By: Barrick Mining Corporation

Agreement with Newmont resolves all disputes; Newmont’s consent to Barrick’s American IPO provides substantial flexibility and value

Barrick achieves third straight quarter of strong operational and financial results

Barrick reached an agreement with Newmont to expand the assets in the Nevada Gold Mines Joint Venture. Both companies are vending in their excluded properties early: Fourmile from Barrick; Mike and Fiberline from Newmont, creating a nearly 100-million-ounce gold complex in Nevada. Newmont will pay Barrick a top-up payment of $1.95 billion cash within thirty days.

The agreement resolves all outstanding disputes related to NGM. Newmont has consented to Barrick’s IPO of its North American gold assets, providing great structural flexibility and value.

Q2 gold production increased 11% over Q1 to 796,000 ounces1, exceeding guidance of 730,000–770,000 ounces1, driven by the ahead-of-schedule ramp-up at Loulo-Gounkoto, a faster-than-expected recovery at Pueblo Viejo following planned Q1 maintenance, and record underground tonnes at Cortez as Goldrush continues to ramp up.

Strong cost discipline across mining and processing kept costs within guidance despite fuel price pressures, with gold cost of sales of $1,993 per ounce, and AISC3 of $1,866 per ounce.
Operating cash flow of $1.70 billion for the quarter increased 28% year-on-year.

Net earnings of $1.22 billion for the quarter increased 50% year-on-year, net earnings per share of $0.73 rose 55% year-on-year, and adjusted net earnings per share3 of $0.82 was up 74% year-on-year.

The North American IPO remains on track for expected completion by year end. Mark Hill will be the CEO of the new company upon separation.

Full year production and cost guidance unchanged; total attributable capital expenditure reduced to $3.8 billion–$4.2 billion.

$0.175 quarterly dividend declared and $1.2 billion in share buybacks during the quarter, increasing shareholder returns by 242% year-on-year to $1.50 billion.

All amounts expressed in U.S. dollars

Toronto – Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today reported second quarter operating and financial results for the period ended June 30, 2026. Barrick produced 796,000 ounces1 of gold and 56,000 tonnes1 of copper in the quarter. The Company generated $5.29 billion in revenue, $1.70 billion in operating cash flow, $1.12 billion in attributable operating cash flow3, and $141 million in attributable free cash flow3. Net earnings per share for the quarter were $0.73, and adjusted net earnings per share3 were $0.82—up 55% and 74%, respectively, from Q2 2025.

Mark Hill, President and Chief Executive Officer, said: “We achieved an historic agreement with Newmont. Newmont has consented to the IPO and the parties have agreed to expand NGM with the early vend-in of our excluded properties, as well as settling all disputes. Through this agreement with our joint venture partner, we have substantially extended the asset base, and provided greater flexibility and value.”

Mark Hill continued: “We delivered our third quarter in a row with excellent operational and financial performance. We beat the top end of our gold production guidance and generated much higher earnings and cash flow than a year ago. We also advanced our growth pipeline, with good progress at Lumwana and Fourmile. Most importantly, we remained focused on improving safety across the business, including $90 million invested in safety technology this year. Our priorities for the second half of the year remain the same: continue to drive tangible improvements in our safety performance, improve operational consistency and deliver our full-year production and cost guidance, advance our growth projects on time and on budget, and launch the IPO of our extraordinary North American gold business by the end of the year. With a strong balance sheet, high-quality assets, and disciplined execution, we remain well positioned to deliver on our plans for 2026 and continue creating long-term value for shareholders.”

Mark Hill concluded: “We are on track to complete the IPO of our North American gold assets by the end of this year. We are excited to launch a pure play gold company with high-quality, long-life assets exclusively in low-risk jurisdictions. The cooperation agreement with Newmont expands the Nevada complex to nearly 100-million-ounces, and the agreement gives us great flexibility and value.”

Operational Highlights

Barrick continued to improve safety performance through visible leadership, consistent engagement, and a stronger focus on critical risk management.

Gold production in the second quarter totaled 796,000 ounces1, exceeding the guidance range of 730,000–770,000 ounces1. Three primary factors drove our performance: the ahead-of-schedule restart of Loulo-Gounkoto; a faster-than-expected recovery at Pueblo Viejo following planned Q1 maintenance; and record underground tonnes mined at Cortez, driven by the continued ramp-up of Goldrush. Gold cost of sales (“COS”)2 for Q2 was $1,993 per ounce, compared to COS2 of $1,654 in Q2 2025, primarily due to lower grades processed at Carlin, Cortez, and North Mara; higher fuel costs across the operations; and higher royalties associated with the stronger realized gold price3. Total cash costs (“TCC”)3 were $1,426 per ounce, compared to $1,239 in the prior-year quarter. All-in sustaining costs (“AISC”)3 were $1,866 per ounce, up 11% compared to Q2 2025.

Copper production decreased 5% year-on-year to 56,000 tonnes1 in the second quarter in line with plan. Copper COS4 of $3.39 per pound, C1 cash costs3 of $2.47 per pound, and AISC3 of $3.95 per pound, were up 32%, 37% and 36%, respectively, compared to the prior-year period. Higher royalties associated with the stronger realized copper price3, together with higher fuel prices across the operations, drove the cost increases.

Financial Highlights

A significant increase in earnings year-on-year was driven by higher realized gold and copper prices3. Net earnings totaled $1.22 billion ($0.73 per share), and adjusted net earnings3 totaled $1.36 billion ($0.82 per share), compared to net earnings of $0.81 billion ($0.47 per share), and adjusted net earnings3 of $0.80 billion ($0.47 per share) in the prior year quarter. Attributable adjusted EBITDA3 for the quarter totaled $2.55 billion, an increase of 51% year-over-year, with an attributable adjusted EBITDA margin3 of 60%.

Operating cash flow, attributable operating cash flow3, and attributable free cash flow3 in the second quarter were $1.70 billion, $1.12 billion, and $141 million, respectively, compared to operating cash flow of $1.33 billion, attributable operating cash flow3 of $929 million, and attributable free cash flow3 of $212 million in Q2 2025. Revenues of $5.29 billion increased 44% from $3.68 billion in the prior-year quarter.

Key Growth Projects

The Fourmile project in Nevada continued to demonstrate its potential to become a standalone Tier One Gold Asset.5 During the quarter, the Bullion Hill decline development contract was awarded to Barminco, and key infrastructure contracts were secured, such that we expect to begin decline development in Q3 2026. Drilling activity continued to ramp up, with 20 rigs now active on site, focused on resource conversion drilling for the prefeasibility study targeted for completion in 2028. Exploration drilling is also targeting northern extensions following the winter drilling program in the south.

The Lumwana Super Pit Expansion remains on schedule, with first copper production targeted for the end of Q1 2028. During the quarter, the second lift of the mill walls and roller slab was completed, primary crusher civil works advanced, and civil construction commenced on the overland conveyor transfer towers. Most major long-lead equipment is now on site, including the mill shells and trunnions, primary crusher, and tailings thickener.

Pueblo Viejo's expansion advanced as focus shifted toward the Naranjo tailings storage facility, with temporary water management structures permits secured and starter dam permit approval targeted for Q1 2027. Construction remains underway for Haul Roads 17 and 19, the diorite crusher, and the new effluent treatment plant, alongside ongoing engineering for the reverse osmosis plant, flotation improvement pre-feasibility work, and planned H2 2026 water management scope definition. Meanwhile, resettlement activities achieved 95% package acceptance—with over 632 homes completed, and 570 families resettled—as design work advanced on a church, a polytechnical school, and 63 government houses.

Returns to Shareholders

A quarterly dividend of $0.175 per share has been declared in respect of performance for the second quarter of 2026. The Q2 2026 dividend will be paid on September 15, 2026, to shareholders of record at the close of business on August 31, 2026.

Barrick’s dividend policy targets a total payout of 50% of attributable free cash flow3 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 flow3 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.

In addition to the quarterly dividend, Barrick repurchased $1.209 billion of shares during the quarter under the previously announced $3.0 billion share repurchase program. The repurchases reflect the Company's commitment to returning cash to shareholders and its continued confidence in the value of its assets and long-term growth prospects, including the planned North American IPO. The repurchase authorization does not oblige the Company to acquire common shares.

2026 Guidance

Barrick is on track to meet 2026 production and cost guidance, with gold production guidance continuing to be 2.90–3.25 million ounces1. Gold cost guidance for 2026—including COS2 of $1,870–$2,070 per ounce, TCC3 of $1,330–$1,470 per ounce, and AISC3 of $1,760–$1,950 per ounce—is based on a gold price assumption of $4,500 per ounce.

Copper production guidance for 2026 remains unchanged at 190,000–220,000 tonnes1 at copper COS4 of $3.05–$3.35 per pound, C1 cash costs3 of $2.20–$2.45 per pound, and AISC3 of $3.45–$3.75 per pound. Copper cost guidance is based on a copper price assumption of $5.50 per pound.

2026 cost guidance is based on an oil price (WTI) assumption of $70 per barrel. For every $10 per barrel change in the oil price, the direct impact on costs associated with diesel consumption is $12 per ounce across our gold operations, and $0.04 per pound across our copper sites.

2026 total attributable capital expenditure has been reduced to $3.8 billion–$4.2 billion, from $4.0 billion–$4.45 billion previously, primarily reflecting decreased spending at the Reko Diq project.

North American IPO

Barrick is advancing the planned initial public offering (“IPO”) of a minority stake in a newly formed company that is expected to include Barrick’s interests in, and operatorship of, its North American gold assets, Nevada Gold Mines and Pueblo Viejo, the Fourmile project, all other North American exploration properties, and the Newmont contributed assets. The new entity will be the only North American pure play gold company with high-quality, long-life assets in low-risk jurisdictions.

Barrick continues to expect to complete the IPO by the end of 2026, subject to market and other conditions and necessary approvals.

Mark Hill will be the CEO of the new company upon separation.

Presentation and Webcast

The management team will host a live webcast and presentation today at 11:00 AM ET, followed by a question-and-answer session with analysts. To join the webcast, please register here. Presentation materials will be available on Barrick’s website prior to the event, with a replay available soon after.

About Barrick Mining Corporation

Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.

Investor Relations Contact

Emily Chieng
Vice President,
Investor Relations
+1 775 397 3537
investor@barrick.com

Media Contact
Dan Wilner
Senior Vice President,
Corporate Affairs and Capital Markets
+1 437 235 7154
media@barrick.com