REKO DIQ…Copper-Gold Project

New Frontier, Next Tier One Asset in the Making

Islamabad, July 2022 Reko Diq Western Porphyry Deposits

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 “framework”, “proposed”, “work towards”, “will”, “would”, “intend”, “future” and similar
expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: the planned updating of the historical Reko Diq
feasibility study; the future construction, development and operation of the Reko Diq project, including the anticipated benefits of a two phased approach and timeline for construction and the anticipated initial
throughput of the processing plant; the future ownership of the Reko Diq project; the proposed fiscal terms applicable to the Reko Diq project and the joint venture through which it is held; the timeline and
process for the reconstitution of a joint venture to carry out the future development and operation of the Reko Diq project; the contemplated life of mine of the Reko Diq project; the anticipated sharing of the
benefits from the Reko Diq project with Barrick’s host governments and communities including social development and public health programs as well as potential levels of local employment and local
procurement during project construction and operation; and expectations regarding 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 Barrick 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,
political, 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
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 development and for which additional technical, engineering and other analysis is required; disruption of supply routes which may cause delays in development,
construction and mining activities; 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; the failure to obtain key licenses by governmental authorities; 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 the Islamic Republic of
Pakistan or the Province of Balochistan; the possibility of political instability in the Islamic Republic of Pakistan or the Province of Balochistan; timing of receipt of, or failure to comply with, necessary permits and
approvals; 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; damage to Barrick’s reputation due to the actual or perceived occurrence of any number of
events, including negative publicity with respect to the Barrick’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 Barrick’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; 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, Barrick; 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.

2
Barrick Partnering with our host countries
purpose
is foundational
Loulo-Gounkoto 1 (80%)
to our business

operates on 4 Tongon (89.7%)

continents in
18 countries

Partnering with Reko Diq2

our host (24.5%)

countries is
foundational to
our business
purpose

In April 2020, Porgera was placed on care and maintenance. Porgera interest of 24.5% reflects Barrick’s expected ownership interest following the implementation of the binding February 3, 2022 Commencement
Agreement 3
 Reko Diq…a Tier One Copper-Gold asset in the making

High Quality Genuine Interests Aligned for Emerging Future Facing

Deposit Value Creation All Stakeholders Mining District Commodity Exposure

One of the world’s largest Barrick prioritises asset A consortium of Pakistan Reko Diq and wider region Pure copper-gold exposure
undeveloped copper-gold quality and recognizes the state-owned enterprises and offer untapped greenfields offers strong leverage to
deposits potential of the Reko Diq the government of and brownfields exploration rising demand for copper in
Standard open pit mining orebody to deliver lasting Balochistan will be equal potential the global push for
method with low strip ratio value to all stakeholders, stakeholders in the Reko Diq is strategically electrification
expected to produce high- including significant foreign successful development of positioned to meet the Barrick has the ideal skill set
quality clean copper-gold direct investment into Reko Diq
concentrate demand for metal and expertise to capitalise on
Balochistan Barrick is the ideal partner requirements in Asia with a the inevitable convergence of
Historical resource for five
Barrick’s partnership strategy and operator with a strong high quality and clean the copper-gold mining
porphyry deposits of
approximately 3 billion tonnes with host governments has commitment to the project concentrate industries, and to develop
grading 0.48% copper and surfaced value at Reko Diq and an unrivalled track Development of Reko Diq to Reko Diq for benefit of all
0.26g/t gold in measured and without significant risks record of operating world- be a catalyst to unlock stakeholders
indicated category, and 2.9 inherent in projects acquired class joint ventures and economic development of the
billion tonnes at 0.35% copper through M&A transactions development projects region and provide significant
and 0.18g/t gold in inferred Intention to raise limited benefits to Balochistan,
category (100% basis)3
recourse project financing including upfront social
A Barrick Qualified Person has with leading partners will development spend, job
not done sufficient work to allow for sharing of project creation and skills
classify the historical estimate -
risks, while potentially development, and local
historical estimates are not
treated as a mineral resource improving returns for all JV investment opportunities
partners
Developed in stages - mine is
expected to be large scale and
multi-generational

4
Reko Diq…large undeveloped deposit in established
geological belt
The Reko Diq project is contemplated to be constructed in 2 Phases subject to an updated feasibility study, with additional
opportunity for a Phase 3
The current conceptual mine plan is based on 4 porphyry deposits within the Reko Diq project area (H13, H14, H15 and H4)
Reko Diq is located in the Tethyan Belt, a highly prospective tectono-magmatic and metallogenic belt extending from Eastern
Europe to Southeast Asia
Several major copper and gold mines that are geologically similar to Reko Diq have been successfully developed and
operated along the Tethyan Belt
Reko Diq project area is comprised of 14 separate Miocene age porphyry intrusions that provide long term upside potential

Tethyan Belt Reko Diq Project Area

Banska
Stiavnica
Rosia N N
Montana
Sinjarani
Volcanics &
Madjenpek Bor Sediments Kohi-i-Dalil
Chelopech Hod
Maden Cluster
Skouries

Copler H15 Reko Diq

Reko Diq Cluster
Kisladag
Volcanics H14
Suny
Gunay
Reko Diq H13 H4
Para
Koh Conceptual Mine Plan
Cluster
Historical Resources i,3
Sar
Prospective Tethyan
Belt Lithologies Saudi Cheshmeh Porphyry Mineralisation
Egypt Arabia Pakistan Porphyry Intrusives
Au Deposits >5Moz
Cu Deposits >5Mt 1000km 5km Porphyry Clusters
iA Barrick Qualified Person has not done sufficient work to classify the historical estimates, and Barrick is not treating historical estimates as a mineral resource
Source: Data is derived from S&P Global Market Intelligence and other sources

5
Project Scope…
Reko Diq 2010 Feasibility Reko Diq 2022 Conceptual Design (Subject to Change Following Updated Feasibility Study)

Mine type Open Pit (2 Porphyry Deposits) Open Pit (4 Porphyry Deposits)
Cu-Au Porphyry Cu-Au Porphyry
Geology

Process HPGR > Flotation Reviewing SAG-Ball > Flotation

40Mtpa Approx. 80Mtpa, contemplated under a two-phase approach:

Nameplate Phase 1 – initial crush, milling and flotation circulation with nameplate throughput of approx. 40Mtpa
throughput
Phase 2 – a parallel circuit to Phase 1, adding a further approx. 40Mtpa in capacity

Cu-Au Concentrate Cu-Au Concentrate. Reviewing the best options for concentrate transportation:
Concentrate pipeline to Port of Gwadar Phase 1 – Concentrate trucking to Port of Gwadar
Products
Phase 2 – Concentrate pipeline to Port of Gwadar
Opportunity for Phase 3
M&I: 3.0 Bt @ 0.48% Cu & 0.26 g/t Au Drilling planned primarily for geotechnical and geometallurgical purposes (conversion of resource to
Resource3,i reserve). An updated reserve & resource statement to follow updated feasibility study completion
Inf.: 2.9 Bt @ 0.35% Cu & 0.18 g/t Au

Strip ratio 1.0 Approximately 1.0

Mine life 56 years 40+ years

Initial Capital and US$3.3 billion Phase 1: Approx. US$4.0 billion

Expansion Spend Phase 2: Approx. US$3.0 billion
On-site heavy fuel oil (HFO) power station On-site HFO power station as a base case, plus reviewing renewable energy options (solar, wind, battery)
Power Supply
to supplement a fuel-based power station (HFO base case and alternative to HFO also to be assessed)

 i On a 100% basis. A Barrick QP has not done sufficient work to classify the historical estimate, and Barrick is not treating historical estimates as a mineral resource 6
Updated Feasibility Study Focus…
Efforts are underway to update the historical 2010 feasibility study –
While not a complete ground-up rework of the 2010 feasibility study, the planned refresh of the historical study will focus on both de-risking
key technical areas of concern today (such as power and water management) and performing trade-off studies on key topics to better
understand available options for Reko Diq

Areas of review and update will include:

Social and environmental baseline data
Environmental and social impact assessment
Water security, definition and modelling
Power optimisation including review of renewable options
Sizing and scale of process phases
Geometallurgical confirmation
Flow sheet finalisation
Concentrate transport options
Tailings finalisation
Geotechnical optimisation
Geological model update and depth determination
Mining and feed optimisation

7
Framework Agreement Summary…
Reconstituted Project
50% Barrick and 50% Pakistani shareholders split as
follows: Govt. of Balochistan
free carried interest
25% - consortium of state owned enterprises (SOEs)
10%
15% - Govt. of Balochistan (GoB) special purpose vehicle
(SPV) funded by the Pakistan Government Pakistan based Govt. of Balochistan
10% - GoB on a free-carried basis shareholders SPV Barrick
50% 15% 50%
If the project is reconstituted, Antofagasta has separately
agreed in principle to exit the project through a US$900 Pakistani SOEs
million payment funded from the Pakistani parties 25%

Operatorship Barrick will be the operator of the project, which will be granted a mining lease, exploration license, surface rights, and a mineral
agreement stabilizing the fiscal and investment regime for an initial period of 30 years with a right to extend
The operator will oversee the life of mine and will be responsible for key operational decisions

State-Owned Oil and Gas Development Company Limited (“OGDCL”)

Pakistan Petroleum Limited (“PPL”)
Enterprise Government Holdings Pakistan Limited (“GHPL”)
Consortium SPV for Government of Balochistan

Social Development Project to invest in social development projects to directly benefit the people of the Province of Balochistan
Socio-economic development will focus on education, skills development, health, food security, potable water and local economic
development based on:
1% of capital during construction and expansion
0.4% of revenue thereafter on an annual basis
This includes an upfront social development spend of up to US$3 million in year 1 and up to US$7 million in year 2 during the feasibility
study updatei

Royalty Advancement Following closing, advanced funding of a 5% NSR payable to the GoB prior to operations commencingii:
Up to US$5 million in year 1
Up to US$7.5 million in year 2
Up to US$10 million annually until commercial production achievediii

Legal Protections GoP/GoB have agreed to legal protections, including a right to international arbitration
i Upfront social spend credited against future 1% obligations ii Advanced royalty payments are netted against future royalty obligations following commercial production
iii Subject to US$50 million cumulative maximum of advanced payments
8
Investing in the future of Balochistan…
Reko Diq will bring significant and lasting economic and social benefits to Balochistan and Pakistan

Signals to global investors that Pakistan and Balochistan are open for investment
The development of Reko Diq will make Balochistan one of the largest recipients of foreign direct investment in Pakistan
Creates a stronger power, transport and communications corridor between Reko Diq and the Port of Gwadar
Governments
Direct development benefits for local communities in the area surrounding NGOs and
the mine, and Balochistan province: Regulators
Following closing, immediate investment in social development to benefit the community and province
Food security
Water access and potable water
Medical care
Housing
Mining
Power Employees
Companies
Education and
and
Communities
Internet and telecommunications access Investors
Catalyst for further exploration and development of mineral resources within the Chagai region
Represents a major local employment opportunity - cascading effects on skills development for the local workforce and
on regional communities as wages are spent locally
Expected to employ ~7,500 people during peak construction periods with around ~4,000 full-time employees and
contractors during full production
Development will also create demand for secondary goods and services, including higher-skilled roles for mechanics,
electricians, and procurement services
Barrick has a long track record of creating enduring partnerships that bring significant and lasting economic benefits to
our host countries

9
Seeking Leading Project Financing Partners…

Project financing with leading partners allows for sharing of project risks while potentially
improving returns

Barrick and the project partners are seeking to raise limited recourse financing as part of
their financing plan for the development of Phase 1:
Targeting a 50% project financing debt to total capitalization, reflecting a deliberately conservative level
of debt for the project
Expected loan coverage at these leverage levels to be extremely robust at conservative lender case
prices
Barrick anticipates that the facility will be structured as a common financing involving multiple lenders
targeting international development institutions, export credit and import finance agencies

10
Progess to date…
Agreement in Principle… Formal signing between Barrick, Antofagasta, GoP and GoB on a framework
providing for reconstitution of Reko Diq
I
Team completed site visit and engagement with Government of Balochistan
N Team build up continues with key positions being filled
I Bid for feasibility engineer in progress

T Initial pre-feasibility trade-off studies for the project commenced

I Clean-up of camp – removal of sandstorm buildup

A Security plan being developed

Submitted request for registration of a Liaison office for the project in Pakistan
T
Initial visit by geologists to review core with plan to resolve remaining gaps in geometallurgical and geotechnical
I understanding of orebody

V Environmental and socio-economic specialist workplan in progress - includes a water supply study to
understand the available aquifer systems that could sustain the project
E This workplan to form part of the ESIA and feeds into the feasibility study, but also importantly sets a socio-
S economic baseline that will be used to focus community development plans
Preliminary strategy for investment into education to expedite investment into talent acquisition, apprenticeship
and vocational training, technical and management programmes

i The timeline above is indicative only and is subject to change 11

 The Path Forwardi…

Definitive and Other Legalisation and Feasibility Study Potential

Agreements Closing Production
Barrick to complete a
feasibility study update from
Barrick and Pakistani Closing will occur when
teams work towards legalisation process is allowing for a formal Reko Diq
finalization of definitive completed. On closing, construction decision to
agreements, which will the Mineral Agreement be made
be binding but contain and Joint Venture will
conditions to closing take effect; major project
lease and licences will be
issued; resolution of
ICSID litigation will be
complete; Antofagasta
will sell their interest

Q3 2022 Q4 2022 2024 2027-2028

i The timeline above is indicative only and is subject to change 12

 Preventing environmental impact through
recycling and reuse of water to reduce
BARRICK… abstraction from natural resources We ensure we create a
Taking ESG to Biodiversity management is not
sustainable business that
continues to uplift our host
the next level only critical to the way we adapt communities and countries,
to climate change but also in the building their resilience to a
fight against poverty changing world
Embedding
ENVIRONMENT environmental,
Sustainability social and local SOCIAL
means economic aspects
Sustainable into all our
We build the skills and
business
Delivery decisions
capacity of host country
workers and vendors to
multiply our positive impact
on local, regional and
We develop robust emission national economies
reduction targets grounded in the
realities of climate science
GOVERNANCE
We set achievable roadmaps not Open and transparent
merely making promises to meet engagement and dialogue from
compliance mine planning and environmental
stewardship to economic
development and tax payments

13
Reko Diq Camp
14
Endnotes
1. A Tier One Copper Asset is an asset with a reserve potential of greater than five million tonnes of contained copper and C1 cash costs per pound over the mine life that are in the lower half of the industry cost curve. A Tier One Gold Asset is an
asset with a reserve potential to deliver a minimum 10-year life, 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. On March 20, 2022, Barrick and the Governments of Pakistan and Balochistan reached agreement in principle on a framework that provides for the reconstitution of the Reko Diq project. If the definitive agreements are executed and the
conditions to closing are satisfied, the project will be reconstituted and held 50% by Barrick and 50% by Pakistani stakeholders, with Barrick as the operator going forward.

3. Historical resources were last disclosed in 2011 on a 100% basis by Barrick based on a historical 2010 feasibility study using $1.90/lb Cu and $725/oz Au. No additional data is available that is expected to result in a material change. Measured
resources of 1.7 billion tonnes grading 0.54% copper and 0.31 g/t gold. Indicated resources of 1.2 billion tonnes grading 0.39% copper and 0.20 g/t gold. Inferred resources of 2.9 billion tonnes grading 0.35% copper and 0.18 g/t gold. A Barrick
qualified person has not done sufficient work to classify the historical estimate as current mineral resources and Barrick is not treating the historical estimate as a mineral resource. Barrick plans to audit historical data and generate updated
plans to support a new mineral resource estimate, along with an updated feasibility study.

15