Record shareholder returns and another record quarterly financial performance mark successful delivery of 2025 operating plan

Q4 gold production 5% higher than Q3 at 871,000 ounces1, 2025 gold and copper production in line with guidance
Record quarterly cash flow with operating cash flow of $2.73 billion and free cash flow2 of $1.62 billion—up 13% and 9%, respectively, over Q3
Highest ever quarterly net earnings per share of $1.43 and adjusted net earnings per share2 of $1.04—up 88% and 79%, respectively, on Q3
New dividend policy targets total payout of 50% of attributable free cash flow, including 40% increase in quarterly base dividend to $0.175 per share, plus performance year end top-up
$0.42 per share quarterly dividend declared—a 140% increase over the third quarter
Repurchased $1.50 billion of shares in 2025, representing about 3.0% of Barrick’s issued and outstanding shares, including $500 million in Q4
Doubled gold resource at Fourmile project in Nevada with further increases expected in 20263
2026 production guidance: 2.90–3.25 million ounces1 of gold and 190,000–220,000 tonnes1 of copper
Following rigorous analysis, the Board has decided to move forward with preparations for an initial public offering (“IPO”) of Barrick’s North American gold assets in order to maximize shareholder value
All amounts expressed in U.S. dollars

TORONTO – Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today reported fourth quarter operating and financial results for the period ending December 31, 2025. Barrick produced 871,000 ounces1 of gold and 62,000 tonnes1 of copper in the quarter and the Company generated $6.00 billion in revenue, as well as $2.73 billion in operating cash flow and $1.62 billion in free cash flow.2 Net earnings per share for the quarter of $1.43 and adjusted net earnings per share2 of $1.04 increased 88% and 79%, respectively, from Q3.

For the full year 2025, Barrick reported revenues of $16.96 billion, operating cash flow of $7.69 billion and free cash flow2 of $3.87 billion, increasing 31%, 71% and 194%, respectively, from 2024. Net earnings per share of $2.93 and adjusted net earnings per share2 of $2.42 for the full year increased 140% and 92%, respectively, from 2024. Full-year gold production was 3.26 million ounces1 while full-year copper production was 220,000 tonnes1, consistent with the guidance provided at the start of the year.

“We reported record quarterly cash flow, delivered on our gold and copper production guidance, and successfully executed our 2025 operating plan. These achievements contributed to record adjusted net earnings per share2 in 2025 and the highest shareholder returns in this company’s history. On the back of this financial strength, the Board approved a further 40% increase to our quarterly base dividend and a dividend framework to allow shareholders to further participate in our performance,” said Mark Hill, President and Chief Executive Officer. “The outstanding finish to 2025 showcases the strength of Barrick’s operations and the commitment of its people. The agreement in Mali to secure the release of our colleagues was a major success and I commend all who were involved for this tremendous result.”

Mark Hill continued: “As we progress towards an IPO of our North America business to maximize value, we remain steadfast in our focus on operational performance and improving safety. By maintaining a collaborative culture and operational rigor, we are well-positioned to carry our current momentum forward and continue unlocking value from our premier asset portfolio in 2026.”

Operational Highlights
Gold production in Q4 was 5% higher than Q3 at 871,000 ounces1, with cost of sales (“COS”)4 of $1,904 per ounce, total cash costs (“TCC”)2 of $1,205 per ounce and all-in sustaining costs (“AISC”)2 of $1,581 per ounce. Gold COS4 per ounce and AISC2 per ounce were 22% and 3% higher than Q3, respectively. Nevada Gold Mines performed well across the board in Q4, led by a 25% increase in Carlin’s production over Q3. Throughput at Pueblo Viejo rose to another record high and partially offset reduced recoveries from stockpiled material in the flotation and Carbon?In?Leach circuits.

Full year 2025 gold production was 17% lower than 2024 at 3.26 million ounces1, in line with guidance, with COS4 of $1,697 per ounce, TCC2 of $1,199 per ounce and AISC2 of $1,637 per ounce—all slightly above guidance due to higher royalites driven by the higher realized gold price.2 TCC2 and AISC2 were also affected by higher consumable prices, partially driven by tariff impacts.

Copper production in Q4 was 13% higher than Q3 at 62,000 tonnes1, with COS5 of $3.37 per pound, C1 cash costs2 of $2.45 per pound and AISC2 of $3.61 per pound. Copper COS5 per pound and AISC2 per pound were 26% and 15% higher than Q3, respectively.

Full year 2025 copper production was 13% higher than 2024 at 220,000 tonnes1, in line with guidance. Copper COS5 for full year 2025 was $2.91 per pound with C1 cash costs2 of $2.14 per pound and AISC2 of $3.20 per pound—3%, 5% and 7% lower than 2024, respectively. COS5 and AISC2 were slightly above guidance as a result of higher royalties due to the higher realized copper price.2

Despite a stronger emphasis on safety, two of our colleagues sadly lost their lives in Q4. In addition to the previously disclosed fatal injury at Bulyanhulu on October 21, a team member lost his life at Kibali on December 15. Our thoughts remain with the families, friends and colleagues of the team members who passed away in 2025. We have conducted full investigations into these tragic incidents and have taken actions in an effort to prevent their recurrence. We remain unequivocally committed to prioritizing safety to ensure every person goes home safe and healthy every day.

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AND
Barrick Declares Increased Dividend and Announces New Dividend Policy

TORONTO – Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today announced the declaration of a $0.42 per share dividend in respect of performance for the fourth quarter of 2025, representing an increase of 140% over the third quarter, and announced a new dividend policy.

The Q4 2025 dividend will be paid on March 16, 2026 to shareholders of record at the close of business on February 27, 2026.

In addition to the dividend, Barrick repurchased approximately 12.11 million shares during Q4 under the share buyback program that was announced in February 2025. During the year, Barrick repurchased approximately 51.90 million shares under the 2025 program, or approximately 3.0% of Barrick’s issued and outstanding shares at the time this year’s program was announced, for cash of $1.5 billion, including $500 million paid during Q4.

In Q4 2025 and going forward, the Company’s new dividend policy targets a total payout of 50% of attributable free cash flow on an annualized basis, comprised of a fixed base quarterly dividend of $0.175 per share and a performance top-up component at each year end based on the attributable free cash flow during the year. The dividend paid in any given year may be higher or lower than the 50% target based on the strength of cash flow, capital needs, balance sheet considerations and other factors.

About Barrick Mining Corporation