Barrick 2017 Operations and Technical Update 2

O P E R AT I O N S A N D T E C H N I C A L U P D AT E
Wednesday, February 22, 2017

CAUTIONARY STATEMENT ON
FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans, or
future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are
forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "objective" "aspiration", "aim", "intend",
"project", "goal", "continue", "budget", "estimate", "potential", "may", "will", "can", "should", "could", "would", and similar expressions identify
forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: (i)
Barrick's forward-looking production guidance; (ii) estimates of future cost of sales per ounce for gold and per pound for copper, all-in-sustaining
costs per ounce/pound, cash costs per ounce, and C1 cash costs per pound; (iii) cash flow forecasts; (iv) projected capital, operating, and
exploration expenditures; (v) targeted debt and cost reductions; (vi) mine life and production rates; (vii) potential mineralization and metal or
mineral recoveries; (viii) Barrick's Best-in-Class program (including potential improvements to financial and operating performance that may
result from certain Best-in-Class initiatives); (ix) potential improvements to financial and operating performance and mine life at Barricks Cortez,
Goldstrike, Pueblo Viejo, Veladero, Lagunas Norte, Turquoise Ridge and Hemlo mines; (x) potential developments at Barricks Goldrush, Alturas
and Pascua Lama projects, including the Lama starter project and the potential for phased-in development of the Pascua-Lama project; (xi) the
potential to identify new reserves and resources; (xii) our pipeline of high confidence projects at or near existing operations; (xiii) the benefits of
integrating the Cortez and Goldstrike operations; (xiv) the potential impact and benefits of Barrick's digital transformation; (xv) asset sales, joint
ventures, and partnerships; (xvi) expectations regarding future price assumptions, financial performance, and other outlook or guidance; and
(xvii) the estimated timing and conclusions of technical reports and other studies.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the
Company as at the date of this press release in light of management's experience and perception of current conditions and expected
developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be
placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold,
copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and
development; changes in mineral production performance, exploitation, and exploration successes; risks associated with the fact that certain
Best-in-Class and other initiatives are still in the early stages of evaluation, and additional engineering and other analysis is required to fully
assess their impact; risks associated with the implementation of Barrick's digital transformation initiative, and the ability of the projects under this
initiative to meet the Company's capital allocation objectives; diminishing quantities or grades of reserves; increased costs, delays, suspensions,
and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or
development activities, including geotechnical challenges, and disruptions in the maintenance or provision of required infrastructure and
information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure
to comply with, necessary permits and approvals; uncertainty whether some or all of the Best-in-Class initiatives and targeted investments and
projects will meet the Company's capital allocation objectives; the impact of global liquidity and credit availability on the timing of cash flows and
the values of assets and liabilities based on projected future cash flows; adverse changes in our credit ratings; the impact of inflation;
fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; changes in national
and local government legislation, taxation, controls or regulations, and/or changes in the administration of laws, policies, and practices,
expropriation or nationalization of property and political or economic developments in Canada, the United States , and other jurisdictions in which
the Company does or may carry on business in the future; damage to the Companys reputation due to the actual or perceived occurrence of any
number of events, including negative publicity with respect to the Companys handling of environmental matters or dealings with community
groups, whether true or not; the possibility that future exploration results will not be consistent with the Companys expectations; risks that
exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited
to drilling, engineering and socio-economic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances;
litigation; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required
infrastructure; business opportunities that may be presented to, or pursued by, the Company; risks associated with working with partners in
jointly controlled assets; our ability to successfully integrate acquisitions or complete divestitures; employee relations; increased costs and risks
related to the potential impact of climate change; and availability and increased costs associated with mining inputs and labor. In addition, there
are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses
(and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those
expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are
not guarantees of future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary
statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of some of the factors underlying forward- looking statements and the risks that
may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this presentation.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information,
future events or otherwise, except as required by applicable law.
GLOSSARY OF KEY ACRONYMS
AC Autoclave LOM Life of Mine

AISC All-in Sustaining Costs M&I Measured and Indicated
ANFO Ammonium Nitrate, Fuel Oil MTBF Mean Time Between Failure
ARS Argentine Peso MTO Mine Traffic Optimization
Au Gold NEPA The National Environmental Policy Act
BCRA Banco Central de Republica Argentina NPV Net Present Value
BiC Best-in-Class NZ North Zone
CAGR Compound Annual Growth Rate OEE Overall Equipment Efficiency
CCTV Closed-circuit Television OP Open Pit
CDP Carbon Disclosure Project OPEX Operational Expenditure
CiC Carbon-in-Column PFS Pre-feasibility Study
CIL Carbon In Leach PMR Proyecto Mineral Refractario
CIP Carbon In Pulp POX Pressure Oxidation
CSR Corporate Social Responsibility PV Pueblo Viejo
DJSI Dow Jones Sustainability Indices QQ1 Quisqueya 1
DR The Dominican Republic ROD Record of Decision
Cu Copper ROIC Return on Invested Capital
DSO Direct Shipping Ore SAG Semi-Autogenous Grinding
Earnings Before Interest, Tax, Depreciation and
EBITDA SIC Short Interval Control
Amortization
EIA Environmental Impact Assessment SME Society for Mining, Metallurgy, and Exploration
EIS Environmental Impact Statement SZ South Zone
FCF Free Cash Flow TCM Total Carbonaceous Matter
FDI Foreign Direct Investment TPA Tonne Per Annum
FS Feasibility Study TPD Tonne Per Day
FT Feet TPOH Tonne Per Operating Hour
FWP Footwall Pond TR Turquoise Ridge
FX Forex TRIFR Total Recordable Injury Frequency Rate
GHG Greenhouse Gas TRJV Turquoise Ridge Joint Venture
GM General Manager TSR Total Shareholder Return
G/T Grams Per Tonne UAV Unmanned Aerial Vehicle
HCCUEP Horse Canyon/Cortez Unified Exploration Plan UG Underground
HFO Heavy Fuel Oil VRS Value Realization Support
KCGM Kalgoorlie Consolidated Gold Mines WTPOH Wet Ton Per Operating Hour
KPI Key Performance Indicator YE Year-End
LHD Load, Haul, Dump Machine YOY Year Over Year
LNG Liquefied Natural Gas
Operations and Technical Update
Richard Williams
Chief Operating Officer
Operations and Technical Update | 1

Operations & Technical Update Agenda
February 22nd 2017, 2:00pm 5:00pm | Cisco Technology Innovation Center, Toronto, ON
Welcome & Opening Remarks Richard Williams

Operations, Exploration, Value Creation through Exploration Rob Krcmarov
Innovation and
Digital Transformation & Innovation Michelle Ash
Optionality 2:00 2:45
Long Term Portfolio Optionality Matt Gili
Nevada Overview, Goldstrike: TCM, Future Growth Bill MacNevin
Cortez: Digitization, Deep South, Goldrush Curtis Cadwell
Operating Mine Turquoise Ridge: TR Shaft/UG Expansion Henri Gonin
and Growth Project Pueblo Viejo: Best-in-Class, Tailing Expansion Greg Walker
Updates
Veladero: Digitization, Environmental Monitoring Jorge Palmes
2:45 4:00
Lagunas Norte: Refractory Mine Life Extension Jim Whittaker
Lama & Frontera District Development George Bee
Reserves and Resources Rick Sims
Sustainability and Sustainability Peter Sinclair

Closing 4:00 5:00 Closing Remarks and Q&A Kelvin Dushnisky

Our Vision
Our Vision is the generation of wealth through responsible mining
wealth for our owners, our people, and the countries and communities
with which we partner.
We aim to be the leading mining company focused on gold, growing our
cash flow per share by developing and operating high quality assets
through disciplined allocation of human and financial capital and
operational excellence.

Implementing the Plan
Increase financial flexibility
Focus Reduce Debt
Optimize portfolio Portfolio Fund investment
Pay Dividends
Decentralized
Strengthen
Execution balance sheet Partnerships
Best Operational Leadership Company of choice for
teams (GM/ED) governments and
Best Stand-alone Project Deliver Attract and Build communities
Leadership (PM/ED) digital mining retain the best partnerships Pursue investment with
Plans resourced to achieve excellence people strategic partners
full potential from sites, Pursue Innovation with
in all price environments Mineral strategic partners
Flawless Execution resource
management Increase long-term
Transparency on performance, partnership with investors
risk & opportunities (fact-based) Barrick leaders to operate
to Best-In-Class standard Centralized Capital Allocation as owners
Best-in-Class Environmental, Balanced investment pipeline (Organic and M&A)
safety, health and community
stewardship
Focused on growing cash flow to deliver superior ROIC
Individually must meet or exceed 15% hurdle rate
Value creation = invested capital x rate of return

Increasing Safety with Fewer Environmental Incidents
Total Recordable Injury Reportable Environmental

Frequency Rate1 Incidents
0.64 53
0.58
0.46
36
0.40
29
13
2013 2014 2015 2016 2013 2014 2015 2016
1. See Endnote #5 Operations and Technical Update | 5

Real Unit Cost Improvements
Unit Rate Trend1,2
($/tonne)
2.77
2.53
2.15 2.10 -24%
Open Pit
110.2
101.6
92.8 86.2 -22%
Underground
46.2
44.3
Autoclave 40.8 40.6 -12%
25.7
24.9
Roaster
24.5 24.3 -1%
14.7 14.8
14.3
Mill 14.0 -2%
3.0 3.0
2.8 2.8
Heap Leach -4%
2013 2014 2015 2016

1. Relates to all existing gold sites excluding Acacia, Pierina and divested sites
2. Excludes impact of hedging activities
Productivity
Cost of Sales1 ($/oz) AISC1,2 ($/oz)
915
843 842 859 864
831
798 780- 790- 800-
820 840 870 730 720- 710- 700-
770 770 770
2013 2014 2015 2016 2017E 2018E 2019E 2013 2014 2015 2016 2017E 2018E 2019E
1. See endnotes #1 and #7 for guidance assumptions

2. This is non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E
Value Creation Through Exploration
Rob Krcmarov
Executive Vice President
Exploration and Growth

Barrick Business Life Cycle
Evolutionary Phase
and Key Value Drivers / Proposition
Renew and
VALUE Sustain
Focus on FCF/share,
Dividends, ROIC,
TSR
Delivery
Focus on
Expansion, Harvest
Development, and Decline
High Capex Focus on CAGR,
Promise NPV, Expansion
Focus on
Growth and
Potential
TIME
1983 2003 2012 2016
Barrick Exploration Strategy
Superior portfolio of long life
production assets
Deep project pipeline
Some of the largest undeveloped
projects on the planet
A track record of generating
organic value from exploration
Partnerships
Exploration Drilling in Nevada

High Value Near Term Minex and Brownfields
Hemlo Turquoise Ridge Goldstrike Cortez

Orebody expansion High confidence high Increase mineral Lower Zone
grade multimillion resource underground
Increased automation ounce potential through near mine
additions down exploration and lower Crossroads open pit
Enhanced materials
handling systems plunge operating costs Renegade
Expansion of Footwall
Production growth Pond
Development of TR
Corridor
Getchell Fault Potential

El Indio Belt, Chile / Argentina A Story of Success
El Indio Tambo Pascua Lama Veladero Alturas
Discovery 1976 1982 1995 1998 2015

High sulphidation (sulphide High sulphidation oxide
ore). Multi-Vein deposit with deposit related with High sulphidation High sulphidation oxide High sulphidation oxide
Type
high-grade gold (DSO) and hydrothermal injection breccia oxide/sulfide deposit deposit deposit
Cu-Au veins and quartz+barite veins
4.5 Moz Au, 24 Moz Ag &

Prod. 1.5 Moz Au 2016 Production
472K tons Cu _ _
Statistics (over 17 years) 544 Koz Au
(over 23 years)
Total Reserves Total Reserves

14.05 Moz1 Au 6.7 Moz1 Au
(1.57g/t, 278M tonnes) (0.83g/t, 252M tonnes)
2016 Proven Reserves: Proven Reserves: Inferred Resource:
Reserves/ 1.8 Moz1 Au 602 Koz1 Au 6.8 Moz1 Au
Resources (1.94g/t, 29M tonnes) (0.78g/t, 24M tonnes) (1.0 g/t, 211M tonnes)
Probable Reserves: Probable Reserves:
12.2 Moz1 Au 6.1 Moz1 Au
(1.53g/t, 249M tonnes) (0.84g/t, 228M tonnes)
Current Status Closed (since 2002) Closed (since 1999) Pre-Feasibility (Lama) Producing (since 2005) Scoping Study
1. See endnote #2 Operations and Technical Update | 12

Medium Term Projects
Turquoise Ridge Cortez Hills

Goldstrike Goldrush
Expansion Deep South
Third shaft feasibility Refractory ore Bringing ounces High confidence to
study completed extension below forward continue to grow
current oxide open pit deposit
Phased approach to Feasibility in progress
improve ventilation Increase mineral
and mining efficiency resource
to allow higher through near mine
production output exploration and lower
operating costs

Strong credible track record of organic value generation
Reserves (Moz of gold) Near Mine and New Discoveries
Spent $3.6B on exploration
Goldstrike
Overall finding cost 143 ~861
2Bt @
Cortez
~$25/oz 1.33g/t
through exploration
Donlin Gold
20 Pascua-Lama
Total found
1990 2016 Veladero
110 Pueblo Viejo

31
Turquoise Ridge
DIVESTED
Lagunas Norte
mined
acquired
Total
Goldrush
Total
156 Alturas Acquired Added
1. See Endnote #2
Proven Reserves: 25.9Moz (480M tonnes at 1.68gm/t)
Probable Reserves: 60.1Moz (1,527M tonnes at 1.22gm/t) Operations and Technical Update | 14
Fourmile
Mill Canyon Stock
High grade, high value targets Pre-mineral Intrusive Rock
with small footprint

Three holes with intercepts more
than double the average grade of
5.2m @ 14.4 g/t
the Goldrush resource1
14.3m @ 31.8 g/t
3.0m @ 5.7 g/t
5.8m @ 49.6 g/t
5.8m @ 10.9 g/t
8.4m @ 30.6 g/t 14.3m @ 31.8 g/t
5.8m @ 49.6 g/t
Strike length of high grade 8.4m @ 30.6 g/t
Fourmile mineralization extended Legend
500m in 2016 Drillhole with >3m @ 5g/t
Drillhole
Resource Footprint
1. See end note #2 and #4 and Appendix B for additional details including assay results for the significant intercepts. Operations and Technical Update | 15
Alturas Exploration in a Mature Belt
Alturas represents a Barrick greenfield discovery in El Indio belt
High Sulfidation oxide Au-Ag deposit (similar to Veladero)
Published inferred resource of 6.8Moz1 @ 1.0g/t Au, 211 Mt
Synergies with existing El Indio Mine infrastructure
Excellent working relationship with community
Tangible organic value
1. See Endnote #2
Guiana Shield First Partnership, Arakaka JV
Drill Fences-planned Mafic Dykes
Drill Fences-completed Diorite Guiana Shield
Pre-2016 Drilling Metasediments Embryonic multi-million ounce geological
Volcanics
province
Shallow pits
Guyana
2km
Deep mining culture - gold is largest
export
Two mines reached commercial
production in 2016
Alicanto
Broad technical experience and clear
understanding of project economics
Established operational presence in
Guyana
Arakaka
10km of alluvial and shallow pit mining
Exploration in its infancy
Sparse drilling
Mineralization controls vectoring to the
northeast
For full discussion of results please refer to Alicantos website http://www.alicantominerals.com.au/ Operations and Technical Update | 17
Pipeline Replenishment, Partnership, Osisko Quebec1
Large land position

in immature gold belt
Emerging gold district with
walk up drill targets
Kuujjuaq
KAN
OSK/ABXClaims
50 km CompetitorClaims
1. For further information and details on intercepts please refer to http://www.osiskomining.com/news/index.php?&content_id=193 Operations and Technical Update | 18
Project Portfolio Optionality
Barrick
Projects
Cortez Deep South Peer
Projects1
Cortez Hills
Grade Increasing
Lower Zone Goldrush
Alturas Donlin
Pascua Gold
-Lama Cerro
Casale
Increasing Size
1. Peers: Newmont and Goldcorp.
Source: Company Reports (2015, 2016), Cerro Casale and Donlin stated at 100%
Project Pipeline
Prefeasibility
Early Stage Exploration Conceptual Scoping / Feasibility Execution
T. Ridge Footwall Goldstrike Donlin Gold

Cortez District Cortez Deep South Cortez Crossroads
Pond High Grade Meikle Halo Lewis High Grade
Pueblo Viejo Pueblo Viejo Cortez Hills
El Indio District Cortez Fourmile Cortez Pits
MN Feeder Underground Underground
Goldstrike Pueblo Viejo Expansion Phases
Lama Veladero District Hemlo C zone Deep Goldrush
Ren/Banshee Tails Expansion Goldstrike & Cortez
Goldstrike Hemlo Horizon Hemlo Porgera
South Peru Lama Starter Project OP Phase 6 Layback
Underground Extensions Underground 5C Cutback
Pueblo Viejo Lagunas Norte Cerro Casale Innovation Hemlo Goldrush
Guiana Shield Underground Expansion
Upper Mejita MB3H Ore and Starter Project Exploration Declines
Additional Exploration Lagunas Norte Lagunas Norte PMR Expansion Phase
Hemlo West Side Alturas
Success Solution Injection Veladero
Lagunas Norte Porgera KCGM Morrison Turquoise Ridge
PMR Satellite Targets Bulk UG Mining 3rd Shaft
Lagunas Norte Goldstrike
Porgera Tarangau Arturo Phases 1 & 3
Oxide Extensions
Cortez Kabanga (Nickel)
Arakaka
Pipeline 11
Del Carmen
Donlin Gold
Veladero Targets
Pascua-Lama
T. Ridge
North America TR Fault Corridor Trend Cerro Casale
South America
Australia Pacific
Digital Transformation & Innovation
Michelle Ash
Chief Innovation Officer

BestinClass Digital Barrick
Drive Innovation
Productivity
Step Changes in
approach to productivity
Business Improvements
in productivity
Leverage BiC to Identify and Implement Innovation
Drive Improvements Across Mine Operations
Achieve Fixed Target
Across All Sites
Digitization is primarily focused on driving value across two of
three pillars of Best-in-Class: Step Changes and Drive Innovation
Business Improvement Programs: Strategic, non-transactional Cisco partnership to unlock the
Never-ending effort to make existing potential of digital mining
processes and systems as efficient as
possible Cisco Partnership Benefits: Global Digitization Programs:
Targets set against all key metrics to Global leader in helping countries, industries and Predictive analytics
ensure sites achieve them companies become digital Global task management
Tailored scorecards to key drivers of 75% of world internet through Cisco hardware Integrated planning
value for each site Leader in data cybersecurity Analytics Hub
Short term incentives to connect to Access to and ability to develop partnerships
Best-in-Class
Time
2016 Digital Objectives & Recent Accomplishments
Objective Recent Accomplishments
Underground Short Proof of concept on people tracking Tablet based vehicle tracking and scheduling
Interval Control and scheduling application now being tested in Cortez
Required equipment arrived on site
Underground Set up required infrastructure
Vendor agreements issued
Automation including equipment and training
Operator and Technician training complete
Proof of concept of moving Mechanics have tablets in hand for selected job
Digital Maintenance orders
maintenance from paper based to
Work Management
digital Vendor selection completed
Improved carbon management through operation
Processing Develop Data Platform and and analytics preventing ounce loss
Automation demonstrate functionality Automated carbon and reagent control in heap
leach to reduce downtime, reagent costs
Platform is operational and connected with secure
Consolidated Data Develop Data Platform and account policies in place
Platform demonstrate functionality BIC data sources have been captured in the data
platform
Developed a usable Exhaust Failure Detection
Predictive
Data Science proof of concept model which can detect exhaust failures with 6
Maintenance
days lead time

Codemine Elko, Nevada
The Codemine has been established in Elko

to design code to integrate several
applications
Pioneering digital products
Completed proof of concepts for initial digital
projects (e.g. short interval control)
Developing customized digital solutions with
computer developers and programmers
working with operators
Agile approach minimizes upfront capital and
execution risk

2017 Digital Transformation Objectives
Objective Expected Accomplishments
Increase production through monitoring Tablet based vehicle tracking and scheduling
Underground Short
operator and equipment location and application tested in Cortez and then rolled
Interval Control
tracking real time production out to Turquoise Ridge and Goldstrike
Tele-remote loaders at Cortez, with upgrades

Underground Improve safety and increase utilization of
to Hemlos autonomous system and
Automation mining equipment
expansion of the Cortez system
Barrick designed tablet and supervisor
Increase availability and reduce parts
Digital Maintenance application developed with implementations
spend to reduce unplanned work and
Work Management at Goldstrike, Turquoise Ridge and Pueblo
work overruns
Viejo
Automate Mill and Heap leach operations

Processing to increase throughput and recovery Developing Advanced Machine Learning at
Automation Improve quality of decisions in Pueblo Viejo and Cortez
processing to maximize production
Improve data quality and transparency to Consolidated Data Platform the central
Consolidated Data
optimize operations and enables to scale platform for the integrated planning project
Platform
Digital Barrick across the full company with additional use cases completed

Innovation Focus
New Barrick competencies will permit deep strategies that transform mining
Best Best Best
miner Partner Platform
Mineral
Cartography
Extraction
Reimagined
Prosperous
Partnerships
Absolute
Integration

Emerging Innovation Focus Areas
Mineral Extraction Prosperous Absolute New

Cartography Reimagined Partnerships Integration Businesses
Our goal is to We plan to be We aim to create We plan to We aim to

locate and able to extract sustainable connect every explore and
describe every any deep, prosperity asset and activity create
gold deposit in complex, low through working in our ecosystem alternative
the world grade gold partnerships in an intelligent sources of
deposit in the with companies, and transparent revenue that
world, safely and communities and system leverage our
profitably governments unique
competencies
Innovation Tangible Examples
Lab-at-Rig
Examples of Innovation
TCM circuit at Goldstrike moving from

In action
commissioning to full operation
Lab-at-Rig and flexible coil drilling
Development of leading edge applica-

tions such as SIC for underground
In planning
Modular truck configurations
Conversion of the Nevada equipment

fleet to non-food crop biodiesel fuel

Barricks Digital and Innovation Journey
Desired Achievements Aspirational Target
Develop predictive and cognitive algorithms Increase in speed and accuracy for orebody
Mineral to better define targets and orebodies definition
Cartography Development of a non-intrusive method to Significant cost reduction in exploration and
visualize gold deposits resource definition
Development of fully autonomous mining Everyone on surface and at low elevation
and processing system Reduction in AISC and closure costs
Extraction Development of processing techniques for
Significant increase in resource and reserves
Reimagined low grade and refractory ores
World class trades productivity and asset
Significant increase in OEE
reliability
Conversion to electricity and/or renewable Most of our power from renewables; all UG
Prosperous forms of energy operations are emission free
Partnerships Wealth creation through a number of
Fully trusted by our partners
significant partnerships
Fully integrated operational and data Real time response to changes in the plan
Absolute systems to optimize value
Integration Full transparency of data and operational
Robust reduction in operational risk
performance through Operating Centers

Longterm Portfolio Optionality
Matt Gili
Chief Technical Officer

From Identifying our Full Potential
Full Potential: Optimized strategic planning for growth

Business Plan Annual Cycle
Reserve Plan: Annual production plan

Collaborative effort
between
Life of Mine Plan: Most probable scenario
for future production and development Operations (Mines, Sites
and Project Teams)
Strategic Plan: Life of mine plan with key Finance
growth projects
Technical Office
Growth Plan: Long term upside opportunities Exploration

To Realizing the Full Value of Our Assets
Roadmap for successful execution from Plan to Value
Our tools:
Higher
Integrated Planning to ensure the capital is allocated to
execute the Life of Mine (LOM) plan VRS
Technical Limits to assess how to optimize production within
the current set-up of the Asset, identifying bottlenecks and
initiatives to achieve Best-in-Class performance Technical
Value Realization Support (VRS) to identify and Limits
Cash Flow
prioritize short, medium and long term opportunities to Long term
maximize the value of the asset (3-5 years)
Growth
Our Key players: Short term
GMs and their operations teams to continuously improve (1-2 years)
and execute the plan, and advance opportunities through the Best-in-Class
strategic pipeline LOM Plan
Corporate SMEs to challenge GMs and their teams, identify Lower
and share best practices, and ensure that risks are being
properly assessed and controlled Lower NPV Higher

VRS Case Study: Hemlo
Hemlo has a historical Hemlo Camp
started
2016 Hemlo
VRS
conversion rate from production Geological
Compilation
resources to reserves of 2000 Study
~70-80% Barrick acquires

50% of Hemlo
2015 Hemlo
The Game Changer: 2001

Golden Giant
VRS
Doubled property footprint, closes

Mar 2015
removing mining and 2009
Removal of mining and
tailings storage constraints
tailings storage constraints Barrick acquires the
additional 50% of Hemlo Mineralized Potential
The Enabler: 2016 Resources
Comprehensive Hemlo Reserves
Geological Compilation 1985-2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Study 275
517
744
950
The Future: Mineralized

1,154
1,360
1,578
1,813
target potential - Go west,

2,025
2,018
2,033
go deep, automate Hemlo

Cumulative
production
Hemlo Camp produced ~22 M ozs (1985 2016) 000 ozs

Donlin1: Building optionality while advancing our LTO1
Building optionality for a remarkable orebody
Measured Resources2: 0.6 Mozs Au (7.7 M tonnes at 2.52 g/tonne)
Indicated Resources2: 38.4 Mozs Au (533.6 M tonnes at 2.24 g/tonne)
FSU2 Project Base Optimized

Executed on 2016 2017 Priorities
Case Project
Updated resource Permitting
Mining: Open Pit (155 Mtpa) model Exploration drilling
Processing: Flotation and Pressure Assessed option to confirm/ Mine of the Future
Oxidation (53.5 Ktpd) for starter project determine UG
potential Optimize capital
Mine Life: 27 years Improve efficiency
Inject innovative
Initial Capital: ~$7.5 B technologies Reduce operating costs
Sustaining Capital: ~$1.6 B Retain option to expand
Closure: ~$290M
ESIA Approval Process for FSU2

Draft EIS published in Comment period ended Response to comments Preliminary Final EIS
November 2015 in May 2016 is ~80% complete expected in 2018
1. All figures presented on a 100% basis
Cerro Casale: Growth opportunity in an upside market
Assessing novel technologies to optimize staged development
Cerro Casale: Scoping Starter Study works needed for

Current status Project further optimization
Gold Reserves and Resources1: Work completed indicates Assess the viability of High
Proven:3.6Mozs (172Mt@0.65g/t) positive economic Intensity Blasting/Ultra High
Probable: 13.8Mozs (726Mt@0.59g/t) Intensity Blasting technology,
potential by:
Measured: 0.2Mozs (17Mt@0.30g/t)
Indicated: 2.4Mozs (205Mt@0.36g/t) Focusing on gold: Heap and its impact on milling and
Leach only operation, processing recoveries
EIA approved on 2013, extension
beyond 2018 is being evaluated defer flotation Ensure that optimized scope is
by the Authorities Phasing development in alignment with the approved
approach: start with EIA
Project is in suspension, in full
compliance with legal, 100ktpd heap leach Minimize facilities at site
environmental and social operation that expands Maintain optionality for growth:
commitments to 150ktpd after 5 Copper reserves
years Casale Property Potential
1. Reserves and Resources at Barricks Share (75%). See Endnote #2 Operations and Technical Update | 35
Barrick Nevada Securing the Future
Bill MacNevin
Barrick Nevada CEO

Unifying Nevada Assets
Enabler of Change
First Step What? Vision How? Drive Why?
We are uniting our Cortez and building on our combined in order to create new
Goldstrike operations in strengths by uniting these opportunities and grow the
Nevada, combining assets, operations under one site business for our people,
infrastructure and expertise based leadership structure communities and owners by
driving improvements in
efficiency and productivity

Barrick Nevada Value Capture
Targeting lower AISC/oz through combined efficiency and productivity improvements
Focus talent and resources from whole business on opportunities of greatest value
Integrated collaboration and joint metal planning to optimize ore processing
Improve consistency of ore feed improving throughput in the Roaster
Integrated Leadership Team to share and adopt best practices
Prioritizing equipment and people to improve free cash flow
Deliver improved free cash flow through integrated processing operations
Deploy an integrated planning operating system to identify risk and opportunity in our plans
Expedite Digital Transformation through integrated digital operations management
center
Barrick Nevada Operations Support Center to include dispatch for open pit and underground
mines, process control rooms, remote operations work stations to increase the capabilities of
our people

Goldstrike Focused on Operational Excellence

Goldstrike Today
Vision A core operation and processing option of choice focused on improvement,
operational excellence and growth to ensure a sustainable, profitable production profile
Conventional open pit and underground mining consisting of the Betze-Post open pit
and the Meikle and Rodeo underground mines
Meikle and Rodeo are mined by transverse longhole stoping and underhand drift and
fill mining methods
Double refractory ore is processed both at the Roaster and the Autoclave/TCM
30 Years of Operations, both open pit and underground, moving 3.5 billion tonnes and
producing 42M ounces still going strong
Highlights of 2016:
Commenced commercial production at Arturo
Autoclave/TCM technology performing in line with expectations
Lowered water table to access high margin ounces in the underground
Delivered additional free cash flow through focus on operational excellence
Goldstrike 2016 Performance
2016 Operating Results Year over year highlights:

Roaster recovery 1%
Gold Production 1,096 K oz 4%
Autoclave recovery 12%
Cost of Sales $852/oz 18% AISC1 of $714/oz is below
low end of 2016 guidance
Cash Costs1 $572/oz 10% $720-$760/oz
Open pit unit cost 16%
AISC1 $714/oz 9% Underground unit cost 5%
Roaster unit cost 3%
Income $442 M 8%
EBITDA1 $749 M 25%
1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 andOperations
5 of Appendix E
and Technical Update | 41
Goldstrike 2016 BestinClass Improvements
Mine Operations Initiatives Process Plant Initiatives
Underground Mining Efficiency Autoclave/TCM Plant Optimization
Improvements Optimized conditions at Autoclave/TCM
Increased UG tonnes per day through through use of KPI dashboards and short
haulage efficiencies, controlled development interval control
over-break and improved paste crew Improved TCM cost per tonne 4% to $60
effectiveness
Roaster Plant Optimization
Improved UG cost per tonne 5% to $106
2 new CIL tanks commissioned ahead of
Decreased Equipment Hours in the schedule benefitting recovery in the
Open Pit Roaster 1%
Increased equipment efficiency by improving Maintain TPOH in the roaster during scheduled
availability through break rotators and parking mill maintenance by utilizing ground ore silos
excess trucks Improved roaster cost per tonne 3% to $23
Improved OP cost per tonne 16% to $1.49

Goldstrike 2016 Autoclave/TCM Full Potential
Worlds only commercial use of
thiosulfate leaching
Year over year improvements: ThiosulphatePlant
3.5M tonnes processed 34% AUTOCLAVES

63% recovery 12% GoldElution
$60 cost per tonne 4%

Improvements achieved on lower
grade ore than originally planned ResininleachCircuit
2017 Opportunity
Campaign acid ore
ReagentRecycle/
Improving alkaline recovery WaterTreatment

Goldstrike 2017 Outlook
2017 Areas of Focus:
2017 Guidance1
Cash Flow
Gold Production 910-950 K oz Digital transformation in UG
Increase OP truck utilization rate
Cost of Sales $950-990/oz Maximize Autoclave and Roaster
throughput
Cash Costs3 $650-680/oz
Growth
AISC3 $910-980/oz Underground development below
1,100m
Minex
2016 Reserves
Challenges
Proven 6.1 Moz2 (3.29 g/t, 57.5M tonnes) Dewater to enable underground
development
Probable 2.0 Moz2 (4.70 g/t, 13.2M tonnes)
1. See Endnote #1 2. See Endnote #2
3. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix E and Technical Update | 44
Operations
Goldstrike 2017 BestinClass Initiatives
Open Pit
Improve maintenance efficiencies by
increasing component life
Increase truck OEE by focusing on utilization
Underground
Digitization enabling short interval control
and automated jumbo trails
Improve planning effectiveness
Process
Improve Autoclave recovery
Improve throughput and water treatment
metrics to lower $/tonne in the Autoclave
Blend for margin in the Roaster to increase
throughput

Goldstrike Minex Overview
Underground potential additions
East Banshee / Meikle Contact / Barrel Dike /
Ren / West Banshee / Griffin 3880 / Extension
Open pit potential additions
Arturo
Other near mine opportunities

Underground East Banshee
Minex Drill Test Project
Carlin Type Mineralization
Intrusive and intrusive breccia hosted mineralization
Continuing trend off known ore body
Target is partially below 1,036 meter water table
Underground mining
East
Mine expansion to North towards REN deposit Banshee
drilled from
Potential to extend mine life UG
Major Strengths
Coincides with a significant Arsenic anomaly on the REN
property
Mineralization seen in exploration holes drilled oblique
(non-ideal angle) to the ore zone
Continuing trend off known ore body
Drill program East Banshee Target
2,100 meters of diamond core drilling

3400 ft Water Level
183 meters of drift development Section 7400 E

Open Pit Arturo: Phases 1, 2, & 3 with Gold Grade Shells
Additional Phases of Arturo Phase 1
utilizing existing mine equipment Exploration Target
Mining and process facilities Phase 2: Mining

are permitted completed Feb 2017
Under evaluation
Leach pad feasibility
Economics
Recoveries
Mining costs
In-pit backfill (backfilling not Phase 3
permitted) Exploration Target
Mining will expose new geology

and potential deep UG exploration
targets
Goldstrike Future Growth Optionality
Upside: Increase mineral resource

through near mine exploration and lower
operating costs
Open Pit Arturo I & III
Open Pit 5NW layback
Underground Minex, lower mining
cost to reduce cutoff grades
Autoclave reach full potential by
increasing throughput, maximizing
benefit of acid and alkaline ores
Roaster blend for margin to Near mine exploration
maximize FCF
Cortez Organic and Technical Growth
Curtis Cadwell
General Manager Operations
Barrick Nevada
Operations Technical Update Day | 50

Cortez Today
Vision is to be a multi-mine operation, focused on increasing cash flow through

relentless pursuit of operational excellence while generating sustainable growth
Open pit and underground mining consisting of Pipeline open pit and Cortez
Hills open pit and underground
Oxide ore is processed using heap leach and Oxide SAG+CIL, refractory ore
trucked to Goldstrike Roaster or TCM circuit
Achievements in 2016:
43% reduction in reportable safety incidents from 2015 to lowest reporting rate on record for
Cortez
Commenced Digitization projects with focus on automation, process control, and maintenance
data
Commenced development of the Range Front Declines to increase Cortez Hills UG production

Cortez 2016 Performance
Year over year highlights:
2016 Operating Results
Underground
Gold Production 1,059 K oz 6% production 10%
Cost of Sales $901/oz 7% Mill throughput 20%
Gold recovery 6%
Cash Costs1 $430/oz 12%
Total Reportable Injury
AISC1 $518/oz 14% Frequency rate 43%
Income $340 M 18%

EBITDA1 $839 M 33%
1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 andOperations
5 of Appendix E
Technical Update Day | 52
Cortez 2016 BestinClass Initiatives
Open pit productivity initiatives Step change in underground
Introduced operator scorecards production
Adopted short interval control process Move to bulk mining increased efficiencies
and focused on right loading of trucks and lowered mining cost per tonne
Digital work management and predictive Completed 10 benches
maintenance improving truck availability Completed first long hole stope
UG operating performance

Processing Operational Excellence
Improved oxide mill to sustained throughput of 15ktpd
Improved plant availability from 83.3% in 2015 to 93.6% In 2016 we processed
808k more tons than
in 2016 2015
Delivered through reducing shift and crew variations

Measured on a Wet Ton per Operating Hour (WTPOH)
basis
Four operating crews on rotating shifts
Standardized shift change procedures
Took ownership of conveyor operations
Detailed operator evaluations
Distributed best practice across crews
Re-distributed best operators
Targeting less than 10 WTPOH variability between
crews
Raised all crews from less than 580 WTPOH to more
than 625 WTPOH
No change in gold recovery
Cortez 2017 Outlook
2017 Guidance1
Cash Flow
Gold Production 1,250-1,290 Koz Digital transformation
Mining Cost reductions in Open Pit
Cost of Sales $730-760/oz and Underground
Mill throughput improvement
Cash Costs3 $360-380/oz
Growth
Lower Zone UG (in construction)
AISC3 $430-470/oz
Crossroads OP (in construction)
Deep South UG (permitting)
2016 Reserves
Challenges
Proven 0.8 Moz2 (1.52 g/t, 16M tonnes) Execute Water Management Plan in
compliance with new Federal and
Probable 9.4 Moz2 (2.18 g/t, 135M tonnes) State requirements
3. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix E Technical Update Day | 55
Operations
Cortez 2017 Areas of Focus
Technical Expansion
Increase oxide mill throughput and recovery through automation and
improved carbon activity
Increase percentage of underground production from bulk mining methods
from 5% to 30%
Improve open pit production and cost structure through Digital Transformation
of mobile maintenance
Organic Expansion
Broad Minex program covering advanced exploration, resource delineation
and reserve conversion
Continued construction of the Range Front Declines to access Lower Zone and
Deep South Undergrounds
Waste stripping for Crossroads open pit

Digital Transformation
Mobile maintenance expected to improve open-pit production and cost structure
Underground automation and short interval control supporting expected shift from
5% bulk mining methods in 2016 to ~30% in 2017
Short interval control expected to improve working shift length
Process control and carbon circuit automation expected to increase oxide mill
recovery and throughput
2017 Potential Fleet Component Capacity 2017 Potential Process Improvement
2.5 Gold in CIL tailings (10-3 oz Au/tonne ore)

2.0
1.5
1.0
0.5
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Cortez Growth Plan: Minex
Objective:
Replace mined reserves
(annually)
Fill LOM production gap
Incremental + new discovery
ounces
Maintain Project Pipeline:
Targets ranging from
target delineation
drill test
advanced exploration
resource delineation
reserve conversion
Cortez Deep South Bringing Ounces Forward
Current
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
Project Capex
Status
Cortez Feasibility and Initial

Feasibility ~$153M Construction Production Lifespan
Deep South Permitting Production
Scoping Prefeasibility Feasibility

(completed) (completed) (in progress)
Limited understanding Confidence to increase scale of Geotechnical studies improve
Knowledge restricted scale of operations operations from infill drilling confidence in method selections
Orebody 50% Oxide / 50% Sulfide 85% Oxide / 15% Sulfide 82% Oxide / 18% Sulfide
Cut and fill Longhole stoping Longhole stoping
Method 2,300 tonnes per day 4,500 tonnes per day 4,500 tonnes per day
Autonomous loading; Smart
Haulage Diesel truck haulage New conveyor
conveyance
Processing 50/50 Cortez / Goldstrike Mostly Cortez Cortez
Initial Capital ~$165M ~$153M Expected to be in line with PFS
COS per oz ~$940 ~$840 Improvements expected in FS
AISC1 per oz ~$635 ~$580 Improvements expected in FS
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E Technical Update Day | 59
Operations
Cortez Deep South
Access through Range Front Declines Road Header
Construction started in Q1
Advancing using road header equipment
Feasibility study
Added Renegade Zone to reserve
In progress, completion 3Q17
Completed geotechnical assessments
Optimized autonomous haulage
Water management
EIS will include a focus on ground water
Extensive monitoring provides confidence in
ground water model
Permitting
Submitted Mine Plan of Operations (Initiated NEPA
process)
Record of decision (ROD) expected 2019/2020
Cortez Deep South
Mining in Deep South Optimized Haulage
Development and dewatering
begins with ROD
Production ramp up begins
2022/2023
Full production 2024
Continuous Improvement
Nevada process analysis
Autonomous drilling
Renegade resource Underground ore handling and
conveyor system under construction in 2017
Improve backfill
enhance quality
reduce costs
automate delivery systems
Cortez Technical and Organic Growth Optionality
Technical Growth
Lower mining costs to reduce cutoff grades
Increased mill throughput and recoveries to
increase produced gold
Organic Growth
Open Pit
Expansion of the Gold Acres pit
Expansion of the Pediment area
Additional Crossroads phase
Underground
Ponderosa North Area
Lower Zone expansion
Renegade and Upper RF Zones

Goldrush Enhancing Value

Current
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
Project Capex
Status
Decline Construction Construction

Goldrush Feasibility ~$1B Production Lifespan
Feas. & Permitting /Production
Scoping Prefeasibility Feasibility

(completed) (completed) (in progress)
Mining Method(s) Goldrush UG and Red Hill OP Underground only Underground only
Orebody Refractory Refractory Refractory
HCCUEP (de-risked and
Access Via Mill Canyon Declines
optimized project) Declines
HCCUEP Declines
Ore Transport Trucks

Rail Trucks
(to processing) (regional study in progress)
Goldstrike Roaster (regional
Processing Goldstrike Roaster Goldstrike Roaster
study in progress)
Initial Capital ~$1.6B ~$1.0B Expected to be in line with PFS
Est. Production ~590K oz/yr ~+440K oz/yr Improvements expected in FS
COGS per ounce ~$1,140 ~$800 Improvements expected in FS
AISC1 per ounce ~$921 ~$665 Improvements expected in FS
1. This is a non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix E Technical Update Day | 64
Operations
Phase I Feasibility
On track for YE 2017 completion
Underground surface infrastructure
design work in progress Goldrush
Deposit
Cortez Hills
Tighter-spaced drilling to convert Open Pit
near surface resources to reserves

initiated in 4Q16 Exploration
Decline Portal
5 zones in resource with reserve
potential1
Red Hill, Deep North, KB Zone,
Corridor, Meadow
Mine plan optimization to bring
ounces forward in progress
1. See Appendix C for resources in the five mining zones Operations Technical Update Day | 65
Turquoise Ridge Building on Success
Henri Gonin
General Manager
Turquoise Ridge, Nevada

Turquoise Ridge Today
Our vision is to responsibly grow our mine into a core asset for our
stakeholders and our people, delivering maximized value through the agile
application of innovative technologies, methodologies and systems
75% owned joint venture, underground mine using drift and fill mining
method. Ore is processed through Newmonts neighboring Twin Creeks
facility.
2016 marks the doubling of production in five years at Turquoise Ridge
Winner of Nevada Mining Assoc. Safety Award for large underground mine
Record low mining cost
Record low AISC

Turquoise Ridge 2016 Performance
Mining cost 29%
Gold Production 266 K oz 23% Free cash flow 86%
Cost of Sales $603/oz 13% Mining Fleet OEE 23%
Cash Costs1 $498/oz 14% Mined Tonnage 29%

Ore Tonnage 43%
AISC1 $625/oz 16%
Income $166 M 80%
EBITDA1 $193 M 68%
1. These are non-GAAP financial performance measures with no standardized meaning under IFRS.
For further information please see notes 3 and 5 of Appendix E Operations Technical Update Day | 68
2016 BestinClass Mine Operations
Increased Mining Fleet Effectiveness Improved mine design
Primary fleet OEE rose to 43% from 35% YOY Drilling campaign to define ore bodies prior
Scheduled maintenance increased from 25% of to mining
hours in 2015 to 31% in 2016 through better Optimization slows for simpler geometry
planning and strict adherence to preventative allowing larger mining equipment and fewer
maintenance inspections. changes in mining cycle
Improvement of over 10% in Mean Time Case Study: Optimized design increases
Between Failure (MTBF) for entire fleet tonnage by 60% in the FWD-2721 section
Emphasishasbeenplacedonthe2priorityequipmentgroupssofarin2016
haultrucksandshotcreteequipment withpositiveresults
MTBFTrucks 14% MTBFShotcrete 78%

2016 28.8 2016 45.9
Old FWD-2721
2015 25.3 2015 26.1 Level Design
22 24 26 28 30 0.0 20.0 40.0 60.0
Bolter&Drillreliabilityimprovementsarealsoprogressing
MTBFBolters 11% MTBFDrills 21%

2016 19.8 2016 28.3
2015 17.8 2015 23.2
16.0 18.0 20.0 0 10 20 30

2016 BestinClass Mine Operations
Increased Average Daily Tonnage Improved Footage Advance Rates
Total tonnes moved up 29% vs. 2015 with Advance rates increased as a result of
43% increase in ore tonnes improved haulage and planning.
Higher increase in ore tonnes resulted from 2016 advance rate was 123 ft/day for an
20% reduction in waste development, due to increase of 29% vs. 2015
optimized mine designs The advance rate increased even as
heading size increased
Average Daily Tonnes 2,182 29%
Total 306 20%
1,698
1,875 43%
Waste 384
Ore 1,314
2015 2016
Turquoise Ridge 2017 Outlook
2017 Guidance1 Cash Flow
Gold Production 260-280 K oz Digital Transformation:
Automation
Cost of Sales $575-625/oz Tele-remote operations
Short-interval-control
Cash Costs3 $460-500/oz Task management
Increase equipment OEE
AISC3 $650-730/oz Growth
Continuous Mining (Roadheader)
2016 Reserves Minex
Third Shaft Project
Proven 2.1 Moz2 (15.5 g/t, 4.3M tonnes)
Challenges
Probable 1.9 Moz2 (14.7 g/t, 4.0M tonnes)
Challenging geotechnical
environment
3. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 ofOperations
Appendix ETechnical Update Day | 71
Turquoise Ridge 2017 Areas of Focus
Mine Design and Scheduling: SZ: 1,500 feet to shaft
Resequencing of mine plan to reduce haulage cycle

Short term focused on South Zone
Optimize level designs - increase mining intensity - reduce expensed
NZ: 7,000 feet to shaft
waste requirement
Targeting a 10% reduction in 2017 expensed waste development
Increase the average number of active mining faces per
level from 1.25 to 1.75
Revised short term mine plans to eliminate expensed waste
development reuse existing development for multiple
level accesses
Increase face utilization:

Eliminate zone-mining
Optimize resource utilization
Short interval control
Real time personnel and equipment tracking
Short-interval-control, digital task management
Targeting 10% productivity improvement to greater than
1,636 tonnes per year / employee
Turquoise Ridge Continuing Mine Optimization
Top Cut Width
Continuing advancing width of production cuts

Under Cut Width
+2%
+13%
2016 marked topcuts closing in on geotechnical 16.8 16.8 17.2
14.9
design limit of 15 feet 13.2 14.0
Focus in 2017 on optimization of undercut widths

Further increasing the overall mining intensity and
minimizing waste development
2014 2015 2016
Larger headings increase the opportunity to

examine innovative extraction methods
Benching of sills
Mechanical excavation 38

Turquoise Ridge 2017 1st Stage of Continuous Mining
Commission a road header in ore

production during the 4th Quarter
Initial component of a transition to
continuous mining operations
Reduction in ground support
costs of $10-20/tonne expected
Ventilation and electrical upgrades
in progress
Complete mining system and
support design in progress

Turquoise Ridge Third Shaft Project Overview
All permits in place for project Existing Proposed

4600 #2 Shaft #3 Shaft
Feasibility study completed 4400

South Zone North Zone
Shaft optimally placed for 4200
future expansion 4000
Current economics 3800
Elevation
3695 Skipping Station
3600
Capital ~ $300 M -$325 M 3400
To be executed in a 3200
phased approach 3000 55% 3055 Skipping Station
2800 74% 2705 Pre-Sunk

Skipping Station
2600
2400
2200
2016 reserve ore 2016 resource Exploration potential

Shaft Project Schedule and Projected Spend
Current
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
Project Capex
Status
Feasibility
Turquoise Ridge complete, $300M- Construct as Convert to
Production Lifespan
shaft optimisation $325M Ventilation Production
ongoing
Preconstruction Shaft Sink Shaft equipping Surface facilities

2017-2018 2018-2022 2019-2021 2020-2021
Site preparation and Shaft sinking by Shaft Utilities Mine offices and
utilities contractor change buildings
Hoist and headframe
Dewatering wells Underground capital Final utilities
~$110 M
Further mine optimization development by TRJV Surface ore handling
studies
~$110 M facilities
~$40 M
~$30 M

Turquoise Ridge 2017 Minex Potential
Deposit is largely open
Shafts
#2 #1
Minex objectives are to
Collar Elev.
1640 meters
determine:
Getchell Fault Zone Size of deposit
(& sub-parallel faults) Infrastructure design
Future step changes
3rd N
Shaft Three main areas of focus:
North Zone Getchell Fault
South Zone Historic producer at surface
Footwall Pond Trend
Strong continuity with high grade
Supports efficient mining
TR Corridor
Grade Shell of known mineralization
FWP Trend Analogous to FWP
TR Corridor Open
Trend Open

Turquoise Ridge Future Growth Potential
Near Term
Mine Exploration
Expansion of the FWP
Development of the TR Corridor
Determine the potential for the Getchell Fault
Current Operations
Optimization of costs and cut off grades
Prove road header as primary mining machine
Life of Mine
Third shaft
Increase throughput
Decrease operating costs
Innovation
Examine new mining methods
Design the mine for success

Pueblo Viejo Improved Performance and Growth
Greg Walker
Executive General Manager
Pueblo Viejo, Dominican Republic

Pueblo Viejo Today
Vision is to grow and mature our business, focusing on developing our

people and systems while growing our returns to stakeholders in a
responsible way
Open pit mining at two large pits, Moore and Montenegro and a satellite
pit, Monte Oculto Norte
Conventional truck and shovel operation, the processing is via autoclave,
carbon in leach (CIL) and Copper Precipitation
Winner of Barricks Most Improved Safety Performance
Gained contract to close the Dominion Republic governments old Mejita
tailings dam
Implemented business improvement program and employee development
center
Pueblo Viejo 2016 Performance
2016 Operating Results (60%) Year over year highlights:
Gold recovery 4%
Gold Production 700 K oz 22%
Silver recovery 30%
Cost of Sales $564/oz 36% Autoclave OEE 7%
Cash Costs1 $395/oz 15% Truck OEE 4%
AISC1 $490/oz 18% Shovel OEE 2%
Total Reportable Injury
Silver Production 3,385 K oz 36% Frequency rate2 25%
Income $528 M 130%
EBITDA1 $621 M 59%
1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E
2. See endnote #5 Operations Technical Update Day | 81
Pueblo Viejo 2016 BestinClass Improvements
Mine Operations Initiatives Process Plant Initiatives
Ore Re-Binning Optimization Extend Time Between Shutdowns
Changed sulfur cut-off to increase gold grade More durable walls to improve AC performance
in mill feed ~14k oz Au and reduce maintenance time and costs, in
addition increasing throughput by ~100k
Improve Pre-split to Steepen Walls tonnes
Reduce stripping and advance high grade ore
~9k oz Au Anti-scalant in CIL Feed Line and
Installation of Redundant CIL Feed Line
Mine Plan Sequence Optimization
An anti-scalant prevents scale formation and
Change design to reduce stripping and
the redundant feed line reduces descaling
advance high grade ore ~23k oz Au
impact in production resulting in an additional
Reduce Drilling & Blasting Costs ~25k tonnes processed due to a reduction in
Increased hole diameter to reduce meters downtime.
drilled requirement and increase drilling meter
Improved Grinding Circuit Availability
efficiency
Extended time between shutdowns and
improved efficiency to increase grinding circuit
availability from 88% to 91%
Pueblo Viejo 2016 Autoclave Improvements
100,000 tonne-per-year Ferralium 225 seal shafts
improvement in Autoclaves
Improvement primarily
through scale reduction and
descaling
Strengthen Autoclave walls
Autoclave
KPI improvement metrics
to come
Strengthen GEHO Pumps Reduce time required for

valves and seats descaling work in the Autoclave

Pueblo Viejo 2017 Outlook
2017 Guidance1
Cash Flow
Gold Production 625-650 K oz Energy optimization
Increase critical equipment OEE
Cost of Sales $650-680/oz Growth
Minex
Cash Costs3 $400-420/oz Optionality with tailings and
processing
AISC3 $530-560/oz Digital transformation
Challenges
2016 Reserves Delays to closure of Mejita dam
Proven 5.5 Moz2 (2.82 g/t, 61M tonnes)
Offsetting year over year production
decline due to lower grade
Probable 2.6 Moz2 (3.19 g/t, 25M tons)

3. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix E Technical Update Day | 84
Operations
Pueblo Viejo 2017 Areas of Focus
Energy Expansion and Optimization: Quisqueya 1 Power Plant
Sell excess 80M watt capacity from Quisqueya 1 (QQ1)
power plant to the grid
Grid connection at San Pedro
New Bonao sub-station connection
Increased demand in the DR power market enhances
project benefits
Convert QQ1 Power Plant from HFO to LNG or Bio Fuel
Convert lime kilns from diesel to natural gas or Bio Fuel
Pueblo Viejo lime kilns
AISC and free cash flow improvements:
Develop supervision and workforce to reduce
contractors and optimize labor costs
Improved maintenance materials and reliability
Critical Overall Equipment Effectiveness:
Further autoclave and grinding optimization
Increase truck and shovel availability from 81% to 85%

Pueblo Viejo Growth Plan: Minex
2017 Minex Targets:

1.
1. Monte Negro Feeder
2.
2. PV Underground high grade pods
testing (1, 2 & 3) 1 2
3. Upper Mejita
3. 3
4. low sulphur ore near surface

1. Pueblo Viejo Monte Negro Feeder
Monte Negro, Cosme & Valle faults are likely conduits for mineralization at Monte Negro
Four holes totaling 2,300 meters deep will target for high grade adjacent to these faults
A- Potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource Operations Technical Update Day | 87
2. Pueblo Viejo PV Underground high grade zones
High grade resource below the PV reserve pits drive both the resource pits, as well as
underground mining alternatives under consideration
Twelve holes totaling 2,500 meters will be drilled to confirm / expand these resources
3. Pueblo Viejo Proposed Upper Mejita
Thirteen holes totaling 1,700 meters deep will be drilled to expand sulfidic mineralization
below the old Mejita oxide pit where 350Koz Au had previously been mined
Upper Mejita Minex
Au > 2 g/t
Au > 5 g/t
Resources @ 1300 $US
Pueblo Viejo Future Growth Optionality
Upside: Increase tailings capacity

Evaluating:
Open pit and underground alternatives
Alternative material handling systems
Potential to convert gold resources to
reserves
Blue sky: Studying Potential Process

Plant Expansion
Utilize pre-oxidation and concentration
Increase grinding and leaching capacity
Move processing of large 60 M tonne
stockpile forward in the LOM
Pueblo Viejo Improved Performance and Growth
Continue to focus on operational
excellence
Leverage off the digital
initiatives generated at Cortez
Maximize benefit available
through improved energy
management
Target additional high grade ore
and explore underground
potential
Unlock the low grade mineral
inventory
Veladero Investing in Future Growth
Jorge Palmes
Executive General Manager
Veladero, Argentina

Veladero Today
Vision Responsible leaders, trusted partners,
safety champions
Conventional open pit valley heap leach using
the Merrill Crowe process for gold and silver
recovery
Appointed new executive team with significant
in-country experience to unlock value
Strong safety record (TRIFR1 0.28)
Rapid recovery in operating performance
following weather challenges and mine
suspension

Veladero 2016 Performance
Processing Unit Cost2 9%
Gold Production 544 K oz 10% Capital $/oz 61%
Cost of Sales $872/oz 10% Silver Shipped Oz 11%
Cash Costs1 $582/oz 5% TRIFR3 24%
AISC1 $769/oz 19%

Income $220 M 2%
EBITDA1 $338 M 4%
2. Excludes Open Pit Allocation
Veladero New Business Confidence
Economic Business friendly
Elimination of Export Duties Removing Currency Controls
Measures tax reform
Lower operating cost

Impact on Improved FCF Lowering tax burden
Improved CF and
Business Increasing reserves
increasing reserves
Increasing FCF
Repealed:
FX Deregulation
Export duties repealed for Tax on dividends (10%)
What has Elimination of most de-
most products including Personal Asset Tax
Changed dor
facto restrictions
Minimum Presumed Income
Allowing peso to float
Tax
Increase competitiveness
Incentivizing economic >50%1 depreciation ARS
Impact on Incentivize investment and
development, production Inflow of US$
Economy and increasing exports Increased BCRA reserves
economic development
Argentina FDI interest
1. Mid-December 2015 AR$/US$ 9.8 to currently $AR/$US 15.7 Operations and Technical Update | 95
Veladero 2016 BestinClass Initiatives
Operations Initiatives
Enhanced water management
system - Construction and
improvement of water diversion system
and construction of ponds to manage
record snow fall and melt
Reduced blasting costs by
optimizing ANFO mix - 10% savings
in blasting costs
Decreased hauling cycle time by
increasing road width 15%
reduction of cycle time on major routes

Veladero 2016 BestinClass Initiatives
Operations Initiatives
Reduced Maintenance Repair
Operation spend through
supplier optimization - $10 M in
operating cost savings
Improved maintenance
practices - 66% reduction of
complete engine failures
Implementation of Drone
technology Unmanned Aerial
Vehicles for site monitoring and
rapid data acquisition

Veladero Renewed Focus Following Environmental Incident
Increased focused on
strengthening
North Channel Diversion

environmental controls:
Increased leach pad
berm-height
CCTV 24/7 monitoring
system CCTV Monitoring System
In-progress:
New Leach Pad Berms

North Channel
Diversion to be
completed April 2017

Veladero 2017 Outlook
2017 Guidance1
Cash Flow
Gold Production 770-830 K oz Increase pit wall angle, decrease
waste hauling cost
Cost of Sales $750-800/oz
Improve overall equipment efficiency
Cash Costs3 $500-540/oz Growth
AISC3 $840-940/oz Increase Au recovery
Infill Drilling and Minex
2016 Reserves2 Expansion of the Leach Pad
Digital transformation
Proven 0.60 Moz (0.78 g/t, 24M tonnes)
Challenges
Permitting for leach pad expansion
Probable 6.15 Moz (0.84 g/t, 228M tonnes)

3. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix E and Technical Update | 99
Operations
Veladero 2017 Areas of Focus
Increase pit wall angle:
Increase angle 4% to 54o
Improve overall equipment efficiency:
Implement comprehensive portfolio of initiatives
Increase Au recovery:
Increase recovery by 3% through operational
improvements
Reduce external spend:
Continue spend reduction effort (e.g. explosives,
logistics, service contracts)
Digital initiative example:
UAV drone technology for maintenance
Integrated Remote Operations Centre
Environmental Focus:
Enhanced site water management

Potential Near Term Upside through Exploration
Section looking to the north Proposed Drillholes
Block model > 0.25 g/t Au
4600 -
Block model > 1 g/t Au
Breccia Pascua Lama
4400 -
Current Pit Limit Fabiana
Vista del Toro

Cerro Castillo
4200 -
Brujas
4000 -
Open
Open Open
200m Potential satellite bodies
Favorable alteration zone Veladero Sur
Near term upside through: Structural trends
2 Km
Deeper drilling, historical drilling is shallow

Identification of potential new intrusive dome
Untested favorable alteration and extensive gold anomalism both in pit and wider region
Multiple quality targets in the pipeline
Veladero Future Growth
Upside: Chile Power Punta Colorada Generating Station
Utilize Barricks existing infrastructure in
Chile to deliver energy to Veladero
Reduce dependency on diesel generated
energy
Potential to reduce power costs
Potential to convert additional resources Crushing Circuit
to reserves
Blue sky: Crushing Optimization
Technical Limit
Increase capacity of crushing plant toward
30 Mtpa technical limit

Lagunas Norte Preparing for the Future
Jim Whittaker
General Manager
Lagunas Norte, Peru

Lagunas Norte Today
Vision: We are a company dedicated to the sociably responsible extraction and
production of gold, being a key influence for development in the region, reaching for
the highest standards of safety and environmental protection, maintaining the
efficiency and continuous improvement of our processes, with a commitment to the
development of our employees
Conventional openpit, crush, valleyfill heap leach operation, twostage
conventional crushing circuit, heap leach, Merrill Crowe or Carbon-in-column (CIC)
precipitation plants
Safety incident frequency has decreased for the first time in 5 years
On target production and under target AISC
Successful negotiation of unionized labor contracts
Prioritized resource portfolio to extend current mine life
Refractory ore PMR expansion project Feasibility Study phase 1 completed

Lagunas Norte 2016 Performance
Crusher OEE 66%
Gold Production 435 K oz 22% Truck 730E OEE 75%
Cost of Sales $651/oz 3% Shovel OEE 75%
Cash Costs1 $383/oz 16% Loader OEE 65%
BiC Improvements $41 M
AISC1 $529/oz 4%
Total Leach Inventory
Silver Production 939 K oz 11% reduced 23 K oz
Income $260 M 9% Total Reportable Injury
Frequency rate2 27%
EBITDA1 $356 M 22%
Lagunas Norte 2016 Carbon Plant Improvements
Implementation of short interval

control
Reduced transfer times of loaded
carbon through circuit
Reduction of leach pad inventory
in Leach Pad 1
Improved efficiency of irrigation
zones Decreasing CIC Tail
Increased production generated

$24 M in savings in 2016

Lagunas Norte 2017 Outlook
2017 Guidance1
Cash Flow
Gold Production 380-420 K oz Throughput maximize ounces to pad
AISC and BiC flow improvements
Cost of Sales $710-780/oz Solution injection project
Cash Costs3 $430-470/oz Growth

Expansion to Phase 7 in leach pad
AISC3 $560-620/oz Near pit Minex options
Carbonaceous ore processing
PMR project feasibility study
2016 Reserves
Challenges
Proven 1.6 Moz2 (1.83 g/t, 26 M tonnes) Execution of Mine and Capex plan
Workforce planning for transition from
Probable 2.7 Moz2 (1.87 g/t, 44M tonnes) large scale open pit to small scale POX
process
1. See Endnote #1 2. See Endnote #2 3. This is a non-GAAP financial performance measure
with no standardized meaning under IFRS. For further information please see note 3 of Appendix E Operations and Technical Update | 107
Lagunas Norte 2017 Leach Solution Injection Project
Solution Injection Project focused on Injection Well Head

advancing production of secondary
leaching and improving cash flow
Total advanced ounces from secondary
leaching estimated to be ~6K ozs in 2017
with potential upside of up to ~52K ozs
Geotechnical design to ensure project
does not affect stability of the leach pads

Lagunas Norte 2017 Carbonaceous Ore Project
Stockpiled material has sulfur

content greater than 0.25% Belt to
and contaminated with Pad
carbonaceous material Fine ore
Project is focused on Coarse

ore
Coarse ore
separating coal from ore
through dry classification
Total additional leach
production estimated in 2018
and 2019 to be ~170K ozs

Lagunas Norte Oxide & Sulfide Opportunities
2017 In-Pit oxide drill program

Validate and drill oxide extensions
Focus on NW and SE Sectors
Development of neighboring targets
with potential to add to medium
term production
All deposits within site fence line
.
! Collar
Favorable Alteration
PIT Lagunas Norte
Perimeter fence

Lagunas Norte PMR Sulphides Feasibility Phase 1
Extend mine life utilizing CIP and autoclave
technology to recover an additional 2.2 M ozs
(30 M tonnes at 2.27 g/t)
Phase Objectives
Support permitting with engineering
Conduct drilling to improve high grade delineation
Site 1 Grinding / Flotation
Advance project definition through engineering,
logistics planning and execution development Site 2 Autoclave / Leaching
Refine capital cost with more detailed vendor pricing
Key 2016 Results
Sequenced mine LOM Extension via a new
carbonaceous oxide ore recovery project plus a
relook and optimization of the PMR project to
include Flotation-POX to treat sulfide ore later
Capital schedule extension is expected, peak capital
spend reduced, economics expected to improve

Lagunas Norte New Sequenced LOM Extension
Current
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
Project Capex
Status
Part 1 Feasibility &

Carbonaceous Oxides Feasibility Permits
Construction Production Lifespan
Ore Project (Mill + CIL)

$640M
Part 2
PMR Refractory Ore Feasibility &
Construction Production Lifespan
Feasibility Permits
(Flotation + Autoclave)
Current Status
Part 1 (Carbonaceous): Mill + CIL Feasibility design, permit documents
in process, ore in current stockpiles
Part 2 (Refractory): Flotation + Autoclave Feasibility design, updated
mining plan

Lagunas Norte LOM 2016
LOM 2016
Gold Production
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
LOM2016

Lagunas Norte Production Opportunity
LOM 2016
POX
LOM 2017
Gold Production
Exploration
Opportunity
De-risking and
Opportunity
PMR sulphides
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
OxideHeapLeach OxideSecondLeach PMRHeapLeach PMRSulphides LOM2016

PascuaLama Staged Development
George Bee
Senior Vice President,
Frontera District

PascuaLama Staged Development
Lama Project Lama process looking east
Initiating pre-feasibility study for UG in 2017
Evaluating sub-level and block caving methods
Initial ore processing capacity of 15K tpd
Permitting could begin in 2018
Staged development to include Pascua
Pascua
Studies advancing in parallel with Lama PFS
Working to resolve legal and regulatory issues
Lama process looking west

Existing Infrastructure and Partial Construction
Covered stockpile building CIL and countercurrent wash tanks Merrill Crowe, retort and
Dor furnace building
Thickener
Pebble grinding section Stainless steel SAG mill

PascuaLama Conceptual Block Caving
Economic block caving material within

the currently planned open pit design
CHILE
ARGENTINA
Pascua
(later development)
Lama
CHILE ARGENTINA

El Indio (Frontera) District Investment and Growth
Barrick has a long history with Pascua-Lama
El Indio Belt
Gold Discoveries
exploration and mining (El Indio Veladero
mine) as early as 1994
Barrick Claims
Evaluating integrated
development strategy to include
Veladero and Alturas
Chile Argentina
Leveraging existing
infrastructure as a platform for El Indio
Tambo
long-term growth
Camp
Barrick controls the majority

of the prospective ground along
Alturas
the 140 km belt Del Carmen
El Indio district hosts multiple 20 Km

mines and deposits
Barrick Asset
Reserves and Resources Planning Our Future
Rick Sims
Senior Director
Reserves and Resources

2016 Gold Reserves
(Moz)
91.861
89.98
2,160 Mt Replacement
1.32 g/t 1.88 2,078 Mt
2.73 85.952
Equity 1.35 g/t
Changes
83.22 2,007 Mt
1,974 Mt 1.33 g/t
6.76
1.31 g/t
Processed
in 2016
60.0
2015 YE 2015 YE 2016 2016
Year End Equity Pre-Replacement Year End
Adjusted
1. See Endnote #3
2016 Gold M&I Resources
(Moz)
Gold price
change $1,300
79.101 to $1,500
1,403 Mt 5.34
1.75 g/t
75.252
4.30 2.15 1,309 Mt
72.06 Loss due to 1.79 g/t
Equity
Changes 2.73 1,171 Mt
mine plan
1.91 g/t changes
To
Reserves
60.0
2015 YE 2016 2016
Year End Pre-Price Year End
Change
1. See Endnote #3
2016 Gold Inferred Resources
(Moz)
Replacement
5.26 30.712
781 Mt
Gold price 1.22 g/t
27.431 change $1,300
to $1,500
699 Mt
1.22 g/t 0.47 1.68
Equity
changes 23.77
3.19 531 Mt
To M+I 1.39 g/t
15.0
2015 YE 2016 2016
Year End Pre-Price Change Year End
Pre-replacement
1. See Endnote #3
Mineral Endowment Sensitivity vs Full Reserve Plan
Reserve Planning Turquoise Ridge $2,000 M+I Shape
Update Resource Model
Import Block Model

Update costs, prices, geotechnical
parameters, starting surfaces, constraints
Whittle Pit Optimization or

Stope Optimization
Sensitivity Results (M+I) Indicative of Reserves
Generate Pit Designs
Generate Stope Designs
Mining and Processing Schedules
Detailed Activity-Based Operating

and Capital Costs
Cash Flow Analysis
Estimate Reserves from Final Designs,

Prices and Costs
Full Reserve Plan (P+P)
Reserves and M&I Gold Price Sensitivity1
Barrick share Full Reserve Plan
Excludes Acacia and KCGM
M&I Sensitivity
86 88 88
83
80
75 77
71
Contained Gold M oz
61 62
$900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500
1. See Appendix D Operations and Technical Update | 125

Additional Mineral Endowment Beyond the M&I Sensitivity1
Barrick share M&I Sensitivity
Excludes Acacia and KCGM Additional M&I
Inferred
86 88
83
80
75
71
Contained Gold M oz
66
62
54
52
48
46
42
39
24
19 20
18
15 16
13
$900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500
1. See Appendix D Operations and Technical Update | 126

Sustainability Barricks License to Operate
Peter Sinclair
Chief Sustainability Officer

Barricks Sustainability Vision
We partner with host governments and

communities to transform their natural
resources into sustainable benefits and
mutual prosperity.
We aim to be a welcome and trusted partner

of host governments and communities, the
most soughtafter employer, and the natural
choice for longterm investors.

Sustainability Performance in 2016
People 1.64 Total reportable injury
1.2 frequency rate
Safest year on record
75% reduction over 10 years 0.76
0.4
Not satisfied until zero
06 09 12 16
Environment
Over 1 million tonnes of GHG emissions saved since 2009
9 consecutive years in Dow jones Sustainability Index
Two thirds of water used at mine sites is recycled
Social + Economic Contributions

Commitment to share benefits, mutual prosperity
>90% of Barrick 14,000+ employees are locals or nationals
>$30 billion purchased from local & national businesses since 2012

Sustainability Priorities for 2017
Digitization and Water Energy and Meaningful

License to Operate Management Climate Change Partnerships
Better access to Water management Continued roll-out of CSR Advisory Board

information strategy roll-out 5-Year Energy Plan
One Laptop Per Child
Virtual mine site visits Real-time water Climate change
Cisco
quality monitoring strategy roll-out
Safer workplaces
Enhanced tailings Development of GHG
Technology transfers
management program reduction targets
to communities

Closing Remarks
Kelvin Dushnisky
President

2017 Transforming into a 21st Century Company
Generate free cash flow through price cycles

Optimize portfolio, progress Frontera district, advance projects
and exploration
Reduce total debt to $5 billion by end of 2018
Unify Nevada, embed and accelerate digital transformation and
innovation
Upgrade talent and develop next generation of industry leaders

Appendices

APPENDIX A Del Carmen Significant Intercepts
DelCarmen SignificantDrillInterceptsthroughDCA001toDCA008 DCA007,DAC009,DCA011andDCA014(1)
Core Drill Hole Azimuth Dip Interval (from m) Interval (to m) Width (m) (2) Au (g/t)
DCA-001 263 -72 No significant intercept
DCA-004 259 -79 458 472 14 0.52
163 214 51 1.57
DCA-005 98 -78 239 285 46 12.97
324 343 19 0.51
246.5 306.5 60 2.55
DCA-008 90 -80
325 344 19 2.15
DCA-009 90 -85 439 503 64 0.59
591 602.6 11.6 1.09
DCA-014 90 -80 275 331 56 3.08
Including 314 329 15 9.64
364 375 11 1.99
393 413 20 0.69
1 All significant intercepts calculated using a 0.5 gm/t Au cut-off and are uncapped; a minimum intercept length of 10m is reported, with internal dilution of no more than 10 consecutive meters below cut-off included in the calculation.
2 The majority of holes are steeply inclined to the east .
3 Interval and width differ due to exclusion of no core recovery zone from calculation of the weighted average gold grade.
The significant intercepts have been calculated using a 0.5 g/t Au cutoff for a minimum intercept length of 10m, with internal dilution of no more than 10 consecutive meters below cut-off included in the calculation. No capping grade
was used to calculate the significant intercepts. The majority of holes are steeply inclined to the east and the mineralization is tabular and sub-horizontal to shallowly west dipping and intersections are considered to reflect true
thicknesses.
Quality Assurance and Quality Control
The drilling results for the Del Carmen property contained in this press release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. All drill hole assay information has been
manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory. Procedures are employed to ensure security of samples
during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Del Carmen property conform to industry accepted
quality control methods.
134
APPENDIX B Fourmile Significant Intercepts
Fourmile SignificantIntercepts1 GRC0427D,GRC0435D,FM1605D,andFM1610D
Core Drill Hole Azimuth Dip Interval (m) Width (m)2 Au (g/t)
666.9-672.7 5.8 10.9
GRC-0427D NA -90 695.3-709.6 14.3 31.8
921.4-927.2 5.8 49.6
GRC-0435D NA -90 702.2-707.4 5.2 14.4
FM16-05D NA -90 705.6-714.0 8.4 30.6
FM16-10D 357 -77 730.6-733.6 3.0 5.7
1 All significant intercepts calculated using a 5.0 g/t Au cutoff and are uncapped; internal dilution is less than 20% total width.
2 True width of intercepts are uncertain at this stage.
A plan view DEM Hillshade image of Fourmile drilling showing significant intercepts as of February 9, 2017. Drill holes in red are high grade intercepts greater than
3.0 meters at greater than 5.0 gpt. The significant intercepts presented were calculated using a 5.0 g/t Au cutoff with internal dilution of no more than 20% included
in the calculation. No capping grade was used to calculate the significant intercepts.
The drilling results for the Fourmile property contained in this presentation have been prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager.
Sample preparation and analyses are conducted by an independent laboratory. Procedures are employed to ensure security of samples during their delivery from the
drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Fourmile
property conform to industry accepted quality control methods.
135
APPENDIX C Goldrush Resource by Zone
Dec. 31, 2016 Measured Indicated Measured & Indicated Inferred
Zone Tons (oz/t) Ounces Tons (oz/t) Ounces Tons (oz/t) Ounces Tons (oz/t) Ounces
Deep North 16,133 0.317 5,122 3,369,682 0.302 1,018,756 3,385,815 0.302 1,023,878 2,316,850 0.273 633,534
KB Zone 12,404 0.410 5,091 2,220,540 0.356 791,378 2,232,944 0.357 796,470 675,942 0.276 186,751
Red Hill 40,381 0.284 11,455 7,512,016 0.265 1,988,506 7,552,397 0.265 1,999,961 1,337,447 0.221 295,979
Corridor 33,414 0.261 8,724 6,598,534 0.248 1,636,700 6,631,948 0.248 1,645,424 1,086,593 0.211 229,137
Meadow 75,040 0.309 23,157 14,291,349 0.286 4,086,163 14,366,389 0.286 4,109,320 2,677,064 0.219 585,157
Total 177,372 0.302 53,550 33,992,121 0.280 9,521,503 34,169,493 0.280 9,575,053 8,093,896 0.239 1,930,557
136
APPENDIX D Sensitivity Notes and Tables
M&I Sensitivity, Additional M&I, and Inferred refer to the material between the following two optimization limits: 1) the smaller limit created by using only Measured and
Indicated material (M&I) and 2) the larger limit created by using Measured, Indicated, and Inferred material (MII). Measured and Indicated material within the smaller limit is
reported as M&I Sensitivity. Measured and Indicated material between the two limits is reported as Additional M+I. All Inferred material within the combined limits is
reported as Inferred.
For the purpose of all sensitivities, tonnage, grade and ounces attributable to Acacia mines and KCGM were removed from the calculations. Estimates are in accordance with
National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2016, unless otherwise noted. For additional
information see endnote 2.
M+I 1 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500

M+I Tonnes (Mtonnes) 1,486 1,754 1,869 2,018 2,099 2,226 2,299
M+I Au Grade (gpt) 1.30 1.26 1.25 1.23 1.23 1.20 1.19
M+I Contained Ozs (Mozs) 62 71 75 80 83 86 88
Additional M+I 1 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500
Incremental M+I Tonnes (Mtonnes) 562 587 636 650 753 776 884
Incremental M+I Au Grade (gpt) 2.18 2.23 2.23 2.28 2.13 2.18 2.32
Incremental M+I Contained Ozs (Mozs) 39 42 46 48 52 54 66
Inferred 1 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500
Inferred Tonnes (Mtonnes) 329 443 517 571 624 686 750
Inferred Au Grade (gpt) 1.19 1.04 0.99 0.96 0.94 0.92 1.01
Inferred Contained Ozs (Mozs) 13 15 16 18 19 20 24
Proven and Probable Reserve 1 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500
Tonnes (Mtonnes) 1,344 1,857 3,304
Au Grade (gpt) 1.41 1.29 1.18
Tonnes (Mtonnes) 61 77 88
1. See Endnote #2 and #6

137
Appendix E NonGAAP Financial Performance Measures

APPENDIX E
1 Adjusted net earnings and adjusted net earnings per share are non-GAAP financial performance measures. Adjusted net earnings
excludes the following from net earnings: certain impairment charges (reversals), gains (losses) and other one-time costs relating to
acquisitions or dispositions, foreign currency translation gains (losses), significant tax adjustments not related to current period earnings
and unrealized gains (losses) on non-hedge derivative instruments. The Company uses this measure internally to evaluate our underlying
operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results.
Barrick believes that adjusted net earnings is a useful measure of our performance because these adjusting items do not reflect the
underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net
earnings and adjusted net earnings per share are intended to provide additional information only and do not have any standardized
meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. They should not be
considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-
GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share
For the three months ended December
($ millions, except per share amounts in dollars) For the years ended December 31 31
2016 2015 2014 2016 2015
Net earnings (loss) attributable to equity holders of the Company $ 655 ($ 2,838) ($ 2,907) $ 425 $ (2,622)
Impairment charges related to intangibles, goodwill, property, plant and

equipment, and investments (250) 3,897 4,106 (304) 3,405
Acquisition/disposition (gains)/losses 42 (187) (50) 7 (107)
Foreign currency translation (gains)/losses 199 120 132 18 132
Significant tax adjustments1 43 134 (3) (16) 95
Other expense adjustments2 114 135 119 39 40
Unrealized gains on non-hedge derivative instruments (32) 11 181 (9) 4
Tax effect and non-controlling interest 47 (928) (785) 95 (856)
Adjusted net earnings $ 818 $ 344 $ 793 $ 255 $ 91
Net earnings (loss) per share3 0.56 (2.44) (2.50) 0.36 (2.25)
Adjusted net earnings per share3 0.70 0.30 0.68 0.22 0.08
1 Significant tax adjustments for the current year primarily relate to a tax provision booked by Acacia in Q1 2016.
2 Other expense adjustments for the current year relate to losses on debt extinguishment, the impact of the decrease in the discount rate used to calculate the provision for
environmental remediation at our closed mines and a reduction in cost of sales attributed to insurance proceeds recorded in the third quarter of 2016 relating to the 2015
oxygen plant motor failure at Pueblo Viejo.
3 Calculated using weighted average number of shares outstanding under the basic method of earnings per share.

2 Free cash flow is a non-GAAP financial performance measure which excludes capital expenditures from Net cash provided by operating
activities. Barrick believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing
cash. Free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may
not be comparable to similar measures of performance presented by other companies. Free cash flow should not be considered in isolation
or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are
provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov.
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

($ millions) For the years ended December 31 For the three months ended December 31
2016 2015 2014 2016 2015
Net cash provided by operating activities $ 2,640 $ 2,794 $ 2,296 $ 711 $ 698
Capital expenditures (1,126) (1,713) (2,432) (326) (311)
Free cash flow $ 1,514 $ 1,081 ($ 136) $ 385 $ 387

3 Cash costs per ounce and All-in sustaining costs per ounce are non-GAAP financial performance measures. Cash costs per
ounce is based on cost of sales but excludes, among other items, the impact of depreciation. All-in sustaining costs per ounce
begins with Cash costs per ounce and adds further costs which reflect the additional costs of operating a mine, primarily
sustaining capital expenditures, general & administrative costs and minesite exploration and evaluation costs. Barrick believes
that the use of cash costs per ounce and all-in sustaining costs per ounce will assist investors, analysts and other
stakeholders in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing
our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow
on an overall Company basis. Cash costs per ounce and All-in sustaining costs per ounce are intended to provide additional
information only and do not have any standardized meaning under IFRS. Although a standardized definition of all-in sustaining
costs was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of
and funded by 18 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other
companies may calculate this measure differently. These measures should not be considered in isolation or as a substitute for
measures prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A
accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov.
Reconciliation of Gold Cost of Sales to Cash costs, All-in sustaining costs and All-in costs, including on a per ounce
basis
For the three months ended
($ millions, except per ounce information in dollars) For the years ended December 31 December 31
Footnote 2016 2015 2014 2016 2015
Cost of sales related to gold production $ 4,979 $ 5,904 $ 5,893 $ 1,347 $ 1,575
Depreciation (1,503) (1,613) (1,414) (396) (462)
By-product credits 1 (184) (214) (271) (41) (48)
Realized (gains)/losses on hedge and non-hedge derivatives 2 89 128 (94) 18 50
Non-recurring items 3 24 (210) - - (149)
Other 4 (44) 25 26 (20) 7
Non-controlling interests (Pueblo Viejo and Acacia) 5 (358) (394) (379) (91) (78)
Cash costs $ 3,003 $ 3,626 $ 3,761 $ 817 $ 895
General & administrative costs 256 233 385 39 52
Minesite exploration and evaluation costs 6 44 47 38 18 11
Minesite sustaining capital expenditures 7 944 1,359 1,638 298 303
Rehabilitation - accretion and amortization (operating sites) 8 59 145 135 18 26
Non-controlling interest, copper operations and other 9 (287) (362) (532) (78) (86)
All-in sustaining costs $ 4,019 $ 5,048 $ 5,425 $ 1,112 $ 1,201
Project exploration and evaluation and project costs 6 193 308 354 64 75
Community relations costs not related to current operations 8 12 29 2 -
Project capital expenditures 7 175 133 596 51 (48)
Rehabilitation - accretion and amortization (non-operating

sites) 8 11 12 11 4 3
Non-controlling interest and copper operations 9 (42) (43) (74) (4) (20)
All-in costs $ 4,364 $ 5,470 $ 6,341 $ 1,229 $ 1,211
Ounces sold - equity basis (000s ounces) 10 5,503 6,083 6,284 1,519 1,636
Cost of sales per ounce 11,12 $ 798 $ 859 $ 842 $784 $ 848
Cash costs per ounce 12 $ 546 $ 596 $ 598 $ 540 $ 547
Cash costs per ounce (on a co-product basis) 12,13 $ 569 $ 619 $ 618 $ 557 $ 566
All-in sustaining costs per ounce 12 $ 730 $ 831 $ 864 $ 732 $ 733
All-in sustaining costs per ounce (on a co-product basis) 12,13 $ 753 $ 854 $ 884 $ 749 $ 752
All-in costs per ounce 12 $ 792 $ 900 $ 1,010 $ 809 $ 741
All-in costs per ounce (on a co-product basis) 12,13 $ 815 $ 923 $ 1,030 $ 826 $ 760
1 By-product credits
Revenues include the sale of by-products for our gold and copper mines for the three months ended December 31, 2016 of $41 million (2015:
$34 million) and the year ended December 31, 2016 of $151 million (2015: $140 million; 2014: $183 million) and energy sales from the Monte
Rio power plant at our Pueblo Viejo mine for the three months ended December 31, 2016 of $nil (2015: $14 million) and the year ended
December 31, 2016, of $33 million (2015: $74 million; 2014: $88 million) up until its disposition on August 18, 2016.
2 Realized (gains)/losses on hedge and non-hedge derivatives
Includes realized hedge losses of $14 million and $73 million for the three months and year ended December 31, 2016, respectively (2015: $40
million and $106 million, respectively; 2014: $86 million gains), and realized non-hedge losses of $4 million and $16 million for the three
months and year ended December 31, 2016, respectively (2015: $10 million and $22 million, respectively; 2014: $8 million gains). Refer to
Note 5 of the Financial Statements for further information.
3 Non-recurring items
Non-recurring items in 2016 consist of $34 million in a reduction in cost of sales attributed to insurance proceeds recorded in the third quarter of
2016 relating to the 2015 oxygen plant motor failure at Pueblo Viejo and $10 million in abnormal costs at Veladero relating to the administrative
fine in connection to the cyanide incident that occurred in 2015. These gains/costs are not indicative of our cost of production and have been
excluded from the calculation of cash costs.
4 Other
Other adjustments include adding the net margins related to power sales at Pueblo Viejo of $nil and $5 million, respectively, (2015: $2 million
and $12 million, respectively; 2014: $16 million) and adding the cost of treatment and refining charges of $4 million and $16 million,
respectively (2015: $4 million and $14 million, respectively; 2014: $11 million). 2016 includes the removal of cash costs associated with our
Pierina mine which is mining incidental ounces as it enters closure of $24 million and $66 million, respectively.
5 Non-controlling interests (Pueblo Viejo and Acacia)
Non-controlling interests include non-controlling interests related to gold production of $127 million and $508 million, respectively, for the three
months and year ended December 31, 2016 (2015: $188 million and $681 million, respectively; 2014: $602 million). Refer to Note 5 of the
Financial Statements for further information.
6 Exploration and evaluation costs
Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to
future projects. Refer to page 45 of the MD&A.
7 Capital expenditures
Capital expenditures are related to our gold sites only and are presented on a 100% accrued basis. They are split between minesite sustaining
and project capital expenditures. Project capital expenditures are distinct projects designed to increase the net present value of the mine and are
not related to current production. Significant projects in the current year are Arturo, Cortez Lower Zone and Lagunas Norte Refractory Ore Project.
Refer to page 44 of the MD&A.
8 Rehabilitation - accretion and amortization
Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our
gold operations, split between operating and non-operating sites.
9 Non-controlling interest and copper operations
Removes general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also
removes exploration, evaluation and project costs, rehabilitation costs and capital expenditures incurred by our copper sites and the non-
controlling interest of our Acacia and Pueblo Viejo operating segment and Arturo. In 2016, figures remove the impact of Pierina. The impact is
summarized as the following:
For the three months

($ millions) For the years ended December 31 ended December 31
Non-controlling interest, copper operations and other 2016 2015 2014 2016 2015
General & administrative costs ($ 36) ($ 53) ($ 86) ($ 5) ($ 5)
Minesite exploration and evaluation costs (9) (8) (18) (3) (3)
Rehabilitation - accretion and amortization (operating sites) (9) (13) (12) (4) (4)
Minesite sustaining capital expenditures (233) (288) (416) (66) (74)
All-in sustaining costs total ($ 287) ($ 362) ($ 532) ($ 78) ($ 86)
Project exploration and evaluation and project costs (12) (11) (43) (4) (9)
Project capital expenditures (30) (32) (31) - (11)
All-in costs total ($ 42) ($ 43) ($ 74) ($ 4) ($ 20)
10 Ounces sold - equity basis
In 2016, figures remove the impact of Pierina as the mine is currently going through closure.
11 Cost of sales per ounce
In 2016, figures remove the cost of sales impact of Pierina of $30 million and $82 million, respectively for the three months and year ended
December 31, 2016, as the mine is currently going through closure. Cost of sales per ounce excludes non-controlling interest related to gold
productions. Cost of sales related to gold per ounce is calculated using cost of sales on an attributable basis (removing the non-controlling
interest of 40% Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces.
12 Per ounce figures
Cost of sales per ounce, cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts
presented in the table due to rounding.
13 Co-product costs per ounce
Cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis remove the impact of by-
product credits of our gold production (net of non-controlling interest) calculated as:
For the three months

($ millions) For the years ended December 31 ended December 31
2016 2015 2014 2016 2015
By-product credits $ 184 $ 214 $ 271 $ 41 $ 48
Non-controlling interest (53) (62) (80) (13) (14)
By-product credits (net of non-controlling interest) $ 131 $ 152 $ 191 $ 28 $ 34

Reconciliation of Gold Cost of Sales to Cash costs, All-in sustaining costs and All-in costs, including on a per ounce
basis, by operating segment
($ millions, except per ounce information in dollars) For the three months ended December 31, 2016
Pueblo Lagunas Turquoise

Footnote Cortez Goldstrike Viejo Norte Veladero Ridge Acacia
Cost of sales related to gold production $ 235 $ 269 $ 144 $ 60 $ 173 $ 41 $ 195
Depreciation (119) (105) (21) (19) (42) (8) (44)
By-product credits 1 - - (17) (4) (7) - (10)
Non-recurring items 2 - - - - - - -
Other 3 - - 1 - - - 1
Non-controlling interests - - (39) - - - (52)
Cash costs $ 116 $ 164 $ 68 $ 37 $ 124 $ 33 $ 90
General & administrative costs - - - - - - (1)
Minesite exploration and evaluation costs 4 6 1 - - 1 - 1
Minesite sustaining capital expenditures 5 19 55 32 3 49 9 56
Rehabilitation - accretion and amortization

(operating sites) 6 3 6 2 2 1 - 2
Non-controlling interests - (4) (13) - - - (21)
All-in sustaining costs $ 144 $ 222 $ 89 $ 42 $ 175 $ 42 $ 127
Project capital expenditures 5 33 - - 1 - - -
Non-controlling interests - - - - - - -
All-in costs $ 177 $ 222 $ 89 $ 43 $ 175 $ 42 $ 127
Ounces sold - equity basis (000s ounces) 277 305 198 98 194 69 134
Cost of sales per ounce 7,8 $846 $880 $450 $612 $892 $595 $935
Cash costs per ounce 8 $ 418 $ 534 $ 341 $ 379 $ 642 $ 484 $ 679
Cash costs per ounce (on a co-product basis) 8,9 $ 418 $ 536 $ 471 $ 418 $ 716 $ 484 $ 713
All-in sustaining costs per ounce 8 $ 517 $ 734 $ 443 $ 436 $ 905 $ 610 $ 952
All-in sustaining costs per ounce (on a co-

product basis) 8,9 $ 517 $ 736 $ 573 $ 475 $ 979 $ 610 $ 986
All-in costs per ounce 8 $ 637 $ 734 $ 443 $ 447 $ 905 $ 610 $ 953
All-in costs per ounce (on a co-product basis) 8,9 $ 637 $ 736 $ 573 $ 486 $ 979 $ 610 $ 987
($ millions, except per ounce information in dollars) For the three months ended December 31, 2015

Depreciation (122) (73) (55) (37) (29) (6) (44)
By-product credits 1 (1) - (26) (4) (4) - (9)
Non-recurring items 2 - - (38) - (2) - (109)
Other 3 - - 3 - - - 4
Cash costs $ 119 $ 178 $ 54 $ 40 $ 88 $ 29 $ 94
General & administrative costs - - - - - - 9
Minesite exploration and evaluation costs 4 1 2 1 1 - - -

(operating sites) 6 4 3 7 2 1 - 2
Project capital expenditures 5 5 24 - - - - -
Non-controlling interests - (9) - - - - -
All-in costs $ 144 $ 214 $ 70 $ 60 $ 144 $ 38 $ 128
Cost of sales per ounce 7,8 $703 $727 $849 $690 $785 $685 $1,526
All-in sustaining costs per ounce 8 $ 406 $ 581 $ 496 $ 506 $ 915 $ 735 $ 1,004

product basis) 8,9 $ 406 $ 583 $ 618 $ 539 $ 953 $ 735 $ 1,032
All-in costs per ounce 8 $ 419 $ 623 $ 496 $ 506 $ 915 $ 735 $ 1,005
All-in costs per ounce (on a co-product basis) 8,9 $ 419 $ 625 $ 618 $ 539 $ 953 $ 735 $ 1,033

($ millions, except per ounce information in dollars) For the year ended December 31, 2016

Depreciation (499) (307) (147) (96) (118) (27) (166)
By-product credits 1 - (1) (90) (17) (27) - (39)
Non-recurring items 2 - - 34 - (10) - -
Other 3 - - 5 - - - 8
Cash costs $ 456 $ 632 $ 276 $ 163 $ 309 $ 128 $ 334
Minesite exploration and evaluation costs 4 6 4 - 2 1 - 3

(operating sites) 6 12 14 10 8 4 1 6
Non-controlling interests - (4) (44) - - - (88)
Project capital expenditures 5 67 74 - 5 - - 1
All-in costs $ 616 $ 832 $ 343 $ 229 $ 409 $ 161 $ 501
Ounces sold - equity basis (000s ounces) 1,059 1,103 700 425 532 257 522
Cash costs per ounce (on a co-product basis) 8,9 $ 430 $ 573 473 $ 423 $ 632 $ 498 $ 677
All-in sustaining costs per ounce 8 $ 518 $ 714 $ 490 $ 529 $ 769 $ 625 $ 958

product basis) 8,9 $ 518 $ 715 $ 568 $ 569 $ 819 $ 625 $ 995
All-in costs per ounce 8 $ 581 $ 754 $ 490 $ 540 $ 769 $ 625 $ 960
All-in costs per ounce (on a co-product basis) 8,9 $ 581 $ 755 $ 568 $ 580 $ 819 $ 625 $ 997

Depreciation (343) (192) (277) (169) (108) (23) (143)
By-product credits 1 (1) (1) (120) (18) (22) - (36)
Non-recurring items 2 (5) (7) (47) (5) (21) (1) (109)
Other 3 - - 13 - - - 8
Cash costs $ 477 $ 522 $ 279 $ 186 $ 348 $ 117 $ 357
Minesite exploration and evaluation costs 4 2 10 1 3 2 - 2

(operating sites) 6 12 15 25 32 4 1 9
Project capital expenditures 5 $ 47 112 - - - - (1)
All-in costs $ 639 $ 738 $ 356 $ 288 $ 596 $ 150 $ 512
Cost of sales per ounce 7,8 $841 $723 $881 $669 $792 $697 $1,161
$
All-in sustaining costs per ounce 8 $ 603 $ 658 $ 597 $ 509 $ 946 $ 742 1,112
All-in sustaining costs per ounce (on a co- $

product basis) 8,9 $ 604 $ 659 $ 725 $ 541 $ 981 $ 742 1,150
$
All-in costs per ounce 8 $ 650 $ 738 $ 597 $ 509 $ 946 $ 742 1,111
$
All-in costs per ounce (on a co-product basis) 8,9 $ 651 $ 739 $ 725 $ 541 $ 981 $ 742 1,149

Depreciation (255) (132) (243) (92) (116) (17) (129)
By-product credits 1 (1) (1) (163) (14) (28) - (45)
Non-recurring items 2 - - - - - - -
Other 3 - - 16 - - - (8)
Cash costs $ 431 $ 518 $ 298 $ 229 $ 410 $ 94 $ 329
Minesite exploration and evaluation costs 4 1 2 - 1 3 - 1

(operating sites) 6 9 10 23 17 4 1 8
Project capital expenditures 5 19 300 - - - - 56
Non-controlling interests - (5) - - - - (17)
All-in costs $ 630 $ 1,070 $ 393 $ 328 $ 590 $ 125 $ 536
$
All-in sustaining costs per ounce 8 $ 706 $ 854 $ 588 $ 543 $ 815 $ 628 1,105
All-in sustaining costs per ounce (on a co- $

product basis) 8,9 $ 707 $ 855 $ 663 $ 567 $ 853 $ 628 1,159
$
All-in costs per ounce 8 $ 728 $ 1,179 $ 588 $ 543 $ 815 $ 628 1,190
$
All-in costs per ounce (on a co-product basis) 8,9 $ 729 $ 1,180 $ 663 $ 567 $ 853 $ 628 1,244
1 By-product credits
Revenues include the sale of by-products for our gold mines and energy sales from the Monte Rio power plant at our Pueblo Viejo mine for the three
months and year ended December 31, 2016, of $nil and $33 million, respectively (2015: $14 million and $74 million, respectively; 2014: $88
million).
2 Non-recurring items
Non-recurring items in 2016 consist of $34 million in a reduction in cost of sales attributed to insurance proceeds recorded in the third quarter of
2016 relating to the 2015 oxygen plant motor failure at Pueblo Viejo and $10 million in abnormal costs at Veladero relating to the administrative
fine in connection to the cyanide incident that occurred in 2015. These gains/costs are not indicative of our cost of production and have been
excluded from the calculation of cash costs.
3 Other
Other adjustments include adding the net margins related to power sales at Pueblo Viejo of $nil and $5 million, respectively, (2015: $2 million and
$12 million, respectively; 2014: $16 million) and adding the cost of treatment and refining charges of $2 million and $9 million, respectively
(2015: $3 million and $8 million, respectively; 2014: $7 million).
4 Exploration and evaluation costs
Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to
future projects. Refer to page 45 of the MD&A.
5 Capital expenditures
Capital expenditures are related to our gold sites only and are presented on a 100% accrued basis. They are split between minesite sustaining and
project capital expenditures. Project capital expenditures are distinct projects designed to increase the net present value of the mine and are not
related to current production. Significant projects in the current year are Arturo, Cortez Lower Zone and Lagunas Norte Refractory Ore Project. Refer
to page 44 of the MD&A.
6 Rehabilitation - accretion and amortization
Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our
gold operations, split between operating and non-operating sites.
7 Cost of sales per ounce
Cost of sales related to gold per ounce is calculated using cost of sales on an attributable basis (removing the non-controlling interest of 40%
Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces.
8 Per ounce figures
Cost of sales per ounce, cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts
presented in this table due to rounding.
9 Co-product costs per ounce
Cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis remove the impact of by-
product credits of our gold production (net of non-controlling interest) calculated as:
($ millions) For the three months ended December 31, 2016

Cortez Goldstrike Viejo Norte Veladero Ridge Acacia
By-product credits $- $- $ 17 $4 $7 $- $ 10
Non-controlling interest - - (9) - - - (4)
By-product credits (net of non-

controlling interest) $- $- $8 $4 $7 $- $6
For the three months ended December 31, 2015

By-product credits $1 $- $ 26 $4 $4 $- $9

controlling interest) $1 $- $ 16 $4 $4 $- $6
For year ended December 31, 2016

By-product credits $- $1 $ 90 $ 17 $ 27 $- $ 39

controlling interest) $- $1 $ 51 $ 17 $ 27 $- $ 25
For the year ended December 31, 2015

By-product credits $1 $1 $ 120 $ 18 $ 22 $- $ 36

controlling interest) $1 $1 $ 71 $ 18 $ 22 $- $ 23
For the year ended December 31, 2014

By-product credits $1 $1 $ 163 $ 14 $ 28 $- $ 45

controlling interest) $1 $1 $ 99 $ 14 $ 28 $- $ 29
4 C1 cash costs per pound and All-in sustaining costs per pound are non-GAAP financial performance measures. C1 cash
costs per pound is based on cost of sales but excludes the impact of depreciation and royalties and includes treatment and
refinement charges. All-in sustaining costs per pound begins with C1 cash costs per pound and adds further costs which
reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs and
royalties. Barrick believes that the use of C1 cash costs per pound and all-in sustaining costs per pound will assist investors,
analysts, and other stakeholders in understanding the costs associated with producing copper, understanding the economics of
copper mining, assessing our operating performance, and also our ability to generate free cash flow from current operations and
to generate free cash flow on an overall Company basis. C1 cash costs per pound and All-in sustaining costs per pound are
intended to provide additional information only, do not have any standardized meaning under IFRS, and may not be comparable
to similar measures of performance presented by other companies. These measures should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are
provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on
EDGAR at www.sec.gov.
Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound
basis
($ millions, except per pound information in dollars) For the years ended December 31 For the three months ended December 31
2016 2015 2014 2016 2015
Cost of sales $ 319 $ 814 $ 954 $ 84 $ 116
Depreciation/amortization1 (45) (104) (171) (15) (23)
Treatment and refinement charges 161 178 120 41 49
Cash cost of sales applicable to equity method

investments2 209 23 - 55 23
Less: royalties (41) (101) (39) (9) (16)
Non-routine charges - - (1) - -
Other metal sales - (1) (1) - -
Other - 72 (27) - 72
C1 cash cost of sales $ 603 $ 881 $ 835 $ 156 $ 221
General & administrative costs 14 21 40 3 4
Rehabilitation - accretion and amortization 7 6 8 2 -
Royalties 41 101 39 9 16
Minesite exploration and evaluation costs - - 1 - -
Minesite sustaining capital expenditures 169 177 294 48 44
Inventory write-downs - - 1 - -
All-in sustaining costs $ 834 $ 1,186 $ 1,218 $ 218 $ 285
Pounds sold - consolidated basis (millions pounds) 405 510 435 107 132
Cost of sales per pound3,4 $1.43 $ 1.65 $ 2.19 $1.45 $ 1.09
C1 cash cost per pound3 $1.49 $ 1.73 $ 1.92 $1.47 $ 1.66
All-in sustaining costs per pound3 $2.05 $2.33 $ 2.79 $2.04 $2.15
1 For the year ended December 31, 2016, depreciation excludes $50 million (2015: $6 million; 2014: $nil) of depreciation applicable to equity method
investments.
2 For the year ended December 31, 2016, figures include $177 million (2015: $23 million; 2014: $nil) of cash costs related to our 50% share of Zaldvar due to
the divestment of 50% of our interest in the mine on December 1 , 2015, as well as $32 million (2015: $nil; 2014: $nil) of cash costs related to our 50%
share of Jabal Sayid due to the divestment of 50% of our interest in the mine on December 4, 2014 and subsequent accounting as equity method
investments.
3 Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to
rounding.
4 Cost of sales related to copper per pound is calculated using cost of sales including our proportionate share of cost of sales attributable to equity method
investments (Zaldvar and Jabal Sayid), divided by consolidated copper pounds (including our proportionate share of copper pounds from our equity method
investments).
5 EBITDA and Adjusted EBITDA are non-GAAP financial performance measures. EBITDA excludes income tax expense,
finance costs, finance income and depreciation from net earnings. EBITDA is a valuable indicator of our ability to generate
liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.
EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or
EBITDA multiple that is based on an observed or inferred relationship between EBITDA and market values to determine the
approximate total enterprise value of a company. Adjusted EBITDA removes the effect of impairment charges. These charges
are not reflective of our ability to generate liquidity by producing operating cash flow, and therefore this adjustment will result in a
more meaningful valuation measure for investors and analysts to evaluate our performance in the period and assess our future
ability to generate liquidity. EBITDA and Adjusted EBITDA are intended to provide additional information only and do not
have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other
companies. EBITDA and Adjusted EBITDA should not be considered in isolation or as substitutes for measures of
performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A
accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov.
Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA

($ millions) For the years ended December 31 For the three months ended December 31
2016 2015 2014 2016 2015
Net earnings (loss) $ 861 $ (3,113) $ (2,959) $ 512 $ (2,941)
Income tax expense 917 (31) 306 223 (361)
Finance costs, net1 725 663 710 200 120
Depreciation 1,574 1,771 1,648 418 499
EBITDA $ 4,077 $ (710) $ (295) $ 1,353 $ (2,683)
Impairment charges (250) 3,897 4,106 (304) 3,405
Adjusted EBITDA $ 3,827 $ 3,187 $ 3,811 $ 1,049 $ 722
1 Finance costs exclude accretion.

APPENDIX
Cortez Overview
Location: 120km SW of Elko, Nevada, United States
Ownership: 100% Barrick
Mine Type: Open Pit and Underground
Products: Gold
Operations at Cortez are split between two complexes, Pipeline and Cortez Hills. The Pipeline
complex is mined via open pit; Cortez Hills is mined via open pit and underground. Both complexes
have heap leach facilities (Area 34 and Area 30). Higher grade oxide ore is processed in an onsite
conventional SAG mill with CIL recovery which have a design capacity of 14ktpd. Refractory ore is
trucked 125km to Goldstrike for processing in the roaster or TCM circuit.
Tonnes Grade Contained
2016 Reserves and Resources1 (000s) (gm/t) (000s ozs)
Proven Gold Mineral Reserves 16,196 1.52 793
Probable Gold Mineral Reserves 134,806 2.18 9,427
Measured Gold Mineral Resources 2,199 2.04 144
Indicated Gold Mineral Resources 29,137 2.13 1,999

1. See Endnote #2 1:139
APPENDIX
Cortez 2016 Review & 2017 Targets

In 2016 gold production was 1,059koz, 6% For 20172 we expect gold production to be in the
higher than the prior year primarily due to higher ore range of 1,250 to 1,290 thousand ounces, an increase from
tonnes. This was combined by Best-in-Class initiatives 2016 production levels. This is due to a significant increase in
increasing mining efficiencies and process improvements open pit production, primarily from higher grade oxide ore and
resulting in increased tonnes mined and throughput, increased throughput at the mill processed on site and larger
respectively, partly offset by lower underground grades volumes of refractory ore, at grades similar to 2016, being
as mining is advancing from the high grade Breccia zone processed at Goldstrike. This is somewhat offset by an
to the lower grade Middle zone. Cost of Sales were expected decline in underground ore grade as the mine
$901 per ounce, $60 per ounce higher than the prior transitions to lower grade ore zones deeper in the deposit.
year primarily due to the impact of higher depreciation
In 2017, we expect cost of sales per ounce to be in the range
from an increase in ounces mined at the Cortez Hills
of $730 to $760 per ounce, which is a material decrease from
open pit combined with lower capitalized stripping costs
2016 due to increased sales volume. Cost of Sales show only a
associated with lower stripping at the Cortez Hills open
slight increase from 2016 to 2017. Operating costs are in line
pit and Crossroads open pit. The increases were partially
with 2016, while productivity improvements generated by
offset by lower open pit consumable costs combined with
digitization and Best-in-Class are expected to start contributing
lower inventory write-downs, lower royalty payments as
to additional mining and processing volumes. All-in
more ore was produced from the Cortez Hills pit. All-in
sustaining costs1 are expected to be in the range of $430 to
sustaining costs1 were $518 per ounce, a decrease of
$470 per ounce, again a decrease over 2016, primarily due to
$85 per ounce from the prior year primarily due to the
higher sold ounces mentioned above.
impact of higher sales volume combined with lower
sustaining capital spend.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E
APPENDIX
Cortez Production Metrics

koz
Production
2014 2015 2016 2017E1 1300
Metrics
1200
Tonnes Mined
152,146 151,357 124,919 -
(000s)
1100
Tonnes Processed
25,957 22,406 25,112 -
(000s) 1000
Average Grade 900

1.34 1.73 1.73 -
(g/tonne Au)
800
Recovery (%) 81 80 76 -
700
Total Production 1290

902 999 1,059 1,250-1,290 600
(koz Au) -
902 999 1059 1250
500
2014 2015 2016 2017e

APPENDIX
Cortez Financial & Cost Metrics

Financial
2014 2015 2016 2017E1
metrics
Gold Cost of
794 841 901 730 760
Sales ($/oz)
Gold AISC2
706 603 518 430 470
($/oz)
Gold Cash
498 486 430 360 380
Costs2 ($/oz)
Sustaining
170 101 75 -
Capex ($M)
Project
19 47 67 -
Capex ($M)
Segment
393 287 340 -
Income ($M)
Segment
648 630 839 -
EBITDA2 ($M)
1. See Endnote #1
2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E 1:142
APPENDIX
Cortez Mining
Open pit mining at 2 pits: Pipeline and Cortez Hills
Mining Metrics 2014 2015 2016
Conventional truck/shovel operation
Cortez Hills pit dimensions: 2km long x 1km wide Open Pit
x 400m deep
Typical bench height: 15m Mining rate (ktpd) 415 413 339
Primary loading fleet:
1 x Hitachi EX5500 Strip ratio 5.4:1 6.3:1 3.7:1
3 x P&H 2800 Mining cost
1.70 1.42 1.56
2 x P&H 4100 ($/tonne)
Primary hauling fleet: Underground
27 x Liebherr T282
28 x Caterpillar CAT789 Mining rate (ktpd) 2.0 2.5 2.8
Underground mining at Cortez Hills Mining cost
120 103 98
Underhand cut and fill with cemented rock fill ($/tonne)
as backfill
Parallel 5m wide by 5.5m high and 3 km declines
with crosscuts at every 150m
1:143
APPENDIX
Cortez Processing
Processing metrics 2014 2015 2016
Mill Leaching
Cost ($/tonne) 12.4 13.1 12.3
Throughput (tonne/day) 10,200 9,500 11,500
Recovery (%) 84.2% 87.0% 87.7%
Total Production (koz Au) 468 530 568
Heap Leaching
Cost ($/tonne) 1.4 1.2 1.0
Recovery (%) 71.9% 52.9% 50.2%
1:144
APPENDIX
Cortez Processing, contd

Autoclave (Goldstrike)
Cost ($/tonne) 67.8 45.9 49.3
Throughput (tonne/day) See Goldstrike See Goldstrike See Goldstrike
Recovery (%) 84.3% 75.6% 64.4%
Roaster (Goldstrike)
Cost ($/tonne) 28.7 28.7 28.7
Throughput (tonne/day) See Goldstrike See Goldstrike See Goldstrike
Recovery (%) 82.9% 90.7% 90.6%
Total
Cost ($/tonne) 4.2 4.2 4.0
Recovery (%) 80.6% 80.3% 75.9%
Total Production (koz Au) 902 999 1,059
1:145
APPENDIX
Goldstrike Overview
Location: 60km NW of Elko, Nevada, United States
Mine Type: Conventional open pit and underground mining
Products: Gold
Goldstrike has produced over 42 M ounces since American Barrick acquired the property in 1987.
Goldstrike consist of the BetzePost open pit and the Meikle and Rodeo underground mines. Meikle is a
highgrade ore body which is mined by transverse longhole stoping, underhand drift and fill mining
methods. Rodeo is a trackless operation, using two different underground mining methods: longhole open
stoping and driftandfill. Double refractory ore is processed both at the Roaster and the Autoclave/TCM.
Proven Gold Mineral Reserves 57,469 3.29 6,082
Indicated Gold Mineral Resources

1. Does not include South Arturo
5,918 5.09 968
APPENDIX
Goldstrike 2016 Review & 2017 Targets

In 2016, gold production of 1,096koz was 4% For 20172 production is expected to be in the range of
higher than the prior year primarily as a result of higher 910 to 950 thousand ounces, which is lower than 2016
autoclave production and an increase in roaster production levels. Lower ounce production is expected from
throughput due to blend optimization. Cost of sales of both the underground and open pit operations. At the
$852 per ounce was $129 per ounce higher than the underground, emphasis in 2017 will be on development
prior year primarily due to higher operating costs and deeper in the mine and ore mined will also be impacted by a
depreciation expense from the operation of the autoclave slightly higher percentage of cut and fill tonnage.
combined with higher depreciation from Arturo pit. These Contribution from open pit production is expected to be
increases are partially offset by favorable fuel prices, lower as we transition from ore mining at the Arturo pit to
energy prices, and Best-in-Class initiatives aimed at stripping the 3rd and 4th NW laybacks in the Betze Post pit.
better utilizing open pit equipment, and improving We expect cost of sales per ounce to be in the range of
underground mining efficiency. In 2016, this was partially $950 to $990 per ounce for 2017, higher than 2016 due to
offset by the impact of an increase in sales volume. All- sold ounces decreasing over 2016 primarily, offset slightly by
in sustaining costs1 of $714 per ounce increased by lower operating spend driven by Best-in-Class initiatives. All-
$56 per ounce compared to the prior year primarily due in sustaining costs1 are expected to be $910 to $980 per
to higher operating costs combined with higher ounce, an increase from 2016 due to lower ounce production
sustaining capital, partly offset by an increase in sales and higher sustaining capital expenditures for tailings
volume. expansions, process improvements, and underground
sustaining projects to enable mining deeper in the mine.
APPENDIX
Goldstrike Production Metrics

koz
Production
2014 2015 2016 2017E2 1300
Metrics
Tonnes Mined 1200
81,410 72,304 67,834 -
(000s)
1100
Tonnes
5,307 6,752 7,361 -
Processed1 (000s) 1000
Average Grade 900

6.28 6.01 5.65 -
(g/tonne Au)
800
Recovery (%) 84 81 82 -
700

902 1,053 1,096 910 - 950 600
(koz Au) -
902 1053 1096 910
500
2014 2015 2016 2017e
1. Excludes toll material

APPENDIX
Goldstrike Financial & Cost Metrics

Financial
2014 2015 2016 2017E1
metrics
Gold Cost of
718 723 852 950 990
Sales ($/oz)
Gold AISC2
854 658 714 910 980
($/oz)
Gold Cash
571 522 572 650 680
Costs2 ($/oz)
Sustaining
245 110 142 -
Capex ($M)
Project
295 81 44 -
Capex ($M)
Segment
496 408 442 -
Income ($M)
Segment
628 600 749 -
EBITDA2 ($M)
1. See Endnote #1
2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 and 5 of Appendix E 1:149
APPENDIX
Goldstrike Mining (100%)2

Open pit mining at Betze Post
Pit dimensions: 3.3km long x 2km wide x 600m
deep (w/out backfill) Open Pit
Typical bench height: 6-13m Mining rate (ktpd) 219 237 244
Strip ratio 12.4:1 10.9:1 22.7:1
2 x P&H 4100
2 x P&H 2800 Mining cost1
2.25 1.90 1.60
($/tonne)
1 x Hitachi EX5500
Primary hauling fleet: Underground
23 x Komatsu 930E
Mining rate (ktpd) 5.4 4.9 4.9
Underground mining at Meikle and Rodeo
Mining cost
Underhand cut and fill, longhole stoping 122 112 106
($/tonne)
Cemented rock fill and paste as backfill
1. Includes dewatering cost

2. Stats above reflect all ore processed at Goldstrike including Arturo, Cortez and Goldstrike 1:150
APPENDIX
Goldstrike Processing (100%)2

Autoclave
Cost ($/tonne) 88.6 62.8 60.1
Recovery (%) 75.4% 58.7% 63.0%
Roaster
Cost ($/tonne) 25.4 24.6 23.5
Recovery (%) 84.1% 82.5% 83.8%
Total Production (koz Au) 963 1,180 1,204
Total
Cost ($/tonne) 36.2 37.6 38.4
Recovery (%) 84.1% 82.5% 83.8%
Total Production (koz Au) 1,118 1,384 1,446
1. Autoclave production suspended during TCM construction. Production restarted in Q4 2014
2. Stats above reflect all ore processed at Goldstrike including Arturo, Cortez and Goldstrike 1:151
APPENDIX
Hemlo Overview
Location: 350km East of Thunder Bay, Ontario, Canada
Mine Type: Open Pit and Underground
Products: Gold
Hemlo has produced over 21Moz and operated continuously for over 30 years. Hemlo consists of the Williams
mine an underground and open pit operation. Ore from the Williams mine is fed to a standard grind, leach
and carbon-in-pulp (CIP) mill which has a design capacity of 10ktpd. The circuit comprises run-of-mine ore
handling, crushing, grinding, thickening, cyanide leaching, carbonin-pulp, carbon stripping and reactivation,
electro-winning and refining, tailings disposal, water reclaim and a tailings effluent treatment circuit.
Measured Gold Mineral Resources 126 2.72 11

APPENDIX
Hemlo 2016 Review & 2017 Targets

In 2016 gold production was 235koz, For 20172 we expect gold production to be
7.3% higher than the prior year. The increase in the range of 205-220koz, which is slightly
was primarily due to higher grades from the below 2016 production levels. This is primarily
underground. Cost of Sales of $795 per ounce due to a lower forecasted grade in the
were $92/oz lower than the prior year. All-in underground then what was in 2016 and a one
sustaining costs1 of $839 per ounce for 2016 month shutdown to replace a SAG mill shell.
decreased by $56 per ounce compared to the Cost of Sales is anticipated to be in the range
prior year primarily due to the impact of higher of $800-$860 per ounce which is slightly higher
sales volume on unit production costs than 2016 costs due to the less ounces mined
combined with a decrease in mine-site from underground. All-in sustaining costs1
sustaining capital expenditures. are forecast at $880-$890 per ounce, which is
higher than 2016 primarily due to sustaining
capital expenditures for tailings expansions,
water management projects, SAG Mill shell
replacement, and timing of equipment
replacements.
APPENDIX
Hemlo Production Metrics

koz
240
Production Metrics 2014 2015 2016 2017E1
235
Tonnes Mined 230

8,127 7,409 7,940 -
(000s)
225
Tonnes Processed
2,916 3,120 3,408 - 220
(000s)
215
Average Grade
2.34 2.30 2.28 - 210
(g/tonne Au)
205
Recovery
94 95 94 - 200
(%)
220
195 -
Total Production 206 219 235 205
206 219 235 205 - 220
(koz Au) 190
2014 2015 2016 2017e

APPENDIX
Hemlo Financial & Cost Metrics

Financial
2014 2015 2016 2017E1
metrics
Gold Cost of
1,089 887 795 800 860
Sales ($/oz)
Gold AISC2
1,059 895 839 880 980
($/oz)
Gold Cash
829 708 679 640 690
Costs2 ($/oz)
Sustaining
45 38 37 -
Capex ($M)
Project
0 39 0 -
Capex ($M)
1. See Endnote #1
2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix E 1:155
APPENDIX
Hemlo Mining
Open pit mining:
Conventional truck/loader operation Mining Metrics 2014 2015 2016
Pit dimensions: 1km long x 0.6km

wide x 220m deep Open Pit
Typical bench height: 10m Mining rate (ktpd) 19 18 18

Strip ratio 3.5:1 2.6:1 2.1:1
3 x Caterpillar 992
Primary hauling fleet: Mining cost ($/tonne) 3.99 3.51 4.01
7 x Caterpillar CAT777
Underground
Underground mining
Long hole and Alimak Mining rate (ktpd) 3.1 3.2 3.3
9yd Scooptrams/30t trucks/40t Mining cost ($/tonne) 77 70 68
autonomous trucks
Shaft and ramp access covers 1.3km
depth and 3km strike length
1:156
APPENDIX
Hemlo Processing
Mill Leaching
Cost ($/tonne) 12.0 9.3 9.1
Recovery (%) 93.9% 94.6% 93.7%
Total
Cost ($/tonne) 12.0 9.3 9.1
Recovery (%) 93.9% 94.6% 93.7%
1:157
APPENDIX
Jabal Sayid Overview

Location: Located 350km north east of Jeddah in the Kingdom of Saudi Arabia
Ownership: 50% Barrick / 50% Maaden
Mine Type: Underground Mine employing Long Hole Stoping Method
Products: Copper Concentrate (by-product Gold & Silver)
Barrick acquired the Jabal Sayid asset through the Equinox acquisition in 2011 and formed a 50/50 JV with
Maaden Mining in December 2014. The first shipment of copper concentrate occurred in December 2015 and
the mine commenced Commercial Production in July 2016. The mine is currently ramping up production until
average production of 100Mlbs of copper in concentrate is achieved in 2018. This production rate is then
maintained for the next 11 years.
2016 Reserves and Resources 1 (Million) Cu (%) (Mlbs)
Proven Copper Mineral Reserves 2,855 2.29 144.1
Probable Copper Mineral Reserves 8,476 2.59 483.0
Measured Copper Mineral Resources 57 1.35 1.7
Indicated Copper Mineral Resources 3,125 2.28 156.9

APPENDIX
Jabal Sayid 2016 Review & 2017 Targets (50%)

In 2016, the mine initiated commercial For 20172 copper production is expected
production in July. Copper production was 30 to be in the range of 30-40 million pounds
million pounds (attributable) at Cost of Sales (attributable), higher than 2016 production
were $2.33 per pound and all-in sustaining levels due primarily to the accelerated ramp up
costs1 were $2.98 per pound for 2016. to full production in 2018. Cost of Sales is
anticipated to be in the range of $2.10-$2.80
per pound. All-in sustaining costs1 are
forecast at $2.30-$2.80 per pound, and lower
than the prior year as the mine ramps up
production.
APPENDIX
Jabal Sayid Production Metrics (50%)

mlb
Production 45
2014 2015 2016 2017E1
Metrics
40
Ore Tonnes
- - 739 -
Mined (000s) 35
Tonnes 30
- - 638 -
Processed (000s)
25
Average Grade
- - 2.31 - 20
(% Cu)
Recovery 15
- - 91 -
(%)
10
Total Production 40
- 6 30 30 - 40 5
(Mlb Cu) -
0 6 30 30
0
2014 2015 2016 2017e

APPENDIX
Jabal Sayid Financial & Cost Metrics (50%)

Financial
2014 2015 2016 2017E1
metrics
Copper Cost of Sales

- - 2.33 2.10 2.80
($/ lb)
Copper AISC2 ($/ lb) - - 2.98 2.30 2.80
Copper C1 Cash
- - 1.97 1.50 1.90
Costs2 ($/ lb)
Sustaining Capex
- - 17 -
($M)
Project Capex
- - - -
($M)
1. See Endnote #1
APPENDIX
Jabal Sayid Mining

Underground Mining: Mining Metrics
2014 2015 2016
Long Hole Open Stoping method of (100%)
mining
Underground
Average Stope Dimensions 50m x 30m x
30m Mining Rate (ktpd) - - 3.5
Ore and waste hauled to surface via a Mining costs ($/tonne) - - 23.9
decline
Primary Loading Fleet (currently):
5 x Sandvik LH621 (3 being tele-
remote loaders with self guidance
technology)
Primary Hauling Fleet (currently):
6 x Sandvik TH663
1:162
APPENDIX
Jabal Sayid Processing

Processing metrics (100%) 2014 2015 2016
Concentrator
Cost ($/tonne) - - 22.9
Throughput (tonne/day) - - 3,498
Recovery (%) - - 91
Total Production (100% Mlb Cu) - 12 60
Total
Cost ($/tonne) - - 22.9
Throughput (tonne/day) - - 3,498
Recovery (%) - - 91
Total Production (100% Mlb Cu) - 12 60
1:163
APPENDIX
Lagunas Norte Overview

Location: 140km East of Trujillo, Peru
Mine Type: Open Pit
Products: Gold, Silver
The property lies on the western flank of the Peruvian Andes at 4,000-4,260 meters above sea level. Lagunas
Norte is a conventional openpit, crush, valleyfill heap leach operation. Ore processing is via a twostage
conventional crushing circuit, followed by heap leaching and Merrill Crowe or Carbon-in-Column (CIC)
precipitation plants. The pregnant solution is delivered to the Merrill Crowe or CIC plants by pumps. The
Merrill Crowe plant has a design capacity of 1,200m3 per hour, however the current average capacity has
increased to 2,700m3 per hour. CIC plant has a design capacity of 2,140m3 per hour.
2016 Reserves and Resources 1 (000s) (gm/t) (000s ozs)
Proven Gold Mineral Reserves 26,322 1.83 1,548

APPENDIX
Lagunas Norte 2016 Review & 2017 Targets

In 2016, gold production of 435koz was 22% For 20172 we expect gold production to be in the
lower than the prior year primarily due to fewer ounces range of 380 to 420 thousand ounces, lower than 2016
placed on the leach pad as a result of lower tonnage production levels, as a result of the progressive depletion of
mined and combined with processing a higher oxide ores, which are being replaced with sulfide ores with
percentage of older stock material, in line with lower kinetics and recoveries. We expect cost of sales per
expectations as the mine matures. Cost of sales of $651 ounce4 to be in the range of $710 to $780 per ounce. This
per ounce was $18 per ounce lower than the prior year increase, in comparison with 2016, is mainly driven by higher
mainly due to a decrease in depreciation expense and cost of sales attributed to an expected increase in
lower direct operating costs resulting from lower tonnage depreciation expense, higher direct operating costs and CSR
mined and processed, lower fuel prices and lower expenses, partially offset by Best-in-Class initiatives. The
royalties derived from lower sales. These were combined increase in all-in sustaining costs1 to $560-$620 per
with realized cost savings from the Best-in-Class program ounce in comparison with 2016 is driven mainly by the
such as the initiatives to improve efficiencies in the decrease in production; sustaining capital expenditures are
carbon in column circuit, implementation of short interval decreasing in 2017. Operational cost increases are expected
control, improvements in planned maintenance and to be partially offset by Best-in-Class operational initiatives
renegotiation of certain service contracts. In 2016, all-in including service and material contract renegotiation,
sustaining costs1 of $529 per ounce increased by $20 increased component life, improvements in preventative
per ounce compared to the prior year primarily due to maintenance, and energy optimization programs. Structural
lower sales volume, partially offset by the lower cost of cost reduction in mine stripping and employee profit sharing
sales combined with a decrease in minesite sustaining are expected to occur due to the reduced mine production
capital expenditures. plan.
APPENDIX
Lagunas Norte Production Metrics

Production koz
2014 2015 2016 2017E1 700
Metrics
Tonnes Mined 600
50,030 49,126 40,847 -
(000s)
Tonnes 500
22,110 21,880 17,253 -
Processed (000s)
400
Average Grade
0.99 1.02 1.12 -
(g/tonne Au)
300
Recovery (%) 83 78 70 -
200
Total Production
582 560 435 380 - 420 100 420
(koz Au) -
582 560 435 380
0
2014 2015 2016 2017e

APPENDIX
Lagunas Norte Financial & Cost Metrics

Financial
2014 2015 2016 2017E1
metrics
Gold Cost of
555 669 651 710 780
Sales ($/oz)
Gold AISC2
543 509 529 560 620
($/oz)
Gold Cash
379 329 383 430 470
Costs2 ($/oz)
Sustaining
81 67 51 -
Capex ($M)
Project
0 0 5 -
Capex ($M)
Segment
439 285 260 -
Income ($M)
Segment
531 454 356 -
EBITDA2 ($M)
1. See Endnote #1
APPENDIX
Lagunas Norte Mining

Open pit mining
Pit Dimensions: 2.5 km long x 1.5 km wide Open Pit
x 170 m deep (no backfill)
Mining rate (ktpd) 137 135 112
Typical Bench Height: 10m
Primary Loading Fleet: Strip Ratio 0.9:1 1.2:1 1.5:1
2 x Komatsu PC4000 Mining costs
2.35 2.22 1.84
3 x Komatsu WA1200 ($/tonne)
Primary Hauling Fleet:

19 x Komatsu 730E
4 x Caterpillar 785C
1:168
APPENDIX
Lagunas Norte Processing

Heap Leaching
Cost ($/tonne) 3.37 3.32 3.92
Recovery (%) 82.7% 78.1% 69.7%
Total production (koz Au) 582 560 435
Total
Cost ($/tonne) 3.37 3.32 3.92
Recovery (%) 82.7% 78.1% 69.7%
1:169
APPENDIX
Lumwana Overview
Location: 100km west of Solwezi, Zambia
Mine Type: Conventional Open Pit (Truck and Shovel)
Products: Copper Concentrate
Barrick acquired the asset through the Equinox acquisition in 2011. The Lumwana copper mine is located in
Zambias Copperbelt, one of the most prospective copper regions in the world. The plant has a milling design
capacity of 65 ktpd. Lumwana ore, which is predominantly sulfide, is treated through a conventional sulfide
flotation plant, producing copper concentrate. Copper concentrate is trucked 100-200km to three smelters for
contract smelting.
2016 Reserves and Resources 1 (000s) (%) (million lbs)
Proven Copper Mineral Reserves 27,786 0.52 316
Probable Copper Mineral Reserves 179,860 0.60 2,368
Measured Copper Mineral Resources 25,154 0.41 227
Indicated Copper Mineral Resources 624,826 0.52 7,192

APPENDIX
Lumwana 2016 Review & 2017 Targets (47.5%)

In 2016 copper production was 271 For 20172 we expect copper production to
million pounds, 5.6% lower than the prior year. be in the range of 250-275 million pounds,
This decrease was primarily attributable to which is slightly lower than 2016 production
lower tonnes mined due to equipment levels, due primarily to lower ore grades from
availability and lower grade. Cost of Sales the mining operations. Cost of Sales are
were $1.16 per pound, 18% lower than prior expected to be in the range of $1.20 to $1.40
year, attributable to lower direct mining costs per pound. All-in sustaining costs1 are
as a result of improved cost controls, and lower expected to be $2.10-$2.30 per pound, which is
royalty expenses following changes in royalty slightly higher than 2016 performance due to
rates through the 2nd half of 2015 and 2016. lower production and sales.
All-in sustaining costs1 of $1.97 per pound
for 2016 significantly decreased by 19%
compared to the prior year, primarily due to
lower mining costs and royalty expenses.
APPENDIX
Lumwana Production Metrics

mlb
Production
2014 2015 2016 2017E1 350
Metrics
Tonnes Mined 300
77,000 68,564 62,853 -
(000s)
250
Tonnes
15,748 21,632 21,694
Processed (000s) -
200
Average Grade
0.67 0.65 0.60 -
(% Cu)
150
Recovery
93 93 95 -
(%) 100
Total Production
214 287 271 250 - 275 50 275
(Mlb Cu)
-
214 287 271 250
0
2014 2015 2016 2017e

APPENDIX
Lumwana Financial & Cost Metrics

Financial
2014 2015 2016 2017E1
metrics
Copper Cost of Sales

2.07 1.42 1.16 1.20 1.40
($/ lb)
Copper AISC2 ($/ lb) 3.15 2.42 1.97 2.10 2.30
Copper C1 Cash
2.08 1.72 1.44 1.40 1.60
Costs2 ($/ lb)
Sustaining Capex
182 99 96 -
($M)
Project Capex
0 0 0 -
($M)
1. See Endnote #1
APPENDIX
Lumwana Mining
Open pit mining at Chimiwungo pit:
Conventional truck/shovel operation and
conveyor
Open Pit
Three Current Pits Average Dimensions:
1km long x 0.6km wide x 120m deep Mining rate (ktpd) 211 187 172
Typical Bench Height: 12m
Primary Loading Fleet: Strip Ratio 3.2:1 1.9:1 1.4:1
6 x Hitachi EX5500-5 Mining costs
4.07 3.65 3.36
Primary Hauling Fleet: ($/tonne)
30 x Hitachi EH4500
1:174
APPENDIX
Lumwana Processing
Concentrator
Cost ($/tonne) 3.94 2.79 2.75
Recovery (%) 93.5% 93.3% 94.7%
Total Production (Mlb Cu) 214 287 271
Total
Cost ($/tonne) 3.94 2.79 2.75
Recovery (%) 93.5% 93.3% 94.7%
Total Production (Mlb Cu) 214 287 271
1:175
APPENDIX
Porgera Overview
Location: 600km NW of Port Moresby, Papua New Guinea
Ownership: 47.5% Barrick, 47.5% Zijin Mining Group, 5% Mineral Resources Enga
Mine Type: Conventional open pit (truck and excavators) and underground mining
(long hole open stoping using paste backfill)
Products: Gold
The Porgera Joint Venture is an open pit and underground gold mine located at an altitude of 2,200-2,600 meters
in the Enga Province of Papua New Guinea. The operation is roughly 130 kilometers west of Mount Hagen.
Barrick (Niugini) Ltd is the 47.5% owner of the Porgera Joint Venture and is manager of the operation.

2016 Reserves and Resources1 (47.5%) (000s) (gm/t) (000s ozs)
Proven Gold Mineral Reserves 444 12.26 175
Measured Gold Mineral Resources 168 5.92 32

APPENDIX
Porgera 2016 Review & 2017 Targets

In 2016, gold production of 234koz For 20172 we expect gold production to be in the
(attributable) was 46% lower than the prior year. range of 250-270 koz, an increase from 2016, primarily
The decrease was largely due to the 50% divestment due to higher mill feed grade. We anticipate Cost of
of Barricks 95% stake, down to 47.5% ownership. Sales to be between $780 to $840 per ounce, slightly
The decrease can additionally be attributed to lower than 2016 costs due to the higher expected
geotechnical events which impacted operations in production. All-in sustaining costs1 are expected to be
the open pit and underground mines resulting in between $900-$970 per ounce, higher than 2016
lower grades. Cost of Sales were $836 per ounce primarily due to increased capitalized stripping and
down $45 per ounce, compared to the prior year. underground development.
The decrease was primarily due to the impact of
favourable diesel fuel and gas prices and effective
cost management driven by business improvement
initiatives. All-in sustaining costs1 of $858 per
ounce for 2016 decreased by $160 per ounce
compared to the prior year, due to lower cash cost
and disciplined capital spending.
APPENDIX
Porgera Production Metrics (Barrick Share)

koz
Production 600
20141 20152 20163 2017E3,4
Metrics
Tonnes Mined 500
15,719 17,527 8,039 -
(000s)
Tonnes 400
5,584 5,006 2,710 -
Processed (000s)
Average Grade 300
3.10 3.59 3.05 -
(g/tonne Au)
200
Recovery (%) 89 87 88 -
Production (koz 100

270
493 436 234 250 - 270
Au) -
493 436 234 250
0
2014 2015 2016 2017e
1. 2014 figures are stated at 95% basis
2. 2015 figures are stated at 95% basis until August 31, 2015 and at 47.5% basis thereafter
3. 2016 and 2017E figures are stated at 47.5% basis
APPENDIX
Porgera Financial & Cost Metrics (Barrick Share)

Financial
20141 20152 20163 2017E3,4
metrics
Gold Cost of
1,000 881 836 780 840
Sales ($/oz)
Gold AISC5
996 1,018 858 900 970
($/oz)
Gold Cash
915 791 689 650 700
Costs5 ($/oz)
Sustaining
33 93 43 -
Capex ($M)
Project
0 0 0 -
Capex ($M)
1. 2014 figures are stated at 95% basis

2. 2015 figures are stated at 95% basis until August 31, 2015 and at 47.5% basis thereafter
3. 2016 and 2017E figures are stated at 47.5% basis
4. See Endnote #1
APPENDIX
Porgera Mining (100%)

Open pit : Conventional truck/excavator operation
Pit dimensions: Mining Metrics 2014 2015 2016
2.0km long x 1.2km wide x 400m deep
Typical bench height: 10m
Open Pit
3 x Terex RH200 Mining rate (ktpd) 43 58 42
1 x Terex RH120
3 x Caterpillar 992D Strip ratio 5.0:1 8.4:1 9.3:1
Primary hauling fleet: Mining cost
10 x Caterpillar CAT777 5.53 4.66 5.51
($/tonne)
Underground: Underground
Load and Haul
Mining rate (ktpd) 3.5 4.1 3.9
4 x Caterpillar AD45
4 x Caterpillar AD55 Mining cost
5 x Caterpillar 2900
68.64 57.67 52.09
($/tonne)
Long hole open stoping
Paste backfill
1:180
APPENDIX
Porgera Processing (100%)

Mill Processing
Cost ($/tonne) 27.6 22.1 19.3
Recovery (%) 88.5% 86.7% 88.2%
Total
Cost ($/tonne) 27.6 22.1 19.3
Recovery (%) 88.5% 86.7% 88.2%
1:181
APPENDIX
Pueblo Viejo Overview

Location: 100km NW of Santo Domingo, Dominican Republic
Ownership: 60% Barrick (operator), 40% Goldcorp
Mine Type: Open Pit
Products: Gold, Silver, Copper
Barrick acquired the asset through the Placer Dome acquisition in 2006 and sold a 40% interest to Goldcorp
that year. Development of the project started in 2009 and first production occurred in 2012. Pueblo Viejo is
one of the largest gold mines in the world, with a projected mine life of more than 25 years. The processing
plant has a design capacity of 24 ktpd. The site includes a limestone quarry that supports the autoclave
processing facility. It generates its own power from the 215MW Quisqueya Power Plant.
2016 Reserves and Resources 1 (000s) (gm/t) (000s ozs)
Proven Gold Mineral Reserves (Barricks share) 60,668 2.82 5,505
Probable Gold Mineral Reserves (Barricks share) 25,153 3.19 2,582
Measured Gold Mineral Resources (Barricks share) 10,183 2.33 764
Indicated Gold Mineral Resources (Barricks share) 95,459 2.33 7,146

APPENDIX
Pueblo Viejo 2016 Review & 2017 Targets (60%)

In 2016 gold production was 700koz, 22% higher than For 20172 we expect our equity share of gold
the prior year primarily due to higher ore grades and recoveries production to be in the range of 625 to 650 thousand
compared to the prior year due to a lower amount of ounces, below 2016 production levels, driven by
carbonaceous ore processed in 2016. This was combined with reduced gold head grade offset by increased gold
relatively lower throughput in 2015, mainly as the result of the recovery related to improved availability and utilization
mechanical failure at the oxygen plant in the fourth quarter of achieved through the optimization of maintenance
2015. Cost of sales were $564 per ounce4 in 2016, $317 per strategies and ore blending. In 2017, we expect cost
ounce lower than the prior year primarily due to lower of sales per ounce4 to be in the range of $650 to $680
depreciation as a result of the impairment recorded in the fourth per ounce and all-in-sustaining costs1 to be $530 to
quarter of 2015 and an increase in the life of mine combined $560 per ounce. All three indicators will be higher than
with a reduction in cost of sales attributed to insurance proceeds 2016 primarily due to a reduction in total ounces sold
recorded in the third quarter of 2016 relating to the 2015 affected by head grades, cost increases related to
oxygen plant motor failure. These were further impacted by corporate allocations, higher maintenance costs, and
lower energy and fuel prices, lower maintenance costs due to higher sustaining costs owing to the deferral of
the timing of maintenance activities, lower costs attributed to projects from 2016 into 2017 which also affects
shutdowns and also, the impact of higher sales volume on unit depreciation. By-product credits are expected to be
production costs. All-in sustaining costs1 were $490 per higher than 2016, impacted both by prices and
ounce, decreased by $107 per ounce compared to the prior year recoveries for silver and copper, while power sales will
due to lower operating costs combined with the impact of higher benefit from the proceeds from frequency and capacity
sales volume on unit production costs. All-in sustaining costs1 fees that Quisqueya I Power Plant will start to receive
did not benefit from the aforementioned insurance proceeds as in 2017.
they were excluded from our calculation.
APPENDIX
Pueblo Viejo Production Metrics (60%)

koz
800
Production
2014 2015 2016 2017E1
Metrics 700
Barrick Attributable Production (60%)

Tonnes Mined
21,055 22,736 23,278 - 600
(000s)
500
Tonnes
4,027 4,150 4,527 -
Processed (000s)
400
Average Grade
5.53 4.94 5.29 - 300
(g/tonne Au)
Recovery 200
93 87 91 -
(%) 650
100
-
Attr. Production
665 572 700 625 - 650 665 572 700 625
(koz Au) 0
2014 2015 2016 2017e

APPENDIX
Pueblo Viejo Financial & Cost Metrics (60%)

Financial
2014 2015 2016 2017E1
metrics
Gold Cost of
786 881 564 650 680
Sales ($/oz)
Gold AISC2
588 597 490 530 560
($/oz)
Gold Cash
446 467 395 400 420
Costs2 ($/oz)
Sustaining
80 61 61 -
Capex ($M)
Project
0 0 0 -
Capex ($M)
Segment
417 230 528 -
Income ($M)
Segment
555 390 621 -
EBITDA2 ($M)
1. See Endnote #1
APPENDIX
Pueblo Viejo Mining (100%)

Open pit:
2 large pits, Moore and Montenegro Mining Metrics 2014 2015 2016
Conventional truck/shovel operation Open Pit

Pit dimensions: 2.5km long x 1.5km
wide x 300m deep (no backfill) Mining rate (ktpd) 96 104 106

Strip Ratio 1.0:1 1.1:1 1.1:1
Mining costs
2 x Hitachi EX3600 ($/tonne)
3.15 2.84 2.97
3 x CAT 994
Primary hauling fleet:
1:186
APPENDIX
Pueblo Viejo Processing (100%)

Processing metrics at 100% 2014 2015 2016
Autoclave
Cost ($/tonne) 58.0 50.4 42.3
Throughput (tonnes/day) 18,400 19,000 20,600
Recovery (%) 92.9% 86.8% 91.0%
Total production (koz Au) 1,109 954 1,167
Total
Cost ($/tonne) 58.0 50.4 42.3
Throughput (tonnes/day) 18,400 19,000 20,600
Recovery (%) 92.9% 86.8% 91.0%
Total production (koz Au) 1,109 954 1,167
1:187
APPENDIX
Turquoise Ridge Overview

Location: 44km NE of Winnemucca, Nevada, United States
Ownership: 75% Barrick (operator), 25% Newmont
Mine Type: Underground
Products: Gold
The Turquoise Ridge property covers 125 square kms. The Joint Venture (TRJV) property occupies 36 square
kms over the Getchell and Turquoise Ridge deposits. TRJV is 100% underground mine which is accessed via
two shafts from surface (1 production, 1 vent). Due to the very low rock strength of the orebody, the
predominant mining method employed is drift and fill. Both Topcuts and Undercuts were mechanized in
2013-2015. Ore is processed through Newmonts neighboring Twin Creeks facility.
Proven Gold Mineral Reserves (Barricks share) 4,288 15.54 2,143
Probable Gold Mineral Reserves (Barricks share) 4,003 14.65 1,886
Measured Gold Mineral Resources (Barricks share) 13,426 6.97 3,009
Indicated Gold Mineral Resources (Barricks share) 37,364 5.39 6,476

APPENDIX
Turquoise Ridge 2016 Review & 2017 Targets (75%)

In 2016 gold production was 266koz, 23% higher than For 20172 we expect gold production to be in the
the prior year primarily due to an increase in tonnes mined range of 260-280koz, (Barricks share), in line with
and processed resulting from increased labor to support 2016 production levels, as mine productivity improves
production growth combined with improved equipment slightly, offset by slightly lower grades. Turquoise Ridge
availability and improved mine engineering to take advantage has completely transitioned to standardized equipment
of the larger ore geometry. In the first quarter of 2015, the allowing for greater mining flexibility with higher
mine transitioned to fully mechanized topcuts, larger reliability and less equipment. Capital and waste
excavations and other best in class activities, which resulted in development requirements are in line with 2016 mining
increased productivity and the processing of more ore tonnes rates. The cost of sales per ounce is expected to be in
in subsequent quarters. Cost of sales were $603 per ounce in the range of $575 to $625 per ounce which is in line
2016, $94 per ounce lower than the prior year mainly with 2016. We expect all-in sustaining costs1 to be
reflecting the impact of higher sales volume on unit production in the range of $650 to $730 per ounce. All-in
costs combined with an increase in capitalized underground sustaining costs1 in 2017 are expected to be higher
development costs. The increased productivity and unit cost than 2016 due to increased spend on sustaining capital
reductions are due to the investment in equipment and for the initial construction and final engineering of a
facilities made in 2015 as well as a focus on equipment third shaft.
utilization, equipment maintenance and consumables
consumption as part of our Best-in-Class program. In 2016,
all-in sustaining costs1 were $625 per ounce, a decrease of
$117 per ounce compared to the prior year primarily reflecting
the impact of lower cost of sales per ounce.
APPENDIX
Turquoise Ridge Production Metrics (75%)

koz
Production
2014 2015 2016 2017E1 300
Metrics
Tonnes Mined
312 349 598 - 250
Barrick Attributable Production (75%)

(000s)
Tonnes 200
335 390 523 -
Processed (000s)
Average Grade 150
19.62 18.82 17.04 -
(g/tonne Au)
100
Recovery (%) 92 92 93 -
Attr. Production 50
280
195 217 266 260 280
(K oz Au) -
195 217 266 260
0
2014 2015 2016 2017e

APPENDIX
Turquoise Ridge Financial & Cost Metrics (75%)

Financial
2014 2015 2016 2017E1
metrics
Gold Cost of
559 697 603 575 625
Sales ($/oz)
Gold AISC2
628 742 625 650 730
($/oz)
Gold Cash
473 581 498 460 500
Costs2 ($/oz)
Sustaining
30 32 32 -
Capex ($M)
Project
0 0 0 -
Capex ($M)
Segment
139 92 166 -
Income ($M)
Segment
156 115 193 -
EBITDA2 ($M)
1. See Endnote #1
APPENDIX
Turquoise Ridge Mining (100%)

Underground Mining
Underhand drift and fill with
100% mechanization Underground
Tunnel 5.2m high x 5 m wide Mining rate (ktpd) 1.6 1.6 2.2
Reinforcement : steel inflatable Mining cost
rockbolts, mesh and shotcrete 196.01 214.19 165.19
($/tonne)
1:192
APPENDIX
Turquoise Ridge Processing (100%)

Twin Creeks (Sage Mill)
Cost ($/tonne) 45.0 37.8 34.5
Throughput (tonnes/day) N/A N/A N/A
Recovery (%) 92.0% 92.0% 92.8%
Total
Cost ($/tonne) 45.0 37.8 34.5
Throughput (tonnes/day) N/A N/A N/A
Recovery (%) 92.0% 92.0% 92.8%
1:193
APPENDIX
Veladero Overview
Location: 6km east of the Chile-Argentina border, 374km NW of San Juan,
Argentina
Mine Type: Open Pit
Products: Gold, Silver
The mine is located at elevations of between 3,800-5,000 meters above sea level. Ore is crushed by a two-
stage crushing process with a design capacity of 80ktpd and transported via trucks to the leach pad area.
Veladero has a Valley Leach facility and a zinc precipitation circuit, using the Merrill Crowe process for gold
and silver recovery. Run-of-mine ore is trucked directly to the valley-fill leach pad. Electric power is generated
on site using diesel generators.

APPENDIX
Veladero 2016 Review & 2017 Targets

In 2016 gold production was 544koz, 10% lower For 20172 we expect gold production to be in the
compared to the prior year mainly reflecting lower grade range of 770-830koz, which is significantly higher than 2016
tonnes placed on the leach pad in efforts to manage production levels. The increase is mainly a result of a higher
water balances in the leach pad. This was further head grade in ore processed due to mine sequence phases
impacted by the temporary suspension of operations late at Federico pit. This is combined with higher ore tonnes
in the third quarter of 2016 combined with unexpected mined and processed given the suspension, environmental
severe winter weather conditions in the second quarter and bad weather incidents in 2016 all leading to improved
of 2016. Cost of sales were $872 per ounce in 2016, mining productivity, higher operating hours, and fewer days
lost. Cost of sales per ounce is expected to be decreasing
$80 per ounce higher than the prior year primarily due
from $872 to an expected range of $750 to $800, mainly
to the impact of lower sales volume on unit production
due to the impact of higher sales compared to 2016 and
costs relating to the severe weather conditions and higher mining costs capitalized as stripping. These positive
temporary suspension of operations during 2016 variances are expected to be partly offset by higher direct
combined with lower capitalized stripping costs. In 2016, operating costs and the impact of higher charges from the
all-in sustaining costs1 were $769 per ounces, production inventory movements stemming from the
decreased of $177 per ounce compared to the prior year expected drawdown of leach pad inventories. All-in
primarily due to a decrease in minesite sustaining capital sustaining costs1 are expected to be between $840 and
expenditures combined with lower operating costs, partly $940 per ounce, higher than 2016 levels mainly due to the
offset by the impact of lower sales volume on unit increase in capital expenditures requirements combined with
production costs. higher direct operating costs.
APPENDIX
Veladero Production Metrics

koz
Production 900
2014 2015 2016 2017E1
Metrics
800
Tonnes Mined
67,686 83,409 62,227 -
(000s) 700
Tonnes 600
29,500 28,385 28,028 -
Processed (000s)
500
Average Grade
1.00 0.82 0.82 -
(g/tonne Au) 400
300
Recovery (%) 76 80 75 -
200
722 602 544 770 - 830 100
(K oz Au) -
722 602 544 770
0
2014 2015 2016 2017e

APPENDIX
Veladero Financial & Cost Metrics

Financial
2014 2015 2016 2017E1
metrics
Gold Cost of
764 792 872 750 800
Sales ($/oz)
Gold AISC2
815 946 769 840 940
($/oz)
Gold Cash
566 552 582 500 540
Costs2 ($/oz)
Sustaining
173 242 95 -
Capex ($M)
Project
0 0 0 -
Capex ($M)
Segment
330 216 220 -
Income ($M)
Segment
446 324 338 -
EBITDA2 ($M)
1. See Endnote #1
APPENDIX
Veladero Mining
Open pit mining at Filo Federico Pit
Pit dimensions: 1.2km long x 2.1km Open Pit
wide x 600m deep (no backfill) Mining rate (ktpd) 185 229 170
Strip Ratio 1.3:1 1.8:1 1.3:1
Mining costs
2 x Komatsu PC5500 4.41 3.20 3.33
($/tonne)
3 x Liebherr R996
4 x Caterpillar FEL CAT994
Primary hauling fleet:
1:198
APPENDIX
Veladero Processing
Heap Leaching
Cost ($/tonne) 3.20 3.53 3.29
Recovery (%) 76.2% 80.0% 75.2%
Total
Cost ($/tonne) 3.46 3.84 3.51
Recovery (%) 76.2% 80.0% 75.2%
1:199
Technical Information
The following qualified persons, as that term is defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects, have reviewed and approved the relevant scientific and technical information
contained in this presentation: Rob Krcmarov, Executive Vice President Exploration and Growth of Barrick, Rick Sims, Registered Member SME, Senior Director, Resources and Reserves of Barrick, Patrick
Garretson, Registered Member SME, Senior Director, Life of Mine Planning of Barrick and Steven Haggarty, P. Eng., Senior Director, Metallurgy of Barrick.
Endnotes
1. 2017 guidance is based on gold, copper, and oil price assumptions of $1,050/oz, $2.25/lb, and $55/bbl, respectively, a USD:AUD exchange rate of 0.75:1, a CAD:USD exchange rate of 1.32:1, ARS:USD
exchange rate of 16.5:1 and a CLP:USD exchange rate of 675:1. For economic sensitivity analysis of these assumptions, please refer to page 13 of Barricks Fourth Quarter and Year-End 2016 Report.
2. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2016, unless otherwise noted. Total Proven reserves of
480.3 million tonnes grading 1.68 g/t, representing 25.9 million ounces of gold, and 173.3 million tonnes grading 0.533%, representing 2.035 billion pounds of copper. Total Probable reserves of 1.5 billion
tonnes grading 1.22 g/t, representing 60.1 million ounces of gold, and 276 million tonnes grading 0.638%, representing 3.886 billion pounds of copper. Total Measured resources of 82.9 million tonnes
grading 2.52 g/t, representing 6.7 million ounces of gold, and 83.2 million tonnes grading 0.410%, representing 753.4 million pounds of copper. Total Indicated resources of 1.2 million tonnes grading 1.74
g/t, representing 68.5 million ounces of gold, and 650.3 million tonnes grading 0.526%, representing 7.545 billion pounds of copper. Total Inferred resources of 781 million tonnes grading 1.22 g/t,
representing 30.7 million ounces of gold, and 114.1 million tonnes grading 0.501%, representing 1.259 billion pounds of copper. For United States reporting purposes, Industry Guide 7 under the Securities
and Exchange Act of 1934 (as interpreted by Staff of the SEC), applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, the approximately 1.9
million ounces of proven and probable gold reserves associated with the Cortez Underground Expansion Project (approximately 5.6 million tonnes grading 10.5 g/t) are classified as mineralized material.
Complete mineral reserve and mineral resource data for all mines and projects referenced in this presentation, including tonnes, grades, and ounces, can be found on pages 88-93 of Barricks Fourth Quarter
and Year-End 2016 Report.
3. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2015, unless otherwise noted. Complete mineral reserve
and mineral resource data for all mines and projects referenced in this presentation, including tonnes, grades and ounces, can be found on pages 25-35 of Barricks 2015 Form 40-F/Annual Information Form.
4. Potential quantities and grades in these preliminary results are conceptual in nature and there has been insufficient exploration to define a mineral resource at this time and it is uncertain that further
exploration will result in the target being delineated as a mineral resource.
5. Total reportable incident frequency rate (TRIFR) is a ratio calculated as follows: number of reportable injuries x 200,000 hours divided by the total number of hours worked. Reportable injuries include
fatalities, lost time injuries, restricted duty injuries, and medically treated injuries.
6. For the purpose of all sensitivities, tonnage, grade and ounces attributable to Acacia mines and KCGM were removed from the calculations.
7. 2018 guidance is based on gold, copper, and oil price assumptions of $1,200/oz, $2.50/lb, and $50/bbl, respectively, and a USD:AUD exchange rate of 0.75:1, a CAD:USD exchange rate of 1.30:1, ARS:USD
exchange rate of 17.5:1 and a CLP:USD exchange rate of 675:1. 2019 guidance is based on gold, copper, and oil price assumptions of $1,200/oz, $2.75/lb, and $60/bbl, respectively, and a USD:AUD
exchange rate of 0.75:1, a CAD:USD exchange rate of 1.25:1, ARS:USD exchange rate of 18.5:1 and a CLP:USD exchange rate of 650:1. For economic sensitivity analysis of these assumptions, please refer
to page 13 of Barricks Fourth Quarter and Year-End 2016 Report.
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O P E R AT I O N S A N D T E C H N I C A L U P D AT E

Wednesday, February 22, 2017

AC Autoclave LOM Life of Mine

Operations and Technical Update | 1

Welcome & Opening Remarks Richard Williams

Sustainability and Sustainability Peter Sinclair

Operations and Technical Update | 2

Operations and Technical Update | 3

Value creation = invested capital x rate of return

Total Recordable Injury Reportable Environmental

2013 2014 2015 2016 2013 2014 2015 2016

1. See Endnote #5 Operations and Technical Update | 5

2013 2014 2015 2016

1. See endnotes #1 and #7 for guidance assumptions

Operations and Technical Update | 8

Exploration Drilling in Nevada

Operations and Technical Update | 10

Hemlo Turquoise Ridge Goldstrike Cortez

Operations and Technical Update | 11

Discovery 1976 1982 1995 1998 2015

4.5 Moz Au, 24 Moz Ag &

Total Reserves Total Reserves

1. See endnote #2 Operations and Technical Update | 12

Turquoise Ridge Cortez Hills

Operations and Technical Update | 13

110 Pueblo Viejo

156 Alturas Acquired Added

with small footprint

Tangible organic value

Large land position

Lower Zone Goldrush

T. Ridge Footwall Goldstrike Donlin Gold

Operations and Technical Update | 21

Operations and Technical Update | 23

The Codemine has been established in Elko

Operations and Technical Update | 24

Tele-remote loaders at Cortez, with upgrades

Automate Mill and Heap leach operations

Operations and Technical Update | 25

Operations and Technical Update | 26

Mineral Extraction Prosperous Absolute New

Our goal is to We plan to be We aim to create We plan to We aim to

TCM circuit at Goldstrike moving from

commissioning to full operation

Lab-at-Rig and flexible coil drilling

Development of leading edge applica-

Modular truck configurations

Conversion of the Nevada equipment

Operations and Technical Update | 28

Operations and Technical Update | 29

Operations and Technical Update | 30

Full Potential: Optimized strategic planning for growth

Reserve Plan: Annual production plan

Growth Plan: Long term upside opportunities Exploration

Operations and Technical Update | 31

Operations and Technical Update | 32

~70-80% Barrick acquires

The Game Changer: 2001

Doubled property footprint, closes

The Enabler: 2016 Resources

Comprehensive Hemlo Reserves

The Future: Mineralized

target potential - Go west,

go deep, automate Hemlo