results for the quarter ended 30 june 2019 · meetings and leadership field engagements saw...

Results for the Quarter ended 30 June 2019

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”. Allstatements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “target”, “plan”, “objective”, “assume”, “intend”, “project”, “pursue”, “goal”, “continue”, “budget”, “estimate”,“potential”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: Barrick’sforward-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 flowforecasts; projected capital, operating and exploration expenditures; mine life and production rates; estimated timing for construction of, and production from, new projects; anticipated gold production from the Deep South Project; potentialbenefits of the Nevada joint venture, including potential synergies; timing of completion of feasibility study for Goldrush and Fourmile; the potential for plant expansion at Pueblo Viejo to increase throughput and convert resources intoreserves; our pipeline of high confidence projects at or near existing operations; potential for existing or newly acquired and/or developed assets to become Tier One gold assets; potential mineralization and metal or mineral recoveries;our ability to convert resources into reserves; our project pipeline and results of our greenfield and brownfield exploration work; expectations regarding timing of completion of the acquisition of the minority interest in Acacia; asset sales,joint ventures and partnerships and other statements, including regarding our non-core assets; potential future transactions, including with respect to KCGM; and expectations regarding future price assumptions, financial performance andother 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 atthe 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 arenot 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 mineralproduction 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; the duration of the Tanzanian ban onmineral concentrate exports; the ultimate terms of any definitive agreement between Acacia and the Government of Tanzania to resolve a dispute relating to the imposition of the concentrate export ban and allegations by the Governmentof Tanzania that Acacia under-declared the metal content of concentrate exports from Tanzania and related matters; whether Acacia will approve the terms of any final agreement reached between Barrick and the Government of Tanzaniawith respect to the dispute between Acacia and the Government of Tanzania; approval of the Recommended Final Offer by minority shareholders of Acacia, and timing and completion of such transaction; timing of receipt of, or failure tocomply with, necessary permits and approvals, including with respect to Barrick Niugini Limited’s application for an extension to the Porgera mine’s special mining lease the benefits expected from recent transactions being realized,including Nevada Gold Mines; 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 connectionwith 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 andsafety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company’s capital allocationobjectives 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; theimpact of inflation; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; changes in national and local government legislation, taxation, controls or regulations and/orchanges 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 door may carry on business in the future; 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; the risks of operating injurisdictions where infectious diseases present major health care issues; disruption of supply routes which may cause delays in construction and mining activities; damage to the Company’s reputation due to the actual or perceivedoccurrence 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 notbe 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 andsocioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undevelopedproperties, 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 thispresentation are still in the early stages and may not materialize; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations includingloss 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. 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 goldbullion, 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 arecautioned 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 mostrecent 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 mayaffect 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 ofnew information, future events or otherwise, except as required by applicable law.

Health & Safety…

Fatality prevention commitments (FPC) programme continued to be implemented during Q2 – focused communication during safety meetings and leadership field engagements saw improvement in safety performance quarter on quarterLost time injury frequency rate (LTIFR) decreased to 0.52 in Q2 (Q1: 0.61)49 injuries recorded in Q2 – an improvement in the total recordable injury frequency rate (TRIFR)1 to 2.13 (Q1: 2.74)Ebola steering committee established at Watsa, NE DRC, for effective prevention of the outbreak spreading - Kibali continues its prevention activities with employees, the local community and along the supply routesMalaria incidence of 4.2%, a 6% increase compared to Q2 2018 –corrective action plan being implemented at KibaliLocal partner NGOs continue HIV/AIDS programme throughout African operations offering onsite services at clinic – 3 406 Voluntary Counselling and Testing (VCTs) conducted during Q2

*Frequency rates are per 1 000 000 hours worked

0,61 0,52

2,74

2,13

0

0,5

1

1,5

2

2,5

3

Q1 Q2

2019 Group Injury Rate

LTIFR TRIFR

Environment & Community…

Zero high significance environmental incidents recorded during the quarter

Response to the Church of England’s request for information regarding tailing storage facilities (TSF) prepared and posted to Barrick’s website Independent assurance of Barrick’s sustainability related data, including climate and water, receivedVeladero recertified ISO 14001 on June 6, with full compliance and no observationsPorgera obtained recertification for International Cyanide Management Code at the end of May 2019 Malian government approved the Loulo-Gounkoto solar project environmental report and authorized the project to move forwardGroup withdrew 1.5 cubic metres of water per tonne of ore processed; average water use efficiency of 66%$5.85 million spent on community investment projects during Q2, including significant investment in refurbishment of Paiam hospital in Porgera2018 consolidated Sustainability Report published today

Q2 highlights…

Another strong quarter points to annual production at top end of guidance range and costs at lower endDebt, net of cash unchanged at $3.7bn, after payment of Q1 dividendNet earnings of $0.11 per share increased quarter on quarter; adjusted net earnings per share2 of $0.09 in line with consensusCopper operations continue efficiency improvements with AISC3 down 7%Nevada Gold Mines JV closed July 1 and set to deliver forecast synergies with positive impact on production outlook for the yearPueblo Viejo progresses plant expansion prefeasibility study expected by year endAfrican and LatAm operations deliver as Loulo-Gounkoto joins Kibali and Veladero with strong performanceDrilling at Fourmile returns best-ever borehole intersection; Loulo-Gounkoto and Kibali on track for further brownfields expansion to replace depletionAgreement reached on Recommended Final Offer for shares in Acacia not already owned by BarrickICSID arbitration award represents significant milestone in recognition of Reko Diq project valueSustainability Report underscores group’s commitment to environmental and social goalsDecrease in Lost Time and Total Recordable Injury Frequency Rate from Q1$0.04 per share quarterly dividend maintained for Q2

Group operating results…

Gold production in-line with the solid base set in Q1 2019, driven by strong performances at Loulo-Gounkoto, Veladero and Kibali

Expected annual gold production at upper end of 2019 group guidance and cost metrics at the lower end of ranges

Copper production slightly lower than Q1 2019, primarily as a result of lower production at Lumwana

Despite this, group C1 cash costs and AISC were lower quarter on quarterProduction recovered at Lumwana in June

Gold operating results Q2 2019

Q1 2019

Q2 2018

Production (oz 000) 1,353 1,367 1,067

Cost of sales ($/oz)4 964 947 882

Total cash costs ($/oz)3 651 631 605

All-in sustaining costs ($/oz)3 869 825 856

Copper operating results

Production (millions of pounds) 97 106 83

Cost of sales ($/lb)4 2.04 2.21 2.45

C1 cash costs ($/lb)5 1.59 1.66 2.10

All-in sustaining costs ($/lb)5 2.28 2.46 3.04

Group financial results…Adjusted net earnings of $0.09 per share2

(Q2 2018: $0.07) slightly down on Q1 following lower copper revenue and earnings

Net cash provided by operating activities of $434 million

On July 15, 2019, Barrick repurchased $248 million of principal of 4.95% notes due 2020

Reduced total debt to < $5.6 billion subsequent to quarter endAnnualized interest saving of approximately $12 million

Tethyan Copper Company (a joint venture held equally by Barrick and Antofagasta) awarded $5.84 billion in damages in relation to arbitration claims on Reko Diqi

Financial ResultsQ2

2019Q1

2019Q2

2018Revenue ($ million) 2,063 2,093 1,712Net earnings (loss) ($ million) 194 111 (94)Adjusted net earnings ($ million)2 154 184 81Adjusted EBITDA6 972 1,002 679Net cash provided by operating activities ($ million) 434 520 141

Free cash flow ($ million)7 55 146 (172)Net earnings (loss) per share ($) 0.11 0.06 (0.08)

Adjusted net earnings per share ($)2 0.09 0.11 0.07

Total attributable capital expenditures ($ million)8,9 359 361 303

Cash and equivalents ($ million) 2,15310 2,153 2,085

Debt, net of cash ($ million) 3,654 3,654 4,307

iNot reflected in our financial accounts

Cortez…Nevada, USA Production improved 7% from Q1 2019 primarily due to increased tonnes and grade to the Goldstrike Roaster marginally offset by lower grades through the oxide mill as mining from higher grade Cortez Hills Open Pit (CHOP) was completed in the second quarterLeach production increased as mining and placement of ore from Crossroads open pit ramped upCosts contained despite the depletion of CHOPOperation continues its transition to a higher proportion of double refractory, underground ore

Cortez Deep South ProjectUnder the current Life of Mine (LOM) plan, Deep South starts to contribute to Cortez production from 2020, ramping up to approximately 150-250koz (100% basis) from 2022 to 2031 at an estimated average cost of sales of approximately $650/ozand all-in sustaining cost3 of $580/ozReceipt of a Record of Decision (ROD) expected in the second half of 2019

Cortez (100%) Q2 2019 Q1 2019 Q2 2018

Total tonnes mined (000) 31,598 27,572 29,420Average grade processed (g/t) 1.82 1.66 3.00Ore tonnes processed (000) 5,014 5,473 3,496Recovery rate (%) 84% 85% 87%Gold produced (oz 000) 280 262 294Gold sold (oz 000) 281 259 284

Income ($ millions) 158 155 179

EBITDA ($ millions)6 223 219 264Capital expenditures ($ millions)8,11 83 76 87

Minesite sustaining8,11 15 13 17

Project8,11 68 63 70

Cost of sales ($/oz) 719 682 653



See the Technical Report on the Cortez Joint Venture Operations, dated March 22, 2019, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 22, 2019

Goldstrike…Nevada, USA

Gold produced decreased 22% primarily due to lower throughput and grade processed through the autoclave as well as lower autoclave recoveries impacted by a higher blend of alkaline ore

Lower roaster production as less underground ore was available for processing, offset by increase in Cortez ore processed

Combination of Goldstrike and Carlin increases full year guidance range, even on an attributable basis

Goldstrike12 (100%) Q2 2019 Q1 2019 Q2 2018

Total tonnes mined (000) 12,138 11,982 16,864Average grade processed (g/t) 4.26 4.31 3.49Ore tonnes processed (000) 1,961 2,162 2,033Recovery rate (%) 71% 78% 75%Gold produced (oz 000) 181 233 170Gold sold (oz 000) 181 239 160


EBITDA ($ millions)6 86 149 68

Capital expenditures ($ millions)8 54 50 54

Minesite sustaining8 54 50 54

Cost of sales ($/oz)4 1,116 947 1,199


All-in sustaining costs ($/oz)3 1,088 891 1,220

See the Technical Report on the Goldstrike mine, dated March 22, 2019, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 22, 2019

Exploration at Goldstrike

Targeting efforts completed in June with all legacy data incorporated into geological model followed by peer review and prioritization

Drilling of the targets will commence early in the third quarter

Turquoise Ridge…Nevada, USA

Gold production was 16% lower, primarily due to lower ore tonnes mined resulting from unplanned shaft repairs and power interruptions, combined with lower cut off grades

Combination with Twin Creeks results in an increase in attributable gold production guidance for the year

Turquoise Ridge13 (75%) Q2 2019 Q1 2019 Q2 2018Tonnes mined (000) 180 191 165Average grade mined (g/t) 14.28 15.90 14.76Recovery rate (%) 91% 94% 92%Gold produced (oz 000) 65 77 69Gold sold (oz 000) 85 76 58


EBITDA ($ millions)6 62 60 35Capital expenditures ($ millions)8 19 16 14


Project8 12 9 10

Cost of sales ($/oz) 665 592 802



Turquoise Ridge Third ShaftConstruction of the third shaft, which has a hoisting capacity of 5 500 tonnes per day, continues to advance according to schedule and within budgetShaft pre-sink was completed at a depth of 63m out of a total planned depth of 1 052m below collarHeadframe columns erected to 29m of the 43m above collar All three mine hoists installed and nearly mechanically complete

See the Technical Report on the Turquoise Ridge mine, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018

Nevada Gold Mines JV…

Nevada Gold Mines Joint Venture transaction closed on 1 July, establishing Nevada Gold Mines LLC –Barrick (operator, 61.5%); Newmont Goldcorp (38.5%)Hosts three of the world’s top 10 Tier One14 gold assets

Comprises 12 open pit and 10 underground minesProven and probable reserves of 48.3Moz15

Progress being made with review of synergies in functional areas

Integrated planningRegional and site-based indirect costsOpex, fleet and maintenanceTurquoise Ridge / Twin Creeks complexSupply chain

$450-$500mper yeari

35% 22 %

24%

12%7%

Integrated planning

Regional & site-based

indirect costs

Supply chain

TR-TC complex

Opex, fleet & maintenance

iFor the first 5 years from 2020

Goldstrike

Cove/McCoy JVRobertson

Turquoise Ridge

South Arturo

Cortez Hills Goldrush

WinnemuccaElko

Twin Creeks

Pipeline

CarlinPhoenix Gold Quarry

Emigrant

Long Canyon

Fourmile

Operations included in Nevada JV

N

Nevada Gold Mines…Carlin ore movement optimised

Pete R2

Autoclave

Roaster

Mill 5

Mill 6

BR19

Exodus

Leeville

Former Barrick asset (orebody / processing facility) Former Newmont Goldcorp asset (orebody / processing facility)

Goldrush – Fourmile…drilling closes the gapNevada, USA

Update of geological model completed resulting in the merger of the Goldrush and Fourmile modelsAt Fourmile, significant drill intercepts confirm Anna Fault and associated breccia is an important ore control below known resourcei

33.4m @ 44g/t (FM19-34D)

16.6m @ 63g/t (FM19-20D)

Drilling between Goldrush and Fourmile is closing the gapi

7.5m @ 29g/t (FM19-25D)

Goldrush - Fourmile Oblique View looking W-SW

RED > 5 g/tYELLOW > 1 g/t

Goldrush –Meadow Zone

Goldrush - Red Hill

Zone

Fourmile

Dw4

Srm

OhcOe

ChFourmile

Carve Out

Construction of twin declines continued with each advancing to 1 200m of the planned 4 000m

The declines will provide access to the orebody allowing for further drilling and conversion of resources to reserves

Goldrush –twin exploration declines

iSee Appendix A for additional details including assay results for the significant intercepts

300m

FM19-34D12.2m @ 12.7g/t33.4m @ 44.0g/t12.8m @ 16.9g/t

Fourmile Resource

Fourmile…on track to deliver significant resource growth

Drilling continued to expand the high grade mineralization with approximately 100m added along strike to the southDrilling in Q2 delineated a new zone of strong and continuous mineralization from targeting of a structural intersection below the resourceHighlighting best grades to datei

16.6m @ 63g/t (FM19-20D)11.4m @ 29.9g/t (FM19-21D)21.5m @ 40.2g/t (FM19-22D)30.3m @ 23.2g/t (FM19-24D)20.1m @ 20.0g/t (FM19-33D)33.4m @ 44.0g/t (FM19-34D)Expecting more high-gradeintercepts

Drilling shifting focus to wider spaced step out and scout holes evaluating extensions along north and south

DhcDw8

Dw5

Ovi

Dw4

FM19-35D

FM19-22D

FM19-23D

FM19-27D

FM19-20D

FM19-30D

FM19-24D

FM19-26D

FM19-33D

FM19-28D

FM19-32D

FM19-29D

FM19-36D

5400 LEVEL

Resource Inventory BrecciaDrilling Resultspending

Resultsreceived

BarrickNevada Gold Mines

FM19-25D

FM18-54DReported Q1 2019

FM19-21D

FM19-34D

Sectionline

Cross section looking north Plan view – geology at 5 400 level

100m

N

iSee Appendix A for additional details including assay results for the significant intercepts

Hemlo…Ontario, Canada

Gold production in Q2 2019 in line with the prior quarter as higher throughput was offset by lower grade – on track to achieve guidance

All-in sustaining costs per ounce3 increased by 11% compared to prior quarter due to higher costs relating to both underground mining and processing, as well as increase in tailings dam expenditure

Hemlo (100%) Q2 2019 Q1 2019 Q2 2018

Ore tonnes processed (000) 779 733 755

Average grade processed (g/t) 2.38 2.49 1.69

Recovery rate (%) 94% 94% 93%

Gold produced (oz 000) 55 55 38

Cost of sales ($/oz) 953 906 1,277

Total cash costs ($/oz)3 822 769 1,184


See the Technical Report on the Hemlo Mine, Marathon, Ontario, Canada, dated April 25, 2017, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on April 25, 2017

Exploration at HemloFirst drill hole of a series testing the down-plunge extent of the C-Zone successfully intersected economic mineralization as predicted C-Zone represents the majority of current resources and underground mill feed at HemloNew D Zone lodes identified as prospective - close to infrastructureFollow-up drilling will resume in Q3 2019Potential to add ounces and extend life of mine

Pueblo Viejo…Dominican Republic

Gold production in Q2 2019 was 16% lower than prior quarter mainly due to delayed access to higher grade phases of Moore pit as a result of a wall failure, and lower grade reconciliation from the Cumba pit

Q2 production also impacted by lower throughput as a result of a scheduled total plant shutdown and unplanned autoclave maintenance

Production expected to increase in the second half of 2019 driven by better access to Moore ore and stronger performance at Cumba following improved reconciliation started in June

Currently there are no total plant shutdowns scheduled in the second half of 2019On track to meet guidance

Pueblo Viejo16 (60%) Q2 2019 Q1 2019 Q2 2018Open pit tonnes mined (000) 6,116 7,070 6,685Average grade processed (g/t) 3.56 3.75 3.60Ore tonnes processed (000) 1,212 1,306 1,171Recovery rate (%) 90% 89% 91%Gold produced (oz 000) 124 148 123Gold sold (oz 000) 132 142 125


EBITDA ($ millions)6 104 126 94

Capital expenditures ($ millions)8 18 16 20


Cost of sales ($/oz)4 852 696 852



See the Technical Report on the Pueblo Viejo mine, Sanchez Ramirez Province, Dominican Republic, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018

Pueblo Viejo JV upside…expansion to extend Life of Mine Expansion study

Proposed expansion includes an extension of the mine’s processing plant and tailings capacity with an estimated initial capital investment approximately $1.3 billion dollars (100% basis) and the potential to extend the life of the mine into the 2030s and beyondStudies and pilot work support a plant expansion that could significantly increase throughput, allowing average annual production of approximately 800 000oz (100%) after 2022Lower indicative processing costs on the back of the higher throughput, together with unconstrained TSF capacity, shows potential to convert approximately 11Moz of measured and indicated resources to proven and probable reservesFeasibility study for the process plant expansion project expected to be completed during 2020

See the Technical Report on the Pueblo Viejo mine, Sanchez Ramirez Province, Dominican Republic, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018

Pueblo Viejo…improved geological model demonstrates upside potential

Geological modeling efforts defined a new stratigraphic and geological framework for PV with more clearly defined key controls to mineralization and potential for extensions - will be used to generate an improved block model and resource estimate to de-risk the expansion project Monte Negro mineralisation occurs at boundary of geochemically distinct andesite - area surrounding andesite to be tested to define upside potential

Identified 3 high grade feeder structures in the pits and 2 additional potential high-grade feeders outside pits

High grade feeder Potential High grade feeder

Monte Negro / Oculto Section

A A’Expansion Pit

Open Mineralisation

Potential

Open High-gradeBreccia Mineralisation

200m

500m

Veladero…Argentina

Gold production 7% higher, primarily as a result of leach pad recovery initiatives resulting in improved recoveries on material stacked in prior periods and a reduction in pad inventories.AISC per ounce3 was 5% lower primarily due to lower minesite sustaining capital expenditureOn track to meet guidance

Veladero (50%) Q2 2019 Q1 2019 Q2 2018Open pit tonnes mined (000) 8,184 8,848 9,242

Average grade processed (g/t) 0.75 0.75 0.88Heap leach ore tonnes processed (000) 2,828 3,416 2,891


Gold sold (oz 000) 74 68 82


EBITDA ($ millions)6 43 40 61Capital expenditures ($ millions)8 19 40 33


Project8 0 15 0

Cost of sales ($/oz) 1,186 1,195 984


All-in sustaining costs ($/oz)3 1,046 1,100 946

For additional detail regarding Veladero, see the Technical Report on the Veladero Mine, San Juan Province, Argentina, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018

Projects at Veladero

Valley Leach Facility Phase 6 Expansion work is progressing and is expected to start contributing to production from 2020 to 2028

Power transmission project connecting Veladero with grid power at Pascua is advancing. Upon commissioning in H2 2020, this will have a positive impact on operating costs and help reduce our carbon footprint

Exploration along the El Indio Belt…

Veladero - Re-logging process and geological model review progressing according to plan

Cuatro Esquinas – near surface results beat expectations and satellite target evaluation continues

Pascua-Lama / Penelope – updating geological model as part of due diligence to review past feasibility studiesEl Indio Sur Cluster –

Rojo Grande, 17 drillholes completed4 satellite targets tested

Other projects – evaluate other opportunities in other provinces of Argentina and along the Andean belt

PascuaLama

Chile Argentina

Barrick Claims

Porphyry Cu-Au TargetsHS Au Targets

130km long / 350km2

El Indio Norte

Cluster

Veladero

El IndioSur

Cluster

Rio del MedioEl IndioTambo

Rojo Grande

Penelope

Alturas

20km 200km

Collahuasi

Abra

Chuquicamata

Zaldivar

Escondida

Salvador

El Morro

PelambresPachon

Los BroncesAndina

Teniente

ArgentinaChile

Eocene-Oligocene

Cerro Casale

Veladero

PascuaLama

Miocene

Mineralized Belt

N

Porgera…Papua New Guinea

Gold production was 8% lower, primarily due to lower throughput partially offset by higher ore grades and the continued reduction of process inventories related to the emptying of the concentrate pond

Lower throughput resulting from powerline tower interference that interrupted the mine's power supply, reducing processing capacity during the quarterFull power was restored to site in early July

Special Mining Lease extension –National Court of PNG ruled that provisions of 1992 Mining Act applied to the Porgeragold mine allowing operations to continue while the application to extend its Special Mining Lease, due to expire August 16, is considered

Porgera (47.5%) Q2 2019 Q1 2019 Q2 2018

Ore tonnes processed (000) 557 673 389

Average grade processed (g/t) 3.25 3.19 4.21

Recovery rate (%) 90% 96% 78%


Cost of sales ($/oz) 1,032 1,031 1,233



Loulo-Gounkoto…delivers solid performanceMali

Gold production was 15% higher than the prior quarter mainly due to higher grade from the Gounkoto South pit, in line with plan, as well as slightly higher throughput, partially offset by slightly lower recovery

On track to meet guidance

Brownfields exploration has confirmed the potential to replace depletion and maintain an ongoing 10 year operating plan

Gounkoto underground feasibility study making progress

Installation of a 20MW solar power plant underway at Loulo

Loulo-Gounkoto17 (80%) Q2 2019 Q1 2019

Total tonnes mined (000) 8,048 8,779Average grade processed (g/t) 4.74 4.19Ore tonnes processed (000) 1,034 1,011Recovery rate (%) 93% 94%Gold produced (oz 000) 147 128Gold sold (oz 000) 148 128

Income ($ millions) 32 29

EBITDA ($ millions)6 102 76

Capital expenditures ($ millions)8 31 18

Minesite sustaining8 29 18

Cost of sales ($/oz)4 1,072 1,052

Total cash costs ($/oz)3 598 684

All-in sustaining costs ($/oz)3 811 840

See the Technical Report on the Loulo-Gounkoto Gold Mine Complex, Mali dated September 18, 2018 with an effective date of December 31, 2017, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on January 2, 2019

Loulo District…Tier 1 Destination

First pass auger program to test for in-situ anomalism under suppressive regolith defined several anomaliesMost notable anomaly extends over +5km length along the Gefa NS corridor, significantly extending the previously defined 800m long target Another +8km highly prospective corridor defined on margins of albitite intrusive on northern extension of Gounkoto domain boundaryFollow up work on these corridors planned for Q3

DepositionalErosionalLow lateriteMid-high lateriteTransported lateriteErosional slopesColluviumResidual

Deposit

Exploration Target

Follow up RC drilling planned to test continuity of mineralisation at Teriya and Teriya SESinsinko structure, follow-up RC confirmed high grade mineralisation within two sub-parallel zones

Bena permit

Bakolobi permitInfill drilling completed at Gamaye to advance the targetto resource stage. Deeper holes planned to test thedown dip upside potentialAuger program completed over the southern extensionof Koliguinda target confirms continuity of the targetstructure over 3kmFollow up Aircore and RC drilling planned next fieldseason

Regolith Map

Bambadji permit

Loulopermit

Gounkotopermit

Senegal Mali

N

10km

Financial assessment 100% basis

Gold Price ($/oz)

1200 1300 1400 1500

NPV @ 5% $ m 421 550 677 805IRR % 28% 35% 41% 47%Payback period years 2.6 2.4 2.2 1.9

Massawa…significant upsideSenegal

Application for mining permit underway and the project’s environmental impact study has been approved Update of reserve pricing to $1 200/oz adds 200koz - lower strip ratios, higher proportions of low cost ore fed to the plant result in overall increased project valueA Technical Report to support the feasibility study for the Massawa gold project has been filed on SEDAR dated as of 23 July 2019, prepared in accordance with National Instrument 43-101i

Ongoing exploration in 2019 has identified additional opportunities to further add to the project inventory

$1200/oz Ore Reserve

Tonnes(Mt)

Grade(g/t Au)

ContainedGold (Moz)

AttributableGold Moz(83.25%)

Total OP Probable 20.9 3.94 2.6 2.2

Sabodala Mine (Teranga Gold)2.7Moz @ 1.37g/t

Sofia

KB

Tiguida

Matiba

Massawa CZ

Samina

Delya

Makana 2 Hill

Sofia South

Makana 2

Bakan

Tina

Tiwana

ThiangaExploration targets

Mineral ReservePriority exploration targets

Legend

Major structureMineralisation on structureFelsic intrusivesUltramaficsConductive rocksSiltstonesLate dyke

Massawa NZ

10km

N

iFiled on SEDAR at www.sedar.com on July 23, 2019 and EDGAR at www.sec.gov on July 25, 2019.

Kibali…another strong quarterDRCGold production was 2% higher than the prior quarter as a result of slightly higher throughput, in spite of a winder failure during the quarter that restricted ore hoisted through the shaft Stockpile material was available to sustain production AISC3 were 3% lower reflecting lower total cash cost/oz resulting from increased availability of hydropowerOn track to meet or beat guidance

Kibali18 (45%) Q2 2019 Q1 2019

Total tonnes mined (000) 2,938 3,162Average grade processed (g/t) 3.88 3.89Ore tonnes processed (000) 850 840Recovery rate (%) 89% 89%Gold produced (oz 000) 95 93Gold sold (oz 000) 95 90Income ($ millions) 43 10EBITDA ($ millions)6 74 66Capital expenditures ($ millions)8 10 10

Minesite sustaining8 10 9Project8 0 1

Cost of sales ($/oz)4 868 1,202Total cash costs ($/oz)3 540 573All-in sustaining costs ($/oz)3 651 673

See the Technical Report on the Kibali Gold Mine, Democratic Republic of the Congo dated September 18, 2018 with an effective date of December 31, 2017, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on January 2, 2019

Brownfields exploration focused on closing the gap between the Gorumbwa and Sessengue deposits with the relogging of key holes followed by a small diamond program, which is in progress.

First hole confirmed geology and intersected three mineralized zones, supporting the continuity of mineralization from Gorumbwa into the gap

Ongoing exploration points to replacement of gold depletion

Exploration at Kibali

Kibali…drilling extends underground reserve basei

Continuity between Sessenge open pit, Gorumbwaopen pit and KCD UG 9000 lode supports first stage of potential Super Pit

3000 and 5000 lodes down plunge infill drilling on track to extend the existing UG reserve base

Entire system open down plunge over at least 600m from current development

3000 Lodeup plunge extension

5000 Lode down plunge 12.64m @ 4.27g/t

9000 Lode Gap Ave drill intersection9.40m @ 3.24g/t

Holes plannedHoles completed

11000 LodeAve drill intersection20.61m @ 6.08g/t

Haulage Level5210 rL

3000 Lodedown plunge

KCD Open Pit20

PB#3 & PB2 North2018 Proven reserve:1.2Mt@ 2.45g/t for 94koz2018 Probable reserve 3.2Mt @ 2.32g/t for 238koz

Sessenge Open Pit20

2018 Proven reserve:1.7Mt @ 2.71g/t for 148koz2018 Probable reserve 0.1Mt @ 2.20g/t for 8koz

Current Mining ReservesDefined ReservesCurrent Drilling ReservesPotential Reserves

iSee Appendix B for additional details including assay results for the significant intercepts

Central and East Africa…potential for additional Tier One14 discoveries

Barrick set to expand its exploration portfolio across the Congo and Tanzanian cratonsAcacia Tanzanian assets to be managed as part of Barrick portfolio after completion of purchase of minority shareholders

KibaliNgayuProject

BulyanhuluBuzwagi

North Mara

500km

N

Acacia acquisition…summary of termsOn 19 July 2019, Barrick and Acacia jointly announced that they had reached agreement on the terms of Barrick’s offer for the acquisition of the ordinary share capital of Acacia that it did not already own.

Barrick’s offer received a unanimous, unqualified recommendation from Acacia’s Board of DirectorsThe acquisition is intended to be implemented by way of a Scheme of Arrangement; see timetable to close below

Pursuant to the terms of the Recommended Offer, if implemented, Acacia minority shareholders will receive for every share of Acacia subject to the Scheme :0.168 New Barrick Shares; andContingent consideration comprising their pro rata share of net cash proceeds from the sale of Acacia’s exploration properties (excluding Nyanzaga and South Houndé, for which a sales process is already well-advanced), to be paid by way of a special dividend

Barrick has undertaken to run a sales process for the exploration properties, to be completed within two years of the Scheme becoming effective All Acacia shareholders (including Barrick) will be entitled to receive Special Dividends

• Publication of Scheme Document

• Court Meeting• General Meeting• Court Hearing• Suspension and last day of dealings in and disablement in CREST of Acacia Shares on the LSE• Scheme Record Time• Effective Date of the Scheme(i)

• Issue of New Barrick Shares• Listing of New Barrick Shares on the TSX and NYSE

12 August 2019

13 September 2019

16 September 2019

17 September 2019

3 September 2019

• Latest time for lodging Proxy Forms for the Court Meeting and General Meeting• Scheme Voting Record Time for the Court and General Meetings30 August 2019

Following dates indicative & subject to change

• Cancellation of listing of Acacia Shares on the main market of the LSE18 September 2019

• New Barrick Shares registered through DRS• Barrick CDIs credited to CREST accounts

19 September 2019

Timetable to Closing

(i) Within 14 days of the Effective Date, dispatch of statements of entitlement relating to New Barrick Shares held through DRS (in respect of Scheme Shares held in certificated form only) and payment of fractional entitlements will occur

Other gold mines…

Q2 gold production of 61koz in line with the prior quarterContinued exploration of satellite deposits and targets along the Badenou trend in the Tongon lease area to extend three year reserve life by converting near-mine resources to reservesPreliminary pit optimization work on the Djinni target on the Badenou trend confirmed that it remains a potential oxide-ore satellite pit

Tongon (89.7% basis), Côte d'Ivoire

Lagunas Norte, Peru

Golden Sunlight, Montana, USA

Kalgoorlie, Australia (50%)Gold production of 57koz was 4% higher compared to the prior quarter, primarily due to higher grade and tonnes processed, partially offset by lower recovery2019 guidance lowered by Newmont Goldcorp (the operator) to reflect the lower mining rates achieved in the first half of the year related to geotechnical constraintsIn line with Barrick’s strategy to sell non core assets not meeting our investment filters, we intend to initiate a process to explore the sale of our 50 percent stake in the KCGM operation in Western Australia in the third quarter of 2019

Continued under-performance of the dry screening of carbonaceous ore during the current quarter has resulted in a decision to accelerate care and maintenance from the end of 2019 (as per our previous guidance) to end Q3 2019

Focus now on the evaluation of tailings reprocessing to produce gold concentrateProduction in Q3 is expected to be minimal and as such, we will cease to include production or non-GAAP cost metrics for this operation going forward

Morila, Mali (40%)Mining activity has ended at Morila as expected and as such, we will cease to include production or non-GAAP cost metrics for this operation going forward.

Copper mines….

Production was 20% lower was due to repeated tears in main crusher conveyor and subsequent use of lower grade stockpile as mill feed, resulting in a reduction in throughput and grade in the first two months of the quarterProduction levels in the final month of the quarter showed a strong recovery

Lumwana, Zambia

Jabal Sayid, Saudi Arabia (50%)

Zaldívar, Chile (50%)

Production was 6% lower compared to the prior quarter but still exceeded planned levels, primarily due to a decrease in the feed grade in line with the mine planConcentrate filter expansion project to boost mill throughput by ~25% to 2.4 Mtpa on a 100% basis is underway - completion expected H1 2020, on budget and on time

Improved performance resulting in 14% higher production after crusher and conveyor reliability issues experienced in Q1Chloride leach project progressing in accordance with plan

Lumwana (100%) Q2 2019 Q1 2019 Q2 2018

Copper produced (lbs million) 49 61 47

Cost of sales ($/lb) 2.07 2.16 2.43

C1 cash costs ($/lb)5 1.70 1.67 2.16


Jabal Sayid (50%) Q2 2019 Q1 2019 Q2 2018


Cost of sales ($/lb)4 1.45 1.55 1.84

C1 cash costs ($/lb)5 1.22 1.10 1.50


Zaldívar (50%) Q2 2019 Q1 2019 Q2 2018


Cost of sales ($/lb)4 2.32 2.68 2.69

C1 cash costs ($/lb)5 1.61 1.91 2.19


Annual gold production19 at top end of guidance range…

Producing Projects Acacia (63.9% Barrick) Copper producing

Golden Sunlight

Nevada Gold Mines (61.5%)Fourmile (100%)

Hemlo

Pueblo Viejo (60%)

Lagunas Norte

Massawa(83.25%)

Kibali (45%)

Kalgoorlie (50%)

Porgera (47.5%)

Donlin Gold (50%)

Jabal Sayid (50%)

Zaldivar (50%)Norte Abierto (50%)Pascua-LamaVeladero (50%)

Lumwana

Loulo-Gounkoto(80%)

Morila (40%)

Tongon (89.7%)

North MaraBulyanhuluBuzwagi

Reunion Strategic Alliance

Africa1 420 – 1 540koz

LATAM, Australia, Pacific1 280 – 1 390koz

N America2 340 – 2 540koz

Total forecast annual gold production attributable to Barrick: 5 100koz – 5 600koz

G&A costs halved relative to previous plans…

Our original market guidance for 2018 was $275 million in corporate administration expenses with G&A headcount of almost 500 peopleFollowing the Randgold merger proposal, in H2 2018 the G&A was cut significantly Notwithstanding the enlarged group after the merger, corporate administration expenses for 2019 were forecast to be $140 million equating to a reduction of almost 50%For H1 2019, corporate administration expenses were $68 million (excluding severances)G&A headcount as at June 30, 2019 is now at ~140 with approximately half of these in TorontoIn 2019 we closed offices in Tucson, San Francisco and Buenos Aires and substantially reduced consultant costsIn Q2 2019, corporate administration expenses were $40 million, including severances of $10 million

050

100150200250300

Guidance 2018 Actual 2018 Guidance 2019 Actual Q1 2019 Actual Q2 2019

Corporate administration charges $ million

Global gold mine supply…2019 - 2029Industry facing production precipiceVery few companies able to deliver value growth in this environment

-

10

20

30

40

50

60

70

80

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029Production Committed Probable Possible Concept Others

Source: AME Research. See Endnote 21 for further information on each category.

Moz

Disciplined and thoughtful strategy secures six Tier 1 mines14…

Due Diligence - 2 yearsDeal discipline - zero premium

Execution and integration to create world’s most valued gold business operating five Tier 1 mines14

Opportunity and synergy identification –detailed analysis

Develop alternative strategy to secure synergies

Consolidate management of world’s largest gold complex

EXECUTION and DELIVERY

BARRICK - RANDGOLD NEVADA JV

Barrick…synonymous with value creation

Index value (September 21, 2018 = 100)

80

90

100

110

120

130

140

150

160

170

180Se

p-18

Oct

-18

Nov

-18

Dec

-18

Jan-

19

Feb-

19

Mar

-19

Apr-1

9

May

-19

Jun-

19

Jul-1

9

Barrick Agnico Newmont Gold US$ Spot

72%68%

25%25%

Source: Bloomberg

Endnotes1. Total reportable incident frequency rate (TRIFR) is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, losttime injuries, restricted duty injuries, and medically treated injuries.

2. “Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: certain impairment charges (reversals)related to intangibles, goodwill, property, plant and equipment, and investments; gains (losses) and other one-time costs relating to acquisitions or dispositions; foreign currency translation gains (losses); significant taxadjustments not related to current period earnings; unrealized gains (losses) on non-hedge derivative instruments; and the tax effect and noncontrolling interest of these items. The Company uses this measureinternally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Barrick believes that adjusted net earnings is auseful measure of our performance because these adjusting items do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjustednet earnings and adjusted net earnings per share are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures ofperformance presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further details on these non-GAAPmeasures, please refer to pages 78-79 of the MD&A accompanying Barrick’s second quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

3. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures. “Total cash costs” per ounce starts with cost of sales applicable to gold production, but excludesthe impact of depreciation, the non-controlling interest of cost of sales, and includes by-product credits. “All-in sustaining costs” per ounce begin with “Total cash costs” per ounce and add further costs which reflect theadditional costs of operating a mine, primarily sustaining capital expenditures, sustaining leases, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion andamortization. Barrick believes that the use of “total cash costs” per ounce and “all-in sustaining costs” per ounce will assist investors, analysts and other stakeholders in understanding the costs associated withproducing 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 overallCompany basis. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are intended to provide additional information only and do not have any standardized meaning under IFRS. Although a standardizeddefinition of all-in sustaining costs was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by 26 gold mining companies from around theworld, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. Starting from the first quarter of 2019, we have renamed "cash costs" to "total cash costs" whenreferring to our gold operations. The calculation of total cash costs is identical to our previous calculation of cash costs with only a change in the naming convention of this non-GAAP measure. These measures shouldnot be considered in isolation or as a substitute for measures prepared in accordance with IFRS. For further details on these non-GAAP measures, please refer to pages 80-94 of the MD&A accompanying Barrick’ssecond quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

4. Cost of sales applicable to gold per ounce is calculated using cost of sales applicable to gold on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo, 20% of Loulo-Gounkoto, 10.3% ofTongon, 36.1% Acacia and 40% South Arturo from cost of sales and including our proportionate share of cost of sales attributable to our equity method investments in Kibali and Morila), divided by attributable goldounces sold. Also removes the non-controlling interest of 38.5% Nevada Gold Mines from cost of sales from July 1, 2019 onwards. Cost of sales applicable to copper per pound is calculated using cost of salesapplicable to copper including our proportionate share of cost of sales attributable to our equity method investments in Zaldívar and Jabal Sayid, divided by consolidated copper pounds sold (including our proportionateshare of copper pounds sold from our equity method investments). The guidance for cost of sales for Carlin, Turquoise Ridge/Twin Creeks, Phoenix and Long Canyon does not include the impact of the Nevada GoldMines purchase price allocation.

5. “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures. “C1 cash costs” per pound is based on cost of sales but excludes the impact of depreciation androyalties and includes treatment and refinement charges. “All-in sustaining costs” per pound begins with “C1 cash costs” per pound and adds further costs which reflect the additional costs of operating a mine, primarilysustaining capital expenditures, general & administrative costs and royalties and production taxes. Barrick believes that the use of “C1 cash costs” per pound and “all-in sustaining costs” per pound will assist investors,analysts, and other stakeholders in understanding the costs associated with producing copper, understanding the economics of copper mining, assessing our operating performance, and also our ability to generate freecash flow from current operations and to generate free cash flow on an overall Company basis. “C1 cash costs” per pound and “All-in sustaining costs” per pound are intended to provide additional information only, donot have any standardized meaning under IFRS, and may not be comparable to similar measures of performance presented by other companies. These measures should not be considered in isolation or as a substitutefor measures of performance prepared in accordance with IFRS. For further details on these non-GAAP measures, please refer to pages 95-96 of the MD&A accompanying Barrick’s second quarter 2019 financialstatements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Endnotes6. EBITDA is a non-GAAP financial measure, which excludes income tax expense; finance costs; finance income; depreciation; and income tax expense, finance costs, finance income and depreciation from equityinvestees. 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 capitalexpenditures. 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 basedon an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. EBITDA should not be considered in isolation or as a substitute formeasures of performance prepared in accordance with IFRS. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; other expenseadjustments; and unrealized gains on non-hedge derivative instruments. 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, including the impact incurred in our equity method accounted investments,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 operating cash flow, byexcluding these amounts from the calculation as they are not indicative of the performance of our core mining business and not necessarily reflective of the underlying operating results for the periods presented. Forfurther details on these non-GAAP measures, please refer to pages 97-98 of the MD&A accompanying Barrick’s second quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR atwww.sec.gov.

7. “Free cash flow” is a non-GAAP financial performance measure which deducts capital expenditures from net cash provided by operating activities. Barrick believes this to be a useful indicator of our ability to operatewithout 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 meaning under IFRS and may not becomparable to similar measures of performance presented by other companies. Free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.For further details on this non-GAAP measure, please refer to page 79 of the MD&A accompanying Barrick’s second quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR atwww.sec.gov.

8. Presented on a cash basis as a result of adopting IFRS 16 Leases starting in the first quarter of 2019. Capital expenditures for the three months ended June 30, 2018 are presented on an accrued basis. Pleaserefer to page 32 of the MD&A accompanying Barrick’s second quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov for more details.

9. These amounts are presented on the same basis as our guidance and include our 60% share of Pueblo Viejo and South Arturo, our 63.9% share of Acacia and our 50% share of Zaldivar and Jabal Sayid. Alsoincludes our 80% share of Loulo-Gounkoto, 89.7% share of Tongon, 45% share of Kibali and 40% share of Morila commencing January 1, 2019, the effective date of the Merger.

10. Includes $150 million of cash, primarily held at Acacia, which may not be readily deployed.

11. Amounts presented exclude capitalized interest.

12. Includes our 60% share of South Arturo.

13. Barrick owned 75% of the mine through the end of the second quarter of 2019, with our joint venture partner, Newmont Goldcorp, owning the remaining 25%. Turquoise Ridge is proportionately consolidated on thebasis that the joint venture partners that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. The figures presented in the table and related discussion are based onour 75% interest in Turquoise Ridge. On July 1, 2019, Turquoise Ridge became part of Nevada Gold Mines.

Endnotes14. A Tier One Gold Asset is a mine with a stated life in excess of 10 years with 2017 production of at least 500,000 ounces of gold and 2017 total cash cost per ounce within the bottom half of Wood Mackenzie’s costcurve tools (excluding state owned and privately-owned mines). For purposes of determining Tier One Gold Assets, total cash cost per ounce is based on data from Wood Mackenzie as of August 31, 2018, except inrespect of Barrick’s mines where Barrick may rely on its internal data which is more current and reliable. The Wood Mackenzie calculation of total cash cost per ounce may not be identical to the manner in which Barrickcalculates comparable measures. Total cash cost per ounce is a non-GAAP financial performance measure with no standardized meaning under IFRS and therefore may not be comparable to similar measurespresented by other issuers. Total cash cost per ounce should not be considered by investors as an alternative to operating profit, net profit attributable to shareholders, or to other IFRS measures. Barrick believes thattotal cash cost per ounce is a useful indicator for investors and management of a mining company’s performance as it provides an indication of a company’s profitability and efficiency, the trends in cash costs as thecompany’s operations mature, and a benchmark of performance to allow for comparison against other companies. Wood Mackenzie is an independent third party research and consultancy firm that provides data for,among others, the metals and mining industry. Wood Mackenzie does not have any affiliation to Barrick.

15. The pro forma reserves and resources figures of Nevada Gold Mines were derived by adding the respective reserves and resources in respect of Nevada operations reported by Barrick in its Q4 2018 Report andNewmont in its press release dated February 21, 2019 reporting its 2018 Reserves and Resources and its annual report on Form 10-K for the fiscal year ended December 31, 2018 in respect of the relevant Nevadaproperties set out in endnotes 3 and 4. The pro forma reserves and resources are provided for illustrative purposes only. Barrick and Newmont calculate such figures based on different standards and assumptions, andaccordingly such figures may not be directly comparable and the pro forma reserves and resources may be subject to adjustments due to such differing standards and assumptions. In particular, Barrick mineral reservesand resources have been prepared according to Canadian Institute of Mining, Metallurgy and Petroleum 2014 Definition Standards for Mineral Resources and Mineral Reserves as incorporated by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, which differ from the requirements of U.S. securities laws. Newmont’s reported reserves are prepared in compliance with Industry Guide 7 published by the SEC,however, the SEC does not recognize the terms “resources” and “measured and indicted resources”. Newmont has determined that its reported “resources” would be substantively the same as those prepared usingGuidelines established by the Society of Mining, Metallurgy and Exploration (SME) and that its reported measured and indicated resources (combined) are equivalent to “Mineralized Material” disclosed in its annualreport on Form 10-K.

Reserves and resources of Barrick in Nevada are stated on an attributable basis as of December 31, 2018 and include Goldstrike, Cortez, Goldrush, South Arturo (60%) and Turquoise Ridge (75%). Proven reserves of84.4 million tonnes grading 4.36g/t, representing 11.8 million ounces of gold. Probable reserves of 155.6 million tonnes grading 2.93g/t, representing 14.7 million ounces of gold. Measured resources of 13.5 milliontonnes grading 4.22g/t, representing 1.8 million ounces of gold. Indicated resources of 101.6 million tonnes grading 4.34g/t, representing 14.2 million ounces of gold. Inferred resources of 28.7 million tonnes grading5.2g/t, representing 4.8 million ounces of gold. Complete mineral reserve and resource data for all Barrick mines and projects referenced in this press release, including tonnes, grades, and ounces, as well as theassumptions on which the mineral reserves for Barrick are reported, are set out in Barrick’s Q4 2018 Report issued on February 13, 2019.

Reserves and resources of Newmont in Nevada are stated on an attributable basis as of December 31, 2018 and include Carlin, Phoenix, Lone Tree, Twin Creeks (including Newmont’s 25% equity in Turquoise Ridge)and Long Canyon. Proven reserves of 46.6 million tonnes grading 3.84g/t, representing 5.8 million ounces of gold. Probable reserves of 378.1 million tonnes grading 1.32g/t, representing 16.0 million ounces of gold.Measured resources of 19.7 million tonnes grading 2.2 g/t, representing 1.4 million ounces of gold. Indicated resources of 244.4 million tonnes grading 1.27g/t, representing 10.0 million ounces of gold. Inferred resourcesof 45.5 million tonnes grading 1.81g/t, representing 2.7 million ounces of gold. Complete mineral reserve and resource data for all Newmont mines and projects referenced in this press release, including tonnes, grades,and ounces, as well as the assumptions on which the mineral reserves for Newmont are reported, are set out in Newmont’s press release dated February 21, 2019 reporting its 2018 Reserves and Resources and itsannual report on Form 10-K for the fiscal year ended December 31, 2018.

16. Pueblo Viejo is accounted for as a subsidiary with a 40% non-controlling interest. The figures presented in the table and related discussion are based on our 60% share only.

17. Barrick owns 80% of Société des Mines de Loulo SA and Société des Mines de Gounkoto with the Republic of Mali owning 20%. Loulo-Gounkoto is accounted for as a subsidiary with a 20% non-controlling intereston the basis that Barrick controls the asset. The figures presented in the table and related discussion are based on our 80% share inclusive of the impact of the purchase price allocation resulting from the Merger

Endnotes

The scientific and technical information contained in this presentation has been reviewed and approved by Steven Yopps, MMSA, Director - Metallurgy, North America; Chad Yuhasz, P.Geo, Mineral Resource Manager,Latin America and Australia Pacific; Simon Bottoms, CGeol, MGeol, FGS, MAusIMM, Mineral Resources Manager: Africa and Middle East; Rodney Quick, MSc, Pr. Sci.Nat, Mineral Resource Management and EvaluationExecutive; John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Rob Krcmarov, FAusIMM, Executive Vice President, Exploration and Growth – each a “Qualified Person” as defined in NationalInstrument 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 MineralProjects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2018.

Technical Information

18. Barrick owns 45% of Kibali Goldmines SA (Kibali) with the Democratic Republic of Congo ("DRC") and our joint venture partner owning 10% and 45%, respectively. Kibali is accounted for as an equity method investmenton the basis that the joint venture partners that have joint control have rights to the net assets of the joint venture. The figures presented in the table and related discussion are based on our 45% effective interest in Kibaliinclusive of the impact of the purchase price allocation resulting from the Merger.

19. 2019 Guidance includes our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 63.9% share of Acacia, our 50% share of Zaldívar and Jabal Sayid, our 45% of Kibali, and ourshare of joint operations. Furthermore, 2019 Guidance includes Cortez (100%), Goldstrike (100%) and Turquoise Ridge (75%), also known as Barrick Nevada, from January 1, 2019 to June 30, 2019, and Cortez, Carlin(including Goldstrike), Turquoise Ridge/Twin Creeks, Phoenix and Long Canyon on a 61.5% basis from July 1, 2019 onwards as a result of the formation of Nevada Gold Mines with Newmont Goldcorp on July 1, 2019.South Arturo is included on a 60% basis from January 1, 2019 to June 30, 2019 and 36.9% from July 1, 2019 onwards.

20. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2018, unless otherwise noted. Complete mineral reserve andmineral resource data for all mines and projects referenced in this presentation, including tonnes, grades, and ounces, can be found on pages 33-45 of Barrick’s Annual Information Form for the year ended December 31,2018.

21. Production – A site which is in commercial operation.

Committed – AME believes these projects will come online by their planned start date with the highest degree of probability. In AME's assessment, this category contains projects that are already completed and awaitingcommissioning, or those projects that are in a sufficiently advanced stage of construction, such that it considers it uneconomic to discontinue construction. AME has also included some projects that fall outside of these twocategories, as these projects are owned by major mining companies or have strong financial backing.

Probable – AME believes these projects will come online with the next highest degree of probability. AME considers that these projects are very likely to begin production, but are differentiated by those in the “Committed”category because the degree of certainty is reduced by key factors, which include, but are not limited to: current stage of construction/development, location of project, owner/financiers and product mix.

Possible – AME regards these projects to have sufficiently strong fundamentals to consider that they will possibly begin production by the end of AME's s long-term forecast period, but there remains some uncertainty as toaspects of the project.

Concept – AME considers it is unable to provide any concrete assessment of the timing of these project start dates or capacity with any great detail without further information. The majority of these projects are unlikely toproceed to development.

Other – AME has not assigned a likelihood to certain assets in the “Care & Maintenance” and “On Hold” status categories because they are unable to make a definitive judgment on their likelihood of coming on line. We’reincorporated both into a separate “Other” category so as to be able to account for all assets tracked by AME, but note that estimated production of assets in these categories is not material to the full forecast.

Appendix A – Fourmile Significant Intercept Tablei

Drill Results from Q2 2019

Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t)

FM19-20D 155 -72732 - 748.6 16.6 63.0803 - 807.1 4.1 12.1

810.2 - 820.8 10.7 7.1FM19-21D 2 -72 762.6 - 774 11.4 29.9

FM19-22D 50 -84 665.7 - 670.3 4.6 7.4761.4 - 782.9 21.5 40.2

FM19-23Div 95 -73 696.5 - 698 1.5 7.9722.1 - 723.8 1.7 13.4

FM19-24D 110 -76

760.6 - 762.1 1.5 12.8800.1 - 801.6 1.5 10.6804.7 - 806.2 1.5 5.0843.7 - 874 30.3 23.2

FM19-25D 8 -77 791.5 - 799 7.5 29.0FM19-26Dv 65 -75 717.8 - 719.2 1.4 5.2

FM19-27D 144 -77703.5 - 706.2 2.7 10.5716 - 717.4 1.4 10.7

725.5 - 729.8 4.3 7.6

FM19-28D 249 -89

732.4 - 736.1 3.7 35.3767.5 - 772.7 5.2 40.7868.7 - 869.6 0.9 38.9871.1 - 872.8 1.7 10.7897 - 898.4 1.4 7.6

i. All intercepts calculated using a 5 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 m; internal dilution is less than 20% total width

ii. Fourmile drill hole nomenclature: FM (Fourmile) followed by the year (18 for 2018) or GRC (Gold Rush Core) with no designation of the year

iii. True width of intercepts are uncertain at this stageiv. A partial result reported in Q1 was diluted by >20% and removed

from the tabulation as a resultv. Partial results

The drilling results for the Fourmile property 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 an independent laboratory. Procedures are employed to ensure 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 on the Fourmile property conform to industry accepted quality control methods.

Appendix A – Fourmile Significant Intercept Tablei

i. All intercepts calculated using a 5 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 m; internal dilution is less than 20% total width

ii. Fourmile drill hole nomenclature: FM (Fourmile) followed by the year (18 for 2018) or GRC (Gold Rush Core) with no designation of the year

iii. True width of intercepts are uncertain at this stage

The drilling results for the Fourmile property 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 an independent laboratory. Procedures are employed to ensure 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 on the Fourmile property conform to industry accepted quality control methods.

Drill Results from Q2 2019

Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t)

FM19-29D 180 -81755.9 - 765.3 9.4 36.2818.4 - 819.6 1.2 26.5918.4 - 919.9 1.5 5.1

FM19-30D 70 -69

690.4 - 691.9 1.5 16.1694.9 - 696.4 1.5 5.3709.1 - 727.2 18.1 16.7761.4 - 766 4.6 24.4

769.3 - 770.8 1.5 9.7

FM19-32D 98 -84769.6 - 771 1.4 7.4

776.1 - 777.5 1.4 41.9967.6 - 970 2.4 54.6

FM19-33D 158 -74 732.4 - 752.5 20.1 20.0

FM19-34D 115 -87

718.1 - 730.3 12.2 12.7816.6 - 818.1 1.5 6.2824.2 - 825.7 1.5 8.0856.2 - 889.6 33.4 44.0908.6 - 921.4 12.8 16.9972.5 - 976.9 4.4 10.9

FM19-35D 18 -76 687.0 - 688.5 1.5 14.8690.1 - 691.6 1.5 7.1

FM19-36D 20 -85766.3 - 768.7 2.4 28.4784 - 790.7 6.7 21.9

808.6 - 810.3 1.7 10.5

Appendix B – Kibali Significant Intercept Tablei

i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 m; internal dilution is equal to or less than 25% total width

ii. Kibali drill hole nomenclature: prospect initial (OR =Oere, IV=Ikamva , IO=Ikamva Orientation) followed by the type of drilling (RC=Reverse Circulation ,DD=Diamond ,GC=Grade control) with no designation of the year .KCDU= KCD Underground.

iii. True width of intercepts are uncertain at this stageiv. Weighted average is calculated by fence using significant intercepts, over the strike

length

The drilling results for the Kibali property 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 an independent laboratory. Procedures are employed to ensure 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 on the Kibali property conform to industry accepted quality control methods.

Drill Results from Q2 2019Lode RC Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t)

Lode 9000 KCDU2132 315 -72 282.1 - 299 16.9 4.80Lode 9000 KCDU2141 319 -78 286 - 290.03 4.03 4.91Lode 9000 KCDU2141 319 -78 305 - 311 6 2.02Lode 9000 KCDU2142 324 -76 197.5 - 201.95 4.45 2.12Lode 9000 KCDU2142 324 -76 256 - 262.15 6.15 2.36Lode 9000 KCDU2142 324 -76 268 - 286 18 3.91Lode 9000 KCDU2142 324 -76 291.81 - 295 3.19 14.56Lode 9000 KCDU2148 325 -70 173 - 182 9 3.18Lode 9000 KCDU2148 325 -70 212 - 217 5 2.93Lode 9000 KCDU2149 321 -70 171 - 197.27 26.27 1.63Lode 9000 KCDU2149 321 -70 206 - 217 11 2.44Lode 9000 KCDU2150 323 -65 107 - 111 4 2.51Lode 9000 KCDU2150 323 -65 131 - 139 8 6.73

Lode 11000 KCDU2162 341 -34 410 - 423 13 3.45Lode 11000 KCDU2162 341 -34 489 - 560 71 10.57Lode 9000 KCDU2181 269 -88 283 - 287 4 2.98Lode 9000 KCDU2181 269 -88 292 - 311 19 2.02Lode 9000 KCDU2182 321 -58 247.5 - 253.5 6 1.41Lode 5000 KCDU2190 344 -1 150 - 152 2 4.16Lode 5000 KCDU2190 344 -1 244 - 246 2 5.66Lode 5000 KCDU2190 344 -1 255.29 - 256.48 1.19 5.14Lode 5000 KCDU2190 344 -1 309.1 - 313.2 4.1 5.42Lode 5000 KCDU2191 344 12 226 - 232 6 4.58Lode 5000 KCDU2191 344 12 250.44 - 259.5 9.06 2.49Lode 5000 KCDU2191 344 12 270.4 - 281.35 10.95 5.78Lode 5000 KCDU2192 344 24 238 - 260.6 22.6 4.77

Lode 11000 KCDU2213 336 -37 189.43 - 193.27 3.84 3.58Lode 11000 KCDU2214 336 -30 229 - 236 7 2.34Lode 11000 KCDU2214 336 -30 268 - 275 7 2.87Lode 9000 KCDU2257 345 -61 241 - 245 4 1.31Lode 9000 KCDU2257 345 -61 250 - 262.7 12.7 7.28Lode 9000 KCDU2259 314 -79 233.42 - 243.6 10.18 1.53Lode 9000 KCDU2259 314 -79 247 - 256.5 9.5 4.53

Drill Results from Q2 2019Lode RC Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t)

Lode 11000 KCDU2277 312 -20 292.9 - 300 7.1 8.92Lode 9000 KCDU2278 154 -67 167.22 - 170.7 3.48 4.66Lode 9000 KCDU2278 154 -67 176.3 - 187.77 11.47 1.54Lode 9000 KCDU2278 154 -67 217.5 - 226.5 9 2.99Lode 11000 KCDU2312 318 -25 174.1 - 202 27.9 4.31Lode 11000 KCDU2313 318 -36 168 - 184 16 3.96Lode 11000 KCDU2313 318 -36 188 - 200 12 4.79Lode 11000 KCDU2313 318 -36 205.9 - 225 19.1 3.94Lode 11000 KCDU2314 318 -48 191.5 - 218 26.5 9.01Lode 11000 KCDU2314 318 -48 221.7 - 233.7 12 3.62Lode 11000 KCDU2314 318 -48 238.1 - 255 16.9 13.64

results for the quarter ended 30 june 2019 · meetings and leadership field engagements saw...

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