Results for the Quarter and Year ended 31 December 2019

Cautionary Statement on Forward Looking InformationBarrick cautions that, whether or not expressly stated, all full year and fourth quarter figures contained in this presentation reflect our expected full year and fourth quarter results as of the date of this presentation. Actual audited full year and fourth quarter results are subject tomanagement’s final review, as well as review by the Company’s independent accounting firm, and may vary significantly from those expectations because of a number of factors, including, without limitation, additional or revised information, and changes in accounting standardsor policies, or in how those standards are applied. For a complete picture of the Company’s financial performance, it will be necessary to review all of the information in the Company’s full year and fourth quarter financial report and related MD&A as filed on SEDAR atwww.sedar.com and on EDGAR at www.sec.gov. Accordingly, readers are cautioned not to rely solely on the information contained herein.

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 historicalfact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “target”, “plan”, “objective”, “assume”, “intend”, “project”, “pursue”, “goal”, “continue”, “budget”, “estimate”, “potential”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identifyforward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance; estimates of future cost of sales per ounce for gold and per pound for copper, total cashcosts per ounce and C1 cash costs per pound, and all-in-sustaining costs per ounce/pound; cash flow forecasts; projected capital, operating and exploration expenditures; mine life and production rates; estimated timing for construction of, and production from, new projects; ourgoals with respect to environmental, health and safety certifications for our operating mines; anticipated gold production from the Deep South Project; potential benefits of Nevada Gold Mines, including potential synergies; timing of completion of feasibility study for Goldrush andFourmile; the potential for plant expansion at Pueblo Viejo to increase throughput and convert resources into reserves; development of the underground and solar power projects at Loulo-Gounkoto, and expected benefits from such projects; our pipeline of high confidenceprojects at or near existing operations; potential for existing or newly acquired and/or developed assets to become Tier One or Tier Two gold assets; potential extensions to life of mine; potential mineralization and metal or mineral recoveries; our ability to convert resources intoreserves; our project pipeline and results of our greenfield and brownfield exploration work; expected timing for Buzwagi to enter care and maintenance; expected agreement in respect of the extension of Porgera’s special mining lease; and expectations regarding future priceassumptions, financial performance and other outlook or guidance.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this presentation in light ofmanagement’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 fromthose 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 projects in the early stages of evaluation and for which additionalengineering and other analysis is required; the Company’s ability to successfully re-integrate Acacia’s operations; timing of receipt of, or failure to comply with, necessary permits and approvals, including with respect to Barrick Niugini Limited’s application for an extension to thePorgera mine’s special mining lease; the benefits expected from recent transactions being realized, including Nevada Gold Mines; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction ofcapital 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 withenvironmental 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 Barrick's targeted investments and projects will meet the Company’s capital allocation objectives andinternal hurdle rate; 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 ofproperty and political or economic developments in Canada, the United States and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that areinconsistent with the rule of law; risks associated with illegal and artisanal mining; the risks of operating in jurisdictions where infectious diseases present major health care issues; disruption of supply routes which may cause delays in construction and mining activities; damageto 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 futureexploration 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 socioeconomic studiesand investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other requiredinfrastructure; business opportunities that may be presented to, or pursued by, the Company; risks associated with the fact that certain of the initiatives described in this presentation are still in the early stages and may not materialize; our ability to successfully integrateacquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climatechange; 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 orunexpected 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 statementsare 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 Canadianprovincial 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 thispresentation. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Health & Safety…

LTIFR 1 was 0.47 for the quarter and 0.50 for the year

TRIFR2 was 1.86 for the quarter and 2.24 for the year

Decreases in LTIs at Africa and Middle East operations and in TRIs at North America operations

Goal to have all operational mines certified to the ISO 45001 Health and Safety standard by the end of 2021 is progressing

Coronavirus - site-specific Emergency Response Plans (ERP) which roll up into a regional Crisis Management Plan (CMP). In the event of a pandemic or epidemic, the site teams will follow ERP guidelines to implement directives from the municipal, regional and national health authorities, and recommendations from organisations such as the Centre for Disease Control (CDC)

0,61 0,52 0,41 0,47 0,50

2,75

2,18 2,23

1,86

2,24

0,0

0,5

1,0

1,5

2,0

2,5

3,0

Q1 19 Q2 19 Q3 19 Q4 19 TOTAL 19

2019 Group Injury Rate

LTIFR TRIFR

Environment and Community…

Zero class 1 (high impact) environmental incidents8

recorded during 2019, in line with the group target

On track to achieve goal of all operational mines being certified to ISO 14001:2015 environmental management standard by end of 2020

Lumwana successfully certified during Q4 with 4 operations remaining to be certified in 2020

More than 70% of water used at our sites was recycled or reused

Biodiversity Action Plans (BAPs) at the priority sites of Pueblo Viejo, Cortez, Goldstrike and Lumwanadeveloped and certified in 2019

Barrick received a score of B minus from the CDP Climate Change questionnaire - the North America regional average is C and the Metallic mineral mining sector average is C Loulo Agricultural College

Q4 highlights…Full year gold production at upper end and copper production above guidance ranges Gold costs per ounce down quarter on quarterDebt net of cash at $2.2 billion, down 47% from 2018Net earnings per share of $2.26 for 2019. Adjusted net earnings per share3 up 46% year on yearIncreased efficiency drives significant year over year improvement in copper production and costsSuccessful formation and integration of Nevada Gold Mines JV results in North American operations delivering at midpoint of its production and cost guidance rangesPueblo Viejo expansion evaluation and revised flowsheet enhances projectStrong performances across the board at Latin American, Asia Pacific and Africa Middle East operationsProven and probable reserves increase year on year at higher grade, net of depletionTanzanian disputes resolved with signing of framework agreementSignificant progress in settlement of tax related issues paves the way for further investment in MaliNon-core asset disposals reinforce strategy of concentrated Tier 1 asset4 portfolioExceeded water recycling target of 70%; recycled >70% of water used at our sitesAnother quarterly dividend increase, up 40% from Q3 to $0.07 per share

Group operating results…Q4 2019 was a strong finish for the first year following our transformational merger with RandgoldGold production of 5.47Moz for 2019 was at the upper-end of our guidance range of 5.1 – 5.6Moz with AISC6 at the mid-point of our targets

Anchored by strong performances from Kibali, Veladero and Porgera, which all beat their guidance, as well as North America, Loulo-Gounkoto and Pueblo ViejoFollowing engagement with the government of Tanzania, normal operations at North Mara resumed after the lifting of restrictions at the TSF in September 2019

Copper production of 432Mlb for 2019 exceeded our guidance range of 375 – 430Mlb with AISC7 at the bottom-end of our targets

Lumwana posted improvements in mill availability and mining efficiency, reducing costs and extending the life of mine

Gold operating results Q4 2019 Q3 2019 2019 2018Production (oz 000) 1,439 1,306 5,465 4,527

Cost of sales ($/oz)5 1,046 1,065 1,005 892

Total cash costs ($/oz)6 692 710 671 588

All-in sustaining costs ($/oz)6 923 984 894 806

Copper operating results Q4 2019 Q3 2019 2019 2018

Production (millions of pounds) 117 112 432 383

Cost of sales ($/lb)5 2.26 2.00 2.14 2.40

C1 cash costs ($/lb)7 1.90 1.62 1.69 1.97

All-in sustaining costs ($/lb)7 2.82 2.58 2.52 2.82Unaudited

Group financial results…Adjusted net earnings3 of $0.17 per share Free cash flow9 of $1.1 billion in 2019 compared to $365 million in 2018 driven by a focus on Tier 1 assets4, NGM synergy execution, an emphasis on cost reduction and our empowered regional management structureImpairment reversal of $865 million following progression of engineering and evaluation work on the process plant expansion and the additional tailings storage facility at Pueblo Viejo

Fully reverses non-current asset impairment recorded in 2015

Debt, net of cash is now at $2.2 billion, a 47% decrease from prior year and at the lowest level since 2007

Portfolio optimization added $750 million of cash from sale of 50% share in Kalgoorlie in Q4 2019

Quarterly dividend increased by 40% to $0.07 ($0.05 in Q3), underpinned by our strong balance sheet and the free cash flow9 based on our five-year outlook

Follows a 25% quarterly dividend increase for Q3 2019 to $0.05 from $0.04 for Q2 2019

Financial Results Q4 2019 Q3 2019 2019 2018

Revenue ($ million) 2,883 2,678 9,717 7,243

Net earnings (loss) ($ million) 1,387 2,277 3,969 (1,545)

Adjusted net earnings ($ million)3 300 264 902 409

Adjusted EBITDA10 1,562 1,297 4,833 3,080

Net cash provided by operating activities ($ million)

875 1,004 2,833 1,765

Free cash flow ($ million)9 429 502 1,132 365

Net earnings (loss) per share ($) 0.78 1.30 2.26 (1.32)

Adjusted net earnings per share ($)3 0.17 0.15 0.51 0.35

Total attributable capital expenditures ($ million)11,12

393 397 1,512 1,363

Cash and equivalents ($ million) 3,314 2,405 3,314 1,571

Debt, net of cash ($ million) 2,222 3,155 2,222 4,167

Dividend per share ($) 0.07 0.05 0.20 0.16Unaudited

Nevada complex…100% basisNevada Gold Mines delivers in line with our production and AISC6 guidance rangeSuccessful combination and asset integration by management team upon formation of the JV

Barrick 61.5% / Newmont 38.5%Barrick is the operator

Renewed focus on mineral resource management, cost reduction and mine planning to deliver synergiesComplex now comprises the following operations:

Cortez Carlin (Carlin and Goldstrike); Turquoise Ridge (Turquoise Ridge and Twin Creeks); Phoenix and Lone Tree;Long Canyon

Goldrush to be managed by Cortez once in productionFourmile is at the feasibility stage with drill rigs continuing to turn. The project is 100% owned by Barrick and will benefit from the infrastructure within Nevada Gold Mines

Nevada Gold Mines Q4 2019 Q3 2019 H2 2019Total tonnes mined (000) 86,613 85,411 172,074Average grade processed (g/t) 1.96 2.02 1.99Ore tonnes processed (000) 18,833 16,603 35,436Recovery rate (%) 80% 79% 79%Gold produced (oz 000) 951 870 1,821Gold sold (oz 000) 919 873 1,792Income ($ millions) 450 385 835EBITDA ($ millions)10 715 655 1,370Capital expenditures ($ millions)12 236 267 503

Minesite sustaining12 202 179 381Project12 34 88 122

Cost of sales ($/oz)5 1,038 1,027 1,033Total cash costs ($/oz)6 711 693 702All-in sustaining costs ($/oz)6 944 946 945

Unaudited

Nevada synergies delivered…

Integration of Nevada operations unlocks synergies as targeted

FCF by Category13 NPV 5% by Category13

Carlin…Nevada, USA

Year on year comparison shows 16% increase in Barrick’s attributable production primarily due to the combination of the Carlin and Goldstrike operationsProduction in Q4 2019 is overall in line with the prior quarter as higher autoclave production was offset by lower production from the roasters and oxide mill

Strong autoclave performance was driven by higher throughput from blending Carlin stockpiles from Pete open pit – a synergy unlocked by the creation of Nevada Gold Mines

Total cash costs per ounce6 and AISC6 down quarter on quarter mainly due to an increased proportion of higher-grade underground production in the feed mix

Carlin14 (61.5%) Q4 2019 Q3 2019 2019 2018Total tonnes mined (000) 13,639 11,584 49,343 59,605Average grade processed (g/t)

3.65 3.33 3.80 4.32

Ore tonnes processed (000) 3,156 3,188 10,467 8,075Recovery rate (%) 75% 76% 75% 74%Gold produced (oz 000) 276 278 968 835Gold sold (oz 000) 275 272 967 842

Income ($ millions) 133 121 370 166

EBITDA ($ millions)10 191 183 609 428Capital expenditures ($ millions)12 51 56 211 186

Minesite sustaining12 51 56 211 186

Cost of sales ($/oz)5 975 1,007 1,004 1,054

Total cash costs ($/oz)6 766 775 746 740All-in sustaining costs ($/oz)6 965 1,014 984 983

See the Technical Report on the Goldstrike mine, dated March 22, 2019, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 22, 2019

Exploration synergiesCarlin Trend will become the most active exploration area in Barrick’s portfolio following our recent success in making high impact discoveries such as FourmileNear-mine extension potential at Rita K and Greater Leeville Unaudited

Carlin…increased reserve grade & resource additionsii

At 100%, reserves decreased by ~200koz but grade increased from 2.39g/t to 3.32g/t, net of depletion

Gold Quarry OP: -0.52Moz revisions from updated design and geotechnical studyCarlin UG: +1.19Moz additionsi from drilling at Leeville (Four Corners, Turf)Goldstrike UG: +1.52Moz additionsi from cut-off grade, mine design (Rodeo, N Post)

M&I Resources increased by 1.81Moz on a 100% basis

Carlin Complex (100%)P&P15: 21.47Moz @ 3.32g/tM&I15: 30.74Moz @ 2.68g/tInferred15: 2.10Moz @ 2.47g/t

iAdditions before depletion, revisions and metal price adjustments

LeevilleA

A’

BB’

A A’ B B’

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

Cortez…Nevada, USA

Production was 6% higher compared to the prior quarter, primarily due to increased underground ore mined and processed at the Carlin Roasters

As balance of production shifts towards underground, site management focused on efficiency and availability initiatives to boost productivity including improvements on the design and planning of stopes Routing of Cortez underground ore to Mill 6 at Carlin was one of the synergies unlocked by the creation of Nevada Gold Mines

Year on year production down as a result of the reduction in Barrick’s attributable share to 61.5% following the JVAs expected, costs were impacted by lower-grade ore from the now depleted CHOPLeach production from Crossroads continues to ramp-up, in-line with planDeep South remains on track to contribute to production in 2020

Cortez16 (61.5%) Q4 2019 Q3 2019 2019 2018Total tonnes mined (000) 23,422 23,357 105,949 121,929Average grade processed (g/t) 1.29 1.54 1.60 2.67Ore tonnes processed (000) 4,259 2,837 17,583 17,001Recovery rate (%) 75% 84% 86% 87%Gold produced (oz 000) 133 126 801 1,265Gold sold (oz 000) 132 126 798 1,255


EBITDA ($ millions)10 105 109 656 1,112Capital expenditures ($ millions)12 43 53 255 340


Project12 3 31 165 275

Cost of sales ($/oz)5 945 829 762 659


All-in sustaining costs ($/oz)6 1,012 772 651 430

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

Unaudited

Goldrush Complex…Updated resource model for Goldrush completed – to be used as basis for final feasibility study

Goldrush now reported as part of Cortez underground resources with plan to be run under Cortez management once in production

Attributable indicated resources at Goldrush now stand at 26.3Mt @ 7.8g/t for 6.6Moz

Attributable inferred resources total 4.8Mt @ 7.6g/t for 1.2Moz

Construction of twin exploration declines progressed ahead of plan achieving 1,296m total development - now 61% complete

Updated mine and feed schedules expected by Q3 2020 and final feasibility study in Q1 2021

2019 MII Resource2018 MII Resource2018 P&P Reserve

Drill intercepts > 5 g/t AuNo Significant Intercept

FM19-11DW1i

(Discovery reported in Q3)FOURMILE

BarrickNGM

FM19-14Di

7.5m @ 9.2 g/t3.0m @ 47.8 g/t3.7m @ 86.2 g/t4.5m @ 42.5 g/t2.7m @ 180.3 g/t

N

500m

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

Fourmile…significant resource additions

A growing high-grade potentially multimillion-ounce discovery

Inferred mineral resources increased to 5.41Mt @ 10.86g/t (1.89Moz) following additions from drilling

Grade reduced year over year from 18.58g/t to 10.86g/t as resources are now reported within stope optimized shells

Mineralization open along strike to the North and at depth

Fourmile (100%) P&P: -M&I: -Inf: 1.89Moz @ 10.86 g/t

A A’

Looking NorthA A’

100m

2018 inferred resource2019 inferred resourceExploration upside

Turquoise Ridge…Nevada, USA Year on year increase in gold production at lower AISC resulting from an increase in high-grade UG ore feed from the legacy Barrick Turquoise Ridge mineTotal cash costs per ounce6 for 2019 was 14% lower than the prior year due to more high-grade underground ore being processed and the elimination of the Toll Milling Agreement as a result of the formation of Nevada Gold MinesGold production in Q4 2019 was 35% higher than the prior quarter, primarily due to increased autoclave throughput in addition to the processing of higher-grade ore

Turquoise Ridge17

(61.5%) Q4 2019 Q3 2019 2019 2018

Ore tonnes processed (000) 934 950 2,201 604Average grade processed (g/t)

4.28 3.78 5.62 14.79

Recovery rate (%) 86% 89% 89% 93%Gold produced (oz 000) 111 82 335 268Gold sold (oz 000) 99 96 356 262




Project12 6 8 35 42

Cost of sales ($/oz)5 971 1,077 846 783



Turquoise Ridge Third ShaftConstruction of the third shaft, with a hoisting capacity of 5,500tpd, continues to advance according to schedule and within budgetShaft sinking commenced in early November and the shaft liner has advanced to a depth of 149m below collar

See the Technical Report on the Turquoise Ridge mine, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018

Unaudited

Turquoise Ridge…strong reserve additions

At 100%, 1.08Moz reserves increase with a slight grade decrease from 5.12 g/t to 5.02 g/t, net of depletion

TR UG: additionsi of +1.65Moz from cut-off grade reductionTC OP: additionsi of +0.96Moz from Cut 40

M&I Resources increased by 0.86Moz on a 100% basis

Turquoise Ridge (100%)P&P18: 13.43Moz @ 5.02 g/t M&I18: 17.91Moz @ 4.30 g/t Inf18: 1.79Moz @ 2.69 g/t

iAdditions before Depletion, Revisions and Metal Price adjustments

Other Nevada Gold Mines…

PhoenixPhoenix (61.5%)i Q4 2019 Q3 2019

Gold produced (oz 000) 31 25

Cost of sales ($/oz)5 2,025 2,186

Total cash costs ($/oz)6 902 1,010

All-in sustaining costs ($/oz)6 1,034 1,622

Long Canyon (61.5%)i Q4 2019 Q3 2019

Gold produced (oz 000) 34 24

Cost of sales ($/oz)5 1,026 1,170

Total cash costs ($/oz)6 317 353

All-in sustaining costs ($/oz)6 657 714

Production in the fourth quarter of 2019 was 24% higher compared to the prior quarter, primarily due to a more optimized ore blend leading to better mill recoveriesAISC per ounce6 was $1,034, a decrease of 36% from the prior quarter, primarily driven by the increase in production and sales as well as higher copper by-product credits

Long CanyonProduction in the fourth quarter of 2019 was 42% higher compared to the third quarter, primarily due to additional cells placed under leach, leading to improved recoveriesAISC per ounce6 was $657, a decrease of 8% from Q3 2019 driven by improved heap leach performancePermitting for the open pit and underground expansions at Long Canyon is underway, though currently only the open pit is included in the life of mine plan

iThese sites were acquired as a result of the formation of Nevada Gold Mines on July 1, 2019 All figures presented in the tables above are on an unaudited basis

Carlin Trend…fresh approach identifies enormous areas of potential

Mineralization open at numerous locations along the most significant ore controlling fault corridor in NevadaUnified databases and models identify numerous target areas and large areas of concealed favourable host rocks that remain undrilledPaucity of drilling below current mine developmentFollow-up targets prioritized; drilling commenced in January 2020

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

Deep PostDeep StarBattle StarMeikleRodeo

Long Section along Post-Gen Fault - 600 m thick and looking west

North Post

Priority Drill Targets

13

2

Au g/t3417953.420.50.3

GEN-0170324.7m @ 8.56g/t

DPC-0241 30.5m @ 15.86g/t & 26.5m @ 11.24g/t

DSU-00190 9.0m @ 12.81g/t

GB-681CM6.1m @ 23.17g/t4.6m @ 8.58g/t

U12-P05-1615m @ 7.14g/t

U17-M05-027.6m @ 7.82g/t9.2m @ 21.02g/t1 km

Donlin Gold JV…USA

50:50 JV with NovagoldOne of the world’s largest undeveloped gold resourcesFocus in 2019:

Updating geological model to improve confidenceUpdating resource model based onimproved understandingProgressing permitting

Focus in 2020:Drill program to validate resource model with potential to improve underlying economics

Hemlo…Ontario, Canada

Potential to upgrade Hemlo to a Tier 2 asset24

Turnaround year in 2019 as operation modernized and refocused. Year on year:

Grade improved by 32% Production increased by 25%Total cash costs6 and AISC6 decreased by 14%

Moved to underground contract mining model and open-pit mining to cease in H2 2020

Hemlo (100%) Q4 2019 Q3 2019 2019 2018

Ore tonnes processed (000) 795 607 2,914 3,062

Average grade processed (g/t) 2.28 2.71 2.45 1.86

Recovery rate (%) 94% 94% 94% 93%

Gold produced (oz 000) 54 49 213 171

Cost of sales ($/oz) 1,632 1,083 1,137 1,157

Total cash costs ($/oz)6 1,091 953 904 1,046

All-in sustaining costs ($/oz)6 1,380 1,280 1,140 1,318

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

2020 LOM and upside potentialDrilling the down plunge extension of the C Zone ongoing through the quarter and will continue into 2020Exploration success and ongoing MRM evaluation of both the C Zone and areas to the west of Hemlo represent key initiatives to upgrade mine to Tier 224 status

Long Section Looking North

Exploration Upside

C-ZoneBlack Fly

B-Zone ReserveM&I ResourceInf Resource

1 km

W E

Unaudited

Pueblo Viejo…Dominican Republic

A commendable production and cost performance with a focus on efficiencies, contract reviews and cost control kept costs in line with planProduction was 29% higher than the prior quarter due mainly to higher throughput and better grade controlImproved throughput followed optimization work resulting in record oxidized sulphur tonnes as well as the completion of scheduled maintenance that occurred in Q3 2019Total cash costs per ounce6 for Q4 2019 was 16% lower than Q3 2019, benefiting from the stronger quarter on quarter performance in throughput as well as higher gradeSimilarly, all-in sustaining costs6 decreased by 18% from the third quarter

Pueblo Viejo19 (60%) Q4 2019 Q3 2019 2019 2018

Open pit tonnes mined (000) 5,729 5,817 24,732 24,063

Average grade processed (g/t) 4.20 4.05 3.91 4.04Ore tonnes processed (000) 1,464 1,182 5,164 5,008Recovery rate (%) 89% 90% 89% 89%

Gold produced (oz 000) 179 139 590 581

Gold sold (oz 000) 174 136 584 590




Cost of sales ($/oz)5 660 807 747 750



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

Unaudited

Pueblo Viejo JV upside…plant expansion to maintain production for the next 2 decades

Expansion study

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

Studies remain supportive of a plant expansion that could significantly improve throughput allowing the mine to maintain average annual gold production of 800 000oz (100%) after 2022

Revised flowsheet adopts upgrade of existing autoclaves, dissipating extra heat from higher sulphide feed to pressure oxidation (POX) circuit – provides for lower capital and operating costs than envisaged in earlier estimates

Concept study for management of additional tailings capacity to support the process plant expansion well advanced

Environmental Impact Studies continue for plant expansion and additional tailings and waste rock management

Expansion has potential to unlock a further 11Moz of reserves on a 100% basis

Veladero…Argentina

Production was 22% higher than the prior quarter, primarily due to higher ore grades and tonnages processed, partially offset by lower recoveries

Accordingly, total cash costs per ounce6 decreased by 8% quarter on quarter

2019 attributable production of 274koz gold beat the top-end of guidance of 250koz

Reinvesting in ArgentinaCapex increased from Q3 2019 mainly due to construction activities for leach pad expansions. Phase 6 is on schedule and on budget, and is expected to start contributing to production from 2020 to 2028Cuatro Esquinas pushback to start in 2020, extending mine life with further potential for resource growth

Veladero (50%) Q4 2019 Q3 2019 2019 2018Average grade processed (g/t) 0.88 0.74 0.79 0.85Ore tonnes processed (000) 3,880 3,463 13,587 13,547Gold produced (oz 000) 71 58 274 278Gold sold (oz 000) 70 59 271 280


EBITDA ($ millions)10 50 39 172 174

Capital expenditures ($ millions)12 28 19 106 143


Project12 0 0 15 0

Cost of sales ($/oz) 1,138 1,243 1,188 1,112


All-in sustaining costs ($/oz)6 1,142 1,142 1,105 1,154

For additional detail regarding Veladero, see the Technical Report on the Veladero Mine, San Juan Province, Argentina, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018

ProjectsPower transmission project connecting grid power from Pascua to Veladero continues to advance. Expected commissioning in H2 2020 should have a positive impact on operating costs and help to reduce the mine’s carbon footprint

Unaudited

Veladero… Building a profitable future through geology, exploration and planning

Large 3.5 x 2.5km alteration system delineated at the Coiron prospect, located southwest of the open pits. Mapping and geophysics identified favorable characteristics suggesting a dominantly preserved hydrothermal system. Drill testing commenced in January 2020

2019 Drilling + Q4 2019 (Alteration + Block Model)

Redefined fault boundary, and estimated HG extension down-plunge

Departure from short term cash-flow planning Adds ore to plan previously modeled and defined

Improved geology (Phase 1) + drillingConstrained HG, provided targeting, and optimized pit

Improved geology (Phase 2) + drilling + including inferred

Extrapolates high-grade within geology, and considers optionality of inferred

Veladero upside

ChileArgentina

Fabiana

Veladero Sur

Coiron

Veladero

Amarillos Camp

Argenta

Lama ProcessPenelope

Over 40 years of discovery and development; +50Moz

Orebodies exposed / partly exposed

Cover rocks mask hidden potential

Unlock potential through integrated data analyses, institutional orebody knowledge and application of new technologies

El Indio Belt…prolific endowment and barely scratched surface

Area of Interest (AOI)Barrick Deposits

Favorable Alteration Zones

Property BoundaryCover Rocks

Drillholes

PascuaLama

Chile Argentina

Alturas

Veladero

El Indio

3 Tumaruma DistrictNew District Consolidated

La Arena

6 Alturas - Del CarmenRealising full potential

Alturas Resource

Rojo GrandeChibolita

BrechaSur

Escarcha

2 Lagunas NorteMore oxide and sulfide to come

La Capilla

Yanahuanca

El AltoLa Bandera

Lagunas Norte

10 km

La Antena

Oxide TargetSulfide TargetBarrick property

Antonio de Chuco

LATAM…opportunities for growth

Au Deposit size< 1 Moz

1-3 Moz

3-5 Moz

5-10 Moz

>10 Moz

Veladero Sur

Fabiana

Coiron

Lama Process

Veladero

Amarillos Camp

Penelope

Argenta

5 km

Chile

Argentina

5Veladero District

Targeting through improved geological understanding

Favorable alteration zone

Barrick PropertyPit

Exploration AOI

Pueblo Viejo

Norte AbiertoVeladero

Lagunas Norte

PascuaLama

4 Salta ProvinceConsolidating new district

1

2

3

4

56

Au Deposit size< 1 Moz

1-3 Moz

3-5 Moz

5-10 Moz

>10 Moz

1 Dominican Republic Stepping beyond the PV JV

Cretaceous Los Ranchos Belt

Barrick Properties

Pueblo Viejo

Porgera…Papua New Guinea

Production in Q4 2019 was 9% higher than the prior quarter, primarily due to higher underground grade ore mined and processedAccordingly, total cash costs per ounce6 in Q4 2019 decreased by 13%More tax paid in 2019 than in previous 5 years combined

Special Mining Lease Extension –The current Special Mining Lease expired on August 16, 2019 and the National Court of Papua New Guinea confirmed that Porgera can continue operations during lease negotiationsPorgera working constructively with the PNG government to negotiate a 20-year extension

Porgera (47.5%) Q4 2019 Q3 2019 2019 2018Total tonnes mined (000) 2,880 3,657 13,156 9,862

Average grade processed (g/t) 3.94 3.33 3.44 3.46Autoclave tonnes processed (000) 705 705 2,640 2,138





Cost of sales ($/oz) 909 1,024 994 996


All-in sustaining costs ($/oz)6 894 1,053 1,003 1,083Unaudited

Porgera…Wangima upside and testing commence

Discrete individual zones reinterpreted as continuous site wide structural corridors highlighting significant potential along strike and NE of the current pitStructural corridors project to surface and align with OP mining and workings along the Peruk/Wangima ridgeProspective areas align with anomalous surface geochem, structural corridor interpretations and NE intrusive corridor (mag high)

Porgera Major LodesPotential for significant open pit and underground life of mine upsidePhased exploration program to evaluate upside underway

Infrastructure, process and equipment upgrades under review

Current Pit

Wangima target area

Wangima target area

Current Pit

Geology and structural modelling

Loulo-Gounkoto…Mali2019 production of 572koz gold exceeded guidance of 520 to 570kozProduction in Q4 2019 was 6% lower than the prior quarter mainly due to lower plant throughput due to a girth gear failure, partially offset by higher feed grade from both Yalea and the Gounkoto South Pit

The girth gear was repaired in December 2019Despite this, costs were controlled and total cash costs per ounce6 were in-line with the third quarterSignificant progress in settlement of tax related issues paves the way for further investment in Mali

Loulo-Gounkoto20,i (80%) Q4 2019 Q3 2019 2019 2018

Total tonnes mined (000) 7,250 8,115 32,192 30,926Average grade processed (g/t) 5.64 5.14 4.90 4.31Ore tonnes processed (000) 886 1,013 3,945 4,123Recovery rate (%) 89% 92% 92% 92%Gold produced (oz 000) 144 153 572 528Gold sold (oz 000) 144 155 575 534

Income ($ millions) 65 64 190EBITDA ($ millions)10 123 125 426Capital expenditures ($ millions)12 38 49 136


Cost of sales ($/oz)5 1,037 1,018 1,044Total cash costs ($/oz)6 631 630 634

All-in sustaining costs ($/oz)6 917 966 886

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

Projects and ExplorationGounkoto UG feasibility update completed – on track to start development in Q4 2020Solar power project on track to add 20MW to the complex’s grid, reduce operating costs and cut carbon emissions by some 40,000 tonnes per year

Unaudited

Yalea orebody…drilling extends high grade at depth

2019 Loulo-Gounkoto Total P&P Mineral Reserves grew by 343Koz net of depletion21

Yalea transfer zone system still open to the south and at depth

Transfer ZoneStep out drilling

confirms extension of system 320m south of

the existing BM

Permit Boundary

500m

N

Faraba Structure (DD

B): N

ew

Gounkoto permit…Faraba complex shows potential for reserve addition

Major Domain Bounding structures control mineralisation along the trendPotential Dip Domain Boundary identified transecting Faraba Complex – mineralized at Faraba North and modelled over 4km.Numerous drill gaps and upside potential along the length of the structureMultiple drill test targets being developed for Q1 2020 drill testing

Faraba North (OP)DDB defined with complete remodel update underway. DDB potentially mineralized –very poorly testedExpl. upside to north and south.

Faraba Westi

6.10m @ 4.01g/t6.10m @ 3.83g/t8.00m @ 4.41g/t6.00m @ 3.82g/tOpen to South. Updated structure trace east of historic trenching

Faraba Main (OP)Model update underway. Conceptual pit data constrained – open to the north and south with model update

DB-1 TargetStrong and continuous mineralization over 1km strike (>81ppb). No historic drilling. Drill testing in Q1 2020

Badankoto TargetTested with limited drilling

DB-2 TargetStrong and continuous mineralization over >0.5km (>25ppb). No historic drilling. Drill testing in Q1 2020

Gounkoto(OP & UG)

ISee Appendix D for additional details including assay results for the significant intercepts

Kibali…another record year of productionDRCGold production of 366koz in 2019 was well above the top-end of guidance of 350koz, despite a winder failure in the second quarterTotal cash costs6 and AISC6 were in the lower half of our 2019 guidance rangesUnderground continues to perform strongly, with a record amount of ore hoisted from the shaft in December (305kt)

Kibali22,i (45%) Q4 2019 Q3 2019 2019 2018Total tonnes mined (000) 3,096 3,077 12,273 14,790

Average grade processed (g/t) 3.67 3.74 3.80 3.45

Ore tonnes processed (000) 839 852 3,381 3,698Recovery rate (%) 88% 88% 89% 89%Gold produced (oz 000) 87 91 366 363Gold sold (oz 000) 89 89 363 370

Income ($ millions) 30 25 108EBITDA ($ millions)10 82 82 304

Capital expenditures ($ millions)12 9 14 43



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

Successful completion of the Kalimva-Ikamva pre-feasibility study balances the open-pit and underground plan, enhances flexibility and extends the mine life well beyond 10 yearsKCD was the centre of activities with further testing of the 12000 lode, a review of the 11000 lode for potential up and down-dip extensions as well as the start of a deep hole, testing the KCD down plunge extensionDown-plunge extension drilling at Gorumbwa has highlighted future underground potential

Projects and Exploration

Unaudited

9004 Lode Gap Avg drill intersection

9.66 @ 3.73g/t

Haulage Level5210 rL

3000 LodeDown plunge

Avg Drill Intersection:10.62m @ 4.80g/t

KCD Open PitPB#3 & PB2 North2019 Proven reserve:1.6Mt @ 2.25g/t for 112koz2019 Probable reserve 3.2Mt @ 2.32g/t for 238koz

2019 areas of Added Mineral Reserves21:2019 KCD UG Proven Reserve: 13Mt @ 5.13g/t for 2.1Moz

2019 KCD UG Probable Reserve: 32Mt @ 4.76g/t for 4.9Moz

5000 Lode Down plunge Phase IIAvg Drill Intersection:

11.87m @ 4.15g/t

Kibali 2019 reserve replacement with future resource growth opportunities…

2019 Kibali Total P&P Mineral Reserves grew by 913koz net of depletion21

3000 and 5000 lodes down plunge infill drilling on track to extend the existing UG reserve base further in 2020

Entire system still open down plunge

KZ trend remains prospective for both opencast and underground opportunities

See Appendix E for additional details including assay results for the significant intercepts

5000 Lode Intercept:

16.8m @ 6.47g/t

Tanzanian Twiga joint venture…takes partnership philosophy to a new level

Agreement reached between Barrick and the government of Tanzania to settle all disputes with previously held Acacia operation

Agreement ratifying the creation of Twiga Minerals Corporation, the management company jointly owned by the government of Tanzania and Barrick overseeing the management of local operations

Ownership of 84% by Barrick and 16% by the government, the deal provides for a 50/50 sharing in the economic benefits generated by the mining operations after the recoupment of capital investments

Having taken ownership of the three mines, Barrick is engaging with local communities to restore the mines’ social license to operate and is cooperating with the authorities to address the environmental issues at North Mara

Advanced integrated study to return Bulyanhulu to mining production by late 2020

Working on a local supplier strategy as well as a community development plan to create sustainable economic opportunities for the people around the mines

Tanzanian nationals are being recruited and trained to replace expatriate employees

Production increased significantly quarter on quarter given the increase in attributable production to 100% (from 63.9%) following our acquisition of Acacia Mining Plc as well as the resumption of normal operations following the lifting of the TSF restrictions in September 2019Following Twiga agreement, production will be 84% attributable to Barrick and 16% to the Tanzanian Government

North Mara (100%)23 Q4 2019 Q3 2019 2019 2018Total tonnes mined (000) 3,529 1,780 10,388 10,821Average grade processed (g/t)

4.78 5.58 4.50 3.96

Ore tonnes processed (000) 714 172 1,829 1,819





Project12 1 1 6 5

Cost of sales ($/oz)5 1,021 907 953 795



North Mara…back in production Tanzania

Achievements and Path ForwardSuccessful transition from contractor to owner-operator model on December 1, 2019 has already delivered cost savingsMain exploration and MRM focus during Q4 2019 was the delivery of an updated geological model for Gokona underground. Takeaways from the new model will be applied to exploration along the highly prospective +20 km long Gokona mineralized trend

Drilling program commenced to improve understanding of the orebody and to test the model

Environmental management plan updated for the TSF

Unaudited

North Mara…revised Gokona orebody model points to potential upside

New Model (looking SW)

Open

Open

Open

Open

600vm

Major upside potential both near surface, and below

600vm on numerous targets

GokonaFault

500m

Geita (14Moz)

Lake Victoria Goldfields - Tanzania

Mwanza

Shinyanga

Musoma

TulawakaBulyanhulu

Buzwagi

North Mara

KabangaNi

Lake Victoria

GreenstoneGraniteKaragwe-AnkoleanBukoban Sediments

100km

100km of core relogged to deliver an updated Gokona geological modelShows mineralisation controlled by rheologic contrasts in broadly folded host stratigraphyProspective stratigraphy ‘rolls’ over at ~600m depth. Previous drilling missed the targetSignificant upside in footwall of the deposit, where previous drilling is sub-parallel to the folded contactsLearnings from new model to be applied to both the Mineral Resource models and exploration in this highly prospective property

BulyanhuluBulyanhulu (100%)23 Q4 2019 Q3 2019 2019 2018Gold produced (oz 000) 9 6 27 26

Cost of sales ($/oz)5 1,293 1,288 1,207 1,231

Total cash costs ($/oz)6 752 729 676 650All-in sustaining costs ($/oz)6 909 769 773 754

Buzwagi (100%)23 Q4 2019 Q3 2019 2019 2018Gold produced (oz 000) 28 18 83 93

Cost of sales ($/oz)5 1,235 1,292 1,240 939

Total cash costs ($/oz)6 1,144 1,202 1.156 916All-in sustaining costs ($/oz)6 1,169 1,220 1,178 947

Currently processing only tailings from the TSF, with sufficient material remaining to keep the plant running while the restart of the mine is being plannedAn integrated study aimed at optimizing the complete orebody and recapitalizing existing infrastructure should kick-start the resumption of mining operations later in 2020On the exploration front, an updated interpretation confirmed the exceptional geologic continuity of this system, as well as a near-surface target that has potential to host plunging shoots of higher-grade mineralisation

BuzwagiFocus is on optimising throughput and managing grade from stockpile processing in order to maximize value from the operation in 2020At this time, we expect that Buzwagi will enter care and maintenance in 2021

Bulyanhulu and Buzwagi…Tanzania

All figures presented in the tables above are on an unaudited basis

Tongon…profitable operation in search of resource additionsCôte d'Ivoire

Gold production in Q4 2019 was in line with the third quarter

Following the completion of resource conversion drilling at Djinni, optimization work on the updated model returned positive results with the deposit potentially extending the Tongon life of mine by almost a year at the current production rate

A feasibility study is planned at Djinni in 2020 to bring the deposit into the mining schedule

Tongon (89.7%) Q4 2019 Q3 2019 2019 2018Total tonnes mined (000) 5,251 6,086 23,036 16,668Average grade processed (g/t) 2.56 2.39 2.41 2.4Ore tonnes processed (000) 899 964 3,766 3,131Recovery (%) 83% 84% 84% 84%Gold produced (oz 000) 61 62 245 206

Gold sold (oz 000) 59 66 245 205


Unaudited

Copper mines….

Production of 238 mlb in 2019 was near the top-end of the guidance range of 210 to 240 mlb, while C1 cash costs7 of $1.79/lb were below guidance of $1.80/lb - $2.10/lb2019 was a successful turnaround year as fundamental improvements in plant availability and mining efficiency reduced per tonne mining costs and cut-off grade. As a result, reserves increased significantly year-over-yearMajor refurbishment at one of the third-party smelters that processes a portion of the mine’s concentrate was completed in January 2020

Lumwana, Zambia

Jabal Sayid, Saudi Arabia (50%)

Zaldívar, Chile (50%)

Production of 66 mlb in 2019 exceeded the top-end of guidance of 60 mlb, primarily due to an increase in mined tonnes after an improvement in availability from new equipment as well as better gradesConcentrate filter expansion project to boost mill throughput by ~25% to 2.4 Mtpa (100% basis) is on budget and on track (completion by H1 2020)

Jabal Sayid (50%) Q4 2019 Q3 2019 2019 2018

Copper produced (lbs million) 18 15 66 55

Cost of sales ($/lb)5 1.47 1.63 1.53 1.73

C1 cash costs ($/lb)7 1.29 1.42 1.26 1.53

All-in sustaining costs ($/lb)7 1.78 1.65 1.51 1.92

Lumwana (100%) Q4 2019 Q3 2019 2019 2018


Cost of sales ($/lb)5 2.22 2.04 2.13 2.51

C1 cash costs ($/lb)7 2.10 1.83 1.79 2.08


Zaldívar (50%) Q4 2019 Q3 2019 2019 2018


Cost of sales ($/lb)5 2.59 2.18 2.46 2.55

C1 cash costs ($/lb)7 1.95 1.55 1.77 1.97


In December 2019, the Chloride Leach Project was approved by Antofagasta and Barrick with an initial capital estimate of $189 million (100% basis)Work will begin in early 2020 with 2022 expected to be the first full year of operation. Upon completion, the project is expected to increase copper recoveries by approximately 10% and increase production at Zaldívar by approximately 10-15kt per annum of copper at lower operating costs

All figures presented in the tables above are on an unaudited basis

Delivering value and replacing the gold we mine with improved grade…

62

13.46.0 5.9 4.5

71

0

10

20

30

40

50

60

70

80

2018 Barrick TotalP&P Mineral

Reserves

Acquisition/Disposal Depletion (as atyear end)

Change Gains Change Losses 2019 Barrick TotalP&P Mineral

Reserves

Global Attributable Contained Gold Reserves (Moz)21, 25

Million

Delivering value and replacing the copper we’ve mined…

10,6

0,6 0,62,9

13,5

0

2

4

6

8

10

12

14

16

2018 BarrickAttributable P&PMineral Reserves

Acquisition/Disposal Depletion (As of YearEnd)

Change Gains Change Losses 2019 Attributable P&PMineral Reserve

Global Attributable Contained Copper Reserves (Blb)21, 25

Billion

Barrick’s 5-year plan…supported by six Tier 14

mines and a portfolio of world class opportunities

Gold Production (Attributable), KozGold Capital Expendituresi (Attributable)11, $ million

Cost of Sales5, Total Cash Cost6 and AISC6, $/oz

Refer to Appendix F for assumptions used in our five-year indicative outlook

2,000

3,000

3,500

500

4,000

4,500

5,000

0

950

600

2,500

700750

650

5,500

800850

0

900

1,000

1,200

1,1001,150

1,000

1,250

1,500

1,050

20212020 2022 20242023

Africa and Middle East LATAM and AP Cost of SalesNorth America AISC Total Cash Cost Total CapitaliGold capital expenditures includes project and sustaining capital expenditures across all gold operations but does not include capital expenditure related to the copper operations

Cost of Sales5, C1 Cash Cost7 and AISC7, $/lb

Copper summary…5-year copper production forecast

Copper Production (Attributable), MlbsCopper Capital Expendituresi (Attributable)11, $ million

0

50

100

150

200

250

300

350

400

450

500

550

2.0

0.0

1.5

2.5

3.0

2020 2021 2022 2023 2024

Jabal Sayid Lumwana AISC C1 Cash CostZaldivar Total CapitalCost of SalesRefer to Appendix F for assumptions used in our five-year indicative outlook iCopper capital expenditures includes project and sustaining capital expenditures across Lumwana, Jabal Sayid and Zaldivar

80

100

120

140

160

180

200

Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

Rel

ativ

e Sh

are

Pric

e

Gold US$ Spot Barrick GDX Index

+56%

+79%

+31%

Source: Bloomberg Financial Markets. Market data as of January 27, 2019. Indexed (base = 100) at September 21, 2018, one working day before the Barrick Randgold transaction was announced.

Indexed performance of gold against gold equities

Building the world’s most valued gold company…

Q4 2019 annexures…

North America summary…5-year gold production forecastGold Production (Attributable), KozGold Capital Expendituresi (Attributable)11, $ million

750

3,000

0

1,000

600500 650

1,150

700

0

1,000

800

1,250

950

1,050

8501,500

1,100

1,200

900

2,000

2,500

2021 20232020 2022 2024

Hemlo Other NGM Turquoise Ridge Total CapitalGoldrush AISCCortez Carlin Cost of Sales Total Cash CostRefer to Appendix F for assumptions used in our five-year indicative outlook iGold capital expenditures includes project and sustaining capital expenditures across the North America region but does not include capital expenditure related to the copper operations


LATAM and AsiaPac summary…5-year gold production forecastGold Production (Attributable), KozGold Capital Expendituresi (Attributable)11, $ million


500

1,000

1,500

600

1,000

700750

550

800

0

850900

1,150

2,500

950

650

1,100

1,200

2,0001,050

1,250

020232021 2022 20242020

Porgera Veladero Cost of SalesPueblo Viejo AISC Total Cash Cost Total CapitalRefer to Appendix F for assumptions used in our five-year indicative outlook iGold capital expenditures includes project and sustaining capital expenditures across the LATAM and Asia Pacific region but does not include capital expenditure related to Zaldivar

Africa and Middle East summary…5-year gold production forecastGold Production (Attributable), KozGold Capital Expendituresi (Attributable)11, $ million


0

500

1 000

1 500

2 000

2 500 1,250

650

900850800

700750

1,000950

1,050

1,200

1,1001,150

6000

2020 2024202320222021

Tongon Buzwagi Bulyanhulu North Mara Kibali Loulo-Gounkoto Cost of Sales AISC Total Cash Cost Total CapitalRefer to Appendix F for assumptions used in our five-year indicative outlook iGold capital expenditures includes project and sustaining capital expenditures across the Africa and Middle East region but does not include capital expenditure related to Lumwana or Jabal Sayid

Endnotes1. Loss time injury frequency rate (LTIFR) is a ratio calculated as follows: number of loss time injuries x 1,000,000 hours divided by the total number of hours worked.

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

3. “Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: certain impairment charges(reversals) related to intangibles, goodwill, property, plant and equipment, and investments; gains (losses) and other one-time costs relating to acquisitions or dispositions; foreign currency translation gains (losses);significant tax adjustments not related to current period earnings; unrealized gains (losses) on non-hedge derivative instruments; and the tax effect and noncontrolling interest of these items. The Company uses thismeasure 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 netearnings 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 operatingresults. 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 similarmeasures 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. For further details on thesenon-GAAP measures, please refer to page 91-92 of the MD&A accompanying Barrick’s fourth quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

4. A Tier One Gold Asset is a mine with a stated life in excess of 10 years, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of theindustry cost curve.

5. Cost of sales applicable to gold per ounce is calculated using cost of sales applicable to gold on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo, 36.1% Tanzania until September30, 2019 (notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1% in the income statement for theentirety of the third quarter of 2019 as a matter of convenience) and 40% South Arturo from cost of sales (63.1% of South Arturo from July 1, 2019 onwards as a result of its contribution to Nevada Gold Mines)),divided by attributable gold ounces. The non-controlling interest of 20% Loulo-Gounkoto and 10.3% of Tongon is also removed from cost of sales and our proportionate share of cost of sales attributable to equitymethod investments (Kibali and Morila) is included commencing January 1, 2019, the effective date of the Merger. Also removes the non-controlling interest of 38.5% Nevada Gold Mines from cost of sales fromJuly 1, 2019 onwards. Cost of sales applicable to copper per pound is calculated using cost of sales applicable to copper 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).

6. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures. “Total cash costs” per ounce starts with cost of sales applicable to gold production, but excludesthe impact of depreciation, the non-controlling interest of cost of sales, and includes by-product credits. “All-in sustaining costs” per ounce begin with “Total cash costs” per ounce and add further costs which reflectthe additional costs of operating a mine, primarily sustaining capital expenditures, sustaining leases, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion andamortization. Barrick believes that the use of “total cash costs” per ounce and “all-in sustaining costs” per ounce will assist investors, analysts and other stakeholders in understanding the costs associated withproducing 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 anoverall Company basis. “Total 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 astandardized 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 25 gold mining companiesfrom around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. Starting from the first quarter of 2019, we have renamed "cash costs" to"total cash costs" when referring to our gold operations. The calculation of total cash costs is identical to our previous calculation of cash costs with only a change in the naming convention of this non-GAAPmeasure. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. For further details on these non-GAAP measures, please refer to pages 93-110of the MD&A accompanying Barrick’s fourth quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Endnotes7. “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 and production taxes. Barrick believes that the use of “C1 cash costs” per pound and “all-in sustaining costs” per pound willassist 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 ourability 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 provideadditional 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 beconsidered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further details on these non-GAAP measures, please refer to pages 93-110 of the MD&Aaccompanying Barrick’s fourth quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

8. Class 1 - High Significance is defined as an incident that causes significant negative impacts on human health or the environment or an incident that extends onto publicly accessible land and has the potential tocause significant adverse impact to surrounding communities, livestock or wildlife.

9. “Free cash flow” (FCF) is a non-GAAP financial performance measure which deducts capital expenditures from net cash provided by operating activities. Barrick believes this to be a useful indicator of our ability tooperate 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 notbe 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 withIFRS. For further details on this non-GAAP measure, please refer to page 92 of the MD&A accompanying Barrick’s fourth quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR atwww.sec.gov.

10. EBITDA is a non-GAAP financial measure, which excludes income tax expense; finance costs; finance income; depreciation; and income tax expense, finance costs, finance income and depreciation from equityinvestees. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capitalexpenditures. Management uses EBITDA for this purpose. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that isbased on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. EBITDA should not be considered in isolation or as a substitutefor measures of performance prepared in accordance with IFRS. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; otherexpense adjustments; and unrealized gains on non-hedge derivative instruments. We believe these items provide a greater level of consistency with the adjusting items included in our Adjusted Net Earningsreconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation, including the impact incurred in our equity methodaccounted investments, as they do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidityfrom operating cash flow, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and not necessarily reflective of the underlying operating resultsfor the periods presented. For further details on these non-GAAP measures, please refer to pages 111-112 of the MD&A accompanying Barrick’s fourth quarter 2019 financial statements filed on SEDAR atwww.sedar.com and on EDGAR at www.sec.gov.

11. These amounts are presented on the same basis as our guidance and include our 60% share of Pueblo Viejo and South Arturo (36.9% of South Arturo from July 1, 2019 onwards as a result of its contribution toNevada Gold Mines), our 63.9% share of Tanzania until September 30, 2019 (notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recordeda non-controlling interest of 36.1% in the income statement for the entirety of the third quarter of 2019 as a matter of convenience) and our 50% share of Zaldívar and Jabal Sayid. Also includes our 80% share ofLoulo-Gounkoto, 89.7% share of Tongon, 45% share of Kibali and 40% share of Morila commencing January 1, 2019, the effective date of the Merger. Starting July 1, 2019, it also includes our 61.5% share ofNevada Gold Mines.

12. Presented on a cash basis as a result of adopting IFRS 16 Leases starting in the first quarter of 2019. Capital expenditures for 2018 and 2017 are presented on an accrued basis. Please refer to page 81 of theMD&A accompanying Barrick’s fourth quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov for further details.

Endnotes13. Synergies (or NPV of synergies) as used in this presentation is a management estimate provided for illustrative purposes, and should not be considered a GAAP/IFRS financial measure. "Synergies" represent

management’s combined estimate of pre-tax synergies, supply chain efficiencies and cost improvements, as a result of the proposed joint venture that have been monetized and projected over a twenty year periodfor purposes of the estimation. Synergies are measured as incremental free cash flow, a non-GAAP financial measure. Such estimates are necessarily imprecise and are based on numerous judgments andassumptions. Expected synergies is a “forward-looking statement” subject to risks, uncertainties and other factors which could cause actual synergies to differ from expected synergies.

14. On July 1, 2019, Barrick's Goldstrike operations and Newmont's Carlin operations were contributed to Nevada Gold Mines and are now collectively referred to as Carlin. As a result, the amounts presentedrepresent Goldstrike on a 100% basis (including our 60% share of South Arturo) up until June 30, 2019, and the combined results of Carlin and Goldstrike (including our 60% share of South Arturo) on a 61.5%basis thereafter.

15. Carlin Complex on a 100% basis and resources are reported inclusive of reserves: Proven 93.69Mt @ 4.35 g/t for 13.10Moz, Probable 107.40Mt @ 2.42 g/t for 8.37Moz (Proven and Probable 201.08Mt @ 3.32 g/tfor 21.47Moz), Measured 116.17Mt @ 4.26 g/t for 15.90Moz, Indicated 240.65Mt @ 1.92 g/t for 14.85Moz (Measured and Indicated 356.82Mt @ 2.68 g/t for 30.74Moz), Inferred 26.49Mt @ 2.47 g/t for 2.10Moz.

16. On July 1, 2019, Cortez was contributed to Nevada Gold Mines, a joint venture with Newmont. As a result, the amounts presented are on a 100% basis up until June 30, 2019, and on a 61.5% basis thereafter.

17. Prior to July 1, 2019, Barrick owned 75% of Turquoise Ridge with our joint venture partner, Newmont, owning the remaining 25%. Turquoise Ridge was proportionately consolidated on the basis that the jointventure partners that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. The figures presented in this table are based on our 75% interest in Turquoise Ridgeuntil June 30, 2019. On July 1, 2019, Barrick's 75% interest in Turquoise Ridge and Newmont's 100% interest in Twin Creeks and 25% interest in Turquoise Ridge were contributed to Nevada Gold Mines. StartingJuly 1, 2019, the results represent our 61.5% share of Turquoise Ridge and Twin Creeks, now collectively referred to as Turquoise Ridge.

18. Turquoise Ridge (Turquoise Ridge and Twin Creeks) on a 100% basis and resources are reported inclusive of reserves: Proven 45.16Mt @ 5.38 g/t for 7.81Moz, Probable 38.08Mt @ 4.59 g/t for 5.62Moz (Provenand Probable 83.24Mt @ 5.02 g/t for 13.43Moz), Measured 61.13Mt @ 4.95 g/t for 9.73Moz, Indicated 68.46Mt @ 3.72 g/t for 8.18Moz (Measured and Indicated 129.59Mt @ 4.3 g/t for 17.91 g/t), Inferred 20.68Mt@ 2.69 g/t for 1.79Moz.

19. Pueblo Viejo is accounted for as a subsidiary with a 40% non-controlling interest. The results in the table and the discussion that follows are based on our 60% share only.

20. Barrick owns 80% of Société des Mines de Loulo SA and Société des Mines de Gounkoto with the Republic of Mali owning 20%. Loulo-Gounkoto is accounted for as a subsidiary with a 20% non-controlling intereston the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 80% share inclusive of the impact of the purchase price allocation resulting from the Merger.

21. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2019, unless otherwise noted. Proven reserves of 280 milliontonnes grading 2.42 g/t, representing 22 million ounces of gold; 420 million tonnes grading 0.4%, representing 3,700 million pounds of copper; and 150 million tonnes grading 4.31 g/t, representing 21 millionounces of silver. Probable reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold; 1,200 million tonnes grading 0.38%, representing 9,800 million pounds of copper; and 750 milliontonnes grading 5.18 g/t, representing 120 million ounces of silver. Measured resources of 530 million tonnes grading 2.21 g/t, representing 37 million ounces of gold; 660 million tonnes grading 0.38%, representing5,500 million pounds of copper; and 350 million tonnes grading 12.52 g/t, representing 140 million ounces of silver. Indicated resources of 2,800 million tonnes grading 1.43 g/t, representing 130 million ounces ofgold; 2,400 million tonnes grading 0.38%, representing 21,000 million pounds of copper; and 2,000 million tonnes grading 13.44 g/t, representing 870 million ounces of silver. Inferred resources of 940 milliontonnes grading 1.3 g/t, representing 39 million ounces of gold; 430 million tonnes grading 0.2%, representing 2,200 million pounds of copper; and 460 million tonnes grading 3.20 g/t, representing 47 million ouncesof silver. Complete mineral reserve and resource data, including tonnes, grades, and ounces, as well as the assumptions on which the mineral reserves for Barrick are reported (on an attributable basis), are set outin Barrick’s Q4 2019 Report issued on February 12, 2020.

Endnotes

The scientific and technical information contained in this presentation has been reviewed and approved by Steven Yopps, MMSA, Director - Metallurgy, North America; Chad Yuhasz, P.Geo, Mineral Resource Manager,Latin America and Australia Pacific; Simon Bottoms, CGeol, MGeol, FGS, MAusIMM, Mineral Resources Manager: Africa and Middle East; Rodney Quick, MSc, Pr. Sci.Nat, Mineral Resource Management and EvaluationExecutive; John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Rob Krcmarov, FAusIMM, Executive Vice President, Exploration and Growth – each a “Qualified Person” as defined in NationalInstrument 43-101 – Standards of Disclosure for Mineral Projects. All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for MineralProjects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2019.

Technical Information

22. Barrick owns 45% of Kibali Goldmines SA (Kibali) with the Democratic Republic of Congo ("DRC") and our joint venture partner, AngloGold Ashanti, owning 10% and 45%, respectively. Kibali is accounted for as anequity method investment on the basis that the joint venture partners that have joint control have rights to the net assets of the joint venture. The figures presented in this table and the discussion that follows arebased on our 45% effective interest in Kibali inclusive of the impact of the purchase price allocation resulting from the Merger.

23. Formerly part of Acacia Mining plc. On September 17, 2019, Barrick acquired all of the shares of Acacia it did not own. The results are on a 63.9% basis from January 1 to September 30, 2019 and on an 100%basis from October 1, 2019 onwards. Notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1% in theincome statement for the entirety of the third quarter of 2019 as a matter of convenience.

24. A Tier Two Gold Asset is a mine with a stated life in excess of 10 years, annual production of at least 250,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of theindustry cost curve.

25. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2018, unless otherwise noted. Proven reserves of 344.6million tonnes grading 2.15 g/t, representing 23.9 million ounces of gold and probable reserves of 0.9 billion tonnes grading 1.33 g/t, representing 38.4 million ounces of gold. 11 billion pounds of copper reserveswere comprised of proven reserves of 285.6 million tonnes grading 0.43%, representing 2.7 billion pounds of copper and probable reserves of 940.0 million tonnes grading 0.38%, representing 7.9 billion pounds ofcopper. Complete 2018 mineral reserve and mineral resource data for all mines and projects referenced in this MD&A, including tonnes, grades, and ounces, can be found on pages 35-41 of Barrick’s AnnualInformation Form/Form 40-F for the year ended December 31, 2018 on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission.

i. All intercepts calculated using a 3 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 m; internal dilution is less than 20% total width

ii. True width of intercepts are uncertain at this stage

The drilling results for the Carlin Complex 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 ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Fourmile property conform to industry accepted quality control methods.

Drill Results from Q4 2019Core Drill Hole Azimuth Dip Interval (m) Width (m)ii Au (g/t)

FCC-00129 222 -24 139.0 - 146.9 7.9 8.2

FCC-00136 170 -40 100.0 - 142.8 42.8 14.5

FCC-00143 91 -51 69.5 - 73.8 4.3 7.2

FCC-00161 101 -87

49.7 - 73.5 23.8 13.0

77.7 - 82.3 4.6 6.8

Appendix A – Carlin Complex Significant Intercepts Tablei


ii. Fourmile drill hole nomenclature: FM (Fourmile) followed by the year (19 for 2019) or GRC (Gold Rush Core) with no designation of the year

iii. True width of intercepts are uncertain at this stageiv. Partial results reported in Q2 2019

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 ALS Minerals, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Fourmile property conform to industry accepted quality control methods.

Drill Results from Q4 2019Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t)

FM19-14D 233 -73

1100.3 - 1103.3 3 6.2

1148.0 - 1155.5 7.5 9.2

1169.3 - 1162.8 1.5 9.3

1234.7 - 1236.2 1.5 7.5

1239.3 - 1242.3 3 47.8

1259.1 - 1260.6 1.5 7.0

1301.8 - 1303.3 1.5 20.2

1309.4 - 1310.9 1.5 16.3

1333.8 - 1337.5 3.7 86.2

1343.5 - 1345.2 1.7 29.6

1356.6 - 1361.2 4.6 42.5

1372.8 - 1375.5 2.7 180.3

FM19-26Div 65 -75717.8 - 719.2 1.4 5.2

774.8 - 776.3 1.5 18.5

FM19-40D173 -84

870.2 - 871.7 1.5 10.4

883 - 895.5 12.5 31.2

904.4 - 926 21.6 24.9

FM19-61D 251 -86

835.2 - 854.7 19.5 17.9

863.5 - 872.0 8.5 10.4

889.7 - 891.5 1.8 6.5

892.9 - 894.0 1.1 10.8

898.9 - 901.9 3.0 6.5

Appendix B – Fourmile Significant Intercepts Tablei


ii. All intercepts are from legacy drilling, completed prior to 2019

iii. True width of intercepts are uncertain at this stage, geometry of orebody is unconstrained

iv. Interval vs. width discrepancy is due to sub-meter no recovery zone internal to intercept

v. Laboratory unknown

The drilling results for the Carlin Trend exploration area 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 ALS Minerals or predecessor companies. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality control methods.

Historic Drill Resultsii

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

DPC-0241 072 -57

160.9-165.5 4.6 7.48168.5-179.2 10.7 10.57199.0-200.5 1.5 6.91212.8-217.5 4.7 10.82229.5-231.0 1.5 6.42243.2-244.7 1.5 5.17273.7-276.8 3.1 8.75334.7-365.2 30.5 15.86369.7-396.2 26.5 11.24421.5-430.6 9.1 5.89

DSU-00190 105 -60 379.5-388.5 9.0 12.81

GEN-01703iv

271.6-274.1 2.5 8.46296.3-297.7 1.4 5.47

105 -75 302.1-303.0 0.9 10.7307.3-308.8 1.5 5.28316.2-320.8 4.0 11.08326.8-352.5 24.7 8.56

U12-P05-16 059 -30

141.7-144.8 3.1 8.09370.3-371.8 1.5 5.93376.4-391.7 15.3 7.14394.7-396.2 1.5 5.27397.8-400.8 3.0 6.15

GB-681CMv 0 -90

608.1-614.2 6.1 23.17620.3-621.8 1.5 17.29661.4-662.9 1.5 7.19725.4-730.0 4.6 8.58736.1-739.2 3.1 6.73740.7-742.2 1.5 5.99763.5-765.0 1.5 10.79

U17-M05-02 075 -457.6-9.1 1.5 5.08

13.7-21.3 7.6 7.82193.6-202.7 9.1 21.02

Appendix C – Carlin Trend Significant Intercepts Tablei

Appendix D – Faraba West Significant Intercept Tablei

i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; internal dilution is equal to or less than 2m total width.

ii. Faraba West drill hole nomenclature: prospect initial FA/FW (Faraba West), DB (Domain Boundary), followed by type of drilling RC (Reverse Circulation) and DH (Diamond Drilling)

iii. True widths uncertain at this stage

The drilling results for the Gounkoto 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 SGS, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Gounkoto property conform to industry accepted quality control methods.

Historic Drill Results

Lode Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t)

Faraba West DBDH003 268 -70 130 - 133.6 3.60 1.40

Faraba West FADH016 270 -50 84 - 96.65 12.65 1.54

Faraba West FADH016 270 -50 135.55 - 139.4 3.85 4.22

Faraba West FWDH001 246 -50 7 - 13.1 6.10 4.01

Faraba West FWDH001 246 -50 23.5 - 25.5 2.00 1.37

Faraba West FWDH001 246 -50 63 - 65.2 2.20 2.52

Faraba West FWDH002 86 -67 74.45 - 77 2.55 1.38

Faraba West FWDH002 86 -67 174 - 178.8 4.80 2.26

Faraba West FWDH002 86 -67 181.8 - 187.9 6.10 3.83

Faraba West FARC037 270 -50 88 - 90 2.00 3.57

Faraba West FARC638 251 -50 66 - 75 9.00 0.80

Faraba West FARC638 251 -50 96 - 100 4.00 0.78

Faraba West FARC638 251 -50 106 - 111 5.00 1.60

Faraba West FARC640 245 -51 0 - 4 4.00 0.67

Faraba West FARC640 245 -51 11 - 19 8.00 4.41

Faraba West FARC640 245 -51 25 - 28 3.00 0.98

Faraba West FARC640 245 -51 32 - 34 2.00 0.59

Faraba West FARC640 245 -51 43 - 46 3.00 0.77

Faraba West FARC640 245 -51 53 - 61 8.00 0.99

Faraba West FARC640 245 -51 88 - 94 6.00 3.82

Faraba West FARC640 245 -51 98 - 125 27.00 2.27

Faraba West FARC641 270 -50 34 - 39 5.00 0.96

Appendix E – Kibali Significant Interceptsi

i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 m; internal dilution is equal to or less than 25% total width.

ii. Kibali drill hole nomenclature: prospect initial (OR=Oere, KCD=Karagba-Chauffeur-Durba) followed by the type of drilling (RC=Reverse Circulation, DD=Diamond,GC=Grade control) with no designation of the year. KCDU= KCD Underground.

iii. True width of intercepts are uncertain at this stage.iv. Weighted average is calculated by fence using significant intercepts, over the strike length.

The drilling results for the Kibali 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 SGS, an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Kibali property conform to industry accepted quality control methods.

Drill Results from Q2 & Q4 2019

Lode Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t)3000 lode KCDU2645 320 15 139.1-146.4 7.3 2.43000 lode KCDU2645 320 15 16-24 8 2.63000 lode KCDU2645 320 15 178-185 7 5.33000 lode KCDU2645 320 15 65-72 7 3.953000 lode KCDU2646 320 20 153-160 7 3.623000 lode KCDU2646 320 20 77-81 4 3.23000 lode KCDU2646 320 20 98.4-118 19.6 4.63000 lode KCDU2705 318 -2 306.5-321.8 15.3 6.53000 lode KCDU2404 321 29 146.3-161 14.7 2.433000 lode KCDU2405 321 17 177-179 2 4.993000 lode KCDU2405 321 17 285.17-287.92 2.75 5.543000 lode KCDU2460 304 12 231-258.8 27.8 7.283000 lode KCDU2461 304 20 197-207 10 2.923000 lode KCDU2461 304 20 218-226 8 3.333000 lode KCDU2461 304 20 236.9-242.77 5.87 5.873000 lode KCDU2462 304 31 184.6-202 17.4 3.583000 lode KCDU2462 304 31 216.6-220 3.4 2.83000 lode KCDU2462 304 31 267-286 19 2.763000 lode KCDU2462 304 31 303-311 8 7.43000 lode KCDU2463 304 40 228-234 6 2.943000 lode KCDU2543 304 5 269-283.31 14.31 3.473000 lode KCDU2560 325 14 201-208 7 4.73000 lode KCDU2560 325 14 226-231.7 5.7 5.81



3000 lode KCDU2559 315 27 262-276 14 1.843000 lode KCDU2559 315 27 335-340 5 3.033000 lode KCDU2561 315 11 235-246 11 4.693000 lode KCDU2561 315 11 254-266 12 4.343000 lode KCDU2561 315 11 275-281 6 11.723000 lode KCDU2607 316 2 295-308 13 6.953000 lode KCDU2621 315 -6 335-345.9 10.9 10.73000 lode KCDU2629 319 5 133-141.5 8.5 33000 lode KCDU2629 319 5 167.45-171.5 4.05 4.43000 lode KCDU2629 319 5 181.28-235 53.72 5.83000 lode KCDU2629 319 5 65-76 11 3.43000 lode KCDU2629 319 5 93.33-98 4.67 10.63000 lode KCDU2635 318 19 316-322 6 3.06



iii. True width of intercepts are uncertain at this stage.iv. Weighted average is calculated by fence using significant intercepts, over the strike

length.





5000 lode phase II KCDU0842 353 -8 353-361 7.52 3.875000 lode phase II KCDU1311A 353 0 324-345 21.1 4.185000 lode phase II KCDU2190 344 -1 150 - 152 2 4.16

5000 lode phase II KCDU2190 344 -1 244 - 246 2 5.66

5000 lode phase II KCDU2190 344 -1 255.29 - 256.48 1.19 5.145000 lode phase II KCDU2190 344 -1 309.1 - 313.2 4.1 5.425000 lode phase II KCDU2191 344 12 226 - 232 6 4.585000 lode phase II KCDU2191 344 12 250.44 - 259.5 9.06 2.495000 lode phase II KCDU2191 344 12 270.4 - 281.35 10.95 5.785000 lode phase II KCDU2192 344 24 238 - 260.6 22.6 4.775000 lode phase II KCDU2181 269 -88 283 - 287 4 2.985000 lode phase II KCDU2181 269 -88 292 - 311 19 2.025000 lode phase II KCDU2182 321 -58 247.5 - 253.5 6 1.415000 lode phase II KCDU2259 314 -79 233.42 - 243.6 10.18 1.535000 lode phase II KCDU2259 314 -79 247 - 256.5 9.5 4.535000 lode phase II KCDU2278 154 -67 167.22 - 170.7 3.48 4.665000 lode phase II KCDU2278 154 -67 176.3 - 187.77 11.47 1.545000 lode phase II KCDU2278 154 -67 217.5 - 226.5 9 2.995000 lode phase II KCDU0630 324 -83 105-114 9.5 4.15000 lode phase II KCDU0630 324 -83 140-150 10.6 3.565000 lode phase II KCDU0630 324 -83 159-167 7.6 3.655000 lode phase II KCDU0630 324 -83 329-333 4.4 4.815000 lode phase II KCDU0632 309 -82 153-161 7.8 2.495000 lode phase II KCDU0632 309 -82 99-103 3.7 4.77

5000 lode down plunge DDD602 167 -74 668-684.8 16.8 6.47




length.





9004 lode KCDU0812 324 -83 106-110 4 5.089004 lode KCDU0839 323 -75 263-270 7 2.849004 lode KCDU0839 323 -75 285-308 22.7 8.089004 lode KCDU0877 333 -72 145-158 12.9 3.249004 lode KCDU0877 333 -72 211-221 10.5 4.39004 lode KCDU0912 319 -79 244-257 13.8 7.249004 lode KCDU1089 293 -84 164-172 8 3.229004 lode KCDU1089 293 -84 195-202 7 1.79004 lode KCDU1146 316 -62 16-23 7 20.89004 lode KCDU1146 316 -62 257-262 4.9 3.79004 lode KCDU1146 316 -62 324-329 5 2.49004 lode KCDU1410 131 -84 172-187 14.6 2.499004 lode KCDU2000 52 -86 163-168 5.2 3.579004 lode KCDU2000 52 -86 191-209 18.3 3.519004 lode KCDU2016 319 -76 178-184 5.5 3.069004 lode KCDU2016 319 -76 191-204 13.3 3.579004 lode KCDU2018 328 -76 149-161 11.8 5.969004 lode KCDU2060 317 -71 242-246 3.5 1.489004 lode KCDU2061 327 -79 267-276 9.2 3.069004 lode KCDU2062 318 -77 216-228 11.5 1.199004 lode KCDU2063 324 -76 229-236 6.5 3.869004 lode KCDU2088 319 -68 227-254 27.2 2.529004 lode KCDU2088 319 -68 259-264 5.5 1.459004 lode KCDU2099 323 -72 275-288 13 4.67




length.





9004 lode KCDU2099 323 -72 301-305 4.1 2.489004 lode KCDU2132 315 -72 1-7 6 1.389004 lode KCDU2132 315 -72 250-263 12.7 7.289004 lode KCDU2132 315 -72 282-299 16.9 4.89004 lode KCDU2141 319 -78 286-290 4 4.919004 lode KCDU2141 319 -78 305-311 6 2.029004 lode KCDU2142 324 -76 198-202 4.4 2.129004 lode KCDU2142 324 -76 256-262 6.1 2.369004 lode KCDU2142 324 -76 268-286 18 3.919004 lode KCDU2142 324 -76 292-295 3.2 14.569004 lode KCDU2148 325 -70 173-182 9 3.189004 lode KCDU2148 325 -70 212-217 5 2.939004 lode KCDU2149 321 -70 131-139 8 6.739004 lode KCDU2149 321 -70 171-197 26.3 1.639004 lode KCDU2149 321 -70 206-217 11 2.449004 lode KCDU2150 323 -65 107-111 4 2.519004 lode KCDU2181 269 -88 283-287 4 2.989004 lode KCDU2181 269 -88 292-311 19 2.029004 lode KCDU2182 321 -58 248-254 6 1.419004 lode KCDU2259 314 -79 233-244 10.2 1.539004 lode KCDU2259 314 -79 247-257 9.5 4.539004 lode KCDU2278 154 -67 167-171 3.5 4.669004 lode KCDU2278 154 -67 176-188 11.5 1.549004 lode KCDU2278 154 -67 218-227 9 2.99




length.



Appendix F – Five Year OutlookKey assumptions 2020 2021 +Gold Price ($/oz) 1,350 1,200Copper Price (US$/lb) 2.75 2.75Oil Price (WTI) ($/barrel) 65 65AUD Exchange Rate (AUD:USD) 0.70 0.75ARS Exchange Rate (USD:ARS) 65.00 75.00CAD Exchange Rate (USD:CAD) 1.30 1.30CLP Exchange Rate (USD:CLP) 725 680EUR Exchange Rate (EUR:USD) 1.20 1.20

This five-year indicative outlook is based on our current operating asset portfolio, sustaining projects in progress and exploration/mineral resource management initiatives in execution. Additional asset optimization, further exploration growth, new project initiatives and divestitures are not included. For the group gold and copper segments, and where applicable for a specific region, this indicative outlook is subject to change and assumes the following:

The inclusion of synergies identified for Nevada Gold Mines;Production from Cortez Deep South by 2020, in-line with guidance;Production ramping-up from the third shaft at Turquoise Ridge by 2022, in-line with guidance;Production from Goldrush commencing in 2021, in-line with guidance;Production from the proposed Pueblo Viejo plant expansion and tailings project by 2023, in-line with guidance. Our assumptions are subject to change following the combined feasibility study for the plant expansion and tailings project; An 84% ownership interest in North Mara, Bulyanhulu and Buzwagi. At this time, we assume that Buzwagi will enter care and maintenance in 2021; A restart of mining operations at Bulyanhulu by the end of 2020; Tongon will enter care and maintenance during the 2022 year;A sale of stockpiled concentrate related to the Tanzania assets and Lumwana by the end of 2020;Production from the Zaldivar CuproChlor® Chloride Leach Project by 2022. Antofagasta is the operator of Zaldivar.

This indicative outlook excludes:Production from Fourmile; Production from assets currently in care and maintenance including Pierina, Lagunas Norte, Morila and Golden Sunlight; Production from long-term greenfield optionality from Donlin, Pascua Lama, Norte Abierto or Alturas

Results for the Quarter and Year ended 31 December 2019 · Actual audited full year and fourth...

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Transcript of Results for the Quarter and Year ended 31 December 2019 · Actual audited full year and fourth...