Exhibit 99.1

MINING FOR A NEW WORLD Delivering the future Annual Report 2020

Mining i s a b u s i n e s s , a n d l i ke a ny commercial enterprise it has to change with the times if it is to survive, let alone prosper. In recent years, the world has changed fundamentally, with paradigms shifting almost beyond recognition. Artificial intelligence is transforming the way we communicate, make decisions and execute them. Growing concerns about climate change as well as race and gender inequality are driving thousands of protesters into the streets. Governments have responded to their demands through legislation; major funds have made the newly minted metric, ESG, a prime investment criterion. Barrick has not needed to respond hastily to changing values and expectations. Social responsibility, protection of the environment, partnership with its host countries, care for its employees and concern for human rights have always been core components of its overall strategy, which is to be the world’s most valued gold company, in every sense of the word‘valued’. That is why Barrick is not only an industry leader in technological innovation but is setting the pace for mining’s cultural alignment with the modern world. 1 2020 highlights 2 Key performance indicators 4 Corporate profile 6 Our global business 8 Our Tier One assets 10 Letter from the Executive Chairman 12 Board of directors 14 Message from the President and CEO 18 Executive committee 20 Financial review 22 Gold market overview 24 A new generation of leaders 26 Mining for a better world 34 Our regions and operations 40 Reserves and resources 42 Exploration 47 Endnotes 48 Financial report Unless otherwise indicated, all amounts are expressed in US dollars. Barrick Gold Corporation NYSE : GOLD • TSX : ABX www.barrick.com

2020 STRATEGY DRIVES Barrick back in business in Tanzania; settles all legacy disputes Q4/19 dividend increased 40% to 7 cents per share1 Gold reserves increased at higher grades compared to the previous year Combination of Barrick’s Massawa project with Teranga’s Sabodala project completed Covid-19 response plans activated at all sites Covid-19 support program for host countries launched Shipping of gold concentrate stockpiled from Bulyanhulu and Buzwagi resumes Barrick challenges non-extension of Porgera special mining lease Q1/20 dividend of 7 cents per share declared First $100m tranche of $300m settlement paid to the Government of Tanzania Kibali commissions new battery technology to further offset the need for diesel generators Disinvestment in non-core interests continues as Barrick focuses on Tier Onei assets

Nevada Gold Mines (NGM) exceeds all expectations in first year Q2/20 dividend increased 14% to 8 cents per share1 Sale of Morila stake announced in line with focus on Tier One assets Achieved $1.5bn target in non-core asset sale proceeds Pueblo Viejo plant expansion receives Environmental Impact Assessment approval Underground mining resumed at Bulyanhulu Loulo-Gounkoto pioneers first solar power project in the Africa and Middle East region Barrick sells interests in Eskay Creek Twiga pays maiden dividend of $250m Barrick sells interests in Bullfrog Q3/20 dividend increased 12.5% to 9 cents per share1 Barrick retains its listing in the prestigious Dow Jones Sustainability World Index for the 13th consecutive year Zero debt, net of cash from $13.4bn in 2013 Operating cash flow of $5.4bn, record annual free cash flowi of $3.4bn Q4/20 dividend of 9 cents per share declared, up 3x since the Randgold merger announcement $750m proposed return of capital to shareholders

2020 HIGHLIGHTS1 GROUP GOLD NET EARNINGS DEBT, NET OF CASH PRODUCTION $2,324 101% 4.8 MOZ MILLION ($33) MILLION DIVIDEND PER SHARE2 ADJUSTED NET NET CASH PROVIDED BY % EARNINGS PER SHAREi OPERATING ACTIVITIES 65 % % TO $0.33 125 91 $1.15 $5,417 MILLION FREE CASH FLOWi ENVIRONMENTAL NYSE SHARE PRICE 197% INCIDENTS 23% $3,363 MILLION ZERO CLASS 1i 1 Compared to 2019 unless otherwise noted. 2 Declared in respect of the 2020 fiscal year compared to the 2019 fiscal year. 2021 GUIDANCEii 4.4—4.7MOZ $1,020—1,070/OZ $680—730/OZ $970—1,020/OZ GOLD PRODUCTION COST OF SALESi TOTAL CASH COSTSi AISCi 410—460Mlb $1.90—2.10/lb $1.40—1.60/lb $2.00—2.20/lb COPPER COST OF SALESi C1 CASH COSTSi AISCi PRODUCTION $1,800—2,100 MILLION TOTAL ATTRIBUTABLE GOLD & COPPER CAPEX Barrick Gold Corporation Annual Report 2020 1

Key performance indicators GOLD TOTAL GOLD PRODUCTION GOLD COST OF SALESi CASH COSTSi GOLD AISCi Moz $/oz $/oz $/oz 6.0 1,100 750 1,000 1,050 700 950 4.5 1,000 900 3.0 950 650 850 600 900 800 1.5 850 550 750 0.0 800 500 700 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 COPPER C1 COPPER PRODUCTION COPPER COST OF SALESi CASH COSTSi COPPER AISCi Mlb $/lb $/lb $/lb 480 2.50 2.50 3.00 460 2.40 2.50 2.00 440 2.30 2.00 420 2.20 1.50 1.50 400 2.10 1.00 1.00 380 2.00 0.50 0.50 360 1.90 340 1.80 0.00 0.00 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 ENVIRONMENTAL SAFETY FREQUENCY RATE STATISTICS INCIDENTS 3.0 2.75 30 30 2.5 2.12 2.00 2.28 25 2.09 2.18 2.23 1.86 2.07 20 2.0 1.63 1.60 1.43 15 1.5 13 10 1.0 8 0.61 5 0.52 0.42 0.43 0.46 0.52 0.41 0.47 0.32 0.27 0.45 0.5 0.32 0 0 0 0 0.0 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 2018 2019 2020 Lost Time Injury Frequency Rate (LTIFR)i Class 1i Total Recordable Injury Frequency Rate (TRIFR)i Class 2i 2 Annual Report 2020 Barrick Gold Corporation

A clear strategy drives performance. In the two years since the completion of the merger with Randgold, we have made considerable progress towards our goal of delivering the industry’s best returns. These achievements were produced on the foundation of a world-class asset base, a fit-for-purpose structure and an agile leadership team who have more than lived up to our ‘best people’ mantra. NET CASH PROVIDED BY OPERATING ACTIVITIES FREE CASH FLOWi DEBT, NET OF CASH DIVIDEND PER SHARE1 $ million $ million $ million $ 6,000 4,000 4,500 0.35 5,000 3,500 3,750 0.30 3,000 3,000 0.25 4,000 2,500 2,250 0.20 3,000 2,000 1,500 0.15 2,000 1,500 750 0.10 1,000 1,000 500 0 0.05 0 0 -750 0.00 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 1 Declared in respect of the 2018, 2019 or 2020 fiscal year. PROJECT CAPITAL GOLD AND COPPER EPS ADJUSTED EPSi EXPENDITURES2 PRICE $ $ $ million $/oz $/lb 2.50 1.20 500 2,200 4.00 1.75 1.00 2,000 450 1,800 3.00 1.00 0.80 1,600 0.25 0.60 400 2.00 -0.50 0.40 1,400 350 1,200 1.00 -1.25 0.20 1,000 -2.00 0.00 300 800 0.00 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 2 Amounts presented on a Market gold price ($/oz) consolidated cash basis. Market copper price ($/lb) Barrick Gold Corporation Annual Report 2020 3

Barrick Gold is a sector-leading gold and copper producer. Corporation Its shares trade on the New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX. In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick. Nevada Gold Mines is the world’s largest gold mining complex. Barrick owns and operates six Tier One gold mines: Cortez, Carlin and Turquoise Ridge in Nevada, Loulo-Gounkoto in Mali, Kibali in the Democratic Republic of Congo and Pueblo Viejo in the Dominican Republic. It has gold and copper mines and projects in 13 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia. Barrick’s diversified portfolio spans the world’s most prolific gold districts and is focused on high-margin, long-life assets. Our vision is to build the world’s most valued gold company by owning the best assets, managed by the best people to deliver the best returns. 4 Annual Report 2020 Barrick Gold Corporation

Our strategic targets Asset quality Grow our portfolio of Tier One gold mines as well as other strategic assets with an emphasis on organic growth Invest in exploration across extensive land positions in the world’s most prolific gold districts Maximize the long-term value of our strategic copper business Bring non-core assets to account in a carefully calculated manner Operational excellence Strive for zero harm workplaces Operate a flat management structure with a strong ownership culture Streamline management and operations w i t h m a n a g e r s a c c o u n ta b l e fo r t h e businesses they run Leverage innovation and technology to promote industry-leading efficiencies Build trust-based partnerships with host governments, business partners and local communities to drive shared long-term value Sustainable profitability Follow a disciplined approach to growth and proactively manage impacts on the wider environment, emphasizing long-term value for all stakeholders Increase returns to shareholders, driven by a focus on return on capital, internal rate of return and free cash flowi Barrick Gold Corporation Annual Report 2020

Our global business1 Donlin Gold (50%) M&I Resourcesi: 20Moz Inferred Resourcesi: 3.0Moz Golden Sunlight (100%) Nevada Gold Mines (61.5%) Turquoise Ridge Complex2 100% Production: 537koz Attributable Production: 330koz P&P Reservesi: 7.7Moz M&I Resources3,i: 10Moz Inferred Resources3,i: 1.2Moz Carlin Complex2 100% Production: 1,665koz Attributable Production: 1,024koz P&P Reservesi: 12Moz M&I Resources3,i: 19Moz Inferred Resources3,i: 1.6Moz Cortez Complex2 100% Production: 799koz Attributable Production: 491koz P&P Reserves4,i: 6.0Moz M&I Resources3,4,i: 12Moz Inferred Resources3,4,i: 3.4Moz Goldrush4 (61.5%) P&P Reservesi: 1.2Moz M&I Resources3,i: 5.5Moz Inferred Resources3,i: 2.5Moz Fourmile (100%) M&I Resourcesi: 0.47Moz Inferred Resourcesi: 2.3Moz Norte Abierto (50%) P&P Copper Reservesi: 2.9Blb M&I Copper Resources3,i: 5.5Blb Inferred Copper Resources3,i: 1.4Blb Hemlo (100%) Production: 223koz P&P Reservesi: 1.5Moz M&I Resources3,i: 3.3Moz Inferred Resources3,i: 0.9Moz Corporate office, Toronto DOMINICAN REPUBLIC Pueblo Viejo2 (60%) 100% Production: 903koz Attributable Production: 542koz P&P Reservesi: 6.2Moz M&I Resources3,i: 15Moz Inferred Resources3,i: 2.4Moz Zaldívar (50%) 100% Production: 212Mlb Attributable Production: 106Mlb P&P Reservesi: 2.3Blb M&I Resources3,i: 5.2Blb Inferred Resources3,i: 270Mlb P&P Gold Reservesi: 12Moz M&I Gold Resources3,i: 22Moz Inferred Gold Resources3,i: 4.4Moz Pascua-Lama (100%) M&I Resourcesi: 21Moz Inferred Resourcesi: 0.86Moz Alturas (100%) Inferred Resourcesi: 8.9Moz Veladero (50%) 100% Production: 452koz Attributable Production: 226koz P&P Reservesi: 2.6Moz M&I Resources3,i: 3.1Moz Inferred Resources3,i: 0.58Moz Gold producing In closure Projects Care and maintenance Copper producing Corporate office Annual Report 2020 Barrick Gold Corporation

Loulo-Gounkoto Complex2 (80%) 100% Production: 680koz Attributable Production: 544koz P&P Reservesi: 6.7Moz M&I Resources3,i: 9.0Moz Inferred Resources3,i: 2.0Moz CÔTE D’IVOIRE Tongon (89.7%) 100% Production: 284koz Attributable Production: 255koz P&P Reservesi: 0.57Moz M&I Resources3,i: 0.79Moz Inferred Resources3,i: 0.21Moz Kibali2 (45%) 100% Production: 808koz Attributable Production: 364koz P&P Reservesi: 4.2Moz M&I Resources3,i: 7.0Moz Inferred Resources3,i: 0.67Moz SAUDI ARABIA Jabal Sayid (50%) 100% Production: 150Mlb Attributable Production: 75Mlb P&P Reservesi: 620Mlb M&I Resources3,i: 790Mlb Inferred Resources3,i: 79Mlb Lumwana (100%) Production: 276Mlb P&P Reservesi: 6.3Blb M&I Resources3,i: 12Blb Inferred Resources3,i: 12Mlb North Mara (84%) 100% Production: 311koz Attributable Production: 261koz P&P Reservesi: 2.0Moz M&I Resources3,i: 3.9Moz Inferred Resources3,i: 1.6Moz Bulyanhulu (84%) 100% Production: 52koz Attributable Production: 44koz P&P Reservesi: 2.0Moz M&I Resources3,i: 3.6Moz Inferred Resources3,i: 7.0Moz Buzwagi (84%) 100% Production: 100koz Attributable Production: 84koz P&P Reservesi: 0.042Moz M&I Resources3,i: 0.18Moz Porgera (47.5%) P&P Reservesi: 2.4Moz M&I Resources3,i: 3.9Moz Inferred Resources3,i: 1.1Moz 1 All figures as at December 31, 2020. 2 Tier One mine. 3 Mineral resources are reported inclusive of mineral reserves. 4 Mineral reserves and resources at Cortez are reported inclusive of Goldrush. 5 In Q1 2021, Barrick announced the sale of Lagunas Norte to Boroo Pte Ltd (Singapore). Barrick Gold Corporation Annual Report 2020

Our Tier One assets Carlin Complex consists of multiple open pit and underground mines and several processing facilities. These include two roasters, an autoclave, an oxide mill and heap leach pads. The Carlin Trend is the most significant ore- controlling fault in Nevada and will be a key exploration focus at Barrick for many years. It includes targets at North Leeville, Ren and the Carlin Basin. 2020 Production1: 1,665koz Kibali is one of the largest gold mines in Africa. It consists of open pit and underground operations, as well as a 7.2Mtpa processing plant. First gold was poured in 2013 from open pit operations, while full underground commissioning was completed at the end of 2017. Successful reserve growth in 2020 has extended the open pit mine life at the asset beyond 10 years. Kibali is one of of the most automated underground mines in the world. 2020 Production1: 808koz Cortez Complex consists of the Pipeline open pit complex and the Cortez Hills underground operation. Processing at Cortez consists of an oxide mill and heap leach pads, with refractory material processed at Carlin. Pouring its first gold over 150 years ago, Cortez is expected to continue producing long into the future through projects such as Goldrush, Robertson and potentially Fourmile. 2020 Production1: 799koz

Pueblo Viejo consists of two open pits, Moore and Monte Negro, with processing through autoclaves. The plant and tailings expansion projects remain on track and on budget, with construction activities ramping up following Environmental Impact Assessment approval for the plant expansion in the third quarter of 2020. The proposed expansion of Pueblo Viejo will extend its life as well as its significant contribution to the Dominican Republic’s economy until 2040 and beyond. 2020 Production1: 903koz Loulo-Gounkoto Complex comprises the Yalea and Gara underground mines at Loulo, as well as the Gounkoto open pit. Production from Loulo started in 2005 as an open pit operation. Gounkoto, a greenfields discovery, poured first gold in 2011 with ore processed at Loulo. Development ore from the complex’s third underground mine, located at Gounkoto, is expected in the second quarter of 2021. 2020 Production1: 680koz Turquoise Ridge Complex, which includes Twin Creeks, consists of multiple open pit and underground mines as well as an autoclave, oxide mill and a heap leach pad. The high-grade Turquoise Ridge underground mine is the value driver of the complex and construction of a third shaft at the operation is on schedule and within budget. Together with increased hoisting capacity, the third shaft is expected to provide additional ventilation for underground mining operations as well as shorter material haulage distances. 2020 Production1: 537koz Notes 1 Production is presented on a 100% basis. Nevada Gold Mines is owned 61.5% by Barrick (the operator) and 38.5% by Newmont. Kibali is owned 45% by Barrick (the operator), 45% by AngloGold Ashanti and 10% by SOKIMO. Loulo-Gounkoto is owned 80% by Barrick (the operator) and 20% by the Government of Mali. Pueblo Viejo is owned 60% by Barrick (the operator) and 40% by Newmont.

Letter from the Executive Chairman This time last year, when the Covid-19 pandemic had just descended upon the world, I wrote to you that this was a global disaster which would radically change the way we live and work. If anything, that has proved to be an understatement. While the vaccination programs now widely under way will curb and may conquer the virus, the destruction it leaves in its wake will exact an as yet incalculable socio-economic toll. Barrick responded promptly and effectively to the pandemic. Our alert and agile management, our culture of partnership and our commitment to being a good neighbour, not only shielded our people and business from the pandemic’s worst impacts, but also safeguarded the communities in which we operate. We provided substantial financial and operational support to our host countries and, by stimulating small and medium-sized enterprises, we are creating an environment in which our communities and partners can survive the pandemic and thrive in its aftermath. The challenges posed by the pandemic have brought the importance of strong ESG governance into sharper focus for investors, governments and communities alike. Operating responsibly, however, is not something new for Barrick. It is entrenched in our DNA. Our approach to sustainability governance is simple – we foster accountability at the site level, on the ground where the business is, not from a corporate office. That is why one of the first changes we made following the merger with Randgold (the Merger) was to establish the Environmental and Social Oversight Committee (E&S Committee). The E&S Committee is chaired by Mark Bristow and brings management and sustainability teams from every site together on a quarterly basis to review our performance against a range of sustainability KPIs. It also reviews emerging challenges and opportunities to enable collective brainstorming and knowledge sharing. The E&S Committee includes an independent sustainability consultant in an advisory role. Covid-19 was not the only challenge Barrick faced in 2020. After taking over the Tanzanian assets we ended the three-year-long standoff between their former operators and the government, settled all outstanding disputes, re-planned and re-started the mines and established a ground-breaking formal partnership with the state. Elsewhere too we made significant progress in resolving long-standing relationship issues and restoring or reinforcing our social licence to operate. In Papua New Guinea, we continue to negotiate the resumption of mining at Porgera. Under these circumstances, the Barrick team led by Mark Bristow, supported by the corporate and regional executives, did extremely well to build on 2019’s excellent performance, capitalizing fully on the higher gold price and delivering on our production guidance. We ended 2020 with one of the industry’s strongest balance sheets, having increased the quarterly dividend threefold since the announcement of the Merger more than two years ago. As described in this Annual Report, we also propose to return surplus funds to shareholders through a return of capital in 2021, further increasing returns to our shareholders while maintaining the strength of our balance sheet. During the year we made significant progress in building our future leadership by injecting youth and diversity into a highly experienced team, thus aligning it not only with technological advances but also with the evolving expectations of a rapidly changing world.

A wide range of skills, experience, perspectives and backgrounds will, we believe, foster continuing innovation, equip us to deal effectively with opportunities, challenges and risks, and draw us even closer to our stakeholders worldwide. Barrick has a high-performance culture and, in order to attract outstanding people who will share our vision and values, our compensation model is ownership-based. A broad spectrum of our employees are also shareholders, with a stake in the future success of the company and a common interest with our other investors. We are also focused on Board renewal and have increased its diversity, including gender diversity, since the Merger. During these two years we have added two new Directors to our Board of 10. They are highly qualified women who were identified through a rigorous search and selection process: Ms Loreto Silva, who has significant expertise in large-scale infrastructure projects and wide-ranging experience in legal and government affairs with a specific focus on South America; and Ms Anne Kabagambe, whose perspective on doing business internationally is informed by her experience in engaging with governments, the private sector and civil society, as well as her knowledge of the global resource, banking, and education sectors, and her previous role as an Executive Director of the World Bank representing the interests of 22 Sub-Saharan African countries. The Board includes international business leaders and mining industry professionals with expertise and experience in working in all the jurisdictions in which Barrick operates. Its broad range of perspectives, skills, professional experience, and backgrounds is designed to best address the opportunities, challenges and risks of our business, and to effectively represent our global stakeholders. Board renewal is a continuing process and the Corporate Governance & Nominating Committee is currently looking for an additional appropriately qualified female candidate to appoint to the Board. The diversity of the team also strengthens our ability to set the sustainability standard for the industry. Last April we became the first mining company to publish a Sustainability Scorecard as part of our annual Sustainability Report. Our grade for 2019 was a B and I am pleased to report that we have improved our performance against almost all sustainability metrics in 2020. Our 2020 Sustainability Report, which will include the new scorecard, will be published in April 2021. The support and guidance of the Board have been of inestimable value in 2020 and I thank my fellow Directors on the Board of Barrick as well as the members of the International Advisory Board for their close involvement with the company and their sage advice on our strategic direction. While our meetings moved online last year, the Barrick Board strengthened its oversight and stewardship, receiving detailed updates from senior management on the company’s response to the pandemic. The Board’s risk oversight was greatly aided by Mark Bristow’s first-hand knowledge of the operations. He visited each of the mines three times in 2020, observing all the safety protocols, and his early decisive action was instrumental in our effective management of the pandemic. Barrick has emerged even stronger from a very difficult year and has made significant progress since the transformational merger with Randgold towards our goal of becoming the world’s most valued gold company, with the best assets, managed by the best people, to deliver the best results. There remains more to do, however, and our five and 10 year plans will keep the team firmly focused on the attainment of our next set of goals. John L Thornton Executive Chairman

Board of directors John L Thornton NON-INDEPENDENT, EXECUTIVE CHAIRMAN OF BARRICK Director since February 2012 Nationality: American Mr Thornton has been Executive Chairman of Barrick since 2014. He has decades of experience in global business, finance, and public affairs. He has served as a director of numerous public companies, including China Unicom, Ford, HSBC, Industrial and Commercial Bank of China, Intel, and News Corporation. J Brett Harvey INDEPENDENT AND LEAD DIRECTOR Director since December 2005 Nationality: American Chair of the Audit & Risk Committee, Audit Committee Financial Expert. Member of the Compensation Committee Mr Harvey was CONSOL Energy Inc’s Chairman Emeritus from May 2016 to May 2017, Chairman from January 2015 to May 2016, Executive Chairman from May 2014 to January 2015, Chairman and CEO from June 2010 to May 2014, and CEO from January 1998 to June 2010. Christopher L Coleman INDEPENDENT DIRECTOR Director since January 2019 Nationality: British Chair of the Compensation Committee. Member of the Corporate Governance & Nominating Committee Mr Coleman is the group head of banking at Rothschild & Co and has more than 25 years’ experience in the financial services sector, including corporate and private client banking and project finance. He has had a long-standing involvement in the mining sector in Africa and globally. Mark Bristow NON-INDEPENDENT, PRESIDENT AND CHIEF EXECUTIVE OFFICER OF BARRICK Director since January 2019 Nationality: South African Mr Bristow had been the Chief Executive of Randgold Resources since its incorporation in 1995. Randgold was founded on his pioneering exploration work in West Africa and he subsequently led the company’s growth through the discovery and development of world-class assets. He joined Barrick in his current position with the Merger in January 2019. Gustavo A Cisneros INDEPENDENT DIRECTOR Director since September 2003 Nationality: Venezuelan and Spanish Chair of the Corporate Governance & Nominating Committee. Member of the Compensation Committee Mr Cisneros is the Chairman of Cisneros, a privately-held media, entertainment, telecommunications, and consumer products organization. He is a member of Barrick’s International Advisory Board. He is also a senior advisor to RRE Ventures LLC, a venture capital firm.

J Michael Evans INDEPENDENT DIRECTOR Director since July 2014 Nationality: Canadian Member of the Audit & Risk Committee, Audit Committee Financial Expert Mr Evans is the President of Alibaba Group Holding Ltd, a position he has held since August 2015. Prior to becoming President, he was an independent director and member of the audit committee of Alibaba Group Holding Ltd. Anne Kabagambe INDEPENDENT DIRECTOR Director since November 2020 Nationality: Ugandan Member of the Audit & Risk Committee Ms Kabagambe has 35 years’ experience spanning a diverse range of senior leadership positions in international institutions. She is a former Executive Director of the World Bank Group and, prior to the World Bank, she spent 27 years at the African Development Bank. Ms Kabagambe has also served on the boards of the Africa American Institute and Junior Achievement Africa. Loreto Silva INDEPENDENT DIRECTOR Director since August 2019 Nationality: Chilean Member of the Corporate Governance & Nominating Committee Ms Silva serves as a partner at the Chilean law firm Bofill Escobar Silva Abogados. She also serves on the board of Aguas Andinas, the largest water utility in Chile. In 2010, Ms Silva was appointed Vice Minister of Public Works. Ms Silva became the Minister of Public Works at the end of 2012, a position she held until March 2014. Ms Silva has been named one of Chile’s 100 top woman leaders on four occasions. Brian L Greenspun INDEPENDENT DIRECTOR Director since July 2014 Nationality: American Member of the Corporate Governance & Nominating Committee. Member of the Compensation Committee Mr Greenspun is the Publisher and Editor of the Las Vegas Sun. He is also Chairman and CEO of Greenspun Media Group. He has been appointed to two US Presidential Commissions. Andrew J Quinn INDEPENDENT DIRECTOR Director since January 2019 Nationality: British Member of the Audit & Risk Committee For 15 years, prior to his retirement in 2011, Mr Quinn was head of Mining Investment Banking for Europe and Africa at CIBC. He has over 40 years’ experience in the mining industry.

Message from the President and CEO The past year w a s o n e o f d e l i v e r y a n d development for Barrick. In the face of challenging issues across all regions, notably the Covid-19 pandemic, we met our key performance indicators and at the same time made significant progress towards our key strategic objectives. We achieved our production guidance, delivered strong operating cash flow of $5.4 billion and set a new annual record of $3.4 billion for free cash flowi, which has increased more than ninefold since the Merger was completed two years ago. Our focus on Tier One and other strategic assets has unlocked material synergies and opportunities, as well as realizing the promised $1.5 billion from the sale of non-core interests. The Barrick-led establishment of the Nevada Gold Mines joint venture created the world’s largest gold mining complex under our operatorship and added a sixth Tier One mine to our portfolio in the form of the combined Turquoise Ridge and Twin Creeks operation. In Tanzania, we solved the Acacia problem and are now building a potential Tier One complex there. We established Lumwana as a profitable long-life copper mine in Zambia and in Canada we are well on our way to transforming the previously precarious Hemlo into a robust Tier Twoi operation. None of this could have been achieved without the management philosophy imported from Randgold at the time of the Merger and since proven on a global scale. It is based on a fit-for-purpose organizational structure with lean regional management teams. This decentralized structure, one of the fittest in the extractive industry relative to size, promotes high performance and agile, effective decision-making, provides the corporate executive with direct access to line operations and empowers the regional management teams to meet their business objectives. Barrick has more than 20,000 employees and 23,000 contractors at our operations in 13 countries across the world and we seek to make their work safer and more rewarding every day. A modern mining business needs people who share its vision and values, are entrepreneurial and profit-orientated, and alive to technological and societal advances. Through our talent development framework, we are building an effective multicultural and multi-generational workforce capable of leading Barrick into the future. ESG: a clear roadmap towards realistic targets For most, environmental, social and governance (ESG) is an issue that has only recently moved from the margins to the core of investment decision-making and hence operational management. For Barrick, however, sustainability has long been an integral part of the way we do business. In fact, its principles are deeply embedded in our organizational DNA. The effectiveness of Barrick’s ESG strategy – which is powered at all levels by a long-established partnership philosophy and our close relationship with all stakeholders, from investors to host communities – was a key factor in the past year’s performance. This was particularly evident in our successful Covid-19 containment programs, which buffered the impact of the pandemic on our business and people, and also enabled us to provide much needed and welcomed support to our host countries.

The E in ESG has been receiving much of the attention lately but I would argue that its social dimension is as important. I am particularly concerned that the issue of poverty – perhaps the greatest problem facing mankind – is not more prominently on the agenda. The world’s poorest people live in its poorest countries and easing their lot will require a global and not just a local response. This is not to say we underestimate the gravity of the environmental challenge. Barrick has a clear roadmap for the reduction of greenhouse gas emissions which is based on climate science and operational realities rather than wishful thinking or long-dated aspirations. A detailed account of our strategy, plans and practices is given in the sustainability section1 in this Annual Report and is even more comprehensively dealt with in our 2020 Sustainability Report, to be published in April 2021. As will be seen from these disclosures, all our operations are transitioning to cleaner and more efficient energy sources, as well as better water usage, and our new mines are being planned with their environmental impact as a key consideration. In short, Barrick aspires to be an industry leader in ESG as well as in value creation. Robust operations, real opportunities We use our five- and 10-year plans as tools to manage our sustainable profitability, with the five-year plan focused on short-term delivery and the 10-year plan looking further ahead at strategy implementation and capital allocation. North America Now and for the future, Nevada in the North America (NA) region is Barrick’s value foundation and we have spent the past year advancing our knowledge of its orebodies, realizing the joint venture synergies, building their production profile, tightening cost management and exploiting the opportunities created by the removal of fences. Exploration has also been laying the foundation for new near to medium term Life of Mine additions and new discoveries. The best potential for mine additions is at North Leeville, Fourmile and Goldrush as well as the Ren project at Carlin. The most promising opportunities for significant new discoveries are in the area between Turquoise Ridge and Twin Creeks, between Pipeline and Robertson in the Cortez complex and in the Carlin Basin south of Gold Quarry. The Carlin complex is particularly well-endowed with gold deposits and this Tier One asset has some very exciting opportunities not only for resource expansion but also for new world-class discoveries. The Cortez complex also has a wealth of opportunities for expansion and growth. The Goldrush and Fourmile discoveries are good examples of our policy of first understanding the geological framework and then building the exploration programs around that. The Goldrush project is on track to expose its first ore by mid-2021 and the government’s Record of Decision is expected in the first quarter of 2022. Once Goldrush and Fourmile are up and running, they will boost the complex’s annual production and secure its Tier One status for years to come. In the meantime, Cortez has been fully integrated as a combined underground and open pit operation. Turquoise Ridge turned its performance around in the fourth quarter of 2020 after struggling earlier in the year and ongoing optimization should deliver further improvement. Its third shaft, scheduled for commissioning in late 2022, will also lift its efficiency level. Turquoise Ridge Underground boasts one of the highest grades in the world and has great growth prospects. In Canada, Hemlo has made a remarkable journey from survival mode to a profitable operation. At the time of the Merger, we doubted whether it was a viable asset but after unpacking the geology and rebuilding the models we found many opportunities not only to turn it into an efficient underground operation but also to expand its reserves and extend its life. Latin America and Asia Pacific Latin America and Asia Pacific (LATAM and AP) is a region with many challenges – mainly legacy issues that impact our social licence to operate – but also hosts an abundance of opportunities. We have put a great deal of work into fixing our businesses and relationships there, and a new exploration team is looking to increase our footprint. In the Dominican Republic, Pueblo Viejo’s expansion project is expected to realize the operation’s full potential by unlocking just over 9 million ounces of measured and indicated gold resources2,i currently excluded from reserves due to the lack of adequate tailings storage capacity. The plant is being upgraded to handle an annual throughput of 14 million tonnes and negotiations to secure land for the proposed new tailings storage facility are under way. Veladero in Argentina was the only Barrick mine where production was impacted by a government-imposed pandemic quarantine and movement restrictions. This also temporarily delayed the mine’s transition to a new heap leach facility, now scheduled for completion by mid-2021, after which its performance is expected to improve. Veladero’s connection to the Chilean power grid was similarly delayed but should be completed by the end of 2021. Still in the El Indio region, it appears that combining Lama with Veladero and looking at Pascua separately may make more sense. We are looking closely at this option. In Papua New Guinea an in-principle agreement with the government on the re-opening and future operation of the Porgera mine, which has been on care and maintenance since April last year when the renewal of its special mining lease was refused, was reached in the fourth quarter of 2020. Teams from both sides continue to work on the details of a mutually acceptable settlement agreement. This has been a long and difficult negotiation, but I am optimistic that we will reach an agreement and get the mine re-opened this year. Africa and Middle East This region has largely driven the post-Merger repositioning and reinvigoration of Barrick. Its five-year plan remains intact, with production steady while costs and capex are expected to come down, and there are plenty of opportunities to drive this performance into the longer term. 1 See ‘Mining for a better world’ on pages 26 to 33. 2 On a 100% basis.

The Loulo district in Mali is Barrick’s most prolific generator of new ounces and Loulo-Gounkoto again more than replaced its depleted reserves last year, with more to come. Despite a coup and political unrest in Mali, the complex exceeded the top end of its production guidance, highlighting again the value of strong in-country partnerships and an agile, adaptable management team. The complex’s 10 year outlook is enhanced by its third underground mine below the very profitable Gounkoto pit, which is on track to deliver its first development ore tonnes by mid-2021. In Côte d’Ivoire, brownfields exploration has added to Tongon’s life and the focus now is on extending that life beyond 2023 or otherwise replacing its production. The Côte d’Ivoire remains an attractive destination for Barrick and we continue to explore generative opportunities throughout the country. Kibali in the Democratic Republic of Congo also grew its total reserves net of depletion in 2020. Kibali was initially intended to progress to an underground-only mine but the discovery of a series of significant open-pit deposits has increased its flexibility by balancing the ore feed over the mine’s 10-year plan and beyond. Barrick has achieved a great deal in Tanzania since taking over the operation of the Acacia mines there. Operationally, North Mara continues to improve but there is still a lot to do to realize its full potential, starting with a new oxygen plant and an upgrade of the cyclone cluster. Our enhanced understanding of the geology is delivering exceptional results, with the mine increasing its reserves net of depletion. A substantial growth of its resources indicates a significant potential for extending the Life of Mine. Similarly, exploration at Bulyanhulu has produced exceptional results and it is becoming clear that this orebody is of world-class proportions. The ramp-up of the underground mining and processing is on track to reach steady state annualized production in 2022. We now believe that once we have brought North Mara and Bulyanhulu into the lower half of the cost curve, we shall be able to deliver another Tier One complex into Barrick’s portfolio. Our copper portfolio The recent rise in the price of copper has confirmed its status as the world’s most valuable industrial metal, and our copper portfolio was a meaningful contributor to Barrick’s bottom line in 2020. Though the Zaldivar chloride leach project was impacted by Covid-19 restrictions in Chile, Jabal Sayid exceeded its production guidance and Lumwana was near its top end. Lumwana is a case study in value creation. After years of operational disappointment, diligent stewardship by the Africa and Middle East (AME) team has achieved a remarkable turnaround. In the space of two years, production has increased by 23%, cost of sales per pound decreased by 20% and C1 cash costs per poundi have been cut by 25%. At current copper prices, Lumwana is now capable of generating significant free cash flowi annually for many years to come.

Sustaining our reserve profile with quality ounces Excluding the effect of the sale of Massawa, total resources grew in 2020 on the back of an increase in inferred resources while 76% of reserves were replaced, net of depletion. Reflecting our focus on orebody quality, we maintained our above-average resource and reserve grade. As our understanding of the legacy Barrick orebodies increases and our drilling coverage improves, the potential for the conversion of resources to reserves will grow, but it will take some time for the group to reach the reserve replacement levels of the mines in the Africa and Middle East region. The benefits of re-inventing Barrick The new Barrick’s foundational objective was to build a business capable of delivering the industry’s best returns. Since announcement of the Merger in September 2018, the Barrick share price has grown by 118% against a 92% increase in the GDX as of December 31, 2020. The quarterly dividend has been trebled and the Board has recommended that an additional $750 million of surplus cash should be returned to shareholders as a return of capital distribution in 2021. A company that was burdened by net debt of more than $13 billion as recently as 2013 now has zero net debt, no significant maturities for the next 10 years and a robust balance sheet with strong liquidity consisting of $5.2 billion in cash and an undrawn $3.0 billion credit facility. Efficient operations and effective management enabled us to capitalize fully on the higher gold and copper prices and to pass the rewards on to our investors as well as our community stakeholders. These achievements were produced on the foundation of a solid 10-year plan built on a great asset base, a fit-for-purpose structure and management teams that more than lived up to our ‘best people’ mantra. I continue to be impressed by our people’s energy, creativity and ambition and I am proud of our success in further strengthening and diversifying our world-class talent, and in fostering an environment in which that talent can fully flourish. We are still only at the beginning of an exciting and rewarding journey but we are well-equipped in every way to build on what we have, and to find and exploit new opportunities, including any openings offered by the ongoing dynamics of the gold industry. Mark Bristow President and Chief Executive

Executive committee Mark Bristow NON-INDEPENDENT, PRESIDENT AND CHIEF EXECUTIVE OFFICER Mark Bristow was appointed President and Chief Executive Officer of Barrick in January 2019, following the merger with Randgold Resources. Previously, he was the Chief Executive Officer of Randgold, following his pioneering exploration work in West Africa. He subsequently led Randgold’s growth through the discovery and development of high quality assets into a major international gold mining business. He played a pivotal role in promoting the emergence of a sustainable mining industry in Africa, and has a proven track record of delivering significant shareholder value. He holds a Doctorate in Geology from the University of KwaZulu-Natal. Catherine Raw CHIEF OPERATING OFFICER, NORTH AMERICA Catherine Raw is the executive responsible for the North America region, a role she assumed after the Merger in January 2019. She was formerly Chief Financial Officer of Barrick. She joined the company in May 2015 as Executive Vice-President, Business Performance, and was previously co-manager of BlackRock’s flagship mining funds. Willem Jacobs CHIEF OPERATING OFFICER, AFRICA AND MIDDLE EAST Willem Jacobs is the executive responsible for the Africa and Middle East region. He joined Randgold in 2010 and was responsible for the establishment of Randgold’s activities in Central and East Africa, specifically in the Democratic Republic of Congo. He was appointed COO, Africa and Middle East after the Merger in January 2019. Graham Shuttleworth SENIOR EXECUTIVE VICE-PRESIDENT, CHIEF FINANCIAL OFFICER Graham Shuttleworth is a chartered accountant with over 26 years’ mining industry experience. Previously, he was the Financial Director and Chief Financial Officer of Randgold from July 2007, and prior to that the managing director and head of metals and mining for the Americas in the global investment banking division of HSBC. He became the Senior Executive Vice-President and CFO of Barrick with the Merger in January 2019. Kevin Thomson SENIOR EXECUTIVE VICE-PRESIDENT, STRATEGIC MATTERS Kevin Thomson is intimately involved in all activities of strategic significance to the company, including the development of partnerships with other mining companies, investors, suppliers and other business partners, strategic legal issues, management of complex negotiations, as well as development of corporate strategy and governance. Mark Hill CHIEF OPERATING OFFICER, LATIN AMERICA AND ASIA PACIFIC Mark Hill is the executive responsible for the Latin America and Asia Pacific region, a role he assumed in January 2019. He was formerly Chief Investment Officer of Barrick, chairing its investment committee and has more than 26 years’ experience in the mining industry. Riaan Grobler COMMERCIAL AND SUPPLY CHAIN EXECUTIVE Riaan holds an Honours degree in Finance and has 22 years’ experience in the gold mining industry. He was appointed group commercial and supply chain General Manager for Randgold in 2014 and SVP Commercial and Supply Chain for Barrick following the Merger in January 2019. In 2021, he was appointed Commercial and Supply Chain Executive.

Rod Quick MINERAL RESOURCE MANAGEMENT AND EVALUATION EXECUTIVE Rod Quick is a geologist with an MSc and 25 years’ experience in the gold mining industry. He joined Randgold in 1996, and was involved in the exploration, evaluation and production phases of all of Randgold’s projects since Morila. Rod was appointed to his current position following the Merger in January 2019. Rob Krcmarov EXECUTIVE VICE-PRESIDENT, EXPLORATION AND GROWTH With over 31 years’ experience in geology and exploration, Rob Krcmarov leads a global team of geoscientists and exploration professionals who are responsible for the discovery of a number of the largest gold deposits in recent decades, including Lagunas Norte, Goldrush, Fourmile, Gounkoto, Massawa and Alturas. Greg Walker EXECUTIVE MANAGING DIRECTOR, NEVADA GOLD MINES Greg Walker has been in his current position since the Nevada Gold Mines JV was formed in July 2019. Prior to leading NGM, he was Barrick’s SVP, Operational and Technical Excellence, responsible for driving transformational business improvement across the group’s operations. Darian Rich HUMAN RESOURCES EXECUTIVE Darian Rich, who has more than 26 years’ experience in human resource management, was appointed Executive Vice-President, Talent Management, in July 2014, when he was tasked with attracting, retaining and developing exceptional people. Glenn Heard MINING EXECUTIVE A mining engineer with a Bachelor of Engineering (Mining) Honours and over 28 years’ mining experience. In 2017, he was appointed Randgold’s Group General Manager – Mining and then SVP Mining following the Merger in January 2019. In 2021, he was appointed Mining Executive responsible for technical and operational oversight. Lois Wark GROUP CORPORATE COMMUNICATIONS AND INVESTOR RELATIONS EXECUTIVE Lois Wark joined Randgold when the company was established in 1995 and headed its corporate communications function for 20 years. In January 2019, following the Merger, she assumed responsibility as executive in charge of Barrick’s global corporate communications and investor relations programs. Grant Beringer GROUP SUSTAINABILITY EXECUTIVE Grant Beringer oversees all sustainability related aspects for the company and is a member of the Environmental and Social Oversight Committee. He holds an MSc in environmental management and has over 17 years’ experience in the environmental and social consulting industry. John Steele METALLURGY, ENGINEERING AND CAPITAL PROJECTS EXECUTIVE John Steele is the executive responsible for capital projects and provides operational and engineering oversight to the group, a role he assumed following the Merger in January 2019. He joined Randgold in 1996 and was responsible for the successful construction and commissioning of Randgold’s Morila, Loulo, Tongon, Gounkoto and Kibali mines. Rich Haddock GENERAL COUNSEL Rich Haddock joined Barrick in 1997 and after progressing through various legal and other roles, was appointed General Counsel in 2014. Non-legal roles at Barrick included Vice-President, Environment and Regional President, North America. With prior legal roles in the mining industry and as a partner in a major law firm, he has over 36 years’ experience.

Financial review Last year, I described 2019 as a year of transformation for Barrick. T h e 2 0 2 0 y e a r h a s n o w demonstrated the strength and resilience of the company following this transformation. With the impact of the pandemic so pervasive across the globe, we believe that four quarters of consistently solid operational performance is what differentiated Barrick from many of its peers. We delivered on our full-year guidance targets and while the gold price will be regarded as a key driver of our record cash flows, it is more accurate to say that our ability to maintain operational activity throughout the year was the main driver of our superior financial performance. Operating cash flow of $5.4 billion and record free cash flowi of $3.4 billion in 2020 are indicative of the strong fundamentals of the ‘new Barrick’. This level of free cash flow generation also resulted in the company moving into a net cash position, which represents a decrease of more than $13 billion since 2013 when net debt peaked. Our adjusted EBITDA margini increased further from 50% in 2019 to 59% in 2020, which points to our ability to more than pass on the benefits of a higher gold price through to the bottom line. While gold cost of sales per ounce was impacted, importantly, our total cash costsi and AISCi per ounce metrics were within the guidance we set at the start of the year, notwithstanding that higher royalty expenses driven by a higher gold price were a significant cost headwind. Our balance sheet is one of the strongest in the industry and we are now in the enviable position of having less than $100 million of public debt maturities falling due before 2033, and an undrawn credit facility of $3.0 billion. This strong cash flow also allowed us to further increase our quarterly dividend to 9 cents per share, consistent with our stated commitment to growing shareholder returns. This represents a tripling of the quarterly dividend since the Randgold merger was announced in September 2018. Separately, we have announced a capital return of $750 million to further enhance returns to shareholders which, in part, was made possible by the successful achievement of our divestment target of $1.5 billion in proceeds from non-core assets. At the same time, we continue to grow the business through the execution of our pipeline of growth projects and exciting exploration opportunities, all underpinned by our sustainably profitable long-term plans. This strength will allow Barrick to leverage our superior operating model, including participation in further industry consolidation, unencumbered by the vagaries of the capital markets, should the right value-adding opportunities arise. There are aspects of our transformation journey that are still under way. We continue to focus on simplifying the business through rationalization of our corporate structure and further disposals of non-core assets. We are at the midpoint of our group-wide systems transformation in relation to our Enterprise Resource Planning (ERP) and consolidation systems environment. In the third quarter of 2020, we implemented our new SAP ERP platform at NGM and recently had the go-live for the remaining operations and businesses in North America. Our attention has now shifted to implementation within the LATAM & AP and AME regions, which we expect to complete by the start of 2022. This will deliver on our vision of unifying all the disparate legacy financial systems inherited from Acacia, Newmont and Equinox as well as the legacy environments from Barrick and Randgold. We are already starting to see the benefits of this investment accrue in the form of lower costs, higher operating efficiencies as well as enhanced transparency and integrity in our financial planning and reporting tools.

Identifying and effectively dealing with risk is key to a sustainable business and is an integral part of how we protect and create value. Our risk management process is designed to enable us to identify, evaluate, plan and manage risks, including new and emerging risks, that could have an impact on our business as well as allowing us to react in an agile way to deal with changing risks. We continued to drive ownership and accountability for risk management into our business, embedding fundamental processes at the operations across the company. We are focused on a risk aware culture allowing risks to be managed within agreed thresholds in a proactive and effective manner. The Covid-19 pandemic has challenged our business both internally and externally, with the return to global recovery still uncertain. Our approach to risk enabled us to adapt and roll out our management action plans across the operations to deal with the pandemic. We continue to monitor and evaluate the potential impact on our business, employees, host countries and supply chain. While 2020 has been a year of delivery and achievement despite the significant challenges, we are excited by the additional value that we know is on the horizon. We will continue our unrelenting focus on capturing this upside to achieve our goal of being the world’s most valued gold mining company. Graham Shuttleworth Senior Executive Vice-President, Chief Financial Officer

Gold market overview Gold prices performed historically well in 2020, reaching an all-time high spot price of $2,075/oz on the back of strong investor interest due to global economic uncertainties, primarily from the impact of the spread of Covid-19, reductions in short- and long-term interest rates and large-scale fiscal stimulus measures in major economies, a weakening of the trade-weighted US dollar, and a search for safe haven assets. 2020 was a challenging year on many fronts, but the strength of the gold price during such difficult times has helped to underscore its value as a safe haven investment. The economic consequences of the pandemic are likely to continue for some time and the related monetary and fiscal stimulus measures put in place by global central banks and governments is expected to result in a continuation of low interest rates and large fiscal deficits though 2021, providing a conducive environment for continued robust gold price performance. The average price of gold in 2020 was $1,770/oz, a 27% increase over the $1,393/oz average in 2019. This $1,770/oz average was a new record high, surpassing the previous high of $1,669/oz reached in 2013, and represented the fifth straight year of annual average price increases. Gold prices ended 2020 at $1,888/oz, representing an increase of 25% since the end of 2019. A reduction in global interest rates during 2020, including 150bps of benchmark rate cuts by the US Federal Reserve during March 2020 to a range of 0% to 0.25% and a continuation of negative 10-year yields in parts of Europe, helped to increase gold prices by reducing the opportunity cost of holding gold. Investor demand from gold was exceptionally strong in 2020, with the World Gold Council (WGC) reporting that collective ETF gold holdings grew by a record 877 tonnes during the year and reached an all-time high of approximately 3,752 tonnes in the fourth quarter of 2020. COMEX net long positions also reached all-time highs during 2020, a significant reversal of sentiment from the net short position that existed in late 2018. While there was an exceptionally strong appetite for gold from the investment community, overall demand for gold in ounce terms fell in 2020, as the global pandemic and rising prices that reached all-time highs in US dollars, as well as in many non-US currencies, including in Euro, Pound sterling, Japanese yen, Indian rupee and Chinese yuan, reduced both consumer demand for jewellery and net purchases by central banks. In particular, global jewellery demand was down 34% versus 2019, with China and India – responsible for over half of jewellery demand – down 35% and 42%, respectively. Gold demand for electronics and other industrial uses fell by 7% in 2020 as the spread of Covid-19 reduced manufacturing activity and demand for electronics. A continued increase in demand for 5G infrastructure could help to reverse this trend going forward. Central bank purchases of gold slowed in 2020 after 2018 and 2019 represented the two highest years of net purchases in the last 50 years. The WGC reports that central banks still added 273 tonnes to their reserves during 2020, even after experiencing a quarter of negative net accumulation in Q3 2020. Some Central Banks looked to their holdings of gold as a source of liquidity in difficult economic times as a result of the global pandemic – with their ability to do so providing a strong statement as to why gold is a valuable reserve asset. Russia suspended its purchases of gold in March 2020, taking a significant buyer out of the market during the remainder of the year. Overall though, central banks have now been net purchasers of gold for 11 straight years as they look to gold as a source of reserve diversification. Overall supply of gold in 2020 decreased by 4%, the first annual decline since 2017, mainly attributable to a 4% reduction in global mine production tempered by a modest rise in recycled gold and net de-hedging by producers. Global mine production fell for the second straight year, further confirming that the mining industry may have reached peak gold production for the foreseeable future. As gold prices have increased and capital has become more readily available in recent years, there is evidence of increased spending on exploration by mining companies, but the costs of mine construction and the time required for environmental studies and permitting activities before reaching the production stage means that a return to sustained global production growth could be delayed accordingly. The supply of recycled gold, which is historically positively correlated with the gold price, only increased by 1% in 2020 despite record high gold prices, as the pandemic likely limited the ability of potential sellers to access the market.

Copper market overview Copper prices were negatively impacted early in 2020 from the global reduction in manufacturing and economic activity resulting from the spread of Covid-19, falling to a 4-year low of $1.98/lb in March. Subsequently, copper prices recovered strongly and steadily over the remainder of 2020, reaching a 7-year high of $3.64/lb in December as mine supply was impacted by the pandemic, global economic activity recovered from its initial drop, especially in China, monetary and fiscal stimulus measures were put in place in the world’s largest economies, the US dollar weakened, Covid-19 vaccines were approved and started being distributed, and global copper stockpiles remained low. China’s GDP grew at a rate of just 2.3% in 2020, its lowest level of growth in decades. As China is by far the world’s largest consumer of copper, an expected rebound in China’s GDP growth rate in 2021, as global economic activity recovers from pandemic-led disruptions, is positive for copper demand prospects in the near term. In the longer run, the increase in the volume of copper that is used in the manufacture of electric vehicles versus those with combustion engines bodes well for copper demand, as electric vehicles are poised to comprise a growing share of all vehicles produced over the next decade.

A new generation of leaders A modern mining business needs people who share its vision and its values, and are entrepreneurial, agile, alive to technological and societal changes, and profit-orientated. That is why, in an industry traditionally dominated by white males, Barrick is building an employee corps aligned to a changing world. Barrick has a long tradition of hiring locally for both operational and managerial roles, in recognition of its host countries’ status as important stakeholders in the business. Having recruited this talent pool, Barrick invests in its development. The company builds high-potential employees’ skills and guides their career advancement through tailored executive and management programs designed in partnership with leading universities in Africa, Europe and the US. Particularly promising candidates are sent to the world’s top business schools to further their education. Barrick also promotes a culture of continuous learning through groupwide programs designed to establish a foundation of operational knowledge and management skills. In addition it offers technical skills and apprenticeship training, developed in modules and constantly updated, at all its sites.

% Nationals in senior management roles1 100 80 60 40 20 0 NA LATAM AME and AP 1 As at December 31, 2020. Barrick Gold Corporation Annual Report 2020 25

Mining for a better world Sustainably pr of it a b l e m i n e s , directed by a long-term vision and a spirit of partnership, make a substantial difference for the better in their host countries, even those with developed economies. In the case of Barrick, this extends far beyond the payment of royalties and taxes and the creation of employment opportunities. Our operations have improved the quality of life in their communities through the provision of proper educational and healthcare facilities. They have catalysed and nurtured the development of regional economies by supporting and building the capacity of local contractors and suppliers. Agribusinesses have been established to provide food security and subsistence farmers have been trained to become commercial operators. At the outbreak of Covid-19, Barrick not only protected its own people, it also materially assisted all its host governments in their fight against the pandemic. In Africa, it has long set the pace in the drive to curb the endemic scourge of malaria and HIV/AIDS. In each of the 13 countries in which it operates, the benefits of Barrick’s presence are material and clear. 26 Annual Report 2020 Barrick Gold Corporation

Barrick Gold Corporation Annual Report 2020 27

Pursuing a higher grade of sustainability Just as we measure the quality of our ore in pursuit of the highest possible grades, we keep score of our sustainability practices, challenges and achievements to help us attain the highest possible standards. From the energy created by our solar facility in Nevada to the local jobs created by training the Bulyanhulu Women’s Group in Tanzania to deliver Covid-19 masks for our staff, we know that effective management of ESG can add value to our business. This is value that is not always easy to quantify and – unlike the increasing number of third-party providers selling ‘ESG scores and ratings’ – we do not believe that measurement is simply a case of churning generic data points through a scoring algorithm to spit out a ranking. We believe it is about transparent and consistent monitoring of those material indicators that help our operations to make better decisions, de-risk projects, discover new opportunities and deliver real value for our business. That is why last year Barrick attained an industry first, by publishing our own Sustainability Scorecard, demonstrating how we benchmark ourselves against our peers. Refining our approach, building on strong governance Despite the challenges of 2020, or perhaps in part because of them, we moved quickly from creating our new sustainability policies and governance structure following our merger with Randgold Resources to achieving environmental and social results on the ground. We have a bottom-up governance structure that puts the responsibility for managing sustainability at the site level – where our real business takes place. This emphasis empowers agile and locally tailored decision-making on issues from water to waste. Each mine also benefits from oversight and expert guidance at a group level. ESG data collected at each site is collated and reported at a regional and executive level while our E&S Committee, one of our most senior management-level bodies, connects site-level ownership of sustainability with the leadership of the company. The President and Chief Executive Officer chairs the committee and reviews the reports of the E&S Committee with the Board’s Corporate Governance & Nominating Committee on a quarterly basis. The mines also interact regularly with the Group Sustainability Executive and specialist regional leads, and we link short-term incentives at all levels with key sustainability objectives and targets. We discuss issues ranging from community grievances to climate change at the Board, management and operational level and we integrate ESG data into our decisions. This is a critical component in managing our business. In 2020, we produced our ‘ESG handbook’; an internal resource explaining why and how environmental and social considerations are so integral to our business philosophy and to further emphasise the importance Barrick places on sustainability. The handbook provides easy reference to the sustainability vision and policies which have been established post-Merger. In 2020 our refreshed governance model paid real dividends, as we have seen a range of site-led improvements at the local level. Some examples are the saving of over 1.6 million litres of fuel over six months at Kibali by using new battery technology during the DRC’s dry season, almost halving the TRIFR in our Latin America and Asia Pacific region and setting a new five-year target that will reduce our provision for environmental rehabilitation across NGM by approximately $14.5 million. Last year we prioritised the resolution of a number of legacy issues which our new management team has inherited. This included drawing a line under a legal process related to the Chilean side of the Pascua-Lama project that started in 2013. The Chilean Environmental Court found that no irreparable environmental damage had been caused but that Pascua should transition to closure, a ruling which Barrick accepted. We also made considerable progress at North Mara in Tanzania, which was previously shutdown while under operation by Acacia due to concerns over the tailings storage facility (TSF) and was plagued by poor stakeholder relations when Barrick acquired the site. These issues have since been addressed. The mine is operational again and is now building positive local relationships, including the establishment of a Community Development Committee (CDC) and an approximate $65 million investment to develop water management best practices. More information about our sustainability governance including our overarching Sustainable Development Policy, supporting sustainability policies, our Code of Conduct and Barrick’s inclusion in the internationally respected Dow Jones Sustainability World Index are available in the Sustainability section of our website. Annual Report 2020 Barrick Gold Corporation

Sustainability Scorecard At Barrick, we believe in transparently measuring and reporting our performance to the market and our stakeholders. A summary of our Sustainability Scorecard is shown below, which compares our 2020 performance with 2019. Full details of this scorecard will be included in our 2020 Sustainability Report to be published in April 2021. To benchmark ourselves, we assessed and ranked our performance for each metric against our peers in quintiles to produce a score of 1 (top) – 5 (bottom). The score for each indicator was then summed to produce a total score, which was compared against grading bands. Based on our assessment and a scoring band of 31-44, Barrick received a B grade in 2020, unchanged from 2019. Although our group safety frequency rates have significantly improved year-over-year, we received a bottom quintile score of 5 for our TRIFR performance due to the unfortunate fatality at Kibali in November 2020. Thus, despite improvement across most of our Sustainability Scorecard indicators, we believe a B grade for 2020 is fair, as it is our absolute belief that one fatality is one too many. Aspect Indicator Quintile 2019 Quintile 2020 Trend Total Recordable Injury Frequency Rate 2 5 Safety (20%) Percentage of operational sites certified to ISO 45001 3 3 Percentage of sites with Community Development Committees 3 1 Social & Percentage of workforce who are nationals 2 1 economic development (20%) Percentage of senior management who are nationals 2 2 Percentage of economic value that stays in country 2 2 Percentage of security personnel receiving training on human rights 2 2 Human rights (20%) Corporate human rights benchmark score 4 4 Number of significant environmental incidents 1 1 Tonne CO e per tonne of ore processed 3 3 2 Emissions reduction target set 1 1 Environment Water use efficiency (recycled & reused) 3 2 (20%) Percentage of operational sites with Biodiversity Action Plans (BAPs) 3 2 Independent tailings reviews conducted 1 1 Percentage of sites certified to ISO 14001 2 1 Progress in implementing the World Gold Council’s Responsible Gold Mining Principles N/A N/A and the International Council on Mining and Metals’ Mining Principles Governance (20%) Percentage of employees receiving Code of Conduct training 1 1 Percentage of supply partners trained on Code of Conduct on-boarding 1 1 36 33 Overall score B B Coping with Covid-19 Deep and genuine partnerships with our stakeholders is at the heart of our sustainability vision, and that philosophy was central to our response to the Covid-19 pandemic in 2020. Across the world our mine teams joined forces with local authorities, medical agencies, national governments and other partners to implement strict protocols around access, screening, sanitation and isolation at all our mines. Our leadership team was able to use the experience gained from managing the Ebola crises in Africa and our local teams used their deep-rooted knowledge of communities to identify the support required and provide it swiftly. This led to a more than $30 million package of wide-ranging support to help stakeholders impacted by the pandemic. It involved the provision of medical equipment to local hospitals, loans to small community businesses, such as the I-80 Fund in Nevada, setting up food banks and delivering food packages to isolated communities. Additionally, we prepaid over $300 million in taxes and royalties to ease economic pressure for some of our host countries. These measures have not only kept on-site Covid-19 cases to a minimum but have also helped us to continue to build robust and meaningful partnerships with our employees, local communities and host country governments. Barrick Gold Corporation Annual Report 2020 29

Enhancing the lives of millions “The close partnerships we form with our host countries and communities are based on a shared ambition: To use the development of a national asset to spark thriving economies and uplift the quality of life for all citizens. Now more than ever the mining industry must step up to the plate to maximize its ability to tackle poverty.” Mark Bristow, President and CEO Nevada’s I-80 fund offers financial lifeline to local business Like many parts of the world, the local economy around our Nevada Gold Mines complex was hit hard by the effects of the Covid-19 pandemic. Stalwart community businesses from beauty salons to builders faced devastating impacts and the threat of closure. In response, Nevada Gold Mines launched the innovative I-80 fund in July 2020, providing low-interest loans to small businesses in its host communities. The fund provides a vital bridge for people and businesses to survive until the economy reopens, and offers the chance to rebuild and even strengthen the local economy in the wake of the pandemic. Businesses like popular ice cream parlour Sacha’s Sugar Shack in Eureka have said the support is a lifeline. “My business was just getting on its feet when Covid-19 hit, and we were shut down. The loan from the I-80 fund made it possible for me to keep my business. If not for this fund, I would’ve had to close my doors permanently,” says owner Sacha Olson. A partnership approach is central to the I-80 fund. Loans are administered through a non-profit local partner, the Rural Nevada Development Corporation (RNDC), and while NGM provided a $5 million investment, other industry partners such as the Nevada Energy Foundation have also contributed. Clear guidelines to make sure the loans build sustainable long-term recovery were also part of the package. The intention of the I-80 fund is to first focus on disaster relief and recovery loans for established small businesses impacted by Covid-19, with loans ranging from $5,000 to $100,000 with a low 2% interest rate, and then for the fund to transition into a small business development fund to stimulate and support economic growth across northern Nevada. Following its launch in July, the I-80 fund approved a total of 15 loan applications in 2020 to the value of more than $1.5 million. These loans included support for a diverse set of businesses ranging from those in education to fitness and car washing. A lasting effect of the Covid-19 pandemic is that more families will likely be pushed below the poverty line. The World Bank estimates this figure to be as many as 100 million people worldwide. For Barrick this adds urgency to our efforts to leverage the social and economic opportunity which our mines create for our host countries and communities. Over and above the additional Covid-related support provided this year, Barrick’s locally-led community development programs did not break stride in 2020, with $26.5 million of support provided. These initiatives ranged from providing 4,000 residents in Las Flores, Argentina with clean drinking water, engaging the youth in Tanzania in a poultry farm project which now supplies our mine caterers, to a $2.2 million investment in digital education in the North America region. This year we successfully rolled out our CDC model across all operational sites, putting communities in the driver’s seat. These unique committees, pioneered by decades of mining in Africa, empower local communities – including indigenous people – to allocate a community investment budget to those initiatives where there is the most local need. Each CDC is elected and comprises a mix of local leaders, community members, Barrick representatives and other stakeholders such as local women and youth groups. We also work with CDCs to track the actual outcomes of our community investments. For example, it is encouraging to see pass rates at the schools we have built and support in Côte d’Ivoire now averaging higher than the national median, as well as our agriculture programs in the Iglesia and Jáchal districts in Argentina growing from just 20 small producers in 2016 to over 100 producers, delivering over 54,000kg of potatoes and 9,000kg of eggplants to local markets, retailers and food banks in 2020. Investing in community-led development initiatives is only one of four parallel ways in which we create value and deliver social and economic development for our host countries. The others are paying our fair share of tax, prioritizing local hiring and supporting local venders through procurement and training. As shown in the following table, we have contributed $12.1 billion in 2020 to our workforce, suppliers, host communities and other stakeholders. In addition, we achieved our ambitious target of 80% of senior management positions being held by host country nationals by the end of 2020. 30 Annual Report 2020 Barrick Gold Corporation

SNAPSHOT OF SOCIAL AND ECONOMIC INDICATORS POST-MERGER 2020 2019 20181 Total economic value contributed $12.1 billion $9.3 billion $8.7 billion Number of CDCs at operational sites 12 6 4 Proportion of employees that are host country nationals 97% 97% 95% Number of senior management that are host country nationals 80% 76% 76% Procurement to local and/or national vendors $4.5 billion $4.4 billion $4.7 billion 1 Figures in this column are a consolidated figure combining legacy Barrick and legacy Randgold figures pre-merger. Having helped to reopen and refurbish Paiam hospital in the Porgera Valley in PNG in 2019, Barrick provided over $500,000 of ongoing funding to support the hospital in 2020, despite production at the mine being halted. Our Journey to Zero Harm Despite a 32% reduction in our LTIFR and a 25% drop in the TRIFR across the group, our most important Health & Safety priority for 2020 has been to learn from a fatality that occurred in our underground mine at Kibali. Following an in-depth investigation, a detailed corrective action plan has already been implemented, not only at the site but across the group. We have continued to invest in visible safety leadership at the site level and to embed safety-first behaviour for every individual. As well as the group level improvements in LTIFR and TRIFR, we are using increased levels of reporting on High Potential Incidents (HPIs) to ensure root cause analysis into incidents is triggered and issues are rectified before they cause harm in the future. Progress towards our goal of certifying all operational sites against the ISO 45001 best practice safety management standard continued in 2020, with gap analyses conducted across our global portfolio. We remain on track to certify all operational sites by the end of 2021. 2020 2019 20183 Number of ISO 45001 certified sites1 32 3 2 LTIFR 0.34 0.50 0.46 TRIFR 1.68 2.24 2.12 1 Sites in closure, or in care and maintenance will not be certified to ISO 45001. 2 Subsequent to 2020, North Mara received inaugural certification following an audit completed in February 2021. 3 Figures in this column are a consolidated figure combining legacy Barrick and legacy Randgold figures pre-merger. Protecting human rights Respect for human rights is a central pillar of our sustainability vision with zero tolerance for human rights violations wherever we operate. Our commitment to respect human rights is codified in our Human Rights Policy and informed by the expectations of the UN Guiding Principles on Business and Human Rights (UNGPs), the Voluntary Principles on Security and Human Rights (VPs), and the OECD Guidelines for Multinational Enterprises. Human rights provisions are also built into our Supplier Code of Ethics and are part of the supplier onboarding process. As part of our due diligence, all mines conduct human rights assessments on a two-year cycle, as well as independent human rights assessments at mines with medium and high exposure to human rights risks. In 2020, we commissioned human rights specialists Avanzar to review practices at sites in our Africa and Middle East region, including the North Mara mine that we assumed operational control of in September 2019. In 2020, Avanzar also helped with a refresh of all our human rights-related training materials, and some key policies and standards. All Barrick employees are provided with training on our human rights expectations as part of their induction training, with additional and enhanced specialist human rights training provided for employees at operations with higher human rights risks or in higher risk roles, including security personnel from both public and private sectors. Safeguarding the natural environment Strong environmental management is a vital building block of our business and despite the challenges of global lockdowns in 2020, we have now achieved our post-Merger commitment to certify all operational sites to the ISO 14001:2015 environmental management standard. Subsequent to 2020, North Mara received its inaugural certification following an audit completed in February 2021. Barrick Gold Corporation Annual Report 2020 31

It was an extremely encouraging year of performance on the environmental front. New site-level systems, which were introduced post-Merger to better classify environmental incidents and to use a global best practice approach to water reporting, have been bedded down. In 2020, these systems helped us achieve zero major Class 1 environmental incidents for a third consecutive year, a 38% year-on-year reduction in medium level Class 2 environmental incidents and saw us surpass our demanding target to reuse and/or recycle at least 75% of wateri. We were also proud to publish our new Global Closure Standard which defines how we manage the closure of sites while adhering to the highest possible environmental standards and preserving the land for the next generation. 1 Annual savings based on energy requirements in 2020.

Managing climate and tailings risk We achieved group level improvements through site-led strategies grounded in operational realities, an approach which is at the heart of our climate risk management. We are setting a new goal to reduce our greenhouse gas emissions (GHG) by at least 30% by 2030 against a 2018 baseline of 7,541kt carbon dioxide equivalent per annum, with a defined interim emissions reduction target of 15%, while maintaining a steady production profile. The interim target is based on feasibility study projects that have been identified and are being implemented. Ultimately our vision is net zero GHG emissions achieved primarily through GHG reductions, with some offsets for hard to abate emissions. The target is the outcome of a detailed roadmap that will see us invest in a wide range of low-carbon initiatives, including cleaner energy measures ranging from wind power in Argentina to further hydro power in the DRC and solar power in the US and Africa. Our climate target does not put faith in an aspiration far into the future nor on any mine closures. It is a hard-headed commitment to constant measurement and reporting, and continuous improvement. The same rigorous approach is the bedrock of our tailings management, which sees us maintain a demanding schedule of monitoring, review and assessment at all of our facilities to ensure they are safe. We recognize the need for better global levels of tailings security in the wake of the Brumadinho tragedy in Brazil in 2019, and we were deeply involved in the creation of the Global Industry Standard on Tailings Management in collaboration with our partners at the UN Environment Programme and the International Council on Mining and Metals (ICMM), among others. In turn we have become one of the first gold mining firms to implement this standard across both operational and closed facilities. Protecting biodiversity At Barrick we are very conscious of the rate at which the world is losing animal and plant species, and we aim to play a positive role in the preservation of biodiversity in our host countries. In 2020, the implementation of our group-wide Biodiversity Policy saw nearly all of our operational sites putting detailed Biodiversity Action Plans in place. Some of the biodiversity conservation initiatives we are supporting or implementing across the world include: l Dominican Republic – Working with the International Union for the Conservation of Nature (IUCN) to help map and protect a species of gecko formally listed as critically endangered, which was discovered near our Pueblo Viejo mine. l United States – Working with federal and local authorities on programs to preserve and restore the habitat for sage grouse in Nevada, and to reintroduce wild turkeys and increase fish stock in Montana. Nevada Gold Mines alone will work on 26 rehabilitation projects in 2021. l Mali – In 2020, we signed a new partnership agreement to support the Fina Nature Reserve, part of the UNESCO ‘Bouce Du Baoule Biosphere Reserve’; including measures to combat poaching. Since 2016, we have partnered with an NGO to help protect an endangered species of desert elephant in Northern Mali. l DRC – Our Kibali mine has provided over $1.25 million in the last five years to Garamba, one of Africa’s oldest national parks, and a UNESCO World Heritage Site, helping to prevent the poaching of elephants and the critically endangered Kordofan giraffe. l Latin America – For over a decade, we have supported work to restore wetlands and protect species such as the Andean cat, Vicunas and migratory birds in the High Andes in an area known as ‘Vegas’. SNAPSHOT OF ENVIRONMENTAL INDICATORS POST-MERGER1 2020 2019 20182 Number of sites certified to ISO 14001 153 13 12 Class 1 environmental incidentsi 0 0 0 Class 2 environmental incidentsi 8 13 30 Water and recycled) use efficiency (reused 79% 73% 67% Tonne CO e per tonne of ore processed 2 0.045 0.044 N/A Number with Biodiversity of operational Action sites Plans (BAPs) 11 7 4 1 Figures relate to operational sites only (with the exception of ISO 14001 certification figures) and 2020 figures do not include the Morila mine which was sold in November 2020. Nevada Gold Mines is counted as one operational site. 2 Figures in this column are a consolidated figure combining legacy Barrick and legacy Randgold figures pre-merger. 3 Subsequent to 2020, North Mara received its inaugural certification following an audit completed in February 2021. Raising the bar We recognize that issues such as biodiversity, climate, poverty reduction and other issues related to the UN Sustainable Development Goals (SDGs) are global challenges which require collaboration across our industry. As a result, whenever possible, we have sought to work with peers, trade associations and partners to improve standards across the board. Our transparent approach prescribes that trade associations do not undertake specific lobbying for Barrick and it is a condition of our membership that all lobbying activities carried out by these organizations must be compliant with all relevant regulations and codes. In 2020, our collaborations have included those with the ICMM and the World Gold Council most notably on the development and implementation of the ground-breaking Responsible Gold Mining Principles (RGMPs). The RGMPs provide a new framework that aims to unite the gold mining sector behind common standards on sustainability performance. Last year Barrick took the lead in producing assessments of how some of our mines are performing in line with these principles. We invite you to read more about our management of environmental, social and governance issues in our 2020 Sustainability Report to be published in April 2021.

North America Our largest gold producing region is North America. Nevada Gold Mines is the single largest gold mining complex in the world and anchors the production from this region. Barrick operates and owns 61.5% of this joint venture, which includes three of the company’s Tier One assets – Carlin, Cortez and Turquoise Ridge. In 2020, attributable gold production from NGM was 2.1 million ounces. The development of the Goldrush project and a third shaft at Turquoise Ridge continues to advance on schedule and within budget. Together with Barrick’s Fourmile project, these growth initiatives will secure the Tier One status of Cortez and Turquoise Ridge well into the future. 2021 and 2022 are years of investment in the future of NGM, with additional drilling programs and development under way to increase orebody knowledge and test exploration upside. Areas with strong resource expansion potential include North Leeville, Rita K and Ren at Carlin, the corridor between the legacy Turquoise Ridge and Twin Creeks properties, the Fourmile and Goldrush projects, and the land between Pipeline and Robertson at Cortez. Notably at Barrick’s 100%-owned Fourmile project, the deposit remains open in multiple directions and underground development could provide drill platforms as soon as 2023. Evaluation is ongoing to potentially accelerate first gold pour from Fourmile within our Life of Mine plans. At Donlin, drilling in 2021 will focus on confirming our understanding of target mineralized zones and the assumptions in our updated geological model. Completing Barrick’s portfolio in the North America region is Hemlo in Ontario, Canada. Hemlo, which transitioned to a fully underground operation during 2020, remains firmly on track to becoming a Tier Two asset. A new underground portal is currently under development to access the Upper C Zone, with mining expected to start in the second half of 2021. Improving flexibility with a third mining front at Hemlo will allow underground throughput to ramp-up to a steady state of 1.9 million tonnes per annum from 2022 onwards. In addition, we have planned drilling programs to potentially add resources to extend the Life of Mine beyond 2030. Refer to the map on pages 6 and 7 for more details. 34 Annual Report 2020 Barrick Gold Corporation

Nevada Gold Mines, USA Hemlo in Ontario, Canada GOLD COST OF SALESi, TOTAL CASH COSTSi ATTRIBUTABLE GOLD AND AISCi PRODUCTION 2,300 $/oz koz to 990 940 2,450 1,200 to 2,500 1,040 to 1,000 990 2,000 800 1,500 600 690 to 1,000 400 740 200 500 0 0 2019 2020 2021 2019 2020 2021 (est) (est) Cost of sales Total cash costs AISC NORTH AMERICA 5-YEAR GOLD OUTLOOKii ATTRIBUTABLE GOLD MINERAL Cost of sales2,i RESERVES AND RESOURCES3,i Total cash costs2,i Gold production (attributable) koz AISC2,i Gold capital expenditures1 (attributable) $ million $/oz Moz 3,000 1,200 80 2,500 1,000 2,000 800 60 1,500 600 40 1,000 400 500 200 20 0 0 0 actual 2020 2021 2022 2023 2024 2025 Proven Measured Inferred and and resources Carlin Cortez Turquoise Ridge Other NGM4 Hemlo probable indicated Total capital Cost of sales Total cash costs AISC reserves resources 1 Gold capital expenditure includes project and sustaining capital expenditure across all gold operations but not copper operations. 2 Royalty expenses included in the per ounce cost metrics are based on a gold price assumption of $1,700/oz for 2021 and $1,200/oz for 2022 onwards. Our realized gold pricei in 2020 was $1,778/oz. 3 Mineral resources are inclusive of mineral reserves. 4 Phoenix and Long Canyon. Barrick Gold Corporation Annual Report 2020 35

Latin America and Asia Pacific region has seen tremendous This change in 2020. In the Dominican Republic, the plant and tailings expansion projects at Pueblo Viejo have made significant progress to secure a potential Life of Mine extension to the 2040s. At Veladero, the transition to the Phase 6 leach pad expansion is now well under way following a delay due to the Covid-19 DOMINICAN pandemic. REPUBLIC Pueblo Viejo Latin America holds the potential for new discoveries across our extensive land holdings. Our exploration and mineral resource management (MRM) teams have a clear growth mandate and are hard at work in the field across the El Indio belt, Alturas-Del Carmen and at the Pueblo Grande project2 contiguous to Pueblo Viejo. Across the Pacific Ocean at Porgera, we remain in constructive discussions with the Government of Papua New Guinea and are optimistic about finding a solution to allow operations to resume in 2021. The Pueblo Viejo plant and tailings expansion projects remain on track and on budget, with construction activities ramping up following Environmental Impact Assessment approval for the plant expansion in the third quarter of 2020. For the second straight year, the Pueblo Viejo plant achieved record mill throughput – a notable derisking milestone as we advance the expansion project to increase plant capacity to 14 million tonnes per annum by the end of 2022. As Veladero now transitions to Phase 6, which is on-track for commissioning by the end of the first half of 2021, the focus will be on ensuring the delivery of our optimized 10-year plan including the start of the Cuatro Esquinas pit pushback and the acceleration of brownfields and infill drilling. Refer to the map on pages 6 and 7 for more details. 1 In Q1 2021, Barrick announced the sale of Lagunas Norte to Boroo Pte Ltd (Singapore). 2 Barrick has commenced exploration drilling at the Pueblo Grande project pursuant to the terms of an earn-in agreement with Precipitate Gold Corp that grants Barrick the exclusive right to acquire a 70% interest in the project. Pueblo Grande is currently 100% owned by Precipitate Gold Corp. 36 Annual Report 2020 Barrick Gold Corporation

Pueblo Viejo, Dominican Republic GOLD COST OF SALESi, TOTAL CASH COSTSi ATTRIBUTABLE GOLD AND AISCi PRODUCTION $/oz 1,050 koz to 1,000 1,200 1,100 to 1,500 1,000 1,050 1,200 800 600 900 to 600 600 660 to 600 400 650 200 300 0 0 2019 2020 2021 2019 2020 2021 (est) (est) Cost of sales Total cash costs AISC LATIN AMERICA AND ASIA PACIFIC ATTRIBUTABLE GOLD MINERAL 5-YEAR GOLD OUTLOOK1,ii Cost of sales3,i RESERVES AND RESOURCES4,i Total cash costs3,i Gold production (attributable) koz AISC3,i Gold capital expenditures2 (attributable) $ million $/oz Moz 2,000 1,400 80 1,200 60 1,500 1,000 800 1,000 40 600 500 400 20 200 0 0 0 actual 2020 2021 2022 2023 2024 2025 Proven Measured Inferred and and resources Pueblo Viejo Veladero probable indicated Total capital Cost of sales Total cash costs AISC reserves resources 1 Excludes Porgera. If an agreement with the Government of Papua New Guinea is reached, Porgera will be added back once the terms and timing of the settlement have been finalized. 2 Gold capital expenditure includes project and sustaining capital expenditure across all gold operations but not copper operations. 3 Royalty expenses included in the per ounce cost metrics are based on a gold price assumption of $1,700/oz for 2021 and $1,200/oz for 2022 onwards. Our realized gold pricei in 2020 was $1,778/oz. 4 Mineral resources are inclusive of mineral reserves. Barrick Gold Corporation Annual Report 2020 37

Africa and Middle East Barrick is the largest gold producer in Africa. Loulo-Gounkoto in Mali and Kibali in the DRC are both Tier One assets, contributing 908,000 attributable ounces of gold during 2020. Significant progress was made in moving the Bulyanhulu and North Mara mines, as a combined complex, closer to potential Tier One status. Exploration successfully extended the Life of Mine at Tongon in Côte d’Ivoire to 2023, with drill rigs continuing to turn and test for further resource expansion. On the copper front, Lumwana in Zambia continued its successful turnaround since the completion of the merger with Randgold, following years of operational disappointments. The mine now boasts a long life and significant cash flow generation potential through diligent stewardship that focused on mining productivity, mill efficiencies, cost discipline and sound geological practices. In Mali, the year ahead is promising. Loulo-Gounkoto’s third underground mine is expected to be commissioned at Gounkoto, while studies will also advance Loulo 3 as a potential fourth underground mine at the complex. At Kibali, successful reserve growth has extended the open pit Life of Mine at the asset beyond 10 years. This growth improves mining flexibility and provides a more balanced and sustainable processing blend of open pit and underground ore over the Life of Mine. We aim to achieve a similar optimized and balanced Life of Mine profile at North Mara, with resource conversion to reserves in 2020 driven by extensions to the Gokona underground mine and the inclusion of the Gena open pit pushback. At Bulyanhulu, we successfully restarted underground mining and processing operations in 2020 – the first time that fresh underground material was processed at the mill since the mine was placed under care and maintenance in 2017. The ramp-up of Bulyanhulu is on track, and a feasibility study for an optimized mine plan continues to advance. Gold producing Copper producing Refer to the map on pages 6 and 7 for more details. 38 Annual Report 2020 Barrick Gold Corporation

Kibali, DRC Loulo undergound, Mali GOLD COST OF SALESi, TOTAL CASH COSTSi ATTRIBUTABLE GOLD AND AISCi PRODUCTION $/oz 1,050 koz to 920 1,500 1,200 1,100 2,000 to to 1,000 970 1,600 800 1,500 600 690 1,000 to 400 740 500 200 0 0 2019 2020 2021 2019 2020 2021 (est) (est) Cost of sales Total cash costs AISC AFRICA AND MIDDLE EAST 5-YEAR GOLD OUTLOOKii ATTRIBUTABLE GOLD MINERAL Cost of sales2,i RESERVES AND RESOURCES3,i Total cash costs2,i Gold production (attributable) koz AISC2,i Gold capital expenditures1 (attributable) $ million $/oz Moz 2,000 1,200 30 1,500 1,000 25 800 20 1,000 600 15 500 400 10 200 5 0 0 0 actual 2020 2021 2022 2023 2024 2025 Proven Measured Inferred and and resources Loulo-Gounkoto Kibali North Mara Bulyanhulu probable indicated Buzwagi Tongon reserves resources Total capital Cost of sales Total cash costs AISC 1 Gold capital expenditure includes project and sustaining capital expenditure across all gold operations but not copper operations. 2 Royalty expenses included in the per ounce cost metrics are based on a gold price assumption of $1,700/oz for 2021 and $1,200/oz for 2022 onwards. Our realized gold pricei in 2020 was $1,778/oz. 3 Mineral resources are inclusive of mineral reserves. Barrick Gold Corporation Annual Report 2020 39

Reserves and resources Armed with the introduction of on- site mineral resource management and an intensified focus on geology, Barrick has spent the two years since the Randgold merger improving knowledge of its orebodies. At the same time, it has transferred ownership and responsibility for the orebodies to the mines, empowering and integrating the on-site mineral resource, geology and planning teams. Significant progress has been made in developing Life of Mine optimizations based on high-confidence geological models as well as operating plans, ounce profiles and cost forecasts. 40 Annual Report 2020 Barrick Gold Corporation

As of December 31, 2020, Barrick’s proven and probable gold reserves were 68 million ouncesi at an average grade of 1.66g/t Au and were estimated using a gold price assumption of $1,200 per ounce, unchanged from 2019. After adjusting for the disposal of Massawa, reserve replacement was 76% of depletion with a consistent reserve grade maintained. Similarly, when excluding the impact of Massawa, the net reduction in reserves year-on-year is approximately 2%. Reserve replenishment, net of depletion, was achieved at three of Barrick’s Tier One assets – Kibali, Loulo-Gounkoto and Pueblo Viejo. Both Hemlo and North Mara also achieved this milestone, advancing Hemlo on the path to become a Tier Two asset, and moving the Bulyanhulu and North Mara mines closer to potential Tier One status as a combined complex. Strong conversion from resources was delivered, despite the 2020 focus of exploration programs at NGM on geological model updates to drive longer-term resource growth, as well as the impact of the Covid-19 pandemic on drilling activities at Veladero. Excluding the divestment of Massawa, Barrick’s total mineral resources grew in 2020, net of depletion. This growth in total resources is a direct reflection of Barrick’s increasing confidence in our geological models, which underpin all our operating business plans. In particular, this includes both the open-pit and underground mines of the Gokona deposit of North Mara, the Deep West zone of Bulyanhulu and across our portfolio at NGM. This momentum will be the driver of future improvements in depletion replacement and reserve conversion in the business. As at December 31, 2020, Barrick’s measured and indicated resources were 160 million ouncesi at an average grade of 1.52g/t Au. Excluding the impact of Massawa, the year-on-year net change in raw attributable measured and indicated resources is a decrease of 1.5 million ounces, with grades remaining consistent. As at December 31, 2020, Barrick’s inferred resources were 43 million ouncesi at an average grade of 1.4g/t Au. After adjusting for the disposition of Massawa, raw attributable inferred resources increased by 3.9 million ounces or 10% year-on-year, with grades improving by approximately 5.5% from 2019. Copper reserves for 2020 are calculated using a copper price of $2.75 per pound and resources are calculated at $3.50 per pound, both unchanged from 2019. As at December 31, 2020, Barrick’s proven and probable copper reserves were 13 billion poundsi at an average grade of 0.39%. Measured and indicated copper resources were 25 billion poundsi at an average grade of 0.36%, and inferred copper resources were 2.2 billion poundsi at an average grade of 0.2%.

Exploration The engine that drives our value creation is exploration. Both legacy companies have a long record of success in making world-class discoveries and developing them into sustainably profitable mines. In 2020, brownfields exploration again added substantial resources and reserves to its asset base while across the world’s premier gold districts, Barrick’s generative teams continued the hunt for the next Tier One deposit. 2021 REGIONAL EXPLORATION TRIANGLE Mines Reserve definition 4 8 20 Measured & indicated resources Reserve and resource definition 9 11 14 Inferred resources 4 15 12 Advanced targets 6 12 Exploration targets 19 Follow-up targets 9 35 24 Identified targets Identified geological anomalies 11 58 38 Total 43 148 Latin America 118 Africa and and Asia Pacific North America Middle East 42 Annual Report 2020 Barrick Gold Corporation

Strategy and portfolio management Barrick’s strategy is to: l Consolidate and secure dominant land positions in its favoured operating districts and emerging new prospective geological domains. l Focus on economically feasible discoveries with potential Tier One status. l Collaborate closely with mineral resource management to optimize existing orebodies and mining operations. l Establish and develop motivated and highly agile discovery driven teams. l Optimize the value of undeveloped projects. l Identify emerging opportunities and secure them through earn-in or acquisition. We stand on a strong foundation with significant organic growth potential. Our organizational and operating culture underscores the importance of understanding all the characteristics of orebodies, and using that to maximize the economic value throughout the entire mining value chain. Barrick’s exploration approach is to first understand the geological framework and ore controls. We then design exploration programs around that understanding, instead of simply drilling for mineralized intervals. This has put us in good stead with robust results from multiple projects. The resource triangle is an essential business tool used to manage a balanced exploration portfolio and to ensure projects pass a set of filters. In 2020, some projects yielded very encouraging results and advanced up the triangle, while those that did not, were replaced by emerging new high potential projects. Barrick’s greenfields exploration teams are hunting for the next world-class discovery across our global holdings, as well as scouting for emerging new targets and projects where the full potential to yield a discovery has not yet been realized. In 2020, Barrick completed six earn-in agreements as well as added land positions in new prospective mineral districts including Japan, Argentina, Dominican Republic, Suriname, Peru, Tanzania and the DRC. Barrick Gold Corporation Annual Report 2020 43

North America The Nevada Gold Mines joint venture controls more than two million acres surrounding the mines. The best potential for near to medium-term Life of Mine additions are at North Leeville, Fourmile and Goldrush, as well as the Ren project at Goldstrike (Carlin). The best opportunities for significant new discoveries are in the area between Turquoise Ridge and Twin Creeks, between Pipeline and Robertson at the Cortez complex and in the Carlin Basin south of Gold Quarry. The geological model of our orebodies was improved significantly in 2020. At Goldrush, Fourmile and throughout the Carlin Trend, a breccia classification scheme was created. This will be used to further develop a full 3D breccia model to enable better prediction of mineralization and a more robust resource model to optimize planning. The Carlin complex is richly endowed with gold deposits and this Tier One asset has some very exciting opportunities, not only for resource expansion but also for new world-class discoveries. Detailed relogging, modelling and additional framework drilling in the North Leeville area has identified several new controls to mineralization. Subsequent drilling has validated and refined the geology model, and results to date have confirmed at least two emerging high-grade areas, well above the average reserve grade at Leeville. Drilling closer to existing mine infrastructure has also identified controls to high-grade mineralization, and continues to extend the Turf orebody to the north and west. Like Carlin, the Cortez complex has a wealth of opportunities for expansion and growth. The Goldrush and Fourmile discoveries are good examples of our policy of first understanding the geological framework and then building out the necessary exploration programs. At Fourmile, the improved confidence in our geological understanding is demonstrated by our inaugural declaration of an indicated resource at the project, while still growing the inferred resource. EXPLORATION FOCUS ON NEVADA Moreover, drilling at Fourmile pointed to another emerging high-grade pod at Dorothy. There is no doubt this resource will grow once we drive the development from Goldrush and infill drill Fourmile. In the meantime, we continue to establish the geological framework further to the north and seek the next discovery in this string of high-grade orebodies. Still in the Cortez complex, Pipeline-Crossroads is a world-class deposit and resources continue to grow at the Robertson deposit. As the feasibility work at Robertson advances, the exploration team is taking a closer look at what lies between Pipeline-Crossroads and Robertson. Turquoise Ridge has one of the highest underground grades in the industry but was developed as a low tonnage, high-grade mine and not based on a proper geological model. This offers a significant opportunity for value creation. The legacy Turquoise Ridge and Twin Creeks properties are on opposite ends of an 8km trend, both with a historically poor geological understanding and a lot of potentially prospective ground between them. A great deal of work has been done on this since the formation of NGM and new targets in what was thought to be a maturing district have already started to emerge. The newly discovered Midway fault between Turquoise Ridge and Twin Creeks could be an important district-scale mineralization control. The focus in 2021 is to target metal leakage above and peripheral to an important mineralizing fluid trap that localizes some of the highest grades at Turquoise Ridge. This work is a precursor to finding a vector to target the source of high-grade mineralization. At Hemlo in Ontario, Canada, drilling at the Blackfly target to the west of the mine has highlighted the potential to expand mineralization in that direction. Land consolidation east of Hemlo has increased the prospective search space across the camp following the completion of two option agreements. Knowledge from the Hemlo orebody will be leveraged as potential exploration activities are evaluated for the new properties. Community and stakeholder engagement regarding the new prospective search space has begun. NORTH AMERICA GEOLOGY

Latin America and Asia Pacific This past year was marked by the establishment of a new exploration and new business team for the region, and as a result we are working to expand our footprint and open up new opportunities across Latin America. We have applied for properties in new prospective mineral districts, reached earn-in agreements with third parties and are negotiating many more. Immediately adjacent to the Pueblo Viejo mining concession, we are securing an important parcel of land as part of the Pueblo Viejo expansion plan. On the joint venture permit itself, an interesting new target has been developed southeast of the Moore pit, with a kilometric scale geochemical anomaly coinciding with favourable alteration, and a structural architecture reminiscent of Monte Negro. Elsewhere in the Dominican Republic, we have evaluated three new mineral districts, and are in the process of applying for and consolidating land positions in two of them. In the Veladero-Pascua Lama district, a drilling campaign to test the link between the underlying deposit geology and metallurgical characteristics is underway. Meanwhile, extensions of known mineralization at Lama and Penelope (a satellite deposit of Lama) are being investigated. There are still a number of untested opportunities with potential to expand the resource and reserve base of both Lama and Veladero. In the Salta Province of northern Argentina, Barrick has secured another earn-in option on a prospective property that has a silver resource but has been under-explored for gold potential. Four targets were identified on the property and will be followed up in 2021. Barrick continues to evaluate properties in the province with the view to building a large high-quality portfolio. LATIN AMERICA GEOLOGY While the El Indio Belt has been a prolific generator of multiple world-class discoveries, short of a new greenfield’s discovery, the strategy is to build a critical mass of smaller deposits to create a mining complex capable of meeting Barrick’s criteria. Stepping further out, extensions of the belt are less explored and likely to have a different style of mineralization requiring different search criteria. This will be investigated. In Southern Peru, we have confirmed the presence of gold mineralization in the Tumaruma project and are working to advance a drill program at Colpacota. Barrick has also applied for a large land position where the well-mineralized Jurassic mineral belt projects into Northern Peru. The area is known to contain several mineral occurrences but is underexplored compared to the more established mineral districts. At Alturas-Del Carmen, drilling has started with the objective of testing shallow, high-grade mineralization that would impact the economics of the project, following up on a comprehensive and improved structural framework completed in 2020. We have screened and evaluated five projects across the Guiana Shield since inception of the Reunion Strategic Alliance, and in late 2020, the first project from Suriname was included. The Guiana Shield remains of significant interest to us with similar geology and potential as the prolific West African craton. The initial regional assessment program of the large portfolio of projects in Japan is advancing well. Geochemical sampling has been completed on the majority of the 29 Japan Gold Strategic Alliance projects with many anomalous catchment basins and rock samples identified. Further detailed investigation will be carried out upstream to identify the source of precious metals. As results of the geophysical and geochemical programs are received, we expect to identify new highly prospective areas in the major gold provinces of Japan and determine which of the properties will be retained and managed by Barrick.

In Senegal on the Bambadji joint venture, a potential emerging discovery at Kabewest has been validated by deeper drilling. Surface geochemical sampling continues to expand and point to an extensively mineralized system. Meanwhile, deeper drilling is starting to prove there is a significantly mineralized source. Since the property is in the shadow of a world-class district, the program will be accelerated with shallow drilling on wide spacings to more quickly delineate the full extent of the system, to acquire some reliable geology data and point us to a bedrock source more quickly. The Loulo district in Mali is still our most prolific generator of new ounces. The Loulo-Gounkoto complex again more than replaced depleted reserves last year, and there are big opportunities for more in both the Loulo and Gounkoto mining licenses. The first scout holes at Yalea Ridge could be pointing to an emerging discovery just beside the Yalea open pit, where abundant visible gold has been intersected in drilling and located within an area of extensive artisanal work. Mineralized veins are at a high angle to the overall trend of the rocks and determining the optimal drill angle is necessary prior to initiating a more extensive follow up program. The results so far are exciting and highlight the exploration potential of this Tier One asset. Also at Yalea, high-grade extensions of the Transfer Zone continue. Scout drilling this year has now extended the shoot trend to over 650m beyond the 2019 block model. Thicker and higher grade zones are appearing down plunge of the Panel Zone and can be expected down-dip. Meanwhile nearby at Gounkoto, the Faraba structure has been extended 2.2km north of the Faraba complex and is now over 6km long. At Mina, a new mineralized structure coinciding with a welldefined geophysical anomaly has been identified, extending at least 3km immediately south of the Gounkoto pit, which contains strong zones of alteration and quartz-sulphide veining in artisanal mine areas. Wide spaced reverse circulation drill sections are planned to expedite determination of open pit potential. In Côte d’Ivoire, exploration continues to return strong results from multiple targets along strike from the Tongon mine, with the aim of extending the Life of Mine beyond 2023. The team is also evaluating targets across its regional portfolio in the country. In the DRC, drilling 500m down plunge of the KCD orebody successfully confirmed the continuation of the folded Kibali mine sequence, with alteration and mineralization providing a framework for infill drilling from underground. Exploration continued at multiple targets along the KZ trend which hosts all the deposits on the project. In 2021, this work will include the testing of plunging high-grade lodes beneath the Kalimva and Pakaka deposits. Much progress has been made at North Mara where the focus on getting a proper understanding of the geology is delivering exceptional results. North Mara has increased its mineral reserves net of depletion in 2020, while the substantial growth in resources indicates a significant potential for extending its Life of Mine. Near mine drilling is returning significantly better results compared to the previous resource model, and the Gena pit continues to show significant expansion potential. Work to date supports our regional-scale exploration model and has identified fertile porphyries in three key targets. Two of these targets, Shakta and Conjunction, warrant drilling later this year. Elsewhere in Tanzania, generative exploration has identified seven areas of interest within three principal mineral districts where Barrick has applied for almost 3,300km² of tenements. If granted, we look forward to testing our new ideas and concepts to realize the full potential in what has been a relatively dormant and unexplored jurisdiction in the recent past.

Endnotes i Please see page 143 of this annual report for corresponding endnotes. ii Key Assumptions Gold Price ($/oz) 1,700 1,200 Copper Price ($/lb) 2.75 2.75 Oil Price (WTI) ($/barrel) 60 60 AUD Exchange Rate (AUD:USD) 0.75 0.75 ARS Exchange Rate (USD:ARS) 100 100 CAD Exchange Rate (USD:CAD) 1.30 1.30 CLP Exchange Rate (USD:CLP) 750 750 EUR Exchange Rate (EUR:USD) 1.20 1.20 This five-year indicative outlook is based on our current operating asset portfolio, sustaining projects in progress and exploration/ mineral resource management initiatives in execution. This outlook is based on our current reserves and resources as disclosed in our Annual Report and assumes that we will continue to be able to convert resources into reserves. Additional asset optimization, further exploration growth, new project initiatives and divestitures are not included. For the group gold and copper segments, and where applicable for a specific region, this indicative outlook is subject to change and assumes the following: l Production from Goldrush commencing in 2021, in-line with guidance. l Production ramping-up from Turquoise Ridge Third Shaft by 2022, in-line with guidance. l New portal access from the Upper C Zone of Hemlo in H2 2021, allowing for a ramp-up of underground throughput in 2022. l Production from the proposed Pueblo Viejo plant expansion and tailings project starting in 2023, in-line with guidance. Our assumptions are subject to change following the combined feasibility study for the plant expansion and tailings project. l Buzwagi will enter care and maintenance midway through 2021. l A ramp-up of Bulyanhulu through the first half of 2021 and reach annualized steady-state production by 2022. l Tongon will enter care and maintenance by 2024. l Sale of stockpiled concentrate related to Lumwana by the end of 2021. l Production from the Zaldívar CuproChlor® Chloride Leach Project by 2022. Antofagasta is the operator of Zaldívar. This five-year indicative outlook excludes: l Production from Fourmile. l Production from Pierina, Lagunas Norte and Golden Sunlight, which are currently in care and maintenance or closure. l Production from long-term greenfield optionality including Donlin, Pascua-Lama, Norte Abierto or Alturas-Del Carmen. Barrick’s 10-year gold production profile is subject to change and is based on the same assumptions as the current five-year outlook detailed above, except that the subsequent five years of the tenyear outlook assumes attributable production from Fourmile as well as exploration and mineral resource management projects in execution at Nevada Gold Mines and Hemlo. Barrick is closely monitoring the global Covid-19 pandemic and Barrick’s guidance may be impacted if the operation or development of our mines and projects is disrupted due to efforts to slow the spread of the virus.

Financial Report for 202 Contents Management’s Discussion and Analysis 49 / Mineral Reserves and Resources 155 / Financial Statements 166 Notes to Financial Statements 171 / Shareholder Information 224

Management’s Discussion and Analysis

Management’s Discussion

and Analysis (“MD&A”)

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Management’s Discussion and Analysis

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Management’s Discussion and Analysis

Numerical annotations throughout the text of this document refer to the endnotes found on page 143.

Management’s Discussion and Analysis

FINANCIAL AND OPERATING HIGHLIGHTS

Management’s Discussion and Analysis

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Outlook for 2021

Operating Division Guidance

Our 2020 actual gold and copper production, cost of sales, total cash costs⁴, all-in sustaining costs⁴ and 2021 forecast gold and copper production, cost of sales, total cash costs⁴ and all-in sustaining costs⁴ ranges by operating division are as follows:

Management’s Discussion and Analysis

Operating Division, Consolidated Expense and Capital Guidance

Our 2020 actual gold and copper production, cost of sales, total cash costs⁴, all-in sustaining costs⁴, consolidated expenses and capital expenditures and 2021 forecast gold and copper production, cost of sales, total cash costs⁴, all-in sustaining costs⁴, consolidated expenses and capital expenditures are as follows:

Management’s Discussion and Analysis

Management’s Discussion and Analysis

OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS

Management’s Discussion and Analysis