This portion of the Quarterly Report provides management’s discussion and analysis (“MD&A”) of the financial condition and results of operations, to enable a reader to assess material changes in financial condition and results of operations as at, and for the three and nine month period ended September 30, 2026, in comparison to the corresponding prior-year periods. The MD&A is intended to help the reader understand Barrick Mining Corporation (“Barrick”, “we”, “our”, the “Company” or the “Group”), our operations, financial performance as well as our present and future business environment. This MD&A, which has been prepared as of November 6, 2026, is intended to supplement and complement the condensed unaudited interim consolidated financial statements and notes thereto, prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board applicable to the preparation of interim financial statements, under International Accounting Standard 34, Interim Financial Reporting, for the three and nine month period ended September 30, 2026 (collectively, the “Financial Statements”), which are included in this Quarterly Report on pages 60 to 64. You are encouraged to review the Financial Statements in conjunction with your review of this MD&A. This MD&A should be read in conjunction with both the

annual audited consolidated financial statements for the two years ended December 31, 2025, the related annual MD&A included in the 2025 Annual Report, and the most recent Form 40–F/Annual Information Form on file with the U.S. Securities and Exchange Commission (“SEC”) and Canadian provincial securities regulatory authorities. These documents and additional information relating to the Company are available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Certain notes to the Financial Statements are specifically referred to in this MD&A and such notes are incorporated by reference herein. All dollar amounts in this MD&A are in millions of United States dollars (“$” or “US$”), unless otherwise specified.

For the purposes of preparing our MD&A, we consider the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of our shares; (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. We evaluate materiality with reference to all relevant circumstances, including potential market sensitivity.

 

 

AISC		All-in Sustaining Costs
CCV		Critical Control Verifications
CEO		Chief Executive Officer
COS		Cost of Sales
DRC		Democratic Republic of Congo
EPCM		Engineering, Procurement, and Construction Management
GHG		Greenhouse Gas
GoT		Government of Tanzania
IASB		International Accounting Standards Board
IFRS		IFRS Accounting Standards as issued by the International Accounting Standards Board
Ktpa		Thousand tonnes per annum
Lb		Pound
LME		London Metal Exchange
LTI		Lost Time Injury
LTIFR		Lost Time Injury Frequency Rate
Mtpa		Million tonnes per annum

MW		Megawatt
Newmont		Newmont Corporation
NGM		Nevada Gold Mines
OECD		Organisation for Economic Co-operation and Development
Oz		Ounce
PFS		Pre-Feasibility Study
Randgold		Randgold Resources Limited
SMPP		Structural, Mechanical, Platework and Piping
STATCOM		Static Synchronous Compensator
TCC		Total Cash Costs
TRIFR		Total Recordable Injury Frequency Rate
TSF		Tailings Storage Facilities
TWMS		Temporary Water Management Structures
VAT		Value-Added Tax
WGC		World Gold Council
WTI		West Texas Intermediate
YTD		Year to date September 30

 

 

Certain information contained or incorporated by reference in this MD&A, 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 “believe”, “expect”, “anticipated”, “aim”, “strategy”, “ramp up”, “target”, “plan”, “opportunities”, “guidance”, “forecast”, “outlook”, “project”, “intend”, “develop”, “progress”, “continue”, “temporary”, “estimate”, “potential”, “future”, “focus”, “ongoing”, “following”, “subject to”, “on track”, “scheduled”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identify forward-looking statements. In particular, this MD&A contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production and cost guidance, including our ability to meet our 2026 guidance and changes to expected production and cost metrics; anticipated production growth from Barrick’s organic project pipeline and reserve replacement; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in sustaining costs per ounce/pound; cash flow forecasts; projected capital, operating and exploration expenditures; the share buyback program and dividend policy; mine life and production rates; our plans, timelines, and expected completion and benefits of our growth projects, including the Goldrush Project, Fourmile, Ren, Pueblo Viejo plant expansion and mine life extension project, the Nevada Gold Mines Autonomous Haulage Program, Barrick’s Andean portfolio, Veladero Phase 8 Leach Pad, Reko Diq, the Lumwana Super Pit Expansion and the Zaldívar Water Project; anticipated production at Goldrush, Ren, and Lumwana; timing for first production and 2026 and 2027 estimated spend profile on the Lumwana Super Pit Expansion project; Barrick’s decision to slow development activity and reduce capital expenditures at Reko Diq; the ongoing project review of Reko Diq; the development and operation of the Reko Diq project, including project scope, anticipated costs, and timeline for construction and first production; potential significant increases to previously disclosed total estimated capital budget and timeline for the Reko Diq project; capital expenditures related to upgrades and ongoing management initiatives; Barrick’s global exploration strategy and planned exploration activities; Barrick’s copper strategy; the continued ramp up of operations at Loulo-Gounkoto following the resolution of disputes with the Government of Mali, including adoption of the 2023 Mining Code; our pipeline of high confidence projects at or near existing operations; the potential for existing assets to attain Tier One status, including Fourmile; potential mineralization and metal or mineral recoveries; Barrick’s intention to pursue and the expected timing for an initial public offering (“IPO”) of Barrick’s North American gold assets; our ability to convert resources into reserves and future reserve replacement; asset sales, joint ventures and partnerships; Barrick’s strategy, plans, targets and goals in respect of sustainability issues, including climate change, greenhouse gas (“GHG”) emissions reduction targets, safety performance, community development and resettlement, and responsible water use; 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 MD&A 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 MD&A 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; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, including the expropriation or nationalization of property and political or economic developments in Canada, the United States, or other countries in which Barrick does or may carry on business in the future; risks relating to the proposed IPO of an entity that will hold Barrick’s North American assets; 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 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 related to GHG emission levels, energy efficiency and reporting of risks; the Company’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which require reliance on entities within Barrick’s value chain, but outside of the Company’s direct control, to achieve such targets within the specified time frames; 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 related to 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; 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 and uncertainty related to Venezuela; 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 enhanced 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 and increased costs associated with mining inputs and labor; 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, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this MD&A 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 MD&A. 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.

 

Use of Non-GAAP Financial Measures

 

We use the following non-GAAP financial measures and ratios in our MD&A:

∎

“adjusted net earnings”

∎

“free cash flow”

∎

“attributable free cash flow”

∎

“attributable operating cash flow”

∎

“EBITDA”

∎

“adjusted EBITDA”

∎

“attributable adjusted EBITDA”

∎

“attributable adjusted EBITDA margin”

∎

“net leverage”

∎

“minesite sustaining capital expenditures”

∎

“project capital expenditures”

∎

“TCC/oz”

∎

“C1 cash costs/lb”

∎

“AISC per oz/lb” and

∎

“realized price per oz/lb”

For a detailed description of each of the non-GAAP financial measures used in this MD&A and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Measures section of this MD&A on pages 44 to 56. Each non-GAAP financial measure has been annotated with a reference to an endnote on page 57. The non-GAAP financial measures set out in this MD&A are intended to provide additional information to investors and do not have any standardized meaning under IFRS, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Changes in Presentation of Non-GAAP Financial Measures

Attributable Adjusted EBITDA and Attributable Adjusted EBITDA Margin

Starting with our Q2 2026 MD&A, we have renamed attributable EBITDA and attributable EBITDA margin to attributable adjusted EBITDA and attributable adjusted EBITDA margin, respectively. There is no change in the way these measures are calculated.

Attributable Operating Cash Flow

Starting with our Q1 2026 MD&A, we are presenting attributable operating cash flow. Attributable operating cash flow starts with cash provided by operating activities and adds our attributable share of cash provided by operating activities from our equity investees and subtracts the cash provided by operating activities attributable to the non-controlling interests. Management believes this to be a useful indicator of the amount of cash provided by operating activities to Barrick’s ownership share.

 

Index

 

 

5   Overview

5     Financial and Operating Highlights

7     Key Business Developments

8     Sustainability

9     Outlook

11   Operating Performance

11     Nevada Gold Mines

12       Carlin

14       Cortez

16       Turquoise Ridge

18     Pueblo Viejo

20     Loulo-Gounkoto

21     Kibali

23     North Mara

25     Bulyanhulu

26     Other Mines - Gold

27     Lumwana

29     Other Mines - Copper

30   Future Growth

34   Review of Financial Results

34     Revenue

35     Production Costs

36     General and Administrative Expenses

36     Exploration, Evaluation and Project Expenses

37     Finance Costs, Net

37     Additional Statement of Income Items

37     Income Tax Expense

38     Net Earnings and Adjusted Net Earnings1

39   Financial Condition Review

39     Balance Sheet Review

39     Financial Position and Liquidity

40     Summary of Cash Inflow (Outflow)

42   Commitments and Contingencies

43   Review of Quarterly Results

43   Internal Control over Financial Reporting and Disclosure Controls and Procedures

44   IFRS Critical Accounting Policies and Accounting Estimates

44   Non-GAAP Financial Measures

57   Technical Information

57   Endnotes

59   Financial Statements

64   Notes to Consolidated Financial Statements

 

 

GOLD PRODUCTION^a (thousands of ounces)

 

 

COPPER PRODUCTION^a (thousands of tonnes)

 

 

GOLD COST OF SALES^b, TOTAL CASH COSTS^c, AND ALL-IN SUSTAINING COSTS^c ($ per ounce)

 

COPPER COST OF SALES^b, C1 CASH COSTS^c, AND ALL-IN SUSTAINING COSTS^c ($ per pound)

 

 

NET EARNINGS, ATTRIBUTABLE ADJUSTED EBITDA^c,

AND ATTRIBUTABLE ADJUSTED EBITDA MARGIN^c

 

CAPITAL EXPENDITURES^c,d

($ millions)

 

 

OPERATING CASH FLOW AND ATTRIBUTABLE FREE CASH FLOW^c

 

RETURNS TO SHAREHOLDERS^e ($ millions)

 

 

Key Business Developments

Nevada Gold Mines

On August 10, 2026, Barrick entered into an agreement with Newmont to expand the assets in the Nevada Gold Mines Joint Venture by agreeing to vend-in their excluded properties: Fourmile from Barrick; Mike and Fiberline from Newmont. Newmont will pay Barrick a top-up payment of $1.95 billion in cash. The agreement resolves all outstanding disputes related to NGM and includes revisions to the NGM joint venture agreement. The agreement also secures Newmont’s consent to Barrick’s proposed North American IPO of its North American gold assets. The members’ interests in NGM will remain unchanged at 61.5% for Barrick and 38.5% for Newmont. We expect the contributions to occur in Q4 2026.

North American Barrick IPO

In April 2026, Barrick announced several executive appointments, dedicated exclusively to our North American gold assets. These assets are comprised of four Tier One Gold Assets5 located in premier mining jurisdictions in North America: Carlin, Cortez, and Turquoise Ridge in the NGM complex, and the Pueblo Viejo mine in the Dominican Republic. North American Barrick will also include the Fourmile, Mike and Fiberline gold projects, located adjacent to NGM, which are expected to be contributed to NGM in Q4 2026, as discussed above.

North American Barrick is expected to be listed on the New York Stock Exchange, subject to satisfaction of customary listing conditions and SEC registration processes. Mark Hill will be the CEO of North American Barrick. Barrick plans to file a S-1 registration statement with respect to the IPO in November, and expects to complete the IPO in the fourth quarter of 2026 or early 2027, subject to market and other conditions and necessary approvals.

New Share Buyback Program

At the May 8, 2026 meeting, the Board of Directors authorized a new share buyback program for the purchase of up to $3 billion of Barrick’s outstanding common shares over the next 12 months. Barrick repurchased $761 million of shares in Q3 2026, following repurchases of $1.209 billion in Q2 2026, bringing the YTD 2026 to $1.970 billion purchased under this share buyback program.

The actual number of common shares that may be purchased, and the timing of any such purchases, will be determined by Barrick based on a number of factors, including the Company’s financial performance, the availability of cash flows, and the consideration of other uses of cash, including capital investment opportunities, returns to shareholders, and debt reduction.

The repurchase program does not obligate the Company to acquire any particular number of common shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.

Executive Leadership Changes

On February 4, 2026, Mark Hill was appointed as President and Chief Executive Officer, following his appointment as Group Chief Operating Officer and Interim President and Chief Executive Officer on September 29, 2025.

Mr. Hill, who was previously responsible for Barrick’s LATAM & Asia Pacific region, is a seasoned mining executive with 30 years of experience. He joined Barrick in 2006 and has experience in strategy, corporate development and leading major projects across the world,

and was also integral in the initial decision to undertake exploration at the Fourmile gold project in Nevada.

On August 11, 2026, Sebastian Bock was appointed as Chief Executive Officer, Rest of World, reporting to Mark Hill. This portfolio combines Barrick’s AME and South America & Asia Pacific regions, and will now be referred to as Barrick International. He joined Barrick in January 2019 as SVP and CFO, Africa and Middle East, and was appointed COO for the region in July 2022.

On March 1, 2026, Helen Cai was appointed as Senior Executive Vice President and Chief Financial Officer, following the departure of Graham Shuttleworth. Ms. Cai has served on the Barrick Board of Directors since November 2021 and brings more than two decades of experience in equity research, corporate finance, strategic planning, capital markets, and M&A across the mining, industrial, and technology sectors, primarily with Goldman Sachs and China International Capital Corporation.

On February 24, 2026, we announced the appointments of James J. McGuire as Chief Legal and Policy Officer and Woo Lee as Chief Global Affairs Officer. Both Mr. McGuire and Mr. Lee report to Barrick’s President and Chief Executive Officer, Mark Hill, and are now members of the Executive Committee.

Mr. McGuire brings over 30 years of legal (civil and criminal) experience representing leading corporations, financial institutions, and individuals on a wide range of complex legal and policy matters. Effective June 1, 2026, Mr. McGuire became the Chief Legal, Compliance and Policy Officer, and oversees Barrick’s legal, compliance, regulatory, and public policy functions. Poupak Bahamin (most recently Barrick’s General Counsel and Chief Compliance Officer) departed Barrick on June 5, 2026.

Mr. Lee has worked at Barrick for over 11 years, most recently as Senior Vice President and Head of Government & Corporate Affairs, Asia Pacific, where he worked with government officials, business and community leaders to advance the Company’s strategic objectives. As Chief Global Affairs Officer, Mr. Lee leads Barrick’s global government affairs strategy in all markets as well as manages government and sovereign relationships.

On August 7, 2026, Barrick appointed Sarah Ball Teslik as Chief Corporate Affairs Officer and Daniel Wilner as Senior Vice President, Corporate Affairs and Capital Markets, both reporting to Mark Hill, President and Chief Executive Officer. Ms. Teslik joined Barrick from Greenspoon Marder LLP, where she was a Partner and President of its affiliate, Value(s) Management and Investing, and previously served as a Partner at Joele Frank and Senior Vice President at Apache Corporation. Mr. Wilner previously founded and led Stone Pine, a strategic advisory firm serving clients across mining and critical minerals, finance, climate technology, fintech and media, where he advised boards and senior executives on strategy, proxy communications, ESG disclosure, and institutional investor relations.

On September 14, 2026, Barrick made additional changes to the leadership structure. Grant Beringer, Group Sustainability Executive, departed Barrick on September 1, 2026. Ms. Teslik now leads ESG, Governance and Sustainability and Mr. Wilner was appointed Senior Vice President, Chief Communications Officer. Both Ms. Teslik and Mr. Wilner report to Barrick’s President and Chief

 

Executive Officer, Mark Hill, and are now members of the Executive Committee.

Board of Directors Changes

At the February 4, 2026 meeting, Robert Samek was appointed to the Board of Directors and has joined the Audit & Risk and Compensation Committees. In addition, Mark Hill, President and Chief Executive Officer, has joined the Company’s Board of Directors as a Non-Independent Director.

Reko Diq

Following the preliminary findings of the review initiated in February 2026 and the further escalation of security issues in the region, on April 2, 2026, the Company announced that it considers it necessary to slow development activity and extend the project review. The continued review will allow the Company to assess in a comprehensive manner the evolving security situation, capital requirements, project financing, project scope and timeline.

Sustainability

Sustainability, including our license to operate, is entrenched in our DNA: our sustainability strategy is our business plan. Please refer to page 17 of our 2025 Annual Report and our 2025 Sustainability Report for a full description of governance, strategy, risk management and targets. Key updates for 2026 are summarized below:

Safety remains our priority. During Q3 2026, the group recorded no fatalities. The TRIFR³ improved quarter on quarter from 0.77 to 0.71, reflecting positive progress in reducing the overall rate of recordable injuries across the group. However, eight LTIs were recorded across the group during the quarter, with the majority being classified as not high potential. The LTIFR³ increased slightly quarter over quarter from 0.15 to 0.19, underscoring the need for continued focus on critical risks and the effectiveness of controls to prevent these outcomes. Prevention of fatalities and life-changing injuries requires sustained focus on critical risks and the effectiveness of critical controls.

Leadership engagement in the field remains strong, with managers and superintendents actively completing CCVs. During Q3 2026, over 24,000 CCVs were completed, with 25% identifying at-risk conditions. Importantly, 79% of these at-risk conditions were resolved in the field, demonstrating effective intervention at the point of risk and reinforcing the desired focus on eliminating hazards before they lead to serious incidents. Improvements in the quality of these activities is a focus and we are making progress in this regard.

During Q3 2026, the Group’s total Scope 1 and 2 (location-based) GHG emissions were 1,848 kt CO₂. YTD absolute emissions are trending 5% lower than 2025 due to the divestments of Hemlo and Tongon, and lower emissions from the Goldstrike Roaster and TS Power Plant, partially offset by the restart of Loulo-Gounkoto.

		For the three months ended
			9/30/2026a				6/30/2026a				9/30/2025	a
LTIFR3			0.19				0.15				0.11
TRIFR3			0.71				0.77				0.76
Community Development Spend ($ millions)			8				10				17
Class 14 Environmental Incidents			0				0				0
GHG Scope 1 and 2 emissions (kt CO2-e) (location based)			1,848				1,797				2,001
Water Recycling and Reuse Rate			80 %				78 %				81 %

 

a.	Data presented is provisional data and is subject to change as a result of external assurance during annual reporting.

 

Full Year 2026 Outlook

We continue to expect our 2026 gold production to be in the range of 2.90 to 3.25 million ounces with Q4 2026 expected to be slightly higher than Q3 2026. Gold production for the 9 months YTD continues to be closely aligned with the plan aside from disruptions related to severe weather events at Veladero and Porgera and local grid power instability which has impacted underground performance at North Mara. Consequently, all three sites are expected to be around or below the low end of their respective production guidance ranges.

Our 2026 gold cost guidance remains unchanged noting the ranges in the table to the right are based on a gold price assumption of $4,500/oz which compares to the YTD average realized gold price¹ of $4,486/oz. We have previously disclosed that our cost sensitivity is $5/oz for every $100/oz change in the gold price. Higher diesel prices continue to impact our operating costs in particular at our open pit operations, although we have been able to partially offset some of that cost pressure through productivity improvements.

We continue to expect 2026 copper production to be in the range of 190 to 220 thousand tonnes. We also expect that our copper cost guidance metrics for 2026 will be at or slightly above the top end of the ranges given the impact of higher diesel prices and local currency appreciation. Our copper cost guidance provided in February was based on a WTI oil price assumption of $70/bbl and an LME copper price assumption of $5.50/lb which compares to the YTD market average WTI oil price of $86/bbl and realized copper price¹ of $6.17/lb. We have previously disclosed that our cost sensitivity is $0.01/lb per $0.25/lb change in the copper price.

In terms of the sensitivity of our costs to the oil price assumptions, we have calculated that for every $10/ barrel change in these oil prices, the direct impact on our costs associated with our diesel consumption is $12/oz across our gold operations and $0.04/lb across our copper sites.

We previously disclosed that our guidance for 2026 total attributable capital expenditure was reduced to $3.8 to $4.2 billion, reflecting a lower current year spend of $450-500 million (50% basis) for the Reko Diq project. This change is reflected in the table to the right and also includes the consequential impact on the copper capital expenditure ranges for 2026. Note that the timing and quantum of capital expenditures for the Reko Diq project remains under review as part of the overall project review.

Further detail on our 2026 company guidance is provided below and on the next page, inclusive of the key assumptions that were used as the basis for this guidance as released on February 5, 2026 and as qualified by the comments above.

Company Guidance			2026
($ millions, except per oz/lb data)			Estimate
Gold production (millions of ounces)			2.90 - 3.25
Gold cost metrics
COS - gold ($/oz)			1,870 - 2,070
TCC ($/oz)a			1,330 - 1,470
Depreciation ($/oz)			470 - 520
AISC ($/oz)a			1,760 - 1,950
Attributable minesite sustaininga			1,100 - 1,250
Attributable projecta			900 - 1,000
Total attributable capital expenditures			2,000 - 2,250
Copper production (thousands of tonnes)			190 - 220
Copper cost metrics
COS - copper ($/lb)			3.05 - 3.35
C1 cash costs ($/lb)a			2.20 - 2.45
Depreciation ($/lb)			0.90 - 1.00
AISC ($/lb)a			3.45 - 3.75
Attributable minesite sustaininga			400 - 450
Attributable projecta,d			1,400 - 1,500
Total attributable capital expendituresd			1,800 - 1,950
Exploration and project expenses			450 - 500
Exploration and evaluation			320 - 350
Project expenses			130 - 150
General and administrative expenses			~180
Corporate administration			~120
Share-based compensationb			~60
Other expense			70 - 90
Finance costs, net			230 - 250
Effective income tax ratec			24% - 28%
Key assumptions (used for guidance)
Gold Price ($/oz)			4,500
Copper Price ($/lb)			5.50
Oil Price (WTI) ($/barrel)			70
Oil Price (Brent) ($/barrel)			75
AUD Exchange Rate (AUD:USD)			0.75
ARS Exchange Rate (USD:ARS)			1,513
CAD Exchange Rate (USD:CAD)			1.30
CLP Exchange Rate (USD:CLP)			900
EUR Exchange Rate (EUR:USD)			1.10

 

a.	Further information on these non-GAAP financial measures, including detailed reconciliations, is included on pages 44 to 56 of this MD&A.

b.	Based on a share price of US$45.76.

c.	Based on key assumptions included in this table.

d.	Amended as disclosed in our Q2 report.

 

Operating Division		2026 forecast attributable production (koz)				2026 forecast COSa ($/oz)				2026 forecast TCCb  ($/oz)				2026 forecast AISCb  ($/oz)
Gold
Carlin (61.5%)			600 - 670				1,770 - 1,960				1,340 - 1,490				1,900 - 2,100
Cortez (61.5%)			430 - 480				1,980 - 2,190				1,390 - 1,540				1,690 - 1,870
Turquoise Ridge (61.5%)			300 - 330				1,610 - 1,790				1,220 - 1,360				1,490 - 1,650
Phoenix (61.5%)			80 - 100				2,440 - 2,710				900 - 1,000				1,180 - 1,310
Nevada Gold Mines (61.5%)			1,420 - 1,580				1,850 - 2,050				1,300 - 1,440				1,720 - 1,900
Pueblo Viejo (60%)			350 - 400				1,720 - 1,910				1,160 - 1,290				1,590 - 1,760
North America			1,770 - 1,980				1,820 - 2,010				1,270 - 1,410				1,690 - 1,870
Veladero (50%)			180 - 200				2,000 - 2,210				1,160 - 1,280				1,460 - 1,620
Porgera (24.5%)			80 - 100				1,610 - 1,790				1,190 - 1,320				1,610 - 1,780
Loulo-Gounkoto (80%)c			260 - 290				2,860 - 3,140				2,180 - 2,390				2,640 - 2,900
Kibali (45%)			270 - 310				1,520 - 1,680				1,130 - 1,250				1,330 - 1,470
North Mara (84%)			200 - 230				1,700 - 1,880				1,300 - 1,430				1,520 - 1,680
Bulyanhulu (84%)			140 - 160				1,750 - 1,940				1,230 - 1,360				1,870 - 2,070
Barrick Internationald			1,130 - 1,270				1,960 - 2,170				1,420 - 1,560				1,760 - 1,950
Total Attributable to Barricke,f,g			2,900 - 3,250				1,870 - 2,070				1,330 - 1,470				1,760 - 1,950
		2026 forecast attributable production (kt)				2026 forecast COSa ($/lb)				2026 forecast C1 cash  costsb ($/lb)				2026 forecast AISCb  ($/lb)
Copper
Lumwana			130 - 150				2.85 - 3.15				2.05 - 2.30				3.40 - 3.75
Zaldívar (50%)			30 - 35				4.80 - 5.10				3.70 - 3.90				5.40 - 5.70
Jabal Sayid (50%)			25 - 30				2.10 - 2.30				1.25 - 1.45				1.45 - 1.65
Total Copperg			190 - 220				3.05 - 3.35				2.20 - 2.45				3.45 - 3.75

 

Our presentation of 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 and copper 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.