Barrick Gold : Mines and Money London

What needs to change in exploration today to meet the demands of resourcing tomorrow?

Mines & Money, November 2022

Cautionary Statement on Forward-looking Information…

Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "expect", "strategy", "target", "plan", "opportunities", "guidance", "outlook", "project", "goal", "additional", "budget", "estimate", "potential", "future", "focus", "ongoing", "expected", "will", "can", "could", "would" and similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: Barrick's focus on Tier One Assets and its potential for growth while delivering sustainable returns; Barrick's global exploration strategy and planned exploration activities; our pipeline of high confidence projects at or near existing operations; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves and to replace reserves depleted by mining; Barrick's forward-looking production guidance; estimates of future costs and projected future cash flows, capital, operating and exploration expenditures and mine life and production rates; Barrick's pipeline of large growth projects; our plans and expected completion and benefits of our growth projects; Barrick's strategy, plans, targets and goals in respect of environmental and social governance issues; 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 presentation 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 presentation 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; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in countries in which Barrick does or may carry on business in the future; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of or failure to obtain key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; 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; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; the impact of inflation, including global inflationary pressures driven by supply chain disruptions caused by the ongoing Covid-19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; 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 being realized; business opportunities that may be presented to, or pursued by, the Company; 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; and risks associated with diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this presentation.

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.

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Risks and Opportunities for mining and metals…

ESG remains the top risk and opportunity but geopolitics has soared to second place amid global conflict and uncertainty, requiring miners to develop a deeper understanding of its impact on strategy

Costs and productivity have moved from 10th to 5th spot as inflation hits and miners explore new ways to manage variability and unlock value

Supply chain is new to the top 10 as companies feel the pressure to tackle multiple factors creating supply chain disruption - miners will be under pressure to fast-track the supply chain transformation that was underway before the COVID-19 pandemic

How can mining and metals companies navigate immediate challenges, such as rising costs and supply chain disruption, while progressing their transformation into purpose-led,low-carbon, digitally enabled organizations?

Global focus on climate change across industries has seen miners set net- zero pathways - this will require a realistic and balanced strategy

As we head toward 2023, the mining and metals sector is responding with more fundamental shifts to business and operating models. New business models offer opportunities for miners to reposition for a changing future, with many companies considering the benefits of strategies to rationalize, grow and transform. Companies that scrutinize and shift business models now can get an edge on competitors as demand and expectations change

Source: EY; Critical minerals supply and demand challenges mining companies face, April 2022

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Where to go to find world class gold and copper deposits…

Baltica

Tethyan

Siberian Craton

Metallurgenic Belt

	Canadian
North	Shield
	Tien Shan
American	West African
Cordillera	Craton	Belt

Antillean Arcs			Arabian	Pacific
		Rim
		Nubian
	Tanzanian and	Shield
		Congo
South		Cratons
American			Yilgarn Craton
Cordillera	Guiana
	Shield	Central African	WitsCongoBasin
		Congo	Lachian Fold
		Copper Belt
				Belt
				4

Partnering with your host countries…

	Percentage of GOLD project returns going to the State
	in selected mining jurisdictions
90%	Gold price $1,500 / oz
80%
70%
60%
50%
40%
30%
20%
10%
0%

Source: Barrick research calculated by a theoretical standard mine model run to determine share of cashflows at an assumed gold price, without discounting	5