital expenditures6, partially offset by higher C1 cash costs per pound6. 2022 2023 2024 (est)a Cost of Sales Total Cash Costs AISC a. Based on the midpoint of the guidance range. In 2023, capital expenditures decreased by 24% compared to the prior year, primarily related to lower capitalized waste stripping, reflecting the improvement in mining unit costs despite the higher tonnes mined. This was partially offset by higher project capital expenditures6 related to the investment in the new owner mining fleet. 2023 compared to Guidance Copper produced (M lbs) Cost of sales7 ($/oz) Total cash costs6 ($/oz) All-in sustaining costs6 ($/oz) 2023 Actual 2023 Guidance 260 2.91 2.29 3.48 260 – 290 2.45 – 2.75 2.00 – 2.20 3.20 – 3.50 Copper production in 2023 was at the bottom of the guidance range due to lower recoveries from the historic stockpiles and bringing the 2024 trunnion change-out forward into 2023 to reduce the risk of unplanned stoppages at the plant. Cost of sales per pound7 and total C1 cash costs per pound6 were above the guidance ranges, mainly due to the impact of lower than expected sales volumes. All-in sustaining costs per pound6 were within the guidance range resulting from lower capitalized waste stripping due to the focus on ore delivery, and lower unit costs in waste mining as we continue to ramp up tonnes and improve mining efficiencies. 97 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Other Mines – Copper Summary of Operating and Financial Data 12/31/23 9/30/23 For the three months ended Copper production (millions of pounds) Cost of sales ($/lb) C1 cash costs ($/lb)a All-in sustaining costs ($/lb)a Capital Expend- ituresb Copper production (millions of pounds) Cost of sales ($/lb) C1 cash costs ($/lb)a All-in sustaining costs ($/lb)a Capital Expend- ituresb Zaldívar (50%) Jabal Sayid (50%) 23 17 3.85 1.59 2.93 1.32 3.51 1.50 16 8 22 18 3.86 1.72 2.99 1.45 3.39 1.64 8 6 a. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. b. Includes both minesite sustaining and project capital expenditures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. Zaldívar (50% basis), Chile Copper production for Zaldívar in the fourth quarter of 2023 was in line with the prior quarter. Cost of sales per pound7 was in line with the prior quarter with lower C1 cash costs per pound6 largely offset by higher depreciation. C1 cash costs per pound6 in the fourth quarter of 2023 was 2% lower than the prior quarter, with the prior quarter including costs associated with the conclusion of the labor agreement. All-in sustaining costs per pound6 increased by 4% compared to the prior quarter, primarily due to higher minesite sustaining capital expenditures6 driven by increased spend on components and asset replacements as part of an asset integrity program, partially offset by lower C1 cash costs per pound6. This investment, of which we are not the operator, continues to be a non-core part of our portfolio. Copper produced (M lbs) Cost of sales7 ($/lb) C1 cash costs6 ($/lb) All-in sustaining costs6 ($/lb) 2023 Actual 2023 Guidance 89 3.83 2.95 3.46 100 – 110 3.40 – 3.70 2.60 – 2.80 2.90 – 3.20 Copper production in 2023 was below the guidance range, mainly due to limited heap leach stacking availability and lower than expected leach recoveries. All cost metrics were above the guidance ranges mainly due to lower production and sales volumes, higher consumables prices, as well as higher maintenance costs. Jabal Sayid (50% basis), Saudi Arabia Jabal Sayid’s copper production in the fourth quarter of 2023 was slightly below the prior quarter driven by lower throughput, as per the plan. Cost of sales per pound7 and C1 cash costs per pound6 in the fourth quarter of 2023 were 8% and 9% lower, respectively, mainly due to the impact of increased gold by-product credits. All-in sustaining costs per pound6 was 9% lower than the prior quarter, mainly due to lower C1 cash costs per pound6, while minesite sustaining capital expenditures6 remained in line with the prior quarter on a per pound basis. Copper produced (M lbs) Cost of sales7 ($/lb) C1 cash costs6 ($/lb) All-in sustaining costs6 ($/lb) 2023 Actual 2023 Guidance 71 1.60 1.35 1.53 65 – 75 1.80 – 2.10 1.50 – 1.70 1.60 – 1.90 Copper production in 2023 was at the upper end of the guidance range. All cost metrics were below the guidance ranges due to higher than expected by-product credits as well as lower shipping rates achieved. GROWTH PROJECT UPDATES Goldrush Project, Nevada, USA17 Goldrush, which is included within Cortez, is expected to be a long- life underground mine with anticipated annual production in excess of 400,000 ounces per annum (100% basis) by 2028 and reach commercial production in 2026. The ROD was issued on December 8, 2023 and work subsequently commenced on surface infrastructure accesses. The mine is now in a position to complete the construction of the first ventilation raise, alleviating the ventilation constraints on the mine and allowing for expanded mining and development areas. In the fourth quarter, geotechnical drilling was completed for installation of ventilation raise 1. Underground exploration and development of the future Goldrush mine and the construction schedule is on track to start at the end of the first quarter 2024. Surface access in Horse Canyon will continue along with water management infrastructure work in the Pine Valley district. Recruitment of experienced miners continues to ramp up albeit slower than planned. Delivery of production equipment was on track with more equipment delivered in the fourth quarter. As at December  31, 2023, project spend was $382  million on a 100% basis (including $11 million in the fourth quarter of 2023) inclusive of the exploration declines. This capital spent to date, together with the remaining expected pre-production capital, is still anticipated to be near the approximate $1 billion initial capital estimate for the Goldrush project (100% basis). Fourmile, Nevada, USA Fourmile is the wholly-owned Barrick asset in Nevada and has the potential to form a core component of Cortez in the future, one of Barrick’s Tier One Gold Assets1. The current focus is on exploration drilling with promising results to date, highlighted in the Exploration section, which support the potential to significantly increase the modeled extents of the declared mineral resource within the two kilometers of prospective Wenban stratigraphy, as well as uplift the grade. A dedicated Barrick project development team and budget are targeting the extension of the existing mineral resources through the Sophia and Dorothy targets, while also assessing options for an independent exploration decline access. One such option that is being assessed is a surface portal from Rangefront North / Bullion Hill, which would decouple the development of the project from the existing Goldrush development but ultimately complement the current Goldrush multi-purpose development. Footwall development along the strike of the Fourmile orebodies would initially be used for the pre-feasibility drilling and then later be re-used for mine haulage. Barrick anticipates Fourmile will be contributed to the NGM joint venture if certain criteria are met following the completion of drilling and the requisite feasibility work. In 2024, we are planning to spend approximately $40 million on drilling, evaluation and modelling with a view to commence a pre-feasibility study at the end of 2024. 98 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS NGM TS Solar Project, Nevada, USA The TS Solar project is a 200  MW photovoltaic solar farm located adjacent to NGM’s TS Power Plant and interconnected with the existing plant transmission infrastructure. Upon completion, the project will supply renewable energy to NGM’s operations and is expected to deliver a reduction of 254kt of CO2 equivalent emissions per annum, equating to an 8% decrease from NGM’s 2018 baseline. Array construction advanced ahead of schedule in the fourth quarter of 2023. Mechanical installation was substantially completed for piles and trackers. All modules were received on site and module installation exceeded plan, attributed to increased contractor resources driving higher than planned construction. Module installation is now 95% complete with remaining modules withheld to allow adequate room for cable termination at the power conversion skids. Installation crews have largely demobilized and remaining modules will be installed as cable termination work is completed. Commissioning for the solar substation and half the array (100 MW) was completed in the fourth quarter of 2023. All pre-commissioning checks were completed, the substation was interconnected to the power utility transmission line, and the array was energized to produce power to the grid in December 2023. As at December  31, 2023, project spend was $283  million (including $34 million in the fourth quarter of 2023) out of an estimated capital cost of $290-$310 million (100% basis). Donlin Gold, Alaska, USA Over the past three years the Donlin Gold team’s focus has centered on building ore body knowledge around the controls on mineralization through detailed mapping and infill grid drilling. The tightly spaced drill grids focused on the deposit’s three main structural domains (ACMA, Lewis and Divide) and supported the classification of inferred and indicated resources in the current Donlin resource estimate, but have not yet defined a spacing that would support the declaration of measured resources, as per Barrick end of year 2023 updated Mineral Reserves and Resources disclosure. Trade-off studies and analysis on project assumptions, inputs, design components for optimization (mine engineering, metallurgy, hydrology, power, and infrastructure) were also conducted and will continue into 2024. Donlin Gold, in collaboration with Calista Corporation (“Calista”) and The Kuskokwim Corporation (“TKC”), supported important initiatives in the Yukon- Kuskokwim (Y-K), including education, health, safety, cultural traditions, and environmental programs. Further, Donlin Gold collaborated with Calista and the village of Crooked Creek and engaged state officials, the U.S. Army Corps of Engineers, members of the U.S. congressional delegation, and with senior leadership from the U.S. Department of the Interior as part of ongoing outreach to emphasize the thoroughness of the project’s environmental review and permitting procedures, as well as on the strong partnership between Donlin Gold and the Native Alaskans who own the mineral resource and land. The Donlin Gold team also restored the stream and riparian habitat for aquatic life on a nearby historic placer site that is unrelated to the Donlin property. Looking forward to 2024, the board of Donlin Gold approved a $28.5  million budget (100% basis) with workstreams focused on continuing to move the Donlin Gold project up the value curve. Focus will continue to be on: optimizing the infrastructure, mine design, and flow sheet; mitigating the technical challenges; advancing the remaining project permitting; defending challenges to the existing permits; and exploring further partnership opportunities to unlock value for our Alaskan partners and communities. Pueblo Viejo Expansion, Dominican Republic18 The Pueblo Viejo plant expansion and mine life extension project is designed to increase throughput to 14 million tonnes per annum and sustain gold production above 800,000 ounces per year (100% basis) going forward. The construction and commissioning activities for the plant expansion were substantially completed by the end of 2023, with both of the new oxygen plants as well as the Vertimil now operational. Premature equipment failures encountered early in commissioning were resolved in collaboration with the original equipment manufacturers, including a new agitator gearbox design installed on all the flotation cells. As previously disclosed, at the start of the fourth quarter we experienced the structural failure of the crushed ore stockpile feed conveyor. While the reconstruction work is underway, the new SAG mill is being fed through smaller mobile crushers and a temporary conveyor system running from the gyratory crusher, albeit at a reduced rate. This reconstruction is expected to be completed in the second quarter of 2024, which will allow the plant to reach full throughput. During the first quarter of 2024, the focus will be on the continued stability and optimization of the flotation circuit. The technical and social studies for additional tailings storage capacity (El Naranjo) continued to advance as planned. Geotechnical drilling and site investigations are ongoing and continue to support the feasibility study, due for completion in the third quarter of 2024. The development of a new town and housing complex to resettle the displaced families is progressing well, with road conditioning done on the east side of the property and house construction in progress. As at December 31, 2023, total project spend was $1,027 million (including $16 million in the fourth quarter of 2023) on a 100% basis. The estimated capital cost of the plant expansion and mine life extension project is approximately $2.1 billion (100% basis). Veladero Phase 7 Leach Pad, Argentina In November  2021, Minera Andina del Sol approved the Phase 7A leach pad construction project with Phase 7B subsequently approved in the third quarter of 2022. Construction on both phases includes sub-drainage and monitoring, leak collection and recirculation, impermeabilization, as well as pregnant leaching solution collection. Additionally, the north channel will be extended along the leach pad facility. Construction of Phase 7A was completed on budget at a cost of $81 million (100% basis). Construction of Phase 7B began during the third quarter of 2023 and is scheduled for completion in 2024. Overall for Phase 7, as at December 31, 2023, project spend was $112 million (including $10 million in the fourth quarter of 2023) out of an estimated capital cost of $160 million (100% basis). Reko Diq Project, Pakistan On December  15, 2022, Barrick completed the reconstitution of the Reko Diq project in Pakistan’s Balochistan province. The completion of this transaction involved, among other things, the execution of all of the definitive agreements including the mineral agreement stabilizing the fiscal regime applicable to the project, as well as the grant of mining leases, an exploration license, and surface rights. This completed the process that began earlier in 2022 following the conclusion of a framework agreement among the Governments of Pakistan and Balochistan province, Barrick and Antofagasta plc, which provided a path for the development of the project under a reconstituted structure. The project, which was suspended in 2011 due to a dispute over the legality of its licensing process, hosts one of the world’s largest undeveloped open pit copper-gold porphyry deposits. The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders, comprising a 10% free-carried, non- contributing share held by the Provincial Government of Balochistan, an additional 15% held by a special purpose company owned by the Provincial Government of Balochistan and 25% owned by other federal state-owned enterprises. Barrick is the operator of the project. The key fiscal terms for Reko Diq are a 5% NSR payable to the Provincial Government of Balochistan, a 1% NSR final tax regime payable to the Government of Pakistan (subject to a 15-year exemption following commercial production), and a 0.5% NSR export processing zone surcharge. Barrick has started a full update of the project’s 2010 feasibility and 2011 expansion PFS. The Reko Diq feasibility study update is expected to be completed by the end of 2024, with 2028 targeted for first production. 99 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS During 2023, the project team continued to advance the feasibility study, with engineering consultants engaged to advance key areas and commence basic engineering. Personnel continued to be recruited and mobilized for the project with the majority of new hires from Balochistan. The site works were advanced with a focus on early works infrastructure. The last school was established at one of the four closest communities during the fourth quarter, which completes the initial education program with each of the four closest communities now having schools and teachers in place in line with our community development commitments. The regional Nok Khundi hospital commenced construction during the fourth quarter. As at December  31, 2023, year-to-date project spend was $60 million (including $25 million in the fourth quarter of 2023) (100% basis). This amount is recorded in exploration, evaluation and project expense and excludes amounts relating to fixed asset purchases that were capitalized. For 2024, we expect to incur approximately $280  million (100% terms) in capital expenditure and approximately $100 million in project expenses (100% terms). Pascua, Chile An updated Pascua preliminary economic assessment is planned for 2024 to outline project potential scope options, and a closure EIA for the existing site was submitted during January  2024. The updated EIA corresponds to the modification of the closure phase of the Pascua mining project requested by the Chilean Environmental Court, specifically regarding water management. It intends to return the water flows and quality to natural conditions. This will entail the removal of certain infrastructure as per the directive received. The EIA process will include participatory monitoring, working groups and Indigenous consultation in line with our ongoing commitments and standards. Loulo-Gounkoto Solar Project, Mali This project entails design, supply and install of a 40 MW (48 MW peak) photovoltaic solar farm with a 36 MVA battery energy storage system to complement the existing 20  MW plant. We project a reduction of 23  million liters of fuel in the power plant as a result of this project, which translates to savings of approximately 63kt of CO2 equivalent emissions per annum. The project was staged in two phases of solar and battery storage and has been completed 12 months ahead of time. The final battery energy storage system is scheduled for commissioning on the grid in the first quarter of 2024. The project schedule status is 99% complete (up from 98% as at September 30, 2023). The ongoing activities include the optimization of the photovoltaic penetration. As at December 31, 2023, project spend was $73 million (including $1  million in the fourth quarter of 2023) and the project is expected to finish below the original capital cost of approximately $90  million (100% basis). Jabal Sayid Lode 1, Saudi Arabia The scope of this project is to develop and mine a new orebody, located less than a kilometer from the existing lode at Jabal Sayid. The project design includes underground capital development as well as ventilation, paste plant and underground mining infrastructure upgrades where stoping commenced during the third quarter of 2023. The up-cast ventilation raise bore shaft is fully equipped and the reaming of the fresh air ventilation shaft has been completed. The reagent plant and direct flow reactor has been commissioned with optimization ongoing. Civil, mechanical and electrical construction for the new paste plant is progressing well. The project is 95% complete (up from 88% as at September 30, 2023) As at December 31, 2023, project spend was $42 million (including $4  million in the fourth quarter of 2023) out of a revised estimated capital cost of approximately $43 million (100% basis). Lumwana Super Pit Expansion, Zambia19 The Lumwana Super Pit Expansion is projected to deliver 240,000 tonnes of copper production per year, from a 50mtpa process plant expansion, with a mine life of more than 30 years. During the fourth quarter of 2022, we began a transition to an owner-miner fleet for waste stripping at Lumwana following a study which concluded that this option could result in a 20% cost reduction within the first five years versus contracted services. Separately, this strategy positions the operation well for the Super Pit expansion. The second phase of resource conversion drilling in the Chimiwungo super-pit footprint commenced during the fourth quarter, with completion due in the first quarter of 2024. Resource conversion drilling was completed at Kababisa during the quarter. Geometallurgical samples from the down-dip extension of the Chimiwungo deposit were processed. These samples showed results that were similar in hardness to the original sampling campaign completed for the original Lumwana process design. Flotation work is in progress concurrently with comminution testing, which will provide inputs into the plant Feasibility Study design. Geotechnical site investigation drilling of the PFS project layout continued during the quarter, focusing on the TSF expansion areas. Financial models for the project were updated during the fourth quarter with a new mine plan, fleet and capital schedule. The project is now closing in on the completion of the PFS, expected by the end of the first quarter of 2024, with increased confidence in mine planning and capital spending. Plant ramp-up is planned to occur from 2027- 2028 with a full 50 million tpa run rate expected to be achieved in 2029. Mining ramp-up would start from 2026 under this timeline, increasing to 250 million tpa capacity. A plant feasibility study was commenced during the quarter with the completion of a competitive tender process which awarded the contract to Lycopodium. Value engineering studies are in progress around elements of the comminution circuit, with design work started on the plant and preliminary scoping completed for the construction camp. The accelerated feasibility study is scheduled for completion towards the end of 2024, with pre-construction expected to start in 2025 and 2028 targeted for first production. The plant expansion PFS completed in the third quarter of 2023 concluded that the 50Mtpa plant expansion, effectively doubling the existing circuit capable of delivering 240 thousand tpa, provided the best economic returns. The TSF MAA was concluded in the fourth quarter, and led straight into PFS design for the TSF, which was also completed during the quarter and capital estimates were incorporated into the updated financial models. The work on the ESIA continued with water well drilling and aquifer testing in Kababisa, as well as RAP surveys which were also completed during the fourth quarter. The owner-miner transition of the waste stripping fleet is being executed concurrently with the Super Pit PFS, which commenced in the fourth quarter of 2022. The first deliveries of the owner stripping fleet were received at the beginning of 2023 with 45 rigid body dump trucks and twelve excavators now in production. Although the delivery schedule has experienced delays, the efficiency of the new fleet has exceeded that of the previous contractor fleet, partially offsetting the shortfall in waste stripping tonnes experienced at the start of the 2023 year. The remaining and final 10 articulated dump trucks are expected to be commissioned during the first quarter of 2024. As at December  31, 2023, project spend on the new fleet was $115 million (including $13 million in the fourth quarter of 2023, which includes the 10 trucks highlighted above) out of an estimated capital cost of approximately $115  million. For 2024, we expect to incur approximately $110  million in growth capital expenditure related to early works. 100 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS EXPLORATION AND MINERAL RESOURCE MANAGEMENT The foundation of our exploration strategy is a deep organizational understanding that discovery through exploration is a long-term investment and the main value driver for the business – not a process. Our exploration strategy has multiple elements that all need to be in balance to deliver on Barrick’s business plan for growth and long-term sustainability. First, we seek to deliver projects of a short- to medium-term nature that will drive improvements in mine plans. Second, we seek to make new discoveries that add to Barrick’s Tier One Gold Asset1 portfolio. Third, we work to optimize the value of our major undeveloped projects and finally, we seek to identify emerging opportunities early in their value chain and secure them by an earn-in or outright acquisition, where appropriate. During 2023, our exploration work has expanded in all regions with the addition of new projects, while ongoing work continues to return encouraging results at all stages of the target pipeline. In Canada, we are building a solid portfolio of projects with encouraging early results which will be drill tested in 2024. In the United States, we have secured several exciting prospects outside the Carlin district, and the Nevada exploration team continues to identify new opportunities around our Carlin operations, most notably this year with high-grade drill intersections from the northern extensions of Fourmile, confirming the potential to deliver another Tier One1 deposit in the district. In Latin America, a portfolio of exciting targets in Peru were progressed and are permitted for drilling in 2024. We entered Ecuador, completing initial mapping and geochemical programs across a very prospective ground position. Around Pueblo Viejo and Veladero, our team continues to return strong results, identifying new satellite potential at both operations. In the Africa and Middle East region, we have confirmed high-grade mineralization on key structures around our deposits in Mali, DRC, and Côte D’Ivoire and in Tanzania we expanded our ground holding significantly and have identified multiple alteration systems beneath cover around North Mara. In Saudi Arabia, early drilling at the Umm Ad Damar project has identified VMS-style mineralization and alteration at all targets. We also continue to evaluate opportunities across the Asia-Pacific region as we progress targets around Reko Diq in Pakistan and across Japan. Through 2024, we plan to maintain a healthy balance in our exploration focus between early-stage and advanced exploration projects to deliver on Barrick’s growth and long- term business plan. The following section summarizes the exploration results from the fourth quarter of 2023. North America Carlin, Nevada, USA20, 21, 22, 23 Conversion drilling from the underground continued in the fourth quarter across the entire Greater Leeville area. Step-out drilling from surface at the Horsham target intercepted a narrow zone of mineralization immediately footwall to the camp-scale controlling Leeville Fault, some 100 meters from underground drilling. Hole HSX- 23002 returned 8.4 meters at 5.85  g/t Au, showing that the system remains open to the east and north of the existing underground drilling completed earlier this year (HSC-23001 32.6 meters at 32.88 g/t Au). South of Leeville, at Rita K, underground step-out drilling targeting mineralization to the west in Upper Rita K, successfully intersected high-grade mineralization near the Rodeo Creek and Popovich contacts (a significant mineral host across the Greater Leeville area). RKU-23014 returned a total intercept of 18.6 meters at 9.33  g/t Au (including 6.4 meters TW at 17.69  g/t Au), confirming the presence of mineralization over 120 meters away from previous underground drilling at Rita K Lower. Surface follow-up drilling in 2024 aims to shore-up continuity at Upper Rita K ahead of an exploration decline being developed here, from which underground conversion drilling can begin. At the Ren deposit, step-out surface drilling successfully intercepted a narrow, high-grade zone of mineralization within a 200 meter gap between historic surface drilling in the northwest and underground drilling to the southeast of hole REN-23001B. The hole intersected the targeted Corona dike at a depth of approximately 900 meters downhole and returned 4.7 meters at 24.90 g/t Au, confirming the continuity of high-grade mineralization and paving the way for underground platform development in the future to convert more material to the west. Three kilometers to the northeast of Leeville, at the Black Pearl target, framework drilling has intersected potential carbonate host rocks shallower than anticipated, albeit unaltered. Surface target delineation work in the area has identified several corridors of anomalous geochemistry along mapped structures which will be targeted in 2024. To the west of Leeville, framework drilling in the sparsely drilled Little Boulder Basin returned multiple thin high-grade intercepts including 2.6 meters at 6.35  g/t Au (LBB-23010) within a broader, 27 meter zone of alteration. Consistent with previous results hundreds of meters to the south, mineralization occurs in sulfidized breccia at the top of a 200 meter thick package of thrust faulted carbonate rocks. The altered thrust sequence remains open to the north and will be evaluated for additional drilling in 2024. Cortez, Nevada, USA24, 25 Underground drilling focused around the CHUG Hanson target, with three major step-out holes completed in the fourth quarter to assess upside potential, outside of the well-defined zone of mineralization within the Heart of Hanson. Two drill holes returned high-grade, with CMX-23018 returning the highest gram-meter result at the Hanson target to date: 33.2 meters at 18.42 g/t Au. This result pushes known mineralization out some 290 meters from previous drilling and shows the system remains open to the west. Hole CMX-23017, drilled some 200 meters to the north, returned a narrow intercept of 2.1 meters at 23.15 g/t Au, showing the system also remains open up-plunge. Drilling in 2024 will continue stepping out from these high-grade intercepts. At the Robertson open-pit project, step-out drilling to the north and west around the Distal target continued to support the exploration upside potential at this target, outside of existing resource pit designs. Best results include DTL-23012 (8.7 meters TW at 1.06  g/t  Au), and DTL-23013 (7.6 meters TW at 1.77  g/t  Au; 9.3 meters TW at 1.78 g/t Au; and, 6.6 meters TW at 1.74 g/t Au), with follow-up drilling planned in 2024. Fourmile, Nevada, USA26 At Fourmile, additional drill holes were completed in the fourth quarter along the prospective corridor between Sophia and Dorothy following up on FM23-181D (previously reported in the second quarter of 2023; 28.7 meters at 51.10  g/t Au) with two holes intersecting thin, high- grade mineralization along the Sadler Fault. Hole FM23-188D returned 3.8 meters at 16.26 g/t Au and 1.4 meters at 9.91 g/t Au and drillhole FM23-187D returned two thin, high-grade intervals of 1.8 meters at 57.23 g/t Au and 2.6 meters at 40.22 g/t Au. The 2023 drill program at Fourmile has established continuity at 100-200 meter spacing along the Sadler Fault between the Sophia Zone, currently the north end of the Fourmile resource, and the Dorothy Zone, a further 750 meters to the north. Additionally, results from FM23-181D highlight the potential for thick, breccia-hosted bodies along the prospective corridor. Further infill drilling targeting upside at Fourmile is planned with an expanded drilling program in 2024. Turquoise Ridge, Nevada, USA27 Step-out drilling in the southern end of the Turquoise Ridge Underground intersected a narrow zone of high-grade mineralization in one of the last drill fans of the year. TUM-23307 returned 4.8 meters at 95.18 g/t Au (including 2.0 meters at 212.00 g/t Au) within a strongly sheared package of Lower Comus, proximal to the projection of the Bullion Fault. Mineralization remains open both down-dip to the east and along strike to the south, where little to no previous drilling has tested these depths. 101 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Surface step-out drilling at the southern end of the Mega pit at Twin Creeks intercepted significant mineralization along the Lopear Thrust, a known mineral controlling structure within the main portion of the Mega pit. TSG-23003A returned a thick intercept of 63.3 meters TW at 4.42 g/t Au, at the base of the projected resource pit design. At the Mega Feeder target, drilling is in progress on a framework hole to the north, proximal to the 20K Fault, a Getchell Fault-parallel structure on the Twin Creeks side of the district. This hole will also intersect the Nexus Anticline in the favorable middle Comus host rocks. The hole is currently drilling above target and will be completed in the first quarter of 2024, but to date, multiple zones of elevated Carlin chemistry and alteration have been observed in the silicalistic stratigraphy above the carbonate host rocks at depth. As previously discussed, the potential for a high-grade, feeder-type target beneath the Twin Creeks deposit remains high, and continues to be one of the highest priority target concepts for exploration in the district. Pearl String, Nevada, USA A four hole follow-up phase of RC drilling was completed on the Pearl String property during the fourth quarter. Drilling was designed as 300 to 500 meter step-out holes to the strongest volcanic-hosted high sulfidation geochemistry and alteration encountered in Phase 1 drilling earlier in the year, and was focused in the southeast pediment target area of the property. Assay results are pending, however alteration and pXRF geochemistry are similar to the previous holes drilled. Hemlo, Canada28 Reserve conversion drilling from surface targeted E-Zone and Horizon west of the C-Zone. Drilling confirmed the modeled continuity of mineralization, while also increasing our understanding of lithological controls on mineralization in the Horizon zone. Results from Horizon include 38.4 meters TW at 0.95 g/t Au in drillhole W2381. Results from E-Zone include 67.9 meters TW at 1.25  g/t Au in drillhole W2368; 10.0 meters TW at 3.98  g/t Au in drillhole W2370; and 22.0 meters TW at 2.64 g/t Au in drillhole W2371. Pic, Ontario, Canada A nine hole drill program was completed in the fourth quarter, testing targets generated over the last two field seasons by diamond drilling – Porphyry Lake (two holes), Moses-Beggs Lake (five holes) and Roccian Lake (two holes). Although localized mineralization was intersected in each target area, overall grades were low, narrow, and discontinuous at each target. No further follow-up work is planned at these targets as mineralization encountered is generally consistent with that at surface and is interpreted to explain the anomalism that drove target generation. Sturgeon, Ontario, Canada Comprehensive belt scale exploration, including a till survey and geological prospecting and mapping, identified two priority targets to be drilled on Sturgeon Lake. Follow-up programs in 2024 include drilling the Rainbow Trend, a 1.9 kilometer long deformation zone along the contact between intrusive and mafic volcanic rocks identified on sparse island outcrops near the south shore of Sturgeon North Arm. Grab samples in the deformation zone have returned high-grade gold values up to 141 g/t Au. The East Bay target is a 6 by 4 kilometer gold- in-till anomaly associated with increased sulfidation and alteration of intrusive rocks, as well as quartz veins with multiple orientations cutting the mafic to intermediate host rocks. to Patris, Quebec, Canada Geophysical surveys were completed along the La Pause fault, a major break separating volcanic rocks to the northeast and sedimentary rocks the southwest. A significant chargeability anomaly corresponds with recently identified altered and folded intrusive rock within the sedimentary basin (as reported in the third quarter). This emerging target will be drilled in 2024. A comprehensive drill-for-till program is also planned to further assess the prospectivity of the sedimentary basin. Latin America & Asia-Pacific Pueblo Viejo, Dominican Republic At Pueblo Grande Norte, a total of four framework drillholes were completed. Drill holes identified permeable rocks affected by high- sulfidation mineralization with strong dissemination of several events of sulfides. This drilling is opening a new search space several kilometers to the west of the Montenegro pit. Follow-up drilling will take place starting in the first quarter of 2024. At Zambrana, to the southeast of the Moore pit, two drillholes were completed. Both holes intercepted shallow oxide mineralization with expected gold mineralization from surface up to approximately 30 to 40 meters (pending laboratory results). At depth, coincident with the high chargeability IP anomaly, the holes intercepted permeable rocks affected by PV-type alteration with several events of sulfide mineralization (assays pending). Follow-up drilling is planned in the first quarter of 2024. At Pueblo Grande Sur, located several kilometers to the southeast of the Moore pit, two targets with coincident soil anomalies and geophysical anomalies (chargeability) had been identified. Fieldwork is in progress to define drill targets, with drilling planned in the second half of 2024. Regional Exploration, Dominican Republic A full integration and reinterpretation of legacy data on a consolidated Barrick property portfolio located in the western Dominican Republic has been completed. Several areas of interest had been identified with field work to define the geological framework, mineral potential and target areas to be conducted during 2024. Veladero District, Argentina Following on from the definition of a mineral inventory after the first diamond drilling campaign at the Morro Escondido target, the metallurgical sampling program continues as part of the study to optimize the project economics. The exploration team is evaluating the geological extensions to mineralization along the La Ortiga Trend with a large ground Controlled Source Audio Magneto Telluric (CSAMT) geophysical survey planned during the first half of 2024 from Cerro Lila in the north of the trend, to the Julieta target area south of Morro Escondido. In the fourth quarter of 2023, within the wider La Ortiga Trend, five targets were tested in the Cerro Lila area, which intersected weak high sulfidation alteration and structurally controlled gold mineralization, however, positive porphyry-type evidence was seen, vectoring towards the Domo Negro target, opening a search space for gold copper porphyry mineralization. Fieldwork to follow up on these results is in progress. The exploration team is conducting field work on the other high priority targets defined in the Veladero district. During the fourth quarter, two targets located along the Pascua-Lama trend, Azul and Domo Fabiana East, were confirmed as high potential areas of interest for high sulfidation mineralization. Field work is ongoing, aiming to define drill-ready targets by the second quarter of 2024. Subject to results, drilling is expected after the Andean winter. As reported previously, the drilling results at the Antenas-Chispas target had reduced the search zone to a 1 kilometer by 2 kilometer area of interest with favorable hydrothermal alteration present. Plans to return in the fourth quarter of 2023 were pushed to the first quarter of 2024 due to prioritization of drilling in the Veladero orebody for end of 2023. This program will test the final zone of interest with two or three more holes. Drilling of the Lama targets remains suspended. Geological reviews of results are ongoing to determine if a follow-up program is warranted. As previously reported, those targets with a low potential to pass investment filters have been removed from the portfolio. Northern Chile Generative work is ongoing, aiming to secure a strong portfolio of district-scale projects that provides exploration optionality. During the fourth quarter, a desktop prospectivity review was completed, and the team progressed to field-validation of the highest ranked areas. 102 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS El Indio Camp, Chile In the El Indio district, limited field work resumed after the end of the winter season, with the team outcrop mapping and conducting traverses over the areas of interest. Work progressed with selection of drill contractors and drill collar locating for an additional small drilling campaign, targeting the potential for a structurally controlled, high- grade feeder zone in the Sancarron target, which is a follow-up to drilling completed in 2023. At the Mizobe project, four holes were completed during the fourth quarter, for a total of 1,271 meters. Two holes extend the hydrothermal system intercepted by MZDD23-03 previously reported, 500 meters to the southeast. This second drilling campaign confirmed a complex hydrothermal system intersecting evidence of multiple alteration and mineralization events. A complete set of assay results for the four drill holes are expected in February. Data integration and interpretation will follow. Peru Field work continues to focus on building a high-quality portfolio of district-scale projects across the country. Four areas of interest are advancing in parallel, with projects at different stages, from target delineation to generative. Following the consolidation of the Pataqueña District, further mapping, sampling, and ground geophysical surveys defined four large targets with favorable geology (alteration and host rocks) in a promising structural setting. Pataqueña is an intermediate sulfidation epithermal system. All permits to complete the drilling campaign have been secured and drill platforms and accesses defined. Drilling is planned for after the wet season, in the second quarter of 2024. Following the positive results from early work at the Libelula District, in the fourth quarter the team completed regional-scale traversing, confirming new areas of interest between Pierina and Libelula. These areas were secured with two newly consolidated ground positions for a total of 140 km2. Detailed geological mapping and sampling will be conducted during 2024. At Libelula itself, field mapping and sampling is ongoing, with ground geophysical surveys planned in early 2024, aiming to have drill-ready targets by the third quarter of 2024. Reconnaissance field work is planned in two other areas of interest where Barrick has consolidated a district-scale position. Ecuador Following Barrick’s successful participation in a public tender process (which was conducted by ENAMI EP, the state-owned mining company of Ecuador) and the signing of a commercial framework agreement with ENAMI EP, Barrick’s exploration team conducted early regional reconnaissance prospecting work on various districts found in the southern Jurassic Belt, which hosts the Mirador and Fruta del Norte deposits. Early results from such work are positive, confirming the epithermal and/or porphyry potential of the districts. Barrick continues to work with ENAMI EP on implementing the framework agreement. Porgera, Papua New Guinea Drilling of the Wangima target resumed in late December 2023, upon approval of the restart, with two core underground rigs. Additional rigs will be added to the program in the first quarter of 2024, as operations ramp back up to full scale. No significant meters were drilled prior to the end of the year. Japan Gold Strategic Alliance, Japan In Japan, four priority projects are advancing, two in the northern Hokkaido Island (Aibetsu and Hakuryu), one in the central Honshu Island (Togi) and one in the southern Kyushu Island (Mizobe). At Aibetsu, a CSAMT survey (4 lines, 16.3 line-kilometers) was completed, confirming northeast trending structures potentially associated with low sulfidation mineralization. At Hakuryu, detailed field mapping and sampling was completed, identifying an outcropping preserved low sulfidation system. Follow- up work is planned after winter. At the Togi project, four lines of CSAMT ground survey were completed, for a total of eight line kilometers. The survey confirmed the high potential for a preserved, buried low sulfidation system with multiple events of alteration and mineralization identified. Drilling is expected to start in the second half of 2024. Asia Pacific The exploration team continues its focus on reviewing and evaluating new exploration opportunities at different stages across the Asia Pacific region. Africa and Middle East Senegal, Exploration On the Bambadji joint venture, framework drilling continued on the 26-kilometer prospective corridor of the Bambadji Main Shear Zone. In the fourth quarter, drilling was carried out at the Gefa target, the third priority target located in one of the most interesting geological settings where the first two holes drilled have potentially showed the first evidence of a contact shear zone and brecciation between the Faleme and the Kofi Domains. Although all results are pending, significant alteration intervals and strong sulfide mineralization have been intersected, confirming the extension of the Gefa mineralized system down to 375 meters vertical depth. In addition to these targets, kilometer-scale gaps still exist along the corridor and numerous programs are being designed to investigate these underexplored settings with preserved potential for discovery. On the early stage exploration permits of Bambadji South and Dalema, target generation will continue while RC drilling will aim to advance priority targets recently defined by results from auger drilling programs. Loulo-Gounkoto, Mali29 At Yalea, phase-1 deep framework drilling has commenced and is ongoing to test the potential for large scale extensions and/or repetitions of the main high-grade Yalea system at depth beneath the deposit. Additional near mine targets have been identified along strike based on field mapping and encouraging rock-chips sampling, including high-grade values over a 1.5 kilometer strike. Follow-up work is planned in the first quarter of 2024 to progress the deep and near surface opportunities around Yalea. At Baboto, following the encouraging drill results reported last quarter, a second phase of drilling to assess the deep potential was completed. The mineralized system is still open and has been extended to 200 meters vertical depth with the most significant intersection being open to the north along strike: BNRCDH335: 6.20 meters at 4.41 g/t Au and 17.5 meters at 2.41 g/t Au, including 4.20 meters at 4.48 g/t Au. A shallow drill program is also in progress to assess the potential for additional open cast resources and additional drilling is planned early in 2024 to assess the potential of the wider system at depth. At Gounkoto, a geological model review of the Gounkoto deposit and the primary controlling “Domain Boundary” structure has highlighted multiple targets. Drilling is in progress to test for a system replication at depth beneath Main Zone 1 and initial results from an ongoing framework drilling program along the southern extension of the Domain Boundary returned strong mineralization in the first hole (DB1RC055: 24 meters at 2.45 g/t Au) highlighting the potential along the structure. These key programs will progress through the first quarter of 2024 with the aim of defining opportunities with significant impact on the Loulo-Gounkoto life of mine. 103 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS North Mara and Bulyanhulu, Tanzania At North Mara, framework drilling through post-mineralization cover and ground geophysics continued along the Gokona corridor this quarter. RC drilling at Shakta, eight kilometers northwest of Gokona, has extended the gold-bearing hydrothermal system identified last quarter to over 500 meters width and one kilometer along strike. Several holes have returned anomalous halos within Gokona-style altered host rocks, indicating the potential for a large-scale system. The system remains open along strike, and further drilling will be completed early in 2024 to assess the potential of the target to deliver a new discovery. Framework RC drilling at Tagota commenced this quarter, located 20 km northwest of Gokona, initial drill holes have delineated two one-plus kilometer alteration trends with mineralized veining and disseminated sulfides associated with wide anomalous intersections, indicative of a hydrothermal system that has the potential to generate a significant deposit. At Bulyanhulu, geochemical framework drilling continued within the northwest tenement holdings, successfully confirming continuity to Bulyanhulu-type geology and potentially mineralized host structures beneath the expansive post-mineral lake sediment cover. Assay results are expected in early 2024 and pending success, further drilling will be completed, aiming to deliver flexibility to the Bulyanhulu plant. Lumwana, Zambia Resource conversion drilling in Kababisa and Kamisengo was completed during the quarter, with approximately 26,000 meters drilled on the two deposits. Resource conversion drilling is also taking place within the Chimiwungo Super Pit footprint and is expected to be complete by the end of the first quarter of 2024 with 13,000 meters drilled during the fourth quarter of 2023. The Lumwana Expansion PFS is expected to be completed by the end of the first quarter of 2024, and will transition into a Feasibility Study, due to be completed by the end of 2024. Jabal Sayid, Kingdom of Saudi Arabia Exploration within the Jabal Sayid mining license in the fourth quarter focused on building the geological model at Janob through integration of drill data with detailed surface mapping along the continuation of the paleosurface one kilometer southwest of Lode 1. Drilling to fully assess the depth, strike extent and orientation of the Janob feeder style mineralization will commence in the first quarter of 2024 in parallel with a license scale geological review to generate additional near mine targets. At the Jabal Sayid South Exploration License, located immediately south of Jabal Sayid, regional and prospect scale mapping has been progressing targets along the extension of the prospective stratigraphy. Framework drilling commenced during the fourth quarter focusing on the extension of the paleosurface from Jabal Sayid. Targets are being ranked and prioritized for further drill testing in the first quarter of 2024. At Umm ad Damar, diamond drilling commenced with a framework program designed to inform updated geological models for the highest priority historical prospects. VMS style mineralization has been intersected at all targets drilled this quarter with assays pending; results will be integrated into the geological models to identify and prioritize the highest impact opportunities to progress with further drilling in the first quarter of 2024. Additionally, the airborne geophysical survey is also planned to commence in the first quarter alongside a geochemical drill program to support the generation of additional targets. Tongon, Côte D’Ivoire Within the Nielle permit, a new pit optimization on the Koro A2 target was completed, confirming its potential to become a satellite pit. Meanwhile, a reconnaissance air core drilling program has extended the strike of the mineralized system beyond one kilometer within the neighboring Korokaha North license, where infill and follow-up drilling will be executed in early 2024. Additionally, target generation programs including auger drilling and ground geophysical surveys are planned for the first quarter 2024 to generate new high-impact targets with the potential to further extend the Tongon life of mine. At Fonondara, the drill program designed to assess the viability of the deposit as a satellite for Tongon has been completed, full assay results and metallurgical test work are pending. Kibali, DRC30 At KCD, the remaining assay results from the framework drilling program NW of KCD were received, confirming the presence of a mineralized system over 500 meters along plunge on the interpreted CS Domain Boundary, upgrading the potential of the western closure of the CS Domain Boundary, a mirror setting to the 5000 Lode. Significant intersections include DDD613: 5.30 meters at 6.68 g/t Au from 173.1 meters; and DDD611: 5.00 meters at 7.53  g/t Au from 9 meters and 13.55 meters at 2.02 g/t Au from 103 meters. A follow-up drilling program of eight holes on four fences, designed to define the geometry of the CS Domain Boundary mineralization near surface, is in progress. At Oere, the remaining two drill holes of the framework drilling program were completed in the fourth quarter, confirming the down dip extension of the mineralization 200 meters below the existing resource to 450 meters vertical depth. These results support the continuity of the system down dip and highlight that high-grade mineralization remains open at depth. Building on results reported in the third quarter of 2023, assays received this quarter were highly encouraging, with ORDD0113 returning 9.0 meters at 2.28 g/t Au, ORDD0114 with 22.41 meters at 5.43 g/t Au from 333.24 meters and ORDD0116 with 20.00 meters at 2.44 g/t Au from 359.4 meters. These additional intersections support the potential of the deposit to deliver a viable underground satellite approximately 12 kilometers from the plant. Follow-up drill programs at Oere will be a key exploration focus in 2024. These encouraging results reinforce the prospectivity of the entire KZ North trend for the discovery of additional blind high-grade shoots. At Agbarabo-Rhino, the drilling program targeting the down plunge extension of the Rhino, Agbarabo and ancillary lodes was completed this quarter. Results highlight the potential for additional lodes and the continuity of the main lodes, demonstrated by ADD031 which intersected 26.71 meters at 6.63 g/t Au from 75.35 meters, related to a shallow mineralized system representing an opportunity for expanded open pit potential, and 25.47 meters at 3.64  g/t Au from 216.15 meters, representing the down plunge of the Rhino main mineralization reinforcing the underground satellite opportunity. The program has been successful in confirming the 250 meters down plunge extension of the Rhino Main high-grade mineralization, extending over 130 meters laterally. A follow-up drill program is planned in the first quarter of 2024 to test the potential of the target to deliver open pit resources and a significant underground satellite for the Kibali operation. At Zambula, a follow-up drilling program of 24 RC holes started this quarter to test the open pit potential of the approximately two kilometers strike length of the Zambula-Maban shear corridor located within 15 kilometers of the plant. Drilling is in progress with encouraging results received to date indicating higher-grade zones within the multi-kilometer strike of the structure. Key results are headlined by ZBRC0025, which returned a 100 meter wide zone of nearly continuous mineralization containing two high-grade intervals of 19.00 meters at 5.24 g/t Au and 19.00 meters at 5.44 g/t Au, in addition to other significant results including: ZBRC0027 26.00 meters at 1.74  g/t Au (including 3.00 meters at 3.81  g/t Au); ZBRC0032 8.00 meters at 7.80  g/t Au (including 4.00 meters at 13.24  g/t Au); ZBRC0033 16.00 meters at 2.0  g/t Au (including 6.00 meters at 3.94 g/t Au). Drilling will be completed early in 2024. 104 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS REVIEW OF FINANCIAL RESULTS Revenue Attributable Gold Production Variance (000s oz) Q4 2023 compared to Q3 2023 ($ millions, except per ounce/pound data in dollars) Gold 000s oz solda 000s oz produceda Market price ($/oz) Realized price ($/oz)b Revenue Copper millions lbs solda millions lbs produceda Market price ($/lb) Realized price ($/lb)b Revenue Other sales For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 1,042 1,027 4,024 4,141 4,468 1,054 1,971 1,986 2,767 1,039 1,928 1,928 2,588 4,054 1,941 4,141 1,800 4,437 1,799 1,948 1,795 1,790 10,350 9,920 10,738 117 101 408 445 423 113 3.70 3.78 226 66 112 3.79 3.78 209 65 420 3.85 3.85 795 252 440 3.99 3.85 868 225 415 4.23 4.32 962 285 Total revenue 3,059 2,862 11,397 11,013 11,985 a. On an attributable basis. b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. Our 2023 gold production of 4.05 million ounces was slightly below the guidance range of 4.2 to 4.6 million ounces. As previously disclosed, this was mainly due to lower than planned production at Pueblo Viejo due to lower throughput associated with the delayed commissioning and ramp-up of the expanded processing plant. This was combined with lower than planned production at NGM, mainly at Carlin as production was impacted primarily by unplanned downtime at the Goldstrike autoclave in the second half of the year, and at Cortez due to lower than forecasted oxide grades out of Crossroads and the slower than expected ramp-up at Goldrush which was partly due to the delay in receiving the ROD (the ROD was received late in the fourth quarter). As expected and previously disclosed, copper production of 420 million pounds for 2023 was within the guidance range of 420 to 470 million pounds. Q4 2023 compared to Q3 2023 In the fourth quarter of 2023, gold revenues increased by 7% compared to the prior quarter primarily due to a higher realized gold price6, combined with higher sales volume. The average realized price for the three month period ended December 31, 2023 was $1,986 per ounce versus $1,928 per ounce for the prior quarter. During the fourth quarter of 2023, the gold price ranged from $1,811 per ounce to an all-time nominal high of $2,135 per ounce and closed the quarter at $2,078 per ounce. Gold prices in the fourth quarter of 2023 continued to be volatile as a result of expectations for benchmark interest rate cuts, a weakening trade-weighted US dollar, and geopolitical concerns, including the conflicts in the Middle East and the ongoing conflict in Ukraine. Q3 2023 Cortez (61.5%) Other Pueblo Viejo (60%) Turquoise Ridge (61.5%) North Mara (84%) Bulyanhulu (84%) Carlin (61.5%) Kibali (45%) Loulo-Gounkoto (80%) Q4 2023 25 13 11 1 1,039 (3) (5) (6) (6) (15) 1,054 In the fourth quarter of 2023, attributable gold production was 15 thousand ounces higher than the prior quarter, primarily driven by stronger performance at Cortez mainly due to higher grades, at Phoenix (included in the “Other” category above) as planned maintenance was performed in the prior quarter, and at Pueblo Viejo reflecting higher recovery and higher grades processed. This was partially offset by lower production at Loulo-Gounkoto, as planned, due to lower grades processed. Copper revenues in the fourth quarter of 2023 increased by 8% compared to the prior quarter, primarily due to higher copper sales volume, while the realized copper price6 was in line with the prior quarter. The average market price in the fourth quarter of 2023 was $3.70 per pound versus $3.79 per pound in the prior quarter. In the fourth quarter of 2023, the realized copper price6 was higher than the market copper price due to the impact of positive provisional pricing adjustments, whereas a small negative provisional pricing adjustment was recorded in the prior quarter. During the fourth quarter of 2023, the copper price ranged from $3.56 per pound to $3.95 per pound and closed the quarter at $3.84 per pound. Copper prices in the fourth quarter of 2023 were influenced by concerns about slowing economic growth, especially in China, supply disruptions, and a weakening trade-weighted US dollar. Attributable copper production in the fourth quarter of 2023 was in line with the prior quarter, with consistent production across all three sites. 2023 compared to 2022 In 2023, gold revenues increased by 4% compared to the prior year, primarily due to a higher realized gold price6, partially offset by a decrease in sales volumes. The average market gold price for 2023 was $1,941 per ounce compared to $1,800 per ounce in the prior year. In 2023, attributable gold production was 4,054 thousand ounces, or 87 thousand ounces lower than the prior year largely driven by Carlin and Pueblo Viejo. At Carlin, this was mainly related to the closure of the Gold Quarry concentrator at the beginning of the second quarter of 2023 and the conversion of the Goldstrike autoclave to a conventional CIL process in the first quarter of 2023, and at Pueblo Viejo due to lower grades processed in line with the mine and stockpile processing plan, lower recovery and lower throughput following the delayed commissioning and ramp-up of the expanded processing plant. These impacts were partially offset by increased production at Cortez due to higher oxide ore tonnes mined and processed from Crossroads and CHUG (at a higher recovery rate), combined with higher heap leach production. 105 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Q4 2023 compared to Q3 2023 In the fourth quarter of 2023, cost of sales applicable to gold was 11% higher compared to the prior quarter, primarily as a result of higher sales volume and higher unit costs at Loulo-Gounkoto, Carlin and Pueblo Viejo as detailed below. Our 45% interest in Kibali is equity accounted and we 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 and total cash costs per ounce6, after including our proportionate share of cost of sales at our equity method investees, were 6% and 8% higher than the prior quarter primarily due to the impact of lower grades processed at Loulo-Gounkoto and Carlin, combined with higher electricity, grinding media and plant maintenance costs, as well as the impact of a 1 in 500 year tropical storm in November 2023 at Pueblo Viejo. In the fourth quarter of 2023, gold all-in sustaining costs6 increased by 9% on a per ounce basis compared to the prior quarter, primarily due to higher total cash costs per ounce6 as described above, combined with higher minesite sustaining capital expenditures6. In the fourth quarter of 2023, cost of sales applicable to copper was 25% higher than the prior quarter, primarily due to the impact of higher sales volumes. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore we do not include their cost of sales in our consolidated copper cost of sales. On a per pound basis, cost of sales applicable to copper7 and C1 cash costs6, after including our proportionate share of cost of sales at our equity method investees, increased by 9% and 6%, respectively, compared to the prior quarter primarily due to lower mining efficiencies as the wet season commenced, combined with lower grades processed and lower plant recovery at Lumwana. Cost of sales per pound6 was further impacted by higher depreciation expense, mainly at Lumwana. In the fourth quarter of 2023, copper all-in sustaining costs6, which have been adjusted to include our proportionate share of equity method investees, were 3% lower per pound than the prior quarter, primarily reflecting lower minesite sustaining capital expenditures6 at Lumwana mainly related to decreased capitalized waste stripping, partially offset by higher C1 cash costs per pound6. 2023 compared to 2022 In 2023, cost of sales applicable to gold was 5% higher than the prior year primarily due to higher throughput to compensate for lower grades processed, mainly at Cortez and Pueblo Viejo, combined with higher contractor and maintenance costs, specifically at NGM. This was partially offset by lower volumes sold. 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, and total cash costs per ounce6 were 7% and 11% higher, respectively, than the prior year, primarily due to lower grades processed and higher contractor and maintenance costs, as described above. In 2023, gold all-in sustaining costs per ounce6 increased by 9% compared to the prior year primarily due to higher total cash costs per ounce6, combined with higher minesite sustaining capital expenditures6 on a per ounce basis. In 2023, cost of sales applicable to copper was 9% higher than the prior year, primarily due to higher site operating costs combined with higher depreciation, partially offset by lower royalty expenses and lower volumes sold. Our 50% interests in Zaldívar and Jabal Sayid are equity accounted and therefore we do not include their cost of sales in our consolidated copper cost of sales. On a per pound basis, cost of sales applicable to copper7 and C1 cash costs6, after including our proportionate share of cost of sales at our equity method investees, increased by 19% and 21%, respectively, compared to the prior year, primarily due to lower grades processed and lower recoveries at Lumwana. Copper all-in sustaining costs per pound6 were 1% higher than the prior year, which was a function of the increase in total C1 cash costs per pound6, largely offset by lower minesite sustaining capital expenditures6. Attributable Gold Production Variance (000s oz) Year ended December 31, 2023 2022 Carlin (61.5%) Pueblo Viejo (60%) Bulyanhulu (84%) North Mara (84%) Other Loulo-Gounkoto (80%) Kibali (45%) Turquoise Ridge (61.5%) Cortez (61.5%) 2023 4,141 (98) (93) (16) (10) (9) 0 6 34 99 4,054 Copper revenues for 2023 were 8% lower compared to the prior year due to lower copper sales volume, while the realized copper price6 was in line with the prior year. In 2023, the realized copper price6 was also in line with the market copper price, whereas a negative provisional pricing adjustment was recorded in 2022. Attributable copper production for 2023 was 20  million pounds lower than the prior year, mainly due to lower grades, tonnes mined and throughput at Zaldívar, combined with lower grades processed at Lumwana. Production Costs ($ millions, except per ounce/pound data in dollars) Gold Site operating costs Depreciation Royalty expense Community relations Cost of sales Cost of sales ($/oz)a Total cash costs ($/oz)b All-in sustaining costs ($/oz)b Copper Site operating costs Depreciation Royalty expense Community relations Cost of sales Cost of sales ($/lb)a C1 cash costs ($/lb)b All-in sustaining costs ($/lb)b For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 1,355 1,208 471 92 10 1,928 1,359 427 90 11 1,736 1,277 5,015 1,756 371 36 7,178 1,334 4,678 1,756 342 37 6,813 1,241 4,218 1,889 371 26 6,504 1,093 982 912 960 862 725 1,364 1,255 1,335 1,222 1,026 105 86 16 2 209 2.92 81 70 15 1 167 2.68 401 259 62 4 726 2.90 336 223 103 4 666 2.43 266 197 103 3 569 2.32 2.17 2.05 2.28 1.89 1.72 3.12 3.23 3.21 3.18 2.62 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). b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. 106 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS 2023 compared to Guidance 2023 cost of sales applicable to gold7 and gold total cash costs6 were $1,334 and $960 per ounce, respectively, which were both higher than our guidance ranges of $1,170 to $1,250 per ounce and $820 to $880 per ounce, respectively. Gold all-in sustaining costs6 for 2023 of $1,335 per ounce was also higher than the guidance range of $1,170 to $1,250 per ounce. All gold cost metrics were higher than the guidance ranges, as previously disclosed, mainly due to lower production and sales volumes combined with unplanned costs and changes in the sales mix across the different mine sites. In addition, the higher realized gold prices led to approximately $15 per ounce increase in royalties at the group level. 2023 cost of sales applicable to copper7 and copper all-in sustaining costs6 were $2.90 per pound and $3.21 per pound, respectively, which were both within our guidance ranges of $2.60 to $2.90 per pound and $2.95 to $3.25 per pound, respectively. 2023 C1 cash costs6 of $2.28 per pound was slightly higher than our guidance range of $2.05 to $2.25 per pound. Capital Expendituresa ($ millions) For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 2023 compared to 2022 In 2023, total consolidated capital expenditures on a cash basis increased by 1% compared to the prior year due to an increase in project capital expenditures6, while minesite sustaining capital expenditures6 were relatively consistent with the prior year. Higher project capital expenditures6 of 2% were mainly due to the TS Solar project at NGM, as construction began in the fourth quarter of 2022, combined with the investment in the new owner mining truck fleet at Lumwana. This was partially offset by lower project spend incurred on the plant expansion at Pueblo Viejo, as the construction was largely completed in 2023. Minesite sustaining capital expenditures6 were consistent with the prior year, as increased spend on processing facilities and underground development at Carlin, higher capitalized waste stripping at North Mara, and the commencement of production at the Gounkoto underground mine were largely offset by lower capitalized waste stripping at Lumwana. 2023 compared to Guidance Attributable capital expenditures for 2023 of $2,363  million was slightly below the midpoint of the guidance range of $2,200 to $2,600  million. Attributable minesite sustaining capital expenditures6 and attributable project capital expenditures6 of $1,590  million and $769 million, respectively, were within the guidance ranges of $1,450 to $1,700 million and $750 to $900 million, respectively. 529 2,076 2,071 1,673 General and Administrative Expenses 227 12 969 41 949 29 747 15 ($ millions) 569 278 14 861 660 Minesite sustainingb Project capital expendituresb,c Capitalized interest Total consolidated capital expenditures Attributable capital expendituresd 2023 Attributable capital expenditures guidanced 768 3,086 3,049 2,435 589 2,363 2,417 1,951 $2,200 to $2,600 a. These amounts are presented on a cash basis. b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. c. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs. d. These amounts are presented on the same basis as our guidance on page 65. Q4 2023 compared to Q3 2023 In the fourth quarter of 2023, total consolidated capital expenditures on a cash basis were 12% higher than the prior quarter due to an increase in both project capital expenditures6 and minesite sustaining capital expenditures6. Project capital expenditures6 increased by 22%, primarily due to the continued development of the TS Solar project at NGM, combined with the progress at the Yalea South project at Loulo-Gounkoto. Minesite sustaining capital expenditures6 increased by 8% compared to the prior quarter, primarily at Cortez which was mainly due to more of the new truck fleet being commissioned in the fourth quarter of 2023, partially offset by decreased capitalized waste stripping at Lumwana. For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 27 2 29 23 7 101 125 118 25 34 33 30 126 159 151 ~$180 Corporate administration Share-based compensationa General & administrative expenses 2023 General & administrative expenses guidance a. Based on US$18.09 share price as at December  31, 2023 (September  30, 2023: US$15.79; 2022: US$17.21; 2021: US$19.00). Q4 2023 compared to Q3 2023 In the fourth quarter of 2023, general and administrative expenses were in line with the third quarter of 2023, as lower share-based compensation was largely offset by higher corporate administrative expenses. 2023 compared to 2022 General and administrative expenses in 2023 decreased by $33 million compared to the prior year due to lower corporate administration expenses attributed to reductions in IT and consulting costs. This was combined with lower share-based compensation expense as a result of a lower volume of shares vested during the current year, partially offset by an increase in our share price. 2023 compared to Guidance General and administrative expenses in 2023 of $126  million were lower than guidance of ~$180  million. Corporate administration expenses of $101  million was below our guidance of ~$130  million, highlighting the continued benefit of our cost discipline, while share- based compensation expenses of $25  million was lower than our guidance of ~$50  million due to a lower volume of shares vested during the current year. 107 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Exploration, Evaluation and Project Costs Finance Costs, Net ($ millions) For the three months ended For the years ended ($ millions) 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 143 123 122 60 37 26 4 41 10 14 0 52 24 47 15 10 0 46 3 26 16 Interest expensea Interest capitalized Accretion (Gain)/loss on debt extinguishment Other finance costs Finance income Finance costs, net 2023 finance costs, net guidance 88 (15) 23 0 3 (83) 16 100 (12) 22 0 2 (60) 52 387 (42) 87 0 7 (269) 170 $280 to $320 366 (29) 66 (14) 6 (94) 301 357 (16) 48 0 8 (42) 355 321 275 223 40 75 64 a. For the three months and year ended December 31, 2023, interest expense includes approximately $7 million and $32 million, respectively, of non-cash interest expense relating to the gold and silver streaming agreement with Royal Gold, Inc. (September  30, 2023: $8  million; 2022: $33  million; 2021: $35 million). 350 287 Q4 2023 compared to Q3 2023 In the fourth quarter of 2023, finance costs, net decreased by 69% compared to the prior quarter, mainly due to higher finance income. 44 25 11 6 1 8 4 99 4 103 35 16 9 5 1 8 1 75 11 86 Global exploration and evaluation Project costs: Reko Diq Lumwana Pascua-Lama Pueblo Viejo Other Corporate development Global exploration and evaluation and project expense Minesite exploration and evaluation Total exploration, evaluation and project expenses 2023 E&E guidance 2023 project expense guidance 2023 total E&E and project expenses guidance 361 $180 to $200 $220 to $240 $400 to $440 Q4 2023 compared to Q3 2023 Exploration, evaluation and project expenses for the fourth quarter of 2023 increased by $17 million compared to the prior quarter. This was primarily due to higher project costs at Reko Diq due to the ramp-up of activities at the reconstituted project, combined with higher global exploration and evaluation costs mainly in the Latin America and Asia- Pacific region due to increased drilling activity with the end of winter in the southern hemisphere. 2023 compared to 2022 Exploration, evaluation and project costs for 2023 increased by $11 million compared to the prior year, primarily due to higher project costs. This was mainly due to higher project costs at Reko Diq due to the ramp-up of activities at the reconstituted project and PFS work for the Lumwana Super Pit. This was partially offset by lower project costs at Pascua-Lama and at Pueblo Viejo as the technical and social studies for additional TSF capacity were completed at the end of 2022, as well as lower minesite exploration and evaluation costs, mainly in the Africa and Middle East region. 2023 compared to Guidance Exploration, evaluation and project expenses for 2023 of $361 million were lower than the guidance range of $400 to $440  million. Exploration and evaluation costs of $183 million were at the low end of the guidance range of $180 to $200 million, while project expenses of $178 million were below the guidance range of $220 to $240 million, mainly due to timing of Reko Diq expenditures. 108 2023 compared to 2022 In 2023, finance costs, net were 44% lower than the prior year, primarily due to higher finance income earned on our cash balance, partially offset by higher accretion, both resulting from an increase in market interest rates. In addition to this, interest expense and finance income were higher versus the prior year period due to the restricted cash and associated financial liability owed to Antofagasta plc following the reconstitution of the Reko Diq project, which occurred on December 15, 2022. The restricted cash of $962 million was remitted to Antofagasta plc to extinguish the financial liability during the second quarter of 2023. Finance costs, net were further impacted by a gain on debt extinguishment mainly related to the repurchase of $319 million (notional value) of our 5.250% Notes due in 2042, which occurred in the prior year. 2023 compared to Guidance Finance costs, net for 2023 of $170  million were lower than the guidance range of $280 to $320 million, mainly due to higher finance income earned on our cash balance resulting from an increase in market interest rates. Additional Significant Statement of Income Items ($ millions) For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 Impairment charges (reversals) Loss on currency translation Closed mine rehabilitation Other (income) expense 289 37 51 0 30 (44) 312 1,671 (63) 93 16 16 (136) 29 18 (323) 58 (195) (268) (67) Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Impairment Charges (Reversals) ($ millions) For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 Post-tax (our share) Post-tax (our share) Post-tax (our share) Post-tax (our share) Post-tax (our share) Asset impairments (reversals) Long Canyon 143 Tanzania Carlin Veladero Lumwana Reko Diq Lagunas Norte Pueblo Viejo Golden Sunlight Hemlo Pascua-Lama Other Total asset impairment charges (reversals) Goodwill Loulo-Gounkoto Total goodwill impairment charges Tax effects and NCI Total impairment charges (reversals) 3 2 0 0 0 0 0 0 0 0 0 148 0 0 141 289 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 143 13 2 0 0 0 0 0 0 0 0 5 43 0 0 318 16 (120) 0 0 0 0 0 4 0 3 0 0 0 0 (86) (2) 12 4 1 4 163 261 (64) 0 0 149 950 950 460 0 0 1 312 1,671 (63) Q4 2023 compared to Q3 2023 In the fourth quarter of 2023, we recognized $148 million (net of tax and non-controlling interests) of net impairment charges, mainly due to a long-lived asset impairment of $143 million (net of tax and non- controlling interests) at Long Canyon as we have decided at this time not to pursue the permitting associated with Phase 2 mining, have removed those ounces from our LOM plan and the mine has been placed on care and maintenance following the completion of further studies. In the third quarter of 2023, there were no impairment charges. 2023 compared to 2022 In 2023, we recognized $163  million (net of tax and non-controlling interests) of net asset impairment charges, mainly due to a long- lived asset impairment of $143 million (net of tax and non-controlling interests) at Long Canyon, as described above. This compares to net impairment charges of $261  million (net of tax and non-controlling interests) in 2022, 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, partially offset by an impairment reversal of $120 million (no tax or non-controlling interest impact) on our previously held 37.5% interest in Reko Diq. In addition, we recognized a goodwill impairment of $950 million in 2022 related to Loulo-Gounkoto. Refer to note 21 to the Financial Statements for a full description of impairment charges, including pre-tax amounts and sensitivity analysis. Loss on Currency Translation Q4 2023 compared to Q3 2023 Loss on currency translation in the fourth quarter of 2023 was $37  million compared to $30  million in the prior quarter. The losses in the current quarter mainly related to unrealized foreign currency translation losses from the depreciation of the Argentine peso, while the losses in the prior quarter mainly related to the devaluation of the Chilean peso, the Argentine peso and the West African CFA franc. These currency fluctuations resulted in a revaluation of our local currency denominated value-added tax receivable and local currency denominated payable balances. 2023 compared to 2022 Loss on currency translation for 2023 was $93  million compared to $16 million in the prior year. The losses in both years mainly related to unrealized foreign currency losses from the Argentine peso and to a lesser extent, the Zambian kwacha. 2023 was further impacted by the depreciation of the West African CFA franc, while 2022 was partially offset by the appreciation of the West African CFA franc. These currency fluctuations resulted in a revaluation of our local currency denominated value-added tax receivable and local currency denominated payable balances. Closed mine rehabilitation Q4 2023 compared to Q3 2023 Closed mine rehabilitation in the fourth quarter of 2023 was an expense of $51 million compared to a gain of $44 million in the prior quarter, mainly due to a decrease in the market real risk-free rate used to discount the closure provision during the current period, whereas the market real risk-free rate increased in the prior quarter. The current quarter was further impacted by higher closure cost estimates at various closure sites. 2023 compared to 2022 Closed mine rehabilitation for 2023 was an expense of $16  million compared to a gain of $136  million in the prior year. The expense mainly related to a decrease in the market real risk-free rate used to discount the closure provision in the current period, while the market real risk-free rate increased in the prior year. Other (Income) Expense Q4 2023 compared to Q3 2023 In the fourth quarter of 2023, other income was $323 million compared to other expense of $58 million in the prior quarter. Other income in the fourth quarter of 2023 mainly related to a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023. This was partially offset by care and maintenance expenses incurred at Porgera during the quarter. In the prior quarter, other expense primarily related to care and maintenance expenses at Porgera, as well as litigation accruals and settlements. 2023 compared to 2022 Other expense was $195  million in 2023 compared to other income of $268  million in the prior year. In 2023, other expense mainly related to care and maintenance expenses at Porgera, the $30 million commitment we made towards the expansion of education infrastructure in Tanzania per our community investment obligations under the Twiga partnership, combined with litigation accruals and settlements. This was partially offset by a gain of $352 million as the conditions for the reopening of the Porgera mine were completed on December 22, 2023. In 2022, other income mainly related to a fair value gain of $300 million on the additional interest in the Reko Diq project and the combined $63 million gain on the sale of two royalty portfolios, partially offset by care and maintenance expenses at Porgera and supplies obsolescence at Bulyanhulu and North Mara. For a further breakdown of other expense (income), refer to note 9 to the Financial Statements. 109 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Income Tax Expense Income tax expense was $861 million in 2023. The unadjusted effective income tax rate for 2023 was 31% of the income before income taxes. The underlying effective income tax rate on ordinary income for 2023 was 24% after adjusting for the impact of net impairment charges; the impact of the sale of non-current assets, including the reorganization of Porgera; the resolution of uncertain tax positions; the impact of foreign currency translation losses on current and deferred tax balances; the impact of the recognition and derecognition of deferred tax assets; the impact of prior year adjustments; the impact of updates to the rehabilitation provision for our non-operating mines; the impact of non-deductible foreign exchange losses; the impact of the Porgera mine being on care and maintenance until December 22, 2023; and the impact of other expense adjustments. We record deferred tax charges or credits if changes in facts or circumstances affect the estimated tax basis of assets and therefore, the expectations in our ability to realize deferred tax assets. The interpretation of tax regulations and legislation as well as their application to our business is complex and subject to change. We have significant amounts of deferred tax assets, including tax loss carryforwards, and also deferred tax liabilities. We also have significant amounts of unrecognized deferred tax assets (e.g. for tax losses in Canada). Potential changes in any of these amounts, as well as our ability to realize deferred tax assets, could significantly affect net income or cash flow in future periods. For further details on income tax expense, refer to note 12 to the Financial Statements. Reconciliation to Canadian Statutory Rate For the years ended At 26.5% statutory rate 12/31/23 12/31/22 746 446 Increase (decrease) due to: Allowances and special tax deductionsa Impact of foreign tax ratesb Non-deductible expenses / (non-taxable income) Goodwill impairment charges not tax deductible Taxable gains on sales of non-current assets Net currency translation losses on current and deferred tax balances Tax impact from pass-through entities and equity accounted investments Current year tax results sheltered by previously unrecognized deferred tax assets Recognition and derecognition of deferred tax assets Adjustments in respect of prior years Increase to income tax related contingent liabilities Impact of tax rate changes Withholding taxes Mining taxes Tax impact of amounts recognized within accumulated OCI Other items Income tax expense (184) (79) 72 0 6 289 (146) (146) (38) 325 1 59 (183) (196) (22) (142) 23 54 (2) 61 224 (2) – 861 33 15 17 13 0 82 201 (7) 5 664 a. We are able to claim certain allowances, incentives and tax deductions unique to extractive industries that result in a lower effective tax rate. b. We operate in multiple foreign tax jurisdictions that have tax rates different than the Canadian statutory rate. The more significant items impacting income tax expense in 2023 and 2022 include the following: Currency Translation Current and deferred tax balances are subject to remeasurement for changes in foreign currency exchange rates each period. This is required in countries where tax is paid in local currency and the subsidiary has a different functional currency (typically US dollars). The most significant relate to Argentine and Malian tax balances. In 2023 a tax expense of $289 million arose from translation losses on tax balances, mainly due to the weakening of the Argentine peso and strengthening of the West African CFA franc against the US dollar. In 2022, a tax expense of $59 million arose from translation losses on tax balances, mainly due to the weakening of the Argentine peso and the West African CFA franc against the US dollar. These net translation losses are included within income tax expense. Withholding Taxes In 2023, we have recorded $5 million (2021: $66 million) of dividend withholding taxes related to the undistributed earnings of our subsidiaries in Saudi Arabia. We have also recorded $26 million (2022: $36  million, related to Tanzania and the United States) of dividend withholding taxes related to the distributed earnings of our subsidiaries in Saudi Arabia, Tanzania and the United States. Accounting for Joint Ventures and Associates NGM is a limited liability company treated as a flow through partnership for US tax purposes. The partnership is not subject to federal income tax directly, but each of its partners is liable for tax on its share of the profits of the partnership. As such, Barrick accounts for its current and deferred income tax associated with the investment (61.5% share) following the principles in IAS 12. Mining Taxes NGM is subject to a Net Proceeds of Minerals tax in Nevada at a rate of 5% and the tax expense recorded in 2023 was $105  million (2022: $88 million). The other significant mining tax is the Dominican Republic’s Net Profits Interest tax, which is determined based on cash flows as defined by the Pueblo Viejo Special Lease Agreement. A tax expense of $nil (2022: $110  million) was recorded for this in 2023. Both taxes are included on a consolidated basis in the Company’s consolidated statements of income. United States Tax Reform In August  2022, President Joe Biden signed the Inflation Reduction Act (“the Act”) into law. The Act includes a 15% corporate alternative minimum tax (“CAMT”) that is imposed on applicable financial statement income and therefore would be considered in scope for IAS 12 given it is a tax on profits. The CAMT is effective for tax years beginning after December  31, 2022 and CAMT credit carryforwards have an indefinite life. Barrick is subject to CAMT because the Company meets the applicable income thresholds for a foreign- parented multi-national group. We are awaiting the final US Treasury Regulations detailing the application of CAMT. For 2023, the deferred tax asset arising from the CAMT credit carryforwards has been recognized on the basis we expect that it will be recovered against US Federal Income Tax in the future. Impairments A deferred tax recovery of $55  million (2022: deferred tax recovery of $193  million related to impairments at Veladero, Long Canyon and Lumwana) was recorded primarily related to the impairment at Long Canyon. 110 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS FINANCIAL CONDITION REVIEW Summary Balance Sheet and Key Financial Ratios ($ millions, except ratios and share amounts) As at December 31 Total cash and equivalents Current assets Non-current assets Total Assets Current liabilities excluding short-term debt Non-current liabilities excluding long-term debta Debt (current and long-term) Total Liabilities Total shareholders’ equity Non-controlling interests Total Equity Total common shares outstanding (millions of shares) Key Financial Ratios: Current ratiob Debt-to-equityc 2023 4,148 3,290 38,373 45,811 2,345 6,738 4,726 13,809 23,341 8,661 32,002 1,756 3.16:1 0.15:1 2022 4,440 4,025 37,500 45,965 3,107 6,787 4,782 14,676 22,771 8,518 31,289 1,755 2.71:1 0.15:1 2021 5,280 2,969 38,641 46,890 2,071 7,362 5,150 14,583 23,857 8,450 32,307 1,779 3.95:1 0.16:1 a. Non-current financial liabilities as at December 31, 2023 were $5,221 million (2022: $5,314 million; 2021: $5,578 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, 2023, December 31, 2022 and December 31, 2021. c. Represents debt divided by total shareholders’ equity (including minority interest) as at December 31, 2023, December 31, 2022, and December 31, 2021. Balance Sheet Review Total assets were $45.8  billion at December  31, 2023, slightly lower than total assets at December 31, 2022. Our asset base is primarily comprised of non-current assets such as property, plant and equipment and goodwill, reflecting the capital- intensive nature of the mining business and our history of growth through acquisitions. Other significant assets include production inventories, indirect taxes recoverable and receivable, concentrate sales receivables, other government transaction and joint venture related receivables, and cash and equivalents. Total liabilities at December  31, 2023 were $13.8  billion, lower than total liabilities at December 31, 2022. Our liabilities are primarily comprised of debt, other non-current liabilities (such as provisions and deferred income tax liabilities), and accounts payable. Both total assets and total liabilities were lower than total assets and liabilities at December 31, 2022 primarily due to the restricted cash and associated financial liability owed to Antofagasta plc following the reconstitution of the Reko Diq project, which occurred on December 15, 2022. The restricted cash of $962  million was remitted to Antofagasta plc to extinguish the financial liability during the second quarter of 2023. Shareholders’ Equity February 6, 2024 Common shares Stock options Number of shares 1,755,569,554 – Financial Position and Liquidity We believe we have sufficient financial resources to meet our business requirements for the foreseeable future, including capital expenditures, interest payments, environmental working capital requirements, rehabilitation, securities buybacks and dividends. Total cash and cash equivalents as at December  31, 2023 were $4.1  billion. Our capital structure comprises a mix of debt, non- controlling interest (primarily at NGM) and shareholders’ equity. As at December 31, 2023, our total debt was $4.7 billion (debt, net of cash and equivalents was $578  million) and our debt-to-equity ratio was 0.15:1. This compares to debt as at December 31, 2022 of $4.8 billion (debt, net of cash and cash equivalents was $342 million), and a debt- to-equity ratio of 0.15:1. In 2024, we have capital commitments of $258 million and expect to incur attributable sustaining and project capital expenditures6 of approximately $2,500 to $2,900 million based on our guidance range on page 65. In 2024, we have contractual obligations and commitments of $895 million in purchase obligations for supplies and consumables. In addition, we have $285  million in interest payments and other amounts as detailed in the table on page 114. We expect to fund these commitments through operating cash flow, which is our primary source of liquidity, as well as existing cash balances as necessary. As discussed on page 63, at the February 13, 2024 meeting, the Board of Directors authorized a new share buyback program for the purchase of up to $1 billion of Barrick’s outstanding common shares over the next 12 months. We did not purchase any shares in 2023 under the prior share buyback program, which was terminated following the authorization of the new program. 111 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS We also have a performance dividend policy that will enhance the return to shareholders when the Company has excess liquidity. In addition to our base dividend, the amount of the performance dividend on a quarterly basis will be based on the amount of cash, net of debt, on our consolidated balance sheet at the end of each quarter as per the schedule below. Performance Dividend Level Level I Level II Level III Level IV Threshold Level Net cash <$0 Net cash >$0 and <$0.5B Net cash >$0.5B and <$1B Net cash >$1B Quarterly Base Dividend Quarterly Performance Dividend Quarterly Total Dividend $0.10 per share $0.10 per share $0.00 per share $0.05 per share $0.10 per share $0.15 per share $0.10 per share $0.10 per share $0.20 per share $0.10 per share $0.15 per share $0.25 per share The declaration and payment of dividends is at the discretion of the Board of Directors, and will depend on the Company’s financial results, cash requirements, future prospects, the number of outstanding common shares, and other factors deemed relevant by the Board. We also repurchased approximately $43  million notional of debt securities at a discount to par in the fourth quarter of 2023. We may pursue additional selective repurchases in the future. Our operating cash flow is dependent on the ability of our operations to deliver projected future cash flows. The market prices of gold, and to a lesser extent, copper, are the primary drivers of our operating cash flow. Other options to enhance liquidity include further portfolio optimization and the creation of new joint ventures and partnerships; issuance of equity securities in the public markets or to private investors, which could be undertaken for liquidity enhancement and/ or in connection with establishing a strategic partnership; issuance of long-term debt securities in the public markets or to private investors (Moody’s and S&P currently rate Barrick’s outstanding long-term debt as investment grade, with ratings of A3 and BBB+, respectively); and drawing on the $3.0 billion available under our undrawn Credit Facility (subject to compliance with covenants and the making of certain representations and warranties, this facility is available for drawdown as a source of financing). In May 2023, we completed an amendment of our undrawn $3.0  billion revolving Credit Facility, including an extension of the termination date by one year to May  2028. The revolving Credit Facility incorporates sustainability-linked metrics that are made up of annual environmental and social performance targets directly influenced by Barrick’s actions, rather than based on external ratings. The performance targets include Scope 1 and Scope 2 GHG emissions intensity, water use efficiency (reuse and recycling rates), and TRIFR8. Barrick may incur positive or negative pricing adjustments on drawn credit spreads and standby fees based on its sustainability performance versus the targets that have been set. The Credit Facility was undrawn as at December 31, 2023. The key financial covenant in our undrawn credit facility requires Barrick to maintain a net debt to total capitalization ratio of less than 0.60:1. Barrick’s net debt to total capitalization ratio was 0.02:1 as at December 31, 2023 (0.01:1 as at December 31, 2022). Summary of Cash Inflow (Outflow) ($ millions) For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 Net cash provided by operating activities Investing activities Capital expenditures Investment (purchases) sales Dividends received from equity method investments Divestitures Other Total investing outflows Financing activities Net change in debta Dividendsb Net disbursements to non-controlling interests Share buyback program Return of Capital Other Total financing outflows Effect of exchange rate Increase (decrease) in cash and equivalents 997 1,127 3,732 3,481 4,378 (861) (768) (3,086) (3,049) (2,435) (26) 3 (23) 381 (46) 114 0 7 74 0 2 273 0 20 869 0 88 520 27 37 (766) (689) (2,816) (1,711) (1,897) (45) (176) (3) (56) (395) (175) (700) (1,143) (27) (634) (138) (162) (514) (833) (1,092) 0 0 17 0 0 7 0 0 65 (424) 0 191 0 (750) 115 (342) (333) (1,205) (2,604) (2,388) (2) (1) (3) (6) (1) (113) 104 (292) (840) 92 a. The difference between the net change in debt on a cash basis and the net change on the balance sheet is due to changes in non-cash charges, specifically the unwinding of discounts and amortization of debt issue costs. b. For the three months and year ended December 31, 2023, we declared and paid dividends per share in US dollars totaling $0.10 and $0.40, respectively (September  30, 2023: declared and paid $0.10; 2022: declared and paid $0.65; 2021: declared and paid $0.36). Q4 2023 compared to Q3 2023 In the fourth quarter of 2023, we generated $997 million in operating cash flow, compared to $1,127  million in the prior quarter. The decrease of $130 million was primarily due to higher interest paid as a result of the timing of semi-annual interest payments on our bonds, which occur in the second and fourth quarters. This was combined with an increased unfavorable movement in working capital, mainly in accounts receivable driven by higher gold prices and higher sales volumes, partially offset by a favorable movement in inventory. Operating cash flow was further impacted by an increase in total/C1 cash costs per ounce/pound6, partially offset by a higher realized gold price6 and higher gold sales volume. Cash outflows from investing activities in the fourth quarter of 2023 were $766 million, compared to $689 million in the prior quarter. The increased outflow of $77 million was primarily due to an increase in capital expenditures primarily due to the continued development of the TS Solar project at NGM, combined with the progress at the Yalea South project at Loulo-Gounkoto. This was combined with our additional investment in Hercules Silver Corp., partially offset by an increase in dividends received from equity method investments, in particular Kibali. 112 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Net financing cash outflows for the fourth quarter of 2023 amounted to $342  million, compared to $333  million in the prior quarter. The increase of $9 million was primarily due to the repurchase of approximately $43 million notional of debt securities at a discount to par in the fourth quarter of 2023, partially offset by lower net disbursements to non-controlling interests, primarily to Newmont in relation to their interest in NGM. 2023 compared to 2022 In 2023, we generated $3,732 million in operating cash flow, compared to $3,481  million in the prior year. The increase of $251  million was primarily due to lower cash taxes paid and higher interest received on our cash balances resulting from an increase in market interest rates. This was partially offset by an increased unfavorable movement in working capital, mainly in accounts receivable and accounts payable, partially offset by a favorable movement in inventory and other current assets. Operating cash flow was further impacted by an increase in total/C1 cash costs per ounce/pound6, partially offset by a higher realized gold price6 and higher gold sales volume. Summary of Financial Instrumentsa As at December 31, 2023 Cash outflows from investing activities for 2023 were $2,816 million compared to $1,711  million in the prior year. The increased outflow of $1,105 million was primarily due to lower cash dividends received from equity method investments, in particular Kibali, combined with proceeds received from investment sales in the prior year (which included the sale of our interests in Endeavour Mining, Skeena Resources Ltd., i-80 Gold Corp. and Perpetua Resources Corp), and higher capital expenditures. Net financing cash outflows for 2023 amounted to $1,205 million, compared to $2,604  million in the prior year. The lower outflow of $1,399 million is primarily due to lower dividends paid in the current year and the repurchase of shares under the share buyback program in the prior year. This was combined with the repurchase of $375 million (notional value) of our 5.250% Notes due in 2042 in the prior year and a decrease in net disbursements paid to non-controlling interests, primarily to Newmont in relation to their interest in NGM. Financial Instrument Principal/Notional Amount Associated Risks Cash and equivalents Accounts receivable Notes receivable Kibali joint venture receivable Norte Abierto joint venture partner receivable Restricted cash Other investments Accounts payable Debt Other liabilities Restricted share units Deferred share units $4,148 million Interest rate • • Credit $693 million • Credit • Market $187 million $505 million $81 million $101 million Interest rate • • Credit Interest rate • • Credit Interest rate • • Credit Interest rate • • Credit $131 million • Liquidity $1,503 million • Liquidity $4,747 million • Interest rate $574 million • Liquidity $34 million • Market $18 million • Market a. Refer to notes 25, 26 and 28 to the Financial Statements for more information regarding financial instruments, fair value measurements and financial risk management, respectively. 113 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS COMMITMENTS AND CONTINGENCIES Litigation and Claims We are currently subject to various litigation proceedings as disclosed in note 35 to the Financial Statements, and we may be involved in disputes with other parties in the future that may result in litigation. If we are unable to resolve these disputes favorably, it may have a material adverse impact on our financial condition, cash flow and results of operations. Contractual Obligations and Commitments In the normal course of business, we enter into contracts that give rise to commitments for future minimum payments. The following table summarizes the remaining contractual maturities of our financial liabilities and operating and capital commitments shown on an undiscounted basis: ($ millions) Debta Repayment of principal Capital leases Interest Provisions for environmental rehabilitationb Restricted share units Pension benefits and other post-retirement benefits Purchase obligations for supplies and consumablesc Capital commitmentsd Social development costse Other obligationsf Total Payments due as at December 31, 2023 2024 2025 2026 2027 2028 2029 and thereafter 0 11 285 279 25 5 895 258 26 37 1,821 12 10 285 169 9 5 240 0 15 46 791 47 9 282 116 0 5 179 0 11 53 702 0 9 279 91 0 5 173 0 3 51 611 0 3 278 172 0 4 148 0 4 49 658 4,632 14 2,938 1,775 0 51 192 0 55 505 Total 4,691 56 4,347 2,602 34 75 1,827 258 114 741 10,162 14,745 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, 2023. 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 a supply of consumables such as acid, tires 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 $14 million in 2029 and thereafter related to the funding of a power transmission line in Argentina. f. Other obligations includes the Pueblo Viejo joint venture partner shareholder loan, the deposit on the Pascua-Lama silver sale agreement with Wheaton Precious Metals Corp., and minimum royalty payments. REVIEW OF QUARTERLY RESULTS Quarterly Informationa ($ millions, except where indicated) Revenues Realized price per ounce – goldb Realized price per pound – copperb Cost of sales Net earnings (loss) Per share (dollars)c Adjusted net earningsb Per share (dollars)b,c Operating cash flow Cash consolidated capital expendituresd Free cash flowb 2023 2022 Q4 3,059 1,986 3.78 2,139 479 0.27 466 0.27 997 861 136 Q3 2,862 1,928 3.78 1,915 368 0.21 418 0.24 1,127 768 359 Q2 2,833 1,972 3.70 1,937 305 0.17 336 0.19 832 769 63 Q1 2,643 1,902 4.20 1,941 120 0.07 247 0.14 776 688 88 Q4 2,774 1,728 3.81 2,093 (735) (0.42) 220 0.13 795 891 (96) Q3 2,527 1,722 3.24 1,815 241 0.14 224 0.13 758 792 (34) Q2 2,859 1,861 3.72 1,850 488 0.27 419 0.24 924 755 169 Q1 2,853 1,876 4.68 1,739 438 0.25 463 0.26 1,004 611 393 a. Sum of all the quarters may not add up to the annual total due to rounding. b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&A. 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. 114 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Our recent financial results reflect our emphasis on cost discipline, an agile management structure that empowers our site based leadership teams and a portfolio of Tier One Gold Assets1. This, combined with a trend of historically elevated gold and copper prices, has resulted in strong operating cash flows over several quarters. The positive free cash flow6 generated, together with the proceeds from various divestitures, have allowed us to continue to reinvest in our business, strengthen our balance sheet and to return surplus funds to shareholders. Net earnings has also been impacted by the following items in each quarter, which have been excluded from adjusted net earnings6. In the fourth quarter of 2023, we recorded a gain of $352  million as the conditions for the reopening of the Porgera mine were completed on December  22, 2023. In addition, we recorded a long-lived asset impairment of $143  million (net of tax and non-controlling interests) at Long Canyon. In the first quarter of 2023, we recorded a loss on currency translation of $38  million, mainly related to the devaluation of the Zambian kwacha, and a $30  million commitment towards the expansion of education infrastructure in Tanzania per our community investment obligations under the Twiga partnership. In the fourth quarter of 2022, we recorded a goodwill impairment of $950  million (net of non-controlling interests) related to Loulo-Gounkoto, a non-current asset impairment of $318  million (net of tax) and a net realizable value impairment of leach pad inventory of $27 million (net of tax) at Veladero, and a non-current asset impairment of $42 million (net of tax and non-controlling interests) at Long Canyon. In addition, we recorded an impairment reversal of $120  million and a gain of $300  million following the completion of the transaction allowing for the reconstitution of the Reko Diq project. INTERNAL CONTROL OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES Management is responsible for establishing and maintaining adequate internal control over financial reporting and disclosure controls and procedures. Internal control over financial reporting is a framework designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. The Company’s internal control over financial reporting framework includes those policies and procedures that: (i)  pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii)  provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the Company’s consolidated financial statements. Disclosure controls and procedures form a broader framework designed to provide reasonable assurance that other financial information disclosed publicly fairly presents in all material respects the financial condition, results of operations and cash flows of the Company for the periods presented in this MD&A and Barrick’s Annual Report. The Company’s disclosure controls and procedures framework includes processes designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to management by others within those entities to allow timely decisions regarding required disclosure. Together, the internal control over financial reporting and disclosure controls and procedures frameworks provide internal control over financial reporting and disclosure. Due to its inherent limitations, internal control over financial reporting and disclosure may not prevent or detect all misstatements. Further, the effectiveness of internal control is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may change. There were no changes in the Company’s internal control over financial reporting during the year ended December  31, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. The management of Barrick, at the direction of our President and Chief Executive Officer and Senior Executive Vice-President, Chief Financial Officer, evaluated the effectiveness of the design and operation of internal control over financial reporting as of the end of the period covered by this report based on the framework and criteria established in Internal Control  – Integrated Framework (2013) as issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, management concluded that the Company’s internal control over financial reporting was effective as at December 31, 2023. Barrick’s annual management report on internal control over financial reporting and the integrated audit report of Barrick’s auditors for the year ended December  31, 2023 will be included in Barrick’s 2023 Annual Report and its 2023 Form 40-F/Annual Information Form to be filed with the US Securities and Exchange Commission and Canadian provincial securities regulatory authorities. IFRS CRITICAL ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES Management has discussed the development and selection of our critical accounting estimates with the Audit & Risk Committee of the Board of Directors, and the Audit & Risk Committee has reviewed the disclosure relating to such estimates in conjunction with its review of this MD&A. The accounting policies and methods we utilize determine how we report our financial condition and results of operations, and they may require Management to make estimates or rely on assumptions about matters that are inherently uncertain. The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the IASB under the historical cost convention, as modified by revaluation of certain financial assets, derivative contracts and post-retirement assets. Our significant accounting policies are disclosed in note 2 to the Financial Statements, including a summary of current and future changes in accounting policies. Critical Accounting Estimates and Judgments Certain accounting estimates have been identified as being “critical” to the presentation of our financial condition and results of operations because they require us to make subjective and/or complex judgments about matters that are inherently uncertain; or there is a reasonable likelihood that materially different amounts could be reported under different conditions or using different assumptions and estimates. Our significant accounting judgments, estimates and assumptions are disclosed in note 3 to the accompanying Financial Statements. NON-GAAP FINANCIAL MEASURES Adjusted Net Earnings and Adjusted Net Earnings per Share Adjusted net earnings is a non-GAAP financial measure which excludes the following from net earnings: • Impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments; • Acquisition/disposition gains/losses; • Foreign currency translation gains/losses; • Significant tax adjustments; • Other items that are not indicative of the underlying operating performance of our core mining business; and • Tax effect and non-controlling interest of the above items. 115 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/ disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Furthermore, foreign currency translation gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented. The tax effect and non-controlling interest of the adjusting items are also excluded to reconcile the amounts to Barrick’s share on a post- tax basis, consistent with net earnings. As noted, we use internal purposes. this measure Management’s internal budgets and forecasts and public guidance do not reflect the types of items we adjust for. Consequently, the for presentation of adjusted net earnings enables investors and analysts to better understand the underlying operating performance of our core mining business through the eyes of management. Management periodically evaluates the components of adjusted net earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business segments and a review of the non-GAAP financial measures used by mining industry analysts and other mining companies. Adjusted net earnings is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure. 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) 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 For the three months ended For the years ended Net earnings attributable to equity holders of the Company Impairment charges (reversals) related to non-current assetsa Acquisition/disposition gainsb Loss on currency translation Significant tax adjustmentsc Other expense (income) adjustmentsd Non-controlling intereste Tax effecte Adjusted net earnings Net earnings per sharef Adjusted net earnings per sharef 479 289 (354) 37 120 41 (89) (57) 466 0.27 0.27 368 0 (4) 30 19 (5) 4 6 418 0.21 0.24 1,272 312 (364) 93 220 96 (98) (64) 1,467 0.72 0.84 432 1,671 (405) 16 95 17 (274) (226) 1,326 0.24 0.75 2,022 (63) (213) 29 125 73 64 28 2,065 1.14 1.16 a. Net impairment charges for the three months and year ended December 31, 2023 mainly relate to a long-lived asset impairment at Long Canyon. For the year ended December 31, 2022, net impairment charges 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. b. Acquisition/disposition gains for the three months and year ended December  31, 2023 primarily relate to a gain on the reopening of the Porgera mine as the conditions for the reopening were completed on December 22, 2023. For the year ended December 31, 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50% and the sale of two royalty portfolios. c. Significant tax adjustments in 2023 primarily relate to deferred tax recoveries as a result of net impairment charges; foreign currency translation gains and losses on tax balances; the resolution of uncertain tax positions; the impact of prior year adjustments; the impact of nondeductible foreign exchange losses; and the recognition and derecognition of deferred tax assets. In 2022, significant tax adjustments primarily relate to deferred tax recoveries 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 derecognition of deferred tax assets. d. Other expense (income) adjustments for the three months and year ended December 31, 2023 mainly relate to changes in the discount rate assumptions on our closed mine rehabilitation provision and care and maintenance expenses at Porgera. The year ended December 31, 2023 was further impacted by the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. For the year ended December 31, 2022, other expense (income) adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero, care and maintenance expenses at Porgera and supplies obsolescence write-off at Bulyanhulu and North Mara. e. Non-controlling interest and tax effect for the current year primarily relates to impairment charges (reversals) related to non-current assets. f. Calculated using weighted average number of shares outstanding under the basic method of earnings per share. Free Cash Flow Free cash flow is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure. 116 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow ($ millions) Net cash provided by operating activities Capital expenditures Free cash flow Capital Expenditures Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs per ounce and all-in costs per ounce. For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 997 (861) 136 1,127 (768) 359 3,732 (3,086) 646 3,481 (3,049) 432 4,378 (2,435) 1,943 Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure. Reconciliation of the Classification of Capital Expenditures ($ millions) Minesite sustaining capital expenditures Project capital expenditures Capitalized interest Total consolidated capital expenditures Total cash costs per ounce, All-in sustaining costs per ounce, All-in costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound Total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce are non-GAAP financial measures which are calculated based on the definition published by the WGC (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and its ability to generate positive cash flow, both on an individual site basis and an overall company basis. Total cash costs start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and includes by-product credits. All-in sustaining costs start with total cash costs and includes sustaining capital expenditures, leases, general and administrative costs, minesite sustaining exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels. All-in costs starts with all-in sustaining costs and adds additional costs that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures (capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life) and other non-sustaining costs (primarily non- sustaining leases, exploration and evaluation costs, community relations costs and general and administrative costs that are not associated with current operations). These definitions recognize that there are different costs associated with the life-cycle of a mine, and that it is therefore appropriate to distinguish between sustaining and non-sustaining costs. We believe that our use of total cash costs, all-in sustaining costs and all-in costs will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. Due to the capital-intensive nature of the industry For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 569 278 14 861 529 227 12 768 2,076 969 41 3,086 2,071 949 29 3,049 1,673 747 15 2,435 and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is being generated by a mine and therefore we believe these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization. Total cash costs per ounce, all-in sustaining costs and all-in costs are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently. In addition to presenting these metrics on a by-product basis, we have calculated these metrics on a co-product basis. Our co-product metrics remove the impact of other metal sales that are produced as a by-product of our gold production from cost per ounce calculations but does not reflect a reduction in costs for costs associated with other metal sales. C1 cash costs per pound and all-in sustaining costs per pound are non-GAAP financial measures related to our copper mine operations. We believe that C1 cash costs per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. C1 cash costs per pound excludes royalties and non-routine charges as they are not direct production costs. All-in sustaining costs per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. All-in sustaining costs per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, reclamation cost accretion and amortization and write-downs taken on inventory to net realizable value. 117 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS 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 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 For the three months ended For the years ended Cost of sales applicable to gold production Depreciation Cash cost of sales applicable to equity method investments By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interest, copper operations and other All-in sustaining costs Global exploration and evaluation and project expense Community relations costs not related to current operations Project capital expenditures Non-sustaining leases Rehabilitation – accretion and amortization (non-operating sites) Non-controlling interest and copper operations and other All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) a b c d e f g d e f g h i,j j j,k j j,k j j,k 1,928 (471) 65 (66) 0 6 (432) 1,030 29 4 569 7 20 1,736 (427) 65 (65) 0 7 (380) 936 30 11 529 7 14 (230) 1,429 (238) 1,289 99 1 278 0 7 (112) 1,702 1,042 1,359 982 1,026 1,364 1,408 1,627 1,671 75 0 227 0 6 (101) 1,496 1,027 1,277 912 954 1,255 1,297 1,457 1,499 7,178 (1,756) 260 (252) 0 18 (1,578) 3,870 126 40 2,076 30 63 (824) 5,381 321 2 969 0 25 (423) 6,275 4,024 1,334 960 1,002 1,335 1,377 1,557 1,599 6,813 (1,756) 222 (225) (23) (23) (1,442) 3,566 159 75 2,071 38 50 (900) 5,059 275 0 949 0 19 (327) 5,975 4,141 1,241 862 897 1,222 1,257 1,443 1,478 6,504 (1,889) 217 (285) 0 (48) (1,261) 3,238 151 64 1,673 41 50 (636) 4,581 223 0 747 0 13 (240) 5,324 4,468 1,093 725 765 1,026 1,066 1,192 1,232 a. b. c. d. e. 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. Other Other adjustments for the three months and year ended December 31, 2023 include the removal of total cash costs and by-product credits associated with assets which are producing incidental ounces, of $nil and $3 million, respectively (September 30, 2023: $nil; 2022: $24 million; 2021: $51 million). This includes Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021 and Buzwagi starting in the fourth quarter of 2021. Non-controlling interests Non-controlling interests include non-controlling interests related to gold production of $594  million and $2,192  million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $536 million; 2022: $2,032 million; 2021: $1,923 million). Non-controlling interests include NGM, 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. 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 108 of this MD&A. 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 2023 were the plant expansion project at Pueblo Viejo and the solar projects at NGM and Loulo-Gounkoto. Refer to page 107 of this MD&A. 118 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS f. g. h. i. j. k. 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. 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, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu and Buzwagi (up until the third quarter of 2021) operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. Figures remove the impact of Pierina, Golden Sunlight, Lagunas Norte up until its divestiture in June 2021 and Buzwagi starting 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 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 General & administrative costs Minesite exploration and evaluation costs Rehabilitation – accretion and amortization (operating sites) Minesite sustaining capital expenditures All-in sustaining costs total Global exploration and evaluation and project costs Project capital expenditures All-in costs total 7 (2) (6) (229) (230) (40) (72) (112) (5) (4) (5) (224) (238) (29) (72) (101) (9) (14) (21) (780) (824) (118) (305) (423) (31) (27) (16) (826) (900) (32) (295) (327) (21) (19) (14) (582) (636) (19) (221) (240) Ounces sold – equity basis Figures remove the impact of Pierina, Golden Sunlight, 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. Cost of sales per ounce Figures remove the cost of sales impact of Pierina of $nil and $3 million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $nil; 2022: $24 million; 2021: $20 million); Golden Sunlight of $nil and $nil, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $nil; 2022: $nil; 2021: $nil); up until its divestiture in June 2021, Lagunas Norte of $nil and $nil, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $nil; 2022: $nil; 2021: $37 million); and starting in the fourth quarter of 2021, Buzwagi of $nil and $nil, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $nil; 2022: $nil; 2021: $nil), which are producing incidental ounces. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Per ounce figures Cost of sales per ounce, cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding. Co-product costs per ounce Cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis remove the impact of by-product credits of our gold production (net of non-controlling interest) calculated as: ($ millions) For the three months ended For the years ended By-product credits Non-controlling interest By-product credits (net of non-controlling interest) 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 66 (20) 46 65 (22) 43 252 (81) 171 225 (78) 147 285 (108) 177 119 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS 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) Footnote Carlina Cortez Turquoise Ridge Long Canyon Phoenixa 443 (77) 0 0 (6) (139) 221 0 2 361 (118) (1) 0 0 (93) 149 0 1 174 100 0 3 (70) 330 0 3 (1) 332 220 1,219 1,006 1,008 1,506 1,508 1,513 0 5 (40) 215 0 29 (11) 233 164 1,353 909 911 1,309 1,311 1,416 197 (51) (1) 0 0 (55) 90 0 1 28 0 0 (11) 108 0 2 (1) 109 86 1,419 1,046 1,053 1,257 1,264 1,275 6 (4) 0 0 0 0 2 0 0 0 0 0 0 2 0 0 0 2 2 102 (21) (38) 0 8 (19) 32 0 0 9 1 2 (5) 39 0 0 0 39 39 2,193 990 992 1,074 1,076 1,074 1,576 787 1,258 981 1,452 981 For the three months ended 12/31/23 Nevada Gold Minesb Hemlo North America 1,114 (273) (40) 0 1 (307) 495 0 5 314 1 10 (128) 697 0 126 (49) 774 511 1,331 968 1,007 1,366 1,405 1,518 53 (7) 0 0 0 0 46 0 0 8 0 0 0 54 0 0 0 54 33 1,618 1,407 1,413 1,671 1,677 1,700 1,167 (280) (40) 0 1 (307) 541 0 5 322 1 10 (128) 751 0 126 (49) 828 544 1,348 995 1,032 1,385 1,422 1,529 1,515 1,418 1,282 1,076 1,452 1,557 1,706 1,566 Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) c d e f g e f h,i i i,j i i,j i i,j 120 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS ($ millions, except per ounce information in dollars) For the three months ended 12/31/23 Footnote Pueblo Viejo Veladero Latin America & Asia Pacific Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) c d e f g e f h,i i i,j i i,j i i,j 235 (66) (11) 0 0 (63) 95 0 0 51 0 2 (21) 127 2 15 (8) 136 89 1,588 1,070 1,141 1,428 1,499 1,532 1,603 64 (14) (2) 0 0 0 48 0 1 17 0 0 0 66 0 5 0 71 46 1,378 1,021 1,070 1,403 1,452 1,508 1,557 299 (80) (13) 0 0 (63) 143 0 1 68 0 2 (21) 193 2 20 (8) 207 135 1,524 1,049 1,110 1,428 1,489 1,558 1,619 121 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Footnote Loulo- Gounkoto Kibali 105 (37) 0 0 0 0 68 0 0 5 2 0 0 75 0 15 0 90 92 205 (59) 0 0 0 (29) 117 0 0 37 0 1 (8) 147 0 56 (11) 192 127 1,296 1,141 924 925 1,168 1,169 1,521 1,522 737 742 819 824 988 993 For the three months ended 12/31/23 North Mara Tongon Bulyanhulu Africa & Middle East 103 (22) (1) 0 0 (12) 68 0 0 24 0 1 (4) 89 0 39 (6) 122 61 1,420 1,103 1,119 1,449 1,465 1,985 2,001 70 (14) 0 0 0 (7) 49 0 0 15 0 4 (2) 66 0 0 0 66 42 1,489 1,184 1,190 1,586 1,592 1,586 1,592 69 (15) (6) 0 0 (7) 41 0 0 18 0 0 (2) 57 0 16 (3) 70 41 1,413 1,002 1,112 1,376 1,486 1,692 1,802 552 (147) (7) 0 0 (55) 343 0 0 99 2 6 (16) 434 0 126 (20) 540 363 1,313 945 962 1,198 1,215 1,491 1,508 c d e f g e f h,i i i,j i i,j i i,j ($ millions, except per ounce information in dollars) Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) 122 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS ($ millions, except per ounce information in dollars) Footnote Carlina Cortez Turquoise Ridge Long Canyon Phoenixa For the three months ended 9/30/23 Nevada Gold Minesb Hemlo North America Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) c d e f g e f h,i i i,j i i,j i i,j 458 (83) (1) 0 (5) (142) 227 0 6 169 0 3 (69) 336 0 0 0 336 238 1,166 953 954 1,409 1,410 1,409 273 (88) 0 0 0 (72) 113 0 2 62 0 5 (27) 155 0 29 (11) 173 135 1,246 840 844 1,156 1,160 1,290 164 (45) (1) 0 0 (45) 73 0 1 19 0 1 (8) 86 0 2 (1) 87 78 1,300 938 944 1,106 1,112 1,114 1,410 1,294 1,120 6 (3) 0 0 0 (1) 2 0 0 0 0 0 0 2 0 0 0 2 2 1,832 778 779 831 832 831 832 96 (18) (41) 0 6 (17) 26 0 1 10 0 1 (4) 34 0 0 0 34 27 2,235 1,003 1,812 1,264 2,073 1,264 997 (237) (43) 0 2 (277) 442 0 10 264 1 10 (110) 617 0 82 (31) 668 480 1,273 921 968 1,286 1,333 1,389 53 (6) (1) 0 0 0 46 0 0 9 1 0 0 56 0 3 0 59 31 1,721 1,502 1,508 1,799 1,805 1,912 1,050 (243) (44) 0 2 (277) 488 0 10 273 2 10 (110) 673 0 85 (31) 727 511 1,300 956 1,001 1,317 1,362 1,421 2,073 1,436 1,918 1,466 123 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS ($ millions, except per ounce information in dollars) For the three months ended 9/30/23 Footnote Pueblo Viejo Veladero Latin America & Asia Pacific Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) c d e f g e f h,i i i,j i i,j i i,j 195 (65) (8) 0 0 (49) 73 0 0 44 0 1 (19) 99 0 46 (18) 127 77 1,501 935 995 1,280 1,340 1,640 1,700 64 (15) (3) 0 0 0 46 0 1 13 0 0 0 60 0 2 0 62 47 1,376 988 1,050 1,314 1,376 1,349 1,411 259 (80) (11) 0 0 (49) 119 0 1 57 0 1 (19) 159 0 48 (18) 189 124 1,468 953 1,014 1,304 1,365 1,584 1,645 124 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS ($ millions, except per ounce information in dollars) For the three months ended 9/30/23 Footnote Loulo- Gounkoto Kibali North Mara Tongon Bulyanhulu Africa & Middle East Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) c d e f g e f h,i i i,j i i,j i i,j 198 (57) 0 0 0 (28) 113 0 0 53 (1) 1 (10) 156 0 33 (7) 182 145 112 (44) (1) 0 0 0 67 0 0 8 2 2 0 79 0 8 0 87 97 1,087 1,152 773 774 1,068 1,069 1,249 1,250 694 698 801 805 881 885 88 (17) (1) 0 0 (11) 59 0 0 29 0 1 (5) 84 0 26 (4) 106 59 1,244 999 1,007 1,429 1,437 1,802 1,810 74 (10) (1) 0 0 (6) 57 0 0 6 0 (1) (1) 61 0 0 0 61 46 1,423 1,217 1,222 1,331 1,336 1,331 1,336 68 (16) (6) 0 0 (7) 39 0 0 14 0 0 (2) 51 0 11 (2) 60 45 1,261 859 973 1,132 1,246 1,335 1,449 540 (144) (9) 0 0 (52) 335 0 0 110 1 3 (18) 431 0 78 (13) 496 392 1,186 850 866 1,095 1,111 1,261 1,277 125 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS For the year ended 12/31/2023 Nevada Gold Minesb Hemlo North America 4,109 (961) (166) 0 9 (1,151) 1,840 0 36 221 (28) (1) 0 0 0 192 0 0 4,330 (989) (167) 0 9 (1,151) 2,032 0 36 1,063 37 1,100 3 38 (440) 2,540 0 335 (129) 2 1 0 232 0 4 0 5 39 (440) 2,772 0 339 (129) 393 (76) (157) 0 28 (72) 116 0 1 31 2 5 (15) 140 0 0 0 140 2,746 236 2,982 120 2,011 961 1,623 1,162 1,824 1,162 1,860 1,351 989 1,035 1,366 1,412 1,477 139 1,589 1,382 1,387 1,672 1,677 1,712 1,999 1,368 1,017 1,060 1,388 1,431 1,493 1,824 1,523 1,717 1,536 ($ millions, except per ounce information in dollars) Footnote Carlina Cortez Turquoise Ridge Long Canyon Phoenixa Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) c d e f g e f h,i i i,j i i,j i i,j 1,789 (314) (2) 0 (19) (561) 893 0 23 605 0 12 (248) 1,285 0 3 (1) 1,287 865 1,254 1,033 1,035 1,486 1,488 1,488 1,174 (364) (3) 0 0 (311) 496 0 5 310 0 19 (128) 702 0 112 (43) 771 548 1,318 906 909 1,282 1,285 1,407 722 (189) (4) 0 0 (203) 326 0 5 100 0 2 (41) 392 0 10 (4) 398 318 1,399 1,026 1,033 1,234 1,241 1,251 1,490 1,410 1,258 26 (16) 0 0 0 (3) 7 0 0 0 0 0 0 7 0 0 0 7 9 1,789 724 726 779 781 779 781 126 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS ($ millions, except per ounce information in dollars) For the year ended 12/31/2023 Footnote Pueblo Viejo Veladero Latin America & Asia Pacific Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) c d e f g f g h,i i i,j i i,j i j,k 791 (255) (37) 0 0 (201) 298 0 0 195 0 6 (80) 419 2 197 (80) 538 335 1,418 889 958 1,249 1,318 1,604 1,673 263 (69) (9) 0 0 0 185 0 5 85 1 1 0 277 0 14 0 291 182 1,440 1,011 1,061 1,516 1,566 1,591 1,641 1,054 (324) (46) 0 0 (201) 483 0 5 280 1 7 (80) 696 2 211 (80) 829 517 1,441 931 993 1,358 1,420 1,653 1,715 127 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Footnote Loulo- Gounkoto For the year ended 12/31/2023 North Mara Tongon Bulyanhulu Africa & Middle East Kibali 419 (147) (2) 0 0 0 270 0 0 35 7 2 0 314 0 38 0 352 343 817 (247) 0 0 0 (114) 456 0 0 221 1 3 (45) 636 0 154 (31) 759 546 365 (77) (3) 0 0 (45) 240 0 0 113 0 5 (19) 339 0 96 (15) 420 254 1,198 1,221 1,206 835 836 1,166 1,167 1,392 1,393 789 794 918 923 1,030 1,035 944 953 1,335 1,344 1,653 1,662 303 (46) (1) 0 0 (27) 229 0 0 30 1 4 (4) 260 0 0 0 260 185 1,469 1,240 1,244 1,408 1,412 1,408 1,412 282 (62) (23) 0 0 (31) 166 0 0 65 0 1 (10) 222 0 41 (7) 256 180 1,312 920 1,025 1,231 1,336 1,422 1,527 2,186 (579) (29) 0 0 (217) 1,361 0 0 464 9 15 (78) 1,771 0 329 (53) 2,047 1,508 1,251 903 919 1,176 1,192 1,359 1,375 c d e f g e f h,i i i,j i i,j i i,j ($ millions, except per ounce information in dollars) Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) 128 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS ($ millions, except per ounce information in dollars) Footnote Carlina Cortez Turquoise Ridge Long Canyon Phoenixa For the year ended 12/31/2022 Nevada Gold Minesb Hemlo North America Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) c d e f g e f h,i i i,j i i,j i i,j 1,728 (312) (2) 0 (34) (531) 849 0 20 497 1 10 (204) 1,173 0 0 0 1,173 968 1,069 877 878 1,212 1,213 1,212 850 (253) (2) 0 0 (229) 366 0 8 305 0 11 (125) 565 0 104 (40) 629 449 1,164 815 818 1,258 1,261 1,400 647 (178) (2) 0 0 (180) 287 0 7 109 0 2 (45) 360 0 50 (20) 390 278 1,434 1,035 1,039 1,296 1,300 1,405 1,213 1,403 1,409 115 (76) 0 0 0 (15) 24 0 1 0 0 1 (1) 25 0 0 0 25 55 1,282 435 436 454 455 454 455 353 (75) (139) 0 20 (61) 98 0 0 22 2 3 (11) 114 0 0 0 3,699 (895) (145) 0 (14) (1,018) 1,627 0 37 949 5 27 (394) 2,251 0 201 (78) 215 (28) (1) 0 0 0 186 0 4 42 2 2 0 3,914 (923) (146) 0 (14) (1,018) 1,813 0 41 991 7 29 (394) 236 2,487 0 0 0 0 201 (78) 114 2,374 236 2,610 106 2,039 914 1,603 1,074 1,763 1,074 1,856 1,210 876 917 1,214 1,255 1,280 132 1,628 1,409 1,415 1,788 1,794 1,789 1,988 1,238 912 951 1,252 1,291 1,314 1,763 1,321 1,795 1,353 129 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS ($ millions, except per ounce information in dollars) For the year ended 12/31/2022 Footnote Pueblo Viejo Veladero Latin America & Asia Pacific Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) c d e f g e f h,i i i,j i i,j i i,j 801 (242) (45) 0 0 (205) 309 0 1 207 0 5 (85) 437 2 377 (152) 664 426 1,132 725 788 1,026 1,089 1,558 1,621 325 (120) (4) (23) 0 0 178 0 2 120 3 2 0 305 0 33 0 338 199 1,628 890 913 1,528 1,551 1,695 1,718 1,126 (362) (49) (23) 0 (205) 487 0 3 327 3 7 (85) 742 2 410 (152) 1,002 625 1,306 777 827 1,189 1,239 1,636 1,686 130 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Footnote Loulo- Gounkoto ($ millions, except per ounce information in dollars) Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) c d e f g e f h,i i i,j i i,j i i,j Kibali 413 (178) (1) 0 0 0 234 0 3 70 6 1 0 314 0 22 0 336 332 790 (257) 0 0 0 (107) 426 0 9 190 2 3 (40) 590 0 133 (27) 696 548 1,153 1,243 778 778 1,076 1,076 1,270 1,270 703 707 948 952 1,013 1,017 For the year ended 12/31/2022 North Mara Tongon Bulyanhulu Africa & Middle East 309 (73) (2) 0 0 (38) 196 0 4 81 0 6 (14) 273 0 74 (12) 335 265 979 741 747 1,028 1,034 1,265 1,271 347 (69) (1) 0 0 (28) 249 0 4 31 2 1 (4) 283 0 1 0 284 178 1,748 1,396 1,399 1,592 1,595 1,595 1,598 295 (60) (24) 0 0 (34) 177 0 3 66 0 1 (11) 236 0 30 (5) 261 205 1,211 868 966 1,156 1,254 1,278 1,376 2,154 (637) (28) 0 0 (207) 1,282 0 23 438 10 12 (69) 1,696 0 260 (44) 1,912 1,528 1,219 839 854 1,111 1,126 1,252 1,267 131 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS ($ millions, except per ounce information in dollars) Footnote Carlina Cortez Turquoise Ridge Long Canyon Phoenixa For the year ended 12/31/2021 Nevada Gold Minesb Hemlo North America Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) c d e f g e f h,i i i,j i i,j i i,j 1,451 (276) (2) 0 0 (451) 722 0 22 424 2 10 (177) 1,003 0 0 0 1,003 922 968 782 784 1,087 1,089 1,087 927 (294) (3) 0 0 (243) 387 0 10 192 0 11 (86) 514 0 96 (37) 573 508 1,122 763 767 1,013 1,017 1,129 615 (200) (5) 0 0 (158) 252 0 1 77 0 1 (30) 301 0 56 (22) 335 337 1,122 749 757 892 900 993 1,089 1,133 1,001 193 (144) 0 0 0 (19) 30 0 4 8 0 1 (5) 38 0 0 0 38 161 739 188 188 238 238 238 238 346 (89) (194) 0 9 (28) 44 0 1 20 1 2 (9) 59 0 0 0 3,532 (1,003) (204) 0 9 (899) 1,435 0 41 746 5 25 (318) 1,934 0 158 (61) 257 (45) (1) 0 0 0 211 0 2 82 2 2 0 3,789 (1,048) (205) 0 9 (899) 1,646 0 43 828 7 27 (318) 299 2,233 0 0 0 0 158 (61) 59 2,031 299 2,330 111 1,922 398 1,428 533 1,563 533 2,039 1,072 705 764 949 1,008 997 152 1,693 1,388 1,394 1,970 1,976 1,970 2,191 1,115 752 807 1,020 1,075 1,064 1,563 1,056 1,976 1,119 132 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS ($ millions, except per ounce information in dollars) For the year ended 12/31/2021 Footnote Pueblo Viejo Veladero Latin America & Asia Pacific Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) c d e f g e f h,i i i,j i i,j i i,j 739 (234) (58) 0 0 (178) 269 0 4 160 0 8 (71) 370 1 358 (144) 585 497 896 541 610 745 814 1,178 1,247 262 (85) (7) 0 0 0 170 0 1 136 1 2 0 310 0 6 0 316 206 1,256 816 850 1,493 1,527 1,520 1,554 1,001 (319) (65) 0 0 (178) 439 0 5 296 1 10 (71) 680 1 364 (144) 901 703 1,028 622 680 969 1,027 1,282 1,340 133 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS ($ millions, except per ounce information in dollars) For the year ended 12/31/2021 Footnote Loulo- Gounkoto Kibali North Mara Tongon Bulyanhulu Buzwagik Africa & Middle East Cost of sales applicable to gold production Depreciation By-product credits Non-recurring items Other Non-controlling interests Total cash costs General & administrative costs Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining capital leases Rehabilitation – accretion and amortization (operating sites) Non-controlling interests All-in sustaining costs Project exploration and evaluation and project costs Project capital expenditures Non-controlling interests All-in costs Ounces sold – attributable basis (000s ounces) Cost of sales per ounce Total cash costs per ounce Total cash costs per ounce (on a co-product basis) All-in sustaining costs per ounce All-in sustaining costs per ounce (on a co-product basis) All-in costs per ounce All-in costs per ounce (on a co-product basis) c d e f g e f h,i i i,j i i,j i i,j 732 (278) 0 0 0 (91) 363 0 18 199 2 4 (44) 542 0 98 (19) 621 558 1,049 650 650 970 970 1,111 1,111 373 (141) (2) 0 0 0 230 0 5 54 10 1 0 300 0 16 0 316 367 1,016 627 631 818 822 861 865 296 (56) (2) 0 0 (38) 200 0 0 62 0 6 (11) 257 0 32 (5) 284 257 966 777 784 1,001 1,008 1,105 310 (84) (1) 0 0 (23) 202 0 3 18 2 1 (3) 223 0 0 0 223 185 1,504 1,093 1,096 1,208 1,211 1,206 212 (57) (15) 0 0 (22) 118 0 0 34 0 1 (5) 148 0 49 (8) 189 166 1,079 709 787 891 969 1,138 65 (2) 0 0 0 (10) 53 0 0 0 0 0 0 53 0 0 0 53 41 1,334 1,284 1,277 1,291 1,284 1,291 1,112 1,209 1,216 1,284 1,988 (618) (20) 0 0 (184) 1,166 0 26 367 14 13 (63) 1,523 0 195 (32) 1,686 1,574 1,092 740 751 968 979 1,070 1,081 a. b. c. d. e. 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. 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. 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. Other Other adjustments 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. 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 108 of this MD&A. 134 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS f. g. h. i. j. 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 2023 were the plant expansion project at Pueblo Viejo and the solar projects at NGM and Loulo-Gounkoto. Refer to page 107 of this MD&A. 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. 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). 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. 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 12/31/23 By-product credits Non-controlling interest By-product credits (net of non-controlling interest) ($ millions) By-product credits Non-controlling interest By-product credits (net of non-controlling interest) ($ millions) By-product credits Non-controlling interest By-product credits (net of non-controlling interest) ($ millions) By-product credits Non-controlling interest By-product credits (net of non-controlling interest) Carlina Cortez Turquoise Ridge Long Canyon Phoenixa 0 0 0 1 0 1 1 (1) 0 0 0 0 38 (14) 24 Nevada Gold Minesb 40 (15) 25 Hemlo 0 0 0 For the three months ended 12/31/23 Pueblo Viejo Veladero Loulo- Gounkoto Kibali North Mara Tongon Bulyanhulu 11 (5) 6 2 0 2 0 0 0 0 0 0 1 0 1 0 0 0 6 (1) 5 For the three months ended 9/30/23 Carlina Cortez Turquoise Ridge Long Canyon Phoenixa 1 (1) 0 0 0 0 1 0 1 0 0 0 41 (16) 25 Nevada Gold Minesb 43 (17) 26 Hemlo 1 0 1 For the three months ended 9/30/23 Pueblo Viejo Veladero Loulo- Gounkoto Kibali North Mara Tongon Bulyanhulu 8 (4) 4 3 0 3 0 0 0 1 0 1 1 0 1 1 0 1 6 (1) 5 135 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS By-product credits Non-controlling interest By-product credits (net of non-controlling interest) Carlina Cortez Turquoise Ridge Long Canyon Phoenixa 2 (1) 1 3 (1) 2 4 (2) 2 0 0 0 157 (60) 97 For the year ended 12/31/23 Nevada Gold Minesb 166 (64) 102 Hemlo 1 0 1 For the year ended 12/31/23 Pueblo Viejo Veladero Loulo- Gounkoto Kibali North Mara Tongon Bulyanhulu By-product credits Non-controlling interest By-product credits (net of non-controlling interest) 37 (15) 22 9 0 9 0 0 0 2 0 2 3 0 3 1 0 1 23 (4) 19 For the year ended 12/31/22 By-product credits Non-controlling interest By-product credits (net of non-controlling interest) By-product credits Non-controlling interest By-product credits (net of non-controlling interest) By-product credits Non-controlling interest By-product credits (net of non-controlling interest) Carlina Cortez Turquoise Ridge Long Canyon Phoenixa 2 (1) 1 2 (1) 1 2 (1) 1 0 0 0 139 (54) 85 Nevada Gold Minesb 145 (57) 88 Hemlo 1 0 1 For the year ended 12/31/22 Pueblo Viejo Veladero Loulo- Gounkoto Kibali North Mara Tongon Bulyanhulu 45 (18) 27 4 0 4 0 0 0 1 0 1 2 0 2 1 0 1 24 (4) 20 Carlina Cortez Turquoise Ridge Long Canyon Phoenixa 2 (1) 1 3 (1) 2 5 (2) 3 0 0 0 194 (75) 119 For the year ended 12/31/21 Nevada Gold Minesb 204 (79) 125 Hemlo 1 0 1 For the year ended 12/31/21 Pueblo Viejo Veladero Loulo- Gounkoto Kibali North Mara Tongon Bulyanhulu Buzwagik By-product credits Non-controlling interest By-product credits (net of non-controlling interest) 58 (23) 35 7 0 7 0 0 0 2 0 2 2 0 2 1 0 1 15 (2) 13 0 0 0 k. 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. 136 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS 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) 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 For the three months ended For the years ended Cost of sales Depreciation/amortization Treatment and refinement charges Cash cost of sales applicable to equity method investments Less: royalties By-product credits C1 cash cost of sales General & administrative costs Rehabilitation – accretion and amortization Royalties Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining leases All-in sustaining costs Pounds sold – attributable basis (millions pounds) Cost of sales per pounda,b C1 cash costs per pounda All-in sustaining costs per pounda 209 (86) 51 103 (16) (5) 256 6 2 16 0 84 3 367 117 2.92 2.17 3.12 167 (70) 47 82 (15) (4) 207 6 3 15 3 91 2 327 101 2.68 2.05 3.23 726 (259) 191 356 (62) (19) 933 22 9 62 7 266 12 1,311 408 2.90 2.28 3.21 666 (223) 199 317 (103) (14) 842 30 4 103 22 410 6 1,417 445 2.43 1.89 3.18 569 (197) 161 313 (103) (15) 728 17 6 103 14 234 9 1,111 423 2.32 1.72 2.62 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. 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). 137 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS 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 Cost of sales Depreciation/amortization Treatment and refinement charges Less: royalties By-product credits C1 cash cost of sales Rehabilitation – accretion and amortization Royalties Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining leases All-in sustaining costs Pounds sold – attributable basis (millions pounds) Cost of sales per pounda,b C1 cash costs per pounda All-in sustaining costs per pounda 12/31/23 9/30/23 Zaldívar Lumwana Jabal Sayid Zaldívar Lumwana Jabal Sayid 101 (24) 0 0 0 77 0 0 0 13 2 92 26 3.85 2.93 3.51 206 (84) 44 (16) 0 150 2 16 0 68 0 236 70 2.95 2.14 3.38 34 (8) 7 0 (5) 28 0 0 0 3 1 32 21 1.59 1.32 1.50 83 (18) 0 0 (1) 64 0 0 3 4 1 72 21 3.86 2.99 3.39 167 (70) 42 (15) 0 124 3 15 0 85 1 228 67 2.48 1.86 3.41 22 (5) 5 0 (3) 19 0 0 0 2 0 21 13 1.72 1.45 1.64 ($ millions, except per pound information in dollars) Cost of sales Depreciation/amortization Treatment and refinement charges Less: royalties By-product credits C1 cash cost of sales Rehabilitation – accretion and amortization Royalties Minesite exploration and evaluation costs Minesite sustaining capital expenditures Sustaining leases All-in sustaining costs Pounds sold – attributable basis (millions pounds) Cost of sales per pounda,b C1 cash costs per pounda All-in sustaining costs per pounda 12/31/23 12/31/22 12/31/21 Zaldívar Lumwana Jabal Sayid Zaldívar Lumwana Jabal Sayid Zaldívar Lumwana Jabal Sayid For the years ended 354 (81) 0 0 (1) 272 0 0 7 34 6 319 92 3.83 2.95 3.46 723 (257) 166 (62) 0 570 9 62 0 223 2 866 249 2.91 2.29 3.48 107 (24) 25 0 (18) 90 0 0 0 9 4 103 67 1.60 1.35 1.53 305 (74) 0 0 0 231 0 0 11 44 3 289 98 3.12 2.36 2.95 666 (223) 179 (103) 0 519 3 103 11 360 3 999 275 2.42 1.89 3.63 110 (24) 20 0 (14) 92 1 0 0 6 0 99 72 1.52 1.26 1.36 314 (79) 0 0 0 235 1 0 13 37 4 290 98 3.19 2.38 2.94 569 (197) 140 (103) 0 409 5 103 0 189 3 709 253 2.25 1.62 2.80 99 (21) 21 0 (15) 84 0 0 1 8 2 95 72 1.38 1.18 1.33 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. 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). 138 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS EBITDA, Adjusted EBITDA and Attributable EBITDA EBITDA is a non-GAAP financial measure, which excludes the following from net earnings: Income tax expense; • • Finance costs; • Finance income; and • Depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. In addition to adjusted EBITDA, we are also providing attributable EBITDA, which we introduced in the third quarter of 2023 and removes the non-controlling interest portion from our adjusted EBITDA measure. Prior periods have been presented to allow for comparability. Adjusted EBITDA removes the effect of impairment charges; acquisition/ disposition gains/losses; foreign currency translation gains/losses; other expense adjustments; and non-controlling interests. We also remove the impact of the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. Attributable EBITDA further removes the non-controlling interest portion. We believe these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and do not necessarily reflect the underlying operating results for the periods presented. Additionally, it is aligned with how we present our forward-looking guidance on gold ounces and copper pounds produced. EBITDA, adjusted EBITDA and attributable EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA, adjusted EBITDA and attributable EBITDA differently. Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA ($ millions) Net earnings Income tax expense Finance costs, neta Depreciation EBITDA Impairment charges (reversals) of non-current assetsb Acquisition/disposition gainsc Loss on currency translation Other expense (income) adjustmentsd Income tax expense, net finance costsa, and depreciation from equity investees Adjusted EBITDA Non-controlling Interests Attributable EBITDA Revenues – as adjustede Attributable EBITDA marginf For the three months ended For the years ended 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 597 174 (7) 564 1,328 289 (354) 37 41 118 1,459 (391) 1,068 2,514 42% 585 218 30 504 1,337 0 (4) 30 (5) 106 1,464 (393) 1,071 2,363 45% 1,953 861 83 2,043 4,940 312 (364) 93 96 397 5,474 (1,487) 3,987 9,411 42% 1,017 664 235 1,997 3,913 1,671 (405) 16 17 401 5,613 (1,584) 4,029 9,147 44% 3,288 1,344 307 2,102 7,041 (63) (213) 29 73 391 7,258 (2,011) 5,247 9,829 53% a. Finance costs exclude accretion. b. Net impairment charges for the three months and year ended December 31, 2023 mainly relate to a long-lived asset impairment at Long Canyon. For the year ended December 31, 2022, net impairment charges 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. c. Acquisition/disposition gains for the three months and year ended December  31, 2023 primarily relate to a gain on the reopening of the Porgera mine as the conditions for the reopening were completed on December 22, 2023. For the year ended December 31, 2022, acquisition/disposition gains primarily relate to a gain as Barrick’s interest in the Reko Diq project increased from 37.5% to 50% and the sale of two royalty portfolios. d. Other expense (income) adjustments for the three months and year ended December 31, 2023 mainly relate to changes in the discount rate assumptions on our closed mine rehabilitation provision and care and maintenance expenses at Porgera. The year ended December 31, 2023 was further impacted by the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. For the year ended December 31, 2022, other expense (income) adjustments mainly relate to a net realizable value impairment of leach pad inventory at Veladero, care and maintenance expenses at Porgera and supplies obsolescence write-off at Bulyanhulu and North Mara. e. Refer to Reconciliation of Sales to Realized Price per pound/ounce on page 141 of this MD&A. f. Represents Attributable EBITDA divided by revenues – as adjusted. 139 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS Reconciliation of Segment Income to Segment EBITDA ($ millions) Income Depreciation EBITDA Income Depreciation EBITDA Income Depreciation EBITDA Income Depreciation EBITDA Income Depreciation EBITDA Carlina (61.5%) Cortez (61.5%) 168 47 215 102 73 175 Turquoise Ridge (61.5%) Nevada Gold Minesb (61.5%) Pueblo Viejo (60%) Loulo- Gounkoto (80%) 48 31 79 355 167 522 49 40 89 82 47 129 Carlina (61.5%) Cortez (61.5%) 174 51 225 87 54 141 Turquoise Ridge (61.5%) Nevada Gold Minesb (61.5%) Pueblo Viejo (60%) Loulo- Gounkoto (80%) 49 28 77 314 146 460 31 39 70 111 45 156 Carlina (61.5%) Cortez (61.5%) 577 193 770 333 224 557 Turquoise Ridge (61.5%) Nevada Gold Minesb (61.5%) Pueblo Viejo (60%) Loulo- Gounkoto (80%) 172 116 288 1,145 591 1,736 187 154 341 388 197 585 Carlina (61.5%) Cortez (61.5%) 685 192 877 277 155 432 Turquoise Ridge (61.5%) Nevada Gold Minesb (61.5%) Pueblo Viejo (60%) Loulo- Gounkoto (80%) 98 110 208 1,144 551 1,695 265 146 411 342 205 547 Carlina (61.5%) Cortez (61.5%) 733 170 903 337 181 518 Turquoise Ridge (61.5%) Nevada Gold Minesb (61.5%) Pueblo Viejo (60%) Loulo- Gounkoto (80%) 229 123 352 1,675 630 2,305 445 142 587 380 222 602 Kibali (45%) 78 37 115 Kibali (45%) 72 44 116 Kibali (45%) 243 147 390 Kibali (45%) 142 178 320 Kibali (45%) 278 141 419 For the three months ended 12/31/23 North Mara (84%) 12 18 30 Bulyanhulu (84%) Lumwana (100%) 32 13 45 17 85 102 For the three months ended 9/30/23 North Mara (84%) 37 14 51 North Mara (84%) 139 64 203 North Mara (84%) 177 61 238 North Mara (84%) 214 47 261 Bulyanhulu (84%) Lumwana (100%) 33 13 46 32 69 101 For the year ended 12/31/23 Bulyanhulu (84%) Lumwana (100%) 123 52 175 37 257 294 For the year ended 12/31/22 Bulyanhulu (84%) Lumwana (100%) 118 50 168 180 223 403 For the year ended 12/31/21 Bulyanhulu (84%) Lumwana (100%) 122 48 170 391 197 588 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. 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 sales: • Treatment and refining charges; and • Cumulative catch-up adjustment to revenue relating to our streaming arrangements. We believe this provides investors and analysts with a more accurate measure with which to compare to market gold and copper prices and to assess our gold and copper sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our Company’s past performance and is a better indicator of its expected performance in future periods. 140 The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles realized prices to the most directly comparable IFRS measure. Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS Reconciliation of Sales to Realized Price per ounce/pound ($ millions, except per ounce/pound information in dollars) Sales Sales applicable to non-controlling interests Sales applicable to equity method investmentsa,b Sales applicable to sites in closure or care and maintenancec Treatment and refining charges Otherd Revenues – as adjusted Ounces/pounds sold (000s ounces/millions pounds)c Realized gold/copper price per ounce/pounde For the three months ended For the years ended Gold Copper Gold Copper 12/31/23 9/30/23 12/31/23 9/30/23 12/31/23 12/31/22 12/31/21 12/31/23 12/31/22 12/31/21 2,767 2,588 226 209 10,350 9,920 10,738 795 868 962 (872) (797) 0 0 (3,179) (3,051) (3,323) 0 0 0 183 187 168 126 667 597 660 587 646 707 (2) 8 (15) (4) 7 0 2,069 1,981 1,042 1,027 0 51 0 445 117 0 47 0 382 101 (15) 30 (15) (55) (88) 23 0 10 2 0 191 0 0 199 0 0 161 0 7,838 7,434 7,999 1,573 1,713 1,830 4,024 4,141 4,468 408 445 423 1,986 1,928 3.78 3.78 1,948 1,795 1,790 3.85 3.85 4.32 a. Represents sales of $183 million and $667 million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $187 million; 2022: $597 million; 2021: $661 million) applicable to our 45% equity method investment in Kibali. Represents sales of $98 million and $359 million, respectively, for the three months and year ended December 31, 2023 (September 30, 2023: $82 million; 2022: $390 million; 2021: $423 million) applicable to our 50% equity method investment in Zaldívar and $77 million and $253 million, respectively (September 30, 2023: $49 million; 2022: $275 million; 2021: $305 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, 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 The scientific and technical information contained in this MD&A has been reviewed and approved by Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; 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 Joel Holliday, FAusIMM, Executive Vice-President, Exploration  – each a “Qualified Person” as defined in National Instrument 43-101  – Standards of Disclosure for Mineral Projects. All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2023. 141 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS ENDNOTES 1 A Tier One Gold Asset is an asset with a $1,300/oz reserve with potential for 5 million ounces to support a minimum 10-year life, annual production of at least 500,000 ounces of gold and with all-in sustaining costs per ounce in the lower half of the industry cost curve. A Tier Two Gold Asset is an asset with a reserve with potential to deliver a minimum 10-year life, annual production of at least 250,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve. A Tier One Copper Asset is an asset with a $3.00/lb reserve with potential for 5  million tonnes or more of contained copper to support a minimum 20-year life, annual production of at least 200ktpa, with all-in sustaining costs per pound in the lower half of the industry cost curve. A Strategic Asset is an asset, which in the opinion of Barrick, has the potential to deliver significant unrealized value in the future. Currently consists of Barrick’s Lumwana mine and Zaldívar, Jabal Sayid and Reko Diq joint ventures. Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 115 to 141 of this MD&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). TRIFR is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries. LTIFR is a ratio calculated as follows: number of lost time injuries x 1,000,000 hours divided by the total number of hours worked. Class 1 – High Significance is defined as an incident that causes significant negative impacts on human health or the environment or an incident that extends onto publicly accessible land and has the potential to cause significant adverse impact to surrounding communities, livestock or wildlife. 2 3 4 5 6 7 8 9 10 Categories as defined in the Greenhouse Gas Protocol’s Technical Guidance for Calculating Scope  3 Emissions. Achievement of Barrick’s Scope 3 targets will require collaboration with suppliers and customers in our value chain, which are outside of Barrick’s direct control. 11 Preliminary figures and subject to external assurance. 12 All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu Mt are reported to the second significant digit. All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to two decimal places. All inferred mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place. 2023 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper & silver and accordingly are reported as gold, copper & silver mineral resources and mineral reserves. 13 Estimated in accordance with National Instrument 43-101  – Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2023, unless otherwise noted. Proven reserves of 250 million tonnes grading 1.85 g/t, representing 15 million ounces of gold, and 320  million tonnes grading 0.41%, representing 1.3  million tonnes of copper. Probable reserves of 1,200  million tonnes grading 1.61  g/t, representing 61  million ounces of gold, and 1,100 million tonnes grading 0.38%, representing 4.3 million tonnes of copper. Measured resources of 430 million tonnes grading 1.76 g/t, representing 24 million ounces of gold, and 580 million tonnes grading 0.39%, representing 2.2 million tonnes of copper. Indicated resources of 4,800  million tonnes grading 1.00  g/t, representing 150 million ounces of gold, and 4,900 million tonnes grading 0.39%, representing 19 million tonnes of copper. Inferred resources of 1,500  million tonnes grading 0.8  g/t, representing 142 39 million ounces of gold, and 2,000 million tonnes grading 0.4%, representing 7.1 million tonnes of copper. Totals may not appear to sum correctly due to rounding. Complete mineral reserve and mineral resource data for all mines and projects referenced in this MD&A, including tonnes, grades, and ounces, can be found on pages 150 to 158 of Barrick’s Annual Report 2023. 14 Estimated in accordance with National Instrument 43-101  – Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates as of December  31, 2022, unless otherwise noted. Proven mineral reserves of 260  million tonnes grading 2.26  g/t, representing 19  million ounces of gold, and 390  million tonnes grading 0.40%, representing 3,500  million pounds of copper. Probable reserves of 1,200  million tonnes grading 1.53  g/t, representing 57  million ounces of gold, and 1,100  million tonnes grading 0.37%, representing 8,800  million pounds of copper. Measured resources of 480  million tonnes grading 2.13  g/t, representing 33  million ounces of gold, and 700  million tonnes grading 0.39%, representing 6,000  million pounds of copper. Indicated resources of 4,700  million tonnes grading 0.96  g/t, representing 150  million ounces of gold, and 4,500  million tonnes grading 0.39%, representing 38,000  million pounds of copper. Inferred resources of 1,500  million tonnes grading 0.8  g/t, representing 42 million ounces of gold, and 1,800 million tonnes grading 0.4%, representing 15,000  million pounds of copper. Totals may not appear to sum correctly due to rounding. Complete 2022 mineral reserve and mineral resource data for all mines and projects referenced in this MD&A, including tonnes, grades, and ounces, can be found on pages 33 to 46 of Barrick’s Annual Information Form/Form 40-F for the year ended December 31, 2022 on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission. 15 Proven and probable reserve gains from cumulative net change in reserves from year end 2019 to 2023. Reserve replacement percentage is calculated from the cumulative net change in reserves from 2020 to 2023 divided by the cumulative depletion in reserves from year end 2019 to 2023 as shown in the table below: Attributable Gold Acquisition & Divestments (Moz) Attributable P&P Gold (Moz) Attributable Gold Depletion (Moz) Attributable Gold Net Change (Moz) 71 68 69 76 77 – (2.2) (0.91) – – – (5.5) (5.4) (4.8) (4.6) N/A (3.1) (20) – 4.2 8.1 12 5 29 Year 2019a 2020b 2021c 2022d 2023e 2019 – 2023 Total Totals may not appear to sum correctly due to rounding. Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz in proven and probable gold reserves from December  31, 2019 to December  31, 2020, as a result of the divestiture of Barrick’s Massawa gold project effective March  4, 2020; and a decrease of 0.91 Moz in proven and probable gold reserves from December  31, 2020 to December  31, 2021, as a result of the change in Barrick’s ownership interest in Porgera from 47.5% to 24.5% and the net impact of the asset exchange of Lone Tree to i-80 Gold for the remaining 50% of South Arturo that Nevada Gold Mines did not already own. Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS  All estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. a. Estimates as of December  31, 2019, unless otherwise noted. Proven reserves of 280 million tonnes grading 2.42 g/t, representing 22 million ounces of gold and Probable reserves of 1,000  million tonnes grading 1.48 g/t, representing 49 million ounces of gold. b. Estimates as of December  31, 2020, unless otherwise noted. Proven reserves of 280 million tonnes grading 2.37 g/t, representing 21 million ounces of gold and Probable reserves of 990  million tonnes grading 1.46 g/t, representing 47 million ounces of gold. c. Estimates as of December  31, 2021, unless otherwise noted. Proven reserves of 240 million tonnes grading 2.20 g/t, representing 17 million ounces of gold and Probable reserves of 1,000  million tonnes grading 1.60 g/t, representing 53 million ounces of gold. d. Estimates as of December  31, 2022, unless otherwise noted. Proven reserves of 260 million tonnes grading 2.26 g/t, representing 19 million ounces of gold and Probable reserves of 1,200  million tonnes grading 1.53 g/t, representing 57 million ounces of gold. e. Estimates as of December  31, 2023, unless otherwise noted. Proven reserves of 250 million tonnes grading 1.85 g/t, representing 15 million ounces of gold and Probable reserves of 1,200  million tonnes grading 1.61 g/t, representing 61 million ounces of gold. 16 Fourmile is currently 100% owned by Barrick. As previously disclosed, Barrick anticipates Fourmile being contributed to the NGM joint venture if certain criteria are met following the completion of drilling and the requisite feasibility work. 17 See the Technical Report on the Cortez Complex, Lander and Eureka Counties, State of Nevada, USA, dated December  31, 2021, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022. 18 See the Technical Report on the Pueblo Viejo mine, Dominican Republic, dated March  17, 2023, and filed on SEDAR+ at www. sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023. 19 Lumwana financial metrics and production metrics are based upon a preliminary economic assessment which is preliminary in nature because it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The preliminary economic assessment for Lumwana Super Pit is based upon a $3.00/lb whittle pit shell. The assumptions outlined within the preliminary economic assessment have formed the basis for the ongoing pre- feasibility study and are made by the qualified person. 20 Greater Leeville Significant Interceptsa Drill Holeb HSC-23001 HSX-23002 Azimuth 129 183 Dip (26) (28) Interval (m) 250.5 – 283.2 848.9 – 857.3 Width (m)c 32.6 8.4 Au (g/t) 32.88 5.85 Drill Results from Q4 2023 a. All intercepts calculated using a 3.4  g/t Au cutoff and are uncapped; minimum downhole intercept width is 3.0 meters; internal dilution is less than 20% total width. b. Carlin Trend drill hole nomenclature: Project area (HSC – Horsham Underground Core, HSX – Horsham Exploration) followed by the year (23 for 2023) then hole number. c. True width of the intercepts are 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. 21 Upper Rita K Inventory Significant Interceptsa Drill Results from Q4 2023 Drill Holeb Azimuth RKU-23014 257 Dip 6 Interval (m) Width (m)c Au (g/t) Interval (m) Including Width (m) 244.4 – 263 18.6 9.33 256.6 – 263.0 6.4 Au (g/t) 17.69 a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 3.0 meters; internal dilution is less than 20% total width. b. Carlin Trend drill hole nomenclature: Project area (RKU – Rita K Core) followed by hole number. As of 2022, the first two numbers following “RKU” will denote the year drilled; i.e. RKU-23XXX is a core hole drilled in Rita K in 2023. c. True width of the intercepts for RKU drillholes is uncertain at this stage. The drilling results for Rita K contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by independent laboratories, ALS Minerals and American Assay Laboratories. 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. 143 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS 22 Ren Resource Significant Interceptsa Drill Results from Q4 2023 Drill Holeb REN-23001B Azimuth 328 Dip 83 Interval (m) 903.8 – 908.5 Width (m)c 4.7 Au (g/t) 24.90 a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 3 meters; internal dilution is less than 20% total width. b. Carlin Trend drill hole nomenclature: Project area (REN – Ren) followed by the year (i.e. “23” for 2023) then hole number. c. True width of intercepts are uncertain at this stage. The drilling results for Ren 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 Ren conform to industry accepted quality control methods. 23 Carlin Trend Significant Interceptsa Drill Holeb LBB-23010 Azimuth 0 WSF-23007 WSF-23008 315 0 Drill Results from Q4 2023 Dip (90) (80) (90) Interval (m) 651.4 – 654.0 65*9.7 – 660.6 673.9 – 675.7 Width (m)c Au (g/t) 2.6 0.9 1.8 6.35 3.91 3.70 No significant intercept No significant intercept a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 meters; internal dilution is less than 20% total width. b. Carlin Trend drill hole nomenclature: Project area (LBB – Little Boulder Basin, WSF – Western Spur) followed by the year (23 for 2023) then hole number. c. True widths of intercepts are uncertain at this stage. The drilling results for 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 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 on Carlin Trend conform to industry accepted quality control methods. 24 Cortez Hanson Significant Interceptsa Drill Holeb CMX-23017 CMX-23018 Azimuth 300 260 Dip (50) (62) Interval (m) 445 – 447.1 444.4 – 477.6 Width (m)c 2.1 33.2 Au (g/t) 23.15 18.42 Drill Results from Q4 2023 a. All intercepts calculated using a 3.42 g/t Au cutoff and are uncapped; minimum intercept width is 1.4 meters; internal dilution is less than 20% total width. b. Carlin Trend drill hole nomenclature: Project (CMX – CHUG Minex) followed by the year (23 for 2023) then hole number. c. True width of intercepts are uncertain at this stage. The drilling results for Cortez contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Cortez conform to industry accepted quality control methods. 144 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS 25 Robertson Significant Interceptsa Drill Holeb DTL-23012 Azimuth 287 Dip 67 DTL-23013 261 60 Drill Results from Q4 2023 Interval (m) Width (m)c True Width (m)c Au (g/t) 71.9 – 77.1 80.5 – 83.7 171.9 – 180.7 183.8 – 192.9 104.6 – 113.7 119.8 – 127.4 134.6 – 143.9 146.9 – 151.5 190.9 – 197.5 5.2 3.2 8.8 9.1 9.1 7.6 9.3 4.6 6.6 5.2 3.2 8.7 9.0 9.1 7.6 9.3 4.6 6.6 0.50 0.18 1.06 0.45 0.56 1.77 1.78 1.59 1.74 a. All intercepts calculated using a 0.17 g/t Au cutoff and are uncapped; minimum downhole intercept width is 3.0 meters (consecutive) or less of unmineralized between intercepts; internal dilution is less than 20%. b. Robertson drill hole nomenclature: Project area: DTL: Distal, followed by “23” which indicates drill year of 2023. c. True width of intercepts have been estimated based on the current geological model. The drilling results for Robertson 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 ALS Minerals and SGS S.A., independent laboratories. 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 Robertson property conform to industry accepted quality control methods. 26 Fourmile Significant Interceptsa Drill Holeb Azimuth FM18-43D (ext)d FM18-43D (ext)d FM21-174D (ext)d FM23-181Dd FM23-182Dd FM23-182DW1 FM23-183D FM23-183D FM23-183D FM23-184D FM23-185D FM23-186D FM23-186D FM23-186D FM23-187D FM23-187D FM23-187D FM23-188D FM23-188D FM23-189D 155 155 181 194 337 337 326 326 326 17 10 239 239 239 232 232 232 99 99 40 Drill Results from Q4 2023 Dip (84) (84) (69) (80) (80) (80) (80) (80) (80) (74) (84) (84) (84) (84) (80) (80) (80) (79) (79) (76) Interval (m) Width (m)c Au (g/t) 1544.9 – 1546.3 1558.4 – 1560.0 1680.8 – 1682.0 1270.9 – 1299.6 1016.1 – 1018.8 1039.4 – 1070.7 1245.9 – 1246.9 1248.0 – 1249.8 1352.6 – 1354.1 494.1 – 497.1 1.4 1.5 1.2 28.7 2.7 1.4 1.1 1.8 1.5 3.0 31.10 15.40 3.53 51.10 8.80 3.83 4.08 21.65 9.07 5.94 No significant intercept – Hole lost above target 1025 – 1025.8 1114.0 – 1115.7 1121.4 – 1122.7 1296.8 – 1298.6 1302.1 – 1304.7 1551.0 – 1551.7 1228.6 – 1232.5 1234.6 – 1236.0 0.8 1.5 1.4 1.8 2.6 0.8 3.8 1.4 In progress above target 43.00 6.01 110.00 57.23 40.22 6.61 16.26 9.91 a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 meters; internal dilution less than 20% total width. b. Fourmile drill hole nomenclature: Project area FM: Fourmile, followed by the year (23 for 2023) then hole number, additionally (ext) notes holes that were re- entered and extended in 2023. c. True widths of intercepts are uncertain at this stage. d. Previously reported with minimum 3.0 meters width. The drilling results for Fourmile contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by 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 Fourmile conform to industry accepted quality control methods. 145 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS 27 Turquoise Ridge Significant Interceptsa Drill Results from Q4 2023 Drill Holeb Azimuth TUM-23307 TSG-23003A 134 357 Dip (42) (68) Interval (m) Width (m)c 83.7 – 88.5 342.6 – 406.7 4.8 64.1 True Width (m)c Au (g/t) Interval (m) Including Width (m) 63.3 95.18 4.42 85.6 – 87.6 2.0 Au (g/t) 212.00 a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 1 meter; internal dilution is less than 20% total width. b. Turquoise Ridge drill hole nomenclature: Project area: TUM: Turquoise Underground Minex, TSG: Twin Surface Growth. First two numbers indicate year drilled. c. True width of intercepts have been estimated based on the current geological model, where possible. The drilling results for Turquoise Ridge 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 on Turquoise Ridge conform to industry accepted quality control methods. 28 Hemlo Significant Interceptsa Drill Holeb Azimuth W2368 W2369 W2370 W2371 W2381 113 120.2 119.1 135 195.4 Drill Results from Q4 2023 Dip (48.7) (52.9) (60.6) (62.3) (61.7) Interval (m) 193 – 289 205 – 268.6 195 – 206.6 178.7 – 209.8 209 – 259.1 Width (m)c True Width (m)c Au (g/t) 96.0 63.6 11.6 31.1 50.1 67.9 48.7 10.0 22.0 38.4 1.25 0.91 3.98 2.64 0.95 a. All intercepts calculated using a 0.3 g/t Au cutoff: W23 holes are capped to 80 g/t Au; minimum intercept width is 5.0 meters; interal dilution is less than 42% total width. b. Hemlo drill hole nomenclature: Surface hole nomenclature is defined by “W” then year (e.g. 23 for 2023) then hole number. c. True widths of intercepts are estimated using the angle to core axis. The drilling results for Hemlo contained in this MD&A have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by 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 Hemlo conform to industry accepted quality control methods. 146 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS 29 Loulo-Gounkoto Significant Interceptsa Drill Holeb Azimuth BNRCDH335 BNRCDH335 BNRC336 BNRC336 BNRC336 BNRC336 BNRCDH337 BNRCDH337 BNRCDH337 BNRCDH337 BNRCDH337 BNRCDH337 BNRCDH337 BNRC341 DB1RC055 DB1RC055 DB1RC055 DBDH025 90 90 270 270 270 270 270 270 270 270 270 270 270 90 270 270 270 270 Dip (50) (50) (50.54) (50.54) (50.54) (50.54) (50) (50) (50) (50) (50) (50) (50) (50) (55) (55) (55) (55) Drill Results from Q4 2023 Interval (m) Width (m)c Au (g/t) Interval (m) Includingd Width (m) Au (g/t) 205 – 211.2 221 – 238.5 1 – 3 157 – 164 167 – 172 175 – 179 15 – 22 32 – 35 38 – 44 56 – 61 195.8 – 199.8 6.2 17.5 2 7 5 4 7 3 6 5 4 240.25 – 244.3 4.05 260.8 – 265.4 206 – 208 32.00 – 56.00 58.00 – 66.00 150.00 – 153.00 4.6 2 24 8 3 249.90 – 255.80 5.9 4.41 2.41 0.81 1.19 1.69 0.88 1.04 0.82 0.75 0.59 1.73 0.83 0.92 2.26 2.45 1.60 0.80 0.73 222.80 – 227 4.20 4.48 43 – 48 50 – 54 60 – 62 5 4 2 3.88 3.53 4.28 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 B (Baboto), DB and DB1 (Domaine Boundary 1) followed by type of drilling RC (Reverse Circulation), DH (Diamond Drilling), RCDH (Reverse Circulation with Diamond tail). c. True widths uncertain at this stage. d. All intercepts calculated using a 3.0 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal 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. 30 Kibali Significant Interceptsa Drill Holeb Azimuth ADD031 135 Dip (75) ADD032 DDD611 135 315 (75) (80) DDD613 155 (84) 53.3 – 59.85 ORDD0113 307 (93) 173.1 – 178.4 199.9 – 202.3 514.3 – 523.3 Drill Results from Q4 2023 Interval (m) Width (m)c Au (g/t) Interval (m) Includingd,e Width (m) Au (g/t) 45.5 – 50.3 75.35 – 102.06 4.80 26.71 207.2 – 209.6 216.15 – 241.62 298 – 300 9 – 14 21.2 – 23.2 27 – 29 36 – 49.1 103 – 116.55 2.40 25.47 2.00 5.00 2.00 2.00 13.10 13.55 6.55 5.30 2.40 9.00 76.6 – 81.35 86.15 – 93 96.3 – 98.46 4.75 6.85 2.16 19.56 7.93 8.92 232.62 – 239.42 6.80 10.59 45,578 3.00 12.19 104 – 105 112 – 116 54.1 – 55 1.00 4.00 0.90 4.04 3.19 3.47 1.20 6.63 0.62 3.64 0.76 7.53 1.49 22.30 1.09 2.02 1.66 6.68 2.26 2.28 147 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS 30 Kibali Significant Interceptsa (continued) Drill Holeb Azimuth ORDD0114 ORDD0115 ORDD0116 302 306 301 Dip (63) (62) (64) ZBRC0025 270 (50) ZBRC0026 ZBRC0027 ZBRC0028 ZBRC0029 270 270 270 270 (50) (50) (50) (50) ZBRC0030 270 (50) ZBRC0031 ZBRC0032 ZBRC0033 ZBRC0034 270 270 270 270 (50) (50) (50) (50) Drill Results from Q4 2023 Interval (m) Width (m)c Au (g/t) Interval (m) 333.24 – 355.65 22.41 5.43 334.19 – 344.2 347.8 – 353.7 10.01 5.90 Includingd,e Width (m) Au (g/t) 458 – 462 466 – 476.5 338.7 – 352.7 359.4 – 379.4 0 – 19 23 – 34 40 – 61 66 – 85 88 – 101 106 – 108 6 – 11 22 – 48 65 – 69 0 – 6 15 – 24 87 – 89 102 – 104 112 – 114 134 – 137 83 – 89 124 – 128 172 – 174 0 – 12 124 – 132 177 – 185 48 – 64 4.00 10.50 14.00 20.00 19.00 11.00 21.00 19.00 13.00 2.00 5.00 26.00 4.00 6.00 9.00 2.00 2.00 2.00 3.00 6.00 4.00 2.00 12.00 8.00 8.00 16.00 0.94 1.42 0.85 2.44 5.24 1.37 1.19 5.44 1.35 2.12 1.52 1.74 0.53 1.31 3.66 2.82 0.59 0.83 1.20 1.29 2.51 2.50 1.08 7.80 1.05 2.70 471 – 474 3.00 365.8 – 368.9 370.5 – 377.8 1 – 9 28 – 30 73 – 79 92 – 97 22 – 25 28 – 33 3.10 7.30 8.00 2.00 6.00 5.00 3.00 5.00 7.33 7.01 3.01 4.03 3.66 9.24 4.76 12.03 2.23 3.81 3.13 15 – 17 2.00 9.20 8 – 9 126 – 130 183 – 185 48 – 50 55 – 61 1.00 4.00 2.00 2.00 6.00 1.00 3.07 13.24 2.29 7.15 3.94 2.86 176 – 182 6.00 1.26 178 – 179 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 (A=Agabarabo; D=Durba; O=Oere; 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. e. All including intercepts, calculated using a 0.5 g/t Au cutoff and are uncapped, minimum intercept width is 1 meter, no internal dilution, with grade significantly above (>40%) the overall intercept grade. The drilling results for the Kibali property contained in this MD&A have been prepared in accordance with National Instrument 43-101  – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Kibali property conform to industry accepted quality control methods. 148 Annual Report 2023 | Barrick Gold CorporationMANAGEMENT’S DISCUSSION AND ANALYSIS GLOSSARY OF TECHNICAL TERMS ALL-IN SUSTAINING COSTS: A non-GAAP measure of cost per ounce/pound for gold/copper. Refer to page 117 of this MD&A for further information and a reconciliation of the measure. AUTOCLAVE: Oxidation process in which high temperatures and pressures are applied to convert refractory sulfide mineralization into amenable oxide ore. BY-PRODUCT: A secondary metal or mineral product recovered in the milling process such as silver. C1 CASH COSTS: A non-GAAP measure of cost per pound for copper. Refer to page 117 of this MD&A for further information and a reconciliation of the measure. CONCENTRATE: A very fine, powder-like product containing the valuable ore mineral from which most of the waste mineral has been eliminated. CONTAINED OUNCES: Represents ounces in the ground before loss of ounces not able to be recovered by the applicable metallurgical processing process. DEVELOPMENT: Work carried out for the purpose of gaining access to an ore body. In an underground mine, this includes shaft sinking, crosscutting, drifting and raising. In an open-pit mine, development includes the removal of overburden (more commonly referred to as stripping in an open pit). DILUTION: The effect of waste or low-grade ore which is unavoidably extracted and comingled with the ore mined thereby lowering the recovered grade from what was planned to be mined. DORÉ: Unrefined gold and silver bullion bars usually consisting of approximately 90 percent precious metals that will be further refined to almost pure metal. DRILLING: Core: drilling with a hollow bit with a diamond cutting rim to produce a cylindrical core that is used for geological study and assays. Reverse circulation: drilling that uses a rotating cutting bit within a 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 of the drill pipe. The chips are forced to the surface through the center of the drill pipe and are collected, examined and assayed. In-fill: drilling closer spaced holes in between existing holes, used to provide greater geological detail and to help upgrade resource estimates to reserve estimates. Step-out: drilling to intersect a mineralized horizon or structure along strike or down-dip. EXPLORATION: Prospecting, sampling, mapping, drilling and other work involved in searching for minerals. FREE CASH FLOW: A non-GAAP measure that reflects our ability to generate cash flow. Refer to page 116 of this MD&A for a definition. GRADE: The amount of metal in each tonne of ore, expressed as 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. HEAP LEACHING: A process whereby gold/copper is extracted by “heaping” broken ore on sloping impermeable pads and continually applying to the heaps a weak cyanide solution/sulfuric acid which dissolves the contained gold/copper. The gold/copper-laden solution is then collected for gold/copper recovery. HEAP LEACH PAD: A large impermeable foundation or pad used as a base for stacking ore for the purpose of heap leaching. MILL: A processing facility where ore is finely ground and thereafter undergoes physical or chemical treatment to extract the valuable metals. MINERAL RESERVE: See pages 150 to 158 – Summary Gold/Copper Mineral Reserves and Mineral Resources. MINERAL RESOURCE: See pages 150 to 158  – Summary Gold/ Copper Mineral Reserves and Mineral Resources. OPEN PIT: A mine where the minerals are mined entirely from the surface. ORE: Rock, generally containing metallic or non-metallic minerals, which can be mined and processed at a profit. ORE BODY: A sufficiently large amount of ore that can be mined economically. 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. RECLAMATION: The process by which lands disturbed as a result of mining activity are modified to support future beneficial land use. Reclamation activity may include the removal of buildings, equipment, machinery and other physical remnants of mining, closure of tailings storage facilities, leach pads and other mine features, and contouring, covering and re-vegetation of waste rock dumps and other disturbed areas. RECOVERY RATE: A term used in process metallurgy to indicate the proportion of valuable material physically recovered in the processing of ore. It is generally stated as a percentage of the valuable material recovered compared to the total material originally contained in the ore. REFINING: The final stage of metal production in which impurities are removed through heating to extract the pure metal. ROASTING: The treatment of sulfide ore by heat and air, or oxygen enriched air, in order to oxidize sulfides and remove other elements (carbon, antimony or arsenic). STRIPPING: Removal of overburden or waste rock overlying an ore body in preparation for mining by open-pit methods. TAILINGS: The material that remains after all economically and technically recoverable precious metals have been removed from the ore during processing. TOTAL CASH COSTS: A non-GAAP measure of cost per ounce for gold. Refer to page 117 of this MD&A for further information and a reconciliation of the measure. 149 Barrick Gold Corporation | Annual Report 2023MANAGEMENT’S DISCUSSION AND ANALYSIS 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 150 to 158. 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, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. A mineral reserve is the economically mineable part of a measured or indicated 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 can be justified. A mineral reserve includes diluting materials and allowances for losses that may occur when the material is mined. Mineral reserves are sub-divided in order of increasing confidence into probable mineral reserves and proven mineral reserves. A probable mineral reserve is the economically mineable part of an indicated and, in some circumstances, 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 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. 150 Annual Report 2023 | Barrick Gold CorporationGold Mineral Reserves1,2,3,6 As at December 31, 2023 PROVEN PROBABLE TOTAL Tonnes (Mt) Grade (g/t) Contained ozs (Moz) Tonnes (Mt) Grade (g/t) Contained ozs (Moz) Tonnes (Mt) Grade (g/t) Contained ozs (Moz) 0.0017 0.32 0.32 0.00078 0.065 0.066 0.36 1.2 1.5 0.82 1.5 2.3 0.0080 0.26 0.27 0.20 4.7 2.4 – 0.14 0.14 2.8 0.38 5.8 0.22 – 0.22 0.064 – Based on attributable ounces AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu (84.00%) total Jabal Sayid surface Jabal Sayid underground Jabal Sayid (50.00%) total Kibali surface Kibali underground Kibali (45.00%) total Loulo-Gounkoto surface Loulo-Gounkoto underground Loulo-Gounkoto (80.00%) total North Mara surface North Mara underground North Mara (84.00%) total Tongon surface (89.70%) AFRICA AND MIDDLE EAST TOTAL LATIN AMERICA AND ASIA PACIFIC 0.0088 1.5 1.5 0.064 6.7 6.7 5.5 8.3 14 11 9.0 20 0.10 2.7 2.8 3.1 48 5.89 6.79 6.78 0.38 0.31 0.31 2.02 4.38 3.44 2.31 5.08 3.56 2.46 3.01 2.99 2.02 3.04 Norte Abierto surface (50.00%) 110 0.65 – 6.69 6.69 2.28 0.60 1.03 1.80 – 1.80 1.86 – Porgera surface4 Porgera underground4 Porgera (24.50%) total4 Pueblo Viejo surface (60.00%) Veladero surface (50.00%) LATIN AMERICA AND ASIA PACIFIC TOTAL NORTH AMERICA Carlin surface Carlin underground Carlin (61.50%) total Cortez surface Cortez underground Cortez (61.50%) total Hemlo surface Hemlo underground Hemlo (100%) total Phoenix surface (61.50%) Turquoise Ridge surface Turquoise Ridge underground Turquoise Ridge (61.50%) total NORTH AMERICA TOTAL TOTAL See “Mineral Reserves and Resources Endnotes”. – 0.66 0.66 39 20 170 3.7 – 3.7 1.1 – 1.1 – 0.76 0.76 3.8 16 8.1 24 33 250 1.86 0.064 – 4.49 4.49 0.81 2.36 11.58 5.53 4.42 1.85 – 0.11 0.11 0.100 1.2 3.0 4.2 4.7 15 – 16 16 – 6.9 6.9 18 15 33 13 24 36 30 6.5 36 2.5 130 480 5.0 2.2 7.2 140 69 700 61 17 79 100 27 130 27 6.0 33 97 6.9 12 19 360 1,200 – 5.98 5.98 – 0.37 0.37 2.06 3.94 2.92 3.30 4.70 4.22 1.90 3.84 2.25 1.94 3.32 0.59 3.55 7.05 4.64 2.10 0.72 0.94 2.43 8.34 3.73 0.81 7.27 2.13 0.97 4.07 1.53 0.57 2.37 10.04 7.24 2.27 1.61 – 3.1 3.1 – 0.083 0.083 1.2 1.9 3.1 1.3 3.6 4.9 1.8 0.81 2.6 0.15 14 9.2 0.57 0.51 1.1 9.1 1.6 21 4.8 4.6 9.4 2.7 6.3 9.0 0.84 0.79 1.6 1.8 0.52 3.9 4.4 26 61 0.0088 18 18 0.064 14 14 24 24 47 24 33 57 30 9.3 39 5.5 180 600 5.0 2.9 7.9 170 89 870 65 17 82 110 27 130 27 6.8 34 100 22 20 43 390 1,400 5.89 6.05 6.05 0.38 0.34 0.34 2.05 4.10 3.07 2.84 4.81 3.99 1.90 3.60 2.30 1.98 3.24 0.60 3.55 6.96 4.81 2.14 0.70 0.96 2.39 8.34 3.64 0.82 7.27 2.13 0.97 4.12 1.60 0.58 2.36 10.66 6.29 2.45 1.65 0.0017 3.4 3.4 0.00078 0.15 0.15 1.6 3.1 4.7 2.1 5.1 7.2 1.8 1.1 2.9 0.35 19 12 0.57 0.65 1.2 12 2.0 27 5.0 4.6 9.7 2.8 6.3 9.0 0.84 0.90 1.7 1.9 1.7 6.9 8.6 31 77 151 Barrick Gold Corporation | Annual Report 2023MINERAL RESERVES AND MINERAL RESOURCESCopper Mineral Reserves1,2,3,6 As at December 31, 2023 PROVEN PROBABLE TOTAL Based on attributable pounds AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu (84.00%) total Jabal Sayid surface Jabal Sayid underground Jabal Sayid (50.00%) total Lumwana surface (100%) AFRICA AND MIDDLE EAST TOTAL LATIN AMERICA AND ASIA PACIFIC Norte Abierto surface (50.00%) Zaldívar surface (50.00%) LATIN AMERICA AND ASIA PACIFIC TOTAL NORTH AMERICA Phoenix surface (61.50%) NORTH AMERICA TOTAL TOTAL See “Mineral Reserves and Resources Endnotes”. Silver Mineral Reserves1,2,3,6 Tonnes (Mt) Cu Grade (%) Contained Cu (Mt) Tonnes (Mt) Cu Grade (%) Contained Cu (Mt) Tonnes (Mt) Cu Grade (%) Contained Cu (Mt) 0.0088 0.29 0.000026 1.5 1.5 0.064 6.7 6.7 88 97 110 100 210 5.9 5.9 320 0.36 0.36 2.63 2.34 2.34 0.54 0.66 0.19 0.45 0.31 0.16 0.16 0.41 0.0052 0.0052 0.0017 0.16 0.16 0.48 0.64 0.22 0.45 0.66 0.0092 0.0092 1.3 – 16 16 – 6.9 6.9 420 450 480 77 560 130 130 1,100 – 0.36 0.36 – 2.12 2.12 0.59 0.61 0.23 0.38 0.25 0.17 0.17 0.38 – 0.058 0.058 – 0.15 0.15 2.5 2.7 1.1 0.29 1.4 0.22 0.22 4.3 0.0088 0.29 0.000026 18 18 0.064 14 14 510 540 600 180 780 140 140 1,500 0.36 0.36 2.63 2.22 2.23 0.58 0.62 0.22 0.42 0.26 0.17 0.17 0.39 0.063 0.063 0.0017 0.30 0.30 3.0 3.3 1.3 0.74 2.0 0.23 0.23 5.6 As at December 31, 2023 PROVEN PROBABLE TOTAL Based on attributable ounces AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu (84.00%) total AFRICA AND MIDDLE EAST TOTAL LATIN AMERICA AND ASIA PACIFIC Norte Abierto surface (50.00%) Pueblo Viejo surface (60.00%) Veladero surface (50.00%) LATIN AMERICA AND ASIA PACIFIC TOTAL NORTH AMERICA Phoenix surface (61.50%) NORTH AMERICA TOTAL TOTAL See “Mineral Reserves and Resources Endnotes”. Tonnes (Mt) Ag Grade (g/t) Contained Ag (Moz) Tonnes (Mt) Ag Grade (g/t) Contained Ag (Moz) Tonnes (Mt) Ag Grade (g/t) Contained Ag (Moz) 0.0088 1.5 1.5 1.5 6.11 6.85 6.84 6.84 0.0017 0.32 0.32 0.32 110 1.91 39 20 13.15 13.43 170 5.73 3.8 3.8 180 7.97 7.97 5.79 7.0 16 8.5 32 0.98 0.98 33 – 16 16 16 – 6.08 6.08 6.08 480 140 1.43 13.26 69 13.83 690 5.01 97 97 800 6.93 6.93 5.27 – 3.2 3.2 3.2 22 58 31 110 22 22 140 0.0088 18 18 18 6.11 6.14 6.14 6.14 600 170 1.52 13.24 89 13.74 860 5.16 100 100 980 6.97 6.97 5.36 0.0017 3.5 3.5 3.5 29 74 39 140 23 23 170 152 Annual Report 2023 | Barrick Gold CorporationMINERAL RESERVES AND MINERAL RESOURCESGold Mineral Resources1,3,6,7,8,9 As at December 31, 2023 MEASURED (M)10 INDICATED (I)10 Tonnes (Mt) Grade (g/t) Contained ozs (Moz) Tonnes (Mt) Grade (g/t) Contained ozs (Moz) (M) + (I)10 Contained ozs (Moz) INFERRED11 Tonnes (Mt) Grade (g/t) Contained ozs (Moz) Based on attributable ounces AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu (84.00%) total Jabal Sayid surface Jabal Sayid underground Jabal Sayid (50.00%) total Kibali surface Kibali underground Kibali (45.00%) total Loulo-Gounkoto surface Loulo-Gounkoto underground Loulo-Gounkoto (80.00%) total North Mara surface North Mara underground North Mara (84.00%) total Tongon surface (89.70%) AFRICA AND MIDDLE EAST TOTAL LATIN AMERICA AND ASIA PACIFIC Alturas surface (100%) Norte Abierto surface (50.00%) Pascua Lama surface (100%) Porgera surface4 Porgera underground4 Porgera (24.50%) total4 Pueblo Viejo surface (60.00%) Reko Diq surface (50.00%)5 Veladero surface (50.00%) LATIN AMERICA AND ASIA PACIFIC TOTAL 0.0088 3.5 3.5 0.064 8.8 8.8 9.0 10 19 12 19 31 7.7 6.4 14 4.9 82 – 190 43 0.39 0.99 1.4 50 – 22 5.89 7.80 7.80 0.38 0.35 0.35 2.07 5.00 3.63 2.37 4.33 3.59 3.36 2.20 2.83 2.22 3.21 – 0.63 1.86 3.98 6.16 5.55 2.10 – 0.60 0.0017 0.88 0.88 0.00078 0.098 0.099 0.60 1.6 2.2 0.90 2.7 3.6 0.83 0.45 1.3 0.35 8.4 – 3.9 2.6 0.049 0.20 0.25 3.4 – 0.42 – 25 25 – 6.8 6.8 26 21 47 18 35 53 34 28 62 7.5 200 58 1,100 390 14 5.0 19 190 1,800 110 – 6.50 6.50 – 0.46 0.46 2.03 4.19 3.00 3.37 4.38 4.03 1.63 2.23 1.91 2.21 3.26 1.16 0.53 1.49 2.78 6.04 3.62 1.92 0.25 0.68 310 1.06 10 3,600 0.60 – 5.3 5.3 – 0.10 0.10 1.7 2.9 4.6 2.0 4.9 6.9 1.8 2.0 3.8 0.53 21 2.2 19 19 1.3 0.97 2.3 12 14 2.3 70 0.0017 6.2 6.2 0.00078 0.20 0.20 2.3 4.5 6.8 2.9 7.6 10 2.6 2.5 5.1 0.88 30 2.2 22 21 1.3 1.2 2.5 15 14 2.7 81 – 17 17 – 1.3 1.3 4.2 4.7 8.8 3.0 13 16 3.0 6.9 9.9 2.3 55 130 370 15 6.1 1.8 8.0 4.8 600 18 – 7.6 7.6 – 0.6 0.6 2.0 3.5 2.8 2.7 2.3 2.4 1.6 1.7 1.7 2.4 3.9 0.8 0.4 1.7 2.2 6.6 3.2 1.6 0.2 0.5 1,100 0.4 – 4.1 4.1 – 0.026 0.026 0.26 0.53 0.79 0.26 0.95 1.2 0.16 0.38 0.54 0.18 6.8 3.6 4.4 0.86 0.43 0.39 0.82 0.24 3.8 0.32 14 See “Mineral Reserves and Resources Endnotes”. 153 Barrick Gold Corporation | Annual Report 2023MINERAL RESERVES AND MINERAL RESOURCESGold Mineral Resources1,3,6,7,8,9 As at December 31, 2023 MEASURED (M)10 INDICATED (I)10 Based on attributable ounces NORTH AMERICA Carlin surface Carlin underground Carlin (61.50%) total Cortez surface Cortez underground Cortez (61.50%) total Donlin surface (50.00%) Fourmile underground (100%) Hemlo surface Hemlo underground Hemlo (100%) total Long Canyon surface Long Canyon underground Long Canyon (61.50%) total Phoenix surface (61.50%) Turquoise Ridge surface Turquoise Ridge underground Turquoise Ridge (61.50%) total NORTH AMERICA TOTAL TOTAL Tonnes (Mt) Grade (g/t) Contained ozs (Moz) Tonnes (Mt) Grade (g/t) Contained ozs (Moz) 8.3 1.37 – 8.3 1.1 – – 1.37 1.86 – 0.37 – 0.37 0.064 – 1.1 1.86 0.064 – – – – – – 0.98 0.98 4.40 4.40 – – – – – – 3.8 17 0.81 2.22 10 10.72 28 42 430 5.40 4.06 1.76 – – – 0.14 0.14 – – – 0.100 1.2 3.6 4.8 5.5 24 130 31 160 150 39 190 270 2.14 7.45 3.18 0.83 6.39 1.97 2.24 8.7 7.3 16 4.0 7.9 12 20 1.5 10.04 0.48 50 11 61 5.2 1.00 4.32 1.58 2.62 1.1 10.68 6.4 250 23 19 42 970 4,800 4.03 0.48 2.52 8.96 5.43 2.01 1.00 1.6 1.5 3.1 0.44 0.38 0.82 3.8 1.9 5.5 7.4 63 150 See “Mineral Reserves and Resources Endnotes”. (M) + (I)10 Contained ozs (Moz) INFERRED11 Tonnes (Mt) Grade (g/t) Contained ozs (Moz) 9.0 7.3 16 4.0 7.9 12 20 0.48 1.6 1.6 3.2 0.44 0.38 0.82 3.9 3.1 9.1 12 68 180 42 19 61 81 16 97 46 8.2 5.0 2.6 7.7 1.1 0.53 1.6 29 8.1 1.5 9.6 260 1,500 1.3 7.3 3.2 0.5 5.4 1.3 2.0 10.1 0.7 5.9 2.5 0.9 9.1 3.6 0.3 2.3 7.7 3.2 2.1 0.8 1.7 4.4 6.2 1.3 2.8 4.0 3.0 2.7 0.12 0.50 0.62 0.029 0.16 0.18 0.31 0.60 0.37 0.97 18 39 154 Annual Report 2023 | Barrick Gold CorporationMINERAL RESERVES AND MINERAL RESOURCESCopper Mineral Resources1,3,6,7,8,9 As at December 31, 2023 MEASURED (M)10 INDICATED (I)10 Tonnes (Mt) Grade (%) Contained Cu (Mt) Tonnes (Mt) Grade (%) Contained Cu (Mt) (M) + (I)10 Contained Cu (Mt) INFERRED11 Tonnes (Mt) Grade (%) Contained Cu (Mt) Based on attributable pounds AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu (84.00%) total Jabal Sayid surface Jabal Sayid underground Jabal Sayid (50.00%) total Lumwana surface (100%) AFRICA AND MIDDLE EAST TOTAL LATIN AMERICA AND ASIA PACIFIC Norte Abierto surface (50.00%) Reko Diq surface (50.00%)5 Zaldívar surface (50.00%) LATIN AMERICA AND ASIA PACIFIC TOTAL NORTH AMERICA Phoenix surface (61.50%) NORTH AMERICA TOTAL TOTAL 0.0088 0.29 0.000026 3.5 3.5 0.064 8.8 8.8 160 170 0.37 0.37 2.63 2.58 2.58 0.47 0.57 170 0.21 – – 220 0.40 0.013 0.013 0.0017 0.23 0.23 0.75 0.99 0.36 – 0.90 – 25 25 – 6.8 6.8 1,200 1,200 1,000 1,900 330 – 0.37 0.37 – 2.25 2.25 0.53 0.54 0.21 0.43 0.36 400 0.32 1.3 3,300 0.35 5.9 5.9 580 0.16 0.16 0.39 0.0092 0.0092 2.2 350 350 4,900 0.16 0.16 0.39 – 0.000026 0.095 0.095 – 0.15 0.15 6.3 6.6 2.2 8.3 1.2 12 0.55 0.55 19 0.11 0.11 0.0017 0.38 0.38 7.1 7.6 2.5 8.3 2.1 13 0.56 0.56 21 – 17 17 – 1.3 1.3 910 930 360 640 21 – 0.5 0.5 – 0.7 0.7 0.4 0.4 0.2 0.3 0.3 – 0.078 0.078 – 0.0092 0.0092 4.0 4.1 0.66 2.2 0.070 1,000 0.3 2.9 31 31 2,000 0.2 0.2 0.4 0.050 0.050 7.1 See “Mineral Reserves and Resources Endnotes”. 155 Barrick Gold Corporation | Annual Report 2023MINERAL RESERVES AND MINERAL RESOURCES(M) + (I)10 Contained Ag (Moz) 0.0017 6.0 6.0 6.0 53 740 92 57 940 49 49 990 INFERRED11 Tonnes (Mt) Ag Grade (g/t) Contained Ag (Moz) – 17 17 17 370 15 4.8 18 – 7.4 7.4 7.4 1.0 17.8 8.1 15 410 2.3 29 29 450 5.4 5.4 2.7 – 4.0 4.0 4.0 11 8.8 1.2 8.7 30 5.1 5.1 39 – 5.2 5.2 5.2 43 660 72 47 820 48 48 870 Silver Mineral Resources1,3,6,7,8,9 As at December 31, 2023 MEASURED (M)10 INDICATED (I)10 Based on attributable ounces AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu (84.00%) total AFRICA AND MIDDLE EAST TOTAL LATIN AMERICA AND ASIA PACIFIC Tonnes (Mt) Ag Grade (g/t) Contained Ag (Moz) Tonnes (Mt) Ag Grade (g/t) Contained Ag (Moz) 0.0088 3.5 3.5 3.5 6.11 6.91 6.90 6.90 0.0017 0.78 0.78 0.78 – 25 25 25 – 6.36 6.36 6.36 Norte Abierto surface (50.00%) 190 1.62 Pascua-Lama surface (100%) Pueblo Viejo surface (60.00%) Veladero surface (50.00%) 43 57.21 50 12.01 22 13.90 10 79 19 9.7 1,100 1.23 390 52.22 190 11.74 110 13.95 LATIN AMERICA AND ASIA PACIFIC TOTAL NORTH AMERICA Phoenix surface (61.50%) NORTH AMERICA TOTAL TOTAL 310 11.95 120 1,800 14.41 3.8 3.8 7.97 7.97 310 11.84 0.98 0.98 120 250 250 6.12 6.12 2,000 13.32 See “Mineral Reserves and Resources Endnotes”. 156 Annual Report 2023 | Barrick Gold CorporationMINERAL RESERVES AND MINERAL RESOURCESSummary Gold Mineral Reserves1,2,3 For the years ended December 31 2023 2022 Based on attributable ounces AFRICA AND MIDDLE EAST Bulyanhulu surface Bulyanhulu underground Bulyanhulu Total Jabal Sayid surface Jabal Sayid underground Jabal Sayid Total Kibali surface Kibali underground Kibali Total Loulo-Gounkoto surface Loulo-Gounkoto underground Loulo-Gounkoto Total North Mara surface North Mara underground North Mara Total Tongon surface AFRICA AND MIDDLE EAST TOTAL LATIN AMERICA AND ASIA PACIFIC Norte Abierto surface Porgera surface4 Porgera underground4 Porgera Total4 Pueblo Viejo surface Veladero surface LATIN AMERICA AND ASIA PACIFIC TOTAL NORTH AMERICA Carlin surface Carlin underground Carlin Total Cortez surface Cortez underground Cortez Total Hemlo surface Hemlo underground Hemlo Total Phoenix surface Turquoise Ridge surface Turquoise Ridge underground Turquoise Ridge Total NORTH AMERICA TOTAL TOTAL See “Mineral Reserves and Resources Endnotes”. Ownership % Tonnes (Mt) Grade (g/t) Ounces (Moz) Ownership % Tonnes (Mt) Grade (g/t) Ounces (Moz) 84.00% 84.00% 84.00% 50.00% 50.00% 50.00% 45.00% 45.00% 45.00% 80.00% 80.00% 80.00% 84.00% 84.00% 84.00% 89.70% 50.00% 24.50% 24.50% 24.50% 60.00% 50.00% 61.50% 61.50% 61.50% 61.50% 61.50% 61.50% 100% 100% 100% 61.50% 61.50% 61.50% 61.50% 0.0088 18 18 0.064 14 14 24 24 47 24 33 57 30 9.3 39 5.5 180 600 5.0 2.9 7.9 170 89 870 65 17 82 110 27 130 27 6.8 34 100 22 20 43 390 1,400 5.89 6.05 6.05 0.38 0.34 0.34 2.05 4.10 3.07 2.84 4.81 3.99 1.90 3.60 2.30 1.98 3.24 0.60 3.55 6.96 4.81 2.14 0.70 0.96 2.39 8.34 3.64 0.82 7.27 2.13 0.97 4.12 1.60 0.58 2.36 10.66 6.29 2.45 1.65 0.0017 3.4 3.4 0.00078 0.15 0.15 1.6 3.1 4.7 2.1 5.1 7.2 1.8 1.1 2.9 0.35 19 12 0.57 0.65 1.2 12 2.0 27 5.0 4.6 9.7 2.8 6.3 9.0 0.84 0.90 1.7 1.9 1.7 6.9 8.6 31 77 84.00% 84.00% 84.00% 50.00% 50.00% 50.00% 45.00% 45.00% 45.00% 80.00% 80.00% 80.00% 84.00% 84.00% 84.00% 89.70% 50.00% 24.50% 24.50% 24.50% 60.00% 50.00% 61.50% 61.50% 61.50% 61.50% 61.50% 61.50% 100% 100% 100% 61.50% 61.50% 61.50% 61.50% – 13 13 0.069 13 13 20 23 44 25 28 54 29 9.5 39 7.8 170 600 5.0 2.9 7.9 170 85 870 73 17 90 110 26 130 18 5.1 23 100 11 23 33 380 1,400 – 6.34 6.34 0.34 0.31 0.31 2.16 4.21 3.26 2.65 4.98 3.87 2.06 3.43 2.40 2.25 3.22 0.60 3.55 6.96 4.81 2.19 0.71 0.97 2.27 8.79 3.50 0.90 7.78 2.26 1.49 4.88 2.25 0.59 2.27 9.82 7.43 2.54 1.67 – 2.7 2.7 0.00076 0.13 0.13 1.4 3.2 4.6 2.2 4.5 6.7 2.0 1.0 3.0 0.56 18 12 0.57 0.65 1.2 12 1.9 27 5.4 4.8 10 3.1 6.5 9.6 0.86 0.81 1.7 2.0 0.77 7.2 8.0 31 76 157 Barrick Gold Corporation | Annual Report 2023MINERAL RESERVES AND MINERAL RESOURCESMINERAL RESERVES AND RESOURCES ENDNOTES 1. Mineral reserves (“reserves”) and mineral resources (“resources”) have been estimated as at December  31, 2023 (unless otherwise noted) in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. For United States reporting purposes, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January  1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, which was rescinded from and after the required compliance date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured”, “indicated” and “inferred” mineral resources. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding Canadian Institute of Mining, Metallurgy and Petroleum definitions, as required by NI 43-101. U.S. investors should understand that “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. In addition, U.S. investors are cautioned not to assume that any part or all of Barrick’s mineral resources constitute or will be converted into reserves. Mineral resource and mineral reserve estimations have been prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, under the supervision of Richard Peattie, Africa and Middle East Mineral Resource Manager, Chad Yuhasz, Latin America & Asia Pacific Mineral Resource Manager and Craig Fiddes, Lead  – Resource Modeling, Nevada Gold Mines and reviewed by Simon Bottoms, Barrick’s Mineral Resource Management and Evaluation Executive. For 2023, reserves have been estimated based on an assumed gold price of US$1,300 per ounce, an assumed silver price of US$18.00 per ounce, and an assumed copper price of US$3.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Tongon, where mineral reserves for 2023 were calculated using $1,500/oz; Hemlo, where mineral reserves for 2023 were calculated using $1,400/oz and at Zaldívar, where mineral reserves for 2023 were calculated using Antofagasta guidance and an updated assumed copper price of US$3.50 per pound. For 2022, reserves were estimated based on an assumed gold price of US$1,300 per ounce, an assumed silver price of US$18.00 per ounce, and an assumed copper price of US$3.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral reserves for 2022 were calculating using Antofagasta guidance and an assumed copper price of US$3.30 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, 2023 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. 2. In confirming our annual reserves for each of our mineral properties, projects, and operations, we conduct a reserve test on December 31 of each year to verify that the future undiscounted cash flow from reserves is positive. The cash flow ignores all sunk costs and only considers future operating and closure expenses as well as any future capital costs. 3. All mineral resource and mineral reserve estimates of tonnes, Au oz, Ag oz and Cu tonnes are reported to the second significant digit. 4. Porgera mineral reserves and mineral resources are reported on a 24.5% interest basis, reflecting Barrick’s ownership interest in accordance with the Porgera Project Commencement Agreement (the “Commencement Agreement”) completed on December  10, 2023. The Commencement Agreement provided, among other things, for ownership of Porgera to be held in a new joint venture called New Porgera Limited, which is owned 51% by Papua New Guinea stakeholders and 49% by a Barrick affiliate, Porgera (Jersey) Limited (“PJL”). PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and accordingly Barrick has a 24.5% ownership interest in the Porgera mine. Barrick Niugini Limited has retained operatorship of the mine. For additional information, see page 63 of Barrick’s Annual Report 2023. 5. 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 process that began earlier in 2022 following the conclusion of a framework agreement among the Governments of Pakistan and Balochistan province, Barrick and Antofagasta plc, which provided a path for the development of the project under a reconstituted structure. The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders. Barrick is the operator of the project. For additional information, see pages 41-42 of Barrick’s Third Quarter Report 2023. 6. 2023 polymetallic mineral resources and mineral reserves are estimated using the combined value of gold, copper & silver and accordingly are reported as gold, copper and silver mineral resources and mineral reserves. 7. For 2023, mineral resources have been estimated based on an assumed gold price of US$1,700 per ounce, an assumed silver price of US$21.00 per ounce, and an assumed copper price of US$4.00 per pound and long-term average exchange rates of 1.30 CAD/US$, except Zaldívar, where mineral resources for 2023 were calculated using Antofagasta guidance and an assumed copper price of US$4.20 per pound. For 2022, mineral resources were estimated based on an assumed gold price of US$1,700 per ounce, an assumed silver price of US$21.00 per ounce, and an assumed copper price of US$3.75 per pound and long-term average exchange rates of 1.30 CAD/US$, except at Zaldívar, where mineral resources for 2022 were calculated using Antofagasta guidance and an assumed copper price of US$3.75. 8. Mineral resources which are not mineral reserves do not have demonstrated economic viability. 9. Mineral resources are reported inclusive of mineral reserves. 10. All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for Au g/t, Ag g/t and Cu % are reported to two decimal places. 11. All inferred mineral resource estimates of grade for Au g/t, Ag g/t and Cu % are reported to one decimal place. 158 Annual Report 2023 | Barrick Gold CorporationMINERAL RESERVES AND MINERAL RESOURCESMANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS The accompanying consolidated financial statements have been prepared by and are the responsibility of the Board of Directors and Management of the Company. The consolidated financial statements have been prepared in 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. The consolidated financial statements have been audited by PricewaterhouseCoopers LLP, Chartered Professional Accountants. Their report outlines the scope of their examination and opinion on the consolidated financial statements. Graham Shuttleworth Senior Executive Vice President and Chief Financial Officer February 13, 2024 MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING Barrick’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Based on management’s assessment, Barrick’s internal control over financial reporting is effective as at December 31, 2023. Barrick’s management assessed the Company’s internal control over financial reporting as at December 31, 2023. Barrick’s Management used the Internal Control  – Integrated Framework (2013) as issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to evaluate the effectiveness of Barrick’s internal control over financial reporting. the effectiveness of The effectiveness of the Company’s internal control over financial reporting as at December  31, 2023 has been audited by PricewaterhouseCoopers LLP, Chartered Professional Accountants, as stated in their report which is located on pages 160-161 of Barrick’s 2023 Annual Financial Statements. 159 Barrick Gold Corporation | Annual Report 2023REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Barrick Gold Corporation Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Barrick Gold Corporation and its subsidiaries (together, the Company) as of December  31, 2023 and 2022, and the related consolidated statements of income, comprehensive income, changes in equity and cash flow for the years then ended, including the related notes (collectively referred to as the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of December  31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December  31, 2023 and 2022, and its financial performance and its cash flows for the years then ended in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December  31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the COSO. Basis for Opinions The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 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. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i)  pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 160 Annual Report 2023 | Barrick Gold CorporationCritical Audit Matters The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the Audit & Risk Committee and that (i)  relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Impairment assessments for goodwill and other non-current assets As described in Notes 2, 3, 10, 20 and 21 to the consolidated financial statements, the Company’s goodwill and other non-current assets are tested for impairment if there is an indicator of impairment, and in the case of goodwill annually, during the fourth quarter. Impairment assessments are conducted at the level of the cash generating unit (CGU), which is the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and includes liabilities specific to the CGU. For operating mines and projects, the individual mine/project represents a CGU for impairment assessments. The Company’s goodwill and other non-current assets balances as of December 31, 2023 were $3.6 billion and $33.8 billion, respectively. Management estimated the recoverable amounts of the CGUs as the Fair Value Less Costs of Disposal (FVLCD) using discounted estimates of future cash flows derived from the life of mine (LOM) plans, estimated fair values of mineral resources outside LOM plans and the application of a specific Net Asset Value (NAV) multiple for each CGU, where applicable. Management’s estimates of the FVLCD of the CGUs included assumptions with respect to future metal prices, operating and capital costs, weighted average costs of capital, NAV multiples, future production levels, including mineral reserves and mineral resources, and the fair value of mineral resources outside LOM plans, where applicable. Management’s estimates of future production levels, including mineral reserves and mineral resources, and the fair value of mineral resources outside LOM plans, are based on information compiled by qualified persons (management’s specialists). The principal considerations for our determination that performing procedures relating to the impairment assessments for goodwill and other non-current assets is a critical audit matter are (i) the significant judgment by management, including the use of management’s specialists, in estimating the FVLCD of the CGUs; (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management’s assumptions, where assessed as significant, with respect to future metal prices, operating and capital costs, weighted average costs of capital, NAV multiples, future production levels, including 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. 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 management’s impairment assessments for goodwill and other non- current assets, including controls over the significant assumptions used in management’s estimates of the FVLCD of the CGUs. These procedures also included, among others, testing management’s process for estimating the FVLCD of the CGUs with goodwill and for each CGU where there is an indicator of impairment; evaluating the appropriateness of the methods and discounted cash flow models used; testing the completeness and accuracy of underlying data used in the models and evaluating the reasonableness of the significant assumptions used by management in the estimates of FVLCD. Evaluating the reasonableness of the significant assumptions used by management in the estimates of FVLCD with respect to future metal prices, operating and capital costs and NAV multiples involved (i) comparing future metal prices to external industry data; (ii) comparing operating and capital costs to recent actual operating and capital costs incurred and assessing whether these assumptions were consistent with evidence obtained in other areas of the audit, where appropriate; and (iii) comparing NAV multiples to evidence of value from comparable market information. The work of management’s specialists was used in performing the procedures to evaluate the reasonableness of future production levels, including mineral reserves and mineral resources, and the fair value of mineral resources outside LOM plans for certain CGUs. As a basis for using this work, management’s specialists’ qualifications were understood and the Company’s relationship with management’s specialists was assessed. The procedures performed also included evaluation of the methods and assumptions used by management’s specialists, tests of data used by management’s specialists and an evaluation of management’s specialists’ findings. Professionals with specialized skill and knowledge were used to assist in evaluating the appropriateness of the methods and discounted cash flow models and the reasonableness of the weighted average costs of capital and NAV multiple assumptions. Chartered Professional Accountants, Licensed Public Accountants Toronto, Canada February 13, 2024 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. 161 Barrick Gold Corporation | Annual Report 2023INDEPENDENT AUDITOR’S REPORTConsolidated Statements of Income Barrick Gold Corporation For the years ended December 31 (in millions of United States dollars, except per share data) Revenue (notes 5 and 6) Costs and expenses (income) Cost of sales (notes 5 and 7) General and administrative expenses (note 11) Exploration, evaluation and project expenses (notes 5 and 8) Impairment charges (notes 10 and 21) Loss on currency translation Closed mine rehabilitation (note 27b) Income from equity investees (note 16) Other (income) expense (note 9) Income before finance items and income taxes Finance costs, net (note 14) Income before income taxes Income tax expense (note 12) Net income Attributable to: Equity holders of Barrick Gold Corporation Non-controlling interests (note 32) Earnings (loss) per share data attributable to the equity holders of Barrick Gold Corporation (note 13) Net income Basic Diluted The accompanying notes are an integral part of these consolidated financial statements. 2023 $ 11,397 2022 $ 11,013 7,932 126 361 312 93 16 (232) (195) 2,984 (170) 2,814 (861) 7,497 159 350 1,671 16 (136) (258) (268) 1,982 (301) 1,681 (664) $ 1,953 $ 1,017 $ 1,272 $ 681 $ $ 0.72 0.72 $ $ $ $ 432 585 0.24 0.24 162 Annual Report 2023 | Barrick Gold CorporationFINANCIAL STATEMENTS Consolidated Statements of Comprehensive Income Barrick Gold Corporation For the years ended December 31 (in millions of United States dollars) Net income 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 Currency translation adjustments, net of tax $nil and $nil Items that will not be reclassified to profit or loss: Actuarial gain on post-employment benefit obligations, net of tax $nil and $nil Net change in value of equity investments, net of tax $(2) and $(7) Total other comprehensive (loss) income Total comprehensive income Attributable to: Equity holders of Barrick Gold Corporation Non-controlling interests The accompanying notes are an integral part of these consolidated financial statements. 2023 $ 1,953 2022 $ 1,017 – (3) – 1 (2) 1 1 8 39 49 $ 1,951 $ 1,066 $ 1,270 $ 681 $ $ 481 585 163 Barrick Gold Corporation | Annual Report 2023FINANCIAL STATEMENTS Consolidated Statements of Cash Flow Barrick Gold Corporation For the years ended December 31 (in millions of United States dollars) OPERATING ACTIVITIES Net income Adjustments for the following items: Depreciation Finance costs (note 14) Net impairment charges (notes 10 and 21) Income tax expense (note 12) Income from investment in equity investees (note 16) Loss on currency translation Gain on sale of non-current assets (note 9) Change in working capital (note 15) Other operating activities (note 15) Operating cash flows before interest and income taxes Interest paid Interest received Income taxes paid1 Net cash provided by operating activities INVESTING ACTIVITIES Property, plant and equipment Capital expenditures (note 5) Sales proceeds Investment (purchases) sales Dividends received from equity method investments (note 16) Shareholder loan repayments from equity method investments (note 16) Net cash used in investing activities FINANCING ACTIVITIES Lease repayments Debt repayments Dividends (note 31) Share buyback program (note 31) Funding from non-controlling interests (note 32) Disbursements to non-controlling interests (note 32) Other financing activities (note 15) Net cash used in financing activities Effect of exchange rate changes on cash and equivalents Net increase (decrease) in cash and equivalents Cash and equivalents at beginning of year (note 25a) Cash and equivalents at the end of year 2023 2022 $ 1,953 $ 1,017 2,043 170 312 861 (232) 93 (364) (452) (65) 4,319 (300) 237 (524) 3,732 1,997 301 1,671 664 (258) 16 (405) (322) (217) 4,464 (305) 89 (767) 3,481 (3,086) (3,049) 13 (23) 273 7 (2,816) (13) (43) (700) – 40 (554) 65 (1,205) (3) (292) 4,440 88 381 869 – (1,711) (20) (375) (1,143) (424) – (833) 191 (2,604) (6) (840) 5,280 $ 4,148 $ 4,440 1 Income taxes paid excludes $137 million (2022: $126 million) of income taxes payable that were settled against offsetting value added tax (“VAT”) receivables. The accompanying notes are an integral part of these consolidated financial statements. 164 Annual Report 2023 | Barrick Gold CorporationFINANCIAL STATEMENTS Consolidated Balance Sheets Barrick Gold Corporation (in millions of United States dollars) ASSETS Current assets Cash and equivalents (note 25a) Accounts receivable (note 18) Inventories (note 17) Other current assets (note 18) Total current assets Non-current assets Non-current portion of inventory (note 17) Equity in investees (note 16) Property, plant and equipment (note 19) Intangible assets (note 20a) Goodwill (note 20b) Deferred income tax assets (note 30) Other assets (note 22) Total assets LIABILITIES AND EQUITY Current liabilities Accounts payable (note 23) Debt (note 25b) Current income tax liabilities Other current liabilities (note 24) Total current liabilities Non-current liabilities Debt (note 25b) Provisions (note 27) Deferred income tax liabilities (note 30) Other liabilities (note 29) Total liabilities Equity Capital stock (note 31) Deficit Accumulated other comprehensive income Other Total equity attributable to Barrick Gold Corporation shareholders Non-controlling interests (note 32) Total equity Contingencies and commitments (notes 2, 17, 19 and 36) Total liabilities and equity The accompanying notes are an integral part of these consolidated financial statements. Signed on behalf of the Board, Mark Bristow, Director J. Brett Harvey, Director December 31, 2023 December 31, 2022 As at As at $ 4,148 $ 4,440 693 1,782 815 7,438 2,738 4,133 26,416 149 3,581 – 1,356 554 1,781 1,690 8,465 2,819 3,983 25,821 149 3,581 19 1,128 $ 45,811 $ 45,965 $ 1,503 $ 1,556 11 303 539 2,356 4,715 2,058 3,439 1,241 13,809 28,117 (6,713) 24 1,913 23,341 8,661 32,002 13 163 1,388 3,120 4,769 2,211 3,247 1,329 14,676 28,114 (7,282) 26 1,913 22,771 8,518 31,289 $ 45,811 $ 45,965 165 Barrick Gold Corporation | Annual Report 2023FINANCIAL STATEMENTS Consolidated Statements of Changes in Equity Barrick Gold Corporation (in millions of United States dollars) At January 1, 2023 Net income Total other comprehensive loss Attributable to equity holders of the Company Common Shares (in thousands) Capital stock Deficit Accumulated other comprehensive (loss) income1 Total equity attributable to shareholders Non- controlling interests Other2 Total equity 1,755,350 $ 28,114 $ (7,282) $ 26 $ 1,913 $ 22,771 $ 8,518 $ 31,289 – – – – 1,272 – – (2) – – 1,272 (2) 681 – 1,953 (2) Total comprehensive income (loss) – $ – $ 1,272 $ (2) $ – $ 1,270 $ 681 $ 1,951 Transactions with owners Dividends (note 31) Funding from non-controlling interests (note 32) Disbursements to non-controlling interests (note 32) – – – Dividend reinvestment plan (note 31) 220 – – – 3 (700) – – (3) – – – – – – – – (700) – – – – 40 (578) – (700) 40 (578) – Total transactions with owners 220 $ 3 $ (703) $ – $ – $ (700) $ (538) $ (1,238) At December 31, 2023 1,755,570 $ 28,117 $ (6,713) $ 24 $ 1,913 $ 23,341 $ 8,661 $ 32,002 At January 1, 2022 Net income Total other comprehensive income Total comprehensive income Transactions with owners Dividends (note 31) Reko Diq reconstitution (note 4) Disbursements to non-controlling interests (note 32) 1,779,331 $ 28,497 $ (6,566) $ (23) $ 1,949 – – – – 432 – – 49 – – $ 23,857 $ 8,450 $ 32,307 1,017 585 432 49 – 49 – $ – $ 432 $ 49 $ – $ 481 $ 585 $ 1,066 Dividend reinvestment plan (note 31) 269 Share buyback program (24,250) (388) – – – – – – 5 (1,143) – – (5) – – – – – – – – – – (1,143) – – – (36) (424) – 329 (846) – – (1,143) 329 (846) – (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 1 Includes cumulative translation adjustments as at December 31, 2023: $95 million loss (December 31, 2022: $93 million loss). 2 Includes additional paid-in capital as at December 31, 2023: $1,875 million (December 31, 2022: $1,875 million). The accompanying notes are an integral part of these consolidated financial statements. 166 Annual Report 2023 | Barrick Gold CorporationFINANCIAL STATEMENTS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Barrick Gold Corporation. Tabular dollar amounts in millions of United States dollars, unless otherwise shown. References to A$, ARS, C$, CLP, DOP, EUR, GBP, PGK, PKR, SAR, TZS, XOF, ZAR, and ZMW are to Australian dollars, Argentine pesos, Canadian dollars, Chilean pesos, Dominican pesos, Euros, British pound sterling, Papua New Guinea kina, Pakistani rupee, Saudi riyal, Tanzanian shilling, West African CFA franc, South African rand, and Zambian kwacha, respectively. 1. CORPORATE INFORMATION Barrick Gold Corporation (“Barrick”, “we” or the “Company”) is a corporation governed by the Business Corporations Act (British Columbia). The Company’s corporate office is located at Brookfield Place, TD Canada Trust Tower, 161 Bay Street, Suite 3700, Toronto, Ontario, M5J 2S1. The Company’s registered office is 925 West Georgia Street, Suite 1600, Vancouver, British Columbia, V6C 3L2. Barrick shares trade on the New York Stock Exchange under the symbol GOLD and the Toronto Stock Exchange under the symbol ABX. We are principally engaged in the production and sale of gold and copper, as well as related activities such as exploration and mine development. We sell our gold and copper into the world market. We have ownership interests in producing gold mines that are located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Papua New Guinea, Tanzania and the United States. We have ownership interests in producing copper mines in Chile, Saudi Arabia and Zambia. We also have various projects located throughout the Americas, Asia and Africa. 2. MATERIAL ACCOUNTING POLICY INFORMATION a) Statement of Compliance These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”). Accounting policies are consistently applied to all years presented, unless otherwise stated. These consolidated financial statements were approved for issuance by the Board of Directors on February 13, 2024. b) Basis of Preparation These consolidated financial statements include the accounts of Barrick, its subsidiaries, its share of joint operations (“JO”) and its equity share of joint ventures (“JV”). When applying the equity method of accounting, specifically for Porgera, whereby the economic interest differs from the shareholding, the equity accounting is based on the economic share contractually agreed amongst the shareholders rather than the equity participation. For non wholly-owned, controlled subsidiaries, profit or loss for the period that is attributable to non- controlling interests is typically calculated based on the ownership of the minority shareholders in the subsidiary. 167 Barrick Gold Corporation | Annual Report 2023Outlined below is information related to our joint arrangements and entities other than 100% owned Barrick subsidiaries at December 31, 2023: Nevada Gold Mines3 North Mara3,4 Bulyanhulu3,4 Loulo-Gounkoto3 Tongon3 Pueblo Viejo3 Reko Diq Project3,5 Norte Abierto Project Donlin Gold Project Veladero Kibali6 Jabal Sayid6 Zaldívar6 Porgera Mine7 Place of business United States Tanzania Tanzania Mali Côte d’Ivoire Dominican Republic Pakistan Chile United States Argentina Democratic Republic of Congo Saudi Arabia Chile Papua New Guinea Entity type Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary JO JO JO JV JV JV JV Interest1 61.5% 84% 84% 80% 89.7% 60% 50% 50% 50% 50% 45% 50% 50% 24.5% Method2 Consolidation Consolidation Consolidation Consolidation Consolidation Consolidation Consolidation Our share Our share Our share Equity Method Equity Method Equity Method 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, 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 The Government of Tanzania receives half of the economic benefits from the Tanzanian operations (Bulyanhulu 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. 5 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. 6 Barrick has commitments of $665 million relating to its interest in the joint ventures, including purchase obligations disclosed in note 17 and capital commitments disclosed in note 19. 7 On December 22, 2023, we completed the Porgera Project Commencement Agreement, pursuant to which the Papua New Guinea (“PNG”) government and Barrick Niugini Limited (“BNL”), the 95% owner and operator of the Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Ownership of Porgera is now held in a new joint venture owned 51% by PNG stakeholders and 49% by a Barrick affiliate, Porgera (Jersey) Limited (“PJL”). PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick now holds a 24.5% ownership interest in the Porgera joint venture. Barrick holds a 23.5% interest in the economic benefits of the mine under the economic benefit sharing arrangement agreed with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the overall economic benefits derived from the mine accumulated over time, and the PNG stakeholders share the remaining 53%. Refer to notes 4 and 35 for further details. c) Business Combinations On the acquisition of a business, the acquisition method of accounting is used. d) Foreign Currency Translation The functional currency of all of our operations is the US dollar. We translate non-US dollar balances for these operations into US dollars as follows: • Property, plant and equipment intangible assets and equity method investments using the rates at the time of acquisition; (“PP&E”), • Fair value through other comprehensive income (“FVOCI”) equity investments using the closing exchange rate as at the balance sheet date with translation gains and losses permanently recorded in Other Comprehensive Income (“OCI”); • Deferred tax assets and liabilities using the closing exchange rate as at the balance sheet date with translation gains and losses recorded in income tax expense; • • Other assets and liabilities using the closing exchange rate as at the balance sheet date with translation gains and losses recorded in other income/expense; and Income and expenses using the average exchange rate for the period, except for expenses that relate to non-monetary assets and liabilities measured at historical rates, which are translated using the same historical rate as the associated non-monetary assets and liabilities. 168 e) Revenue Recognition We sell our production in the world market through the following distribution channels: gold bullion is sold in the gold spot market, to independent refineries or to our non-controlling interest holders; and gold and copper concentrate is sold to independent smelting or trading companies. Gold Bullion Sales Gold bullion is sold primarily in the London spot market. The sale price is fixed on the date of sale based on the gold spot price. Generally, we record revenue from gold bullion sales at the time of physical delivery, which is also the date that title to the gold passes. Concentrate Sales Under the terms of concentrate sales contracts with independent smelting companies, gold and copper sales prices are provisionally set on a specified future date after shipment based on market prices. We record revenues under these contracts at the time of shipment, which is also when the risks and rewards of ownership pass to the smelting companies, using forward market gold and copper prices on the expected date that final sales prices will be determined. Variations between the price recorded at the shipment date and the actual final price set under the smelting contracts are caused by changes in market gold and copper prices, which result in the existence of an embedded derivative in accounts receivable. The embedded derivative is recorded 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. Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTSStreaming Arrangements As the deferred revenue on streaming arrangements is considered variable consideration, an adjustment is made to the transaction price per unit each time there is a change in the underlying production profile of a mine (typically in the fourth quarter of each year). The change in the transaction price per unit results in a cumulative catch- up adjustment to revenue in the period in which the change is made, reflecting the new production profile expected to be delivered under the streaming agreement. A corresponding cumulative catch-up adjustment is made to accretion expense, reflecting the impact of the change in the deferred revenue balance. f) Exploration and Evaluation Exploration expenditures are the costs incurred in the initial search for mineral deposits with economic potential or in the process of obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with prospecting, sampling, mapping, diamond drilling and other work involved in searching for ore. Evaluation expenditures are the costs incurred to establish the technical and commercial viability of developing mineral deposits identified through exploration activities or by acquisition. Evaluation expenditures include the cost of: (i) establishing the volume and grade of deposits through drilling of core samples, trenching and sampling activities in an ore body that is classified as either a mineral resource or a proven and probable reserve; (ii) determining the optimal methods of extraction and metallurgical and treatment processes; (iii)  studies related to surveying, transportation and infrastructure requirements; (iv)  permitting activities; and (v)  economic evaluations to determine whether development of the mineralized material is commercially justified, including scoping, pre-feasibility and final feasibility studies. Exploration and evaluation expenditures are expensed as incurred unless management determines that probable future economic benefits will be generated as a result of the expenditures. Once the technical feasibility and commercial viability of a program or project has been demonstrated with a pre-feasibility study, and we have recognized reserves in accordance with the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects, we account for future expenditures incurred in the development of that program or project in accordance with our policy for Property, Plant and Equipment, as described in note 2l. g) Production Stage A mine that is under construction is determined to enter the production stage when the project is in the location and condition necessary for it to be capable of operating in the manner intended by management. We use the following factors to assess whether these criteria have been met: (1) the level of capital expenditures compared to construction cost estimates; (2) the completion of a reasonable period of commissioning and testing of mine plant and equipment; (3) the ability to produce minerals in saleable form (within specifications); and (4) the ability to sustain ongoing production of minerals. When a mine construction project moves into the production stage, the capitalization of certain mine construction costs ceases and costs are either capitalized to inventory or expensed, except for capitalizable costs related to property, plant and equipment additions or improvements, open pit stripping activities that provide a future benefit, underground mine development or expenditures that meet the criteria for capitalization in accordance with IAS 16 Property, Plant and Equipment. h) Taxation Current tax for each taxable entity is based on the local taxable income at the local statutory tax rate enacted or substantively enacted at the balance sheet date and includes adjustments to tax payable or recoverable in respect of previous periods. Deferred tax is recognized using the balance sheet method in respect of all temporary differences between the tax bases of assets and liabilities, and their carrying amounts for financial reporting purposes, except as indicated below. Deferred income tax liabilities are recognized for all taxable temporary differences, except: • Where the deferred income tax liability arises from the initial recognition of goodwill, or the initial recognition of an asset or liability in an acquisition that is not a business combination and, at the time of the acquisition, affects neither the accounting profit nor taxable profit or loss; and In respect of taxable temporary differences associated with investments in subsidiaries and interests in joint arrangements, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. • Deferred income tax assets are recognized for all deductible temporary differences and the carryforward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carryforward of unused tax assets and unused tax losses can be utilized, except: • Where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in an acquisition that is not a business combination and, at the time of the acquisition, affects neither the accounting profit nor taxable profit or loss; and In respect of deductible temporary differences associated with investments in subsidiaries and interests in joint arrangements, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. • The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. To the extent that an asset not previously recognized fulfills the criteria for recognition, a deferred income tax asset is recorded. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the asset is realized or the liability is settled, based on tax rates and tax laws enacted or substantively enacted at the balance sheet date. Current and deferred tax relating to items recognized directly in equity are recognized in equity and not in the income statement. The Company is subject to assessments by various taxation authorities, who may interpret tax legislation differently than the Company. Tax liabilities for uncertain tax positions are adjusted by the Company to reflect its best estimate of the probable outcome of assessments and in light of changing facts and circumstances, such as the completion of a tax audit, expiration of a statute of limitations, the refinement of an estimate, and interest accruals associated with the uncertain tax positions until they are resolved. Some of these adjustments require significant judgment in estimating the timing and amount of any additional tax expense. Royalties and Special Mining Taxes Income tax expense includes the cost of royalties and special mining taxes payable to governments that are calculated based on a percentage of taxable profit whereby taxable profit represents net income adjusted for certain items defined in the applicable legislation. Indirect Taxes Indirect tax recoverable is recorded at its undiscounted amount, and is disclosed as non-current if not expected to be recovered within twelve months. 169 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTSi) Other Investments Investments in publicly quoted equity securities that are neither subsidiaries nor associates are categorized as FVOCI pursuant to the 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 investments are classified as fair value through profit or loss (“FVPL”). j) Inventory Material extracted from our mines is classified as either ore or waste. Ore represents material that, at the time of extraction, we expect to process into a saleable form and sell at a profit. Raw materials are comprised of both ore in stockpiles and ore on leach pads as processing is required to extract benefit from the ore. Ore is accumulated in stockpiles that are subsequently processed into gold/copper in a saleable form. The recovery of gold and copper from certain oxide ores is achieved through the heap leaching process. Work in process represents gold/ copper in the processing circuit that has not completed the production process, and is not yet in a saleable form. Finished goods inventory represents gold/copper in saleable form. Metal inventories are valued at the lower of cost and net realizable value. Cost is determined on a weighted average basis and includes all costs incurred, based on a normal production capacity, in bringing each product to its present location and condition. Cost of inventories comprises: direct labor, materials and contractor expenses, including non-capitalized stripping costs; depreciation on PP&E including capitalized stripping costs; and an allocation of general and administrative costs. As ore is removed for processing, costs are removed based on the average cost per ounce/pound in the stockpile. Net realizable value is determined with reference to relevant market prices less applicable variable selling and downstream processing costs. Inventory provisions are reversed to reflect subsequent improve- ments in net realizable value where the inventory is still on hand. Mine operating supplies represent commodity consumables and other raw materials used in the production process, as well as spare parts and other maintenance supplies that are not classified as capital items. Provisions are recorded to reduce mine operating supplies to net realizable value, which is generally calculated by reference to its salvage or scrap value, when it is determined that the supplies are obsolete. k) Royalties Certain of our properties are subject to royalty arrangements based on mineral production at the properties. The primary type of royalty is a net smelter return (“NSR”) royalty. Under this type of royalty we pay the holder an amount calculated as the royalty percentage multiplied by the value of gold production at market gold prices less third- party smelting, refining and transportation costs. Royalty expense is recorded on completion of the production or sales process in cost of sales. Other types of royalties include: • Net profits interest royalty to a party other than a government, • Modified NSR royalty, • Net smelter return sliding scale royalty, • Gross proceeds sliding scale royalty, • Gross smelter return royalty, • Net value royalty, • Land tenement royalty, and a • Gold revenue royalty. l) Property, Plant and Equipment Estimated useful lives of Major Asset Categories Buildings, plant and equipment Underground mobile equipment Light vehicles and other mobile equipment Furniture, computer and office equipment 1 – 38 years 3 – 7 years 1 – 7 years 1 – 7 years Buildings, Plant and Equipment At acquisition, we record buildings, plant and equipment at cost, including all expenditures incurred to prepare an asset for its intended use. These expenditures consist of: the purchase price; brokers’ commissions; and installation costs including architectural, design and engineering fees, legal fees, survey costs, site preparation costs, freight charges, transportation insurance costs, duties, testing and preparation charges. Buildings, plant and equipment are depreciated on a straight-line basis over their expected useful life, which commences when the assets are considered available for use. Once buildings, plant and equipment are considered available for use, they are measured at cost less accumulated depreciation and applicable impairment losses. Depreciation on equipment utilized in the development of assets, including open pit and underground mine development, is recapitalized as development costs attributable to the related asset. Mineral Properties Mineral properties consist of: the fair value attributable to mineral reserves and resources acquired in a business combination or asset acquisition; underground mine development costs; open pit mine development costs; capitalized exploration and evaluation costs; and capitalized interest. In addition, we incur project costs which are generally capitalized when the expenditures result in a future benefit. i) Acquired Mining Properties On acquisition of a mining property, we prepare an estimate of the fair value attributable to the proven and probable mineral reserves, mineral resources and exploration potential attributable to the property. The estimated fair value attributable to the mineral reserves and the portion of mineral resources considered to be probable of economic extraction at the time of the acquisition is depreciated on a units of production (“UOP”) basis whereby the denominator is the proven and probable reserves and the portion of mineral resources considered to be probable of economic extraction based on the current life of mine (“LOM”) plan that benefit from the development and are considered probable of economic extraction. The estimated fair value attributable to mineral resources that are not considered to be probable of economic extraction at the time of the acquisition is not subject to depreciation until the resources become probable of economic extraction in the future. The estimated fair value attributable to exploration licenses is recorded as an intangible asset and is not subject to depreciation until the property enters production. ii) Underground Mine Development Costs At our underground mines, we incur development costs to build new shafts, drifts and ramps that will enable us to physically access ore underground. The time over which we will continue to incur these costs depends on the mine life. These underground development costs are capitalized as incurred. Capitalized underground development costs are depreciated on a UOP basis, whereby the denominator is the estimated ounces/pounds of gold/copper in proven and probable reserves and the portion of resources considered probable of economic extraction based on the current LOM plan that benefit from the development and are considered probable of economic extraction. 170 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTSiii) Open Pit Mine Development Costs In open pit mining operations, it is necessary to remove overburden and other waste materials to access ore from which minerals can be extracted economically. The process of mining overburden and waste materials is referred to as stripping. Stripping costs incurred in order to provide initial access to the ore body (referred to as pre-production stripping) are capitalized as open pit mine development costs. Pre-production stripping costs are capitalized until an “other than de minimis” level of mineral is extracted, after which time such costs are either capitalized to inventory or, if it qualifies as an open pit stripping activity that provides a future benefit, to PP&E. We consider various relevant criteria to assess when an “other than de minimis” level of mineral is produced. Some of the criteria considered would include, but are not limited to, the following: (1) the amount of minerals mined versus total ounces in ore expected over the LOM; (2) the amount of ore tonnes mined versus total LOM expected ore tonnes mined; (3) the current stripping ratio versus the strip ratio expected over the LOM; and (4) the ore grade mined versus the grade expected over the LOM. Stripping costs incurred during the production stage of an open pit are accounted for as costs of the inventory produced during the period that the stripping costs are incurred, unless these costs are expected to provide a future economic benefit to an identifiable component of the ore body. Components of the ore body are based on the distinct development phases identified by the mine planning engineers when determining the optimal development plan for the open pit. Production phase stripping costs generate a future economic benefit when the related stripping activity: (1) improves access to a component of the ore body to be mined in the future; (2) increases the fair value of the mine (or open pit) as access to future mineral reserves becomes less costly; and (3) increases the productive capacity or extends the productive life of the mine (or open pit). Production phase stripping costs that are expected to generate a future economic benefit are capitalized as open pit mine development costs. Capitalized open pit mine development costs are depreciated on a UOP basis whereby the denominator is the estimated ounces/pounds of gold/copper in proven and probable reserves and the portion of resources considered probable of economic extraction based on the current LOM plan that benefit from the development and are considered probable of economic extraction. Construction-in-Progress Assets under construction are capitalized as construction-in-progress until the asset is available for use. The cost of construction-in-progress comprises its purchase price and any costs directly attributable to bringing it into working condition for its intended use. Construction- in-progress amounts related to development projects are included in the carrying amount of the development project. Construction- in-progress amounts incurred at operating mines are presented as a separate asset within PP&E. Construction-in-progress also includes deposits on long lead items. Construction-in-progress is not depreciated. Depreciation commences once the asset is complete, commissioned and available for use. Capitalized Interest We capitalize interest costs for qualifying assets. Qualifying assets are assets that require a significant amount of time to prepare for their intended use, including projects that are in the exploration and evaluation, development or construction stages. Qualifying assets also include significant expansion projects at our operating mines. Capitalized interest costs are considered an element of the cost of the qualifying asset which is determined based on gross expenditures incurred on an asset. Capitalization ceases when the asset is substantially complete or if active development is suspended or ceases. Where the funds used to finance a qualifying asset form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to the relevant borrowings during the period. Where funds borrowed are directly attributable to a qualifying asset, the amount capitalized represents the borrowing costs specific to those borrowings. Where surplus funds available out of money borrowed specifically to finance a project are temporarily invested, the total capitalized interest is reduced by income generated from short-term investments of such funds. m) Impairment (and Reversals of Impairment) of Non-Current Assets We review and test the carrying amounts of PP&E and intangible assets with finite lives when an indicator of impairment is considered to exist. Impairment assessments on PP&E and intangible assets are conducted at the level of the cash generating unit (“CGU”), which is the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and includes liabilities specific to the CGU. For operating mines and projects, the individual mine/project represents a CGU for impairment testing. The recoverable amount of a CGU is the higher of Value in Use (“VIU”) and Fair Value Less Costs of Disposal (“FVLCD”). We have determined that the FVLCD is greater than the VIU amounts and is therefore used as the recoverable amount for impairment testing purposes. An impairment loss is recognized for any excess of the carrying amount of a CGU over its recoverable amount where both the recoverable amount and carrying value include the associated other assets and liabilities, including taxes where applicable, of the CGU. Where it is not appropriate to allocate the loss to a separate asset, an impairment loss related to a CGU is allocated to the carrying amount of the assets of the CGU on a pro rata basis based on the carrying amount of its non-monetary assets. Impairment Reversal An assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the CGU’s recoverable amount since the last impairment loss was recognized. This reversal is recognized in the consolidated statements of income and is limited to the carrying value that would have been determined, net of any depreciation where applicable, had no impairment charge been recognized in prior years. When an impairment reversal is undertaken, the recoverable amount is assessed by reference to the higher of VIU and FVLCD. We have determined that the FVLCD is greater than the VIU amounts and is therefore used as the recoverable amount for impairment testing purposes. n) Intangible Assets On acquisition of a mineral property in the exploration stage, we prepare an estimate of the fair value attributable to the exploration licenses acquired, including the fair value attributable to mineral resources, if any, of that property. The fair value of the exploration license is recorded as an intangible asset (acquired exploration potential) as at the date of acquisition. When an exploration stage property moves into development, the acquired exploration potential attributable to that property is transferred to mining interests within PP&E. We also have water rights associated with our mineral properties. Upon acquisition, they are measured at initial cost and are depreciated when they are being used. They are also subject to impairment testing when an indicator of impairment is considered to exist. o) Goodwill Goodwill is tested for impairment in the fourth quarter and also when there is an indicator of impairment. At the date of acquisition, goodwill is assigned to the CGU or group of CGUs that is expected to benefit from the synergies of the business combination. For the purposes of impairment testing, goodwill is allocated to the Company’s operating segments, which are our individual minesites, and corresponds to the level at which goodwill is internally monitored by the Chief Operating Decision Maker (“CODM”). Goodwill impairment charges are not reversible. p) Debt Debt is recognized initially at fair value, net of financing costs incurred, and subsequently measured at amortized cost. Any difference between the amounts originally received and the redemption value of the debt is recognized in the consolidated statements of income over the period to maturity using the effective interest method. 171 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTSq) Environmental Rehabilitation Provision Mining, extraction and processing activities normally give rise to for environmental rehabilitation. Rehabilitation work obligations can include facility decommissioning and dismantling; removal or treatment of waste materials; site and land rehabilitation, including compliance with and monitoring of environmental regulations; security and other site-related costs required to perform the rehabilitation work; and operation of equipment designed to reduce or eliminate environmental effects. The extent of work required and the associated costs are dependent on the requirements of relevant authorities and our environmental policies. Routine operating costs that may impact the ultimate closure and rehabilitation activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the provision. Abnormal costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognized as an expense and liability when the event that gives rise to an obligation occurs and reliable estimates of the required rehabilitation costs can be made. Provisions for the cost of each rehabilitation program are normally recognized at the time that an environmental disturbance occurs or a new legal or constructive obligation is determined. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. The major parts of the carrying amount of provisions relate to closure/rehabilitation of tailings facilities, heap leach pads and waste dumps; demolition of buildings/mine facilities; ongoing water treatment; and ongoing care and maintenance and security of closed mines. Costs included in the provision encompass all closure and rehabilitation activity expected to occur progressively over the life of the operation at the time of closure and post-closure in connection with disturbances as at the reporting date. Estimated costs included in the determination of the provision reflect the risks and probabilities of alternative estimates of cash flows required to settle the obligation at each particular operation. The expected rehabilitation costs are estimated based on the cost of external contractors performing the work or the cost of performing the work internally depending on management’s intention. The timing of the actual rehabilitation expenditure is dependent upon a number of factors such as the life and nature of the asset, the operating license conditions and the environment in which the mine operates. Expenditures may occur before and after closure and can continue for an extended period of time depending on rehabilitation requirements. Rehabilitation provisions are measured at the expected value of future cash flows, which exclude the effect of inflation, discounted to their present value using a current US dollar real risk- free pre-tax discount rate. The unwinding of the discount, referred to as accretion expense, is included in finance costs and results in an increase in the amount of the provision. Provisions are updated each reporting period for changes to expected cash flows and for the effect of changes in the discount rate, and the change in estimate is added or deducted from the related asset and depreciated over the expected economic life of the operation to which it relates. Significant judgments and estimates are involved in forming expectations of future activities, the amount and timing of the associated cash flows and the period over which we estimate those cash flows. Those expectations are formed based on existing environmental and regulatory requirements or, if more stringent, our environmental policies which give rise to a constructive obligation. When provisions for closure and rehabilitation are initially recognized, the corresponding cost is capitalized as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalized cost of closure and rehabilitation activities is recognized in PP&E and depreciated over the expected economic life of the operation to which it relates. Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are a normal occurrence in light of the significant judgments and estimates involved. The principal factors that can cause expected cash flows to change are: the construction of new processing facilities; changes in the quantities of material in reserves and resources with a corresponding change in the life of mine plan; changing ore characteristics that impact required environmental protection measures and related costs; changes in water quality or volumes that impact the extent of water treatment required; changes in discount rates; changes in foreign exchange rates; changes in Barrick’s closure policies; and changes in laws and regulations governing the protection of the environment. Rehabilitation provisions are adjusted as a result of changes in estimates and assumptions. Those adjustments are accounted for as a change in the corresponding cost of the related assets, including the related mineral property, except where a reduction in the provision is greater than the remaining net book value of the related assets, in which case the value is reduced to nil and the remaining adjustment is recognized in the consolidated statements of income. In the case of closed sites, changes in estimates and assumptions are recognized immediately in the consolidated statements of income. For an operating mine, the adjusted carrying amount of the related asset is depreciated prospectively. Adjustments also result in changes to future finance costs. Provisions are discounted to their present value using a current US dollar real risk-free pre-tax discount rate and the accretion expense is included in finance costs. r) Stock-Based Compensation We recognize the expense related to these plans over the vesting period, beginning once the grant has been approved and announced to the beneficiaries. Barrick offers cash-settled (Restricted Share Units (“RSU”), Deferred Share Units (“DSU”) and Performance Granted Share Units (“PGSU”)) awards to certain employees, officers and directors of the Company. Restricted Share Units Under our Long-Term Incentive Plan, selected employees are granted RSUs where each RSU has a value equal to one Barrick common share. RSUs generally vest within three years in cash and the after-tax value of the award may be used to purchase common shares on the open market, depending on the terms of the grant. Additional RSUs are credited to reflect dividends paid on Barrick common shares over the vesting period. A liability for RSUs is measured at fair value on the grant date and is subsequently adjusted for changes in fair value. The liability is recognized on a straight-line basis over the vesting period, with a corresponding charge to compensation expense, as a component of general and administrative expenses and cost of sales. Compensation expenses for RSUs incorporate an estimate for expected forfeiture rates based on which the fair value is adjusted. Deferred Share Units Under our DSU plan, Directors must receive at least 63.6% of their basic annual retainer in the form of DSUs or cash to purchase common shares that cannot be sold, transferred or otherwise disposed of until the Director leaves the Board. Each DSU has the same value as one Barrick common share. DSUs must be retained until the Director leaves the Board, at which time the cash value of the DSUs is paid out. Additional DSUs are credited to reflect dividends paid on Barrick common shares. The initial fair value of the liability is calculated as of 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. 172 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTSPerformance Granted Share Units Under our PGSU plan, selected employees are granted PGSUs, where each PGSU has a value equal to one Barrick common share. Annual PGSU awards are determined based on a multiple ranging from three to six times base salary (depending on position and level of responsibility) multiplied by a performance factor. For PGSU awards granted prior to October 31, 2023, the number of PGSUs granted to a plan participant is determined by dividing the dollar value of the award by the closing price of Barrick common shares on the day prior to the grant, or if the grant date occurs during a blackout period, by 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 shares on the first day following the expiration of the blackout. For PGSU awards granted after October 31, 2023, the number of PGSUs granted to a plan participant is determined by dividing the dollar value of the award by the volume-weighted average share price of Barrick common shares for the five trading days preceding the grant date or, if the grant date occurs during a blackout period or during the five trading days immediately following a blackout period, by the volume- weighted average share price of Barrick common shares for the five trading days following the expiration of the blackout period. PGSUs vest within three years in cash, and the after-tax value of the award is used to purchase common shares on the open market. Generally, these shares cannot be sold until the employee meets their share ownership requirement (in which case only those Barrick shares in excess of the requirement can be sold), or until they retire or leave the company. The initial fair value of the liability is calculated as of the grant date and is recognized within compensation expense using the straight-line method over the vesting period. Subsequently, at each reporting date and on settlement, the liability is remeasured, with any changes in fair value recorded as compensation expense. s) New Accounting Standards Issued But Not Yet Effective Certain new accounting standards and interpretations have been published that are either applicable in the current year or not mandatory for the current period. We have assessed these standards, including Amendments to IAS 1 – Classification of Liabilities as Current or Non Current and Amendments to IAS  1  – Non-current Liabilities with Covenants, and they do not or are not expected to have a material impact on Barrick in the current or future reporting periods. No standards have been early adopted in the current period. 3. CRITICAL JUDGMENTS, ESTIMATES, ASSUMPTIONS AND RISKS Many of the amounts included in the consolidated balance sheet require management to make judgments and/or estimates. These judgments and estimates are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. Actual results may differ from the estimates. Information about such judgments and estimates is contained in the description of our accounting policies and/or other notes to the financial statements. The key areas where judgments, estimates and assumptions have been made are summarized below. Life of Mine Plans and Reserves and Resources Estimates of the quantities of proven and probable mineral reserves and mineral resources form the basis for our LOM plans, which are used for a number of important business and accounting purposes, including: the calculation of depreciation expense; the capitalization of production phase stripping costs; the current/non-current classification of inventory; the recognition of deferred revenue related to streaming arrangements and forecasting the timing of the payments related to the environmental rehabilitation provision. In addition, the underlying LOM plans are generally used in the impairment tests for goodwill 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 reserves and resources based on information compiled by qualified persons as defined in accordance with the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects requirements. To calculate our gold and copper mineral reserves, as well as measured, indicated, and inferred mineral resources, we have used the following assumptions. Refer to notes 19 and 21. Gold ($/oz) Mineral reserves Measured, indicated and inferred Copper ($/lb) Mineral reserves Measured, indicated and inferred As at Dec. 31, 2023 As at Dec. 31, 2022 $ 1,300 1,700 $ 1,300 1,700 3.00 4.00 3.00 3.75 Inventory The measurement of inventory including the determination of its net realizable value, especially as it relates to ore in stockpiles and recoverable from leach pads, involves the use of estimates. Net realizable value is determined with reference to relevant market prices less applicable variable selling expenses. Estimation is also required in determining the tonnage, recoverable gold and copper contained therein, and in determining the remaining costs of completion to bring inventory into its saleable form. Judgment also exists in determining whether to recognize a provision for obsolescence on mine operating supplies, and estimates are required to determine salvage or scrap value of mine operating supplies. Estimates of recoverable gold or copper on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tonnes added to the leach pads), the grade of ore placed on the leach pads (based on assay data) and a recovery percentage (based on ore type). Impairment and Reversal of Impairment for Non-Current Assets and Impairment of Goodwill Goodwill and non-current assets are tested for impairment if there is an indicator of impairment or reversal of impairment, and in the case of goodwill annually during the fourth quarter, for all of our operating segments. We consider both external and internal sources of information for indications that non-current assets and/or goodwill are impaired. External sources of information we consider include changes in the market, economic, legal and permitting environment in which the CGU operates that are not within its control and affect the recoverable amount of mining interests and goodwill. Internal sources of information we consider include the manner in which mining properties and plant and equipment are being used or are expected to be used and indications of economic performance of the assets. Calculating the FVLCD of CGUs for non-current asset and goodwill impairment tests requires management to make estimates and assumptions with respect to future production levels, operating, capital and closure costs in our LOM plans, future metal prices, foreign exchange rates, Net Asset Value (“NAV”) multiples, fair value of mineral resources outside LOM plans, the market values per ounce and per pound and weighted average costs of capital. Changes in any of the assumptions or estimates used in determining the fair values could impact the impairment analysis. Refer to notes 2m, 2o and 21 for further information. 173 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Pascua-Lama Value Added Tax The Pascua-Lama project received $472 million as at December 31, 2023 ($457 million as at December 31, 2022) in VAT refunds in Chile relating to the development of the Chilean side of the project. Under the current arrangement, this amount must be repaid if the project does not evidence exports for an amount of $3,538  million within a term that expires on December 31, 2026, unless extended. In addition, we have recorded $9  million in VAT recoverable in Argentina as at December 31, 2023 ($31 million as at December 31, 2022) relating to the development of the Argentinean side of the project. These amounts may not be fully recoverable if the project does not enter into production and are subject to foreign currency risk as the amounts are recoverable in Argentine pesos. Streaming Transactions The upfront cash deposit received from Royal Gold on the gold and silver streaming transaction for production linked to Barrick’s 60% interest in the Pueblo Viejo mine has been accounted for as deferred revenue since we have determined that it is not a derivative as it will be satisfied through the delivery of non-financial items (i.e., gold and silver) rather than cash or financial assets. It is our intention to settle the obligations under the streaming arrangement through our own production and if we were to fail to settle the obligations with Royal Gold through our own production, this would lead to the streaming arrangement becoming a derivative. This would cause a change to the accounting treatment, resulting in the revaluation of the fair value of the agreement through profit and loss on a recurring basis. Refer to note 29 for further details. The deferred revenue component of our streaming agreements is considered variable and is subject to retroactive adjustment when there is a change in the timing of the delivery of ounces or in the underlying production profile of the relevant mine. The impact of such a change in the timing or quantity of ounces to be delivered under a streaming agreement will result in retroactive adjustments to both the deferred revenue recognized and the accretion recorded prior to the date of the change. Refer to note 2e. For further details on streaming transactions, including our silver sale agreement with Wheaton Precious Metals Corp. (“Wheaton”), refer to note 29. Consolidation of Reko Diq The Reko Diq project is 50% held by Barrick and 50% by Pakistani stakeholders, comprising a 10% free-carried, non-contributing share held by the Provincial Government of Balochistan, an additional 15% held by a special purpose company owned by the Provincial Government of Balochistan and 25% owned by other federal state- owned enterprises. Pursuant to the joint venture agreement, Barrick has power over the relevant activities of the project, including operatorship of the project, the 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. Provisions for Environmental Rehabilitation Management assesses its provision for environmental rehabilitation on an annual basis or when new information becomes available. This assessment includes the estimation of the future rehabilitation costs (including water treatment), the timing of these expenditures, and the impact of changes in discount rates and foreign exchange rates. The actual future expenditures may differ from the amounts currently 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 Management is required to assess uncertainties and make judgments and estimations regarding the tax basis of assets and liabilities and related deferred income tax assets and liabilities, amounts recorded for uncertain tax positions, the measurement of income tax expense and indirect taxes such as royalties and export duties, and estimates of the timing of repatriation of earnings, which would impact the recognition of withholding taxes and taxes related to the outside basis on subsidiaries/associates. While these amounts represent management’s best estimate based on the laws and regulations that exist at the time of preparation, we operate in certain jurisdictions that have increased degrees of political and sovereign risk and while host governments have historically supported the development of natural resources by foreign companies, tax legislation in these jurisdictions is developing and there is a risk that fiscal reform changes with respect to existing investments could unexpectedly impact application of this tax legislation. Such changes could impact the Company’s judgments about the amounts recorded for uncertain tax positions, tax basis of assets and liabilities, and related deferred income tax assets and liabilities, and estimates of the timing of repatriation of earnings. This could necessitate future adjustments to tax income and expense already recorded. A number of these estimates require management to make estimates of future taxable profit, as well as the recoverability of indirect taxes, and if actual results are significantly different than our estimates, the ability to realize the deferred tax assets and indirect tax receivables recorded on our balance sheet could be impacted. Refer to notes 2h, 12, 30 and 35 for further information. Contingencies Contingencies can be either possible assets or possible liabilities arising from past events which, by their nature, will only be resolved when one or more future events not wholly within our control occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings or regulatory or government actions that may negatively impact our business or operations, the Company with assistance from its legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims or actions as well as the perceived merits of the nature and amount of relief sought or expected to be sought, when determining the amount, if any, to recognize as a contingent liability or assessing the impact on the carrying value of assets. If the assessment of a contingency suggests that a loss is probable, and the amount can be reliably estimated, then a loss is recorded. When a contingent loss is not probable but is reasonably possible, or is probable but the amount of loss cannot be reliably estimated, then details of the contingent loss are disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case we disclose the nature of the guarantee. Contingent assets are not recognized in the consolidated financial statements. Refer to note 35 for more information. 174 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTSOther Notes to the Financial Statements Note Page Acquisitions and Divestitures Segment Information Revenue Cost of Sales Exploration, Evaluation and Project Expenses Other Expense (Income) Impairment Charges (Reversals) General and Administrative Expenses Income Tax Expense Earnings (Loss) Per Share Finance Costs, Net Cash Flow – Other Items Investments Inventories Accounts Receivable and Other Current Assets Property, Plant and Equipment Goodwill and other Intangible Assets Impairment and Reversal of Non-Current Assets Other Assets Accounts Payable Other Current Liabilities Financial Instruments Fair Value Measurements Provisions Financial Risk Management Other Non-Current Liabilities Deferred Income Taxes Capital Stock Non-Controlling Interests Related Party Transactions Stock-Based Compensation Contingencies 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 175 176 178 179 179 179 179 179 179 181 181 181 182 183 184 185 186 187 189 189 189 189 192 194 194 196 197 199 199 200 201 201 4. ACQUISITIONS AND DIVESTITURES a) Porgera On April 25, 2020, the Porgera mine was put on care and maintenance after the PNG government indicated that the SML would not be extended. On April 9, 2021, the PNG government and 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 reached formal completion on December  22, 2023. Under the terms of the PPCA, ownership of Porgera is held in a new joint venture owned 51% by PNG stakeholders and 49% by a new company, Porgera (Jersey) Limited, that is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick now holds a 24.5% equity accounted for interest in the Porgera mine. BNL is the operator of the mine. Porgera was previously accounted for as a joint operation, but under the new shareholder agreements, we have concluded that Barrick will account for its interest in Porgera as a joint venture. As the conditions for the reopening of the mine were completed on December  22, 2023, in the fourth quarter of 2023, we recorded the following: (a) derecognition of Barrick’s 47.5% share of the assets and liabilities of the joint operation that were transferred to the new Porgera joint venture; (b) an equity method investment for Barrick’s interest in the new Porgera joint venture, measured at fair value based on Barrick’s share of the cash flows expected to be generated from the mine; and (c) a gain of $352 million in other income as the net result of the derecognition of the joint operation and recognition of the new Porgera joint venture. For further details refer to note 35. b) Reko Diq On December  15, 2022, Barrick completed the reconstitution of the Reko Diq project in Pakistan’s Balochistan province. The completion of this transaction involved, among other things, the execution of all of the definitive agreements including the mineral agreement stabilizing the fiscal regime applicable to the project, as well as the grant of the mining leases, an exploration license, and surface rights. The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders, comprising a 10% free-carried, non- contributing share held by the Provincial Government of Balochistan, an additional 15% held by a special purpose company owned by the Provincial Government of Balochistan and 25% owned by other federal state-owned enterprises. Barrick is the operator of the project. Barrick began consolidating Reko Diq as at December 31, 2022. In the fourth quarter of 2022, upon the reconstitution of the project, we recorded an impairment reversal of $120  million relating to the carrying value of our equity method investment in the Reko Diq project that we fully impaired in 2012 and had a 37.5% interest in. We also 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, we recognized a non-controlling interest of $329 million, based on the historical cost attributed to the project company. A total of $744 million was recorded as mining property costs not subject to depreciation. Furthermore, the payments made by the Provincial Government of Balochistan and other federal state-owned enterprises for the in aggregate 40% interest, and to fund Antofagasta plc’s exit from the reconstituted project, remained in an entity that was consolidated by Barrick as at December  31, 2022. As at December  31, 2022, those funds were held in a restricted bank account as an other current asset and the liability to Antofagasta plc was recorded as an other current liability. The funds were distributed to Antofagasta plc in the second quarter of 2023. The reconstitution resolves the damages originally awarded by the International Centre for the Settlement of Investment Disputes and disputed in the International Chamber of Commerce. For further details refer to notes 21 and 35. c) Lagunas Norte On June 1, 2021, Barrick closed an agreement to sell its 100% interest in the Lagunas Norte gold mine in Peru to Boroo Pte Ltd. (“Boroo”). As part of the terms of the transaction, Boroo assumed 50% of the $173  million reclamation bond obligations for Lagunas Norte upon closing. Boroo was to assume the other 50% within one year of closing; however, this was extended until June  1, 2023. During the second quarter of 2023, Boroo fully assumed this obligation and Barrick has no further obligation related to the closure and reclamation of Lagunas Norte. 175 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS5. SEGMENT INFORMATION Barrick’s business is organized into sixteen minesites. Barrick’s CODM (Mark Bristow, President and Chief Executive Officer) reviews the operating results, assesses performance and makes capital allocation decisions at the minesite level. In the first quarter of 2023, we re-evaluated our reportable operating segments. Lumwana has been presented as a reportable segment for the current and prior periods. Veladero is no longer a reportable segment. As a result, our presentation of our reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Consolidated Statements of Income Information Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining operating segments, including our remaining gold mines, have been grouped into an “Other Mines” category and will not be reported on individually. Prior period figures have been restated to reflect this change. 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. For the year ended December 31, 2023 Revenue relations Depreciation Cost of Sales Site operating costs, royalties and community Exploration, evaluation and project expenses Other expenses (income)1 Segment income (loss) Carlin2 Cortez2 Turquoise Ridge2 Pueblo Viejo2 Loulo-Gounkoto2 Kibali Lumwana North Mara2 Bulyanhulu2 Other Mines2 Reportable segment total Share of equity investee Segment total $ 2,760 $ 1,475 $ 314 $ 1,737 1,008 1,118 1,335 670 795 591 442 1,591 810 533 536 570 272 466 288 220 975 364 189 255 247 147 257 77 62 246 23 14 5 4 – – 37 – – 6 $ 10 $ 7 1 7 34 8 (2) 61 13 78 938 542 280 316 484 243 37 165 147 286 $ 12,047 $ 6,145 $ 2,158 (670) (272) (147) $ 11,377 $ 5,873 $ 2,011 $ $ 89 – 89 $ $ 217 $ 3,438 (8) (243) 209 $ 3,195 Consolidated Statements of Income Information For the year ended December 31, 2022 Revenue relations Depreciation Cost of Sales Site operating costs, royalties and community Exploration, evaluation and project expenses Other expenses (income)1 Segment income (loss) Carlin2 Cortez2 Turquoise Ridge2 Pueblo Viejo2 Loulo-Gounkoto2 Kibali Lumwana North Mara2 Bulyanhulu2 Other Mines2 Reportable segment total Share of equity investee Segment total $ 2,848 $ 1,416 $ 312 $ 21 $ (15) $ 1,114 1,316 814 1,303 1,236 598 868 570 463 1,553 597 469 559 533 235 443 236 235 985 253 178 242 257 178 223 73 60 379 12 7 24 9 2 11 4 3 10 4 – 17 11 41 11 48 25 70 450 160 461 426 142 180 209 140 109 $ 11,569 $ 5,708 $ 2,155 (598) (235) (178) $ 10,971 $ 5,473 $ 1,977 $ $ 103 (2) 101 $ $ 212 (41) 171 $ 3,391 (142) $ 3,249 1 Includes accretion expense, which is included with finance costs in the consolidated statements of income. For the year ended December 31, 2023, accretion expense was $49 million (2022: $36 million). 2 Includes non-controlling interest portion of revenues, cost of sales and segment income (loss) for the year ended December 31, 2023, for Pueblo Viejo, $448 million, $315 million, $130 million (2022: $528 million, $319 million, $195 million), Nevada Gold Mines, $2,329 million, $1,580 million, $724 million (2022: $2,146 million, $1,422 million, $711 million), North Mara and Bulyanhulu $165 million, $103 million, $50 million (2022: $165 million, $97 million, $55 million), Loulo-Gounkoto, $267 million, $163 million, $99 million (2022: $247 million, $158 million, $88 million) and Tongon, $41 million, $31 million, $10 million (2022: $37 million, $36 million, $nil). 176 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS Reconciliation of Segment Income to Income Before Income Taxes For the years ended December 31 Segment income Other revenue Other cost of sales/amortization Exploration, evaluation and project expenses not attributable to segments General and administrative expenses Other income not attributable to segments Impairment charges Loss on currency translation Closed mine rehabilitation Income from equity investees Finance costs, net (includes non-segment accretion)1 Gain on non-hedge derivatives Income before income taxes 1 Includes debt extinguishment gains of $nil (2022: $14 million). Geographic Information 2023 2022 $ 3,195 $ 3,249 20 (48) (272) (126) 354 (312) (93) (16) 232 (121) 1 42 (47) (249) (159) 396 (1,671) (16) 136 258 (265) 7 $ 2,814 $ 1,681 Non-current assets Revenue1 As at Dec. 31, 2023 As at Dec. 31, 2022 2023 2022 United States Dominican Republic Mali Democratic Republic of Congo Tanzania Zambia Chile Argentina Pakistan Papua New Guinea Canada Saudi Arabia Côte d’Ivoire Peru Unallocated Total $ 16,782 $ 16,518 $ 6,051 $ 5,573 1,303 4,874 5,156 1,118 3,743 2,118 2,003 1,949 1,930 1,209 754 704 503 391 224 71 3,599 2,659 1,914 1,930 1,957 1,247 749 327 507 382 164 73 1,335 – 1,033 795 8 368 – 9 277 – 398 5 1,236 – 1,033 868 – 365 – – 231 – 356 48 836 – $ 38,373 $ 37,500 $ 11,397 $ 11,013 600 – 1 Geographic location is presented based on the location of the mine from which the product originated. 177 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Capital Expenditures Information Carlin Cortez Turquoise Ridge Pueblo Viejo Loulo-Gounkoto Kibali Lumwana North Mara Bulyanhulu Other Mines Reportable segment total Other items not allocated to segments Total Share of equity investee Total Segment Capital Expenditures1 As at Dec. 31, 2023 As at Dec. 31, 2022 $ 615 427 $ 102 441 375 83 320 206 107 231 506 419 176 629 322 99 380 156 90 287 $ 2,907 $ 3,064 298 133 $ 3,205 $ 3,197 (83) (99) $ 3,122 $ 3,098 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 2023, cash expenditures were $3,086 million (2022: $3,049 million) and the increase in accrued expenditures was $36 million (2022: $49 million increase). Provisional Copper and Gold Sales We have provisionally priced sales for which price finalization, referenced to the relevant copper and gold index, is outstanding at the balance sheet date. Our exposure at December 31, 2023 to the impact of future movements in market commodity prices for provisionally priced sales is set out in the following table: Volumes subject to final pricing Copper (millions) Gold (000s) Impact on net income before taxation of 10% movement in market price 2023 2022 2023 2022 61 50 60 42 $ 23 $ 23 8 10 As at December 31 Copper pounds Gold ounces At December 31, 2023, our provisionally priced copper sales subject to final settlement were recorded at an average price of $3.81/lb (2022: $3.80/lb). At December 31, 2023, our provisionally priced gold sales subject to final settlement were recorded at an average price of $2,079/oz (2022: $1,824/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. 6. REVENUE For the years ended December 31 2023 2022 Gold sales Spot market sales Concentrate sales Provisional pricing adjustments $ 9,973 $ 9,597 326 367 10 (3) $ 10,350 $ 9,920 Copper sales Copper concentrate sales $ 786 $ Provisional pricing adjustments 9 906 (38) Other sales1 Total $ 795 $ 252 $ 225 $ $ 11,397 $ 11,013 868 1 Revenues from the sale of by-products from our gold and copper mines. For the year ended December  31, 2023, the Company has three customers that individually account for more than 10% of the Company’s total revenue. These customers represent approximately 23%, 16%, and 10% of total revenue. However, because gold can be sold through numerous gold market traders worldwide (including a large number of financial institutions), the Company is not economically dependent on a limited number of customers for the sale of its product. Principal Products All of our gold mining operations produce gold in doré form, except Phoenix, Bulyanhulu and Porgera, which produce both gold doré and gold concentrate. Gold doré is unrefined gold bullion bars usually consisting of 90% gold that is refined to pure gold bullion prior to sale to our customers. Concentrate is a semi-processed product containing the valuable metal minerals from which most of the waste mineral has been eliminated. Our Lumwana mine produces a concentrate that primarily contains copper. Our Phoenix mine produces a concentrate that contains both gold and copper. Incidental revenues from the sale of by-products, primarily copper, silver and energy at our gold mines, are classified within other sales. 178 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 7. COST OF SALES Gold Copper Other4 Total For the years ended December 31 2023 2022 2023 2022 2023 2022 2023 2022 Site operating cost1,2,3 Depreciation1 Royalty expense Community relations Total $ $ 5,015 1,756 371 36 $ 4,678 1,756 342 37 $ 7,178 $ 6,813 $ 401 259 62 4 726 $ $ 336 223 103 4 666 $ – $ 28 – – 28 $ $ – 18 – – 18 $ 5,416 2,043 433 40 $ 7,932 $ 5,014 1,997 445 41 $ 7,497 1 Site operating costs and depreciation include charges to reduce the cost of inventory to net realizable value of $68 million (2022: $104 million). Refer to note 17. 2 Site operating costs includes the costs of extracting by-products. 3 Includes employee costs of $1,579 million (2022: $1,448 million). 4 Other includes corporate amortization. 8. EXPLORATION, EVALUATION AND PROJECT EXPENSES 10. IMPAIRMENT CHARGES (REVERSALS) For the years ended December 31 2023 2022 For the years ended December 31 Global exploration and evaluation1 Project costs: Reko Diq Lumwana Pascua-Lama Pueblo Viejo Other Corporate development Minesite exploration and evaluation1 Total exploration, evaluation and project expenses 2023 2022 $ 143 $ 123 60 37 26 4 41 10 40 14 – 52 24 47 15 75 $ 361 $ 350 Impairment charges of non-current assets1 Impairment of goodwill1 Total 1 Refer to note 21 for further details. $ $ 312 – 312 $ 483 1,188 $ 1,671 11. GENERAL AND ADMINISTRATIVE EXPENSES For the years ended December 31 Corporate administration Share-based compensation Total1 2023 2022 $ $ 101 25 126 $ 125 34 $ 159 1 Approximates the impact on operating cash flow. 1 Includes employee costs of $82 million (2022: $93 million). 9. OTHER EXPENSE (INCOME) 12. INCOME TAX EXPENSE For the years ended December 31 2023 2022 For the years ended December 31 2023 2022 Other Expense: Litigation costs Write-offs (reversals) Bank charges Porgera care and maintenance costs Tanzania education program Supplies obsolescence Litigation accruals and settlements Other Total other expense Other Income: Gain on acquisition/sale of non-current assets1 Insurance proceeds related to NGM Loss (gain) on warrant investments at FVPL Gain on non-hedge derivatives Interest income on other assets Other Total other income Total $ $ $ $ $ 21 (2) 3 65 30 – 15 55 187 (364) – 4 (1) (21) – (382) (195) $ $ $ $ $ 22 15 5 53 – 48 19 28 190 (405) (22) (4) (7) (17) (3) (458) (268) 1 2023 includes a gain of $352 million upon completion of the Porgera Project Commencement Agreement which resulted in the derecognition of the joint operation and recognition of the joint venture for the Porgera mine (refer to note 4 for further details). 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 of the royalty portfolios to Maverix Metals Inc. and Gold Royalty Corp. Tax on profit Current tax Charge for the year Adjustment in respect of prior years1 Deferred tax Origination and reversal of temporary differences in the current year Adjustment in respect of prior years1 Income tax expense Tax expense related to continuing operations Current Canada International Deferred Canada International Income tax expense $ $ $ $ $ $ $ $ $ $ 694 (14) 680 $ 699 6 $ 705 144 37 181 861 $ $ $ (52) 11 (41) 664 (3) $ (8) 683 680 713 705 $ – $ 181 181 861 $ $ 3 (44) (41) 664 1 Includes adjustments to equalize the difference between prior year’s tax return and the year-end provision. 179 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Reconciliation to Canadian Statutory Rate For the years ended December 31 At 26.5% statutory rate Increase (decrease) due to: Allowances and special tax deductions1 Impact of foreign tax rates2 Non-deductible expenses / (non-taxable income) Goodwill impairment charges not tax deductible Taxable gains on sales of non-current assets Net currency translation losses on current and deferred tax balances Tax impact from pass-through entities and equity accounted investments Current year tax results sheltered by previously unrecognized deferred tax assets Recognition and derecognition of deferred tax assets Adjustments in respect of prior years Increase to income tax related contingent liabilities Impact of tax rate changes Withholding taxes Mining taxes Tax impact of amounts recognized within accumulated OCI Other items Income tax expense 2023 2022 $ 746 $ 446 (184) (79) 72 – 6 289 (146) (146) (38) 325 1 59 (183) (196) (22) (142) 23 54 (2) 61 224 (2) – 861 $ 33 15 17 13 – 82 201 (7) 5 $ 664 1 We are able to claim certain allowances, incentives and tax deductions unique to extractive industries that result in a lower effective tax rate. 2 We operate in multiple foreign tax jurisdictions that have tax rates different to the Canadian statutory rate. Currency Translation Current and deferred tax balances are subject to remeasurement for changes in foreign currency exchange rates each period. This is required in countries where tax is paid in local currency and the subsidiary has a different functional currency (typically US dollars). The most significant relate to Argentine and Malian tax balances. In 2023, a tax expense of $289 million arose from translation losses on tax balances, mainly due to the weakening of the Argentine peso and strengthening of the West African CFA franc against the US dollar. In 2022, a tax expense of $59 million arose from translation losses on tax balances, mainly due to the weakening of the Argentine peso and the West African CFA franc against the US dollar. These net translation losses are included within income tax expense. Withholding Taxes In 2023, we have recorded $5  million (2022: $29  million related to Argentina and the United States) of dividend withholding taxes related to the undistributed earnings of our subsidiaries in Saudi Arabia. We have also recorded $26 million (2022: $36 million related to Tanzania and the United States) of dividend withholding taxes related to the distributed earnings of our subsidiaries in Saudi Arabia, Tanzania and the United States. United States Tax Reform In August  2022, President Joe Biden signed the Inflation Reduction Act (“the Act”) into law. The Act includes a 15% corporate alternative minimum tax (“CAMT”) that is imposed on applicable financial statement income and therefore would be considered in scope for IAS 12 given it is a tax on profits. The CAMT is effective for tax years beginning after December  31, 2022 and CAMT credit carryforwards have an indefinite life. Barrick is subject to CAMT because the Company meets the applicable income thresholds for a foreign- parented multi-national group. We are awaiting the final US Treasury Regulations detailing the application of CAMT. For 2023, the deferred tax asset arising from the CAMT credit carryforwards has been recognized on the basis we expect that it will be recovered against US Federal Income Tax in the future. Nevada Gold Mines (“NGM”) NGM is a limited liability company treated as a flow through partnership for US tax purposes. The partnership is not subject to federal income tax directly, but each of its partners is liable for tax on its share of the profits of the partnership. As such, Barrick accounts for its current and deferred income tax associated with the investment (61.5% share) following the principles in IAS 12. Organisation for Economic Co-operation and Development (“OECD”) Pillar Two model rules In October 2021, more than 135 jurisdictions agreed to the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy. Since then, the OECD has published model rules and other documents related to the second pillar of this solution (the Pillar Two model rules). The Pillar Two model rules provide a template that jurisdictions can translate into domestic tax law and implement as part of an agreed common approach. Pillar Two legislation in Canada has been published in draft but it is not substantively enacted. Other jurisdictions where the group operates have either enacted legislation or are in the process of doing so. In terms of the potential implications for income tax accounting, we have applied the exception available under the amendments to IAS  12 published by the International Accounting Standards Board in May 2023 and are not recognizing or disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. We continue working on assessing our exposure to Pillar Two income taxes and based on the analysis performed to date, we do not expect the impact of Pillar Two provisions to be material to the company. Mining Taxes In addition to corporate income tax, we pay mining taxes in the United States (Nevada), the Dominican Republic, and Canada (Ontario). NGM is subject to a Net Proceeds of Minerals tax in Nevada at a rate of 5% and the tax expense recorded in 2023 was $105  million (2022: $88 million). The other significant mining tax is the Dominican Republic’s Net Profits Interest tax, which is determined based on cash flows as defined by the Pueblo Viejo Special Lease Agreement. A tax expense of $nil (2022: $110  million) was recorded for this in 2023. Both taxes are included on a consolidated basis in the Company’s consolidated statements of income. Impairments In 2023, we recorded net impairment charges of $312 million (2022: net impairment charges of $483  million) for non-current assets and $nil (2022: $1,188  million) for goodwill. Refer to note 21 for further information. A deferred tax recovery of $55 million (2022: deferred tax recovery of $193  million related to impairments at Veladero, Long Canyon and Lumwana) was recorded primarily related to the impairment at Long Canyon. 180 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 13. EARNINGS (LOSS) PER SHARE For the years ended December 31 ($ millions, except shares in millions and per share amounts in dollars) Net income Net income attributable to non-controlling interests Net income attributable to the equity holders of Barrick Gold Corporation Weighted average shares outstanding Basic and diluted earnings per share data attributable to the equity holders of Barrick Gold Corporation 2023 2022 Basic $ 1,953 (681) $ 1,272 1,755 Diluted $ 1,953 (681) $ 1,272 1,755 Basic $ 1,017 (585) $ 432 1,771 Diluted $ 1,017 (585) $ 432 1,771 $ 0.72 $ 0.72 $ 0.24 $ 0.24 14. FINANCE COSTS, NET For the years ended December 31 Interest expense1 Amortization of debt issue costs Interest on lease liabilities Loss on interest rate hedges Interest capitalized2 Accretion Gain on debt extinguishment Finance income Total 2023 2022 $ 387 1 5 1 (42) 87 – (269) 170 $ $ 366 1 4 1 (29) 66 (14) (94) $ 301 1 Interest in the consolidated statements of cash flow is presented on a cash basis. In 2023, cash interest paid was $300 million (2022: $305 million). 2 For the year ended December 31, 2023, the general capitalization rate was 6.60% (2022: 6.20%). 15. CASH FLOW – OTHER ITEMS Operating Cash Flows – Other Items For the years ended December 31 Adjustments for non-cash income statement items: Gain on non-hedge derivatives Stock-based compensation expense Loss (gain) on warrant investments at FVPL Tanzania education program Change in estimate of rehabilitation costs at closed mines Inventory impairment charges (note 17) Supplies obsolescence Change in other assets and liabilities Settlement of stock-based compensation Settlement of rehabilitation obligations Other operating activities Cash flow arising from changes in: Accounts receivable Inventory Other current assets Accounts payable Other current liabilities Change in working capital Financing Cash Flows – Other Items For the years ended December 31 Pueblo Viejo JV partner shareholder loan Gain on debt extinguishment Other financing activities 2023 2022 $ $ (1) 66 4 22 16 40 – 12 (57) (167) (7) 55 (4) – (136) 66 48 (28) (66) (145) $ (65) $ (217) $ $ $ $ (155) (97) (146) (37) (17) (452) $ 89 (219) (261) 93 (24) $ (322) 2023 2022 65 – 65 $ 177 14 $ 191 181 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 16. INVESTMENTS Equity Accounting Method Investment Continuity At January 1, 2022 Equity pick-up from equity investees Dividends received from equity investees At December 31, 2022 Investment in equity accounting method investment1 Equity pick-up (loss) from equity investees Dividends received from equity investees Non-cash dividends received from equity investees2 Shareholder loan repayment At December 31, 2023 Kibali Jabal Sayid Zaldívar Porgera Other Total $ 3,267 $ 382 $ 893 $ – $ 52 $ 4,594 86 (694) 124 (124) 47 (50) – – 1 (1) 258 (869) $ 2,659 $ 382 $ 890 $ – $ 52 $ 3,983 – 145 (180) (505) – – 102 (93) – – – (16) – – – 703 – – – – $ 2,119 $ 391 $ 874 $ 703 $ – 1 – – (7) 46 703 232 (273) (505) (7) $ 4,133 1 Refer to note 4. 2 Non-cash dividend distributed as JV receivable. Refer to note 18 and note 22. Summarized Equity Investee Financial Information For the years ended December 31 Revenue Cost of sales (excluding depreciation) Depreciation Finance expense (income) Other expense (income) Income before income taxes Income tax expense Net income Total comprehensive income Net income (net of non-controlling interests) Summarized Balance Sheet Kibali Jabal Sayid Zaldívar 2023 2022 2023 2022 2023 2022 $ 1,488 $ 1,328 $ 593 322 14 90 469 (154) 315 315 290 $ $ $ $ 528 390 – 104 306 (121) 185 185 172 $ $ $ $ 492 167 $ 539 170 $ 48 1 1 275 (71) 204 204 204 $ $ $ $ 49 – 4 316 (67) 249 249 249 $ $ $ $ $ $ $ $ 720 545 162 11 6 (4) (29) (33) (33) (33) $ 781 463 147 1 32 $ 138 (44) 94 94 94 $ $ $ For the years ended December 31 2023 2022 2023 2022 2023 2022 2023 Kibali Jabal Sayid Zaldívar Porgera2 Cash and equivalents Other current assets1 Total current assets Non-current assets Total assets Current financial liabilities (excluding trade, other payables & provisions) Other current liabilities Total current liabilities Non-current financial liabilities (excluding trade, other payables & provisions) Other non-current liabilities Total non-current liabilities Total liabilities Net assets Net assets (net of non-controlling interests) 92 $ 97 $ 77 $ 38 $ 72 $ $ $ 123 225 348 $ $ 194 286 3,896 $ 4,244 3,905 $ 4,191 $ $ 307 149 456 $ $ 771 820 $ 1,591 $ 2,047 $ 2,197 $ 2,015 13 126 139 51 $ 785 836 $ 975 $ 3,216 $ 3,095 143 240 402 642 2 90 92 4 9 13 105 537 537 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 151 228 405 633 571 609 $ 559 631 $ $ 2,014 $ 2,623 2,013 $ 2,644 2,837 $ 3,020 9 $ 86 $ 90 $ 95 104 4 6 10 114 519 519 121 207 $ 125 215 $ 50 87 $ 599 649 856 $ $ 1,767 $ 1,767 $ 542 629 $ 844 $ 1,800 $ 1,800 $ $ $ $ 2,237 $ 2,237 1 182 183 14 29 43 7 733 740 783 1 Zaldívar other current assets include inventory of $448 million (2022: $443 million). 2 Refer to note 4. 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. 182 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS Reconciliation of Summarized Financial Information to Carrying Value Opening net assets (net of non-controlling interests) Investment in equity accounting method investment Income for the period (net of non-controlling interests) Dividends received from equity investees Non-cash dividends received from equity investees Kibali Jabal Sayid Zaldívar Porgera1 $ 3,095 $ 519 $ 1,800 $ – – 290 (360) (1,010) – 204 (186) – – (33) – – 2,237 – – – Closing net assets (net of non-controlling interests), December 31 $ 2,015 $ 537 $ 1,767 $ 2,237 Barrick’s share of net assets Equity earnings adjustment Goodwill recognition Carrying value 1 Refer to note 4. 17. INVENTORIES Raw materials Ore in stockpiles Ore on leach pads Mine operating supplies Work in process Finished products Non-current ore in stockpiles and on leach pads1 1,008 – 1,111 268 – 123 884 (10) – 703 – – $ 2,119 $ 391 $ 874 $ 703 Gold Copper As at Dec. 31, 2023 As at Dec. 31, 2022 As at Dec. 31, 2023 As at Dec. 31, 2022 $ 2,780 $ 2,809 $ 575 668 148 119 641 704 138 89 $ 4,290 (2,616) $ 1,674 $ 4,381 (2,669) $ 1,712 $ $ 176 – 43 – 11 230 (122) 108 $ 150 – 59 – 10 $ 219 (150) $ 69 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 in Stockpiles For the years ended December 31 2023 2022 Cortez Carlin Tongon Phoenix Long Canyon Veladero Lumwana Inventory impairment charges $ $ 53 11 2 1 1 – – 68 $ 10 33 – – – 42 19 $ 104 Gold Carlin Pueblo Viejo Turquoise Ridge Loulo-Gounkoto North Mara Cortez Phoenix Veladero Tongon Bulyanhulu Porgera Copper Lumwana As at Dec. 31, 2023 As at Dec. 31, 2022 $ 1,073 $ 1,129 785 330 153 137 123 87 50 41 1 – 712 354 175 165 104 78 40 20 2 30 176 150 $ 2,956 $ 2,959 183 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Purchase Commitments At December 31, 2023, we had purchase obligations for supplies and consumables of approximately $1,827 million (2022: $1,753 million). Ore on Leach pads Gold Veladero Carlin Cortez Turquoise Ridge Long Canyon Phoenix As at Dec. 31, 2023 As at Dec. 31, 2022 $ 193 191 130 35 17 9 575 $ $ 238 196 112 37 32 26 $ 641 18. ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS As at Dec. 31, 2023 As at Dec. 31, 2022 Accounts receivable Amounts due from concentrate sales Other receivables Other current assets Restricted cash1 Value added taxes recoverable2 Prepaid expenses Kibali JV Receivable3 Derivative assets4 Other5 $ $ 246 447 693 $ $ – 337 203 148 – 127 815 $ 188 366 554 945 352 243 – 59 91 $ 1,690 1 Relates to restricted cash balance for Antofagasta plc, which funded their exit from the Reko Diq project, following its reconstitution as described in note 4. This was settled in the second quarter of 2023. 2 Primarily includes VAT and fuel tax recoverables of $106 million in Zambia, $84 million in Mali, $51 million in Tanzania, $18 million in Argentina, and $11 million in the Dominican Republic (Dec. 31, 2022: $172 million, $49 million, $66 million, $32 million, and $12 million, respectively). 3 Refer to note 16 for further details. 4 Primarily consists of contingent consideration received as part of the sale of Massawa in 2020 and Lagunas Norte in 2021. During the first quarter of 2023, the final settlement of $46.25 million was received relating to the Massawa contingent consideration. During the fourth quarter of 2023, $15 million was received relating to the Lagunas Norte contingent consideration. 5 2023 and 2022 balance includes $50 million asset reflecting the final settlement of Zambian tax matters. 184 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 19. PROPERTY, PLANT, AND EQUIPMENT At January 1, 2023 Net of accumulated depreciation Additions5 Capitalized interest Disposals6 Depreciation Impairment charges Transfers8 At December 31, 2023 At December 31, 2023 Cost Accumulated depreciation and impairments Net carrying amount – December 31, 2023 At January 1, 2022 Cost Accumulated depreciation and impairments Net carrying amount – January 1, 2022 Additions5 Capitalized interest Acquisitions7 Disposals Depreciation Impairment charges Transfers8 At December 31, 2022 At December 31, 2022 Cost Accumulated depreciation and impairments Net carrying amount – December 31, 2022 Buildings, plant and equipment1 Mining property costs subject to depreciation2,4 Mining property costs not subject to depreciation2,3 $ 6,749 $ 14,000 81 – (180) (902) (44) 1,211 550 – (108) (1,143) (268) 1,312 $ 6,915 $ 14,343 $ 19,121 (12,206) $ 6,915 $ 34,622 (20,279) $ 14,343 $ 5,072 2,606 42 (39) – – (2,523) $ 5,158 $ 17,113 (11,955) $ 5,158 Buildings, plant and equipment1 Mining property costs subject to depreciation2,4 Mining property costs not subject to depreciation2,3 $ 17,237 (10,701) $ 6,536 30 – – (4) (966) (120) 1,273 $ 31,824 (17,339) $ 14,485 (139) – – (1) (1,229) (442) 1,326 $ 15,876 (11,943) $ 3,933 2,977 29 744 – – (12) (2,599) Total $ 25,821 3,237 42 (327) (2,045) (312) – $ 26,416 $ 70,856 (44,440) $ 26,416 Total $ 64,937 (39,983) $ 24,954 2,868 29 744 (5) (2,195) (574) – $ 6,749 $ 14,000 $ 5,072 $ 25,821 $ 18,469 (11,720) $ 6,749 $ 33,046 (19,046) $ 14,000 $ 17,027 (11,955) $ 5,072 $ 68,542 (42,721) $ 25,821 1 Additions include $9 million of right-of-use assets for lease arrangements entered into during the year ended December 31, 2023 (2022: $30 million). Depreciation includes depreciation for leased right-of-use assets of $17 million for the year ended December 31, 2023 (2022: $20 million). The net carrying amount of leased right-of-use assets was $53 million as at December 31, 2023 (2022: $61 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 Includes the transfer of Porgera to equity accounting method investment. Refer to note 4 for further information. 7 Relates to the Reko Diq reconstitution. Refer to note 4 for further information. 8 Primarily relates to non-current assets that are transferred between categories within PP&E once they are placed into service. 185 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS a) Mining Property Costs Not Subject to Depreciation Construction-in-progress1 Acquired mineral resources and exploration potential Projects Pascua-Lama Norte Abierto Reko Diq Donlin Gold Carrying amount at Dec. 31, 2023 Carrying amount at Dec. 31, 2022 $ 2,694 $ 2,553 62 726 678 746 252 139 727 670 744 239 $ 5,158 $ 5,072 1 Represents assets under construction at our operating minesites. b) Changes in Gold and Copper Mineral Life of Mine Plan As part of our annual business cycle, we prepare updated estimates of proven and probable gold and copper mineral reserves and the portion of resources considered probable of economic extraction for each mineral property. This forms the basis for our LOM plans. We prospectively revise calculations of amortization expense for property, plant and equipment amortized using the UOP method, where the denominator is our LOM ounces. The effect of changes in our LOM on amortization expense for 2023 was an $31 million decrease (2022: $80 million decrease). c) Capital Commitments In addition to entering into various operational commitments in the normal course of business, we had commitments of approximately $258 million at December 31, 2023 (2022: $399 million) for construction activities at our sites and projects. 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 2023 are short-term payments and variable lease payments not included in the measurement of lease liabilities of $12  million (2022: $6  million) and $94  million (2022: $88  million), respectively. 20. GOODWILL AND OTHER INTANGIBLE ASSETS a) Intangible Assets Opening balance January 1, 2022 Amortization and impairment losses Closing balance December 31, 2022 Amortization and impairment losses Closing balance December 31, 2023 Cost Accumulated amortization and impairment losses Net carrying amount December 31, 2023 Water rights1 Technology2 Supply contracts3 Exploration potential4 $ 61 $ 6 $ 1 $ 82 – – $ 61 $ 6 – $ 61 $ 61 – $ 61 – $ 6 $ 17 (11) $ 6 (1) – – – $ $ $ 39 (39) $ – – $ 82 – $ 82 $ 252 (170) $ 82 Total $ 150 (1) $ 149 – $ 149 $ 369 (220) $ 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 Related to a supply agreement with Michelin North America Inc. to secure a supply of tires and was fully 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 Carlin Cortez Turquoise Ridge Phoenix Hemlo Loulo-Gounkoto Total Closing balance December 31, 2022 Additions Disposals $ 1,294 $ – $ 899 722 119 63 484 – – – – – $ 3,581 $ – $ – – – – – – – On a total basis, the gross amount and accumulated impairment losses are as follows: Cost Accumulated impairment losses December 31, 2023 Net carrying amount December 31, 2023 186 Closing balance December 31, 2023 $ 1,294 899 722 119 63 484 $ 3,581 $ 12,211 (8,630) $ 3,581 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 21. IMPAIRMENT AND REVERSAL OF NON-CURRENT ASSETS Summary of impairments (reversals) For the year ended December 31, 2023, we recorded net impairment charges of $312 million (2022: net impairment charges of $483 million) for non-current assets and $nil (2022: $1,188 million) for goodwill, as summarized in the following table: For the years ended December 31 2023 2022 Long Canyon Bulyanhulu North Mara Veladero Reko Diq Lumwana Other Total impairment charges of non-current assets Loulo-Gounkoto goodwill Total goodwill impairment charges Total impairment charges $ 280 17 5 – – – 10 $ 85 – – 490 (120) 23 5 $ $ $ 312 – – 312 $ 483 1,188 $ 1,188 $ 1,671 2023 Indicators of Impairment and Reversals In the fourth quarter of 2023, as per our policy, we performed our annual goodwill impairment test as required by IAS 36 and identified no impairments. Also in the fourth quarter of 2023, we reviewed the updated LOM plans for our other operating minesites for indicators of impairment or reversal. We noted an indicator of impairment at our Long Canyon mine. Long Canyon Following the completion of further studies, we have decided at this time not to pursue the permitting associated with Phase 2 mining and have removed those ounces from our LOM plan and the mine has been placed in care and maintenance. This represented an impairment trigger in the fourth quarter of 2023 and we performed an impairment analysis. We concluded that the carrying amount of $301  million exceeded the FVLCD of $65  million and recorded a long-lived asset impairment of $280  million. The key assumptions used in this assessment were consistent with our testing of goodwill impairment in the fourth quarter of 2023, as listed below. Porgera On December  22, 2023, the Porgera Project Commencement Agreement was completed and recommissioning of the mine commenced. No impairment was identified. Refer to notes 4 and 35 for more information. 2022 Indicators of Impairment and Reversals In the fourth quarter of 2022, as per our policy, we performed our annual goodwill impairment test as required by IAS  36 and identified an impairment at our Loulo-Gounkoto mine. Also in the fourth quarter of 2022, we reconstituted the Reko Diq project, which was an indicator of impairment reversal, and we reviewed the updated LOM plans for our other operating minesites for indicators of impairment or reversal. We noted an indicator of impairment at our Veladero and Long Canyon mines. Loulo-Gounkoto In the fourth quarter of 2022, we performed the annual goodwill impairment test at Loulo-Gounkoto and determined that the carrying value of $4,260 million exceeded the FVLCD. We observed a decrease in the mine’s discounted cash flows reflecting higher operating and capital costs largely due to inflationary pressures and a higher weighted average cost of capital (“WACC”) driven by higher interest rates as central banks have increased rates to combat inflation. Therefore we recorded a goodwill impairment of $1,188 million, based on a FVLCD of $3,072  million. The key assumptions used in this assessment are consistent with our testing of goodwill impairment in the fourth quarter of 2022, as listed below. Veladero In the fourth quarter of 2022, we updated the LOM plan for Veladero and we observed a decrease in the mine’s discounted cash flows 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 an increase in the WACC primarily due to higher country risk and higher risk-free rates. We determined that this was an indicator of impairment and concluded that the carrying value of $839  million exceeded the FVLCD and we recorded a non-current asset impairment of $490 million, based on a FVLCD of $479 million. A net realizable value impairment of leach pad inventory of $42  million was also recorded (refer to note 17). The key assumptions used in this assessment are consistent with our testing of goodwill impairment in the fourth quarter of 2022, as listed below. Long Canyon In the fourth quarter of 2022, we updated the LOM plan for Long Canyon and we observed a decrease in the mine’s discounted cash flows reflecting an update in the permitting timeline based on our experience at Goldrush and an increase in the WACC primarily due to higher risk-free rates as central banks have increased rates to combat inflation. We determined that this was an indicator of impairment and concluded that the carrying value of $391 million exceeded the FVLCD and we recorded a non-current asset impairment of $84  million, based on a FVLCD of $319 million. The key assumptions used in this assessment are consistent with our testing of goodwill impairment in the fourth quarter of 2022, as listed below. Reko Diq On December  15, 2022, Barrick completed the reconstitution of the Reko Diq project in Pakistan’s Balochistan province. The project was suspended in 2011 due to a dispute over the legality of its licensing process, and in 2012, an impairment of $120  million was recorded relating to our 37.5% investment in the Reko Diq project. The reconstitution resolves the damages originally awarded by the International Centre for the Settlement of Investment Disputes and disputed in the International Chamber of Commerce. The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders, comprising a 10% free-carried, non- contributing share held by the Provincial Government of Balochistan, an additional 15% held by a special purpose company owned by the Provincial Government of Balochistan and 25% owned by other federal state-owned enterprises. Barrick is the operator of the project. In the fourth quarter of 2022, we recorded an impairment reversal of $120  million relating to the carrying value of our equity method investment in the Reko Diq project that we fully impaired in 2012. In addition, we recognized a gain of $300 million in other income as Barrick’s interest in the Reko Diq project increased from 37.5% to 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 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. 187 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Key Assumptions Recoverable amount has been determined based on the estimated FVLCD, which has been determined to be greater than the VIU amounts. The key assumptions and estimates used in determining the FVLCD are related to future metal prices, weighted average costs of capital, NAV multiples for gold assets, operating costs, capital expenditures, closure costs, future production levels, continued license to operate, evidence of value from current year disposals and the expected start of production for our projects. In addition, assumptions are related to observable market evaluation metrics, including identification of comparable entities, and associated market values per ounce and per pound of reserves and/or resources, as well as the fair value of mineral resources outside of LOM plans. Gold For the gold segments where a recoverable amount was required to be determined, FVLCD was determined by calculating the net present value (“NPV”) of the future cash flows expected to be generated by the mines and projects within the CGU (Level 3 of the fair value hierarchy). The estimates of future cash flows were derived from the LOM plans and, where the LOM plans exclude a material portion of total reserves and resources, we assign value to resources not considered in these models. Based on observable market or publicly available data, including forward prices and equity sell-side analyst forecasts, we make an assumption of future gold, copper and silver prices to estimate future revenues. The future cash flows for each gold mine are discounted using a real WACC, which reflects specific market risk factors for each mine. Some gold companies trade at a market capitalization greater than the NPV of their expected cash flows. Market participants describe this as a “NAV multiple”, which represents the multiple applied to the NPV to arrive at the trading price. The NAV multiple is generally understood to take account of a variety of additional value factors such as the exploration potential of the mineral property, namely the ability to find and produce more metal than what is currently included in the LOM plan or reserve and resource estimates, and the benefit of gold price optionality. As a result, we applied a specific NAV multiple to the NPV of each CGU within each gold segment based on the NAV multiples observed in the market in recent periods and that we judged to be appropriate to the CGU. In the absence of a LOM plan for Long Canyon, we used the market approach which means the FVLCD was determined by considering observable market values for comparable assets expressed as dollar per ounce of mineral resources (level 3 of the fair value hierarchy). Assumptions The short-term and long-term gold and copper price assumptions used in our fourth quarter 2023 and 2022 impairment testing are as follows: Gold price per oz (short-term) Gold price per oz (long-term) Copper price per lb (short-term) Copper price per lb (long-term) 2023 2022 $ 1,900 1,600 3.75 3.50 $ 1,700 1,550 3.50 3.25 188 Neither the increase in the long-term gold price nor long-term copper price assumption from 2022 were considered an indicator of impairment reversal as the increased price would not, in isolation, have resulted in the identification of an impairment reversal at our mines with reversible impairments. The other key assumptions used in our impairment testing, based on the CGUs tested in each year, are summarized in the following table: 2023 2022 WACC – gold (range) WACC – gold (avg) Value per ounce of gold NAV multiple – gold (avg) LOM years – gold (avg) 5%–9% 4%–13% 6% $ 6% 40 1.2 23 $ – 1.2 20 Sensitivities Should there be a significant increase or decline in commodity prices, we would take actions to assess the implications on our LOM plans, including the determination of reserves and resources, and the appropriate cost structure for the CGU. The recoverable amount of the CGU would be affected by these changes and also be impacted by other market factors such as changes in NAV multiples and the value per ounce/pound of comparable market entities. We performed a sensitivity analysis on each gold CGU that was tested as part of the goodwill impairment test, as well as those gold CGUs which we believe are most sensitive to changes in the key assumptions. We flexed the gold prices, WACC and NAV multiple, which are the most significant assumptions that impact the impairment calculations. We first assumed a +/- $100 per ounce change in our gold price assumptions, while holding all other assumptions constant. We then assumed a +/-1% change in our WACC, independent from the change in gold prices, while holding all other assumptions constant. Finally, we assumed a +/- 0.1 change in the NAV multiple, while holding all other assumptions constant. These sensitivities help to determine the theoretical impairment losses or impairment reversals that would be recorded with these changes in gold prices, WACC and NAV multiple. If the gold price per ounce was decreased by $100, non-current asset impairments would have been recognized of $114  million at Hemlo and $196 million at Bulyanhulu, and an impairment of the Kibali equity investment of $312 million. If the WACC was increased by 1%, a non-current asset impairment of $107  million would have been recognized at Bulyanhulu, and an impairment of the Kibali equity investment would have been recognized of $213 million. If the NAV multiple was decreased by 0.1, a non-current asset impairment of $106 million would have been recognized at Bulyanhulu, and an impairment of the Kibali equity investment would have been recognized of $254 million. The carrying value of the CGUs that are most sensitive to changes in the key assumptions used in the FVLCD calculation are: As at December 31, 2023 Loulo-Gounkoto Kibali1 Lumwana Bulyanhulu Veladero Hemlo Long Canyon Carrying Value $ 3,400 2,624 1,756 833 549 363 55 1 Kibali’s carrying value is comprised of the equity investment and JV receivable. Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 22. OTHER ASSETS 24. OTHER CURRENT LIABILITIES Value added taxes receivable1 Other investments2 Notes receivable3 Norte Abierto JV Partner Receivable Restricted cash4 Kibali JV Receivable5 Prepayments6 Other As at Dec. 31, 2023 As at Dec. 31, 2022 $ 134 131 $ 187 61 101 358 212 172 218 112 160 149 151 – 223 115 Payable to Antofagasta plc1 Provision for environmental rehabilitation (note 27b) Deposit on Pueblo Viejo gold and silver streaming agreement Share-based payments (note 34a) Pueblo Viejo JV partner shareholder loan (note 29) Other $ 1,356 $ 1,128 As at Dec. 31, 2023 As at Dec. 31, 2022 $ – $ 945 270 58 50 32 129 539 $ 191 54 50 32 116 $ 1,388 1 Includes VAT and fuel tax receivables of $7 million in Argentina, $69 million in Tanzania and $58 million in Chile (Dec. 31, 2022: $29 million, $119 million and $70 million, respectively). 2 Includes equity investments in other mining companies. 3 Primarily represents the interest bearing promissory note due from NovaGold. 4 Primarily represents the cash balance at Pueblo Viejo that is contractually restricted in respect of disbursements for environmental rehabilitation that are expected to occur near the end of Pueblo Viejo’s mine life. 5 Refer to note 16 for further details. 6 Primarily relates to prepaid royalties at Carlin. 23. ACCOUNTS PAYABLE Accounts payable Accruals Payroll accruals As at Dec. 31, 2023 As at Dec. 31, 2022 $ 678 567 258 $ 741 556 259 $ 1,503 $ 1,556 1 Relates to a liability to Antofagasta plc, which funded their exit from the Reko Diq project, following its reconstitution as described in note 4. This was settled in the second quarter of 2023. 25. FINANCIAL INSTRUMENTS Financial instruments include cash; evidence of ownership in an entity; or a contract that imposes an obligation on one party and conveys a right to a second entity to deliver/receive cash or another financial instrument. Information on certain types of financial instruments is included elsewhere in these consolidated financial statements as follows: accounts receivable (note 18); and restricted share units (note 34a). a) Cash and Equivalents Cash and equivalents include cash, term deposits, treasury bills and money market investments with original maturities of less than 90 days. Cash deposits Term deposits Money market investments As at Dec. 31, 2023 As at Dec. 31, 2022 $ 2,952 1,196 $ 2,994 1,443 – 3 $ 4,148 $ 4,440 Of total cash and cash equivalents as of December 31, 2023, $nil (2022: $nil) was held in subsidiaries which have regulatory or contractual restrictions or operate in countries where exchange controls and other legal restrictions apply and are therefore not available for general use by the Company. 189 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS b) Debt and Interest1 5.7% notes3,10 5.25% notes4 5.80% notes5,10 6.35% notes6,10 Other fixed rate notes7,10 Leases8 Other debt obligations 5.75% notes9,10 Less: current portion11 5.7% notes3,10 5.25% notes4 5.80% notes5,10 6.35% notes6,10 Other fixed rate notes7,10 Leases8 Other debt obligations 5.75% notes9,10 Less: current portion11 Closing balance December 31, 2022 Proceeds Repayments Amortization and other2 Closing balance December 31, 2023 $ 844 $ – $ – $ – $ 372 396 595 1,083 70 578 844 $ 4,782 (13) $ 4,769 $ $ – – – – – – – – – – – – – (43) (13) – – (56) – (56) $ $ 1 – – 2 (1) (2) – – – – $ $ Closing balance December 31, 2021 Proceeds Repayments Amortization and other2 Closing balance December 31, 2022 $ 843 $ – $ – $ 1 $ 744 395 594 1,082 68 581 843 $ 5,150 (15) $ 5,135 $ $ – – – – – – – – – – (375) – – – (20) – – $ (395) – $ (395) $ $ 3 1 1 1 22 (3) 1 27 – 27 844 373 396 595 1,042 56 576 844 $ 4,726 (11) $ 4,715 844 372 396 595 1,083 70 578 844 $ 4,782 (13) $ 4,769 1 2 3 4 5 6 7 8 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. Amortization of debt premium/discount and increases (decreases) in capital leases. Consists of $850 million (2022: $850 million) of our wholly-owned subsidiary Barrick North America Finance LLC (“BNAF”) notes due 2041. Consists of $375 million (2022: $375 million) of 5.25% notes which mature in 2042. Consists of $400 million (2022: $400 million) of 5.80% notes which mature in 2034. Consists of $600 million (2022: $600 million) of 6.35% notes which mature in 2036. Consists of $1.1 billion (2022: $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 (2022: $250 million) of BNAF notes due 2038 and $807 million (2022: $850 million) of BPDAF notes due 2039. Consists primarily of leases at Nevada Gold Mines, $13 million, Loulo-Gounkoto, $20 million, Veladero, $1 million, Lumwana, $3 million, Hemlo, $1 million, Pascua- Lama, $1 million and Tongon, $6 million (2022: $17 million, $24 million, $9 million, $4 million, $2 million, $2 million and $2 million, respectively). Consists of $850 million (2022: $850 million) in conjunction with our wholly-owned subsidiary BNAF. 9 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 ($11 million; 2022: $13 million). 190 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 5.7% Notes In June  2011, BNAF issued an aggregate of $4.0  billion in debt securities including $850 million of 5.70% notes that mature in 2041 issued by BNAF (collectively, the “BNAF Notes”). Barrick provides an unconditional and irrevocable guarantee of the BNAF Notes, which rank equally with Barrick’s other unsecured and unsubordinated obligations. 5.25% Notes 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 2022, $375 million of the 5.25% notes was repaid. Other Fixed Rate Notes On October  16, 2009, we issued debentures through our wholly- owned indirect subsidiary BPDAF consisting of $850 million of 30-year notes with a coupon rate of 5.95%. We also provide an unconditional and irrevocable guarantee of these payments, which rank equally with our other unsecured and unsubordinated obligations. During 2023, $43 million of the 5.95% notes was repaid. In September  2008, we issued an aggregate of $1.25  billion of 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. 5.75% Notes On May 2, 2013, we issued an aggregate of $3 billion in notes through Barrick and our wholly-owned indirect subsidiary BNAF including $850  million of 5.75% notes issued by BNAF that mature in 2043. $2  billion of the net proceeds from this offering was used to repay amounts outstanding under our revolving Credit Facility at that time. We provide an unconditional and irrevocable guarantee on the $850 million of 5.75% notes issued by BNAF, which rank equally with our other unsecured and unsubordinated obligations. Amendment and Refinancing of the Credit Facility In May  2023, we amended the credit and guarantee agreement (the “Credit Facility”) with certain Lenders, which requires such Lenders to make available to us a credit facility of $3.0 billion or the equivalent amount in Canadian dollars. The Credit Facility, which is unsecured, currently has an interest rate of Secured Overnight Financing Rate (“SOFR”) plus 1.00% on drawn amounts, and a standby rate of 0.09% on undrawn amounts. As part of the amendment, the termination date of the Credit Facility was extended from May 2027 to May 2028. The Credit Facility was undrawn as at December 31, 2023. Interest For the years ended December 31 5.7% notes 5.25% notes 5.80% notes 6.35% notes Other fixed rate notes Leases Other debt obligations 5.75% notes Deposits on Pascua-Lama silver sale agreement (note 29) Deposits on Pueblo Viejo gold and silver streaming agreement (note 29) Other interest Less: interest capitalized 2023 2022 Interest cost Effective rate1 Interest cost Effective rate1 5.74% 5.29% 5.85% 6.41% 6.40% 7.02% 6.17% 5.79% 2.82% 5.81% $ 49 20 23 38 70 5 35 49 5 27 73 $ 394 (42) $ 352 5.74% 5.47% 5.85% 6.41% 6.39% 6.56% 6.25% 5.79% 2.82% 6.07% $ 49 37 23 38 70 4 35 49 4 29 34 $ 372 (29) $ 343 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. 191 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Scheduled Debt Repayments1 7.73% notes2 7.70% notes2 7.37% notes2 8.05% notes2 6.38% notes2 5.80% notes 5.80% notes 6.45% notes2 6.35% notes 7.50% notes3 5.95% notes3 5.70% notes 5.25% notes 5.75% notes Issuer Maturity Year 2024 2025 2026 2027 2028 2029 and thereafter Total BGC BGC BGC BGC BGC BGC BGFC BGC BHMC BNAF BPDAF BNAF BGC BNAF 2025 $ – $ 7 $ – $ – $ – $ – $ 2025 2026 2026 2033 2034 2034 2035 2036 2038 2039 2041 2042 2043 – – – – – – – – – – – – – 5 – – – – – – – – – – – – – 32 15 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 200 200 200 300 600 250 807 850 375 850 7 5 32 15 200 200 200 300 600 250 807 850 375 850 Minimum annual payments under leases $ $ – 11 $ $ 12 10 $ $ 47 9 $ $ – 9 $ $ – $ 4,632 $ 4,691 3 $ 14 $ 56 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”) In the normal course of business, our assets, liabilities and forecasted transactions, as reported in US dollars, are impacted by various market risks including, but not limited to: Item • Revenue • Cost of sales Impacted by • Prices of gold, silver and copper • Consumption of diesel fuel, propane, natural gas, and electricity • Prices of diesel fuel, propane, natural gas, and electricity • Non-US dollar expenditures • General and administration, exploration and evaluation costs • Capital expenditures • Non-US dollar capital expenditures • Currency exchange rates – US dollar versus A$, ARS, C$, CLP, DOP, EUR, PGK, TZS, XOF, ZAR and ZMW • Currency exchange rates – US dollar versus A$, ARS, C$, CLP, DOP, GBP, PGK, PKR, TZS, XOF, ZAR, and ZMW • Currency exchange rates – US dollar versus A$, ARS, C$, CLP, DOP, EUR, GBP, PGK, XOF, ZAR, and ZMW • Consumption of steel • Price of steel • Interest earned on cash and • US dollar interest rates equivalents • Interest paid on fixed-rate • US dollar interest rates borrowings The time frame and manner in which we manage those risks varies for each item based upon our assessment of the risk and available alternatives for mitigating risk. For these particular risks, we believe that derivatives are an appropriate way of managing the risk. We use derivatives as part of our risk management program to mitigate variability associated with changing market values related to the hedged item. Many of the derivatives we use meet the hedge effectiveness criteria and are designated in a hedge accounting relationship. Certain derivatives are designated as either hedges of the fair value of recognized assets or liabilities or of firm commitments (“fair value hedges”) or hedges of highly probable forecasted transactions (“cash flow hedges”), collectively known as “accounting hedges”. Hedges that are expected to be highly effective in achieving offsetting changes in fair value or cash flows are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they were designated. Some of the derivatives we use are effective in achieving our risk management objectives, but they do not meet the strict hedge accounting criteria. These derivatives are considered to be “non-hedge derivatives”. During 2023 and 2022, we did not enter into any derivative contracts for US dollar interest rates, currencies, or commodity inputs. We had no contracts outstanding at December 31, 2023. 26. FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable 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. 192 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS a) Assets and Liabilities Measured at Fair Value on a Recurring Basis Fair Value Measurements At December 31, 2023 Other investments1 Receivables from provisional copper and gold sales Quoted Prices in Active Markets for Identical Assets (Level 1) $ 131 – $ 131 Significant Other Observable Inputs (Level 2) $ – 246 $ 246 Significant Unobservable Inputs (Level 3) $ $ – – – Aggregate Fair Value $ $ 131 246 377 Fair Value Measurements At December 31, 2022 Other investments1 Derivatives Receivables from provisional copper and gold sales Quoted Prices in Active Markets for Identical Assets (Level 1) $ 112 – – Significant Other Observable Inputs (Level 2) $ – 59 188 Significant Unobservable Inputs (Level 3) Aggregate Fair Value $ – $ 112 – – 59 188 359 1 Includes equity investments in other mining companies. b) Fair Values of Financial Assets and Liabilities $ 112 $ 247 $ – $ Financial assets Other assets1,5 Other investments2 Derivative assets3 Financial liabilities Debt4 Other liabilities5 At December 31, 2023 At December 31, 2022 Carrying amount Estimated fair value Carrying amount Estimated fair value $ 807 $ 131 – $ 938 $ 807 131 – 938 $ 1,358 $ 1,358 112 59 112 59 $ 1,529 $ 1,529 $ 4,726 $ 5,107 $ 4,782 $ 4,922 574 574 1,562 1,562 $ 5,300 $ 5,681 $ 6,344 $ 6,484 1 Includes restricted cash and amounts due from our partners and joint ventures. 2 Includes equity investments in other mining companies. Recorded at fair value. Quoted market prices are used to determine fair value. 3 2022 primarily consisted of contingent consideration received as part of the sale of Massawa and Lagunas Norte. During the first quarter of 2023, the final settlement of $46.25 million was received relating to the Massawa contingent consideration. During the fourth quarter of 2023, $15 million was received relating to the Lagunas Norte contingent consideration. 4 Debt is generally recorded at amortized cost. The fair value of debt is primarily determined using quoted market prices. Balance includes both current and long-term portions of debt. 5 2022 other assets include a restricted cash balance and other liabilities include a liability to Antofagasta plc. The restricted cash funded Antofagasta plc’s exit from the Reko Diq project, following its reconstitution as described in note 4. This was settled in the second quarter of 2023. 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 At December 31, 2023 Property, plant and equipment1 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) – – 54 Aggregate fair value 54 1 Property, plant and equipment were written down by $312 million, which was included in earnings in this period. 193 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Receivables from Provisional Copper and Gold Sales The fair value of receivables arising from copper and gold sales contracts that contain provisional pricing mechanisms is determined using the appropriate quoted forward price from the exchange that is the principal active market for the particular metal. As such, these receivables, which meet the definition of an embedded derivative, are classified within Level 2 of the fair value hierarchy. Other Long-Term Assets 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 where applicable, and as a result is classified within Level 3 of the fair value hierarchy. Refer to note 21 for disclosure of inputs used to develop these measures. 27. PROVISIONS a) Provisions Environmental rehabilitation (“PER”) $ 1,883 $ 2,013 As at Dec. 31, 2023 As at Dec. 31, 2022 Post-retirement benefits Share-based payments Other employee benefits Other b) Environmental Rehabilitation At January 1 PERs divested during the year1 Closed Sites Impact of revisions to expected cash flows recorded in earnings Settlements Cash payments Settlement gains Accretion Operating Sites PER revisions in the year Settlements Cash payments Settlement gains Accretion At December 31 Current portion (note 24) 36 20 36 83 46 14 36 102 $ 2,058 $ 2,211 2023 2022 $ 2,204 $ 2,725 (64) – 14 (117) (117) (7) 29 91 (50) (5) 58 (102) (5) 23 (317) (43) (3) 43 $ 2,153 $ 2,204 (270) (191) $ 1,883 $ 2,013 1 Primarily relates to the transfer of our Porgera mine to equity accounting method investment. The eventual settlement of substantially all PERs estimated is expected to take place between 2024 and 2063. The total PER has increased in the fourth quarter of 2023 by $56 million primarily due to a decrease in the discount rate, accretion and changes in cost estimates at our U.S. closure sites, Lumwana, Carlin, Cortez, Tongon and Loulo-Gounkoto properties, partially offset by the transfer of our Porgera mine to equity accounting method investment and spending incurred during the quarter. For the year ended December 31, 2023, our PER balance decreased by $51 million primarily due to spending incurred during the year, an increase in the discount rate, and the transfer of our Porgera mine to equity accounting method investment, partially offset by the changes in cost estimates described above, as well as our Phoenix property mainly driven by its conformance to the Global Industry Standard on Tailings Management, combined with accretion. A 1% increase in the discount rate would result in a decrease in the PER by $200 million and a 1% decrease in the discount rate would result in an increase in the PER by $243 million, while holding the other assumptions constant. instruments are comprised of financial 28. FINANCIAL RISK MANAGEMENT liabilities Our financial and financial assets. Our principal financial liabilities, other than derivatives, comprise accounts payable and debt. The main purpose of these financial instruments is to manage short-term cash flow and raise funds for our capital expenditure program. Our principal financial assets, other than derivative instruments, are cash and equivalents, restricted cash, accounts receivable, notes receivable, JV receivable and JV partner receivable, which arise directly from our operations. In the normal course of business, we use derivative instruments to mitigate exposure to various financial risks. We manage our exposure to key financial risks in accordance with our financial risk management policy. The objective of the policy is to support the delivery of our financial targets while protecting future financial security. The main risks that could adversely affect our financial assets, liabilities or future cash flows are as follows: a. b. c. d. Market risk, including commodity price risk, foreign currency and interest rate risk; Credit risk; Liquidity risk; and Capital risk management. Management designs strategies for managing each of these risks, which are summarized below. Our senior management oversees the management of financial risks. Our senior management ensures that our financial risk-taking activities are governed by policies and procedures and that financial risks are identified, measured and managed in accordance with our policies and our risk appetite. All derivative activities for risk management purposes are carried out by the appropriate personnel. a) Market Risk Market risk is the risk that changes in market factors, such as commodity prices, foreign exchange rates or interest rates, will affect the value of our financial instruments. We manage market risk by either accepting it or mitigating it through the use of derivatives and other economic hedging strategies. Commodity Price Risk Gold and Copper We sell our gold and copper production in the world market. The market prices of gold and copper are the primary drivers of our profitability and ability to generate both operating and free cash flow. Our corporate treasury group may implement hedging strategies on an opportunistic basis to protect us from downside price risk on our gold and copper production. We did not enter into any positions during 2023 or 2022 and we do not have any positions outstanding as at December  31, 2023. Our gold and copper production is subject to market prices. 194 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS Fuel We consume diesel fuel and natural gas to run our operations. Diesel fuel is refined from crude oil and is therefore subject to the same price volatility affecting crude oil prices. Therefore, volatility in crude oil and natural gas prices have a direct and indirect impact on our production costs. Foreign Currency Risk The functional and reporting currency for all of our operating segments is the US dollar and we report our results using the US dollar. The majority of our operating and capital expenditures are denominated and settled in US dollars. We have exposure to the Argentine peso through operating costs at our Veladero mine, and peso denominated VAT receivable balances. We also 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. In addition, we also have exposure to the Pakistan rupee through project costs on Reko Diq. Consequently, fluctuations in the US dollar exchange rate against these currencies increase the volatility of cost of sales, general and administrative costs, project costs and overall net earnings, when translated into US dollars. Interest Rate Risk Interest rate risk refers to the risk that the value of a financial instrument or cash flows associated with the instruments will fluctuate due to changes in market interest rates. Currently, our interest rate exposure mainly relates to interest receipts on our cash balances ($4.1 billion at the end of the year); the mark-to-market value of derivative instruments; and to the interest payments on our variable-rate debt ($0.1 billion at December 31, 2023). The effect on net earnings and equity of a 1% change in the interest rate of our financial assets and liabilities as at December 31, 2023 is approximately $30 million (2022: $39 million). b) Credit Risk Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument. Credit risk arises from cash and equivalents, restricted cash, notes receivable, JV receivable, JV partner receivable, accounts receivable, as well as derivative assets. To mitigate our inherent exposure to credit risk on all financial assets listed above (other than derivative assets) we maintain policies to limit the concentration of credit risk, review counterparty creditworthiness on a monthly basis, and ensure liquidity of available funds. We also invest our excess cash and equivalents in highly rated financial institutions, primarily within the United States and Canada. Furthermore, we sell our gold and copper production into the world market and to financial institutions and private customers with strong credit ratings. Historically, customer defaults have not had a significant impact on our operating results or financial position. The Company’s maximum exposure to credit risk at the reporting date is the carrying value of each of the financial assets, excluding derivative assets, disclosed as follows: Cash and equivalents Accounts receivable Derivative assets Notes receivable Kibali JV receivable Norte Abierto JV partner receivable Restricted cash As at Dec. 31, 2023 As at Dec. 31, 2022 $ 4,148 $ 4,440 693 – 187 505 81 101 554 59 160 – 172 1,096 $ 5,715 $ 6,481 c) Liquidity Risk Liquidity risk is the risk of loss from not having access to sufficient funds to meet both expected and unexpected cash demands. We manage our exposure to liquidity risk by maintaining cash reserves, access to undrawn credit facilities and access to public debt markets, by staggering the maturities of outstanding debt instruments to mitigate refinancing risk and by monitoring of forecasted and actual cash flows. Details of the undrawn Credit Facility are included in note 25. Our capital structure comprises a mix of debt, non-controlling interest and shareholders’ equity. As at December  31, 2023, our total debt was $4.7  billion (debt net of cash and equivalents was $578  million) compared to total debt as at December  31, 2022 of $4.8 billion (debt net of cash and equivalents was $342 million). Our operating cash flow is dependent on the ability of our operations to deliver projected future cash flows. The market prices of gold, and to a lesser extent copper, are the primary drivers of our operating cash flow. Other options to enhance liquidity include further portfolio optimization and the creation of new joint ventures and partnerships; issuance of equity securities in the public markets or to private investors, which could be undertaken for liquidity enhancement and/ or in connection with establishing a strategic partnership; issuance of long-term debt securities in the public markets or to private investors (Moody’s and S&P currently rate Barrick’s outstanding long-term debt as investment grade, with ratings of A3 and BBB+, respectively); and drawing on the $3.0  billion available under our undrawn Credit Facility (subject to compliance with covenants and the making of certain representations and warranties, this facility is available for drawdown as a source of financing). The key financial covenant in the Credit Facility (undrawn as at December  31, 2023) requires Barrick to maintain a net debt to total capitalization ratio, as defined in the agreement, of 0.60:1 or lower (Barrick’s net debt to total capitalization ratio was 0.02:1 as at December 31, 2023). 195 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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. As at December 31, 2023 (in $ millions) Cash and equivalents Accounts receivable Notes receivable Kibali JV receivable Norte Abierto JV partner receivable Restricted cash Trade and other payables Debt Other liabilities As at December 31, 2022 (in $ millions) Cash and equivalents Accounts receivable Notes receivable Norte Abierto JV partner receivable Restricted cash Derivative assets Trade and other payables Debt Other liabilities Less than 1 year 1 to 3 years 3 to 5 years Over 5 years $ 4,148 $ – $ – $ 693 – 148 20 – 1,503 11 69 – 46 314 10 4 – 78 243 – 3 43 – – – 12 89 – – 138 – 51 97 – 4,646 173 Less than 1 year 1 to 3 years 3 to 5 years Over 5 years $ 4,440 $ – $ – $ 554 – 23 945 59 1,556 13 1,017 – 11 25 15 – – 30 210 – 3 – – – – 64 76 – – 146 124 136 – – 4,697 259 Total $ 4,148 693 187 505 81 101 1,503 4,747 574 Total $ 4,440 554 160 172 1,096 59 1,556 4,804 1,562 d) Capital Risk Management Our objective when managing capital is to provide value for shareholders by maintaining an optimal short-term and long-term capital structure in order to reduce the overall cost of capital while preserving our ability to continue as a going concern. Our capital management objectives are to safeguard our ability to support our operating requirements on an ongoing basis, continue the development and exploration of our mineral properties and support any expansion plans. Our objectives are also to ensure that we maintain a strong balance sheet and optimize the use of debt and equity to support our business and maintain financial flexibility in order to provide meaningful returns to shareholders and maximize shareholder value. We define capital as total debt less cash and equivalents and it is managed by management subject to approved policies and limits by the Board of Directors. We have no significant financial covenants or capital requirements with our lenders or other parties other than what is discussed under liquidity risk in note 28c. 29. OTHER NON-CURRENT LIABILITIES Deposit on Pascua-Lama silver sale agreement Deposit on Pueblo Viejo gold and silver streaming agreement1 Long-term income tax payable GoT shareholder loan Pueblo Viejo JV partner shareholder loan Provision for offsite remediation Other As at Dec. 31, 2023 As at Dec. 31, 2022 $ 162 $ 158 398 165 82 383 34 17 $ 1,241 415 200 118 318 32 88 $ 1,329 1 Revenues of $36 million were recognized in 2023 (2022: $40 million) through the draw-down of our streaming liabilities relating to a contract in place at Pueblo Viejo. 196 Government of Tanzania Shareholder Loan On January  24, 2020, Barrick formalized the establishment of a joint venture between Barrick and the Government of Tanzania (“GoT”). Effective January 1, 2020, the GoT received a 16% interest in the shareholder loans owed by Bulyanhulu and Buzwagi, of which $167 million was payable to the GoT. During 2023 and 2022, $37 million and $32 million, respectively, was offset against VAT. Pueblo Viejo Shareholder Loan In November 2020, Pueblo Viejo entered into a $1.3 billion loan facility agreement with its shareholders (the “PV Shareholder Loan”) to provide long-term financing to expand the mine. The shareholders will lend funds pro rata in accordance with their shareholding in Pueblo Viejo. The PV Shareholder Loan is broken up into two facilities: $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 drawn on a pro rata basis until June  30, 2025 (“Facility  II”). During 2022, Facility  I was extended to December  31, 2022. Starting in 2023, amortized repayments for Facility  I began twice yearly on the scheduled repayment dates, with a final maturity date of February 28, 2032. Amortized repayments for Facility  II are due to begin twice yearly on the scheduled repayment dates after June  30, 2025, with a final maturity date of February 28, 2035. The interest rate on drawn amounts is SOFR plus 400 basis points. During 2022, 2021 and 2020, $369  million, $327  million and $104  million, respectively, were drawn on Facility I, fully drawing it down, including $147 million, $131 million and $42 million, respectively, from Barrick’s Pueblo Viejo JV partner. During 2023, $80 million was repaid on Facility I, including $32 million from Barrick’s Pueblo Viejo JV partner. During 2023 and 2022, $242 million and $75 million, respectively, were drawn on Facility II, including $97  million and $30  million, respectively, from Barrick’s Pueblo Viejo JV partner. Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 30. DEFERRED INCOME TAXES Recognition and Measurement We record deferred income tax assets and liabilities where temporary differences exist between the carrying amounts of assets and liabilities in our balance sheet and their tax bases. The measurement and recognition of deferred income tax assets and liabilities takes into account: substantively enacted rates that will apply when temporary differences reverse; interpretations of relevant tax legislation; estimates of the tax bases of assets and liabilities; and the deductibility of expenditures for income tax purposes. In addition, the measurement and recognition of deferred tax assets takes into account tax planning strategies. We recognize the effect of changes in our assessment of these estimates and factors when they occur. Changes in deferred income tax assets and liabilities are allocated between net income, other comprehensive income, equity and goodwill based on the source of the change. Current income taxes of $5  million have been provided in the year on the undistributed earnings of certain foreign subsidiaries. Our total income tax provision for these items as at December  31, 2023 is $12 million. Deferred income taxes have not been provided on the undistributed earnings of all other foreign subsidiaries for which we are able to control the timing of the remittance, and it is probable that there will be no remittance in the foreseeable future. These undistributed earnings amounted to $12,915 million as at December 31, 2023. Sources of Deferred Income Tax Assets and Liabilities Deferred tax assets Tax loss carryforwards Tax credits Environmental rehabilitation Post-retirement benefit obligations and other employee benefits Other working capital Other Deferred tax liabilities As at Dec. 31, 2023 As at Dec. 31, 2022 $ $ 292 58 270 17 115 10 762 $ 307 – 205 31 85 10 $ 638 Property, plant and equipment (3,748) (3,476) Inventory Accrued interest payable Classification: Non-current assets Non-current liabilities (446) (7) (389) (1) $ (3,439) $ (3,228) $ – $ 19 (3,439) $ (3,439) (3,247) $ (3,228) Pascua-Lama Silver Sale Agreement Our silver sale agreement with Wheaton requires us to deliver 25% of the life of mine silver production from the Pascua-Lama project once it is constructed and required delivery of 100% of silver production from the Lagunas Norte, Pierina and Veladero mines until March 31, 2018. In return, we were entitled to an upfront cash payment of $625 million payable over three years from the date of the agreement, as well as ongoing payments in cash of the lesser of $3.90 (subject to an annual inflation adjustment of 1 percent starting three years after project completion at Pascua-Lama) and the prevailing market price for each ounce of silver delivered under the agreement. An imputed interest expense was recorded on the liability at the rate implicit in the agreement. The liability plus imputed interest was amortized based on the difference between the effective contract price for silver and the amount of the ongoing cash payment per ounce of silver delivered under the agreement. The completion date guarantee under the silver sale agreement for Pascua-Lama was originally December  31, 2015 but was subsequently extended to June  30, 2020. Per the terms of the amended silver purchase agreement, if the requirements of the completion guarantee were not satisfied by June  30, 2020, then Wheaton had the right to terminate the agreement within 90 days of that date, in which case, they would have been entitled to the return of the upfront consideration paid less credit for silver delivered up to the date of that event. Given that, as of September 28, 2020, Wheaton had not exercised its termination right, a residual liability of $253  million remains due on September  1, 2039 (assuming no future deliveries are made). This residual cash liability was remeasured to $148  million as at September 30, 2020, which was the present value of the liability due in 2039 discounted at a rate estimated for comparable liabilities, including Barrick’s outstanding debt. The liability had a balance of $162 million as at December 31, 2023 and is measured at amortized cost. Pueblo Viejo Gold and Silver Streaming Agreement On September  29, 2015, we closed a gold and silver streaming transaction with Royal Gold, Inc. (“Royal Gold”) for production linked to Barrick’s 60% interest in the Pueblo Viejo mine. Royal Gold made an upfront cash payment of $610  million and will continue to make cash payments for gold and silver delivered under the agreement. The $610 million upfront payment is not repayable and Barrick is obligated to deliver gold and silver based on Pueblo Viejo’s production. We have accounted for the upfront payment as deferred revenue and will recognize it in earnings, along with the ongoing cash payments, as the gold and silver is delivered to Royal Gold. We will also be recording accretion expense on the deferred revenue balance as the time value of the upfront deposit represents a significant component of the transaction. Under the terms of the agreement, Barrick will sell gold and silver to Royal Gold equivalent to: • 7.5% of Barrick’s interest in the gold produced at Pueblo Viejo until 990,000 ounces of gold have been delivered, and 3.75% thereafter. As at December  31, 2023, approximately 343,000 ounces of gold have been delivered. • 75% of Barrick’s interest in the silver produced at Pueblo Viejo until 50 million ounces have been delivered, and 37.5% thereafter. Silver will be delivered based on a fixed recovery rate of 70%. Silver above this recovery rate is not subject to the stream. As at December 31, 2023, approximately 12 million ounces of silver have been delivered. Barrick will receive ongoing cash payments from Royal Gold equivalent to 30% 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% 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. 197 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Expiry Dates of Tax Losses Non-capital tax losses1 Barbados Canada Chile Peru Saudi Arabia Tanzania United Kingdom Others 2024 2025 2026 2027 2028+ $ 212 $ 218 $ 2 $ 119 $ 10 $ – – – – – – 1 2 – – – – – 1 1 – – – – – 1 69 2,133 – – – – – 36 – – – – – 62 No expiry date – – 1,048 100 330 1,108 165 45 Total $ 561 2,205 1,048 100 330 1,108 165 146 $ 213 $ 221 $ 4 $ 224 $ 2,205 $ 2,796 $ 5,663 1 Represents the gross amount of tax loss carryforwards translated at closing exchange rates at December 31, 2023. The non-capital tax losses include $4,834  million of losses which are not recognized in deferred tax assets. Of these, $213  million expire in 2024, $221 million expire in 2025, $4 million expire in 2026, $224 million expire in 2027, $2,143 million expire in 2028 or later, and $2,029 million have no expiry date. Deferred tax assets not recognized relate to: non-capital loss carryforwards of $1,163  million (2022: $1,168  million), capital loss carryforwards with no expiry date of $251 million (2022: $262 million), and other deductible temporary differences with no expiry date of $1,274 million (2022: $1,416 million). Recognition of Deferred Tax Assets We recognize deferred tax assets taking into account the effects of local tax law. Deferred tax assets are fully recognized when we conclude that sufficient positive evidence exists to demonstrate that it is probable that a deferred tax asset will be realized. The main factors considered are: • Historic and expected future levels of taxable income; • Tax plans that affect whether tax assets can be realized; and • The nature, amount and expected timing of reversal of taxable temporary differences. Levels of future income are mainly affected by: market prices for gold, copper and silver; forecasted future costs and expenses to produce gold and copper; quantities of proven and probable gold and copper reserves; market interest rates; and foreign currency exchange rates. If these factors or other circumstances change, we record an adjustment to the recognition of deferred tax assets to reflect our latest assessment of the amount of deferred tax assets that is probable will be realized. Deferred Tax Assets Not Recognized As at Dec. 31, 2023 As at Dec. 31, 2022 $ – $ 303 31 904 154 306 53 954 1,109 1,084 8 10 67 67 110 41 26 12 6 9 65 65 109 22 15 4 $ 2,688 $ 2,846 Argentina Australia Barbados Canada Chile Côte d’Ivoire Mali Peru Saudi Arabia Tanzania United Kingdom United States Others 198 Source of Changes in Deferred Tax Balances For the years ended December 31 2023 2022 Temporary differences Property, plant and equipment Environmental rehabilitation Tax loss carryforwards AMT and other tax credits Inventory Other Intraperiod allocation to: Income before income taxes Derecognition of Porgera´s joint operation Income tax payable Other comprehensive income Other $ (272) 64 $ (14) 58 (58) 11 (211) $ $ 80 (56) (23) (10) 27 18 36 $ (181) $ 41 (29) 2 (3) – (211) $ – (2) (5) 2 $ 36 Income Tax Related Contingent Liabilities At January 1 Additions based on uncertain tax positions related to prior years Additions based on uncertain tax positions related to the current year Reductions for tax positions of prior years Reclassifications1 At December 312 2023 2022 $ 60 $ 257 1 5 1 7 (18) – 48 (45) (160) $ 60 $ 1 Following the full implementation of the Framework Agreement in Tanzania, the agreed payment obligations are shown in current and long-term income tax payables. 2 If reversed, the total amount of $48 million would be recognized as a benefit to income taxes on the income statement, and therefore would impact the reported effective tax rate. Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS Tax Years Still Under Examination Argentina Australia Canada Chile Côte d’Ivoire Democratic Republic of Congo Dominican Republic Mali Papua New Guinea Peru Saudi Arabia Tanzania United States Zambia 2010–2011, 2016–2023 2019–2023 2016–2023 2015–2023 2020–2023 2022–2023 2020–2023 2017–2023 2023 2018–2023 2019–2023 2018–2023 2023 2018–2023 31. CAPITAL Authorized Capital Stock Our authorized capital stock is composed of an unlimited number of common shares (issued 1,755,569,554 common shares as at December 31, 2023). Our common shares have no par value. 32. NON-CONTROLLING INTERESTS a) Non-Controlling Interests (“NCI”) Continuity Dividends In 2023, we declared and paid dividends in US dollars totaling $700 million (2022: $1,143 million). The Company’s dividend reinvestment plan resulted in $3 million (2022: $5 million) reinvested into the Company. Share Buyback Program At the February 14, 2023 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 following 12 months. In 2023, Barrick did not purchase any shares under this program. At the February  13, 2024 meeting, the Board of Directors authorized a new share buyback program for the repurchase of up to $1.0 billion of the Company’s outstanding common shares over the next 12 months. The actual number of common shares that may be purchased, and the timing of any such purchases, will be determined by Barrick based on a number of factors, including the Company’s financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction. The repurchase program does not obligate the Company to acquire any particular number of common shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. NCI in subsidiary at December 31, 2023 At January 1, 2022 Acquisitions Share of income (loss) Disbursements At December 31, 2022 Share of income (loss) Cash contributed Disbursements Nevada Gold Mines Pueblo Viejo Tanzania Mines1 Loulo- Gounkoto Tongon Reko Diq Other Total 38.5% 40% 16% 20% 10.3% 50% Various $ 6,061 $ 1,189 $ 298 $ 953 $ 29 $ – $ (80) $ 8,450 – 633 (626) – 96 (157) – 35 (12) – (179) (35) – – (16) 329 – – – – – 329 585 (846) $ 6,068 $ 1,128 $ 321 $ 739 $ 13 $ 329 $ (80) $ 8,518 548 – (454) 63 – (48) 25 – (24) 69 – (48) 7 – (4) (31) 40 – – – – 681 40 (578) At December 31, 2023 $ 6,162 $ 1,143 $ 322 $ 760 $ 16 $ 338 $ (80) $ 8,661 1 Tanzania mines consist of the two operating mines, North Mara and Bulyanhulu. 199 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTS b) Summarized Financial Information on Subsidiaries with Material Non-Controlling Interests Summarized Balance Sheets Nevada Gold Mines Pueblo Viejo Tanzania Mines1 Loulo-Gounkoto Tongon Reko Diq As at Dec. 31, 2023 As at Dec. 31, 2022 As at Dec. 31, 2023 As at Dec. 31, 2022 As at Dec. 31, 2023 As at Dec. 31, 2022 As at Dec. 31, 2023 As at Dec. 31, 2022 As at Dec. 31, 2023 As at Dec. 31, 2022 As at Dec. 31, 2023 Current assets $ 2,531 $ 2,408 $ 547 $ 485 $ 303 $ 437 $ 782 $ 928 $ Non-current assets 14,094 13,863 5,244 5,003 2,006 1,917 3,747 3,602 Total assets $ 16,625 $ 16,271 $ 5,791 $ 5,488 $ 2,309 $ 2,354 $ 4,529 $ 4,530 $ Current liabilities Non-current liabilities 704 1,147 586 1,135 1,079 1,538 889 1,421 760 409 800 422 Total liabilities $ 1,851 $ 1,721 $ 2,617 $ 2,310 $ 1,169 $ 1,222 $ 171 189 539 710 $ 560 749 $ 118 $ 225 343 $ 135 158 $ 165 323 $ 170 68 46 203 $ 216 $ 21 752 773 62 – 62 Summarized Statements of Income For the years ended December 31 Revenue Income (loss) from continuing operations after tax Other comprehensive income (loss) Total comprehensive income (loss) Dividends paid to NCI2 Nevada Gold Mines Pueblo Viejo Tanzania Mines1 Loulo-Gounkoto Tongon Reko Diq 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 $ 6,051 $ 5,573 $ 1,118 $ 1,303 $ 1,033 $ 1,032 $ 1,335 $ 1,236 $ 398 $ 356 $ – 1,645 3,018 108 170 158 210 326 (912) (8) 1 – – – – – – 64 – (4) – (62) – $ 1,637 $ 3,019 $ 108 $ 170 $ 158 $ 210 $ 326 $ (912) $ 64 $ (4) $ (62) $ 454 $ 626 $ 48 $ 60 $ – $ 3 $ 48 $ 35 $ 4 $ 13 $ – Summarized Statements of Cash Flows For the years ended December 31 Net cash provided by (used in) operating activities Net cash used in investing activities Net cash provided by (used in) financing activities Net increase (decrease) in cash and cash equivalents Nevada Gold Mines Pueblo Viejo Tanzania Mines1 Loulo-Gounkoto Tongon Reko Diq 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 $ 2,667 $ 2,693 $ 447 $ 524 $ 238 $ 275 $ 467 $ 459 $ 82 $ 75 $ (38) (1,405) (1,103) (429) (599) (311) (253) (375) (322) (30) (32) (3) (1,182) (1,631) 42 67 (46) (222) (196) (176) (103) (76) 54 $ 80 $ (41) $ 60 $ (8) $ (119) $ (200) $ (104) $ (39) $ (51) $ (33) $ 13 1 Tanzania mines consist of the two operating mines, North Mara and Bulyanhulu. 2 Includes partner distributions. 33. RELATED PARTY TRANSACTIONS The Company’s related parties include its subsidiaries, joint operations, joint ventures and key management personnel. During its normal course of operations, the Company enters into transactions with its 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 are not disclosed in this note. There were no other material related party transactions reported in the year. Remuneration of Key Management Personnel Key management personnel include the members of the Board of Directors and the executive leadership team. Compensation for key management personnel (including Directors) was as follows: For the years ended December 31 2023 2022 Salaries and short-term employee benefits1 Post-employment benefits2 Share-based payments and other3 $ $ 25 3 27 55 $ $ 33 4 31 68 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. 200 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 34. STOCK-BASED COMPENSATION a) Restricted Share Units (RSUs) and Deferred Share Units (DSUs) Compensation expense for RSUs was a $30 million charge to earnings in 2023 (2022: $23 million) and is presented as a component of general and administrative expenses and cost of sales, consistent with the classification of other elements of compensation expense for those employees who had RSUs. Compensation expense for RSUs incorporates an expected forfeiture rate. The expected forfeiture rate is estimated based on historical forfeiture rates and expectations of future forfeiture rates. We make adjustments if the actual forfeiture rate differs from the expected rate. At December 31, 2023, the weighted average remaining contractual life of RSUs was 0.82 years (2022: 0.80 years). DSU and RSU Activity (Number of Units in Thousands) At January 1, 2022 Settled for cash Granted Credits for dividends Change in value DSUs Fair value RSUs Fair value 678 – 159 – – $ 12.6 2,518 $ 31.0 – 2.9 – (1.1) (1,656) 1,406 69 – (29.2) 24.2 1.3 (1.0) At December 31, 2022 837 $ 14.4 2,337 $ 26.3 Settled for cash Granted Credits for dividends Change in value – 174 – – – 2.9 – 1.0 (1,383) 1,820 81 – (23.2) 32.9 1.4 (3.4) At December 31, 2023 1,011 $ 18.3 2,855 $ 34.0 b) Performance Granted Share Units (PGSUs) In 2014, Barrick launched a PGSU plan. Under this plan, selected employees are granted PGSUs, where each PGSU has a value equal to one Barrick common share. At December 31, 2023, 3,002 thousand units had been granted at a fair value of $36  million (2022: 3,117 thousand units at a fair value of $38 million). 35. CONTINGENCIES Certain conditions may exist as of the date the financial statements are issued that may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The impact of any resulting loss from such matters affecting these financial statements and noted below may be material. Litigation and Claims In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, the Company, with assistance from its legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. Pascua-Lama – Proposed Canadian Securities Class Actions Proposed securities class actions have been commenced against the Company and four of its former senior executives (Aaron Regent, Jamie Sokalsky, Ammar Al-Joundi and Peter Kinver) in Ontario and Quebec. The proceedings pertain to the Company’s public disclosures concerning the Pascua-Lama Project. In the Ontario litigation, the Plaintiffs have alleged that Barrick made false and misleading statements to the investing public during the period from approximately July 2011 to October 2013 relating to capital cost and schedule estimates for Pascua-Lama, environmental compliance matters in Chile, as well as various accounting and financial reporting matters. The claim for damages is stated to be more than $3 billion. In the Quebec litigation, the Plaintiff has alleged that Barrick made misrepresentations during the period from approximately April 2011 to October 2013 concerning environmental compliance matters in Chile. An unspecified amount of damages is being sought. In both Ontario and Quebec, the Plaintiffs have asserted claims under the secondary market liability provisions of applicable securities legislation (as well as other claims). In order to pursue statutory claims of that nature, “leave to proceed” must be obtained from the Court. In addition, in order to pursue any claims on behalf of a class of shareholders, an order certifying an action as a class proceeding must be obtained from the Court. In March 2020, the Superior Court of Quebec denied the Plaintiff’s motions for leave to proceed and for class certification in their entirety. The Plaintiff appealed to the Quebec Court of Appeal, which rendered its decision on December  19, 2022. The Court of Appeal allowed the appeal in part. It granted leave to proceed as against the Company, Mr. Sokalsky and Mr. Al-Joundi in respect of a statutory secondary market claim pertaining to a statement concerning the water management system in Chile made by the Company in its Management’s Discussion & Analysis for the second quarter of 2012. The Court of Appeal also granted class certification in respect of that claim, authorizing the Plaintiff to represent a class of shareholders who acquired Barrick shares during the period from July 26, 2012 to October 31, 2012. The remainder of the appeal was dismissed. The matter was returned to the Superior Court of Quebec and a case management judge was assigned. On March 20, 2023, the Superior Court issued an Order suspending certain deadlines for three months on consent of the parties. This suspension was subsequently extended until November 15, 2023 and has now expired. In October 2019, the Ontario Superior Court of Justice granted the Plaintiffs leave to proceed as against the Company, Mr. Sokalsky and Mr. Al-Joundi in respect of a claim concerning the same statement in Barrick’s Management’s Discussion & Analysis for the second quarter of 2012 referred to above. The Court dismissed all of the other statutory secondary market misrepresentation claims at issue. The Plaintiffs filed an appeal to the Court of Appeal for Ontario. In February  2021, the Court of Appeal allowed the Plaintiffs’ appeal in part. The Court of Appeal set aside the Superior Court’s decision dismissing statutory secondary market misrepresentation claims pertaining to the Company’s capital 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. The Superior Court heard the Plaintiffs’ motion for leave to proceed in respect of the cost, scheduling, accounting and financial reporting claims in January  2022. The Court decided the motion in decisions released on March 22 and July 18, 2022. The Court granted leave to proceed as against Barrick, Mr. Regent and Mr. Sokalsky in respect of claims pertaining to capital cost and schedule estimates disclosed by the Company in 2012. All of the remaining cost and scheduling claims, and all of the accounting and financial reporting claims, were dismissed. The Plaintiffs once again filed an appeal with the Court of Appeal for Ontario. The hearing of the appeal was held on December  13, 2023. On February  13, 2024, the Court of Appeal dismissed the Plaintiffs’ appeal in its entirety. The motion for class certification in Ontario has not yet been heard. The Ontario Superior Court has indicated that it does not intend to hear that motion until after the Plaintiffs’ motion for leave to proceed has been fully determined. The Company intends to vigorously defend the proposed Canadian securities class actions. No amounts have been recorded for any potential liability arising from any of the proposed class actions, as the Company cannot reasonably predict the outcome in either Ontario or Quebec. 201 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTSOn July 12, 2022, the Chilean Supreme Court rejected a challenge to the Antofagasta Environmental Court’s decision filed by a group of local farmers who claimed more stringent sanctions were appropriate. As a result, the SMA will determine the appropriate administrative fine to be imposed on CMN with respect to two environmental infringements. No amounts have been recorded for any potential liability arising from this matter, as the Company cannot reasonably predict the amount of the additional administrative fine to be imposed by the SMA. incident”) and September  2015 Veladero – Operational Incidents and Associated Proceedings Minera Andina del Sol SRL (formerly, Minera Argentina Gold SRL) (“MAS”), the joint venture company that operates the Veladero mine, is the subject of various regulatory proceedings related to operational incidents at the Veladero Valley Leach Facility (“VLF”) occurring in March 2017 (the “March 2017 incident”), September 2016 (the “September  2016 (the “September  2015 incident”), and involving the San Juan Provincial mining authority, the Argentine federal government, and certain residents of Jachal, Argentina. Regulatory authorities were notified following the occurrence of each of these incidents, and remediation and/or monitoring activities were undertaken as appropriate. Although the September  2015 incident resulted in the release of cyanide- bearing process solution into a nearby waterway, environmental monitoring conducted by MAS and an independent third party has demonstrated that the incident posed no risk to human health at downstream communities. Monitoring and inspection following the September  2016 incident and remediation and inspection following the March 2017 incidents confirmed that those incidents did not result in any long-term environmental impacts. Regulatory Proceedings and Actions San Juan Provincial Regulatory Proceedings On October 9, 2015, the San Juan Provincial mining authority initiated an administrative sanction process against MAS for alleged violations of the Mining Code relating to the September 2015 incident. MAS was formally notified of the imposition of an administrative fine in connection with the incident on March  15, 2016. MAS sought reconsideration of certain aspects of the decision but paid the administrative fine of approximately $10  million (at the then-applicable Argentine peso to U.S. dollar exchange rate) while the request for reconsideration was pending. After the San Juan government rejected MAS’ administrative appeal of this decision, on September  5, 2017, the Company commenced a legal action to continue challenging certain aspects of the decision before the San Juan courts, which is ongoing. MAS is also the subject of a consolidated provincial regulatory proceeding related to the September 2016 incident and the March 2017 incident. MAS received notice of a resolution on December 27, 2017, from the San Juan Provincial mining authority requiring payment of an administrative fine of approximately $5.6  million (calculated at the prevailing exchange rate on December  31, 2017) for both the September  2016 incident and the March  2017 incident. On January  23, 2018, in accordance with local requirements, MAS paid the administrative fine and filed a request for reconsideration and an appeal with the San Juan Provincial mining authority. MAS was notified in March 2018 that the San Juan Provincial mining authority had rejected the request for reconsideration of the administrative fine. The pending appeal will be heard and decided by the Governor of San Juan. Pascua-Lama – SMA Regulatory Sanctions In May  2013, Compañía Minera Nevada (“CMN”), Barrick’s Chilean subsidiary that holds the Chilean portion of the Pascua-Lama project (the “Project”), received a resolution (the “Original Resolution”) from Chile’s environmental regulator (the Superintendencia del Medio Ambiente, or “SMA”) that required CMN to complete the water management system in accordance with the Project’s environmental permit before resuming construction activities. The Original Resolution also required CMN to pay an administrative fine of approximately $16 million, which CMN paid in May 2013. In June 2013, a group of local farmers and indigenous communities challenged the Original Resolution. The challenge, which was brought in the Environmental Court of Santiago, claimed that the fine was inadequate and requested more severe sanctions, including the revocation of the Project’s environmental permit. The SMA and CMN, which was joined as a party to this proceeding, defended the Original Resolution. On March  3, 2014, the Santiago Environmental Court annulled the Original Resolution and remanded the matter back to the SMA for further consideration in accordance with its decision (the “Environmental Court Decision”). On December  30, 2014, the Chilean Supreme Court declined to consider CMN’s appeal of the Environmental Court Decision. 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 that same date, CMN was notified that the SMA had initiated a new administrative proceeding for alleged deviations from certain requirements of the Project’s environmental approval. In May  2015, CMN submitted a compliance program to address certain allegations and presented its defense to the remainder of the alleged deviations. The SMA rejected CMN’s proposed compliance program on June 24, 2015 and denied CMN’s administrative appeal of that decision on July  31, 2015. On December  30, 2016, the Environmental Court rejected CMN’s challenge and CMN declined to appeal this decision. On June  8, 2016, the SMA consolidated the two administrative proceedings against CMN into a single proceeding. On January  17, 2018, CMN received the revised resolution (the “Revised Resolution”) from the SMA, which reduced the original administrative fine from approximately $16 million to $11.5 million and ordered the closure of existing surface facilities on the Chilean side of the Project in addition to certain monitoring activities. The Revised Resolution did not revoke the Project’s environmental approval. CMN filed an appeal of the Revised Resolution on February 3, 2018 with the First Environmental Court of Antofagasta (the “Antofagasta Environmental Court”). On October 12, 2018, the Antofagasta Environmental Court issued an administrative ruling ordering review of the SMA sanctions. The Antofagasta Environmental Court rejected four of the five closure orders contained in the Revised Resolution and remanded the related environmental infringements back to the SMA for further consideration. However, it upheld the SMA’s fifth order for the closure of the Chilean side of the Project. Following the issuance of the Revised Resolution, the Company reversed the estimated amount recorded for any additional proposed administrative fines in this matter. In addition, the Company reclassified Pascua-Lama’s proven and probable gold reserves as measured and indicated resources and recorded a pre-tax impairment of $429 million in the fourth quarter of 2017. On March  14, 2019, the Chilean Supreme Court annulled the October  12, 2018 administrative decision of the Antofagasta Environmental Court on procedural grounds and remanded the case back for review by a different panel of judges. The Chilean Supreme Court did not review the merits of the Revised Resolution. On September  17, 2020, the Antofagasta Environmental Court issued a ruling in which it upheld the closure order and sanctions in the Revised Resolution. As part of its ruling, it also ordered the SMA to reevaluate certain environmental infringements, which may result in the imposition of additional fines against CMN. The Company did not appeal, and the Chilean side of the Pascua-Lama project is being transitioned to closure in accordance with that ruling. 202 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTSProvincial Amparo Action Following the March  2017 incident, an “amparo” protection action (the “Provincial Amparo Action”) was filed against MAS in the Jachal First Instance Court, San Juan Province (the “Jachal Court”) by individuals who claimed to be living in Jachal, San Juan Province, Argentina, seeking the cessation of all activities at the Veladero mine or, alternatively, a suspension of the mine’s leaching process. On March 30, 2017, the Jachal Court rejected the request for an injunction to cease all activities at the Veladero mine, but ordered, among other things, the suspension of the leaching process. The Jachal Court lifted the leaching process suspension in June 2017. The Jachal Court tried to join this proceeding with the Federal Amparo Action (as defined below), triggering a jurisdictional dispute. On December  26, 2019, the Argentine Supreme Court ruled on the jurisdictional dispute in favor of the Federal Court in connection with the Federal Amparo Action described below, meaning that the Jachal Court has retained jurisdiction over the Provincial Amparo Action and the two amparo actions were not effectively joined. The Provincial Amparo Action case file has not yet been remitted to the Jachal Court by the Supreme Court (see “Federal Amparo Action” below). Federal Amparo Action On April  4, 2017, the National Minister of Environment of Argentina filed an amparo protection action in the Federal Court in connection with the March 2017 incident (the “Federal Amparo Action”) seeking an order requiring the cessation and/or suspension of activities at the Veladero mine. MAS submitted extensive information to the Federal Court about the incident, the then-existing administrative and provincial judicial suspensions, the remedial actions taken by the Company and the lifting of the suspension orders described in the Provincial Amparo Action above, and challenged the jurisdiction of the Federal Court as well as the standing of the National Minister of Environment and requested that the matter be remanded to the Jachal Court. The Province of San Juan also challenged the jurisdiction of the Federal Court in this matter. On December 26, 2019, the Argentine Supreme Court ruled on the jurisdictional dispute in favor of the Federal Court. The Company was notified on October 1, 2020, that the National Ministry of the Environment had petitioned the Federal Court to resume the proceedings following the Supreme Court’s decision that the Federal Court is competent to hear the case. The Federal Court ordered the resumption of the proceedings on February  19, 2021. On October 12, 2022, MAS received notice of the Federal Amparo Action. MAS submitted its response on October 27, 2022. The matter remains pending before the Federal Court. Civil Action On December 15, 2016, MAS was served notice of a civil action filed before the San Juan Provincial Court by certain persons allegedly living in Jachal, San Juan Province, claiming to be affected by the Veladero mine and, in particular, the VLF. The plaintiffs requested a court order that MAS cease leaching metals with cyanide solutions, mercury and other similar substances at the mine and replace that process with one that is free of hazardous substances, implement a closure and remediation plan for the VLF and surrounding areas, and create a committee to monitor this process. These claims were supplemented by new allegations that the risk of environmental damage had increased as a result of the March  2017 incident. MAS replied to the lawsuit in February  2017 and it also responded to the supplemental claim and intends to continue defending this matter vigorously. Criminal Matters Federal Criminal Matters A federal criminal investigation was initiated by a Buenos Aires federal court (the “Federal Court”) based on the alleged failure of certain current and former federal and provincial government officials and individual directors of MAS to prevent the September  2015 incident (the “Federal Investigation”). On May 5, 2016, the National Supreme Court of Argentina limited the scope of the Federal Investigation to the potential criminal liability of the federal officials, ruling that the Federal Court does not have jurisdiction to investigate the solution release. On April 11, 2018, the federal judge indicted three former federal officials, alleging breach of duty in connection with their actions and omissions related to the failure to maintain adequate environmental controls during 2015 and the case was sent to trial. The proceeding poses no risk of conviction or liability for any of the directors of MAS. Glacier Investigation On October  17, 2016, a separate criminal investigation was initiated by the federal judge overseeing the Federal Investigation based on the alleged failure of federal officials to regulate the Veladero mine under Argentina’s glacier legislation (the “Glacier Investigation”) with regard to the September 2015 incident. On June 16, 2017, MAS submitted a motion to challenge the federal judge’s decision to assign the Glacier Investigation to himself, and to request that it be admitted as a party in order to present evidence supporting MAS. On September 14, 2017, the Federal Court of Appeals ordered the federal judge to consolidate the two investigations and clarified that MAS is not a party to the case and therefore does not have standing to seek the recusal of the federal judge, but nonetheless recognized MAS’ right to continue to participate in the case (without clarifying the scope of those rights). On November  27, 2017, the federal judge indicted four former federal officials, alleging abuse of authority in connection with their actions and omissions related to the enforcement of Argentina’s glacier legislation. The Court of Appeals confirmed the indictments 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 Investigation and the Glacier Investigation and will face trial. In 2019, one of the former federal officials, who was indicted on separate charges under both investigations, passed away and charges against him were dropped. Due to the Argentine response to Covid-19 and a procedural challenge by one of the former federal officials, the oral arguments originally scheduled for April and May 2020 in this matter have been postponed and have not yet been rescheduled. Veladero – Tax Assessment and Criminal Charges On December  26, 2017, MAS received notice of a tax assessment (the “Tax Assessment”) for 2010 and 2011, amounting to ARS 543 million (approximately $680,000 at the prevailing exchange rate at December 31, 2023), plus interest and fines, for a maximum estimated exposure of approximately $5.5 million. The Tax Assessment primarily claims that certain deductions made by MAS were not properly characterized, including that (i)  the interest and foreign exchange on loans borrowed between 2002 and 2006 to fund Veladero’s construction should have been classified as equity contributions, and (ii) fees paid for intercompany services were not for services related to the operation of the Veladero mine. On June 21, 2018, the Argentinean Federal Tax Authority (“AFIP”) confirmed the Tax Assessment, which MAS appealed to the Federal Tax Court on July 31, 2018. A hearing for the appeal has not yet been scheduled. The Company filed Mutual Agreement Procedure applications in Canada on December 21, 2018, and in Argentina on March 29, 2019, pursuant to the Canada-Argentina Income Tax Convention Act (the “Canada-Argentina Tax Treaty”) to escalate resolution of the Tax Assessment to the competent authority (as defined in the Canada- Argentina Tax Treaty) in an effort to seek efficient resolution of the matter. 203 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTSIn November  2018, MAS received notice that AFIP filed criminal charges against current and former employees serving on its board of directors when the 2010 and 2011 tax returns were filed (the “Criminal Tax Case”). Hearings for the Criminal Tax Case were held between March 25 and March 27, 2019. The defendants filed a motion to dismiss based on the statute of limitations, which was granted in part and appealed by the prosecution. On June  2, 2021, the trial court issued a decision dismissing the Criminal Tax Case against the directors. AFIP appealed and on September 24, 2021, the Mendoza Federal Court of Appeals partially reversed the trial court’s decision, ruling that there was insufficient evidence to either indict the directors or dismiss the case against them, and ordering additional investigation by the trial court. The Criminal Tax Case was remanded to the trial court in accordance with the decision of the Mendoza Federal Court of Appeals, and the trial court has ordered additional evidence to be prepared by the court- appointed expert. On February  4, 2022, the Argentine Minister of Economy, the competent authority in this matter, issued a decision denying the application of the Canada-Argentina Tax Treaty to the Tax Assessment. MAS appealed this decision on February 18, 2022. Separately, on April  12, 2022, the trial court issued a ruling dismissing the criminal charges against the MAS directors in the Criminal Tax Case. AFIP appealed this ruling to the Court of Appeals. On November  7, 2022, the Court of Appeals affirmed the dismissal of the charges. AFIP challenged this decision before the Court of Cassation, Argentina’s highest federal criminal court below the National Supreme Court, which granted leave to appeal on December 29, 2022. The Court of Cassation’s decision, which remains pending, will be rendered on the basis of the parties’ written submissions. The Company believes that the Tax Assessment and the Criminal Tax Case are without merit and intends to defend the proceedings vigorously. Perilla Complaint In 2009, Barrick Gold Inc. and Placer Dome Inc. were purportedly served in Ontario with a complaint filed in November  2008 in the Regional Trial Court of Boac (the “Court”), on the Philippine island of Marinduque, on behalf of two named individuals and purportedly on behalf of the approximately 200,000 residents of Marinduque. The complaint alleges injury to the economy and the ecology of Marinduque 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 minority indirect shareholder of the Marcopper mine. The plaintiffs are claiming for abatement of a public nuisance allegedly caused by the tailings discharge and for nominal damages for an alleged violation of their constitutional right to a balanced and healthful ecology. In June 2010, Barrick Gold Inc. and Placer Dome Inc. filed a motion to have the Court resolve their unresolved motions to dismiss before considering the plaintiffs’ motion to admit an amended complaint and also filed an opposition to the plaintiffs’ motion to admit on the same basis. By Order dated November 9, 2011, the Court granted a motion to suspend the proceedings filed by the plaintiffs. To date, neither the plaintiffs nor the Company have advised the Court of an intention to resume the proceedings and the matter has been inactive since November  2011. If this matter is reactivated, the Company intends to defend the action vigorously. No amounts have been recorded for any potential liability arising from this matter, as the Company cannot reasonably predict the outcome. Writ of Kalikasan In April  2010, the Supreme Court in the Republic of the Philippines adopted new Rules of Procedure for Environmental Cases (the “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 Kalikasan with Prayer for Temporary Environmental Protection Order was filed in the Supreme Court of the Republic of the Philippines by Eliza M. Hernandez, Mamerto M. Lanete and Godofredo L. Manoy against Placer Dome Inc. (“Placer Dome”) and the Company (the “Petition”). The Petition was subsequently transferred to the Court of Appeals. The Petition alleges that Placer Dome violated the Petitioners’ constitutional right to a balanced and healthful ecology as a result of, amongst other things, the discharge of tailings into Calancan Bay, the 1993 Maguila-Guila dam breach, the 1996 Boac river tailings spill and the failure of Marcopper Mining Corporation (“Marcopper”) to properly decommission the Marcopper mine. Placer Dome was a minority indirect shareholder of Marcopper at all relevant times. The Petitioners have pleaded that Barrick is liable for the alleged actions and omissions of Placer Dome and are seeking orders requiring Barrick to environmentally remediate the areas in and around the mine site that are alleged to have sustained environmental impacts. On April  4, 2011, the Company filed its Return Ad Cautelam (or defence pleading) seeking the dismissal of the Petition with prejudice. Barrick also filed extensive affidavit evidence as required by the Environmental Rules. Placer Dome adopted the Company’s defence as its own. All appearances by the Company and Placer Dome in the Supreme Court and the Court of Appeals in this matter have been by way of special and limited appearance, without submitting to the jurisdiction of either Court. The Company filed a motion in March  2011 challenging the constitutionality of the Environmental Rules and the jurisdiction of the Court. On October  18, 2019, the Court of Appeals decided the motion and rejected the Company’s constitutional objections. The Court also held that it has jurisdiction based on a “tentative” determination that the Company was doing business in the Philippines made exclusively on the basis of unproved allegations made by the Petitioners in the Petition. This “tentative” determination expressly does not foreclose the possibility of a contrary finding on the basis of evidence at a later date. In November 2011, the case was suspended to permit the parties to explore the possibility of a settlement. Settlement discussions ended unsuccessfully in early 2014, but the proceedings were not re- activated until March 2019 when the Court of Appeals lifted the order suspending the proceedings. In December 2019, depositions of all of the Company’s witnesses were conducted. Petitioners’ counsel did not appear at these depositions or conduct any cross-examination of the Company’s witnesses. These transcripts now form part of the evidence in the Court record for the merits hearing and the Petitioners have foregone the opportunity to cross-examine the Company’s witnesses. Since the Fall of 2019, the Petitioners have taken numerous steps to attempt to file additional evidence and to seek to expand the case beyond the scope of the matters pleaded in the Petition, including to alleged maintenance and structural integrity issues supposedly associated with Marcopper mine infrastructure. 204 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTSOn October 27, 2020, the Province of Marinduque (the “Province”) filed a Motion for Leave to Intervene and a Petition-in-Intervention (the “Intervention Motion”). On January  21, 2021, the Court of Appeals granted the Province’s Intervention Motion and admitted the Province’s Petition-in-Intervention. In the Petition-in-Intervention, the Province seeks to expand the scope of relief sought within the Writ of Kalikasan proceeding to include claims seeking rehabilitation and remediation of alleged maintenance and structural integrity issues supposedly associated with Marcopper mine infrastructure. On June 24, 2021, the Company filed an urgent motion asking the Court of Appeals to clarify whether its granting leave to the Province to intervene in the Petition expands the scope of issues being litigated in the proceeding. This motion is pending and has not yet been decided by the Court. On June  25, 2021, the Company filed a Return Ad Cautelam in response to the Province’s Petition-in-Intervention. On November  2, 2021, the Company filed a Motion to Strike and Reply in respect of the Province’s Petition-in-Intervention. In the Motion to Strike and Reply, the Company seeks to strike those portions of the Petition-in-Intervention that seek to expand the issues or seek novel and additional relief for alleged wrongdoing that is not pleaded in the Petitioners’ Writ of Kalikasan proceeding. This motion is pending and has not yet been decided by the Court. On February 17, 2021, the Province filed a Motion to Implead asking the Court of Appeals to add Marcopper as a respondent. On June 14, 2021, the Court of Appeals denied the Province’s Motion to add Marcopper as a respondent. On July 2, 2021, the Province of Marinduque filed a Motion for Reconsideration of the June  14, 2021 decision. This motion is pending and has not yet been decided by the Court. On December  2, 2020, the trial commenced. It subsequently resumed on January 27, 2021 and again on July 6, 2021. The Petitioners called a total of three witnesses over the three trial dates, in addition to two of the named Petitioners (whose affidavits were accepted into evidence on agreement without the requirement to attend in person). On July  26, 2021, the Petitioners filed their Formal Offer of Evidence, which formally concludes the Petitioners’ evidence portion of the trial. On October  27, 2021, the Company filed its Comments and Opposition to the Petitioners’ Formal Offer of Evidence dated July 26, 2021. The Court has not yet resolved the outstanding issues concerning the Petitioners’ Formal Offer of Evidence. No further trial dates have been set for the Company’s evidence portion of the trial. On June  30, 2022 the Company filed a Motion with the Court seeking court-ordered mediation between the Company and the Province. On October 26, 2022 the Court granted the Motion. This proceeding was suspended in October  2022 to allow for court-annexed mediation to continue. Successive extensions of the suspension were granted at the request of the parties. On January 15, 2024, the Court issued a Resolution granting a “final” extension of the suspension to November  13, 2023, which extension had expired by the time the Court issued its Resolution. The Court also scheduled a hearing date of February  13, 2024 for the parties to provide an update concerning the status of the court-annexed mediation, as well as for the parties to present their arguments regarding the pending motion filed by the Company on June 24, 2021 as described above. The parties jointly requested that the suspension nevertheless be extended for six months. During the February  13, 2024 hearing, the Court indicated that it would consider the parties’ joint request. The Court set the next hearing date for August  13, 2024, and confirmed that it would not decide the pending motion at this time. No amounts have been recorded for any potential liability arising from this matter, as the Company cannot reasonably predict the outcome. The Company intends to continue to defend the action vigorously. Porgera Special Mining Lease On April  25, 2020, the Porgera gold mine was put on care and maintenance, after Barrick Niugini Limited (“BNL”), the 95% owner and operator of the Porgera joint venture, received a communication from the Government of Papua New Guinea that its application for a 20-year extension of Porgera’s Special Mining Lease (“SML”) had been refused. While the Company believed the Government’s decision not to extend the SML was tantamount to nationalization without due process and in violation of the Government’s legal obligations to BNL, it nevertheless engaged in discussions with Prime Minister Marape and his Government to agree on a revised arrangement under which the Porgera mine could be reopened, for the benefit of all stakeholders involved. On April  9, 2021, BNL signed a binding Framework Agreement with the Independent State of Papua New Guinea (“PNG”) and Kumul Minerals Holdings Limited (“Kumul Minerals”), a state-owned mining company, setting out the terms and conditions for the reopening of the Porgera mine. On February  3, 2022, the Framework Agreement was replaced by the more detailed Porgera Project Commencement Agreement (the “Commencement Agreement”). The Commencement Agreement was signed by PNG, Kumul Minerals, BNL and its affiliate Porgera (Jersey) Limited on October 15, 2021, and it became effective on February 3, 2022, following signature by Mineral Resources Enga Limited (“MRE”), the holder of the remaining 5% of the original Porgera joint venture. The Commencement Agreement reflects the commercial terms previously agreed to under the Framework Agreement, namely that PNG stakeholders receive a 51% equity stake in the Porgera mine, with the remaining 49% held by BNL or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group. The Commencement Agreement also provides that PNG stakeholders and BNL and its affiliates share the economic benefits derived from the reopened Porgera mine on a 53% and 47% basis over the remaining life of mine, respectively, and that the Government of PNG retains the option to acquire BNL’s or its affiliate’s 49% equity participation at fair market value after 10 years. Under the terms of the Commencement Agreement, BNL remained in possession of the site and maintained the mine on care and maintenance while the parties worked to satisfy the conditions required for the reopening of the Porgera mine as summarized below. On April 21, 2022, the PNG National Parliament passed legislation to provide, among other things, certain agreed tax exemptions and tax stability for the new Porgera joint venture. This legislation was certified on May 30, 2022. Six out of the seven pieces of legislation took effect as of April 11 and 14, 2023, respectively, when they were published in the National Gazette, as required under PNG Law. The remaining act awaits publication to take effect. On September  13, 2022, the Shareholders’ Agreement for the new Porgera joint venture company was executed by Porgera (Jersey) Limited, the state-owned Kumul Minerals (Porgera) Limited and MRE. New Porgera Limited, the new Porgera joint venture company, was incorporated on September  22, 2022, and subsequently became a party to the Commencement Agreement and the Shareholders’ Agreement on October 13, 2023. Under arrangements contemplated the standstill Commencement Agreement, all legal and arbitral proceedings previously initiated by the parties in relation to the Porgera dispute were suspended. These proceedings included Judicial Review actions filed by BNL against the Government of Papua New Guinea in April and September 2020, and international arbitration initiated by Barrick (PD) Australia Pty Limited, the Company’s subsidiary and an investor in the Porgera mine, before the World Bank’s ICSID in September 2020. by 205 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTSNew Porgera Limited lodged an application with the Mineral Resources Authority for a new SML on June 13, 2023, in accordance with the Commencement Agreement. On October 13, 2023, the new SML, Special Mining Lease 13, was granted by the Independent State of PNG to New Porgera Limited, following the execution of the Mining Development Contract between the Independent State of PNG and New Porgera Limited. The granting of the new SML to New Porgera Limited reduced Barrick’s ownership interest in the Porgera mine from 47.5% to 24.5%. Also on October  13, 2023, the Independent State of PNG and New Porgera Limited executed the Fiscal Stability Agreement for the Porgera mine and New Porgera Limited and BNL executed the Project Operatorship Agreement, pursuant to which BNL was appointed as operator of the Porgera mine. Following the granting of the new SML, New Porgera Limited commenced negotiations with the Porgera mine property’s landowners on the terms of the land compensation agreements applicable to the new SML. The majority of landowners agreed to allow the Porgera mine to reopen on the compensation terms that applied under the original Porgera joint venture, and to defer substantive negotiation on new compensation terms until after the mine reopens. The PNG National Parliament passed legislation on November  29, 2023 to enable the mine to reopen on this basis, and New Porgera Limited will make true- up payments to landowners for any increase in compensation under the new agreements from the date the new SML was granted. The Commencement Agreement became unconditional on December  8, 2023, and formal completion of the Commencement Agreement was achieved on December  22, 2023. Work started on the recommissioning of the Porgera mine on that date and mining and processing are expected to restart at Porgera in the first quarter of 2024. BNL is taking steps to withdraw the legal proceedings that it initiated in relation to the Porgera dispute in accordance with the Commencement Agreement, and the international arbitration proceedings were formally terminated on January 25, 2024. The other parties to the Commencement Agreement including the State of PNG have a similar obligation to withdraw such proceedings. Porgera Tax Audits In April 2020, BNL received a position paper from the Internal Revenue Commission (“IRC”) in Papua New Guinea asserting various proposed adjustments and other tax liabilities amounting to $123  million (not including penalties, based on the kina foreign exchange rate as at December  31, 2023) arising from tax audits of BNL conducted for 2006 through 2015. BNL responded to the position paper on June 30, 2020. On October 2, 2020, BNL received amended assessments from the IRC which increased the amount of proposed adjustments and other taxes to $457  million (including penalties, based on the kina foreign exchange rate as at December 31, 2023). BNL filed objections to the amended assessments on November 30, 2020 in accordance with the Papua New Guinea Income Tax Act. The Company also filed applications to resolve certain elements of the amended tax assessments pursuant to the Canada-Papua New Guinea Income Tax Convention Act. These applications were subsequently withdrawn. On June 20, 2023, the IRC, the Commissioner General, Barrick and BNL entered into a settlement agreement to resolve the tax dispute, satisfying one of the conditions to the reopening of the Porgera mine as provided under the Commencement Agreement (see “Porgera Special Mining Lease” above). The majority of the settlement amount was paid prior to year-end 2023 with a final payment due in 2024. North Mara – Ontario Litigation On November  23, 2022, an action was commenced against the Company in the Ontario Superior Court of Justice in respect of alleged security-related incidents in the vicinity of the North Mara Mine in Tanzania. The named plaintiffs purport to have been injured, or to be the dependents of individuals who were allegedly killed, by members of the Tanzanian Police Force. The Statement of Claim asserts that Barrick Gold Corporation is legally responsible for the actions of the Tanzanian Police Force, and that the Company is liable for an unspecified amount of damages. The Company believes that the allegations are without merit, including because the Tanzanian Police Force is a sovereign police force that operates under its own chain of command. In May 2023, Barrick filed a motion to dismiss or permanently stay the Ontario action on the grounds that the Ontario Superior Court of Justice lacks jurisdiction and that Tanzania is a more appropriate forum in which to litigate this matter. The hearing of the motion has been scheduled for October 2024. No amounts have been recorded for any potential liability arising from this matter, as the Company cannot reasonably predict the outcome. If the action proceeds, the Company intends to defend it vigorously. Loulo-Gounkoto Tax Dispute – VAT Credit Offsets At the end of November  2023, Société des Mines de Loulo SA (“Loulo”) and Société des Mines de Gounkoto (“Gounkoto”), which own and operate the Loulo-Gounkoto complex, received tax collection notices equivalent to approximately $417  million (including penalties and interest, and based on the CFA foreign exchange rate as at December  31, 2023). The amounts set forth in these notices relate to previously certified VAT credit balances used to offset against corporate income tax, mining royalties and other taxes, which have now been retroactively disallowed by the Malian tax authority, resulting in additional amounts allegedly owed by Loulo and Gounkoto for accounting periods ranging from March 2017 to November 2023. The Company has reviewed the tax collection notices and concluded that they are without merit, as tax payments were validly made by Loulo and Gounkoto during the relevant periods by offsetting VAT credits certified by the tax authority in accordance with Malian law, established custom and, in the case of the Loulo mine, as expressly provided in the Loulo mining convention. The Company is engaged in discussions with the Malian tax authority with respect to this matter. In early December 2023, a 6-month stay of enforcement of the tax collection notices was granted by the tax authority in exchange for the payment of approximately $17 million (based on the CFA foreign exchange rate as at December 31, 2023). As agreed with the Malian tax authority, this payment will be refunded to the Company if the tax collection notices are abandoned by the tax authority or rejected by the Malian Tax Court. Alternatively, the payment will be applied toward the total amount allegedly owed by Loulo and Gounkoto if the tax collection notices are upheld. The Company will vigorously defend its position that the tax collection notices are unfounded, and no amounts have been recorded for any potential liability arising from these claims as the Company cannot reasonably predict the outcome. 206 Annual Report 2023 | Barrick Gold CorporationNOTES TO CONSOLIDATED FINANCIAL STATEMENTSKibali Customs Dispute At the end of January and in early February  2022, Kibali Goldmines SA, which owns and operates the Kibali gold mine in the Democratic Republic of Congo, received fifteen claims from the Direction Générale des Douanes et Accises (“Customs Authority”) concerning customs duties. The Customs Authority claimed that incorrect import duty tariffs had been applied to the importation of certain consumables and equipment for the Kibali gold mine. In addition, they claimed that the exemption available to Kibali Goldmines SA, which was granted in relation to the original mining lease, no longer applied. Finally, the Customs Authority claimed that a service fee paid on the exportation of gold was paid to the wrong government body. The claims, including substantial penalties and interest, totaled $339 million. The Company has examined the Customs Authority claims and, except for certain immaterial items for which a provision has already been made, concluded that they were without merit, as they sought to challenge established customs practices which have been accepted by the Customs Authority for many years and, where relevant, were in line with ministerial instruction letters. The Company engaged in discussions with the Customs Authority and Ministry of Finance to resolve the customs claims. As a result of these discussions, all of the customs claims have now been resolved with the exception of one immaterial claim for which a provision has already been made. Zaldívar Water Claims On March  30, 2022, the State Defense Council (“CDE”), an entity that represents the interests of the Chilean state, filed a lawsuit in the Environmental Court of Antofagasta against Compañía Minera Zaldívar SpA (“CMZ SpA”), the joint venture company that operates the Zaldívar mine, and two other companies with mining operations that utilize water from a shared aquifer (Minera Escondida Ltda. and Albermarle Ltda.). The CDE claims that the extraction of groundwater by these companies since 2005 has caused environmental damage to the surrounding area. The CDE’s lawsuit seeks to require the companies to conduct a series of studies and undertake certain actions to protect and repair the alleged environmental damage in the area, and also to cease extracting water from the aquifer. CMZ SpA presented its defense on June 15, 2022. On July 26, 2022, the Court issued an order governing the evidentiary stage of the trial. Following an agreed suspension from July through November 2022, the proceeding resumed. On January 30, 2023, a conciliation hearing was held to address a potential settlement proposal by Albermarle Ltda. As of that hearing date, the proceedings were stayed for a further 60-day period to allow settlement discussions to continue among the parties. On April 6, 2023, the Environmental Court of Antofagasta agreed to stay the proceedings through May  6, 2023 to allow for further settlement discussions. The stay expired without a settlement agreement being reached. The Court held an evidentiary hearing during the week of July 24, 2023, and a site inspection took place on August 16 and 17, 2023. Discussions regarding a potential settlement are nevertheless still ongoing. The parties have jointly requested a further site inspection for March  2024, and the Court has ordered certain additional evidentiary measures. If the request for the site inspection is denied, the Court is expected to issue a decision on the basis of the existing record. The Company intends to continue to vigorously defend its position. No amounts have been recorded for any potential liability under this matter, as the Company cannot reasonably predict the outcome. Loulo-Gounkoto Mining Convention Negotiations Each of Loulo and Gounkoto have separate legally binding establishment conventions with the State of Mali, which guarantee the stability of the regime set out therein, govern applicable taxes and allow for international arbitration in the event of disputes. During the second quarter of 2020, an agreement was reached whereby the Government of Mali undertook to extend for a 15-year period the convention governing the Loulo mine at its expiration in April 2023 in exchange for the waiver of a withholding tax exemption and agreement to pay a priority dividend to the State. The Malian Government has not taken any steps to implement the agreed extension of the Loulo mining convention and in December  2023, the Government alleged that the Loulo mining convention expired in April 2023. The Company is continuing to engage with the Government of Mali to resolve this matter in a manner that protects the rights of Loulo and Gounkoto under their existing establishment conventions while also achieving the stated objectives of the Transitional Government to provide for the equitable sharing of economic benefits from the mining industry. These discussions are ongoing and include engagement with a committee established by the Transitional Government to renegotiate mining conventions. No amounts have been recorded for any potential liability under this matter, as the Company cannot reasonably predict the outcome. Zaldívar Chilean Tax Assessment On August  28, 2019, Barrick’s Chilean subsidiary that holds the Company’s interest in the Zaldívar mine, Compañía Minera Zaldívar Limitada (“CMZ”), received notice of a tax assessment from the Chilean Internal Revenue Service (“Chilean IRS”) amounting to approximately $1  billion in outstanding taxes, including interest and penalties (the “2015 Tax Assessment”). The 2015 Tax Assessment primarily claims that CMZ improperly claimed a deduction relating to a loss on an intercompany transaction prior to recognizing and offsetting a capital gain on the sale of a 50% interest by CMZ in the Zaldívar mine to Antofagasta in 2015. CMZ filed an administrative appeal with the Chilean IRS on October 14, 2019. Following initial meetings with CMZ, the Chilean IRS agreed on certain aspects with CMZ’s position and reduced the Assessment to $678  million (including interest and penalties as at December  31, 2021) which was mainly referring to the deduction related to the intercompany transaction mentioned above. CMZ continued discussions with the Chilean IRS prior to the authority’s final decision. On March 17, 2020, CMZ filed a claim against the Chilean IRS at the Tax Court of Coquimbo (the “Tax Court”) to nullify the 2015 Tax Assessment. The Chilean IRS filed their response to CMZ’s claim on April 13, 2020. In April 2020, the Chilean IRS initiated an audit of CMZ for 2016 relating to the same claims included in the 2015 Tax Assessment. This audit resulted in a new tax assessment against CMZ (the “2016 Tax Assessment”). On September  9, 2020, CMZ filed a claim at the Tax Court to nullify the 2016 Tax Assessment and the Chilean IRS filed its response on October 7, 2020. On September 29, 2020, the Tax Court approved CMZ’s request to consolidate its challenges to the 2015 and 2016 Tax Assessments (collectively, the “Zaldívar Tax Assessments”) in a single proceeding. On December  30, 2022, the Tax Court issued its decision, dismissing CMZ’s claims and upholding the Zaldívar Tax Assessments as issued by the Chilean IRS. Accordingly, as of December 31, 2023, CMZ’s exposure, including applicable interest and penalties, amounts to approximately $899  million. On January  20, 2023, CMZ filed an appeal against the Tax Court’s decision, which will be heard by the Court of Appeals of La Serena. A hearing date for the appeal is still pending. The Company continues to engage with the Chilean IRS to resolve this matter. The Company continues to believe that the Zaldívar Tax Assessments are without merit and intends to continue to vigorously defend its position. No amounts have been recorded for any potential liability arising from the Zaldívar Tax Assessments as the Company cannot reasonably predict the outcome. 207 Barrick Gold Corporation | Annual Report 2023NOTES TO CONSOLIDATED FINANCIAL STATEMENTSSHAREHOLDER INFORMATION Shares are traded on two stock exchanges New York Toronto TICKER SYMBOL NYSE: GOLD TSX: ABX NUMBER OF REGISTERED SHAREHOLDERS AT DECEMBER 31, 2023 15,399 CLOSING PRICE OF SHARES December 31, 2023 NYSE TSX SHARE TRADING INFORMATION New York Stock Exchange Quarter First Second Third Fourth Toronto Stock Exchange Quarter First Second Third Fourth 208 2023 DIVIDEND PER SHARE US$0.40 (paid in respect of the 2023 financial year) COMMON SHARES (millions) Outstanding at December 31, 2023 Weighted average in 2023 Basic Fully diluted 1,756 1,755 1,755 The Company’s shares were split on a two-for-one basis in 1987, 1989 and 1993. VOLUME OF SHARES TRADED US$18.09 C$23.94 (millions) NYSE TSX 2023 4,042 971 2022 5,341 1,643 Share Volume (millions) 2023 1,184 940 835 1,083 4,042 2022 1,444 1,156 1.417 1,324 5,341 High Low 2023 2022 2023 2022 US$20.19 US$26.07 US$15.48 US$17.93 20.75 17.90 18.55 25.99 18.18 17.93 15.86 14.40 13.82 17.64 13.97 13.01 Share Volume (millions) High Low 2023 2022 2023 2022 2023 2022 390 219 171 191 971 301 315 542 485 1,643 C$26.79 C$33.50 C$21.43 C$22.75 28.19 23.62 24.54 32.78 23.81 24.06 20.94 19.51 19.04 22.70 19.02 17.88 Annual Report 2023 | Barrick Gold CorporationPERFORMANCE DIVIDEND POLICY At the February 15, 2022 meeting, the Board of Directors approved a performance dividend policy that enhances the return to shareholders when the Company’s liquidity is strong. In addition to our base dividend, the amount of the performance dividend on a quarterly basis is based on the amount of cash, net of debt, on our consolidated balance sheet at the end of each quarter as per the schedule below. This performance dividend calculation commenced after our March 31, 2022 consolidated balance sheet, with payment in the second quarter of 2022. Performance Dividend Level Level I Level II Level III Level IV Threshold Level Net cash <$0 Net cash >$0 and <$0.5B Net cash >$0.5B and <$1B Net cash >$1B Quarterly Base Dividend $0.10 per share $0.10 per share Quarterly Performance Dividend Quarterly Total Dividend $0.00 per share $0.05 per share $0.10 per share $0.15 per share $0.10 per share $0.10 per share $0.20 per share $0.10 per share $0.15 per share $0.25 per share The declaration and payment of dividends is at the discretion of the Board of Directors, and will depend on the company’s financial results, cash requirements, future prospects, the number of outstanding common shares, and other factors deemed relevant by the Board. DIVIDEND PAYMENTS In 2022, Barrick paid an aggregate cash dividend of $0.65 per 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 (including a $0.10 per share performance dividend); and $0.15 on December 15 (including a $0.05 per share performance dividend). In 2023, Barrick paid an aggregate cash dividend of $0.40 per common share – $0.10 on March 15; $0.10 on June 15, $0.10 on September 15; and $0.10 on December 15. SHARE BUYBACK PROGRAM At its February 13, 2023 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 did not repurchase any shares under this program. FORM 40-F The Company’s Annual Report on Form 40-F is filed with the United States Securities and Exchange Commission. This report is available on Barrick’s website www.barrick.com and will be made available to shareholders, without charge, upon written request to the Secretary of the Company at the Head Office at corporatesecretary@ barrick.com or at 416-861-9911. SHAREHOLDER CONTACTS Shareholders are welcome to contact the Investor Relations Department for general information on the Company at investor@barrick.com or at 416-861-9911. For more information on such matters as share transfers, dividend cheques and change of address, inquiries should be directed to the Company’s Transfer Agents. TRANSFER AGENTS AND REGISTRARS TSX Trust Company 301 – 100 Adelaide Street West, Toronto, Ontario, Canada M5H 4H1 or Equiniti Trust Company, LLC 6201 – 15th Avenue Brooklyn, New York 11219, USA Telephone: 1-800-387-0825 Toll-free throughout North America Fax: 1-416-595-9593 Email: shareholderinquiries@tmx.com Website: www.tsxtrust.com AUDITORS PricewaterhouseCoopers LLP Toronto, Canada ANNUAL MEETING The Annual Meeting of Shareholders will be held on Tuesday, April 30, 2024 at 10:00 am (Toronto time). Please visit www.barrick.com/investors/AGM for meeting details. 209 Barrick Gold Corporation | Annual Report 2023SHAREHOLDER INFORMATIONCAUTIONARY STATEMENT ON FORWARD- LOOKING INFORMATION Certain information contained or incorporated by reference in this Annual Report 2023, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipated”, “aim”, “strategy”, “target”, “plan”, “opportunities”, “guidance”, “forecast”, “outlook”, “project”, “develop”, “progress”, “continue”, “committed”, “estimate”, “potential”, “prospective”, “future”, “focus”, “ongoing”, “following”, “subject to”, “scheduled”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identify forward-looking statements. In particular, this Annual Report 2023 contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance, including our five and ten year outlooks for gold and copper including for Reko Diq, the Lumwana Super Pit and Porgera, and anticipated production growth from Barrick’s organic project pipeline and reserve replacement; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all- in-sustaining costs per ounce/pound; cash flow forecasts; projected capital, operating and exploration expenditures; the share buyback program and performance dividend policy, including the criteria for dividend payments; mine life and production rates; anticipated development of the Goldrush Project and targeted first production; the planned updating of the historical Reko Diq feasibility study and targeted first production; our plans and expected completion and benefits of our growth projects, including the Goldrush Project, Fourmile, Pueblo Viejo plant expansion and mine life extension project, Lumwana Super Pit expansion, Veladero Phase 7 leach pad project, solar power project at NGM, Donlin Gold, and the Jabal Sayid Lode 1 project; the potential for Lumwana to extend its life of mine through the development of a Super Pit and expected capital costs, timing of the feasibility study and targeted first production; capital expenditures related to upgrades and ongoing management initiatives; Barrick’s global exploration strategy and planned exploration activities; Barrick’s copper strategy; the resumption of operations at the Porgera mine; our pipeline of high confidence projects at or near existing operations; our ability to identify new Tier One assets and the potential for existing assets to attain Tier One status; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves and future reserve replacement; asset sales, joint ventures and partnerships; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including climate change, greenhouse gas emissions reduction targets (including with respect to our Scope 3 emissions and our reliance on our value chain to help us achieve these targets within the specified time frames), safety performance, TSF management, including Barrick’s conformance with the GISTM, community development, local hiring and procurement, responsible water use, biodiversity and human rights initiatives; Barrick’s engagement with local communities; and expectations regarding future price assumptions, financial performance and other outlook or guidance. Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this Annual Report 2023 in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward- looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this Annual Report 2023 are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; the potential impact of proposed changes to Chilean law on the status of value added tax refunds received in Chile in connection with the development of the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting of risks; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether 210 Annual Report 2023 | Barrick Gold CorporationIn addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward- looking statements are not guarantees of future performance. All of the forward-looking statements made in this Annual Report 2023 are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward- looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this Annual Report 2023. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. true or not; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related to cyber-attacks, cybersecurity breaches, or similar network or system disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics, 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. 211 Barrick Gold Corporation | Annual Report 2023CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATIONCorporate Office and General Inquiries Barrick Gold Corporation 161 Bay Street, Suite 3700 Toronto, Ontario M5J 2S1 Canada Telephone: +1 416 861-9911 Toll Free (North America): 1-800-720-7415 www.barrick.com 212 Annual Report 2023 | Barrick Gold CorporationPrinted on elemental-chlorine and acid-free wood fibre from well-managed forests; a fully renewable and sustainable resource, including 10% recycled fibre, with 70% of the energy used during the paper manufacturing derived from renewable sources. Responsible environmental management is a crucial aspect of Barrick’s sustainability vision. By choosing to use 10% recycled paper instead of standard stock, we have made the following environmental savings: 54 trees 9,000 lbs of greenhouse gas emissions 9 million BTUs of total energy BARRICK GOLD CORPORATION Corporate Office: TD Canada Trust Tower 161 Bay Street, Suite 3700 Toronto, Canada M5J 2S1 Tel: +1 416 861-9911 Toll-free throughout North America: 1 800 720-7415 w w w . b a r r i c k . c o m Connect with us 

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