Barrick Gold : Q4 Report

2021

Q4Report

BARRICK DELIVERS ON GUIDANCE,

OPENS NEW EXPLORATION FRONTIERS

ALL AMOUNTS EXPRESSED IN U.S. DOLLARS

Toronto, February 16, 2022 - Driven by strong performances from its Africa & Middle East and Latin America regions, Barrick's production in 2021 was in line with guidance for the third successive year. The Company also more than replaced its gold reserves net of depletion at a better grade.

Announcing the annual results, the Company said its reserve replenishment was attributable to continued brownfields exploration success and it was extending its drive for fresh discoveries into new prospective territories. Among other initiatives, it has set up a specialist Asia-Pacific team to identify and evaluate opportunities in that region.

Free cash flow from the operations remained robust and at the year's end, net cash stood at $130 million after the record cash distribution of $1.4 billion to shareholders. The fourth quarter dividend was increased by 11% to 10 cents per share. Under the Company's new dividend policy, a base dividend will in future be coupled to a performance dividend linked to the net cash on the balance sheet.1 The Board also approved a share buyback program of up to $1 billion, given our belief that the shares are trading in a price range that does not reflect the value of the Company's mining and financial assets and future business prospects.

CONTINUED ON PAGE 3

PRODUCTION GUIDANCE DELIVERED

FOR THIRD CONSECUTIVE YEAR

2021 OPERATING CASH FLOW	2021 FREE CASH FLOW2
$4.4 BILLION	$1.9 BILLION

QUARTERLY BASE	h11	%* TO 10 CENTS
DIVIDEND	PER SHARE

$1 BILLION SHARE BUYBACK

PROGRAM ANNOUNCED

PERFORMANCE DIVIDEND

POLICY INTRODUCED

* QUARTER ON QUARTER

5		6		8		9
LEADING		CANADA		CARLIN TREND		HUMAN RIGHTS
BIODIVERSITY		EXPLORATION		GROWTH		REPORT
CONSERVATION		DRIVE		POTENTIAL

Key Performance Indicators

Financial and Operating Highlights

Financial Results	Q4	Q3	2021	2020
2021	2021
Realized gold price3	1,793	1,771	1,790	1,778
($ per ounce)
Net earnings	726	347	2,022	2,324
($ millions)
Adjusted net earnings4	626	419	2,065	2,042
($ millions)
Net cash provided by	1,387	1,050	4,378	5,417
operating activities ($ millions)
Free cash flow2	718	481	1,943	3,363
($ millions)
Net earnings per share	0.41	0.20	1.14	1.31
($)
Adjusted net earnings	0.35	0.24	1.16	1.15
per share4 ($)
Attributable capital	552	456	1,951	1,651
expenditures5 ($ millions)
Operating Results	Q4	Q3	2021	2020
2021	2021
Gold
Production6	1,203	1,092	4,437	4,760
(thousands of ounces)
Cost of sales6,7	1,075	1,122	1,093	1,056
($ per ounce)
Total cash costs6,8	715	739	725	699
($ per ounce)
All-in sustaining costs6,8	971	1,034	1,026	967
($ per ounce)
Copper
Production6	126	100	415	457
(millions of pounds)
Cost of sales6,7	2.21	2.57	2.32	2.02
($ per pound)
C1 cash costs6,9	1.63	1.85	1.72	1.54
($ per pound)
All-in sustaining costs6,9	2.92	2.60	2.62	2.23
($ per pound)

Q4 and Full Year 2021 Results Presentation

Webinar and Conference Call

President and CEO Mark Bristow will host a virtual presentation today at 11:00 EST / 16:00 GMT, 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 presentation materials will be available on Barrick's website at www.barrick.comand the webinar will remain on the website for later viewing.

Best Assets

• Barrick delivers production in line with guidance for third consecutive year
• Nevada Gold Mines achieves highest quarterly production since its formation
• Strong Q4 for Lumwana with Jabal Sayid at top end of production guidance range
• Attributable group reserves more than replaced depletion at better grade
• Reserve replacement and 10 year plan reinforced by a robust pipeline
• Generative work drives a newly invigorated exploration team

Leader in Sustainability

• TRIFR10 reduced by over 10% year on year
• All operational sites now certified to ISO 45001 and ISO 14001
• Water recycling and reuse target beat with an efficiency of 83%
• Human Rights Reportpublished in Q4
• Barrick continues to set the standard in Biodiversity Management

Delivering Value

• Operating cash flow of $1.4 billion and free cash flow2 of $0.7 billion for the quarter
• Net cash of $130 million after record $1.4 billion distribution to shareholders in 2021
• 2021 net earnings of $1.14 per share and adjusted net earnings of $1.16 per share4
• New performance dividend policy supported by increased base dividend of $0.10 per share
• Share buyback announced for up to $1 billion

BARRICK YEAR-END 2021

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PRESS RELEASE

CONTINUED FROM PAGE 1

Speaking at the results presentation, president and chief executive Mark Bristow said three years after the Randgold merger, Barrick was clearly achieving its goal of industry- leading value creation and sustainable profitability.

"By any measure, Barrick is clearly the stand-out in its sector. We have what is undoubtedly the best asset base, with six Tier One11 mines, and more waiting in the wings. We have a long record of exploration success and a high-quality target pipeline. In an industry running out of raw material, we keep expanding our reserves. Our strong balance sheet will fund our investment in growth projects. All our mines have 10-year business plans, based not on wishful thinking but on geological understanding, engineering and commercial reality," he said.

Bristow said Barrick's 10-year production forecast was based solely on its existing mines and did not take into account the many real growth opportunities that were within its reach. In addition to the potential for further exploration success, the

Company is advancing its pipeline of large growth projects, including Donlin Gold, Pascua-Lama and Norte Abierto, while at the same time working on the resumption of operations at Porgera, currently penciled in for July this year.

"All Barrick's mines have earned their social license to operate, and we work hard to maintain them. Sustainability is at the heart of our business, and it's not a virtue-signaling exercise. Caring about the people and the environments impacted by our operations is a moral imperative, but it also makes good commercial sense, as Barrick's partnership philosophy has proved time and again. This year we'll again be publishing a detailed Sustainability Report which, among other things, objectively rates our performance against all critical ESG metrics. We're in the 95th percentile of the Dow Jones Sustainability World Index and in the top 5% for environmental policy and management, mineral waste management, closure and social impact," he said.

DIVIDEND INCREASED AND

PERFORMANCE DIVIDEND POLICY ESTABLISHED

Barrick today announced the declaration of a dividend in respect of performance for the fourth quarter of 2021 and announced a new performance dividend policy to begin in 2022.

The Barrick Board of Directors declared a dividend of $0.10 per share for the fourth quarter of 2021 that will be paid on March 15, 2022 to shareholders of record at the close of business on February 28, 2022.1 This represents an increase of 11% on the previous base quarterly dividend of $0.09 per share.

Barrick has now established a performance dividend policy that will enhance the return to shareholders when the Company's liquidity is strong.

"Our strong operating performance and financial strength has allowed us to further increase our base quarterly dividend and provide our shareholders with guidance on additional performance dividends going forward" said senior executive vice-president and chief financial officer Graham Shuttleworth. "In addition to the enhanced dividend, the announcement of a share repurchase program highlights that Barrick continues to be committed to returning value to our shareholders."

The amount of the performance dividend on a quarterly basis will be based on the amount of net cash on Barrick's Consolidated Balance Sheet as per the following schedule:

Performance	Threshold	Quarterly	Quarterly	Quarterly
Dividend	Base	Performance	Total
Level	Level	Dividend	Dividend	Dividend
Level I	Net cash	$0.10	$0.00	$0.10
<$0	per share	per share	per share
	Net cash	$0.10	$0.05	$0.15
Level II	>$0 and
per share	per share	per share
	<$0.5B
	Net cash	$0.10	$0.10	$0.20
Level III	>$0.5B
per share	per share	per share
	and <$1B
Level IV	Net cash	$0.10	$0.15	$0.25
>$1B	per share	per share	per share

BARRICK ANNOUNCES SHARE BUYBACK PROGRAM

The Company plans to undertake a share repurchase program to allow for the buy back of some of its common shares.

Barrick's Board of Directors has authorized a share repurchase program for the repurchase of up to $1.0 billion of the Company's outstanding common shares over the next 12 months at prevailing market prices in accordance with applicable law.

"We believe that the shares are trading in a price range that does not reflect the value of the Company's mining and financial assets and future business prospects," said Mark Bristow, President and Chief Executive Officer. "We have the financial strength to undertake this program."

Under the program, repurchases can be made from time to time through published markets in the United States such as the New York Stock Exchange using a variety of methods, including open market purchases, as well as by any other

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PRESS RELEASE

means permitted under the rules of the U.S. Securities and Exchange Commission and other applicable legal requirements.

Barrick believes that, from time to time, the market price of its common shares trade at prices that may not adequately reflect their underlying value. The actual number of common shares that may be purchased, if any, and the timing of any such purchases, will be determined by Barrick based on a number of factors, including the Company's financial

performance, prevailing market prices of the common shares, 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.

RESERVES GROW NET OF DEPLETION

AS FOCUS ON QUALITY OREBODIES DELIVERS RESULTS

Barrick replaced its depletion of gold mineral reserves by 150%, before acquisition and equity changes at South Arturo and Porgera, and improved the quality of its group reserve grade by 3% in 2021.

Reported at $1,200/oz12, attributable proven and probable mineral reserves now stand at 69 million ounces13 at 1.71g/t, increasing from 68 million ounces14 at 1.66 g/t in 2020.

President and chief executive Mark Bristow said in a sector feeling the pinch of dwindling reserves and resources, successful exploration continued to replenish the Company's asset base and target pipeline, securing its business plans well into the future.

"While we look closely at all new business opportunities, we believe finding our ounces is always better than buying them. That's why we're still discovering real value at the end of our drill bits," he said.

The growth was led by the North America and Africa & Middle East regions, which contributed over 8.4 million ounces13 of attributable proven and probable reserve gains before depletion.

In North America, significant gains were driven by the completion of the updated feasibility study of the Goldrush underground project, which increased Goldrush's attributable proven and probable mineral reserves by 3.6 million ounces13 to 4.8 million ounces13 at 7.29g/t. At the Turquoise Ridge complex, attributable proven and probable reserves increased by 1.4 million ounces13 before depletion, principally off the back of a revised geological model at Turquoise Ridge Underground.

In Africa, Bulyanhulu completed an updated underground feasibility study on the Deep West portion of the orebody, allowing us to increase attributable proven and probable reserves by 0.77 million ounces13 before depletion through the conversion of inferred mineral resources. Staying in Tanzania, a fully optimized integrated mine plan at North Mara has increased attributable proven and probable reserves by

1.1 million ounces13 before depletion. Our two Tier One mines in Africa also delivered strong results, with Kibali able to more than replace depletion of reserves and Loulo-Gounkoto replenishing 98% of depletion for the year.

Total attributable group gold resources, excluding the impact of disposition and equity changes mainly related to Lagunas Norte and Porgera, grew net of depletion, resulting in a 126%

replacement of depletion. Mineral resources are reported inclusive of reserves and at a gold price of $1,500/oz.12 Attributable measured and indicated gold resources for 2021 stood at 160 million ounces13 at 1.50g/t, with a further 42 million ounces13 at 1.3g/t of inferred resources.

The significant increase in attributable mineral resources was led by the Carlin complex in Nevada where a total of 0.91 million ounces13 of measured and indicated resources and 3.0 million13 ounces of inferred resources were added year-on- year. This was driven by two maiden inferred resource additions, with North Leeville delivering 0.43 million ounces13 at 11.5g/t and Ren contributing 0.76 million ounces13 at 7.3g/t on an attributable basis. Both projects represent future growth for the Carlin complex and drilling continues on both targets, with mineralization open in all directions. The remaining year- on-year growth in attributable mineral resources at the Carlin complex mainly came from the open-pits at Gold Quarry and South Arturo as well as the underground at Leeville and Rita K. Staying in Nevada, the Turquoise Ridge complex also increased year-over-year attributable measured and indicated resources by 1.5 million ounces13 mainly off the back of a revised geological model at Turquoise Ridge Underground.

Copper mineral reserves for 2021 are estimated using a copper price of $2.75 per pound and mineral resources are estimated at $3.50 per pound, both unchanged from 2020.

Attributable proven and probable copper reserves were 12 billion pounds13 at an average grade of 0.38% in 2021. Attributable measured and indicated copper resources were 24 billion pounds13 at an average grade of 0.35%, and inferred copper resources were 2.1 billion pounds13 at an average grade of 0.2% in 2021. Mineral resources are reported inclusive of reserves.

Mineral resource management executive Rodney Quick said, "The geological improvements and remodeling are now starting to make a real impact. The incorporation and integration of mine design optimizations are also driving many of the mineral resource additions. A sound understanding of the geological orebody has been integrated with a better understanding of local variations in the geotechnical and metallurgical disciplines to produce integrated and optimized mine designs."

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SETTING THE PACE IN BIODIVERSITY MANAGEMENT

Through industry-first innovations such as the publication of an annual sustainability scorecard and its science-based roadmap to zero carbon emissions, Barrick continues to demonstrate the integration of ESG principles into every aspect of its business.

It is also a leader in biodiversity conservation, the importance of which, says group sustainability executive Grant Beringer, needs more global recognition.

"We believe biodiversity management is critical not only in the way we adapt to climate change but also in the fight against poverty. That's why we are partnering with governments, conservation bodies and communities to conserve important habitats in our host countries in Africa, North America and Latin America," he says.

Garamba National Park, DRC

Since 2014, Kibali has worked with the Garamba National Park to promote conservation and combat poaching. Garamba is one of Africa's oldest national parks and a UNESCO World Heritage Site. It is home to the DRC's largest elephant herd as well the critically endangered Kordofan giraffe. Kibali has funded the purchase of elephant tracking collars and their GPS fees and made improvements to roads and bridges to improve the rangers' access to all parts of the park. Thanks to this combined effort, poaching has been radically reduced, with the last instance recorded in 2019. Our support will also fund a risk-benefit analysis for the reintroduction of white rhinos into the park.

Lumwana Offset Project, Zambia

Barrick has completed an eligibility study on a potential UN REDD+ project to protect forests and woodlands around the Lumwana copper mine, which is situated within the Acres National Forest Reserve. The mine has already implemented beekeeping, horticulture and nursery establishment initiatives as well as a program to curb illegal timber cutting and charcoal production. Any credits Barrick receives from the project will be used to offset hard-to-abate emissions.

Pueblo Viejo, Dominican Republic

This mine is located in a biodiversity hotspot which is home to more than 5,600 plant and 200 bird species. In 2018, a small species of diurnal gecko, classed as critically endangered by the Dominican Republic and the International Union for the Conservation of Nature (IUCN), was detected on the site. Pueblo Viejo commissioned extensive fieldwork as well as genetic and morphological studies to confirm this identification and map the gecko's distribution. These showed that the size of the population and the extent of its habitat were greater than previously understood, and that Sphaerodactylus Samanensis could be removed from the red list. The research data has been shared with the IUCN.

FINA Reserve, Mali

Barrick has partnered with the government, BIOS and African Parks to restore FINA, which has been impacted by poaching, illegal wood cutting, grazing and farming, to its former glory. They are working together to demarcate and secure the park, curb illegal activities through recruiting rangers and starting aerial patrols, rehabilitate the fauna and flora, establish a proper database and install the infrastructure needed for the proper management of the park. Longer term the aim is to develop eco-tourism, with its potential for local job creation, around the rehabilitated park.

Nevada Gold Mines, USA

Across much of the Great Nevada Basin, the Greater Sage Grouse habitat is in decline due to fires, invasive plant species and human impact. To mitigate the impact of mining on the sagebrush ecosystem, Nevada Gold Mines collaborates with a wide range of partners, including the US Fish and Wildlife Service, the Bureau of Land Management and the Nevada Sagebrush Ecosystem Technical Team. To date, this team effort has rehabilitated more than 11,500 hectares of habitat and the partners are now embarking on research to better understand the birds' breeding habits.

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