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Here are 1-3 brief analogies to describe Barrick Mining:

• It's like the ExxonMobil of gold mining.
• Think of it as the Shell of precious metals.
• It's like the De Beers of gold.

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• Gold: A precious metal primarily used for investment, jewelry, and industrial applications.
• Copper: An industrial metal widely used in electrical wiring, plumbing, and construction.

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Barrick Gold Corporation (TSX: B; NYSE: GOLD) is a major global gold and copper producer. As a company that extracts and processes raw commodities, Barrick primarily sells its products into global markets rather than directly to end-user consumers or a limited number of publicly disclosed major customers.

Due to the nature of commodity sales, where gold doré, refined gold, and copper concentrate/cathodes are sold on global spot and forward markets, specific names of major customer companies are generally not publicly disclosed by Barrick or similar mining companies. Sales typically occur to a diverse and continually changing group of buyers, and these relationships are often governed by commercial confidentiality agreements.

However, the primary types of companies that purchase Barrick's products include:

• Bullion Banks and Financial Institutions: These entities purchase gold for investment products, hedging, trading, and storage. They act as intermediaries in the global gold market. Examples of large bullion banks (though not direct "customers" identifiable for Barrick specifically) include JPMorgan Chase & Co. (NYSE: JPM), HSBC Holdings plc (NYSE: HSBC), and UBS Group AG (NYSE: UBS).
• Metal Refiners and Smelters: These companies further process Barrick's gold doré (unrefined gold bars) into higher purity products (e.g., London Good Delivery bars) and copper concentrate into refined copper cathodes. Their business is to refine raw materials for various industrial and investment purposes.
• Commodity Trading Houses and Industrial Users: Large commodity trading firms facilitate the global movement of raw materials. Additionally, some industrial users, such as manufacturers utilizing gold in electronics or jewelry, or companies requiring copper for electrical components, construction, or automotive applications, may acquire metals through these channels or directly from refiners.

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• Caterpillar Inc. (NYSE: CAT)
• Komatsu Ltd. (OTCPK: KMTUY)
• Sandvik AB (OTCPK: SDVKY)
• Epiroc AB (OTCPK: EPIAF)
• Orica Limited (OTCQX: OCRAF)
• Exxon Mobil Corporation (NYSE: XOM)

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Mark Hill, Group COO and Interim President and Chief Executive Officer

Mark Hill was appointed Group COO and Interim President and Chief Executive Officer of Barrick in September 2025. He previously served as the executive responsible for the Latin America and Asia Pacific region, a role he assumed in January 2019. Hill is a seasoned mining executive with 30 years of experience, having joined Barrick in 2006. His experience includes strategy, corporate development, and leading major projects globally, and he was integral in the initial decision to undertake exploration at the Fourmile gold project in Nevada.

Graham Shuttleworth, Senior Executive Vice-President, Chief Financial Officer

Graham Shuttleworth has been the Chief Financial Officer and Senior Executive Vice President of Barrick since 2019. He is a chartered accountant with over 29 years of experience in the mining industry. Prior to joining Barrick, he served as the Financial Director and Chief Financial Officer of Randgold Resources from 2007. Before his time at Randgold, he was the Managing Director and Head of Metals and Mining for the Americas in the global investment banking division at HSBC.

Mark Bristow, Former President and Chief Executive Officer (until September 2025)

Mark Bristow served as the President and Chief Executive Officer of Barrick Gold Corporation from 2019 until September 2025. He founded Randgold Resources in 1995 and served as its Chief Executive Officer, leading its growth into a major international gold mining business listed on the London Stock Exchange. Randgold Resources was acquired by Barrick in an all-stock deal for US$6.5 billion in 2018, leading to the creation of one of the world's largest gold producers. Following the merger, Bristow restructured and restrategized Barrick and was a key driver in combining the Nevada assets of Barrick and Newmont, forming Nevada Gold Mines. He also founded Rockwell Resources International in 2006, a diamond mining company, and is chairman of Midway Resources International, a private E&P start-up.

George Joannou, Chief Development Officer

George Joannou was appointed Chief Development Officer of Barrick in November 2025. He had previously held the position of Senior Vice President, Strategic Matters since 2014. Joannou joined Barrick in 2002 as an accountant and has also served as Assistant Treasurer, CFO Australia Pacific, and head of Planning and Capital Allocation. He is a Chartered Accountant and holds a Bachelor of Commerce (Honours) degree.

Poupak Bahamin, Chief Legal Officer

Poupak Bahamin was appointed Chief Legal Officer of Barrick in November 2025. She joined Barrick in 2020 as Deputy General Counsel and was promoted to General Counsel in April 2022. With over 30 years of legal experience, Bahamin has practiced law in Canada, France, and the United States, and previously served as a partner and Co-Head of Mining US at Norton Rose Fulbright.

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The key risks to Barrick Mining (symbol: B) are primarily related to commodity price volatility, geopolitical and jurisdictional challenges, and operational and project execution complexities.

1. Volatility in Commodity Prices: Barrick Mining's profitability and cash flow are strongly influenced by global market prices for gold and copper. Significant and sustained drops in these prices would negatively affect the company's financial performance.
2. Geopolitical and Jurisdictional Risks: The company operates in various countries, some of which are politically volatile. These risks include the potential for nationalization of resources, unfavorable changes in government regulations, and political instability in regions such as Mexico, Mali, Pakistan (Balochistan), Papua New Guinea, and the Democratic Republic of Congo.
3. Operational and Project Execution Challenges: Risks inherent in mining operations include the accuracy of mineral reserve estimates, managing capital and operating costs, potential delays or interruptions in project construction and ramp-up, and challenges in large-scale construction. Additionally, environmental hazards, industrial accidents, and the physical and transitional risks associated with climate change (e.g., changes to rainfall patterns, energy supply) pose material operational challenges.

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Increased and evolving environmental, social, and governance (ESG) pressures and regulations.

This includes:

• Stricter environmental regulations (e.g., carbon emissions, water usage, biodiversity protection, mine closure and reclamation costs), making it significantly more difficult and expensive to permit, develop, and operate new mines.
• Heightened scrutiny and demands related to social license to operate, community engagement, indigenous rights, and labor practices, leading to potential project delays, operational disruptions, and reputational damage.
• Growing investor and stakeholder demands for transparency, ethical supply chains, and accountability, potentially increasing the cost of capital or limiting access to financing for companies perceived as having poor ESG performance.

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Barrick Mining (symbol: B) primarily produces gold and copper.

Gold

• Global Market Size: The global gold market size was valued at approximately USD 291.68 billion in 2024. It is projected to reach around USD 457.91 billion by 2032 or USD 400 billion by the end of 2030.
• Regional Market Share (2023/2024): Asia Pacific dominated the global gold market, holding a 66.25% share in 2023, valued at USD 182.88 billion, and USD 194.01 billion in 2024. North America accounted for 15% of the market, and Europe held a 10% share.

Copper

• Global Market Size: The global copper market size was estimated at approximately USD 241.88 billion in 2024, with other estimates ranging from USD 277.92 billion to USD 333.15 billion in the same year. It is projected to reach around USD 339.95 billion by 2030 or USD 548.20 billion by 2034.
• Regional Market Share (2024): Asia Pacific dominated the copper market, holding the largest revenue share of 74.7%, or approximately 55.6% and over 39% of the revenue share. The Asia Pacific copper market size is valued at USD 136.16 billion in 2025 and is expected to surpass USD 213.80 billion by 2034.

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Barrick Mining (symbol: B) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market conditions:

1. Increased Gold Production from Key Growth Projects: Barrick is advancing several significant gold projects that are expected to contribute to increased production. The Pueblo Viejo expansion in the Dominican Republic is progressing towards becoming a substantial producer. The Goldrush mine in Nevada is ramping up, targeting 400,000 ounces per annum by 2028. Additionally, the adjacent Fourmile project in Nevada is anticipated to become a "world-class Tier One asset," with a preliminary economic assessment outlining potential annual production of up to 750,000 ounces of gold for 25 years.
2. Significant Growth in Copper Production: The company is strategically expanding its copper business, positioning it as a future core asset due to surging demand driven by the global energy transition. Key projects include the Lumwana Super Pit Expansion in Zambia, which is expected to double the mine's production over a 30-plus-year life. The Reko Diq copper-gold project in Pakistan is projected to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second phase by the end of 2028. Barrick aims for a 30% growth in gold equivalent ounces by the end of the decade, with copper playing a crucial role.
3. Sustained Favorable Gold and Copper Prices: Higher realized gold prices have significantly boosted Barrick's revenue and profit in recent quarters. Analysts forecast continued strong gold prices, with some predicting $3,500 per ounce. Similarly, the rising demand for copper is expected to maintain favorable copper prices, directly translating into increased revenue per unit sold for Barrick.
4. Operational Optimization, Exploration Success, and Reserve Growth: Barrick's commitment to operational efficiency and cost management is expected to lead to declining operating costs. Investments in infrastructure and plant reliability, such as the Gold Quarry roaster expansion, are designed to increase capacity and improve efficiencies. Furthermore, Barrick has a strong track record of replacing its reserves through successful exploration programs and is forecasting substantial growth in both its gold and copper reserves, ensuring a robust pipeline for long-term sustainable production.

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1. Share Repurchases
   • Over the past three years, Barrick returned $3.5 billion to shareholders through dividends and share buybacks, resulting in a 3% reduction in outstanding shares.
   • In February 2025, Barrick's Board authorized a new share repurchase program of up to $1.0 billion.
   • As of September 30, 2025, the company had completed the $1.0 billion repurchase, and the Board approved a $500 million increase to the program, totaling $1.5 billion authorized through February 2026.
2. Share Issuance
   • Barrick's strong financial position has allowed it to invest in future projects without the need to issue new shares or take on unnecessary debt.
3. Inbound Investments
   • Berkshire Hathaway acquired $562 million in Barrick shares during the second quarter of 2020, becoming the company's eleventh-largest shareholder.
4. Outbound Investments
   • Barrick sold its 50% stake in the Donlin Gold Project in Alaska for $1 billion in cash in April 2025.
   • The company is divesting its Hemlo operation in Ontario and its Tongon interests and exploration properties in Côte d'Ivoire, with total gross proceeds from non-core asset sales in 2025 expected to be approximately $2.6 billion.
   • Barrick acquired a 45% stake in Argentina's Veladero mine, securing access to 9 million ounces of reserves, as mentioned in Q1 2025.
5. Capital Expenditures
   • Barrick's 2025 capital budget is $1.2 billion, with 60% allocated to sustaining projects and 40% to high-return expansion initiatives.
   • Total consolidated capital expenditures in Q3 2025 reached $943 million, a 28% increase year-over-year, with project capital expenditures rising to $532 million.
   • Significant growth projects include the Lumwana Super Pit Expansion, with construction commencing in 2025 and an estimated total capital cost of $2 billion, and the Reko Diq project, with Phase 1 capital costs estimated at $5.6-$6.0 billion (100% basis), with Barrick's share of equity contribution expected to be $1.8-$2.0 billion.