EX-99.2


BARRICK SECOND QUARTER 2026	1	MANAGEMENT'S DISCUSSION AND ANALYSIS

Management's Discussion and Analysis (“MD&A”)

Quarterly Report on the Second Quarter of 2026

This portion of the Quarterly Report provides

management’s discussion and analysis (“MD&A”) of the

financial condition and results of operations, to enable a

reader to assess material changes in financial condition and

results of operations as at, and for the three and six month

period ended June 30, 2026, in comparison to the

corresponding prior-year periods. The MD&A is intended to

help the reader understand Barrick Mining Corporation

(“Barrick”, “we”, “our”, the “Company” or the “Group”), our

operations, financial performance as well as our present

and future business environment. This MD&A, which has

been prepared as of August 10, 2026, is intended to

supplement and complement the condensed unaudited

interim consolidated financial statements and notes thereto,

prepared in accordance with IFRS Accounting Standards as

issued by the International Accounting Standards Board

applicable to the preparation of interim financial statements,

under International Accounting Standard 34, Interim

Financial Reporting, for the three and six month period

ended June 30, 2026 (collectively, the “Financial

Statements”), which are included in this Quarterly Report on

pages 59 to 63. You are encouraged to review the Financial

Statements in conjunction with your review of this MD&A.

This MD&A should be read in conjunction with both the

annual audited consolidated financial statements for the two

years ended December 31, 2025, the related annual MD&A

included in the 2025 Annual Report, and the most recent

Form 40–F/Annual Information Form on file with the U.S.

Securities and Exchange Commission (“SEC”) and

Canadian provincial securities regulatory authorities. These

documents and additional information relating to the

Company are available on SEDAR+ at www.sedarplus.ca

and EDGAR at www.sec.gov. Certain notes to the Financial

Statements are specifically referred to in this MD&A and

such notes are incorporated by reference herein. All dollar

amounts in this MD&A are in millions of United States

dollars (“$” or “US$”), unless otherwise specified.

For the purposes of preparing our MD&A, we

consider the materiality of information. Information is

considered material if: (i) such information results in, or

would reasonably be expected to result in, a significant

change in the market price or value of our shares; (ii) there

is a substantial likelihood that a reasonable investor would

consider it important in making an investment decision; or

(iii) it would significantly alter the total mix of information

available to investors. We evaluate materiality with

reference to all relevant circumstances, including potential

market sensitivity.

Abbreviations


AISC	All-in Sustaining Costs
BNL	Barrick Niugini Limited
CCV	Critical Control Verifications
CEO	Chief Executive Officer
COS	Cost of Sales
DRC	Democratic Republic of Congo
EPCM	Engineering, Procurement, and Construction Management
G&A	General and administrative
GHG	Greenhouse Gas
GoT	Government of Tanzania
IASB	International Accounting Standards Board
ICMM	International Council on Mining and Metals
ICSID	International Centre for the Settlement of Investment Disputes
IFRS	IFRS Accounting Standards as issued by the International Accounting Standards Board
Ktpa	Thousand tonnes per annum
Lb	Pound
LME	London Metal Exchange
LTI	Lost Time Injury


LTIFR	Lost Time Injury Frequency Rate
Mtpa	Million tonnes per annum
MW	Megawatt
NGM	Nevada Gold Mines
OECD	Organisation for Economic Co-operation and Development
Oz	Ounce
PFS	Pre-Feasibility Study
PJL	Porgera Jersey Limited
PNG	Papua New Guinea
Randgold	Randgold Resources Limited
SOKIMO	Société Minière de Kilo-Moto
TCC	Total Cash Costs
TRIFR	Total Recordable Injury Frequency Rate
TSF	Tailings Storage Facilities
TWMS	Temporary Water Management Structures
VAT	Value-Added Tax
WGC	World Gold Council
WTI	West Texas Intermediate
YTD	Year to date June 30


BARRICK SECOND QUARTER 2026	2	MANAGEMENT'S DISCUSSION AND ANALYSIS

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference

in this MD&A, including any information as to our strategy,

projects, plans or future financial or operating performance,

constitutes “forward-looking statements”. All statements,

other than statements of historical fact, are forward-looking

statements. The words “believe”, “expect”, “anticipated”,

“aim”, “strategy”, “ramp up”, “target”, “plan”, “opportunities”,

“guidance”, “forecast”, “outlook”, “project”, “intend”,

“develop”, “progress”, “continue”, “temporary”, “estimate”,

“potential”, “future”, “focus”, “ongoing”, “following”, “subject

to”, “on track”, “scheduled”, “may”, “will”, “can”, “could”,

“would”, “should” and similar expressions identify forward-

looking statements. In particular, this MD&A contains

forward-looking statements including, without limitation, with

respect to: Barrick’s forward-looking production and cost

guidance, including our ability to meet our 2026 guidance;

anticipated production growth from Barrick’s organic project

pipeline and reserve replacement; estimates of future cost

of sales per ounce for gold and per pound for copper, total

cash costs per ounce and C1 cash costs per pound, and

all-in sustaining costs per ounce/pound; cash flow

forecasts; projected capital, operating and exploration

expenditures; the share buyback program and performance

dividend policy; mine life and production rates; our plans,

timelines, and expected completion and benefits of our

growth projects, including the Goldrush Project, Fourmile,

Ren, Pueblo Viejo plant expansion and mine life extension

project, the Nevada Gold Mines Autonomous Haulage

Program, Veladero Phase 8 Leach Pad, Reko Diq, solar

power project at Kibali, the Lumwana Super Pit Expansion

and the Zaldívar Water Project; anticipated production at

Goldrush, Ren, and Lumwana; estimated capital

expenditures at Fourmile through mid-2030; timing for first

production and 2026 and 2027 estimated spend profile on

the Lumwana Super Pit Expansion project; Barrick’s

decision to slow development activity and reduce capital

expenditures at Reko Diq; the ongoing project review of

Reko Diq; the development and operation of the Reko Diq

project, including project scope, anticipated costs and

timeline for construction and first production; potential

significant increases to previously disclosed total estimated

capital budget and timeline for the Reko Diq project; capital

expenditures related to upgrades and ongoing management

initiatives; Barrick’s global exploration strategy and planned

exploration activities; Barrick’s copper strategy; the

resumption of operations at Loulo-Gounkoto following the

resolution of disputes with the Government of Mali,

including adoption of the 2023 Mining Code and continued

engagement on tax matters; our pipeline of high confidence

projects at or near existing operations; our ability to identify

new Tier One assets and the potential for existing assets to

attain Tier One status, including Fourmile; the incorporation

of Fourmile into the NGM joint venture at fair market value;

potential mineralization and metal or mineral recoveries;

Barrick's intention to pursue and the expected timing for

and potential benefits of an initial public offering (“IPO”) of

Barrick’s North American gold assets; the structure and the

ability of the IPO to generate significant value for Barrick;

our ability to convert resources into reserves and future

reserve replacement; asset sales, joint ventures and

partnerships; Barrick’s strategy, plans, targets and goals in

respect of sustainability issues, including climate change,

greenhouse gas (“GHG”) emissions reduction targets,

human rights, safety performance, community development

and resettlement, and responsible water use; and

expectations regarding future price assumptions, financial

performance and other outlook or guidance.

Forward-looking statements are necessarily based

upon a number of estimates and assumptions including

material estimates and assumptions related to the factors

set forth below that, while considered reasonable by the

Company as at the date of this MD&A in light of

management’s experience and perception of current

conditions and expected developments, are inherently

subject to significant business, economic and competitive

uncertainties and contingencies. Known and unknown

factors could cause actual results to differ materially from

those projected in the forward-looking statements and

undue reliance should not be placed on such statements

and information. Such factors include, but are not limited to:

fluctuations in the spot and forward price of gold, copper or

certain other commodities (such as silver, diesel fuel,

natural gas and electricity); risks associated with projects in

the early stages of evaluation and for which additional

engineering and other analysis is required; risks related to

the possibility that future exploration results will not be

consistent with the Company’s expectations, that quantities

or grades of reserves will be diminished, and that resources

may not be converted to reserves; risks associated with the

fact that certain of the initiatives described in this MD&A are

still in the early stages and may not materialize; changes in

mineral production performance, exploitation and

exploration successes; risks that exploration data may be

incomplete and considerable additional work may be

required to complete further evaluation, including but not

limited to drilling, engineering and socioeconomic studies

and investment; the speculative nature of mineral

exploration and development; lack of certainty with respect

to foreign legal systems, corruption and other factors that

are inconsistent with the rule of law; changes in national

and local government legislation, taxation, controls or

regulations and/or changes in the administration of laws,

policies and practices, including the expropriation or

nationalization of property and political or economic

developments in Canada, the United States, or other

countries in which Barrick does or may carry on business in

the future; risks relating to the proposed IPO of an entity

that will hold Barrick’s North American assets; risks relating

to political instability in certain of the jurisdictions in which

Barrick operates; timing of receipt of, or failure to comply

with, necessary permits and approvals; non-renewal of key

licenses by governmental authorities; failure to comply with

environmental and health and safety laws and regulations;

increased costs and physical and transition risks related to

climate change, including extreme weather events,

resource shortages, emerging policies and increased

regulations related to GHG emission levels, energy

efficiency and reporting of risks; 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

require 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


BARRICK SECOND QUARTER 2026	3	MANAGEMENT'S DISCUSSION AND ANALYSIS

infrastructure; the liability associated with risks and hazards

in the mining industry, and the ability to maintain insurance

to cover such losses; damage to the Company’s reputation

due to the actual or perceived occurrence of any number of

events, including negative publicity with respect to the

Company’s handling of environmental matters or dealings

with community groups, whether true or not; risks related to

operations near communities that may regard Barrick’s

operations as being detrimental to them; litigation and legal

and administrative proceedings; operating or technical

difficulties in connection with mining or development

activities, including geotechnical challenges, tailings dam

and storage facilities failures, and disruptions in the

maintenance or provision of required infrastructure and

information technology systems; increased costs, delays,

suspensions and technical challenges associated with the

construction of capital projects; risks associated with

working with partners in jointly controlled assets; risks

related to disruption of supply routes which may cause

delays in construction and mining activities, including

disruptions in the supply of key mining inputs due to the

invasion of Ukraine by Russia and conflicts in the Middle

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

civil disturbances; risks associated with artisanal and illegal

mining; risks associated with Barrick’s infrastructure,

information technology systems and the implementation of

Barrick’s technological initiatives, including risks related to

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; the impact of inflation, including global

inflationary pressures driven by ongoing global supply chain

disruptions, global energy cost increases following the

invasion of Ukraine by Russia and country-specific political

and economic factors in Argentina and uncertainty related

to Venezuela; adverse changes in our credit ratings;

fluctuations in the currency markets; changes in U.S. dollar

interest rates; changes in U.S. trade, tariff and other

controls on imports and exports, tax, immigration or other

policies that may impact relations with foreign countries,

result in retaliatory policies, lead to increased costs for raw

materials and components, or impact Barrick’s existing

operations and material growth projects; risks arising from

holding derivative instruments (such as credit risk, market

liquidity risk and mark-to-market risk); risks related to the

demands placed on the Company’s management, the

ability of management to implement its business strategy

and enhanced political risk in certain jurisdictions;

uncertainty whether some or all of Barrick’s targeted

investments and projects will meet the Company’s capital

allocation objectives and internal hurdle rate; whether

benefits expected from recent transactions are realized;

business opportunities that may be presented to, or

pursued by, the Company; our ability to successfully

integrate acquisitions or complete divestitures; risks related

to competition in the mining industry; employee relations

including loss of key employees; availability and increased

costs associated with mining inputs and labor; risks

associated with diseases, epidemics and pandemics; 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 our actual results and could cause actual results to

differ materially from those expressed or implied in any

forward-looking statements made by, or on behalf of, us.

Readers are cautioned that forward-looking statements are

not guarantees of future performance. All of the forward-

looking statements made in this MD&A are qualified by

these cautionary statements. Specific reference is made to

the most recent Form 40-F/Annual Information Form on file

with the SEC and Canadian provincial securities regulatory

authorities for a more detailed discussion of some of the

factors underlying forward-looking statements and the risks

that may affect Barrick’s ability to achieve the expectations

set forth in the forward-looking statements contained in this

MD&A. We disclaim any intention or obligation to update or

revise any forward-looking statements whether as a result

of new information, future events or otherwise, except as

required by applicable law.


BARRICK SECOND QUARTER 2026	4	MANAGEMENT'S DISCUSSION AND ANALYSIS

Use of Non-GAAP Financial Measures

We use the following non-GAAP financial measures and

ratios in our MD&A:

■"adjusted net earnings"

■"free cash flow"

■“attributable free cash flow”

■“attributable operating cash flow”

■"EBITDA"

■"adjusted EBITDA"

■"attributable adjusted EBITDA"

■“attributable adjusted EBITDA margin”

■“net leverage”

■"minesite sustaining capital expenditures"

■"project capital expenditures"

■"TCC/oz"

■"C1 cash costs/lb"

■"AISC per oz/lb" and

■"realized price per oz/lb"

For a detailed description of each of the non-GAAP

financial measures used in this MD&A and a detailed

reconciliation to the most directly comparable measure

under IFRS, please refer to the Non-GAAP Financial

Measures section of this MD&A on pages 44 to 56. Each

non-GAAP financial measure has been annotated with a

reference to an endnote on page 57. The non-GAAP

financial measures set out in this MD&A are intended to

provide additional information to investors and do not have

any standardized meaning under IFRS, and therefore may

not be comparable to other issuers, and should not be

considered in isolation or as a substitute for measures of

performance prepared in accordance with IFRS.

Changes in Presentation of Non-GAAP Financial

Measures

Attributable Adjusted EBITDA and Attributable Adjusted

EBITDA Margin

Starting with this MD&A, we have renamed attributable

EBITDA and attributable EBITDA margin to attributable

adjusted EBITDA and attributable adjusted EBITDA margin,

respectively. There is no change in the way these

measures are calculated.

Attributable Operating Cash Flow

Starting with our Q1 2026 MD&A, we are presenting

attributable operating cash flow. Attributable operating cash

flow starts with cash provided by operating activities and

adds our attributable share of cash provided by operating

activities from our equity investees and subtracts the cash

provided by operating activities attributable to the non-

controlling interests. Management believes this to be a

useful indicator of the amount of cash provided by operating

activities to Barrick’s ownership share.

Index


5	Overview

	5	Financial and Operating Highlights
	7	Key Business Developments
	7	Sustainability
	9	Outlook

11	Operating Performance

	11	Nevada Gold Mines
	12	Carlin
	14	Cortez
	16	Turquoise Ridge
	18	Pueblo Viejo
	20	Loulo-Gounkoto
	22	Kibali
	24	North Mara
	26	Bulyanhulu
	27	Other Mines - Gold
	28	Lumwana
	30	Other Mines - Copper

31	Future Growth

34	Review of Financial Results

	34	Revenue
	35	Production Costs
	36	General and Administrative Expenses
	36	Exploration, Evaluation and Project Expenses
	37	Finance Costs, Net
	37	Additional Statement of Income Items
	37	Income Tax Expense

39	Financial Condition Review

	39	Balance Sheet Review
	39	Financial Position and Liquidity
	40	Summary of Cash Inflow (Outflow)

42	Commitments and Contingencies

43	Review of Quarterly Results

43	Internal Control over Financial Reporting and Disclosure Controls and Procedures

44	IFRS Critical Accounting Policies and Accounting Estimates

44	Non-GAAP Financial Measures

57	Technical Information

57	Endnotes

59	Financial Statements

64	Notes to Consolidated Financial Statements


BARRICK SECOND QUARTER 2026	5	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Overview

Financial and Operating Highlights


	For the three months ended					For the six months ended
	6/30/26	3/31/26	% Change	6/30/25	% Change	6/30/26	6/30/25	% Change
Financial Results ($ millions)
Revenues	5,292	5,218	1%	3,681	44%	10,510	6,811	54%
Cost of sales	2,395	2,099	14%	1,878	28%	4,494	3,663	23%
Net earningsa	1,217	1,602	(24)%	811	50%	2,819	1,285	119%
Adjusted net earningsb	1,363	1,648	(17)%	800	70%	3,011	1,403	115%
Attributable adjusted EBITDAb	2,545	2,761	(8)%	1,690	51%	5,306	3,051	74%
Attributable adjusted EBITDA marginb	60%	66%	(9)%	55%	9%	63%	53%	19%
Minesite sustaining capital expendituresb,c	500	380	32%	479	4%	880	1,043	(16)%
Project capital expendituresb,c	654	570	15%	439	49%	1,224	708	73%
Total consolidated capital expendituresc,d	1,189	979	21%	934	27%	2,168	1,771	22%
Total attributable capital expenditurese	978	755	30%	717	36%	1,733	1,348	29%
Net cash provided by operating activities	1,704	2,554	(33)%	1,329	28%	4,258	2,541	68%
Net cash provided by operating activities marginf	32%	49%	(35)%	36%	(11)%	41%	37%	11%
Attributable operating cash flowb	1,119	1,968	(43)%	929	20%	3,087	1,783	73%
Free cash flowb	515	1,575	(67)%	395	30%	2,090	770	171%
Attributable free cash flowb	141	1,213	(88)%	212	(33)%	1,354	435	211%
Net earnings per share (basic and diluted)	0.73	0.96	(24)%	0.47	55%	1.69	0.75	125%
Adjusted net earnings (basic)b per share	0.82	0.98	(16)%	0.47	74%	1.80	0.82	120%
Weighted average diluted common shares (millions of shares)	1,666	1,675	(1)%	1,716	(3)%	1,671	1,721	(3)%
Operating Results
Gold productiong (thousands of ounces)	796	719	11%	797	0%	1,515	1,555	(3)%
Gold soldg (thousands of ounces)	801	748	7%	770	4%	1,549	1,521	2%
Market gold price ($/oz)	4,506	4,873	(8)%	3,280	37%	4,693	3,067	53%
Realized gold priceb,g ($/oz)	4,417	4,823	(8)%	3,295	34%	4,613	3,099	49%
Gold COSg,h ($/oz)	1,993	1,922	4%	1,654	20%	1,959	1,641	19%
Gold TCCb,g ($/oz)	1,426	1,327	7%	1,239	15%	1,378	1,229	12%
Gold AISCb,g ($/oz)	1,866	1,708	9%	1,684	11%	1,790	1,728	4%
Copper production (thousands of tonnes)g	56	49	14%	59	(5)%	105	103	2%
Copper sold (thousands of tonnes)g	54	45	20%	54	0%	99	105	(6)%
Market copper price ($/lb)	6.05	5.83	4%	4.32	40%	5.93	4.28	39%
Realized copper priceb,g ($/lb)	6.15	5.79	6%	4.36	41%	5.99	4.43	35%
Copper COS (Barrick’s share)g,i ($/lb)	3.39	3.41	(1)%	2.56	32%	3.40	2.74	24%
Copper C1 cash costsb,g ($/lb)	2.47	2.57	(4)%	1.80	37%	2.52	2.02	25%
Copper AISCb,g ($/lb)	3.95	3.67	8%	2.90	36%	3.82	2.98	28%
	As at 6/30/26	As at 3/31/26	% Change	As at 6/30/25	% Change
Financial Position ($ millions)
Debt (current and long-term)	4,682	4,726	(1)%	4,729	(1)%
Cash and equivalents	5,927	7,131	(17)%	4,802	23%
Debt, net of cash	(1,245)	(2,405)	(48)%	(73)	1,605%

a.Net earnings represents net earnings attributable to the equity holders of the Company.

b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

c.Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of AISC.

d.Total consolidated capital expenditures also includes capitalized interest of $35 million and $64 million for Q2 2026 and YTD 2026 (Q1 2026: $29 million; Q2 2025:

$16 million, YTD 2025: $20 million).

e.These amounts are presented on the same basis as our guidance.

f.Represents net cash provided by operating activities divided by revenue.

g.On an attributable basis.

h.Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an

attributable basis using Barrick's ownership share).

i.Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).


BARRICK SECOND QUARTER 2026	7	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Key Business Developments

Nevada Gold Mines

On August 9, 2026 Barrick reached an agreement with

Newmont to expand the assets in the Nevada Gold Mines

Joint Venture by vending in their excluded properties:

Fourmile from Barrick; Mike and Fiberline from Newmont,

early. Newmont will pay Barrick a top-up payment of $1.95

billion cash. The agreement resolves all outstanding

disputes related to NGM and includes revisions to the NGM

joint venture agreement.

North American Barrick IPO

In April 2026, Barrick announced several executive

appointments, dedicated exclusively to our North American

gold assets. These assets are comprised of four Tier One

Gold Assets5 located in premier mining jurisdictions in North

America: Carlin, Cortez, and Turquoise Ridge in the NGM

complex, and the Pueblo Viejo mine in the Dominican

Republic. North American Barrick will also include the

Fourmile, Mike and Fiberline gold projects, located adjacent

to NGM, once they are contributed to NGM as discussed

above.

North American Barrick is expected to have its

primary listing in New York, with a secondary listing in

Toronto, subject to satisfaction of customary listing

conditions of each such exchange and SEC registration and

Canadian prospectus qualification processes. Mark Hill will

be the CEO of North American Barrick. Barrick expects to

complete the IPO by the end of 2026, subject to market and

other conditions and necessary approvals.

New Share Buyback Program

At the May 8, 2026 meeting, the Board of Directors

authorized a new share buyback program for the purchase

of up to $3 billion of Barrick’s outstanding common shares

over the next 12 months. Barrick repurchased $1.209 billion

of shares in Q2 2026 under this share buyback program.

The actual number of common shares that may be

purchased, and the timing of any such purchases, will be

determined by Barrick based on a number of factors,

including the Company’s financial performance, the

availability of cash flows, and the consideration of other

uses of cash, including capital investment opportunities,

returns to shareholders, and debt reduction.

The repurchase program does not obligate the

Company to acquire any particular number of common

shares, and the repurchase program may be suspended or

discontinued at any time at the Company’s discretion.

Executive Leadership Changes

On February 4, 2026, Mark Hill was appointed as President

and Chief Executive Officer, following his appointment as

Group Chief Operating Officer and Interim President and

Chief Executive Officer on September 29, 2025.

Mr. Hill, who was previously responsible for

Barrick’s LATAM and Asia Pacific region, is a seasoned

mining executive with 30 years of experience. He joined

Barrick in 2006 and has experience in strategy, corporate

development and leading major projects across the world,

and was also integral in the initial decision to undertake

exploration at the Fourmile gold project in Nevada.

On March 1, 2026, Helen Cai was appointed as

Senior Executive Vice President and Chief Financial Officer,

following the departure of Graham Shuttleworth.

Ms. Cai has served on the Barrick Board of

Directors since November 2021 and brings more than two

decades of experience in equity research, corporate

finance, strategic planning, capital markets, and M&A

across the mining, industrial, and technology sectors,

primarily with Goldman Sachs and China International

Capital Corporation.

On February 24, 2026, we announced the

appointments of James J. McGuire as Chief Legal and

Policy Officer and Woo Lee as Chief Global Affairs Officer.

Both will report to Barrick’s President and Chief Executive

Officer, Mark Hill, and are now members of the Executive

Committee.

Mr. McGuire brings over 30 years of legal (civil and

criminal) experience representing leading corporations,

financial institutions, and individuals on a wide range of

complex legal and policy matters. Effective June 1, 2026,

Mr. McGuire became the Chief Legal, Compliance and

Policy Officer, and oversees Barrick’s legal, compliance,

regulatory, and public policy functions. Poupak Bahamin

(most recently Barrick’s General Counsel and Chief

Compliance Officer) departed Barrick on June 5, 2026.

Mr. Lee has worked at Barrick for over 11 years,

most recently as Senior Vice President and Head of

Government & Corporate Affairs, Asia Pacific, where he

worked with government officials, business and community

leaders to advance the Company’s strategic objectives. As

Chief Global Affairs Officer, Mr. Lee leads Barrick’s global

government affairs strategy in all markets as well as

manages government and sovereign relationships.

Board of Directors Changes

At the February 4, 2026 meeting, Robert Samek was

appointed to the Board of Directors and has joined the Audit

& Risk and Compensation Committees. In addition, Mark

Hill, President and Chief Executive Officer, has joined the

Company’s Board of Directors as a Non-Independent

Director.

Reko Diq

Following the preliminary findings of the review initiated in

February 2026 and the further escalation of security issues

in the region, on April 2, 2026 the Company announced that

it considers it necessary to slow development activity and

extend the project review. The continued review will allow

the Company to assess in a comprehensive manner the

evolving security situation, capital requirements, project

financing, project scope and timeline.

Sustainability

Sustainability, including our license to operate, is

entrenched in our DNA: our sustainability strategy is our

business plan. Please refer to page 17 of our 2025 Annual

Report and our 2025 Sustainability Report for a full

description of governance, strategy, risk management and

targets. Key updates for 2026 are summarized below:

Safety remains our priority. During Q2 2026, the

group recorded no fatalities. The TRIFR improved quarter

on quarter from 0.92 to 0.77, reflecting positive progress in

reducing the overall rate of recordable injuries across the

group. However, six LTIs were recorded across the group

during the quarter; with the majority being classified as not

high potential. The LTIFR increased quarter over quarter

from 0.05 to 0.15, underscoring the need for continued

focus on critical risks and the effectiveness of controls to


BARRICK SECOND QUARTER 2026	8	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

prevent these outcomes. Prevention of fatalities and serious

harm requires sustained focus on critical risks and the

effectiveness of critical controls.

Leadership engagement in the field remains

strong, with managers and superintendents actively

completing quality CCVs. During Q2 2026, over 17,000

CCVs were completed, with 28% identifying at‑risk

conditions. Importantly, 82% of these at‑risk conditions

were resolved in the field, demonstrating effective

intervention at the point of risk and reinforcing the desired

focus on eliminating hazards before they lead to serious

incidents.

On June 12, 2026, Barrick published its annual

Sustainability Report alongside its 2025 performance data

and associated independent Assurance Statements.

During Q2 2026, the Group's total Scope 1 and 2

(location-based) GHG emissions were 1,797 kt CO2-e. YTD

absolute emissions are trending 5% lower than 2025 due to

the divestments of Hemlo and Tongon, and lower emissions

from the Goldstrike Roaster and TS Power Plant, partially

offset by the restart of Loulo-Gounkoto.


	For the three months ended
	6/30/2026a	3/31/2026a	6/30/25
LTIFR3	0.15	0.05	0.08
TRIFR3	0.77	0.92	0.57
Community Development Spend ($ millions)	10	13	15
Class 14 Environmental Incidents	0	0	0
GHG Scope 1 and 2 emissions (kt CO2-e) (location based)	1,797	1,721	1,815
Water Recycling and Reuse Rate	78%	81%	83%

a.Data presented is provisional data and is subject to change as a result of

external assurance during annual reporting.


BARRICK SECOND QUARTER 2026	9	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Full Year 2026 Outlook

We continue to expect our 2026 gold production to be in the

range of 2.90 to 3.25 million ounces with sequential

increases each quarter. At the halfway point of the year,

gold production is tracking slightly ahead of plan. The

quarter on quarter changes through the year are driven by

the ramp-up of Loulo-Gounkoto, the timing of shutdowns

which mainly occur in H1, the Goldrush ramp-up and mine

sequencing across the NGM sites and at Kibali.

Our 2026 gold cost guidance remains unchanged

noting the ranges in the table to the right are based on a

gold price assumption of $4,500/oz which compares to the

average realized gold price1 for H1 of $4,613/oz. We have

previously disclosed that our cost sensitivity is $5/oz for

every $100/oz change in the gold price. Although higher

fuel prices started to impact our costs in Q2, to date we

have been able to mitigate some of that cost pressure.

We continue to expect 2026 copper production to

be in the range of 190 to 220 thousand tonnes. Production

in Q3 2026 and Q4 2026 is expected to stabilize around the

Q2 2026 level. We are also on track to achieve our copper

cost guidance metrics for 2026 albeit at the top end of the

range given the impact of higher fuel prices and local

currency appreciation. Our guidance is based on a LME

copper price assumption of $5.50/lb which compares to the

average realized copper price1 for H1 of $5.99/lb. We have

previously disclosed that our cost sensitivity is $0.01/lb per

$0.25/lb change in the copper price.

In terms of the sensitivity of our costs to the oil

price assumptions, we have calculated that for every $10/

barrel change in these oil prices, the direct impact on our

costs associated with our diesel consumption is $12/oz

across our gold operations and $0.04/lb across our copper

sites.

We previously disclosed guidance for 2026 total

attributable capital expenditure of $4.0 to $4.45 billion which

was inclusive of $600-700 million for the Reko Diq project.

Although the timing and quantum of capital expenditures for

the Reko Diq project remains under review as part of the

overall project review, the expected range for 2026

attributable capital expenditure has been reduced to $450

to $500 million (50% basis). This change has had a

consequential impact on the copper and total group capital

expenditure ranges for 2026 as per the table to the right.

The group guidance for 2026 total attributable capital

expenditure has also reduced to $3.8 to $4.2 billion.

Further detail on our 2026 company guidance is

provided below and on the next page, inclusive of the key

assumptions that were used as the basis for this guidance

as released on February 5, 2026 and as qualified by the

comments above.


Company Guidance ($ millions, except per oz/lb data)	2026 Estimate
Gold production (millions of ounces)	2.90 - 3.25
Gold cost metrics
COS - gold ($/oz)	1,870 - 2,070
TCC ($/oz)a	1,330 - 1,470
Depreciation ($/oz)	470 - 520
AISC ($/oz)a	1,760 - 1,950
Attributable minesite sustaininga	1,100 - 1,250
Attributable projecta	900 - 1,000
Total attributable capital expenditures	2,000 - 2,250
Copper production (thousands of tonnes)	190 - 220
Copper cost metrics
COS - copper ($/lb)	3.05 - 3.35
C1 cash costs ($/lb)a	2.20 - 2.45
Depreciation ($/lb)	0.90 - 1.00
AISC ($/lb)a	3.45 - 3.75
Attributable minesite sustaininga	400 - 450
Attributable projecta	1,400 - 1,500
Total attributable capital expenditures	1,800 - 1,950
Exploration and project expenses	450 - 500
Exploration and evaluation	320 - 350
Project expenses	130 - 150
General and administrative expenses	~180
Corporate administration	~120
Share-based compensationb	~60
Other expense	70 - 90
Finance costs, net	230 - 250
Effective income tax ratec	24% - 28%
Key assumptions (used for guidance)
Gold Price ($/oz)	4,500
Copper Price ($/lb)	5.50
Oil Price (WTI) ($/barrel)	70
Oil Price (Brent) ($/barrel)	75
AUD Exchange Rate (AUD:USD)	0.75
ARS Exchange Rate (USD:ARS)	1,513
CAD Exchange Rate (USD:CAD)	1.30
CLP Exchange Rate (USD:CLP)	900
EUR Exchange Rate (EUR:USD)	1.10

a.Further information on these non-GAAP financial measures, including

detailed reconciliations, is included on pages 44 to 56 of this MD&A.

b.Based on a share price of US$45.76.

c.Based on key assumptions included in this table.


BARRICK SECOND QUARTER 2026	10	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Operating Division Guidance

Our 2026 forecast gold and copper production, COSa, TCCb, AISCb, and C1 cash costsb ranges by operating division were

originally released on February 5, 2026 as follows:


Operating Division	2026 forecast attributable production (koz)	2026 forecast COSa ($/oz)	2026 forecast TCCb ($/oz)	2026 forecast AISCb ($/oz)
Gold
Carlin (61.5%)	600 - 670	1,770 - 1,960	1,340 - 1,490	1,900 - 2,100
Cortez (61.5%)c	430 - 480	1,980 - 2,190	1,390 - 1,540	1,690 - 1,870
Turquoise Ridge (61.5%)	300 - 330	1,610 - 1,790	1,220 - 1,360	1,490 - 1,650
Phoenix (61.5%)	80 - 100	2,440 - 2,710	900 - 1,000	1,180 - 1,310
Nevada Gold Mines (61.5%)	1,420 - 1,580	1,850 - 2,050	1,300 - 1,440	1,720 - 1,900
Pueblo Viejo (60%)	350 - 400	1,720 - 1,910	1,160 - 1,290	1,590 - 1,760
North America	1,770 - 1,980	1,820 - 2,010	1,270 - 1,410	1,690 - 1,870

Veladero (50%)	180 - 200	2,000 - 2,210	1,160 - 1,280	1,460 - 1,620
Porgera (24.5%)	80 - 100	1,610 - 1,790	1,190 - 1,320	1,610 - 1,780
South America & Asia Pacific	260 - 300	1,870 - 2,070	1,170 - 1,300	1,500 - 1,660

Loulo-Gounkoto (80%)d	260 - 290	2,860 - 3,140	2,180 - 2,390	2,640 - 2,900
Kibali (45%)	270 - 310	1,520 - 1,680	1,130 - 1,250	1,330 - 1,470
North Mara (84%)	200 - 230	1,700 - 1,880	1,300 - 1,430	1,520 - 1,680
Bulyanhulu (84%)	140 - 160	1,750 - 1,940	1,230 - 1,360	1,870 - 2,070
Africa and Middle East	870 - 970	1,990 - 2,200	1,490 - 1,640	1,840 - 2,040
Total Attributable to Barricke,f,g	2,900 - 3,250	1,870 - 2,070	1,330 - 1,470	1,760 - 1,950

	2026 forecast attributable production (kt)	2026 forecast COSa ($/lb)	2026 forecast C1 cash costsb ($/lb)	2026 forecast AISCb ($/lb)
Copper
Lumwana	130 - 150	2.85 - 3.15	2.05 - 2.30	3.40 - 3.75
Zaldívar (50%)	30 - 35	4.80 - 5.10	3.70 - 3.90	5.40 - 5.70
Jabal Sayid (50%)	25 - 30	2.10 - 2.30	1.25 - 1.45	1.45 - 1.65
Total Copperg	190 - 220	3.05 - 3.35	2.20 - 2.45	3.45 - 3.75

a.Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an

attributable basis using Barrick's ownership share). Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on

an attributable basis using Barrick's ownership share).

b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

c.Includes Goldrush.

d.2026 forecast cost of sales does not include the impact of the Loulo-Gounkoto purchase price allocation. Refer to note 4 to the Financial Statements for further

information.

e.TCC/oz and AISC/oz include costs allocated to non-operating sites.

f.Operating division guidance ranges reflect expectations at each individual operating division and may not add up to the company-wide guidance range total.

g.Includes corporate administration costs.


BARRICK SECOND QUARTER 2026	11	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Operating Performance

Our presentation of reportable operating segments consists

of eight gold mines (Carlin, Cortez, Turquoise Ridge,

Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and

Bulyanhulu) and one copper mine (Lumwana). The

remaining operating segments, including our remaining gold

and copper mines, have been grouped into an “Other

Mines” category and will not be reported on individually.

Segment performance is evaluated based on a number of

measures including operating income before tax, production

levels and unit production costs. Certain costs are managed

on a consolidated basis and are therefore not reflected in

segment income.

Nevada Gold Mines (61.5%)a, Nevada, USA

Summary of Operating and Financial Data


			For the three months ended			For the six months ended
	6/30/26	3/31/26	% Change	6/30/25	% Change	6/30/26	6/30/25	% Change
Total tonnes mined (000s)	33,789	29,947	13%	37,304	(9)%	63,736	74,265	(14)%
Open pit ore	4,994	7,028	(29)%	3,988	25%	12,022	7,962	51%
Open pit waste	27,127	21,273	28%	31,724	(14)%	48,400	63,258	(23)%
Underground	1,668	1,646	1%	1,592	5%	3,314	3,045	9%
Average grade (grams/tonne)
Open pit mined	0.57	0.62	(8)%	0.96	(41)%	0.60	0.97	(38)%
Underground mined	7.86	8.24	(5)%	8.16	(4)%	8.05	7.91	2%
Processed	1.93	1.86	4%	2.97	(35)%	1.89	2.73	(31)%
Ore tonnes processed (000s)	8,454	8,919	(5)%	5,941	42%	17,373	12,084	44%
Oxide mill	2,005	1,887	6%	1,847	9%	3,892	3,727	4%
Roaster	1,329	1,337	(1)%	1,362	(2)%	2,666	2,488	7%
Autoclave	1,128	1,160	(3)%	929	21%	2,288	2,027	13%
Heap leach	3,992	4,535	(12)%	1,803	121%	8,527	3,842	122%
Recovery rate	82%	83%	(1)%	82%	0%	82%	82%	0%
Oxide Mill	74%	72%	3%	79%	(6)%	74%	78%	(5)%
Roaster	85%	85%	0%	86%	(1)%	85%	85%	0%
Autoclave	80%	83%	(4)%	77%	4%	82%	79%	4%
Gold produced (000s oz)	382	376	2%	381	0%	758	723	5%
Oxide mill	62	53	17%	77	(19)%	115	149	(23)%
Roaster	203	204	0%	212	(4)%	407	384	6%
Autoclave	100	108	(7)%	82	22%	208	168	24%
Heap leach	17	11	55%	10	70%	28	22	27%
Gold sold (000s oz)	386	380	2%	376	3%	766	721	6%
Revenue ($ millions)	1,740	1,925	(10)%	1,272	37%	3,665	2,302	59%
Cost of sales ($ millions)	759	687	10%	637	19%	1,446	1,207	20%
Income ($ millions)	929	1,233	(25)%	624	49%	2,162	1,077	101%
EBITDA ($ millions)b,c	1,095	1,398	(22)%	742	48%	2,493	1,308	91%
EBITDA margind	63%	73%	(14)%	58%	9%	68%	57%	19%
Capital expenditures ($ millions)e	231	207	12%	201	15%	438	458	(4)%
Minesite sustainingb	155	140	11%	151	3%	295	360	(18)%
Projectb	74	65	14%	48	54%	139	96	45%
COS ($/oz)	1,961	1,800	9%	1,685	16%	1,881	1,665	13%
TCC ($/oz)b	1,418	1,255	13%	1,319	8%	1,337	1,295	3%
AISC ($/oz)b	1,843	1,645	12%	1,749	5%	1,745	1,821	(4)%

a.Barrick is the operator of NGM and owns 61.5%, with Newmont Corporation owning the remaining 38.5%. NGM is accounted for as a subsidiary with a 38.5%

non-controlling interest. These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge and Phoenix and non-mine site related activity.

b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

c.EBITDA represents income less depreciation. Depreciation expense is $166 million and $331 million for Q2 2026 and YTD 2026, respectively (Q1 2026: $165

million, Q2 2025: $118 million, YTD 2025: $231 million).

d.Represents EBITDA divided by revenue.

e.Includes capitalized interest.

Across the NGM sites, gold production for Q2 2026 was 2% higher than Q1 2026, primarily due to improved underground mining

and processing performance. Highlights were:

■Carlin achieved its best second quarter refractory plant performance since 2020

■Cortez continued to benefit from the Goldrush ramp-up, and also delivered its highest underground tonnes mined since the

ramp up of Goldrush

■Turquoise Ridge underground delivered its best quarterly development run rates since the formation of the JV

1 xx Numerical annotations throughout the text of this document refer to the endnotes found starting on page 57.


BARRICK SECOND QUARTER 2026	12	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Carlin (61.5%), Nevada, USA

Summary of Operating and Financial Data


			For the three months ended			For the six months ended
	6/30/26	3/31/26	% Change	6/30/25	% Change	6/30/26	6/30/25	% Change
Total tonnes mined (000s)	14,764	10,054	47%	16,042	(8)%	24,818	32,752	(24)%
Open pit ore	444	954	(53)%	378	17%	1,398	506	176%
Open pit waste	13,481	8,234	64%	14,814	(9)%	21,715	30,600	(29)%
Underground	839	866	(3)%	850	(1)%	1,705	1,646	4%
Average grade (grams/tonne)
Open pit mined	0.36	2.13	(83)%	1.38	(74)%	1.57	1.36	15%
Underground mined	7.15	7.12	0%	7.28	(2)%	7.13	7.27	(2)%
Processed	3.23	4.42	(27)%	4.50	(28)%	3.74	4.24	(12)%
Ore tonnes processed (000s)	2,016	1,500	34%	1,432	41%	3,516	2,809	25%
Roasters	982	960	2%	1,049	(6)%	1,942	1,909	2%
Autoclave	642	540	19%	305	110%	1,182	804	47%
Heap leach	392	0	100%	78	403%	392	96	308%
Recovery rate	81%	82%	(1)%	81%	0%	81%	81%	0%
Roasters	84%	85%	(1)%	85%	(1)%	84%	84%	0%
Autoclave	65%	67%	(3)%	43%	51%	66%	56%	18%
Gold produced (000s oz)	172	173	(1)%	170	1%	345	315	10%
Roasters	147	151	(3)%	157	(6)%	298	282	6%
Autoclave	23	20	15%	10	130%	43	26	65%
Heap leach	2	2	0%	3	(33)%	4	7	(43)%
Gold sold (000s oz)	173	173	0%	166	4%	346	308	12%
Revenue ($ millions)	769	860	(11)%	552	39%	1,629	969	68%
Cost of sales ($ millions)	322	311	4%	264	22%	633	510	24%
Income ($ millions)	446	547	(18)%	285	56%	993	453	119%
EBITDA ($ millions)a,b	519	624	(17)%	327	59%	1,143	533	114%
EBITDA marginc	67%	73%	(8)%	59%	14%	70%	55%	27%
Capital expenditures ($ millions)d	120	115	4%	98	22%	235	272	(14)%
Minesite sustaininga	96	87	10%	78	23%	183	234	(22)%
Projecta	23	25	(8)%	18	28%	48	36	33%
COS ($/oz)	1,856	1,794	3%	1,589	17%	1,825	1,649	11%
TCC ($/oz)a	1,405	1,315	7%	1,330	6%	1,360	1,390	(2)%
AISC ($/oz)a	1,971	1,838	7%	1,826	8%	1,904	2,169	(12)%

a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

b.EBITDA represents income less depreciation. Depreciation expense is $73 million and $150 million for Q2 2026 and YTD 2026, respectively (Q1 2026: $77

million, Q2 2025: $42 million, YTD 2025: $80 million).

c.Represents EBITDA divided by revenue.

d.Includes capitalized interest.

Safety and Environment


For the three months ended
	6/30/26	3/31/26
LTI	1	1
LTIFR3	0.41	0.43
TRIFR3	1.23	2.98
Class 14 environmental incidents	0	0

Financial Results

Q2 2026 compared to Q1 2026

Gold production in Q2 2026 was largely in line with Q1

2026 as lower open pit grades mined and processed were

offset by higher throughput with the Carlin refractory

facilities processing the highest tonnes since the formation

of NGM, despite the planned Gold Quarry roaster

shutdown. The lower open pit grade was driven by the re-

entry into the Gold Quarry Pit which is the main open pit ore

source in the coming years. Goldstrike and the Portal

underground mines focused on development during the

quarter driving improvements in development rates

following the successful implementation of the self perform

development crews, temporarily impacting ore delivery.

COS/oz2 and TCC/oz1 in Q2 2026 were 3% and

7% higher, respectively, than Q1 2026, driven by the lower

grades processed, in addition to higher fuel prices. In Q2

2026, AISC/oz1 was 7% higher than Q1 2026, due to higher

sustaining capital expenditures1 and higher TCC/oz1.

Capital expenditures increased by 4% compared

to Q1 2026 mainly due to higher minesite sustaining capital

expenditures1 driven by increased open pit waste stripping

at Gold Quarry and higher capitalized drilling.


BARRICK SECOND QUARTER 2026	13	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Q2 2026 compared to Q2 2025

Gold production for Q2 2026 was 1% higher than Q2 2025,

primarily due to improved processing performance at the

Goldstrike Autoclave, resulting in the highest Q2 refractory

performance at the Carlin refractory facilities since 2020,

despite the planned Gold Quarry roaster shutdown. This

was partially offset by lower grades due to the re-entry into

the Gold Quarry open pit and the focus on capital

development at Goldstrike and the Portal underground

mines.

COS/oz2 and TCC/oz1 for Q2 2026 were 17% and

6% higher, respectively, than Q2 2025, as a result of the

lower grades processed in addition to higher royalties

driven by the higher realized gold price, higher fuel prices,

the planned shutdown at the Gold Quarry roaster and the

ongoing impact of tariffs. For Q2 2026, AISC/oz1 was 8%

higher than Q2 2025 owing to higher TCC/oz1 combined

with higher minesite sustaining capital expenditures1.

Capital expenditures were 22% higher than Q2

2025, mainly due to higher minesite sustaining capital

expenditures1 driven by increased open pit waste stripping

at Gold Quarry, higher underground capital development

and higher capitalized drilling. Project capital expenditures1

also increased with the additional investment in growth

related exploration drilling.

YTD 2026 compared to YTD 2025

Gold production for YTD 2026 was 10% higher than YTD

2025, mainly due to higher throughput and grades

processed at the roasters and the autoclave. Higher grades

were driven by the Arturo open pit where mining was

completed in Q1 2026 whereas there was mainly waste

stripping in Q1 2025. Overall processed grades were lower

due to higher heap leach tonnes placed.

COS/oz2 for YTD 2026 was 11% higher than YTD

2025, as higher depreciation expense associated with the

Arturo open pit was partially offset by lower TCC/oz1. TCC/

oz1 for YTD 2026 was 2% lower than YTD 2025, primarily

due to improved runtime at both the Goldstrike roaster and

autoclave driving down unit rates, with the improved

production providing increased fixed cost dilution, partially

offset by higher fuel prices, tariffs and higher royalties due

to the higher average gold price. For YTD 2026, AISC/oz1

was 12% lower than YTD 2025, mainly due to lower TCC/

oz1 and lower minesite sustaining capital expenditures1.

Capital expenditures were lower than YTD 2025

driven by lower minesite sustaining capital expenditures1

primarily due to the final payment on the Komatsu-930 truck

fleet occurring in Q1 2025, offset by higher project capital

expenditures1 relating to the continuation of the Ren project

and the additional investment in growth exploration drilling.


BARRICK SECOND QUARTER 2026	14	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Cortez (61.5%), Nevada, USA

Summary of Operating and Financial Data


			For the three months ended			For the six months ended
	6/30/26	3/31/26	% Change	6/30/25	% Change	6/30/26	6/30/25	% Change
Total tonnes mined (000s)	12,841	14,058	(9)%	14,639	(12)%	26,899	29,036	(7)%
Open pit ore	2,233	4,446	(50)%	1,092	104%	6,679	2,483	169%
Open pit waste	10,028	9,079	10%	13,019	(23)%	19,107	25,569	(25)%
Underground	580	533	9%	528	10%	1,113	984	13%
Average grade (grams/tonne)
Open pit mined	0.44	0.27	63%	0.99	(56)%	0.33	1.08	(69)%
Underground mined	7.56	7.93	(5)%	7.88	(4)%	7.73	7.20	7%
Processed	1.16	0.87	33%	2.69	(57)%	1.00	2.25	(56)%
Ore tonnes processed (000s)	3,698	4,425	(16)%	1,553	138%	8,123	3,335	144%
Oxide mill	561	543	3%	455	23%	1,104	981	13%
Roasters	339	372	(9)%	313	8%	711	579	23%
Autoclave	2	2	0%	128	(98)%	4	141	(97)%
Heap leach	2,796	3,508	(20)%	657	326%	6,304	1,634	286%
Recovery rate	83%	81%	2%	82%	1%	82%	83%	(1)%
Oxide Mill	79%	70%	13%	82%	(4)%	76%	82%	(7)%
Roasters	86%	87%	(1)%	89%	(3)%	86%	88%	(2)%
Autoclave	86%	63%	37%	46%	87%	74%	46%	61%
Gold produced (000s oz)	104	89	17%	108	(4)%	193	200	(4)%
Oxide Mill	34	28	21%	45	(24)%	62	82	(24)%
Roasters	55	52	6%	55	0%	107	101	6%
Autoclave	1	0	100%	1	0%	1	2	(50)%
Heap leach	14	9	56%	7	100%	23	15	53%
Gold sold (000s oz)	104	89	17%	107	(3)%	193	203	(5)%
Revenue ($ millions)	457	442	3%	356	28%	899	637	41%
Cost of sales ($ millions)	235	192	22%	181	30%	427	329	30%
Income ($ millions)	220	249	(12)%	173	27%	469	304	54%
EBITDA ($ millions)a,b	276	299	(8)%	211	31%	575	377	53%
EBITDA marginc	60%	68%	(12)%	59%	2%	64%	59%	8%
Capital expenditures ($ millions)	74	68	9%	75	(1)%	142	135	5%
Minesite sustaininga	29	32	(9)%	45	(36)%	61	77	(21)%
Projecta	45	36	25%	30	50%	81	58	40%
COS ($/oz)	2,267	2,149	5%	1,687	34%	2,213	1,618	37%
TCC ($/oz)a	1,713	1,569	9%	1,326	29%	1,647	1,253	31%
AISC ($/oz)a	2,028	1,957	4%	1,774	14%	1,995	1,662	20%

a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

b.EBITDA represents income less depreciation. Depreciation expense is $56 million and $106 million for Q2 2026 and YTD 2026, respectively (Q1 2026: $50

million, Q2 2025: $38 million, YTD 2025: $73 million).

c.Represents EBITDA divided by revenue.

Safety and Environment


For the three months ended
	6/30/26	3/31/26
LTI	0	1
LTIFR3	0.00	0.92
TRIFR3	1.78	2.77
Class 14 environmental incidents	0	0

Financial Results

Q2 2026 compared to Q1 2026

Gold production in Q2 2026 was 17% higher than Q1 2026,

primarily driven by higher oxide tonnes mined and

processed from the Cortez Hills underground due to mine

sequencing, an increase in Goldrush underground

production due to the continued ramp up driving record total

underground tonnes mined at Cortez, and higher open pit

leach recoveries from Q1 2026 placement.

COS/oz2 and TCC/oz1 in Q2 2026 were 5% and

9% higher, respectively, than Q1 2026, primarily reflecting

higher processing costs related to the planned shutdown at

the Gold Quarry roaster and higher fuel prices, partially

offset by increased fixed cost dilution driven by higher sales

volume and higher underground development. In Q2 2026,

AISC/oz1 was 4% higher than Q1 2026, driven by higher

TCC/oz1, partially offset by lower minesite sustaining capital

expenditures1.

Capital expenditures in Q2 2026 were 9% higher

than Q1 2026 due to higher project capital driven by the

ongoing ramp-up at Goldrush. This was partially offset by


BARRICK SECOND QUARTER 2026	15	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

lower sustaining capital in Q2 2026 due to equipment down

payments and deliveries in Q1 2026.

Q2 2026 compared to Q2 2025

Gold production for Q2 2026 was 4% lower than Q2 2025,

primarily driven by open pit mine sequencing with lower

grade ore processed from Crossroads replacing higher

grade ore processed from Cortez Pits phase 1, partially

offset by the continued ramp-up at Goldrush. This was

combined with a 104% increase in open pit ore mined,

consistent with the planned mining sequence as stripping

was completed at Crossroads.

COS/oz2 and TCC/oz1 for Q2 2026 were 34% and

29% higher, respectively, than Q2 2025, reflecting lower

grades processed, lower capitalized stripping, higher

royalties due to increased gold prices and increased

production from higher royalty regions, higher fuel prices,

and impact of higher tariffs. For Q2 2026, AISC/oz1 was

14% higher than Q2 2025 driven by higher TCC/oz1,

partially offset by lower minesite sustaining capital

expenditures1.

Capital expenditures in Q2 2026 were 1% lower

than Q2 2025, primarily due to lower minesite sustaining

capital expenditures1 due to waste stripping in Crossroads

Phase 6 in the prior period, partially offset by higher project

capital expenditures1 related to the autonomous haul truck

project and the continued ramp-up at Goldrush.

YTD 2026 compared to YTD 2025

Gold production for YTD 2026 was 4% lower than YTD

2025 primarily driven by open pit mine sequencing with

lower grade ore processed from Crossroads replacing

higher grade ore processed from Cortez Pits phase 1,

partially offset by the ramp-up at Goldrush. This resulted in

lower grade ore processed at the oxide mill, higher

refractory production, and an increase in tonnes placed on

the leach pad.

COS/oz2 and TCC/oz1 for YTD 2026 were 37%

and 31% higher, respectively, than YTD 2025, reflecting an

increased proportion of higher-cost refractory ounces

processed at Carlin in the sales mix, lower capitalized

stripping, higher royalties due to increased gold prices and

increased production from higher royalty regions, higher

fuel prices, and the impact of higher tariffs. For YTD 2026,

AISC/oz1 increased by 20% compared to YTD 2025, due to

higher TCC/oz1, partially offset by lower minesite sustaining

capital expenditures1.

Capital expenditures for YTD 2026 were 5%

higher than YTD 2025, due to an increase in project capital

expenditures1 driven by the ongoing ramp-up at Goldrush

and the autonomous haul truck project, partially offset by

lower minesite sustaining capital expenditures1 due to

waste stripping in Crossroads Phase 6 in the prior period.


BARRICK SECOND QUARTER 2026	16	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Turquoise Ridge (61.5%), Nevada, USA

Summary of Operating and Financial Data


		For the three months ended				For the six months ended
	6/30/26	3/31/26	% Change	6/30/25	% Change	6/30/26	6/30/25	% Change
Total tonnes mined (000s)	1,496	887	69%	221	577%	2,383	422	465%
Open pit ore	22	5	340%	—	100%	27	—	100%
Open pit waste	1,225	635	93%	7	17,400%	1,860	7	26,471%
Underground	249	247	1%	214	16%	496	415	20%
Average grade (grams/tonne)
Open pit mined	1.86	0.50	272%	n/a	n/a	1.61	n/a	n/a
Underground mined	10.60	12.40	(15)%	11.93	(11)%	11.49	11.28	2%
Processed	4.88	4.70	4%	4.74	3%	4.78	4.39	9%
Ore tonnes processed (000s)	572	713	(20)%	570	0%	1,285	1,225	5%
Oxide Mill	80	90	(11)%	74	8%	170	143	19%
Roasters	8	5	60%	n/a	n/a	13	n/a	n/a
Autoclave	484	618	(22)%	496	(2)%	1,102	1,082	2%
Recovery rate	86%	86%	0%	89%	(3)%	86%	87%	(1)%
Oxide Mill	81%	81%	0%	85%	(5)%	81%	85%	(5)%
Roasters	90%	89%	1%	n/a	n/a	90%	n/a	n/a
Autoclave	86%	87%	(1)%	89%	(3)%	86%	88%	(2)%
Gold produced (000s oz)	80	91	(12)%	76	5%	171	150	14%
Oxide Mill	4	3	33%	5	(20)%	7	10	(30)%
Autoclave	75	88	(15)%	71	6%	163	140	16%
Heap leach	1	—	100%	—	100%	1	—	100%
Gold sold (000s oz)	82	96	(15)%	75	9%	178	153	16%
Revenue ($ millions)	363	475	(24)%	252	44%	838	476	76%
Cost of sales ($ millions)	136	128	6%	133	2%	264	258	2%
Income ($ millions)	228	350	(35)%	122	87%	578	221	162%
EBITDA ($ millions)a,b	254	379	(33)%	149	70%	633	277	129%
EBITDA marginc	70%	80%	(13)%	59%	19%	76%	58%	31%
Capital expenditures ($ millions)	24	17	41%	16	50%	41	30	37%
Minesite sustaininga	18	13	38%	16	13%	31	29	7%
Projecta	6	4	50%	0	100%	10	1	900%
COS ($/oz)	1,657	1,327	25%	1,761	(6)%	1,479	1,682	(12)%
TCC ($/oz)a	1,319	1,011	30%	1,394	(5)%	1,153	1,310	(12)%
AISC ($/oz)a	1,552	1,153	35%	1,621	(4)%	1,337	1,513	(12)%

a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

b.EBITDA represents income less depreciation. Depreciation expense is $26 million and $55 million for Q2 2026 and YTD 2026, respectively (Q1 2026: $29

million, Q2 2025: $27 million, YTD 2025: $56 million).

c.Represents EBITDA divided by revenue.

Safety and Environment


For the three months ended
	6/30/26	3/31/26
LTI	0	0
LTIFR3	0.00	0.00
TRIFR3	1.33	6.21
Class 14 environmental incidents	0	0

Financial Results

Q2 2026 compared to Q1 2026

Gold production in Q2 2026 was 12% lower than Q1 2026,

mainly due to lower throughput at the Sage Autoclave as a

result of a planned shutdown and lower underground

grades mined and processed driven by mining lower grade

Vista underground ore (to be completed in Q4 2026) and

mine sequencing at Turquoise Ridge underground.

Turquoise Ridge underground operations have sustained

the increase in tonnage mined over the last several

quarters.

COS/oz2 and TCC/oz1 in Q2 2026 were 25% and

30% higher, respectively, than Q1 2026, primarily due to

higher maintenance costs given the planned autoclave

shutdown in Q2 2026. AISC/oz1 was 35% higher than Q1

2026, primarily reflecting higher TCC/oz1, combined with

increased minesite sustaining capital expenditures1 .

Capital expenditures were 41% higher than Q1

2026 driven by higher minesite sustaining capital

expenditures1 due to an increase in process improvement

capital aligning with the Sage Autoclave planned shutdown.

Q2 2026 compared to Q2 2025

Gold production for Q2 2026 was 5% higher than Q2 2025,

primarily driven by efforts to keep gold in circuit inventory

levels low offsetting lower underground grades mined and


BARRICK SECOND QUARTER 2026	17	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

processed due to mining lower grade Vista underground

ore (to be completed in Q4 2026).

COS/oz2 and TCC/oz1 for Q2 2026 were 6% and

5% lower, respectively, than Q2 2025, primarily owing to

increased fixed cost dilution, partially offset by the impact of

higher tariffs. AISC/oz1 was 4% lower than Q2 2025,

reflecting lower TCC/oz1, while minesite sustaining capital

expenditures1 were 13% higher than the prior period.

Capital expenditures were 50% higher than Q2

2025 driven by higher minesite sustaining capital

expenditures1 driven by process improvement projects and

higher project capital expenditures1 to expand open pit

operations.

YTD 2026 compared to YTD 2025

Gold production for YTD 2026 was 14% higher compared to

YTD 2025, primarily due to higher mining rates at Turquoise

Ridge underground increasing the average grade

processed at the Sage Autoclave.

COS/oz2, TCC/oz1, and AISC/oz1 for YTD 2026

were all 12% lower due to an increase in fixed cost dilution

due to higher grades processed and underground

efficiencies driving lower unit costs compared to YTD 2025,

partially offset by the impact of higher tariffs.

Capital expenditures for YTD 2026 were 37%

higher than YTD 2025 driven by higher minesite sustaining

capital expenditures1 and higher project capital

expenditures1 to expand open pit operations.


BARRICK SECOND QUARTER 2026	18	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Pueblo Viejo (60%)a, Dominican Republic

Summary of Operating and Financial Data


			For the three months ended			For the six months ended
	6/30/26	3/31/26	% Change	6/30/25	% Change	6/30/26	6/30/25	% Change
Open pit tonnes mined (000s)	6,261	4,365	43%	3,876	62%	10,626	5,258	102%
Open pit ore	1,301	355	266%	673	93%	1,656	762	117%
Open pit waste	4,960	4,010	24%	3,203	55%	8,970	4,496	100%
Average grade (grams/tonne)
Open pit mined	2.22	2.10	6%	2.22	0%	2.19	2.22	(1)%
Processed	2.28	2.29	0%	2.34	(3)%	2.28	2.26	1%
Autoclave ore tonnes processed (000s)	1,862	1,574	18%	1,611	16%	3,436	2,905	18%
Recovery rate	75%	74%	1%	77%	(3)%	74%	79%	(6)%
Gold produced (000s oz)	112	81	38%	95	18%	193	169	14%
Gold sold (000s oz)	108	82	32%	93	16%	190	169	12%
Revenue ($ millions)	463	395	17%	306	51%	858	534	61%
Cost of sales ($ millions)	182	139	31%	160	14%	321	301	7%
Income ($ millions)	277	253	9%	142	95%	530	226	135%
EBITDA ($ millions)b,c	328	293	12%	188	74%	621	316	97%
EBITDA margind	71%	74%	(4)%	61%	16%	72%	59%	22%
Capital expenditures ($ millions)e	62	61	2%	56	11%	123	102	21%
Minesite sustainingb	32	35	(9)%	37	(14)%	67	73	(8)%
Projectb	30	26	15%	16	88%	56	24	133%
COS ($/oz)	1,683	1,702	(1)%	1,715	(2)%	1,691	1,781	(5)%
TCC ($/oz)b	1,016	1,019	0%	1,147	(11)%	1,018	1,166	(13)%
AISC ($/oz)b	1,322	1,457	(9)%	1,552	(15)%	1,380	1,605	(14)%

a.Barrick is the operator of Pueblo Viejo and owns 60%, with Newmont Corporation owning the remaining 40%. Pueblo Viejo is accounted for as a subsidiary with

a 40% non-controlling interest. The results in the table and the discussion that follows are based on our 60% share only.

b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

c.EBITDA represents income less depreciation. Depreciation expense is $51 million and $91 million for Q2 2026 and YTD 2026, respectively (Q1 2026: $40

million, Q2 2025: $46 million, YTD 2025: $90 million).

d.Represents EBITDA divided by revenue.

e.Includes capitalized interest.

Safety and Environment


For the three months ended
	6/30/26	3/31/26
LTI	0	0
LTIFR3	0.00	0.00
TRIFR3	0.49	0.81
Class 14 environmental incidents	0	0

Financial Results

Q2 2026 compared to Q1 2026

Gold production in Q2 2026 increased 38% over Q1 2026,

mainly due to higher throughput driven by improved

processing circuit availability following the completion of the

planned total plant shutdown in Q1. Production also

benefited from improved recoveries supported by stronger

flotation performance, enabling additional mass pull to be

converted into recovered ounces.

COS/oz2 and TCC/oz1 for Q2 2026 were in line

compared to Q1 2026, as the benefit of higher production

was offset by higher fuel prices. For Q2 2026, AISC/oz1 was

9% lower than Q1 2026, driven primarily by lower minesite

sustaining capital expenditures1.

Capital expenditures for Q2 2026 increased by 2%

compared to Q1 2026, due to higher project capital

expenditures1 mainly related to timing on execution of major

projects.

Q2 2026 compared to Q2 2025

Gold production for Q2 2026 was 18% higher than Q2

2025, driven by sustained throughput improvements from

the debottlenecking program and higher plant availability

resulting from shorter planned shutdowns. Grades

processed remained broadly consistent with Q2 2025, while

recoveries were lower due to reduced flotation selectivity

associated with higher mass pull.

COS/oz2 and TCC/oz1 for Q2 2026 were 2% and

11% lower, respectively compared to Q2 2025, primarily

reflecting higher costs allocated to by-products. For Q2

2026, AISC/oz1 was 15% lower than Q2 2025, driven by

lower TCC/oz1, and lower minesite sustaining capital

expenditures1.

Capital expenditures for Q2 2026 increased by

11% compared to Q2 2025, primarily due to increased

project capital expenditures1 related to the Naranjo Tailings

Storage Facility.

YTD 2026 compared to YTD 2025

Gold production for YTD 2026 was 14% higher than YTD

2025, reflecting sustained throughput improvements

delivered through the debottlenecking program, partially

offset by lower metallurgical recoveries associated with

stockpile weathering.

COS/oz2 and TCC/oz1 for YTD 2026 were 5% and

13% lower, respectively, than YTD 2025, primarily reflecting

higher costs allocated to by-products. For YTD 2026, AISC/


BARRICK SECOND QUARTER 2026	20	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Loulo-Gounkoto (80%)a,b, Mali

Summary of Operating and Financial Data


		For the three months ended				For the six months ended
	6/30/26	3/31/26	% Change	6/30/25	% Change	6/30/26	6/30/25	% Change
Total tonnes mined (000s)	2,738	390	602%	—	100%	3,128	1,709	83%
Open pit ore	149	—	100%	—	100%	149	57	161%
Open pit waste	2,052	—	100%	—	100%	2,052	1,366	50%
Underground	537	390	38%	—	100%	927	286	224%
Average grade (grams/tonne)
Open pit mined	1.69	—	100%	—	100%	1.69	1.98	(15)%
Underground mined	5.04	4.57	10%	—	100%	4.86	6.66	(27)%
Processed	3.25	3.13	4%	—	100%	3.20	3.54	(10)%
Ore tonnes processed (000s)	914	689	33%	—	100%	1,603	169	849%
Recovery rate	92%	92%	0%	—	100%	92%	91%	1%
Gold produced (000s oz)	88	64	38%	—	100%	152	18	744%
Gold sold (000s oz)	86	69	25%	—	100%	155	0	100%
Revenue ($ millions)	385	341	13%	—	100%	726	0	100%
Cost of sales ($ millions)	203	193	5%	6	3,283%	396	11	3,500%
Income (loss) ($ millions)	171	131	31%	(58)	(395)%	302	(127)	(338)%
EBITDA ($ millions)c,d	204	161	27%	(52)	(492)%	365	(116)	(415)%
EBITDA margine	53%	47%	13%	—	100%	50%	—	100%
Capital expenditures ($ millions)c,f	30	—	100%	4	650%	30	18	67%
Minesite sustainingc	28	—	100%	3	833%	28	13	115%
Projectc,f	2	—	100%	—	100%	2	3	(33)%
COS ($/oz)	2,352	2,801	(16)%	—	100%	2,551	—	100%
TCC ($/oz)c	1,897	1,918	(1)%	—	100%	1,906	—	100%
AISC ($/oz)c	2,240	1,933	16%	—	100%	2,104	—	100%

a.Barrick owns 80% of Société des Mines de Loulo SA and Société des Mines de Gounkoto with the Republic of Mali owning 20%. Loulo-Gounkoto is accounted

for as a subsidiary with a 20% non-controlling interest on the basis that Barrick controls the asset. The results in the table and the discussion that follows are

based on our 80% share.

b.As a result of 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 Q1 2025 to Q3 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 operational control was handed back to Somilo and Gounkoto's management.

c.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

d.EBITDA represents income less depreciation. Depreciation expense is $33 million and $63 million for Q2 2026 and YTD 2026, respectively (Q1 2026: $30

million, Q2 2025: $6 million, YTD 2025: $11 million).

e.Represents EBITDA divided by revenue.

f.Includes capitalized interest.

Safety and Environment


For the three months ended
	6/30/26	3/31/26
LTI	0	0
LTIFR3	0.00	0.00
TRIFR3	0.25	0.00
Class 14 environmental incidents	0	0

Financial Results

Q2 2026 compared to Q1 2026

Gold production for Q2 2026 was 38% higher than Q1 2026

driven by increased throughput and higher grades

processed. The ramping up of operations has continued to

progress ahead of schedule with both mining and

processing outperforming the restart plan.

COS/oz2 was 16% lower than Q1 2026, as we sold

more freshly mined ore rather than material that was in

inventory when we regained control of the mine in Q4 2025

(this acquired ore carries a fair value increment). TCC/oz1

for Q2 2026 was 1% lower, primarily reflecting higher

grades processed. For Q2 2026, AISC/oz1 was 16% higher

than Q1 2026, driven by higher minesite sustaining capital

expenditures1 in line with the ramp up of operations. Capital

expenditure is expected to increase over H2 2026 as part of

the continued ramp-up of operations.

Q2 2026 compared to Q2 2025

There was no gold production in Q2 2025 due to the

suspension of operations midway through January 2025 as

a result of the dispute with the Government of Mali that was

ultimately resolved in December 2025. This resulted in no

gold sales in Q2 2025 and also explains zero TCC/oz1,

AISC/oz1 and COS/oz2 for Q2 2025 given there were no

sales.

YTD 2026 compared to YTD 2025

Gold production for YTD 2026 was substantially higher than

YTD 2025, with YTD 2025 impacted by the suspension of

operations resulting in minimal gold production. This

resulted in no gold sales in YTD 2025 and also explains

zero TCC/oz1, AISC/oz1 and COS/oz2 for 2025 given there

were no sales.


BARRICK SECOND QUARTER 2026	22	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Kibali (45%)a, Democratic Republic of Congo

Summary of Operating and Financial Data


		For the three months ended				For the six months ended
	6/30/26	3/31/26	% Change	6/30/25	% Change	6/30/26	6/30/25	% Change
Total tonnes mined (000s)	6,701	6,834	(2)%	5,421	24%	13,535	10,667	27%
Open pit ore	674	694	(3)%	624	8%	1,368	1,016	35%
Open pit waste	5,626	5,790	(3)%	4,393	28%	11,416	8,865	29%
Underground	401	350	15%	404	(1)%	751	786	(4)%
Average grade (grams/tonne)
Open pit mined	1.43	1.42	1%	1.45	(1)%	1.43	1.46	(2)%
Underground mined	4.30	4.74	(9)%	5.36	(20)%	4.50	5.19	(13)%
Processed	2.82	2.24	26%	2.73	3%	2.53	2.55	(1)%
Ore tonnes processed (000s)	923	910	1%	946	(2)%	1,833	1,877	(2)%
Recovery rate	90%	89%	1%	90%	0%	90%	90%	0%
Gold produced (000s oz)	76	58	31%	75	1%	134	138	(3)%
Gold sold (000s oz)	71	69	3%	69	3%	140	136	3%
Revenue ($ millions)	314	342	(8)%	226	39%	656	418	57%
Cost of sales ($ millions)	133	132	1%	108	23%	265	221	20%
Income ($ millions)	172	198	(13)%	89	93%	370	161	130%
EBITDA ($ millions)b,c	206	231	(11)%	121	70%	437	225	94%
EBITDA margind	66%	68%	(3)%	54%	22%	67%	54%	24%
Capital expenditures ($ millions)	60	38	58%	30	100%	98	62	58%
Minesite sustainingb	20	11	82%	10	100%	31	22	41%
Projectb	40	27	48%	20	100%	67	40	68%
COS ($/oz)	1,873	1,906	(2)%	1,565	20%	1,889	1,627	16%
TCC ($/oz)b	1,381	1,418	(3)%	1,094	26%	1,399	1,152	21%
AISC ($/oz)b	1,702	1,614	5%	1,273	34%	1,659	1,348	23%

a.Barrick owns 45% of Kibali Goldmines SA with the Government of DRC and our joint venture partner, AngloGold Ashanti, owning 10% and 45%, respectively.

The figures presented in this table and the discussion that follows are based on our 45% effective interest in Kibali Goldmines SA held through our 50% interest

in Kibali (Jersey) Limited and its other subsidiaries (collectively "Kibali"), inclusive of the impact of the purchase price allocation resulting from the merger with

Randgold. Kibali is accounted for as an equity method investment on the basis that the joint venture partners that have joint control have rights to the net assets

of the joint venture.

b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

c.EBITDA represents income less depreciation. Depreciation expense is $34 million and $67 million for Q2 2026 and YTD 2026, respectively (Q1 2026: $33

million, Q2 2025: $32 million, YTD 2025: $64 million).

d.Represents EBITDA divided by revenue.

Safety and Environment


For the three months ended
	6/30/26	3/31/26
LTI	0	2
LTIFR3	0.00	0.37
TRIFR3	0.39	0.75
Class 14 environmental incidents	0	0

Financial Results

Q2 2026 compared to Q1 2026

Gold production for Q2 2026 was 31% higher than Q1

2026, driven by higher grades processed resulting from

consistent underground performance, as per plan. Ongoing

improvements in equipment utilization and the

commissioning of additional underground haulage capacity

are expected to support higher underground tonnes mined

in the second half of 2026.

COS/oz2 and TCC/oz1 for Q2 2026 were 2% and

3% lower, respectively, primarily reflecting higher grades

processed and lower royalty costs mainly due to a lower

realized gold price1. For Q2 2026, AISC/oz1 was 5% higher

than in Q1 2026, primarily reflecting higher sustaining

capital expenditure1 associated with additional underground

equipment purchases and increased rebuild activity during

Q2 2026.

Q2 2026 compared to Q2 2025

Gold production for Q2 2026 was 1% higher than Q2 2025,

driven by higher grades processed resulting from an

improved blended feed grade. The stronger blended grade

was supported by the successful ramp-up of open-pit

operations, which delivered 8% more ore tonnes and

enhanced operational flexibility.

COS/oz2 and TCC/oz1 for Q2 2026 were 20% and

26% higher, respectively, compared to Q2 2025 driven by

increased labor costs and fuel prices, driving higher unit

costs coupled with higher royalties resulting from a higher

realized gold price1. For Q2 2026, AISC/oz1 was 34%

higher than Q2 2025, driven by higher TCC/oz1 and

increased minesite sustaining capital expenditures1.

Capital expenditures for Q2 2026 were 100%

higher than Q2 2025, driven by higher minesite sustaining

capital expenditures1 in order to expand underground

haulage capacity, as well as increased project capital

expenditure1 related to the development of new

underground mining areas and construction of the Pamao

TSF project.


BARRICK SECOND QUARTER 2026	24	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

North Mara (84%)a, Tanzania

Summary of Operating and Financial Data


			For the three months ended			For the six months ended
	6/30/26	3/31/26	% Change	6/30/25	% Change	6/30/26	6/30/25	% Change
Total tonnes mined (000s)	5,043	3,952	28%	3,271	54%	8,995	7,114	26%
Open pit ore	109	7	1,457%	488	(78)%	116	1,545	(92)%
Open pit waste	4,628	3,599	29%	2,398	93%	8,227	4,796	72%
Underground	306	346	(12)%	385	(21)%	652	773	(16)%
Average grade (grams/tonne)
Open pit mined	1.29	0.99	n/a	1.90	n/a	1.27	2.00	(37)%
Underground mined	2.65	2.64	0%	3.73	(29)%	2.64	3.72	(29)%
Processed	1.80	1.81	(1)%	3.16	(43)%	1.81	3.36	(46)%
Ore tonnes processed (000s)	688	664	4%	698	(1)%	1,352	1,370	(1)%
Recovery rate	85%	85%	0%	88%	(3)%	85%	88%	(3)%
Gold produced (000s oz)	35	33	6%	62	(44)%	68	129	(47)%
Gold sold (000s oz)	37	36	3%	50	(26)%	73	118	(38)%
Revenue ($ millions)	163	183	(11)%	168	(3)%	346	366	(5)%
Cost of sales ($ millions)	99	83	19%	71	39%	182	157	16%
Income ($ millions)	61	97	(37)%	88	(31)%	158	197	(20)%
EBITDA ($ millions)b,c	80	115	(30)%	104	(23)%	195	231	(16)%
EBITDA margind	49%	63%	(22)%	62%	(21)%	56%	63%	(11)%
Capital expenditures ($ millions)	53	44	20%	43	23%	97	77	26%
Minesite sustainingb	14	7	100%	10	40%	21	27	(22)%
Projectb	39	37	5%	33	18%	76	50	52%
COS ($/oz)	2,736	2,287	20%	1,430	91%	2,511	1,330	89%
TCC ($/oz)b	2,164	1,758	23%	1,073	102%	1,961	1,022	92%
AISC ($/oz)b	2,577	1,990	29%	1,292	99%	2,283	1,272	79%

a.Barrick owns 84% of North Mara, with the GoT owning 16%. North Mara is accounted for as a subsidiary with a 16% non-controlling interest on the basis that

Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share.

b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

c.EBITDA represents income less depreciation. Depreciation expense is $19 million and $37 for Q2 2026 and YTD 2026, respectively (Q1 2026: $18 million, Q2

2025: $16 million, YTD 2025: $34 million).

d.Represents EBITDA divided by revenue.

Safety and Environment


For the three months ended
	6/30/26	3/31/26
LTI	0	0
LTIFR3	0.00	0.00
TRIFR3	0.47	0.00
Class 14 environmental incidents	0	0

Financial Results

Q2 2026 compared to Q1 2026

In Q2 2026, the focus at North Mara was on open pit

mining activity centered around waste material movement

in the Gokona pit while addressing delayed delivery of ore

from the underground operations. In Q2 2026, gold

production was 6% higher than Q1 2026 mainly driven by

increased throughput with higher open pit tonnes offsetting

lower volumes from the underground.

COS/oz2 and TCC/oz1 for Q2 2026 were 20% and

23% higher, respectively, compared to Q1 2026 mainly due

to the impact of higher fuel costs driven by increased diesel

powered generation to overcome grid power fluctuations.

AISC/oz1 in Q2 2026 was 29% higher than Q1 2026, mainly

due to higher TCC/oz1, and higher sustaining capital

expenditures1.

Capital expenditures for Q2 2026 were 20% higher

compared to Q1 2026 mainly driven by higher minesite

sustaining capital expenditures due to higher underground

development costs resulting from a higher unit rate and

slightly higher project capital expenditures with the

increased focus on pre-stripping at Gokona.

Q2 2026 compared to Q2 2025

Gold production for Q2 2026 was 44% lower compared to

Q2 2025 mainly due to lower grades processed and lower

recoveries.

COS/oz2 and TCC/oz1 for Q2 2026 were 91% and

102% higher, respectively, compared to Q2 2025, mainly

due to the lower grades processed, combined with higher

fuel prices and higher royalties associated with the higher

realized gold price1. AISC/oz1 in Q2 2026 was 99% higher

than Q2 2025, mainly due to the higher TCC/oz1, and

higher sustaining capital expenditures1 than Q2 2025.

For Q2 2026, capital expenditures increased by

23% compared to Q2 2025, mainly due to higher project

capital expenditures1 relating to the Gokona pre-stripping

project.


BARRICK SECOND QUARTER 2026	26	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Bulyanhulu (84%)a, Tanzania

Summary of Operating and Financial Data


			For the three months ended			For the six months ended
	6/30/26	3/31/26	% Change	6/30/25	% Change	6/30/26	6/30/25	% Change
Underground tonnes mined (000s)	401	349	15%	377	6%	750	681	10%
Average grade (grams/tonne)
Underground mined	5.95	5.47	9%	5.29	12%	5.73	5.28	9%
Processed	6.03	5.15	17%	5.37	12%	5.62	5.32	6%
Ore tonnes processed (000s)	236	204	16%	231	2%	440	468	(6)%
Recovery rate	97%	96%	1%	95%	2%	97%	94%	3%
Gold produced (000s oz)	44	33	33%	38	16%	77	75	3%
Gold sold (000s oz)	45	36	25%	31	45%	81	69	17%
Revenue ($ millions)	198	187	6%	112	77%	385	235	64%
Cost of sales ($ millions)	82	73	12%	53	55%	155	118	31%
Income ($ millions)	116	112	4%	58	100%	228	114	100%
EBITDA ($ millions)b,c	133	127	5%	69	93%	260	139	87%
EBITDA margind	67%	68%	(1)%	62%	8%	68%	59%	15%
Capital expenditures ($ millions)	43	36	19%	36	19%	79	71	11%
Minesite sustainingb	23	19	21%	22	5%	42	45	(7)%
Projectb	20	17	18%	14	43%	37	26	42%
COS ($/oz)	1,854	2,008	(8)%	1,722	8%	1,923	1,718	12%
TCC ($/oz)b	1,249	1,379	(9)%	1,189	5%	1,307	1,201	9%
AISC ($/oz)b	1,748	1,922	(9)%	1,885	(7)%	1,826	1,856	(2)%

a.Barrick owns 84% of Bulyanhulu, with the GoT owning 16%. Bulyanhulu is accounted for as a subsidiary with a 16% non-controlling interest on the basis that

Barrick controls the asset. The results in the table and the discussion that follows are based on our 84% share.

b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

c.EBITDA represents income less depreciation. Depreciation expense is $17 million and $32 million for Q2 2026 and YTD 2026, respectively (Q1 2026: $15

million, Q2 2025: $11 million, YTD 2025: $25 million).

d.Represents EBITDA divided by revenue.

Safety and Environment


For the three months ended
	6/30/26	3/31/26
LTI	0	0
LTIFR3	0.00	0.00
TRIFR3	0.37	0.48
Class 14 environmental incidents	0	0

Financial Results

Q2 2026 compared to Q1 2026

Q2 2026 production was 33% higher than Q1 2026 driven

by higher grades processed and increased throughput. The

Upper West project continues to advance well and remains

on track.

COS/oz2 and TCC/oz1 in Q2 2026 were 8% and

9% lower than Q1 2026, respectively, due to the impact of

the higher grades processed, partially offset by higher unit

rates in the underground. AISC/oz1 in Q2 2026 was 9%

lower than Q1 2026, primarily due to lower TCC/oz1.

Capital expenditures in Q2 2026 were 19% higher

compared to Q1 2026, reflecting higher project capital

expenditures1 driven by the timing of spend on the Upper

West decline.

Q2 2026 compared to Q2 2025

For Q2 2026, gold production was 16% higher than Q2

2025 mainly driven by higher grades processed.

COS/oz2 and TCC/oz1 for Q2 2026 were 8% and

5% higher compared to Q2 2025, due to higher royalties

associated with the higher realized gold price1. AISC/oz1 in

Q2 2026 was 7% lower than Q2 2025, as higher TCC/oz1

was more than offset by lower sustaining capital

expenditures1 on a per ounce basis.

For Q2 2026, capital expenditures were 19%

higher than Q2 2025, mainly due to higher project capital

expenditures1 related to the Upper West project.

YTD 2026 compared to YTD 2025

For YTD 2026, gold production was 3% higher than YTD

2025, due to higher grades processed, partially offset by

lower throughput, in line with our mine plan.

COS/oz2 and TCC/oz1 in YTD 2026 were 12% and

9% higher, respectively, than YTD 2025, due to higher

royalties associated with the higher realized gold price1

partially offset by higher grades processed. AISC/oz1 for

YTD 2026 was 2% lower than YTD 2025, mainly due to

lower minesite sustaining capital expenditures1 partially

offset by higher TCC/oz1.

For YTD 2026, capital expenditures increased by

11% compared to YTD 2025, mainly due to higher project

capital expenditures1 related to the Upper West project.


BARRICK SECOND QUARTER 2026	27	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Other Mines - Gold

Summary of Operating and Financial Data


						For the three months ended
	6/30/26					3/31/26
	Gold produced (000s oz)	COS ($/oz)	TCC ($/oz)a	AISC ($/oz)a	Capital Expend- ituresb	Gold produced (000s oz)	COS ($/oz)	TCC ($/oz)a	AISC ($/oz)a	Capital Expend- ituresb
Phoenix (61.5%)	26	2,343	640	917	6	23	2,485	574	862	5
Veladero (50%)	36	2,098	1,176	1,487	20	55	1,816	1,037	1,253	25
Porgera (24.5%)	23	1,899	1,385	1,811	14	19	1,665	1,346	1,740	10

a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

b.Includes both minesite sustaining and project capital expenditures1.

Phoenix (61.5%), Nevada, USA

Gold production for Phoenix in Q2 2026 was higher than Q1

2026 due to higher grades mined and processed and higher

plant throughput. COS/oz2 was 6% lower due to higher

fixed cost dilution driven by higher sales volume compared

to Q1 2026 while TCC/oz1 in Q2 2026 was 11% higher,

mainly due to lower costs allocated to by-products. In Q2

2026, AISC/oz1 increased by 6% compared to Q1 2026 due

to higher TCC/oz1 partially offset by lower minesite

sustaining capital expenditures1 and exploration costs on a

per ounce basis.

Veladero (50%), Argentina

Gold production for Veladero in Q2 2026 was 35% lower

compared to Q1 2026 driven by lower throughput and lower

recovery. COS/oz2 and TCC/oz1 in Q2 2026 were 16% and

13% higher, respectively, mainly driven by lower fixed cost

dilution as a result of lower sales volumes, combined with

increased mining costs, primarily from higher fuel prices

and mine maintenance, as well as the impact of the gap

between local currency devaluation and inflation. AISC/oz1

increased by 19% due to higher TCC/oz1, combined with

higher minesite sustaining capital expenditures1 compared

to Q1 2026, due to mine fleet component replacement work

in Q2.

Porgera (24.5%), Papua New Guinea

Gold production in Q2 2026 was 21% higher than Q1 2026

driven by higher grades and improved throughput. COS/oz2

and TCC/oz1 were 14% and 3% higher, respectively, driven

by higher fuel prices and power costs, partially offset by

higher fixed cost dilution driven by higher sales volumes

compared to Q1 2026. COS/oz2 was further impacted by

higher depreciation. AISC/oz1 increased by 4% as result of

higher TCC/oz1, combined with higher minesite sustaining

capital expenditures1, mainly related to mud pumping

equipment and underground ancillary fleet investments.


BARRICK SECOND QUARTER 2026	28	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Lumwana (100%), Zambia

Summary of Operating and Financial Data


			For the three months ended			For the six months ended
	6/30/26	3/31/26	% Change	6/30/25	% Change	6/30/26	6/30/25	% Change
Open pit tonnes mined (000s)	41,542	31,064	34%	37,481	11%	72,606	67,791	7%
Open pit ore	6,164	5,784	7%	7,667	(20)%	11,948	13,671	(13)%
Open pit waste	35,378	25,280	40%	29,814	19%	60,658	54,120	12%
Average grade
Open pit mined	0.72%	0.58%	24%	0.63%	14%	0.65%	0.61%	7%
Processed	0.64%	0.59%	8%	0.67%	(4)%	0.62%	0.63%	(2)%
Tonnes processed (000s)	6,946	5,911	18%	7,082	(2)%	12,857	12,319	4%
Recovery rate	91%	91%	0%	92%	(1)%	91%	92%	(1)%
Copper produced (kt)	41	32	28%	44	(7)%	73	71	3%
Copper sold (kt)	40	30	33%	39	3%	70	73	(4)%
Revenue ($ millions)	505	347	46%	340	49%	852	645	32%
Cost of sales ($ millions)	280	217	29%	194	44%	497	402	24%
Income ($ millions)	222	124	79%	144	54%	346	239	45%
EBITDA ($ millions)a,b	293	167	75%	213	38%	460	368	25%
EBITDA marginc	58%	48%	21%	63%	(8)%	54%	57%	(5)%
Capital expenditures ($ millions)d	242	155	56%	151	60%	397	221	80%
Minesite sustaininga	87	45	93%	78	12%	132	128	3%
Projecta	146	104	40%	72	103%	250	92	172%
COS ($/lb)	3.14	3.31	(5)%	2.25	40%	3.21	2.51	28%
C1 cash costs ($/lb)a	2.35	2.67	(12)%	1.58	49%	2.49	1.88	32%
AISC ($/lb)a	3.83	3.83	0%	2.79	37%	3.83	2.98	29%

a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

b.EBITDA represents income less depreciation. Depreciation expense is $71 million and $114 million for Q2 2026 and YTD 2026, respectively (Q1 2026: $43

million, Q2 2025: $69 million, YTD 2025: $129 million).

c.Represents EBITDA divided by revenue.

d.Includes capitalized interest.

Safety and Environment


For the three months ended
	6/30/26	3/31/26
LTI	2	0
LTIFR3	0.29	0.00
TRIFR3	0.86	0.00
Class 14 environmental incidents	0	0

Financial Results

Q2 2026 compared to Q1 2026

Copper production in Q2 2026 was 28% higher than in Q1

2026 due to a planned shutdown for a mill reline in

February 2026. In addition, the higher grade processed was

also a driver due to higher mined grades, as per the mine

plan.

COS/lb2 and C1 cash costs/lb1 were 5% and 12%

lower, respectively, than Q1 2026. This is predominantly

driven by the higher grades, offset by higher mining costs

as a result of higher fuel prices, higher payroll costs due to

local currency appreciation as well as increased spend on

preventative maintenance costs to improve fleet

availabilities and address premature equipment failures. In

Q2 2026, AISC/lb1 was in line with Q1 2026, with lower C1

cash costs/lb1 offset by higher royalties and higher minesite

sustaining capital1 expenditures1.

Capital expenditures for Q2 2026 were 56% higher

than Q1 2026. This was attributable to higher Super Pit

Expansion project spend on fleet, EPCM costs,

construction works, as well as milestone payments for the

mills. Minesite sustaining capital expenditure1 relates to

ultra class fleet purchases as well as mine haul road

construction. Additionally, minesite sustaining capital

expenditures1 were higher in Q2 due to the lower

capitalized waste stripping in Q1.

Q2 2026 compared to Q2 2025

Copper production for Q2 2026 was 7% lower than Q2

2025, mainly due to lower throughput due to down time for

the pebble crusher tie in on the existing plant, as well as

lower grades processed. This was in line with the

production plan for Q2 2026.

COS/lb2 and C1 cash costs/lb1 for Q2 2026

increased by 40% and 49%, respectively, compared to Q2

2025, mainly due to the local currency appreciation driving

higher payroll costs and higher fuel prices. For Q2 2026,

AISC/lb1 was 37% higher than Q2 2025 mainly due to

higher C1 cash cost/lb1, as well as higher royalties due to

the higher realized copper price and higher minesite

sustaining capital expenditures1.

Capital expenditures for Q2 2026 were 60% higher

than Q2 2025, mainly due to increased project capital

expenditures1 on the Super Pit Expansion project (2026

and 2027 are expected to have the highest spend profiles

across the four year project execution period).


BARRICK SECOND QUARTER 2026	30	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Other Mines - Copper

Summary of Operating and Financial Data


						For the three months ended
	6/30/26					3/31/26
	Copper production (kt)	COS ($/lb)	C1 cash costs ($/lb)a	AISC ($/lb)a	Capital Expend- ituresb	Copper production (kt)	COS ($/lb)	C1 cash costs ($/lb)a	AISC ($/lb)a	Capital Expend- ituresb
Zaldívar (50%)	9	4.89	3.71	5.50	53	8	4.87	3.70	5.02	30
Jabal Sayid (50%)	6	2.63	1.08	1.42	4	9	2.07	0.79	0.94	3

a.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

b.Includes both minesite sustaining and project capital expenditures1.

Zaldívar (50%), Chile

Copper production for Zaldívar in Q2 2026 was 13% higher

than Q1 2026 driven by higher throughput, partially offset

by lower grades. COS/lb2 and C1 cash costs/lb1 were in line

with Q1 2026, as higher mining costs from higher

maintenance were offset by the benefit of fixed cost dilution

from the higher sales volumes. AISC/lb1 in Q2 2026 was

10% higher compared to Q1 2026, due to increased open

pit sustaining capital expenditures1.

Our investment in this asset, of which we are not

the operator, continues to be a non-core part of our

portfolio.

Jabal Sayid (50%), Saudi Arabia

Jabal Sayid's copper production in Q2 2026 ended 33%

below Q1 2026 driven by lower grades mined and

processed coupled with marginally lower recoveries. This

was due to a mining sequence change that will result in the

deferral of higher grade stopes from Q2 into Q3. COS/lb2

for Q2 2026 was 27% higher than Q1 2026 resulting from

higher processing cost due to increased maintenance

combined with higher depreciation expense. C1 cash costs/

lb1 increased by 37% driven by lower costs allocated to by-

products resulting from lower concentrate sales during the

quarter. AISC/lb1 in Q2 2026 increased by 51% compared

to Q1 2026, mainly due to higher C1 cash costs/lb1 coupled

with higher sustaining capital expenditures1.


BARRICK SECOND QUARTER 2026	31	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Future Growth

Fourmile, Nevada, USA

Fourmile is a 100% owned Barrick asset in Nevada, located

adjacent to Goldrush, that has the potential to be a

standalone Tier One Gold Asset5. Barrick announced the

summary results of a preliminary economic assessment

(“PEA”) for Fourmile in September 2025, which outlined a

conceptual underground mining operation with an indicative

project capital estimate of approximately $1.5 to $1.7 billion,

approximately 600,000 to 750,000 oz per annum of gold

production, and life of mine COS2 of approximately

$850-900 per ounce and AISC1 of approximately $650 to

$750 per ounce at a long-term gold price assumption of

$2,585 per ounce6. Estimated AISC1 figures are inclusive

of a net profits interest royalty that will apply to production

from certain portions of the Fourmile deposit and provide

the royalty holder with a royalty equal to 10% of net profits

from the property subject to the royalty until 6 million

ounces of gold has been produced and increasing to 15%

thereafter, as well as two gross smelter return royalties that

will apply to the entire Fourmile deposit ranging from 1.2%

to 1.3%. Ongoing PFS studies point to the potential for

significant resource growth in support of a PFS expected to

be completed in 2028.

Drilling activities have safely ramped up through

Q2 2026, with a total of 20 rigs active on site. Resource

conversion drilling remains a key priority in support of the

PFS, while exploration efforts continue to unlock additional

value across the project area. Building on a successful

winter program in the south, exploration drilling is now

targeting several high-priority northern targets. Meanwhile,

the team is advancing interpretation of this year's Charlie

Zone results, which have helped define opportunities for

follow-up drilling during the upcoming winter season.

The Fourmile studies continued to advance

ventilation, mine design, paste backfill, geotechnical,

hydrogeology, and metallurgical workstreams throughout

Q2 2026. These studies contribute to the PFS, which

remains on track for completion in 2028.

In Q2 2026, the Bullion Hill Decline Development

contract was awarded to Barminco and other key

infrastructure contracts have also been awarded to enable

the decline development to start. Long-lead materials are

being manufactured and the construction is expected to

commence in Q3 2026.

As previously disclosed, Barrick anticipates

Fourmile will be incorporated into the NGM joint venture, at

fair market value, if certain criteria are met following the

completion of drilling and the requisite independent

feasibility work.

Across drilling, studies, and capital activities, we

spent $41 million in Q2 2026 and $69 million year to date.

Total spend for 2026 includes an anticipated drilling spend

of $150 to $160 million together with $20 million of spend

on studies work (both expensed) and $70 million on

construction and decline commencement (capital). This

phase of the project has been approved with an estimated

total cost of $360 to $430 million now extending through

mid-2030.

Goldrush Project, Nevada, USA7

Goldrush, which is included within Cortez, is expected to be

a long-life underground mine with anticipated annual

production in excess of 400,000 ounces of gold per year

(100% basis) once in full production by 2028.

In Q2 2026, execution planning continued for key

infrastructure projects. Construction of the second surface

ventilation shaft progressed slightly ahead of plan and is on

track to be completed early in Q4 2026. The main

underground fans are scheduled to be commissioned in

early 2027. Ventilation modeling and optimization for the

third surface ventilation shaft was completed in Q2 2026

and geotechnical drilling is planned for Q3 2026 to validate

shaft location and provide contractual details for shaft

sinking contract negotiations. Detailed engineering for the

underground paste backfill plant progressed and major

equipment procurement is on track to begin in Q3 2026.

The surface and underground mixing plant locations were

finalized and development underground is planned to start

early in 2027. Contract negotiations for an EPCM

agreement were initiated in Q2 2026 and execution is

expected in Q3 2026.

The portal pad access road widening started and

is on track to be completed in Q3 2026 to improve traffic

flow and allow for optimized ore hauling to mill staging

stockpile pads near Cortez Hills Underground.

Goldrush advanced the underground water

filtration system design to 90% completion, finished

development of the top level of the system, and plans to

mobilize contractors in Q3 2026 to construct sumps and

pump foundations for the two-stage water treatment

system. Completion of an additional cement storage silo will

support mining operations, while trailers have been secured

and will expand existing dry and office buildings, with units

arriving in Q3 2026 and utility connections scheduled for Q4

2026.

As of June 30, 2026, project spend was $517

million on a 100% basis (including $17 million in Q2 2026)

inclusive of the exploration declines. This capital spent to

date, together with the remaining expected pre-production

capital, is in line with the approximate $1 billion initial capital

estimate for the Goldrush project (100% basis).

Ren, Nevada, USA8

Ren is a new ore deposit at Goldstrike Underground and a

key expansion project at Carlin. Located north of Goldstrike

Underground’s Meikle and Banshee deposits, Ren is

anticipated to produce an average of 140,000 ounces per

year (contained ounces, 100% basis) once in full production

in 2027.

To develop the deposit, the existing exploration

drift has been duplicated, allowing for increased ventilation

and secondary egress into the working area. Additional

exploration drilling platforms have been constructed from

the duplicate drift to support further drilling for both existing

resource conversion and further deposit growth. Work has

been started on installing paste backfilling infrastructure

from Meikle to the new stope locations.

To support production mining of the deposit, an

additional set of twin declines will be driven from the Betze-

Post West Barrel open pit layback, extending to the north

with the intent to provide life of mine ventilation and a direct

path for material to be hauled and hoisted out via the

existing Meikle Headframe. To complete the project, a

ventilation shaft will be sunk 550 meters to serve as an

exhaust raise and utility conduit for mining the orebody.

For Q2 2026, exploration drilling continued with

12,100 meters drilled this year. Work at the West Barrel

declines continued with 605 meters of decline development.

The Ren ventilation shaft completed sinking infrastructure


BARRICK SECOND QUARTER 2026	32	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

commissioning and started ramp up of the main sinking

phase, reaching a sinking depth of 100 meters below collar.

Production sinking commenced in early Q2 2026 with

expected fan commissioning completion and ventilation

benefit realized in Q2 2027.

As of June 30, 2026, project spend was $218

million (including $25 million in Q2 2026) out of an

estimated capital cost of $410 to $470 million (100% basis).

Autonomous Haulage Program, Nevada, USA

The Autonomous Haulage Program is a strategic NGM

initiative to improve safety, productivity, and operating

consistency. This will be a phased deployment, starting at

Cortez and expanding to other NGM operations as fleet,

infrastructure, and site readiness milestones are met.

At Cortez, the retrofit of 23 haul trucks was

completed in May 2026. The transition to the new Fleet

Management System for the primary production fleet has

been completed. Systems are being tested ahead of a Q3

2026 site-wide rollout.

At Carlin, we plan to undertake 40 truck retrofits

with the work having commenced in Q2 2026. Fleet

conversion, mine planning, traffic controls, and workforce

engagement are advancing with autonomous operations

planned to commence in Q1 2027.

As of June 30, 2026, Cortez has spent $37 million

of an approved capital budget of approximately $50 million

(100% basis). Carlin project expenditures are progressing

in line with planned retrofit schedule and deployment

activities are expected to be ~$30 million in 2026 and total

program spending through 2027 to be ~$65 million (100%

basis).

Pueblo Viejo Expansion, Dominican Republic9

The Pueblo Viejo life of mine expansion continues to shift

focus from housing and resettlement, to the Naranjo TSF

and related facilities. The permits were received for the

TWMS and construction is now underway, while

the permitting package for the starter dam was submitted

with a target receipt date of Q1 2027. Haul Road 19

continues to advance and a contract has been awarded for

the second phase along with Haul Road 17 including all

bridges, with works ongoing. Construction of the new

effluent treatment plant and the new diorite crusher are

underway, while the engineering for the Reverse Osmosis

Plant continues to advance. Finally, scope definition is

planned to advance in H2 2026 for the new water

management project, in line with the long term sustainability

plan.

The housing project at Pueblo Viejo continues with

over 632 homes completed and more than 570 families now

resettled. Our current area of focus is on advancing the

church and polytechnical school design, along with the

agreed 63 government houses. 95% of resettlement

packages have now been accepted.

As at June 30, 2026, total project spend was

$1,301 million (including $36 million in Q2 2026) on a 100%

basis. The estimated capital cost of the plant expansion and

mine life extension project remains approximately $2.6

billion (100% basis).

Veladero Phase 8 Leach Pad, Argentina

The construction of the Phase 8 leach pad is being

executed in three phases which are named 8A, 8B and 8C.

Phase 8A and 8B have been completed on schedule. The

phased execution of the project provides flexibility to align

future stages with economic conditions and the applicable

regulatory framework. Construction of the project includes

cutting, filling, sub-drainage and monitoring, leak collection

and recirculation, impermeabilization, as well as pregnant

leaching solution collection.

Overall, the total Phase 8 leach pad project spend

at June 30, 2026 was $131 million ($12 million in Q2 2026)

out of an estimated capital cost of approximately $250

million (100% basis).

Reko Diq Project, Pakistan10

On February 5, 2026, the Company announced that it was

reviewing all aspects of the Reko Diq project in light of the

escalation of security risks and increased security incidents.

On April 2, 2026, Barrick announced that following the

preliminary findings of the review and further escalation of

security issues in the region, the Company considers it

necessary to slow the development activity and extend the

project review. This review is ongoing and will assess in a

comprehensive manner the evolving security situation,

capital requirements, project financing, project scope and

timeline.

Capital expenditures commenced in Q2 2024, with

total capitalized spend to date of $1,338 million (including

$255 million in Q2 2026) (100% basis).

The expected range for 2026 attributable capital

expenditure has been reduced to $450 to $500 million (50%

basis). It is anticipated that there could be significant

increases to the previously disclosed total estimated capital

budget and timeline for the project. The previously

disclosed total estimated capital cost of Phase 1 was

between $5.6 billion and $6.0 billion (100% basis, exclusive

of capitalization of financing costs) and of Phase 2 was

between $3.3 billion and $3.6 billion (100% basis, exclusive

of capitalization of financing costs), with first production

targeted by the end of 2028. These estimates were based

on the feasibility study completed at the end of 2024.

Kibali Solar Project, DRC

This project entails the design, supply and installation of a

16 MW photovoltaic solar farm with a 15 MW battery energy

storage system to complement the existing hydroelectric

power stations raising the renewable component of the

mine’s energy mix from 81% to 85%. The completion of this

project is projected to deliver a 53% reduction in fuel

consumption in the power plant. During Q1 2026, the

project was completed and the solar photovoltaic field

injected 14,925MWh into the Kibali grid. The project spend

was $46 million which was below the estimated capital cost

of $55 million (100% basis).

Lumwana Super Pit Expansion, Zambia11

The Lumwana Super Pit Expansion is projected to deliver

240,000 tonnes of copper production per annum, from a

52Mtpa process plant expansion, with a mine life of more

than 30 years.

The project is tracking on schedule with the target

of first copper production at the end of Q1 2028. The main

critical path for the process plant expansion is the mill

building, where good progress was made during Q2 2026

with the completion of the second lift of the mill walls and

the roller slab. The primary crusher construction remains on

track, and the civil construction for the overland conveyor

transfer towers commenced. Most of the long-lead

equipment has arrived on site which includes mill shells and

trunnions, primary crusher, tailings thickener and all mill

liners. The manufacturing of the structural steel made good

progress and the first loads of steel arrived on site. This

was supported by the completion of the pre-assembly yard

during Q2 2026. Construction of the third phase of site


BARRICK SECOND QUARTER 2026	33	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

accommodation continued steadily with continual hand over

of housing units. The expanded TSF construction scope

was submitted to the market during Q2 2026 and is on track

for awarding in Q3 2026. Road construction to Kamisengo,

where the Kamisengo inflow control dam will be constructed

made steady progress. Expansion of the mine fleet is

continuing with the completion and commissioning of 4

Komatsu 930E dump trucks during Q2 2026.

With ongoing progress on the detailed

engineering, procurement and construction, the total project

remains on schedule and we are focused on delivery of

critical milestones in line with the execution schedule. As at

June 30, 2026, the total spend on the expansion project

was $610 million (including $120 million in Q2 2026) with

2026 expenditure now expected to be at the lower end of

the $750 to $850 million range. The total project capital cost

(exclusive of capitalized stripping) is expected to be $2

billion based on the approved feasibility study.

Zaldívar Water Project, Chile

The Third-Party Water Supply Project, involving the

construction of an approximately 160 km pipeline and

pumping system to deliver around 200 liters per second of

reprocessed wastewater from Antofagasta, has been

approved. The project will enable the transition away from

continental water sources by mid-2028, as required under

the environmental permit approved in 2025, securing a

long-term water supply and supporting a potential extension

of the mine life to 2051.

As at June 30, 2026, the total spend on the water

project was $73 million (including $33 million in Q2 2026).

The estimated capital cost is anticipated to be

approximately $950 million (100% basis).

Exploration12, 13

During Q2 2026, Barrick’s exploration teams have been

active across all our operations, with strong results returned

from drilling across NGM, and at Fourmile, Kibali in the

DRC and Jabal Sayid in Saudi Arabia.

In North America, during Q2 2026 Barrick

established dedicated greenfield exploration teams for the

Great Basin and the Western Cordillera to accelerate the

identification and advancement of district-scale gold

opportunities. In support of this strategy, Barrick executed a

binding term sheet with Greenlight Metals for an earn-in

agreement to acquire up to an 80% interest in the Kalium

Canyon Project within Nevada's Walker Lane Corridor.

Subsequent to quarter end, we completed a strategic

private placement in Kingfisher Metals, securing an equity

interest and establishing a framework for technical

collaboration at the Highway 37 Project. In the Great Basin,

the team is systematically evaluating the broader NGM land

position for new stand-alone gold systems through the

integration of historical datasets, acquisition of new

geoscience data, and staged target testing. The team is

also advancing a pipeline of early-stage epithermal

opportunities outside the NGM land position, with

hyperspectral and geophysical surveys planned from Q3

2026 and initial framework drilling expected in the second

half of the year. In the Western Cordillera, exploration

activities are directed toward identifying, securing, and

advancing prospective district-scale gold opportunities to

support long-term portfolio growth. Also during the quarter,

the dedicated New Exploration Opportunities team was

significantly expanded to support the identification,

evaluation, and consolidation of new district-scale

opportunities across the Company's priority areas. In the

Carlin District, brownfields exploration at the Leeville

Underground and Goldstrike Ren projects continues to

expand the resource base beyond current life-of-mine

designs while testing additional exploration opportunities.

Deep surface core drilling commenced at the Super K

target, immediately south of the Four Corners deposit at

Leeville Underground, with early geological observations

confirming the presence of altered and structurally

deformed favorable host lithologies at the target depths.

Assay results are expected in Q3 2026. At the Cortez

District, drilling continued along the northeastern edge of

Goldrush Underground, with two deep surface core holes

completed near the end of Q2 2026. Geological

observations confirm the presence of brecciated and

altered favorable host lithologies within the target horizons

in both holes, with assay results expected in mid-Q3 2026.

A third deep-capacity surface core rig was mobilized to

Goldrush late in Q2 2026, in line with plans to accelerate

the program following encouraging geological observations

and drilling results from Q1 2026. At Turquoise Ridge,

underground drilling at the Dune target returned 33.5

meters at 16.98 g/t Au and 16.5 meters at 10.16 g/t Au in

hole TUM-26024 (true widths remain uncertain at this stage

of modelling), outside current Resource shapes, confirming

the presence of high-grade mineralization approximately

150 to 250 meters beyond existing underground

infrastructure. Early-stage exploration continued to advance

across the Canadian portfolio. Framework drilling was

completed at Norris West and Authier, while geophysical

surveys progressed at Norris East. At LaFlamme, the

shallow till geochemical drilling program was completed,

with results expected in Q4 2026 to guide follow-up

exploration. Results are being integrated to prioritize the

next phase of exploration across the portfolio.

In South America, early-stage exploration activities

continued in Peru and Jamaica. In Peru, work in the Yauri

District continues with results identifying new targets

supporting the potential for clustered porphyries, while land

consolidation is well advanced in the new Tartaro District in

northern Peru. In Jamaica, exploration efforts are

advancing in three prioritized camp-scale areas, focusing

efforts on delineating epithermal gold and porphyry copper–

gold targets. In Argentina, within the Lama District, further

drilling has been completed at the Porfiada target, with a

total of 2,300 meters drilled. Hole DDH-POR-11A returned

63.5 meters at 0.5 g/t Au from 292.5 meters, including 15.6

meters at 0.9 g/t Au, while hole DDH-POR-12 returned 98.5

meters at 0.59 g/t Au from 282 meters, including 20.5

meters at 1.32 g/t Au. A second follow-up drilling campaign

is planned for H2 2026, after the winter season, with the

objective of defining the full extents of mineralization.

In the Africa and Middle East region, exploration

activity will ramp up through the remainder of the year

following the end of the annual wet season hiatus, with

intensive drilling and geophysics campaigns planned across

the exploration portfolios in Tanzania, Zambia and the DRC.

At Kibali, the ARK target continues to grow, with high-grade

assays returned from the deepest drill fence to date,

approximately 2km down-plunge from surface, confirming

extensions to the high-grades in the system and pointing to

further growth potential as the system remains open. In Q3

2026 drilling on multiple additional high-priority targets

across the core KCD corridor will begin, each carrying

discovery potential for significant satellite deposits. In Saudi

Arabia, a newly discovered mineralized system 10km south

of the Jabal Sayid mine has returned assay results at

economic grades, with drilling currently underway to test the

continuity of the high grades and the broader potential of

the target.


BARRICK SECOND QUARTER 2026	34	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Review of Financial Results

Revenue


($ millions, except per oz/lb data in dollars)		For the three months ended		For the six months ended
	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
Gold
000s oz solda	801	748	770	1,549	1,521
000s oz produceda	796	719	797	1,515	1,555
Market price ($/oz)	4,506	4,873	3,280	4,693	3,067
Realized price ($/oz)b	4,417	4,823	3,295	4,613	3,099
Revenue	4,665	4,756	3,280	9,421	6,046
Copper
000s tonnes solda	54	45	54	99	105
000s tonnes produceda	56	49	59	105	103
Market price ($/lb)	6.05	5.83	4.32	5.93	4.28
Realized price ($/lb)b	6.15	5.79	4.36	5.99	4.43
Revenue	499	343	337	842	641
Other sales	128	119	64	247	124
Total revenue	5,292	5,218	3,681	10,510	6,811

a.On an attributable basis.

b.Further information on these non-GAAP financial measures, including

detailed reconciliations, is included on pages 44 to 56 of this MD&A.

Q2 2026 compared to Q1 2026

In Q2 2026, gold revenues on a consolidated basis

decreased by 2% compared to Q1 2026, driven by a lower

realized gold price1 although this was largely offset by

higher sales volumes. The average market price for Q2

2026 was $4,506/oz, representing an 8% decrease versus

the $4,873/oz average in Q1 2026. The realized gold price1

in Q2 2026 was 2% lower than the market gold price due to

the timing of sales and the realized loss impact of the zero

cost collars (refer to note 13 for further details). During Q2

2026, the gold price ranged from $3,943/oz to $4,889/oz,

and closed the quarter at $4,026/oz. Gold price volatility in

Q2 2026 was driven primarily by economic and geopolitical

concerns, in particular the conflict in the Middle East.

In Q2 2026, gold production on an attributable

basis increased by 11% compared to Q1 2026 mainly due

to increased throughput at Pueblo Viejo and at Loulo-

Gounkoto (where operations continued to ramp up),

improved grades at Kibali, more oxide tonnes mined and

processed at Cortez and increased grade and throughput at

Bulyanhulu.

ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz)

Q2 2026 compared to Q1 2026

In Q2 2026, copper revenues on a consolidated basis

increased by 45% compared to Q1 2026, primarily due to

higher sales volumes and a higher realized copper price1

compared to Q1 2026. The average market price in Q2

2026 was $6.05/lb, representing an all-time high quarterly

average and an increase of 4% from the $5.83/lb average

in Q1 2026. The realized copper price1 in Q2 2026 was

higher than the market copper price due to the timing of

sales and the impact of positive provisional pricing

adjustments, whereas the realized copper price1 was

slightly lower than the market copper price in Q1 2026 due

to the impact of negative provisional pricing adjustments.

During Q2 2026, the copper price traded in a range of

$5.54/lb to $6.44/lb, and closed the quarter at $6.05/lb.

Copper prices in Q2 2026 were impacted by concerns

about the global economy resulting from global trade

disputes, supply disruptions, the conflict in the Middle East,

and demand forecasts in China, which is the world’s largest

consumer of copper.

Attributable copper production in Q2 2026 was 7

thousand tonnes higher compared to Q1 2026 mainly due

to higher throughput at Lumwana following the planned

shutdown for a mill reline completed in February 2026, as

well as the higher grade processed due to higher mined

grades, as per the mine plan.

Q2 2026 compared to Q2 2025

For Q2 2026, gold revenues on a consolidated basis

increased by 42% compared to Q2 2025, primarily due to a

higher realized gold price1 and higher sales volumes. The

average market price for Q2 2026 was $4,506/oz versus

$3,280/oz for Q2 2025.


BARRICK SECOND QUARTER 2026	35	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

ATTRIBUTABLE GOLD PRODUCTION VARIANCE (000s oz)

Q2 2026 compared to Q2 2025

a.Divested mines refer to the ounces produced by Hemlo and Tongon in

Q2 2025.

For Q2 2026, attributable gold production (excluding the

divested mines) was 8% higher than Q2 2025, primarily

due to the ramp up of operations at Loulo-Gounkoto

following the resolution of the dispute with the Government

of Mali that was ultimately resolved in December 2025 and

had shutdown the mine for close to 12 months commencing

in January 2025. This was combined with higher

production at Pueblo Viejo due to sustained throughput

improvements from the debottlenecking program and a

shorter planned shutdown. These impacts were partially

offset by lower production from North Mara driven by lower

grades processed and lower recoveries and at Veladero

(included within “Other” in the chart above) due to lower

throughput and recoveries.

For Q2 2026, copper revenues on a consolidated

basis increased by 48% compared to Q2 2025, due to a

higher realized copper price1, In Q2 2026, the realized

copper price1 was higher than the market copper price, as

discussed above, consistent with Q2 2025.

Attributable copper production for Q2 2026 was 3

thousand tonnes lower than Q2 2025, mainly due to lower

throughput and lower grades processed at Lumwana.

YTD 2026 compared to YTD 2025

For YTD 2026, gold revenues increased by 56% compared

to YTD 2025, primarily due to an increase in the realized

gold price1 and higher sales volumes. The average market

price for YTD 2026 was $4,693/oz versus $3,067/oz for

YTD 2025.

For YTD 2026, attributable gold production

(excluding the divested mines) was 6% higher than YTD

2025, primarily due to the ramp up of operations at Loulo-

Gounkoto, as discussed above. This was combined with

higher production at Carlin due to improved processing

performance at the Goldstrike Autoclave, as well as

sustained throughput improvements delivered at Pueblo

Viejo.

Copper revenues for YTD 2026 increased by 31%

compared to YTD 2025, as a result of a higher realized

copper price1. For YTD 2026 and YTD 2025 the realized

copper price1 was higher than the market copper price due

to the impact of positive provisional pricing adjustments.

Attributable copper production for YTD 2026,

increased by 2 thousand tonnes compared to YTD 2025,

mainly due to the prolonged SAG mill shutdown at

Lumwana in Q1 2025.

Production Costs


($ millions, except per oz/lb data in dollars)		For the three months ended		For the six months ended
	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
Gold
Site operating costs	1,357	1,179	1,179	2,536	2,276
Depreciation	478	449	359	927	701
Royalty expense	196	193	103	389	198
Mining and production taxes	68	46	25	114	48
Community relations	10	7	10	17	21
Cost of sales	2,109	1,874	1,676	3,983	3,244
COS ($/oz)a	1,993	1,922	1,654	1,959	1,641
TCC ($/oz)b	1,426	1,327	1,239	1,378	1,229
AISC ($/oz)b	1,866	1,708	1,684	1,790	1,728
Copper
Site operating costs	165	143	99	308	225
Depreciation	71	43	68	114	128
Royalty expense	43	30	25	73	46
Community relations	1	1	1	2	2
Cost of sales	280	217	193	497	401
COS ($/lb)a	3.39	3.41	2.56	3.40	2.74
C1 cash costs ($/lb)b	2.47	2.57	1.80	2.52	2.02
AISC ($/lb)b	3.95	3.67	2.90	3.82	2.98

a.Gold COS/oz is calculated as cost of sales across our gold operations

(excluding sites in closure or care and maintenance) divided by ounces

sold (both on an attributable basis using Barrick's ownership share).

Copper COS/lb is calculated as cost of sales across our copper

operations divided by pounds sold (both on an attributable basis using

Barrick's ownership share).

b.Further information on these non-GAAP financial measures, including

detailed reconciliations, is included on pages 44 to 56 of this MD&A.

Q2 2026 compared to Q1 2026

In Q2 2026, gold cost of sales on a consolidated basis was

13% higher than Q1 2026, primarily due to higher sales

volumes. Our 45% interest in Kibali and 24.5% interest in

Porgera are equity accounted, and therefore each mine's

cost of sales is excluded from our consolidated gold cost of

sales. Our per ounce metrics, gold COS/oz2 and TCC/oz1,

includes our proportionate share of cost of sales at our

equity method investees, and were 4% and 7% higher than

Q1 2026, mainly due to higher fuel costs across the

operations as well as higher maintenance costs at

Turquoise Ridge related to the planned autoclave

shutdown, and at Carlin and Cortez related to the planned

shutdown of the Gold Quarry roaster. The impact on COS/

oz2 was partially offset by Loulo-Gounkoto where more gold

production was from recently mined ore rather than material

that was included in inventory when control of the mine was

regained in Q4 2025 (as the acquired ore carries a fair

value increment).

In Q2 2026, gold AISC/oz1, which also includes

our proportionate share of equity method investees,

increased by 9% compared to Q1 2026. This was primarily

due to higher TCC/oz1, as explained above, combined with

increased minesite sustaining capital expenditures1.

In Q2 2026, copper cost of sales on a consolidated

basis was 29% higher than Q1 2026 primarily due to the

impact of higher copper sales volumes. Our 50% interests

in Zaldívar and Jabal Sayid are equity accounted and


BARRICK SECOND QUARTER 2026	36	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

therefore, we do not include their cost of sales in our

consolidated copper cost of sales. Our per pound metrics,

copper COS/lb2 and C1 cash costs/lb1, include our

proportionate share of cost of sales at our equity method

investees. Copper COS/lb2 and C1 cash costs/lb1 were 1%

and 4% lower, respectively, compared to Q1 2026, primarily

driven by the higher grades processed, partially offset by

higher mining and payroll costs due to higher fuel prices

and local currency appreciation, as well as increased spend

on preventative maintenance costs at Lumwana.

In Q2 2026, copper AISC/lb1, which also includes

our proportionate share of equity method investees, was

8% higher compared to Q1 2026, mainly due to higher

royalties and higher minesite sustaining capital1

expenditures at Lumwana .

Q2 2026 compared to Q2 2025

For Q2 2026, gold cost of sales on a consolidated basis

was 26% higher than Q2 2025, mainly due to higher sales

volumes and higher royalties driven by the higher realized

gold price1. As described above, our per ounce metrics,

gold COS/oz2 and TCC/oz1, include our proportionate share

of cost of sales at our equity method investees, and were

20% and 15% higher, respectively, compared to Q2 2025.

This was mainly due to the impact of lower grades

processed at Carlin, Cortez and North Mara, combined with

higher fuel prices across all operations and higher royalties

associated with the higher realized gold price1.

For Q2 2026, gold AISC/oz1 was 11% higher than

Q2 2025, primarily due to higher TCC/oz1 partially offset by

lower minesite sustaining capital expenditures1.

For Q2 2026, copper cost of sales on a

consolidated basis was 45% higher than Q2 2025, primarily

due to higher site operating costs as well as higher royalties

associated with the higher realized copper price1. As

described above, our per pound metrics, copper COS/lb2

and C1 cash costs/lb1, include our proportionate share of

cost of sales at our equity method investees. Copper COS/

lb2 and C1 cash costs/lb1 were 32% and 37% higher,

respectively, compared to Q2 2025, mainly due to higher

payroll costs at Lumwana in part due to the strengthening of

the local currency as well as higher fuel prices.

For Q2 2026, copper AISC/lb1 was 36% higher

than Q2 2025, mainly due to higher C1 cash cost/lb1, as

well as higher royalties due to the higher realized copper

price1.

YTD 2026 compared to YTD 2025

For YTD 2026, gold cost of sales on a consolidated basis

was 23% higher than YTD 2025, mainly due to higher

royalties associated with the higher realized gold price1 and

higher gold sales volumes. On a per ounce basis, gold

COS/oz2 and TCC/oz1, after including our proportionate

share of COS at our equity method investees (refer to

explanation above), were 19% and 12% higher,

respectively, than YTD 2025. This was primarily due to

lower grades processed at Cortez, Kibali and North Mara,

combined with higher fuel prices and higher royalties

(impact approximately $75/oz) associated with the higher

realized gold price1.

For YTD 2026, gold AISC/oz1 increased by 4%

compared to YTD 2025, primarily due to an increase in

TCC/oz1, partially offset by lower minesite sustaining capital

expenditures1 on a per ounce basis.

For YTD 2026, copper cost of sales on a

consolidated basis was 24% higher than YTD 2025,

primarily due to higher site operating costs as well as higher

royalties associated with the higher realized copper price

partially offset by lower sales volumes. Our per pound

metrics, copper COS2 and C1 cash costs1, include our

proportionate share of COS at our equity method investees

(refer to explanation above). Copper COS/lb2 and C1 cash

costs/lb1 were 24% and 25% higher, respectively, compared

to YTD 2025, due to higher mining costs attributed to higher

payroll costs at Lumwana, in part due to the strengthening

of the local currency as well as higher fuel prices.

For YTD 2026, copper AISC/lb1 was 28% higher

than YTD 2025, primarily due to a higher C1 cash costs/lb1,

as discussed above, as well as higher royalties due to the

higher realized copper price1.

General and Administrative Expenses


($ millions)		For the three months ended		For the six months ended
	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
Corporate administration	22	24	30	46	57
Share-based compensationa	9	15	9	24	24
General & administrative expenses	31	39	39	70	81

a.Based on a US$37.13 share price as at June 30, 2026 (March 31,

2026: US$38.16 and June 30, 2025: US$20.91).

General and administrative expenses for Q2 2026

decreased compared to Q1 2026 mainly due to lower

share-based compensation driven by a decrease in our

share price.

For Q2 2026 and YTD 2026, general and

administrative expenses decreased by $8 million and $11

million compared to Q2 2025 and YTD 2025, respectively,

mainly due to lower corporate administration expenses.

Exploration, Evaluation and Project Expenses


($ millions)		For the three months ended		For the six months ended
	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
Global exploration and evaluation	87	60	53	147	80
Project costs	22	21	22	43	44
IPO costs	21	31	—	52	—
Global exploration and evaluation and project expense	130	112	75	242	124
Minesite exploration and evaluation	4	4	7	8	12
Total exploration, evaluation and project expenses	134	116	82	250	136

Exploration, evaluation and project expenses for Q2 2026

increased by $18 million compared to Q1 2026 driven by

higher global exploration and evaluation costs, mainly due

to increased activity at Fourmile (refer to Future Growth

section) and at Nevada Gold Mines due to the seasonal

ramp up following winter. These were partially offset by

lower legal and consulting costs related to our North

America IPO project in Q2 2026.

Exploration, evaluation and project expenses for

Q2 2026 and YTD 2026 increased by $52 million and $114

million respectively compared to Q2 2025 and YTD 2025,


BARRICK SECOND QUARTER 2026	37	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

primarily due to higher global exploration and evaluation

costs mainly driven by ramp-up of drilling activities at

Fourmile (refer to Future Growth section) combined with

higher legal and consulting costs related to our North

America IPO project.

Finance Costs, Net


($ millions)		For the three months ended		For the six months ended
	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
Interest expensea	101	109	99	210	197
Accretion	20	20	22	40	45
Interest capitalized	(35)	(29)	(16)	(64)	(20)
Other finance costs	1	1	0	2	1
Finance income	(61)	(62)	(47)	(123)	(103)
Finance costs, net	26	39	58	65	120

a.For Q2 2026 and YTD 2026, interest expense includes $8 million and

$15 million, respectively of non-cash interest expense primarily relating

to the Pueblo Viejo streaming agreement with Royal Gold Inc. (Q1

2026: $7; Q2 2025: $8 million; YTD 2025: $16 million). Interest

expense also includes $nil and $8 million, respectively, relating to

finance costs in Argentina (Q1 2026: $8 million; Q2 2025: $4 million,

YTD 2025: $8 million).

In Q2 2026, finance costs, net decreased compared to Q1

2026 and Q2 2025 primarily due to higher interest

capitalized and lower interest expense due to decreased

finance costs in Argentina associated with cash repatriation

in Q1 2026.

For Q2 2026 and YTD 2026, finance costs, net

were lower than the prior year periods mainly due to higher

interest capitalized and higher finance income.

Additional Statement of Income Items


($ millions)		For the three months ended		For the six months ended
	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
Impairment charges	(1)	0	0	(1)	4
(Gain) loss on currency translation	14	20	(2)	34	—
Closed mine rehabilitation	15	(3)	(8)	12	11
Other (income) expense	209	(4)	353	205	523

Other (Income) Expense

Other expense in Q2 2026 of $209 million was mainly

related to additional royalties, penalties and interest related

to the retrospective application of the 2023 Mining Code to

Loulo-Gounkoto for 2024 and 2025 combined with

remobilization costs at Loulo-Gounkoto. This was partially

offset by a positive revaluation of the Hemlo contingent

consideration. This compares to other income of $4 million

in Q1 2026 mainly related to the positive revaluation of the

Hemlo contingent consideration, which was partially offset

by a loss on the revaluation of our Kibali JV receivable.

Other expense in Q2 2025 was $353 million which

mainly reflects the net loss of $1,035 million (pre-tax) on the

deconsolidation of Loulo-Gounkoto following the change of

control after it was placed under a temporary provisional

administration on June 16, 2025, partially offset by the

recognition of our investment in Loulo-Gounkoto and a gain

of $745 million on the sale of our 50% interest in the Donlin

Gold project.

For a further breakdown of other expense, refer to

note 9 to the Financial Statements.

For YTD 2026, other expense was $205 million

compared to other expense of $523 million in YTD 2025.

Other expense in YTD 2026 mainly related to additional

royalties, penalties and interest related to the retrospective

application of the 2023 Mining Code to Loulo-Gounkoto for

2024 and 2025 combined with reduced operations costs at

Loulo-Gounkoto and a loss on the revaluation of our Kibali

JV receivable, which was partially offset by the positive

revaluation of the Hemlo contingent consideration. Other

expense in YTD 2025 mainly related to the net loss of

$1,035 million (pre-tax) on the deconsolidation of Loulo-

Gounkoto following the change of control after it was placed

under a temporary provisional administration on June 16,

2025 combined with other expense of $170 million mainly

related to the signing of agreements to settle legacy legal

matters in the Philippines related to Placer Dome Inc.,

partially offset by the recognition of our investment in Loulo-

Gounkoto and a gain of $745 million on the sale of our 50%

interest in the Donlin Gold project.

For a further breakdown of other expense, refer to

note 9 to the Financial Statements.

Income Tax Expense

Income tax expense was $732 million in Q2 2026. The

unadjusted effective income tax rate in Q2 2026 was 28%

of income before income taxes.

The underlying effective income tax rate on

ordinary income in Q2 2026 was 26% after adjusting for the

impact of foreign currency translation losses on current and

deferred tax balances, changes in rehabilitation provisions

relating to non-operating mines, non-deductible foreign

exchange losses, the remeasurement of the Hemlo

contingent consideration; the impact of Loulo-Gounkoto,

gains and losses on the sale of assets, and other non-

recurring tax and non-tax adjustments.

We record deferred tax charges or credits if

changes in facts or circumstances affect the estimated tax

basis of assets and therefore, the expectations of our ability

to realize deferred tax assets. The interpretation of tax

regulations and legislation as well as their application to our

business is complex and subject to change. We also have

significant amounts of unrecognized deferred tax assets

(e.g. for tax losses in Canada). Potential changes in any of

these amounts, as well as our ability to realize deferred tax

assets, could significantly affect net income or cash flow in

future periods. For further details on income tax expense,

refer to note 10 of the Financial Statements.

Withholding Taxes

In Q2 2026, we recorded $70 million of dividend withholding

taxes related to the distributed earnings of our subsidiaries

in Tanzania, and undistributed earnings of our subsidiaries

in Mali and the United States.

OECD Pillar Two model rules

Consistent with the amendments to IAS 12 Income Taxes

issued by the IASB in May 2023, the Group has applied the

mandatory temporary exception from the recognition and

disclosure of deferred tax assets and liabilities arising from

Pillar Two income taxes. Accordingly, no deferred tax

assets or liabilities have been recognized or disclosed in

respect of Pillar Two legislation.

Based on the Group’s assessment of the OECD

Transitional Safe Harbor rules, no material Pillar Two

current tax expense or liability was identified for Q2 2026.


BARRICK SECOND QUARTER 2026	38	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

As the law is evolving, both in Canada and

elsewhere, we will continue to monitor the impact of this

legislation.

Net Earnings and Adjusted Net Earnings1

Factors affecting net earnings and adjusted net earnings1 -

Q2 2026 versus Q1 2026

Net earnings and adjusted net earnings1 attributable to

equity holders of Barrick ("net earnings") for Q2 2026 were

$1,217 million and $1,363 million, respectively, compared to

$1,602 million and $1,648 million, respectively in Q1 2026.

The primary drivers of the decrease were a lower realized

gold price1 and to a lesser extent higher gold COS/oz2,

combined with the additional royalties, penalties and

interest related to the retrospective application of the 2023

Mining Code to Loulo-Gounkoto for 2024 and 2025. These

impacts were partially offset by higher gold and copper

sales volumes and a higher realized copper price1.

After adjusting for items that are not indicative of

future operating earnings, adjusted net earnings1 of $1,363

million for Q2 2026 was $285 million lower than Q1 2026.

Higher gold COS/oz2 was mainly due to higher fuel costs

across the operations as well as higher maintenance costs

at Turquoise Ridge, Carlin and Cortez related to planned

shutdown activity. The Q2 2026 realized gold price1 was 8%

lower when compared to Q1 2026. The increase in gold

sales volumes was mainly due to increased throughput at

Pueblo Viejo and at Loulo-Gounkoto (where operations

continued to ramp up), improved grades at Kibali, more

oxide tonnes mined and processed at Cortez and increased

grade and throughput at Bulyanhulu. Higher copper sales

volumes were a result of higher throughput and higher

grades processed at Lumwana.

Factors affecting net earnings and adjusted net earnings1 -

Q2 2026 versus Q2 2025

Net earnings and adjusted net earnings1 for Q2 2026 were

$1,217 million and $1,363 million, respectively, compared to

$811 million and $800 million, respectively in Q2 2025. The

primary drivers of the increase were higher realized gold

and copper prices1, as Q2 2026 realized gold and copper

prices1 were 34% and 41% higher, respectively when

compared to Q2 2025. This was partially offset by a higher

gold COS/oz2, mainly due to the impact of lower grades

processed at Carlin, Cortez and North Mara, combined with

higher fuel prices across all operations and higher royalties

associated with the higher realized gold price1.

YTD 2026 versus YTD 2025

Net earnings and adjusted net earnings1 for YTD 2026 were

$2,819 million and $3,011 million, respectively, up from

$1,285 million and $1,403 million in YTD 2025. The

primary drivers of the increase were higher realized gold

and copper prices1, and higher gold sales volumes. YTD

2026 realized gold prices1 were 49% higher when

compared to YTD 2025. This was partially offset by

increases in gold COS/oz2 and copper COS/lb2. The

increase in gold COS/oz2 compared to YTD 2025 was

primarily due to lower grades processed at Cortez, Kibali

and North Mara, combined with higher fuel prices and

higher royalties (impact approximately $75/oz) associated

with the higher realized gold price1. The increase in copper

COS/lb2 was higher mining costs attributed to higher payroll

costs at Lumwana, in part due to the strengthening of the

local currency as well as higher fuel prices.

Significant adjusting items for both Q2 2026 and

YTD 2026 include:

■Other expense adjustments of $236 million and $254

million, respectively, mainly related to additional

royalties, penalties and interest related to the

retrospective application of the 2023 Mining Code to

Loulo-Gounkoto for 2024 and 2025, the reduced

operations costs at Loulo-Gounkoto, the gold

inventory fair value adjustment after regaining control

of Loulo-Gounkoto, and costs associated with our

North America IPO project. This was partially offset by

income related to the revaluation of the Hemlo

contingent consideration.

Refer to page 45 for a full list of reconciling items between

net earnings and adjusted net earnings1 for the current and

previous periods.


BARRICK SECOND QUARTER 2026	39	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Financial Condition Review

Summary Balance Sheet and Key Financial Ratios


($ millions, except ratios and share amounts)	As at 6/30/26	As at 12/31/2025a
Total cash and equivalents	5,927	6,706
Current assets	3,727	3,525
Non-current assets	42,695	41,425
Total Assets	52,349	51,656
Current liabilities excluding short-term debt	3,188	3,661
Non-current liabilities excluding long-term debtb	7,629	7,376
Debt (current and long-term)	4,682	4,703
Total Liabilities	15,499	15,740
Total shareholders’ equity	27,306	26,484
Non-controlling interests	9,544	9,432
Total Equity	36,850	35,916
Total common shares outstanding (millions of shares)c	1,646	1,675
Debt, net of cash	(1,245)	(2,003)
Key Financial Ratios:
Current ratiod	3.01:1	2.75:1
Debt-to-equitye	0.13:1	0.13:1
Net leveragef	-0.1:1	-0.2:1

a.2025 figures have been revised to reflect an update to the provisional purchase price allocation relating to Loulo-Gounkoto

b.Non-current financial liabilities as at June 30, 2026 were $5,563 million (December 31, 2025: $5,684 million).

c.As of July 30, 2026, the number of common shares outstanding is 1,645,884,419.

d.Represents current assets divided by current liabilities (including short-term debt) as at June 30, 2026 and December 31, 2025.

e.Represents debt divided by total shareholders’ equity (including minority interest) as at June 30, 2026 and December 31, 2025.

f.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

Balance Sheet Review

Total assets were $52.3 billion as at June 30, 2026, slightly

higher than total assets as at December 31, 2025.

Our asset base is primarily comprised of non-

current assets such as property, plant and equipment and

equity method investments, reflecting the capital-intensive

nature of the mining business and our history of growing

through acquisitions and creation of joint ventures with

other mining companies. Other significant assets include

production inventories, indirect taxes recoverable and

receivable, concentrate sales receivable, other government

and joint venture related receivables, as well as cash and

equivalents.

Total liabilities as at June 30, 2026 were $15.5

billion, lower than total liabilities at December 31, 2025 as

we have settled various liabilities. Our liabilities are

primarily comprised of debt, other non-current liabilities

(such as provisions and deferred income tax liabilities), and

accounts payable.

Financial Position and Liquidity

We believe we have sufficient financial resources to meet

our business requirements for the foreseeable future,

including capital expenditures, working capital

requirements, interest payments, environmental

rehabilitation, securities buybacks and dividends.

Total cash and cash equivalents as at June 30,

2026 were $5.9 billion. Our capital structure comprises a

mix of debt, non-controlling interest (primarily at NGM) and

shareholders’ equity. As at June 30, 2026, our total debt

was $4.7 billion (cash and equivalents, net of debt was

$1,245 million) and our debt-to-equity ratio was 0.13:1. This

compares to total debt as at December 31, 2025 of $4.7

billion (debt, net of cash and equivalents was $2,003

million), and a debt-to-equity ratio of 0.13:1.

Uses of cash for the remainder of 2026 include

capital commitments of $1.2 billion, and based on our

annual guidance range on page 9, we expect to incur

attributable capital expenditures1 of $3.8 to $4.2 billion, of

which we have spent $1.7 billion YTD 2026. For the

remainder of 2026, we have contractual obligations and

commitments of $984 million for supplies and consumables.

In addition, we have $141 million in interest payments and

other amounts as detailed in the table on page 43. At the

May 8, 2026 meeting, the Board of Directors authorized a

new share buyback program, where we may purchase up to

$3 billion of Barrick shares over the next 12 months. As at

June 30, 2026, we have purchased $1.209 billion of shares

under this program. We expect to fund these commitments

through operating cash flow, which is our primary source of

liquidity, as well as our existing cash balances as

necessary.

The Company’s dividend policy targets a total

payout of 50% of attributable free cash flow1 on an

annualized basis, comprised of a fixed base quarterly

dividend of $0.175 per share and a performance top-up

component at each year end based on the attributable free

cash flow during the year. The dividend paid in any given

year may be higher or lower than the 50% target based on

the strength of cash flow, capital needs, balance sheet

considerations, and other factors.

The declaration and payment of dividends is at the

discretion of the Board of Directors, and will depend on the

Company’s financial results, cash requirements, future

prospects, the number of outstanding common shares, and

other factors deemed relevant by the Board.


BARRICK SECOND QUARTER 2026	40	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Our operating cash flow is dependent on the ability

of our operations to deliver projected future cash flows. The

sale of the gold and copper we produce and market price of

gold and to a lesser extent, copper, are the primary drivers

of our operating cash flow. Other options to enhance

liquidity include portfolio optimization; issuance of equity or

long-term debt securities in the public markets or to private

investors (Moody’s and S&P currently rate Barrick’s

outstanding long-term debt as investment grade, with

ratings of A3 and BBB+, respectively); and drawing on the

$3.0 billion available under our undrawn Credit Facility

(subject to compliance with covenants and the making of

certain representations and warranties, this facility is

available for drawdown as a source of financing). The

revolving Credit Facility has a termination date of May 2030

and incorporates sustainability-linked metrics and are made

up of annual environmental and social performance targets

directly influenced by Barrick's actions, rather than based

on external ratings. The performance targets include

Scope 1 and Scope 2 GHG emissions intensity, water use

efficiency (reuse and recycling rates), and TRIFR3. Barrick

may incur positive or negative pricing adjustments on drawn

credit spreads and standby fees based on its sustainability

performance versus the targets that have been set. The

key financial covenant in our undrawn Credit Facility

requires Barrick to maintain a net debt to total capitalization

ratio of less than 0.60:1. Barrick’s net debt to total

capitalization ratio was negative 0.03:1 as at June 30, 2026

(negative 0.06:1 as at December 31, 2025).

Summary of Cash Inflow (Outflow)


($ millions)	For the three months ended			For the six months ended
	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
Net cash provided by operating activities	1,704	2,554	1,329	4,258	2,541
Investing activities
Capital expenditures	(1,189)	(979)	(934)	(2,168)	(1,771)
Divestitures	41	(4)	999	37	999
Income taxes paid on divestitures	(7)	0	(87)	(7)	(87)
Funding of equity method investments	(2)	0	0	(2)	0
Dividends received from equity method investments	167	110	53	277	91
Shareholder loan repayments from equity method	84	147	53	231	113
Investment sales	0	110	0	110	0
Other	6	2	2	8	2
Total investing inflows/(outflows)	(900)	(614)	86	(1,514)	(653)
Net change in debta	(52)	(5)	(16)	(57)	(19)
Dividendsb	(288)	(697)	(170)	(985)	(342)
Net disbursements to non-controlling interests	(491)	(804)	(280)	(1,295)	(405)
Share buyback program	(1,209)	0	(268)	(1,209)	(411)
Other	32	(9)	13	23	17
Total financing outflows	(2,008)	(1,515)	(721)	(3,523)	(1,160)
Effect of exchange rate	0	0	0	0	0
Increase in cash and equivalents	(1,204)	425	694	(779)	728

a.The difference between the net change in debt on a cash basis and the

net change on the balance sheet is due to changes in non-cash

charges, specifically the unwinding of discounts and amortization of

debt issue costs.

b.For Q2 2026 and YTD 2026, we declared and paid dividends per share

in US dollars totaling $0.175 and $0.595 respectively (Q1 2026:

declared and paid $0.42; Q2 2025: declared and paid $0.10; YTD 2025

declared and paid $0.20).

Q2 2026 compared to Q1 2026

In Q2 2026, we generated $1,704 million in operating cash

flow, compared to $2,554 million in Q1 2026. The decrease

of $850 million was primarily due to an increase in cash

taxes paid (primarily in the US, Argentina, Zambia and the

Dominican Republic) combined with a payment made to the

Government of Mali in relation to Loulo-Gounkoto due to

the retrospective application of the 2023 Mining Code. The

results were further negatively impacted by a lower realized

gold price1 partially offset by higher gold sales volumes this

quarter.

Cash outflows from investing activities in Q2 2026

were $900 million, compared to cash outflows of $614

million in Q1 2026. The increased outflow of $286 million

was primarily due to higher capital expenditures in Q2 2026

versus Q1 2026, primarily at Lumwana due to increased

capitalized stripping and the Super Pit Expansion project,

as well the ramp up of operations at Loulo-Gounkoto.

In Q2 2026, we recorded free cash flow1 of $515

million, compared to $1,575 million in Q1 2026, reflecting

lower operating cash flows, combined with higher capital


BARRICK SECOND QUARTER 2026	41	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

expenditures than Q1 2026, as explained above.

Net financing cash outflows for Q2 2026 amounted

to $2,008 million, compared to $1,515 million in Q1 2026.

The increase of $493 million is primarily due to share

buybacks this quarter of $1,209 million partially offset by

lower dividends in Q2 2026 and lower disbursements paid

to non-controlling interests, primarily to Newmont in relation

to their interest in NGM.

Q2 2026 compared to Q2 2025

In Q2 2026, we generated $1,704 million in operating cash

flow, compared to $1,329 million in Q2 2025. The increase

of $375 million was primarily due to a higher realized gold

price1 and higher gold sales volumes, partially offset by

higher gold TCC/oz1. Operating cash flow was further

impacted by higher taxes paid this quarter.

Cash outflows from investing activities in Q2 2026

were $900 million compared to cash inflows of $86 million

in Q2 2025. The decrease of $986 million was primarily due

to proceeds from the sale of our 50% interest in the Donlin

project received in Q2 2025. This was partially offset by

higher capital expenditures in Q2 2026 mainly due to higher

project capital expenditures particularly at Lumwana’s

Super Pit Expansion project.

In Q2 2026, we recorded free cash flow1 of $515

million, compared to $395 million in Q2 2025, mainly

reflecting higher operating cash flows, partially offset by

higher capital expenditures than Q2 2025, as explained

above.

Net financing cash outflows for Q2 2026 amounted

to $2,008 million compared to $721 million in Q2 2025. The

increase of $1,287 million is primarily due to increased

repurchases of shares under our share buyback program in

the current year combined with higher dividends and higher

net disbursements paid to non-controlling interests,

primarily to Newmont in relation to their interest in NGM.

YTD 2026 compared to YTD 2025

For YTD 2026, we generated $4,258 million in operating

cash flow, compared to $2,541 million in YTD 2025. The

increase of $1,717 million was primarily due to a higher

realized gold price1, partially offset by higher TCC/oz1. This

was further offset by higher cash taxes paid (in particular in

the United States, Dominican Republic, Argentina and

Zambia), an unfavorable change in working capital mainly

in other current liabilities and accounts receivable and

higher cash taxes paid combined with a payment made at

Loulo-Gounkoto in relation to the retrospective application

of the 2023 Mining Code.

Cash outflows from investing activities for YTD

2026 were $1,514 million compared to $653 million in YTD

2025. The increased outflow of $861 million was primarily

due to proceeds from the sale of our 50% interest in the

Donlin project received in 2025. In addition to this, capital

expenditures were also higher as a result of higher project

capital expenditures1 mainly related to Lumwana’s Super

Pit Expansion project and at NGM mainly related to

spending on the Ren project and ramp up of activities at

Goldrush, partially offset by lower minesite sustaining

capital expenditures1 mainly at Carlin due to the final

payment on the Komatsu-930 truck fleet occurring in Q1

2025.

In YTD 2026, we recorded free cash flow1 of

$2,090 million, compared to $770 million in YTD 2025,

mainly reflecting higher operating cash flows, partially offset

by higher capital expenditures than YTD 2025, as explained

above.

Net financing cash outflows for YTD 2026

amounted to $3,523 million, compared to $1,160 million in

YTD 2025. The increased outflow of $2,363 million is

primarily due to increased repurchases of shares under our

share buyback program in the current year. This was

combined with higher net disbursements paid to non-

controlling interests, primarily to Newmont in relation to their

interest in NGM, and higher dividends paid as a result of

our new dividend policy.


BARRICK SECOND QUARTER 2026	42	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Commitments and Contingencies

Litigation and Claims

We are currently subject to various litigation proceedings as

disclosed in note 17 to the Financial Statements, and we

may be involved in disputes with other parties in the future

that may result in litigation. If we are unable to resolve

these disputes favorably, it may have a material adverse

impact on our financial condition, cash flow and results of

operations.

Contractual Obligations and Commitments

In the normal course of business, we enter into contracts

that give rise to commitments for future minimum payments.

The following table summarizes the remaining contractual

maturities of our financial liabilities and operating and

capital commitments shown on an undiscounted basis:


($ millions)	Payments due as at 6/30/26
	2026	2027	2028	2029	2030	2031 and thereafter	Total
Debta
Repayment of principal	0	0	0	0	0	4,630	4,630
Capital leases	7	16	9	6	4	29	71
Interest	141	280	279	278	278	2,381	3,637
Provisions for environmental rehabilitationb	200	120	88	83	67	1,820	2,378
Restricted share units	27	38	4	0	0	0	69
Pension benefits and other post-retirement benefits	3	5	5	4	4	72	93
Purchase obligations for supplies and consumablesc	984	310	201	153	144	1,887	3,679
Capital commitmentsd	1,229	653	439	103	126	0	2,550
Social development costse	67	33	16	8	2	54	180
Other obligationsf	89	64	152	69	67	492	933
Total	2,747	1,519	1,193	704	692	11,365	18,220

a.Debt and Interest: Our debt obligations do not include any subjective acceleration clauses or other clauses that enable the holder of the debt to call for early

repayment, except in the event that we breach any of the terms and conditions of the debt or for other customary events of default. We are not required to post

any collateral under any debt obligations. Projected interest payments on variable rate debt were based on interest rates in effect at June 30, 2026. Interest is

calculated on our long-term debt obligations using both fixed and variable rates.

b.Provisions for environmental rehabilitation: Amounts presented in the table represent the undiscounted uninflated future payments for the expected cost of

environmental rehabilitation.

c.Purchase obligations for supplies and consumables: Includes commitments related to new purchase obligations to secure supplies of consumables such as

liquid natural gas, acid, tires and cyanide for our production process and spares for heavy mining equipment.

d.Capital commitments: Purchase obligations for capital expenditures include only those items where binding commitments have been entered into.

e.Social development costs: Includes a commitment of $14 million in 2031 and thereafter, related to the funding of a power transmission line in Argentina.

f.Other obligations includes the Pueblo Viejo joint venture partner shareholder loan, the deposit on the Pascua-Lama silver sale agreement with Wheaton

Precious Metals Corp. due in 2039, the settlement of legacy legal matters in the Philippines related to Placer Dome Inc, the royalties, penalties and applicable

interest on the amounts payable to the Government of Mali for the application of the 2023 Mining Code, and minimum royalty payments.


BARRICK SECOND QUARTER 2026	43	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Review of Quarterly Results

Quarterly Informationa


($ millions, except where indicated)	2026	2026	2025	2025	2025	2025	2024	2024
	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Revenues	5,292	5,218	5,997	4,148	3,681	3,130	3,645	3,368
Realized price/oz – goldb	4,417	4,823	4,177	3,457	3,295	2,898	2,657	2,494
Realized price/lb – copperb	6.15	5.79	5.42	4.39	4.36	4.51	3.96	4.27
Cost of sales	2,395	2,099	2,712	1,890	1,878	1,785	1,995	2,051
Net earnings	1,217	1,602	2,406	1,302	811	474	996	483
Per share (dollars)c	0.73	0.96	1.43	0.76	0.47	0.27	0.57	0.28
Adjusted net earningsb	1,363	1,648	1,754	982	800	603	794	529
Per share (dollars)b,c	0.82	0.98	1.04	0.58	0.47	0.35	0.46	0.30
Operating cash flow	1,704	2,554	2,726	2,422	1,329	1,212	1,392	1,180
Attributable operating cash flowb	1,119	1,968	1,966	1,911	929	1,042	1,263	887
Consolidated capital expendituresd	1,189	979	1,107	943	934	837	891	736
Free cash flowb	515	1,575	1,619	1,479	395	375	501	444
Attributable free cash flowb	141	1,213	1,060	1,154	212	411	505	304

a.Sum of all the quarters may not add up to the annual total due to rounding.

b.Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

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

d.Amounts presented on a consolidated cash basis.

Our recent financial results reflect our emphasis on cost

discipline, an agile management structure that empowers

our site based leadership teams and a portfolio of Tier One

Gold Assets5. This, combined with the significant increase

in the gold price and ongoing strength in the copper price,

has resulted in strong cash flows over the past several

quarters. The positive operating cash flow generated has

allowed us to continue to reinvest in our business including

our key growth projects, maintain a strong balance sheet

and increase returns to shareholders.

In addition to the strength in metal prices, net

earnings have also been impacted by the following items in

each quarter, which have been excluded from adjusted net

earnings1. In 2025, we recorded a net loss of $625 million

on the deconsolidation of Loulo-Gounkoto following the

change of control after it was placed under a temporary

provisional administration on June 16, 2025 and

subsequent accounting impact of regaining control on

December 16, 2025, which impacted Q2, Q3 and Q4 of

2025. In addition, in Q4 2025, we recorded a gain on the

sale of our Hemlo gold mine ($545 million), our interest in

the Tongon gold mine ($134 million) and the Alturas project

($53 million). In Q2 2025, we recorded a net loss of $1,035

million on the deconsolidation of Loulo-Gounkoto following

the change of control after it was placed under a temporary

provisional administration on June 16, 2025, which was

partially offset by the recognition of our 80% equity

investment in Loulo-Gounkoto. In addition, we recorded a

gain of $745 million on the sale of our 50% interest in the

Donlin Gold project. In Q4 2024, we recorded non-current

asset impairment reversals of $655 million at Lumwana and

$437 million at Veladero. In addition, we recorded a

goodwill impairment of $484 million related to Loulo-

Gounkoto.

Internal Control Over Financial Reporting and Disclosure Controls and Procedures

Management is responsible for establishing and

maintaining adequate internal control over financial

reporting and disclosure controls and procedures as

defined in our 2025 annual MD&A.

Together, the internal control frameworks provide

internal control over financial reporting and disclosure. Due

to its inherent limitations, internal control over financial

reporting and disclosure may not prevent or detect all

misstatements. Further, the effectiveness of internal control

is subject to the risk that controls may become inadequate

because of changes in conditions, or that the degree of

compliance with policies or procedures may change.

There were no changes in our internal controls

over financial reporting during the three months ended

June 30, 2026 that have materially affected, or are

reasonably likely to materially affect, our internal controls

over financial reporting.

Under the supervision and with the participation of

management, including the President and Chief Executive

Officer, and Senior Executive Vice-President, Chief

Financial Officer, management will continue to monitor and

evaluate the design and effectiveness of its internal control

over financial reporting and disclosure controls and

procedures, and may make modifications from time to time

as considered necessary.


BARRICK SECOND QUARTER 2026	44	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

IFRS Critical Accounting Policies and Accounting Estimates

Management has discussed the development and selection

of our critical accounting estimates with the Audit & Risk

Committee of the Board of Directors, and the Audit & Risk

Committee has reviewed the disclosure relating to such

estimates in conjunction with its review of this MD&A. The

accounting policies and methods we utilize determine how

we report our financial condition and results of operations,

and they may require management to make estimates or

rely on assumptions about matters that are inherently

uncertain. The consolidated financial statements have been

prepared in accordance with IFRS. Our material accounting

policies are disclosed in note 2 of the Financial Statements,

including a summary of current and future changes in

accounting policies.

Critical Accounting Estimates and Judgments

Certain accounting estimates have been identified as being

“critical” to the presentation of our financial condition and

results of operations because they require us to make

subjective and/or complex judgments about matters that are

inherently uncertain; or there is a reasonable likelihood that

materially different amounts could be reported under

different conditions or using different assumptions and

estimates. Our significant accounting judgments, estimates

and assumptions, including our assessment of the impacts

following the loss of control of our Loulo-Gounkoto mine,

are disclosed in note 3 of the accompanying Financial

Statements.

Non-GAAP Financial Measures

Adjusted Net Earnings and Adjusted Net Earnings per

Adjusted net earnings is a non-GAAP financial measure

which excludes the following from net earnings:

■Impairment charges (reversals) related to

intangibles, goodwill, property, plant and

equipment, and investments;

■Acquisition/disposition gains/losses;

■Foreign currency translation gains/losses;

■Significant tax adjustments;

■Other items that are not indicative of the

underlying operating performance of our core

mining business; and

■Tax effect and non-controlling interest of the above

items.

Management uses this measure internally to evaluate our

underlying operating performance for the reporting periods

presented and to assist with the planning and forecasting of

future operating results. Management believes that

adjusted net earnings is a useful measure of our

performance because impairment charges, acquisition/

disposition gains/losses and significant tax adjustments do

not reflect the underlying operating performance of our core

mining business and are not necessarily indicative of future

operating results. Furthermore, foreign currency translation

gains/losses are not necessarily reflective of the underlying

operating results for the reporting periods presented. The

tax effect and non-controlling interest of the adjusting items

are also excluded to reconcile the amounts to Barrick’s

share on a post-tax basis, consistent with net earnings.

As noted, we use this measure for internal

purposes. Management’s internal budgets and forecasts

and public guidance do not reflect the types of items we

adjust for. Consequently, the presentation of adjusted net

earnings enables investors and analysts to better

understand the underlying operating performance of our

core mining business through the eyes of management.

Management periodically evaluates the components of

adjusted net earnings based on an internal assessment of

performance measures that are useful for evaluating the

operating performance of our business segments and a

review of the non-GAAP financial measures used by mining

industry analysts and other mining companies.

Adjusted net earnings is intended to provide

additional information only and does not have any

standardized definition under IFRS and should not be

considered in isolation or as a substitute for measures of

performance prepared in accordance with IFRS. The

measures are not necessarily indicative of operating profit

or cash flow from operations as determined under IFRS.

Other companies may calculate these measures differently.

The following table reconciles these non-GAAP financial

measures to the most directly comparable IFRS measure.


BARRICK SECOND QUARTER 2026	45	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

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


($ millions, except per share amounts in dollars)	For the three months ended			For the six months ended
	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
Net earnings attributable to equity holders of the Company	1,217	1,602	811	2,819	1,285
Impairment charges related to intangibles, goodwill, property, plant and equipment, and investmentsa	(1)	—	—	(1)	4
Acquisition/disposition (gains) lossesb	(10)	1	289	(9)	289
(Gain) loss on currency translation	14	20	(2)	34	—
Significant tax adjustmentsc	(6)	35	(35)	29	(50)
Other expense adjustmentsd	236	18	44	254	217
Non-controlling interest	(77)	(8)	(4)	(85)	(15)
Tax effecte	(10)	(20)	(303)	(30)	(327)
Adjusted net earnings	1,363	1,648	800	3,011	1,403
Net earnings per sharef	0.73	0.96	0.47	1.69	0.75
Adjusted net earnings per sharef	0.82	0.98	0.47	1.80	0.82

a.There were no significant impairment charges or reversals in the current period or prior periods.

b.Acquisition/disposition (losses) gains for Q2 2025 and YTD 2025 mainly relate to the net loss of $1,035 million on the deconsolidation of Loulo-Gounkoto

following the change of control after it was placed under a temporary provisional administration on June 16, 2025 (refer to note 4 of the Financial Statements for

further details), partially offset by the recognition of our investment in Loulo-Gounkoto. This was offset by a gain of $745 million on the sale of our 50% interest

in the Donlin Gold project.

c.Significant tax adjustments for Q2 2026 and YTD 2026 primarily include adjustments in respect of prior years, the re-measurement of current and deferred tax

balances and the impact of uncertain tax positions. Significant tax adjustments for Q2 2025 and YTD 2025 include the re-measurement of deferred tax balances

and adjustments in respect of prior years. The significant tax adjustments presented include the re-measurement of current and deferred tax balances and the

impact of uncertain tax positions.

d.Other expense for Q2 2026 and YTD 2026 period mainly related to additional royalties, penalties and interest related to the retrospective application of the 2023

Mining Code to Loulo-Gounkoto for 2024 and 2025 combined with the fair value increment on inventory resulting from the purchase price allocation when we

regained control of Loulo-Gounkoto, remobilization costs at Mali, legal and consulting costs related to our North America IPO project and revaluation of

contingent consideration for Hemlo. Other expense adjustments for the 2025 periods mainly relate to reduced operation costs at Loulo-Gounkoto, and also

include the signing of agreements to settle legacy legal matters in the Philippines related to Placer Dome Inc.

e.Tax effect for Q2 2026 and YTD 2026 mainly relates to other expense adjustments. For Q2 2025 and YTD 2025 tax effect primarily relates to acquisition/

disposition losses (gains).

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

Free Cash Flow, Attributable Free Cash Flow and Attributable Operating Cash Flow

Free cash flow is a non-GAAP financial measure that

deducts capital expenditures from net cash provided by

operating activities. Attributable free cash flow starts with

free cash flow and adds our attributable share of free cash

flow from our equity investees and subtracts the free cash

flow attributable to the non-controlling interests.

Management believes these to be useful indicators of our

ability to operate without reliance on additional borrowing or

usage of existing cash.

Starting with our Q1 2026 MD&A, we are

presenting attributable operating cash flow. Attributable

operating cash flow starts with cash provided by operating

activities and adds our attributable share of cash provided

by operating activities from our equity investees and

subtracts the cash provided by operating activities

attributable to the non-controlling interests. Management

believes this to be a useful indicator of the amount of cash

provided by operating activities to Barrick’s ownership

share.

Free cash flow, attributable free cash flow and

attributable operating cash flow are intended to provide

additional information only and do not have any

standardized definition under IFRS and should not be

considered in isolation or as a substitute for measures of

performance prepared in accordance with IFRS. These

measures are not necessarily indicative of operating profit

or cash flow from operations as determined under IFRS.

Other companies may calculate these measures differently.

The following table reconciles these non-GAAP financial

measures to the most directly comparable IFRS measure.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow, Attributable Free Cash Flow and

Attributable Operating Cash Flow


($ millions)	For the three months ended			For the six months ended
	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
Net cash provided by operating activities	1,704	2,554	1,329	4,258	2,541
Capital expenditures	(1,189)	(979)	(934)	(2,168)	(1,771)
Free cash flow (consolidated)	515	1,575	395	2,090	770
Free cash flow applicable to equity investees	113	330	66	443	222
Non-controlling interests	(487)	(692)	(249)	(1,179)	(557)
Attributable free cash flow	141	1,213	212	1,354	435
Attributable capital expenditures	978	755	717	1,733	1,348
Attributable operating cash flow	1,119	1,968	929	3,087	1,783


BARRICK SECOND QUARTER 2026	46	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Capital Expenditures

Capital expenditures are classified into minesite sustaining

capital expenditures or project capital expenditures

depending on the nature of the expenditure. Minesite

sustaining capital expenditures is the capital spending

required to support current production levels. Project

capital expenditures represent the capital spending at new

projects and major, discrete projects at existing operations

intended to increase net present value through higher

production or longer mine life. Management believes this to

be a useful indicator of the purpose of capital expenditures

and this distinction is an input into the calculation of all-in

sustaining costs per ounce/pound.

Classifying capital expenditures is intended to

provide additional information only and does not have any

standardized definition under IFRS, and should not be

considered in isolation or as a substitute for measures of

performance prepared in accordance with IFRS. Other

companies may calculate these measures differently. The

following table reconciles these non-GAAP financial

measures to the most directly comparable IFRS measure.

Reconciliation of the Classification of Capital Expenditures


($ millions)	For the three months ended			For the six months ended
	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
Minesite sustaining capital expenditures	500	380	479	880	1,043
Project capital expenditures	654	570	439	1,224	708
Capitalized interest	35	29	16	64	20
Total consolidated capital expenditures	1,189	979	934	2,168	1,771

Total cash costs per ounce, All-in sustaining costs per ounce, C1 cash costs per pound and All-in sustaining costs per

pound

TCC/oz and AISC/oz are non-GAAP financial measures

which are calculated based on the definition published by

the WGC (a market development organization for the gold

industry comprised of and funded by gold mining

companies from around the world, including Barrick). The

WGC is not a regulatory organization. Management uses

these measures to monitor the performance of our gold

mining operations and their ability to generate positive cash

flow, both on an individual site basis and an overall gold

operations basis.

TCC/oz starts with our cost of sales related to gold

production and removes depreciation, the non-controlling

interest of cost of sales and costs allocated to by-products.

AISC/oz starts with TCC/oz and includes sustaining capital

expenditures, sustaining leases, general and administrative

costs, minesite exploration and evaluation costs related to

the current mine plan and reclamation cost accretion and

amortization. These additional costs reflect the

expenditures made to maintain current production levels.

We believe that our use of TCC/oz and AISC/oz

will assist analysts, investors and other stakeholders of

Barrick in understanding the costs associated with

producing gold, understanding the economics of gold

mining, assessing our operating performance and also our

ability to generate free cash flow from the gold operations

portion of our business. Due to the capital-intensive nature

of the industry and the long useful lives over which these

items are depreciated, there can be a significant timing

difference between net earnings calculated in accordance

with IFRS and the amount of free cash flow that is being

generated by a mine and therefore we believe these

measures are useful non-GAAP operating metrics and

supplement our IFRS disclosures. These measures are not

representative of all of our cash expenditures as they do not

include income tax payments, interest costs or dividend

payments. These measures do not include depreciation or

amortization.

TCC/oz and AISC/oz are intended to provide

additional information only and do not have standardized

definitions under IFRS and should not be considered in

isolation or as a substitute for measures of performance

prepared in accordance with IFRS. These measures are not

equivalent to net income or cash flow from operations as

determined under IFRS. Although the WGC has published a

standardized definition, other companies may calculate

these measures differently.

C1 cash costs/lb and AISC/lb are non-GAAP

financial measures related to our copper mine operations.

We believe that C1 cash costs/lb enables investors to better

understand the performance of our copper operations in

comparison to other copper producers who present results

on a similar basis. C1 cash costs/lb excludes royalties and

production taxes and non-routine charges as they are not

direct production costs. AISC/lb is similar to the gold AISC

metric and management uses this to better evaluate the

costs of copper production. We believe this measure

enables investors to better understand the operating

performance of the copper portion of our business as this

measure reflects all of the sustaining expenditures incurred

in order to produce copper. AISC/lb includes C1 cash costs,

sustaining capital expenditures, sustaining leases, general

and administrative costs, minesite exploration and

evaluation costs, royalties and production taxes,

reclamation cost accretion and amortization and write-

downs taken on inventory to net realizable value.


BARRICK SECOND QUARTER 2026	47	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

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


($ millions, except per oz information in dollars)		For the three months ended			For the six months ended
	Footnote	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
COS applicable to gold production		2,109	1,874	1,676	3,983	3,244
Depreciation		(478)	(449)	(359)	(927)	(701)
Total cash costs applicable to equity method investments		130	128	101	258	210
Costs allocated to by-products		(128)	(119)	(64)	(247)	(124)
Other	a	(8)	(33)	11	(41)	16
Non-controlling interests	b	(484)	(409)	(411)	(893)	(775)
Total cash costs		1,141	992	954	2,133	1,870
General & administrative costs		31	39	39	70	81
Minesite exploration and evaluation costs	c	4	4	7	8	12
Minesite sustaining capital expenditures	d	500	380	479	880	1,043
Sustaining leases		2	6	7	8	15
Rehabilitation - accretion and amortization (operating sites)	e	17	16	16	33	33
Non-controlling interest, copper operations and other	f	(201)	(159)	(208)	(360)	(425)
All-in sustaining costs		1,494	1,278	1,294	2,772	2,629
Ounces sold - attributable basis (koz)	g	801	748	770	1,549	1,521
COS/oz	h,i	1,993	1,922	1,654	1,959	1,641
TCC/oz	i	1,426	1,327	1,239	1,378	1,229
AISC/oz	i	1,866	1,708	1,684	1,790	1,728

a.Other - Other adjustments mainly relate to treatment and refining charges.

b.Non-controlling interests - Non-controlling interests include non-controlling interests related to gold production of $682 million and $1,282 million for Q2 2026

and YTD 2026 respectively, (Q1 2026: $600 million; Q2 2025: $540 million, YTD 2025 $1,027 million ). Non-controlling interests include NGM, Pueblo Viejo,

Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu. Refer to Note 5 to the Financial Statements for further information.

c.Exploration and evaluation costs - Exploration, evaluation and project expenses are included in AISC if they support current mine operations.

d.Capital expenditures - Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures.

e.Rehabilitation—accretion and amortization - Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on

the rehabilitation provision of our gold operations, split between operating and non-operating sites.

f.Non-controlling interest and copper operations - Removes general and administrative costs related to non-controlling interests and copper based on a

percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our

copper sites and the non-controlling interests related to NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It also

includes capital expenditures applicable to our equity method investment in Kibali. The impact is summarized as the following:


($ millions)	For the three months ended			For the six months ended
Non-controlling interest, copper operations and other	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
General & administrative costs	(5)	(6)	(6)	(11)	(12)
Minesite exploration and evaluation expenses	(1)	(1)	(3)	(2)	(3)
Rehabilitation - accretion and amortization (operating sites)	(9)	(5)	(6)	(14)	(11)
Minesite sustaining capital expenditures	(186)	(147)	(193)	(333)	(399)
All-in sustaining costs total	(201)	(159)	(208)	(360)	(425)

g.Ounces sold - attributable basis - Excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.

h.COS/oz - Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold

(both on an attributable basis using Barrick's ownership share).

i.Per ounce figures - COS/oz, TCC/oz and AISC/oz may not calculate based on amounts presented in this table due to rounding.


BARRICK SECOND QUARTER 2026	48	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

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

operating segment


($ millions, except per oz information in dollars)					For the three months ended 6/30/26
	Footnote	Carlin	Cortez	Turquoise Ridge	Phoenix	Nevada Gold Minesa	Pueblo Viejo
COS applicable to gold production		524	381	221	104	1,232	304
Depreciation		(119)	(91)	(43)	(17)	(271)	(86)
Costs allocated to by-products		(8)	(2)	(2)	(68)	(80)	(34)
Other	c	(2)	0	0	9	7	0
Non-controlling interests		(152)	(111)	(67)	(11)	(341)	(74)
Total cash costs		243	177	109	17	547	110
General & administrative costs		0	0	0	0	0	0
Minesite exploration and evaluation costs	d	0	2	0	1	4	0
Minesite sustaining capital expenditures	e	156	48	30	10	254	53
Sustaining capital leases		0	0	0	1	2	0
Rehabilitation - accretion and amortization (operating sites)	f	4	3	1	1	9	2
Non-controlling interests		(62)	(20)	(13)	(5)	(104)	(22)
All-in sustaining costs		341	210	127	25	712	143
Ounces sold - attributable basis (000s ounces)		173	104	82	27	386	108
COS/oz	g,h	1,856	2,267	1,657	2,343	1,961	1,683
TCC/oz	h	1,405	1,713	1,319	640	1,418	1,016
AISC/oz	h	1,971	2,028	1,552	917	1,843	1,322


($ millions, except per oz information in dollars)		For the three months ended 6/30/26
	Footnote	Veladero	Porgera	Loulo- Gounkotoi	Kibali	North Mara	Bulyanhulu
COS applicable to gold production		95	44	254	133	117	100
Depreciation		(36)	(11)	(41)	(34)	(23)	(21)
Costs allocated to by-products		(6)	(1)	0	(1)	(1)	(13)
Other	c	0	0	(8)	0	0	1
Non-controlling interests		0	0	(41)	0	(15)	(11)
Total cash costs		53	32	164	98	78	56
General & administrative costs		0	0	0	0	0	0
Minesite exploration and evaluation costs	d	1	0	0	0	0	0
Minesite sustaining capital expenditures	e	11	9	35	20	17	26
Sustaining capital leases		1	1	1	2	0	0
Rehabilitation - accretion and amortization (operating sites)	f	1	0	1	0	1	0
Non-controlling interests		0	0	(7)	0	(3)	(4)
All-in sustaining costs		67	42	194	120	93	78
Ounces sold - attributable basis (000s ounces)		45	23	86	71	37	45
COS/oz	g,h	2,098	1,899	2,352	1,873	2,736	1,854
TCC/oz	h	1,176	1,385	1,897	1,381	2,164	1,249
AISC/oz	h	1,487	1,811	2,240	1,702	2,577	1,748


BARRICK SECOND QUARTER 2026	49	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS


($ millions, except per oz information in dollars)
	Footnote	Carlin	Cortez	Turquoise Ridge	Phoenix	Nevada Gold Minesa	Pueblo Viejo
COS applicable to gold production		505	312	207	89	1,113	233
Depreciation		(125)	(81)	(46)	(15)	(267)	(67)
Costs allocated to by-products		(10)	(3)	(3)	(61)	(77)	(29)
Other	c	(1)	0	0	8	7	0
Non-controlling interests		(142)	(88)	(61)	(8)	(299)	(54)
Total cash costs		227	140	97	13	477	83
General & administrative costs		0	0	0	0	0	0
Minesite exploration and evaluation costs	d	1	0	0	1	2	0
Minesite sustaining capital expenditures	e	142	52	21	8	228	58
Sustaining capital leases		0	0	0	0	0	0
Rehabilitation - accretion and amortization (operating sites)	f	3	4	1	1	9	2
Non-controlling interests		(56)	(22)	(8)	(4)	(92)	(24)
All-in sustaining costs		317	174	111	19	624	119
Ounces sold - attributable basis (000s ounces)		173	89	96	22	380	82
COS/oz	g,h	1,794	2,149	1,327	2,485	1,800	1,702
TCC/oz	h	1,315	1,569	1,011	574	1,255	1,019
AISC/oz	h	1,838	1,957	1,153	862	1,645	1,457


($ millions, except per oz information in dollars)		For the three months ended 3/31/26
	Footnote	Veladero	Porgera	Loulo- Gounkotoi	Kibali	North Mara	Bulyanhulu
COS applicable to gold production		98	36	241	132	99	86
Depreciation		(36)	(7)	(38)	(33)	(21)	(18)
Costs allocated to by-products		(6)	0	0	(1)	(2)	(10)
Other	c	0	0	(38)	0	0	1
Non-controlling interests		0	0	(33)	0	(12)	(9)
Total cash costs		56	29	132	98	64	50
General & administrative costs		0	0	0	0	0	0
Minesite exploration and evaluation costs	d	0	1	0	0	0	0
Minesite sustaining capital expenditures	e	11	8	0	11	9	23
Sustaining capital leases		0	0	0	3	0	0
Rehabilitation - accretion and amortization (operating sites)	f	1	0	0	0	1	0
Non-controlling interests		0	0	1	0	(2)	(3)
All-in sustaining costs		68	38	133	112	72	70
Ounces sold - attributable basis (000s ounces)		54	22	69	69	36	36
COS/oz	g,h	1,816	1,665	2,801	1,906	2,287	2,008
TCC/oz	h	1,037	1,346	1,918	1,418	1,758	1,379
AISC/oz	h	1,253	1,740	1,933	1,614	1,990	1,922


BARRICK SECOND QUARTER 2026	50	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS


($ millions, except per oz information in dollars)				For the three months ended 6/30/2025
	Footnote	Carlin	Cortez	Turquoise Ridge	Phoenix	Nevada Gold Minesa	Hemlob	Pueblo Viejo
COS applicable to gold production		429	294	216	92	1,031	58	267
Depreciation		(68)	(62)	(44)	(18)	(192)	(10)	(77)
Costs allocated to by-products		(1)	(1)	(1)	(34)	(37)	0	(11)
Other	c	0	0	0	6	6	0	0
Non-controlling interests		(138)	(89)	(66)	(18)	(312)	0	(72)
Total cash costs		222	142	105	28	496	48	107
General & administrative costs		0	0	0	0	0	0	0
Minesite exploration and evaluation costs	d	4	2	0	1	7	0	0
Minesite sustaining capital expenditures	e	128	72	26	13	246	7	61
Sustaining capital leases		0	0	0	0	1	1	0
Rehabilitation - accretion and amortization (operating sites)	f	2	4	1	2	9	1	2
Non-controlling interests		(52)	(30)	(9)	(6)	(100)	0	(25)
All-in sustaining costs		304	190	123	38	659	57	145
Ounces sold - attributable basis (000s ounces)		166	107	75	28	376	32	93
COS/oz	g,h	1,589	1,687	1,761	2,033	1,685	1,837	1,715
TCC/oz	h	1,330	1,326	1,394	1,010	1,319	1,512	1,147
AISC/oz	h	1,826	1,774	1,621	1,376	1,749	1,766	1,552


($ millions, except per oz information in dollars)		For the three months ended 6/30/25
	Footnote	Veladero	Porgera	Loulo- Gounkotoi	Kibali	North Mara	Tongonj	Bulyanhulu
COS applicable to gold production		82	32	—	108	84	74	64
Depreciation		(31)	(7)	—	(32)	(19)	(6)	(14)
Costs allocated to by-products		(2)	0	—	(1)	(2)	0	(7)
Other	c	0	0	—	0	0	0	1
Non-controlling interests		0	0	—	0	(9)	(7)	(7)
Total cash costs		49	25	—	75	54	61	37
General & administrative costs		0	0	—	0	0	0	0
Minesite exploration and evaluation costs	d	2	1	—	0	0	0	0
Minesite sustaining capital expenditures	e	34	8	—	10	11	4	25
Sustaining capital leases		1	1	—	3	0	0	0
Rehabilitation - accretion and amortization (operating sites)	f	0	0	—	0	1	2	1
Non-controlling interests		0	0	—	0	(2)	(1)	(4)
All-in sustaining costs		86	35	—	88	64	66	59
Ounces sold - attributable basis (000s ounces)		67	24	—	69	50	28	31
COS/oz	g,h	1,234	1,354	—	1,565	1,430	2,397	1,722
TCC/oz	h	751	1,041	—	1,094	1,073	2,204	1,189
AISC/oz	h	1,295	1,406	—	1,273	1,292	2,390	1,885


BARRICK SECOND QUARTER 2026	51	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS


($ millions, except per oz information in dollars)		For the six months ended 6/30/2026
	Footnote	Carlin	Cortez	Turquoise Ridge	Phoenix	Nevada Gold Minesa	Pueblo Viejo
COS applicable to gold production		1,029	693	428	193	2,345	537
Depreciation		(244)	(172)	(89)	(32)	(538)	(153)
Costs allocated to by-products		(18)	(5)	(5)	(129)	(157)	(63)
Other	c	(3)	0	0	17	14	0
Non-controlling interests		(294)	(199)	(128)	(19)	(640)	(128)
Total cash costs		470	317	206	30	1,024	193
General & administrative costs		0	0	0	0	0	0
Minesite exploration and evaluation costs	d	1	2	0	2	6	0
Minesite sustaining capital expenditures	e	298	100	51	18	482	111
Sustaining capital leases		0	0	0	1	2	0
Rehabilitation - accretion and amortization (operating sites)	f	7	7	2	2	18	4
Non-controlling interests		(118)	(42)	(21)	(9)	(196)	(46)
All-in sustaining costs		658	384	238	44	1,336	262
Ounces sold - attributable basis (000s ounces)		346	193	178	49	766	190
COS/oz	g,h	1,825	2,213	1,479	2,407	1,881	1,691
TCC/oz	h	1,360	1,647	1,153	611	1,337	1,018
AISC/oz	h	1,904	1,995	1,337	892	1,745	1,380


($ millions, except per oz information in dollars)		For the six months ended 6/30/2026
	Footnote	Veladero	Porgera	Loulo- Gounkotoi	Kibali	North Mara	Bulyanhulu
COS applicable to gold production		193	80	495	265	216	186
Depreciation		(72)	(18)	(79)	(67)	(44)	(39)
Costs allocated to by-products		(12)	(1)	0	(2)	(3)	(23)
Other	c	0	0	(46)	0	0	2
Non-controlling interests		0	0	(74)	0	(27)	(20)
Total cash costs		109	61	296	196	142	106
General & administrative costs		0	0	0	0	0	0
Minesite exploration and evaluation costs	d	1	1	0	0	0	0
Minesite sustaining capital expenditures	e	22	17	35	31	26	49
Sustaining capital leases		1	1	2	5	0	0
Rehabilitation - accretion and amortization (operating sites)	f	2	0	1	0	2	0
Non-controlling interests		0	0	(7)	0	(5)	(7)
All-in sustaining costs		135	80	327	232	165	148
Ounces sold - attributable basis (000s ounces)		99	45	155	140	73	81
COS/oz	g,h	1,945	1,786	2,551	1,889	2,511	1,923
TCC/oz	h	1,101	1,366	1,906	1,399	1,961	1,307
AISC/oz	h	1,360	1,777	2,104	1,659	2,283	1,826


BARRICK SECOND QUARTER 2026	52	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS


($ millions, except per oz information in dollars)		For the six months ended 06/30/2025
	Footnote	Carlin	Cortez	Turquoise Ridge	Phoenix	Nevada Gold Minesa	Hemlob	Pueblo Viejo
COS applicable to gold production		830	535	419	171	1,956	125	504
Depreciation		(130)	(119)	(91)	(35)	(375)	(20)	(152)
Costs allocated to by-products		(3)	(2)	(2)	(67)	(74)	0	(23)
Other	c	0	0	0	12	12	0	0
Non-controlling interests		(268)	(159)	(126)	(31)	(585)	0	(132)
Total cash costs		429	255	200	50	934	105	197
General & administrative costs		0	0	0	0	0	0	0
Minesite exploration and evaluation costs	d	5	3	0	1	10	0	0
Minesite sustaining capital expenditures	e	381	124	48	23	586	15	120
Sustaining capital leases		0	0	0	0	1	2	0
Rehabilitation - accretion and amortization (operating sites)	f	5	8	2	4	19	1	3
Non-controlling interests		(151)	(52)	(18)	(11)	(236)	0	(48)
All-in sustaining costs		669	338	232	67	1,314	123	272
Ounces sold - attributable basis (000s ounces)		308	203	153	57	721	71	169
COS/oz	g,h	1,649	1,618	1,682	1,856	1,665	1,779	1,781
TCC/oz	h	1,390	1,253	1,310	876	1,295	1,482	1,166
AISC/oz	h	2,169	1,662	1,513	1,190	1,821	1,725	1,605


($ millions, except per oz information in dollars)		For the six months ended 06/30/2025
	Footnote	Veladero	Porgera	Loulo- Gounkotoi	Kibali	North Mara	Tongonj	Bulyanhulu
COS applicable to gold production		161	68	—	221	186	144	141
Depreciation		(56)	(14)	—	(64)	(40)	(12)	(30)
Costs allocated to by-products		(3)	0	—	(1)	(3)	0	(14)
Other	c	0	0	—	0	0	0	2
Non-controlling interests		0	0	—	0	(22)	(14)	(16)
Total cash costs		102	54	—	156	121	118	83
General & administrative costs		0	0	—	0	0	0	0
Minesite exploration and evaluation costs	d	3	1	—	0	0	0	0
Minesite sustaining capital expenditures	e	67	14	—	22	32	7	53
Sustaining capital leases		1	1	—	5	0	0	0
Rehabilitation - accretion and amortization (operating sites)	f	1	0	—	0	2	4	1
Non-controlling interests		0	0	—	0	(5)	(1)	(9)
All-in sustaining costs		174	70	—	183	150	128	128
Ounces sold - attributable basis (000s ounces)		135	45	—	136	118	57	69
COS/oz	g,h	1,187	1,503	—	1,627	1,330	2,272	1,718
TCC/oz	h	752	1,179	—	1,152	1,022	2,084	1,201
AISC/oz	h	1,283	1,535	—	1,348	1,272	2,264	1,856

a.These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge and Phoenix and non-mine site related activity.

b.On September 10, 2025, we 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.

c.Other - Other adjustments at Carlin include the removal of TCC associated with Emigrant, which is producing incidental ounces.

d.Exploration and evaluation costs - Exploration, evaluation and project expenses are included in AISC if they support current mine operations.

e.Capital expenditures - Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures.

f.Rehabilitation - accretion and amortization - Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on

the rehabilitation provision of our gold operations, split between operating and non-operating sites.

g.COS/oz - Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold

(both on an attributable basis using Barrick's ownership share).

h.Per ounce figures - COS/oz, TCC/oz and AISC/oz may not calculate based on amounts presented in this table due to rounding.

i.As a result of 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 Q1 2025 to Q3 2025. On November 24, 2025, Barrick announced that an agreement had been entered into with the


BARRICK SECOND QUARTER 2026	53	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

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 operational control was handed back to Somilo and Gounkoto's management.

j.On October 6, 2025, we reached an agreement to sell our 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.

Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis


($ millions, except per lb information in dollars)	For the three months ended			For the six months ended
	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
Cost of sales	280	217	193	497	401
Depreciation/amortization	(71)	(43)	(68)	(114)	(128)
Treatment and refinement charges	49	35	40	84	82
C1 cash costs applicable to equity method investments	95	95	84	190	174
Less: royalties	(43)	(30)	(25)	(73)	(46)
Costs allocated to by-products	(15)	(18)	(12)	(33)	(17)
C1 cash costs of sales	295	256	212	551	466
General & administrative costs	6	6	8	12	16
Rehabilitation - accretion and amortization	1	1	3	2	4
Royalties	43	30	25	73	46
Minesite exploration and evaluation costs	3	2	1	5	3
Minesite sustaining capital expenditures	120	66	90	186	147
Sustaining leases	2	1	2	3	5
All-in sustaining costs	470	362	341	832	687
Tonnes sold - attributable basis (thousands of tonnes)	54	45	54	99	105
Pounds sold - attributable basis (millions pounds)	119	99	118	218	231
COS/lba,b	3.39	3.41	2.56	3.40	2.74
C1 cash costs per pounda	2.47	2.57	1.80	2.52	2.02
AISC/lba	3.95	3.67	2.90	3.82	2.98

a.COS/lb, C1 cash costs/lb and AISC/lb may not calculate based on amounts presented in this table due to rounding.

b.Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership

share).

Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis, by

operating segment


($ millions, except per lb information in dollars)			For the three months ended
	6/30/26			3/31/26			6/30/25
	Zaldívar	Lumwana	Jabal Sayid	Zaldívar	Lumwana	Jabal Sayid	Zaldívar	Lumwana	Jabal Sayid
Cost of sales	96	280	27	89	217	31	75	194	33
Depreciation/amortization	(22)	(71)	(6)	(20)	(43)	(6)	(18)	(69)	(6)
Treatment and refinement charges	0	50	(1)	0	35	0	0	39	1
Less: royalties	(1)	(43)	0	(1)	(30)	0	0	(25)	0
Costs allocated to by-products	0	(6)	(9)	0	(4)	(13)	0	(4)	(8)
Other	0	0	0	0	0	0	0	0	0
C1 cash costs of sales	73	210	11	68	175	12	57	135	20
Rehabilitation - accretion and amortization	0	1	0	0	1	0	1	1	0
Royalties	1	43	0	1	30	0	0	25	0
Minesite exploration and evaluation costs	3	0	0	2	0	0	1	0	0
Minesite sustaining capital expenditures	30	87	2	20	45	2	10	78	2
Sustaining leases	1	0	1	1	0	0	1	0	1
Inventory write-downs	0	0	0	0	0	0	0	0	0
All-in sustaining costs	108	341	14	92	251	14	70	239	23
Tonnes sold - attributable basis (thousands of tonnes)	9	40	5	8	30	7	7	39	8
Pounds sold - attributable basis (millions of pounds)	20	89	10	18	66	15	17	85	16
COS/lba,b	4.89	3.14	2.63	4.87	3.31	2.07	4.59	2.25	2.11
C1 cash costs/lba	3.71	2.35	1.08	3.70	2.67	0.79	3.46	1.58	1.29
AISC/lba	5.50	3.83	1.42	5.02	3.83	0.94	4.34	2.79	1.46


BARRICK SECOND QUARTER 2026	54	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS


($ millions, except per lb information in dollars)			For the six months ended
	6/30/26			6/30/25
	Zaldívar	Lumwana	Jabal Sayid	Zaldívar	Lumwana	Jabal Sayid
Cost of sales	185	497	58	163	402	66
Depreciation/amortization	(42)	(114)	(12)	(42)	(129)	(13)
Treatment and refinement charges	0	85	(1)	0	78	4
Less: royalties	(2)	(73)	0	0	0	0
By-product credits	0	(10)	(22)	0	(4)	(13)
Other	0	0	0	0	0	0
C1 cash costs	141	385	23	121	301	44
Rehabilitation - accretion and amortization	0	2	0	1	2	0
Royalties	0	73	0	0	0	0
Minesite exploration and evaluation costs	5	0	0	3	0	0
Minesite sustaining capital expenditures	50	132	4	15	128	4
Sustaining leases	2	0	1	3	1	1
All-in sustaining costs	200	592	28	143	478	49
Tonnes sold - attributable basis (thousands of tonnes)	17	70	12	17	73	15
Pounds sold - attributable basis (millions pounds)	38	155	25	38	160	33
COS/lba,b	4.88	3.21	2.30	4.32	2.51	2.03
C1 cash cost/lba	3.71	2.49	0.90	3.20	1.88	1.36
AISC/lba	5.27	3.83	1.13	3.79	2.98	1.51

a.COS/lb, C1 cash costs/lb and AISC/lb may not calculate based on amounts presented in this table due to rounding.

b.Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership

share).


BARRICK SECOND QUARTER 2026	55	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

EBITDA, Adjusted EBITDA, Attributable Adjusted EBITDA, Attributable Adjusted EBITDA Margin and Net Leverage

EBITDA is a non-GAAP financial measure, which excludes

the following from net earnings:

■Income tax expense;

■Finance costs;

■Finance income; and

■Depreciation.

Management believes that EBITDA is a valuable indicator

of our ability to generate liquidity by producing operating

cash flow to fund working capital needs, service debt

obligations, and fund capital expenditures. Management

uses EBITDA for this purpose. EBITDA is also frequently

used by investors and analysts for valuation purposes

whereby EBITDA is multiplied by a factor or “EBITDA

multiple” that is based on an observed or inferred

relationship between EBITDA and market values to

determine the approximate total enterprise value of a

company.

Starting with this MD&A, we have renamed

attributable EBITDA and attributable EBITDA margin to

attributable adjusted EBITDA and attributable adjusted

EBITDA margin, respectively. There is no change in the

way these measures are calculated.

Adjusted EBITDA removes the effect of

impairment charges; acquisition/disposition gains/losses;

foreign currency translation gains/losses; and other

expense adjustments. We also remove the impact of

income tax expense, finance costs, finance income and

depreciation incurred in our equity method accounted

investments. Attributable Adjusted EBITDA further removes

the non-controlling interest portion. We believe these items

provide a greater level of consistency with the adjusting

items included in our adjusted net earnings reconciliation,

with the exception that these amounts are adjusted to

remove any impact on finance costs/income, income tax

expense and/or depreciation as they do not affect EBITDA.

We believe this additional information will assist analysts,

investors and other stakeholders of Barrick in better

understanding our ability to generate liquidity from our

attributable business, including equity method investments,

by excluding these amounts from the calculation as they

are not indicative of the performance of our core mining

business and do not necessarily reflect the underlying

operating results for the periods presented. Additionally, it

is aligned with how we present our forward-looking

guidance on gold ounces and copper pounds produced.

Attributable adjusted EBITDA margin is calculated

as attributable adjusted EBITDA divided by revenues - as

adjusted. We believe this ratio will assist analysts,

investors and other stakeholders of Barrick to better

understand the relationship between revenues and EBITDA

or operating profit.

Net leverage is calculated as debt, net of cash

divided by the sum of adjusted EBITDA of the last four

consecutive quarters. We believe this ratio will assist

analysts, investors and other stakeholders of Barrick in

monitoring our leverage and evaluating our balance sheet.

EBITDA, adjusted EBITDA, attributable adjusted

EBITDA, attributable adjusted EBITDA margin and net

leverage are intended to provide additional information to

investors and analysts and do not have any standardized

definition under IFRS, and should not be considered in

isolation or as a substitute for measures of performance

prepared in accordance with IFRS. EBITDA, adjusted

EBITDA and attributable adjusted EBITDA exclude the

impact of cash costs of financing activities and taxes, and

the effects of changes in operating working capital

balances, and therefore are not necessarily indicative of

operating profit or cash flow from operations as determined

under IFRS. Other companies may calculate EBITDA,

adjusted EBITDA, attributable adjusted EBITDA,

attributable adjusted EBITDA margin and net leverage

differently.

Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable Adjusted EBITDA


($ millions)	For the three months ended			For the six months ended
	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25
Net earnings	1,892	2,481	1,256	4,373	2,037
Income tax expense	732	747	102	1,479	380
Finance costs, neta	6	19	36	25	75
Depreciation	555	500	436	1,055	847
EBITDA	3,185	3,747	1,830	6,932	3,339
Impairment charges of non-current assetsb	(1)	0	0	(1)	4
Acquisition/disposition losses (gains)c	(10)	1	289	(9)	289
(Gain) loss on currency translation	14	20	(2)	34	0
Other expense adjustmentsd	236	18	44	254	217
Income tax expense, net finance costsa and depreciation from equity investees	204	148	156	352	297
Adjusted EBITDA	3,628	3,934	2,317	7,562	4,146
Non-controlling Interests	(1,083)	(1,173)	(627)	(2,256)	(1,095)
Attributable adjusted EBITDA	2,545	2,761	1,690	5,306	3,051
Revenues - as adjustede	4,267	4,181	3,050	8,448	5,735
Attributable adjusted EBITDA marginf	60%	66%	55%	63%	53%
	As at 6/30/26	As at 12/31/25	As at 6/30/25	As at 6/30/26	As at 12/31/25
Net leverageg	-0.1:1	-0.2:1	0.0:1	-0.1:1	-0.2:1

a.Finance costs exclude accretion.

b.There were no significant impairment charges or reversals in the current period or prior periods.

c.Acquisition/disposition gains for Q4 2025 relate to gain on sale of our Hemlo gold mine, our interest in the Tongon gold mine and the Alturas project. Q4 2025

was further impacted by the accounting impact of regaining control of the Loulo-Gounkoto complex on December 16, 2025.

d.Other expense for Q2 2026 and YTD 2026 period mainly related to additional royalties, penalties and interest related to the retrospective application of the 2023

Mining Code to Loulo-Gounkoto for 2024 and 2025 combined with the fair value increment on inventory resulting from the purchase price allocation when we

regained control of Loulo-Gounkoto, remobilization costs at Mali, legal and consulting costs related to our North America IPO project and revaluation of

contingent consideration for Hemlo. Other expense adjustments for the 2025 periods mainly relate to reduced operation costs at Loulo-Gounkoto, and also

include the signing of agreements to settle legacy legal matters in the Philippines related to Placer Dome Inc.

e.Refer to Reconciliation of Sales to Realized Price per oz/pound on page 56 of this MD&A.

f.Represents attributable adjusted EBITDA divided by revenues - as adjusted.

g.Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.


BARRICK SECOND QUARTER 2026	56	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Realized Price

Realized price is a non-GAAP financial measure which

excludes from sales:

■Treatment and refining charges; and

■Cumulative catch-up adjustment to revenue

relating to our streaming arrangements.

We believe this provides investors and analysts with a more

accurate measure with which to compare to market gold

and copper prices and to assess our gold and copper sales

performance. For those reasons, management believes that

this measure provides a more accurate reflection of our

Company’s past performance and is a better indicator of its

expected performance in future periods.

The realized price measure is intended to provide

additional information, and does not have any standardized

definition under IFRS and should not be considered in

isolation or as a substitute for measures of performance

prepared in accordance with IFRS. The measure is not

necessarily indicative of sales as determined under IFRS.

Other companies may calculate this measure differently.

The following table reconciles realized prices to the most

directly comparable IFRS measure.

Reconciliation of Sales to Realized Price per ounce/pound


($ millions, except per oz/lb information in dollars)	Gold			Copper			Gold		Copper
($ millions, except per oz/lb information in dollars)	For the three months ended						For the six months ended
	6/30/26	3/31/26	6/30/25	6/30/26	3/31/26	6/30/25	6/30/26	6/30/25	6/30/26	6/30/25
Sales	4,665	4,756	3,280	499	343	337	9,421	6,046	842	641
Sales applicable to non-controlling interests	(1,553)	(1,591)	(1,054)	0	0	0	(3,144)	(1,902)	0	0
Sales applicable to equity method investmentsa,b	416	446	306	182	196	135	862	558	378	299
Sales applicable to sites in closure or care and maintenancec	(2)	(13)		0	0	0	(15)	(2)	0	0
Treatment and refinement charges	11	9	7	49	35	40	20	13	84	82
Otherd	0	0	0	0	0	0	0	0	0	0
Revenues – as adjusted	3,537	3,607	2,538	730	574	512	7,144	4,713	1,304	1,022
Ounces/pounds sold (koz/Mlb)c	801	748	770	119	99	118	1,549	1,521	218	231
Realized gold/copper price per oz/lbe	4,417	4,823	3,295	6.15	5.79	4.36	4,613	3,099	5.99	4.43

a.Represents sales of $313 million for Q2 2026 and YTD 2026 $654 million (Q1 2026: $341 million; Q2 2025: $226 million; YTD 2025: $417 million) applicable to

our 45% equity method investment in Kibali and $103 million for Q2 2026 and YTD 2026 $208 million (Q1 2026: $105 million; Q2 2025: $80 million; YTD 2025

$141 million) applicable to our 24.5% equity method investment in Porgera for gold. Represents sales of $123 million for Q2 2026 and YTD 2026 $233 million

(Q1 2026: $110 million; Q2 2025: $71 million; YTD 2025: $166 million) applicable to our 50% equity method investment in Zaldívar and $60 million and $146

million respectively (Q1 2026: $86 million; Q2 2025: $65 million; YTD 2025: $137 million), applicable to our 50% equity method investment in Jabal Sayid for

copper.

b.Sales applicable to equity method investments are net of treatment and refinement charges.

c.On an attributable basis. Excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.

d.Represents cumulative catch-up adjustment to revenue relating to our streaming arrangements. Refer to note 2e of the 2025 Annual Financial Statements for

more information.

e.Realized price per oz/lb may not calculate based on amounts presented in this table due to rounding.


BARRICK SECOND QUARTER 2026	57	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Technical Information

The scientific and technical information contained in this MD&A has been reviewed and approved by Richard Peattie, MPhil,

FAusIMM, Chief Technical Officer; Sam Baldwin, Vice President Geology, MSc, MAIG; Joel Holliday, FAusIMM, Executive Vice

President, Exploration; and Jesse Clark, BSc (Hons), MSc, RM SME, Vice President, Geology; – each a “Qualified Person” as

defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 –

Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are

as of December 31, 2025.

Endnotes

1Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56

of this MD&A.

2Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance)

divided by ounces sold (both on an attributable basis using Barrick's ownership share). Copper COS/lb is calculated as cost

of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

References to attributable basis means our 100% share of Hemlo (prior to its divestiture in Q4 2025) and Lumwana, our

61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon (prior to

its divestiture in Q4 2025), our 84% share of North Mara and Bulyanhulu, our 50% share of Veladero, Zaldívar and Jabal

Sayid, our 24.5% share of Porgera and our 45% share of Kibali.

3Total reportable incident frequency rate ("TRIFR") is a ratio calculated as follows: number of reportable injuries x 1,000,000

hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty

injuries, and medically treated injuries. Lost time injury frequency rate ("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.

4Class 1 - High Significance is defined as an incident that causes significant negative impacts on human health or the

environment or an incident that extends onto publicly accessible land and has the potential to cause significant adverse

impact to surrounding communities, livestock or wildlife.

5A Tier One Gold Asset is an asset with a $1,500/oz reserve with potential to deliver a minimum 10-year life, annual production

of at least 500,000 ounces of gold and with projected costs per ounce in the lower half of the industry cost curve. A Tier One

Copper Asset/Project is an asset with a $3.25/lb reserve with potential for +5Mt contained copper in support at least 20 years

life, annual production of at least 200ktpa, 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.

6Fourmile production and economic metrics are based upon a preliminary economic assessment, using 2024 mineral

resources only and August 2025 Long Term Consensus Gold Price of $2,585/oz. These metrics are conceptual in nature

because they include inferred mineral resources that are considered too speculative to have the considerations applied to

them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic

assessment will be realized.

7Refer to the Technical Report on the Cortez Complex, Lander and Eureka Counties, State of Nevada, USA, dated December

31, 2021, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022.

8Refer to the Technical Report on the Carlin Complex, Eureka and Elko County, Nevada, USA, dated December 31, 2024, and

filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 14, 2025.

9Refer to the Technical Report on the Pueblo Viejo mine, Dominican Republic, dated December 31, 2025, and filed on

SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 27, 2026.

10Refer to the Technical Report on the Reko Diq Project, Balochistan, Pakistan, dated December 31, 2024, and filed on

SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 19, 2025.

11Refer to the Technical Report on the Lumwana Expansion Project, Republic of Zambia, dated December 31, 2024, and filed

on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 19, 2025.


BARRICK SECOND QUARTER 2026	58	MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

12Q2 2026 Porfiada, Lama District, Argentina Interceptsabc


Drill Results from Q1 2026
						Including

Drill Holeb	Azimuth	Dip	Interval (m)	True Width (m)c	Au (g/t)	Interval (m)	Width (m)c	Au (g/t)
DDH-POR-11Ad	250	-65	61-72	11.0	0.32	—	—	—
DDH-POR-11Ad	250	-65	125-129.5	4.5	0.38	—	—	—
DDH-POR-11Ad	250	-65	252-269	17.0	0.53	—	—	—
DDH-POR-11Ad	250	-65	292.5-356	63.5	0.50	340.4-356	15.6	0.90
DDH-POR-12d	245	-60	282-380.5	98.5	0.59	304.5-325	20.5	1.32
						332.5-340.5	8	1.00

a.All intercepts calculated using a 0.25 g/t Au cutoff and are uncapped; minimum intercept width is 1.0 meters; internal dilution is less than

20% total width.

b.No internal dilution applied.

c.Porfiada drill hole nomenclature: Drill system Diamond Drill Hole (DDH), Project Name (POR = Porfiada) followed by hole number

d.True width of intercepts are estimated using the core axis and are uncertain at this stage.

e.Drill method is diamond drilling

The drilling results for Porfiada contained in this MD&A have been prepared in accordance with National Instrument 43-101 –

Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff

geologists and re-checked by the project manager. Sample preparation and analyses are conducted by the laboratory at our

Veladero mine. 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 Argenta

Block conform to industry accepted quality control methods.

13Q2 2026 Turquoise Ridge Significant Interceptsa


Dune Results

				Estimated
Core Drill Holeb	Azimuth	Dip	Interval (m)	True Width (m)c	Au (g/t)
TUM-26024	91	-11	86.3-91.4	5.2	14.02
			95.4-133.8	38.4	8.15
			183.8-223.1	33.5	16.98
			292.0-308.5	16.5	10.16

a.All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 1.0 meters; internal dilution is less than 20%

total width.

b.Drill hole nomenclature: TUM Project area Turquoise Ridge Underground, the year (26 for 2026) followed by the hole number.

c.True True width of intercepts are uncertain at this stage.

The drilling results for Turquoise Ridge contained in this presentation have been prepared in accordance with National

Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed

and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by

ALS Minerals, an independent laboratory. 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 Turquoise Ridge conform to industry accepted quality control methods.


BARRICK SECOND QUARTER 2026	59	FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Consolidated Statements of Income


Barrick Mining Corporation (in millions of United States dollars, except per share data) (Unaudited)	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Revenue (notes 5 and 6)	$5,292	$3,681	$10,510	$6,811
Costs and expenses (income)
Cost of sales (notes 5 and 7)	2,395	1,878	4,494	3,663
General and administrative expenses	31	39	70	81
Exploration, evaluation and project expenses	134	82	250	136
Impairment (reversals) charges	(1)	—	(1)	4
Loss (gain) on currency translation	14	(2)	34	—
Closed mine rehabilitation	15	(8)	12	11
Income from equity investees (note 12)	(155)	(77)	(471)	(144)
Other expense (note 9)	209	353	205	523
Income before finance costs and income taxes	$2,650	$1,416	$5,917	$2,537
Finance costs, net	(26)	(58)	(65)	(120)
Income before income taxes	$2,624	$1,358	$5,852	$2,417
Income tax expense (note 10)	(732)	(102)	(1,479)	(380)
Net income	$1,892	$1,256	$4,373	$2,037
Attributable to:
Equity holders of Barrick Mining Corporation	$1,217	$811	$2,819	$1,285
Non-controlling interests (note 16)	$675	$445	$1,554	$752

Earnings per share attributable to the equity holders of Barrick Mining Corporation (note 8)
Net income
Basic	$0.73	$0.47	$1.69	$0.75
Diluted	$0.73	$0.47	$1.69	$0.75

The accompanying notes are an integral part of these condensed interim consolidated financial statements.


BARRICK SECOND QUARTER 2026	60	FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Consolidated Statements

of Comprehensive Income


Barrick Mining Corporation (in millions of United States dollars) (Unaudited)	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Net income	$1,892	$1,256	$4,373	$2,037
Other comprehensive income, net of taxes
Items that may be reclassified subsequently to profit or loss:
Unrealized gains on derivatives designated as cash flow hedges, net of tax $nil, $nil, $nil and $nil	335	—	151	—
Realized losses on derivatives designated as cash flow hedges, net of tax $nil, $nil, $nil and $nil	18	—	60	—
Items that will not be reclassified to profit or loss:
Actuarial loss on post employment benefit obligations, net of tax $nil, $nil, $nil and $nil	—	(1)	—	(2)
Net unrealized change on equity investments, net of tax $6, $(1), $6 and $(1)	(1)	12	(41)	17
Net realized change on equity investments, net of tax $(8), $nil, $(9) and $nil	(8)	—	51	—
Total other comprehensive income	344	11	221	15
Total comprehensive income	$2,236	$1,267	$4,594	$2,052
Attributable to:
Equity holders of Barrick Mining Corporation	$1,561	$822	$3,040	$1,300
Non-controlling interests	$675	$445	$1,554	$752

The accompanying notes are an integral part of these condensed interim consolidated financial statements.


BARRICK SECOND QUARTER 2026	61	FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Consolidated Statements of Cash Flow


Barrick Mining Corporation (in millions of United States dollars) (Unaudited)	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
OPERATING ACTIVITIES
Net income	$1,892	$1,256	$4,373	$2,037
Adjustments for the following items:
Depreciation	555	436	1,055	847
Finance costs, net	26	58	65	120
Impairment (reversals) charges	(1)	—	(1)	4
Income tax expense (note 10)	732	102	1,479	380
Income from equity investees (note 12)	(155)	(77)	(471)	(144)
Gain on sale of non-current assets (note 9)	(10)	(745)	(9)	(745)
Loulo-Gounkoto (note 4 and 9)	210	1,035	210	1,035
Loss (gain) on currency translation	14	(2)	34	—
Change in working capital (note 11)	(379)	(129)	(681)	(234)
Other operating activities (note 11)	(114)	(103)	(370)	(112)
Operating cash flows before interest and income taxes	2,770	1,831	5,684	3,188
Interest paid	(92)	(114)	(141)	(139)
Interest received	50	37	105	83
Income taxes paid1	(1,024)	(425)	(1,390)	(591)
Net cash provided by operating activities	1,704	1,329	4,258	2,541
INVESTING ACTIVITIES
Property, plant and equipment
Capital expenditures (note 5)	(1,189)	(934)	(2,168)	(1,771)
Sales proceeds	6	2	8	2
Divestitures	41	999	37	999
Income taxes paid on divestitures	(7)	(87)	(7)	(87)
Investment sales	—	—	110	—
Funding of equity method investments (note 12)	(2)	—	(2)	—
Dividends received from equity method investments (note 12)	167	53	277	91
Shareholder loan repayments from equity method investments	84	53	231	113
Net cash provided by (used in) investing activities	(900)	86	(1,514)	(653)
FINANCING ACTIVITIES
Lease repayments	(5)	(14)	(10)	(17)
Debt repayments	(47)	(2)	(47)	(2)
Dividends	(288)	(170)	(985)	(342)
Share buyback program (note 15)	(1,209)	(268)	(1,209)	(411)
Funding from Reko Diq non-controlling interests (note 16)	71	44	193	127
Disbursements to non-controlling interests (note 16)	(562)	(324)	(1,488)	(532)
Pueblo Viejo JV partner shareholder loan	32	13	23	17
Net cash used in financing activities	(2,008)	(721)	(3,523)	(1,160)
Effect of exchange rate changes on cash and equivalents	—	—	—	—
Net increase (decrease) in cash and equivalents	(1,204)	694	(779)	728
Cash and equivalents at the beginning of period	7,131	4,108	6,706	4,074
Cash and equivalents at the end of period	$5,927	$4,802	$5,927	$4,802

1Income taxes paid excludes $54 million (Q2 2025: $58 million) for Q2 2026 and $74 million (YTD 2025: $75 million) for YTD 2026 of income taxes payable that

were settled against offsetting value added tax (“VAT”) receivables.

The accompanying notes are an integral part of these condensed interim consolidated financial statements.


BARRICK SECOND QUARTER 2026	62	FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Consolidated Balance Sheets


Barrick Mining Corporation	As at June 30,	As at December 31,
(in millions of United States dollars) (Unaudited)	2026	2025 (Revised)¹
ASSETS
Current assets
Cash and equivalents	$5,927	$6,706
Accounts receivable	856	803
Inventories	2,090	2,070
Other current assets	781	652
Total current assets	$9,654	$10,231
Non-current assets
Non-current portion of inventory	2,829	2,792
Equity in investees (note 12)	4,242	4,216
Property, plant and equipment	30,471	29,351
Intangible assets	148	148
Goodwill	3,034	3,034
Deferred income tax assets	32	43
Other assets	1,939	1,841
Total assets	$52,349	$51,656
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$2,084	$1,907
Debt	15	56
Current income tax liabilities	571	842
Other current liabilities	533	912
Total current liabilities	$3,203	$3,717
Non-current liabilities
Debt	4,667	4,647
Provisions	1,815	1,846
Deferred income tax liabilities	4,378	3,909
Other liabilities	1,436	1,621
Total liabilities	$15,499	$15,740
Equity
Capital stock (note 15)	$26,367	$26,834
Retained earnings (deficit)	582	(1,243)
Accumulated other comprehensive loss	(52)	(273)
Other	409	1,166
Total equity attributable to Barrick Mining Corporation shareholders	$27,306	$26,484
Non-controlling interests (note 16)	9,544	9,432
Total equity	$36,850	$35,916
Contingencies and commitments (notes 5 and 17)
Total liabilities and equity	$52,349	$51,656

1.2025 figures have been revised to reflect an update to the provisional purchase price allocation relating to Loulo-Gounkoto. Refer to note 4 for further details.

The accompanying notes are an integral part of these condensed interim consolidated financial statements.


BARRICK SECOND QUARTER 2026	63	FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Consolidated Statements of Changes in Equity


Barrick Mining Corporation		Attributable to equity holders of the company
(in millions of United States dollars) (Unaudited)	Common Shares (in thousands)	Capital stock	Retained earnings (deficit)	Accumulated other comprehensive income (loss)1	Other2	Total equity attributable to shareholders	Non- controlling interests	Total equity
At January 1, 2026 (Revised)3	1,675,360	$26,834	($1,243)	($273)	$1,166	$26,484	$9,432	$35,916
Net income	—	—	2,819	—	—	2,819	1,554	4,373
Total other comprehensive income	—	—	—	221	—	221	—	221
Total comprehensive income	—	—	2,819	221	—	3,040	1,554	4,594
Transactions with owners
Dividends	—	—	(985)	—	—	(985)	—	(985)
Funding from non-controlling interests (note 16)	—	—	—	—	—	—	193	193
Disbursements to non- controlling interests (note 16)	—	—	—	—	—	—	(1,635)	(1,635)
Dividend reinvestment plan (note 15)	219	9	(9)	—	—	—	—	—
Share buyback program	(29,695)	(476)	—	—	(757)	(1,233)	—	(1,233)
Total transactions with owners	(29,476)	(467)	(994)	—	(757)	(2,218)	(1,442)	(3,660)
At June 30, 2026	1,645,884	$26,367	$582	($52)	$409	$27,306	$9,544	$36,850

At January 1, 2025	1,727,100	$27,661	($5,269)	$33	$1,865	$24,290	$8,966	$33,256
Net income	—	—	1,285	—	—	1,285	752	2,037
Total other comprehensive income	—	—	—	15	—	15	—	15
Total comprehensive income	—	—	1,285	15	—	1,300	752	2,052
Transactions with owners
Dividends	—	—	(342)	—	—	(342)	—	(342)
Loulo-Gounkoto loss of control (note 4)	—	—	—	—	—	—	(686)	(686)
Funding from non-controlling interests	—	—	—	—	—	—	127	127
Disbursements to non- controlling interests	—	—	—	—	—	—	(564)	(564)
Dividend reinvestment plan	86	2	(2)	—	—	—	—	—
Share buyback program	(21,192)	(340)	—	—	(79)	(419)	—	(419)
Total transactions with owners	(21,106)	(338)	(344)	—	(79)	(761)	(1,123)	(1,884)
At June 30, 2025	1,705,994	$27,323	($4,328)	$48	$1,786	$24,829	$8,595	$33,424

1Includes cumulative translation losses as at June 30, 2026: $95 million (December 31, 2025: $95 million; June 30, 2025: $95 million).

2Includes additional paid-in capital as at June 30, 2026: $371 million (December 31, 2025: $1,128 million; June 30, 2025: $1,748 million).

3Figures have been revised to reflect an update to the provisional purchase price allocation recorded in the fourth quarter of 2025 relating to Loulo-Gounkoto. Refer

to note 4 for further details.

The accompanying notes are an integral part of these condensed interim consolidated financial statements.


BARRICK SECOND QUARTER 2026	64	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Notes to Consolidated Financial Statements

Barrick Mining Corporation. Tabular dollar amounts in millions of United States dollars, unless otherwise shown.

1 n Corporate Information

Barrick Mining Corporation (“Barrick”, “we” or the

“Company”) is a corporation governed by the Business

Corporations Act (British Columbia). The Company’s

corporate office is located at Brookfield Place, TD Canada

Trust Tower, 161 Bay Street, Suite 3700, Toronto, Ontario,

M5J 2S1. The Company’s registered office is 925 West

Georgia Street, Suite 1600, Vancouver, British Columbia,

V6C 3L2. Barrick shares trade on the New York Stock

Exchange under the symbol B and the Toronto Stock

Exchange under the symbol ABX. We are principally

engaged in the production and sale of gold and copper, as

well as related activities such as exploration and mine

development. We sell our gold and copper into the world

market.

We have ownership interests in producing gold

mines that are located in Argentina, the Democratic

Republic of the Congo, the Dominican Republic, Mali,

Papua New Guinea, Tanzania and the United States. We

have ownership interests in producing copper mines in

Chile, Saudi Arabia and Zambia. We also have various

projects located throughout the Americas, Asia and Africa.

2 n Material Accounting Policy Information

a) Statement of Compliance

These condensed interim consolidated financial statements

have been prepared in accordance with IFRS Accounting

Standards as issued by the International Accounting

Standards Board (“IASB”) applicable to the preparation of

interim financial statements, under International Accounting

Standard 34, Interim Financial Reporting. These interim

financial statements should be read in conjunction with

Barrick’s most recently issued Annual Report, which

includes information necessary or useful to understanding

the Company’s business and financial statement

presentation. In particular, the Company’s material

accounting policy information was presented in Note 2 of

the Annual Consolidated Financial Statements for the year

ended December 31, 2025 ("2025 Annual Financial

Statements"), and have been consistently applied in the

preparation of these interim financial statements. These

condensed interim consolidated financial statements were

authorized for issuance by the Board of Directors on August

10, 2026.

b) New Accounting Standards Issued

Certain new accounting standards and interpretations have

been published that are either applicable in the current year

or not mandatory for the current period. We have assessed

these standards and determined they do not have a

material impact on Barrick in the current reporting period. In

particular, the following standards have been issued by the

IASB.

■Amendments to the Classification and Measurement of

Financial Instruments (IFRS 9 and IFRS 7) with

mandatory application of the standard in annual

reporting periods beginning on or after January 1,

2026. The amendment clarifies the date of recognition

and derecognition of some financial assets and

liabilities, and updates the disclosures for equity

instruments designated at fair value through other

comprehensive income. This did not have a material

impact on the financial statements.

■IFRS 18 Presentation and Disclosure in Financial

Statements with mandatory application of the standard

in annual reporting periods beginning on or after

January 1, 2027. Even though IFRS 18 will not impact

the recognition or measurement of items in the

financial statements, it will impact presentation and

disclosure of certain aspects of the financial statements

including management-defined performance measures

(MPM) within the financial statements. We are

currently assessing the detailed implications of

applying the new standard on the financial statements.

Based on our preliminary assessment, items of income

and expenses in the statement of income will be

grouped into new categories resulting in new subtotals

and/or line items being presented and changes in how

certain existing subtotals are calculated; operating

profit will be the starting point for determining cash

flows from operating activities instead of net income

and interest paid will be presented as financing cash

flows and interest received as investing cash flows;

and new disclosures will be required for MPMs, of

which we believe that the following will meet the MPM

definition: Adjusted net earnings, EBITDA, Adjusted

EBITDA and Attributable Adjusted EBITDA.

No standards have been early adopted in the current

period.

3 n Critical Judgments, Estimates, Assumptions and

Risks

The judgments, estimates, assumptions and risks

discussed here reflect updates from the 2025 Annual

Financial Statements. For judgments, estimates,

assumptions and risks related to other areas not discussed

in these interim consolidated financial statements, please

refer to Notes 3 and 28 of the 2025 Annual Financial

Statements.

a) Provision for Environmental Rehabilitation (“PER”)

Provisions are updated each reporting period for changes

to expected cash flows and for the effect of changes in the

discount rate and foreign exchange rates. The change in

estimate is added or deducted from the related asset and

depreciated over the expected economic life of the

operation to which it relates. In the case of closed sites,

changes in estimates and assumptions are recognized

immediately in the consolidated statements of income. For

Q2 2026, we recorded a net decrease of $35 million (Q2

2025: $108 million net decrease) to the PER at our

minesites and for YTD 2026, a net decrease of $79 million

(YTD 2025: $82 million net decrease) primarily due to

spending incurred during the year and an increase in the

discount rate, partially offset by accretion.

Adjustments to the estimated amount and timing of

future closure and rehabilitation cash flows are a normal

occurrence in light of the significant judgments and

estimates involved. Rehabilitation provisions are adjusted

as a result of changes in estimates and assumptions and

are accounted for prospectively. In Q4 of each year, our life

of mine plans are updated and that typically results in an

update to the rehabilitation provision.


BARRICK SECOND QUARTER 2026	65	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

b) Contingencies

Contingencies can be either possible assets or possible

liabilities arising from past events which, by their nature, will

be resolved only when one or more future events, not

wholly within our control, occur or fail to occur. The

assessment of such contingencies inherently involves the

exercise of significant judgment and estimates of the

outcome of future events. Refer to Note 17 for further

details on contingencies.

4 n Acquisitions and Divestitures

a) Loulo-Gounkoto

On June 16, 2025, the Bamako Commercial Tribunal placed

Loulo-Gounkoto under temporary provisional

administration. While Barrick retained its 80% legal

ownership of the mining complex, control over operations

transferred to an external administrator. Following this

action by the Malian courts, management concluded that

Barrick had lost control of the subsidiaries that hold our

interest in Loulo-Gounkoto because we could not effectively

exercise power over the relevant activities related to the

mine, nor could we affect the returns of the mine through

managerial involvement. As a result of the loss of control

event in Q2 2025, we deconsolidated the subsidiaries, and

derecognized the assets, liabilities and non-controlling

interest of Loulo-Gounkoto at their carrying amounts at the

date when control was lost.

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

operational control was handed back to the management of

Société des Mines de Loulo SA (“Somilo”) and Société des

Mines de Gounkoto SA (“Gounkoto”).

We have determined that this represents a

business combination with Barrick identified as the acquirer.

We have determined the acquisition price should be equal

to the fair value of Barrick’s 80% investment in the equity of

Somilo and Gounkoto.

We have determined the fair value of Barrick’s

existing interest in Loulo-Gounkoto immediately before the

acquisition of control, which represents the fair value of the

consideration in the transaction. We have also determined

the fair value of the non-controlling interest and performed a

provisional allocation of the purchase price to identified

assets and liabilities.

The tables below present the provisional allocation

of the purchase price to the assets and liabilities acquired

initially recorded in the fourth quarter of 2025. A

measurement period update was recorded in the second

quarter of 2026, primarily due to additional royalties,

penalties and interest related to the periods prior to

obtaining control. This results in adjustments to those

provisional fair values effective as at the acquisition date in

December 2025, as well as the net expense related to

Loulo-Gounkoto recognized in Q4 2025. Refer to note 17

for further details. We expect to complete the purchase

price allocation process in the second half of 2026.


($ millions)	Preliminary	Change	Revised
Fair value (100%)	$3,220	$(91)	$3,129
Fair value (80%)	2,576	(73)	2,503

Provisional fair value allocation at acquisition
Cash	$71	$—	$71
Other current assets	154	12	166
Inventory	629	2	631
Property, plant and equipment	3,131	(3)	3,128
Other long-term assets	120	68	188
Total assets	$4,105	$79	$4,184
Current liabilities	$347	$244	$591
Deferred income tax liabilities	474	(75)	399
Lease liabilities	17	—	17
Provisions	47	—	47
Other liability to NCI	240	(90)	150
Total liabilities	$1,125	$79	$1,204
Non-controlling interests	404	73	477
Net assets acquired	$2,576	$(73)	$2,503

We primarily used a discounted cash flow model (being the

net present value of expected future cash flows) to

determine the fair value of the mining interests and used a

depreciated replacement cost approach in determining the

fair value of property, plant and equipment. Expected future

cash flows are based on estimates of future gold prices

inclusive of a $3,000/oz long-term gold price and projected

future revenues, estimated quantities of ore reserves and

mineral resources, including expected conversions of

resources to reserves, expected future production costs

and capital expenditures based on the life of mine plans for

the mines as at the acquisition date. A WACC of 16% was

applied in the discounted cash flow model.

Since it has been consolidated from December 16,

2025, Loulo-Gounkoto contributed revenue of $505 million

and net income of $16 million for the year ended December

31, 2025. If the acquisition had occurred on January 1,

2025, consolidated revenue and consolidated net income

for the year ended December 31, 2025, would have been

$1,036 million and $484 million, respectively. For the six

months ended June 30, 2026, revenue and net income

were $907 million and $352 million, respectively, and

excludes other expenses relating to additional royalties,

penalties and interest paid to the Government of Mali due to

the retrospective application of the 2023 Mining Code to

2024 and 2025. Refer to note 9 for further details. The fair

value of accounts receivable was $104 million (included in

other current assets) as at December 16, 2025, which was

equivalent to the contractual amount.


BARRICK SECOND QUARTER 2026	66	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

5 n Segment Information

Barrick’s business is organized into fourteen minesites. Barrick’s Chief Operating Decision Maker ("CODM") (Mark Hill, President

and Chief Executive Officer) reviews the operating results, assesses performance and makes capital allocation decisions at the

minesite level. Our presentation of our reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise

Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining

operating segments, including our remaining gold mines, have been grouped into an “Other Mines” category and will not be

reported on individually. Segment performance is evaluated based on a number of measures including operating income before

tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not

reflected in segment income.

Consolidated Statement of Income Information


		Cost of Sales
For the three months ended June 30, 2026	Revenue	Site operating costs, royalties and community relations	Depreciation	Exploration, evaluation and project expenses	Other expenses (income)1	Segment income
Carlin2	$1,250	$405	$119	$—	$3	$723
Cortez2	742	290	91	2	2	357
Turquoise Ridge2	590	179	42	—	(1)	370
Pueblo Viejo2	802	218	86	2	3	493
Loulo-Gounkoto2,3	481	213	41	—	39	188
Kibali4	314	99	34	—	7	174
Lumwana	505	209	71	—	3	222
North Mara2	194	94	23	—	5	72
Bulyanhulu2	237	79	21	—	1	136
Reportable segment total	$5,115	$1,786	$528	$4	$62	$2,735
Other Mines2	457	146	53	3	1	254
Share of equity investees4	(314)	(99)	(34)	—	(7)	(174)
Segment total	$5,258	$1,833	$547	$7	$56	$2,815

Consolidated Statement of Income Information


		Cost of Sales
For the three months ended June 30, 2025	Revenue	Site operating costs, royalties and community relations	Depreciation	Exploration, evaluation and project expenses	Other expenses (income)1	Segment income (loss)
Carlin2	$898	$361	$68	$4	$1	$464
Cortez2	579	232	62	1	2	282
Turquoise Ridge2	410	172	44	—	(5)	199
Pueblo Viejo2	517	190	77	—	3	247
Loulo-Gounkoto2,3	—	—	8	—	63	(71)
Kibali4	226	76	32	—	29	89
Lumwana	340	125	69	—	2	144
North Mara2	201	65	19	—	11	106
Bulyanhulu2	133	50	14	—	2	67
Reportable segment total	$3,304	$1,271	$393	$5	$108	$1,527
Other Mines2	610	242	65	1	9	293
Share of equity investees4	(226)	(76)	(32)	—	(29)	(89)
Segment total	$3,688	$1,437	$426	$6	$88	$1,731


BARRICK SECOND QUARTER 2026	67	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Consolidated Statement of Income Information


		Cost of Sales
For the six months ended June 30, 2026	Revenue	Site operating costs, royalties and community relations	Depreciation	Exploration, evaluation and project expenses	Other expenses (income)1	Segment income
Carlin2	$2,649	$785	$244	$1	$4	$1,615
Cortez2	1,461	521	172	2	3	763
Turquoise Ridge2	1,362	339	89	—	(7)	941
Pueblo Viejo2	1,471	384	153	3	6	925
Loulo-Gounkoto2,3	907	416	79	—	60	352
Kibali4	656	198	67	—	19	372
Lumwana	852	383	114	—	9	346
North Mara2	412	172	44	—	8	188
Bulyanhulu2	459	147	39	—	3	270
Reportable segment total	$10,229	$3,345	$1,001	$6	$105	$5,772
Other Mines2	958	282	104	4	1	567
Share of equity investees4	(656)	(198)	(67)	—	(19)	(372)
Segment total	$10,531	$3,429	$1,038	$10	$87	$5,967

Consolidated Statement of Income Information


		Cost of Sales
For the six months ended June 30, 2025	Revenue	Site operating costs, royalties and community relations	Depreciation	Exploration, evaluation and project expenses	Other expenses (income)1	Segment income (loss)
Carlin2	$1,576	$700	$130	$5	$4	$737
Cortez2	1,035	416	119	3	4	493
Turquoise Ridge2	774	328	91	—	(4)	359
Pueblo Viejo2	894	352	152	1	6	383
Loulo-Gounkoto2,3	—	—	14	1	142	(157)
Kibali4	418	157	64	—	36	161
Lumwana	645	273	129	—	4	239
North Mara2	436	146	40	—	14	236
Bulyanhulu2	279	111	30	—	4	134
Reportable segment total	$6,057	$2,483	$769	$10	$210	$2,585
Other Mines2	1,193	479	123	3	12	576
Share of equity investees4	(418)	(157)	(64)	—	(36)	(161)
Segment total	$6,832	$2,805	$828	$13	$186	$3,000

1Includes accretion expense, which is included within finance costs in the consolidated statement of income. For Q2 2026, accretion expense was $11 million (Q2

2025: $12 million) and for YTD 2026, accretion expense was $23 million (YTD 2025: $26 million).

2Includes non-controlling interest portion of revenues, cost of sales and segment income (loss) for Q2 2026 for Nevada Gold Mines $1,089 million, $474 million,

$613 million (Q2 2025: $795 million, $398 million, $396 million), Pueblo Viejo $338 million, $122 million, $215 million (Q2 2025: $210 million, $108 million, $102

million), Loulo-Gounkoto $96 million, $51 million, $39 million (Q2 2025: $nil, $2 million, $(12) million), North Mara and Bulyanhulu $69 million, $34 million, $33

million (Q2 2025: $53 million, $23 million, $30 million), and Tongon $nil, $nil, $nil (Q2 2025: $10 million, $8 million, $3 million), and for YTD 2026 for Nevada Gold

Mines $2,291 million, $902 million, $1,386 million (YTD 2025: $1,439 million, $753 million, $680 million), Pueblo Viejo $613 million, $216 million, $395 million (YTD

2025: $359 million, $203 million, $156 million), Loulo-Gounkoto $181 million, $99 million, $72 million (YTD 2025: $nil, $3 million, $(29) million), North Mara and

Bulyanhulu $139 million, $64 million, $73 million (YTD 2025: $114 million, $52 million, $61 million), and Tongon $nil, $nil, $nil (YTD 2025: $20 million, $15 million,

$5 million), respectively.

3For Q2 2026 and YTD 2026, segment income for Loulo-Gounkoto excludes other expenses relating to additional royalties, penalties and interest paid to the

Government of Mali due to the retrospective application of the 2023 Mining Code to 2024 and 2025. Refer to note 9 for further details.

4Our 45% share of Kibali is accounted for using the equity method.


BARRICK SECOND QUARTER 2026	68	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

Reconciliation of Segment Income to Income Before Income Taxes


	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
Reportable segment income	$2,735	$1,527	$5,772	$2,585
Segment income from Other Mines	254	293	567	576
Share of equity investees in reportable segment income	(174)	(89)	(372)	(161)
Other revenue	34	(7)	(21)	(21)
Other cost of sales/amortization	(15)	(15)	(27)	(30)
Exploration, evaluation and project expenses not attributable to segments	(127)	(76)	(240)	(123)
General and administrative expenses	(31)	(39)	(70)	(81)
Other income (expense) not attributable to segments	(164)	(276)	(141)	(362)
Impairment charges	1	—	1	(4)
Loss on currency translation	(14)	2	(34)	—
Closed mine rehabilitation	(15)	8	(12)	(11)
Income from equity investees	155	77	471	144
Finance costs, net (includes non-segment accretion)	(15)	(46)	(42)	(94)
Loss on non-hedge derivatives	—	(1)	—	(1)
Income before income taxes	$2,624	$1,358	$5,852	$2,417


Capital Expenditures Information	Segment capital expenditures1
	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
Carlin	$197	$156	$381	$360
Cortez	121	119	237	219
Turquoise Ridge	40	27	68	48
Pueblo Viejo	118	84	233	171
Loulo-Gounkoto	37	5	37	23
Kibali	60	33	100	67
Lumwana	243	183	407	253
North Mara	63	53	113	93
Bulyanhulu	51	36	92	74
Other Mines	32	71	79	142
Segment total	$962	$767	$1,747	$1,450
Other items not allocated to segments	319	244	635	368
Total	$1,281	$1,011	$2,382	$1,818
Share of equity investees	(60)	(33)	(100)	(67)
Total	$1,221	$978	$2,282	$1,751

1Segment capital expenditures are presented for internal management reporting purposes on an accrual basis. Capital expenditures in the Consolidated

Statements of Cash Flow are presented on a cash basis. For Q2 2026, cash expenditures were $1,189 million (Q2 2025: $934 million) and the increase in accrued

expenditures was $32 million (Q2 2025: $44 million increase). For YTD 2026, cash expenditures were $2,168 million (YTD 2025: $1,771 million) and the increase

in accrued expenditures was $114 million (YTD 2025: $20 million decrease).

Purchase Commitments

At June 30, 2026, we had purchase obligations for supplies and consumables of $3,679 million (December 31, 2025: $3,837

million).

Capital Commitments

In addition to entering into various operational commitments in the normal course of business, we had capital commitments of

$2,550 million at June 30, 2026 (December 31, 2025: $2,329 million).


BARRICK SECOND QUARTER 2026	69	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

6 n Revenue


	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
Gold sales
Spot market sales1	$4,432	$3,117	$8,981	$5,718
Concentrate sales	254	155	450	304
Provisional pricing adjustments	(21)	8	(10)	24
	$4,665	$3,280	$9,421	$6,046
Copper sales
Concentrate sales	$229	$196	$439	$471
Cathode and anode sales2	268	141	442	141
Provisional pricing adjustments	2	—	(39)	29
	$499	$337	$842	$641
Other sales3	128	64	247	124
Total	$5,292	$3,681	$10,510	$6,811

1Includes realized losses on gold contracts of $18 million for Q2 2026 (Q2 2025: $nil) and $60 million for YTD 2026 (YTD 2025: $nil). Refer to note 13 for further

details.

22025 figures have been changed to present cathode and anode sales separately from concentrate sales.

3Revenues include the sale of by-products for our gold and copper mines.

7 n Cost of Sales


	Gold		Copper		Other3		Total
For the three months ended June 30	2026	2025	2026	2025	2026	2025	2026	2025
Site operating costs1,2	$1,357	$1,179	$165	$99	$—	$—	$1,522	$1,278
Depreciation1	478	359	71	68	6	9	555	436
Royalty expense	196	103	43	25	—	—	239	128
Mining and production taxes	68	25	—	—	—	—	68	25
Community relations	10	10	1	1	—	—	11	11
	$2,109	$1,676	$280	$193	$6	$9	$2,395	$1,878
	Gold		Copper		Other3		Total
For the six months ended June 30	2026	2025	2026	2025	2026	2025	2026	2025
Site operating costs1,2	$2,536	$2,276	$308	$225	$—	$—	$2,844	$2,501
Depreciation1	927	701	114	128	14	18	1,055	847
Royalty expense	389	198	73	46	—	—	462	244
Mining and production taxes	114	48	—	—	—	—	114	48
Community relations	17	21	2	2	—	—	19	23
	$3,983	$3,244	$497	$401	$14	$18	$4,494	$3,663

1Site operating costs and depreciation include charges to reduce the cost of inventory to net realizable value as follows: $33 million for Q2 2026 (Q2 2025: $nil) and

$64 million for YTD 2026 (YTD 2025: $1 million).

2Site operating costs includes the costs of extracting by-products.

3Other includes corporate amortization.

8 n Earnings Per Share


	For the three months ended June 30				For the six months ended June 30
	2026		2025		2026		2025
	Basic	Diluted	Basic	Diluted	Basic	Diluted	Basic	Diluted
Net income	$1,892	$1,892	$1,256	$1,256	$4,373	$4,373	$2,037	$2,037
Net income attributable to non-controlling interests	(675)	(675)	(445)	(445)	(1,554)	(1,554)	(752)	(752)
Net income attributable to equity holders of Barrick Mining Corporation	$1,217	$1,217	$811	$811	$2,819	$2,819	$1,285	$1,285
Weighted average shares outstanding	1,666	1,666	1,716	1,716	1,671	1,671	1,721	1,721
Basic and diluted earnings per share attributable to the equity holders of Barrick Mining Corporation	$0.73	$0.73	$0.47	$0.47	$1.69	$1.69	$0.75	$0.75


BARRICK SECOND QUARTER 2026	70	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

9 n Other (Income) Expense


	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
Other expense:
Loulo-Gounkoto reduced operations costs1	$42	$58	$54	$125
Loss on Kibali JV Receivable	—	—	46	—
Litigation legal expenses	3	16	8	20
Bank charges	2	2	3	3
Loulo-Gounkoto2	210	1,035	210	1,035
Litigation settlement accruals	—	—	—	91
Loss on non-hedge derivatives	—	1	—	1
Loss (gain) on warrant investments at FVPL	—	(1)	—	(1)
Other	11	(1)	7	17
Total other expense	$268	$1,110	$328	$1,291
Other income:
Remeasurement of contingent consideration	($41)	$—	($96)	$—
Interest income on other assets	(8)	(12)	(18)	(23)
Gain on sale of non-current assets	(10)	(745)	(9)	(745)
Total other income	($59)	($757)	($123)	($768)
Total other (income) expense	$209	$353	$205	$523

12026 expenses relate to remobilization costs. Refer to note 4 for further

details.

22026 expenses relate to additional royalties, penalties and interest paid to

the Government of Mali due to the retrospective application of the 2023

Mining Code to 2024 and 2025, while 2025 reflects the net loss

recognized due to the change of control in Q2 2025, partially offset by the

value of the retained investment in Loulo-Gounkoto. Refer to note 4 for

further details.

10 n Income Tax Expense


	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
Current	$486	$465	$1,066	$752
Deferred	246	(363)	413	(372)
Total	$732	$102	$1,479	$380

Income tax expense was $1,479 million for YTD 2026 (YTD

2025: $380 million). The unadjusted effective income tax

rate for YTD 2026 was 25% of income before income taxes.

The underlying effective income tax rate on

ordinary income for YTD 2026 was 24% after adjusting for

the impact of foreign currency translation losses on current

and deferred tax balances, changes in rehabilitation

provisions relating to non-operating mines, non-deductible

foreign exchange losses, the remeasurement of the Hemlo

contingent consideration; the impact of Loulo-Gounkoto,

gains and losses on the sale of assets, and other non-

recurring tax and non-tax adjustments.

Currency Translation

Current and deferred tax balances are subject to

remeasurement for changes in foreign currency exchange

rates each period. This is required in countries where tax is

paid in local currency and the subsidiary has a different

functional currency (typically US dollars). The most

significant balances relate to Argentine, Malian and

Zambian tax balances.

In YTD 2026, a tax expense of $56 million (YTD

2025: $47 million tax recovery) arose primarily from net

translation losses on current tax balances due to the

strengthening of the Zambian Kwacha as well as translation

losses on deferred tax balances due to the weakening of

the West African CFA and the Argentine peso against the

US dollar. These net translation losses are included within

income tax expense.

Withholding Taxes

For YTD 2026, we have recorded $109 million (YTD 2025:

$50 million related to Argentina, Saudi Arabia, Tanzania,

and the United States) of dividend withholding taxes related

to the distributed earnings of our subsidiaries in Argentina

and Tanzania, and undistributed earnings of our

subsidiaries in Mali, Saudi Arabia and the United States.

United States Tax Reform

Under the Inflation Reduction Act signed in August 2022,

the United States implemented a 15% corporate alternative

minimum tax (“CAMT”) on applicable financial statement

income, effective for tax years beginning after December

31, 2022, with CAMT credit carryforwards having an

indefinite life. Barrick is subject to CAMT as it meets the

requisite income thresholds for a foreign-parented multi-

national group.

Since its introduction, we have recognized a

deferred tax asset (DTA) from the CAMT credit

carryforwards, anticipating recovery against future US

Federal Income Tax liabilities. In Q1 2026, the IRS outlined

additional interim guidance on the CAMT to allow several

new adjustments to adjusted financial statement income

(AFSI) and modify the scope of certain AFSI adjustments in

prior interim guidance. Given potential future developments,

the timing and amount of such CAMT recovery may be

subject to change pending issuance of final regulations.

Organization for Economic Co-operation and

Development (“OECD”) Pillar Two model rules

These rules apply to multi-national enterprises with annual

consolidated revenues of at least €750 million in at least

two of the prior four fiscal years immediately preceding the

relevant fiscal year, which is reflective of our status.

Canada enacted Pillar Two legislation through the

Global Minimum Tax Act (“GMTA”), effective for fiscal years

beginning on or after December 31, 2023. Certain

jurisdictions in which the Group operates have also

enacted, or are in the process of enacting, legislation

implementing the Pillar Two framework. In accordance with

the GMTA, the Group filed its first GloBE Information Return

and the related Canadian tax returns for the 2024 fiscal

year on June 30, 2026.

Consistent with the amendments to IAS 12 Income

Taxes issued by the IASB in May 2023, the Group has

applied the mandatory temporary exception from the

recognition and disclosure of deferred tax assets and

liabilities arising from Pillar Two income taxes. Accordingly,

no deferred tax assets or liabilities have been recognized or

disclosed in respect of Pillar Two legislation.

Based on the Group’s assessment of the OECD

Transitional Safe Harbor rules, no material Pillar Two

current tax expense or liability was identified for Q2 2026.

As the law is evolving, both in Canada and elsewhere, we

will continue to monitor the impact of this legislation.


BARRICK SECOND QUARTER 2026	71	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

11 n Cash Flow - Other Items


Operating Cash Flows – Other Items	For the three months ended June 30		For the six months ended June 30
	2026	2025	2026	2025
Adjustments for non-cash income statement items:
Loss on Kibali JV receivable	$—	$—	$46	$—
Share-based compensation expense	24	27	62	69
Inventory impairment charges	17	—	33	1
Non-cash revenue recognized on Pueblo Viejo gold and silver streaming agreement	(9)	(8)	(17)	(15)
Change in estimate of rehabilitation costs at closed mines	—	(17)	(15)	(7)
Remeasurement of contingent consideration	(41)	—	(96)	—
Litigation settlement accruals	—	—	—	91
Loss on non-hedge derivatives	—	1	—	1
Loss (gain) on warrant investments at FVPL	—	(1)	—	(1)
Change in other assets and liabilities	(56)	(66)	(159)	(108)
Settlement of share-based compensation	(14)	—	(154)	(53)
Settlement of rehabilitation obligations	(35)	(39)	(70)	(90)
Other operating activities	($114)	($103)	($370)	($112)
Cash flow arising from changes in:
Accounts receivable	($92)	($216)	($19)	($204)
Inventory	(58)	2	(110)	(65)
Value added taxes receivable1	(96)	(36)	(150)	(96)
Other current assets	(59)	(15)	(73)	(17)
Accounts payable	114	64	(136)	40
Other current liabilities	(188)	72	(193)	108
Change in working capital	($379)	($129)	($681)	($234)

1 Excludes $54 million (Q2 2025: $58 million) for Q2 2026 and $74 million (YTD 2025: $75 million) for YTD 2026 of VAT receivables that were settled against

offsetting of income taxes payable and $6 million (Q2 2025: $4 million) for Q2 2026 and $16 million (YTD 2025: $48 million) for YTD 2026 of VAT receivables that

were settled against offsetting of other duties and liabilities.

12 n Equity Accounting Method Investment Continuity


	Kibali	Jabal Sayid	Zaldívar	Porgera	Other	Total
At January 1, 2025	$2,015	$401	$875	$780	$41	$4,112
Equity pick-up (loss) from equity investees	203	139	(26)	121	—	437
Funds invested	—	—	—	—	1	1
Dividends received from equity investees	(67)	(130)	—	—	(2)	(199)
Equity earnings adjustment	—	—	—	7	—	7
Shareholder loan repayment	—	—	—	(138)	(4)	(142)
At December 31, 2025	$2,151	$410	$849	$770	$36	$4,216
Equity pick-up (loss) from equity investees	274	85	26	87	(1)	471
Funds invested	—	—	—	—	2	2
Dividends received from equity investees	(190)	(87)	—	—	—	(277)
Shareholder loan repayment	—	—	—	(170)	—	(170)
At June 30, 2026	$2,235	$408	$875	$687	$37	$4,242


BARRICK SECOND QUARTER 2026	72	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

13 n Financial Instruments

Financial instruments include cash; evidence of ownership

in an entity; or a contract that imposes an obligation on one

party and conveys a right to a second party to deliver/

receive cash or another financial instrument.

Gold Contracts

In Q3 2025, we entered into 25,000 ounces of zero cost

gold collars that mature every month between September

2025 and August 2028 for a total of 900,000 ounces. These

contracts contain purchased put and sold call options with

strike prices of $3,100/oz and $4,310/oz, respectively.

These contracts are designated as cash flow hedges, with

the effective portion of the hedge recognized in other

comprehensive income and the ineffective portion

recognized as loss (gain) on non-hedge derivatives. The

realized loss related to these positions is $18 million for Q2

2026 (Q2 2025: $nil) and $60 million (YTD 2025: $nil) for

YTD 2026, and was recorded in revenue. As at June 30,

2026, the fair value of the remaining derivatives is a loss of

$176 million (December 31, 2025: $386 million), with $45

million recorded as other current liabilities and $131 million

recorded as other non-current liabilities (December 31,

2025: $89 million and $297 million, respectively). As at

June 30, 2026, 650,000 ounces of gold collars remain

outstanding.

14 n Fair Value Measurements

a) Assets and Liabilities Measured at Fair Value on a

Recurring Basis


As at June 30, 2026	Quoted prices in active markets for identical assets	Significant other observable inputs	Significant unobservable inputs	Aggregate fair value
As at June 30, 2026	(Level 1)	(Level 2)	(Level 3)
Other investments1	$37	$—	$—	$37
Derivatives2	—	(176)	—	(176)
Receivables from provisional copper and gold sales	—	325	—	325
Receivable from NOVAGOLD	—	—	175	175
Contingent consideration3	—	—	344	344
	$37	$149	$519	$705

1Includes equity investments in other mining companies.

2Refer to note 13 for further details.

3 Primarily includes contingent consideration relating to the Tongon mine,

Norte Abierto project, Hemlo mine and Alturas project.

b) Fair Values of Financial Assets and Liabilities


	As at June 30, 2026		As at December 31, 2025
	Carrying amount	Estimated fair value	Carrying amount	Estimated fair value
Financial assets
Other assets1	$980	$980	$940	$940
Other investments2	37	37	131	131
Contingent consideration3	344	344	240	240
	$1,361	$1,361	$1,311	$1,311
Financial liabilities
Debt4	$4,682	$4,878	$4,703	$4,970
Derivative liabilities5	176	176	386	386
Other liabilities	760	760	803	803
	$5,618	$5,814	$5,892	$6,159

1Includes restricted cash and amounts due from our partners.

2Includes equity investments in other mining companies. Recorded at fair

value. Quoted market prices are used to determine fair value.

3Primarily includes contingent consideration relating to the Tongon mine,

Norte Abierto project, Hemlo mine and Alturas project.

4Debt is generally recorded at amortized cost. The fair value of debt is

primarily determined using quoted market prices. Balance includes both

current and long-term portions of debt.

5Refer to note 13 for further details.

The Company’s valuation techniques for our remaining

financial assets and liabilities were presented in Note 26 of

the 2025 Annual Financial Statements and have been

consistently applied in these interim financial statements.

15 n Capital Stock

a) Authorized Capital Stock

Our authorized capital stock is composed of an unlimited

number of common shares (issued 1,645,884,419 common

shares as at June 30, 2026). Our common shares have no

par value.

b) Dividends

The Company’s practice has been to declare dividends

after a quarter as part of the announcement of the results

for the quarter. Dividends declared are paid in the same

quarter.

The Company’s dividend reinvestment plan

resulted in 218,876 common shares being issued to

shareholders for YTD 2026.

At the August 7, 2026 meeting, the Board of

Directors approved a dividend of $0.175 per share

(approximately $300 million) to be paid on September 15,

2026 to shareholders of record at the close of business on

August 31, 2026.

c) Share Buyback Program

At the May 8, 2026 meeting, the Board of Directors

authorized a new share buyback program for the purchase

of up to $3 billion of Barrick’s outstanding common shares

over the next 12 months. During YTD 2026, Barrick

purchased 29.7 million common shares for a total cash

amount of $1,209 million under this program and accrued

$24 million in related taxes.

The actual number of common shares that may be

purchased, and the timing of any such purchases, will be

determined by Barrick based on a number of factors,


BARRICK SECOND QUARTER 2026	73	NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


OVERVIEW	OPERATING PERFORMANCE	FUTURE GROWTH	REVIEW OF FINANCIAL RESULTS	OTHER INFORMATION & NON-GAAP RECONCILIATIONS	FINANCIAL STATEMENTS

including the Company’s financial performance, the

availability of cash flows, and the consideration of other

uses of cash, including capital investment opportunities,

returns to shareholders, and debt reduction.

The repurchase program does not obligate the

Company to acquire any particular number of common

shares, and the repurchase program may be suspended or

discontinued at any time at the Company’s discretion.

16 n Non-controlling Interests Continuity


	Nevada Gold Mines	Pueblo Viejo	Tanzania Mines1	Loulo- Gounkoto	Tongon2	Reko Diq	Other	Total
NCI in subsidiary at June 30, 2026	38.5%	40%	16%	20%	—	50%	Various
At January 1, 2025	$6,379	$1,160	$375	$695	$16	$421	($80)	$8,966
Share of income (loss)	1,851	272	95	(57)	10	(10)	—	2,161
Cash contributed	—	—	—	—	—	362	—	362
Loss of control3	—	—	—	(686)	—	—	—	(686)
Acquisitions (divestitures)3	—	—	—	477	(19)	—	—	458
Disbursements	(1,579)	(168)	(75)	—	(7)	—	—	(1,829)
At December 31, 2025	$6,651	$1,264	$395	$429	$—	$773	($80)	$9,432
Share of income (loss)	1,307	212	48	(12)	—	(1)	—	1,554
Cash contributed	—	—	—	—	—	193	—	193
Disbursements	(1,275)	(212)	(48)	(100)	—	—	—	(1,635)
At June 30, 2026	$6,683	$1,264	$395	$317	$—	$965	($80)	$9,544

1Tanzania mines consist of the two operating mines, North Mara and Bulyanhulu.

2On October 6, 2025, we reached an agreement to sell our 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.

3Refer to note 4 for further details. Acquisition (divestitures) has been revised to reflect an update to the provisional purchase price allocation

relating to Loulo-Gounkoto.

17 n Contingencies

Certain conditions may exist as of the date the financial

statements are issued that may result in a loss to the

Company, but which will only be resolved when one or

more future events occur or fail to occur. The impact of any

resulting loss from such matters affecting these financial

statements and noted below may be material.

Except as noted below, no material changes have

occurred with respect to the matters disclosed in Note 36

“Contingencies” to the 2025 Annual Financial Statements,

and no new contingencies have occurred that are material

to the Company since the issuance of the 2025 Annual

Financial Statements.

The description set out below should be read in

conjunction with Note 36 “Contingencies” to the 2025

Annual Financial Statements.

Litigation and Claims Update

Pascua-Lama — Proposed Canadian Securities Class

Actions

In the Ontario proceeding, the Ontario Superior Court of

Justice issued its decision on the plaintiffs’ motion for class

certification on March 4, 2026. The Court certified the

plaintiffs’ statutory secondary market and common law

misrepresentation claims but declined to certify the

plaintiffs’ primary market claims.

In the Quebec proceeding, both parties have

delivered expert reports. Trial is scheduled for April 18 to

May 15, 2028.

Pascua-Lama — SMA Regulatory Sanctions

On June 23, 2026, the SMA dismissed the appeal filed by

the group of local farmers and indigenous communities

opposing the SMA’s November 13, 2024 decision not to

assess any additional fines against CMN.

Veladero — Operational Incidents and Associated

Proceedings

On June 5, 2026, the Federal Court dismissed the

previously disclosed Federal Amparo Action. The National

Minister did not appeal this decision. The previously

disclosed Provincial Amparo Action remains pending.

North Mara — Ontario Litigation

On April 7, 2026, the Court of Appeal for Ontario dismissed

the plaintiffs’ appeal, upholding Barrick’s motion to

permanently stay both actions on the grounds that Tanzania

is a more appropriate forum in which to litigate this matter.

On June 8, 2026, the plaintiffs filed an application for leave

to appeal to the Supreme Court of Canada, which Barrick

will oppose.

Loulo-Gounkoto Mining Conventions Dispute

Further to the terms of the settlement agreement

announced on November 24, 2025, the 10-year renewal of

the Somilo Exploitation Permit was granted under the 2023

Mining Code on February 13, 2026. Also further to the

settlement agreement, the senior judge at the Pôle National

Économique et Financier issued a ruling dated March 25,

2026 dismissing the criminal proceedings previously issued

against Somilo, Gounkoto and certain individuals. This

matter is now closed.

Pursuant to a tax reconciliation process

contemplated by the settlement agreement, a total of $200

million was paid to the Government of Mali in April 2026 in

respect of additional royalties, penalties and interest related

to the retrospective application of the 2023 Mining Code to


GOLD COST OF SALESb, TOTAL CASH COSTSc,	COPPER COST OF SALESb, C1 CASH COSTSc,
AND ALL-IN SUSTAINING COSTSc ($ per ounce)	AND ALL-IN SUSTAINING COSTSc ($ per pound)


NET EARNINGS, ATTRIBUTABLE ADJUSTED EBITDAc,	CAPITAL EXPENDITURESc,d
AND ATTRIBUTABLE ADJUSTED EBITDA MARGINc	($ millions)


GOLD PRODUCTIONa (thousands of ounces)	COPPER PRODUCTIONa (thousands of tonnes)


OPERATING CASH FLOW AND ATTRIBUTABLE FREE CASH FLOWc	RETURNS TO SHAREHOLDERSe ($ millions)