Barrick’s business is organized into sixteen minesites. Barrick’s Chief Operating Decision Maker ("CODM") (Mark Bristow, President and Chief Executive Officer) reviews the operating results, assesses performance and makes capital allocation decisions at the minesite level. Our presentation of our reportable operating segments consists of eight gold mines (Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu) and one copper mine (Lumwana). The remaining operating segments, including our remaining gold mines, have been grouped into an “Other Mines” category and will not be reported on individually. Segment performance is evaluated based on a number of measures including operating income before tax, production levels and unit production costs. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income.


		Cost of Sales
For the three months ended June 30, 2025	Revenue	Site operating costs, royalties and community relations	Depreciation	Exploration, evaluation and project expenses	Other expenses (income)1	Segment income (loss)
Carlin2	$898	$361	$68	$4	$1	$464
Cortez2	579	232	62	1	2	282
Turquoise Ridge2	410	172	44	—	(5)	199
Pueblo Viejo2	517	190	77	—	3	247
Loulo-Gounkoto2	—	—	8	—	63	(71)
Kibali	226	76	32	—	29	89
Lumwana	340	125	69	—	2	144

North Mara2	201	65	19	—	11	106
Bulyanhulu2	133	50	14	—	2	67
Other Mines2	610	242	65	1	9	293
Reportable segment total	$3,914	$1,513	$458	$6	$117	$1,820
Share of equity investees	(226)	(76)	(32)	—	(29)	(89)
Segment total	$3,688	$1,437	$426	$6	$88	$1,731


		Cost of Sales
For the three months ended June 30, 2024	Revenue	Site operating costs, royalties and community relations	Depreciation	Exploration, evaluation and project expenses	Other expenses (income)1	Segment income (loss)
Carlin2	$770	$381	$80	$3	$4	$302
Cortez2	385	167	57	3	1	157
Turquoise Ridge2	268	143	42	2	—	81
Pueblo Viejo2	314	150	63	1	2	98
Loulo-Gounkoto2	404	136	62	—	10	196
Kibali	189	71	36	—	(2)	84
Lumwana	219	102	70	—	10	37

North Mara2	140	76	18	—	3	43
Bulyanhulu2	129	58	16	—	2	53
Other Mines2	530	287	65	3	6	169
Reportable segment total	$3,348	$1,571	$509	$12	$36	$1,220
Share of equity investees	(189)	(71)	(36)	—	2	(84)
Segment total	$3,159	$1,500	$473	$12	$38	$1,136


		Cost of Sales
For the six months ended June 30, 2025	Revenue	Site operating costs, royalties and community relations	Depreciation	Exploration, evaluation and project expenses	Other expenses (income)1	Segment income (loss)
Carlin2	$1,576	$700	$130	$5	$4	$737
Cortez2	1,035	416	119	3	4	493
Turquoise Ridge2	774	328	91	—	(4)	359
Pueblo Viejo2	894	352	152	1	6	383
Loulo-Gounkoto2	—	—	14	1	142	(157)
Kibali	418	157	64	—	36	161
Lumwana	645	273	129	—	4	239

North Mara2	436	146	40	—	14	236
Bulyanhulu2	279	111	30	—	4	134
Other Mines2	1,193	479	123	3	12	576
Reportable segment total	$7,250	$2,962	$892	$13	$222	$3,161
Share of equity investees	(418)	(157)	(64)	—	(36)	(161)
Segment total	$6,832	$2,805	$828	$13	$186	$3,000


		Cost of Sales
For the six months ended June 30, 2024	Revenue	Site operating costs, royalties and community relations	Depreciation	Exploration, evaluation and project expenses	Other expenses (income)1	Segment income (loss)
Carlin2	$1,482	$766	$163	$6	$6	$541
Cortez2	798	353	132	4	3	306
Turquoise Ridge2	479	280	79	3	—	117
Pueblo Viejo2	604	298	125	2	4	175
Loulo-Gounkoto2	765	275	129	—	22	339
Kibali	341	129	64	—	—	148
Lumwana	382	210	130	—	12	30

North Mara2	254	150	36	—	8	60
Bulyanhulu2	235	114	31	—	3	87
Other Mines2	912	511	112	6	11	272
Reportable segment total	$6,252	$3,086	$1,001	$21	$69	$2,075
Share of equity investees	(341)	(129)	(64)	—	—	(148)
Segment total	$5,911	$2,957	$937	$21	$69	$1,927

1Includes accretion expense, which is included within finance costs in the consolidated statement of income. For Q2 2025, accretion expense was $12 million (Q2 2024: $14 million) and for YTD 2025, accretion expense was $26 million (YTD 2024: $27 million).

2Includes non-controlling interest portion of revenues, cost of sales and segment income for Q2 2025 for Nevada Gold Mines $795 million, $398 million, $396 million (Q2 2024: $603 million, $369 million, $228 million), Pueblo Viejo $210 million, $108 million, $102 million (Q2 2024: $127 million, $84 million, $42 million), Loulo-Gounkoto $nil, $2 million, $(12) million (Q2 2024: $81 million, $40 million, $40 million), North Mara and Bulyanhulu $53 million, $23 million, $30 million (Q2 2024: $43 million, $27 million, $16 million), and Tongon $10 million, $8 million, $3 million (Q2 2024: $13 million, $10 million, $2 million) and for YTD 2025 for Nevada Gold Mines $1,439 million, $753 million, $680 million (YTD 2024: $1,175 million, $750 million, $414 million), Pueblo Viejo $359 million, $203 million, $156 million (YTD 2024: $245 million, $168 million, $76 million), Loulo-Gounkoto $nil, $3 million, $(29) million (YTD 2024: $153 million, $81 million, $69 million), North Mara and Bulyanhulu $114 million, $52 million, $61 million (YTD 2024: $78 million, $53 million, $24 million) and Tongon $20 million, $15 million, $5 million (YTD 2024: $21 million, $18 million, $3 million), respectively.


	For the three months ended June 30		For the six months ended June 30
	2025	2024	2025	2024
Segment income	$1,731	$1,136	$3,000	$1,927
Other revenue	(7)	3	(21)	(2)
Other cost of sales/amortization	(15)	(6)	(30)	(21)
Exploration, evaluation and project expenses not attributable to segments	(76)	(85)	(123)	(171)
General and administrative expenses	(39)	(32)	(81)	(60)
Other expense not attributable to segments	(276)	(56)	(362)	(55)
Impairment charges	—	(1)	(4)	(18)
Gain (loss) on currency translation	2	(5)	—	(17)
Closed mine rehabilitation	8	9	(11)	11
Income from equity investees	77	115	144	163
Finance costs, net (includes non-segment accretion)	(46)	(37)	(94)	(55)
Loss on non-hedge derivatives	(1)	—	(1)	—
Income before income taxes	$1,358	$1,041	$2,417	$1,702


Capital Expenditures Information	Segment capital expenditures1
	For the three months ended June 30		For the six months ended June 30
	2025	2024	2025	2024
Carlin	$156	$226	$360	$429
Cortez	119	99	219	193
Turquoise Ridge	27	26	48	56
Pueblo Viejo	84	93	171	150
Loulo-Gounkoto	5	100	23	174
Kibali	33	36	67	61
Lumwana	183	114	253	193

North Mara	53	27	93	71
Bulyanhulu	36	30	74	61
Other Mines	71	64	142	114
Reportable segment total	$767	$815	$1,450	$1,502
Other items not allocated to segments	244	46	368	78
Total	$1,011	$861	$1,818	$1,580
Share of equity investees	(33)	(36)	(67)	(61)
Total	$978	$825	$1,751	$1,519

1Segment capital expenditures are presented for internal management reporting purposes on an accrual basis. Capital expenditures in the Consolidated Statements of Cash Flow are presented on a cash basis. For Q2 2025, cash expenditures were $934 million (Q2 2024: $819 million) and the increase in accrued expenditures was $44 million (2024: $6 million increase). For YTD 2025, cash expenditures were $1,771 million (2024: $1,547 million) and the decrease in accrued expenditures was $20 million (YTD 2024: $28 million decrease).