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”. All
statements, 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’s
forward-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 flow
forecasts; 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; potential
benefits 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 into
reserves; 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 and
other outlook or guidance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at
the date of this presentation in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies.
Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are
not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral
production performance, exploitation and exploration successes; risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; the duration of the Tanzanian ban on
mineral 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 Government
of 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 Tanzania
with 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 to
comply 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 connection
with 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 and
safety 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 allocation
objectives 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; the
impact 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/or
changes 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 do
or 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 in
jurisdictions 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 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; the possibility that future exploration results will not
be 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 and
socioeconomic 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 undeveloped
properties, 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 this
presentation 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 including
loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition,
there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold
bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are
cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. Specific reference is made to the most
recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may
affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this presentation. 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.
 Health & Safety…
Fatality prevention commitments (FPC) programme continued to 2019 Group Injury Rate
be implemented during Q2 – focused communication during safety 3
meetings and leadership field engagements saw improvement in 2,74
safety performance quarter on quarter
2,5
Lost time injury frequency rate (LTIFR) decreased to 0.52 in Q2
(Q1: 0.61) 2,13
2
49 injuries recorded in Q2 – an improvement in the total recordable
injury frequency rate (TRIFR)1 to 2.13 (Q1: 2.74)
1,5
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 1
along the supply routes
0,61
0,52
Malaria incidence of 4.2%, a 6% increase compared to Q2 2018 – 0,5
corrective action plan being implemented at Kibali
Local partner NGOs continue HIV/AIDS programme throughout 0
African operations offering onsite services at clinic – 3 406
Voluntary Counselling and Testing (VCTs) conducted during Q2 Q1 Q2
LTIFR TRIFR

*Frequency rates are per 1 000 000 hours worked

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, received
Veladero recertified ISO 14001 on June 6, with full compliance and no
observations
Porgera 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 forward
Group 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 Porgera
2018 consolidated Sustainability Report published today
Q2 highlights…
Another strong quarter points to annual production at top end of guidance range and costs at lower end
Debt, net of cash unchanged at $3.7bn, after payment of Q1 dividend
Net earnings of $0.11 per share increased quarter on quarter; adjusted net earnings per share2 of $0.09 in
line with consensus
Copper 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 year
Pueblo Viejo progresses plant expansion prefeasibility study expected by year end
African and LatAm operations deliver as Loulo-Gounkoto joins Kibali and Veladero with strong performance
Drilling at Fourmile returns best-ever borehole intersection; Loulo-Gounkoto and Kibali on track for further
brownfields expansion to replace depletion
Agreement reached on Recommended Final Offer for shares in Acacia not already owned by Barrick
ICSID arbitration award represents significant milestone in recognition of Reko Diq project value
Sustainability Report underscores group’s commitment to environmental and social goals
Decrease 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 Q2 Q1 Q2

set in Q1 2019, driven by strong Gold operating results
2019 2019 2018
performances at Loulo-Gounkoto, Veladero
Production (oz 000) 1,353 1,367 1,067
and Kibali
Cost of sales ($/oz)4 964 947 882
Expected annual gold production at upper
end of 2019 group guidance and cost Total cash costs ($/oz)3 651 631 605
metrics at the lower end of ranges All-in sustaining costs ($/oz)3 869 825 856
Copper production slightly lower than Q1
2019, primarily as a result of lower Copper operating results
production at Lumwana
Production (millions of pounds) 97 106 83
Despite this, group C1 cash costs and
AISC were lower quarter on quarter Cost of sales ($/lb)4 2.04 2.21 2.45
Production recovered at Lumwana in C1 cash costs ($/lb)5 1.59 1.66 2.10
June
All-in sustaining costs ($/lb)5 2.28 2.46 3.04
 Group financial results…
Adjusted net earnings of $0.09 per share2 Q2 Q1 Q2
Financial Results
(Q2 2018: $0.07) slightly down on Q1 2019 2019 2018
following lower copper revenue and Revenue ($ million) 2,063 2,093 1,712
earnings Net earnings (loss) ($ million) 194 111 (94)
Net cash provided by operating activities of Adjusted net earnings ($ million)2 154 184 81
$434 million Adjusted EBITDA6 972 1,002 679
On July 15, 2019, Barrick repurchased $248 Net cash provided by operating
million of principal of 4.95% notes due 2020 434 520 141
activities ($ million)
Reduced total debt to < $5.6 billion Free cash flow ($ million)7 55 146 (172)
subsequent to quarter end Net earnings (loss) per share ($) 0.11 0.06 (0.08)
Annualized interest saving of
Adjusted net earnings per share ($)2 0.09 0.11 0.07
approximately $12 million
Total attributable capital
Tethyan Copper Company (a joint venture 359 361 303
expenditures ($ million)8,9
held equally by Barrick and Antofagasta)
awarded $5.84 billion in damages in relation Cash and equivalents ($ million) 2,15310 2,153 2,085

to arbitration claims on Reko Diqi 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 Cortez (100%) Q2 2019 Q1 2019 Q2 2018
Roaster marginally offset by lower grades through the Total tonnes mined (000) 31,598 27,572 29,420
oxide mill as mining from higher grade Cortez Hills Average grade processed (g/t) 1.82 1.66 3.00
Open Pit (CHOP) was completed in the second
quarter Ore tonnes processed (000) 5,014 5,473 3,496

Leach production increased as mining and placement Recovery rate (%) 84% 85% 87%
of ore from Crossroads open pit ramped up Gold produced (oz 000) 280 262 294
Costs contained despite the depletion of CHOP Gold sold (oz 000) 281 259 284
Operation continues its transition to a higher Income ($ millions) 158 155 179
proportion of double refractory, underground ore EBITDA ($ millions)6 223 219 264
Cortez Deep South Project Capital expenditures ($
83 76 87
Under the current Life of Mine (LOM) plan, Deep millions)8,11
South starts to contribute to Cortez production from Minesite sustaining8,11 15 13 17
2020, ramping up to approximately 150-250koz Project8,11 68 63 70
(100% basis) from 2022 to 2031 at an estimated
Cost of sales ($/oz) 719 682 653
average cost of sales of approximately $650/oz
and all-in sustaining cost3 of $580/oz Total cash costs ($/oz)3 489 433 352

Receipt of a Record of Decision (ROD) expected in All-in sustaining costs ($/oz)3 561 506 437
the second half of 2019
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 Goldstrike12 (100%) Q2 2019 Q1 2019 Q2 2018
lower throughput and grade processed through the
autoclave as well as lower autoclave recoveries Total tonnes mined (000) 12,138 11,982 16,864
impacted by a higher blend of alkaline ore Average grade processed (g/t) 4.26 4.31 3.49
Lower roaster production as less underground Ore tonnes processed (000) 1,961 2,162 2,033
ore was available for processing, offset by Recovery rate (%) 71% 78% 75%
increase in Cortez ore processed Gold produced (oz 000) 181 233 170
Combination of Goldstrike and Carlin increases full Gold sold (oz 000) 181 239 160
year guidance range, even on an attributable basis Income ($ millions) 33 83 14
EBITDA ($ millions)6 86 149 68
Exploration at Goldstrike
Capital expenditures ($ millions)8 54 50 54
Targeting efforts completed in June with all Minesite sustaining8 54 50 54
legacy data incorporated into geological model
Cost of sales ($/oz)4 1,116 947 1,199
followed by peer review and prioritization
Total cash costs ($/oz)3 769 671 856
Drilling of the targets will commence early in the
All-in sustaining costs ($/oz)3 1,088 891 1,220
third quarter

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
 Turquoise Ridge…
Nevada, USA

Gold production was 16% lower, primarily due to

Turquoise Ridge13 (75%) Q2 2019 Q1 2019 Q2 2018
lower ore tonnes mined resulting from unplanned
shaft repairs and power interruptions, combined with Tonnes mined (000) 180 191 165
lower cut off grades Average grade mined (g/t) 14.28 15.90 14.76
Combination with Twin Creeks results in an increase Recovery rate (%) 91% 94% 92%
in attributable gold production guidance for the year Gold produced (oz 000) 65 77 69
Gold sold (oz 000) 85 76 58
Turquoise Ridge Third Shaft Income ($ millions) 53 54 28
Construction of the third shaft, which has a hoisting EBITDA ($ millions)6 62 60 35
capacity of 5 500 tonnes per day, continues to
Capital expenditures ($
advance according to schedule and within budget millions)8
19 16 14
Shaft pre-sink was completed at a depth of 63m out Minesite sustaining8 7 7 4
of a total planned depth of 1 052m below collar
Project8 12 9 10
Headframe columns erected to 29m of the 43m
Cost of sales ($/oz) 665 592 802
above collar
Total cash costs ($/oz)3 569 506 692
All three mine hoists installed and nearly
mechanically complete All-in sustaining costs ($/oz)3 667 592 757

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…
Turquoise Twin Creeks
Nevada Gold Mines Joint Venture transaction closed Ridge N
South Arturo
on 1 July, establishing Nevada Gold Mines LLC – Winnemucca
Goldstrike
Carlin
Long
Canyon
Elko
Barrick (operator, 61.5%); Newmont Goldcorp (38.5%) Phoenix Gold Quarry
Emigrant
Hosts three of the world’s top 10 Tier One14 gold
Cove/McCoy JV
assets Robertson
Pipeline
Fourmile
Comprises 12 open pit and 10 underground mines Cortez Hills Goldrush

Proven and probable reserves of 48.3Moz 15 Operations included in Nevada JV

Progress being made with review of Regional &

Integrated
synergies in functional areas planning
site-based
22 % indirect costs
Integrated planning 35%
Regional and site-based indirect costs
$450-$500m
Opex, fleet and maintenance
per yeari
Turquoise Ridge / Twin Creeks complex 24%
7%
Opex, fleet & Supply chain
Supply chain maintenance 12%
TR-TC complex
iFor the first 5 years from 2020
Nevada Gold Mines…Carlin ore movement
optimised

Roaster

Autoclave
BR19 Leeville

Pete R2

Exodus

Mill 5
Mill 6

Former Barrick asset (orebody / processing facility) Former Newmont Goldcorp asset (orebody / processing facility)
 Goldrush – Fourmile…drilling closes the gap
Nevada, USA
Update of geological model completed resulting in the merger of the Goldrush and Fourmile models
At 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 – Goldrush - Fourmile Oblique View looking W-SW
twin exploration declines Goldrush – Goldrush
Construction of twin declines Meadow Zone - Red Hill
continued with each advancing to Zone
Dw4
1 200m of the planned 4 000m
The declines will provide access to Fourmile
Srm
the orebody allowing for further
drilling and conversion of Ohc
RED > 5 g/t Oe
resources to reserves Fourmile
YELLOW > 1 g/t Ch Carve Out
iSee Appendix A for additional details including assay results for the significant intercepts
 Fourmile…on track to deliver significant
resource growth
5400 LEVEL
Drilling continued to expand the high grade mineralization with FM19-32D Ovi
approximately 100m added along strike to the south FM19-35D
Dw8 Dhc
Drilling in Q2 delineated a new zone of strong and continuous FM19-22D N
mineralization from targeting of a structural intersection below the FM19-28D
FM19-23D
resource
FM19-36D FM19-26D
Highlighting best grades to datei
FM19-29D
16.6m @ 63g/t (FM19-20D)
11.4m @ 29.9g/t (FM19-21D) FM19-21D
FM19-27D
21.5m @ 40.2g/t (FM19-22D) Section
line FM19-33D
30.3m @ 23.2g/t (FM19-24D) FM19-34D
Dw5 FM19-20D
20.1m @ 20.0g/t (FM19-33D) Fourmile
33.4m @ 44.0g/t (FM19-34D) Resource FM18-54D FM19-30D
Reported Q1 2019
Expecting more high-grade FM19-34D
FM19-24D
Dw4
intercepts 12.2m @ 12.7g/t
FM19-25D
33.4m @ 44.0g/t Barrick
Drilling shifting focus to wider spaced 12.8m @ 16.9g/t Nevada Gold Mines
step out and scout holes evaluating 100m
extensions along north and south 300m
Drilling
Results Results
Resource Inventory Breccia
pending received

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

iSee Appendix A for additional details including assay results for the significant intercepts
 Hemlo…
Ontario, Canada
Hemlo (100%) Q2 2019 Q1 2019 Q2 2018
Gold production in Q2 2019 in line with the prior
quarter as higher throughput was offset by lower Ore tonnes processed (000) 779 733 755
grade – on track to achieve guidance Average grade processed (g/t) 2.38 2.49 1.69

All-in sustaining costs per ounce3 increased by 11% Recovery rate (%) 94% 94% 93%
compared to prior quarter due to higher costs Gold produced (oz 000) 55 55 38
relating to both underground mining and processing,
Cost of sales ($/oz) 953 906 1,277
as well as increase in tailings dam expenditure
Total cash costs ($/oz)3 822 769 1,184
Exploration at Hemlo All-in sustaining costs ($/oz)3 1,015 915 1,453
First 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 Hemlo
New D Zone lodes identified as prospective - close to
infrastructure
Follow-up drilling will resume in Q3 2019
Potential to add ounces and extend life of mine

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
 Pueblo Viejo…
Dominican Republic

Gold production in Q2 2019 was 16% lower than Pueblo Viejo16 (60%) Q2 2019 Q1 2019 Q2 2018
prior quarter mainly due to delayed access to higher Open pit tonnes mined (000) 6,116 7,070 6,685
grade phases of Moore pit as a result of a wall Average grade processed (g/t) 3.56 3.75 3.60
failure, and lower grade reconciliation from the
Ore tonnes processed (000) 1,212 1,306 1,171
Cumba pit
Recovery rate (%) 90% 89% 91%
Q2 production also impacted by lower
throughput as a result of a scheduled total plant Gold produced (oz 000) 124 148 123
shutdown and unplanned autoclave Gold sold (oz 000) 132 142 125
maintenance Income ($ millions) 75 98 67
Production expected to increase in the second half EBITDA ($ millions)6 104 126 94
of 2019 driven by better access to Moore ore and Capital expenditures ($ millions)8 18 16 20
stronger performance at Cumba following improved
Minesite sustaining8 18 16 20
reconciliation started in June
Cost of sales ($/oz)4 852 696 852
Currently there are no total plant shutdowns
scheduled in the second half of 2019 Total cash costs ($/oz)3 557 421 524
On track to meet guidance All-in sustaining costs ($/oz)3 702 543 690

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 beyond
Studies and pilot work support a plant expansion that could significantly
increase throughput, allowing average annual production of approximately
800 000oz (100%) after 2022
Lower 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 reserves
Feasibility 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

Monte Negro / Oculto Section

Expansion Pit
A A’

Open High-grade
500m Open Breccia Mineralisation
Mineralisation
Potential
High grade feeder Potential High grade feeder 200m

Identified 3 high grade feeder structures in the pits and

2 additional potential high-grade feeders outside pits
 Veladero…
Argentina

Gold production 7% higher, primarily as a result of Veladero (50%) Q2 2019 Q1 2019 Q2 2018
leach pad recovery initiatives resulting in improved Open pit tonnes mined (000) 8,184 8,848 9,242
recoveries on material stacked in prior periods and
a reduction in pad inventories. Average grade processed (g/t) 0.75 0.75 0.88
Heap leach ore tonnes
AISC per ounce3 was 5% lower primarily due to processed (000) 2,828 3,416 2,891
lower minesite sustaining capital expenditure Gold produced (oz 000) 75 70 78
On track to meet guidance Gold sold (oz 000) 74 68 82

Projects at Veladero Income ($ millions) 12 10 27

EBITDA ($ millions)6 43 40 61
Valley Leach Facility Phase 6 Expansion work is
Capital expenditures ($
progressing and is expected to start contributing to 19 40 33
millions)8
production from 2020 to 2028 Minesite sustaining8 19 25 33
Power transmission project connecting Veladero Project8 0 15 0
with grid power at Pascua is advancing. Upon
Cost of sales ($/oz) 1,186 1,195 984
commissioning in H2 2020, this will have a positive
impact on operating costs and help reduce our Total cash costs ($/oz)3 746 713 534
carbon footprint 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
Exploration along the El Indio Belt…
130km long / 350km2 Mineralized Belt
Collahuasi
HS Au Targets Eocene-
Porphyry Cu-Au Targets Oligocene
N
Veladero - Re-logging process and geological
Abra
Miocene
Chile Argentina Chuquicamata
model review progressing according to plan
Cuatro Esquinas – near surface results beat Zaldivar
expectations and satellite target evaluation El Indio Escondida
Norte
continues Pascua
Lama Cluster
Penelope
Pascua-Lama / Penelope – updating geological Salvador

Veladero
model as part of due diligence to review past
Chile
feasibility studies Cerro
Casale Argentina
El Morro
El Indio Sur Cluster – Pascua
Lama
Rio del Medio
Rojo Grande, 17 drillholes completed Veladero
El Indio
4 satellite targets tested Tambo
El Indio
Other projects – evaluate other opportunities in Rojo Sur
Pelambres
Pachon
Grande Cluster
other provinces of Argentina and along the Alturas
Los Bronces
Andean belt Andina
Teniente

20km 200km
Barrick Claims
Porgera…
Papua New Guinea

Porgera (47.5%) Q2 2019 Q1 2019 Q2 2018

Gold production was 8% lower, primarily due to
Ore tonnes processed (000) 557 673 389
lower throughput partially offset by higher ore
grades and the continued reduction of process Average grade processed (g/t) 3.25 3.19 4.21
inventories related to the emptying of the Recovery rate (%) 90% 96% 78%
concentrate pond
Gold produced (oz 000) 61 66 41
Lower throughput resulting from powerline
tower interference that interrupted the Cost of sales ($/oz) 1,032 1,031 1,233
mine's power supply, reducing processing Total cash costs ($/oz)3 893 854 846
capacity during the quarter All-in sustaining costs ($/oz)3 1,112 978 1,183
Full 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 Porgera
gold mine allowing operations to continue
while the application to extend its Special
Mining Lease, due to expire August 16, is
considered
 Loulo-Gounkoto…delivers solid performance
Mali

Gold production was 15% higher than the prior Loulo-Gounkoto17 (80%) Q2 2019 Q1 2019
quarter mainly due to higher grade from the
Total tonnes mined (000) 8,048 8,779
Gounkoto South pit, in line with plan, as well as
slightly higher throughput, partially offset by Average grade processed (g/t) 4.74 4.19
slightly lower recovery Ore tonnes processed (000) 1,034 1,011

On track to meet guidance Recovery rate (%) 93% 94%

Gold produced (oz 000) 147 128
Brownfields exploration has confirmed the
potential to replace depletion and maintain an Gold sold (oz 000) 148 128
ongoing 10 year operating plan Income ($ millions) 32 29

Gounkoto underground feasibility study making EBITDA ($ millions)6 102 76

progress Capital expenditures ($ millions)8 31 18

Installation of a 20MW solar power plant Minesite sustaining8 29 18

underway at Loulo 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
Deposit Regolith Map N Loulo
Exploration Target
permit
Depositional
Mali
Erosional
Low laterite Senegal Gounkoto
Mid-high laterite
Transported laterite permit Bena permit
Erosional slopes
Colluvium
Follow up RC drilling planned to test continuity of
Residual
mineralisation at Teriya and Teriya SE
Sinsinko structure, follow-up RC confirmed high grade
Bambadji permit mineralisation within two sub-parallel zones
First pass auger program to test for in-situ anomalism
under suppressive regolith defined several anomalies Bakolobi permit
Most notable anomaly extends over +5km length along Infill drilling completed at Gamaye to advance the target
the Gefa NS corridor, significantly extending the to resource stage. Deeper holes planned to test the
previously defined 800m long target down dip upside potential
Another +8km highly prospective corridor defined on Auger program completed over the southern extension
margins of albitite intrusive on northern extension of of Koliguinda target confirms continuity of the target
Gounkoto domain boundary structure over 3km
Follow up work on these corridors planned for Q3 Follow up Aircore and RC drilling planned next field
10km season
 Massawa…significant upside
Senegal
Application for mining permit underway and the project’s
environmental impact study has been approved
Sabodala Mine Bakan Update of reserve pricing to $1 200/oz adds 200koz - lower strip
(Teranga Gold) N ratios, higher proportions of low cost ore fed to the plant result in
2.7Moz @ 1.37g/t overall increased project value
Delya A Technical Report to support the feasibility study for the Massawa
Samina gold project has been filed on SEDAR dated as of 23 July 2019,
Makana 2 prepared in accordance with National Instrument 43-101i
Matiba Ongoing exploration in 2019 has identified additional opportunities to
further add to the project inventory
Tin Massawa NZ
Makana 2 Hill a
Massawa CZ Attributable
$1200/oz Ore Tonnes Grade Contained
Sofia
Gold Moz
Sofia South Legend Reserve (Mt) (g/t Au) Gold (Moz)
KB
(83.25%)
Tiwana Mineral Reserve
Total OP
Priority exploration 20.9 3.94 2.6 2.2
targets Probable
Thianga Exploration targets
Tiguida Financial Gold Price ($/oz)
Major structure assessment
1200 1300 1400 1500
Mineralisation on 100% basis
structure
Felsic intrusives NPV @ 5% $m 421 550 677 805
Ultramafics
Conductive rocks IRR % 28% 35% 41% 47%
Siltstones
10km Late dyke Payback
years 2.6 2.4 2.2 1.9
period
iFiled on SEDAR at www.sedar.com on July 23, 2019 and EDGAR at www.sec.gov on July 25, 2019.
 Kibali…another strong quarter
DRC
Gold production was 2% higher than the prior quarter Kibali18 (45%) Q2 2019 Q1 2019
as a result of slightly higher throughput, in spite of a
winder failure during the quarter that restricted ore Total tonnes mined (000) 2,938 3,162
hoisted through the shaft
Average grade processed (g/t) 3.88 3.89
Stockpile material was available to sustain production
Ore tonnes processed (000) 850 840
AISC3 were 3% lower reflecting lower total cash Recovery rate (%) 89% 89%
cost/oz resulting from increased availability of
hydropower Gold produced (oz 000) 95 93
On track to meet or beat guidance Gold sold (oz 000) 95 90
Exploration at Kibali Income ($ millions) 43 10
Brownfields exploration focused on closing the gap EBITDA ($ millions)6 74 66
between the Gorumbwa and Sessengue deposits with Capital expenditures ($ millions)8 10 10
the relogging of key holes followed by a small diamond
Minesite sustaining8 10 9
program, which is in progress.
Project8 0 1
First hole confirmed geology and intersected three
mineralized zones, supporting the continuity of Cost of sales ($/oz)4 868 1,202
mineralization from Gorumbwa into the gap Total cash costs ($/oz)3 540 573

Ongoing exploration points to replacement of gold All-in sustaining costs ($/oz)3 651 673
depletion
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
 Kibali…drilling extends underground
reserve basei
KCD Open Pit20
Sessenge Open Pit20 PB#3 & PB2 North
2018 Proven reserve:1.7Mt @ 2.71g/t for 148koz 2018 Proven reserve:1.2Mt@ 2.45g/t for 94koz
2018 Probable reserve 0.1Mt @ 2.20g/t for 8koz 2018 Probable reserve 3.2Mt @ 2.32g/t for 238koz

3000 Lode
9000 Lode Gap up plunge extension
Ave drill intersection
9.40m @ 3.24g/t 3000 Lode
down plunge
Current Mining Reserves
Defined Reserves
Current Drilling Reserves
Potential Reserves
Continuity between Sessenge open pit, Gorumbwa
open pit and KCD UG 9000 lode supports first
stage of potential Super Pit Haulage Level 5000 Lode
5210 rL
3000 and 5000 lodes down plunge infill drilling on down plunge
track to extend the existing UG reserve base 11000 Lode 12.64m @ 4.27g/t
Holes completed Ave drill intersection
Entire system open down plunge over at least
600m from current development Holes planned 20.61m @ 6.08g/t

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 Ngayu

Kibali
portfolio across the Congo and Project
N
Tanzanian cratons
Acacia Tanzanian assets to be
managed as part of Barrick portfolio North
after completion of purchase of Mara
minority shareholders

Bulyanhulu
Buzwagi

500km
Acacia acquisition…summary of terms
On 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 Directors
The 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; and
Contingent 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
Timetable to Closing
12 August 2019 • Publication of Scheme Document
• Latest time for lodging Proxy Forms for the Court Meeting and General Meeting
30 August 2019
• Scheme Voting Record Time for the Court and General Meetings
3 September 2019 • Court Meeting
• General Meeting Following dates indicative & subject to change
13 September 2019 • Court Hearing
• Suspension and last day of dealings in and disablement in CREST of Acacia Shares on the LSE
16 September 2019
• Scheme Record Time
• Effective Date of the Scheme(i)
17 September 2019 • Issue of New Barrick Shares
• Listing of New Barrick Shares on the TSX and NYSE
18 September 2019 • Cancellation of listing of Acacia Shares on the main market of the LSE
19 September 2019 • New Barrick Shares registered through DRS (i) Within 14 days of the Effective Date, dispatch of statements of entitlement relating to
• Barrick CDIs credited to CREST accounts 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…
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 recovery
2019 guidance lowered by Newmont Goldcorp (the operator) to reflect the lower mining rates achieved in the first half of the year related to geotechnical constraints
In 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

Tongon (89.7% basis), Côte d'Ivoire

Q2 gold production of 61koz in line with the prior quarter
Continued 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 reserves
Preliminary pit optimization work on the Djinni target on the Badenou trend confirmed that it remains a potential oxide-ore satellite pit

Lagunas Norte, Peru

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

Golden Sunlight, Montana, USA

Focus now on the evaluation of tailings reprocessing to produce gold concentrate
Production 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….
Lumwana, Zambia Lumwana (100%) Q2 2019 Q1 2019 Q2 2018

Production was 20% lower was due to repeated tears in main Copper produced (lbs million) 49 61 47
crusher conveyor and subsequent use of lower grade stockpile Cost of sales ($/lb) 2.07 2.16 2.43
as mill feed, resulting in a reduction in throughput and grade in
C1 cash costs ($/lb)5 1.70 1.67 2.16
the first two months of the quarter
All-in sustaining costs ($/lb)5 2.78 2.79 3.13
Production levels in the final month of the quarter showed a
strong recovery
Jabal Sayid (50%) Q2 2019 Q1 2019 Q2 2018
Jabal Sayid, Saudi Arabia (50%) Copper produced (lbs million) 16 17 13
Production was 6% lower compared to the prior quarter but still Cost of sales ($/lb)4 1.45 1.55 1.84
exceeded planned levels, primarily due to a decrease in the
C1 cash costs ($/lb)5 1.22 1.10 1.50
feed grade in line with the mine plan
All-in sustaining costs ($/lb)5 1.31 1.30 2.30
Concentrate 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 Zaldívar (50%) Q2 2019 Q1 2019 Q2 2018

Copper produced (lbs million) 32 28 23

Zaldívar, Chile (50%)
Improved performance resulting in 14% higher production Cost of sales ($/lb)4 2.32 2.68 2.69
after crusher and conveyor reliability issues experienced in Q1 C1 cash costs ($/lb)5 1.61 1.91 2.19
Chloride leach project progressing in accordance with plan All-in sustaining costs ($/lb)5 1.85 2.12 2.64
Annual gold production19 at top end of
guidance range…
Total forecast annual gold production attributable to Barrick: 5 100koz – 5 600koz
Donlin Gold (50%)
Africa
1 420 – 1 540koz
N America
2 340 – 2 540koz Golden Sunlight Hemlo

Loulo-Gounkoto
Nevada Gold Mines (61.5%) Pueblo Viejo (60%) (80%)
Fourmile (100%) Jabal Sayid (50%)
Massawa
Morila (40%)
(83.25%)
Reunion Tongon (89.7%) Kibali (45%)
Lagunas Norte Strategic Alliance Porgera (47.5%)
Lumwana North Mara
Bulyanhulu
Zaldivar (50%) Buzwagi
Norte Abierto (50%) Kalgoorlie (50%)
Pascua-Lama
Veladero (50%)
LATAM, Australia, Pacific
1 280 – 1 390koz
Producing Projects Acacia (63.9% Barrick) Copper producing
G&A costs halved relative to
previous plans…
Corporate administration charges $ million
300
250
200
150
100
50
0
Guidance 2018 Actual 2018 Guidance 2019 Actual Q1 2019 Actual Q2 2019

Our original market guidance for 2018 was $275 million in corporate administration expenses with G&A headcount
of almost 500 people
Following 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 Toronto
In 2019 we closed offices in Tucson, San Francisco and Buenos Aires and substantially reduced consultant costs
In Q2 2019, corporate administration expenses were $40 million, including severances of $10 million
 Global gold mine supply…2019 - 2029
Industry facing production precipice
Very few companies able to deliver value growth in this environment
Moz
80

70

60

50

40

30

20

10

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

Source: AME Research. See Endnote 21 for further information on each category.
Disciplined and thoughtful strategy
secures six Tier 1 mines14…
BARRICK - RANDGOLD NEVADA JV EXECUTION
and
DELIVERY

Consolidate management of
world’s largest gold complex

Develop alternative strategy to

secure synergies

Opportunity and synergy identification –

detailed analysis
Execution and integration to create world’s most
valued gold business operating five Tier 1 mines14
Deal discipline - zero premium
Due Diligence - 2 years
 Barrick…synonymous with value creation

Index value (September 21, 2018 = 100)

180
72%
170
68%
160
150
140
130
120 25%
25%
110
100
90
80
Sep-18

Jan-19

Apr-19

Jun-19

Jul-19
Oct-18

Nov-18

Dec-18

Feb-19

Mar-19

May-19
Barrick Agnico Newmont Gold US$ Spot
Source: Bloomberg
Endnotes
1. 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, lost
time 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 tax
adjustments 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 measure
internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Barrick believes that adjusted net earnings is a
useful 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. Adjusted
net 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 of
performance 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-GAAP
measures, 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 excludes
the 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 the
additional costs of operating a mine, primarily sustaining capital expenditures, sustaining leases, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and
amortization. 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 with
producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall
Company basis. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are intended to provide additional information only and do not have any standardized meaning under IFRS. Although a standardized
definition 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 the
world, 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" when
referring 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 should
not 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’s
second 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% of
Tongon, 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 gold
ounces 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 sales
applicable 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 proportionate
share 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 Gold
Mines 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 and
royalties 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, primarily
sustaining 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 free
cash 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, do
not 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 substitute
for 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 financial
statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Endnotes
6. 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 equity
investees. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital
expenditures. Management uses EBITDA for this purpose. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based
on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. EBITDA should not be considered in isolation or as a substitute for
measures 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 expense
adjustments; 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, by
excluding 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. For
further 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 at
www.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 operate
without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be
comparable 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 at
www.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. Please
refer 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. Also
includes 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 the
basis 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 on
our 75% interest in Turquoise Ridge. On July 1, 2019, Turquoise Ridge became part of Nevada Gold Mines.
Endnotes
14. 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 cost
curve 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 in
respect 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 Barrick
calculates 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 measures
presented 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 that
total 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 the
company’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 and
Newmont 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 Nevada
properties 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, and
accordingly 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 reserves
and 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 using
Guidelines 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 annual
report 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 of
84.4 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 million
tonnes 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 grading
5.2g/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 the
assumptions 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 resources
of 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 its
annual 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 interest
on 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
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 investment
on 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 Kibali
inclusive 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 our
share 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 and
mineral 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 awaiting
commissioning, 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 two
categories, 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 to
aspects 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 to
proceed 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’re
incorporated 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.

Technical Information
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 Evaluation
Executive; 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 National
Instrument 43-101 – Standards of Disclosure for Mineral Projects. All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral
Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2018.
 Appendix A – Fourmile Significant Intercept Tablei

Drill Results from Q2 2019

i. All intercepts calculated using a 5 g/t Au cutoff and are uncapped;
Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) minimum intercept width is 0.8 m; internal dilution is less than 20%
total width
732 - 748.6 16.6 63.0
ii. Fourmile drill hole nomenclature: FM (Fourmile) followed by the year
FM19-20D 155 -72 803 - 807.1 4.1 12.1
(18 for 2018) or GRC (Gold Rush Core) with no designation of the
810.2 - 820.8 10.7 7.1
FM19-21D
year
2 -72 762.6 - 774 11.4 29.9
665.7 - 670.3 4.6 7.4 iii. True width of intercepts are uncertain at this stage
FM19-22D 50 -84 iv. A partial result reported in Q1 was diluted by >20% and removed
761.4 - 782.9 21.5 40.2
696.5 - 698 1.5 7.9 from the tabulation as a result
FM19-23Div 95 -73
722.1 - 723.8 1.7 13.4 v. Partial results
760.6 - 762.1 1.5 12.8
800.1 - 801.6 1.5 10.6 The drilling results for the Fourmile property contained in this
FM19-24D 110 -76
804.7 - 806.2 1.5 5.0 presentation have been prepared in accordance with National Instrument
843.7 - 874 30.3 23.2 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay
FM19-25D 8 -77 791.5 - 799 7.5 29.0 information has been manually reviewed and approved by staff
FM19-26Dv 65 -75 717.8 - 719.2 1.4 5.2 geologists and re-checked by the project manager. Sample preparation
703.5 - 706.2 2.7 10.5 and analyses are conducted by an independent laboratory. Procedures
FM19-27D 144 -77 716 - 717.4 1.4 10.7 are employed to ensure security of samples during their delivery from the
725.5 - 729.8 4.3 7.6 drill rig to the laboratory. The quality assurance procedures, data
732.4 - 736.1 3.7 35.3 verification and assay protocols used in connection with drilling and
767.5 - 772.7 5.2 40.7 sampling on the Fourmile property conform to industry accepted quality
FM19-28D 249 -89 868.7 - 869.6 0.9 38.9 control methods.
871.1 - 872.8 1.7 10.7
897 - 898.4 1.4 7.6
 Appendix A – Fourmile Significant Intercept Tablei
Drill Results from Q2 2019

Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) i. All intercepts calculated using a 5 g/t Au cutoff and are uncapped;
755.9 - 765.3 9.4 36.2 minimum intercept width is 0.8 m; internal dilution is less than 20%
FM19-29D 180 -81 818.4 - 819.6 1.2 26.5 total width
918.4 - 919.9 1.5 5.1 ii. Fourmile drill hole nomenclature: FM (Fourmile) followed by the year
690.4 - 691.9 1.5 16.1 (18 for 2018) or GRC (Gold Rush Core) with no designation of the
694.9 - 696.4 1.5 5.3 year
FM19-30D 70 -69 709.1 - 727.2 18.1 16.7 iii. True width of intercepts are uncertain at this stage
761.4 - 766 4.6 24.4
769.3 - 770.8 1.5 9.7 The drilling results for the Fourmile property contained in this
769.6 - 771 1.4 7.4 presentation have been prepared in accordance with National Instrument
FM19-32D 98 -84 776.1 - 777.5 1.4 41.9 43-101 – Standards of Disclosure for Mineral Projects. All drill hole assay
967.6 - 970 2.4 54.6 information has been manually reviewed and approved by staff
FM19-33D 158 -74 732.4 - 752.5 20.1 20.0 geologists and re-checked by the project manager. Sample preparation
718.1 - 730.3 12.2 12.7 and analyses are conducted by an independent laboratory. Procedures
816.6 - 818.1 1.5 6.2 are employed to ensure security of samples during their delivery from the
824.2 - 825.7 1.5 8.0 drill rig to the laboratory. The quality assurance procedures, data
FM19-34D 115 -87
856.2 - 889.6 33.4 44.0 verification and assay protocols used in connection with drilling and
908.6 - 921.4 12.8 16.9 sampling on the Fourmile property conform to industry accepted quality
972.5 - 976.9 4.4 10.9 control methods.
687.0 - 688.5 1.5 14.8
FM19-35D 18 -76
690.1 - 691.6 1.5 7.1
766.3 - 768.7 2.4 28.4
FM19-36D 20 -85 784 - 790.7 6.7 21.9
808.6 - 810.3 1.7 10.5
Appendix B – Kibali Significant Intercept Tablei
Drill Results from Q2 2019 Drill Results from Q2 2019
Lode RC Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) Lode RC Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t)
Lode 9000 KCDU2132 315 -72 282.1 - 299 16.9 4.80 Lode 11000 KCDU2277 312 -20 292.9 - 300 7.1 8.92
Lode 9000 KCDU2141 319 -78 286 - 290.03 4.03 4.91 Lode 9000 KCDU2278 154 -67 167.22 - 170.7 3.48 4.66
Lode 9000 KCDU2141 319 -78 305 - 311 6 2.02 Lode 9000 KCDU2278 154 -67 176.3 - 187.77 11.47 1.54
Lode 9000 KCDU2142 324 -76 197.5 - 201.95 4.45 2.12 Lode 9000 KCDU2278 154 -67 217.5 - 226.5 9 2.99
Lode 9000 KCDU2142 324 -76 256 - 262.15 6.15 2.36 Lode 11000 KCDU2312 318 -25 174.1 - 202 27.9 4.31
Lode 9000 KCDU2142 324 -76 268 - 286 18 3.91 Lode 11000 KCDU2313 318 -36 168 - 184 16 3.96
Lode 9000 KCDU2142 324 -76 291.81 - 295 3.19 14.56 Lode 11000 KCDU2313 318 -36 188 - 200 12 4.79
Lode 9000 KCDU2148 325 -70 173 - 182 9 3.18 Lode 11000 KCDU2313 318 -36 205.9 - 225 19.1 3.94
Lode 9000 KCDU2148 325 -70 212 - 217 5 2.93 Lode 11000 KCDU2314 318 -48 191.5 - 218 26.5 9.01
Lode 9000 KCDU2149 321 -70 171 - 197.27 26.27 1.63 Lode 11000 KCDU2314 318 -48 221.7 - 233.7 12 3.62
Lode 9000 KCDU2149 321 -70 206 - 217 11 2.44 Lode 11000 KCDU2314 318 -48 238.1 - 255 16.9 13.64
Lode 9000 KCDU2150 323 -65 107 - 111 4 2.51
Lode 9000 KCDU2150 323 -65 131 - 139 8 6.73
Lode 11000 KCDU2162 341 -34 410 - 423 13 3.45
i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept
Lode 11000 KCDU2162 341 -34 489 - 560 71 10.57 width is 2 m; internal dilution is equal to or less than 25% total width
Lode 9000 KCDU2181 269 -88 283 - 287 4 2.98 ii. Kibali drill hole nomenclature: prospect initial (OR =Oere, IV=Ikamva , IO=Ikamva
Lode 9000 KCDU2181 269 -88 292 - 311 19 2.02 Orientation) followed by the type of drilling (RC=Reverse Circulation ,DD=Diamond
Lode 9000 KCDU2182 321 -58 247.5 - 253.5 6 1.41 ,GC=Grade control) with no designation of the year .KCDU= KCD Underground.
Lode 5000 KCDU2190 344 -1 150 - 152 2 4.16 iii. True width of intercepts are uncertain at this stage
Lode 5000 KCDU2190 344 -1 244 - 246 2 5.66
iv. Weighted average is calculated by fence using significant intercepts, over the strike
Lode 5000 KCDU2190 344 -1 255.29 - 256.48 1.19 5.14
length
Lode 5000 KCDU2190 344 -1 309.1 - 313.2 4.1 5.42
Lode 5000 KCDU2191 344 12 226 - 232 6 4.58
Lode 5000 KCDU2191 344 12 250.44 - 259.5 9.06 2.49 The drilling results for the Kibali property contained in this presentation have been prepared
Lode 5000 KCDU2191 344 12 270.4 - 281.35 10.95 5.78 in accordance with National Instrument 43-101 –Standards of Disclosure for Mineral
Lode 5000 KCDU2192 344 24 238 - 260.6 22.6 4.77 Projects. All drill hole assay information has been manually reviewed and approved by staff
Lode 11000 KCDU2213 336 -37 189.43 - 193.27 3.84 3.58 geologists and re-checked by the project manager. Sample preparation and analyses are
Lode 11000 KCDU2214 336 -30 229 - 236 7 2.34 conducted by an independent laboratory. Procedures are employed to ensure security of
Lode 11000 KCDU2214 336 -30 268 - 275 7 2.87 samples during their delivery from the drill rig to the laboratory. The quality assurance
Lode 9000 KCDU2257 345 -61 241 - 245 4 1.31 procedures, data verification and assay protocols used in connection with drilling and
Lode 9000 KCDU2257 345 -61 250 - 262.7 12.7 7.28 sampling on the Kibali property conform to industry accepted quality control methods.
Lode 9000 KCDU2259 314 -79 233.42 - 243.6 10.18 1.53
Lode 9000 KCDU2259 314 -79 247 - 256.5 9.5 4.53