Exploration Update

BARRICK GOLD CORPORATION Investor Day – September 7, 2011

Exploration Update

Investor Day - September 7, 2011

CAUTIONARY STATEMENT ON FORWARD‐LOOKING INFORMATION

Certain information contained in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, "expect", "will", “anticipate”, “contemplate”, “target”, “plan”, “continue”, “budget”, “may”, “intend”, “estimate” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainti es and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold, copper or certain other commodities (such as silver, fuel and electricity); the ability of the Company to complete or successfully integrate an announced acquisition proposal; legislative, political or economic developments in the jurisdictions in which the Company carries on business, including Zambia and Saudi Arabia; operating or technical difficulties in connection with mining or development activities; employee relations; availability and costs associated with mining inputs and labor; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves; contests over title to properties, particularly title to undeveloped properties; the risks involved in the exploration, development and mining business. Certain of these factors are discussed in greater detail in the Company’s most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

The Company disc la ims any in ten tion or o bliga tion to up da te or rev ise any forwar d-lkittlooking statemen ts wh hthether as a result ltf of new information, future events or otherwise, except as required by applicable law.

2 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

Barrick Exploration System (BXS)

Developing great explorers to find large deposits faster Common language and systematic approach to manage projtiliject pipeline

Exploration (inter‐regional Pipeline People collaboration) Empowering Better/ faster & developing. decisions DISCOVERY Discovery- driven Corporate Regional Development Business and Units Evaluations Knowledge Sharing and efficiency 3

Barrick Exploration ‐ Strategy

Exploration strategy that is aligned with Barrick’s business objectives

9 Looking for the next flagship deposit

9 Replacing and adding resources at existing operations and development projects

9 Working closely with Corporate Development to help identify best assets (early opportunity and upside)

4 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

2011 Exploration Program(1)

$370-$390M

~80% 38% North America African Barrick

$210M 13% 11%

South America Australia Pacific 38%

Operation 2010 2011 Development Project (1) See final slide #1 5

History of Gold Reserve Growth

THROUGH ACQUISITION AND EXPLORATION Proven and Probable – millions of ounces of gold ~140(1) 140 Spent $2.2B on exploration TOTAL EXP’N Overall finding cost ~$16/oz

20 21 Moz 1990109 110 Divestitures 2010 TOTAL TOTAL MINED ACQ’D

(1) See final slide #2 6 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

History of Reserve/Resource Growth

Reserve/resource ounces added (millions) 0 5 10 15 20 25

Goldstrike 52Moz Cortez

Pascua-Lama

Donlin Creek

Pueblo Viejo

Turquoise Ridge

Veladero

Bulyanhulu

Reko Diq

Lagunas Norte

Pierina

Bald Mtn

Ruby Hill ACQUIRED ADDED GRASSROOTS S. Arturo

South America

COLOMBIA

Lagunas Norte Pierina P E R U

Zaldívar Casale Cerro Casale Pascua-Lama El Indio Veladero Operations / A R G E N T I N A Development C H I L E Exploration

8 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

El Indio Focused on overlap of world class porphyry Cu‐Au belts

Eocene-Oligocene Collahuasi Miocene N Abra Under-explored region of Chuquicamata two overlapping giant ppyyporphyry belts Zaldivar Pascua-Lama Escondida Barrick has a dominant

Veladero land position in this

Salvador highly prospective area Chile 33 priority areas for Cu- Cerro Casale Au porphyry systems El Morro Argentina identified and ranked, 11 Pascua-Lama El Indio with detailed follow up Veladero El Tranque El Tranque drilling in

Pelambres progress Pachon

Los Bronces Carmen Carmen - Pascua and Andina

Teniente Veladero type target

200 km Follow up areas 20 km Barrick claims 9

Carmen New HS oxide system in El Indio Belt

1.7 g/t Au High sulfidation system related to multiple hydrothermal breccias similar to Pascua - Lama 3.2 g/t Au Highest grade Au - Ag 2.1 g/t Au Argentina mineralization is exposed over an

1.6 g/t Au area >2.5 km by at least 300m

1.7 g/t Au Drill testing in Q4

2.0 g/t Au

Chile Legend

? Au Rock > 0.5 g/t Extent of Exposed Mineralization & Alteration Mapped Hydrothermal Breccia Zones

Favorable Host Rocks 500m Basement Rocks

10 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

Casale District Exploration

New Porphyry Targets At least 8 new Known Prospects porphyry targets N identified Román Follow-up work identified a new porphyry system (Luciano) Anfiteatro Eva Surface grades Luciano at Luciano Casale suggest potential to become a stand- alone deposit

Casale Resources Pit (Au $1,200 oz & Cu $2.50 Lb)

Luciano Au‐Cu Porphyry Looking North

Au 2.04 g/t Au 2.09 g/t C019%Cu 0.19% Cu 0.21% Au 3.25 g/t Au 1.65 g/t Au 0.93 g/t Cu 0.1% Cu 0.17% Cu 0.18% Au 1.57 g/t Au 1.81 g/t Au 1.32 g/t Au 1.05 g/t Cu 2.06% Cu 0.24% Cu 0.1%0.1% Cu 0.24%

Au 0.25 g/t Cu >1%>1% (OL(OL)) ((bottombottom of thecreek) creek) Mineralized Zone

700 m Au-Cu mineralization exposed at surface Mineralization is open to the north, west and south Drill program initiated 12 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

Australia Pacific

Jabal Sayid P A P U A N E W G U I N E A SAUDI ARABIA Porgera Three regional centers Robust, multi-stage A U S T R A L I A Plutonic pipeline Darlot Lawlers Granny Smith Kanowna Kalgoorlie Cowal Lumwana

ZAMBIA

Operations / Development Exploration 13

Central African Copperbelt

DEMOCRATIC REPUBLIC OF CONGO

ANGOLA

Kabompo Project Status Operating Development Mwombezhi LUMWANA Ngala Dome Historical Cu Endowment 0 - 1 Mt 1 - 5 Mt 5 - 10 Mt ZAMBIA ANGOLIA Karoo Sediments 10 - 20 Mt Muva Sediments Barrick Post-Kundelungu Project Roan Group (Cu) Mufapanda Cu belt trends 100km Basement 14 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

Lumwana ‐ Plan View

Series of old thrust sheets host mineralization Malundwe Coarse Cu minerals result in favourable Odile Lubwe metallurgy Chimiwungo Additional ppprospects grading +1% Cu over 10 meters Katangan Mutoma Rimming Quartzite Fault Thrust Sheets 10km Basement

Chimiwungo ‐ Plan View

$1.20/lb Cu Pit Shell

$2.50/lb Cu Pit Shell

$3.50/lb Cu Pit Shell

Rimming Quartzite Fault Chimiwungo Sheet

2km 16 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

Chimiwungo ‐ Potential

Select Drill Results: 9 66m @ 1.23% Cu 9 61m @ 1.11% Cu g Section n n 9 95m @ 1.01% Cu

Lo 9 77m @ 0.84% Cu 9 18m @ 1.52% Cu 9 30m @ 1.31% Cu 9 25m @ 1.78% Cu 9 46m @ 1.27% Cu 9 17m @ 1.54% Cu 9 30m @ 1.27% Cu

$3.50/lb Cu Pit Shell X Section Rimming Quartzite Mutoma Chimiwungo Sheet

2km 7m @ 1.75% Cu 9m @ 0.95% Cu 17

Chimiwungo ‐ Sections

S (Looking West) $1.20/lb Cu Pit Shell 1500RL N

1000RL Leached overburden Hangingwall gneiss Oxide ore $3.50/lb Cu $2.50/lb Cu Ore schists Fault Middle gneiss Pit Shell Pit Shell Lower gneiss Footwall schist CHIMIWUNGO LONG SECTION 500m Drill hole W (Looking North) E 1500RL $1.20/lb Cu Pit Shell $2.50/lb Cu Pit Shell

1000RL

$3.50/lb Cu Pit Shell 500RL 500m CHIMIWUNGO CROSS SECTION 18 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

Zambia ‐ Ngala Project

Post-Kundelungu Democratic Recent major Kinsenda Lower Roan (Cu) 1 Mt Republic of Congo discoveries in Basement Konkola Barrick Prospects unconventional 17 Mt Prospects Lubembe Zambia - DRC rocks 2 Mt Border Nchanga Mufulira Project Status / Large and high 13 Mt 10 Mt Cu Endowment Operating grade Cu Ngala Development Chambishi Historical deposits flanking 5 Mt Frontier targets 4 Mt Nkana Unlocking 7 Mt potential in prospective Zambia ground Luanshya 5 Mt 20km

Nevada Land Holdings / Projects

Turquoise Ridge Goldstrike OREGONO R E G O N IDAHOI D A H O

N E V A D A Turquoise Ridge Goldstrike Carlin Elko Marigold Cortez Cortez Bald Mtn Bald

Ruby Hill Mountain Ruby Hill

Round Mtn

0 miles 100 200 0 miles 50 100 N 20 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

Turquoise Ridge Concealed Targets

Planned Getchell Open Pit and Twin Creeks Mine Well endowed district Turquoise Ridge Underground +40 M oz Au Limited historical drilling Pediment Cover <1,500 ft. depth Pediment cover significantly shallower than previously thought

Bedrock 3D seismic survey will & Thin help delineate and Alluvial Cover prioritize drill targets under pediment cover

MAP LEGEND 3D Seismic Survey Region Planned Getchell Open Pit Pediment Cover Gold Deposits NN >1,500 ft. depth Drill Hole Depth to Bedrock Miles 012 0 – 400 ft 401 – 800 ft 801 – 1200 ft 21

Cortez Project Location

Turquoise Ridge Goldstrike OREGONO R E G O N IDAHOI D A H O

N E V A D A Turquoise Ridge Goldstrike Carlin Elko Marigold Cortez Cortez Bald Mt. Bald

Ruby Hill Mountain Ruby Hill

Round Mt.

0 miles 100 200 0 miles 50 100 N 22 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

Cortez Camp ‐ Long Discovery History

Hilltop High camp endowment N of 39 M oz WldWorld-class midines and long discovery history 2 new discoveries

Potential for additional Gold Acres discoveries below cover Pipeline

Discovery Cortez Buckhorn Gold Mine - >10Moz Endowment Horse Gold Mine - Significant Past Production Cortez Hills Canyon Overburden / Alluvium Volcanic Rocks Red Intrusive Rocks Hill Carbonate Rocks Goldrush Siliciclastic Rocks 8 miles 23

Red Hill / Goldrush Corridor

Pipeline Horse Canyon Cortez Hills

Red Hill

Goldrush

ET North

Oblique aerial photo looking to the northwest 24 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

Result Highlights RED Roberts Drill Hole Mountains HILL 194ft @ 0.90 opt Thrust Grade x Thickness Less than 5 oz-ft 20ft @ 1.18 opt 5 to 10 oz-ft 10 to 20 oz-ft 35ft @ 0.40 opt 20 to 50 oz-ft 65ft @ 0.15 opt 25ft @ 0.18 opt Greater than 50 oz-ft 120ft @ 0.14 opt

116ft @ 0.35 opt (opt = ounces per ton Au)

80ft @ 0.25 opt 135ft @ 0.43 opt

Section Location Inset Map 165ft @ 0.372 opt Geology

RedOverburden / Alluvial Cover Areas of 30ft @ 0.08 opt Hill Volcanic Cover Rocks Focused GOLDRUSH 67.2ft @ 0.89 opt Prospective LowerDrilling Plate Rocks N Non-prospectiveN Goldrush Upper Plate Rocks 66.5ft @ 0.21 opt 186ft @ 0.17 opt 8,000 feet

0 feet 2,000 4,000 25

Red Hill / Goldrush ‐ Long Section

~2 miles

A RED HILL Section B GOLDRUSH A’

OPEN Alluvial Cover

OPEN Limestone

40ft @ 0.28 opt 92.5ft @ 0.31 opt 87ft @ 0.16 opt 120ft @ 0.14 opt 100.5ft @ 0.25 opt 80ft @ 0.25 opt 29ft @ 0.18 opt 30ft @ 021opt0.21 opt 135ft @ 0.43 opt Section Location Inset Map

Red Hill Areas of Focused Drilling Goldrush

26 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

Red Hill ‐ Cross Section

35ft @ 0.15 opt 70ft @ 0.09 opt B’ 35ft @ 0.07 opt 119.8ft @ 0.34 opt 62ft @ 0.36 opt 68ft @ 0.14 opt Alluvial Cover 92.5ft @ 0.31 opt 60ft @ 0.26 opt

40ft @ 0.10 opt B 30ft @ 0.14 opt 40ft @ 0.10 opt

Mineralized Horizon

Mudstone

Siltstone Section Location Inset Map Red Hill

Areas of Focused Drilling Goldrush

Lower Limestone Upper Limestone 0 feet 500 1,000 27

Goldrush ‐ Long Section

Alluvial Cover C’ 120ft @ 0. 14 opt 20ft @ 0.21 opt 59ft @ 0.49 opt 66.5ft @ 0.21 opt 186ft @ 0.17 opt 135ft @ 0.43 opt 63ft @ 0.19 opt

Limestone

Mineralized Horizon

210ft @ 0. 10 opt

36ft @ 0.59 opt 30ft @ 0.08 opt Section Location Inset Map 30ft @ 0.121 opt 75ft @ 0.14 opt 67.2ft @ 0.89 opt Red Hill

35.5ft @ 0.41 opt Areas of 30ft @ 0.19 opt Focused Drilling 0 feet 1,000 2,000 118ft @ 0.16 opt Goldrush

28 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

Goldrush / Red Hill Drill Core

Example of replacement- style mineralization at Goldrush Discovery drill hole 5 ft @ 0.71 opt HCD09-01 intersected 67.2 ft grading 0.89 opt

High grade gold from KB zone at Red Hill Drill hole RHD08-06 4 ft @ 5.96 opt intersected 194 ft grading 0.90 opt Au

Cortez ‐ Continuous Organic Growth

Large growth opportunity in well endowed Cortez Camp Strong and continuous Carlin-style mineralization Tabular mineralized horizon extends 4 miles from Red Hill to ET Blue +3.5 M oz inferred resource outlined at Red Hill and open in all directions Discovery at Goldrush, 6,000ft south of Red Hill and open in all directions Drilling to find extent of system as well as in-fill drilling to confirm continuity and grade Other significant opportunities throughout the Cortez camp continue to be advanced – Lower Zone, Hilltop, CTI, Buckhorn

30 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

History of Reserve/Resource Growth

Reserve/resource ounces added (millions) 0 5 10 15 20 25

Goldstrike 52Moz Cortez Pascua-Lama Donlin Creek Pueblo Viejo Turquoise Ridge Veladero Bulyanhulu Reko Diq Lagunas Norte Pierina Bald Mtn Ruby Hill S.Arturo Red Hill ACQUIRED ADDED GRASSROOTS Goldrush

Summary

Successful approach to resource growth through a balance of exploration and acquisitions: – 2j2 major new di dii!scoveries! – possibly several more emerging – Consistent resource growth following acquisitions Best exploration pipeline in the business Exploration group clearly focused on business outcomes Exploration success is sustainable Exploration a great engine for value creation at Barrick

32 BARRICK GOLD CORPORATION Investor Day – September 7, 2011

Footnotes

1. Barrick’s exploration programs are designed and conducted under the supervision of Robert Krcmarov, Senior Vice President, Global Exploration of Barrick. For information on the geology, exploration activities generally, and drilling and analysis procedures on Barrick’s material properties, see Barrick’s most recent Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission. 2. Barrick’s mineral reserves (“reserves”) and mineral resources (“resources”) have been calculated as at December 31, 2010 in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. 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 USU.S. repor ting purposes, Cerro ClilifidCasale is classified as m ilidtilFbkdineralized material. For a breakdown o f reserves an d resources btby category and a dditiona l information relating to reserves and resources, see pages 24 to 34 of Barrick’s 2010 Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.