Barrick Mining Corporation · TSX:ABX
Barrick Mining — Q3 2026 Earnings Presentation
29 slides from Barrick Mining's earnings presentation, Nov 9, 2026
Slide 1: Q3 2026 Results
Q3 2026 Results November 9, 2026
Slide 2: Agenda and Today's Speakers
Agenda Today’s Speakers 1 Priorities and Q3 Review Operational Performance: 2 North America and Barrick Mark Hill Seb Bock International President and CEO CEO, Barrick International 3 Financial Highlights and Capital Allocation Framework 4 Guidance Helen Cai Senior EVP and CFO Q3 2026 RESULTS │ 2
Slide 3: Cautionary Statement on Forward-Looking Information
Cautionary Statement on Forward-Looking Information Certain information contained or incorporated by reference in this presentation, results will not be consistent with the Company’s expectations, that quantities or liquidity and credit availability on the timing of cash flows and the values of asse
Slide 4: 2026 Priorities for Delivering Value
2026 Priorities for Delivering Value On track to achieve full year 2026 production and cost guidance 1 Safety Continue to improve safety performance Operational 2 Delivery Consistently deliver production and cost guidance 3 Growth Advance projects at Pueblo Viejo, Lumwana, and NGM Complete 4 the IPO
Slide 5: Safety
Safety Frequency improving; LOST-TIME INJURIES 0 Q3 2024 Safety is and will always be our number one priority severity in focus 4 Q4 2024 Q1 2025 4 Q2 2025 2 Q3 2025 4 Q4 2025 3 Q1 2026 2 Q2 2026 6 LEADERSHIP IN THE FIELD ELIMINATING HAZARDS Q3 2026 ii 8 24,000+ Critical Control 25% of CCVs identifi
Slide 6: Q3 2026 Highlights
Q3 2026 Highlights Fourth consecutive quarter of strong operational execution Attributable Gold Productionii Fourth consecutive quarter of strong 816 koz 6% year-on-year operational execution Net Earningsiii On track to achieve full year production $1.32 B 1% year-on-year and cost guidance Adjusted
Slide 7: Q3 2026 North America Performance
Q3 2026 North America Performancei Another quarter of production improvement, with costs well within guidance expectations North America on track to meet 2026 guidance North Q3 2026 NGM Pueblo Viejo Americaiv ‒ Carlin: New quarterly record for throughput at the Gold productioni 400Koz 97Koz 497Koz G
Slide 8: North America Growth
North America Growth Nevada Gold Mines ‒ Processing capacity: Assessing options to optimize NGM infrastructure ‒ Cortez: Advancing drilling along one of the most prospective corridors in Nevada NEVADA GOLD MINES ‒ Carlin: Focusing on greater Leeville and optimization of processing capacity ‒ Open pi
Slide 9: Q3 2026 Barrick International: Gold Production
Q3 2026 Barrick International: Gold Productioni Another quarter of increased production, with strong operational performance offsetting extreme weather impacts Strong production – up 6% to 319koz vs Q2i Barrick Africa & South America Q3 2026 Middle East & Asia Pacific International ‒ Loulo-Gounkoto:
Slide 10: Q3 2026 Barrick International: Copper Production
Q3 2026 Barrick International: Copper Productioni Copper production on track to meet 2026 guidance Production progressing to 2026 guidance Barrick International Q3 2026 Totaliv ‒ Lumwana: Planned mill reline in Q3. Copper productioni 50Kt ‒ Other: Flat quarter-on-quarter. Higher grades at COS/lbii $
Slide 11: Near-Term Copper Growth: Lumwana
Near-Term Copper Growth: Lumwanai 240Kt 30years $2B Doubling production from Life of mine at expanded Total estimated capital – low 117Kt production levels capital intensity and on Construction progressing to schedule target ‒ Completed all major long-lead items ‒ Mill building set to be complete in
Slide 12: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights Strong improvement in earnings, driven by robust operational execution and resilient price environment Change Q3 2026 (YoY) ‒ Strong operational execution, gold Net earningsi ($ million) 1,317 1% and copper prices more than offset cost pressures - benefitting adjusted Ad
Slide 13: Capital Allocation Framework
Capital Allocation New dividend policy adopted in February 2026ii Framework $3 billion buyback approved in May 2026 A disciplined approach to balance sheet strength, sustaining capital, growth and shareholder returns >$4 billion returned to shareholders in the four quarters since new leadership bega
Slide 14: On Track to Achieve 2026 Guidance
On Track to Achieve 2026 Guidancei Guidance Gold Gold production (Moz) 2.90 – 3.25 2026 production and cost guidance on track COSii ($/oz) 1,870 – 2,070 TCCiii ($/oz) 1,330 – 1,470 Gold Production AISCiii ($/oz) 1,760 – 1,950 On track to achieve 2026 guidance Copper Fourth quarter production expecte
Slide 15: 2026 Priorities for Delivering Value
2026 Priorities for Delivering Value On track to achieve full year 2026 production and cost guidance 1 Safety Continue to improve safety performance Operational 2 Delivery Consistently deliver production and cost guidance 3 Growth Advance projects at Pueblo Viejo, Lumwana, and NGM Complete 4 the IPO
Slide 16: Q&A
Q&A
Slide 17: Barrick
BARRICK
Slide 18: Appendix
Appendix
Slide 19: Financial Highlights
Financial Highlights Higher gold price translating to cash flow Q3 2026 Q3 2025 Change Gold production from continuing operationsi (thousands of ounces) 816 770 6% Gold production from divested operationsii (thousands of ounces) n/a 59 n/a Total gold productioni (thousands of ounces) 816 829 (2%) To
Slide 20: Appendix A: Outlook Assumptions/Sensitivity
Appendix A Outlook Assumptions/Sensitivity Key Outlook Assumptions 2026 Impact on Impact on Impact on Gold price ($/oz) 4,500 2026 guidance Hypothetical Consolidated Attributable Attributable assumption change EBITDAi EBITDAi TCC and Copper price ($/lb) 5.50 (millions) (millions) AISCi Oil price (WT
Slide 21: Technical Information
Technical Information The scientific and technical information contained in this MD&A has been reviewed and approved by Richard Peattie, MPhil, FAusIMM, Chief Technical Officer; Javier Ortuzar, FAusIMM, Senior Vice President, Exploration; Sam Baldwin, Vice President Geology, MSc, MAIG; Joel Holliday
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 23: Adjusted net earnings and adjusted net earnings per share
Adjusted net earnings and adjusted net earnings per share “Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial measures. Adjusted net earnings excludes the following from net earnings: impairment charges (reversals) related to intangibles, goodwill, property, plant an
Slide 24: EBITDA, adjusted EBITDA, attributable adjusted EBITDA, and net leverage
EBITDA, adjusted EBITDA, attributable adjusted EBITDA, attributable adjusted EBITDA margin, and net leverage EBITDA is a non-GAAP financial measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is
Slide 25: Free cash flow, attributable free cash flow, and attributable operating cash flow
Free cash flow, attributable free cash flow, and attributable operating cash flow Free cash flow is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Attributable free cash flow starts with free cash flow and adds our attributable share of
Slide 26: Total cash costs and All-in sustaining costs per ounce
“Total cash costs” Reconciliation of Gold Cost of Sales to Total cash costs and All-in sustaining costs, including on a per ounce basis per ounce and “All-in ($ millions, except per oz information in dollars) For the three months ended For the nine months ended sustaining costs” per ounce Footnote 9
Slide 27: C1 cash costs and All-in sustaining costs per pound
“C1 cash costs” per pound and “All-in sustaining costs” per pound “C1 cash costs” per pound (C1 cash costs/lb) and “All-in sustaining costs” per pound (AISC/lb) are non-GAAP financial measures related to our copper mine operations. Barrick believes that C1 cash costs/lb enables investors to better u
Slide 28: Realized price
Realized price “Realized price” is a non-GAAP financial measure which excludes from sales: treatment and refining charges; and cumulative catch-up adjustment to revenue relating to our streaming arrangements. Barrick believes this provides investors and analysts with a more accurate measure with whi
Slide 29: Capital expenditures
Capital expenditures These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expendit