Mali

Impact of the gold price on exploration and production

1JMP Conference November 2019

Cautionary Statement on Forward Looking Information

Certain information contained in this presentation, including any information as to Barrick’s strategy, 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 “guidance”, “continues”, ”expected”, “potential”,“ongoing”, “prospective”, “opportunities”, “proposed”, “target”, “update”, “plan” and “create” and similar expressions identify forward-looking statements. In particular, thispresentation contains forward-looking statements including, without limitation, with respect to: forward-looking production guidance; estimates of future cost of sales per ouncefor gold, total cash costs per ounce, and all-in-sustaining costs per ounce; cash flow forecasts; projected capital, operating and exploration expenditure; planned infrastructureupgrades; planned training and skills development programs; the potential for multiple zones of mineralization to be extended and combined at the Loulo-Gounkoto complex;mineral reserve and mineral resource replacement at the Loulo-Gounkoto complex; permitting applications at Massawa; closure plans for Morila; and future investments in Maliincluding in community projects and disease prevention programs.

Forward-looking statements are necessarily based upon a number of estimates and assumptions; including material estimates and assumptions related to the factors set forthbelow that, while considered reasonable by Barrick as at the date of this press release in light of management’s experience and perception of current conditions and expecteddevelopments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actualresults to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factorsinclude, 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);the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; diminishing quantities orgrades of reserves; increased costs, delays, suspensions, and technical challenges associated with the construction of capital projects; operating or technical difficulties inconnection with mining or development activities, including geotechnical challenges, and disruptions in the maintenance or provision of required infrastructure and informationtechnology systems; 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 Mali; lack of certainty with respect to foreign legal systems, corruption, and other factorsthat are inconsistent with the rule of law; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply with, necessarypermits and approvals; failure to comply with environmental and health and safety laws and regulations; litigation and legal and administrative proceedings; risks associatedwith illegal and artisanal mining; the risks associated with infectious diseases presenting as major health issues; damage to Barrick’s reputation due to the actual or perceivedoccurrence of any number of events, including negative publicity with respect to the Barrick’s handling of environmental matters or dealings with community groups, whethertrue or not; the speculative nature of mineral exploration and development; the impact of global liquidity and credit availability on the timing of cash flows and the values ofassets and liabilities based on projected future cash flows; the impact of inflation; fluctuations in the currency markets; contests over title to properties, particularly title toundeveloped properties, or over access to water, power, and other required infrastructure; employee relations including loss of key employees; increased costs and physicalrisks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. Inaddition, 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-lookingstatements made in this presentation are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on filewith the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements, and the risksthat may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this presentation.

Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except asrequired by applicable law.

2

The leading African gold miner…

Gold production Projects Barrick Tanzania Copper production

Massawa (83.25%)

Kibali (45%)

Jabal Sayid (50%)

Lumwana

Loulo-Gounkoto (80%)

Morila (40%)

Tongon (89.7%)

North Marai

Bulyanhului

Buzwagii

West Africa…two decades of delivery20142013

Production exceeds 1Moz

LTIFR down 18%

Record productionMorila mine life

extended

2012Loulo Complex

record production

2015 2016+1.25Moz

group production

2017Gounkotosuper pit

starts 2019

+1.2Moz group

production

Randgold – Barrickmerger

1996RRL acquired

BHP Mali assets including Syama

Yalea discoveryMorila discoveryIPO raises $83m

2004Loulo

construction starts

2005Loulopours

first gold

Loulo UG feasibility approved

2005Loulo UG

mine starts

2006

Tongon stake at 89%Market Cap at $3b

Join FTSE 100

2008

Record ProductionMarket cap at $11bJoin NASDAQ 100

2011Tongon first goldGara UG starts

Gounkoto mine build starts

2010

1997

2000Morilapours

first gold

2003Syamasold to

Resolute

Massawadiscovery

2007Gounkoto discovery

Kibali acquiredstake at 45%

2009Gounkotofirst gold

2011

Randgoldincorporated

1995

2001Syama

on care and maintenance

Mali Gold Production…

5

0

200

400

600

800

1000

1200

1400

1600

1800

2000

Production 2018 Production 2019

Somifi - SASomika - SAYatela - SAFaboula Gold - SANampala - SAMetedia - SARLMorila - SA1Komana - SASemico - SASemos - SASomisy - SAFekola - SASomilo-Gounkoto - SA1

Ounces 000

FinkoloEndeavourAngloGold AshantiWassalouRobexMetediaBarrickHummingbirdBCMAngloGold AshantiResoluteB2GoldBarrick

Source: Public information, DNGM Mali

Legacy Randgold production profile1

from 1998 vs Gold Price…

0

200

400

600

800

1000

1200

1400

1600

1800

0

0,2

0,4

0,6

0,8

1

1,2

1,4Million ounces US$/oz

Loulo-Gounkoto complex…actual and forecast production

0

1

2

0

100

200

300

400

500

600

700

800

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Oz actual Oz forecast

Production Oz 000

The World…in CRISIS? or ON THE MEND?

8

Trump and nationalism –illegal immigration

BREXIT and Europeanpopulism – illegalimmigration

Canada and Australia

Religious extremism

Korean crisis

South America – warlordsand crime mixed withpopulism

China – a new world player

The Russian Bear

Middle East conflictand emerging new Saudi Arabia

The Arab Spring countries’ dilemma

Global competition and Africa having to look after itself

The Mining Sector Cycle…

Source: Scotia, Global Banking and Markets

Worldwide exploration budgets by country… The largest portion of available exploration funds are now being spent in South America (30%) and North America (28%) with only 14% allocated to Africa (6% to West Africa and 2% in the DRC)

Source: S&P Global Market Intelligence, Data as of Nov 15, 2017

88 other countries and four regional allocations account for 10.1%

1535 companies’ budgets totalling US$7.05 billion

African exploration budgets by stage of development…2008 to 2017

African exploration budgets followed the global trend Greenfields exploration is now lower than Late Stage and Minesite exploration as mining companies attempt to preserve their cash resources

050100150200250300350400450

0

200

400

600

800

1000

1200

1400

1600

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

No. of Companies Grass Roots Late Stage Minesite

AfricaUS$ million No. of Companies

Grass Roots

MinesiteLate Stage

Exploration is not replacing gold produced -running average gold in discoveries & exploration budgets by year…1995 - 2017

Despite significant exploration expenditure during the period from 2010 to 2012, real discoveries have declined since 2009, severely impacting future gold production

Major gold discoveries Moz US$ million US$/oz

Source: SNL Metals & Mining

01 0002 0003 0004 0005 0006 0007 0008 0009 00010 000

0

20

40

60

80

100

120

140

160

180

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Gold discoveries Moz Gold Production MozGold price (US$/oz) Exploration budgets (US$M)

0,5

1,0

1,5

2,0

2,5

3,0

3,5

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Reserve Grade Head Grade

Reserve grade vs mining head gradeGold grade g/t

Source: Scotia Bank

Why no growth in gold production?… is the industry reserve being plundered?

Reserves by major gold companies have declined 26% since 2012 – now below 2007 levels

700

830 849898

959 967

860818

766 744713

0

100

200

300

400

500

600

700

800

900

1000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Moz Au

Agnico Eagle, AngloGold Ashanti, Barrick, China National, Freeport McMoRan, Gold Fields, Goldcorp, Harmony, Kinross, Navoi Mining & Metallurgy Combinant, Newcrest, Newmont, Nord Gold, PJSC Polyus, Polymetal International, Randgold Resources, Shandong Gold

Source: S&P Global Market Intelligence

Global gold mine supply…2019 - 2029Industry facing production precipiceVery few companies able to deliver value growth in this environment

-

10

20

30

40

50

60

70

80

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029Production Committed Probable Possible Concept Others

Source: AME Research. See Endnote 2 for further information on each category.

Moz

Examples of how mining industry is a springboard for country’s development…

Governance

International Support

Private Sector

Natural Resources

Regional Integration

…mining can play a critical role

Traditional industries

Services

Manufactur-ing

Tourism

Benefication

Infrastructure

Low skilledLow growthLow value

High skilledGlobally competitive

Growth potential

Economic Diversification

Mining sectorsphere of influence

Loulo-Gounkoto community development…>$6.4m invested to date; $29.6m patent levyinvested in communities

17

Health 10%

Education18%

Potable Water

7%Agriculture

15%

Economic Projects

50%

Contribution to Malian Economy

Barrick...contribution to Mali economyBarrick/Randgold operations have contributed approximately US$ 7.0 billion to the Malian economyin the form of taxes, royalties, salaries and payments to local suppliers in the 23 last years

GOUNKOTOUS$ 1.1 Bn

LOULOUS$ 3.6 Bn

MORILAUS$ 2.3 Bn

% Contribution to Malian GDP

0%1%2%3%4%5%6%7%8%9%

10%

2010 2011 2012 2013 2014 2015 2016 2017 2018

Loulo Gounkoto Morila

Barrick…Dividends, Taxes and Royalties paid to Mali

Barrick/Randgold operated mines have paid approximately US$ 2.7 billion in the form of Dividends, Taxes and Royalties to the State

over 23 years

DIVIDENDS, TAXES AND ROYALTIES TO

THE STATEUS$ 2.7 billion

DIVIDENDS TO BARRICK

US$ 1.0 billion

Endnotes…

1. At 100%.

2. AME Research category definitions:

Production – A site which is in commercial operation.

Committed – AME believes these projects will come online by their planned start date with the highest degree of probability. In AME's assessment, this category contains projects that are already completed and awaitingcommissioning, or those projects that are in a sufficiently advanced stage of construction, such that it considers it uneconomic to discontinue construction. AME has also included some projects that fall outside of thesetwo categories, as these projects are owned by major mining companies or have strong financial backing.

Probable – AME believes these projects will come online with the next highest degree of probability. AME considers that these projects are very likely to begin production, but are differentiated by those in the “Committed”category because the degree of certainty is reduced by key factors, which include, but are not limited to: current stage of construction/development, location of project, owner/financiers and product mix.

Possible – AME regards these projects to have sufficiently strong fundamentals to consider that they will possibly begin production by the end of AME's s long-term forecast period, but there remains some uncertainty asto aspects of the project.

Concept – AME considers it is unable to provide any concrete assessment of the timing of these project start dates or capacity with any great detail without further information. The majority of these projects are unlikely toproceed to development.

Other – AME has not assigned a likelihood to certain assets in the “Care & Maintenance” and “On Hold” status categories because they are unable to make a definitive judgment on their likelihood of coming online. We’reincorporated both into a separate “Other” category so as to be able to account for all assets tracked by AME, but note that estimated production of assets in these categories is not material to the full forecast.

Technical InformationThe scientific and technical information contained in this presentation has been reviewed and approved by: Rodney Quick, Mineral Resource Management and Evaluation Executive of Barrick and Simon Bottoms, SVP,Mineral Resources Manager: Africa and Middle East of Barrick, each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.