Barrick Gold : Q2 MD&A and Financial Statements

Management's Discussion and Analysis ("MD&A") Quarterly Report on the Second Quarter of 2022

	This portion of the Quarterly Report provides	annual audited consolidated financial statements for the two
	management's discussion and analysis ("MD&A") of the	years ended December 31, 2021, the related annual MD&A
	financial condition and results of operations, to enable a	included in the 2021 Annual Report, and the most recent
	reader to assess material changes in financial condition and	Form 40-F/Annual Information Form on file with the U.S.
	results of operations as at, and for the three and six month	Securities and Exchange Commission ("SEC") and
	periods ended June 30, 2022, in comparison to the	Canadian provincial securities regulatory authorities. These
	corresponding prior-year periods. The MD&A is intended to	documents and additional information relating to the
	help the reader understand Barrick Gold Corporation	Company are available on SEDAR at www.sedar.com and
	("Barrick", "we", "our", the "Company" or the "Group"), our	EDGAR at www.sec.gov. Certain notes to the Financial
	operations, financial performance and present and future	Statements are specifically referred to in this MD&A and
	business environment. This MD&A, which has been	such notes are incorporated by reference herein. All dollar
	prepared as of August 5, 2022, is intended to supplement	amounts in this MD&A are in millions of United States
	and complement the condensed unaudited interim	dollars ("$" or "US$"), unless otherwise specified.
	consolidated financial statements and notes thereto,	For the purposes of preparing our MD&A, we
	prepared in accordance with International Financial	consider the materiality of information. Information is
	Reporting Standards ("IFRS") as issued by the International	considered material if: (i) such information results in, or
	Accounting Standards Board ("IASB"), including	would reasonably be expected to result in, a significant
	International Accounting Standard 34 Interim Financial	change in the market price or value of our shares; (ii) there
	Reporting ("IAS 34"), for the three and six month periods	is a substantial likelihood that a reasonable investor would
	ended June 30, 2022 (collectively, the "Financial	consider it important in making an investment decision; or
	Statements"), which are included in this Quarterly Report on	(iii) it would significantly alter the total mix of information
	pages 80 to 84. You are encouraged to review the Financial	available to investors. We evaluate materiality with
	Statements in conjunction with your review of this MD&A.	reference to all relevant circumstances, including potential
	This MD&A should be read in conjunction with both the	market sensitivity.
	Cautionary Statement on Forward-Looking Information
	Certain information contained or incorporated by reference	held; our plans and expected completion and benefits of our
	in this MD&A, including any information as to our strategy,	growth projects, including the Goldrush Project, Turquoise
	projects, plans or future financial or operating performance,	Ridge Third Shaft, Pueblo Viejo plant expansion and mine
	constitutes "forward-looking statements". All statements,	life extension project, and Veladero Phase 7 leach pad and
	other than statements of historical fact, are forward-looking	power transmission projects; capital expenditures related to
	statements. The words "believe", "expect", "anticipated",	upgrades and ongoing management initiatives, including at
	"vision", "aim", "strategy", "target", "plan", "opportunities",	North Mara; Barrick's global exploration strategy and
	"guidance", "forecast", "outlook", "objective", "intend",	planned exploration activities; the impact of Nevada's new
	"project", "pursue", "goal", "continue", "committed" "budget",	mining excise tax on Nevada Gold Mines; the timeline for
	"estimate", "potential", "prospective", "future", "focus",	execution and effectiveness of definitive agreements and
	"during", "ongoing", "following", "subject to", "scheduled",	formation of a new joint venture to implement the
	"may", "will", "can", "could", "would", "should" and similar	Framework Agreement between Papua New Guinea and
	expressions identify forward-looking statements. In	Barrick Niugini Limited ("BNL"); the duration of the
	particular, this MD&A contains forward-looking statements	temporary suspension of operations at Porgera, the
	including, without limitation, with respect to: Barrick's	conditions for the reopening of the mine and the timeline to
	forward-looking production guidance; estimates of future	recommence operations; our pipeline of high confidence
	cost of sales per ounce for gold and per pound for copper,	projects at or near existing operations; potential
	total cash costs per ounce and C1 cash costs per pound,	mineralization and metal or mineral recoveries; our ability to
	and all-in-sustaining costs per ounce/pound; cash flow	convert resources into reserves; asset sales, joint ventures
	forecasts; projected capital, operating and exploration	and partnerships; Barrick's strategy, plans, targets and
	expenditures; the share buyback program and performance	goals in respect of environmental and social governance
	dividend policy, including the criteria for dividend payments;	issues, including climate change, greenhouse gas
	mine life and production rates; Barrick's engagement with	emissions reduction targets (including with respect to our
	local communities to manage the Covid-19 pandemic,	Scope 3 emissions), responsible water use, tailings storage
	including Covid-19 vaccination initiatives and Covid-19	facility management, biodiversity and human rights
	protocols at Barrick's minesites; projected capital estimates	initiatives; and expectations regarding future price
	and anticipated permitting timelines related to the Goldrush	assumptions, financial performance and other outlook or
	Project; the process for the reconstitution of a joint venture	guidance. Forward-looking statements are necessarily
	to carry out the future development and operation of the	based upon a number of estimates and assumptions
	Reko Diq project; the planned updating of the historical	including material estimates and assumptions related to the
	Reko Diq feasibility study and our plans upon the project's	factors set forth below that, while considered reasonable by
	reconstitution; the proposed fiscal terms applicable to the	the Company as at the date of this MD&A in light of
	Reko Diq project and the joint venture through which it is	management's	experience and perception of current
BARRICK SECOND QUARTER 2022	1	MANAGEMENT'S DISCUSSION AND ANALYSIS

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; the potential impact of proposed changes to Chilean law on the status of value added tax ("VAT") refunds received in Chile in connection with the development of the Pascua-Lama project; 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 political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals, including the issuance of a Record of Decision for the Goldrush Project and/or whether the Goldrush Project will be permitted to advance as currently designed under its Feasibility Study; non-renewal of or failure to obtain key licenses by governmental authorities, including the new special mining lease for Porgera; 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; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; 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; 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; 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 supply chain disruptions caused by the ongoing Covid-19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; 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 being 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, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company's goodwill and assets. Barrick also cautions that its 2022 guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19.

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 2022

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MANAGEMENT'S DISCUSSION AND ANALYSIS

Use of Non-GAAP Financial Performance Measures

We use the following non-GAAP financial performance measures in our MD&A:

• "adjusted net earnings"
• "free cash flow"
• "EBITDA"
• "adjusted EBITDA"
• "minesite sustaining capital expenditures"
• "project capital expenditures"
• "total cash costs per ounce"
• "C1 cash costs per pound"
• "all-insustaining costs per ounce/pound"
• "all-incosts per ounce" and
• "realized price"

For a detailed description of each of the non-GAAP financial performance 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 Performance Measures section of this MD&A on pages 57 to 74. Each non-GAAP financial performance measure has been annotated with a reference to an endnote on page 75. The non-GAAP financial performance 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.

Index

• Overview

• Financial and Operating Highlights
  7 Key Business Developments
  9 Environmental, Social and Governance

13 Outlook

15 Production and Cost Summary 17 Operating Performance

1. Nevada Gold Mines
2. Carlin

21	Cortez
23	Turquoise Ridge

1. Other Mines - Nevada Gold Mines
2. Pueblo Viejo

1. Loulo-Gounkoto

1. Kibali

1. Veladero

1. North Mara

1. Bulyanhulu

1. Other Mines - Gold
2. Other Mines - Copper

1. Growth Projects
2. Exploration and Mineral Resource Management

1. Review of Financial Results

1. Revenue
2. Production Costs

1. Capital Expenditures

1. General and Administrative Expenses

50 Exploration, Evaluation and Project Expenses

50 Finance Costs, Net

1. Additional Significant Statement of Income Items
2. Income Tax Expense

52 Financial Condition Review

1. Balance Sheet Review

1. Shareholders' Equity

1. Financial Position and Liquidity
2. Summary of Cash Inflow (Outflow)

1. Commitments and Contingencies
2. Review of Quarterly Results

1. Internal Control over Financial Reporting and Disclosure Controls and Procedures
2. IFRS Critical Accounting Policies and Accounting Estimates

57 Non-GAAP Financial Performance Measures

1. Technical Information

1. Endnotes

1. Financial Statements

1. Notes to Consolidated Financial Statements

BARRICK SECOND QUARTER 2022

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MANAGEMENT'S DISCUSSION AND ANALYSIS

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

Overview

Financial and Operating Highlights

			For the three months ended	For the six months ended
	6/30/22	3/31/22	% Change	6/30/21	% Change	6/30/22	6/30/21	% Change
Financial Results ($ millions)
Revenues	2,859	2,853	0 %	2,893	(1)%	5,712	5,849	(2)%
Cost of sales	1,850	1,739	6 %	1,704	9 %	3,589	3,416	5 %
Net earningsa	488	438	11 %	411	19 %	926	949	(2)%
Adjusted net earningsb	419	463	(10)%	513	(18)%	882	1,020	(14)%
Adjusted EBITDAb	1,527	1,645	(7)%	1,719	(11)%	3,172	3,519	(10)%
Adjusted EBITDA marginc	53 %	58 %	(9)%	59 %	(10)%	56 %	60 %	(7)%
Minesite sustaining capital expendituresb,d	523	420	25 %	452	16 %	943	857	10 %
Project capital expendituresb,d	226	186	22 %	203	11 %	412	334	23 %
Total consolidated capital expendituresd,e	755	611	24 %	658	15 %	1,366	1,197	14 %
Net cash provided by operating activities	924	1,004	(8)%	639	45 %	1,928	1,941	(1)%
Net cash provided by operating activities marginf	32 %	35 %	(9)%	22 %	45 %	34 %	33 %	3 %
Free cash flowb	169	393	(57)%	(19)	989 %	562	744	(24)%
Net earnings per share (basic and diluted)	0.27	0.25	8 %	0.23	17 %	0.52	0.53	(2)%
Adjusted net earnings (basic)b per share	0.24	0.26	(8)%	0.29	(17)%	0.50	0.57	(12)%
Weighted average diluted common shares	1,777					1,778
(millions of shares)	1,779	0 %	1,779	0 %	1,779	0 %
Operating Results
Gold production (thousands of ounces)g	1,043	990	5 %	1,041	0 %	2,033	2,142	(5)%
Gold sold (thousands of ounces)g	1,040	993	5 %	1,070	(3)%	2,033	2,163	(6)%
Market gold price ($/oz)	1,871	1,877	0 %	1,816	3 %	1,874	1,805	4 %
Realized gold priceb,g ($/oz)	1,861	1,876	(1)%	1,820	2 %	1,868	1,798	4 %
Gold cost of sales (Barrick's share)g,h ($/oz)	1,216	1,190	2 %	1,107	10 %	1,203	1,090	10 %
Gold total cash costsb,g ($/oz)	855	832	3 %	729	17 %	844	723	17 %
Gold all-in sustaining costsb,g ($/oz)	1,212	1,164	4 %	1,087	11 %	1,188	1,052	13 %
Copper production (millions of pounds)g	120	101	19 %	96	25 %	221	189	17 %
Copper sold (millions of pounds)g	113	113	0 %	96	18 %	226	209	8 %
Market copper price ($/lb)	4.32	4.53	(5)%	4.40	(2)%	4.43	4.12	8 %
Realized copper priceb,g ($/lb)	3.72	4.68	(21)%	4.57	(19)%	4.20	4.32	(3)%
Copper cost of sales (Barrick's share)g,i ($/lb)	2.11	2.21	(5)%	2.43	(13)%	2.16	2.26	(4)%
Copper C1 cash costsb,g ($/lb)	1.70	1.81	(6)%	1.83	(7)%	1.75	1.71	2 %
Copper all-in sustaining costsb,g ($/lb)	2.87	2.85	1 %	2.74	5 %	2.86	2.48	15 %
	As at	As at	% Change	As at	% Change
	6/30/22	3/31/22	6/30/21
Financial Position ($ millions)
Debt (current and long-term)	5,144	5,144	0 %	5,152	0 %
Cash and equivalents	5,780	5,887	(2)%	5,138	12 %
Debt, net of cash	(636)	(743)	(14)%	14	(4,643)%

1. Net earnings represents net earnings attributable to the equity holders of the Company.
2. Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included on pages 57 to 74 of this MD&A.
3. Represents adjusted EBITDA divided by revenue.
4. Amounts presented on a consolidated cash basis. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.
5. Total consolidated capital expenditures also includes capitalized interest of $6 million and $11 million, respectively, for the three and six month periods ended June 30, 2022 (March 31, 2022: $5 million and June 30, 2021: $3 million and $6 million, respectively).
6. Represents net cash provided by operating activities divided by revenue.
7. On an attributable basis.
8. Gold cost of sales per ounce 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).
9. Copper cost of sales per pound 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 2022

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MANAGEMENT'S DISCUSSION AND ANALYSIS

		OPERATING		GROWTH PROJECTS &	REVIEW OF FINANCIAL	OTHER INFORMATION &	FINANCIAL
OVERVIEW				NON-GAAP
	PERFORMANCE	EXPLORATION	RESULTS			STATEMENTS
			RECONCILIATIONS
GOLD PRODUCTIONa (thousands of ounces)		COPPER PRODUCTIONa (millions of pounds)
1,041	1,092	1,203	990	1,043	96	100	126	101	120

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

GOLD COST OF SALESb, TOTAL CASH COSTSc, AND ALL-IN SUSTAINING COSTSc ($ per ounce)

COPPER COST OF SALESb, C1 CASH COSTSc, AND ALL-IN SUSTAINING COSTSc ($ per pound)

1,107	1,087	1,122			1,190	1,164	1,216	1,212	2.74	2.57	2.60	2.92	2.85	2.87
1,034	1,075
971				2.43			2.21	2.21	2.11
	729		739		715	832		855	1.83		1.85	1.63	1.81	1.70

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Cost of sales

Total cash costs

AISC

Cost of sales

C1 cash costs

AISC

NET EARNINGS, ADJUSTED EBITDAc AND ADJUSTED EBITDA MARGINd

59%	59%	63%			58%	53%
1,719	1,669	2,070	1,645	1,527
411			347	726			438		488
	Q2 2021	Q3 2021	Q4 2021		Q1 2022	Q2 2022
				Net earnings ($ millions)				Adjusted EBITDA ($ millions)
				Adjusted EBITDA Margin (%)

ATTRIBUTABLE CAPITAL EXPENDITURESe

($ millions)

518					552				587
456			478		174
	149		182
		143				139
							410
367		310	367	336
Q2 2021	Q3 2021	Q4 2021		Q1 2022	Q2 2022
					Minesite sustaining			Project

OPERATING CASH FLOW AND FREE CASH FLOWc DIVIDENDSf (cents per share)

$1,816	$1,790	$1,795	$1,877	$1,871

	1,050	1,387	1,004		924
639	718
481		393	169
	(19)

Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022

Operating Cash Flow ($ millions)

Free Cash Flow ($ millions)

Gold Market Price ($/oz)

20 20

9 9 10

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

1. On an attributable basis.
2. Gold cost of sales per ounce 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 cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
3. Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included on pages 57 to 74 of this MD&A.
4. Represents adjusted EBITDA divided by revenue.
5. Total attributable capital expenditures also includes capitalized interest. Minesite sustaining and project capital expenditures are non-GAAP financial performance measures. Further information on non-GAAP financial performance measures, including detailed reconciliations, is included on pages 57 to 74 of this MD&A.
6. Dividend per share declared in respect of the stated period inclusive of the performance dividend.

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MANAGEMENT'S DISCUSSION AND ANALYSIS