B News & Events

Barrick Mining announced several executive appointments and provided an update regarding the planned IPO of a minority stake of a new company that will hold its North American Gold Assets. An executive leadership team dedicated exclusively to North American Barrick has been appointed. They have been working together for many months. The team consists of Barrick veterans with expertise in operations, exploration, and development. The team is comprised of: Tim Cribb, COO; Wessel Hamman, CFO; Joe Heckendorn, Chief Legal Officer & Corporate Secretary; Megan Tibbals, Chief Technical Officer; Richard Barley, Chief HR Officer; Javier Ortuzar, VP - Exploration; Amanda Steensen, VP - Sustainability. The portfolio of four Tier One gold assets is located in mining jurisdictions in North America: Carlin, Cortez, and Turquoise Ridge in the Nevada Gold Mines complex, and the Pueblo Viejo mine in the Dominican Republic. North American Barrick's assets produced approximately 2.0Moz of gold production in 2025 attributable to Barrick's interests. North American Barrick will also include Barrick's wholly-owned Fourmile gold project, located adjacent to NGM. It is anticipated that Fourmile will eventually be contributed to the NGM joint venture, in accordance with the NGM Joint Venture Agreement. North American Barrick is expected to have its primary listing in New York, with a secondary listing in Toronto, subject to customary SEC registration and Canadian prospectus qualification processes. Barrick is on track to complete the IPO by the end of 2026, subject to market and other conditions and necessary approvals. The anticipated IPO will abide by all applicable commitments in Barrick's Joint Venture Agreements.

In a letter to shareholders, Chairman John Thornton said, "What will our next chapter look like? Some things will change, while the essentials will stay the same. The primary change will be to our structure. For many years, we have viewed our shares as undervalued... We are in a unique position to take bold and creative steps to unlock even more value and optimize the whole. The first such step is to pursue an IPO of a company that will hold Barrick's premier North American gold assets: our joint venture interests in Nevada Gold Mines and Pueblo Viejo, and our wholly-owned Fourmile discovery. We will retain a significant controlling majority interest in North American Barrick and continue to benefit financially from it. We expect the IPO to be completed by the end of 2026. In our view North American Barrick will be the most attractive pure gold company in the world, located in the most attractive jurisdiction, with the strongest proven growth pipeline. We would expect to see that value reflected over time in its share price and in the share price of the Barrick parent company. Of our remaining portfolio, we will reduce our exposure to today's higher-risk jurisdictions, enhance the value of our remaining assets through disciplined investment and strategic initiatives, and strengthen the whole with targeted acquisitions. The resulting structure will attract new shareholders and give our existing owners more tailored exposure to different jurisdictions, metals, and portfolio growth opportunities."

Barrick Mining announced the decision by the Ontario Court of Appeal dismissing an appeal by certain Tanzanian residents alleging human rights abuses by members of the Tanzanian Police Force in the vicinity of the company's North Mara gold mine. This decision upheld an earlier ruling of the Superior Court of Ontario which found that Ontario is not the appropriate forum to consider these claims and that they must be adjudicated in Tanzania. Evidence filed during this case established that the Tanzanian Police Force acts independently of Barrick.