Barrick Gold : Results Presentation

Results for the quarter ended March 31, 2021…

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", "target", "plan", "opportunities", "pursuit", "guidance", "assume", "project", "continue", "budget", "estimate", "potential", "upside", "emerging", "focus", "new", "development", "priority", "strategy", "pipeline", "prospective", "following", "future", "may", "will", "can", "could", and similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: Barrick's forward-looking production guidance; 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; mine life and production rates; Barrick's engagement with local communities to manage the Covid-19 pandemic; potential mineralization and metal or mineral recoveries; our ability to identify, invest in and develop potential Tier One, Tier Two and Strategic Assets; our copper portfolio and copper commodity exposure, estimated gold equivalent ounce sales and near-term organic copper growth opportunities; our strategies and plans with respect to environmental and social governance matters, including climate change; greenhouse gas emissions reduction targets, tailings storage facility management and conservation efforts; our future plans, growth potential, financial strength, investments and overall strategy, including with respect to dispositions of non core assets, maximizing the long term value of our strategic copper business, and our participation in future consolidation of the gold industry; our plans and expected completion and benefits of our growth projects, including construction of twin exploration declines at Goldrush, the Turquoise Ridge Third Shaft, Pueblo Viejo plant and tailings facility expansion, Bulyanhulu production ramp up, Zaldívar chloride leach project, and phase 6 leach pad and power transmission project at Veladero; our ability to convert resources into reserves; the proposed return of capital distribution, including the timing and amount of the distribution; the terms of a new partnership for Porgera's future ownership and operation under the Framework Agreement between Papua New Guinea and BNL, and the timeline for execution of definitive agreements and formation of a new joint venture to implement the Framework Agreement and recommence operations at Porgera; the duration of the temporary suspension of operations at Porgera; our economic and social development priorities within our host communities, including local hiring, procurement, training and community development initiatives; 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); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; disruption of supply routes which may cause delays in construction and mining activities at Barrick's more remote properties; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; non renewal of key licences by governmental authorities, including non renewal of Porgera's Special Mining Lease; 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 Canada, the United States and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; 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; adverse changes in our credit ratings; the impact of inflation fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; 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; the possibility that future exploration results will not be consistent with the Company's expectations; 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; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; risks associated with the fact that certain of the initiatives described in this presentation are still in the early stages and may not materialize; whether benefits expected from recent transactions are realized; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. Barrick also cautions that its 2021 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 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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Taking ESG to the next level… Growing the pie

Released our 2020 Sustainability Report

Improvement on almost all metrics on our industry first Sustainability Scorecard Begun to report against SASBi metrics while continuing to report to GRIii Held our inaugural Sustainability Dayiii highlighting ESG progress made

2030 emissions reduction target increased from 10% to 30% with the ultimate aim to achieve net zero emissions by 2050

Being a good neighbour - the social and economic benefits our mines inject into our host countries and communities

Established inclusive and locally led community development committees (CDCs) at all operational sites - overseeing more than $26 million in community investment projects in 2020

We train the next generation of in-country industry leaders, prioritise local recruitment and foster local entrepreneurialism

In 2020 - 97% of our workforce were host country nationals and >$4 billion was spent on goods and services from local businesses

Managing and minimising our environmental impacts

All operational sites now certified against the ISO 14001:2015 global best practice standard

Each site empowered to manage its own environmental issues overseen by group level strategic leadership

Rigorous approach to tailings management to ensure they are safe. Implementation of the new Global Industry Standard on Tailings Management well underway

i Sustainability Accounting Standards Board ii Global Reporting Initiatives iii Following our merger with Randgold

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ESG…2020 Highlights

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Health & Safety…

Continued decrease in the Total Recordable Injury Frequency Rate quarter-on-quarter

Focus on Senior Leadership Interactions and Visible Felt Leadership at each site

North Mara achieved ISO 45001 certification during the quarter

Lumwana was recommended for ISO 45001 certification in April with all other sites on track to achieve compliance by the end of 2021

Covid-19:

Group wide vaccination "playbook" developed

Vaccinations of workforce already taking place at NGM, Pueblo Viejo and Jabal Sayid

		LTIFR & TRIFR
3.00		Q1 2019 - Q1 2021

2.50

LTIFR TRIFR

2.00

1.50

1.00

0.50

0.00

Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21

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