Company Overview

Barrick Mining Corporation (formerly Barrick Gold Corporation) is a premier global miner of gold and copper, with operations and development projects strategically located in the world's most prolific mining districts. Founded in 1983 and headquartered in Toronto, Canada, Barrick is dual-listed on the New York Stock Exchange (NYSE: GOLD) and the Toronto Stock Exchange (TSX: ABX). The company is recognized for its significant contribution to the global supply of essential precious and base metals.

Global Operations and Production

Barrick boasts a diverse portfolio of mining operations and projects across 18 countries, including Argentina, Canada, Chile, Côte d'Ivoire, Democratic Republic of the Congo, Dominican Republic, Ecuador, Egypt, Mali, Pakistan, Papua New Guinea, Peru, Saudi Arabia, Senegal, Tanzania, the United States, and Zambia. A cornerstone of its operations is the Nevada Gold Mines joint venture, the world's single largest gold-producing complex, where Barrick holds a 61.5% stake.

The company's asset base is distinguished by its six Tier One gold mines, three of which – Carlin, Cortez, and Turquoise Ridge – are part of the Nevada Gold Mines venture. This strategic concentration of high-quality assets underpins its consistent production capabilities.

Financial Performance and Market Position

Barrick delivered robust financial results for the full year 2024, showcasing significant growth and operational efficiency.

Key Financial Metrics (Full Year 2024):

• Net earnings increased by 69% to $2.14 billion, with adjusted net earnings rising 51% to $2.21 billion.

• Attributable EBITDA grew by 30% to $5.19 billion, marking its highest level in over a decade.

• Operating cash flow saw a 20% year-on-year increase, reaching $4.49 billion.

• Free cash flow more than doubled to $1.32 billion.

Production Performance (2024):

• The company produced 3.91 million ounces of gold at an all-in sustaining cost (AISC) of $1,484/ounce.

• Copper production reached 195,000 tonnes, with an AISC of $3.45/pound.

• The fourth quarter of 2024 demonstrated strong sequential performance, with gold production up 15% and copper production up 33% compared to Q3 2024.

Financial Position and Shareholder Returns

As of September 2025, Barrick Mining Corporation held a market capitalization of $59.40 billion. The company reported an Earnings Per Share (EPS) (TTM) of $1.59 and a dividend yield of 1.7%.

Barrick maintains a strong commitment to shareholder value:

• The quarterly dividend was maintained at $0.10 per share, resulting in total annual dividends of $696 million paid in 2024.

• $498 million was returned to shareholders through share buybacks.

• The company renewed a $1 billion share buyback program for 2025.

• Barrick has an impressive track record of 38 consecutive years of dividend payments.

Reserves and Resources

As of December 31, 2024, Barrick held proven and probable reserves of 89 million ounces of gold and 18 million tonnes of copper. The attributable proven and probable gold mineral reserves saw a significant increase of 17.4 million ounces before 2024 depletion, while copper mineral reserves grew by an impressive 224% year-on-year on an attributable basis, highlighting substantial resource growth.

Major Development Projects

Reko Diq Project (Pakistan)

The Reko Diq copper-gold project in Pakistan is poised to become one of the top five gold-copper mines globally upon commencement of production. Following an agreement signed in December 2022, the ownership structure includes Balochistan province (25% – 10% free carried, 15% fully funded), three state-owned enterprises (25%), and Barrick Gold (50%). First production of gold and copper is anticipated in 2028.

Fourmile Project (Nevada)

Barrick has successfully updated its mineral resource estimate for the wholly-owned Fourmile project in Nevada. This enhancement underscores the project's world-class potential and its significance for future development within Barrick's portfolio.

Growth Strategy and Exploration

Barrick's operational strategy is deeply rooted in a proven track record of exploration success. The company actively identifies new targets and advances projects that extend existing mine lives while simultaneously pursuing new world-class discoveries. Its growth projects are designed to support and enhance current production levels organically, continually adding to the reserve base through diligent exploration efforts and strategic development.

Barrick Mining Corporation stands as a preeminent global gold and copper producer, distinguished by a diversified portfolio of high-quality assets, consistently strong financial performance, and a steadfast commitment to sustainable mining practices across its extensive worldwide operations.