GlobeNewswire Inc | Aug 10, 2020 06:11AM EDT

August 10, 2020

All amounts expressed in US dollars

TORONTO, Aug. 10, 2020 (GLOBE NEWSWIRE) -- At the years halfway mark, Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) was on track to achieve annual production within its 2020 guidance range, despite the impact of the Covid-19 pandemic, the company said today.

Second quarter results show year-to-date gold production of 2.4 million ounces, at the mid-point of its 4.6 million to 5 million ounce annual guidance, driven by strong operating performances, particularly from Nevada Gold Mines (NGM) in the United States, Loulo-Gounkoto in Mali and Kibali in the Democratic Republic of Congo. Barricks copper portfolio continued to outperform with Lumwana in Zambia posting its best quarterly production in years.

Operating cash flow exceeded $1 billion for the quarter and free cash flow1 was $522 million. Net earnings per share was 20 cents. Adjusted net earnings per share2 was 23 cents, up 44% from Q1 and well ahead of the market consensus, debt net of cash was reduced by almost 25% to $1.4 billion from the end of Q1, and the quarterly dividend was increased by 14% to 8 cents per share. The quarterly dividend has more than doubled since the announcement of the merger between Barrick and Randgold in September 2018. The non-core asset disposal strategy, which is ongoing, has so far delivered value of $1.5 billion of which $1.25 billion was in cash.

Key PerformanceIndicators

-- Continued solid performance positions Barrick well within annual production guidance, despite Covid-19 challenges -- Improvement in safety management following increased focus -- Strong cash generation highlights quality of assets and leverage to gold price -- Barrick continues to be vigilant in its approach to contain the impact of Covid-19 -- Higher gold prices also result in higher royalty payments and costs -- Strong operating performance for copper with costs per pound at lower end of the guidance range -- Operating Cash Flow in excess of $1.0 billion and Free Cash Flow1 greater than $0.5 billion for the quarter -- Net debt down almost 25% to $1.4 billion with no significant maturities until 2033 -- Net earnings per share of 20 cents; adjusted net earnings per share2 up 44% to 23 cents for the quarter -- Strong operating performance from Tier One12 assets, with Pueblo Viejo production impacted by planned maintenance shutdown -- Veladero production impacted by Argentinas Covid-19 movement and social distancing restrictions -- 30% of stockpiled concentrate shipped from Tanzania and first $100 million paid to Government -- Agreement reached in Mali to extend the Loulo convention to 2038 -- Significant exploration drill results from Nevada, Dominican Republic, Mali and Tanzania -- Pueblo Viejo expansion, Goldrush development, Turquoise Ridge shaft and other key projects remain on track despite Covid-19 challenges -- Non-core asset disposal strategy delivers $1.5 billion value realization, including $1.25 billion in cash, with more to come -- Barrick increases quarterly dividend by 14% to $0.08 per share

Financial and Operating Highlights

Financial Results Q2 2020 Q1 2020 Q2 2019Realized gold price^3,4 1,725 1,589 1,317($ per ounce)Net earnings^5 357 400 194($ millions)Adjusted net earnings^2 415 285 154($ millions)Net cash provided by operating activities 1,031 889 434($ millions)Free cash flow^1 522 438 55($ millions)Net earnings per share 0.20 0.22 0.11($)Adjusted net earnings per share^2 0.23 0.16 0.09($)Attributable capital expenditures^6 402 364 361($ millions)Operating Results Q2 2020 Q1 2020 Q2 2019GoldProduction^4 1,149 1,250 1,353(000s of ounces)Cost of sales (Barrick's share)^4,7 1,075 1,020 964($ per ounce)Total cash costs^4,8 716 692 651($ per ounce)All-in sustaining costs^4,8 1,031 954 869($ per ounce)Copper Production^9 120 115 97(millions of pounds)Cost of sales (Barrick's share)^9,10 2.08 1.96 2.04($ per pound)C1 cash costs^8,9 1.55 1.55 1.59($ per pound)All-in sustaining costs^8,9 2.15 2.04 2.28($ per pound)

President and chief executive Mark Bristow said the strong cash generation demonstrated the quality of Barricks assets, managements ability to capture the full benefit of higher gold prices, effective operational execution and the groups deft handling of the Covid-19 pandemics impact.

Our flattened and decentralized management structure was a major factor in contending with Covid-19 while at the same time continuing to meet short-term targets and making significant progress towards our strategic objectives. Our major projects, including the expansion of Pueblo Viejo, the Goldrush development and the Turquoise Ridge shaft, remain on track. The only exception was Veladero, where the heap leach and cross-border Chilean power line projects were impacted by the Argentine governments pandemic quarantine restrictions, Bristow said.

We also maintained our strong environmental, social and governance focus during this difficult period. The Lost Time Injury Frequency Rate decreased by 15.6% quarter on quarter, and we further reduced our carbon emissions and continued to improve our water recycling and reuse performance.

Dealing with the operations, Bristow said in North America, NGM led by Cortez trended towards the upper end of its guidance as the integrated structure allowed the management team to adjust ore routing through Carlins processing facilities in real time, while at the restructured Hemlo in Canada, exploration was indicating support for extending the Life of Mine beyond 10 years at a production profile of around 220,000 ounces per year.

In the Africa and Middle East region, Loulo-Gounkoto and Kibali were also at the upper end of their guidance. The Tanzanian assets are still being resuscitated but exports of the stockpiled concentrate have resumed and the Bulyanhulu underground operation is being recommissioned. Bristow said between them, North Mara and Bulyanhulu were capable of producing more than 500,000 ounces annually for at least 10 years.13

In Latin America, Pueblo Viejos production was down as expected due to a planned plant maintenance shutdown, while production and costs at Veladero were impacted by a nationwide quarantine and severe winter weather.

Porgera in Papua New Guinea remains on care and maintenance while the issue of its Special Mining Lease is before the court.

Bristow said during the quarter there had been significant exploration results from Nevada, the Dominican Republic, Mali and Tanzania, and the expectation was to add significant mineral resources at most operations this year.

Q2 2020 Results PresentationWebinar and Conference Call

President and CEO Mark Bristow will host an interactive webinar on the results today at 11:00 EDT / 15:00 UTC. The presentation will be linked to the webinar and conference call.

-- Go to the webinarUS and Canada (toll-free) 1 800 319 4610 UK (toll-free) 0808 101 2791 International (toll) +1 416 915 3239

The Q2 2020 presentation materials will be available on Barricks website at www.barrick.com and the webinar will remain on the website for later viewing.

QUARTERLY DIVIDEND INCREASED BY 14%

Barricks Board of Directors has declared a dividend for the second quarter of 2020 of $0.08 per share, a 14% increase on the previous quarters dividend, payable on September 15, 2020, to shareholders of record at the close of business on August 31, 2020.14

Senior executive vice-president and chief financial officer Graham Shuttleworth says that Barricks quarterly dividend has more than doubled since the announcement of the Barrick-Randgold merger in September 2018, reflecting Barricks continued strong financial performance.

The Board believes that the dividend increase is sustainable and reflects the ongoing robust performance of our operations and continued improvement in the strength of our balance sheet, with total liquidity of $6.7 billion, including a cash balance of $3.7 billion at the end of the second quarter, and no material debt repayments due before 2033, said Shuttleworth.

STRONG STRUCTURE, PARTNERSHIP CULTURE DRIVE PROMPT AND EFFECTIVE PANDEMIC RESPONSE

A fit-for-purpose management structure coupled with its deeply embedded health and welfare commitment enabled Barrick to buffer the impact of the Covid-19 pandemic on its business, people and communities as well as to provide vital support to its host governments.

President and chief executive Mark Bristow says the companys flattened and regionally devolved management formation provided the ideal platform for immediate site-appropriate action and swift engagement with local stakeholders.

Caring for the wellbeing of our employees and communities is a key characteristic of the Barrick DNA. Our financial strength, well-established prevention practices and procedures, and the experience we gained from dealing with two Ebola pandemics around our African operations stood us in good stead as we faced this new and unprecedented challenge, he says.

At all our sites, strict access, screening, sanitation and isolation measures were implemented and through our community engagement channels, we also took the lead in introducing these protocols, supported by education programs, to our neighbours. The provision of rapid antibody testing kits to local clinics and hospitals was particularly valuable in helping them to manage the pandemics initial onslaught.

Barricks group sustainability executive, Grant Beringer, says that to date the company has provided more than $20 million in support to its host communities, much of it in the form of medical supplies and equipment. In addition, some of its businesses have prepaid taxes to ease the pandemics pressure on their host countries economies.

In the Dominican Republic, Pueblo Viejo prepaid $113 million to the tax authorities, bringing its total tax payments to the government to more than $2 billion since 2013. In Mali, the Loulo-Gounkoto complex made an early tax and royalty payment of $20 million and in Cte dIvoire, Tongon prepaid $5 million. In Nevada, the state legislature has approved an offer by Nevada Gold Mines (NGM) to prepay net proceeds tax as a Covid-19 relief measure. Under this arrangement, NGM expects to pay $170 million to the state by March 2021. In addition, NGM has chosen not to take up the option of deferring payroll tax payments amounting to $40 million. Deferral of these payments is allowed under US legislation aimed at supporting businesses through the pandemic.

We recognize the importance our tax contribution makes to Nevadas economy and NGM is stepping up to support the state at a time when other businesses there find themselves in financial distress, says Bristow.

In Nevada, as elsewhere in our global operations, our aid has not been prompted by self-interested commercial considerations, but by Barricks foundational philosophy of partnership, which in this time of crisis has again demonstrated its value to our stakeholders.

Beringer notes that Barrick operates in 12 countries, each with its own culture and at different stages of economic development. Consequently, aid was tailored to their particular needs in consultation with their governments.

In Latin America, support has been focused on infrastructural and equipment needs. In Africa, the emphasis has been on improving existing healthcare facilities and capacity. Where financial donations were made, we engaged thoroughly with the governments to identify specific requirements and assisted them in sourcing equipment and supplies. In the DRC, we converted Kibalis Ebola isolation centre into a 100-patient Covid-19 treatment facility tailored to government guidelines. In North America we sought to stimulate local economies, for example by donating vouchers to employees that are only redeemable at stores and service providers in the local community. NGM has also established a fund to help local businesses impacted by the pandemic, he says.

The commitments our sites made to community investment and development prior to the Covid-19 outbreak remain intact and are being fulfilled in conjunction with our pandemic support programs. These include major projects such as the Durba road in the DRC and the shift to local contractors and suppliers in Tanzania.

At the group level, all Barricks significant expansion projects remain on track, with internal teams having been trained to lessen reliance on external contractors. Among these are the solar power programs in West Africa and Nevada, the expansion of Pueblo Viejo in the Dominican Republic, the Bulyanhulu underground project in Tanzania, and the Goldrush and Turquoise Ridge developments in Nevada.

TANZANIA MINES FOCUS ON SOCIAL LICENSE AND REBUILDING MINING OPERATIONS

When Barrick took over the Acacia assets in Tanzania in September last year, it was faced with a clean-up of Herculean proportions:

-- Relations between the former management and the government as well as the community had broken down completely. -- North Mara had been closed under an environmental protection order. -- Bulyanhulu had been overrun by some 20,000 illegal miners and was no longer operating. -- The government had frozen all concentrate sales as well as the concentrate containers held under court order at port. -- There were hundreds of longstanding grievances, property disputes and accusations of human rights abuses at the mines. -- No geological block modelling, mineral resource management or mine planning had been done at the mines. -- Survey data was significantly incorrect, and capital allocation as well as executive decision-making were haphazard at best.

The first priority of Africa and Middle East chief operating officer Willem Jacobs and his team was to regain the trust of the government, which they did so successfully that the framework agreement which had been in limbo for years, was swiftly finalized and signed at a ceremony attended by Tanzanian president John Magufuli and Barrick president and chief executive Mark Bristow. This was followed by the establishment of Twiga Minerals Corporation, a joint venture between Barrick and the government designed to oversee the management of the mines as well as the equal sharing of the economic benefits they create.

Greatly assisted by the Twiga board, Barrick and the affected communities soon agreed on a way forward to settle all the legacy land claims at North Mara.

Barricks DNA was infused into Tanzania with the introduction of key staff from its Mali operations, after the change of all but two members of the former management.

Operationally, the team developed and implemented a new tailings and water management plan for North Mara. The mine could then resume production and the ban on dor sales was lifted. Getting to grips with the geology, a new block model that confirmed the acquisition assumptions and upside, was completed. Ten new exploration permits around North Mara have also been awarded by the government.

A study on restarting the Bulyanhulu mine projected the resumption of underground mining activities at the end of 2020, in line with guidance. Work on the structural integrity of the metallurgical plant commenced upon completion of the Acacia transaction, and refurbishment of the shaft is scheduled to start in August.

Another study to determine extensions at Buzwagi is underway and a local content plan has been submitted to the government.

Mark Bristow says enormous progress has been made in fixing the Tanzanian situation, not least by concentrating on Barricks stakeholder engagement and community relations, with a focus on building a real social license at what were badly neglected but world-class assets.

The foundation has been laid for delivery, and I can see North Mara and Bulyanhulu together eventually ranking as a Tier One12 complex, with annual production in excess of 500,000 ounces at a cost in the lower half of the industry curve, well beyond 10 years, he says.

CORTEZ LEADS THE WAY IN NEVADA

Cortez continues to produce higher than planned ounces at a lower cost, confirming its status as Nevada Gold Mines flagship as well as the leader in the general move from lower grade open pit operations to higher grade underground mining.

Its outperformance is being driven by the underground operation, where improved efficiencies supported mining at higher production rates. On the back of this performance, the mineral resource management team has stepped up their game to test for geological extensions and the potential feeders of the known mineralization which could significantly extend the Life of Mine, enabling it to maintain its Tier One status without the assistance of Goldrush.

During the past quarter, the Goldrush project team was integrated into the Cortez organization. Development of the Goldrush declines is ahead of plan and the transition from contractor to owner operation has been brought forward to 2020. The underground management team is currently developing operational readiness for the acceleration of the project, scheduled to expose first ore in the first half of 2021. Permits are expected in late 2021, paving the way for the start of final construction activities which Greg Walker, executive general manager, explains will further ensure the Cortez operations remains a long life, Tier One complex, one of three such operations in the Nevada Gold Mines portfolio.

In the meantime, Barricks nearby Fourmile project, which has not yet been included in the Nevada Gold Mines portfolio, has reported very significant drill results confirming the impressive high-grade of the mineralization as well as its exciting future potential.

EXPLORATION MAINTAINS BARRICKS FOCUS ON THE FUTURE

Despite the challenges presented by the Covid-19 pandemic, Barricks exploration teams have continued to add to the mineral inventory that is needed to sustain a profitable mining enterprise.

During the past quarter, there were significant drill results from all regions. In Nevada, these included the high-grade intercepts at the Fourmile project, the highest grade ever intercept at North Leeville and the thick intercepts at Deep Post.

At Pueblo Viejo, in Dominican Republic, the first structural model and state-of-the-art geophysics have unlocked a new generation of targets, and at Loulo 3, in Mali, new intersections have confirmed that high-grade mineralization is still open down plunge. Also at Loulo, the high-grade Yalea transfer zone has been extended 480 metres beyond the 2019 block model and is still open down plunge. A greater than one-kilometre-long mineralized trend has been confirmed south of the Gounkoto open pit, also in Mali.

During the quarter, the exploration teams in Africa and the Middle East (AME) as well as Latin America (LATAM) were strengthened with the appointment of senior managers, Aoife McGrath as vice president exploration for AME and Leandro Sastre as vice president exploration for LATAM.

McGrath has worked with and led exploration teams in Africa, North and South America and Europe, and her experience spans the full spectrum of company size and exploration stages. Named as one of the Global 100 Inspirational Women in Mining, she has been involved in a number of major discoveries and brings strong commercial skills to her new role.

Sastre was previously mine operations and technical services manager at Veladero. His wide skills base ranges from exploration through ore control to resource modelling. He was closely involved with Exeters discovery and delineation of the Caspiche orebody in Chile, now part of our Norte Abierto project, and the Cerro Moro orebody in Argentina, which is now an operating mine.

RECRUITING AND DEVELOPING A NEW GENERATION OF LEADERS

Barrick employs more than 20,000 people along with another 21,000 contractors in 12 countries across the world, and its recruitment and development policies are designed to ensure that they can be the best of the best.

The company has a strong tradition of hiring locally for operational as well as management roles. In its Africa and Middle East (AME) region, 76% of management positions are occupied by host country nationals. In North America (NA) that figure is 88% and in Latin America and Asia Pacific (LATAM & AP) it is 51%. Last quarter, only 10 foreign nationals were hired into management positions across all three regions.

To ensure that its people profile is aligned to societal and technological changes, Barrick is also driving the employment of younger candidates as well as women. In the year to date, new hire percentages under 30 years of age were 50% in AME, 46% in NA and 42% in LATAM & AP.

Mining is traditionally a male-dominated industry and Barrick is making a determined effort to recruit more women through targeted campaigns. In NA, 15% of employees are women, and 25% of new hires so far this year were women. In LATAM & AP, where 11% of all positions are held by women, hiring rates were 18% in Q1 and 33% in Q2, reflecting the regions improving ability to source and employ women candidates. The AME region has cultural obstacles to the employment of women, but there too the position is improving, with new placements up to 10% from a 6% base.

Each region has identified high-potential women for further career development at all levels of the business. Barrick also has partnered with leading universities to customize development programs designed to meet its specific needs.

In NA, 40% of the current participants in Barricks Greenfields Talent Program are women, who spend 12 months working in an operational environment, then lead a crew for six months as relief supervisor before taking up their technical positions with Nevada Gold Mines. The companys Compass Development Program offers cross-functional modules ranging from geology through production to health and safety. Of the current group of participants in this program, 36% are women. Across AME, Barrick offers apprentice training leading to artisan status, and in NA, Nevada Gold Mines is the leading participant in the maintenance training cooperative program with Great Basin College.

We want to have the right skills in the right jobs, but we also want to make sure that we have an appropriately diverse workforce, and that by investing in young people, we are building a new generation of leaders to take Barrick into the future, says president and chief executive Mark Bristow.

PUEBLO VIEJO AWARDED GOLD SEAL FOR GENDER EQUALITY

The Gold Seal is the highest level of a new gender equality certification and it was awarded to Pueblo Viejo (PV) following a meticulous review by the Dominican Institute for Quality (INDOCAL), the Dominican Republics Ministry of Women and the United Nations Development Program (UNDP). At the same time, PV was also awarded the Nordom 775 certification for best practice in gender equality and equity.

The certifications reflect PVs commitment to equal rights, benefits and opportunities for all employees, regardless of gender, and confirm that its workplace policies align with the United Nations Sustainable Development Goals and the Dominican Republics National Development Strategy with regard to reducing the gender pay gap and advancing womens representation in leadership positions.

Appendix 12020 Operating and Capital Expenditure Guidance

GOLD PRODUCTION AND COSTS 2020 forecast 2020 2020 2020 forecast attributable forecast forecast all-in production cost total sustaining (000s oz) of sales^ cash costs^ costs^8 ($/oz) 15 ($/oz) 8 ($/oz)Carlin (61.5%)^16 1,000 - 1,050 920 - 970 760 - 810 1,000 - 1,050Cortez (61.5%) 450 - 480 980 - 640 - 690 910 - 960 1,030Turquoise Ridge (61.5%) 430 - 460 900 - 950 540 - 590 690 - 740Phoenix (61.5%) 100 - 120 1,850 - 700 - 750 920 - 970 1,900Long Canyon (61.5%) 130 - 150 910 - 960 240 - 290 450 - 500Nevada Gold Mines 2,100 - 2,250 970 - 660 - 710 880 - 930(61.5%) 1,020Hemlo 200 - 220 960 - 800 - 850 1,200 - 1,250 1,010North America 2,300 - 2,450 970 - 660 - 710 900 - 950 1,020 Pueblo Viejo (60%) 530 - 580 840 - 890 520 - 570 720 - 770Veladero (50%) 240 - 270 1,220 - 670 - 720 1,250 - 1,300 1,270Porgera (47.5%)^17 Latin America & Asia 800 - 900 930 - 980 610 - 660 890 - 940Pacific Loulo-Gounkoto (80%) 500 - 540 1,050 - 620 - 670 970 - 1,020 1,100Kibali (45%) 340 - 370 1,030 - 600 - 650 790 - 840 1,080North Mara (84%)^18 240 - 270 750 - 800 570 - 620 830 - 880Tongon (89.7%) 240 - 260 1,390 - 680 - 730 740 - 790 1,440Bulyanhulu (84%)^18 30 - 50 1,210 - 790 - 840 1,110 - 1,160 1,260Buzwagi (84%)^18 80 - 100 850 - 900 820 - 870 850 - 900Africa & Middle East 1,450 - 1,600 1,040 - 640 - 690 870 - 920 1,090 Total Attributable to 4,600 - 5,000 980 - 650 - 700 920 - 970Barrick^18,19,20 1,030 COPPER PRODUCTION AND COSTS 2020 forecast 2020 2020 2020 forecast attributable forecast forecast C1 all-in production cost cash costs^ sustaining (Mlbs) of sales^ 11 ($/lb) costs^11 ($/lb) 15 ($/lb)Lumwana 250 - 280 2.20 - 1.50 - 1.70 2.30 - 2.60 2.40Zaldvar (50%) 120 - 135 2.40 - 1.65 - 1.85 2.30 - 2.60 2.70Jabal Sayid (50%) 60 - 70 1.75 - 1.40 - 1.60 1.50 - 1.70 2.00Total Copper^21 440 - 500 2.10 - 1.50 - 1.80 2.20 - 2.50 2.40 ATTRIBUTABLE CAPITAL EXPENDITURES ($ millions) Attributable minesite 1,300-1,500 sustainingAttributable project 300 - 400 Total attributable 1,600-1,900 capital expenditures^22

2020 Outlook Assumptions and Economic Sensitivity Analysis23

2020 Hypothetical Impact on Impact on AISC Guidance Change EBITDA ^8,11 Assumption (millions)^24Gold revenue, net of $1,350/oz +$100/oz +$655 +$4/ozroyalties^25 $1,350/oz -$100/oz -$652 -$4/ozCopper revenue, net of $2.75/lb +/- $0.50/lb +/-$125 +/- $0.02/lbroyalties



Appendix 2

Production and Cost Summary Gold

For the three months ended 6/30/20 3/31/20 % Change 6/30/19 % ChangeNevada GoldMines LLC (61.5%)^aGold produced(000s oz 521 526 (1 ) % 526 (1 ) %attributablebasis)Gold produced(000s oz 100% 847 855 (1 ) % 548 55 %basis)Cost of sales 1,055 995 6 % 842 25 %($/oz)Total cash 728 690 6 % 594 23 %costs ($/oz)^bAll-insustaining 985 952 3 % 752 31 %costs ($/oz)^bCarlin (61.5%) ^cGold produced(000s oz 235 253 (7 ) % 181 30 %attributablebasis)Gold produced(000s oz 100% 382 411 (7 ) % 181 111 %basis)Cost of sales 1,037 970 7 % 1,116 (7 ) %($/oz)Total cash 850 776 10 % 769 11 %costs ($/oz)^bAll-insustaining 1,130 1,007 12 % 1,088 4 %costs ($/oz)^bCortez (61.5%) ^dGold produced(000s oz 132 128 3 % 280 (53 ) %attributablebasis)Gold produced(000s oz 100% 215 208 3 % 280 (23 ) %basis)Cost of sales 870 876 (1 ) % 719 21 %($/oz)Total cash 613 614 0 % 489 25 %costs ($/oz)^bAll-insustaining 950 1,009 (6 ) % 561 69 %costs ($/oz)^bTurquoiseRidge (61.5%)^ eGold produced(000s oz 79 84 (6 ) % 65 22 %attributablebasis)Gold produced(000s oz 100% 128 137 (6 ) % 87 47 %basis)Cost of sales 1,073 1,032 4 % 665 61 %($/oz)Total cash 753 668 13 % 569 32 %costs ($/oz)^bAll-insustaining 829 806 3 % 667 24 %costs ($/oz)^bPhoenix (61.5%)^fGold produced(000s oz 35 35 0 % attributablebasis)Gold produced(000s oz 100% 57 57 0 % basis)Cost of sales 1,726 1,583 9 % ($/oz)Total cash 725 737 (2 ) % costs ($/oz)^bAll-insustaining 957 914 5 % costs ($/oz)^bLong Canyon (61.5%)^fGold produced(000s oz 40 26 54 % attributablebasis)Gold produced(000s oz 100% 65 42 54 % basis)Cost of sales 1,009 1,025 (2 ) % ($/oz)Total cash 308 345 (11 ) % costs ($/oz)^bAll-insustaining 430 561 (23 ) % costs ($/oz)^bPueblo Viejo (60%)Gold produced(000s oz 111 143 (22 ) % 124 (10 ) %attributablebasis)Gold produced(000s oz 100% 185 238 (22 ) % 207 (10 ) %basis)Cost of sales 935 767 22 % 852 10 %($/oz)Total cash 579 502 15 % 557 4 %costs ($/oz)^bAll-insustaining 720 626 15 % 702 3 %costs ($/oz)^bLoulo-Gounkoto (80%)Gold produced(000s oz 141 141 0 % 147 (4 ) %attributablebasis)Gold produced(000s oz 100% 176 177 0 % 184 (4 ) %basis)Cost of sales 1,012 1,002 1 % 1,072 (6 ) %($/oz)Total cash 639 614 4 % 598 7 %costs ($/oz)^bAll-insustaining 1,030 891 16 % 811 27 %costs ($/oz)^bKibali (45%) Gold produced(000s oz 90 91 (1) % 95 (5 ) %attributablebasis)Gold produced(000s oz 100% 201 201 (1) % 211 (5 ) %basis)Cost of sales 1,067 1,045 2 % 868 23 %($/oz)Total cash 617 582 6 % 540 14 %costs ($/oz)^bAll-insustaining 739 773 (4) % 651 14 %costs ($/oz)^bVeladero (50%) Gold produced(000s oz 49 75 (35) % 75 (35 ) %attributablebasis)Gold produced(000s oz 100% 98 150 (35) % 150 (35 ) %basis)Cost of sales 1,228 1,182 4 % 1,186 4 %($/oz)Total cash 801 788 2 % 746 7 %costs ($/oz)^bAll-insustaining 1,383 1,266 9 % 1,046 32 %costs ($/oz)^bPorgera (47.5%)Gold produced(000s oz 24 62 (61) % 61 (61 ) %attributablebasis)Gold produced(000s oz 100% 51 131 (61) % 128 (61 ) %basis)Cost of sales 1,141 1,097 4 % 1,032 11 %($/oz)Total cash 875 941 (7) % 893 (2 ) %costs ($/oz)^bAll-insustaining 1,046 1,089 (4) % 1,112 (6 ) %costs ($/oz)^bTongon (89.7%) Gold produced(000s oz 64 61 5 % 61 5 %attributablebasis)Gold produced(000s oz 100% 71 68 5 % 68 5 %basis)Cost of sales 1,275 1,368 (7) % 1,562 (18 ) %($/oz)Total cash 688 762 (10) % 750 (8 ) %costs ($/oz)^bAll-insustaining 745 788 (5) % 802 (7 ) %costs ($/oz)^bHemlo Gold produced 54 57 (5) % 55 (2 ) %(000s oz)Cost of sales 1,268 1,119 13 % 953 33 %($/oz)Total cash 1,080 945 14 % 822 31 %costs ($/oz)^bAll-insustaining 1,456 1,281 14 % 1,015 43 %costs ($/oz)^bNorth Mara (84%)^gGold produced(000s oz 68 65 5 % 76 (11 ) %attributablebasis)Gold produced(000s oz 100% 81 77 5 % 119 (32 ) %basis)Cost of sales 1,040 959 8 % 800 30 %($/oz)Total cash 724 646 12 % 539 34 %costs ($/oz)^bAll-insustaining 1,166 816 43 % 675 73 %costs ($/oz)^bBuzwagi (84%)^ gGold produced(000s oz 20 22 (9) % 19 5 %attributablebasis)Gold produced(000s oz 100% 24 27 (9) % 30 (20 ) %basis)Cost of sales 909 1,373 (34) % 1,198 (24 ) %($/oz)Total cash 751 1,275 (41) % 1,099 (32 ) %costs ($/oz)^bAll-insustaining 770 1,288 (40) % 1,150 (33 ) %costs ($/oz)^bBulyanhulu (84%)^gGold produced(000s oz 7 7 0 % 6 17 %attributablebasis)Gold produced(000s oz 100% 8 9 0 % 9 (11 ) %basis)Cost of sales 1,658 1,685 (2) % 1,217 36 %($/oz)Total cashcosts ($/oz)^ 950 686 38 % 525 81 %bAll-insustaining 1,014 906 12 % 666 52 %costs ($/oz)^bKalgoorlie (50%)^hGold produced(000s oz 57 (100 ) %attributablebasis)Gold produced(000s oz 100% 114 (100 ) %basis)Cost of sales 1,038 (100 ) %($/oz)Total cashcosts ($/oz)^ 846 (100 ) %bAll-insustaining 1,204 (100 ) %costs ($/oz)^bTotalAttributable to Barrick^iGold produced 1,149 1,250 (8) % 1,353 (15 ) %(000s oz)Cost of sales 1,075 1,020 5 % 964 12 %($/oz)^jTotal cashcosts ($/oz)^ 716 692 3 % 651 10 %bAll-insustaining 1,031 954 8 % 869 19 %costs ($/oz)^b

a. Represents the combined results of Cortez, Goldstrike (including our 60% share of South Arturo) and our 75% interest in Turquoise Ridge until June 30, 2019. Commencing July 1, 2019, the date Nevada Gold Mines was established, the results represent our 61.5% interest in Cortez, Carlin (including Goldstrike and 60% of South Arturo), Turquoise Ridge (including Twin Creeks), Phoenix and Long Canyon.

b. These are non-GAAP financial performance measures with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of each non-GAAP measure used to the most directly comparable IFRS measure, please see pages 79 to 103 of our second quarter MD&A.

c. On July 1, 2019, Barrick's Goldstrike and Newmont's Carlin were contributed to Nevada Gold Mines and are now referred to as Carlin. As a result, the amounts presented represent Goldstrike on a 100% basis (including our 60% share of South Arturo) up until June 30, 2019, and the combined results of Carlin and Goldstrike (including NGM's 60% share of South Arturo) on a 61.5% basis thereafter.

d. On July 1, 2019, Cortez was contributed to Nevada Gold Mines, a joint venture with Newmont. As a result, the amounts presented are on an 100% basis up until June 30, 2019, and on a 61.5% basis thereafter.

e. Barrick owned 75% of Turquoise Ridge through to the end of the second quarter of 2019, with our joint venture partner, Newmont, owning the remaining 25%. Turquoise Ridge was 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 this table are based on our 75% interest in Turquoise Ridge until June 30, 2019. On July 1, 2019, Barrick's 75% interest in Turquoise Ridge as well as Newmont's Twin Creeks and 25% interest in Turquoise Ridge were contributed to Nevada Gold Mines. Starting July 1, 2019, the results represent our 61.5% share of Turquoise Ridge and Twin Creeks, now referred to as Turquoise Ridge.

f. A 61.5% interest in these sites was acquired as a result of the formation of Nevada Gold Mines on July 1, 2019.

g. Formerly known as Acacia Mining plc. On September 17, 2019, Barrick acquired all of the shares of Acacia it did not own. Operating results are included at 100% from October 1, 2019 to December 31, 2019 (notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1% in the income statement for the entirety of the third quarter of 2019 as a matter of convenience), and on an 84% basis thereafter as the GoT's 16% free-carried interest was made effective from January 1, 2020.

h. On November 28, 2019, we completed the sale of our 50% interest in Kalgoorlie in Western Australia to Saracen Mineral Holdings Limited for total cash consideration of $750 million. Accordingly, these represent our 50% interest until November 28, 2019.

i. Excludes Pierina; Lagunas Norte starting in the fourth quarter of 2019; and Golden Sunlight and Morila (40%) starting in the third quarter of 2019 which are producing incidental ounces as they reach the end of their mine lives.

j. Cost of sales per ounce (Barricks share) is calculated as gold cost of sales on an attributable basis (excluding sites in care and maintenance) divided by gold equity ounces sold.

Production and Cost Summary Copper

For the three months ended 6/30/20 3/31/20 % Change 6/30/19 % ChangeLumwana Copper production (Mlbs) 72 64 13 % 49 47 %Cost of sales ($/lb) 2.06 1.94 6 % 2.07 0 %C1 cash costs ($/lb)^a 1.55 1.63 (5 ) % 1.70 (9 ) %All-in sustaining costs ($/ 2.27 2.26 0 % 2.78 (18 ) %lb)^aZaldvar (50%) Copper production (Mlbs 28 31 (10 ) % 32 (13 ) %attributable basis)Copper production (Mlbs 100% 56 62 (10 ) % 64 (13 ) %basis)Cost of sales ($/lb) 2.52 2.39 5 % 2.32 9 %C1 cash costs ($/lb)^a 1.79 1.71 5 % 1.61 11 %All-in sustaining costs ($/ 2.09 1.99 5 % 1.85 13 %lb)^aJabal Sayid (50%) Copper production (Mlbs 20 20 0 % 16 25 %attributable basis)Copper production (Mlbs 100% 40 40 0 % 32 25 %basis)Cost of sales ($/lb) 1.41 1.28 10 % 1.45 (3 ) %C1 cash costs ($/lb)^a 1.14 0.97 18 % 1.22 (7 ) %All-in sustaining costs ($/ 1.41 1.11 27 % 1.31 8 %lb)^aTotal Copper Copper production (Mlbs 120 115 4 % 97 24 %attributable basis)Cost of sales ($/lb)^b 2.08 1.96 6 % 2.04 2 %C1 cash costs ($/lb)^a 1.55 1.55 0 % 1.59 (3 ) %All-in sustaining costs ($/ 2.15 2.04 5 % 2.28 (6 ) %lb)^a

a. These are non-GAAP financial performance measures with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of each non-GAAP measure used to the most directly comparable IFRS measure, please see pages 79 to 103 of our second quarter MD&A.

b. Cost of sales per pound (Barricks share) is calculated as copper cost of sales plus our equity share of cost of sales attributable to Zaldvar and Jabal Sayid divided by copper pounds sold.

Technical Information

The scientific and technical information contained in this press release has been reviewed and approved by Steven Yopps, MMSA, Director - Metallurgy, North America; Craig Fiddes, SME-RM, Manager Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America and Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, 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 December31, 2019.

Endnotes

Endnote 1Free 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. Further details on this non-GAAP measure are provided in the MD&A accompanying Barricks financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

($ millions) For the three months ended For the six months ended 6/30/20 3/31/20 6/30/19 6/30/20 6/30/19Net cash provided by operating 1,031 889 434 1,920 954 activitiesCapital expenditures (509) (451) (379) (960) (753) Free cash flow 522 438 55 960 201

Endnote 2Adjusted 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 non-controlling 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. Further details on these non-GAAP measures are provided in the MD&A accompanying Barricks financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share

($ millions, except per share For the three months ended For the six monthsamounts in dollars) ended 6/30/20 3/31/20 6/30/19 6/30/20 6/30/19Net earnings attributable to 357 400 194 757 305 equity holders of the CompanyImpairment charges(reversals) related tointangibles, goodwill, 23 (336) 12 (313) 15 property, plant andequipment, and investments^aAcquisition/disposition 8 (60) (12) (52) (12) (gains) losses^bLoss (gain) on currency 2 16 (6) 18 16 translationSignificant tax adjustments^c (7) (44) (83) (51) (75) Other expense adjustments^d 48 98 58 146 104 Tax effect and (16) 211 (9) 195 (15) non-controlling interest^eAdjusted net earnings 415 285 154 700 338 Net earnings per share^f 0.20 0.22 0.11 0.43 0.17 Adjusted net earnings per 0.23 0.16 0.09 0.39 0.19 share^f

-- Net impairment charges for the three month period ended June 30, 2020 relate to miscellaneous assets. For the three month period ended March 31, 2020 and the six month period ended June 30, 2020, net impairment reversals primarily relate to non-current asset reversals at our Tanzanian assets. -- Acquisition/disposition gains for the three month period ended March 31, 2020 and the six month period ended June 30, 2020 primarily relate to the gain on the sale of Massawa. -- Significant tax adjustments for the three month period ended March 31, 2020 and the six month period ended June 30, 2020 primarily relate to deferred tax recoveries as a result of tax reform measures in Argentina and adjustments made in recognition of the net settlement of all outstanding disputes with the GoT. For the three and six month periods ended June 30, 2019, significant tax adjustments primarily relate to an adjustment to deferred taxes at Veladero. Refer to Note 10 to the Financial Statements for more information. -- Other expense adjustments for the three and six month period ended June 30, 2020 primarily relate to care and maintenance expenses at Porgera and Covid-19 donations. The six month period ended June 30, 2020 was further impacted by changes in the discount rate assumptions on our closed mine rehabilitation provision. For the three month period ended March 31, 2020, other expense adjustments primarily relate to the impact of changes in the discount rate assumptions on our closed mine rehabilitation provision and losses on debt extinguishment. Other expense adjustments for the three and six month periods ended June 30, 2019 primarily relate to severance costs as a result of the implementation of a number of organizational reductions, the impact of changes in the discount rate assumptions on our closed mine rehabilitation provision and transaction costs related to Nevada Gold Mines. -- Tax effect and non-controlling interest for the three month periods ended March 31, 2020 and December 31, 2019 primarily relates to the net impairment reversals related to long-lived assets. -- Calculated using weighted average number of shares outstanding under the basic method of earnings per share.

Endnote 3"Realized price" is a non-GAAP financial measure which excludes from sales: unrealized gains and losses on non-hedge derivative contracts; unrealized mark-to-market gains and losses on provisional pricing from copper and gold sales contracts; sales attributable to ore purchase arrangements; treatment and refining charges; export duties; and cumulative catch-up adjustments to revenue relating to our streaming arrangements. This measure is intended to enable Management to better understand the price realized in each reporting period for gold and copper sales because unrealized mark-to-market values of non-hedge gold and copper derivatives are subject to change each period due to changes in market factors such as market and forward gold and copper prices, so that prices ultimately realized may differ from those recorded. The exclusion of such unrealized mark-to-market gains and losses from the presentation of this performance measure enables investors to understand performance based on the realized proceeds of selling gold and copper production. The realized price measure is intended to provide additional information and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barricks financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Sales to Realized Price per ounce/pound

($ millions,except perounce/pound Gold Copper Gold Copperinformation indollars) For the three months ended For the six months ended 6/30/20 3/31/20 6/30/19 6/30/20 3/31/20 6/30/19 6/30/20 6/30/19 6/30/20 6/30/19Sales 2,812 2,593 1,937 184 99 103 5,405 3,843 283 266 Salesapplicable to (822) (770) (240) 0 0 0 (1,592) (464) 0 0 non-controllinginterestsSalesapplicable to 172 147 135 120 107 124 319 264 227 245 equity methodinvestments^a,bRealizednon-hedge gold/copper 0 0 1 0 0 0 0 1 0 0 derivative(losses) gainsSalesapplicable tosites in care (53) (46) (26) 0 0 0 (99) (52) 0 0 and maintenance^cTreatment andrefinement 2 0 0 40 39 25 2 0 79 56 chargesOther^d 0 15 0 0 0 0 15 0 0 0 Revenues ? as 2,111 1,939 1,807 344 245 252 4,050 3,592 589 567 adjustedOunces/poundssold (000s 1,224 1,220 1,372 123 110 96 2,444 2,737 233 199 ounces/millionspounds)^cRealized gold/copper price 1,725 1,589 1,317 2.79 2.23 2.62 1,657 1,312 2.53 2.85 per ounce/pound^e

-- Represents sales of $164 million and $304 million, respectively, for the three and six month periods ended June30, 2020 (March31, 2020: $140 million and June30, 2019: $125 million and $242 million, respectively) applicable to our 45% equity method investment in Kibali and $nil and nil, respectively, (March31, 2020: $nil and June30, 2019: $10 million and $22 million, respectively) applicable to our 40% equity method investment in Morila for gold. Represents sales of $78 million and $150 million, respectively, for the three and six months ended June30, 2020 (March31, 2020: $72 million and June30, 2019: $86 million and $167 million, respectively) applicable to our 50% equity method investment in Zaldvar and $46 million and $86 million, respectively (March31, 2020: $40 million and June30, 2019: $44 million and $88 million, respectively) applicable to our 50% equity method investment in Jabal Sayid for copper. -- Sales applicable to equity method investments are net of treatment and refinement charges. -- Figures exclude: Pierina; Golden Sunlight and Morila starting in the third quarter of 2019; and Lagunas Norte starting in the fourth quarter of 2019, from the calculation of realized price per ounce as the mine is mining incidental ounces as it enters closure. -- Represents cumulative catch-up adjustment to revenue relating to our streaming arrangements. Refer to note 2f of the 2019 Annual Financial Statements for more information. -- Realized price per ounce/pound may not calculate based on amounts presented in this table due to rounding.

Endnote 4Includes North Mara, Bulyanhulu and Buzwagi on a 84% basis starting January 1, 2020 (and on a 63.9% basis from January 1, 2019 to September 30, 2019; notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1% in the income statement for the entirety of the third quarter of 2019 as a matter of convenience, and on a 100% basis from October 1, 2019 to December 31, 2019), Pueblo Viejo on a 60% basis, South Arturo on a 36.9% basis from July 1, 2019 onwards as a result of its contribution to Nevada Gold Mines (and on a 60% basis from January 1, 2019 to June 30, 2019), Veladero on a 50% basis, Loulo-Gounkoto on an 80% basis, Kibali on a 45% basis, Tongon on an 89.7% basis, and Morila on a 40% basis until the second quarter of 2019, which reflects our equity share of production and sales. Also removes the non-controlling interest of 38.5% Nevada Gold Mines from July 1, 2019 onwards.

Endnote 5Net earnings (loss) represents net earnings (loss) attributable to the equity holders of the Company.

Endnote 6These amounts are presented on the same basis as our guidance and include our 60% share of Pueblo Viejo, 80% share of Loulo-Gounkoto, 89.7% share of Tongon, 45% share of Kibali, 40% share of Morila and 60% share of South Arturo (36.9% of South Arturo from July 1, 2019 onwards as a result of its contribution to Nevada Gold Mines), our 84% share of Tanzania starting January 1, 2020 (63.9% share from January 1, 2019 to September 30, 2019; notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1% in the income statement for the entirety of the third quarter of 2019 as a matter of convenience, and 100% share from October 1, 2019 to December 31, 2019) and our 50% share of Zaldvar and Jabal Sayid. Starting July 1, 2019, it also includes our 61.5% share of Nevada Gold Mines.

Endnote 7Gold cost of sales (Barricks share) is calculated as cost of sales - gold on an attributable basis (excluding sites in care and maintenance) divided by ounces sold.

Endnote 8Total cash costs per ounce, All-in sustaining costs per ounce and "All-in costs" per ounce are non-GAAP financial performance measures. Total cash costs per ounce starts with cost of sales related to gold production but removes depreciation, the noncontrolling 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 expenditures made to maintain current production levels, primarily sustaining capital expenditures, sustaining leases, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and amortization. "All-in costs" per ounce starts with "All-in sustaining costs" per ounce and adds additional costs that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures and other nonsustaining costs. Barrick believes that the use of total cash costs per ounce, all-in sustaining costs per ounce and "All-in 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, All-in sustaining costs per ounce and "All-in 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 25 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. Further details on these non-GAAP measures are provided in the MD&A accompanying Barricks financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Gold Cost of Sales to Total cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis

($ millions,except per ounce For the three months ended For the six monthsinformation in endeddollars) Footnote 6/30/20 3/31/20 6/30/19 6/30/20 6/30/19Cost of salesapplicable to 1,740 1,643 1,437 3,383 2,787 gold productionDepreciation (498) (474) (431) (972) (815) Cash cost ofsales applicable 62 52 62 114 124 to equity methodinvestmentsBy-product (59) (29) (23) (88) (47) creditsRealized (gains)losses on hedge a 1 0 (1) 1 (1) and non-hedgederivativesNon-recurring b 0 0 (9) 0 (29) itemsOther c (26) (27) (26) (53) (46) Non-controlling d (336) (316) (112) (652) (213) interestsTotal cash costs 884 849 897 1,733 1,760 General&administrative 71 40 59 111 113 costsMinesiteexploration and e 23 15 12 38 23 evaluation costsMinesitesustaining f 420 370 267 790 520 capitalexpendituresSustaining 10 0 8 10 18 leasesRehabilitation -accretion and g 12 14 16 26 30 amortization(operating sites)Non-controllinginterest, copper h (158) (125) (76) (283) (151) operations andotherAll-in sustaining 1,262 1,163 1,183 2,425 2,313 costsProjectexploration and e 55 56 86 111 149 evaluation andproject costsCommunityrelations costsnot related to 0 1 0 1 1 currentoperationsProject capital f 85 76 108 161 228 expendituresRehabilitation- accretion andamortization g 4 2 7 6 14 (non-operatingsites)Non-controllinginterest and h (36) (17) (28) (53) (31) copper operationsand otherAll-in costs 1,370 1,281 1,356 2,651 2,674 Ounces sold -equity basis i 1,224 1,220 1,372 2,444 2,737 (000s ounces)Cost of sales per j,k 1,075 1,020 964 1,048 956 ounceTotal cash costs k 716 692 651 704 641 per ounceTotal cash costsper ounce (on a k,l 747 705 663 726 654 co-product basis)All-in sustaining k 1,031 954 869 993 842 costs per ounceAll-in sustainingcosts per ounce k,l 1,062 967 881 1,015 855 (on a co-productbasis)All-in costs per k 1,118 1,052 999 1,085 976 ounceAll-in costs perounce (on a k,l 1,149 1,065 1,011 1,107 989 co-product basis)

a. Realized (gains) losses on hedge and non-hedge derivativesIncludes realized hedge losses of $nil and $nil, respectively, for the three and six month periods ended June30, 2020 (March31, 2020: $nil and June30, 2019: $nil and $nil, respectively), and realized non-hedge losses of $1 million and $1 million, respectively, for the three and six month periods ended June30, 2020 (March31, 2020: $nil and June30, 2019: gains of $1 million and $1 million, respectively). Refer to note 5 to the Financial Statements for further information.

b. Non-recurring itemsNon-recurring items in 2019 relate to organizational restructuring. These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs.

c. OtherOther adjustments for the three and six month period ended June30, 2020 include the removal of total cash costs and by-product credits associated with: our Pierina mine; Golden Sunlight and Morila starting in the third quarter of 2019; and Lagunas Norte starting in the fourth quarter of 2019, which all are mining incidental ounces as they enter closure of $26 million and $51 million, respectively, (March31, 2020: $25 million; June30, 2019: $19 million and $37 million, respectively, relating to Pierina only).

d. Non-controlling interestsNon-controlling interests include non-controlling interests related to gold production of $495 million and $961 million, respectively, for the three and six month periods ended June30, 2020 (March31, 2020: $466 million and June30, 2019: $171 million and $323 million, respectively). Non-controlling interests include Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara, Bulyanhulu, Buzwagi (notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1% in the income statement for the entirety of the third quarter of 2019 as a matter of convenience) and Nevada Gold Mines starting July 1, 2019. Refer to note 5 to the Financial Statements for further information.

e. Exploration and evaluation costs Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 72 of the second quarter MD&A.

f. Capital expendituresCapital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are distinct projects designed to increase the net present value of the mine and are not related to current production. Significant projects in the current year are the expansion project at Pueblo Viejo, the Goldrush exploration declines, the restart of mining activities at Bulyanhulu, and construction of the third shaft at Turquoise Ridge. Refer to page 71 of the second quarter MD&A.

g. Rehabilitationaccretion and amortizationIncludes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.

h. Non-controlling interest and copper operationsRemoves general& administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of North Mara, Bulyanhulu and Buzwagi (notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1% in the income statement for the entirety of the third quarter of 2019 as a matter of convenience), Pueblo Viejo, Loulo-Gounkoto and Tongon operating segments and South Arturo (63.1% of South Arturo from July 1, 2019 onwards as a result of its contribution to Nevada Gold Mines). Also removes the non-controlling interest of Nevada Gold Mines starting July 1, 2019. It also includes capital expenditures applicable to equity method investments. Figures remove the impact of Pierina; Golden Sunlight and Morila starting in the third quarter of 2019; and Lagunas Norte starting in the fourth quarter of 2019. The impact is summarized as the following:

($ millions) For the three months For the six ended months endedNon-controlling interest, copper 6/30/20 3/31/20 6/30/19 6/30/20 6/30/19operations and otherGeneral& administrative costs (8) (6) (23) (14) (33) Minesite exploration and evaluation (8) (3) 0 (11) (1) expensesRehabilitation - accretion and (4) (4) (1) (8) (2) amortization (operating sites)Minesite sustaining capital (138) (112) (52) (250) (115) expendituresAll-in sustaining costs total (158) (125) (76) (283) (151) Project exploration and evaluation (9) (3) (26) (12) (28) and project costsProject capital expenditures (27) (14) (2) (41) (3) All-in costs total (36) (17) (28) (53) (31)

i.Ounces sold - equity basisFigures remove the impact of: Pierina; Golden Sunlight and Morila starting in the third quarter of 2019; and Lagunas Norte starting in the fourth quarter of 2019, which are producing incidental ounces as they reach the end of their mine lives.

j.Cost of sales per ounceFigures remove the cost of sales impact of: Pierina of $4 million and $10 million, respectively, for the three and six month periods ended June30, 2020 (March31, 2020: $6 million and June30, 2019: $44 million and $71 million, respectively); starting in the third quarter of 2019, Golden Sunlight of $nil and $nil, respectively, for the three and six month periods ended June30, 2020 (March31, 2020: $nil and June30, 2019: $nil and $nil, respectively) and Morila of $8 million and $14 million, respectively, for the three and six month periods ended June30, 2020 (March31, 2020: $6 million and June30, 2019: $nil and $nil, respectively); and starting in the fourth quarter of 2019, Lagunas Norte of $23 million and $43 million, respectively, for the three and six month periods ended June30, 2020 (March31, 2020: $21 million and June30, 2019: $nil and $nil, respectively), which are mining incidental ounces as these sites enter closure. Cost of sales per ounce excludes non-controlling interest related to gold production. Cost of sales applicable to gold per ounce is calculated using cost of sales on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo, 20% of Loulo-Gounkoto, 10.3% of Tongon, 16% North Mara, Bulyanhulu and Buzwagi starting January 1, 2020, the effective date of the GoT's free carried interest (36.1% up until September 30, 2019; notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1% in the income statement for the entirety of the third quarter of 2019 as a matter of convenience) and 40% South Arturo from cost of sales (63.1% of South Arturo from July 1, 2019 onwards as a result of its contribution to Nevada Gold Mines)), divided by attributable gold ounces. The non-controlling interest of 38.5% Nevada Gold Mines is also removed from cost of sales from July 1, 2019 onwards.

k.Per ounce figuresCost of sales per ounce, total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding.

l.Co-product costs per ounceTotal cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:

($ millions) For the three months For the six ended months ended 6/30/20 3/31/20 6/30/19 6/30/20 6/30/19By-product credits 59 29 23 88 47 Non-controlling interest (22) (15) (7) (37) (15) By-product credits (net of 37 14 16 51 32 non-controlling interest)

Endnote 9Amounts reflect production and sales from Jabal Sayid and Zaldvar on a 50% basis, which reflects our equity share of production, and Lumwana.

Endnote 10

Copper cost of sales (Barricks share) is calculated as cost of sales - copper plus our equity share of cost of sales attributable to Zaldvar and Jabal Sayid divided by pounds sold.

Endnote 11C1 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 production taxes 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. Further details on these non-GAAP measures are provided in the MD&A accompanying Barricks financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis

($ millions, except per pound For the three months ended For the six monthsinformation in dollars) ended 6/30/20 3/31/20 6/30/19 6/30/20 6/30/19Cost of sales 153 124 101 277 232 Depreciation/amortization (63) (43) (28) (106) (70) Treatment and refinement 40 39 25 79 56 chargesCash cost of sales applicable 72 66 69 138 135 to equity method investmentsLess: royalties and (11) (11) (9) (22) (21) production taxes^aBy-product credits (3) (3) (2) (6) (5) Other 0 0 (5) 0 (5) C1 cash costs 188 172 151 360 322 General& administrative 6 3 6 9 11 costsRehabilitation - accretion 2 3 3 5 6 and amortizationRoyalties and production 11 11 9 22 21 taxes^aMinesite exploration and 1 1 1 2 3 evaluation costsMinesite sustaining capital 52 32 48 84 107 expendituresSustaining leases 2 3 1 5 2 All-in sustaining costs 262 225 219 487 472 Pounds sold - consolidated 123 110 96 233 199 basis (millions pounds)Cost of sales per pound^b,c 2.08 1.96 2.04 2.03 2.13 C1 cash cost per pound^b 1.55 1.55 1.59 1.55 1.62 All-in sustaining costs per 2.15 2.04 2.28 2.10 2.37 pound^b

-- For the three and six month period ended June30, 2020, royalties and production taxes include royalties of $11 million and $22 million respectively (March31, 2020: $11 million and June30, 2019: $9 million and $21 million respectively). -- Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding. -- Cost of sales applicable to copper per pound is calculated using cost of sales including our proportionate share of cost of sales attributable to equity method investments (Zaldvar and Jabal Sayid), divided by consolidated copper pounds (including our proportionate share of copper pounds from our equity method investments).

Endnote 12Barrick defines a Tier One mine as one that produces in excess of 500,000 ounces of gold per annum and has a life of at least 10 years.Endnote 13On a 100% basis and pending completion of updated feasibility studies at Bulyanhulu.

Endnote 14The declaration and payment of dividends is at the discretion of the Board of Directors, and will depend on the companys financial results, cash requirements, future prospects and other factors deemed relevant by the Board.

Endnote 15Cost 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% Loulo-Gounkoto; 10.3% Tongon; 16% North Mara, Bulyanhulu and Buzwagi starting January 1, 2020, the date the GoT's 16% free carried interest was made effective (36.1% from January 1, 2019 to September 30, 2019; notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1% in the income statement for the entirety of the third quarter of 2019 as a matter of convenience); 63.1% South Arturo from cost of sales from July 1, 2019 onwards as a result of its contribution to Nevada Gold Mines (and on a 40% basis from January 1, 2019 to June 30, 2019); and our proportionate share of cost of sales attributable to equity method investments (Kibali, and Morila until the second quarter of 2019), divided by attributable gold ounces. 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 equity method investments (Zaldvar and Jabal Sayid), divided by consolidated copper pounds (including our proportionate share of copper pounds from our equity method investments).

Endnote 16Includes our 36.9% share of South Arturo.

Endnote 17Based on the communication we received from the Government of Papua New Guinea that the SML will not be extended, Porgera was placed on temporary care and maintenance on April 25, 2020 to ensure the safety and security of our employees and communities. Due to the uncertainty related to the timing and scope of future developments on the mines operating outlook, our full year 2020 guidance for Porgera has been withdrawn.

Endnote 18Amounts are on an 84% basis as the GoT's 16% free-carried interest was made effective from January 1, 2020.

Endnote 19Total cash costs and all-in sustaining costs per ounce include the impact of hedges and/or costs allocated to non-operating sites.

Endnote 20Operating unit guidance ranges reflect expectations at each individual operating unit, and may not add up to the company-wide guidance range total. Guidance ranges exclude Pierina, Lagunas Norte, Golden Sunlight and Morila (40%).

Endnote 21Includes corporate administration costs.

Endnote 222020 Guidance includes our 61.5% share of Nevada Gold Mines, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara, Bulyanhulu and Buzwagi, our 50% share of Zaldvar and Jabal Sayid, and our 45% of Kibali, and our share of joint operations.

Endnote 23Reflects the impact of the full year.

Endnote 24EBITDA is a non-GAAP financial measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; other expense adjustments; unrealized gains on non-hedge derivative instruments; and the impact of the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. We believe these items provide a greater level of consistency with the adjusting items included in our Adjusted Net Earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our full business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and not necessarily reflective of the underlying operating results for the periods presented. EBITDA and adjusted EBITDA 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. Further details on these non-GAAP measures are provided in the MD&A accompanying Barricks financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA

($ millions) For the three months ended For the six months ended 6/30/20 3/31/20 6/30/19 6/30/20 6/30/19Net earnings (loss) 622 663 223 1,285 363 Income tax expense 258 386 41 644 208 Finance costs, net^a 74 88 98 162 198 Depreciation 566 524 466 1,090 901 EBITDA 1,520 1,661 828 3,181 1,670 Impairment charges(reversals) of long-lived 23 (336) 12 (313) 15 assets^bAcquisition/disposition 8 (60) (12) (52) (12) (gains) losses^cLoss (gain) on currency 2 16 (6) 18 16 translationOther expense (income) 48 98 58 146 104 adjustments^dIncome tax expense, netfinance costs, and 96 87 92 183 181 depreciation from equityinvesteesAdjusted EBITDA 1,697 1,466 972 3,163 1,974

-- Finance costs exclude accretion. -- Net impairment charges for the three month period ended June 30, 2020 relate to miscellaneous assets. For the three month period ended March 31, 2020 and the six month period ended June 30, 2020, net impairment reversals primarily relate to non-current asset reversals at our Tanzanian assets. -- Acquisition/disposition gains for the three month period ended March 31, 2020 and the six month period ended June 30, 2020 primarily relate to the gain on the sale of Massawa. -- Other expense adjustments for the three and six month period ended June 30, 2020 primarily relate to care and maintenance expenses at Porgera and Covid-19 donations. The six month period ended June 30, 2020 was further impacted by changes in the discount rate assumptions on our closed mine rehabilitation provision. For the three month period ended March 31, 2020, other expense adjustments primarily relate to the impact of changes in the discount rate assumptions on our closed mine rehabilitation provision and losses on debt extinguishment. Other expense adjustments for the three and six month periods ended June 30, 2019 primarily relate to severance costs as a result of the implementation of a number of organizational reductions, the impact of changes in the discount rate assumptions on our closed mine rehabilitation provision and transaction costs related to Nevada Gold Mines.

Endnote 25Due to our hedging activities, which are reflected in these sensitivities, we are partially protected against changes in these factors.

Financial and Operating Highlights

For the three months ended For the six months ended 6/30/20 3/31/20 % 6/30/19 % Change 6/30/20 6/30/19 % Change ChangeFinancialResults ($ millions)Revenues 3,055 2,721 12 % 2,063 48 % 5,776 4,156 39 %Cost of sales 1,900 1,776 7 % 1,545 23 % 3,676 3,035 21 %Net earnings^a 357 400 (11 ) % 194 84 % 757 305 148 %Adjusted net 415 285 46 % 154 169 % 700 338 107 %earnings^bAdjusted EBITDA 1,697 1,466 16 % 972 75 % 3,163 1,974 60 %^bAdjusted EBITDA 56 % 54 % 4 % 47 % 19 % 55 % 47 % 17 %margin^b,cMinesitesustaining 420 370 14 % 267 57 % 790 520 52 %capitalexpenditures^dProject capital 85 76 12 108 (21 ) 161 228 (29 ) %expenditures^dTotalconsolidatedcapital 509 451 13 379 34 960 753 27 %expenditures^d,eNet cashprovided by 1,031 889 16 % 434 138 % 1,920 954 101 %operatingactivitiesNet cashprovided byoperating 34 % 33 % 3 % 21 % 62 % 33 % 23 % 43 %activitiesmargin^fFree cash flow^ 522 438 19 % 55 849 % 960 201 378 %bNet earningsper share 0.20 0.22 (9 ) % 0.11 82 % 0.43 0.17 153 %(basic anddiluted)Adjusted netearnings 0.23 0.16 44 % 0.09 156 % 0.39 0.19 105 %(basic)^b pershareWeightedaverage dilutedcommon shares 1,778 1,778 0 % 1,752 1 % 1,778 1,749 2 %(millions ofshares)Operating ResultsGold production(thousands of 1,149 1,250 (8 ) % 1,353 (15 ) % 2,399 2,720 (12 ) %ounces)^gGold sold(thousands of 1,224 1,220 0 % 1,372 (11 ) % 2,444 2,737 (11 ) %ounces)^gMarket gold 1,711 1,583 8 % 1,309 31 % 1,645 1,307 26 %price ($/oz)Realized goldprice^b,g ($/ 1,725 1,589 9 % 1,317 31 % 1,657 1,312 26 %oz)Gold cost ofsales(Barrick?s 1,075 1,020 5 % 964 12 % 1,048 956 10 %share)^g,h ($/oz)Gold total cashcosts^b,g ($/ 716 692 3 % 651 10 % 704 641 10 %oz)Gold all-insustaining 1,031 954 8 % 869 19 % 993 842 18 %costs^b,g ($/oz)Copperproduction 120 115 4 % 97 24 % 235 203 16 %(millions ofpounds)^iCopper sold(millions of 123 110 12 % 96 28 % 233 199 17 %pounds)^iMarket copper 2.43 2.56 (5 ) % 2.77 (12 ) % 2.49 2.80 (11 ) %price ($/lb)Realized copperprice^b,i ($/ 2.79 2.23 25 % 2.62 6 % 2.53 2.85 (11 ) %lb)Copper cost ofsales(Barrick?s 2.08 1.96 6 % 2.04 2 % 2.03 2.13 (5 ) %share)^i,j ($/lb)Copper C1 cashcosts^b,i ($/ 1.55 1.55 0 % 1.59 (3 ) % 1.55 1.62 (4 ) %lb)Copper all-insustaining 2.15 2.04 5 % 2.28 (6 ) % 2.10 2.37 (11 ) %costs^b,i ($/lb) As at 6/ As at 3/ % As at 6/ % Change 30/20 31/20 Change 30/19FinancialPosition ($ millions)Debt (current 5,168 5,179 0 % 5,807 (11 ) % and long-term)Cash and 3,743 3,327 13 % 2,153 74 % equivalentsDebt, net of 1,425 1,852 (23 ) % 3,654 (61 ) % cash

a. Net earnings represents net earnings attributable to the equity holders of the Company.b. Adjusted net earnings, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net earnings per share, realized gold price, all-in sustaining costs, total cash costs, C1 cash costs and realized copper price are non-GAAP financial performance measures with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of each non-GAAP measure to the most directly comparable IFRS measure, please see pages 79 to 103 of our second quarter MD&A.c. Represents adjusted EBITDA divided by revenue.d. Amounts presented on a consolidated cash basis. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.e. Total consolidated capital expenditures also includes capitalized interest.f. Represents net cash provided by operating activities divided by revenue.g. Includes North Mara, Bulyanhulu and Buzwagi on a 84% basis starting January 1, 2020 (and on a 63.9% basis from January 1, 2019 to September 30, 2019; notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1% in the income statement for the entirety of the third quarter of 2019 as a matter of convenience, and on a 100% basis from October 1, 2019 to December 31, 2019), Pueblo Viejo on a 60% basis, South Arturo on a 36.9% basis from July 1, 2019 onwards as a result of its contribution to Nevada Gold Mines (and on a 60% basis from January 1, 2019 to June 30, 2019), Veladero on a 50% basis, Loulo-Gounkoto on an 80% basis, Kibali on a 45% basis, Tongon on an 89.7% basis, and Morila on a 40% basis until the second quarter of 2019, which reflects our equity share of production and sales. Also removes the non-controlling interest of 38.5% Nevada Gold Mines from July 1, 2019 onwards. h. Gold cost of sales (Barricks share) is calculated as gold cost of sales on an attributable basis (excluding sites in care and maintenance) divided by ounces sold.i. Amounts reflect production and sales from Jabal Sayid and Zaldvar on a 50% basis, which reflects our equity share of production, and Lumwana.j. Copper cost of sales (Barricks share) is calculated as copper cost of sales plus our equity share of cost of sales attributable to Zaldvar and Jabal Sayid divided by pounds sold.

Consolidated Statements of Income

Barrick GoldCorporation(in millions ofUnited States Three months ended June 30, Six months ended June 30,dollars, exceptper share data)(Unaudited) 2020 2019 2020 2019Revenue (notes $ 3,055 $ 2,063 $ 5,776 $ 4,156 5 and 6)Costs andexpenses (income)Cost of sales 1,900 1,545 3,676 3,035 (notes 5 and 7)General andadministrative 71 59 111 113 expensesExploration,evaluation and 78 98 149 172 projectexpensesImpairment(reversals) 23 12 (313 ) 15 charges (notes9B and 13)Loss (gain) oncurrency 2 (6 ) 18 16 translationClosed mine 7 16 97 41 rehabilitationIncome fromequity (61 ) (50 ) (115 ) (78 ) investees (note12)Other expense 73 7 38 33 (note 9A)Income beforefinance costs $ 962 $ 382 $ 2,115 $ 809 and incometaxesFinance costs, (82 ) (118 ) (186 ) (238 ) netIncome before $ 880 $ 264 $ 1,929 $ 571 income taxesIncome taxexpense (note (258 ) (41 ) (644 ) (208 ) 10)Net income $ 622 $ 223 $ 1,285 $ 363 Attributable to:Equity holdersof Barrick Gold $ 357 $ 194 $ 757 $ 305 CorporationNon-controlling $ 265 $ 29 $ 528 $ 58 interests Earnings pershare dataattributable tothe equity holders ofBarrick GoldCorporation(note 8)Net income Basic $ 0.20 $ 0.11 $ 0.43 $ 0.17 Diluted $ 0.20 $ 0.11 $ 0.43 $ 0.17

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2020 available on our website are an integral part of these consolidated financial statements.

Consolidated Statements of Comprehensive Income

Barrick Gold Corporation Three months ended Six months ended June(in millions of United States June 30, 30,dollars) (Unaudited) 2020 2019 2020 2019Net income $ 622 $ 223 $ 1,285 $ 363 Other comprehensive (loss) income, net of taxesItems that may be reclassified subsequently to profit or loss:Unrealized gains (losses) onderivatives designated as cash (2 ) ? (1 ) ? flow hedges, net of tax $nil,$nil, $nil and $nilCurrency translation adjustments,net of tax $nil, $nil, $nil and (1 ) (1 ) (5 ) (3 ) $nilItems that will not be reclassified to profit or loss:Actuarial gain (loss) on postemployment benefit obligations, (5 ) ? (2 ) ? net of tax ($3), $nil, $nil and$nilNet change on equity investments,net of tax $nil, $nil, $nil and 118 11 93 7 $nilTotal other comprehensive income 110 10 85 4 Total comprehensive income $ 732 $ 233 $ 1,370 $ 367 Attributable to: Equity holders of Barrick Gold $ 467 $ 204 $ 842 $ 309 CorporationNon-controlling interests $ 265 $ 29 $ 528 $ 58

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2020 available on our website are an integral part of these consolidated financial statements.

Consolidated Statements of Cash Flow

Barrick Gold Corporation Three months ended June(in millions of United 30, Six months ended June 30,States dollars) (Unaudited) 2020 2019 2020 2019OPERATING ACTIVITIES Net income $ 622 $ 223 $ 1,285 $ 363 Adjustments for the following items:Depreciation 566 466 1,090 901 Finance costs, net 86 125 197 252 Impairment (reversals) 23 12 (313 ) 15 charges (notes 9B and 13)Income tax expense (note 258 41 644 208 10)Loss (gain) on sale of 8 (12 ) (52 ) (12 ) non-current assetsLoss (gain) on currency 2 (6 ) 18 16 translationChange in working capital (9 ) (82 ) (341 ) (330 ) (note 11)Other operating activities (35 ) 38 18 14 (note 11)Operating cash flows before 1,521 805 2,546 1,427 interest and income taxesInterest paid (130 ) (137 ) (154 ) (165 ) Income taxes paid (360 ) (234 ) (472 ) (308 ) Net cash provided by 1,031 434 1,920 954 operating activitiesINVESTING ACTIVITIES Property, plant and equipmentCapital expenditures (note (509 ) (379 ) (960 ) (753 ) 5)Sales proceeds 9 15 16 18 Investment sales 206 (4 ) 206 (7 ) (purchases)Divestitures (note 4) ? ? 256 ? Cash acquired in merger ? ? ? 751 Other investing activities 30 17 55 62 (note 11)Net cash provided by (used (264 ) (351 ) (427 ) 71 in) investing activitiesFINANCING ACTIVITIES Lease repayments (7 ) (6 ) (12 ) (18 ) Debt repayments ? ? (351 ) (16 ) Dividends (124 ) (61 ) (246 ) (394 ) Funding from ? 8 1 14 non-controlling interestsDisbursements to (217 ) (23 ) (434 ) (28 ) non-controlling interestsOther financing activities ? ? (15 ) ? Net cash used in financing (348 ) (82 ) (1,057 ) (442 ) activitiesEffect of exchange ratechanges on cash and (3 ) (1 ) (7 ) (1 ) equivalentsNet increase in cash and 416 ? 429 582 equivalentsCash and equivalents at the 3,327 2,153 3,314 1,571 beginning of periodCash and equivalents at the $ 3,743 $ 2,153 $ 3,743 $ 2,153 end of period

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2020 available on our website are an integral part of these consolidated financial statements.

Consolidated Balance Sheets

Barrick Gold Corporation As at June As at December(in millions of United States dollars) 30, 31,(Unaudited) 2020 2019ASSETS Current assets Cash and equivalents (note 14A) $ 3,743 $ 3,314 Accounts receivable 407 363 Inventories 2,160 2,289 Other current assets 609 565 Total current assets (excluding assets classified $ 6,919 $ 6,531 as held for sale) Assets classified as held for sale (note 4A) ? 356 Total current assets $ 6,919 $ 6,887 Non-current assets Equity in investees (note 12) 4,587 4,527 Property, plant and equipment 24,727 24,141 Goodwill 4,769 4,769 Intangible assets 214 226 Deferred income tax assets 143 235 Non-current portion of inventory 2,460 2,300 Other assets 1,361 1,307 Total assets $ 45,180 $ 44,392 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 1,072 $ 1,155 Debt (note 14B) 26 375 Current income tax liabilities 122 224 Other current liabilities 591 622 Total current liabilities $ 1,811 $ 2,376 Non-current liabilities Debt (note 14B) 5,142 5,161 Provisions 3,291 3,114 Deferred income tax liabilities 3,106 3,091 Other liabilities 1,084 823 Total liabilities $ 14,434 $ 14,565 Equity Capital stock (note 16) $ 29,234 $ 29,231 Deficit (9,214 ) (9,722 ) Accumulated other comprehensive loss (37 ) (122 ) Other 2,049 2,045 Total equity attributable to Barrick Gold $ 22,032 $ 21,432 Corporation shareholders Non-controlling interests 8,714 8,395 Total equity $ 30,746 $ 29,827 Contingencies and commitments (notes 5 and 17) Total liabilities and equity $ 45,180 $ 44,392

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2020 available on our website are an integral part of these consolidated financial statements.

Consolidated Statements of Changes in Equity

Barrick Gold Attributable to equity holders of the company Corporation(in millions of Accumulated Total equityUnited States Common Capital Retained other attributable Non-controllingdollars) Shares (in stock earnings comprehensive Other^2 to interests Total equity(Unaudited) thousands) (deficit) income (loss) shareholders ^1At January 1, 1,777,927 $ 29,231 ($ 9,722 ) ($ 122 ) $ 2,045 $ 21,432 $ 8,395 $ 29,827 2020Net income ? ? 757 ? ? 757 528 1,285 Total othercomprehensive ? ? ? 85 ? 85 ? 85 income (loss)Totalcomprehensive ? ? 757 85 ? 842 528 1,370 incomeTransactions with ownersDividends ? ? (246 ) ? ? (246 ) ? (246 ) Issuance of 16%interest in ? ? ? ? ? ? 238 238 Tanzania mines(note 13)Issued onexercise of 40 ? ? ? ? ? ? ? stock optionsFunding fromnon-controlling ? ? ? ? ? ? 1 1 interestsDisbursementsto ? ? ? ? ? ? (448 ) (448 ) non-controllinginterestsDividendreinvestment 101 3 (3 ) ? ? ? ? ? plan (note 16)Share-based ? ? ? ? 4 4 ? 4 paymentsTotaltransactions 141 3 (249 ) ? 4 (242 ) (209 ) (451 ) with ownersAt June 30, 1,778,068 $ 29,234 ($ 9,214 ) ($ 37 ) $ 2,049 $ 22,032 $ 8,714 $ 30,746 2020 At January 1, 1,167,847 $ 20,883 ($ 13,453 ) ($ 158 ) $ 321 $ 7,593 $ 1,792 $ 9,385 2019Net income ? ? 305 ? ? 305 58 363 Total othercomprehensive ? ? ? 4 ? 4 ? 4 incomeTotalcomprehensive ? ? 305 4 ? 309 58 367 incomeTransactions with ownersDividends ? ? (64 ) ? ? (64 ) ? (64 ) Merger withRandgold 583,669 7,903 ? ? ? 7,903 885 8,788 ResourcesLimitedIssued onexercise of 25 ? ? ? ? ? ? ? stock optionsFunding fromnon-controlling ? ? ? ? ? ? 14 14 interestsDisbursementsto ? ? ? ? ? ? (28 ) (28 ) non-controllinginterestsDividendreinvestment 1,128 15 (15 ) ? ? ? ? ? plan (note 16)Share-based ? ? ? ? 5 5 ? 5 paymentsTotaltransactions 584,822 7,918 (79 ) ? 5 7,844 871 8,715 with ownersAt June 30, 1,752,669 $ 28,801 ($ 13,227 ) ($ 154 ) $ 326 $ 15,746 $ 2,721 $ 18,467 2019

1 Includes cumulative translation losses at June30, 2020: $92million (June30, 2019: $84 million).2 Includes additional paid-in capital as at June30, 2020: $2,011million (December31, 2019: $2,007million; June30, 2019: $283 million).The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2020 available on our website are an integral part of these consolidated financial statements.

Corporate Office

Barrick Gold Corporation161 Bay Street, Suite 3700Toronto, Ontario M5J 2S1Canada

Telephone: +1 416 861-9911Email: investor@barrick.comWebsite: www.barrick.com

Shares Listed

GOLDThe New York Stock Exchange

ABXThe Toronto Stock Exchange

Transfer Agents and Registrars

AST Trust Company (Canada)P.O. Box 700, Postal Station BMontreal, Quebec H3B 3K3or American Stock Transfer & Trust Company, LLC6201 15 AvenueBrooklyn, New York 11219

Telephone: 1-800-387-0825Fax: 1-888-249-6189Email: inquiries@astfinancial.comWebsite: www.astfinancial.com

Enquiries

President and chief executiveMark Bristow+1 647 205 7694+44 788 071 1386

SEVP and chief financial officerGraham Shuttleworth+1 647 262 2095+44 779 771 1338

Investor and media RelationsKathy du Plessis+44 20 7557 7738Email: barrick@dpapr.com

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, 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 deliver, "plan", "objective", "expected", potential, strategy, will, "continues", ongoing and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barricks forward-looking production guidance and estimates of future costs; Barricks non-core asset disposal strategy; potential extensions to life of mine, including at Hemlo; production rates, including potential production from North Mara and Bulyanhulu; Barricks response to the government of Papua New Guineas decision not to extend Porgeras Special Mining Lease; the duration of the temporary suspension of operations at Porgera; potential mineralization; potential exploration targets and mineral resource potential, including reserve replenishment; future dividend levels; Barricks engagement with local communities to manage the Covid-19 pandemic; future investments in community projects and contributions to local economies; the new joint venture with the Government of Tanzania; timing of resumption of production at Bulyanhulu; timing of development of the Goldrush declines; 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 press release in light of managements 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 benefits expected from recent transactions being realized; 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; non-renewal of key licenses by governmental authorities, including non-renewal of Porgeras Special Mining Lease; 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 Companys 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; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; disruption of supply routes which may cause delays in construction and mining activities; damage to the Companys reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Companys 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 Companys 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; our ability to successfully integrate acquisitions or complete divestitures, including our ability to successfully reintegrate Acacias operations; 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. Barrick also cautions that its 2020 guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19. 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 press release 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 Barricks ability to achieve the expectations set forth in the forward-looking statements contained in this press release. 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.