Operations and Technical Update -...

OPERATIONS AND TECHNICAL UPDATEWednesday, February 22, 2017

Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "objective" "aspiration", "aim", "intend", "project", "goal", "continue", "budget", "estimate", "potential", "may", "will", "can", "should", "could", "would", and similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: (i) Barrick's forward-looking production guidance; (ii) estimates of future cost of sales per ounce for gold and per pound for copper, all-in-sustaining costs per ounce/pound, cash costs per ounce, and C1 cash costs per pound; (iii) cash flow forecasts; (iv) projected capital, operating, and exploration expenditures; (v) targeted debt and cost reductions; (vi) mine life and production rates; (vii) potential mineralization and metal or mineral recoveries; (viii) Barrick's Best-in-Class program (including potential improvements to financial and operating performance that may result from certain Best-in-Class initiatives); (ix) potential improvements to financial and operating performance and mine life at Barrick’s Cortez, Goldstrike, Pueblo Viejo, Veladero, Lagunas Norte, Turquoise Ridge and Hemlo mines; (x) potential developments at Barrick’s Goldrush, Alturas and Pascua Lama projects, including the Lama starter project and the potential for phased-in development of the Pascua-Lama project; (xi) the potential to identify new reserves and resources; (xii) our pipeline of high confidence projects at or near existing operations; (xiii) the benefits of integrating the Cortez and Goldstrike operations; (xiv) the potential impact and benefits of Barrick's digital transformation; (xv) asset sales, joint ventures, and partnerships; (xvi) expectations regarding future price assumptions, financial performance, and other outlook or guidance; and (xvii) the estimated timing and conclusions of technical reports and other studies.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; risks associated with the fact that certain Best-in-Class and other initiatives are still in the early stages of evaluation, and additional engineering and other analysis is required to fully assess their impact; risks associated with the implementation of Barrick's digital transformation initiative, and the ability of the projects under this initiative to meet the Company's capital allocation objectives; diminishing quantities or grades of reserves; increased costs, delays, suspensions, and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of the Best-in-Class initiatives and targeted investments and projects will meet the Company's capital allocation objectives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; adverse changes in our credit ratings; the impact of inflation; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; changes in national and local government legislation, taxation, controls or regulations, and/or changes in the administration of laws, policies, and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States , and other jurisdictions in which the Company does or may carry on business in the future; 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; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; risks associated with working with partners in jointly controlled assets; our ability to successfully integrate acquisitions or complete divestitures; employee relations; increased costs and risks related to the potential impact of climate change; and availability and increased costs associated with mining inputs and labor. 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 presentation 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 presentation.

The Company disclaims 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.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

GLOSSARY OF KEY ACRONYMS

AC Autoclave LOM Life of Mine

AISC All-in Sustaining Costs M&I Measured and Indicated

ANFO Ammonium Nitrate, Fuel Oil MTBF Mean Time Between Failure

ARS Argentine Peso MTO Mine Traffic Optimization

Au Gold NEPA The National Environmental Policy Act

BCRA Banco Central de Republica Argentina NPV Net Present Value

BiC Best-in-Class NZ North Zone

CAGR Compound Annual Growth Rate OEE Overall Equipment Efficiency

CCTV Closed-circuit Television OP Open Pit

CDP Carbon Disclosure Project OPEX Operational Expenditure

CiC Carbon-in-Column PFS Pre-feasibility Study

CIL Carbon In Leach PMR Proyecto Mineral Refractario

CIP Carbon In Pulp POX Pressure Oxidation

CSR Corporate Social Responsibility PV Pueblo Viejo

DJSI Dow Jones Sustainability Indices QQ1 Quisqueya 1

DR The Dominican Republic ROD Record of Decision

Cu Copper ROIC Return on Invested Capital

DSO Direct Shipping Ore SAG Semi-Autogenous Grinding

EBITDA Earnings Before Interest, Tax, Depreciation and Amortization SIC Short Interval Control

EIA Environmental Impact Assessment SME Society for Mining, Metallurgy, and Exploration

EIS Environmental Impact Statement SZ South Zone

FCF Free Cash Flow TCM Total Carbonaceous Matter

FDI Foreign Direct Investment TPA Tonne Per Annum

FS Feasibility Study TPD Tonne Per Day

FT Feet TPOH Tonne Per Operating Hour

FWP Footwall Pond TR Turquoise Ridge

FX Forex TRIFR Total Recordable Injury Frequency Rate

GHG Greenhouse Gas TRJV Turquoise Ridge Joint Venture

GM General Manager TSR Total Shareholder Return

G/T Grams Per Tonne UAV Unmanned Aerial Vehicle

HCCUEP Horse Canyon/Cortez Unified Exploration Plan UG Underground

HFO Heavy Fuel Oil VRS Value Realization Support

KCGM Kalgoorlie Consolidated Gold Mines WTPOH Wet Ton Per Operating Hour

KPI Key Performance Indicator YE Year-End

LHD Load, Haul, Dump Machine YOY Year Over Year

LNG Liquefied Natural Gas

Operations and Technical Update | 1

OperationsandTechnicalUpdate

RichardWilliamsChiefOperatingOfficer


Operations&TechnicalUpdateAgenda

Operations,Exploration,InnovationandOptionality2:00– 2:45

Welcome & Opening Remarks Richard Williams

Value Creation through Exploration Rob Krcmarov

Digital Transformation & Innovation Michelle Ash

Long Term Portfolio Optionality Matt Gili

OperatingMineandGrowthProjectUpdates2:45– 4:00

Nevada Overview, Goldstrike: TCM, Future Growth Bill MacNevin

Cortez: Digitization, Deep South, Goldrush Curtis Cadwell

Turquoise Ridge: TR Shaft/UG Expansion Henri Gonin

Pueblo Viejo: Best-in-Class, Tailing Expansion Greg Walker

Veladero: Digitization, Environmental Monitoring Jorge Palmes

Lagunas Norte: Refractory Mine Life Extension Jim Whittaker

Lama & Frontera District Development George Bee

Reserves and Resources Rick Sims

SustainabilityandClosing4:00– 5:00

Sustainability Peter Sinclair

Closing Remarks and Q&A Kelvin Dushnisky

February 22nd 2017, 2:00pm – 5:00pm | Cisco Technology Innovation Center, Toronto, ON


OurVision

OurVisionisthegenerationofwealththroughresponsiblemining–wealthforourowners,ourpeople,andthecountriesandcommunitieswithwhichwepartner.Weaimtobetheleadingminingcompanyfocusedongold,growingourcashflowpersharebydevelopingandoperatinghighqualityassetsthroughdisciplinedallocationofhumanandfinancialcapitalandoperationalexcellence.


ImplementingthePlan

▪ Company of choice for governments and communities

▪ Pursue investment with strategic partners

▪ Pursue Innovation with strategic partners

▪ Increase long-term partnership with investors

▪ Barrick leaders to operate as owners

▪ Best Operational Leadership teams (GM/ED)

▪ Best Stand-alone Project Leadership (PM/ED)

▪ Plans resourced to achieve full potential from sites, in all price environments

▪ Flawless Execution▪ Transparency on performance,

risk & opportunities (fact-based) to Best-In-Class standard

▪ Best-in-Class Environmental, safety, health and community stewardship

▪ Increase financial flexibility▪ Optimize portfolio

▪ Reduce Debt ▪ Fund investment▪ Pay Dividends

Value creation = invested capital x rate of return

▪ Balanced investment pipeline (Organic and M&A)▪ Focused on growing cash flow to deliver superior ROIC ▪ Individually must meet or exceed 15% hurdle rate

CentralizedCapitalAllocation

PartnershipsDecentralizedExecution

Deliverdigital mining

excellence

Attract andretain the best

people

Buildpartnerships

Mineralresource

management

Strengthenbalance sheet

FocusPortfolio


IncreasingSafetywithFewerEnvironmentalIncidents

36

53

29

13

2013 2014 2015 2016

Reportable Environmental Incidents

0.640.58

0.460.40

2013 2014 2015 2016

Total Recordable Injury Frequency Rate1

1. See Endnote #5

Operations and Technical Update | 61. Relates to all existing gold sites excluding Acacia, Pierina and divested sites2. Excludes impact of hedging activities

Unit Rate Trend1,2

($/tonne)

RealUnitCostImprovements

-24%

-22%

-12%

-1%

-2%

-4%

2.772.15 2.10

2.53

86.2101.6110.2

92.8

40.640.844.346.2

25.724.924.5 24.3

14.314.814.7

14.0

3.02.8

3.02.8

Open Pit

Underground

Autoclave

Roaster

Mill

Heap Leach

2014 2015 20162013


Productivity

843 842 859798

2013 2014 2015 2016 2017E 2018E 2019E

Cost of Sales1 ($/oz)

915864 831

730

2013 2014 2015 2016 2017E 2018E 2019E

AISC1,2 ($/oz)

720-770

710-770

700-770

780-820

790-840

800-870

1. See endnotes #1 and #7 for guidance assumptions2. This is non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E


ValueCreationThroughExploration

RobKrcmarovExecutiveVicePresidentExplorationandGrowth


Barrick– BusinessLifeCycle

Renew and Sustain

Focus on FCF/share, Dividends, ROIC,

TSR

Harvest and DeclineFocus on CAGR, NPV, Expansion

DeliveryFocus on

Expansion, Development, High Capex

PromiseFocus on

Growth and Potential

VALUE

TIME1983 20162003 2012

Evolutionary Phase and Key Value Drivers / Proposition


Barrick– ExplorationStrategy

Superior portfolio of long life production assets

Deep project pipeline– Some of the largest undeveloped

projects on the planet

A track record of generating organic value from exploration

Partnerships

Exploration Drilling in Nevada


HighValueNearTerm– MinexandBrownfields

Hemlo Turquoise Ridge Goldstrike Cortez

Orebody expansion

Increased automation

Enhanced materials handling systems

Production growth

High confidence high grade multimillion ounce potential additions down plunge

− Expansion of Footwall Pond

− Development of TR Corridor

− Getchell Fault Potential

Increase mineral resource through near mine exploration and lower operating costs

Lower Zone underground

Crossroads open pit

Renegade


ElIndioBelt,Chile/Argentina– AStoryofSuccessEl Indio Tambo Pascua Lama Veladero Alturas

Discovery 1976 1982 1995 1998 2015

Type

High sulphidation (sulphide ore). Multi-Vein deposit with high-grade gold (DSO) and

Cu-Au veins

High sulphidation oxidedeposit related with

hydrothermal injection breccia and quartz+barite veins

High sulphidationoxide/sulfide deposit

High sulphidation oxide deposit

High sulphidation oxide deposit

Prod.Statistics

4.5 Moz Au, 24 Moz Ag & 472K tons Cu

(over 23 years)

1.5 Moz Au(over 17 years) _ 2016 Production

544 Koz Au _

2016 Reserves/Resources

Total Reserves14.05 Moz1 Au

(1.57g/t, 278M tonnes)Proven Reserves:

1.8 Moz1 Au (1.94g/t, 29M tonnes)

Probable Reserves:12.2 Moz1 Au

(1.53g/t, 249M tonnes)

Total Reserves6.7 Moz1 Au

(0.83g/t, 252M tonnes)Proven Reserves:

602 Koz1 Au (0.78g/t, 24M tonnes)

Probable Reserves:6.1 Moz1 Au

(0.84g/t, 228M tonnes)

Inferred Resource:6.8 Moz1 Au

(1.0 g/t, 211M tonnes)

Current Status Closed (since 2002) Closed (since 1999) Pre-Feasibility (Lama) Producing (since 2005) Scoping Study

1. See endnote #2


MediumTerm‐ Projects

Turquoise Ridge Expansion Goldstrike Cortez Hills

Deep South Goldrush

Third shaft feasibility study completed

Phased approach to improve ventilation and mining efficiency to allow higher production output

Refractory ore extension below current oxide open pit

Increase mineral resource through near mine exploration and lower operating costs

Bringing ounces forward

Feasibility in progress

High confidence to continue to grow deposit


Alturas

Goldrush

Pueblo Viejo

Veladero

Donlin Gold

Cortez

Strongcredibletrackrecordoforganicvaluegeneration

Spent $3.6B on exploration Overall finding cost ~$25/oz

1990

DIVESTED

Tota

lac

quire

d

Tota

lm

ined

1. See Endnote #2Proven Reserves: 25.9Moz (480M tonnes at 1.68gm/t)Probable Reserves: 60.1Moz (1,527M tonnes at 1.22gm/t)

Reserves (Moz of gold) Near Mine and New Discoveries

110

156

20

31

143

Tota

l fou

ndth

roug

h ex

plor

atio

n

~861

2Bt @1.33g/t

Turquoise Ridge

Acquired Added

Lagunas Norte

Goldstrike

2016

Pascua-Lama


Fourmile

High grade, high value targets with small footprint

Three holes with intercepts more than double the average grade of the Goldrush resource1

– 14.3m @ 31.8 g/t– 5.8m @ 49.6 g/t– 8.4m @ 30.6 g/t

Strike length of high grade Fourmile mineralization extended 500m in 2016

1. See end note #2 and #4 and Appendix B for additional details including assay results for the significant intercepts.

Mill Canyon StockPre-mineral Intrusive Rock

5.2m @ 14.4 g/t

3.0m @ 5.7 g/t

5.8m @ 10.9 g/t 14.3m @ 31.8 g/t 5.8m @ 49.6 g/t

8.4m @ 30.6 g/t

LegendDrillhole with >3m @ 5g/tDrillholeResource Footprint


Alturas– Explorationina‘Mature’Belt

Alturas represents a Barrick greenfield discovery in El Indio belt High Sulfidation oxide Au-Ag deposit (similar to Veladero) Published inferred resource of 6.8Moz1 @ 1.0g/t Au, 211 Mt Synergies with existing El Indio Mine infrastructure Excellent working relationship with community

“Tangible organic value”

1. See Endnote #2


2km

�Drill Fences-plannedDrill Fences-completedPre-2016 DrillingShallow pits

Mafic DykesDioriteMetasedimentsVolcanics

GuianaShield– FirstPartnership,Arakaka JV

Guiana Shield Embryonic multi-million ounce geological

province

Guyana Deep mining culture - gold is largest

export Two mines reached commercial

production in 2016

Alicanto Broad technical experience and clear

understanding of project economics Established operational presence in

Guyana

Arakaka 10km of alluvial and shallow pit mining Exploration in its infancy Sparse drilling Mineralization controls vectoring to the

northeast

For full discussion of results please refer to Alicanto’s website http://www.alicantominerals.com.au/


PipelineReplenishment,Partnership,Osisko – Quebec1

KAN

N

Kuujjuaq

50 km Competitor ClaimsOSK/ABX Claims

1. For further information and details on intercepts please refer to http://www.osiskomining.com/news/index.php?&content_id=193

Large land positionin immature gold belt

Emerging gold district with walk up drill targets


ProjectPortfolioOptionality

1. Peers: Newmont and Goldcorp.Source: Company Reports (2015, 2016), Cerro Casale and Donlin stated at 100%

Gra

de I

ncre

asin

g

Increasing Size

Barrick Projects

PeerProjects1

Goldrush

Cortez Deep South

Pascua-Lama Cerro

Casale

DonlinGold

Alturas

Cortez HillsLower Zone


ProjectPipeline

Pascua-Lama

Donlin Gold

Cerro Casale

Kabanga (Nickel)

ExecutionPrefeasibility/ FeasibilityScopingConceptualExplorationEarly Stage

North America

South AmericaAustralia Pacific

Porgera5C Cutback

Cortez Crossroads

Cortez HillsUnderground

Turquoise Ridge3rd Shaft

Goldrush Exploration Declines

Expansion PhasesGoldstrike & Cortez

Expansion PhaseVeladero

Cortez District

El Indio District

Lama Veladero District

South Peru

Guiana Shield

Additional Exploration Success

Donlin GoldLewis High Grade

Pueblo Viejo UndergroundPueblo Viejo

Tails Expansion

Lama Starter Project

Alturas

Cerro Casale Innovationand Starter Project

Pueblo ViejoUpper Mejita

Lagunas NorteOxide Extensions

Hemlo West Side

T. Ridge Footwall Pond High Grade

Lagunas NortePMR Satellite Targets

Cortez Fourmile

Arakaka

Del Carmen

GoldstrikeUnderground Extensions

GoldstrikeRen/Banshee

Veladero Targets

T. Ridge TR Fault Corridor Trend

GoldstrikeMeikle Halo

Lagunas NorteMB3H Ore

Pueblo ViejoMN Feeder

Hemlo C zone Deep

PorgeraBulk UG Mining

Porgera Tarangau

CortezPipeline 11

Hemlo Horizon Underground

Lagunas NorteSolution Injection

GoldstrikeArturo Phases 1 & 3

Cortez Deep South

Cortez Pits

Goldrush

HemloOP Phase 6 Layback

KCGM Morrison

Lagunas Norte PMR

HemloUnderground Expansion


DigitalTransformation&Innovation

MichelleAshChiefInnovationOfficer


Best‐in‐Class– DigitalBarrickPr

oduc

tivity

Time

Leverage BiC to Identify and Drive Improvements

Achieve Fixed Target Across All Sites

Implement Innovation Across Mine Operations

Drive InnovationStep Changes in

approach to productivityBusiness Improvements

in productivity

Digitization is primarily focused on driving value across two of three pillars of Best-in-Class: Step Changes and Drive Innovation

Strategic, non-transactional Cisco partnership to unlock the potential of digital mining

Global Digitization Programs: Predictive analytics Global task management Integrated planning Analytics Hub

Cisco Partnership Benefits: Global leader in helping countries, industries and

companies become digital 75% of world internet through Cisco hardware Leader in data cybersecurity Access to and ability to develop partnerships

Business Improvement Programs: Never-ending effort to make existing

processes and systems as efficient as possible

Targets set against all key metrics to ensure sites achieve them

Tailored scorecards to key drivers of value for each site

Short term incentives to connect to Best-in-Class


2016DigitalObjectives&RecentAccomplishmentsObjective Recent Accomplishments

Underground Short Interval Control

Proof of concept on people tracking and scheduling

Tablet based vehicle tracking and scheduling application now being tested in Cortez

Underground Automation

Set up required infrastructure including equipment and training

Required equipment arrived on site Vendor agreements issued Operator and Technician training complete

Digital Maintenance Work Management

Proof of concept of moving maintenance from paper based to digital

Mechanics have tablets in hand for selected job orders

Vendor selection completed

Processing Automation

Develop Data Platform and demonstrate functionality

Improved carbon management through operation and analytics preventing ounce loss

Automated carbon and reagent control in heap leach to reduce downtime, reagent costs

Consolidated Data Platform

Develop Data Platform and demonstrate functionality

Platform is operational and connected with secure account policies in place

BIC data sources have been captured in the data platform

Predictive Maintenance Data Science proof of concept

Developed a usable Exhaust Failure Detection model which can detect exhaust failures with 6 days lead time


Codemine – Elko,Nevada

The Codemine has been established in Elko to design code to integrate several applications

Pioneering digital products

Completed proof of concepts for initial digital projects (e.g. short interval control)

Developing customized digital solutions with computer developers and programmers working with operators

Agile approach minimizes upfront capital and execution risk


2017DigitalTransformationObjectivesObjective Expected Accomplishments

Underground Short Interval Control

Increase production through monitoring operator and equipment location and tracking real time production

Tablet based vehicle tracking and scheduling application tested in Cortez and then rolled out to Turquoise Ridge and Goldstrike

Underground Automation

Improve safety and increase utilization of mining equipment

Tele-remote loaders at Cortez, with upgrades to Hemlo’s autonomous system and expansion of the Cortez system

Digital Maintenance Work Management

Increase availability and reduce parts spend to reduce unplanned work and work overruns

Barrick designed tablet and supervisor application developed with implementations at Goldstrike, Turquoise Ridge and Pueblo Viejo

Processing Automation

Automate Mill and Heap leach operations to increase throughput and recovery Improve quality of decisions in processing to maximize production

Developing Advanced Machine Learning at Pueblo Viejo and Cortez

Consolidated Data Platform

Improve data quality and transparency to optimize operations and enables to scale Digital Barrick across the full company

Consolidated Data Platform the central platform for the integrated planning project with additional use cases completed


InnovationFocusNew Barrick competencies will permit deep strategies that transform mining

Best miner

Best Partner

Best Platform

Extraction Reimagined

Prosperous Partnerships

Absolute Integration

Mineral Cartography


EmergingInnovationFocusAreas

MineralCartography

Ourgoalistolocateand

describeeverygolddepositintheworld

AbsoluteIntegration

Weplantoconnectevery

assetandactivityinourecosysteminanintelligentandtransparent

system

ProsperousPartnerships

Weaimtocreatesustainableprosperity

throughworkingpartnerships

withcompanies,communitiesandgovernments

ExtractionReimagined

Weplantobeabletoextractanydeep,

complex,low‐gradegold

depositintheworld,safelyand

profitably

NewBusinesses

Weaimtoexploreandcreate

alternativesourcesofrevenuethatleverageourunique

competencies

$


Innovation– TangibleExamples

Examples of Innovation

In a

ctio

n TCM circuit at Goldstrike moving from commissioning to full operation

Lab-at-Rig® and flexible coil drilling

In p

lann

ing

Development of leading edge applica-tions such as SIC for underground

Modular truck configurations

Conversion of the Nevada equipment fleet to non-food crop biodiesel fuel

Lab-at-Rig®


Barrick’s DigitalandInnovationJourneyDesired Achievements Aspirational Target

MineralCartography

Develop predictive and cognitive algorithms to better define targets and orebodies

Increase in speed and accuracy for orebody definition

Development of a non-intrusive method to visualize gold deposits

Significant cost reduction in exploration and resource definition

ExtractionReimagined

Development of fully autonomous mining and processing system

Everyone on surface and at low elevation Reduction in AISC and closure costs

Development of processing techniques for low grade and refractory ores Significant increase in resource and reserves

World class trades productivity and asset reliability Significant increase in OEE

ProsperousPartnerships

Conversion to electricity and/or renewable forms of energy

Most of our power from renewables; all UG operations are emission free

Wealth creation through a number of significant partnerships Fully trusted by our partners

AbsoluteIntegration

Fully integrated operational and data systems

Real time response to changes in the plan to optimize value

Full transparency of data and operational performance through Operating Centers Robust reduction in operational risk


Long‐termPortfolioOptionality

MattGiliChiefTechnicalOfficer


Growth Plan: Long term upside opportunities

Strategic Plan: Life of mine plan with key growth projects

FromIdentifyingourFullPotential…

Full Potential: Optimized strategic planning for growth

Life of Mine Plan: Most probable scenario for future production and development

Business Plan Annual Cycle

Reserve Plan: Annual production planCollaborative effort

between

Operations (Mines, Sites and Project Teams)

Finance

Technical Office

Exploration


Technical Limits

LOM Plan

VRS

Cas

h Fl

ow

NPV

Short term(1-2 years)

Best-in-Class

Long term(3-5 years)Growth

…ToRealizingtheFullValueofOurAssets

Roadmap for successful execution from Plan to Value Our tools: Integrated Planning to ensure the capital is allocated to

execute the Life of Mine (LOM) plan Technical Limits to assess how to optimize production within

the current set-up of the Asset, identifying bottlenecks and initiatives to achieve Best-in-Class performance

Value Realization Support (“VRS”) to identify and prioritize short, medium and long term opportunities to maximize the value of the asset

Our Key players: GM’s and their operations teams to continuously improve

and execute the plan, and advance opportunities through the strategic pipeline

Corporate SME’s to challenge GM’s and their teams, identify and share best practices, and ensure that risks are being properly assessed and controlled Higher

Higher

Lower

Lower


Hemlo Camp produced ~22 M ozs (1985 – 2016)

VRSCaseStudy:Hemlo

▪ Hemlo has a historical conversion rate from resources to reserves of ~70-80%

▪ The Game Changer: Doubled property footprint, removing mining and tailings storage constraints

▪ The Enabler: 2016 Comprehensive HemloGeological Compilation Study

▪ The Future: Mineralized target potential - Go west, go deep, automate

275517

744950

1,1541,360

1,5781,813

2,025

Mar 2015Removal of mining and

tailings storage constraints

2015 HemloVRS

2016 HemloVRS

Hemlo Camp started

production Geological Compilation

Study

2009Barrick acquires the

additional 50% of Hemlo

2000Barrick acquires 50% of Hemlo

1985-2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

HemloCumulative production

‘000 ozs

Mineralized Potential

Resources

Reserves

2001Golden Giant

closes

2,018 –2,033


Donlin1:BuildingoptionalitywhileadvancingourLTO1

Building optionality for a remarkable orebody Measured Resources2: 0.6 Mozs Au (7.7 M tonnes at 2.52 g/tonne) Indicated Resources2: 38.4 Mozs Au (533.6 M tonnes at 2.24 g/tonne)

ESIA Approval Process for FSU2

FSU2 Project Base Case

Mining: Open Pit (155 Mtpa)Processing: Flotation and Pressure

Oxidation (53.5 Ktpd) Mine Life: 27 years

Initial Capital: ~$7.5 BSustaining Capital: ~$1.6 B

Closure: ~$290M

Draft EIS published in November 2015

Comment period ended in May 2016

Response to comments is ~80% complete

Preliminary Final EIS expected in 2018

Optimized Project

Mine of the FutureOptimize capital

Improve efficiencyReduce operating costsRetain option to expand

Executed on 2016• Updated resource

model• Assessed option

for starter project

2017 Priorities• Permitting• Exploration drilling

to confirm/determine UG potential

• Inject innovative technologies

1. All figures presented on a 100% basis2. See endnote #2


CerroCasale:Growthopportunityinanupsidemarket

Cerro Casale: Current status

Gold Reserves and Resources1:– Proven:3.6Mozs ([email protected]/t)– Probable: 13.8Mozs ([email protected]/t)– Measured: 0.2Mozs ([email protected]/t)– Indicated: 2.4Mozs ([email protected]/t)

EIA approved on 2013, extension beyond 2018 is being evaluated by the Authorities

Project is in suspension, in full compliance with legal, environmental and social commitments

Scoping Starter Project

Work completed indicates positive economic potential by:

Focusing on gold: Heap Leach only operation, defer flotation

Phasing development approach: start with 100ktpd heap leach operation that expands to 150ktpd after 5 years

Study works needed for further optimization

Assess the viability of High Intensity Blasting/Ultra High Intensity Blasting technology, and its impact on milling and processing recoveries

Ensure that optimized scope is in alignment with the approved EIA

Minimize facilities at site

Maintain optionality for growth:– Copper reserves– Casale Property Potential

Assessing novel technologies to optimize staged development

1. Reserves and Resources at Barrick’s Share (75%). See Endnote #2


BarrickNevada– SecuringtheFuture

BillMacNevinBarrickNevadaCEO


UnifyingNevadaAssets

Enabler of Change

First Step – What? Vision – How? Drive – Why?WeareunitingourCortezandGoldstrike operationsinNevada,combiningassets,infrastructureandexpertise…

…buildingonourcombinedstrengthsbyunitingtheseoperationsunderonesitebasedleadershipstructure…

…inordertocreatenewopportunitiesandgrowthebusinessforourpeople,communitiesandownersbydrivingimprovementsinefficiencyandproductivity


BarrickNevadaValueCapture Targeting lower AISC/oz through combined efficiency and productivity improvements

– Focus talent and resources from whole business on opportunities of greatest value

Integrated collaboration and joint metal planning to optimize ore processing– Improve consistency of ore feed improving throughput in the Roaster

Integrated Leadership Team to share and adopt best practices– Prioritizing equipment and people to improve free cash flow

Deliver improved free cash flow through integrated processing operations– Deploy an integrated planning operating system to identify risk and opportunity in our plans

Expedite Digital Transformation through integrated digital operations management center– Barrick Nevada Operations Support Center to include dispatch for open pit and underground

mines, process control rooms, remote operations work stations to increase the capabilities of our people


Goldstrike– FocusedonOperationalExcellence


Goldstrike– Today

Vision – A core operation and processing option of choice focused on improvement, operational excellence and growth to ensure a sustainable, profitable production profile Conventional open pit and underground mining consisting of the Betze-Post open pit

and the Meikle and Rodeo underground mines Meikle and Rodeo are mined by transverse longhole stoping and underhand drift and

fill mining methods Double refractory ore is processed both at the Roaster and the Autoclave/TCM 30 Years of Operations, both open pit and underground, moving 3.5 billion tonnes and

producing 42M ounces – still going strong

Highlights of 2016:– Commenced commercial production at Arturo– Autoclave/TCM technology performing in line with expectations– Lowered water table to access high margin ounces in the underground– Delivered additional free cash flow through focus on operational excellence


Goldstrike – 2016Performance

Year over year highlights:– Roaster recovery 1%

– Autoclave recovery 12%

– AISC1 of $714/oz is belowlow end of 2016 guidance $720-$760/oz

– Open pit unit cost 16%

– Underground unit cost 5%

– Roaster unit cost 3%

2016 Operating Results

Gold Production 1,096 K oz 4%

Cost of Sales $852/oz 18%

Cash Costs1 $572/oz 10%

AISC1 $714/oz 9%

Income $442 M 8%

EBITDA1 $749 M 25%

1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E


Goldstrike– 2016Best‐in‐ClassImprovementsMine Operations InitiativesUnderground Mining Efficiency Improvements Increased UG tonnes per day through

haulage efficiencies, controlled development over-break and improved paste crew effectiveness

Improved UG cost per tonne 5% to $106

Decreased Equipment Hours in the Open Pit Increased equipment efficiency by improving

availability through break rotators and parking excess trucks

Improved OP cost per tonne 16% to $1.49

Process Plant InitiativesAutoclave/TCM Plant Optimization Optimized conditions at Autoclave/TCM

through use of KPI dashboards and short interval control

Improved TCM cost per tonne 4% to $60

Roaster Plant Optimization 2 new CIL tanks commissioned ahead of

schedule benefitting recovery in the Roaster 1%

Maintain TPOH in the roaster during scheduled mill maintenance by utilizing ground ore silos

Improved roaster cost per tonne 3% to $23


Goldstrike– 2016Autoclave/TCMFullPotential World’s only commercial use of

thiosulfate leaching

Year over year improvements:– 3.5M tonnes processed 34%– 63% recovery 12%– $60 cost per tonne 4%

Improvements achieved on lower grade ore than originally planned

2017 Opportunity– Campaign acid ore– Improving alkaline recovery

Resin‐in‐leach Circuit

Reagent Recycle/Water Treatment

Thiosulphate Plant

AUTOCLAVES

Gold Elution


Goldstrike – 2017Outlook

2017 Guidance1

Gold Production 910-950 K oz

Cost of Sales $950-990/oz

Cash Costs3 $650-680/oz

AISC3 $910-980/oz

2017 Areas of Focus:

Cash Flow– Digital transformation in UG – Increase OP truck utilization rate– Maximize Autoclave and Roaster

throughput

Growth– Underground development below

1,100m– Minex

Challenges– Dewater to enable underground

development

2016 Reserves

Proven 6.1 Moz2 (3.29 g/t, 57.5M tonnes)

Probable 2.0 Moz2 (4.70 g/t, 13.2M tonnes)

1. See Endnote #1 2. See Endnote #23. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix E


Goldstrike – 2017Best‐in‐ClassInitiatives Open Pit

– Improve maintenance efficiencies by increasing component life

– Increase truck OEE by focusing on utilization

Underground– Digitization enabling short interval control

and automated jumbo trails– Improve planning effectiveness

Process – Improve Autoclave recovery – Improve throughput and water treatment

metrics to lower $/tonne in the Autoclave– Blend for margin in the Roaster to increase

throughput


Goldstrike– MinexOverview

Underground potential additions– East Banshee / Meikle Contact / Barrel Dike /

Ren / West Banshee / Griffin 3880 / Extension Open pit potential additions

– Arturo– Other near mine opportunities


Underground– EastBanshee Minex Drill Test Project

– Carlin Type Mineralization– Intrusive and intrusive breccia hosted mineralization– Continuing trend off known ore body– Target is partially below 1,036 meter water table

Underground mining– Mine expansion to North towards REN deposit – Potential to extend mine life

Major Strengths– Coincides with a significant Arsenic anomaly on the REN

property– Mineralization seen in exploration holes drilled oblique

(non-ideal angle) to the ore zone– Continuing trend off known ore body

Drill program– 2,100 meters of diamond core drilling – 183 meters of drift development

East Banshee drilled from UG

3400 ft Water Level

Section 7400 E

East Banshee Target


OpenPit‐ Arturo:Phases1,2,&3withGoldGradeShells

Additional Phases of Arturo utilizing existing mine equipment

Mining and process facilities are permitted

Under evaluation– Leach pad feasibility– Economics– Recoveries– Mining costs– In-pit backfill (backfilling not

permitted)

Mining will expose new geology and potential deep UG exploration targets

Phase 1Exploration Target

Phase 2: Mining completed Feb 2017

Phase 3Exploration Target


Goldstrike– FutureGrowthOptionality

Upside: Increase mineral resource through near mine exploration and lower operating costs

Open Pit – Arturo I & III

Open Pit – 5NW layback

Underground – Minex, lower mining cost to reduce cutoff grades

Autoclave – reach full potential byincreasing throughput, maximizingbenefit of acid and alkaline ores

Roaster – blend for margin to maximize FCF

Near mine exploration

Operations Technical Update Day | 50

Cortez– OrganicandTechnicalGrowth

CurtisCadwellGeneralManagerOperationsBarrick Nevada


Cortez– Today

Vision is to be a multi-mine operation, focused on increasing cash flow through relentless pursuit of operational excellence while generating sustainable growth Open pit and underground mining consisting of Pipeline open pit and Cortez

Hills open pit and underground Oxide ore is processed using heap leach and Oxide SAG+CIL, refractory ore

trucked to Goldstrike Roaster or TCM circuit Achievements in 2016:

– 43% reduction in reportable safety incidents from 2015 to lowest reporting rate on record for Cortez

– Commenced Digitization projects with focus on automation, process control, and maintenance data

– Commenced development of the Range Front Declines to increase Cortez Hills UG production


Cortez– 2016Performance

Year over year highlights:– Underground

production 10%

– Mill throughput 20%

– Gold recovery 6%

– Total Reportable Injury Frequency rate 43%


Gold Production 1,059 K oz 6%



AISC1 $518/oz 14%

Income $340 M 18%

EBITDA1 $839 M 33%



Cortez– 2016Best‐in‐ClassInitiatives Open pit productivity initiatives

– Introduced operator scorecards– Adopted short interval control process

and focused on right loading of trucks– Digital work management and predictive

maintenance improving truck availability

Step change in underground production– Move to bulk mining increased efficiencies

and lowered mining cost per tonne– Completed 10 benches– Completed first long hole stope

UG operating performance


Cortez– 2016Best‐in‐ClassInitiatives Processing Operational Excellence

– Improved oxide mill to sustained throughput of 15ktpd– Improved plant availability from 83.3% in 2015 to 93.6%

in 2016– Delivered through reducing shift and crew variations

– Measured on a Wet Ton per Operating Hour (WTPOH) basis

– Four operating crews on rotating shifts– Standardized shift change procedures– Took ownership of conveyor operations– Detailed operator evaluations– Distributed best practice across crews– Re-distributed best operators– Targeting less than 10 WTPOH variability between

crews– Raised all crews from less than 580 WTPOH to more

than 625 WTPOH– No change in gold recovery

In 2016 we processed 808k more tons than

2015


Cortez– 2017Outlook2017 Areas of Focus:

Cash Flow– Digital transformation– Mining Cost reductions in Open Pit

and Underground– Mill throughput improvement

Growth– Lower Zone UG (in construction)– Crossroads OP (in construction)– Deep South UG (permitting)

Challenges– Execute Water Management Plan in

compliance with new Federal and State requirements

2017 Guidance1

Gold Production 1,250-1,290 Koz



AISC3 $430-470/oz

2016 Reserves

Proven 0.8 Moz2 (1.52 g/t, 16M tonnes)

Probable 9.4 Moz2 (2.18 g/t, 135M tonnes)



Cortez– 2017AreasofFocus

Technical Expansion– Increase oxide mill throughput and recovery through automation and

improved carbon activity– Increase percentage of underground production from bulk mining methods

from 5% to 30%– Improve open pit production and cost structure through Digital Transformation

of mobile maintenance

Organic Expansion– Broad Minex program covering advanced exploration, resource delineation

and reserve conversion– Continued construction of the Range Front Declines to access Lower Zone and

Deep South Undergrounds– Waste stripping for Crossroads open pit


Cortez– 2017Best‐in‐ClassInitiatives Digital Transformation

– Mobile maintenance expected to improve open-pit production and cost structure– Underground automation and short interval control supporting expected shift from

5% bulk mining methods in 2016 to ~30% in 2017– Short interval control expected to improve working shift length– Process control and carbon circuit automation expected to increase oxide mill

recovery and throughput

2017 Potential Fleet Component Capacity 2017 Potential Process Improvement

2.5

2.0

1.5

1.0

0.5

0Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Gold in CIL tailings (10-3 oz Au/tonne ore)


Cortez– GrowthPlan:MinexObjective: Replace mined reserves

(annually) Fill LOM production gap Incremental + new discovery

ounces

Maintain Project Pipeline: Targets ranging from

– target delineation– drill test– advanced exploration– resource delineation– reserve conversion


Project Current Status Capex

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Cortez Deep South Feasibility ~$153M

Scoping (completed)

Prefeasibility (completed)

Feasibility (in progress)

Knowledge Limited understandingrestricted scale of operations

Confidence to increase scale of operations from infill drilling

Geotechnical studies improve confidence in method selections

Orebody 50% Oxide / 50% Sulfide 85% Oxide / 15% Sulfide 82% Oxide / 18% Sulfide

Method Cut and fill2,300 tonnes per day

Longhole stoping4,500 tonnes per day

Longhole stoping4,500 tonnes per day

Haulage Diesel truck haulage New conveyor Autonomous loading; “Smart” conveyance

Processing 50/50 Cortez / Goldstrike Mostly Cortez Cortez

Initial Capital ~$165M ~$153M Expected to be in line with PFS

COS per oz ~$940 ~$840 Improvements expected in FS

AISC1 per oz ~$635 ~$580 Improvements expected in FS

Cortez– DeepSouthBringingOuncesForward

Production LifespanConstructionFeasibility andPermitting

InitialProduction

1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E


Cortez– DeepSouth

Access through Range Front Declines– Construction started in Q1– Advancing using road header equipment

Feasibility study – Added Renegade Zone to reserve– In progress, completion 3Q17– Completed geotechnical assessments– Optimized autonomous haulage

Water management– EIS will include a focus on ground water – Extensive monitoring provides confidence in

ground water model

Permitting– Submitted Mine Plan of Operations (Initiated NEPA

process)– Record of decision (ROD) expected 2019/2020

Road Header


Cortez– DeepSouth

Mining in Deep South – Development and dewatering

begins with ROD– Production ramp up begins

2022/2023 – Full production 2024

Continuous Improvement– Nevada process analysis– Autonomous drilling– Renegade resource– Improve backfill

– enhance quality– reduce costs– automate delivery systems

Optimized Haulage

Underground ore handling and conveyor system under construction in 2017


Cortez– TechnicalandOrganicGrowthOptionality

Technical Growth Lower mining costs to reduce cutoff grades Increased mill throughput and recoveries to

increase produced gold

Organic Growth Open Pit

– Expansion of the Gold Acres pit– Expansion of the Pediment area– Additional Crossroads phase

Underground– Ponderosa North Area– Lower Zone expansion– Renegade and Upper RF Zones


Goldrush– EnhancingValue



2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

Goldrush Feasibility ~$1B

Goldrush– EnhancingValue

Scoping (completed)

Prefeasibility(completed)

Feasibility (in progress)

Mining Method(s) Goldrush UG and Red Hill OP Underground only Underground only

Orebody Refractory Refractory Refractory

Access Via Mill Canyon Declines HCCUEP (de-risked and optimized project) Declines HCCUEP Declines

Ore Transport (to processing)

Rail Trucks Trucks (regional study in progress)

Processing Goldstrike Roaster Goldstrike Roaster Goldstrike Roaster (regional study in progress)

Initial Capital ~$1.6B ~$1.0B Expected to be in line with PFS

Est. Production ~590K oz/yr ~+440K oz/yr Improvements expected in FS

COGS per ounce ~$1,140 ~$800 Improvements expected in FS

AISC1 per ounce ~$921 ~$665 Improvements expected in FS

Production LifespanDecline Construction

Feas. & Permitting

Construction/Production

1. This is a non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix E


Goldrush– EnhancingValuePhase I Feasibility On track for YE 2017 completion Underground surface infrastructure

design work in progress Tighter-spaced drilling to convert

near surface resources to reserves initiated in 4Q16– 5 zones in resource with reserve

potential1

– Red Hill, Deep North, KB Zone, Corridor, Meadow

Mine plan optimization to bring ounces forward in progress

ExplorationDecline Portal

Cortez HillsOpen Pit

GoldrushDeposit

1. See Appendix C for resources in the five mining zones


TurquoiseRidge– BuildingonSuccess

HenriGoninGeneralManagerTurquoiseRidge, Nevada


TurquoiseRidge– Today

Our vision is to responsibly grow our mine into a core asset for our stakeholders and our people, delivering maximized value through the agile application of innovative technologies, methodologies and systems

75% owned joint venture, underground mine using drift and fill mining method. Ore is processed through Newmont’s neighboring Twin Creeks facility.

Achievements in 2016:– 2016 marks the doubling of production in five years at Turquoise Ridge– Winner of Nevada Mining Assoc. Safety Award for large underground mine– Record low mining cost– Record low AISC


TurquoiseRidge– 2016Performance

Year over year highlights:– Mining cost 29%

– Free cash flow 86%

– Mining Fleet OEE 23%

– Mined Tonnage 29%

– Ore Tonnage 43%


Gold Production 266 K oz 23%



AISC1 $625/oz 16%

Income $166 M 80%

EBITDA1 $193 M 68%



Old FWD-2721Level Design

2016Best‐in‐Class– MineOperationsIncreased Mining Fleet Effectiveness Primary fleet OEE rose to 43% from 35% YOY Scheduled maintenance increased from 25% of

hours in 2015 to 31% in 2016 through better planning and strict adherence to preventative maintenance inspections.

Improvement of over 10% in Mean Time Between Failure (MTBF) for entire fleet

Improved mine design Drilling campaign to define ore bodies prior

to mining Optimization slows for simpler geometry

allowing larger mining equipment and fewer changes in mining cycle

Case Study: Optimized design increases tonnage by 60% in the FWD-2721 section

17.8

19.8

16.0 18.0 20.0

2015

2016

MTBF Bolters

23.2

28.3

0 10 20 30

2015

2016MTBF Drills

26.1

45.9

0.0 20.0 40.0 60.0

2015

2016

MTBF Shotcrete

25.3

28.8

22 24 26 28 30

2015

2016

MTBF Trucks

Bolter & Drill reliability improvements are also progressing

Emphasis has been placed on the 2 priority equipment groups so far in 2016haul trucks and shotcrete equipment – with positive results

78%

21%

14%

11%


2016Best‐in‐Class– MineOperationsIncreased Average Daily Tonnage Total tonnes moved up 29% vs. 2015 with

43% increase in ore tonnes Higher increase in ore tonnes resulted from

20% reduction in waste development, due to optimized mine designs

Improved Footage Advance Rates Advance rates increased as a result of

improved haulage and planning. 2016 advance rate was 123 ft/day for an

increase of 29% vs. 2015 The advance rate increased even as

heading size increased

1,314

1,875384

3061,698

2,182

2015 2016

29%20%43%

Total

Waste

Ore

Average Daily Tonnes


TurquoiseRidge– 2017Outlook2017 Areas of Focus:Cash Flow

– Digital Transformation: – Automation– Tele-remote operations– Short-interval-control– Task management

– Increase equipment OEE

Growth– Continuous Mining (Roadheader)– Minex– Third Shaft Project

Challenges– Challenging geotechnical

environment

2017 Guidance1




AISC3 $650-730/oz

2016 Reserves

Proven 2.1 Moz2 (15.5 g/t, 4.3M tonnes)

Probable 1.9 Moz2 (14.7 g/t, 4.0M tonnes)

1. See Endnote #1 2. See Endnote #2 3. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix E


TurquoiseRidge– 2017AreasofFocusMine Design and Scheduling: Resequencing of mine plan to reduce haulage cycle

– Short term focused on South Zone Optimize level designs - increase mining intensity - reduce expensed

waste requirement– Targeting a 10% reduction in 2017 expensed waste development

– Increase the average number of active mining faces per level from 1.25 to 1.75

– Revised short term mine plans to eliminate expensed waste development – reuse existing development for multiple level accesses

Increase face utilization: Eliminate zone-mining

– Optimize resource utilization Short interval control

– Real time personnel and equipment tracking– Short-interval-control, digital task management

Targeting 10% productivity improvement to greater than 1,636 tonnes per year / employee

SZ: 1,500 feet to shaft

NZ: 7,000 feet to shaft


TurquoiseRidge– ContinuingMineOptimization

Continuing advancing width of production cuts– 2016 marked topcuts closing in on geotechnical

design limit of 15 feet– Focus in 2017 on optimization of undercut widths– Further increasing the overall mining intensity and

minimizing waste development

Larger headings increase the opportunity to examine innovative extraction methods– Benching of sills– Mechanical excavation

14.914.013.2

17.216.816.8

2014

+13%

2016

+2%

2015

Under Cut Width

Top Cut Width

38’


TurquoiseRidge– 20171stStageofContinuousMining

Commission a road header in ore production during the 4th Quarter– Initial component of a transition to

continuous mining operations– Reduction in ground support

costs of $10-20/tonne expected– Ventilation and electrical upgrades

in progress – Complete mining system and

support design in progress


TurquoiseRidge– ThirdShaftProjectOverview

All permits in place for project Feasibility study completed Shaft optimally placed for

future expansion Current economics

– Capital ~ $300 M -$325 M To be executed in a

phased approach

2016 reserve ore 2016 resource Exploration potential

4600

4400

4200

4000

3800

3600

3400

3200

3000

2800

2600

2400

2200

74%55% 3055 Skipping Station

2705 Pre-Sunk Skipping Station

3695 Skipping Station

Existing#2 ShaftSouth Zone

Proposed #3 ShaftNorth Zone

Elev

atio

n


ShaftProjectScheduleandProjectedSpend

Preconstruction2017-2018• Site preparation and

utilities• Dewatering wells• Further mine optimization

studies

• ~$40 M

Shaft Sink2018-2022• Shaft sinking by

contractor• Underground capital

development by TRJV• ~$110 M

Shaft equipping2019-2021• Shaft Utilities• Hoist and headframe• ~$110 M

Surface facilities2020-2021• Mine offices and

change buildings• Final utilities• Surface ore handling

facilities• ~$30 M


2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

Turquoise Ridge shaft

Feasibility complete,

optimisationongoing

$300M-$325M

Convert to Production Production Lifespan

Construct as Ventilation


TurquoiseRidge– 2017Minex Potential

FWP TrendOpenTR Corridor

Trend Open

3rdShaft

N

Grade Shell of known mineralization

Shafts

#1#2

North ZoneSouth Zone

Collar Elev.1640 meters

Getchell Fault Zone(& sub-parallel faults)

Deposit is largely open

Minex objectives are to determine:– Size of deposit– Infrastructure design– Future step changes

Three main areas of focus: – Getchell Fault

– Historic producer at surface– Footwall Pond Trend

– Strong continuity with high grade – Supports efficient mining

– TR Corridor – Analogous to FWP


TurquoiseRidge‐ FutureGrowthPotentialNear Term Mine Exploration

– Expansion of the FWP– Development of the TR Corridor– Determine the potential for the Getchell Fault

Current Operations– Optimization of costs and cut off grades– Prove road header as primary mining machine

Life of Mine Third shaft

– Increase throughput– Decrease operating costs

Innovation– Examine new mining methods– Design the mine for success


PuebloViejo– ImprovedPerformanceandGrowth

GregWalkerExecutiveGeneralManagerPuebloViejo,DominicanRepublic


PuebloViejo– Today

Vision is to grow and mature our business, focusing on developing our people and systems while growing our returns to stakeholders in a responsible way Open pit mining at two large pits, Moore and Montenegro and a satellite

pit, Monte Oculto Norte Conventional truck and shovel operation, the processing is via autoclave,

carbon in leach (CIL) and Copper Precipitation Achievements in 2016:

– Winner of Barrick’s “Most Improved Safety Performance”– Gained contract to close the Dominion Republic government’s old Mejita

tailings dam– Implemented business improvement program and employee development

center


PuebloViejo– 2016Performance

Year over year highlights:– Gold recovery 4%

– Silver recovery 30%

– Autoclave OEE 7%

– Truck OEE 4%

– Shovel OEE 2%

– Total Reportable Injury Frequency rate2 25%

2016 Operating Results (60%)




AISC1 $490/oz 18%

Silver Production 3,385 K oz 36%

Income $528 M 130%

EBITDA1 $621 M 59%

1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E 2. See endnote #5


PuebloViejo– 2016Best‐in‐ClassImprovements

Mine Operations InitiativesOre Re-Binning Optimization Changed sulfur cut-off to increase gold grade

in mill feed ~14k oz Au

Improve Pre-split to Steepen Walls Reduce stripping and advance high grade ore

~9k oz Au

Mine Plan Sequence Optimization Change design to reduce stripping and

advance high grade ore ~23k oz Au

Reduce Drilling & Blasting Costs Increased hole diameter to reduce meters

drilled requirement and increase drilling meter efficiency

Process Plant InitiativesExtend Time Between Shutdowns More durable walls to improve AC performance

and reduce maintenance time and costs, in addition increasing throughput by ~100k tonnes

Anti-scalant in CIL Feed Line and Installation of Redundant CIL Feed Line An anti-scalant prevents scale formation and

the redundant feed line reduces descaling impact in production resulting in an additional ~25k tonnes processed due to a reduction in downtime.

Improved Grinding Circuit Availability Extended time between shutdowns and

improved efficiency to increase grinding circuit availability from 88% to 91%


PuebloViejo– 2016AutoclaveImprovements 100,000 tonne-per-year

improvement in Autoclaves Improvement primarily

through scale reduction and descaling

Strengthen Autoclave walls

Ferralium 225 seal shafts

Strengthen GEHO Pumps valves and seats

Reduce time required for descaling work in the Autoclave

KPI improvement metrics to come

Autoclave


PuebloViejo– 2017Outlook2017 Areas of Focus:Cash Flow

– Energy optimization– Increase critical equipment OEE

Growth– Minex– Optionality with tailings and

processing– Digital transformation

Challenges– Delays to closure of Mejita dam– Offsetting year over year production

decline due to lower grade

2017 Guidance1




AISC3 $530-560/oz

2016 Reserves

Proven 5.5 Moz2 (2.82 g/t, 61M tonnes)

Probable 2.6 Moz2 (3.19 g/t, 25M tons)



PuebloViejo– 2017AreasofFocusEnergy Expansion and Optimization: Sell excess 80M watt capacity from Quisqueya 1 (QQ1)

power plant to the grid– Grid connection at San Pedro– New Bonao sub-station connection

Increased demand in the DR power market enhances project benefits

Convert QQ1 Power Plant from HFO to LNG or Bio Fuel Convert lime kilns from diesel to natural gas or Bio Fuel

AISC and free cash flow improvements: Develop supervision and workforce to reduce

contractors and optimize labor costs Improved maintenance materials and reliability

Critical Overall Equipment Effectiveness: Further autoclave and grinding optimization Increase truck and shovel availability from 81% to 85%

Quisqueya 1 Power Plant

Pueblo Viejo lime kilns


PuebloViejo– GrowthPlan:Minex

2017 Minex Targets:1. Monte Negro Feeder

2. PV Underground high grade pods testing (1, 2 & 3)

3. Upper Mejita

4. low sulphur ore near surface

1 2

3

1.2.

3.


1.PuebloViejo– MonteNegroFeeder

Monte Negro, Cosme & Valle faults are likely conduits for mineralization at Monte Negro Four holes totaling 2,300 meters deep will target for high grade adjacent to these faults

A- Potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource

A


2. PuebloViejo– PVUndergroundhighgradezones High grade resource below the PV reserve pits drive both the resource pits, as well as

underground mining alternatives under consideration Twelve holes totaling 2,500 meters will be drilled to confirm / expand these resources

A



Upper Mejita Minex

3. PuebloViejo– ProposedUpperMejita Thirteen holes totaling 1,700 meters deep will be drilled to expand sulfidic mineralization

below the old Mejita oxide pit where 350Koz Au had previously been mined

Au > 2 g/tAu > 5 g/tResources @ 1300 $US



PuebloViejo– FutureGrowthOptionality

Upside: Increase tailings capacity– Evaluating:

– Open pit and underground alternatives– Alternative material handling systems

– Potential to convert gold resources to reserves

“Blue sky”: Studying Potential Process Plant Expansion– Utilize pre-oxidation and concentration– Increase grinding and leaching capacity– Move processing of large 60 M tonne

stockpile forward in the LOM


PuebloViejo– ImprovedPerformanceandGrowth

Continue to focus on operational excellence

Leverage off the digital initiatives generated at Cortez

Maximize benefit available through improved energy management

Target additional high grade ore and explore underground potential

Unlock the low grade mineral inventory


Veladero– InvestinginFutureGrowth

JorgePalmesExecutiveGeneralManagerVeladero,Argentina


Veladero – Today

Vision – Responsible leaders, trusted partners, safety champions

Conventional open pit valley heap leach using the Merrill Crowe process for gold and silver recovery

Achievements in 2016:– Appointed new executive team with significant

in-country experience to unlock value– Strong safety record (TRIFR1 0.28)– Rapid recovery in operating performance

following weather challenges and mine suspension

1. See endnote #5


Veladero– 2016Performance





AISC1 $769/oz 19%

Income $220 M 2%

EBITDA1 $338 M 4%

Year over year highlights:– Processing Unit Cost2 9%

– Capital $/oz 61%

– Silver Shipped Oz 11%

– TRIFR3 24%

1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E 2. Excludes Open Pit Allocation3. See endnote #5


Veladero– NewBusinessConfidence

1. Mid-December 2015 AR$/US$ 9.8 to currently $AR/$US 15.7

EconomicMeasures

Elimination of Export Duties Removing Currency Controls Business friendlytax reform

Impact on Business

Improved FCF Increasing reserves

Lower operating cost Improved CF and

increasing reserves

Lowering tax burden Increasing FCF

What has Changed

Export duties repealed for most products including doré

FX Deregulation Elimination of most de-

facto restrictions Allowing peso to float

Repealed: Tax on dividends (10%) Personal Asset Tax Minimum Presumed Income

Tax

Impact on Economy

Incentivizing economic development, production and increasing exports

>50%1 depreciation ARS Inflow of US$ Increased BCRA reserves

Increase competitiveness Incentivize investment and

economic development Argentina FDI interest


Veladero– 2016Best‐in‐ClassInitiatives

Operations Initiatives Enhanced water management

system - Construction and improvement of water diversion system and construction of ponds to manage record snow fall and melt

Reduced blasting costs by optimizing ANFO mix - 10% savings in blasting costs

Decreased hauling cycle time by increasing road width – 15%reduction of cycle time on major routes


Veladero– 2016Best‐in‐ClassInitiatives

Operations Initiatives Reduced Maintenance Repair

Operation spend through supplier optimization - $10 M in operating cost savings

Improved maintenance practices - 66% reduction of complete engine failures

Implementation of Drone technology – Unmanned Aerial Vehicles for site monitoring and rapid data acquisition


Veladero – RenewedFocusFollowingEnvironmentalIncident

Increased focused on strengthening environmental controls:– Increased leach pad

berm-height – CCTV 24/7 monitoring

system– In-progress:

– North Channel Diversion – to be completed April 2017

New

Lea

ch P

ad B

erm

sN

orth

Cha

nnel

Div

ersi

on

CCTV Monitoring System


Veladero– 2017Outlook

2017 Areas of Focus:Cash Flow

– Increase pit wall angle, decrease waste hauling cost

– Improve overall equipment efficiency

Growth– Increase Au recovery– Infill Drilling and Minex– Expansion of the Leach Pad– Digital transformation

Challenges– Permitting for leach pad expansion

2017 Guidance1




AISC3 $840-940/oz

2016 Reserves2

Proven 0.60 Moz (0.78 g/t, 24M tonnes)

Probable 6.15 Moz (0.84 g/t, 228M tonnes)



Veladero– 2017AreasofFocusIncrease pit wall angle: Increase angle 4% to 54o

Improve overall equipment efficiency: Implement comprehensive portfolio of initiatives

Increase Au recovery: Increase recovery by 3% through operational

improvements

Reduce external spend: Continue spend reduction effort (e.g. explosives,

logistics, service contracts)

Digital initiative example: UAV drone technology for maintenance Integrated Remote Operations Centre

Environmental Focus: Enhanced site water management


PotentialNearTermUpsidethroughExploration

Near term upside through: Deeper drilling, historical drilling is shallow Identification of potential new intrusive dome Untested favorable alteration and extensive gold anomalism both in pit and wider region Multiple quality targets in the pipeline

2 KmFavorable alteration zonePotential satellite bodies

Structural trends

Pascua Lama

Vista del Toro

Brujas

Cerro Castillo

Veladero Sur

Fabiana

4000 -

200m

4200 -

SectionlookingtothenorthBlock model > 0.25 g/t AuProposed Drillholes

Breccia

4600 -

4400 -Current Pit Limit

Block model > 1 g/t Au

OpenOpen Open


Veladero– FutureGrowth

Upside: Chile Power– Utilize Barrick’s existing infrastructure in

Chile to deliver energy to Veladero– Reduce dependency on diesel generated

energy– Potential to reduce power costs – Potential to convert additional resources

to reserves

“Blue sky”: Crushing Optimization Technical Limit– Increase capacity of crushing plant toward

30 Mtpa technical limit

Punta Colorada Generating Station

Crushing Circuit


LagunasNorte– PreparingfortheFuture

JimWhittakerGeneralManagerLagunasNorte,Peru


LagunasNorte– Today

Vision: We are a company dedicated to the sociably responsible extraction and production of gold, being a key influence for development in the region, reaching for the highest standards of safety and environmental protection, maintaining the efficiency and continuous improvement of our processes, with a commitment to the development of our employees Conventional open‐pit, crush, valley‐fill heap leach operation, two‐stage

conventional crushing circuit, heap leach, Merrill Crowe or Carbon-in-column (CIC) precipitation plants

Achievements in 2016:– Safety incident frequency has decreased for the first time in 5 years– On target production and under target AISC– Successful negotiation of unionized labor contracts– Prioritized resource portfolio to extend current mine life– Refractory ore PMR expansion project Feasibility Study phase 1 completed


LagunasNorte– 2016Performance

Year over year highlights:– Crusher OEE 66%

– Truck 730E OEE 75%

– Shovel OEE 75%

– Loader OEE 65%

– BiC Improvements $41 M

– Total Leach Inventory

reduced 23 K oz

– Total Reportable Injury Frequency rate2 27%





AISC1 $529/oz 4%

Silver Production 939 K oz 11%

Income $260 M 9%

EBITDA1 $356 M 22%

1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E 2. See endnote #5


LagunasNorte– 2016CarbonPlantImprovements

Implementation of short interval control

Reduced transfer times of loaded carbon through circuit

Reduction of leach pad inventory in Leach Pad 1

Improved efficiency of irrigation zones

Increased production generated $24 M in savings in 2016

Decreasing CIC Tail


LagunasNorte– 2017Outlook

2017 Areas of Focus:Cash Flow

– Throughput – maximize ounces to pad– AISC and BiC flow improvements– Solution injection project

Growth– Expansion to Phase 7 in leach pad– Near pit Minex options– Carbonaceous ore processing– PMR project feasibility study

Challenges– Execution of Mine and Capex plan– Workforce planning for transition from

large scale open pit to small scale POX process

2017 Guidance1




AISC3 $560-620/oz

2016 Reserves

Proven 1.6 Moz2 (1.83 g/t, 26 M tonnes)

Probable 2.7 Moz2 (1.87 g/t, 44M tonnes)

1. See Endnote #1 2. See Endnote #2 3. This is a non-GAAP financial performance measurewith no standardized meaning under IFRS. For further information please see note 3 of Appendix E


LagunasNorte– 2017LeachSolutionInjectionProject

Solution Injection Project focused on advancing production of secondary leaching and improving cash flow

Total advanced ounces from secondary leaching estimated to be ~6K ozs in 2017 with potential upside of up to ~52K ozs

Geotechnical design to ensure project does not affect stability of the leach pads

Injection Well Head


LagunasNorte– 2017CarbonaceousOreProject

Stockpiled material has sulfur content greater than 0.25% and contaminated with carbonaceous material

Project is focused on separating coal from ore through dry classification

Total additional leach production estimated in 2018 and 2019 to be ~170K ozs

Coarseore

Coarse ore

Fine ore

Belt to Pad


LagunasNorte– Oxide&Sulfide Opportunities

2017 In-Pit oxide drill program– Validate and drill oxide extensions– Focus on NW and SE Sectors

Development of neighboring targets with potential to add to medium term production– All deposits within site fence line

!. CollarFavorable AlterationPIT Lagunas NortePerimeter fence


Site 1 Grinding / Flotation

Site 2 Autoclave / Leaching

LagunasNorte– PMRSulphidesFeasibilityPhase1Extend mine life utilizing CIP and autoclave technology to recover an additional 2.2 M ozs(30 M tonnes at 2.27 g/t)

Phase Objectives Support permitting with engineering Conduct drilling to improve high grade delineation Advance project definition through engineering,

logistics planning and execution development Refine capital cost with more detailed vendor pricing

Key 2016 Results Sequenced mine LOM Extension via a new

carbonaceous oxide ore recovery project plus a relook and optimization of the PMR project to include Flotation-POX to treat sulfide ore later

Capital schedule extension is expected, peak capital spend reduced, economics expected to improve



2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

LagunasNorte– NewSequencedLOMExtension

Current Status Part 1 (Carbonaceous): Mill + CIL – Feasibility design, permit documents

in process, ore in current stockpiles

Part 2 (Refractory): Flotation + Autoclave – Feasibility design, updated mining plan

• Part 1Carbonaceous OxidesOre Project (Mill + CIL)

• Part 2PMR Refractory Ore (Flotation + Autoclave)

Feasibility

Feasibility

$640M

Feasibility & Permits

Construction Production Lifespan

Feasibility & Permits

Construction Production Lifespan


LagunasNorte– LOM2016

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

LOM 2016

LOM 2016

Gol

d Pr

oduc

tion


LagunasNorte– ProductionOpportunity

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

Oxide ‐ Heap Leach Oxide ‐ Second Leach PMR ‐ Heap Leach PMR ‐ Sulphides LOM 2016

PMR sulphides

ExplorationOpportunityDe-risking and

Opportunity

LOM 2016

LOM 2017POX

Gol

d Pr

oduc

tion


Pascua‐Lama– StagedDevelopment

GeorgeBeeSeniorVicePresident,Frontera District


Pascua‐Lama– StagedDevelopment

Lama Project Initiating pre-feasibility study for UG in 2017 Evaluating sub-level and block caving methods Initial ore processing capacity of 15K tpd Permitting could begin in 2018 Staged development to include Pascua

Pascua Studies advancing in parallel with Lama PFS Working to resolve legal and regulatory issues

Lama process looking east

Lama process looking west


ExistingInfrastructureandPartialConstructionCovered stockpile building CIL and countercurrent wash tanks

Stainless steel SAG mill

Thickener

Pebble grinding section

Merrill Crowe, retort andDoré furnace building


Pascua‐Lama– ConceptualBlockCaving

Economic block caving material within the currently planned open pit design

LamaPascua

(later development)

CHILE ARGENTINA

CHILE

ARGENTINA


ElIndio(Frontera)District– InvestmentandGrowth Barrick has a long history with

exploration and mining (El Indio mine) as early as 1994

Evaluating integrated development strategy to include Veladero and Alturas

Leveraging existing infrastructure as a platform for long-term growth

Barrick controls the majority of the prospective ground along the 140 km belt

El Indio district hosts multiple mines and deposits

Barrick Asset

Pascua-Lama

El Indio

Veladero

Tambo

Barrick Claims

20 Km

Del Carmen

Camp

Chile Argentina

Alturas

El Indio Belt Gold Discoveries


ReservesandResources– PlanningOurFuture

RickSimsSeniorDirectorReservesandResources


(Moz)

2016GoldReserves

2015Year End

YE 2015Equity

Adjusted

2016Year End

EquityChanges

Replacement89.98

1.88

6.76

2.73

YE 2016Pre-Replacement

Processedin 2016

83.22

60.0

2,160 Mt1.32 g/t 2,078 Mt

1.35 g/t

1,974 Mt1.31 g/t

2,007 Mt1.33 g/t

1. See Endnote #32. See Endnote #2

91.861

85.952


2016GoldM&IResources

60.0

(Moz)

2015Year End

2016Year End

YE 2016Pre-PriceChange

79.101

75.252

4.30

2.73

2.15

5.34

EquityChanges

To Reserves

Gold pricechange $1,300

to $1,500

Loss due tomine planchanges

72.06

1,403 Mt1.75 g/t

1,171 Mt1.91 g/t

1,309 Mt1.79 g/t



2016GoldInferredResources

15.0

(Moz)

2015Year End

2016Year End

YE 2016Pre-Price ChangePre-replacement

27.431

30.712

3.19

1.68

To M+I

Gold pricechange $1,300

to $1,500

23.77

699 Mt1.22 g/t

531 Mt1.39 g/t

781 Mt1.22 g/t

0.47Equity

changes

Replacement5.26



MineralEndowment– SensitivityvsFullReservePlan

Update Resource Model

Import Block Model

Update costs, prices, geotechnical parameters, starting surfaces, constraints

Whittle Pit Optimization orStope Optimization

Generate Pit Designs

Generate Stope Designs

Mining and Processing Schedules

Detailed Activity-Based Operating and Capital Costs

Cash Flow Analysis

Estimate Reserves from Final Designs, Prices and Costs

Reserve Planning Turquoise Ridge $2,000 M+I Shape

Sensitivity Results (M+I) – Indicative of Reserves

Full Reserve Plan (P+P)


ReservesandM&IGoldPriceSensitivity1

61

77

88

62

7175

8083

86 88

$900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500

Cont

aine

d G

old

M o

z

Full Reserve PlanM&I Sensitivity

Barrick shareExcludes Acacia and KCGM

1. See Appendix D


AdditionalMineralEndowmentBeyondtheM&ISensitivity1

62

7175

8083

86 88

3942

46 4852 54

66

13 15 16 18 19 2024

$900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500

Cont

aine

d G

old

M o

zM&I SensitivityAdditional M&IInferred

Barrick shareExcludes Acacia and KCGM

1. See Appendix D


Sustainability– Barrick’s LicensetoOperate

PeterSinclairChiefSustainabilityOfficer


Barrick’sSustainabilityVision

Wepartnerwithhostgovernmentsandcommunitiestotransformtheir naturalresourcesintosustainablebenefitsand

mutualprosperity.

Weaimtobeawelcomeandtrustedpartnerofhostgovernmentsandcommunities,themostsought‐afteremployer,andthenatural

choiceforlong‐terminvestors.


SustainabilityPerformancein2016

People Safest year on record 75% reduction over 10 years Not satisfied until zero

Environment Over 1 million tonnes of GHG emissions saved since 2009 9 consecutive years in Dow jones Sustainability Index Two thirds of water used at mine sites is recycled

Social + Economic Contributions Commitment to share benefits, mutual prosperity >90% of Barrick 14,000+ employees are locals or nationals >$30 billion purchased from local & national businesses since 2012

1.64

1.2

0.760.4

Total reportable injury frequency rate

‘09‘06 ‘12 ‘16


SustainabilityPrioritiesfor2017

Better access to information

Virtual mine site visits

Safer workplaces

Technology transfers to communities

DigitizationandLicensetoOperate

EnergyandClimateChange

MeaningfulPartnerships

WaterManagement

Water management strategy roll-out

Real-time water quality monitoring

Enhanced tailings management program

Continued roll-out of 5-Year Energy Plan

Climate change strategy roll-out

Development of GHG reduction targets

CSR Advisory Board

One Laptop Per Child

Cisco


ClosingRemarks

KelvinDushniskyPresident


2017– Transformingintoa21stCenturyCompany

Generate free cash flow through price cycles Optimize portfolio, progress Frontera district, advance projects

and exploration Reduce total debt to $5 billion by end of 2018 Unify Nevada, embed and accelerate digital transformation and

innovation Upgrade talent and develop next generation of industry leaders


Appendices

134

APPENDIXA– DelCarmenSignificantInterceptsDel Carmen ‐ Significant Drill Intercepts through DCA‐001 to DCA‐008 DCA‐007, DAC009 , DCA‐011 and DCA‐014(1)

Core Drill Hole Azimuth Dip Interval (from m) Interval (to m) Width (m) (2) Au (g/t)DCA-001 263 -72 No significant interceptDCA-002 270 -85 No significant interceptDCA-003 90 -80 No significant interceptDCA-004 259 -79 458 472 14 0.52

DCA-005 98 -78163 214 51 1.57239 285 46 12.97324 343 19 0.51

DCA-006 93 -78 No significant interceptDCA-007 90 -80 No significant intercept

DCA-008 90 -80246.5 306.5 60 2.55325 344 19 2.15

DCA-007 90 -80 No significant interceptDCA-009 90 -85 439 503 64 0.59

591 602.6 11.6 1.09DCA-011 90 -85 No significant interceptDCA-014 90 -80 275 331 56 3.08

Including 314 329 15 9.64364 375 11 1.99393 413 20 0.69

1 All significant intercepts calculated using a 0.5 gm/t Au cut-off and are uncapped; a minimum intercept length of 10m is reported, with internal dilution of no more than 10 consecutive meters below cut-off included in the calculation. 2 The majority of holes are steeply inclined to the east . 3 Interval and width differ due to exclusion of no core recovery zone from calculation of the weighted average gold grade.The significant intercepts have been calculated using a 0.5 g/t Au cutoff for a minimum intercept length of 10m, with internal dilution of no more than 10 consecutive meters below cut-off included in the calculation. No capping grade was used to calculate the significant intercepts. The majority of holes are steeply inclined to the east and the mineralization is tabular and sub-horizontal to shallowly west dipping and intersections are considered to reflect true thicknesses. Quality Assurance and Quality ControlThe drilling results for the Del Carmen property contained in this press release 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. 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 Del Carmen property conform to industry accepted quality control methods.

135

APPENDIXB– FourmileSignificantIntercepts

1 All significant intercepts calculated using a 5.0 g/t Au cutoff and are uncapped; internal dilution is less than 20% total width.2 True width of intercepts are uncertain at this stage.

A plan view DEM Hillshade image of Fourmile drilling showing significant intercepts as of February 9, 2017. Drill holes in red are high grade intercepts greater than 3.0 meters at greater than 5.0 gpt. The significant intercepts presented were calculated using a 5.0 g/t Au cutoff with internal dilution of no more than 20% included in the calculation. No capping grade was used to calculate the significant intercepts.

The drilling results for the Fourmile property contained in this presentation 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. 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 Fourmileproperty conform to industry accepted quality control methods.

Fourmile – Significant Intercepts1 GRC‐0427D, GRC‐0435D, FM16‐05D, and FM16‐10D

Core Drill Hole Azimuth Dip Interval (m) Width (m)2 Au (g/t)

GRC-0427D NA -90

666.9-672.7 5.8 10.9

695.3-709.6 14.3 31.8

921.4-927.2 5.8 49.6

GRC-0435D NA -90 702.2-707.4 5.2 14.4

FM16-05D NA -90 705.6-714.0 8.4 30.6

FM16-10D 357 -77 730.6-733.6 3.0 5.7

136

APPENDIXC – Goldrush– ResourcebyZoneDec. 31, 2016 Measured Indicated Measured & Indicated Inferred

Zone Tons (oz/t) Ounces Tons (oz/t) Ounces Tons (oz/t) Ounces Tons (oz/t) Ounces

Deep North 16,133 0.317 5,122 3,369,682 0.302 1,018,756 3,385,815 0.302 1,023,878 2,316,850 0.273 633,534

KB Zone 12,404 0.410 5,091 2,220,540 0.356 791,378 2,232,944 0.357 796,470 675,942 0.276 186,751

Red Hill 40,381 0.284 11,455 7,512,016 0.265 1,988,506 7,552,397 0.265 1,999,961 1,337,447 0.221 295,979

Corridor 33,414 0.261 8,724 6,598,534 0.248 1,636,700 6,631,948 0.248 1,645,424 1,086,593 0.211 229,137

Meadow 75,040 0.309 23,157 14,291,349 0.286 4,086,163 14,366,389 0.286 4,109,320 2,677,064 0.219 585,157

Total 177,372 0.302 53,550 33,992,121 0.280 9,521,503 34,169,493 0.280 9,575,053 8,093,896 0.239 1,930,557

137

APPENDIXD– SensitivityNotesandTables

1. See Endnote #2 and #6

“M&I Sensitivity”, “Additional M&I”, and “Inferred” refer to the material between the following two optimization limits: 1) the smaller limit created by using only Measured and Indicated material (M&I) and 2) the larger limit created by using Measured, Indicated, and Inferred material (MII). Measured and Indicated material within the smaller limit is reported as “M&I Sensitivity”. Measured and Indicated material between the two limits is reported as ”Additional M+I”. All Inferred material within the combined limits is reported as “Inferred”.

For the purpose of all sensitivities, tonnage, grade and ounces attributable to Acacia mines and KCGM were removed from the calculations. Estimates are in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2016, unless otherwise noted. For additional information see endnote 2.

M+I 1 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500

M+I Tonnes (Mtonnes) 1,486 1,754 1,869 2,018 2,099 2,226 2,299

M+I Au Grade (gpt) 1.30 1.26 1.25 1.23 1.23 1.20 1.19

M+I Contained Ozs (Mozs) 62 71 75 80 83 86 88

Additional M+I 1 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500

Incremental M+I Tonnes (Mtonnes) 562 587 636 650 753 776 884

Incremental M+I Au Grade (gpt) 2.18 2.23 2.23 2.28 2.13 2.18 2.32

Incremental M+I Contained Ozs (Mozs) 39 42 46 48 52 54 66

Inferred 1 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500

Inferred Tonnes (Mtonnes) 329 443 517 571 624 686 750

Inferred Au Grade (gpt) 1.19 1.04 0.99 0.96 0.94 0.92 1.01

Inferred Contained Ozs (Mozs) 13 15 16 18 19 20 24

Proven and Probable Reserve 1 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500

Tonnes (Mtonnes) 1,344 1,857 3,304

Au Grade (gpt) 1.41 1.29 1.18

Tonnes (Mtonnes) 61 77 88


AppendixE– Non‐GAAPFinancialPerformanceMeasures

APPENDIX E

1 “Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: certain impairment charges (reversals), gains (losses) and other one-time costs relating to acquisitions or dispositions, foreign currency translation gains (losses), significant tax adjustments not related to current period earnings and unrealized gains (losses) on non-hedge derivative instruments. The Company 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. Barrick believes that adjusted net earnings is a useful measure of our performance because these adjusting items do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

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

($ millions, except per share amounts in dollars) For the years ended December 31 For the three months ended December

31

2016 2015 2014 2016 2015

Net earnings (loss) attributable to equity holders of the Company $ 655 ($ 2,838) ($ 2,907) $ 425 $ (2,622)

Impairment charges related to intangibles, goodwill, property, plant and equipment, and investments (250) 3,897 4,106 (304) 3,405

Acquisition/disposition (gains)/losses 42 (187) (50) 7 (107)

Foreign currency translation (gains)/losses 199 120 132 18 132

Significant tax adjustments1 43 134 (3) (16) 95

Other expense adjustments2 114 135 119 39 40

Unrealized gains on non-hedge derivative instruments (32) 11 181 (9) 4

Tax effect and non-controlling interest 47 (928) (785) 95 (856)

Adjusted net earnings $ 818 $ 344 $ 793 $ 255 $ 91

Net earnings (loss) per share3 0.56 (2.44) (2.50) 0.36 (2.25)

Adjusted net earnings per share3 0.70 0.30 0.68 0.22 0.08

1 Significant tax adjustments for the current year primarily relate to a tax provision booked by Acacia in Q1 2016. 2 Other expense adjustments for the current year relate to losses on debt extinguishment, the impact of the decrease in the discount rate used to calculate the provision for

environmental remediation at our closed mines and a reduction in cost of sales attributed to insurance proceeds recorded in the third quarter of 2016 relating to the 2015 oxygen plant motor failure at Pueblo Viejo.

3 Calculated using weighted average number of shares outstanding under the basic method of earnings per share.

2 “Free cash flow” is a non-GAAP financial performance measure which excludes capital expenditures from Net cash provided by operating activities. Barrick 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 meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. Free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow ($ millions) For the years ended December 31 For the three months ended December 31

2016 2015 2014 2016 2015

Net cash provided by operating activities $ 2,640 $ 2,794 $ 2,296 $ 711 $ 698

Capital expenditures (1,126) (1,713) (2,432) (326) (311)

Free cash flow $ 1,514 $ 1,081 ($ 136) $ 385 $ 387

3 “Cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures. “Cash costs” per ounce is based on cost of sales but excludes, among other items, the impact of depreciation. “All-in sustaining costs” per ounce begins with “Cash costs” per ounce and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs and minesite exploration and evaluation costs. Barrick believes that the use of “cash costs” per ounce and “all-in sustaining costs” per ounce will assist investors, analysts and other stakeholders 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. “Cash costs” per ounce and “All-in sustaining costs” per ounce are intended to provide additional information only and do not have any standardized meaning under IFRS. Although a standardized definition of all-in sustaining costs was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by 18 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

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

($ millions, except per ounce information in dollars) For the years ended December 31 For the three months ended

December 31

Footnote 2016 2015 2014 2016 2015

Cost of sales related to gold production $ 4,979 $ 5,904 $ 5,893 $ 1,347 $ 1,575

Depreciation (1,503) (1,613) (1,414) (396) (462)

By-product credits 1 (184) (214) (271) (41) (48)

Realized (gains)/losses on hedge and non-hedge derivatives 2 89 128 (94) 18 50

Non-recurring items 3 24 (210) - - (149)

Other 4 (44) 25 26 (20) 7

Non-controlling interests (Pueblo Viejo and Acacia) 5 (358) (394) (379) (91) (78)

Cash costs $ 3,003 $ 3,626 $ 3,761 $ 817 $ 895

General & administrative costs 256 233 385 39 52

Minesite exploration and evaluation costs 6 44 47 38 18 11

Minesite sustaining capital expenditures 7 944 1,359 1,638 298 303

Rehabilitation - accretion and amortization (operating sites) 8 59 145 135 18 26

Non-controlling interest, copper operations and other 9 (287) (362) (532) (78) (86)

All-in sustaining costs $ 4,019 $ 5,048 $ 5,425 $ 1,112 $ 1,201

Project exploration and evaluation and project costs 6 193 308 354 64 75

Community relations costs not related to current operations 8 12 29 2 -

Project capital expenditures 7 175 133 596 51 (48)

Rehabilitation - accretion and amortization (non-operating

sites) 8 11 12 11 4 3

Non-controlling interest and copper operations 9 (42) (43) (74) (4) (20)

All-in costs $ 4,364 $ 5,470 $ 6,341 $ 1,229 $ 1,211

Ounces sold - equity basis (000s ounces) 10 5,503 6,083 6,284 1,519 1,636

Cost of sales per ounce 11,12 $ 798 $ 859 $ 842 $784 $ 848

Cash costs per ounce 12 $ 546 $ 596 $ 598 $ 540 $ 547

Cash costs per ounce (on a co-product basis) 12,13 $ 569 $ 619 $ 618 $ 557 $ 566

All-in sustaining costs per ounce 12 $ 730 $ 831 $ 864 $ 732 $ 733

All-in sustaining costs per ounce (on a co-product basis) 12,13 $ 753 $ 854 $ 884 $ 749 $ 752

All-in costs per ounce 12 $ 792 $ 900 $ 1,010 $ 809 $ 741

All-in costs per ounce (on a co-product basis) 12,13 $ 815 $ 923 $ 1,030 $ 826 $ 760

1 By-product credits

Revenues include the sale of by-products for our gold and copper mines for the three months ended December 31, 2016 of $41 million (2015: $34 million) and the year ended December 31, 2016 of $151 million (2015: $140 million; 2014: $183 million) and energy sales from the Monte Rio power plant at our Pueblo Viejo mine for the three months ended December 31, 2016 of $nil (2015: $14 million) and the year ended December 31, 2016, of $33 million (2015: $74 million; 2014: $88 million) up until its disposition on August 18, 2016.

2 Realized (gains)/losses on hedge and non-hedge derivatives

Includes realized hedge losses of $14 million and $73 million for the three months and year ended December 31, 2016, respectively (2015: $40 million and $106 million, respectively; 2014: $86 million gains), and realized non-hedge losses of $4 million and $16 million for the three months and year ended December 31, 2016, respectively (2015: $10 million and $22 million, respectively; 2014: $8 million gains). Refer to Note 5 of the Financial Statements for further information.

3 Non-recurring items

Non-recurring items in 2016 consist of $34 million in a reduction in cost of sales attributed to insurance proceeds recorded in the third quarter of 2016 relating to the 2015 oxygen plant motor failure at Pueblo Viejo and $10 million in abnormal costs at Veladero relating to the administrative fine in connection to the cyanide incident that occurred in 2015. These gains/costs are not indicative of our cost of production and have been excluded from the calculation of cash costs.

4 Other

Other adjustments include adding the net margins related to power sales at Pueblo Viejo of $nil and $5 million, respectively, (2015: $2 million and $12 million, respectively; 2014: $16 million) and adding the cost of treatment and refining charges of $4 million and $16 million, respectively (2015: $4 million and $14 million, respectively; 2014: $11 million). 2016 includes the removal of cash costs associated with our Pierina mine which is mining incidental ounces as it enters closure of $24 million and $66 million, respectively.

5 Non-controlling interests (Pueblo Viejo and Acacia)

Non-controlling interests include non-controlling interests related to gold production of $127 million and $508 million, respectively, for the three months and year ended December 31, 2016 (2015: $188 million and $681 million, respectively; 2014: $602 million). Refer to Note 5 of the Financial Statements for further information.

6 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 45 of the MD&A.

7 Capital expenditures

Capital expenditures are related to our gold sites only and are presented on a 100% accrued basis. They are split between minesite sustaining and project capital expenditures. Project capital expenditures are distinct projects designed to increase the net present value of the mine and are not related to current production. Significant projects in the current year are Arturo, Cortez Lower Zone and Lagunas Norte Refractory Ore Project. Refer to page 44 of the MD&A.

8 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.

9 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 costs, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of our Acacia and Pueblo Viejo operating segment and Arturo. In 2016, figures remove the impact of Pierina. The impact is summarized as the following:

($ millions)

For the years ended December 31 For the three months ended December 31

Non-controlling interest, copper operations and other 2016 2015 2014 2016 2015

General & administrative costs ($ 36) ($ 53) ($ 86) ($ 5) ($ 5)

Minesite exploration and evaluation costs (9) (8) (18) (3) (3)

Rehabilitation - accretion and amortization (operating sites) (9) (13) (12) (4) (4)

Minesite sustaining capital expenditures (233) (288) (416) (66) (74)

All-in sustaining costs total ($ 287) ($ 362) ($ 532) ($ 78) ($ 86)

Project exploration and evaluation and project costs (12) (11) (43) (4) (9)

Project capital expenditures (30) (32) (31) - (11)

All-in costs total ($ 42) ($ 43) ($ 74) ($ 4) ($ 20)

10 Ounces sold - equity basis

In 2016, figures remove the impact of Pierina as the mine is currently going through closure.

11 Cost of sales per ounce

In 2016, figures remove the cost of sales impact of Pierina of $30 million and $82 million, respectively for the three months and year ended December 31, 2016, as the mine is currently going through closure. Cost of sales per ounce excludes non-controlling interest related to gold productions. Cost of sales related to gold per ounce is calculated using cost of sales on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces.

12 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 the table due to rounding.

13 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 years ended December 31 For the three months ended December 31

2016 2015 2014 2016 2015

By-product credits $ 184 $ 214 $ 271 $ 41 $ 48

Non-controlling interest (53) (62) (80) (13) (14)

By-product credits (net of non-controlling interest) $ 131 $ 152 $ 191 $ 28 $ 34

Reconciliation of Gold Cost of Sales to Cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis, by operating segment ($ millions, except per ounce information in dollars) For the three months ended December 31, 2016

Footnote Cortez Goldstrike Pueblo

Viejo Lagunas

Norte Veladero Turquoise

Ridge Acacia

Cost of sales related to gold production $ 235 $ 269 $ 144 $ 60 $ 173 $ 41 $ 195

Depreciation (119) (105) (21) (19) (42) (8) (44)

By-product credits 1 - - (17) (4) (7) - (10)

Non-recurring items 2 - - - - - - -

Other 3 - - 1 - - - 1

Non-controlling interests - - (39) - - - (52)

Cash costs $ 116 $ 164 $ 68 $ 37 $ 124 $ 33 $ 90

General & administrative costs - - - - - - (1)

Minesite exploration and evaluation costs 4 6 1 - - 1 - 1

Minesite sustaining capital expenditures 5 19 55 32 3 49 9 56

Rehabilitation - accretion and amortization

(operating sites) 6 3 6 2 2 1 - 2

Non-controlling interests - (4) (13) - - - (21)

All-in sustaining costs $ 144 $ 222 $ 89 $ 42 $ 175 $ 42 $ 127

Project capital expenditures 5 33 - - 1 - - -

Non-controlling interests - - - - - - -

All-in costs $ 177 $ 222 $ 89 $ 43 $ 175 $ 42 $ 127

Ounces sold - equity basis (000s ounces) 277 305 198 98 194 69 134

Cost of sales per ounce 7,8 $846 $880 $450 $612 $892 $595 $935

Cash costs per ounce 8 $ 418 $ 534 $ 341 $ 379 $ 642 $ 484 $ 679

Cash costs per ounce (on a co-product basis) 8,9 $ 418 $ 536 $ 471 $ 418 $ 716 $ 484 $ 713

All-in sustaining costs per ounce 8 $ 517 $ 734 $ 443 $ 436 $ 905 $ 610 $ 952

All-in sustaining costs per ounce (on a co-product basis) 8,9 $ 517 $ 736 $ 573 $ 475 $ 979 $ 610 $ 986

All-in costs per ounce 8 $ 637 $ 734 $ 443 $ 447 $ 905 $ 610 $ 953

All-in costs per ounce (on a co-product basis) 8,9 $ 637 $ 736 $ 573 $ 486 $ 979 $ 610 $ 987

($ millions, except per ounce information in dollars) For the three months ended December 31, 2015


Viejo Lagunas


Ridge Acacia


Depreciation (122) (73) (55) (37) (29) (6) (44)

By-product credits 1 (1) - (26) (4) (4) - (9)

Non-recurring items 2 - - (38) - (2) - (109)

Other 3 - - 3 - - - 4


Cash costs $ 119 $ 178 $ 54 $ 40 $ 88 $ 29 $ 94

General & administrative costs - - - - - - 9

Minesite exploration and evaluation costs 4 1 2 1 1 - - -



(operating sites) 6 4 3 7 2 1 - 2



Project capital expenditures 5 5 24 - - - - -

Non-controlling interests - (9) - - - - -

All-in costs $ 144 $ 214 $ 70 $ 60 $ 144 $ 38 $ 128


Cost of sales per ounce 7,8 $703 $727 $849 $690 $785 $685 $1,526



All-in sustaining costs per ounce 8 $ 406 $ 581 $ 496 $ 506 $ 915 $ 735 $ 1,004

All-in sustaining costs per ounce (on a co-product basis) 8,9 $ 406 $ 583 $ 618 $ 539 $ 953 $ 735 $ 1,032

All-in costs per ounce 8 $ 419 $ 623 $ 496 $ 506 $ 915 $ 735 $ 1,005

All-in costs per ounce (on a co-product basis) 8,9 $ 419 $ 625 $ 618 $ 539 $ 953 $ 735 $ 1,033

($ millions, except per ounce information in dollars) For the year ended December 31, 2016


Viejo Lagunas


Ridge Acacia


Depreciation (499) (307) (147) (96) (118) (27) (166)

By-product credits 1 - (1) (90) (17) (27) - (39)

Non-recurring items 2 - - 34 - (10) - -

Other 3 - - 5 - - - 8


Cash costs $ 456 $ 632 $ 276 $ 163 $ 309 $ 128 $ 334


Minesite exploration and evaluation costs 4 6 4 - 2 1 - 3



(operating sites) 6 12 14 10 8 4 1 6

Non-controlling interests - (4) (44) - - - (88)


Project capital expenditures 5 67 74 - 5 - - 1


All-in costs $ 616 $ 832 $ 343 $ 229 $ 409 $ 161 $ 501

Ounces sold - equity basis (000s ounces) 1,059 1,103 700 425 532 257 522



Cash costs per ounce (on a co-product basis) 8,9 $ 430 $ 573 473 $ 423 $ 632 $ 498 $ 677

All-in sustaining costs per ounce 8 $ 518 $ 714 $ 490 $ 529 $ 769 $ 625 $ 958

All-in sustaining costs per ounce (on a co-product basis) 8,9 $ 518 $ 715 $ 568 $ 569 $ 819 $ 625 $ 995

All-in costs per ounce 8 $ 581 $ 754 $ 490 $ 540 $ 769 $ 625 $ 960

All-in costs per ounce (on a co-product basis) 8,9 $ 581 $ 755 $ 568 $ 580 $ 819 $ 625 $ 997



Viejo Lagunas


Ridge Acacia


Depreciation (343) (192) (277) (169) (108) (23) (143)

By-product credits 1 (1) (1) (120) (18) (22) - (36)

Non-recurring items 2 (5) (7) (47) (5) (21) (1) (109)

Other 3 - - 13 - - - 8


Cash costs $ 477 $ 522 $ 279 $ 186 $ 348 $ 117 $ 357


Minesite exploration and evaluation costs 4 2 10 1 3 2 - 2



(operating sites) 6 12 15 25 32 4 1 9



Project capital expenditures 5 $ 47 112 - - - - (1)


All-in costs $ 639 $ 738 $ 356 $ 288 $ 596 $ 150 $ 512


Cost of sales per ounce 7,8 $841 $723 $881 $669 $792 $697 $1,161



All-in sustaining costs per ounce 8 $ 603 $ 658 $ 597 $ 509 $ 946 $ 742 $

1,112

All-in sustaining costs per ounce (on a co-product basis) 8,9 $ 604 $ 659 $ 725 $ 541 $ 981 $ 742

$ 1,150

All-in costs per ounce 8 $ 650 $ 738 $ 597 $ 509 $ 946 $ 742 $

1,111

All-in costs per ounce (on a co-product basis) 8,9 $ 651 $ 739 $ 725 $ 541 $ 981 $ 742 $

1,149



Viejo Lagunas


Ridge Acacia


Depreciation (255) (132) (243) (92) (116) (17) (129)

By-product credits 1 (1) (1) (163) (14) (28) - (45)

Non-recurring items 2 - - - - - - -

Other 3 - - 16 - - - (8)


Cash costs $ 431 $ 518 $ 298 $ 229 $ 410 $ 94 $ 329


Minesite exploration and evaluation costs 4 1 2 - 1 3 - 1



(operating sites) 6 9 10 23 17 4 1 8



Project capital expenditures 5 19 300 - - - - 56

Non-controlling interests - (5) - - - - (17)

All-in costs $ 630 $ 1,070 $ 393 $ 328 $ 590 $ 125 $ 536





All-in sustaining costs per ounce 8 $ 706 $ 854 $ 588 $ 543 $ 815 $ 628 $

1,105

All-in sustaining costs per ounce (on a co-product basis) 8,9 $ 707 $ 855 $ 663 $ 567 $ 853 $ 628

$ 1,159

All-in costs per ounce 8 $ 728 $ 1,179 $ 588 $ 543 $ 815 $ 628 $

1,190

All-in costs per ounce (on a co-product basis) 8,9 $ 729 $ 1,180 $ 663 $ 567 $ 853 $ 628 $

1,244

1 By-product credits

Revenues include the sale of by-products for our gold mines and energy sales from the Monte Rio power plant at our Pueblo Viejo mine for the three months and year ended December 31, 2016, of $nil and $33 million, respectively (2015: $14 million and $74 million, respectively; 2014: $88 million).

2 Non-recurring items

Non-recurring items in 2016 consist of $34 million in a reduction in cost of sales attributed to insurance proceeds recorded in the third quarter of 2016 relating to the 2015 oxygen plant motor failure at Pueblo Viejo and $10 million in abnormal costs at Veladero relating to the administrative fine in connection to the cyanide incident that occurred in 2015. These gains/costs are not indicative of our cost of production and have been excluded from the calculation of cash costs.

3 Other

Other adjustments include adding the net margins related to power sales at Pueblo Viejo of $nil and $5 million, respectively, (2015: $2 million and $12 million, respectively; 2014: $16 million) and adding the cost of treatment and refining charges of $2 million and $9 million, respectively (2015: $3 million and $8 million, respectively; 2014: $7 million).

4 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 45 of the MD&A.

5 Capital expenditures

Capital expenditures are related to our gold sites only and are presented on a 100% accrued basis. They are split between minesite sustaining and project capital expenditures. Project capital expenditures are distinct projects designed to increase the net present value of the mine and are not related to current production. Significant projects in the current year are Arturo, Cortez Lower Zone and Lagunas Norte Refractory Ore Project. Refer to page 44 of the MD&A.

6 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.

7 Cost of sales per ounce

Cost of sales related to gold per ounce is calculated using cost of sales on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces.

8 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.

9 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 December 31, 2016

Cortez Goldstrike Pueblo

Viejo Lagunas


Ridge Acacia

By-product credits $- $- $ 17 $ 4 $ 7 $- $ 10

Non-controlling interest - - (9) - - - (4)

By-product credits (net of non-controlling interest) $- $- $ 8 $ 4 $ 7 $- $ 6

For the three months ended December 31, 2015


Viejo Lagunas


Ridge Acacia

By-product credits $ 1 $- $ 26 $ 4 $ 4 $- $ 9


By-product credits (net of non-controlling interest) $ 1 $- $ 16 $ 4 $ 4 $- $ 6

For year ended December 31, 2016


Viejo Lagunas


Ridge Acacia

By-product credits $- $ 1 $ 90 $ 17 $ 27 $- $ 39


By-product credits (net of non-controlling interest) $- $ 1 $ 51 $ 17 $ 27 $- $ 25

For the year ended December 31, 2015


Viejo Lagunas


Ridge Acacia

By-product credits $ 1 $ 1 $ 120 $ 18 $ 22 $- $ 36


By-product credits (net of non-controlling interest) $ 1 $ 1 $ 71 $ 18 $ 22 $- $ 23

For the year ended December 31, 2014


Viejo Lagunas


Ridge Acacia

By-product credits $ 1 $ 1 $ 163 $ 14 $ 28 $- $ 45


By-product credits (net of non-controlling interest) $ 1 $ 1 $ 99 $ 14 $ 28 $- $ 29

4 “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures. “C1 cash

costs” per pound is based on cost of sales but excludes the impact of depreciation and royalties and includes treatment and refinement charges. “All-in sustaining costs” per pound begins with “C1 cash costs” per pound and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs and royalties. Barrick believes that the use of “C1 cash costs” per pound and “all-in sustaining costs” per pound will assist investors, analysts, and other stakeholders in understanding the costs associated with producing copper, understanding the economics of copper 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. “C1 cash costs” per pound and “All-in sustaining costs” per pound are intended to provide additional information only, do not have any standardized meaning under IFRS, and may not be comparable to similar measures of performance presented by other companies. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of 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) For the years ended December 31 For the three months ended December 31

2016 2015 2014 2016 2015

Cost of sales $ 319 $ 814 $ 954 $ 84 $ 116

Depreciation/amortization1 (45) (104) (171) (15) (23)

Treatment and refinement charges 161 178 120 41 49

Cash cost of sales applicable to equity method investments2 209 23 - 55 23

Less: royalties (41) (101) (39) (9) (16)

Non-routine charges - - (1) - -

Other metal sales - (1) (1) - -

Other - 72 (27) - 72

C1 cash cost of sales $ 603 $ 881 $ 835 $ 156 $ 221

General & administrative costs 14 21 40 3 4

Rehabilitation - accretion and amortization 7 6 8 2 -

Royalties 41 101 39 9 16

Minesite exploration and evaluation costs - - 1 - -

Minesite sustaining capital expenditures 169

177 294 48 44

Inventory write-downs - - 1 - -

All-in sustaining costs $ 834 $ 1,186 $ 1,218 $ 218 $ 285

Pounds sold - consolidated basis (millions pounds) 405 510 435 107 132

Cost of sales per pound3,4 $1.43 $ 1.65 $ 2.19 $1.45 $ 1.09

C1 cash cost per pound3 $1.49 $ 1.73 $ 1.92 $1.47 $ 1.66

All-in sustaining costs per pound3 $2.05 $2.33 $ 2.79 $2.04 $2.15

1 For the year ended December 31, 2016, depreciation excludes $50 million (2015: $6 million; 2014: $nil) of depreciation applicable to equity method investments.

2 For the year ended December 31, 2016, figures include $177 million (2015: $23 million; 2014: $nil) of cash costs related to our 50% share of Zaldívar due to the divestment of 50% of our interest in the mine on December 1 , 2015, as well as $32 million (2015: $nil; 2014: $nil) of cash costs related to our 50% share of Jabal Sayid due to the divestment of 50% of our interest in the mine on December 4, 2014 and subsequent accounting as equity method investments.

3 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. 4 Cost of sales related to copper per pound is calculated using cost of sales including our proportionate share of cost of sales attributable to equity method

investments (Zaldívar and Jabal Sayid), divided by consolidated copper pounds (including our proportionate share of copper pounds from our equity method investments).

5 “EBITDA” and “Adjusted EBITDA” are non-GAAP financial performance measures. “EBITDA” excludes income tax expense,

finance costs, finance income and depreciation from net earnings. “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. “EBITDA” is also frequently used by investors and analysts for valuation purposes whereby “EBITDA” is multiplied by a factor or “EBITDA” multiple” that is based on an observed or inferred relationship between “EBITDA” and market values to determine the approximate total enterprise value of a company. “Adjusted EBITDA” removes the effect of “impairment charges”. These charges are not reflective of our ability to generate liquidity by producing operating cash flow, and therefore this adjustment will result in a more meaningful valuation measure for investors and analysts to evaluate our performance in the period and assess our future ability to generate liquidity. “EBITDA” and “Adjusted EBITDA” are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. “EBITDA” and “Adjusted EBITDA” should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA ($ millions) For the years ended December 31 For the three months ended December 31

2016 2015 2014 2016 2015

Net earnings (loss) $ 861 $ (3,113) $ (2,959) $ 512 $ (2,941)

Income tax expense 917 (31) 306 223 (361)

Finance costs, net1 725 663 710 200 120

Depreciation 1,574 1,771 1,648 418 499

EBITDA $ 4,077 $ (710) $ (295) $ 1,353 $ (2,683)

Impairment charges (250) 3,897 4,106 (304) 3,405

Adjusted EBITDA $ 3,827 $ 3,187 $ 3,811 $ 1,049 $ 722

1 Finance costs exclude accretion.

1:139

Cortez– Overview Location: 120km SW of Elko, Nevada, United States Ownership: 100% Barrick Mine Type: Open Pit and Underground Products: Gold

Operations at Cortez are split between two complexes, Pipeline and Cortez Hills. The Pipelinecomplex is mined via open pit; Cortez Hills is mined via open pit and underground. Both complexeshave heap leach facilities (Area 34 and Area 30). Higher grade oxide ore is processed in an onsiteconventional SAG mill with CIL recovery which have a design capacity of 14ktpd. Refractory ore istrucked 125km to Goldstrike for processing in the roaster or TCM circuit.

APPENDIX

2016 Reserves and Resources1 Tonnes(000s)

Grade(gm/t)

Contained(000s ozs)

Proven Gold Mineral Reserves 16,196 1.52 793

Probable Gold Mineral Reserves 134,806 2.18 9,427

Measured Gold Mineral Resources 2,199 2.04 144

Indicated Gold Mineral Resources 29,137 2.13 1,999

1. See Endnote #2

1:140

Cortez– 2016Review&2017TargetsIn 2016 gold production was 1,059koz, 6%higher than the prior year primarily due to higher oretonnes. This was combined by Best-in-Class initiativesincreasing mining efficiencies and process improvementsresulting in increased tonnes mined and throughput,respectively, partly offset by lower underground gradesas mining is advancing from the high grade Breccia zoneto the lower grade Middle zone. Cost of Sales were$901 per ounce, $60 per ounce higher than the prioryear primarily due to the impact of higher depreciationfrom an increase in ounces mined at the Cortez Hillsopen pit combined with lower capitalized stripping costsassociated with lower stripping at the Cortez Hills openpit and Crossroads open pit. The increases were partiallyoffset by lower open pit consumable costs combined withlower inventory write-downs, lower royalty payments asmore ore was produced from the Cortez Hills pit. All-insustaining costs1 were $518 per ounce, a decrease of$85 per ounce from the prior year primarily due to theimpact of higher sales volume combined with lowersustaining capital spend.

For 20172 we expect gold production to be in therange of 1,250 to 1,290 thousand ounces, an increase from2016 production levels. This is due to a significant increase inopen pit production, primarily from higher grade oxide ore andincreased throughput at the mill processed on site and largervolumes of refractory ore, at grades similar to 2016, beingprocessed at Goldstrike. This is somewhat offset by anexpected decline in underground ore grade as the minetransitions to lower grade ore zones deeper in the deposit.

In 2017, we expect cost of sales per ounce to be in the rangeof $730 to $760 per ounce, which is a material decrease from2016 due to increased sales volume. Cost of Sales show only aslight increase from 2016 to 2017. Operating costs are in linewith 2016, while productivity improvements generated bydigitization and Best-in-Class are expected to start contributingto additional mining and processing volumes. All-insustaining costs1 are expected to be in the range of $430 to$470 per ounce, again a decrease over 2016, primarily due tohigher sold ounces mentioned above.

APPENDIX

1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E 2. See Endnote #1

1:141

Cortez– ProductionMetrics

ProductionMetrics 2014 2015 2016 2017E1

Tonnes Mined (000s) 152,146 151,357 124,919 -

Tonnes Processed(000s) 25,957 22,406 25,112 -

Average Grade(g/tonne Au) 1.34 1.73 1.73 -

Recovery (%) 81 80 76 -

Total Production (koz Au) 902 999 1,059 1,250-1,290

APPENDIX

1. See Endnote #1

902 999 1059

1290-

1250500

600

700

800

900

1000

1100

1200

1300

2014 2015 2016 2017e

koz

1:142

Financial metrics 2014 2015 2016 2017E1

Gold Cost of Sales ($/oz) 794 841 901 730 – 760

Gold AISC2

($/oz) 706 603 518 430 – 470

Gold CashCosts2 ($/oz) 498 486 430 360 – 380

Sustaining Capex ($M) 170 101 75 -

ProjectCapex ($M) 19 47 67 -

SegmentIncome ($M) 393 287 340 -

SegmentEBITDA2 ($M) 648 630 839 -

Cortez– Financial&CostMetricsAPPENDIX

1. See Endnote #1 2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E

1:143

Cortez– Mining Open pit mining at 2 pits: Pipeline and Cortez Hills

– Conventional truck/shovel operation– Cortez Hills pit dimensions: 2km long x 1km wide

x 400m deep – Typical bench height: 15m– Primary loading fleet:

– 1 x Hitachi EX5500– 3 x P&H 2800– 2 x P&H 4100

– Primary hauling fleet:– 27 x Liebherr T282– 28 x Caterpillar CAT789

Underground mining at Cortez Hills– Underhand cut and fill with cemented rock fill

as backfill– Parallel 5m wide by 5.5m high and 3 km declines

with crosscuts at every 150m

Mining Metrics 2014 2015 2016

Open Pit

Mining rate (ktpd) 415 413 339

Strip ratio 5.4:1 6.3:1 3.7:1

Mining cost ($/tonne) 1.70 1.42 1.56

Underground

Mining rate (ktpd) 2.0 2.5 2.8

Mining cost ($/tonne) 120 103 98

APPENDIX

1:144

Cortez– ProcessingAPPENDIX

Processing metrics 2014 2015 2016

Mill Leaching

Cost ($/tonne) 12.4 13.1 12.3

Throughput (tonne/day) 10,200 9,500 11,500

Recovery (%) 84.2% 87.0% 87.7%

Total Production (koz Au) 468 530 568

Heap Leaching

Cost ($/tonne) 1.4 1.2 1.0


Recovery (%) 71.9% 52.9% 50.2%


1:145

Cortez– Processing,cont’dAPPENDIX


Autoclave (Goldstrike)

Cost ($/tonne) 67.8 45.9 49.3

Throughput (tonne/day) See Goldstrike See Goldstrike See Goldstrike

Recovery (%) 84.3% 75.6% 64.4%


Roaster (Goldstrike)

Cost ($/tonne) 28.7 28.7 28.7

Throughput (tonne/day) See Goldstrike See Goldstrike See Goldstrike

Recovery (%) 82.9% 90.7% 90.6%


Total

Cost ($/tonne) 4.2 4.2 4.0


Recovery (%) 80.6% 80.3% 75.9%

Total Production (koz Au) 902 999 1,059

1:146

Goldstrike– Overview Location: 60km NW of Elko, Nevada, United States Ownership: 100% Barrick Mine Type: Conventional open pit and underground mining Products: Gold

Goldstrike has produced over 42 M ounces since American Barrick acquired the property in 1987.Goldstrike consist of the Betze‐Post open pit and the Meikle and Rodeo underground mines. Meikle is ahigh‐grade ore body which is mined by transverse longhole stoping, underhand drift and fill miningmethods. Rodeo is a trackless operation, using two different underground mining methods: long‐hole openstoping and drift‐and‐fill. Double refractory ore is processed both at the Roaster and the Autoclave/TCM.

APPENDIX

1. Does not include South Arturo


Grade(gm/t)

Contained(000s ozs)

Proven Gold Mineral Reserves 57,469 3.29 6,082



Indicated Gold Mineral Resources 5,918 5.09 968

1. See Endnote #2

1:147

Goldstrike– 2016Review&2017TargetsIn 2016, gold production of 1,096koz was 4%higher than the prior year primarily as a result of higherautoclave production and an increase in roasterthroughput due to blend optimization. Cost of sales of$852 per ounce was $129 per ounce higher than theprior year primarily due to higher operating costs anddepreciation expense from the operation of the autoclavecombined with higher depreciation from Arturo pit. Theseincreases are partially offset by favorable fuel prices,energy prices, and Best-in-Class initiatives aimed atbetter utilizing open pit equipment, and improvingunderground mining efficiency. In 2016, this was partiallyoffset by the impact of an increase in sales volume. All-in sustaining costs1 of $714 per ounce increased by$56 per ounce compared to the prior year primarily dueto higher operating costs combined with highersustaining capital, partly offset by an increase in salesvolume.

For 20172 production is expected to be in the range of910 to 950 thousand ounces, which is lower than 2016production levels. Lower ounce production is expected fromboth the underground and open pit operations. At theunderground, emphasis in 2017 will be on developmentdeeper in the mine and ore mined will also be impacted by aslightly higher percentage of cut and fill tonnage.Contribution from open pit production is expected to belower as we transition from ore mining at the Arturo pit tostripping the 3rd and 4th NW laybacks in the Betze Post pit.We expect cost of sales per ounce to be in the range of$950 to $990 per ounce for 2017, higher than 2016 due tosold ounces decreasing over 2016 primarily, offset slightly bylower operating spend driven by Best-in-Class initiatives. All-in sustaining costs1 are expected to be $910 to $980 perounce, an increase from 2016 due to lower ounce productionand higher sustaining capital expenditures for tailingsexpansions, process improvements, and undergroundsustaining projects to enable mining deeper in the mine.

APPENDIX


1:148

Goldstrike– ProductionMetrics


Tonnes Mined (000s) 81,410 72,304 67,834 -

TonnesProcessed1 (000s) 5,307 6,752 7,361 -

Average Grade (g/tonne Au) 6.28 6.01 5.65 -

Recovery (%) 84 81 82 -

Total Production (koz Au) 902 1,053 1,096 910 - 950

APPENDIX

902 1053 1096

950-

910500

600

700

800

900

1000

1100

1200

1300

2014 2015 2016 2017e

koz

1. Excludes toll material2. See Endnote #1

1:149

Goldstrike– Financial&CostMetricsAPPENDIX



Gold AISC2

($/oz) 854 658 714 910 – 980






1. See Endnote #1 2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 and 5 of Appendix E

1:150

Goldstrike– Mining(100%)2

Open pit mining at Betze Post– Conventional truck/shovel operation

– Pit dimensions: 3.3km long x 2km wide x 600m deep (w/out backfill)

– Typical bench height: 6-13m

– Primary loading fleet:

– 2 x P&H 4100

– 2 x P&H 2800

– 1 x Hitachi EX5500

– Primary hauling fleet:

– 23 x Komatsu 930E

Underground mining at Meikle and Rodeo– Underhand cut and fill, longhole stoping

– Cemented rock fill and paste as backfill


Open Pit


Strip ratio 12.4:1 10.9:1 22.7:1

Mining cost1($/tonne) 2.25 1.90 1.60

Underground



APPENDIX

1. Includes dewatering cost2. Stats above reflect all ore processed at Goldstrike including Arturo, Cortez and Goldstrike

1:151

Goldstrike– Processing(100%)2APPENDIX


Autoclave

Cost ($/tonne) 88.6 62.8 60.1Throughput (tonne/day) 2,9001 7,100 9,600Recovery (%) 75.4% 58.7% 63.0%Total Production (koz Au) 155 204 242

Roaster

Cost ($/tonne) 25.4 24.6 23.5Throughput (tonne/day) 14,200 13,800 14,000Recovery (%) 84.1% 82.5% 83.8%Total Production (koz Au) 963 1,180 1,204

Total

Cost ($/tonne) 36.2 37.6 38.4Throughput (tonne/day) 17,100 21,000 23,600Recovery (%) 84.1% 82.5% 83.8%Total Production (koz Au) 1,118 1,384 1,446

1. Autoclave production suspended during TCM construction. Production restarted in Q4 2014 2. Stats above reflect all ore processed at Goldstrike including Arturo, Cortez and Goldstrike

1:152

Hemlo– Overview Location: 350km East of Thunder Bay, Ontario, Canada Ownership: 100% Barrick Mine Type: Open Pit and Underground Products: Gold

Hemlo has produced over 21Moz and operated continuously for over 30 years. Hemlo consists of the Williamsmine − an underground and open pit operation. Ore from the Williams mine is fed to a standard grind, leachand carbon-in-pulp (CIP) mill which has a design capacity of 10ktpd. The circuit comprises run-of-mine orehandling, crushing, grinding, thickening, cyanide leaching, carbon‐in-pulp, carbon stripping and reactivation,electro-winning and refining, tailings disposal, water reclaim and a tailings effluent treatment circuit.

APPENDIX


Grade(gm/t)

Contained(000s ozs)



Measured Gold Mineral Resources 126 2.72 11


1. See Endnote #2

1:153

Hemlo– 2016Review&2017TargetsAPPENDIX

In 2016 gold production was 235koz,7.3% higher than the prior year. The increasewas primarily due to higher grades from theunderground. Cost of Sales of $795 per ouncewere $92/oz lower than the prior year. All-insustaining costs1 of $839 per ounce for 2016decreased by $56 per ounce compared to theprior year primarily due to the impact of highersales volume on unit production costscombined with a decrease in mine-sitesustaining capital expenditures.

For 20172 we expect gold production to bein the range of 205-220koz, which is slightlybelow 2016 production levels. This is primarilydue to a lower forecasted grade in theunderground then what was in 2016 and a onemonth shutdown to replace a SAG mill shell.Cost of Sales is anticipated to be in the rangeof $800-$860 per ounce which is slightly higherthan 2016 costs due to the less ounces minedfrom underground. All-in sustaining costs1

are forecast at $880-$890 per ounce, which ishigher than 2016 primarily due to sustainingcapital expenditures for tailings expansions,water management projects, SAG Mill shellreplacement, and timing of equipmentreplacements.


1:154

Hemlo– ProductionMetrics

Production Metrics 2014 2015 2016 2017E1

Tonnes Mined (000s) 8,127 7,409 7,940 -

Tonnes Processed (000s) 2,916 3,120 3,408 -


Recovery (%) 94 95 94 -

Total Production (koz Au) 206 219 235 205 - 220

APPENDIX

206 219 235

220-

205190

195

200

205

210

215

220

225

230

235

240

2014 2015 2016 2017e

koz

1. See Endnote #1

1:155

Hemlo– Financial&CostMetricsAPPENDIX


Gold Cost of Sales ($/oz) 1,089 887 795 800 – 860

Gold AISC2

($/oz) 1,059 895 839 880 – 980




1. See Endnote #1 2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix E

1:156

Hemlo– Mining Open pit mining:

– Conventional truck/loader operation– Pit dimensions: 1km long x 0.6km

wide x 220m deep – Typical bench height: 10m– Primary loading fleet:

– 3 x Caterpillar 992– Primary hauling fleet:

– 7 x Caterpillar CAT777 Underground mining

– Long hole and Alimak– 9yd Scooptrams/30t trucks/40t

autonomous trucks– Shaft and ramp access covers 1.3km

depth and 3km strike length


Open Pit


Strip ratio 3.5:1 2.6:1 2.1:1


Underground



APPENDIX

1:157

Hemlo– ProcessingAPPENDIX


Mill Leaching

Cost ($/tonne) 12.0 9.3 9.1


Recovery (%) 93.9% 94.6% 93.7%


Total

Cost ($/tonne) 12.0 9.3 9.1


Recovery (%) 93.9% 94.6% 93.7%


1:158

JabalSayid– Overview

Location: Located 350km north east of Jeddah in the Kingdom of Saudi Arabia Ownership: 50% Barrick / 50% Ma’aden Mine Type: Underground Mine employing Long Hole Stoping Method Products: Copper Concentrate (by-product Gold & Silver)

Barrick acquired the Jabal Sayid asset through the Equinox acquisition in 2011 and formed a 50/50 JV with Ma’aden Mining in December 2014. The first shipment of copper concentrate occurred in December 2015 and the mine commenced Commercial Production in July 2016. The mine is currently ramping up production until average production of 100Mlbs of copper in concentrate is achieved in 2018. This production rate is then maintained for the next 11 years.

APPENDIX

2016 Reserves and Resources 1 Tonnes(Million)

GradeCu (%)

Contained(Mlbs)

Proven Copper Mineral Reserves 2,855 2.29 144.1

Probable Copper Mineral Reserves 8,476 2.59 483.0

Measured Copper Mineral Resources 57 1.35 1.7

Indicated Copper Mineral Resources 3,125 2.28 156.9

1. See Endnote #2

1:159

JabalSayid– 2016Review&2017Targets(50%)APPENDIX

In 2016, the mine initiated commercialproduction in July. Copper production was 30million pounds (attributable) at Cost of Saleswere $2.33 per pound and all-in sustainingcosts1 were $2.98 per pound for 2016.

For 20172 copper production is expectedto be in the range of 30-40 million pounds(attributable), higher than 2016 productionlevels due primarily to the accelerated ramp upto full production in 2018. Cost of Sales isanticipated to be in the range of $2.10-$2.80per pound. All-in sustaining costs1 areforecast at $2.30-$2.80 per pound, and lowerthan the prior year as the mine ramps upproduction.


1:160

JabalSayid– ProductionMetrics(50%)


Ore TonnesMined (000s) - - 739 -

TonnesProcessed (000s) - - 638 -

Average Grade (% Cu) - - 2.31 -

Recovery (%) - - 91 -

Total Production (Mlb Cu) - 6 30 30 - 40

APPENDIX

0 6 30

40-

300

5

10

15

20

25

30

35

40

45

2014 2015 2016 2017e

mlb

1. See Endnote #1

1:161


Copper Cost of Sales ($/ lb) - - 2.33 2.10 – 2.80

Copper AISC2 ($/ lb) - - 2.98 2.30 – 2.80

Copper C1 Cash Costs2 ($/ lb) - - 1.97 1.50 – 1.90

Sustaining Capex ($M) - - 17 -

Project Capex($M) - - - -

JabalSayid– Financial&CostMetrics(50%)APPENDIX


1:162

JabalSayid– Mining Underground Mining:

– Long Hole Open Stoping method of mining

– Average Stope Dimensions 50m x 30m x 30m

– Ore and waste hauled to surface via a decline

– Primary Loading Fleet (currently):

– 5 x Sandvik LH621 (3 being tele-remote loaders with self guidance technology)

– Primary Hauling Fleet (currently):

– 6 x Sandvik TH663

Mining Metrics (100%) 2014 2015 2016

Underground

Mining Rate (ktpd) - - 3.5

Mining costs ($/tonne) - - 23.9

APPENDIX

1:163

JabalSayid– ProcessingAPPENDIX

Processing metrics (100%) 2014 2015 2016

Concentrator

Cost ($/tonne) - - 22.9

Throughput (tonne/day) - - 3,498

Recovery (%) - - 91

Total Production (100% Mlb Cu) - 12 60

Total

Cost ($/tonne) - - 22.9

Throughput (tonne/day) - - 3,498

Recovery (%) - - 91

Total Production (100% Mlb Cu) - 12 60

1:164

LagunasNorte– Overview Location: 140km East of Trujillo, Peru Ownership: 100% Barrick Mine Type: Open Pit Products: Gold, SilverThe property lies on the western flank of the Peruvian Andes at 4,000-4,260 meters above sea level. LagunasNorte is a conventional open‐pit, crush, valley‐fill heap leach operation. Ore processing is via a two‐stageconventional crushing circuit, followed by heap leaching and Merrill Crowe or Carbon-in-Column (CIC)precipitation plants. The pregnant solution is delivered to the Merrill Crowe or CIC plants by pumps. TheMerrill Crowe plant has a design capacity of 1,200m3 per hour, however the current average capacity hasincreased to 2,700m3 per hour. CIC plant has a design capacity of 2,140m3 per hour.

APPENDIX

2016 Reserves and Resources 1 Tonnes(000s)

Grade(gm/t)

Contained(000s ozs)

Proven Gold Mineral Reserves 26,322 1.83 1,548




1. See Endnote #2

1:165

LagunasNorte– 2016Review&2017TargetsAPPENDIX

In 2016, gold production of 435koz was 22%lower than the prior year primarily due to fewer ouncesplaced on the leach pad as a result of lower tonnagemined and combined with processing a higherpercentage of older stock material, in line withexpectations as the mine matures. Cost of sales of $651per ounce was $18 per ounce lower than the prior yearmainly due to a decrease in depreciation expense andlower direct operating costs resulting from lower tonnagemined and processed, lower fuel prices and lowerroyalties derived from lower sales. These were combinedwith realized cost savings from the Best-in-Class programsuch as the initiatives to improve efficiencies in thecarbon in column circuit, implementation of short intervalcontrol, improvements in planned maintenance andrenegotiation of certain service contracts. In 2016, all-insustaining costs1 of $529 per ounce increased by $20per ounce compared to the prior year primarily due tolower sales volume, partially offset by the lower cost ofsales combined with a decrease in minesite sustainingcapital expenditures.

For 20172 we expect gold production to be in therange of 380 to 420 thousand ounces, lower than 2016production levels, as a result of the progressive depletion ofoxide ores, which are being replaced with sulfide ores withlower kinetics and recoveries. We expect cost of sales perounce4 to be in the range of $710 to $780 per ounce. Thisincrease, in comparison with 2016, is mainly driven by highercost of sales attributed to an expected increase indepreciation expense, higher direct operating costs and CSRexpenses, partially offset by Best-in-Class initiatives. Theincrease in all-in sustaining costs1 to $560-$620 perounce in comparison with 2016 is driven mainly by thedecrease in production; sustaining capital expenditures aredecreasing in 2017. Operational cost increases are expectedto be partially offset by Best-in-Class operational initiativesincluding service and material contract renegotiation,increased component life, improvements in preventativemaintenance, and energy optimization programs. Structuralcost reduction in mine stripping and employee profit sharingare expected to occur due to the reduced mine productionplan.


1:166

LagunasNorte– ProductionMetrics


Tonnes Mined (000s) 50,030 49,126 40,847 -

TonnesProcessed (000s) 22,110 21,880 17,253 -


Recovery (%) 83 78 70 -

Total Production (koz Au) 582 560 435 380 - 420

APPENDIX

582 560 435

420-

3800

100

200

300

400

500

600

700

2014 2015 2016 2017e

koz

1. See Endnote #1

1:167

LagunasNorte– Financial&CostMetricsAPPENDIX



Gold AISC2

($/oz) 543 509 529 560 – 620







1:168

LagunasNorte– Mining Open pit mining

– Conventional truck/shovel operation

– Pit Dimensions: 2.5 km long x 1.5 km wide x 170 m deep (no backfill)

– Typical Bench Height: 10m

– Primary Loading Fleet:

– 2 x Komatsu PC4000

– 3 x Komatsu WA1200

– Primary Hauling Fleet:

– 19 x Komatsu 730E

– 4 x Caterpillar 785C


Open Pit


Strip Ratio 0.9:1 1.2:1 1.5:1

Mining costs ($/tonne) 2.35 2.22 1.84

APPENDIX

1:169

LagunasNorte– ProcessingAPPENDIX


Heap Leaching

Cost ($/tonne) 3.37 3.32 3.92


Recovery (%) 82.7% 78.1% 69.7%

Total production (koz Au) 582 560 435

Total

Cost ($/tonne) 3.37 3.32 3.92


Recovery (%) 82.7% 78.1% 69.7%


1:170

Lumwana– Overview Location: 100km west of Solwezi, Zambia Ownership: 100% Barrick Mine Type: Conventional Open Pit (Truck and Shovel) Products: Copper Concentrate

Barrick acquired the asset through the Equinox acquisition in 2011. The Lumwana copper mine is located in Zambia’s Copperbelt, one of the most prospective copper regions in the world. The plant has a milling design capacity of 65 ktpd. Lumwana ore, which is predominantly sulfide, is treated through a conventional sulfide flotation plant, producing copper concentrate. Copper concentrate is trucked 100-200km to three smelters for contract smelting.

APPENDIX


Grade(%)

Contained(million lbs)

Proven Copper Mineral Reserves 27,786 0.52 316

Probable Copper Mineral Reserves 179,860 0.60 2,368

Measured Copper Mineral Resources 25,154 0.41 227

Indicated Copper Mineral Resources 624,826 0.52 7,192

1. See Endnote #2

1:171

Lumwana– 2016Review&2017Targets(47.5%)APPENDIX

In 2016 copper production was 271million pounds, 5.6% lower than the prior year.This decrease was primarily attributable tolower tonnes mined due to equipmentavailability and lower grade. Cost of Saleswere $1.16 per pound, 18% lower than prioryear, attributable to lower direct mining costsas a result of improved cost controls, and lowerroyalty expenses following changes in royaltyrates through the 2nd half of 2015 and 2016.All-in sustaining costs1 of $1.97 per poundfor 2016 significantly decreased by 19%compared to the prior year, primarily due tolower mining costs and royalty expenses.

For 20172 we expect copper production tobe in the range of 250-275 million pounds,which is slightly lower than 2016 productionlevels, due primarily to lower ore grades fromthe mining operations. Cost of Sales areexpected to be in the range of $1.20 to $1.40per pound. All-in sustaining costs1 areexpected to be $2.10-$2.30 per pound, which isslightly higher than 2016 performance due tolower production and sales.


1:172

Lumwana– ProductionMetrics


Tonnes Mined (000s) 77,000 68,564 62,853 -


Average Grade (% Cu) 0.67 0.65 0.60 -

Recovery (%) 93 93 95 -

Total Production (Mlb Cu) 214 287 271 250 - 275

APPENDIX

214 287 271

275-

2500

50

100

150

200

250

300

350

2014 2015 2016 2017e

mlb

1. See Endnote #1

1:173

Lumwana– Financial&CostMetricsAPPENDIX


Copper Cost of Sales ($/ lb) 2.07 1.42 1.16 1.20 – 1.40

Copper AISC2 ($/ lb) 3.15 2.42 1.97 2.10 – 2.30

Copper C1 Cash Costs2 ($/ lb) 2.08 1.72 1.44 1.40 – 1.60


Project Capex($M) 0 0 0 -


1:174

Lumwana– Mining

Open pit mining at Chimiwungo pit: – Conventional truck/shovel operation and

conveyor

– Three Current Pits Average Dimensions: 1km long x 0.6km wide x 120m deep

– Typical Bench Height: 12m

– Primary Loading Fleet:

– 6 x Hitachi EX5500-5

– Primary Hauling Fleet:

– 30 x Hitachi EH4500


Open Pit


Strip Ratio 3.2:1 1.9:1 1.4:1


APPENDIX

1:175

Lumwana– ProcessingAPPENDIX


Concentrator

Cost ($/tonne) 3.94 2.79 2.75


Recovery (%) 93.5% 93.3% 94.7%

Total Production (Mlb Cu) 214 287 271

Total

Cost ($/tonne) 3.94 2.79 2.75


Recovery (%) 93.5% 93.3% 94.7%

Total Production (Mlb Cu) 214 287 271

1:176

Porgera– Overview

Location: 600km NW of Port Moresby, Papua New Guinea Ownership: 47.5% Barrick, 47.5% Zijin Mining Group, 5% Mineral Resources Enga Mine Type: Conventional open pit (truck and excavators) and underground mining

(long hole open stoping using paste backfill)

Products: GoldThe Porgera Joint Venture is an open pit and underground gold mine located at an altitude of 2,200-2,600 metersin the Enga Province of Papua New Guinea. The operation is roughly 130 kilometers west of Mount Hagen.Barrick (Niugini) Ltd is the 47.5% owner of the Porgera Joint Venture and is manager of the operation.

APPENDIX

2016 Reserves and Resources1 (47.5%) Tonnes(000s)

Grade(gm/t)

Contained(000s ozs)

Proven Gold Mineral Reserves 444 12.26 175


Measured Gold Mineral Resources 168 5.92 32


1. See Endnote #2

1:177

Porgera– 2016Review&2017TargetsIn 2016, gold production of 234koz(attributable) was 46% lower than the prior year.The decrease was largely due to the 50% divestmentof Barrick’s 95% stake, down to 47.5% ownership.The decrease can additionally be attributed togeotechnical events which impacted operations inthe open pit and underground mines resulting inlower grades. Cost of Sales were $836 per ouncedown $45 per ounce, compared to the prior year.The decrease was primarily due to the impact offavourable diesel fuel and gas prices and effectivecost management driven by business improvementinitiatives. All-in sustaining costs1 of $858 perounce for 2016 decreased by $160 per ouncecompared to the prior year, due to lower cash costand disciplined capital spending.

APPENDIX

For 20172 we expect gold production to be in therange of 250-270 koz, an increase from 2016, primarilydue to higher mill feed grade. We anticipate Cost ofSales to be between $780 to $840 per ounce, slightlylower than 2016 costs due to the higher expectedproduction. All-in sustaining costs1 are expected to bebetween $900-$970 per ounce, higher than 2016primarily due to increased capitalized stripping andunderground development.


1:178

Porgera– ProductionMetrics(BarrickShare)

ProductionMetrics 20141 20152 20163 2017E3,4

Tonnes Mined (000s) 15,719 17,527 8,039 -



Recovery (%) 89 87 88 -

Production (kozAu) 493 436 234 250 - 270

APPENDIX

493 436 234

270-

2500

100

200

300

400

500

600

2014 2015 2016 2017e

koz

1. 2014 figures are stated at 95% basis 2. 2015 figures are stated at 95% basis until August 31, 2015 and at 47.5% basis thereafter3. 2016 and 2017E figures are stated at 47.5% basis4. See Endnote #1

1:179

Porgera– Financial&CostMetrics(BarrickShare)APPENDIX

Financial metrics 20141 20152 20163 2017E3,4

Gold Cost of Sales ($/oz) 1,000 881 836 780 – 840

Gold AISC5

($/oz) 996 1,018 858 900 – 970


SustainingCapex ($M) 33 93 43 -


1. 2014 figures are stated at 95% basis 2. 2015 figures are stated at 95% basis until August 31, 2015 and at 47.5% basis thereafter3. 2016 and 2017E figures are stated at 47.5% basis4. See Endnote #15. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix E

1:180

Porgera – Mining(100%) Open pit : Conventional truck/excavator operation

– Pit dimensions: – 2.0km long x 1.2km wide x 400m deep – Typical bench height: 10m

– Primary loading fleet:– 3 x Terex RH200– 1 x Terex RH120– 3 x Caterpillar 992D

– Primary hauling fleet:– 10 x Caterpillar CAT777– 29 x Caterpillar CAT789

Underground:– Load and Haul

– 4 x Caterpillar AD45– 4 x Caterpillar AD55– 5 x Caterpillar 2900

– Long hole open stoping– Paste backfill


Open Pit


Strip ratio 5.0:1 8.4:1 9.3:1


Underground



APPENDIX

1:181

Porgera – Processing(100%)APPENDIX


Mill Processing

Cost ($/tonne) 27.6 22.1 19.3


Recovery (%) 88.5% 86.7% 88.2%


Total

Cost ($/tonne) 27.6 22.1 19.3


Recovery (%) 88.5% 86.7% 88.2%


1:182

PuebloViejo– Overview Location: 100km NW of Santo Domingo, Dominican Republic Ownership: 60% Barrick (operator), 40% Goldcorp Mine Type: Open Pit Products: Gold, Silver, Copper

Barrick acquired the asset through the Placer Dome acquisition in 2006 and sold a 40% interest to Goldcorp that year. Development of the project started in 2009 and first production occurred in 2012. Pueblo Viejo is one of the largest gold mines in the world, with a projected mine life of more than 25 years. The processing plant has a design capacity of 24 ktpd. The site includes a limestone quarry that supports the autoclave processing facility. It generates its own power from the 215MW Quisqueya Power Plant.

APPENDIX


Grade(gm/t)

Contained(000s ozs)

Proven Gold Mineral Reserves (Barrick’s share) 60,668 2.82 5,505

Probable Gold Mineral Reserves (Barrick’s share) 25,153 3.19 2,582

Measured Gold Mineral Resources (Barrick’s share) 10,183 2.33 764

Indicated Gold Mineral Resources (Barrick’s share) 95,459 2.33 7,146

1. See Endnote #2

1:183

PuebloViejo– 2016Review&2017Targets(60%)APPENDIX

In 2016 gold production was 700koz, 22% higher thanthe prior year primarily due to higher ore grades and recoveriescompared to the prior year due to a lower amount ofcarbonaceous ore processed in 2016. This was combined withrelatively lower throughput in 2015, mainly as the result of themechanical failure at the oxygen plant in the fourth quarter of2015. Cost of sales were $564 per ounce4 in 2016, $317 perounce lower than the prior year primarily due to lowerdepreciation as a result of the impairment recorded in the fourthquarter of 2015 and an increase in the life of mine combinedwith a reduction in cost of sales attributed to insurance proceedsrecorded in the third quarter of 2016 relating to the 2015oxygen plant motor failure. These were further impacted bylower energy and fuel prices, lower maintenance costs due tothe timing of maintenance activities, lower costs attributed toshutdowns and also, the impact of higher sales volume on unitproduction costs. All-in sustaining costs1 were $490 perounce, decreased by $107 per ounce compared to the prior yeardue to lower operating costs combined with the impact of highersales volume on unit production costs. All-in sustaining costs1

did not benefit from the aforementioned insurance proceeds asthey were excluded from our calculation.

For 20172 we expect our equity share of goldproduction to be in the range of 625 to 650 thousandounces, below 2016 production levels, driven byreduced gold head grade offset by increased goldrecovery related to improved availability and utilizationachieved through the optimization of maintenancestrategies and ore blending. In 2017, we expect costof sales per ounce4 to be in the range of $650 to $680per ounce and all-in-sustaining costs1 to be $530 to$560 per ounce. All three indicators will be higher than2016 primarily due to a reduction in total ounces soldaffected by head grades, cost increases related tocorporate allocations, higher maintenance costs, andhigher sustaining costs owing to the deferral ofprojects from 2016 into 2017 which also affectsdepreciation. By-product credits are expected to behigher than 2016, impacted both by prices andrecoveries for silver and copper, while power sales willbenefit from the proceeds from frequency and capacityfees that Quisqueya I Power Plant will start to receivein 2017.


1:184

PuebloViejo– ProductionMetrics(60%)


Tonnes Mined (000s) 21,055 22,736 23,278 -



Recovery (%) 93 87 91 -

Attr. Production (koz Au) 665 572 700 625 - 650

APPENDIX

Barr

ick

Attr

ibut

able

Pro

duct

ion

(60%

)

1. See Endnote #1

665 572 700

650-

6250

100

200

300

400

500

600

700

800

2014 2015 2016 2017e

koz

1:185

PuebloViejo– Financial&CostMetrics(60%)APPENDIX



Gold AISC2

($/oz) 588 597 490 530 – 560







1:186

PuebloViejo– Mining(100%) Open pit:

2 large pits, Moore and Montenegro − Conventional truck/shovel operation– Pit dimensions: 2.5km long x 1.5km

wide x 300m deep (no backfill)– Typical bench height: 10m– Primary loading fleet:

– 2 x Hitachi EX3600– 3 x CAT 994

– Primary hauling fleet:– 34 x Caterpillar CAT789


Open Pit


Strip Ratio 1.0:1 1.1:1 1.1:1


APPENDIX

1:187

PuebloViejo– Processing(100%)APPENDIX

Processing metrics at 100% 2014 2015 2016

Autoclave

Cost ($/tonne) 58.0 50.4 42.3

Throughput (tonnes/day) 18,400 19,000 20,600

Recovery (%) 92.9% 86.8% 91.0%

Total production (koz Au) 1,109 954 1,167

Total

Cost ($/tonne) 58.0 50.4 42.3

Throughput (tonnes/day) 18,400 19,000 20,600

Recovery (%) 92.9% 86.8% 91.0%

Total production (koz Au) 1,109 954 1,167

1:188

TurquoiseRidge– Overview Location: 44km NE of Winnemucca, Nevada, United States Ownership: 75% Barrick (operator), 25% Newmont Mine Type: Underground Products: Gold

The Turquoise Ridge property covers 125 square kms. The Joint Venture (TRJV) property occupies 36 squarekms over the Getchell and Turquoise Ridge deposits. TRJV is 100% underground mine which is accessed viatwo shafts from surface (1 production, 1 vent). Due to the very low rock strength of the orebody, thepredominant mining method employed is drift and fill. Both Topcuts and Undercuts were mechanized in2013-2015. Ore is processed through Newmont’s neighboring Twin Creeks facility.

APPENDIX


Grade(gm/t)

Contained(000s ozs)

Proven Gold Mineral Reserves (Barrick’s share) 4,288 15.54 2,143

Probable Gold Mineral Reserves (Barrick’s share) 4,003 14.65 1,886

Measured Gold Mineral Resources (Barrick’s share) 13,426 6.97 3,009

Indicated Gold Mineral Resources (Barrick’s share) 37,364 5.39 6,476

1. See Endnote #2

1:189

TurquoiseRidge– 2016Review&2017Targets(75%)APPENDIX

In 2016 gold production was 266koz, 23% higher thanthe prior year primarily due to an increase in tonnes minedand processed resulting from increased labor to supportproduction growth combined with improved equipmentavailability and improved mine engineering to take advantageof the larger ore geometry. In the first quarter of 2015, themine transitioned to fully mechanized topcuts, largerexcavations and other best in class activities, which resulted inincreased productivity and the processing of more ore tonnesin subsequent quarters. Cost of sales were $603 per ounce in2016, $94 per ounce lower than the prior year mainlyreflecting the impact of higher sales volume on unit productioncosts combined with an increase in capitalized undergrounddevelopment costs. The increased productivity and unit costreductions are due to the investment in equipment andfacilities made in 2015 as well as a focus on equipmentutilization, equipment maintenance and consumablesconsumption as part of our Best-in-Class program. In 2016,all-in sustaining costs1 were $625 per ounce, a decrease of$117 per ounce compared to the prior year primarily reflectingthe impact of lower cost of sales per ounce.

For 20172 we expect gold production to be in therange of 260-280koz, (Barrick’s share), in line with2016 production levels, as mine productivity improvesslightly, offset by slightly lower grades. Turquoise Ridgehas completely transitioned to standardized equipmentallowing for greater mining flexibility with higherreliability and less equipment. Capital and wastedevelopment requirements are in line with 2016 miningrates. The cost of sales per ounce is expected to be inthe range of $575 to $625 per ounce which is in linewith 2016. We expect all-in sustaining costs1 to bein the range of $650 to $730 per ounce. All-insustaining costs1 in 2017 are expected to be higherthan 2016 due to increased spend on sustaining capitalfor the initial construction and final engineering of athird shaft.


1:190

TurquoiseRidge– ProductionMetrics(75%)


Tonnes Mined (000s) 312 349 598 -

TonnesProcessed (000s) 335 390 523 -


Recovery (%) 92 92 93 -

Attr. Production (K oz Au) 195 217 266 260 – 280

APPENDIX

Barr

ick

Attr

ibut

able

Pro

duct

ion

(75%

)

195 217 266

280-

2600

50

100

150

200

250

300

2014 2015 2016 2017e

koz

1. See Endnote #1

1:191

TurquoiseRidge– Financial&CostMetrics(75%)APPENDIX



Gold AISC2

($/oz) 628 742 625 650 – 730







1:192

TurquoiseRidge– Mining(100%) Underground Mining

– Underhand drift and fill with 100% mechanization

– Tunnel 5.2m high x 5 m wide – Reinforcement : steel inflatable

rockbolts, mesh and shotcrete


Underground



APPENDIX

1:193

TurquoiseRidge– Processing(100%)APPENDIX


Twin Creeks (Sage Mill)

Cost ($/tonne) 45.0 37.8 34.5

Throughput (tonnes/day) N/A N/A N/A

Recovery (%) 92.0% 92.0% 92.8%


Total

Cost ($/tonne) 45.0 37.8 34.5

Throughput (tonnes/day) N/A N/A N/A

Recovery (%) 92.0% 92.0% 92.8%


1:194

Veladero– Overview Location: 6km east of the Chile-Argentina border, 374km NW of San Juan,

Argentina Ownership: 100% Barrick Mine Type: Open Pit Products: Gold, SilverThe mine is located at elevations of between 3,800-5,000 meters above sea level. Ore is crushed by a two-stage crushing process with a design capacity of 80ktpd and transported via trucks to the leach pad area.Veladero has a Valley Leach facility and a zinc precipitation circuit, using the Merrill Crowe process for goldand silver recovery. Run-of-mine ore is trucked directly to the valley-fill leach pad. Electric power is generatedon site using diesel generators.

APPENDIX


Grade(gm/t)

Contained(000s ozs)





1. See Endnote #2

1:195

Veladero– 2016Review&2017TargetsAPPENDIX

In 2016 gold production was 544koz, 10% lowercompared to the prior year mainly reflecting lower gradetonnes placed on the leach pad in efforts to managewater balances in the leach pad. This was furtherimpacted by the temporary suspension of operations latein the third quarter of 2016 combined with unexpectedsevere winter weather conditions in the second quarterof 2016. Cost of sales were $872 per ounce in 2016,$80 per ounce higher than the prior year primarily dueto the impact of lower sales volume on unit productioncosts relating to the severe weather conditions andtemporary suspension of operations during 2016combined with lower capitalized stripping costs. In 2016,all-in sustaining costs1 were $769 per ounces,decreased of $177 per ounce compared to the prior yearprimarily due to a decrease in minesite sustaining capitalexpenditures combined with lower operating costs, partlyoffset by the impact of lower sales volume on unitproduction costs.

For 20172 we expect gold production to be in therange of 770-830koz, which is significantly higher than 2016production levels. The increase is mainly a result of a higherhead grade in ore processed due to mine sequence phasesat Federico pit. This is combined with higher ore tonnesmined and processed given the suspension, environmentaland bad weather incidents in 2016 all leading to improvedmining productivity, higher operating hours, and fewer dayslost. Cost of sales per ounce is expected to be decreasingfrom $872 to an expected range of $750 to $800, mainlydue to the impact of higher sales compared to 2016 andhigher mining costs capitalized as stripping. These positivevariances are expected to be partly offset by higher directoperating costs and the impact of higher charges from theproduction inventory movements stemming from theexpected drawdown of leach pad inventories. All-insustaining costs1 are expected to be between $840 and$940 per ounce, higher than 2016 levels mainly due to theincrease in capital expenditures requirements combined withhigher direct operating costs.


1:196

Veladero– ProductionMetrics


Tonnes Mined (000s) 67,686 83,409 62,227 -



Recovery (%) 76 80 75 -

Total Production (K oz Au) 722 602 544 770 - 830

APPENDIX

722 602 544

830-

7700

100

200

300

400

500

600

700

800

900

2014 2015 2016 2017e

koz

1. See Endnote #1

1:197

Veladero– Financial&CostMetricsAPPENDIX



Gold AISC2

($/oz) 815 946 769 840 – 940







1:198

Veladero– Mining Open pit mining at Filo Federico Pit

– Conventional truck/shovel operation– Pit dimensions: 1.2km long x 2.1km

wide x 600m deep (no backfill)– Typical bench height: 15m– Primary loading fleet:

– 2 x Komatsu PC5500– 3 x Liebherr R996– 4 x Caterpillar FEL CAT994

– Primary hauling fleet:– 47 x Caterpillar CAT793


Open Pit


Strip Ratio 1.3:1 1.8:1 1.3:1


APPENDIX

1:199

Veladero– ProcessingAPPENDIX


Heap Leaching

Cost ($/tonne) 3.20 3.53 3.29


Recovery (%) 76.2% 80.0% 75.2%


Total

Cost ($/tonne) 3.46 3.84 3.51


Recovery (%) 76.2% 80.0% 75.2%


200

1. 2017 guidance is based on gold, copper, and oil price assumptions of $1,050/oz, $2.25/lb, and $55/bbl, respectively, a USD:AUD exchange rate of 0.75:1, a CAD:USD exchange rate of 1.32:1, ARS:USDexchange rate of 16.5:1 and a CLP:USD exchange rate of 675:1. For economic sensitivity analysis of these assumptions, please refer to page 13 of Barrick’s Fourth Quarter and Year-End 2016 Report.

2. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2016, unless otherwise noted. Total Proven reserves of480.3 million tonnes grading 1.68 g/t, representing 25.9 million ounces of gold, and 173.3 million tonnes grading 0.533%, representing 2.035 billion pounds of copper. Total Probable reserves of 1.5 billiontonnes grading 1.22 g/t, representing 60.1 million ounces of gold, and 276 million tonnes grading 0.638%, representing 3.886 billion pounds of copper. Total Measured resources of 82.9 million tonnesgrading 2.52 g/t, representing 6.7 million ounces of gold, and 83.2 million tonnes grading 0.410%, representing 753.4 million pounds of copper. Total Indicated resources of 1.2 million tonnes grading 1.74g/t, representing 68.5 million ounces of gold, and 650.3 million tonnes grading 0.526%, representing 7.545 billion pounds of copper. Total Inferred resources of 781 million tonnes grading 1.22 g/t,representing 30.7 million ounces of gold, and 114.1 million tonnes grading 0.501%, representing 1.259 billion pounds of copper. For United States reporting purposes, Industry Guide 7 under the Securitiesand Exchange Act of 1934 (as interpreted by Staff of the SEC), applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, the approximately 1.9million ounces of proven and probable gold reserves associated with the Cortez Underground Expansion Project (approximately 5.6 million tonnes grading 10.5 g/t) are classified as mineralized material.Complete mineral reserve and mineral resource data for all mines and projects referenced in this presentation, including tonnes, grades, and ounces, can be found on pages 88-93 of Barrick’s Fourth Quarterand Year-End 2016 Report.

3. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2015, unless otherwise noted. Complete mineral reserveand mineral resource data for all mines and projects referenced in this presentation, including tonnes, grades and ounces, can be found on pages 25-35 of Barrick’s 2015 Form 40-F/Annual Information Form.

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

5. Total reportable incident frequency rate (TRIFR) is a ratio calculated as follows: number of reportable injuries x 200,000 hours divided by the total number of hours worked. Reportable injuries includefatalities, lost time injuries, restricted duty injuries, and medically treated injuries.

6. For the purpose of all sensitivities, tonnage, grade and ounces attributable to Acacia mines and KCGM were removed from the calculations.

7. 2018 guidance is based on gold, copper, and oil price assumptions of $1,200/oz, $2.50/lb, and $50/bbl, respectively, and a USD:AUD exchange rate of 0.75:1, a CAD:USD exchange rate of 1.30:1, ARS:USDexchange rate of 17.5:1 and a CLP:USD exchange rate of 675:1. 2019 guidance is based on gold, copper, and oil price assumptions of $1,200/oz, $2.75/lb, and $60/bbl, respectively, and a USD:AUDexchange rate of 0.75:1, a CAD:USD exchange rate of 1.25:1, ARS:USD exchange rate of 18.5:1 and a CLP:USD exchange rate of 650:1. For economic sensitivity analysis of these assumptions, please referto page 13 of Barrick’s Fourth Quarter and Year-End 2016 Report.

TechnicalInformation

Endnotes

The following qualified persons, as that term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, have reviewed and approved the relevant scientific and technical informationcontained in this presentation: Rob Krcmarov, Executive Vice President Exploration and Growth of Barrick, Rick Sims, Registered Member SME, Senior Director, Resources and Reserves of Barrick, PatrickGarretson, Registered Member SME, Senior Director, Life of Mine Planning of Barrick and Steven Haggarty, P. Eng., Senior Director, Metallurgy of Barrick.

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