BARRICK MINING CORPORATION

ANNUAL INFORMATION FORM

TABLE OF CONTENTS

 

GLOSSARY OF TECHNICAL AND BUSINESS TERMS			4
REPORTING CURRENCY, FINANCIAL AND RESERVE INFORMATION			10
FORWARD-LOOKING INFORMATION			12
SCIENTIFIC AND TECHNICAL INFORMATION			14
GENERAL INFORMATION			15
Organizational Structure			15
Subsidiaries			16
Areas of Interest			18
General Development of the Business			18
History			18
Strategy			18
Results of Operations in 2025			21
NARRATIVE DESCRIPTION OF THE BUSINESS			25
Production and Guidance			25
Reportable Operating Segments			25
Nevada Gold Mines (61.5% basis)			26
Carlin			26
Cortez			27
Turquoise Ridge			27
Other Mines - Nevada Gold Mines			28
Pueblo Viejo (60% basis)			28
Loulo-Gounkoto (80% basis)			29
Kibali (45% basis)			29
North Mara (84% basis)			30
Bulyanhulu (84% basis)			30
Other Mines (Gold)			30
Lumwana			31
Other Mines (Copper)			31
Mineral Reserves and Mineral Resources			32
Marketing and Distribution			47
Employees and Labor Relations			48
Competition			48
Sustainability			49
Operations in Emerging Markets: Corporate Governance and Internal Controls			53

 

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Board and Management Experience and Oversight			54
Local Presence			54
Internal Controls and Cash Management Practices			55
MATERIAL PROPERTIES			56
Cortez Property			56
Carlin Complex			62
Turquoise Ridge Complex			70
Pueblo Viejo Mine			76
Kibali Mine			84
Reko Diq Project			92
Lumwana			100
LEGAL MATTERS			108
Legal Proceedings and Regulatory Actions			108
RISK FACTORS			111
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			135
CONSOLIDATED FINANCIAL STATEMENTS			135
CAPITAL STRUCTURE			135
RATINGS			136
MARKET FOR SECURITIES			137
MATERIAL CONTRACTS			137
TRANSFER AGENTS AND REGISTRARS			140
DIVIDEND POLICY			140
SHARE BUYBACK PROGRAM			140
DIRECTORS AND OFFICERS OF THE COMPANY			141
AUDIT & RISK COMMITTEE			148
Audit & Risk Committee Mandate			148
Composition of the Audit & Risk Committee			148
Relevant Education and Experience			149
Participation on Other Audit Committees			150

 

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Audit & Risk Committee Pre-Approval Policies and Procedures			150
External Auditor Service Fees			150
INTERNAL CONTROL OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES			150
NON-GAAP FINANCIAL MEASURES			151
INTERESTS OF EXPERTS			156
ADDITIONAL INFORMATION			156
SCHEDULE “A” AUDIT & RISK COMMITTEE MANDATE			A-1

 

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GLOSSARY OF TECHNICAL AND BUSINESS TERMS

Assay

A chemical analysis to determine the amount or proportion of the element of interest contained within a sample, typically base metals or precious metals.

Autoclave

Oxidation process in which high temperatures and oxygen are applied within a highly pressurized closed vessel to convert refractory sulfide mineralization into amenable oxide ore.

By-product

A secondary metal or mineral product recovered in the milling process such as silver.

Carbonaceous

Naturally occurring carbon present in the ore from the decay of organic material which can result in an inadvertent loss of precious metals during the cyanidation process.

Carbon-in-Column (“CIC”)

A gold recovery process whereby a pregnant solution is passed though columns filled with carbon to adsorb gold.

Carbon-in-leach (“CIL”)

A recovery process in which precious metals are dissolved from finely ground ore during cyanidation and simultaneously adsorbed on relatively coarse activated carbon (burnt coconut shell) granules. The loaded carbon particles are separated from the slurry and recycled in the process following precious metal removal and reactivation through chemical and thermal means.

Carbon-in-pulp (“CIP”)

A pump-cell process whereby a series of stirred tanks are used to mix gold-containing slurry with activated carbon so the gold can adsorb to the carbon. The gold is first dissolved in a cyanide solution and as the slurry moves from one pump-cell to the next, the dissolved gold is gradually adsorbed onto the carbon. This type of system makes it easier to control how long the slurry stays in the tanks (residence time), how much carbon is used, and how the slurry flows, which is commonly used in large gold processing plants.

Class 1 - High Significance Environmental Incident

An incident that causes significant negative impacts on human health or the environment, or an incident that extends onto publicly accessible land and has the potential to cause significant adverse impact to surrounding communities, livestock or wildlife.

Class 2 - Medium Significance Environmental Incident

An incident that has the potential to cause negative impacts on human health or the environment but is reasonably anticipated to result in only localized and short-term environmental or community impact requiring minor remediation.

Concentrate

A very fine, powder-like product containing the valuable ore mineral from which most of the waste mineral has been eliminated.

Contained ounces

A measure of in-situ or contained metal based on an estimate of tonnage and grade (used in the calculation of ore reserves).

 

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Crushing

A unit operation that reduces the size of material delivered as run of mine ore for further processing.

Cut-off grade

A calculated minimum metal grade at which material can be mined and processed at break-even cost.

Development

Work carried out for the purpose of gaining access to an ore body. In an underground mine, this includes shaft sinking, crosscutting, drifting and raising. In an open-pit mine, development includes the removal of overburden (more commonly referred to as stripping in an open pit).

Dilution

The effect of waste or low-grade ore which is unavoidably extracted and comingled with the ore mined thereby lowering the recovered grade from what was planned to be mined.

Doré

Unrefined gold and silver bullion bars usually consisting of approximately 90 percent precious metals that will be further refined to almost pure metal.

Drift

A horizontal tunnel generally driven within or alongside an orebody and aligned parallel to the long dimension of the ore.

Drift-and-fill

A method of underground mining used for flat-lying mineralization or where ground conditions are less competent.

Drilling

Core: drilling with a hollow bit with a diamond cutting rim to produce a cylindrical core that is used for geological study and assays.

Reverse circulation: drilling that uses a rotating cutting bit within a double-walled drill pipe and produces rock chips rather than core. Air or water is circulated down to the bit between the inner and outer wall of the drill pipe. The chips are forced to the surface through the center of the drill pipe and are collected, examined and assayed.

Conventional rotary: a drilling method that produces rock chips similar to reverse circulation except that the sample is collected using a single-walled drill pipe. Air or water circulates down through the center of the drill pipe and returns chips to the surface around the outside of the pipe.

In-fill: drilling closer spaced holes in between existing holes, used to provide greater geological detail and to help upgrade resource estimates to reserve estimates.

Step-out: drilling to intersect a mineralized horizon or structure along strike or down-dip.

Exploration

Prospecting, sampling, mapping, drilling and other work involved in searching for minerals.

Flotation

A process that concentrates minerals by taking advantage of specific surface properties and applying chemicals such as collectors, depressants, modifiers and frothers in the presence of water and finely dispersed air bubbles.

 

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Grade

The concentration of an element of interest expressed as relative mass units (percentage, parts per million, ounces per ton, grams per tonne, etc.).

Grinding (Milling)

Involves the size reduction of material fed to a process plant though abrasion or attrition to liberate valuable minerals for further metallurgical processing.

Heap leaching

A process whereby gold/copper is extracted by “heaping” broken ore on sloping impermeable pads and continually applying to the heaps a weak cyanide solution/sulfuric acid which dissolves the contained gold/copper. The gold/copper-laden solution is then collected for gold/copper recovery.

Lode

A mineral deposit, consisting of a zone of veins, veinlets or disseminations, in consolidated rock as opposed to a placer deposit.

Long-hole open stoping

A method of underground mining involving the drilling of holes up to 30 meters or longer into an ore bearing zone and then blasting a slice of rock which falls into an open space. The broken rock is extracted and the resulting open chamber may or may not be back filled with supporting material.

Lost Time Injury Frequency Rate (“LTIFR”)

LTIFR is a ratio calculated as follows: number of lost time injuries x 1,000,000 hours divided by the total number of hours worked.

Ma

Mega-annums (each mega-annum, equals one million years).

Metric conversion

 

Troy ounces		×		31.10348		=		Grams
Troy ounces per short ton		×		34.28600		=		Grams per tonne
Pounds		×		0.00045		=		Tonnes
Tons		×		0.90718		=		Tonnes
Feet		×		0.30480		=		Meters
Miles		×		1.60930		=		Kilometers
Acres		×		0.40468		=		Hectares
Fahrenheit		(°F-32) × 5 ÷ 9				=		Celsius

Mill

A processing facility where ore is finely ground and thereafter undergoes physical or chemical treatment to extract the valuable metals.

Mineral reserve (“Reserve”)

The economically mineable portion of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allowances for losses that may occur when the material is mined. Mineral reserves are sub-divided in order of increasing confidence into probable mineral reserves and proven mineral reserves.

 

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Probable mineral reserve: the economically mineable portion of an indicated and, in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

Proven mineral reserve: the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified.

Mineral resource (“Resource”)

A concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories.

Inferred mineral resource: that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence, limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

Indicated mineral resource: that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

Measured mineral resource: that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are so well-established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

Mineralization

The presence of a target mineral in a mass of host rock.

Mining claim

A footprint of land that a party has staked or marked out in accordance with applicable mining laws to acquire the right to explore for and, in most instances, exploit the minerals under the surface.

Net profits interest royalty

A royalty based on the profit remaining after recapture of certain operating, capital and other costs.

Net smelter return royalty

 

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A royalty based on a percentage of valuable minerals produced with settlement made either in kind or in currency based on the sale proceeds received less all of the offsite smelting, refining and transportation costs associated with the purification of the economic metals.

Open pit mine

A mine where materials are mined entirely from the surface.

Ore

Material containing metallic or non-metallic minerals that can be mined and processed at a profit.

Orebody

A sufficiently large amount of ore that is contiguous and can be mined economically.

Oxide ore

Mineralized rock in which some of the host rock or original mineralization has been exposed to oxygen and mineralization is thus more amenable to extraction.

Qualified Person

See “Scientific and Technical Information”.

Reclamation

The process by which lands disturbed as a result of mining activity are modified to support beneficial land use. Reclamation activity may include the removal of buildings, equipment, machinery and other physical remnants of mining, closure of tailings storage facilities, leach pads and other mine features, and contouring, covering and re-vegetation of waste rock and other disturbed areas.

Reclamation and closure costs

The cost of reclamation plus other costs, including without limitation certain personnel costs, insurance, property holding costs such as taxes, rental and claim fees, and community programs associated with closing an operating mine.

Recovery rate

A term used in process metallurgy to indicate the proportion of valuable material physically recovered in the processing of ore. It is generally stated as a percentage of the material recovered compared to the total material originally contained in the ore.

Refining

The final stage of metal production in which impurities are removed from a molten metal.

Refractory material

Mineralized material from which metal is not amenable to recovery by conventional cyanide methods without any pre-treatment. The refractory nature can be due to either silica or sulfide encapsulation of the metal or the presence of naturally occurring carbon or other constituents that reduce gold recovery.

Roasting

The treatment of sulfide ore by heat and air, or oxygen enriched air, in order to oxidize sulfides and remove other elements (carbon, antimony or arsenic).

Safe Closure

A closed tailings facility that does not pose ongoing material risks to people or the environment which has been confirmed by an Independent Tailings Review Board or senior independent technical reviewer and signed off by an Accountable Executive as defined by the Global Industry Standard on Tailings Management.

 

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Shaft

A vertical passageway to an underground mine for ventilation, moving personnel, equipment, supplies and material including ore and waste rock.

Strategic Asset

An asset which, in the opinion of Barrick, has the potential to deliver significant unrealized value in the future.

Stripping

Removal of overburden or waste rock overlying an ore body in preparation for mining by open-pit methods.

Tailings

The material that remains after economically and technically recoverable metals have been removed from ore during processing.

Tailings storage facility (“TSF”)

An area constructed for long term storage of material that remains after processing.

Tier One Copper Asset/Project

An asset with a $3.00 per pound reserve with potential for five million tonnes or more of contained copper in support of at least 20 years life, annual production of at least 200,000 tonnes per annum, with costs per pound in the lower half of the industry cost curve. Tier One Assets must be located in a world class geological district with potential for organic reserve growth and long-term geologically driven addition.

Tier One Gold Asset

An asset with a $1,400 per ounce reserve with potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and with costs per ounce in the lower half of the industry cost curve. Tier One Assets must be located in a world class geological district with potential for organic reserve growth and long-term geologically driven addition.

Tier Two Gold Asset

An asset with a reserve with potential to deliver a minimum 10-year life, annual production of at least 250,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.

Tons

Short tons (2,000 pounds or approximately 907 kilograms).

Tonnes

Metric tonnes (1,000 kilograms or approximately 2,205 pounds).

Total Recordable Injury Frequency Rate (“TRIFR”)

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.

Underhand drift-and-fill

A drift-and-fill method of underground mining that works downward, with cemented fill placed above the working area; best suited where ground conditions are less competent.

 

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REPORTING CURRENCY, FINANCIAL AND RESERVE INFORMATION

All currency amounts in this Annual Information Form are expressed in United States dollars, unless otherwise indicated. References to “C$” are to Canadian dollars. References to “ARS” are to Argentine pesos. For Canadian dollars to U.S. dollars, the average exchange rate for 2025 and the exchange rate as at December 31, 2025 were one Canadian dollar per 0.72 and 0.73 U.S. dollars, respectively. For Argentine pesos to U.S. dollars, the average exchange rate for 2025 and the exchange rate as at December 31, 2025 were one U.S. dollar per 1,246.50 and 1,451.62 Argentine pesos, respectively.

For the year ended December 31, 2025 and for the comparative prior periods identified in this Annual Information Form, Barrick Mining Corporation (“Barrick” or the “Company”) prepared its financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”). The audited consolidated financial statements of the Company for the year ended December 31, 2025 (the “Consolidated Financial Statements”) are available electronically from the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca and from the U.S. Securities and Exchange Commission’s (the “SEC”) Electronic Document Gathering and Retrieval System (“EDGAR”) at www.sec.gov.

Mineral reserves and mineral resources presented in this Annual Information Form have been estimated as at December 31, 2025 (unless otherwise noted) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“National Instrument 43-101”), as required by Canadian securities regulatory authorities. Barrick’s resources are reported on an inclusive basis and include all areas that form reserves. For United States reporting purposes, Barrick is permitted to use its Canadian disclosures under the SEC’s multi-jurisdictional disclosure system (“MJDS”). This includes reporting its reserve and resource disclosures pursuant to National Instrument 43-101, to satisfy certain United States periodic reporting obligations. As a result, Barrick does not report its reserves and resources under the SEC disclosure rules, and as such, Barrick’s mineral reserve and mineral resource disclosure may not be directly comparable to the disclosures made by domestic United States issuers or non-domestic United States issuers that do not rely on MJDS. However, as a result of the SEC’s adoption of modernized mineral property disclosure rules in 2019, the SEC requirements and definitions are substantially similar to those under NI 43-101 and of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”), including in respect of “measured”, “indicated” and “inferred” mineral resources, and “proven” and “probable” mineral reserves. For more information, see Note 1 of “Notes to the Barrick Mineral Reserves and Resources Tables” in “Narrative Description of the Business – Mineral Reserves and Mineral Resources”.

Investors are also cautioned that while National Instrument 43-101 and subpart 1300 of SEC Regulation S-K recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Accordingly, investors are cautioned not to assume that any “measured mineral resources”, “indicated mineral resources”, or “inferred mineral resources” of Barrick are or will be economically or legally mineable. Further, “inferred mineral resources” have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. In accordance with Canadian rules, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under National Instrument 43-101.

Barrick uses certain non-GAAP financial performance measures in its financial reports, including total cash costs per ounce, all-in sustaining costs per ounce, all-in costs per ounce, C1 cash costs per pound and all-in sustaining costs per pound. For a description and reconciliation of each of these measures, please see pages 57 to 74 of Barrick’s Management’s Discussion and Analysis of Financial and Operating Results for the year ended December 31, 2025 (the “MD&A”), available electronically from SEDAR+ and

 

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EDGAR. See also “Non-GAAP Financial Measures” at pages 151 to 155 below for a detailed discussion of each of the non-GAAP measures used in this Annual Information Form.

 

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FORWARD-LOOKING INFORMATION

Certain information contained in this Annual Information Form, including any information as to Barrick’s 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”, “vision”, “target”, “plan”, “opportunities”, “objective”, “pursuit”, “assume”, “goal”, “aim”, “intend”, “intention”, “project”, “continue”, “budget”, “ongoing”, “estimate”, “potential”, “strategy”, “prospective”, “following”, “future”, “commitment”, “ramp-up”, “guidance”, “outlook”, “forecast”, “may”, “will”, “can”, “could”, “should”, “schedule”, “would” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this Annual Information Form in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to:

 

•

fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity);

 

•

risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required;

 

•

risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves;

 

•

risks associated with the fact that certain of the initiatives described in this Annual Information Form are still in the early stages and may not materialize;

 

•

risks associated with the proposed initial public offering of a Barrick entity and any corporate reorganization associated therewith;

 

•

changes in mineral production performance, exploitation and exploration successes;

 

•

risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment;

 

•

the speculative nature of mineral exploration and development;

 

•

lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law;

 

•

changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies, and practices, including changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with other countries, result in retaliatory policies, lead to increased costs and/or limited availability for raw materials, components and equipment, or impact Barrick’s existing operations and growth projects;

 

•

expropriation or nationalization of property and political or economic developments in Canada, the United States, Argentina, Chile, the Dominican Republic, the Democratic Republic of the Congo (the “DRC”), Ecuador, Jamaica, Mali, Pakistan, Papua New Guinea, Peru, Saudi Arabia, Senegal, Tanzania, or Zambia or other countries in which Barrick does or may carry on business in the future;

 

•

risks relating to political instability in certain of the jurisdictions in which Barrick operates;

 

•

timing of receipt of, or failure to comply with, necessary permits and approvals;

 

•

non-renewal of key licenses by governmental authorities;

 

•

failure to comply with environmental and health and safety laws and regulations;

 

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•

increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to greenhouse gas (“GHG”) emissions levels, energy efficiency and reporting of risks related to climate change;

 

•

the Company’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which requires reliance on entities within Barrick’s value chain, but outside of the Company’s direct control, to achieve such targets within the specified time frames;

 

•

contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure;

 

•

the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses;

 

•

damage to Barrick’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to Barrick’s handling of environmental matters or dealings with individuals or community groups, whether true or not;

 

•

risks relating to operations near communities that may regard Barrick’s operations as being detrimental to them;

 

•

litigation and legal and administrative proceedings;

 

•

operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems;

 

•

increased costs, delays, suspensions and technical challenges associated with the construction of capital projects;

 

•

risks associated with working with partners in jointly controlled assets;

 

•

risks relating to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East, and sanctions imposed on individuals and entities as a result thereof;

 

•

risk of loss due to acts of war, terrorism, sabotage and civil disturbances;

 

•

risks associated with artisanal and illegal mining;

 

•

risks associated with Barrick infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related to cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions;

 

•

the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows;

 

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the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions and global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina;

 

•

adverse changes in the Company’s credit ratings;

 

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risks related to exchange and capital controls;

 

•

fluctuations in the currency markets (such as Canadian and Australian dollars, Chilean, Argentine and Dominican pesos, British pound, Peruvian sol, Zambian kwacha, South African rand, Tanzanian shilling, West African CFA, Congolese franc, Papua New Guinean kina and Pakistani rupee versus the U.S. dollar);

 

•

changes in U.S. dollar interest rates that could impact the mark-to-market value of outstanding derivative instruments and variable rate debt obligations;

 

•

risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk);

 

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•

risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions;

 

•

uncertainty as to whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate;

 

•

whether benefits expected from recent transactions are realized;

 

•

business opportunities that may be presented to, or pursued by, the Company;

 

•

the Company’s ability to successfully integrate acquisitions or complete divestitures;

 

•

risks related to competition in the mining industry;

 

•

employee relations, including loss of key employees;

 

•

availability and increased costs associated with mining inputs and labor;

 

•

risks associated with diseases, epidemics and pandemics;

 

•

risks related to the failure of internal controls; and

 

•

risks related to the impairment of the Company’s goodwill and assets.

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 the Company’s 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, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this Annual Information Form are qualified by these cautionary statements. Specific reference is made to “Narrative Description of the Business – Mineral Reserves and Mineral Resources” and “Risk Factors” and to the MD&A (which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov as an exhibit to Barrick’s Form 40-F) for a discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this Annual Information Form.

The Company may, from time to time, make oral forward-looking statements. The Company advises that the above paragraph and the risk factors described in this Annual Information Form and in the Company’s other documents filed with the Canadian securities regulatory authorities and the SEC should be read for a description of certain factors that could cause the actual results of the Company to materially differ from those in the oral forward-looking statements. The Company disclaims any intention or obligation to update or revise any oral or written forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

SCIENTIFIC AND TECHNICAL INFORMATION

Unless otherwise indicated, scientific or technical information in this Annual Information Form relating to mineral reserves or mineral resources is based on information prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, in each case under the supervision of, or following review by: Tricia Evans, BSc, SMERM, Head of Mineral Resource Management, North America; Mark Roux, BSc (Hons), P. Grad. Cert. (Geostatistics), Pr. Sci. Nat, Evaluations Manager, Resource Geology, North America; Richard Peattie, FAusIMM, Senior Vice President, Technical, Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology, South America and Asia Pacific; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration.

Scientific or technical information in this Annual Information Form relating to the geology of particular properties and exploration programs is based on information prepared by employees of Barrick, its joint

 

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venture partners or its joint venture operating companies, as applicable, in each case under the supervision of Joel Holliday, FAusIMM, Executive Vice-President, Exploration.

Each of Messrs. Roux, Peattie, Jones and Holliday and Ms. Evans is a “Qualified Person” as defined in National Instrument 43-101. A “Qualified Person” is an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these, has experience relevant to the subject matter of the mineral project, and is a member in good standing of a professional association.

Each of Messrs. Roux, Peattie, Jones and Holliday and Ms. Evans is an officer or employee of Barrick and/or an officer, director or employee of one or more of its associates or affiliates. No such person has received or will receive a direct or indirect interest in any property of Barrick or any of its associates or affiliates. As of the date hereof, each such person owns beneficially, directly or indirectly, less than 1% of any outstanding class of securities of Barrick and less than 1% of any outstanding class of securities of Barrick’s associates or affiliates.

GENERAL INFORMATION

Organizational Structure

Barrick is a company governed by the Business Corporations Act (British Columbia) (“BCBCA”). Barrick resulted from the amalgamation, effective July 14, 1984, of Camflo Mines Limited, Bob-Clare Investments Limited and the former Barrick Resources Corporation pursuant to the Business Corporations Act (Ontario) (the “OBCA”). By articles of amendment effective December 9, 1985, the Company changed its name to American Barrick Resources Corporation. Effective January 1, 1995, as a result of an amalgamation with a wholly-owned subsidiary, the Company changed its name from American Barrick Resources Corporation to Barrick Gold Corporation. On December 7, 2001, in connection with its acquisition of Homestake Mining Company, the Company amended its articles to create a special voting share designed to permit holders of Barrick Gold Inc. (formerly Homestake Canada Inc.) (“BGI”) exchangeable shares to vote as a single class with the holders of Barrick common shares. In March 2009, in connection with Barrick’s redemption of all of the outstanding BGI exchangeable shares, the single outstanding special voting share was redeemed and cancelled. In connection with its acquisition of Placer Dome Inc. (“Placer Dome”), Barrick amalgamated with Placer Dome pursuant to articles of amalgamation dated May 9, 2006. In connection with the acquisition of Arizona Star Resource Corp. (“Arizona Star”), Barrick amalgamated with Arizona Star pursuant to articles of amalgamation dated January 1, 2009. On November 27, 2018, pursuant to a continuation application, Barrick continued from the Province of Ontario under the OBCA into the Province of British Columbia under the BCBCA. The notice of articles and articles of Barrick under the BCBCA are substantially similar to Barrick’s previous articles and by-laws. Key changes include a bifurcated approach to amendments to the articles where a special resolution is required for certain matters and an ordinary resolution is required for other matters; authorizing only one class of an unlimited number of common shares (preferred share classes are no longer authorized); and a reduction of the notice period to hold shareholder meetings following the fixing of record dates. On May 6, 2025, following receipt of shareholder approval, the Company changed its name to Barrick Mining Corporation. Barrick’s registered office is located at 1600 - 925 West Georgia Street, Vancouver, British Columbia V6C 3L2. Barrick’s principal corporate offices are located at Brookfield Place, TD Canada Trust Tower, 161 Bay Street, Suite 3700, Toronto, Ontario M5J 2S1, and 310 South Main Street, Suite 1150, Salt Lake City, Utah 84101.

Barrick’s business is organized into operating segments for financial reporting purposes, comprising fourteen individual minesites. For the year ended December 31, 2025, Barrick’s reportable operating segments were comprised of eight gold mines, Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu, and one copper mine, Lumwana. For financial reporting purposes, the Company’s remaining operating segments that are not reportable operating segments are grouped into an “other” category and are not reported on individually. Barrick’s material properties

 

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presented in this Annual Information Form are: Cortez, Carlin, Turquoise Ridge, Pueblo Viejo, Kibali, the Reko Diq Project and Lumwana. See “Narrative Description of the Business – Reportable Operating Segments” and “Material Properties”.

Subsidiaries

A significant portion of Barrick’s business is carried on through its subsidiaries. A chart showing Barrick’s mines, projects, related operating subsidiaries, other significant subsidiaries and certain associated subsidiaries as at February 23, 2026 and their respective locations or jurisdictions of incorporation, as applicable, is set out below. All subsidiaries, mines and projects referred to in the chart are 100% owned, unless otherwise noted.

 

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Areas of Interest

A map showing Barrick’s mining operations and projects as at February 23, 2026 is set out at the end of this “General Information” section.

General Development of the Business

History

Barrick entered the gold mining business in 1983 and is a leading international gold company with operations on five continents. The Company has interests in operating mines, projects or exploration projects in Canada, the United States, Argentina, Chile, the Dominican Republic, the DRC, Ecuador, Jamaica, Mali, Pakistan, Papua New Guinea, Peru, Saudi Arabia, Senegal, Tanzania and Zambia. The Company’s principal products and sources of earnings are gold and copper.

Strategy

Barrick’s vision is to be the world’s most valued gold and copper mining business by finding, developing and owning the best assets, with the best people, to deliver the best returns and benefits to all its stakeholders. The Company’s strategy is to operate as business owners by attracting and developing world-class people who understand and are involved in the value chain of the business, act with integrity and are tireless in their pursuit of excellence. Barrick is focused on returns to its stakeholders by optimizing free cash flow, managing risk to create long-term value and generate returns for the Company’s shareholders and partnering with host governments and communities to transform their country’s natural resources into sustainable benefits and mutual prosperity. The Company aims to achieve this through continuously improving asset quality, pursuing operational excellence and maintaining a focus on sustainable profitability.

Asset Quality

Barrick aims to deliver on its vision by growing and investing in a portfolio of Tier One Gold Assets, Tier One Copper Assets/Projects, Tier Two Gold Assets, and Strategic Assets, with an emphasis on organic growth to leverage the Company’s existing footprint in world class geological districts. In 2025, over 50% of Barrick’s gold production came from North America. The Company is focusing its efforts on identifying, investing in and developing assets that meet Barrick’s investment criteria. The required internal rate of return (“IRR”) on Tier One capital investments is 15%, adjusting to 10% return on long-life (20+ year) investments with exposure to multiple commodity cycles. The required IRR on investment for Tier Two Gold Assets is 20%. All projects are evaluated against Barrick’s investment filters, which incorporate a broad range of technical, financial, environmental, safety, partnership and social license to operate criteria. In addition, all major projects undergo a peer review process culminating in review by the Executive Committee to confirm that the project is broadly supported across the organization, with identified gaps substantially addressed, and that there is appropriate confidence for a development decision.

Near-term portfolio priorities include advancing key growth projects at Nevada Gold Mines, Fourmile, the development of the new Naranjo TSF at Pueblo Viejo as part of the mine life expansion project, and the commencement of construction on the Lumwana Super Pit Expansion Project.

Barrick also aims to deliver returns to its stakeholders by maximizing the long-term value of the Company’s strategic copper business, which currently consists of Lumwana, Reko Diq, Jabal Sayid, Zaldívar and Norte Abierto. Barrick’s exploration programs strike a balance between high-quality brownfield projects, greenfield exploration and emerging discoveries that have the potential to pass Barrick’s investment filters. In line with Barrick’s focus on growing its exploration portfolio, the Company is expanding its extensive land position in many of the world’s most prolific gold districts, while also exploring and growing Barrick’s strategic copper business.

 

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The Company’s brownfields exploration focus has delivered significant value in 2025, driven by strong results from exploration at Nevada Gold Mines (Greater Leeville, Robertson, Cortez Hills underground and Turquoise Ridge), Fourmile, Pueblo Viejo, the Veladero district and Kibali. Barrick has also identified exploration upside potential around all of these projects and further upside at Kibali, North Mara, Bulyanhulu, Lumwana and Reko Diq. At the same time, Barrick is continually evaluating prospective third-party projects with the potential to become profitable mines under Barrick’s stewardship.

Barrick’s portfolio also contains a number of undeveloped greenfield gold and copper deposits, providing further optionality and leverage to gold and copper prices. These include Norte Abierto and El Alto-Lama (formerly, Pascua-Lama).

For additional information regarding Barrick’s growth projects, exploration programs and new discoveries, see “Material Properties – Cortez Property”; “Material Properties – Carlin Complex”; “Material Properties – Turquoise Ridge Complex”; “Material Properties – Pueblo Viejo Mine”; “Material Properties – Kibali Mine”; “Material Properties – Reko Diq Project”; and “Material Properties – Lumwana”.

In addition, the Company is continually focused on portfolio optimization, which includes selling non-core assets over time in a disciplined manner. In 2025, the Company completed the sale of various non-core assets for gross proceeds and value of approximately $2.6 billion which have reinforced Barrick’s strategy of maintaining a concentrated Tier One Asset portfolio. For additional information regarding these transactions, see “Operational Excellence and Sustainable Profitability” below. Barrick will continue to pursue sales of non-core assets that are not aligned with the Company’s strategic investment filters. Barrick will only proceed with transactions that make sense for the business, on terms management considers favorable to Barrick’s shareholders.

Operational Excellence and Sustainable Profitability

Barrick has implemented a flat management structure with a strong ownership culture by streamlining management and operations and holding management accountable for the businesses they manage. The Company aims to leverage innovation and technology to drive industry-leading efficiencies, and is striving to achieve a zero harm workplace.

The Company is focused on building trust-based partnerships with host governments, business partners, and local communities to drive shared long-term value. Barrick is taking a disciplined approach to growth, emphasizing long-term value for all stakeholders. In so doing, the Company aims to increase returns to shareholders, driven by a focus on return on capital, IRR and free cash flow.

The Company seeks to maintain a robust balance sheet. Barrick has reduced its total debt in recent years to a balance of $4.7 billion and a net debt to total capitalization ratio of (0.06):1 as at December 31, 2025. Barrick’s focus on strengthening its balance sheet has given the Company the financial strength to fund its organic growth options. As at December 31, 2025, Barrick had approximately $6.7 billion in cash, an undrawn $3.0 billion credit facility and no significant debt repayments due until 2033, providing the Company with sufficient liquidity to execute on its strategic goals.

Driving an ownership culture across the Company is another key element of Barrick’s strategy. The Company maintains a Share Purchase Plan to provide a simple and accessible way for those who work at Barrick to purchase Barrick common shares, fostering a culture of ownership across the organization.

Barrick carried out the following initiatives in 2023, 2024, 2025 and 2026 to date to optimize its portfolio, strengthen its balance sheet and deliver value to all of its stakeholders:

 

•

Following the reconstitution of the Reko Diq Project in December 2022, the Reko Diq feasibility study was completed in late 2024. For more information, see “Material Properties – Reko Diq Project”.

 

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•

On December 22, 2023, following the granting of the new Special Mining Lease (“SML”) to New Porgera Limited, Barrick formally completed the Porgera Project Commencement Agreement (the “Commencement Agreement”), pursuant to which the Independent State of Papua New Guinea (“PNG”) and Barrick Niugini Limited (“BNL”), the 95% owner and operator of the former Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Barrick now holds a 24.5% ownership interest in the Porgera joint venture and a 23.5% interest in the economic benefits of the mine under the economic benefit sharing arrangement agreed with the PNG government. Mining and processing restarted at Porgera in January and February 2024, respectively.

 

•

In 2023, approximately $43 million of the $850 million principal amount 5.950% notes due 2039 issued by Barrick (PD) Australia Finance Pty Ltd. (the “BPDAF 2039 Notes”) were repaid pursuant to open market repurchases. In 2025, approximately $2 million of the BPDAF 2039 Notes were repaid pursuant to open market repurchases. For more details, see “Material Contracts”.

 

•

Barrick’s Board of Directors has authorized an annual share buyback program for each of 2023, 2024 and 2025 for the repurchase of up to $1 billion of Barrick’s outstanding common shares over the relevant 12 month period (each, a “Repurchase Program”). Barrick did not repurchase any shares under the 2023 Repurchase Program, repurchased $498 million of shares under the 2024 Repurchase Program and repurchased $1.5 billion of shares under the 2025 Repurchase Program following an increase of the original limit to $1.5 billion by the Board of Directors in November 2025. For more information, see “Share Buyback Program”.

 

•

On May 6, 2025, Barrick’s shareholders approved the change of the Company’s corporate name from Barrick Gold Corporation to Barrick Mining Corporation, which was made effective on that date. In addition, as of May 9, 2025, Barrick’s ticker on the New York Stock Exchange changed to “B” from “GOLD”.

 

•

On June 3, 2025, Barrick completed the divestiture of its 50% interest in the Donlin Gold Project in Alaska to affiliates of Paulson Advisers LLC and NOVAGOLD Resources Inc. for $1 billion in cash.

 

•

On November 7, 2025, Barrick completed the divestiture of the Alturas Project in Chile to Boroo Pte. Ltd (Singapore) (“Boroo”) for an up-front cash payment of $50 million. Barrick was also granted a 0.5% net smelter return royalty on gold and silver produced from the Alturas Project, which will terminate once 2 million ounces of gold and gold-equivalent have been produced. Boroo may repurchase the royalty within four years from closing for $10 million.

 

•

At its November 7, 2025 meeting, the Board of Directors approved a 25% increase in the quarterly base dividend to $0.125 per share, and at its February 4, 2026 meeting, the Board of Directors approved a $0.42 per share dividend in respect of performance for the fourth quarter of 2025 and a new dividend policy. See “Dividend Policy” for details.

 

•

On November 24, 2025, Barrick announced that an agreement had been entered into with Government of Mali to put an end to all disputes regarding the Loulo-Gounkoto complex. Under the agreement, criminal charges against Société des Mines de Loulo SA (“Somilo”), Société des Mines de Gounkoto SA (“Gounkoto”), their affiliates and employees were withdrawn. The agreement led to the release of the four detained employees, the renewal of the Somilo Exploitation Permit for a 10-year period, and the withdrawal of the International Centre for the Settlement of Investment Disputes (“ICSID”) claims. Operational control was handed back to Somilo and Gounkoto’s management on December 16, 2025, the gold stock attached in January 2025 was returned to Somilo and Gounkoto on December 18, 2025, and the Loulo-Gounkoto complex returned to producing gold. See “Legal Proceedings and Regulatory Actions — Loulo-Gounkoto Mining Conventions Dispute” for details.

 

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•

On November 26, 2025, Barrick completed the divestiture of the Hemlo Gold Mine in Canada to Carcetti Capital Corp., renamed Hemlo Mining Corp. (“HMC”), for a total consideration of up to $1.09 billion, inclusive of $875 million in cash received on closing, $50 million in HMC shares received on closing, and a production and tiered gold price-linked cash payment structure of up to $165 million starting in January 2027 for a five-year term.

 

•

On December 1, 2025, Barrick announced that the Board of Directors had unanimously authorized Barrick’s management team to explore the initial public offering (the “IPO”) of a Barrick entity (“IPOCo”) that will hold Barrick’s premier North American gold assets. On February 4, 2026, following a rigorous financial and operational analysis by Barrick’s management and its advisors, the Board authorized Barrick’s management to initiate preparations for the IPO of IPOCo and expects the IPO to be completed by late 2026, subject to market conditions and other customary conditions, including any required regulatory approvals and final approval of the IPO by Barrick’s Board of Directors. IPOCo will hold Barrick’s joint venture interests in Nevada Gold Mines and Pueblo Viejo, as well as Barrick’s wholly owned Fourmile gold discovery in Nevada. Barrick intends to retain a significant controlling interest in IPOCo following the IPO and continue to benefit financially through its majority ownership of IPOCo.

 

•

On December 2, 2025, Barrick completed the divestiture of its interests in the Tongon gold mine and certain of its exploration properties in Côte d’lvoire to the Atlantic Group for total consideration of up to $305 million, comprised of cash consideration of $192 million, inclusive of a $23 million shareholder loan repayment within six months of closing, and contingent cash payments totaling up to $113 million payable based on the price of gold over two-and-a-half years and resource conversions over five years.

 

•

In addition to the divestitures referred to above, over the course of the last three years, Barrick completed the sale of various non-core minority equity interests for proceeds of approximately $150 million. Barrick has also entered into several agreements to sell its interests in certain royalty portfolios and exploration projects for a combination of cash proceeds, shares and/or future royalties.

Results of Operations in 2025

Total revenues in 2025 were $17.0 billion, a $4.0 billion, or 31%, increase compared to 2024, primarily due to a higher realized gold price, partially offset by a decrease in sales volumes. In 2025, gold and copper revenues totaled $15.1 billion and $1,475 million, respectively, with gold revenues up $3.3 billion, compared to the prior year mainly due to a higher realized gold price, partially offset by a decrease in sales volumes, and copper revenues up $620 million compared to the prior year mainly due to a higher copper sales volumes and a higher realized copper price. Realized gold prices of $3,501 per ounce in 2025 were higher than the prior year due to higher market prices. Realized copper prices for 2025 were $4.72 per pound, higher than the prior year. For an explanation of realized price, see “Non-GAAP Financial Measures – Realized Prices”. In 2025, Barrick reported net earnings attributable to equity holders of $4,993 million, compared to $2,144 million in 2024. The increase was primarily due to higher realized gold and copper prices and lower copper cost of sales per pound, partially offset by lower gold sales volumes and an increase in gold cost of sales per ounce. Significant adjustments used to derive adjusted net earnings of $4,139 million in 2025 include acquisition and disposition gains of $1,107 million, mainly relating to the sale of the Company’s 50% interest in the Donlin Gold project, the Hemlo gold mine, its interest in the Tongon gold mine and the Alturas project, partially offset by other expense adjustments of $823 million which mainly related to the settlement payment to the Government of Mali in November 2025, the fair value increment on inventory resulting from the purchase price allocation when, from an accounting perspective operational control of Loulo-Gounkoto was handed back to Barrick, and reduced operations costs at Loulo-Gounkoto. This compares to adjusted net earnings of $2,213 million in 2024 (for an explanation of adjusted net earnings, see “Non-GAAP Financial Measures – Adjusted Net Earnings and Adjusted Net Earnings per Share”).

 

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In 2025, Barrick’s gold production was 3.26 million ounces, 656 thousand ounces lower than 2024 gold production, with costs of sales applicable to gold of $1,697 per ounce, all-in sustaining costs of $1,637 per ounce and total cash costs of $1,199 per ounce. Barrick’s copper production in 2025 was 220 thousand tonnes of copper, 25 thousand tonnes higher than 2024 copper production, with cost of sales applicable to copper of $2.91 per pound, all-in sustaining costs of $3.20 per pound and C1 cash costs of $2.14 per pound. In 2024, Barrick produced 3.91 million ounces of gold, with costs of sales applicable to gold of $1,442 per ounce, all-in sustaining costs of $1,484 per ounce and total cash costs of $1,065 per ounce, and 195 thousand tonnes of copper, with cost of sales applicable to copper of $2.99 per pound, all-in sustaining costs of $3.45 per pound and C1 cash costs of $2.26 per pound. “All-in sustaining costs” and “total cash costs” per ounce and “All-in sustaining costs” and “C1 cash costs” per pound are non-GAAP financial performance measures. For an explanation of these non-GAAP measures, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

The following table summarizes Barrick’s interest in its producing mines and its share of gold production from these mines for the periods indicated:

 

				(000s ozs, attributable share)
Twelve months ended December 311		2025		2024
Carlin (61.5%)		687		775
Cortez (61.5%)		454		444
Turquoise Ridge (61.5%)		341		304
Phoenix (61.5%)		109		127
Nevada Gold Mines (61.5%)2		1,591		1,650
Pueblo Viejo (60%)		379		352
Loulo-Gounkoto (80%)3		29		578
Kibali (45%)		303		309
Tongon (89.7%)4		106		148
North Mara (84%)		249		265
Veladero (50%)		230		252
Hemlo5		123		143
Bulyanhulu (84%)		153		168
Porgera (24.5%)		92		46
Total Attributable Gold6		3,255		3,911

 

1	Barrick’s interest is subject to royalty obligations at certain mines.

2	These amounts represent Barrick’s 61.5% interest in Carlin, Cortez, Turquoise Ridge and Phoenix.

3

As a result of a temporary suspension of operations at Loulo-Gounkoto starting January 14, 2025, and subsequent loss of control on June 16, 2025, no operating data or per ounce data was provided for the first to third quarters of 2025. On November 24, 2025, Barrick announced that an agreement had been entered into with the Government of the Republic of Mali to put an end to all disputes regarding the Loulo and Gounkoto mines. The provisional administration of the Loulo-Gounkoto complex was terminated on December 16, 2025, at which point, from an accounting perspective, operational control was handed back to Barrick.

4

On October 6, 2025, Barrick reached an agreement to sell its interest in the Tongon gold mine and certain of its exploration properties to the Atlantic Group for total consideration of up to $305 million. The transaction closed on December 1, 2025. Accordingly, operating and financial results provided are up to the closing date.

5	On September 10, 2025, Barrick reached an agreement to sell the Hemlo gold mine to Carcetti Capital Corp. for gross proceeds of up to $1.09 billion. The transaction closed on November 26, 2025. Accordingly, operating and financial results provided are up to the closing date.

6	2025 and 2024 exclude Long Canyon which is producing residual ounces from the leach pad while on care and maintenance.

The following table summarizes Barrick’s interest in its principal producing copper mines and its share of copper production from these mines for the periods indicated:

 

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		(000s of tonnes, attributable share)
Twelve months ended December 311		2025		2024
Zaldívar (50%)		37		40
Lumwana		151		123
Jabal Sayid (50%)		32		32
Total Attributable Copper		220		195

 

1	Barrick’s interest is subject to royalty obligations at certain mines.

See “Narrative Description of the Business” in this Annual Information Form, Note 5 “Segment Information” to the Consolidated Financial Statements and the MD&A for further information on the Company’s operating segments. See “Narrative Description of the Business – Mineral Reserves and Mineral Resources” for information on the Company’s mineral reserves and resources.

 

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NARRATIVE DESCRIPTION OF THE BUSINESS

Barrick is engaged in the responsible production and sale of gold, as well as related activities such as exploration and mine development. Barrick also produces significant amounts of copper, principally from its Zaldívar joint venture, Jabal Sayid joint venture and its Lumwana mine and holds other interests. Unless otherwise specified, the description of Barrick’s business, including products, principal markets, distribution methods, employees and labor relations contained in this Annual Information Form, applies to each of its operating segments and Barrick as a whole.

Production and Guidance

For the year ended December 31, 2025, Barrick produced 3.26 million ounces of gold at cost of sales applicable to gold of $1,697 per ounce, all-in sustaining costs of $1,637 per ounce and total cash costs of $1,199 per ounce. Barrick’s 2026 gold production is currently targeted at 2.90 to 3.25 million ounces, and Barrick expects cost of sales applicable to gold of $1,870 to $2,070 per ounce in 2026, all-in sustaining costs of $1,760 to $1,950 per ounce and total cash costs of $1,330 to $1,470 per ounce, assuming a market gold price of $4,500 per ounce. See “Forward-Looking Information”. In the fourth quarter of 2025, Barrick divested its interests in Hemlo and Tongon and when those two assets are excluded, 2025 production was 3.0 million ounces. The most significant driver of the change in production in 2026 across the continuing assets is the additional production from Loulo-Gounkoto following the return of control in the late fourth quarter of 2025. Across the remainder of the portfolio, Pueblo Viejo is expected to deliver a slightly higher year-over-year performance with offsetting decreases at Veladero and North Mara. Production at Carlin in 2026 is expected to be slightly lower than 2025, driven by open pit mine sequencing although this is expected to be partially offset by higher deliveries of Cortez material processed through the Carlin roasters. Turquoise Ridge is expected to have lower underground grades as per the planned mining sequence. Stable delivery is expected for the other assets.

Across the four quarters of 2026, the Company’s gold production is expected to be the lowest in the first quarter (between 640 to 680 thousand ounces) and highest in the third and fourth quarters due to the ramp-up of Loulo-Gounkoto, the timing of shutdowns, the Goldrush ramp-up and mine sequencing across the Nevada Gold Mines sites. This is expected to result in an approximately 45% / 55% split of the Company’s total gold production between the first half and second half of the year, respectively. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

For the year ended December 31, 2025, Barrick produced 220 thousand tonnes of copper at cost of sales applicable to copper of $2.91 per pound, all-in sustaining costs of $3.20 per pound and C1 cash costs of $2.14 per pound. Barrick’s 2026 copper production is targeted at approximately 190 - 220 thousand tonnes and Barrick expects cost of sales applicable to copper of $3.05 to $3.35 per pound, all-in sustaining costs of $3.45 to $3.75 per pound and C1 cash costs of $2.20 to $2.45 per pound. See “Forward-Looking Information”. “All-in sustaining costs” and “C1 cash costs” per pound are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and C1 cash costs per pound, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

Reportable Operating Segments

During 2025, Barrick’s business was organized into fourteen minesites. Barrick’s Chief Operating Decision Maker, (Mark Bristow, President and Chief Executive Officer until September 29, 2025 and Mark Hill, President and Chief Executive Officer thereafter), reviews the operating results, assesses performance and makes capital allocation decisions at the minesite level. For the year ended December

 

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31, 2025, Barrick’s reportable operating segments consisted of eight individual gold mines, Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu, and one individual copper mine, Lumwana. Each mine and project receives direction from Barrick’s Executive Committee, but has responsibility for certain aspects of its business, such as sustainability of mining operations, including exploration, production and closure.

For details regarding 2025 production for all operating segments, see “General Information – General Development of the Business”. For additional details regarding the reserves and resources held in each operating segment, see “Mineral Reserves and Mineral Resources”. See also Note 5 “Segment Information” to the Consolidated Financial Statements and the MD&A for further financial and other information on the Company’s operating segments. Barrick’s ability to deliver on its vision, strategic objectives and operating guidance depends on the Company’s ability to understand and appropriately respond to uncertainties and risks. For a description of certain of those sources of uncertainty, relevant risk modification activities and oversight by the Company’s Board of Directors and executive officers, see pages 21 to 22 of the MD&A. For a discussion of material risks relevant to investors, see “Risk Factors”.

Nevada Gold Mines (61.5% basis)

In connection with the establishment of Nevada Gold Mines on July 1, 2019, Barrick’s Cortez, Goldstrike, Turquoise Ridge and Goldrush properties, and Newmont Corporation’s (“Newmont”) Carlin, Twin Creeks, Phoenix, Long Canyon (which transitioned to care and maintenance at the end of 2023) and Lone Tree (which was divested in 2021 as part of an asset exchange agreement with i-80 Gold Corp., as previously disclosed) properties were contributed to the joint venture. Nevada Gold Mines produced 1,591 thousand ounces of gold at cost of sales attributable to gold of $1,647 per ounce, all-in sustaining costs of $1,620 per ounce and total cash costs of $1,229 per ounce in 2025, compared to 1,650 thousand ounces of gold at cost of sales attributable to gold of $1,478 per ounce, all-in sustaining costs of $1,561 per ounce and total cash costs of $1,126 per ounce in 2024. This represents Barrick’s 61.5% interest in Cortez, Carlin (including Goldstrike and South Arturo), Turquoise Ridge (including Twin Creeks) and Phoenix. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

Carlin

Barrick’s 61.5% interest in Carlin (a material property for the purposes of this Annual Information Form, see “Material Properties – Carlin Complex”) produced 687 thousand ounces of gold at cost of sales attributable to gold of $1,676 per ounce, all-in sustaining costs of $1,906 per ounce and total cash costs of $1,340 per ounce in 2025, compared to 775 thousand ounces of gold at cost of sales attributable to gold of $1,429 per ounce, all-in sustaining costs of $1,730 per ounce and total cash costs of $1,187 per ounce in 2024. Barrick is the operator of the Nevada Gold Mines joint venture, including the Carlin Complex. In 2025, gold production was below the guidance range, impacted primarily by a slower than planned ramp-up of the Gold Quarry roaster and delayed access to higher grade underground zones due to poor ground conditions. This was further impacted by an increase in higher grade ore shipped from Cortez and processed at the Carlin roasters, to the overall benefit of Nevada Gold Mines. Cost of sales per ounce and total cash costs per ounce were both above the guidance ranges mainly due to the impact of lower production, combined with increased sulfuric acid consumption and pricing, and higher consumable prices partially driven by the impact of tariffs. All-in sustaining costs per ounce were also higher than guidance, mainly driven by higher total cash costs per ounce. All cost metrics were also impacted by higher royalties from the higher realized gold price (guidance was based on a gold price assumption of $2,400 per ounce).

 

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The amounts presented represent Barrick’s 61.5% interest in Carlin (including Nevada Gold Mines’ 100% interest in South Arturo).

At Carlin, the Company expects its equity share of 2026 gold production to be in the range of 600 - 670 thousand ounces, slightly lower than 2025 production levels. In 2026, Barrick expects cost of sales attributable to gold to be in the range of $1,770 to $1,960 per ounce, higher than 2025. All-in sustaining costs are expected to be $1,900 to $2,100 per ounce, in line with 2025. Total cash costs are expected to be in the range of $1,340 to $1,490 per ounce, in line with 2025. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

Cortez

Barrick’s 61.5% interest in Cortez (a material property for the purposes of this Annual Information Form, see “Material Properties – Cortez Property”) produced 454 thousand ounces of gold at cost of sales attributable to gold of $1,609 per ounce, all-in sustaining costs of $1,513 per ounce and total cash costs of $1,234 per ounce in 2025, compared to 444 thousand ounces of gold at cost of sales attributable to gold of $1,402 per ounce, all-in sustaining costs of $1,441 per ounce and total cash costs of $1,046 per ounce in 2024. Barrick is the operator of the Nevada Gold Mines joint venture, including the Cortez property. In 2025, gold production was in the top half of the guidance range, primarily due to higher than planned refractory ore shipped and processed at the Carlin roasters and the Goldstrike autoclave, to the overall benefit of Nevada Gold Mines. Cost of sales per ounce and total cash costs per ounce were above the guidance range reflecting a higher than planned proportion of higher cost refractory ounces processed at the Carlin roasters in the sales mix combined with higher sulfur and other consumable prices, partially driven by tariffs. All cost metrics were also impacted by higher royalties from the higher realized gold price. All-in sustaining costs were also above the guidance range primarily due to higher royalties, as described above, as the higher total cash costs per ounce were partially offset by lower than planned capitalized waste stripping at Crossroads following the reclassification of waste material to low grade ore.

At Cortez, the Company expects its equity share of 2026 gold production to be in the range of 430 - 480 thousand ounces, in line with 2025 production levels. In 2026, Barrick expects cost of sales attributable to gold to be in the range of $1,980 to $2,190 per ounce, total cash costs are expected to be in the range of $1,390 to $1,540 per ounce, and all-in sustaining costs are expected to be $1,690 to $1,870 per ounce. All measures are expected to be higher than 2025. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

Turquoise Ridge

Barrick’s 61.5% interest in Turquoise Ridge (a material property for the purposes of this Annual Information Form, see “Material Properties – Turquoise Ridge Complex”) produced 341 thousand ounces of gold at cost of sales attributable to gold of $1,545 per ounce, all-in sustaining costs of $1,358 per ounce and total cash costs of $1,178 per ounce in 2025, compared to 304 thousand ounces of gold at cost of sales attributable to gold of $1,615 per ounce, all-in sustaining costs of $1,466 per ounce, and total cash costs of $1,238 per ounce in 2024. Barrick is the operator of the Nevada Gold Mines joint venture, including the Turquoise Ridge Complex. In 2025, gold production was at the top end of the guidance range as the improvements in stabilizing the processing plant and improving mining efficiencies resulted in a strong performance in the second half of 2025. Cost of sales per ounce and total cash costs per ounce were higher than the original guidance mainly due to a change in the mine plan which involved higher operating development costs combined with higher input prices relating to reagents and

 

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consumables, partially driven by tariffs, and higher than planned maintenance costs. All-in sustaining costs per ounce were within guidance as the impact of the change in the mine plan was not a driver (higher operating costs were offset by lower minesite sustaining capital expenditures). All cost metrics were also impacted by higher royalties from the higher realized gold price.

At Turquoise Ridge, the Company expects its equity share of 2026 gold production to be in the range of 300 - 330 thousand ounces, lower than 2025 production levels. In 2026, Barrick expects cost of sales attributable to gold to be in the range of $1,610 to $1,790 per ounce, total cash costs are expected to be in the range of $1,220 to $1,360 per ounce and all-in sustaining costs are expected to be $1,490 to $1,650 per ounce. All three measures are expected to be higher than 2025. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

Other Mines - Nevada Gold Mines

Barrick’s 61.5% interest in Phoenix produced 109 thousand ounces of gold at cost of sales attributable to gold of $1,921 per ounce, all-in sustaining costs of $920 per ounce and total cash costs of $653 per ounce in 2025.

At Phoenix, the Company expects its equity share of 2026 gold production to be in the range of 80 - 100 thousand ounces, lower than 2025 production levels. In 2026, Barrick expects cost of sales attributable to gold to be in the range of $2,440 to $2,710 per ounce, all-in sustaining costs are expected to be $1,180 to $1,310 per ounce, and total cash costs are expected to be in the range of $900 to $1,000 per ounce. All three measures are expected to be higher than 2025.

Barrick is the operator of the Nevada Gold Mines joint venture. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

Pueblo Viejo (60% basis)

Barrick’s 60% interest in the Pueblo Viejo mine (a material property for the purposes of this Annual Information Form, see “Material Properties – Pueblo Viejo Mine”) produced 379 thousand ounces of gold at cost of sales attributable to gold of $1,608 per ounce, all-in sustaining costs of $1,412 per ounce and total cash costs of $1,034 per ounce in 2025, compared to 352 thousand ounces of gold at cost of sales attributable to gold of $1,576 per ounce, all-in sustaining costs of $1,323 per ounce and total cash costs of $1,005 per ounce in 2024. Barrick is the operator of the joint venture. In 2025, gold production was in the lower half of the guidance range mainly due to lower CIL recovery resulting from higher than planned copper and preg-robbing ores in the feed blend, partially offset by higher grades processed. Cost of sales per ounce was within the guidance range as the increase in total cash costs per ounce was partially offset by a lower depreciation expense. Total cash costs per ounce were higher than the guidance range mainly due to higher processing maintenance costs. All cost metrics were also impacted by higher royalties from the higher realized gold price.

At Pueblo Viejo, the Company expects its equity share of 2026 gold production to be in the range of 350 - 400 thousand ounces, in line with 2025 production levels. In 2026, Barrick expects cost of sales attributable to gold to be in the range of $1,720 to $1,910 per ounce, all-in sustaining costs are expected to be $1,590 to $1,760 per ounce, and total cash costs are expected to be in the range of $1,160 to $1,290 per ounce, all higher than 2025. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs

 

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per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

Loulo-Gounkoto (80% basis)

Barrick’s 80% interest in Loulo-Gounkoto produced 18 thousand ounces of gold in early January before operations were suspended and 11 thousand ounces of gold in December after the provisional administration was terminated and operations were restarted by Somilo and Gounkoto’s management. This brings full year production to 29 thousand ounces of gold and full year sales to 91 thousand ounces (this includes the sale of the gold that was produced in late 2024 that was subject to an attachment order issued on January 2, 2025 and returned to the mine following the end of the provisional administration period). Cost of sales attributable to gold of $4,271 per ounce, as it includes the impact of the fair value increment on inventory resulting from the purchase price allocation when such gold inventory was returned to Somilo and Gounkoto. All-in sustaining costs were $1,603 per ounce and total cash costs were $1,449 per ounce in 2025, both of which excludes the impact of the fair value increment of $2,486 per ounce, compared to 578 thousand ounces of gold at cost of sales attributable to gold of $1,218 per ounce, all-in sustaining costs of $1,304 per ounce and total cash costs of $828 per ounce in 2024. As a result of the temporary suspension of operations at Loulo-Gounkoto, Barrick had excluded Loulo-Gounkoto from its 2025 production guidance. See “Legal Proceedings and Regulatory Actions — Loulo-Gounkoto Mining Conventions Dispute” for details.

At Loulo-Gounkoto, the Company expects its equity share of 2026 gold production to be in the range of 260 - 290 thousand ounces. In 2026, Barrick expects cost of sales attributable to gold to be in the range of $2,860 to $3,140 per ounce, all-in sustaining costs are expected to be $2,640 to $2,900 per ounce, and total cash costs are expected to be in the range of $2,180 to $2,390 per ounce. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

Kibali (45% basis)

Barrick’s 45% interest in Kibali (a material property for the purposes of this Annual Information Form, see “Material Properties – Kibali Mine”) produced 303 thousand ounces of gold at cost of sales attributable to gold of $1,568 per ounce, all-in sustaining costs of $1,337 per ounce and total cash costs of $1,099 per ounce in 2025, compared to 309 thousand ounces of gold at cost of sales attributable to gold of $1,344 per ounce, all-in sustaining costs of $1,123 per ounce and total cash costs of $905 per ounce in 2024. In 2025, gold production was marginally below the guidance range, primarily driven by lower grades processed than planned. All cost metrics were above the guidance ranges primarily as a result of the lower than planned production and higher royalties from the higher realized gold price.

At Kibali, the Company expects its equity share of 2026 gold production to be in the range of 270 - 310 thousand ounces, in line with 2025 production levels. In 2026, Barrick expects cost of sales attributable to gold to be in the range of $1,520 to $1,680 per ounce, in line with 2025 levels. All-in sustaining costs are expected to be in the range of $1,330 to $1,470 per ounce, also in line with 2025 levels. Total cash costs are expected to be in the range of $1,130 to $1,250 per ounce, higher than 2025 levels. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

 

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North Mara (84% basis)

Barrick’s 84% interest in North Mara produced 249 thousand ounces of gold at cost of sales attributable to gold of $1,449 per ounce, all-in sustaining costs of $1,333 per ounce and total cash costs of $1,085 per ounce in 2025, compared to 265 thousand ounces of gold at cost of sales attributable to gold of $1,266 per ounce, all-in sustaining costs of $1,274 per ounce and total cash costs of $989 per ounce in 2024. In 2025, gold production ended in the upper half of the guidance range reflecting the successful delivery of the mine plan committed at the start of the year. All cost metrics were within the guidance ranges, notwithstanding being impacted by higher royalties from the higher realized gold price.

At North Mara, the Company expects its equity share of 2026 gold production to be in the range of 200 - 230 thousand ounces, slightly lower than 2025 production levels. In 2026, Barrick expects cost of sales attributable to gold to be in the range of $1,700 to $1,880 per ounce and total cash costs are expected to be in the range of $1,300 to $1,430 per ounce, both higher than 2024 levels. Barrick expects all-in sustaining costs to be $1,520 to $1,680 per ounce, also higher than 2024 levels. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

Bulyanhulu (84% basis)

Barrick’s 84% interest in Bulyanhulu produced 153 thousand ounces of gold at cost of sales attributable to gold of $1,789 per ounce, all-in sustaining costs of $1,795 per ounce and total cash costs of $1,253 per ounce in 2025, compared to 168 thousand ounces of gold at cost of sales attributable to gold of $1,509 per ounce, all-in sustaining costs of $1,420 per ounce and total cash costs of $1,070 per ounce in 2024. In 2025, gold production ended within the guidance range. All cost metrics ended above the cost guidance mainly driven by higher royalties from the higher realized gold prices and lower grades mined and processed.

At Bulyanhulu, the Company expects its equity share of 2026 gold production to be in the range of 140 - 160 thousand ounces, in line with 2025 production levels. In 2026, Barrick expects cost of sales attributable to gold to be in the range of $1,750 to $1,940 per ounce and total cash costs are expected to be in the range of $1,230 to $1,360 per ounce, both in line with 2025 levels. All-in sustaining costs are expected to be $1,870 to $2,070 per ounce, higher than 2025 levels. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

Other Mines (Gold)

Barrick’s 50% interest in the Veladero mine produced 230 thousand ounces of gold at cost of sales attributable to gold of $1,286 per ounce, all-in sustaining costs of $1,450 per ounce and total cash costs of $785 per ounce in 2025, compared to 252 thousand ounces of gold at cost of sales attributable to gold of $1,254 per ounce, all-in sustaining costs of $1,334 per ounce and total cash costs of $905 per ounce in 2024. Gold production for 2025 was above the guidance range driven by additional recoverable ounces placed. All cost metrics were below the guidance ranges as a result of the higher production, notwithstanding the impact of higher royalties from the higher realized gold price.

The governance, ownership and joint operation of the Veladero joint venture is governed by the terms of a shareholders’ agreement between Barrick and Shandong.

 

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Minera Andina del Sol SRL (“MAS”) (formerly, Minera Argentina Gold SRL) is the subject of a legal proceeding in respect of operational incidents that occurred in March 2017, September 2016 and September 2015 involving the release of gold-bearing process solution. For more information about these matters, see “Legal Matters – Legal Proceedings and Regulatory Actions – Veladero – Operational Incidents and Associated Proceedings”.

At Veladero, the Company expects attributable 2026 production to be in the range of 180 - 200 thousand ounces, lower than 2025 production levels. Barrick expects cost of sales attributable to gold to be in the range of $2,000 to $2,210 per ounce and all-in sustaining costs are expected to be $1,460 to $1,620 per ounce, both higher than 2025 levels. Total cash costs are expected to be in the range of $1,160 to $1,280 per ounce in 2026, also higher than 2025 levels. Operating costs at Veladero are also highly sensitive to local inflation and fluctuations in foreign exchange rates. The Company has assumed an average Argentine peso exchange rate of ARS 1,513:$1 for 2026.

Tongon produced 106 thousand ounces of gold at cost of sales attributable to gold of $2,200 per ounce, all-in sustaining costs of $2,203 per ounce and total cash costs of $2,049 per ounce in 2025. Barrick’s interest in the Tongon mine was divested on December 1, 2025.

Hemlo produced 123 thousand ounces of gold at cost of sales attributable to gold of $1,854 per ounce, all-in sustaining costs of $1,936 per ounce and total cash costs of $1,618 per ounce in 2025. Barrick’s interest in the Hemlo mine was divested on November 26, 2025.

Porgera produced 92 thousand ounces of gold at cost of sales attributable to gold of $1,553 per ounce, all-in sustaining costs of $1,630 per ounce and total cash costs of $1,184 per ounce in 2025.

At Porgera, the Company expects 2026 gold production to be in the range of 80 - 100 thousand ounces, in line with 2025 levels. In 2026, Barrick expects cost of sales attributable to gold to be in the range of $1,610 to $1,790 per ounce and total cash costs are expected to be in the range of $1,190 to $1,320 per ounce, higher than 2025 levels. All-in sustaining costs are expected to be in the range of $1,610 to $1,780 per ounce, in line with 2025 levels.

“All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

Lumwana

Lumwana (a material property for the purposes of this Annual Information Form, see “Material Properties – Lumwana”) produced 151 thousand tonnes of copper at cost of sales attributable to copper of $2.54 per pound, all-in sustaining costs of $3.05 per pound and C1 cash costs of $1.86 per pound in 2025.

At Lumwana, the Company expects 2026 copper production to be in the range of 130 - 150 thousand tonnes, slightly lower than 2025 production levels. In 2026, Barrick expects cost of sales attributable to copper to be in the range of $2.85 to $3.15 per pound and C1 cash costs are expected to be in the range of $2.05 to $2.30 per pound, both higher than 2025 levels. All-in sustaining costs are expected to be in the range of $3.40 to $3.75 per pound, also higher than 2025 levels. “All-in sustaining costs” and “total cash costs” per ounce are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and total cash costs per ounce, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

Other Mines (Copper)

 

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Barrick’s 50% non-operating interest in Zaldívar produced 37 thousand tonnes of copper at cost of sales attributable to copper of $5.14 per pound, all-in sustaining costs of $4.75 per pound and C1 cash costs of $3.98 per pound in 2025.

At Zaldívar, the Company expects its equity share of 2026 copper production to be in the range of 30 - 35 thousand tonnes, slightly lower than 2025 production levels. In 2026, Barrick expects cost of sales attributable to copper to be in the range of $4.80 to $5.10 per pound and C1 cash costs are expected to be in the range of $3.70 to $3.90 per pound, both lower than 2025 levels. All-in sustaining costs are expected to be $5.40 to $5.70 per pound, higher than 2025 levels.

Barrick’s 50% interest in Jabal Sayid produced 32 thousand tonnes of copper at cost of sales attributable to copper of $2.09 per pound, all-in sustaining costs of $1.46 per pound and C1 cash costs of $1.28 per pound in 2025.

At Jabal Sayid, the Company expects its equity share of 2026 copper production to be in the range of 25 - 30 thousand tonnes, lower than 2025 production levels. In 2026, Barrick expects cost of sales attributable to copper to be in the range of $2.10 to $2.30 per pound, slightly higher than in 2025. C1 cash costs are expected to be in the range of $1.25 to $1.45 per pound and all-in sustaining costs are expected to be in the range of $1.45 to $1.65 per pound, both in line with 2025.

“All-in sustaining costs” and “C1 cash costs” per pound are non-GAAP financial performance measures. For an explanation of all-in sustaining costs and C1 cash costs per pound, refer to “Non-GAAP Financial Measures – Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per pound” at pages 151 to 152 of this Annual Information Form.

Mineral Reserves and Mineral Resources

Gold Reserves

As at December 31, 2025, Barrick’s total proven and probable gold reserves were 85 million ounces at an average grade of 0.98 g/t estimated using a gold price assumption of $1,500 per ounce. This is a decrease compared to 89 million ounces at an average grade of 0.99 g/t estimated using a gold price assumption of $1,400 per ounce at the end of 2024, except at Tongon and at Hemlo open pit, where mineral reserves for 2024 were based upon a gold price assumption of $1,650 per ounce.

Year-over-year, attributable reserves have decreased by 4.1 million ounces before 2025 depletion of 3.7 million ounces. The year-over-year change was a result of the Tongon and Hemlo divestitures, which accounted for a reduction of 2.2 million ounces, partially offset by 1.8 million ounces of additions associated with commodity price change and exploration additions. Although depletion was higher than net conversion by 1.9 million ounces for 2025, the three-year rolling average gold mineral reserve replacement stands close to 190% adding more than 24 million ounces to gold mineral reserves (excluding both acquisitions and divestments), primarily supported by 17 million ounces of net change in the prior year. Furthermore three year average gold-equivalent net replacement is in excess of 500% supported by the Reko Diq and Lumwana feasibility studies in the prior year.

Gold mineral reserves in the Africa and Middle East region, after annual depletion, were 19 million ounces at 3.37 g/t in 2025 from 19 million ounces at 3.35 g/t in 2024, remaining flat year on year with ongoing growth programs in the region offsetting depletion and the loss of ounces from the disposal of Tongon. Ounce additions came from Kibali and Tanzania, which added a combined 1.3 million ounces of attributable proven and probable reserves. These additions were predominantly driven by additions to the emerging Rhino, Agbarabo and Kombokolo (“ARK”) deposits at Kibali and expansion of the open pits at North Mara due to optimization of the pits post in-fill drilling.

 

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In North America, after annual depletion gold mineral reserves were 40 million ounces at 2.46 g/t. This includes the disposal of the Hemlo asset, as well as net additions of 1.5 million ounces from growth drilling largely at Turquoise Ridge Underground and routing assumptions at Phoenix. In addition, the Pueblo Viejo mineral reserves and resources are reported as part of the North American region for 2025 and were previously reported as part of the South America and Asia Pacific region (previously referred to as the “Latin America and Asia Pacific” region) in 2024.

In 2025, reserves in the South America and Asia Pacific region decreased by 4%, after removal of Pueblo Viejo from the region, mainly driven by depletion of 0.36 million ounces and an additional reduction of one million ounces as a result of the combined effect of a model revision at Porgera and a study update at Norte Abierto.

Gold Resources

As of December 31, 2025, Barrick’s attributable measured and indicated gold resources were 150 million ounces at an average grade of 1.01 g/t. This is below Barrick’s measured and indicated gold resources of 180 million ounces at an average grade of 1.06 g/t as at December 31, 2024. Measured and indicated mineral resources reduced by 20 million ounces as a result of the divestiture of the Donlin Gold project and a further 2.2 million ounces as a result of the divestiture of the Alturas project. As of December 31, 2025, Barrick’s attributable inferred gold resources were 43 million ounces at an average grade of 1.0 g/t, compared to 41 million ounces at an average grade of 0.9 g/t, as at December 31, 2024. The increase in inferred mineral resources was primarily attributed to the growth of Fourmile’s mineral resources to 13 million ounces at 16.9 g/t in 2025, from 6.4 million ounces at 14.1 g/t in 2024. Additionally, inferred gold mineral resources within the Africa & Middle East region grew to 5.8 million ounces at 2.8 g/t in 2025 from 5.2 million ounces at 3.1 g/t in 2024. The substantial increases in gold mineral resources at Fourmile supports the possibility for potential future conversions. Overall divestitures in 2025 accounted for a reduction of 26 million ounces of measured and indicated mineral resources and 7.3 million ounces of inferred mineral resources respectively.

Copper

As of December 31, 2025, attributable proven and probable copper mineral reserves remained at 18 million tonnes of copper at 0.46%, compared to 18 million tonnes of copper at 0.45% in the prior year. Attributable measured and indicated copper mineral resources were 24 million tonnes at an average grade of 0.39%, with a further 4.2 million tonnes at an average grade of 0.3% of inferred resources as of December 31, 2025, reflecting increases related to the change in commodity pricing. This compares to prior year attributable measured and indicated copper mineral resources of 24 million tonnes at an average grade of 0.39%, and inferred copper mineral resources of 3.9 million tonnes at an average grade of 0.3%.

Assumptions and Methodology

In 2025, all mineral reserves were estimated using an assumed gold price of $1,500 per ounce, an assumed silver price of $21.00 per ounce and an assumed copper price of $3.25 per pound and long-term average exchange rates of C$1.30:$1, except: at Zaldívar, where mineral reserves for 2025 were calculated using Antofagasta guidance and an updated assumed copper price of $4.15 per pound; and at Norte Abierto where mineral reserves are reported by Newmont using $1,700 per ounce for gold, $3.50 per pound for copper and $20.00 per ounce for silver pit design.

The price assumptions used to calculate reserves in 2025 are consistent with those used by Barrick for the assessment of mine and project economics. In confirming its annual reserves for each of its mineral properties, projects, and operations, Barrick conducts a reserve test on December 31 of each year to verify that the future undiscounted cash flow from reserves is positive. The cash flow excludes all sunk costs and only considers future operating and closure expenses as well as any future capital costs.

 

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In 2025, all mineral resources were calculated using an assumed gold price of $2,000 per ounce, an assumed silver price of $25.00 per ounce and an assumed copper price of $4.50 per pound, except: at Zaldívar, where mineral resources for 2025 were estimated using Antofagasta guidance and an assumed copper price of $4.75 per pound; and at Norte Abierto, where mineral resources are reported by Newmont using $2,000 per ounce for gold, $4.00 per pound for copper and $23.00 per ounce for silver pit shell. Barrick’s mineral resources for 2025 continue to be reported on an inclusive basis, incorporating all areas that form mineral reserves. All open pit mineral resources are contained within a Whittle shell, while all underground mineral resources are contained within optimized mineable shapes.

The 2025 mineral reserves and mineral resources are estimated using the combined value of gold, copper and silver. Accordingly, mineral reserves and mineral resources are reported for all assets where copper or silver is produced and sold as a primary product or a by-product. Barrick’s mineral resource and mineral reserve estimates of tonnes, ounces of gold and silver and pounds of copper are reported to the second significant digit. All mineral resources are reported on an inclusive basis and include all areas that form mineral reserves, reported at a mineral resource cut-off and associated commodity price. All measured and indicated mineral resource estimates of grade and all proven and probable mineral reserve estimates of grade for gold (g/t), silver (g/t) and copper (%) are reported to two decimal places, while all inferred mineral resource estimates of grade for gold (g/t), silver (g/t) and copper (%) are reported to one decimal place.

Barrick’s reserves and resources have been estimated as at December 31, 2025, in accordance with definitions and best practice guidelines adopted by the CIM and incorporated into National Instrument 43-101 (see “Glossary of Technical and Business Terms”). Varying cut-off grades have been used depending on the mine, methods of extraction and type of ore contained in the reserves. Mineral resource metal grades and material densities have been estimated using industry-standard methods appropriate for each mineral project with support of various commercially available mining software packages. For the cut-off grades used in the estimation of reserves, see “Notes to the Barrick Mineral Reserves and Resources Tables” below. Barrick’s normal data verification procedures have been employed in connection with the estimations. Sampling, analytical and test data underlying the stated mineral resources and reserves have been verified by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, under the supervision of Qualified Persons, and/or independent Qualified Persons (see “Scientific and Technical Information”). Verification procedures include industry-standard quality control practices. Drill samples collected for use in geologic modeling and mineral resource estimation are under the direct supervision of the geology department at each of the Company’s properties and projects. All drill hole collar, survey and assay information used in modeling and resource estimation are manually verified and approved by the staff geologists prior to entry into the mine-wide database. Sample preparation and analyses are conducted by either independent laboratories or the laboratory onsite, in which case independent laboratories are used to verify results. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at each property and project conform to industry-accepted quality control methods. Regular internal auditing of the mineral reserve and mineral resource estimation processes and procedures are conducted.

Barrick reports its reserves in accordance with National Instrument 43-101, as required by Canadian securities regulatory authorities. Canadian disclosure standards may differ from the disclosure requirements in the United States under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). For further information, see “Reporting Currency, Financial and Reserve Information”.

Although the Company has carefully prepared and verified the mineral reserve figures presented below and elsewhere in this Annual Information Form, such figures are estimates, which are, in part, based on forward-looking information and certain assumptions, and no assurance can be given that the indicated level of mineral will be produced. Barrick’s estimates of proven and probable reserves may have to be recalculated based on actual production experience. Market price fluctuations of gold, copper and

 

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silver, as well as increased production costs or reduced recovery rates and other factors, may render the present proven and probable reserves unprofitable to develop at a particular site or sites. See “Risk Factors” and “Forward-Looking Information” for additional details concerning factors and risks that could cause actual results to differ from those set out below.

See “Glossary of Technical and Business Terms” for definitions of the terms “mineral resource”, “inferred mineral resource”, “indicated mineral resource”, “measured mineral resource”, “mineral reserve”, “probable mineral reserve” and “proven mineral reserve”.

 

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Gold Mineral Reserves1,2,3,5,14,16,17,18
As at December 31, 2025		PROVEN9														PROBABLE9														TOTAL9
Based on attributable ounces		Tonnes   (Mt)				Grade   (g/t)				Contained ozs   (Moz)						Tonnes   (Mt)				Grade   (g/t)				Contained ozs   (Moz)						Tonnes   (Mt)				Grade   (g/t)				Contained ozs   (Moz)
AFRICA AND MIDDLE EAST
Bulyanhulu surface			0.0038				4.20				0.00052						—				—				—						0.0038				4.20				0.00052
Bulyanhulu underground			0.71				5.95				0.14						16				7.03				3.7						17				6.98				3.8
Bulyanhulu (84.00%) total			0.71				5.95				0.14						16				7.03				3.7						17				6.98				3.8
Jabal Sayid surface			0.14				0.46				0.0021						—				—				—						0.14				0.46				0.0021
Jabal Sayid underground			8.4				0.30				0.080						3.2				0.49				0.051						12				0.35				0.13
Jabal Sayid (50.00%) total			8.5				0.30				0.082						3.2				0.49				0.051						12				0.35				0.13
Kibali surface			7.0				2.17				0.49						21				2.28				1.5						28				2.25				2.0
Kibali underground			6.4				4.19				0.87						16				3.74				1.9						23				3.86				2.8
Kibali (45.00%) total			13				3.13				1.4						37				2.92				3.5						50				2.97				4.8
Loulo-Gounkoto surface4			8.7				2.56				0.71						15				3.34				1.7						24				3.06				2.4
Loulo-Gounkoto underground4			6.4				5.40				1.1						21				5.04				3.4						27				5.13				4.5
Loulo-Gounkoto (80.00%) total4			15				3.77				1.8						36				4.32				5.0						51				4.16				6.9
North Mara surface			5.4				3.22				0.55						30				1.66				1.6						35				1.90				2.2
North Mara underground			1.8				3.18				0.18						6.2				4.47				0.89						7.9				4.18				1.1
North Mara (84.00%) total			7.1				3.21				0.73						36				2.14				2.5						43				2.32				3.2
AFRICA AND MIDDLE EAST TOTAL			45				2.87				4.1						130				3.55				15						170				3.37				19
SOUTH AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%)			240				0.69				5.4						280				0.61				5.4						520				0.65				11
Porgera surface			1.8				2.88				0.16						8.4				2.28				0.61						10				2.38				0.78
Porgera underground			1.2				5.85				0.23						2.5				4.97				0.40						3.7				5.26				0.63
Porgera (24.50%) total			3.0				4.10				0.40						11				2.89				1.0						14				3.15				1.4
Reko Diq surface (50.00%)			—				—				—						1,400				0.28				13						1,400				0.28				13
Veladero surface (50.00%)			25				0.67				0.53						38				0.70				0.85						62				0.69				1.4
SOUTH AMERICA AND ASIA PACIFIC TOTAL			270				0.73				6.3						1,800				0.36				20						2,000				0.41				26
NORTH AMERICA
Carlin surface			5.0				1.56				0.25						52				2.32				3.9						57				2.25				4.1
Carlin underground			—				—				—						18				8.15				4.7						18				8.15				4.7
Carlin (61.50%) total			5.0				1.56				0.25						70				3.81				8.6						75				3.66				8.8
Cortez surface			1.6				1.96				0.099						60				0.92				1.8						62				0.95				1.9
Cortez underground			—				—				—						28				6.67				6.0						28				6.67				6.0
Cortez (61.50%) total			1.6				1.96				0.099						88				2.76				7.8						90				2.75				7.9
Phoenix surface (61.50%)			4.2				0.71				0.097						110				0.57				1.9						110				0.58				2.0
Pueblo Viejo surface (60.00%)13			54				2.22				3.8						130				1.99				8.5						190				2.06				12
Turquoise Ridge surface			—				—				—						25				2.20				1.7						25				2.20				1.7
Turquoise Ridge underground			6.6				11.67				2.5						14				10.09				4.7						21				10.59				7.2
Turquoise Ridge (61.50%) total			6.6				11.67				2.5						39				5.12				6.4						46				6.07				8.9
NORTH AMERICA TOTAL			71				2.96				6.8						440				2.37				33						510				2.46				40
TOTAL			390				1.38				17						2,300				0.91				68						2,700				0.98				85

 See “Notes to the Barrick Mineral Reserves and Resources Tables”.

 

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Copper Mineral Reserves1,2,3,5,14,15,17,18,19
As at December 31, 2025		PROVEN9														PROBABLE9														TOTAL9
Based on attributable tonnes		Tonnes   (Mt)				Cu Grade   (%)				Contained Cu   (Mt)						Tonnes   (Mt)				Cu Grade   (%)				Contained Cu   (Mt)						Tonnes   (Mt)				Cu Grade   (%)				Contained Cu   (Mt)
AFRICA AND MIDDLE EAST
Bulyanhulu surface			0.0038				0.33				0.000013						—				—				—						0.0038				0.33				0.000013
Bulyanhulu underground			0.71				0.32				0.0023						16				0.36				0.059						17				0.36				0.061
Bulyanhulu (84.00%) total			0.71				0.32				0.0023						16				0.36				0.059						17				0.36				0.061
Jabal Sayid surface			0.14				2.65				0.0038						—				—				—						0.14				2.65				0.0038
Jabal Sayid underground			8.4				2.07				0.17						3.2				2.32				0.075						12				2.14				0.25
Jabal Sayid (50.00%) total			8.5				2.08				0.18						3.2				2.32				0.075						12				2.15				0.25
Lumwana surface (100%)			150				0.47				0.69						1,400				0.52				7.4						1,600				0.52				8.1
AFRICA AND MIDDLE EAST TOTAL			160				0.56				0.87						1,400				0.53				7.5						1,600				0.53				8.4
SOUTH AMERICA AND ASIA PACIFIC
Norte Abierto surface (50.00%)			240				0.25				0.60						280				0.23				0.64						520				0.24				1.2
Reko Diq surface (50.00%)			—				—				—						1,500				0.48				7.3						1,500				0.48				7.3
Zaldívar surface (50.00%)			120				0.41				0.47						62				0.38				0.24						180				0.40				0.71
SOUTH AMERICA AND ASIA PACIFIC TOTAL			360				0.30				1.1						1,800				0.44				8.2						2,200				0.42				9.2
NORTH AMERICA
Phoenix surface (61.50%)			6.0				0.15				0.0092						120				0.18				0.22						130				0.18				0.23
NORTH AMERICA TOTAL			6.0				0.15				0.0092						120				0.18				0.22						130				0.18				0.23
TOTAL			520				0.38				2.0						3,400				0.47				16						3,900				0.46				18

 See “Notes to the Barrick Mineral Reserves and Resources Tables”.

 

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