Message from the President and CEO

2024 was a year of significant progress and transformation for Barrick, driven by our foundational belief that the best assets, combined with the best people, create the basis for long-term sustainable growth.

As we progressed key growth projects and advanced our world-class portfolio, we successfully delivered on production guidance, setting the stage for continued improvements and value creation.

Our commitment to growth was reinforced by the completion of two critical feasibility studies, most notably for the Lumwana Super Pit Expansion in Zambia and the Reko Diq project in Pakistan. These projects are pivotal to Barrick’s future, with Lumwana set to become a top 25 copper producer, and Reko Diq positioned to be a top-tier copper and gold producer. At the same time, our ramp-up at Pueblo Viejo continued, bringing it closer to our goal of making it a plus 800,000-ounce-per-year low-cost producer. These achievements, combined with the standout performance at Veladero, ongoing improvements at Turquoise Ridge, progress at Fourmile and on plan delivery across Africa and Middle East, strengthen Barrick’s industry-leading position. Fourmile, an exciting project adjacent to the Goldrush operation, is already proving to be a valuable addition to our growth strategy.

In 2024, we replaced all the gold and copper we mined and added substantially to our reserves, reinforcing the foundation for future growth. We replaced 4.6 million ounces of attributable annual gold depletion at better grades. The completion of Reko Diq’s feasibility study added 13 million ounces of gold reserves and 7.3 million tonnes of copper reserves on an attributable basis. The Lumwana Super Pit Expansion contributed an additional 5.5 million tonnes of copper resulting in total project copper reserves of 8.3 million tonnes of copper at 0.52%. Overall Barrick has seen a 13 million-tonne increase in attributable copper reserves before depletioni, positioning the company for continued growth in copper production.

With this growth, Barrick stands alone in the industry as no other company matches our ability to replace what we mine while simultaneously expanding our reserves. Our integrated mineral resource management and exploration strategy has allowed us to build a foundation that supports a projected 30% growth in gold equivalent ounces out to the end of the decade.

Prioritizing safety and community well-being

The safety of our people remains our highest priority, and we are committed to our Journey to Zero. While we made significant strides in raising safety standards and eliminating Fatal Risks throughout our operations, the three fatalities we experienced in 2024 serve as a stark reminder that our work is far from complete. Nothing is more important than ensuring everyone returns home safe and healthy every single day.

Despite these tragic losses, we saw encouraging improvements in key safety metrics, including a 47% reduction in our Lost Time Injury Frequency Rate (LTIFR) and a 20% reduction in our Total Recordable Injury Rate (TRIFR) compared to the previous year. This marks the fifth consecutive year of improvement. A standout achievement was reaching zero Lost Time Injuries from June to September, a testament to the strength of our safety culture.

Our commitment to our people extends far beyond the workplace, demonstrating our deep responsibility toward all stakeholders. Barrick remains dedicated to advancing sustainable health initiatives, enhancing the quality of life in the communities where we operate. In 2024, we celebrated a significant achievement in the Africa and Middle East region, reaching the lowest Malaria Incident Rate (MIR) on record, reducing the MIR by an impressive 51% compared to 2023.

Driving environmental stewardship and social impact

On the environmental front, 2024 was a year of impressive progress. We surpassed our target by 13%, achieving 824 hectares of concurrent rehabilitation. We launched the industry’s first Biodiversity Residual Impact Assessment (BRIA) and reused or recycled 85% of our water, reinforcing our commitment to reducing our environmental footprint and fostering a sustainable future.

Sustainability remains at the core of Barrick’s operations, guiding our decisions and long-term strategy. We once again achieved an ‘A’ rating in our Sustainability Scorecard, a testament to our holistic approach. Rather than focusing on conformance with frameworks and standards, we believe it is a natural outcome of our daily commitment to making a real impact. This is why we have made the United Nations Sustainable Development Goals (SDG) central to our strategy, viewing our contributions to these universal goals as the true measure of our success as a business.

At Barrick, sustainability means more than just the environment — it is about the people we employ and the communities we support. Local partnerships continue to be crucial to advancing our sustainability efforts and ensuring that host nations receive their fair share of economic value is central to our approach, along with delivering tangible benefits to local communities. With 97% of our workforce being host-country nationals and a focus on procuring goods and services locally, we ensure that our operations provide lasting benefits to the regions in which we operate.

A strong foundation for the year ahead

Barrick retains a steadfast focus on delivery, advancing our exceptional asset base and executing on our long-term strategy. We closed the year with solid performance, achieving guidance and solidifying our resolve to achieve operational excellence and sustainable growth.

The Lumwana Super Pit Expansion is progressing as planned, with long lead items already ordered and manufactured. The feasibility study is now complete and, following Board approval, development of the project is moving forward. This expansion strengthens Lumwana’s role as a key pillar in our copper growth strategy. With a strong funding position, we will continue to advance both the Lumwana and Reko Diq development projects without the need to issue new shares or take on excessive debt.

While our current production guidance for 2025 does not include Loulo-Gounkoto, we will provide an update once we have greater clarity on its outlook. Barrick remains committed to constructive engagement with the Malian government and all stakeholders to find an amicable solution that ensures the long-term sustainability of the Loulo-Gounkoto mining complex and its vital contribution to Mali’s economy and communities.

At Pueblo Viejo, the expansion remains on track to become one of the world’s leading gold mines, achieving Tier One plus status with annual production set to exceed 800,000 ounces.

In Nevada, Goldrush continues to ramp up as planned, strengthening its role as a cornerstone of our future production growth. Fourmile has commenced a pre-feasibility study, which will provide the data to underpin a forthcoming decision on its development path. The 2024 preliminary economic assessment highlights its world-class potential, with significantly larger orebody endowmentFourmile financial metrics and production metrics are based upon Barrick’s internal preliminary economic assessment which is conceptual in nature and there is no certainty that the preliminary economic assessment will be realized. at nearly double the grade of Goldrush, highlighting the potential to add another foundational asset for Barrick’s future production.

Reko Diq, one of the world’s most significant undeveloped copper and gold projects, has received conditional approval from the Board to proceed following the completion of its bankable feasibility study, subject to the closing of up to $3 billion of limited recourse project financing. We have already invested significantly in our host communities, building schools where there were previously none, paying advance royalties to the provincial government, and recruiting and training Baloch workers for future employment. This sets the stage for early works, project start-up, and finalization of funding. Reko Diq is poised to become one of the lowest-cost copper producers globally, with strong potential for long-term value creation.

Charting the course for sustained growth

Barrick’s journey forward remains anchored in discipline, quality and long-term value creation. Our commitment to focusing on Tier One assets ensures that we continue to operate an unmatched portfolio, prioritizing a sustainable business with strong cash flows.

This disciplined approach includes refining our asset base by identifying opportunities to streamline the portfolio. The ongoing sale process for Tongon in Côte d'Ivoire is part of our efforts to optimize our portfolio, seeking assets that align with our long- term objectives. At the same time, we remain committed to responsible mining, with a focus on operations that deliver strong financial and environmental performance.

With a strong balance sheet and an eye on operational excellence, Barrick is poised to continue to lead the industry without compromising financial strength or shareholder returns.

Investing in People, Building the Future

People are at the heart of everything we do at Barrick. The best assets in the world mean little without the best teams to unlock their full potential.

This year, more than ever, we have invested in our people alongside feasibility studies and project ramp-ups, ensuring that our operations are not only best-in-class today but built for long-term success. Through collaboration with executives and skills development partners, we have strengthened the Barrick Academy, equipping emerging mining leaders with the expertise and experience needed to shape the company’s path forward. These young men and women, who are actively building and operating our mines, represent the next chapter of Barrick’s success and their development remains a key priority.

Barrick maintains one of the strongest balance sheets in the industry, built through disciplined decision-making by acquiring assets without paying excessive premiums and avoiding unnecessary debt. This financial strength positions us to continue executing on our growth ambitions without the need for external funding, ensuring long-term stability and resilience.

At the same time, our duty to shareholder value remains clear. Our share buyback program not only returns capital to investors but also enhances per-share value, underscoring our disciplined approach to capital allocation. As we move forward, we look to maintaining and enhancing our balance sheet while delivering sustainable growth and returns.

I am incredibly proud of what we have achieved together and am grateful for the passion and devotion that drives this company forward. To our Board, our employees, our partners, our shareholders, and the communities we work in — thank you. Your trust and hard work are the foundation of Barrick’s success. As we look ahead, we do so with confidence, knowing that we have the right strategy, the right assets and, most importantly, the right people to continue delivering on our promises.

Mark Bristow
President and Chief Executive Officer