Finding and building world-class mines on different continents…

PDAC, March 2020

Cautionary Statement on Forward Looking Information

Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other

than statements of historical fact, are forward-looking statements. The words “plan”, “growth”, “strategy”, “goal”, “potential” and similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking

statements including, without limitation, with respect to: Barrick’s forward-looking production guidance and estimates of associated costs; potential for existing or newly acquired and/or developed assets to become Tier One gold assets; our project

pipeline and results of our greenfield and brownfield exploration work; our goal to be the most valued gold mining business; and expectations regarding future price assumptions, financial performance and other outlook or guidance.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date

of this presentation in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and

unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to:

fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production

performance, exploitation and exploration successes; risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; the Company’s ability to successfully re-integrate Acacia’s

operations; timing of receipt of, or failure to comply with, necessary permits and approvals; the benefits expected from recent transactions being realized, including Nevada Gold Mines; diminishing quantities or grades of reserves; increased costs,

delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the

maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and

approvals; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; the impact of global liquidity and credit availability on the timing of cash flows

and the values of assets and liabilities based on projected future cash flows; adverse changes in our credit ratings; the impact of inflation; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative

instruments; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic

developments in Canada, the United States and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are

inconsistent with the rule of law; risks associated with illegal and artisanal mining; the risks of operating in jurisdictions where infectious diseases present major health care issues; disruption of supply routes which may cause delays in construction

and mining activities; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community

groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further

evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation and legal and administrative proceedings; contests over title

to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; risks associated with the fact that certain of

the initiatives described in this presentation are still in the early stages and may not materialize; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets;

employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and

labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and

gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned

that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-

F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to

achieve the expectations set forth in the forward-looking statements contained in this presentation. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or

otherwise, except as required by applicable law.

2019 global gold production per continent…

Carlin (61.5%)

Kibali (45%)Porgera (47.5%)

Veladero(50%)

Loulo-Gounkoto(80%)

15.7%17.8Moz

21.9%24.8Moz

18.2%20.6Moz

15.3%17.3Moz

15%16.9Moz

11.5%13Moz

1.8%2Moz

0.6%0.6Moz

Cortez (61.5%)

Turquoise Ridge (61.5%)

Pueblo Viejo (60%)

Potential Tier 1 Mines in Barrick portfolioTier 11 Mines operated by Barrick

Source: AME Metals & Mining/Strategic Market Study Q2 2019. The figures above note the mined global supply for 2019 by geographical region including North America, Central and South America, Europe, CIS, Middle East, Africa, Asia and Oceania.

0500

10001500200025003000350040004500

1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020Gold US$ Spot S&P 500 Oil Copper Dollar Index US Generic Govt 10 Yr

+2,965%

(77%)(11%)

+437%

+1,267%

+3,674%

Indexed performance of gold against other asset classes…

0100200300400500600700

2000 2004 2008 2012 2016 2020Gold US$ Spot S&P 500 Oil Copper Dollar Index US Generic Govt 10 Yr

+112%

(79%)(3%)

+202%

+81%

+470%

Source: CIBC, Bloomberg Financial Markets, Factset. Market data as of February 27, 2020

Indexed (base=100) at January 3, 1972

Indexed (base=100) at January 1, 2000

Exploration is the engine that drives the mining value chain…

Time

Non-Core Assets not aligned with our strategic filters

Tier One and Tier Two Assets

Exploration

Optionality:geological &

commodity priceValue Creation

Value Delivery

Growth or Value Realisation

Discoveries and Exploration Spend…Despite increasing exploration budgets, industry has little to show for it

No major discoveries in almost a decade

01 0002 0003 0004 0005 0006 0007 0008 0009 00010 000

0

20

40

60

80

100

120

140

160

180

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Gold discoveries Moz Gold Production MozGold price (US$/oz) Exploration budgets (US$M)

Major gold discoveries Moz US$ million US$/oz

Source: SNL Metals & Mining

Reserves by major gold companies have declined 26% since 2012…now below 2007 levels

700

830 849898

959 967

860818

766 744 713

614 584

0

100

200

300

400

500

600

700

800

900

1000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Moz Au

Agnico Eagle, AngloGold Ashanti, Barrick, China National, Freeport McMoRan, Gold Fields, Goldcorp, Harmony, Kinross, Navoi Mining & Metallurgy Combinant, Newcrest, Newmont, Nord Gold, PJSC Polyus, Polymetal International, Randgold Resources, Shandong Gold

Source: Company filings, S&P Global Market Intelligence 2019 = reported updated reserves where available

Gold Supply…forecast industry decline

0

20 000

40 000

60 000

80 000

100 000

120 000

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Gold supply by region

North America Central & South America Europe CIS Middle East Africa Asia Oceania

000 oz

Source: AME Metals & Mining/Strategic Market Study Q2 2019

Industry facing production precipiceVery few companies able to deliver value growth in this environment

Where to go to find world class deposits…potential for Tier 1 discoveries

Canadian Shield Baltica Siberian Craton

Arabian Nubian Shield

West African Craton

AmazonianCraton

Rio de la Plata

KalahariCraton

CongoCraton

Malagasy

TanzanianCraton

Dhawar

YilgarnCraton

NorthChinaCraton

NorthAustralian

Craton

Time to bring a new deposit into production…

0

5

10

15

20

25

30

35

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Startup year

Average Reserve Life of Senior Gold Producers = ~10 years

Source: SNL Metals & Mining

Time from Discovery to Production, 1985 to 2019Average number of years

Organic growth through exploration is the way to create value…

Exploration is to mining as R&D is to the pharmaceutical companies

A structured exploration strategy…

Mines

Feasibility projects and reserve and resource

definition

Exploration targets

Identified geological anomaliesA B C D

Reserve definition

Indicated & measured resources

Inferred resources

Advanced targets

Follow uptargets

Identifiedtargets

Feasibility projects

Total

Fourmile

Tongon

Goldrush

Alturas

Lagunas Norte

Veladero

Loulo- Gounkoto

Kibali

Turquoise Ridge

Pueblo Viejo

Cortez

Donlin Gold

Carlin Complex

Exploration value growth…

Growth through organic discovery and post acquisition addition of ounces.Low cost accretive value for Barrick

Acquired Added

Barrick…global discoveriesTier 1 and Tier 1 potential discoveries

Carlin

Kibali

Veladero

Loulo

Cortez

Turquoise Ridge

Pueblo Viejo

Lagunas Norte

Goldstrike

Gounkoto

MorilaGoldrush

Alturas

Tongon Porgera

Building Mines…the agile way

Agile vs Traditional WaterfallClose-knit Owner’s Team (aligned with the operators)Focus on communication and adaptabilityRolling wave “sprints” marked by milestones and presentationsRegular HAZOP review

Delivery is vital and as important as schedule and cost.What we built must do what its supposed to doIt caries our performance guarantee

One team, one mission

Kibali…a star performer

Making a difference…

ESG is a strategic imperative both morally and commercially…

Environmental, Social and Governance (ESG) – a broad term addressing associated risks that may impact a company’s ability to sustain its business over the long termThe environmental aspect of ESG receives a lot of airtime but the “S” & “G” are equally importantThe importance of ESG for public companies has increased significantly as investors incorporate these factors into their investment decisions

Yield & Income

Value &Growth

Diversification

Transparency

Corporate Governance

NetPositive

Sustainable Development

TripleBottom

Line

SustainabilityCorporate

SocialResponsibility

Sustainable Business

Sustainable Responsible

& Impact Investing

Traditional Factors ESG Factors

+

To sustain our industry, we need to work in partnership to deliver long term value…

Mining Companies

and Investors

Governments NGO’s and Regulators

Employees and

Communities

Endnotes1. A Tier One Gold Asset is a mine with a stated life in excess of 10 years, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the

industry cost curve.

2. A Tier Two Gold Asset is a mine with a stated life in excess of 10 years, annual production of at least 250,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of theindustry cost curve.