Barrick Gold : Q1 Press Release

2022

Q1 Results Release

BARRICK RAISES DIVIDEND

ON BACK OF STRONG CASH POSITION

ALL AMOUNTS EXPRESSED IN U.S. DOLLARS

Toronto, May 4, 2022 - Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced a $0.20 per share quarterly dividend, the first to include a $0.10 per share performance component in line with its new dividend policy.

President and chief executive Mark Bristow said the Company's net cash balance at the end of Q1 stood at $743 million, reflecting cash flow from the operations, the continuing sale of non-core assets, and its share of a further $0.6 billion in cash distributions by Kibali.

Since agreement on the repatriation of revenue from Kibali was reached with the Democratic Republic of Congo (DRC) last year, Kibali has delivered $1.2 billion (on a 100% basis) in the form of dividends and debt repayments, inclusive of distributions received subsequent to March 31, 2022.

Bristow said as guided earlier, Q1 was a softer quarter, particularly when compared to Q4 of 2021, which included a record-breaking performance from Nevada Gold Mines. With a stronger performance expected in the second half of the year, Barrick remains on track to meet its 2022 production guidance.

CONTINUED ON PAGE 3

ON TRACK TO ACHIEVE 2022 PRODUCTION TARGETS

EXCITING EXPLORATION RESULTS

IN ALL REGIONS

Q1 OPERATING CASH FLOW

$1,004 MILLION

Q1 NET CASH2

$743 MILLION

Q1 FREE CASH FLOW1

$393 MILLION

Q1 NET EPS

$0.25

Q1 ADJUSTED NET EPS3

$0.26

$0.20 PER SHARE DIVIDEND FOR Q1

INCLUSIVE OF $0.10 PER SHARE PERFORMANCE DIVIDEND

Key Performance Indicators

Financial and Operating Highlights

Financial Results	Q1 2022	Q4 2021 Q1 2021
Realized gold price4 ($ per ounce) Net earnings ($ millions) Adjusted net earnings3 ($ millions) Net cash provided by operating activities ($ millions) Free cash flow1 ($ millions) Net earnings per share ($) Adjusted net earnings per share3 ($) Attributable capital expenditures5,6 ($ millions)	1,876 438 463 1,004 393 0.25 0.26 478	1,793 1,777 726 538 626 507 1,387 1,302 718 763 0.41 0.30 0.35 0.29 552 424
Operating Results	Q1 2022	Q4 2021 Q1 2021
Gold Production7 (000s of ounces) Cost of sales (Barrick's share)7,8 ($ per ounce) Total cash costs7,9 ($ per ounce) All-in sustaining costs7,9 ($ per ounce)	990 1,190 832 1,164	1,203 1,101 1,075 1,073 715 716 971 1,018
Copper Production6 (millions of pounds) Cost of sales (Barrick's share)7,8 ($ per pound) C1 cash costs7,10 ($ per pound) All-in sustaining costs7,10 ($ per pound)	101 2.21 1.81 2.85	126 93 2.21 2.11 1.63 1.60 2.92 2.26

Q1 2022 Results Presentation

Webinar and Conference Call

President and CEO Mark Bristow will host a virtual presentation on the results today at 11:00 EDT, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

Go to the webinar

US and Canada (toll-free), 1 800 319 4610

UK (toll-free), 0808 101 2791

International (toll), [phone]

The Q1 2022 presentation materials will be available on Barrick's website atwww.barrick.com and the webinar will remain on the website for later viewing.

Best Assets

• ▪ First quarter puts Barrick on track to achieve 2022 production targets

• ▪ Strong performance from Loulo-Gounkoto on the back of solid throughput, recovery and grade

• ▪ Pueblo Viejo new Tailings Storage Facility permitting makes significant progress

• ▪ Reko Diq framework agreement signed with Pakistan paving the way for the next potential Tier One11 asset development

• ▪ New senior appointments strengthen management team as it expands globally

• ▪ Exciting exploration results in all regions with significant new potential highlighted in Nevada, Argentina, and the Loulo District

Leader in Sustainability

• ▪2021 Sustainability Report published highlighting our integrated approach to ESG

• ▪ 33% decrease in LTIFR12 quarter on quarter

• ▪ UpdatedGHG Reduction Roadmap outlining our journey to Net Zero by 2050

• ▪ Funding the reintroduction of white rhinos to the Garamba National Park in the DRC

Delivering Value

• ▪ Operating cash flow of $1,004 million and free cash flow1 of $393 million for the quarter

• ▪ Net earnings per share of $0.25 and adjusted net earnings per share3 of $0.26 for the quarter

• ▪ Kibali distributes a further $0.6 billion in cash during the quarter (100% basis)

• ▪ Net cash2 of $743 million results in a $0.20 per share dividend for Q1 2022, inclusive of a $0.10 per share performance dividend14

CONTINUED FROM PAGE 1

Highlights of the quarter included the framework agreement with Pakistan on restarting the Reko-Diq copper-gold project. Bristow is scheduled to meet the country's new prime minister later this month to review progress.

Also significant was the progress made in securing a new tailings storage facility for the Pueblo Viejo project in the Dominican Republic. The project is designed to unlock approximately 9 million ounces of measured and indicated resources and convert them into additional proven and probable reserves, extending the mine's life by more than 20 years.13

"Barrick controls what are unquestionably the mining industry's best gold assets as well as some substantial copper mines. Reko Diq is one of the largest undeveloped copper-gold porphyry deposits in the world, and if the conditions to closing are satisfied, it will be a very significant addition to this portfolio, even before it goes into production, by boosting reserves and resources as the updated feasibility study unfolds," Bristow said.

"In addition to its size and quality, Barrick's asset base is distinguished by our continued success in more than replacing the reserves depleted by mining through brownfields exploration. At the same time, we continue to hunt for new Tier One assets across our expanding globalfootprint. The past quarter again produced promising results from all regions, with significant new potential identified in Nevada, Argentina and Africa's Loulo district."

Bristow said the Company's latest annual Sustainability Report highlights its integrated approach to ESG, based on its belief that the challenges of poverty, climate change and biodiversity are intertwined and should be addressed holistically. The report notes that last year Barrick spent $5.5 billion with host country suppliers, equating to 81% of its global procurement expenditure. Host country nationals accounted for 96% of its total workforce and 78% of its management, and the drive to employ more women is succeeding.

Some $850 million has been spent on or budgeted for renewable energy and greenhouse gas (GHG) emissions reduction projects. These are outlined in the report in an updated GHG emissions reduction roadmap leading to a Net Zero target by 2050. Barrick, for the first time, has disclosed its Scope 3 emissions and Scope 3 roadmap to engage and assist its suppliers with their GHG emissions reductions.

"Sustainability has long been an integral part of the way Barrick does business and our commitment to its effective management is key to our goal of building the world's most valued gold and copper mining company," Bristow said.

NEW PERFORMANCE DIVIDEND POLICY DOUBLES BARRICK'S QUARTERLY DIVIDEND

Barrick today announced the declaration of a dividend in respect of performance for the first quarter of 2022 that incorporates an enhancement to the base dividend as a result of achieving Level III under the Company's Performance Dividend Policy.

Barrick's Board of Directors declared a dividend of $0.20 per share for the first quarter of 2022 that will be paid on June 15, 2022 to shareholders of record at the close of business on May 27, 2022.14 This dividend comprises a base quarterly dividend of $0.10 per share and a performance dividend enhancement of an additional $0.10 per share.

"Our strong operating performance and robust net cash balance has allowed us to provide an enhanced dividend to our shareholders," says senior executive vice-president and chief financial officer Graham Shuttleworth. "We believe this shows the benefit of the Performance Dividend Policy that we announced in February, including the guidance it provides to our shareholders on future dividend streams."

The $0.10 per share enhancement to the base quarterly dividend was achieved as a result of Barrick reporting netcash on its Consolidated Balance Sheet at March 31, 2022 of greater than $0.5 billion and less than $1 billion as per the following schedule:

Performance

Quarterly

DividendThresholdQuarterly PerformanceQuarterly

Level

Level I

Level Net cash <$0 Net cash >$0 and <$0.5B

Base Dividend $0.10 per share

Dividend $0.00 per share

Total Dividend $0.10 per share

Level II

$0.10 per share

$0.05 per share

$0.15 per shareLevel IIINet cash >$0.5B and <$1B

$0.10 per share

$0.10 per share

$0.20 per shareLevel IV

Net cash >$1B

$0.10 per share

$0.15 per share

$0.25 per share

STRATEGY SECURES BARRICK'S ABILITY TO SUCCEED

AMID GLOBAL GEOPOLITICAL DYNAMICS

AND IN CHALLENGING JURISDICTIONS

While Barrick's core strategy - the creation and delivery of real, sustainable value to its stakeholders - is fixed, the actions needed to secure its consistent execution are subject to a rigorous review process.

This starts at the beginning of each year with a week-long strategic planning and team effectiveness review for the group's top executives, led by president and chief executive Mark Bristow. Risks and opportunities are carefully assessed, and the outputs needed to manage them effectively are identified. These outputs are then rolled out through similar planning sessions at all operational and corporate sites, ensuring a group-wide alignment with the agreed objectives and actions.

This year's group strategy session took particular note of the importance of risk management in a global environment which, says Bristow, is probably in greater political, social and economic disarray than any previous period since World War II.

"We're still dealing with the fall-out of the Covid-19 pandemic, inflation in developed countries is rising to levels not experienced in a generation and in Eastern Europe a major war, the like of which we never expected to see again, is ongoing, with huge personal cost and potentially devastating economic consequences for the major countries dependent on Russian oil and gas," says Bristow.

"Fortunately for Barrick, managing risks in challenging geo-political jurisdictions is one of our core competencies, largely gained in Africa, where our mines have continued to operatesteadily and profitably through civil wars, coups d'état, complex logistics and delicate negotiations with host governments," he says.

"It's our partnership philosophy that has enabled us to achieve this. Mining is a long-term business and we therefore need the ability to benefit our host countries for the length of our investment and beyond. We secure this essential social licence to operate by demonstrating that the value we create is equitably shared with our local stakeholders and that we are a major contributor to the state's coffers - in short, a welcome and responsible citizen and neighbour."

Bristow says with mature mining regions offering fewer opportunities for major discoveries, new Tier One assets will inevitably have to be sought in developing countries, where Barrick is already operating successfully.

"Our decision to proceed with the reconstitution of the Reko Diq project in Pakistan, a Tier One copper and gold asset in the making by any measure, is based on this track record and on our confidence in our ability to deliver yet another world-class mine in a remote region. Our drive to expand our Asia-Pacific presence and grow our copper portfolio also sit firmly within this strategy," he says.

INVESTING IN THE BEST PEOPLE FOR THE BEST FUTURE

"Getting the optimal results from the industry's best assets requires people who not only possess skills and drive but are also sufficiently diverse in terms of race, age and gender to lead Barrick into the new world" explains the Group Human Resources executive, Darian Rich.

Thanks to Barrick's long-established policy of recruiting host country nationals, 96% of its workforce and 78% of its managers are local hires. Its drive for gender diversity in a traditionally male-dominated industry has also started producing results, with women accounting for 24% of new hires during the past quarter and 11% of Barrick's global workforce.

Similarly, the employee age shift continues and 56% of the workforce are now under the age of 40 and 16% under the age of 30. In the past quarter, 38% of new hires were younger than 30.

Last quarter, the North America region participated in 36 recruiting events at schools and universities while Latin America's internship programs cater for graduates as well asworkers, with Veladero currently training 20 female truck drivers. In Africa and the Middle East, competency-based training programs continue to upskill workers.

Preparing the group's future generation of leaders requires deep succession planning, reflected in a number of key recent changes. With Willem Jacobs retiring in June 2022, the region's chief financial officer, Sebastiaan Bock, is stepping up as chief operating officer for Africa and the Middle East. Greg Walker is being succeeded as executive managing director of Nevada Gold Mines at the end of 2022 and, in the corporate office, Poupak Bahamin has been appointed general counsel while Rich Haddock transitions to a legal advisor role. Rich will remain a valuable resource through March 2024 to provide continuity of support for Reko Diq and other projects.

MANAGING COSTS AMID HIGH INFLATION

AND GEOPOLITICAL CONFLICT

Rising inflation, exacerbated by the conflict between Russia and Ukraine and the sanctions imposed on Russia, has had a direct impact on Barrick's business in terms not only of fuel and gas prices but also the cost and availability of input commodities.

To mitigate inflation and manage supply risks, Barrick is employing a proven multi-pronged strategy, says group commercial and supply chain executive Riaan Grobler.

"Our procurement strategy is built on a thorough understanding of our key cost drivers, commodities and services. The recent groupwide roll-out of SAP has improved the visibility of these factors and allowed real-time decision-making. At the same time, we are identifying technical levers that could drive internal efficiencies," he says.

"Secondly, we have built strong collaborative relationships with leading global supply chain partners, with a dedicated freight forwarding capacity that spans five continents. They pool their buying power to ensure that we have fixed-price agreements with key suppliers. A big part of the cost of logistics is in the efficiency of the movement of goods from port to destination and we leverage global logistics through our partnership structures to do cross-continent bookings of charters and to consolidate freight from multiple ports."

Barrick is also cultivating alternative suppliers, particularly in developing countries, as back-up to its main supply chain partners and as a cost-base benchmark. Its long-standing policy of local procurement in host countries, which now stands at 65% of its global procurement, is serving Barrick well as a hedge against inflation, particularly in terms of the cost of logistics, tariffs and inventory.

To manage price and supply volatility, Barrick has built up a strategic inventory of key commodities and Barrick optimizes this inventory and its cost through improved demand and maintenance planning. Where possible it also leverages new projects to renegotiate supply contracts. The proposed 200MW solar power project in Nevada, for example, has allowed Barrick to reduce the costs of the existing energy supplier for Nevada Gold Mines.

TRUE PARTNERSHIP WILL DELIVER REKO DIQ PROJECT

The groundbreaking partnership agreement between Barrick, the federal government of Pakistan and the provincial government of Balochistan should unlock the enormous value of Reko Diq, one of the world's largest undeveloped copper and gold deposits, says president and chief executive Mark Bristow.

Speaking on a recent investor call, Bristow said the project represented a unique mining opportunity, which would be a major addition to Barrick's Tier One asset base, while also bringing significant economic and social benefits to Pakistan and Balochistan.

The agreement in principle recently reached between the parties provides for the reconstitution and restart of the project, which has been on hold since 2011. It will be operated and owned 50% by Barrick, 25% by Pakistani state-owned enterprises and 25% by the government of Balochistan. The Company has similar partnerships in other countries which have proved to be catalysts in developing local economies.

Bristow said that, following the finalization of the underlying agreements, legalization and closing, Barrick would update the 2010 feasibility study.