Mine Africa 2021: Impact of Mining on the Malian Economy

Mali

Impact of mining on the Malian economy…challenges and opportunities

Cautionary statement on forward looking information

Certain information contained in this presentation, including any information as to Barrick's strategy, 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 "planned", "future", "on track", "continue", "preliminary", "further", "potential", "opportunities", "strategy", "in progress", "ongoing", "to be", "target", "a look at", and "will" and similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: forward-looking production guidance; future investments in community projects and disease prevention programs; the anticipated benefits of the sale of the Morila mine; Loulo-Gounkoto's current projects, including the potential extensions to the life of mine and solar project ramp up, and the expected benefits of those projects; ongoing exploration work and potential mineralization; mineral reserve and mineral resource replacement at the Loulo-Gounkoto complex; construction and development of the Gounkoto underground project, including expected first production; development and training of personnel; expected operational improvements due to improved monitoring and analysis; opportunities and challenges for the growth of the Loulo-Gounkoto complex and the growth of Barrick's partnership with the Malian government and its people.

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; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; 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 Mali and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; 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 associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; 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 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.

Barrick disclaims 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.

24 years of commitment to West Africa…

2012

2013

2014

2015

2016

2017

2019

2020

2020

1995

Randgold incorporated

1996

RRL acquired BHP Mali assets including Syama

1997

Yalea discovery

Morila discovery IPO raises $83m

2000

Morila pours first gold

2001

Syama on care and maintenance

i Loss time injury frequency rate (LTIFR) is a ratio calculated as follows: number of loss time injuries x 1,000,000 hours divided by the total number of hours worked.

2003

Syama sold to Resolute

2004

Loulo construction starts

2005

Loulo pours first gold

Barrick Mines in Mali Gold Production…

900 800 700 600 500 400 300 200 100

Barrick Mines in Mali Gold Production (100%) (Koz)

Loulo-Gounkoto Complex

Morila

KOunces

0

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Mali gold mining industry impact…

Revenue generated from gold mining represents 70% of the total export of Mali over the last ten years

Mali Gold Export vs. Total Export 2,500

2,000

BillionFCFA

1,500

1,000

500

0

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Gold Export

Total Export

Source: BCEAO

Loulo-Gounkoto… development of local skills

Total Employees: Nationals: Expats: Total Salary:

*Totals may not add due to rounding *All the figures illustrated above are as at 31 December 2020

Barrick's contribution to Mali economy...

Our three mines have also been responsible for between 5% and 10% of the Malian GDP over the last ten years

Barrick/Randgold operations have contributed approximately US$ 7.7 billion to the Malian economy in the form of taxes, royalties, salaries and payments to local suppliers in the last 24 years

% Contribution to Malian GDPi

10%

9%

8%

7%MorilaGounkotoLoulo

6%

5%

4%

3%

2%

1%

0%

Loulo

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Source: World Bank and Barrick Gold Corporationi The sale of our interest in Morila was completed in November 2020

Loulo-Gounkoto CSRiii - governance and stakeholder engagement…>$13m invested; $29.6m patente paidi

Potable water 61 boreholes and 7 water supply systems constructed

Regular water quality analysis with annual feedback sessions held in villages Establishment of water management committees in villages

Health 5 health centres built in the communities

Fighting malaria and Covid-19 in local communities

Program implemented for the fight against HIV - increase testing of volunteers

Food Security 48 agribusiness graduates commenced farming 5 dams built

Annual seed and fertilizer donation

Education 78 local students benefiting from the excellence bursary program 20 schools built

School enrolment: >5,000 students compared to 500 before the mine opened 85m FCFA to improve education with World Education International (WEI) "One Village - One School" target reached around our operation

Economic development

6 women multifunctional centres built

2 food grinding mills

5 new community GIEsii enrolled

Community road maintenance

$951,720 of credit granted by Nyesigiso

i Regional taxes paidii Groupement d'Interet EconomiqueIII On a 100% basis

Agribusiness Local Business Support… License to operate

$375.5 million spent on local contractors and suppliers

in 2020 (services rendered, goods and fuel supply)

Joint venture with local partner on limestone project to

increase local content (SI-Mining)

Transport consortium implemented to incorporate

greater number of Malian transport partners, with direct

and positive impact on our License to Operate

Accelerator program launched to build capacity and

improve local suppliers management system and

service quality

12 companies selected in the first cohort for 13-month

program

Agribusiness Sakola$2.2m spent to develop agricultural entrepreneurship48 entrepreneurs established and 30 farms created -

Keep producing

352 youth trained - Program to train 450 more with FIERi

I Formation Profesionnelle, Insertion et appui a l'entrepreneriat des jeunes ruraux

Morila Sale Concluded…

TSF reclamation

188,672oz produced by reclaiming the TSF materials

Reclamation treatment methodology

Environmental benefit

Morila sold to Firefinch to breathe new life

The sale was concluded on 10 November 2020

The transaction will benefit the mine's Malian stakeholders

(Employees, Community and Government) by giving Firefinch the opportunity to extend its life by accessing satellite resources and adapting the infrastructure

Barrick was the operator of the mine and the sale is in line with its policy of selling non-core assets to concentrate on Tier One minesi

Barrick remains committed to its partnership with Mali, where it owns and operates the Tier One Loulo-Gounkoto gold complex

The Government retained its 20% stake

i A Tier One mine is an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.

Opportunities and Challenges

Opportunities

Growth

Super Pit for Yalea South Upper Saprolite

Prefeasibility study on a new potential underground mine (Loulo 3) planned for 2021

Power Efficiency

Evaluate the feasibility of adding energy storage to the microgrid

Gold Recovery Efficiency

Evaluate the acquisition of an owner-operated

Oxygen Production System to decrease contractor costs

Covid-19 related issues

Compliance reinforcement

Testing capacity improved with the purchase of a

PCR machine

Illegal Mining

Illegal mining has a significant impact on the environment, including the Faleme river

Changes in Mining Law/Anti-mining

Challenges

Technical Information

The scientific and technical information contained in this presentation has been reviewed and approved by Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources Manager, Africa and Middle East, a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.