Q4 Highlights Infographic PDF

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# Q4 Highlights Infographic PDF

Source: https://s25.q4cdn.com/322814910/files/doc_downloads/fact_sheet/Barrick_Fact_Sheet.pdf
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## Content

# Q4 Highlights Infographic PDF
Q4 2025 Highlights
Net earnings per share Attributable EBITDA1 Delivered on gold and copper
production guidance
$1.43 $3.08B
151% 82% Another record quarterly
financial performance
year-on-year year-on-year
Operating cash flow Free cash flow2 Highest shareholder returns in
Barrick’s history in 2025
$2.73B $1.62B
96% 223% Fourmile project in Nevada
year-on-year year-on-year doubles gold resource3
Board advances IPO of North American gold assets to maximize shareholder value
FY 2025 Gold Production FY 2025 Copper Production FY 2025 Capital Allocation
On an attributable basis On an attributable basis
Africa &
North America Middle East
64% 83% Buybacks Sustaining
$1.5B capital5
$1.6B
3.26 220
Moz South America & kt
Asia Pacific South America &
10% Asia Pacific Dividends Growth
Africa & 17% $890M capital5
Middle East
$1.4B
26%
2025 share repurchases Cash The outstanding finish to 2025 showcases the
$1.50B $6.71B strength of Barrick’s operations and the
commitment of its people.
We reported record quarterly cash flow,
delivered on our gold and copper production
Quarterly dividend4 Net cash6 guidance, and successfully executed our 2025
operating plan.
$0.42/sh $2.00B Mark Hill, President and CEO
Complete Q4 2025 Results: Press Release │ Presentation │ MD&A and Financial Statements NYSE: B │ TSX: ABX
OUR
GLOBAL
BUSINESS 2
1
13
Barrick’s operations 3
12
and projects span 7
17 countries and
five continents. 8
9 10
14
A portfolio of world-class 11
and long-life gold and
copper assets. 4
5
6
Plus exploration projects in Canada, Ecuador, Egypt, Jamaica, Peru and Senegal
North America South America & Asia Pacific Africa & Middle East Copper
1 GOLD 61.5% 6 GOLD 50% 7 GOLD 80% 4 COPPER 50%
NEVADA GOLD MINES VELADERO LOULO-GOUNKOTO ZALDÍVAR
UNITED STATES ARGENTINA MALI CHILE
3 GOLD 60% 14 GOLD 24.5% 8 GOLD 45% 11 COPPER 100%
PUEBLO VIEJO PORGERA KIBALI LUMWANA
DOMINICAN REPUBLIC PAPUA NEW GUINEA DEMOCRATIC REPUBLIC OF CONGO ZAMBIA
2026 Guidance7 9 GOLD 84% 12 COPPER 50%
BULYANHULU JABAL SAYID
Gold Copper TANZANIA SAUDI ARABIA
2.90–3.25Moz 190–220kt Projects
10 GOLD 84%
NORTH MARA
2 PROJECT 100%
2027 Outlook7 TANZANIA
FOURMILE
NEVADA, UNITED STATES
Gold Copper
3.30–3.65Moz 195–225kt 5 PROJECT 50%
NORTE ABIERTO
CHILE
2028 Outlook7
Gold Copper 13 PROJECT 50%
3.40–3.75Moz 255–285kt REKO DIQ
BALOCHISTAN, PAKISTAN
All amounts expressed in U.S. dollars
ENDNOTES Endnote 7: Barrick’s ability to achieve its sustainability goals, including its climate-
Endnote 1: EBITDA is a non-GAAP financial measure, which excludes related goals and GHG gas emissions reduction targets; contests over
the following from net earnings: income tax expense; finance costs; Key Outlook Assumptions 2026 2027 2028 title to properties, particularly title to undeveloped properties, or over
finance income; and depreciation. Management believes that EBITDA is access to water, power and other required infrastructure; the liability
a valuable indicator of our ability to generate liquidity by producing Gold price ($/oz) 4,500 1,500 1,500 associated with risks and hazards in the mining industry, and the ability
operating cash flow to fund working capital needs, service debt to maintain insurance to cover such losses; damage to the Company’s
obligations, and fund capital expenditures. Management uses EBITDA Copper price ($/lb) 5.50 3.25 3.25 reputation due to the actual or perceived occurrence of any number of
for this purpose. EBITDA is also frequently used by investors and events, including negative publicity with respect to the Company’s
analysts for valuation purposes whereby EBITDA is multiplied by a factor Oil price (WTI) ($/barrel) 70 70 70 handling of environmental matters or dealings with community groups,
or “EBITDA multiple” that is based on an observed or inferred whether true or not; risks related to operations near communities that
relationship between EBITDA and market values to determine the may regard Barrick’s operations as being detrimental to them; litigation
AUD exchange rate (AUD:USD) 0.75 0.75 0.75
approximate total enterprise value of a company. Attributable EBITDA and legal and administrative proceedings; operating or technical
further removes the non-controlling interest portion. We believe these difficulties in connection with mining or development activities, including
ARS exchange rate (USD:ARS) 1,513 1,621 1,621
items provide a greater level of consistency with the adjusting items geotechnical challenges, tailings dam and storage facilities failures, and
included in our adjusted net earnings reconciliation, with the exception disruptions in the maintenance or provision of required infrastructure
CAD exchange rate (USD:CAD) 1.30 1.30 1.30 and information technology systems; increased costs, delays,
that these amounts are adjusted to remove any impact on finance
costs/income, income tax expense and/or depreciation as they do not suspensions and technical challenges associated with the construction
CLP exchange rate (USD:CLP) 900 900 900 of capital projects; risks associated with working with partners in jointly
affect EBITDA. We believe this additional information will assist analysts,
investors and other stakeholders of Barrick in better understanding our controlled assets; risks associated with Barrick’s infrastructure,
EUR exchange rate (EUR:USD) 1.10 1.10 1.10 information technology systems and the implementation of Barrick’s
ability to generate liquidity from our attributable business, including
equity method investments, by excluding these amounts from the technological initiatives, including risks related to cybersecurity
calculation as they are not indicative of the performance of our core incidents, including those caused by computer viruses, malware,
mining business and do not necessarily reflect the underlying operating We expect Cortez, Loulo-Gounkoto, Kibali, North Mara and Phoenix to ransomware and other cyberattacks, or similar information technology
results for the periods presented. Additionally, it is aligned with how we deliver higher year-over-year performances in 2027 relative to 2026, system failures, delays and/or disruptions; the impact of global liquidity
present our forward-looking guidance on gold ounces and copper together with stable delivery across the rest of the portfolio. In 2028, the and credit availability on the timing of cash flows and the values of
pounds produced. Attributable EBITDA margin is calculated as increase in gold production is expected to be driven by NGM and the assets and liabilities based on projected future cash flows; the impact of
attributable EBITDA divided by revenues - as adjusted. We believe this increase in copper production is expected to be driven by Lumwana. inflation, including global inflationary pressures driven by ongoing global
ratio will assist analysts, investors and other stakeholders of Barrick to supply chain disruptions, global energy cost increases following the
better understand the relationship between revenues and EBITDA or CAUTIONARY STATEMENT ON FORWARD-LOOKING invasion of Ukraine by Russia and country-specific political and
operating profit. EBITDA, attributable EBITDA and attributable EBITDA INFORMATION economic factors in Argentina; adverse changes in our credit ratings;
margin are intended to provide additional information to investors and fluctuations in the currency markets; changes in U.S. dollar interest
Certain information contained or incorporated by reference in this fact rates; changes in U.S. trade, tariff and other controls on imports and
analysts and do not have any standardized definition under IFRS and
sheet, including any information as to our strategy, projects, plans or exports, tax, immigration or other policies that may impact relations with
should not be considered in isolation or as a substitute for measures of
future financial or operating performance, constitutes “forward-looking foreign countries, result in retaliatory policies, lead to increased costs for
performance prepared in accordance with IFRS. EBITDA and
statements”. All statements, other than statements of historical fact, are raw materials and components, or impact Barrick's existing operations
attributable EBITDA exclude the impact of cash costs of financing
forward-looking statements. The words “expect”, “plan”, “guidance”, and material growth projects; risks arising from holding derivative
activities and taxes, and the effects of changes in operating working
“project”, “during”, “ongoing”, “scheduled”, “will”, “can”, “could”, and instruments (such as credit risk, market liquidity risk and mark-to-market
capital balances and therefore are not necessarily indicative of
similar expressions identify forward-looking statements. In particular, risk); risks related to the demands placed on the Company’s
operating profit or cash flow from operations as determined under IFRS.
this presentation contains forward-looking statements including, without management, the ability of management to implement its business
Other companies may calculate EBITDA, attributable EBITDA, and
limitation, with respect to: Barrick’s forward-looking production strategy and enhanced political risk in certain jurisdictions; uncertainty
EBITDA margin differently. Further details including a detailed
guidance, including our three year outlooks and anticipated production whether some or all of Barrick’s targeted investments and projects will
reconciliation of this non-GAAP financial measure to its most directly
growth from Barrick’s organic project pipeline and reserve replacement; meet the Company’s capital allocation objectives and internal hurdle
comparable GAAP measure are incorporated by reference and
estimates of future production rates; our ability to convert resources into rate; whether benefits expected from recent transactions are realized;
provided on pages 75-84 of the MD&A accompanying Barrick’s Q4 and
reserves and replace reserves net of depletion from production; mine business opportunities that may be presented to, or pursued by, the
year-end 2025 financial statements filed on SEDAR+ at
life and production rates; the ability for Fourmile to further increase its Company; our ability to successfully integrate acquisitions or complete
www.sedarplus.ca and on EDGAR at www.sec.gov.
gold resources; our plans and expected completion and benefits of our divestitures; risks related to competition in the mining industry;
Endnote 2: “Free cash flow” is a non-GAAP financial measure that growth projects, including the anticipated timing for the Lumwana Super employee relations including loss of key employees; availability of and
deducts capital expenditures from net cash provided by operating Pit Expansion; Barrick’s copper strategy; our pipeline of high confidence increased costs associated with mining inputs and labor; and risks
activities. Management believes this to be a useful indicator of our ability projects at or near existing operations; the resumption of operations at associated with diseases, epidemics and pandemics; risks related to the
to operate without reliance on additional borrowing or usage of existing Loulo-Gounkoto following the resolution of disputes with the failure of internal controls; and risks related to the impairment of the
cash. Free cash flow is intended to provide additional information only Government of Mali, including adoption of the 2023 Mining Code; Company's goodwill and assets. In addition, there are risks and hazards
and does not have any standardized definition under IFRS, and should potential mineralization and metal or mineral recoveries; joint ventures associated with the business of mineral exploration, development and
not be considered in iso

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