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Barrick Earns $35 Million or $0.07 per Share in Third Quarter (Report, Part 1 of 2)

October 27, 2003

TORONTO--(BUSINESS WIRE)--Oct. 27, 2003--Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) (LSE:ABX) (PARIS:ABX) (Swiss:ABX):

    THIRD QUARTER REPORT 2003

    Based on US GAAP and expressed in US dollars.

    Highlights

    --  Net income of $35 million, or $0.07 per share, includes a $11
        million after tax gain on sales of various assets; and a $20
        million after tax, non-hedge derivative loss

    --  Operating cash flow totals $188 million for third quarter, $62
        million higher than the year earlier quarter, primarily due to
        higher realized gold prices and sales volumes

    --  Production totals 1.48 million ounces of gold for the quarter
        at a total cash cost of $180 per ounce(1)

    --  All production was sold at spot prices during the quarter at
        an average of $365 per ounce

    --  Repurchased a total of 5.3 million common shares at an average
        cost of $17.30 per share during the quarter

    --  For the year, production is forecast at 5.4 - 5.5 million
        ounces, at an expected total cash cost in the $190 - $195 per
        ounce range, in line with previous guidance

    --  The Company expects to receive approval of the Veladero
        Environmental Impact Statement during the fourth quarter, with
        construction to commence soon thereafter

    --  On October 17th, Barrick announced that it has acquired a 10%
        stake in Highland Gold, which has properties in Russia. The
        agreement has provisions that could ultimately give Barrick a
        29% interest in the overall company. As a result Barrick would
        have the right but not the obligation to participate in up to
        50% of Highland Gold's interest in any new project Highland
        Gold undertakes.

(1) For an explanation of non-GAAP performance measures refer to pages 15-16 of the Management's Discussion and Analysis.

Barrick Gold Corporation today reported earnings of $35 million ($0.07 per share) and operating cash flow of $188 million for third quarter 2003, compared to earnings of $34 million ($0.06 per share) and operating cash flow of $126 million in the year earlier period. The higher operating cash flow in the current quarter primarily relates to higher realized gold prices and sales volumes.

"Overall we had a solid third quarter," said Greg Wilkins, President and Chief Executive Officer: "One that keeps us on track to meet our full year targets."

For the first nine months of 2003, net income was $123 million ($0.23 per share) and operating cash flow was $385 million, compared to net income of $139 million ($0.26 per share) and operating cash flow of $394 million in the year earlier period.

The Company maintains a strong balance sheet with a cash position of over $1 billion, after paying out $91 million during the quarter to repurchase 5.3 million Barrick common shares under the share repurchase program.

PRODUCTION AND COSTS

For the quarter, Barrick produced 1.48 million ounces of gold at total cash costs of $180 per ounce, compared to 1.38 million ounces of gold at total cash costs of $180 per ounce for the year earlier quarter. Higher production and lower cash costs from Betze-Post, Kalgoorlie and Eskay Creek more than offset lower production and higher costs from the Meikle and Bulyanhulu Mines. Despite higher energy costs, as well as royalties and other gold-linked costs, cash costs were flat over the prior year period due to lower costs at Betze-Post, Kalgoorlie and Eskay Creek. "This quarter's results demonstrate the benefit of having a diversified portfolio of properties," Wilkins said.

"Bulyanhulu is on track with the revised targets established in July, and while we're working on the costs at Meikle, Goldstrike as a property is doing well," added John Carrington, Vice Chairman and Chief Operating Officer. "Overall, we had a solid quarter, driven by significant contributions from our large open pit operations, and cash costs for the Company were $5 an ounce lower than our second quarter."

For the full year, the Company is forecast to produce between 5.4 and 5.5 million ounces at total cash costs at the lower end of the $190 to $195 per ounce range, as previously reported. For the year, administration expense is expected to total $80 million and exploration and business development expense is expected to total approximately $125 million. For the remainder of 2003 and 2004, currency fluctuations are expected to have minimal impact on cash costs, as the Company has hedged the equivalent of about three years of local Canadian and Australian dollar operating costs.

BARRICK SELLS PRODUCTION AT SPOT PRICES FOR ALL OF THE THIRD QUARTER

During the quarter, spot gold prices ranged from a high of $389 per ounce to a low of $342 per ounce, averaging $364 per ounce, compared to an average spot price of $314 per ounce in the year earlier quarter. Barrick sold all production at spot gold prices, and realized an average of $365 per ounce on its gold sales during third quarter 2003.

"Our forward sales program is working as designed, allowing us the flexibility to maximize the price for every ounce we produce," added Mr. Wilkins.

As production was sold at spot prices during the third quarter, the total position remained at 16.1 million ounces, unchanged from the end of second quarter 2003.

NEW DEVELOPMENTS

Two weeks after quarter's end, Barrick announced that it had acquired a 10% stake in Highland Gold. "This is a strategic investment opportunity for us," said Wilkins: "It is a prudent way for Barrick to get into Russia, and gain a window into one of the world's most prospective gold mining areas."

After a two-month due diligence process, Barrick has the right to increase its stake to a total of 29% of Highland Gold. As a result, Barrick would have the right but not the obligation to participate in up to 50% of Highland Gold's interest in any new project Highland Gold undertakes.

SHARE BUYBACK

During the quarter, Barrick continued its share buyback program, repurchasing 5.3 million common shares at an average purchase price of $17.30 per share, for a total cost of $91 million. To date the Company has repurchased a total of 8.8 million shares at an average purchase price of $17.56 for a total cost of $154 million.

EXPLORATION UPDATE

During third quarter 2003, Barrick was actively exploring over 60 projects in 9 countries. Early stage exploration on over 50 targets continues to define and prioritize targets for detailed follow up. Drilling was carried out on 17 projects during the quarter and will continue on 13 projects in fourth quarter 2003.

Preliminary results are very encouraging. Immediately north of the Goldstrike Pit, five of six initial holes contain mineralization. At the Rossi property just north of Meikle, intersects have produced significantly higher grades than previous drill programs. At Eskay Creek where drilling was completed in September, initial results are encouraging with results from 28 holes still pending. Exploration in the Alto Chicama district in Peru, is focused on the area around the Lagunas Norte deposit. The Company has an excellent portfolio of prospects in the area and will be accelerating exploration during the fourth quarter 2003 and in 2004.

DEVELOPMENT PROJECTS UPDATE

During third quarter 2003, crews opened the camp and construction area at Veladero in Argentina, and commenced detailed engineering, mine planning, construction planning and manpower build-up. Approval of Veladero's Environmental Impact Statement is anticipated in fourth quarter 2003. Once granted, EIS approval will allow commencement of construction soon thereafter. Starting in the fourth quarter, development costs for Veladero will be capitalized rather than expensed, as mineralization has now been classified as a reserve for U.S. reporting purposes.

At Alto Chicama, third quarter accomplishments include the submission of the EIS on September 29, 2003. Public hearings at the local and regional level are scheduled during fourth quarter 2003. The Company's Board of Directors approved the project for a $340 million investment, with production scheduled for second half 2005.

At Cowal in Australia, focus during the quarter was on securing government approval for the various environmental management plans (EMPs) that are a requirement of the Cowal development consent.

Barrick's shares are traded under the ticker symbol ABX on the Toronto, New York, London and Swiss stock exchanges and the Paris Bourse.

Key Statistics

(in United States dollars, US GAAP basis)
                                Three months ended  Nine months ended
                                      Sept. 30,          Sept. 30,
(Unaudited)                         2003      2002      2003     2002
---------------------------------------------------------------------

Operating Results
Gold production (thousands of
 ounces)                           1,479     1,378     4,209    4,099
Gold sold (thousands of
 ounces)                           1,505     1,384     4,193    4,265

Per Ounce Data
  Average spot gold price           $364      $314      $354     $306
  Average realized gold price        365       342       358      338
  Cash operating costs(3)            168       173       174      171
  Total cash costs(1) (3)            180       180       186      178
  Total production costs(3)          265       273       274      268
---------------------------------------------------------------------

Financial Results (millions)
Gold sales                          $549      $473    $1,499   $1,441
Income before accounting
 changes                              35        34       140      139
Net income                            35        34       123      139
Operating cash flow(4)               188       126       385      394

Per Share Data (dollars)
  Income before accounting
   changes                          0.07      0.06      0.26     0.26
  Net income (basic and diluted)    0.07      0.06      0.23     0.26
  Operating cash flow               0.35      0.23      0.71     0.73
Common shares outstanding (as
 at Sept. 30) (millions)(2)          534       542       534      542
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                                   As at     As at
                               Sept. 30,  Dec. 31,
---------------------------------------------------------------------
                                    2003      2002
---------------------------------------------------------------------

Financial Position (millions)
Cash and equivalents              $1,039    $1,044
Working capital                      869       869
Long-term debt                       754       761
Shareholders' equity               3,372     3,334
---------------------------------------------------------------------

(1) Includes royalties and production taxes.
(2) Includes shares issuable upon exchange of BGI (Barrick Gold
    Inc.), formerly Homestake Canada Inc., exchangeable shares.
(3) For an explanation of non-GAAP performance measures refer to
    pages 15-16 of Management's Discussion and Analysis.
(4) Historically we classified deferred stripping expenditures as
    part of payments for property, plant and equipment in investing
    activities. In fourth quarter 2002, we reclassified these cash
    outflows under operating activities for all periods presented to
    reflect the operating nature of stripping activities.


Production and Cost Summary

                               Production (attributable ounces)
---------------------------------------------------------------------
                          3 months ended 09/30, 9 months ended 09/30,
---------------------------------------------------------------------
(Unaudited)                     2003       2002       2003       2002
---------------------------------------------------------------------
North America
 Betze-Post                  494,782    333,746  1,234,510  1,003,761
 Meikle                      143,127    150,032    404,465    447,705
---------------------------------------------------------------------
 Goldstrike Property Total   637,909    483,778  1,638,975  1,451,466
 Eskay Creek                  87,377     84,868    268,683    261,764
 Round Mountain               92,464    100,063    301,590    289,133
 Hemlo                        73,056     63,346    202,958    185,878
 Holt-McDermott               24,099     18,978     66,312     62,075
---------------------------------------------------------------------
                             914,905    751,033  2,478,518  2,250,316
---------------------------------------------------------------------
South America
 Pierina                     215,237    219,067    705,871    617,040
---------------------------------------------------------------------
Australia
 Plutonic                     96,420     81,422    245,714    223,359
 Darlot                       37,452     37,517    117,641    105,382
 Lawlers                      25,154     30,167     71,868     84,720
---------------------------------------------------------------------
 Yilgarn District Total      159,026    149,106    435,223    413,461
 Kalgoorlie                  109,306     94,071    320,600    261,669
---------------------------------------------------------------------
                             268,332    243,177    755,823    675,130
---------------------------------------------------------------------
Tanzania
 Bulyanhulu                   67,940     86,344    234,814    255,543
Other/Mines closed in
 2002                         12,634     77,884     34,443    301,331
---------------------------------------------------------------------
Total                      1,479,048  1,377,505  4,209,469  4,099,360
---------------------------------------------------------------------


                                   Total Cash Costs (US$/oz) (1)
---------------------------------------------------------------------
                          3 months ended 09/30, 9 months ended 09/30,
---------------------------------------------------------------------
(Unaudited)                     2003       2002       2003       2002
---------------------------------------------------------------------
North America
 Betze-Post                    $ 212       $247       $227      $ 230
 Meikle                          262        206        251        204
---------------------------------------------------------------------
 Goldstrike Property Total       222        233        234        222
 Eskay Creek                       9         43         62         36
 Round Mountain                  170        174        168        180
 Hemlo                           211        244        226        242
 Holt-McDermott                  202        174        248        166
---------------------------------------------------------------------
                                 196        194        207        195
---------------------------------------------------------------------
South America
 Pierina                          81         77         81         74
---------------------------------------------------------------------
Australia
 Plutonic                        179        187        192        183
 Darlot                          163        164        159        169
 Lawlers                         201        168        242        176
---------------------------------------------------------------------
 Yilgarn District Total          179        173        184        178
 Kalgoorlie                      195        228        207        220
---------------------------------------------------------------------
                                 186        196        198        195
---------------------------------------------------------------------
Tanzania
 Bulyanhulu                      277        199        229        203
Other/Mines closed in
 2002                            173        180        165        188
---------------------------------------------------------------------
Total                          $ 180       $180       $186      $ 178
---------------------------------------------------------------------


                           Consolidated Production Costs (US$/oz) (1)
---------------------------------------------------------------------
                          3 months ended 09/30, 9 months ended 09/30,
---------------------------------------------------------------------
(Unaudited)                     2003       2002       2003       2002
---------------------------------------------------------------------
 Direct mining costs at
  market foreign exchange
  rates                        $ 201       $195       $204      $ 193
 Gains realized on
  currency hedge contracts      (11)        (2)       (10)        (1)
 By-product credits             (22)       (20)       (20)       (21)
---------------------------------------------------------------------
Cash operating costs             168        173        174        171
 Royalties                         9          6          9          6
 Production taxes                  3          1          3          1
---------------------------------------------------------------------
Total cash costs                 180        180        186        178
 Amortization and
  reclamation                     85         93         88         90
---------------------------------------------------------------------
Total production costs         $ 265       $273       $274      $ 268
---------------------------------------------------------------------

(1) For an explanation of non-GAAP performance measures refer to
    pages 15-16 of Management's Discussion and Analysis.

Management's Discussion and Analysis of Financial and Operating Results

HIGHLIGHTS

In third quarter 2003, production was 1.48 million ounces of gold at total cash costs of $180 per ounce, compared to 1.38 million ounces of gold at $180 per ounce(1) in the year earlier quarter. Net income was $35 million ($0.07 per share), compared to $34 million ($0.06 per share) for third quarter 2002. Third quarter earnings benefited from higher gold sales prices and gains on various asset sales, offset by non-hedge derivative losses and higher income tax expense, administration costs, and exploration and business development costs.

During the quarter, spot gold prices remained above the price we could have realized by delivering into our forward gold sales contracts. This allowed us the opportunity to benefit from the flexibility of our forward sales program, by realizing the higher spot price for most of our gold production during the first three quarters of the year. Year to date, we have received an average $358 per ounce for all ounces sold, compared to the average $354 per ounce spot price.

In third quarter 2003, operating cash flow totaled $188 million, compared to $126 million for the year earlier quarter, due primarily to higher gold sales prices and gold sales volumes. In the third quarter, our cash balance increased by $47 million to over $1 billion at September 30, 2003, even after spending $81 million on capital and $91 million under our share buyback program.

(1) For an explanation of non-GAAP performance measures refer to pages 15-16 of the Management's Discussion and Analysis.

GOLD SALES

Revenue for third quarter 2003 was $549 million on gold sales of 1.51 million ounces, compared to $473 million in revenue on gold sales of 1.38 million ounces for the year earlier quarter. Higher gold sales during the quarter were coupled with a $23 per ounce (7%) increase in the average realized price. During the third quarter, spot gold prices ranged from a high of $389 to a low of $342 per ounce, averaging $364 per ounce. We realized an average of $365 per ounce during the quarter by delivering all of our gold at spot gold prices, which exceeded the prices we could have achieved through our forward sales contracts.

Our forward sales program remains an important tool for the Company, particularly as a means of securing our revenue base given the large development program planned over the next five years. During the quarter the position remained at 16.1 million ounces, unchanged from second quarter as we sold all of our production at spot prices. The program is larger than we would like it to be in the current gold environment. We will continue to use market opportunities to bring the program down from about three years of production - toward a more optimal upper parameter of two years of production, or 20% of operating mine reserves. Ultimately, market conditions will impact the level of forward sales at any point in time. With higher expected gold price volatility, we may reduce the size of the program on gold price dips but add to the program on gold price spikes in an effort to improve the average price of the contracts in the program.

At quarter's end, the unrealized mark-to-market on our derivative instruments position, including gold and silver forward sales contracts, as well as currency and interest rate hedge programs, was negative $1 billion. This mark-to-market value represents the replacement value of these contracts based on current market levels, and does not represent an economic obligation for payment by Barrick. Barrick's obligations under the gold sales contracts are to deliver an agreed upon quantity of gold at a hedge price by the termination date on the contracts (2013 in most cases).

In accordance with hedge accounting rules, the positive mark-to-market value of $214 million relating to our currency and interest rate hedge programs is recorded as an asset on our balance sheet. The mark-to-market value of our normal sales gold and silver contracts is not recorded on our balance sheet, as accounting rules that govern these contracts do not require balance sheet recognition. Instead, the economic impact of these sales contracts is reflected in our financial statements as we physically deliver gold and silver under the contracts.

OVERVIEW

For third quarter 2003, our overall production was in line with plan at 1.48 million ounces, while cash costs were better than plan at $180 per ounce, despite the lower contributions from Meikle and Bulyanhulu. Overall production for the year is expected to be 5.4 to 5.5 million ounces, at total cash costs in the $190 to $195 per ounce range.

Looking forward to 2004, production is expected to be about 10% lower and cash costs about 10% higher than the current year. This is primarily as a result of lower grades at Pierina and Betze-Post. Pierina is now in its last year of producing in the 900,000 ounce range, before stepping down to lower production levels as mining moves to lower grade areas in the pit.

A further weakening of the US dollar is not expected to have a significant impact on cash costs, due to our Canadian and Australian dollar currency hedge positions, equivalent to about three years of local Canadian and Australian dollar costs.

During third quarter 2003, Barrick was actively exploring over 60 projects in 9 countries. Early stage exploration on over 50 targets continues to define and prioritize targets for detailed follow up. Drilling was carried out on 17 projects during the quarter and will continue on 13 projects in fourth quarter 2003.

OPERATIONS REVIEW

Goldstrike Property (Nevada)

---------------------------------------------------------------------
                                 Q3 2003        Q3 2002         2003E
---------------------------------------------------------------------
Production
 Betze-Post                      494,782        333,746     1,565,000
 Meikle                          143,127        150,032       550,000
---------------------------------------------------------------------
Goldstrike Property              637,909        483,778     2,115,000
---------------------------------------------------------------------
Total cash cost / oz
 Betze-Post                         $212           $247          $233
 Meikle                              262            206           250
---------------------------------------------------------------------
Goldstrike Property                 $222           $233          $238
---------------------------------------------------------------------
    Betze-Post

    --  For the quarter, Betze production increased 48%, due to a 62%
        increase in ore grades processed, as mining in a higher grade
        area of the pit encountered higher-than-modeled grade.

    --  Cash costs during third quarter 2003 were 14% lower than the
        prior year. The lower cash costs were due to higher production
        and lower mining costs, as reduced fleet size, facilitated by
        in-pit dumping, has reduced overall mining costs while mining
        the same amount of material. Costs were negatively affected by
        higher royalties and production taxes (up $10 per ounce over
        the year earlier quarter) due to the rising gold price, and
        higher processing costs (up $11 per ounce).

    --  The higher processing costs were due to higher acid
        consumption, coupled with a higher acid unit price, and
        extended planned maintenance at both plants due to harder
        ores. The higher acid consumption is attributable to the high
        carbonate material mined. The high acid price resulted from
        purchases on the open market at costs substantially above
        fixed contract prices.

    --  Recovery rates were higher than the prior year quarter, but
        lower than plan due to processing more high-grade, complicated
        ore types. The high-grade material was predominately
        high-carbonate autoclave feed; the high carbonate levels
        resulted in higher acid consumption. At the roaster, high
        arsenic and carbonaceous material levels affected recovery. A
        blending program continues to mitigate these impacts.

    --  For the year, Betze Post is expected to produce 1,565,000
        ounces, 70,000 more than the 2003 plan, at marginally higher
        costs.

    --  Drilling commenced at the Goldstrike-North Pit target, located
        immediately north of Betze-Post. Five of six initial holes
        contain mineralization. Two additional drill rigs have been
        added to accelerate the program.

    --  Underground infill drilling at Rossi located near Goldstrike
        has intersected significantly higher grades than previous
        drill programs. A total of 12 holes on two stations have been
        completed in a 50-hole program. This program will increase
        drill density to a 50 foot by 50 foot spacing in the 49er
        Zone. A resource calculation will be completed by the end of
        the year.

    Meikle

    --  Meikle production and costs continue to be affected by ground
        conditions at Rodeo and the mining of remnant blocks at
        Meikle. Ground support rehabilitation efforts are on-going and
        have proven successful in providing increases to Rodeo
        production during third quarter 2003. Similar results are
        expected in fourth quarter 2003.

    --  Remnant mining at Meikle was re-sequenced to maximize ore
        recovery and ground stability. Cash costs for the quarter were
        also pushed higher by difficult ground conditions. As a
        result, labor, contract services, ground support material, and
        maintenance repairs were higher than plan. Royalties and taxes
        were slightly over plan due to the increased gold price,
        partially offset by lower production and increased costs.

    --  Significant events during the quarter included a
        re-commissioning of the failed backfill raise at Rodeo.

    --  For the year, the mine is expected to produce 550,000 ounces
        -- 65,000 ounces less than the 2003 plan -- due to the ground
        conditions, infrastructure completion, and remnant constraints
        mentioned above. Cash costs are expected to be $250 per ounce
        for the year. The mine is on track to commission the Rodeo ore
        pass system in October and the Rodeo backfill station in
        December.

    Eskay Creek (British Columbia)
---------------------------------------------------------------------
                                            Q3 2003  Q3 2002    2003E
---------------------------------------------------------------------
Production                                   87,377   84,868  353,000

Total cash cost / oz                             $9      $43      $67
---------------------------------------------------------------------
    --  Third quarter 2003 production was up over the prior year
        quarter, as an increase in tons processed more than offset a
        decline in grade.

    --  Third quarter costs benefited from significantly higher than
        expected silver grades in a series of stopes, resulting in a
        $30 per ounce higher by-product credit from silver over the
        prior year quarter. Silver grades are expected to return to
        plan levels during fourth quarter 2003. The balance of the
        cash cost improvement is primarily attributable to improved
        processing rates (up 10%).

    --  For the year, the mine is now expected to produce 353,000
        ounces at a cash cost of $67 per ounce. Although the mine had
        a strong third quarter, it has reduced its mining rate from
        plan in order to minimize dilution. As a result, production
        for the year is expected to be 7,000 ounces below the second
        quarter estimate, while projected cash costs will be lower by
        $10 per ounce, due to increased silver production and a higher
        estimated realized silver price.

    --  An 18,000 metre drill program was completed at the end of
        September. The focus has been on the 22 Zone, which is located
        south of the mine. Results received so far this month are
        encouraging. Results are still pending from 28 holes. Drilling
        is targeting both stratiform mineralization and structurally
        controlled mineralization such as that seen in the 21C Zone at
        Eskay.

    Round Mountain (Nevada) (50% share)
---------------------------------------------------------------------
                                            Q3 2003  Q3 2002    2003E
---------------------------------------------------------------------
Production                                   92,464  100,063  384,000

Total cash cost / oz                           $170     $174     $175
---------------------------------------------------------------------
    --  Lower ounces produced during third quarter 2003 compared to
        the prior year period resulted from planned lower grades,
        aggravated by a transformer failure early in the quarter that
        limited the processing of higher-grade ore. Higher recoveries
        and an increase in the tons processed from the lower grade
        run-of-mine leach ore have more than offset this event,
        allowing the mine to exceed planned production by 5% for the
        quarter. A new transformer will be in service late in fourth
        quarter 2003; at that time, normal operations are expected to
        resume.

    --  For the year, the mine is now expected to produce 384,000
        ounces to Barrick's account. This would represent another new
        annual production record for the operation.

    --  Encouraging results from the nearby Gold Hill deposit
        continue, and work is ongoing to advance this project. A 2004
        underground exploration program is currently being planned to
        follow up on encouraging high grade drilling intercepts behind
        the existing ultimate pit wall.

    Hemlo (Ontario) (50% share)
---------------------------------------------------------------------
                                            Q3 2003  Q3 2002    2003E
---------------------------------------------------------------------
Production                                   73,056   63,346  272,000

Total cash cost / oz                           $211     $244     $224
---------------------------------------------------------------------
    --  Production increased 15% in third quarter 2003 over the prior
        year period, due to continuous improvement efforts in the mill
        that have raised throughput by 16%. Cash costs per ounce
        declined, due largely to the increased production.

    --  The mine is currently implementing a number of organization
        changes and is acquiring new pit and underground equipment
        during fourth quarter 2003 that is expected to improve the
        cost structure in the future.

    --  Hemlo is on track to meet its annual production and cash costs
        projections of 272,000 ounces at $224 per ounce.

    Holt-McDermott (Ontario)
---------------------------------------------------------------------
                                             Q3 2003  Q3 2002   2003E
---------------------------------------------------------------------
Production                                    24,099   18,978  87,000

Total cash cost / oz                            $202     $174    $247
---------------------------------------------------------------------
    --  Third quarter 2003 production increased by 27% compared to the
        prior year quarter, due to improved grades and throughput (up
        14% and 12% respectively).

    --  Due to Holt's limited mine life, drilling and development
        costs are being expensed, pushing cash costs higher.

    --  As previously announced, the Mine is expected to cease
        underground operations by fourth quarter 2004.

    Pierina (Peru)
---------------------------------------------------------------------
                                            Q3 2003  Q3 2002    2003E
---------------------------------------------------------------------
Production                                  215,237  219,067  910,000

Total cash cost / oz                            $81      $77      $82
---------------------------------------------------------------------
    --  Third quarter 2003 production was similar to the prior year
        quarter, while cash costs per ounce ran higher as a result of
        planned equipment overhauls, and increased employee profit
        sharing costs due to higher gold prices.

    --  Pierina remains on track to meet its full year production and
        cash costs targets. The Mine is in its last year of production
        in the 900,000-ounce range, before stepping down to lower
        production levels, as mining moves to lower grade areas in the
        open pit in 2004.

    Yilgarn District (Western Australia)

    Plutonic
---------------------------------------------------------------------
                                            Q3 2003  Q3 2002    2003E
---------------------------------------------------------------------
Production                                   96,420   81,422  315,000

Total cash cost / oz                          $ 179    $ 187    $ 193
---------------------------------------------------------------------
    --  Production for the quarter was 18% above the prior year
        period, reflecting both higher grades and mining rates from
        the underground. Cash costs were $8 per ounce lower than the
        prior year period, and 14% lower than second quarter 2003.

    --  During third quarter 2003, construction of the paste fill
        plant was completed. Backfilling has commenced in some stopes
        to commission the plant. The plant will be operating at design
        capacity in fourth quarter 2003. Expected benefits are
        improved ore recovery, reduced dilution and improved mining
        flexibility.

    --  For the full year, the mine is expected to produce 315,000
        ounces, higher than second quarter estimates, driven by
        increased grades, higher throughput and improved recovery
        rates. Cash costs are expected to be lower than the second
        quarter estimate.

    Darlot
---------------------------------------------------------------------
                                            Q3 2003  Q3 2002    2003E
---------------------------------------------------------------------
Production                                   37,452   37,517  157,000

Total cash cost / oz                           $163     $164     $161
---------------------------------------------------------------------
    --  Third quarter production remained essentially the same as the
        prior year period, as higher underground ore production was
        offset by slightly lower recoveries.

    --  For the full year, Darlot is expected to produce 157,000
        ounces, 3,000 ounces above the second quarter 2003 estimate.
        The increased production is attributable to the expected
        continuation of better grades in fourth quarter 2003. Cash
        costs are expected to remain in line with second quarter
        estimates.

    Lawlers
---------------------------------------------------------------------
                                             Q3 2003  Q3 2002   2003E
---------------------------------------------------------------------
Production                                    25,154   30,167  98,000

Total cash cost / oz                            $201     $168    $242
---------------------------------------------------------------------
    --  Third quarter 2003 production was lower than the prior year
        period, due largely to lower head grades. The increased cash
        cost per ounce is due primarily to the lower production
        profile.

    --  The crusher was upgraded during the quarter to improve
        throughput levels. As a result, unit processing costs should
        benefit by approximately 3 to 4% per year, as fixed processing
        costs are offset by additional tonnage combined with lower
        maintenance expense.

    --  Mining in the Fairyland pit continues to be suspended and is
        not expected to resume in 2003.

    --  For the full year, the mine is expected to produce 98,000
        ounces, 4,000 ounces more than the second quarter 2003
        estimate, driven largely by improved head grades. Cash costs
        are expected to be $18 per ounce below the second quarter
        estimate.

    Kalgoorlie - Super Pit (Western Australia) (50% share)
---------------------------------------------------------------------
                                            Q3 2003  Q3 2002    2003E
---------------------------------------------------------------------
Production                                  109,306   94,071  415,000

Total cash cost / oz                           $195     $228     $212
---------------------------------------------------------------------
    --  Kalgoorlie's strong second quarter performance continued into
        third quarter 2003, producing 16% more ounces than the prior
        year period. Mining continues to capture high-grade pillars
        due to good void management. Mt. Charlotte, initially
        scheduled to cease production in 2002, continues to produce.

    --  Cash costs were lower than the prior year period due to higher
        processing rates, grades and recoveries.

    --  During third quarter 2003, a fourth shovel and four additional
        haul trucks were commissioned as part of the owner-operated
        mining fleet, allowing operations to move towards the optimum
        level of material movement.

    --  For the year, the mine is expected to produce 415,000 ounces,
        5,000 ounces above the second quarter estimate, due to the
        higher grades being achieved in the pit. Cash costs are
        expected to be marginally higher than the second quarter
        estimate.

    Bulyanhulu (Tanzania)
---------------------------------------------------------------------
                                            Q3 2003  Q3 2002    2003E
---------------------------------------------------------------------
Production                                   67,940   86,344  312,000

Total cash cost / oz                           $277     $199     $241
---------------------------------------------------------------------
    --  Third quarter 2003 production was 21% lower than the prior
        year period, but was in line with the stabilization plan
        announced at the beginning of the third quarter.

    --  Cash costs for the quarter were higher than the prior year
        period, again reflecting the reduced mining rate as the
        operation is stabilized.

    --  With the successful completion of the flotation expansion and
        adjustments made through the first half of the year, recovery
        rates are now averaging 88.5%.

    --  The mining rate for third quarter 2003 averaged 2,342 tons per
        day (tpd). The mining rate will start to ramp up in fourth
        quarter 2003, to a planned level of 2,500 tpd for the quarter.

    --  Results for the quarter are in line with the stabilization
        plan, and for the full year the mine is expected to produce
        312,000 ounces at a cash cost of $241 per ounce.

    Other Properties
---------------------------------------------------------------------
                                             Q3 2003  Q3 2002   2003E
---------------------------------------------------------------------
Production                                    12,634   77,884  47,000

Total cash cost / oz                            $173     $180    $166
---------------------------------------------------------------------
    --  The only mine remaining in this category in 2003 is our 33%
        interest in the Marigold Mine, which produced more gold than
        plan at cash costs below plan.

    --  Lower production for this category during third quarter 2003
        compared to the year earlier quarter relates to the closure of
        five mines in 2002 due to the depletion of reserves.

    DEVELOPMENT REVIEW

    Alto Chicama (Peru)

The Company's Alto Chicama project remains on-schedule for a first gold pour in second half 2005.

The Environmental Impact Study for the Alto Chicama Project was submitted September 29, 2003. Public hearings at the local and regional level are scheduled during fourth quarter 2003.

During third quarter 2003, Barrick's Board of Directors approved the project for a $340 million investment. Average annual production is projected at 540,000 ounces, with a cash cost of $ 135 per ounce over the first decade.

Basic engineering is complete on the Alto Chicama project, with detailed engineering scheduled to commence in fourth quarter 2003.

Exploration in the Alto Chicama district is focused on the area around the Lagunas Norte deposit. The company has an excellent portfolio of prospects in the area and will be accelerating the exploration of these during late 2003 and in 2004. Prospects within 5 kilometres of Lagunas Norte, which include Lagunas Sur and La Capilla, are showing encouraging results. Other targets include Lagunas NW, Ururupa, Alumbre and Genusa.

Veladero (Argentina)

Veladero's EIS is expected to be approved in fourth quarter 2003. Once granted, EIS approval will allow the commencement of construction. Tender packages for camp, site development and heap leach pad will be received and approved during fourth quarter 2003, pending EIS approval.

    Third quarter accomplishments at Veladero included:

    --  Accessing and opening the camp and construction area.

    --  Commencement of construction on a portion of the road
        previously closed during the Argentine winter.

    --  Commencement of detailed engineering and mine planning,
        construction planning and manpower build-up.

    --  Placement of purchase orders with Caterpillar and other mine
        equipment suppliers in the amount of $50 million for the
        initial mine fleet.

Starting in fourth quarter 2003, costs for Veladero will be capitalized rather than expensed as mineralization has now been classified as a reserve for U.S. reporting purposes.

Cowal (Australia)

Work continues on securing government approvals for the various environmental management plans (EMPs) that are a requirement of the Cowal development consent.

Pascua-Lama (Chile/Argentina)

Work continues with the engineering optimization of the project, with the study scheduled for completion in second quarter 2004.

Tulawaka Project (Tanzania)

During the quarter, the Environmental Impact Assessment for the Tulawaka project was approved and a Mining License application was submitted.

The Company plans an end-of-year update on its development activity with its fourth quarter 2003 results.

AMORTIZATION

Amortization totaled $134 million, or $85 per ounce(1), for third quarter 2003, compared to $126 million or $87 per ounce(1) in the year earlier quarter. The increase was primarily due to an increase in ounces sold compared to the prior year period. On a per ounce basis, amortization was slightly lower, due to the change in the production mix across our portfolio of mines.

Two accounting policy changes affecting amortization took effect in first quarter 2003. First, FAS 143 changed the method for accounting for reclamation and closure costs. Amortization increased by $2 million for third quarter 2003 to reflect the amortization of the increase to property, plant and equipment from adopting the new standard at the beginning of this year.

The second change relates to the amortization of underground development costs to exclude estimates of future underground development costs in the current period amortization. The new accounting policy for our underground mines had minimal impact on our third quarter results, and is expected to have minimal impact on amortization for the balance of the year.

Overall amortization is expected to total between $520-$530 million in 2003. Amortization in 2004 is expected to be about $500 million.

ADMINISTRATION

Third quarter 2003 administration costs were $21 million, an increase of $5 million over the year earlier period. The increase is primarily related to severance costs incurred as part of our new organizational design and higher insurance costs.

For 2003, administration costs are expected to total $80 million, an increase of $10 million over the beginning of year estimate primarily due to additional severance, insurance and legal costs. Administration costs in 2004 are expected to be approximately $75 million.

EXPLORATION AND BUSINESS DEVELOPMENT

Exploration and business development expenses totaled $38 million for third quarter 2003, an increase of $8 million over the year earlier quarter. One third of the expenses during the current quarter were attributable to two development projects (Veladero and Alto Chicama), which had not been classified as reserves for SEC purposes and therefore costs were expensed. Veladero achieved reserve status under US reporting standards effective October 1, 2003. As a result, beginning in fourth quarter 2003, future development costs at Veladero will be capitalized.

For the year, exploration and business development expenses are expected to total about $125 million, $25 million higher than originally planned, mainly due to the expensing of costs at Veladero for the first nine months of the year.

Looking forward to 2004, we would expect exploration and business development expenses to be in the $100 million range.

INTEREST AND OTHER INCOME

For third quarter 2003, interest and other income was $24 million, an increase of $12 million compared to the prior year period. In third quarter 2003, we realized $16 million in gains on various asset sales, including the Bousquet mine, various land parcels in the United States, and certain investments. We also received interest on cash of $9 million.

For the full year, interest and other income is expected to total approximately $45 million, $20 million higher than originally anticipated, due primarily to gains on the sale of assets.

INTEREST EXPENSE

We incurred $12 million in interest costs in third quarter 2003, compared to $15 million in the year earlier quarter, relating primarily to our $500 million of debentures, and the $200 million Bulyanhulu project financing. The decrease over the year earlier period mainly reflects lower interest rates, including a $1 million beneficial effect of an interest rate swap used to convert interest on $250 million of our debentures from fixed to floating during the quarter.

For the full year, we expect to incur approximately $50 million in interest costs, of which we expect to capitalize $4 million to our construction projects.

NON-HEDGE DERIVATIVE GAINS (LOSSES)

The principal components of the mark-to-market gains and losses are changes in currency, commodity, and interest and lease rate contracts, and exclude our normal sales contracts.

The total mark-to-market loss on the non-hedge derivative positions included in third quarter 2003 earnings was $21 million (year to date gain of $25 million), compared with a loss of $3 million for the year earlier period. The loss during the quarter primarily relates to losses on interest rate contracts, including our lease rate swaps, due to movements in interest rates and spot gold prices.

Our gold sales contracts have fixed lease rates; however, for about one third of the contracts, we swapped out of the fixed lease rates for floating lease rates to take advantage of lower short-term rates. As gold prices and lease and interest rates decline/(increase), an unrealized mark-to-market gain/(loss) on these swap contracts occurs and is recorded, which flows through earnings each quarter. We expect to see ongoing fluctuations in these swap contracts in the following quarters as gold prices and lease and interest rates change.

INCOME TAXES

In third quarter 2003, we recorded a net income tax expense of $22 million, compared to a net income tax expense of $2 million in the prior year quarter, primarily due to the higher spot gold price. Income tax expense for the nine-month period ended September 30, 2003 includes a release of valuation allowances against deferred tax assets totaling $21 million, resulting from actions completed during the second quarter that provided assurance of the future realization of such assets. Excluding the valuation allowance release, our effective tax rate in the first nine months of 2003 increased to 20%, compared to 4% in the year earlier period. Compared to the Canadian federal tax rate of 38%, our lower effective tax rate is mainly due to: the utilization of previously unrecognized tax loss carry forwards, which mitigated extra taxes that would have arisen from the increase in average spot gold prices from $306 per ounce in 2002 to $354 per ounce in 2003; as well as non-hedge derivative gains taxed in a low tax rate jurisdiction. Our tax rate rises as gold prices rise, as a larger portion of our earnings are taxed in higher tax-rate jurisdictions. We estimate that in the current gold price environment our effective tax rate for 2003 will be about 20%, excluding the effect of changes in valuation allowances and any further non-hedge derivative gains and losses arising in the fourth quarter.

STATEMENT OF COMPREHENSIVE INCOME

Comprehensive income consists of net income or loss, together with certain other economic gains and losses that are collectively described as "other comprehensive income" and are excluded from the income statement.

Comprehensive income totaled $21 million in third quarter 2003, compared to $7 million in the year earlier quarter. The primary reason for the increase in 2003 relates to unrealized gains on available-for-sale securities of $10 million.

LIQUIDITY AND CAPITAL RESOURCES

We believe our ability to generate free cash flow from operations is one of our fundamental financial strengths. Combined with our large cash balance of $1 billion at September 30, 2003 and our $1 billion undrawn bank facility, we have sufficient access to capital resources to develop our internal projects and maintain a strong exploration program.

OPERATING ACTIVITIES

We generated operating cash flow of $188 million in third quarter 2003, compared to $126 million in the year earlier period. The increase in operating cash flow in the third quarter primarily relates to higher gold sales volumes and realized gold prices.

Our operating cash flow in 2003 has been significantly affected by timing differences between cash payments of tax installments, which are based on 2002 taxable income, and accruals for current taxes based on expected 2003 taxable income. In second quarter 2003, this timing difference resulted in a net increase to operating cash flow of $10 million. For the first nine months of 2003, this timing difference resulted in a net decrease in operating cash flow of $45 million. As taxable income is significantly affected by changes in spot gold prices, any timing differences resulting from these changes could impact our operating cash flow.

INVESTING ACTIVITIES

Our principal investing activities are for sustaining capital at our existing operating properties, new mine development and property and company acquisitions.

CAPITAL EXPENDITURES

Capital expenditures for third quarter 2003 totaled $81 million, compared to $58 million for the year earlier period. The increase was due primarily to increased spending in Australia ($36 million), mainly for underground development and new mining equipment. Capital expenditures also included $20 million in North America for maintenance capital, and $8 million in Tanzania spent at the Bulyanhulu Mine on underground development. In South America, capital expenditures totaled $17 million at Veladero and Pierina, and included engineering and development work at Pascua-Lama. For the full year we expect to spend about $345 million, which will be lower than plan due to the expensing of development costs at Veladero through the first nine months of 2003. We would expect capital spending to increase in 2004, as we expect to begin construction of Veladero, Cowal and Alto Chicama.

FINANCING ACTIVITIES

During third quarter 2003, our cash outflow on financing activities was $83 million, compared with $nil in the year earlier period. The higher outflow in third quarter 2003 principally related to the buyback of 5.3 million Barrick common shares at an average price of $17.30 per share at a total cost of $91 million.

OUTLOOK

Our objective is to grow our business organically and through compelling acquisition opportunities in the global mining industry. We are focused on running our existing operations as efficiently and effectively as possible, as we develop our new generation of mines and sustain one of the largest exploration programs in the industry.

In third quarter 2003, the flexibility in our forward sales program once again allowed us to participate in higher gold prices, selling production at the higher spot prices, as gold prices were above our 2003 floor price of $340. We plan to continue to take advantage of the flexibility inherent in our program and spot gold price volatility to reduce the size of our forward sales position over time, subject to market conditions.

Overall for 2003, we are forecasting production of 5.4 to 5.5 million ounces at an average total cash cost in the $190 to $195 per ounce range, and a total production cost in the $280 to $285 per ounce range. We expect exploration and business development expenses to be approximately $125 million. Administration expense for the year is expected to be approximately $80 million and interest expense approximately $45 million. Interest and other income is expected to be approximately $45 million, while, in the current gold price environment, our effective tax rate will be about 20%, excluding the effect of changes in valuation allowances and any further non-hedge derivative gains and losses. Capital expenditures for the year are expected to total about $220 million at our operating mines, and a further $125 million at our four development projects, for a total of $345 million.

In 2004, the Company expects production to be approximately 10% lower than the current year and costs to run approximately 10% higher, as several of the Company's key operations, primarily Pierina and Goldstrike, mine lower grade material.

NON-GAAP MEASURES

We have included cost per ounce data because we understand that certain investors use this information to determine the Company's ability to generate earnings as well as cash flow for use in investing and other activities. We believe that conventional measures of performance prepared in accordance with GAAP do not fully illustrate the ability of our operating mines to generate cash flow. The data are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Where cost per ounce data is computed by dividing GAAP operating cost components by ounces sold, we have not provided formal reconciliations of these statistics. Where GAAP operating costs are adjusted in computing cost per ounce data, we have provided reconciliations below.

Reconciliation of Total Cash Costs Per Ounce(3) to
Financial Statements
---------------------------------------------------------------------
                                         Three months    Nine months
                                                ended          ended
                                         September 30,  September 30,
(In millions of United States dollars
 except per ounce amounts)                 2003   2002    2003   2002
---------------------------------------------------------------------

Operating costs per financial statements   $290   $259    $824   $787
Reclamation costs/other                    (19)    (9)    (44)   (27)
---------------------------------------------------------------------
Operating costs for per ounce calculation  $271   $250    $780   $760
---------------------------------------------------------------------

Ounces sold (thousands)                   1,505  1,384   4,193  4,265
Total cash costs per ounce                 $180   $180    $186   $178
---------------------------------------------------------------------
(3) Total cash costs per ounce data are calculated in accordance
with The Gold

Institute Production Cost Standard (the "Standard").Adoption of the Standard is voluntary, and the data presented may not be comparable to data presented by other gold producers. Cash costs per ounce are derived from amounts included in the Statements of Income and include mine site operating costs such as mining, processing, administration, royalties and production taxes, but exclude amortization, reclamation costs, financing costs, and capital, development and exploration costs.

Reconciliation of Amortization and Reclamation Costs Per Ounce to
Financial Statements
---------------------------------------------------------------------

                                          Three months   Nine months
                                                 ended         ended
                                          September 30, September 30,
(In millions of United States dollars
 except per ounce amounts)                  2003   2002   2003   2002
---------------------------------------------------------------------

Amortization per financial statements       $134   $126   $390   $375

Amortization recorded on property,
 plant and equipment
 not at operating mine sites                   6      4     21     16
---------------------------------------------------------------------
Amortization for per ounce calculation       128    122    369    359

Reclamation costs                              -      7      -     26
---------------------------------------------------------------------
Amortization and reclamation costs
 for per ounce calculation                  $128   $129   $369   $385
---------------------------------------------------------------------
Ounces sold (thousands)                    1,505  1,384  4,193  4,265
Amortization costs per ounce                 $85    $87    $88    $84
Amortization and reclamation costs per ounce $85    $93    $88    $90
---------------------------------------------------------------------


FINANCIAL RISK MANAGEMENT

Forward Gold Sales Hedge Position (as of September 30, 2003)

---------------------------------------------------------------------
Gold ounces hedged           16.1 million ounces (or approximately
                             three years of expected future
                             production)
---------------------------------------------------------------------
Current termination date     2013 in most cases
of gold sales contracts
---------------------------------------------------------------------
Average projected realizable $414/oz (1)
gold sales contract price
at 2013 termination date.
---------------------------------------------------------------------
Delivery obligations         Barrick will deliver gold production
                             from operations against gold sales
                             contracts by the termination date (which
                             is currently 2013 in most cases).
                             However, Barrick may choose to settle
                             any gold sales contract in advance of
                             this termination date at any time, at
                             its discretion. Historically, delivery
                             has occurred in advance of the
                             contractual termination date.(2)

---------------------------------------------------------------------
Minimum gold sales price     $345/oz (3)
for remaining expected 2003
production
---------------------------------------------------------------------
Average forecast minimum     $318/oz (1,2,4)
realizable contract gold
sales price for delivery
of 100% of expected future
production into existing
sales contracts over the
next three years.
---------------------------------------------------------------------
Unrealized mark to market    $1.2 billion (5)
loss at September 30, 2003
---------------------------------------------------------------------
"Capped price" variable      None
price gold sales contracts
outstanding
---------------------------------------------------------------------

(1) Approximate estimated value based on current market US dollar
interest rates and an average lease rate assumption of 1.5%
(2) Accelerating gold deliveries could potentially lead to reduced
contango that would otherwise have built-up over time.
(3) Lowest expected realized price for 2003, assuming the use of
certain gold sales contracts, or the spot market price of gold,
whichever is higher.
(4) Assumes delivery of 100% of expected future production against
current gold sales contracts which would exhaust all remaining gold
hedge positions.
(5) At a spot gold price of $385 per ounce.

In all of our master trading agreements, which govern the terms of our gold sales contracts with our 19 counterparties, the following applies:

    --  The counterparties do not have unilateral and discretionary
        'right to break' provisions.

    --  There are no credit downgrade provisions.

    --  We are not subject to any margin calls - regardless of the
        price of gold.

    --  We have the right to accelerate the delivery of gold at any
        time during the life of our contracts. This flexibility is
        demonstrated by the terms that allow us to close out hedge
        contracts at any time on two days notice, or keep these hedge
        contracts outstanding for as long as 15 years. This feature
        means that we can sell our gold at the market price or our
        hedge price, whichever is higher.

Our trading agreements with our counterparties do provide for early close out of certain transactions in the event of a material negative change in our ability to produce gold for delivery under our hedging agreements, or a lack of gold market, and for customary events of default such as covenant breaches, insolvency or bankruptcy. The significant financial covenants are:

    --  Barrick must maintain a minimum consolidated net worth of at
        least US$2 billion - currently, it is US$ 3.4 billion.

    --  Barrick must maintain a maximum long-term debt to consolidated
        net worth ratio of 1.5:1 - currently, it is under 0.25 :1.

The foregoing information is a summary of certain aspects of our forward sales program and is not intended to be comprehensive. For a more complete understanding, reference should be made to the Company's website (www.barrick.com).

The estimated fair value of all derivative instruments at September 30, 2003 was approximately $1 billion negative. The year-to-date change in the fair value of our derivative instruments is detailed as follows:

Mark-to-Market (Fair Value) at September 30, 2003 of all derivative
instruments:

---------------------------------------------------------------------
Gold forward sales position                                  $(1,213)
Silver forward sales position                                     (1)
Foreign currency position                                         185
Interest rate position                                             29
---------------------------------------------------------------------
All derivative instruments                                   $(1,000)
---------------------------------------------------------------------


Continuity Schedule of the Change in the Mark-to-Market Value of our
gold forward sales position (millions)

---------------------------------------------------------------------
Fair value as at December 31, 2002 - Unrealized loss           $(639)
Impact of change in spot price
 (from $347 per ounce to $385 per ounce)                        (613)
Contango earned period to date                                    105
Impact of change in valuation inputs other than spot metal prices
 (e.g. interest rates, lease rates, and volatility)              (66)
---------------------------------------------------------------------
Fair value as at September 30, 2003 - Unrealized loss        $(1,213)
---------------------------------------------------------------------

The mark-to-market value of the gold contracts is based on a spot gold price of $385 per ounce and market rates for LIBOR and gold lease rates. The mark-to-market value of the contracts would approach zero (breakeven) at a spot gold price of approximately $311 per ounce, assuming all other variables are constant. The mark-to-market value represents the replacement value of these contracts based on current market levels, and does not represent an economic obligation for payment by Barrick. Barrick's obligations under the gold sales contracts are to deliver an agreed upon quantity of gold at a hedge price by the termination date on the contracts (2013 in most cases).

Consolidated Statements of Income

(in millions of United States dollars, except per share data,
 US GAAP basis)              Three months ended     Nine months ended
                                   Sept. 30,             Sept. 30,
---------------------------------------------------------------------
(Unaudited)                      2003      2002        2003      2002
---------------------------------------------------------------------
Gold sales (note 13)             $549      $473      $1,499    $1,441
---------------------------------------------------------------------
Costs and expenses
Operating (notes 3 and 13)        290       259         824       787
Amortization (note 13)            134       126         390       375
Administration                     21        16          63        49
Exploration and business
 development                       38        30         101        77
---------------------------------------------------------------------
                                  483       431       1,378     1,288
---------------------------------------------------------------------

Interest and other income
 (note 4)                          24        12          39        28
Interest expense                 (12)      (15)        (36)      (44)
Non-hedge derivative
 gains (losses) (note 11E)       (21)       (3)          25         8
---------------------------------------------------------------------
Income before income
 taxes and other items             57        36         149       145
Income tax expense (note 5)      (22)       (2)         (9)       (6)
---------------------------------------------------------------------
Income before cumulative
 effect of changes in
 accounting principles             35        34         140       139
Cumulative effect of
 changes in accounting
 principles (note 2)                -         -        (17)         -
---------------------------------------------------------------------
Net income                        $35       $34        $123      $139
---------------------------------------------------------------------

Earnings per share data
 (note 6):
Income before cumulative
 effect of changes in
 accounting principles
Basic and diluted               $0.07     $0.06       $0.26     $0.26
Net income
Basic and diluted               $0.07     $0.06       $0.23     $0.26
---------------------------------------------------------------------

The accompanying notes are an integral part of these unaudited
interim consolidated financial statements


Consolidated Statements of Cash Flow

(in millions of United States dollars, US GAAP basis)
                                 Three months ended Nine months ended
                                        Sept. 30,         Sept. 30,
---------------------------------------------------------------------
(Unaudited)                            2003    2002      2003    2002
---------------------------------------------------------------------
OPERATING ACTIVITIES
Net income for the period               $35     $34      $123    $139
Amortization (note 13)                  134     126       390     375
Changes in capitalized mining costs      18       9        34      11
Deferred income taxes (note 5)         (20)     (3)      (65)     (9)
Other items (note 14)                    21    (40)      (97)   (122)
---------------------------------------------------------------------
Net cash provided by operating
 activities                             188     126       385     394
---------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and equipment
  Capital expenditures (note 13)       (81)    (58)     (216)   (166)
  Sales proceeds                         23       4        38       7
Short-term investments                    -      29         -     159
---------------------------------------------------------------------
Net cash used in
 investing activities                  (58)    (25)     (178)       -
---------------------------------------------------------------------
FINANCING ACTIVITIES
Capital stock
  Issued on exercise of stock options     8       2        11      83
  Repurchased for cash (note 9A)       (91)       -     (154)       -
Long-term debt repayments                 -     (2)       (9)     (3)
Dividends                                 -       -      (60)    (60)
---------------------------------------------------------------------
Net cash provided by (used in)
 financing activities                  (83)       -     (212)      20
---------------------------------------------------------------------
Increase (decrease) in
 cash and equivalents                    47     101       (5)     414
Cash and equivalents at
 beginning of period                    992     887     1,044     574
---------------------------------------------------------------------
Cash and equivalents at
 end of period                       $1,039    $988    $1,039    $988
---------------------------------------------------------------------

The accompanying notes are an integral part of these unaudited
interim consolidated financial statements


Consolidated Balance Sheets

(in millions of United States dollars, US GAAP basis)
                                                  As at         As at
                                              Sept. 30,      Dec. 31,
(Unaudited)                                        2003          2002
---------------------------------------------------------------------
ASSETS
Current assets
  Cash and equivalents                           $1,039        $1,044
  Short-term investments                             32            30
  Accounts receivable                                67            72
  Inventories (note 8)                              162           159
  Other current assets (note 8)                      58            47
---------------------------------------------------------------------
                                                  1,358         1,352
  Property, plant and equipment                   3,174         3,322
  Capitalized mining costs, net                     238           272
  Non-current derivative assets                     252            78
  Other assets                                      263           237
---------------------------------------------------------------------
Total assets                                     $5,285        $5,261
---------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
  Accounts payable                                 $198          $164
  Other current liabilities                         291           319
---------------------------------------------------------------------
                                                    489           483
  Long-term debt                                    754           761
  Other long-term obligations                       408           422
  Deferred income tax liabilities                   262           261
---------------------------------------------------------------------
Total liabilities                                 1,913         1,927
---------------------------------------------------------------------
Shareholders' equity
  Capital stock                                   4,097         4,148
  Deficit                                         (713)         (689)
  Accumulated other comprehensive loss
   (note 7)                                        (12)         (125)
---------------------------------------------------------------------
Total shareholders' equity                        3,372         3,334
---------------------------------------------------------------------
Total liabilities and shareholders' equity       $5,285        $5,261
---------------------------------------------------------------------

The accompanying notes are an integral part of these unaudited
interim consolidated financial statements

(MORE TO FOLLOW)

    CONTACT: Barrick Gold Corporation
             Vincent Borg, 416-307-7477
             Fax: 416-861-1509
             media@barrick.com

    SOURCE: Barrick Gold Corporation

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Gold  $ 1,280.63 -5.32 -0.41% Volume: October 18, 2017
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Gold  $ 1,280.63 -5.32 -0.41% Volume: October 18, 2017

Our vision is the generation of wealth through responsible mining — wealth for our owners, our people, and the countries and communities with which we partner.

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