Barrick Gold : MD&A and Financial Statements(opens in new window)

Management's Discussion and Analysis ("MD&A") Quarterly Report on the First Quarter of 2022

This portion of the Quarterly Report provides management's discussion and analysis ("MD&A") of the financial condition and results of operations, to enable a reader to assess material changes in financial condition and results of operations as at, and for the three month period ended March 31, 2022, in comparison to the corresponding prior-year periods. The MD&A is intended to help the reader understand Barrick Gold Corporation ("Barrick", "we", "our", the "Company" or the "Group"), our operations, financial performance and present and future business environment. This MD&A, which has been prepared as of May 3, 2022, is intended to supplement and complement the condensed unaudited interim consolidated financial statements and notes thereto, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), including International Accounting Standard 34 Interim Financial Reporting ("IAS 34"), for the three month period ended March 31, 2022 (collectively, the "Financial Statements"), which are included in this Quarterly Report on pages 95 to 99. You are encouraged to review the Financial Statements in conjunction with your review of this MD&A. This MD&A should be read in conjunction with both the annual audited consolidated financial statements for the

Cautionary Statement on Forward-Looking Information

two years ended December 31, 2021, the related annual MD&A included in the 2021 Annual Report, and the most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission ("SEC") and Canadian provincial securities regulatory authorities. These documents and additional information relating to the Company are available on SEDAR atwww.sedar.comand EDGAR atwww.sec.gov. Certain notes to the Financial Statements are specifically referred to in this MD&A and such notes are incorporated by reference herein. All dollar amounts in this MD&A are in millions of United States dollars ("$" or "US$"), unless otherwise specified.

For the purposes of preparing our MD&A, we consider the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of our shares; (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. We evaluate materiality with reference to all relevant circumstances, including potential market sensitivity.

Certain information contained or incorporated by reference in this MD&A, 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 "believe", "expect", "anticipated", "vision", "aim", "strategy", "target", "plan", "opportunities", "guidance", "forecast", "outlook", "objective", "intend", "project", "pursue", "goal", "continue", "committed" "budget", "estimate", "potential", "prospective", "future", "focus", "during", "ongoing", "following", "subject to", "scheduled", "may", "will", "can", "could", "would", "should" and similar expressions identify forward-looking statements. In particular, this MD&A contains forward-looking statements including, without limitation, with respect to: Barrick's forward-looking production guidance; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in-sustaining costs per ounce/pound; cash flow forecasts; projected capital, operating and exploration expenditures; the share buyback program and performance dividend policy, including the criteria for dividend payments; mine life and production rates; Barrick's engagement with local communities to manage the Covid-19 pandemic, including Covid-19 vaccination initiatives and Covid-19 protocols at Barrick's minesites; projected capital estimates and anticipated permitting timelines related to the Goldrush Project; the process for the execution and legalization of definitive agreements and the reconstitution of a joint venture to carry out the future development and operation of the Reko Diq project; the planned updating of the historical Reko Diq feasibility study and our plans upon theproject's reconstitution; the proposed fiscal and governance terms applicable to the Reko Diq project and the joint venture through which it is held; our plans and expected completion and benefits of our growth projects, including the Goldrush Project, Turquoise Ridge Third Shaft, Pueblo Viejo plant expansion and mine life extension project, and Veladero Phase 7 leach pad and power transmission projects; capital expenditures related to upgrades and ongoing management initiatives, including at North Mara; Barrick's global exploration strategy and planned exploration activities, including the acquisition of drilling permits in Southern Peru; the impact of Nevada's new mining excise tax on Nevada Gold Mines; the timeline for execution and effectiveness of definitive agreements and formation of a new joint venture to implement the Framework Agreement between Papua New Guinea and Barrick Niugini Limited ("BNL"); the duration of the temporary suspension of operations at Porgera, the conditions for the reopening of the mine and the timeline to recommence operations; our pipeline of high confidence projects at or near existing operations; potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves; asset sales, joint ventures and partnerships, including the potential sale of Long Canyon; Barrick's strategy, plans, targets and goals in respect of environmental and social governance issues, including climate change, greenhouse gas emissions reduction targets (including with respect to our Scope 3 emissions), responsible water use, tailings storage facility management, biodiversity and human rights initiatives; and expectations regarding future price assumptions, financial performance and other outlook or guidance. Forward-

looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this MD&A in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company's expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this MD&A are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; 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; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals, including the issuance of a Record of Decision for the Goldrush Project and/or whether the Goldrush Project will be permitted to advance as currently designed under its Feasibility Study; non-renewal of or failure to obtain key licenses by governmental authorities, including the new special mining lease for Porgera and the mining lease and exploration license for the Reko Diq project; failure to comply with environmental and health and safety laws and regulations; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick's operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision ofrequired infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick's infrastructure, information technology systems and the implementation of Barrick's technological initiatives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by supply chain disruptions caused by the ongoing Covid-19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company's management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions being realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company's goodwill and assets. Barrick also cautions that its 2022 guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19.

In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this MD&A 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 MD&A. 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.

Use of Non-GAAP Financial Performance Measures	Index
We use the following non-GAAP financial performance	28
measures in our MD&A:
40
61
62
67
72
74	Commitments and Contingencies
75	Review of Quarterly Results
75	Internal Control over Financial Reporting and
Disclosure Controls and Procedures
76	IFRS Critical Accounting Policies and
Accounting Estimates
76	Non-GAAP Financial Performance Measures
90	Technical Information
90	Endnotes
95	Financial Statements
100	Notes to Consolidated Financial Statements
MANAGEMENT'S DISCUSSION AND ANALYSIS

• ■ "adjusted net earnings"

• ■ "free cash flow"

• ■ "EBITDA"

• ■ "adjusted EBITDA"

• ■ "minesite sustaining capital expenditures"

• ■ "project capital expenditures"

• ■ "total cash costs per ounce"

• ■ "C1 cash costs per pound"

• ■ "all-in sustaining costs per ounce/pound"

• ■ "all-in costs per ounce" and

• ■ "realized price"

For a detailed description of each of the non-GAAP financial performance measures used in this MD&A and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Performance Measures section of this MD&A on pages 76 to 89. Each non-GAAP financial performance measure has been annotated with a reference to an endnote on page 90. The non-GAAP financial performance measures set out in this MD&A are intended to provide additional information to investors and do not have any standardized meaning under IFRS, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Overview

• 28Financial and Operating Highlights

• 31 Key Business Developments

• 32 Environmental, Social and Governance

• 36 Outlook

• 38 Production and Cost Summary

Operating Performance

• 41 Nevada Gold Mines

  42 44 46 48

  Carlin Cortez Turquoise Ridge

  Other Mines - Nevada Gold Mines

• 49 Pueblo Viejo

• 50 Loulo-Gounkoto

• 52 Kibali

• 54 Veladero

• 56 North Mara

• 58 Bulyanhulu

• 59 Other Mines - Gold

• 60 Other Mines - Copper

Growth Projects

Exploration and Mineral Resource Management Review of Financial Results

• 67 Revenue

• 68 Production Costs

• 69 Capital Expenditures

• 70 General and Administrative Expenses

• 70 Exploration, Evaluation and Project Expenses

• 70 Finance Costs, Net

• 70 Additional Significant Statement of Income Items

• 71 Income Tax Expense

Financial Condition Review

• 72 Balance Sheet Review

• 72 Shareholders' Equity

• 72 Financial Position and Liquidity

• 73 Summary of Cash Inflow (Outflow)

Overview

Financial and Operating Highlights

For the three months ended

3/31/22	12/31/21	% Change	3/31/21	% Change
Financial Results ($ millions)
Revenues	2,853	3,310	(14)%	2,956	(3)%
Cost of sales	1,739	1,905	(9)%	1,712	2 %
Net earningsa	438	726	(40)%	538	(19)%
Adjusted net earningsb	463	626	(26)%	507	(9)%
Adjusted EBITDAb	1,645	2,070	(21)%	1,800	(9)%
Adjusted EBITDA marginc	58 %	63 %	(8)%	61 %	(5)%
Minesite sustaining capital expendituresb,d	420	431	(3)%	405	4 %
Project capital expendituresb,d	186	234	(21)%	131	42 %
Total consolidated capital expendituresd,e	611	669	(9)%	539	13 %
Net cash provided by operating activities	1,004	1,387	(28)%	1,302	(23)%
Net cash provided by operating activities marginf	35 %	42 %	(17)%	44 %	(20)%
Free cash flowb	393	718	(45)%	763	(48)%
Net earnings per share (basic and diluted)	0.25	0.41	(39)%	0.30	(17)%
Adjusted net earnings (basic)b per share	0.26	0.35	(26)%	0.29	(10)%
Weighted average diluted common shares (millions of shares)	1,779	1,779	0 %	1,778	0 %
Operating Results
Gold production (thousands of ounces)g	990	1,203	(18)%	1,101	(10)%
Gold sold (thousands of ounces)g	993	1,234	(20)%	1,093	(9)%
Market gold price ($/oz)	1,877	1,795	5 %	1,794	5 %
Realized gold priceb,g ($/oz)	1,876	1,793	5 %	1,777	6 %
Gold cost of sales (Barrick's share)g,h ($/oz)	1,190	1,075	11 %	1,073	11 %
Gold total cash costsb,g ($/oz)	832	715	16 %	716	16 %
Gold all-in sustaining costsb,g ($/oz)	1,164	971	20 %	1,018	14 %
Copper production (millions of pounds)g	101	126	(20)%	93	9 %
Copper sold (millions of pounds)g	113	113	0 %	113	0 %
Market copper price ($/lb)	4.53	4.40	3 %	3.86	17 %
Realized copper priceb,g ($/lb)	4.68	4.63	1 %	4.12	14 %
Copper cost of sales (Barrick's share)g,i ($/lb)	2.21	2.21	0 %	2.11	5 %
Copper C1 cash costsb,g ($/lb)	1.81	1.63	11 %	1.60	13 %
Copper all-in sustaining costsb,g ($/lb)	2.85	2.92	(2)%	2.26	26 %
As at	As at	As at
3/31/22	12/31/21	% Change	3/31/21	% Change
Financial Position ($ millions)
Debt (current and long-term)	5,144	5,150	0 %	5,153	0 %
Cash and equivalents	5,887	5,280	11 %	5,672	4 %
Debt, net of cash	(743)	(130)	472 %	(519)	43 %

a.	Net earnings represents net earnings attributable to the equity holders of the Company.
b.	Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included on pages 76 to 89 of this MD&A.
c.	Represents adjusted EBITDA divided by revenue.
d.	Amounts presented on a consolidated cash basis. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of
all-in sustaining costs.
e.	Total consolidated capital expenditures also includes capitalized interest of $5 million for the three month period ended March 31, 2022 (December 31, 2021: $4
million and March 31, 2021: $3 million).
f.	Represents net cash provided by operating activities divided by revenue.
g.	On an attributable basis.
h.	Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold
(both on an attributable basis using Barrick's ownership share).
i.	Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's
ownership share).

GOLD PRODUCTIONa (thousands of ounces)

COPPER PRODUCTIONa (millions of pounds)

1,101

1,041

1,092

1,203

126

Q1 2021

Q2 2021

Q3 2021

990

Q4 2021

Q1 2022

Q1 2021

93

96

100

101

Q2 2021

Q3 2021

Q4 2021

Q1 2022

GOLD COST OF SALESb, TOTAL CASH COSTSc, AND ALL-IN SUSTAINING COSTSc ($ per ounce)COPPER COST OF SALESb, C1 CASH COSTSc, AND ALL-IN SUSTAINING COSTSc ($ per pound)

2.92

1,073

1,107

1,018

1,087

1,122

1,190 1,164

2.74

2.85

Q1 2021

1,075

1,034

2.43

2.57 2.60

971

2.26

2.11

2.21

2.21

1.831.85

1.81

1.60

1.63

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Cost of sales

Total cash costs

AISC

Cost of sales

C1 cash costs

AISC

NET EARNINGS, ADJUSTED EBITDAc AND ADJUSTED EBITDA MARGINdATTRIBUTABLE CAPITAL EXPENDITURESe

($ millions)

61%

59%

59%

63%

58%

1,800 538

1,719 411

1,669 347

2,070 726

1,645 438

478

518

552

424

456

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Net earnings ($ millions)

Adjusted EBITDA ($ millions)

Adjusted EBITDA Margin (%)

Minesite sustaining

Project

OPERATING CASH FLOW AND FREE CASH FLOWc

DIVIDENDSf (cents per share)

$1,877

$1,794 1,302 763

$1,816

$1,790

$1,795 1,387 718

20

1,050 481

1,004 393

639

(19)Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Operating Cash Flow ($ millions)

Free Cash Flow ($ millions)

Gold Market Price ($/oz)

a. b.

On an attributable basis.

Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

c. d.

Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included on pages 76 to 89 of this MD&A. Represents adjusted EBITDA divided by revenue.

e.

Minesite sustaining and project capital expenditures are non-GAAP financial performance measures. Further information on non-GAAP financial performance measures, including detailed reconciliations, is included on pages 76 to 89 of this MD&A.

f.

Dividend per share declared in respect of the stated period inclusive of the performance dividend.