Barrick Mining Corporation Annual Report 2025

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Published: 2026-02-04T00:00:00+00:00
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# Read the Annual Report (PDF)
Barrick Mining Corporation
Annual Report 2025
NYSE : B TSX : ABX
2025 HIGHLIGHTS
$2.93 $8.16B $7.69B $3.87B
Net earnings per share Attributable EBITDA i
Operating cash flow Free cash flow i
140% 57% 71% 194%
YOY increase YOY increase YOY increase YOY increase
Delivered on gold and copper Highest shareholder returns
production guidance in Barrick’s history
Record quarterly financial Fourmile project in Nevada
performance in Q3 and Q4 doubles gold resourceii
Gold Production Copper Production Capital Allocation
On an attributable basis On an attributable basis
North America Africa &
64% Middle East
83% Buybacks Sustaining
$1.5B capitali,iii
$1.6B
3.26 220
Moz South America
& Asia Pacific kt South America &
10%
Asia Pacific Dividends
17% Growth
$890M
Africa & capitali,iii
Middle East
26%
$1.4B
$1.50B $890M $6.71B $2.00B
Share repurchases Paid in dividends Cash Net cashiv
i For a detailed description of each of the non-GAAP financial measures used in this Annual Report and a detailed reconciliation to the iii On an attributable basis
most directly comparable measure under IFRS, please refer to pages 57 to 69 of the MD&A accompanying Barrick’s Q4 and year-end iv Cash, net of debt
2025 financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
ii Estimated in accordance with National Instrument 43-101 – Standards of Disclosure in Mineral Projects as required by Canadian securities regulatory authorities. As of December
31, 2024, Fourmile indicated resources of 3.6 million tonnes grading 11.76g/t representing 1.4 million ounces of gold and inferred resources of 14 million tonnes grading 14.1 g/t
representing 6.4 million ounces of gold. As of December 31, 2025, Fourmile indicated resources of 4.6 million tonnes grading 17.59 g/t representing 2.6 million ounces of gold and
inferred resources of 25 million tonnes grading 16.9 g/t representing 13 million ounces of gold. Complete mineral reserve and mineral resource data for all mines and projects referenced
in this annual report, including tonnes, grades, and ounces, can be found on pages 75-84 of the MD&A accompanying Barrick’s Q4 and year-end 2025 financial statements filed on
SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Barrick Mining Corporation | i
MESSAGE FROM THE PRESIDENT AND CEO
Safety without compromise. Performance without excuses.
Growth without limits. These are the standards we hold
ourselves to as we create sustainable value for our shareholders.
Dear fellow shareholders,
In 2025, as Barrick met production guidance Mark Hill
for gold and copper, we achieved several President and CEO
financial milestones. We produced record
annual operating cash flow of $7.7 billion
and free cash flowi of $3.9 billion. Annual net
earnings of $5.0 billion, net earnings per share
of $2.93, adjusted net earningsi of $4.1 billion,
and adjusted earnings per sharei of $2.42 were
all records. We returned a record $2.4 billion to
shareholders, including $0.9 billion in dividends
and $1.5 billion in share buybacks. We sold
four assets—the Hemlo and Tongon mines and
the Donlin and Alturas projects—for total cash
proceeds of $2.6 billion. Our year-end cash
balance of $6.7 billion was an all-time high, and
we now have a net cashiv position of $2 billion. It was with these goals in mind that
We doubled Fourmile’s resource, confirming it we conducted an operational review of
as one of the most significant gold discoveries our entire business in Q4. We moved to a
this century.ii We resolved the disputes in Mali smaller, nimbler Group executive team and
and regained control of the Loulo-Gounkoto added operational experience to our senior
mine. leadership. We put Pueblo Viejo in our North
The only way we can truly create value is American region and placed our key autoclave
through long-term partnership with our host processing facilities under common leadership
countries and communities, our fellow owners, to share best practices. We moved Tim Cribb
and our people. We work tirelessly to build from oversight of Reko Diq to Chief Operating
and maintain trust with all our partners, which Officer for North America. Most importantly, we
among other things means negotiating deals put operational ownership back in the hands
that our host countries consider good and fair. of the operators. They delivered a 5% increase
It also means ensuring the safety of our people, in gold production over Q3 and reviewed
contributing to the health and education of mine plans from the bottom up, which gives
our host communities, and being responsible us confidence in our 2026 guidance. Nevada
stewards of natural ecosystems. has already seen one of the best starts to the
Barrick Mining Corporation | 1
year since we began the NGM joint venture, completed by late 2026. Barrick intends to
and we expect further production growth. Our retain a significant controlling interest in IPOCo
Board’s Compensation Committee has also following the IPO and continue to benefit
tied executive compensation far more heavily financially through its majority ownership.
to company-wide performance based on We will continue to own and drive value in
quantifiable measures of ESG, production, the Company’s other world-class gold and
and cost. copper assets.
In December, the Board authorized our Even as we change our structure, we will
management team to explore an IPO of not waver in our discipline. We will continue
an entity, IPOCo, that will hold Barrick’s to improve our performance and to allocate
premier North American gold assets: our joint capital with an uncompromising eye on long-
venture interests in Nevada Gold Mines and term value per share.
Pueblo Viejo, and our wholly owned Fourmile Working on your behalf is a privilege, and
discovery. Our leadership and advisors we will never flag in our efforts to keep earning
conducted a rigorous financial and operational and building your trust.
analysis, from which the Board concluded
that the IPO represents the best path for
maximizing value for our shareholders. The
Board has authorized management to begin
preparations for the IPO and expects it to be
2 | Annual Report 2025 | Letter from the President and CEO
BOARD OF DIRECTORS
John L. Thornton J. Brett Harvey Robert Samek
Non-Independent, Chairman Independent Independent
Helen Cai* Mark Hill Loreto Silva
Non-Independent Non-Independent, President Independent and Lead
and Chief Executive Officer Director
Isela A. Costantini
Independent Anne N. Kabagambe Pekka J. Vauramo
Independent Independent
Brian L. Greenspun
Independent
EXECUTIVE COMMITTEE
Mark Hill George Joannou Darian Rich
President and Chief Development Officer Chief Human Resources
Chief Executive Officer Officer
Poupak Bahamin**
Graham Shuttleworth* Chief Legal Officer
Senior Executive Vice
President, Chief Financial
* On January 19, 2026, the Company announced the appointment of Helen Cai as Senior Executive Vice
Officer President, Chief Financial Officer effective March 1, 2026, following the departure of Graham Shuttleworth.
** On February 24, 2026, Barrick announced that James J. McGuire was appointed Chief Legal and Policy
Officer and Woo Lee was appointed Chief Global Affairs Officer. In addition, Poupak Bahamin became
Barrick’s General Counsel and Chief Compliance Officer. The appointments of Messrs. McGuire and Lee
will take effect on March 9 and March 1, respectively.
Barrick Mining Corporation | 3
FINANCIAL REPORT
Management’s Discussion and Analysis 5
Mineral Reserves and Resources 73
Financial Statements 85
Notes to Financial Statements 90
Shareholder Information 129
Barrick Mining Corporation | 4
MANAGEMENT’S DISCUSSION AND ANALYSIS
(“MD&A”)
Management’s Discussion and Analysis (“MD&A”) is intended to help is a substantial likelihood that a reasonable investor would consider it
the reader understand Barrick Mining Corporation (formerly Barrick important in making an investment decision; or (iii) it would significantly
Gold Corporation) (“Barrick”, “we”, “our”, the “Company” or the alter the total mix of information available to investors. We evaluate
“Group”), our operations, financial performance and the present and materiality with reference to all relevant circumstances, including
future business environment. This MD&A, which has been prepared potential market sensitivity.
as of February 4, 2026, should be read in conjunction with our audited Continuous disclosure materials, including our most recent
consolidated financial statements (“Financial Statements”) for the year Form 40‑F/Annual Information Form, annual MD&A, audited
ended December 31, 2025. Unless otherwise indicated, all amounts are consolidated financial statements, and Notice of Annual Meeting of
presented in U.S. dollars. Shareholders and Proxy Circular will be available on our website at
For the purposes of preparing our MD&A, we consider the www.barrick.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at
materiality of information. Information is considered material if: (i) such www.sec.gov. For an explanation of terminology unique to the mining
information results in, or would reasonably be expected to result in, a industry, readers should refer to the glossary on page 72.
significant change in the market price or value of our shares; (ii) there
ABBREVIATIONS
AISC All-in Sustaining Costs Lb Pound
ARK Agbarabo-Rhino-Kombokolo LTI Lost Time Injury
BNL Barrick Niugini Limited LTIFR Lost Time Injury Frequency Rate
CDCs Community Development Committees LOM Life of Mine
CIL Carbon-in-leach Mtpa Million tonnes per annum
Commencement Detailed Porgera Project Commencement MVA Megavolt-amperes
Agreement Agreement between PNG and BNL
MW Megawatt
DRC Democratic Republic of the Congo
NGM Nevada Gold Mines
E&S Committee Environmental and Social
OECD Organisation for Economic Co-operation
Oversight Committee
and Development
EPCM Engineering, Procurement, and
Oz Ounce
Construction Management
PJL Porgera Jersey Limited
ESG & Environmental, Social, Governance &
Nominating Nominating Committee PNG Papua New Guinea
Committee
Randgold Randgold Resources Limited
GHG Greenhouse Gas
SDG Sustainable Development Goals
GISTM Global Industry Standard for Tailings
TCC Total Cash Costs
Management
TCFD Task Force for Climate-related Financial
GoT Government of Tanzania
Disclosures
ICMM International Council on Mining and Metals
TRIFR Total Recordable Injury Frequency Rate
ICSID International Centre for the Settlement of
TSF Tailings Storage Facilities
Investment Disputes
TW True Width
IFRS IFRS Accounting Standards as issued by the
International Accounting Standards Board TWMS Temporary Water Management Structures
IPO Initial Public Offering VAT Value-Added Tax
KCD Karagba, Chauffeur and Durba WGC World Gold Council
Ktpa Thousand tonnes per annum WTI West Texas Intermediate
Barrick Mining Corporation | 5
CAUTIONARY STATEMENT ON FORWARD- to drilling, engineering and socioeconomic studies and investment; the
LOOKING INFORMATION speculative nature of mineral exploration and development; lack of
certainty with respect to foreign legal systems, corruption and other
Certain information contained or incorporated by reference in this factors that are inconsistent with the rule of law; changes in national and
MD&A, including any information as to our strategy, projects, plans local government legislation, taxation, controls or regulations and/or
or future financial or operating performance, constitutes “forward- changes in the administration of laws, policies and practices, including
looking statements”. All statements, other than statements of the expropriation or nationalization of property and political or economic
histori

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