Slides
Page 1
NYSE : B TSX : ABX Sustainably profitable. Unrivalled growth. Barrick…Building Real Value Today Mining Forum Americas 2025
Page 2
2 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”, “guidance”, “ramp up”, “on track”, “project”, “continue”, “additional”, “growth”, “expand”, “potential”, “focus”, “during”, “ongoing”, “scheduled”, “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, including our five and ten year outlooks and anticipated production growth from Barrick’s organic project pipeline and reserve replacement; estimates of future costs and projected future cash flows, capital, operating and exploration expenditures and mine life and production rates; our ability to convert resources into reserves and replace reserves net of depletion from production; mine life and production rates; our plans and expected completion and benefits of our growth projects, including ramp up of the Goldrush, Reko Diq and Lumwana Super Pit expansion projects, and the Pueblo Viejo plant expansion and mine life extension project; the ability for Fourmile to double its mineral resource in 2025; preliminary financial and production metrics from the ongoing preliminary economic assessment and prefeasibility study at Fourmile; expected benefits from the sale of Barrick’s 50% interest in Donlin and Hemlo; targeted timing for first production at Reko Diq and the Lumwana Super Pit expansion project; an economic analysis for each of Reko Diq and the Lumwana Super Pit expansion project, including forecast net present value, internal rate of return, cash flow forecasts, and project capital; the potential for existing assets, including Fourmile and Reko Diq, to become Tier One assets; Barrick’s global exploration strategy and planned exploration activities, including in North America, Latin America, Africa and the Middle East, and Asia Pacific Regions; Barrick’s copper strategy; our pipeline of high confidence projects at or near existing operations; the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex and the temporary nature of the provisional administration and transfer of operational control to an external administrator at Loulo-Gounkoto; potential mineralization and metal or mineral recoveries; joint ventures and partnerships; Barrick’s strategy, plans, targets, goals and expected benefits in respect of environmental and social governance issues, including local community development, resettlement, climate change and our renewable energy initiatives, health and safety and biodiversity initiatives; and 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); 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 presentation 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; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, including the status of value- added tax refunds received in Chile in connection with the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States, Mali 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; non-renewal of key licenses by, or failure to obtain key licenses from, governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to greenhouse gas (“GHG”) emission levels, energy efficiency and reporting of risks; Barrick’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets; 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; 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 associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related to cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; 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 ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick's existing operations and material growth projects; 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 increased 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 are 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 of and increased costs associated with, mining inputs and labor; and risks associated with diseases, epidemics and pandemics; risks related to the failure of internal controls; and risks related to the impairment of the Company's goodwill and assets. 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, the Company. 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.
Page 3
3 $0.47 124% y/y Net earnings per share Group Highlights Q2 2025… $0.15/sh Quarterly dividendi $0.47 47% y/y Highest Adjusted net earnings per share4 since 2013 $1.69b 31% y/y Attributable EBITDA7 $268 million Share buybacks in Q2 $4.8 billion cash $73 million Net cashii i. Including a $0.05/sh dividend enhancement reflecting net cash of $73 million. ii. Cash, net of debt.
Page 4
4 All regions on track to deliver 2025 production and AISC5,6 guidance Current Update… Fourmile poised to double mineral resource in 2025i,2 Unlocked over $2 billion in value from Donlin and Hemlo i. Potential quantities and grades are conceptual in nature, with insufficient exploration to define a mineral resource and it i s uncertain if further exploration will result in the target being delineated as a mineral resource. Growth projects progressing on schedule
Page 5
5 Barrick has managed to consistently and materially add to reserves per share9 providing investors with increased long term value Change in Gold Reserves per Share Gold Equivalent Reserves Per Share9 (%) Gold Reserves Per Share9 (%) Industry leading growth in Reserves Per Share over time… 2019 2024 +29% 2019 2024 +71%
Page 6
6 Disciplined Capital Allocation and Shareholder Returns…… i. On an attributable basis, excluding corporate-level costs such as interest, exploration, evaluation and project, G&A as well as closure costs of approximately $0.8bn per year 0 1 2 3 4 5 6 7 2019 2020 2021 2022 2023 2024 H1 2025 Dividends Return of capital Share buybacks $ billion Cumulative Distribution to Shareholders Sustaining capital $805mn Growth capital $524mn Dividends $342mn Buybacks $411mn H1 2025 Capital Allocation i $6.7 billion returned to shareholders since Barrick / Randgold merger in 2019 and debt net of cash reduced by $4bn Consistent dividend payouts supported by clear performance dividend policy $1bn share buy back programme in place Generated $2.5 billion in operating cash flow Strong balance sheet with net cash position Returned $753 million to shareholdersii Clear and consistent capital returns framework i. Attributable sustaining and growth capital. ii. Includes dividends and buybacks.
Page 7
7 A portfolio of growth projects poised to deliver transformational value The ability to replace the gold and copper we mine organically GROWTH PROJECTS… a sustainable and resilient business GOLDRUSH – NGM >400kz gold p.a. (100%) once in full production in 2028 11 FOURMILE has the potential to be a globally significant Tier One Gold Asset 1,2 PUEBLO VIEJO EXPANSION ~ 700-800koz gold p.a. (100%)10 REKO DIQ Phase 1: 240kt copper and 297koz gold p.a from 2028. Phase 2 : increases to 460kt copper and 520koz gold (2034- 2043) (100%).13 LUMWANA SUPERPIT EXPANSION 240kt copper p.a. from 202812 LoM >30 years ADVANCED EXPLORATION TARGETS 30% increase in Gold Equivalent Ounces by 2029i,ii i. Projected Growth. Refer to Appendix C for the complete list of Barrick's outlook assumptions. ii. GEOs from copper assets (including copper from Reko Diq) are calculated using gold price of $1,400/oz for 2025 to 2029; and copper price of $3.00/ lb for 2025 to 2029. Loulo-Gounkoto is excluded from 2025, but included from 2026 onwards. We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations.
Page 8
8 Pueblo Viejo Gold Mine Expansion… Dominican Republic A stand-out Tier One gold asset with a leading cost profile Increase in mineral reserves adds significantly to growth profile Expansion extends mine life by 20+ years10 Significant cash flow contributor Production profile of Approx. 700-800koz (100%)10 i. On 100% basis. ii. At Gold Price of US$3,300/oz. 15 20 0 5 10 15 20 25 2019 Depletion Net Change 2024 Million Ounces Pueblo Viejo Proven & Probable Mineral Reserve Reconciliation15 (100%) 9.5 (4.1)
Page 9
9 A long-life underground mine within the Cortez Complex Anticipated annual production of ~400koz gold p.a. (100% basis) once fully ramped up by 202811 Goldrush…ramping up NGM Goldrush (100% basis)11 2024 Mineral Resource3 M&I: 53Mt @ 6.00g/t for 10Moz INF: 24Mt @ 5.5g/t 4.5Moz Mine Life (yrs) >28 Ore tonnes (ktpa) 2.1Mtpa Avg annual production (Au Koz) 380 – 400 Project Capital ($Bn) ~ 1.0 Cost of Sales ($/oz) 1,104 LOM AISCi,5 ($/oz) 1,029 Wenban 5 Wenban 8 Wenban 4 3.5 7 10 14 17 30 Au (g/t) 200m Goldrush Deposit N i. Refer to Appendix C for the complete list of Barrick's outlook assumptions.
Page 10
10 OCF FCF Lumwana Super Pit Expansion… Zambia Lumwana Super Pit Expansion, a low-risk brownfield expansion on track to produce 240kt of copper p.a. from 202812 Set to deliver a long-life, low-cost copper mine Throughput increase to 52Mtpa (peak design of 54Mtpa) Lifts average annual production to from 120kt to 240kt from 2028 Production Increase12 7.7Mt Cu production 2025 – 2057 (16yr increase in mine life)LOM12 Initial Investment ~US$2.0bn Construction Capitali,12 Copper Production (ktpa)12 Annual Cash Flow ($m)i, 12 ~20% NPV8: ~US$1.7bn Cost of Sales: ~$2.35/lb C16: ~$1.59/lb AISC6: ~$2.48/lb Efficient Costs (LOM)i,12 140 240~70% Incremental ~60% Incremental ~85% Incremental Incremental IRRi,12 Incremental Benefiti,12 Pre-Expansion LOM Average Post-Expansion LOM Average12 i. All financial metrics are estimated based upon copper price of $4.20/lb and go-forward from 1st Jan 2025. Refer to Appendix C for the complete list of Barrick's outlook assumptions. 8
Page 11
11 2024 P&P Mineral Reserve14 (100% basis) 3Bt @ 0.48% for 15Mt Cu 2.9Bt @ 0.28g/t for 26Moz Au Mine Life (yrs) based on reserves13 37 Phase 1 (5 yrs) Phase 2 (32 yrs) Throughput (Mtpa)13 45 90 Average Annual TTMiii,13 (Mt) 120 200 Strip Ratio13 0.50 1.16 Construction Capital13 ($bn) 5.6 - 6.0 3.3 – 3.6 LoM Metal Produced13 13,114kt Cu & 17.9Moz Au LoM Cost of Salesi (exc Au by-products) ~$2.34/lb C1 Cash Costs ($/lb)6,i,ii ~$0.53/lb AISC5,i,ii ($/lb) ~$0.95/lb LoM IRRi, 13 22% Reko Diq Copper-Gold Project Feasibility (100% basis) Pakistan Financing: Limited recourse funding of approximately $3 Bn; Barrick’s equity share for construction of Phase 1 financing expected to be $1.4-1.7 Bn (exclusive of capitalization of financing costs) i. All financial metrics are estimated based upon copper price of $4.20/lb and gold price of $2,031/oz and go-forward from 1st Jan 2025. Refer to Appendix C for the complete list of Barrick's outlook assumptions. ii. By-product basis based on prices stated. iii. Total Tonnes Mined. Unlocking a transformative Tier One Asset Reserve mine life of 37 years generating: $90bn in operating cash flow13 $70bn in free cash flow8,13 $54bn of revenue within Pakistan Copper and Gold Production13 240 460 297 520 0 100 200 300 400 500 600 Phase 1 Phase 2 Copper (ktpa) Gold (kozpa)
Page 12
12 Commence UG drilling from Goldrush MPD Commence Bullion Hill Decline Development 16 rigs targeting doubling mineral resources Pathway to Deliver this Century’s Greatest Gold Discovery... First Ore Targeted Conversion of Exploration Upside: 32-34Mt @ 15 – 16g/ti,2 2026 2028 2029Fourmile: Q4 2025 2027 2030+ Completion of PFS Independent FS UG Development Breakthrough connection to Goldrush Extensive drill conversion i. Potential quantities and grades are conceptual in nature, with insufficient exploration to define a mineral resource and it i s uncertain if further exploration will result in the target being delineated as a mineral resource. ii. See endnote 3. iii. See Appendix A for Fourmile Significant Intercepts. Fourmile Goldrush Barrick NGM JV 3.5 7 10 14 17 30 SRM 2024 Mineral Resource 2.0km N Au g/t Ramp up to 20 surface drill rigs Fourmile 2024 Resourceii RESCAT Tonnes (Mt) Grade (g/t) Oz (Moz) Indicated 3.6 11.76 1.4 Inferred 14 14.1 6.4 FM25-308Diii 9.1m @ 25.93g/t 20.1m @ 12.28g/t FM25-244Diii 14.6 m @ 35.57 g/t 2025 Resource Conversion Target Area Exploration Upside 2025 intercepts that confirm continuity of mineralisation FM25-259Diii 3.0m @ 63.94g/t FM23-181Diii 28.7 m @ 51.10 g/t FM24-216Diii 6.9m @ 24.36g/t FM25-232Diii 19.5m @ 36.54g/t FM25-248Diii 24.4 m @ 27.98g/t
Page 13
13 $643m ~$1.3bn $520m ~$1bn Fourmile PEA Update… BULLION HILL PORTAL BULLION HILL DECLINE CORTEZ HILLS OPEN PIT FOURMILE GOLDRUSH 600m 3.5 Fourmile PEA Conceptual Comparison Fourmile2 Goldrush (100% basis)11 2024 Mineral Resource M&I: 3.6Mt @ 11.8g/t for 1.4Moz INF: 14Mt @ 14.1g/t for 6.4Moz + Exploration Upside: 32-34Mt @ 15 – 16g/tiii M&I: 53Mt @ 6.00g/t for 10Moz INF: 24Mt @ 5.5g/t 4.5Moz Mine Life (yrs)i >25 >28 Ore tonnes (ktpa)ii Approx. 1.5-1.8Mtpa 2.1Mtpa Avg annual production (Au Koz)ii Approx. 600 – 750 380 – 400 Project Capital ($Bn)ii Approx. 1.5 – 1.7 Approx. 1 Cost of Sales ($/oz)ii Approx. 850 - 900 1,104 LOM AISC5 ($/oz)ii Approx. 650 - 750 1,029 Annualized Goldrush OCF Annualized Fourmile OCFii Annualized Goldrush EBITDA7 Annualized Fourmile EBITDAii,7 i. Fourmile mine life is based upon combined 2024 Mineral Resource and Exploration Upside and isconceptual in nature with no certainty that the this will berealized. ii. Fourmile production and economic metrics are based upon apreliminary economic assessment, using 2024 Mineral Resources only and August 2025 Long Term Consensus Gold Price $2585/oz. These metrics areconceptual in nature because they include inferred mineral resources that are considered too speculative to have the considerations applied to them that would enable them to be categorised as mineral reserves, and there is no certainty that the preliminary economic assessment will berealised. See Endnote 2. iii. Potential quantities and grades are conceptual in nature, with insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. 3.5 7 10 14 17 30 Au (g/t)
Page 14
14 example from Donald No drillholes 50m West East Fourmile…PFS Study Evolution Ongoing social and environmental baseline updates Water quality monitoring baselines Ongoing geologic and resource model updates Targeting 30-35m spacing for Indicated and 80-90m for Inferred Hydrogeological monitoring and modelling Geotechnical modelling & stope sequencing stress modelling Paste backfill material handling trade-offs Roaster and Autoclave pilot plants Detailed electrical engineering for development Quantification of synergies with Goldrush Studies progress as the orebody grows 100% Barrick NGM JV GoldrushFourmile 2.4km Flat dipping stratiform 6.0 g/t Stope Goldrush Mineable StopesFourmile Mineable Stopesi Steeper dipping structural controlled breccia Wenban 8 Wenban 5 DHC OVI Wenban 4 DBH SRM 18.2 mStope 31g/t Stope 20g/t Stope 44g/t Stope 41g/t 30m W E FM24-194D FM24-193D 12.4m @ 42.9 g/t FM24-194D 28.3m @ 34.9g/t i. See Appendix A for full Table of Fourmile Significant Intercepts. N
Page 15
15 Fourmile…Geometallurgy Metallurgical testwork continues to reinforce the amenability of Fourmile ores to processing at existing NGM process facilities Testwork has identified two discrete domains Approximately 80% is steep, structurally controlled, and single refractory - i.e., amenable to either autoclave or roasters Offsets projected NGM Stockpile feed at 1.8g/t, in 2030 onwards Remaining 20% is flat stratiform, and double refractory, similar to Goldrush – ie. processed at NGM Roasters FM24-200D 738.8-740.1m, 16.25 g/t i Fourmile Flat Stratiform Mineralisation – Double Refractory Goldrush – Double Refractory Processed at NGM Roasters GUC-23031 93.2-94.5m, 8.88 g/t i 100% Barrick NGM JV GoldrushFourmile Single refractory mineralisation 750m FM24-209D 1,057.3-1,058.9m, 30.6 g/t i Fourmile Structural controlled Steep Dipping – Single Refractory i. See Appendix A for Table of Fourmile Significant Intercepts. ii. See Appendix B for Table of Goldrush Significant Intercepts. N Double refractory mineralisation
Page 16
16 Material Outperformance Since Q2 Results… 31% 19% 8% 8/5 8/6 8/7 8/8 8/11 8/12 8/13 8/14 8/15 8/18 8/19 8/20 8/21 8/22 8/25 8/26 8/27 8/28 8/29 9/2 9/3 9/4 9/5 9/8 9/9 Barrick Peers Gold price The market is recognising delivery on performance and Barrick’s fundamental undervaluation and growth profile i. Peers include: Newmont, Agnico, Goldfields, AngloGold Ashanti, Kinross, Alamos i Data Source: Bloomberg
Page 17
17 Barrick…a world class global mining, exploration and development company focused on 5 key strategic pillars Resource Sustainability Premier Portfolio Disciplined Investments Balance Sheet Strength Global Excellence Focus on our portfolio of long life Tier One gold assets1 and growing copper portfolio Disciplined Reserve & Resource replacement to facilitate long term planning and organic growth A resilient balance sheet founded on a sustainably profitable business capable of delivering our capital return objectives Industry leading global exploration programmes allowing us to seek new growth opportunities across the world’s most prolific mineral and metal belts Exceptional growth assets that meet Barrick’s conservative investment filters and can be supported by the existing business 1 2 3 4 5
Page 18
18 BARRICK GOLD CORPORATION Corporate Office: TD Canada Trust Tower 161 Bay Street, Suite 3700 Toronto, Canada M5J 2S1 Tel: +1 416 861-9911 Toll-free throughout North America: 1 800 720-7415 Connect with us
Page 19
19 i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 2.4 m; internal dilution is less than 20% total width. ii. Fourmile drill hole nomenclature: Project area (FM – Fourmile) followed by the year (25 for 2023 and 24 for 2025) then hole number. iii. True width (TW) for FM drillholes has been estimated based on the latest geological and ore controls model and it is subject to refinement as additional data becomes available The drilling results for Fourmile contained in this presentation have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Procedures are employed to ensure the security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Fourmile conform to industry- accepted quality control methods. Appendix A – Fourmile Significant Intercept Tablei Fourmile Drill Results Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Widthiii (m) Au (g/t) FM25-231D 18 -79 1157.5 - 1162.1 4.6 4.0 15.42 1164.6 - 1175.6 11.0 10.0 35.10 1178.7 - 1190.1 11.4 10.0 24.53 FM25-232D 141 -83 1158.2 - 1177.7 19.5 18.0 36.54 FM25-235D 112 -68 974.8 - 983.0 8.2 7.0 11.12 989.1 - 1013.8 24.7 20.0 62.23 1024.8 - 1027.8 3.0 2.5 4.71 FM25-236D 91 -75 729.7 - 739.3 9.6 9.0 15.39 1001.0 - 1004.2 3.2 2.8 22.70 1015.6 - 1037.5 21.9 18.0 10.63 FM25-244D 51 -66 761.39 - 773.28 11.9 11.0 10.02 920.8 - 935.4 14.6 12.0 35.57 FM25-248D 41 -80 978.1 - 1002.5 24.4 21.0 27.98 FM25-255D 83 -83 821.4 - 845.5 24.1 18.0 57.98 FM25-274D 85 -83 708.1 - 719.2 11.1 11.0 16.21 1060.1 - 1063.8 3.7 3.0 38.35 FM25-282D 96 -73 747.1 - 757.0 9.9 9.9 39.19 789.3 - 794.2 4.9 4.0 25.37 832.6 - 851.0 18.4 15.2 59.42 FM25-302D 12 -80 948.7 - 959.4 10.7 9.0 21.03 978.1 - 988.2 10.1 8.5 33.75 FM25-308D 145 -82 725.2 - 731.0 5.8 5.8 41.24 1005.4 - 1014.5 9.1 8.0 25.93 1036.6 - 1056.7 20.1 17.0 12.28 FM25-310D 6 -79 710.3 - 719.3 9.0 9.0 29.30 973.7 - 976.3 2.6 2.0 49.59 978.1 - 981.3 3.2 3.0 52.21 1072.3 - 1085.4 13.1 12.0 39.32 FM25-259D 13 -85 1640.5 - 1643.5 3.0 3.0 63.94 FM23-181D 194 -80 1270.8 - 1299.5 28.7 15.0 51.10 FM24-216D 179 -79 1246.0 - 1252.9 6.9 5.5 24.36 FM24-209D 52 86 1,057.3 - 1058.9 1.6 1.5 30.6 FM24-200D 71 72 738.8 – 740.1 1.3 1.3 16.25 FM24-193D 83 65 824.6 – 837 12.4 11.9 42.9 FM24-194D 83 70 843.4 – 871.7 28.3 26.8 34.9
Page 20
20 i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 2.4 m; internal dilution is less than 20% total width. ii. Goldrush drill hole nomenclature: Project area (GUC – Goldrush Underground) followed by the year (23 for 2023) then hole number. iii. True width (TW) for FM drillholes has been estimated based on the latest geological and ore controls model and it is subject to refinement as additional data becomes available The drilling results for Goldrush contained in this presentation have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Procedures are employed to ensure the security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling at Goldrush conform to industry- accepted quality control methods. Appendix B – Goldrush Significant Intercept Tablei Goldrush Drill Results Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Widthiii (m) Au (g/t) GUC-23031 58 68 93.2 - 94.5 1.3 1.3 8.88
Page 21
21 Appendix C – Assumptions/Outlook Key Outlook Assumptions 2025 2026 2027+ Gold Price ($/oz) 2,400 2,400 2,400 Copper Price ($/lb) 4.00 4.00 4.00 Oil Price (WTI) ($/barrel) 80 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 1,000 1,000 1,000 CAD Exchange Rate (USD:CAD) 1.30 1.30 1.30 CLP Exchange Rate (USD:CLP) 900 900 900 EUR Exchange Rate (EUR:USD) 1.10 1.10 1.10 Gold equivalent ounces calculated from our copper assets are calculated using a gold price of $1,400/oz and copper price of $3.00/lb. Barrick’s five-year indicative production profile for gold equivalent ounces is based on the following assumptions: Barrick’s five-year indicative outlook is based on our current operating asset portfolio, sustaining projects in progress and exploration/mineral resource management initiatives in execution. This outlook is based on our current reserves and resources and assumes that we will continue to be able to convert resources into reserves. Additional asset optimization, further exploration growth, new project initiatives and divestitures are not included. For the company’s gold and copper segments, and where applicable for a specific region, this indicative outlook is subject to change and assumes the following: new open pit production permitted and commencing at Hemlo in the second half of 2025, allowing three years for permitting and two years for pre-stripping prior to first ore production in 2027; and production from the Zaldívar CuproChlor® Chloride Leach Project (Antofagasta is the operator of Zaldívar). Our five-year indicative outlook excludes production from Fourmile, as well as Pierina and Golden Sunlight, both of which are currently in care and maintenance; and production from long-term greenfield optionality from Pascua-Lama, Norte Abierto and Alturas. Barrick’s five-year production profile in this presentation also assumes an indicative gold and copper production profile for Reko Diq and an indicative copper production profile for the Lumwana Super Pit expansion, both of which are conceptual in nature. Loulo-Gounkoto has been excluded from Barrick’s 2025 guidance but included from 2026 onwards as a result of the temporary suspension of operations. We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations. Refer to the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Page 22
22 The scientific and technical information contained in this presentation has been reviewed and approved by Tricia Evans, SME-RM, Lead, Mineral Resources Manager North America; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology – Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive, John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration—each a “Qualified Person” as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2024. Technical Information Endnotes... 1. A Tier One Gold Asset is an asset with a $1,400/oz reserve with potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and with costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset/Project is an asset with a $3.00/lb reserve with potential for +5Mt contained copper in support at least 20 years life, annual production of at least 200ktpa, with costs per pound in the lower half of the industry cost curve. Tier One Assets must be located in a world-class geological district with potential for organic reserve growth and long-term geologically driven addition. 2. Fourmile financial metrics and production metrics are based upon preliminary economic assessment which is preliminary in nature because it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The preliminary economic assessment for Fourmile is based upon $1,900/oz mineable stope optimizer. The assumptions outlined within the preliminary economic assessment have formed the basis for the ongoing study and are made by the qualified person. Fourmile is currently 100% owned by Barrick. 3. Estimates are as of December 31, 2024, unless otherwise noted. Complete mineral reserve and mineral resource data for all mines and projects referenced in this presentation, including tonnes, grades, and ounces, can be found in the Mineral Reserves and Mineral Resources Tables included on pages 36-45 of Barrick’s 2024 Annual Information Form/Form 40-F filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. 4. “Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments; acquisition/disposition gains/losses; foreign currency translation gains/losses; significant tax adjustments; other items that are not indicative of the underlying operating performance of our core mining business; and tax effect and non-controlling interest of the above items. Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and does not have any standardized definition under IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”) and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. Further details including a detailed reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on pages 44–45 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Page 23
23 Endnotes... 5. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures which are calculated based on the definition published by the World Gold Council (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, the “WGC”). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and their ability to generate positive cash flow, both on an individual site basis and an overall company basis. “Total cash costs” per ounce start with our cost of sales related to gold production and removes depreciation, the noncontrolling interest of cost of sales and includes by-product credits. “All-in sustaining costs” per ounce start with “Total cash costs” per ounce and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels. Barrick believes that the use of “Total cash costs” per ounce and “All-in sustaining costs” per ounce will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently. Further details including a detailed reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on pages 46– 58 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. 6. “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures related to our copper mine operations. We believe that “C1 cash costs” per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. “C1 cash costs” per pound excludes royalties and non-routine charges as they are not direct production costs. “All-in sustaining costs” per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. “All-in sustaining costs” per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. Further details including a detailed reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on pages 46–58 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. 7. EBITDA is a non-GAAP financial performance measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; and other expense adjustments. We also remove the impact of income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. Attributable EBITDA further removes the non-controlling interest portion. We believe these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and do not necessarily reflect the underlying operating results for the periods presented. Additionally, it is aligned with how we present our forward-looking guidance on gold ounces and copper pounds produced. Attributable EBITDA margin is calculated as attributable EBITDA divided by revenues - as adjusted. We believe this ratio will assist analysts, investors and other stakeholders of Barrick to better understand the relationship between revenues and EBITDA or operating profit. Net leverage is calculated as debt, net of cash divided by the sum of adjusted EBITDA of the last four consecutive quarters. We believe this ratio will assist analysts, investors and other stakeholders of Barrick in monitoring our leverage and evaluating our balance sheet. EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage differently. Further details including a detailed reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on pages 58–59 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Page 24
24 Endnotes... 8. “Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently. Further details on this non-GAAP financial performance measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Further details including a detailed reconciliation of this non- GAAP financial measure to its most directly comparable GAAP measure are incorporated by reference and provided on page 45 of the MD&A accompanying Barrick’s second quarter 2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. 9. “Gold Reserves Per Share” are calculated by dividing total proven and probable reserves by the total number of Barrick common shares issued outstanding as of December 31 of the applicable year. “Gold Equivalent Reserves Per Share” are calculated by dividing total Gold Equivalent Reserves by the total number of Barrick common shares issued outstanding as of December 31 of the applicable year. Conversion factors for gold equivalency Gold-equivalent ounces from our copper assets are calculated using the following gold and copper price assumptions for the applicable year: 2019 2020 2021 2022 2023 2024 Gold (US$/oz) $1,373 $1,555 $1,602 $1,641 $1,712 $2,148 Silver (US$/oz) $17.96 $20.42 $21.07 $21.53 $22.58 $27.29 Copper (US$/t) $6,751 $6,707 $7,481 $7,965 $8,302 $9,369 2019 2020 2021 2022 2023 2024 Issued and outstanding Barrick Common Shares as of December 31 1,777,926,611 1,778,189,894 1,779,331,037 1,755,349,661 1,755,570,000 1,727,100,000 Issued and outstanding common shares of Barrick
Page 25
25 Endnotes... Proven and probable reserve gains calculated from cumulative net change in reserves from year-end 2019 to 2024. Reserve replacement percentage is calculated from the cumulative net change in reserves from 2020 to 2024 divided by the cumulative depletion in reserves from year-end 2019 to 2024 as shown in the table below: Year Attributable P&P Gold (Moz) Attributable Gold Acquisition & Divestments (Moz) Attributable Gold Depletion (Moz) Attributable Gold Net Change (Moz) Reported Reserve Price USD/oz for GEO conversion 2019a 71 - - - - 2020b 68 (2.2) (5.5) 4.2 $1,200 2021c 69 (0.91) (5.4) 8.1 $1,200 2022d 76 - (4.8) 12.0 $1,300 2023e 77 - (4.6) 5.0 $1,300 2024f 89 - (4.6) 17.0 $1,400 2019 – 2024 Total N/A (3.1) (25) 46 N/A Year Attributable P&P Copper (MIb) Attributable Copper Acquisition & Divestments (Mlb) Attributable Copper Depletion (Mlb) Attributable Copper Net Change (Mlb) Reported Reserve Price USD/lb for GEO conversion 2019a 13,494 - - - - 2020b 12,691 - (834) 31 $2.75 2021c 12,233 - (636) 178 $2.75 2022d 12,252 - (623) 642 $3.00 2023e 12,391 - (589) 728 $3.00 2024f 40,201 - (731) 28,542 $3.00 2019 – 2024 Total N/A - (3,143) 30,121 N/A Year Attributable P&P GEO Attributable Acquisition & Divestments GEO Attributable Depletion GEO Attributable Net Change GEO (using reported reserve prices) 2019a - - - - 2020b 97 (2.2) (7.4) 4.2 2021c 97 (0.91) (6.9) 8.5 2022d 104 - (6.3) 13 2023e 105 - (6.0) 6.7 2024f 176 - (6.1) 79 2019 – 2024 Total N/A (3.1) (33) 111 Totals may not appear to sum correctly due to rounding. Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz in proven and probable gold reserves from December 31, 2019 to December 31, 2020, as a result of the divestiture of Barrick's Massawa gold project effective March 4, 2020; and a decrease of 0.91 Moz in proven and probable gold reserves from December 31, 2020 to December 31, 2021, as a result of the change in Barrick's ownership interest in Porgera from 47.5% to 24.5% and the net impact of the asset exchange of Lone Tree to i-80 Gold for the remaining 50% of South Arturo that Nevada Gold Mines did not already own.
Page 26
26 Endnotes... Estimates of proven and probable reserves The estimates below are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. a) Estimates as of December 31, 2019: Proven reserves of 280 million tonnes grading 2.42 g/t, representing 22 million ounces of gold and 420 million tonnes grading 0.4%, representing 3,700 million pounds of copper (which is equal to 1.7 million tonnes of copper). Probable reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold and 1,200 million tonnes grading 0.38%, representing 9,800 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding. b) Estimates as of December 31, 2020: Proven reserves of 280 million tonnes grading 2.37g/t, representing 21 million ounces of gold, and 350 million tonnes grading 0.39%, representing 3,000 million pounds of copper (which is equal to 1.4 million tonnes of copper). Probable reserves of 990 million tonnes grading 1.46g/t, representing 47 million ounces of gold, and 1,100 million tonnes grading 0.39%, representing 9,700 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding. c) Estimates as of December 31, 2021: Proven mineral reserves of 240 million tonnes grading 2.20g/t, representing 17 million ounces of gold and 380 million tonnes grading 0.41%, representing 3,400 million pounds of copper (which is equal to 1.6 million tonnes of copper), and probable reserves of 1,000 million tonnes grading 1.60g/t, representing 53 million ounces of gold and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding. d) Estimates as of December 31, 2022: Proven mineral reserves of 260 million tonnes grading 2.26g/t, representing 19 million ounces of gold and 390 million tonnes grading 0.40%, representing 3,500 million pounds of copper (which is equal to 1.6 million tonnes of copper), and probable reserves of 1,200 million tonnes grading 1.53g/t, representing 57 million ounces of gold and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding. e) Estimates are as of December 31, 2023: Proven mineral reserves of 250 million tonnes grading 1.85g/t, representing 15 million ounces of gold, and 320 million tonnes grading 0.41%, representing 1.3 million tonnes of copper. Probable reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million ounces of gold, and 1,100 million tonnes grading 0.38%, representing 4.3 million tonnes of copper. Conversions may not recalculate due to rounding. f) Estimates are as of December 31, 2024: Proven mineral reserves of 270 million tonnes grading 1.75g/t, representing 15 million ounces of gold, and 380 million tonnes grading 0.42%, representing 1.6 million tonnes of copper. Probable reserves of 2,500 million tonnes grading 0.90g/t, representing 74 million ounces of gold, and 3,600 million tonnes grading 0.46%, representing 17 million tonnes of copper. Conversions may not recalculate due to rounding. 10. Refer to the Technical Report on the Pueblo Viejo mine, Dominican Republic, dated March 17, 2023, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023. 11. Refer to the Technical Report on the Cortez Complex, Lander and Eureka Counties, State of Nevada, USA, dated December 31, 2021, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022. 12. Refer to the Technical Report on the Lumwana Expansion Project, Republic of Zambia, dated February 19, 2025, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February19, 2025. 13. Refer to the Technical Report on the Reko Diq Project, Balochistan, Pakistan dated December 31, 2024 and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 19, 2025. 14. Reko Diq probable reserves of 1,400 million tonnes grading 0.28 g/t representing 13 million ounces of gold, probable reserves of 1,500 million tonnes grading 0.48% representing 7.3 million tonnes of copper, indicated resources of 1,800 million tonnes grading 0.25 g/t representing 15 million ounces of gold, indicated resources of 2,000 million tonnes grading 0.43% representing 8.4 million tonnes of copper, inferred resources of 640 million tonnes grading 0.2 g/t representing 3.9 million ounces of gold, and inferred resources of 690 million tonnes grading 0.3% representing 2.2 million tonnes of copper.
Page 27
27 15. Pueblo Viejo is 60% attributable to Barrick as the operator. On a 100% Project basis, Pueblo Viejo Proven and probable reserve net change is the cumulative net change in reserves from year-end 2019 to 2024, as shown in the table below. Totals may not appear to sum correctly due to rounding. Estimates of Pueblo Viejo proven and probable reserves (on 100% Project Basis) The estimates below are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. a) Estimates as of December 31, 2019: On a 100% Project basis Proven reserves of 17 million tonnes grading 2.68 g/t, representing 1.5 million ounces of gold. Probable reserves of 100 million tonnes grading 2.46 g/t, representing 8.1 million ounces of gold. b)Estimates as of December 31, 2020: On a 100% Project basis Proven reserves of 24 million tonnes grading 2.41g/t, representing 1.8 million ounces of gold. Probable reserves of 110 million tonnes grading 2.29g/t, representing 8.5 c)Estimates as of December 31, 2021: On a 100% Project basis Proven mineral reserves of 12 million tonnes grading 2.20g/t, representing 0.88 million ounces of gold. Probable reserves of 110 million tonnes grading 2.22g/t, representing 8.2 million ounces of gold. d)Estimates as of December 31, 2022: On a 100% Project basis Proven mineral reserves of 59 million tonnes grading 2.29g/t, representing 4.3 million ounces of gold. Probable reserves of 230 million tonnes grading 2.16g/t, representing 16 million ounces of gold. e)Estimates are as of December 31, 2023: On a 100% Project basis Proven mineral reserves of 65 million tonnes grading 2.28g/t, representing 4.7 million ounces of gold. Probable reserves of 230 million tonnes grading 2.10g/t, representing 15 million ounces of gold. f)Estimates are as of December 31, 2024: On a 100% Project basis Proven mineral reserves of 80 million tonnes grading 2.27g/t, representing 5.9 million ounces of gold. Probable reserves of 220 million tonnes grading 2.06g/t, representing 15 million ounces of gold. Endnotes… Year 100% Project Basis Pueblo Viejo P&P Gold (Moz) 100% Project Basis Pueblo Viejo Depletion (Moz) 100% Project Basis Pueblo Viejo Change (Moz) 2019a 9.5 (1.0) 1.8 2020b 10 (0.93) (0.33) 2021c 9.0 (0.81) 12 2022d 20 (0.53) 0.024 2023e 20 (0.84) 1.3 2024f 20 N/A N/A 2019 – 2024 Total N/A (4.1) 15