Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

FORWARD LOOKING STATEMENT Certain statements included herein, including those regarding production, costs, development schedules and other statements that express management’s expectations or estimates of our future performance, constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, 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. We caution you that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from our estimated future results, performance or achievements expressed or implied by those forward-looking statements and our 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 or certain other commodities (such as silver, copper, diesel fuel and electricity) and currencies; changes in interest rates or gold lease rates that could impact realized prices under our forward sales program; legislative, political or economic developments in the jurisdictions in which Barrick carries on business; operating or technical difficulties in connection with mining or development activities; the Building Mines, Building Value speculative nature of gold exploration and development, including the risks of diminishing quantities or grades of reserves; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in Barrick’s most recent Form 40-F/Annual Information Gregory C. Wilkins on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. President and Chief Executive Officer Barrick expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise.

The Gold Market 425 Sustainable gold price rally 400 Share our Vision ƒ Dollar weakness ƒ Investment demand 375 Show Management Depth ƒ Geopolitical 350 tensions 325 Make the Case for Barrick ƒ Re-flationary pressures 300

2002 2003 2004 Building Mines Building Mines Building Value Building Value

Our Vision Our Strengths “ Barrick's mission is to be the world's best ƒ Global size and scope gold company by finding, developing and ƒ High quality reserve and production base in producing quality gold reserves in a OECD Countries profitable and socially responsible manner.” ƒ Extensive technical and international experience ƒ Financial strength ƒ Corporate responsibility

Building Mines Building Mines Building Value Building Value

1 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Executing Our Plan What we said What we did ƒ Build our new mines on time, on budget “For 2003, we expect ƒ 5.51 million ounces ƒ Harvest cash flow from existing assets to produce between ƒ $189 total cash cost ƒ Reserve replacement and growth 5.4 and 5.5 million ounces at a cost of ƒ Lowest cost of the senior ƒ Reduce costs by continuous improvement $180 to $190 per producers ƒ Maintain a strong exploration program ounce.” ƒ Earnings and operating ƒ Value added acquisitions cash flows exceed 2002 ƒ The right people in the right places

Building Mines Building Mines Building Value Building Value

What we said What we did What we said What we did “We are focused ƒ Veladero construction on getting these began in Q4 “Our existing ƒ Reduced hedge position projects into program is larger by 2.6 M oz ƒ Submitted EIS for Alto than I’d like as it production as Chicama and completed ƒ Down 8.6 M oz over represents almost soon as possible.” public hearings last 2 yrs 21% of our 18% of reserves ƒ Tulawaka construction reserves” ƒ began in Q4 ƒ No-Hedge Policy ƒ Continued optimization ƒ Reduce to zero over time study at Pascua for Q2 2004 decision ƒ Cowal construction began Building Mines Q1, 2004 Building Value

What we said What we did What’s Next – Building New Mines

“We must make ƒ Strengthen 2004 Outlook certain that we management team ƒ Construction underway at Veladero, Cowal and have the right ƒ Reorganized into Tulawaka, Alto Chicama expected Q2, 2004 people in the right regional structure places at all levels ƒ $590 million expected to be spent on ƒ Responsible for of the Company” development projects life-of-mine activities ƒ Augmented ƒ Production: 4.9 – 5.0 million ounces development team ƒ Cash cost: $205 – $215 per ounce

Building Mines Building Mines Building Value Building Value

2 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Gold Industry Challenges ƒ Flat global production profile ƒ Consolidation among majors ƒ Senior producers face growth challenges: – replacing reserves – declining grades – rising costs ƒ New regions for future projects Gold Industry Overview ƒ Significant lead time for new projects Tye Burt Executive Director Corporate Development Building Mines Building Value

Gold Industry Challenges Industry Dynamics 83.7 83.3 83.6 82.5 83.1 Impact: Global Production Profile 81.6 millions of ounces 79.7 ƒ Upward pressure on commodity prices 75.9 ƒ Focus on majors’ capacity to grow reserves & production 73.7 73.4 73.2 71.9 ƒ Competition to add gold reserves ƒ Renewed investment in exploration ƒ Premium for large, new projects

Building Mines Building Value 92 93 94 95 96 97 98 99 00 01 02 03

Source: Goldfields Mineral Services Ltd

Industry Dynamics Industry Dynamics Continued consolidation in production North American Mining Equity Financings ƒ US$ billions 1993 2003 5.4 4.9

4.2 Top 10 Producers 39% 48%

1.9 1.7 1.2 0.9 0.3 Building Mines Building Value 96 97 98 99 00 01 02 03

Source: Company reports; Gold Fields Mineral Services Source: National Bank Financial

3 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Industry Dynamics Industry Dynamics Mining Industry Exploration Spending Few new +300k oz Gold Mines US$ billions 5.2 5 4.6 44 3.7 3 2.8 2.6 2.4 2.2 22 1.9

1

96 97 98 99 00 01 02 03 96 97 98 99 00 01 02 03

Source: Metals Economics Group Source: Metals Economics Group

Industry Dynamics Industry Dynamics Few new +300k oz and +500k oz Gold Mines New Regions Emerging Changing regional production (last three years) 5 Rest of Africa

44 S. America Rest of Asia 3 3 China, Russia & X-CIS 22 22 Oceania N. America 1 S. Africa

96 97 98 99 00 01 02 03 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30%

Source: Metals Economics Group

Industry Dynamics Industry Dynamics – Rising Costs

ƒ Few available deposits: 400 – 5 to 7 years average lead time to production SPOT GOLD – Permitting complex with more stringent regulations 350 – few large projects permitted / in development

Africa, 300 Australia GF

Russia, FSU, 250 South America ANG Rest of Asia PDG NEM ABX North America 200

Result: premium for new, permitted projects 150 00 01 02 03 04 (E)

Source: Company reports; Company guidance

4 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Industry Dynamics Industry Dynamics Production at the 4 Other Majors: ’04 – 07F Growth Rate at the 4 Other Majors: ’04 – ’07F millions of ounces millions of ounces 25 Approximately 25 Low growth rates ƒ 2.28% CAGR ƒ 23Moz/yr of in forecasts PDG PDG 20 recovered reserves 20 GF required to replace GF 15 production 15

ANG ANG 10 10

5 5 NEM NEM

0 0 04F 05F 06F 07F 04F 05F 06F 07F

Source: Average of research estimates Source: Average of Research

Requirements for Success Requirements for Success ƒ Ability to balance geographic political risks ƒ Continuity of investment in exploration, 2003 ABX Reserves OECD Countries 2003 ABX Production development and business development at Barrick 137 13% N. America 6% US$ millions 28% 17% 110 Australia 103 104

Non-OECD 59% 19% 44% 15% S. America

Africa

Building Mines Building Mines Building Value 01 02 03 04 E Building Value

Requirements for Success Requirements for Success Capability: moving projects into production ƒ Barrick’s strategic acquisitions and investments: Planning/ Reserve – acquired Arequipa (Pierina), Exploration Drilling Permitting Delineation Construction Production Sutton (Bulyanhulu and Kabanga), and Bulyanhulu Pangea (Tulawaka, land package) Pierina – merged with Homestake (Veladero, Cowal) Veladero – investments in Highland Gold (Russia) Alto Chicama and QGX (Mongolia) Cowal Tulawaka Building Mines Pascua-Lama Building Value

5 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Barrick has requirements for success What’s Next ƒ Unmatched slate of new, low-cost projects Target Production Profile 2004 – 2007 ƒ Ability to balance geo-political risk 6.8-7.0

ƒ Skill-set to find/develop projects in new regions 6.4-6.6 ƒ Continuity of investment in exploration 40% GROWTH ƒ Financial strength and staying power 5.3-5.5 EXPECTED CASH COSTS UNDER ƒ Managerial and financial sophistication to work 4.9-5.0 in the developing world $200/oz ƒ Global reach, Building Mines Building Mines regional structure 4.0 – Building Value 2004 2005 2006 2007 Building Value

Beyond 2007 The Case for Barrick ƒ Pascua-Lama ƒ Unprecedented growth and projected lowest – not included in production profile yet cash costs among top five through 2007 – Board of Directors decision Q2 2004 ƒ Growing, not just replacing, production while – production expected as early as 2008 lowering costs below $200/oz with new mines – replaces maturing mine production ƒ Consistent investment in exploration ƒ Construction of new mines has begun ƒ Opportunistic acquisitions ƒ Right people in the right places ƒ Global capital management ƒ Under-valued compared to peers Building Mines Building Mines Building Value Building Value

Operational Objectives ƒ Deliver on targets – Build new mines – Maximize NPV of existing assets – Focus on reserve development/replacement – Enhance safety performance Assets Overview – Maintain strong social responsibility Peter Kinver Chief Operating Officer Building Mines Building Value

6 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Building New Mines Building New Mines ƒ Drives future production Veladero – Argentina ƒ Low cost / long life – under construction – first gold pour expected Q4 2005 ƒ Allows our portfolio to contain/lower costs Alto Chicama –Peru Four New Mines Underway – EIS approval expected in Q2, 2004 – construction to follow – first gold pour expected Q4 2005

Building Mines Building Mines Building Value Building Value

Building New Mines Building New Mines Cowal – Australia Pascua-Lama – Argentina/Chile – approved by Board of Directors – Board decision expected in early Q2 2004 – Under construction – First gold pour expected as early as 2008 – first gold pour expected Q1 2006 – Gold reserves: 16.9 million ounces – Gold resources 3.5 million ounces Tulawaka –Tanzania – Contained silver in gold reserves of 296 million – under construction tons at 1.97 oz/ton = 584 million ounces – first gold pour Q1 2005

Building Mines Building Mines Building Value Building Value

Maximize NPV of Existing Assets The Barrick Operating System ƒ Increase throughput and recovery ƒ Contributes to the lowest cash cost structure ƒ Decrease variable and fixed costs of the senior producers ƒ Capture new business opportunities – Goldstrike roaster throughput – Plutonic underground throughput How? – Pierina crusher throughput ƒ Barrick Operating System – Betze-Post mining costs – Goldstrike toll milling

Building Mines Building Mines Building Value Building Value

7 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Reserve Development and Replacement Enhance Safety ƒ Virtually replaced 2003 reserves ƒ Enhancements roll-out in Q1 2004 ƒ Mined below average reserve grade in 2003 ƒ Target: zero lost time accidents ƒ Focusing on replacing and growing in 2004 ƒ Safe mine is a profitable mine – Create long-term value Maintain Strong Social Responsibility – Provide flexibility and enhance future cost ƒ Environmental stewardship performance ƒ Community development ƒ Industry leadership position Building Mines Building Mines Building Value Building Value

Regional Corporate Structure Quality of People ƒ “The right people in the right places” BUILD MINE North ƒ Operating excellence / proven track record of America CLOSE Africa / Australia development: – Greg Lang BUILD MINE BUILD MINE – Steve Orr – Igor Gonzales CLOSE South CLOSE America – Ray Threlkeld

Building Mines Building Mines Building Value Building Value

Target Production Growth Profile 6.8-7.0 6.4-6.6 South America 5.3-5.5 4.9-5.0

Australia/ Africa

North North America Region America Greg Lang Building Mines Vice President, North America 2004 2005 2006 2007 Building Value

8 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

North America Eskay Creek North America – Production Contribution CANADA Hemlo 6.8-7.0 Goldstrike Target Production ƒ 6 operating mines Holt- ƒ 2004E cash costs: Round Mtn McDermott millions of ounces 6.4-6.6 Marigold $223 – 232 /oz U.S.A. ƒ Strengths 5.3-5.5 4.9-5.0 ƒ 2003 reserves: – Cash-flow engine that drives the company today 24.2 M oz (28%) – Low-cost infrastructure in world-renowned mining 2004E Production camps 60% – Reserve replacement/expansion potential in Nevada

– Culture of cost reduction and continuous North 3.0 2.9-3.0 3.0 2.4-2.5 improvement America Building Mines Building Mines

Building Value 2004 2005 2006 2007 Building Value

North America – Eskay Creek North America – Nevada 2003 Actual Production CANADA Hemlo Goldstrike Goldstrike Holt- Goldstrike – Open pit Round Mtn McDermott Marigold U.S.A. ƒ 2004 E production: Round Mountain 1,340,000 – 1,360,000 ounces 12% Goldstrike ƒ 2004 E cost per oz: $250 – 260 Goldstrike – Underground 65% 11% Eskay Creek ƒ 2004 E Production: 8% 590,000-610,000 ounces Hemlo ƒ 2004E cost per oz: $245-255 Other 4% Building Mines Building Value

North America – Nevada North America ––Canada Canada Eskay Creek CANADA Eskay Creek Hemlo Round Mountain Round Mtn ƒ Open pit ƒ Underground ƒ 2004 E production: 355,000 – 365,000 ounces ƒ 2004E production: 300,000-310,000 oz ƒ 2004 E cost per oz: $205 – 215 ƒ 2004E cost per oz: $100 - 105 Hemlo ƒ Underground and open pit ƒ 2004E production: 260,000-270,000 oz ƒ 2004E cost per oz: $215-225

Building Mines Building Mines Building Value Building Value

9 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

North America - Strategy North America – Sustain Current Production

ƒ Sustain 2004 production level Enhancement Initiatives ƒ Replace and expand reserve base ƒ Goldstrike – improve underground performance ƒ Capture regional synergies to contain costs ƒ Hemlo – increase tonnage at David Bell ƒ Leverage existing world class infrastructure ƒ Goldstrike – recovery enhancement at Autoclave ƒ Corporate responsibility ƒ Goldstrike – road header underground equipment ƒ Continuous improvement

Building Mines Building Mines Building Value Building Value

North America – Productivity Improvement North America – Productivity Improvement Comparison 2001:2004 Total Site Tons Milled per Day vs Manpower – Goldstrike Complex ƒ Grades – 24% 1726 Employees ƒ Power price +23% 1612 1615 1563 Tons milled per day ƒ Propane price +52% 35.5 Tons thousands per employee Cash costs ~ $70/oz 2.6 33.6 33.5 0.9 Cash costs ~ $10/oz 1.6 31%= 32.7 32.9 22.0 31.9 Cash costs ~ $60/oz 16.8 28.9

Building Mines 2001 2002 2003 2004E 2001 2004 Building Value

North America – Reserve Addition Targets Goldstrike Underground: Reserve Opportunities

ƒ Betze-Post pit expansion layback MEIKLE 2004 DRILL PROGRAM

RODEO EAST 5,500 m ANTIPOST ƒ Goldstrike underground drilling GRIFFIN NORTH EXTENSION POST 3,000 m

T UL FA Storm Project near Goldstrike ST ƒ PO MEIKLE WEST RODEO

ƒ Round Mountain underground BANSHEE WEST GRIFFIN BARREL 4,500 m 6,000 m SOUTH ƒ Eskay Creek – 22 Zone MEIKLE EXPLORATION 7,500 m RESERVE DEVELOPMENT 19,000 m ƒ Hemlo underground SOUTH WEST GRIFFIN MEIKLE 4,500 m BARREL RODEO BANSHEE 5,500 m ƒ Gold Hill and East Archimedes 6,000 m ANTIPOST

3600 WEST-RODEO water table GRIFFIN Building Mines MEIKLE EXTENSION 3,000 m 0 1,000' Building Value LONG SECTION PROJECTED TO 8500 EAST

10 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Round Mountain Underground Evaluation Eskay Creek: 22 Zone Location Map

> 53 6 ∗ > 58 8 21 Zone > 57 Deposits > 54

> 56

> 55

22 Zone West-East Section depicting Underground Targets 0 500 1,000 metres

Hemlo: Reserve Opportunities North America – Regional Opportunities 2004 BUDGET MINE EXPLORATION SURFACESURF. EXPLN. 4,000 m DIAMOND DRILLING WESTEXPLN. EXTENSION ƒ Carlin synergies with neighboring mines 4,000 m OPEN PIT

10305

No.3 ƒ Owner miner study at Eskay Creek VENT Rse CZONE 10140 BZONE 10100 RESERVE DEV. 10065 RESERVE 10030 B ZONE 17,000 m 9975 Nevada power options 31 29 27 9975 ƒ 25 23 21 19 DEV. 17 15 13 9970 No.2 ORE No.1 9935 PASS No.3 O P B/F Rse 11,283 m 9900 Exhaust 9865 9870 Rse

9830 No. 2

9765 OP No.2 9765 33 31 Paste fill plant – Goldstrike Underground No.1 29 27 25 23 21 19 17 1 5 1 3 1 1 9 7 5 3 ƒ VENT. ORE RSE PASS B-ZONE RECC. 9765 EXPLN CZONE U/G B-ZONE No.5 1,100 m 9660 O.P. CZONE1.9 MT @ 6.31 U/G g/t RECC. 5,000 m drilling No.6 Vent Rse 1.9Add MTN to Resource @ 6.31 1,1009555 m g/t

D

T

9450 F.W. Expl. Drift L 9450 56 A 54 52 50 48 46 44 42 40 38 36 D 36 34 32 30 28 26 24 22 20 16 1 4 1 2 1 0 8 6 4 2 5,000 m 18 A N

A

C

T

N

O 56 M

W

E

N NewmontFranco Resources Resources East End Resource +9000 Level +90001.6MT Level 6.46 g/t

Total Resource W 9175 F.W . Exploration Drift i 5MT 6 g/t ll 1.6 MTN 6.56 g/t ia No.6 Franco-Nevada m s O.P.

Exploration Drift F O ra p n e 9135 c ra o t Total Resource -N i n Scale: metres e v g a C d 9065 50 0 50 100 150 a o rp 5 MTN 6 g/t . 9030 0.6 MTN 0.6@ MT 5.58 @ 5.58 g/t RECC. DEEP ~0.7 MTN @ 7.65 g/t Current significant Resources 2,000 m drilling ~0.7 M T @ 7.65 g/t Building Mines 4,200 m drilling Add/Confirm Resource RECC. DEEP EXPLN Development for Expln Programs Add/Confirm Resources 2,000 m EXPLN.1,400 m 4,200 m Add/Confirm 1,400 m Add/Confirm Resource Building Value Resource

North America – Leverage Existing Infrastructure North America –Summary ƒ Toll milling opportunities at Goldstrike and ƒ Reliable mines generating strong earnings Hemlo and cash flow – Newmont - Nevada / Ontario ƒ Regional management team focused on maximizing the value of assets and sustain –Cortez -Nevada 3.0 million ounces per year – Goldcorp - Nevada ƒ Potential to expand reserves at all the – Junior producers Nevada mines particularly in a strong gold price environment

Building Mines Building Mines Building Value Building Value

11 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

North American Exploration Eskay Creek Hemlo

Goldstrike

North American Exploration Ed Cope Manager, U.S.A. and Goldstrike Exploration

Nevada Exploration Projects Carlin Trend Drill Hole Targeting

119° 118°117° 116° 115° Jackpot PROJECTED 3-D INVERTED Ellison Ranch SURFACE Gold Trend Boundary MAGNETICS ? ∗ ANOMALIES ∗ ∗ Pinson ∗ 6 4 ∗ Barrick Exploration 4 6 Rossi/Dee Wells ) 4 Project ∗ ∗ ∗ Ren 41° 4 Marigold ∗ DRILLHOLE 6 ∗ ∗ GOLDSTRIKE Sediment-Hosted Gold 6 ∗ ALTERATION AND Rye ∗ Carlin Deposit ∀ ∀ 6 ∗ GEOCHEMISTRY ∗ Simon Creek JV 6 ? ∗ 4 Sediment-Hosted Gold ∗ ∀ ∗ ) ∗ ∗ ∗ Deposit > 1 Million oz. ∗ 4 ∗ Au Rawhide ∗ ∗ 40° ∗ ∗∗ Canyon 4 6 Volcanic-Hosted Gold ∗ ∗ ∗ Deposit 4 ∗ Reno Eureka ? Volcanic-Hosted Gold Austin Ruby Hill ∗ ∗∗ 4 Deposit > 1 Million oz. 6 ∗ Ely ∗ Au 4 ∗ ∗ 3-D INVERTED 6 39° ∀ Skarn Gold Deposit GRAVITY Gabbs Round Mountain 4 6 6 ∗ ∗ Hawthorne ∗ ∗ Skarn Gold Deposit > 1 ∗ ! 4 Million oz. Au MTN INVERSIONS

Ellison Ranch Property- Barrick Fee Lands GEOLOGY

Goldfield

Northern Carlin 2003 Goldstrike Highlights Trend Targets ƒ New geology program of re-logging, re-modeling, drill targeting in 4 prospective areas commenced ƒ Goldstrike N and S 2 C N. Arturo early in Q2 Storm pit targets S. Button Hill Dee Ren ƒ 109,125 feet RC drilling in 85 holes completed in ƒ NW / SE of Meikle Arturo Q3-Q4 ƒ Significant open-pit grade intersections ƒ Storm Banshee N.W. Meikle encountered in 62 of 85 (73%) holes drilled in Meikle new program S.E. Meikle ƒ REN Griffin Barrel ƒ ~ 500K oz reserve addition and 1.2 million oz of North Pit Rodeo Betze-Post potential mineralization identified in new drilling program Building Mines South Pit Building Value

12 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Storm Mine Underground Resources Goldstrike 2004 Exploration Program 266500E 267500E 268000E 268500E 269000E

ƒ 56 hole - 85,000’ initial drilling program planned 293000N Discovery Zone +0.200 opt Au ƒ Focus on North and South Pit resource/reserve (222,446 oz) Modeled Mineralized development Shapes 292500N ƒ Generate and drill test new targets northwest of End Zone (250,490 Meikle 49er Zone (132,321 oz) ƒ Evaluate target potential southeast of Meikle (east oz) 292000N ROSSI of the Post fault) DEE Deep North ƒ Refine Goldstrike geology property-wide to identify 291500N +0.200 opt Au (65,953 oz) new areas with potential Modeled Mineralized Shapes ƒ Confident Goldstrike will continue to yield new 291000N discoveries N Building Mines All Zones Total 715K Ounces Building Value SW Pit (43,303 oz) 290500N

Storm JV 2003 Highlights Storm 2004 Program ƒ Storm decline rehabilitation completed Q3 ƒ 1,325 feet of UG development for access to ƒ 9,150 feet of combined RC-Core drilling in End Zone drilling platforms 49er Zone ƒ 23,400 feet development/exploration drilling ƒ 49er Zone 2003 indicated/inferred resource ƒ Mining / metallurgical test work at the 49er is 275K tons @ 0.481 opt Au (1 oz cap) for Zone for feasibility study 132,321 contained ounces of Gold at a 0.200 opt Au cutoff ƒ Turn over to Goldstrike Underground Mine ƒ Best intercept: is 51’ @ 2.22 opt Au Division for mine development in 2005.

Building Mines Building Mines Building Value Building Value

REN JV – Exploration Targets

Goldstrike Target

E E E

0 0 0

0 0

0 0

0 5

1

ROSSI Areas

2003 Exploration 2 C Property Boundary N. Arturo DEE REN Storm Quaternary Alluvium ƒ North pit drilling S. Button Hill Dee Ren Silurian Elder Fm, Arturo Ordovician Vinni Fm, ƒ Underground at Storm Devonian Slaven Chert JB ZONE Gold Deposit Footprint ƒ 2004 Focus Prospective Target Banshee N.W. Meikle Area Meikle JOKER 99 ƒ Relogging old core S.E. Meikle Griffin ƒ N & S of Betze-Post pit Barrel North Pit Rodeo 0 2000 N N ƒ Underground at Storm Betze-Post Feet ƒ Surface drilling at Ren South Pit GOLDSTRIKE

13 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Ruby Hill – East Archimedes and Ruby Deeps Ruby Hill Project – W. and E. Archimedes

OG1 West Archimedes East Archimedes OGLL BRH-3C, 75’ @ 0.366 opt Au

QAL Og 1 Qal BRH-4C 6000 Og2 RUBY DEEPS TARGET Alluvium BRH-2C {w Og l l Og l l East Bullwhacker Sill Archimedes Graveyard Flat Og 1 Layback Og1 Intrusion OG1 Og1 KGF Goodwin Fm Middle Unit EAST 5000 Deep Goodwin Fm BRH-1C ARCHIMEDES {w East OG1 Ruby {w Lower Laminated TARGET {w Goodwin Fm Deeps Archimedes OG2 Basal Unit Target Sulfide KBS Target Windfall Undiff KBS {h QAL Hamburg {h OG1 {h Dolomite Drill Holes 4000 2003 Drill Holes Faults 10000 11000 12000 13000

Round Mountain JV Gold Hill -AMI Projects Gold Hill 2003 Highlights ƒ 63 RC/Core holes totaling 81,000 feet completed GOLD HILL ƒ Metallurgical testing has been completed and is in progress Round Mountain Mine ƒ Permitting process initiated

Manhattan

Building Mines AMI Boundary 0 2.5 5 Building Value MILES

Round Mountain JV – AMI Exploration Marigold JV – 2003 Exploration/Development ƒ 2003 Exploration/Development drilling totals

GOLD HILL 368,240’ in 631 RC holes ƒ Focus on Terry Zone North (TZN) that was Round Mountain discovered in 2002 Mine ƒ 291,000 oz resource at TZN as of 12/31/03 Manhattan

Building Mines AMI Boundary 0 2.5 5 Building Value MILES

14 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Marigold JV – Marigold JV Project – 2004 Exploration/Development 2004 Exploration Targets ƒ Development (Capitalized): 225 holes; 141,000’ Reserve Areas 80 Property Boundary – Includes ‘Greater’ Terry Zone, TZN, Target Pits, Millennium VALMY Resources Areas Pits, Millennium coring, and condemnation drilling Exploration Exploration Targets Area Current ƒ Exploration (Expensed): 111 holes; 87,800’ Marigold Mine New Leach Pad – Includes TZN, Section 10, Section 32 North, Steen(?), TZN 5 NE Area 32S coring, and Bison Property 8 N x Basalt Section 32 5 N X Valmy Pits Pit ƒ Total Exploration plus Development: Target Deep 8 Antler Pit – 336 holes; 228,800’ TZN Target Building Mines N Sections 30 1 Mile and 31 Target Building Value

Summary ƒ 2003 exploration programs added significant reserves/ resources at Goldstrike, Storm, Gold Hill and Marigold ƒ Encouraging results were also obtained at the REN JV, Ruby Hill, and Round Mountain AMI programs ƒ 2004 programs are in progress to follow-up 2003 results with significant additional reserve/resources anticipated ƒ Barrick currently has a well balanced pipeline of quality projects ranging from grassroots to reserve Australia / Africa Region development which will be aggressively explored in 2004 Steve Orr Vice President Australia / Africa

Australia / Africa Australia / Africa –Strengths

Tulawaka ƒ 5 operating Bulyanhulu ƒ Current operations - stable production & cash flow TANZANIA mines ƒ Growth profile - Cowal and Tulawaka ‹ 2 development – both under construction Plutonic projects AUSTRALIA – expected to contribute +300,000 oz/year Lawlers Darlot Cowal Kalgoorlie starting 2006 ƒ Significant potential at Bulyanhulu South and Chocolate Reef ƒ Greenfields potential in NW Australia and Woolgar

Building Mines Building Mines Building Value Building Value

15 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Australia/Africa – Production Contribution Australia / Africa – Kalgoorlie 6.8-7.0 Target Production ƒ 2004E cash costs: ƒ Primarily open pit with supplementary millions of ounces 6.4-6.6 $220 – 235 /oz underground production 5.3-5.5 4.9-5.0 ƒ 2003 reserves: ƒ Barrick provides primary operational direction 23.8 M oz – 28% on the joint venture 2004E Production 1.4 1.6-1.7 ƒ Life-of-mine 14 years Kalgoorlie 1.3-1.4 1.9-2.0 Australia/ Africa ƒ 2004E production: 27% 395 - 400,000 ounces ƒ 2004E cost per oz: $230 - 240 Building Mines Building Mines

2004 2005 2006 2007 Building Value Building Value

Australia / Africa – Yilgarn District Australia / Africa – Bulyanhulu ƒ Plutonic, Darlot and Lawlers mines ƒ Underground mine in Lake Victoria Gold Belt Bulyanhulu ƒ Open pit and underground operations of Tanzania ƒ Life-of-mine +20 years ƒ 2004E production: Plutonic 555 - 570,000 ounces Lawlers Darlot ƒ Mine achieving stabilization targets ƒ 2004E cost per oz: $200 - 210 ƒ 2004E production: 360 - 365,000 ounces ƒ 2004E cost per oz: $240 - 260

Building Mines Building Mines Building Value Building Value

Australia / Africa –Tanzania Australia / Africa – Social Responsibility ƒ Lake Victoria Greenstone Belt ƒ Absolute commitment to safety – emerging district ƒ Environmental stewardship – very prospective – Golden Gecko Awards ƒ Leverage existing infrastructure - most decorated company – Tulawaka and Bulyanhulu ƒ Community responsibility ƒ Regional structure synergies: – is our “license to operate” $1 million / year – Tanzania: $12.5 M invested to date (health facilities and programs, education, water supply, housing) Building Mines Building Mines Building Value Building Value

16 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Australia / Africa – Continuous Improvement Australia / Africa – Continuous Improvement Strategy ƒ Improved throughput at Darlot (+4%) and ƒ Grow current production and reduce/contain costs at Lawlers (+12%) Australian operations through continuous improvement ƒ Mine rate increased at Kalgoorlie (+6%) Africa ƒ Rapid mining of small open pits at Plutonic ƒ Increase Bulyanhulu production from 70 to 100 filled excess process capacity thousand tonnes per month through completion of Development rescheduling at Plutonic and shaft infrastructure ƒ Darlot = higher grades ƒ Restructuring Bulyanhulu in second half 2003 has saved $12 million annually Building Mines Building Mines Building Value Building Value

Australia / Africa – Upside Potential KCGM Potential ƒ Brownfields exploration – Targets being tested at all sites – Main focus at KCGM, Plutonic, Lawlers and Bulyanhulu – 2004 budget: $7.2 million 10km

Building Mines Building Mines Building Value Building Value

Plutonic Surface Potential Bulyanhulu Potential

5km

Building Mines Building Mines Building Value Building Value

17 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Cowal Project – New South Wales Cowal Project – New South Wales

Orange Bathurst Cowal Project SYDNEY West Wyalong

Pacific Ocean

Goulburn

Wagga CANBERRA Wagga Building Mines Building Mines Building Value Building Value

Cowal Project – New South Wales Cowal Project – New South Wales ƒ Open pit operation + conventional CIL circuit ƒ Project status ƒ $270M in Capex – fully permitted ƒ Proven and probable reserves: 2.5 M ounces – expect to award construction contract (63.6 million tons grading 0.039 oz/t) March 2004 Cowal Cowal ƒ Target LOM average production: – work started on initial phases of 220-230,000 oz/yr @ $235-245/oz over 10 yrs construction ƒ Beginning in Q1, 2006

Building Mines Building Mines Building Value Building Value

Cowal Project – New South Wales Tulawaka Project –TanzaniaNairobi

Lake Victoria ƒ Project timeline Mwanza – Q1 2004: construction commenced Kabanga Bulyanhulu area Tulawaka enlarged – Q1 2005: start pre-strip / mining Shinyanga

Greenstone Belt – Q1 2006: begin production Cowal ƒ Focus on effective project management Tabora “on time, on budget”

Dodoma Building Mines Building Mines Building Value BuildingDar es Salaam Value

18 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Tulawaka Project –Tanzania Tulawaka Project –Tanzania

ƒ Barrick 70% share Tulawaka ƒ Project status Tulawaka ƒ Open pit operation – fully permitted ƒ Proven and probable reserves: 368k ounces – construction contract in place (1.1 M tons grading 0.337 oz/t) – Earthworks for dam and plantsite underway ƒ Forecast production: 70-75,000 oz/yr @ $170-180/oz over 4 years ƒ Beginning in January 2005

Building Mines Building Mines Building Value Building Value

Tulawaka Project –Tanzania Australia / Africa –Tanzania

ƒ Project timeline Tulawaka ƒ Further potential Tulawaka – Q2 2004: plant construction – Advanced projects at Bulyanhulu South and Chocolate Reef – Jan 2005: begin production (potential +2 million ounces) ƒ Focus on effective project management “on time, on budget”

Building Mines Building Mines Building Value Building Value

Australia / Africa – Summary ƒ Growing production profile and declining costs

ƒ Two development projects under construction

ƒ Prospectivity of the surrounding regions – NW Tanzania, Western Australia, Cowal Australia / Africa Region Rob Krcmarov Building Mines Manager Exploration Australia / Africa Building Value

19 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Australian Project Locations

Tanami New England Fold Belt Telfer Yeneena 34Moz

Golden Mile Olympic Dam Lachlan 88Moz 44Moz Yilgarn Fold Belt

Boddington 27Moz Cadia - Ridgeway 22Moz Bendigo Prospective Environments: Deposits 25Moz Greenstone CSH > 5 Moz

Epithermal Carlin 1-5 Moz

Northern WA - Simplified Geology & Projects Northern WA -NW Telfer JV ƒ Favourable setting ƒ Telfer 34Moz and ƒ Targets based on an growing evolving Telfer Model - Historical exploration ƒ 2 projects acquired for now considered ~900km2 ineffective ƒ Yeneena Project 100% ƒ Project covers three BGAL Grassroots target “Domes” - Tim’s, East ƒ NW Telfer JV with Mt Thompson’s & Camp Burgess Mining, BGAL ƒ All have the same earning 75%. Targets stratigraphy as Telfer delineated for drilling in Dome 2004

NW Telfer JV Conceptual Long Sections Woolgar Project - Simplified Geology ƒ Favourable setting for Low Sulphidation Epithermal ƒ Historic Exploration has Tim’s Dome (Southern End) discovered some gold Model e.g. Cerro “leaking” from Domes Vanguardia (4Moz), Lihir ƒ Drilling has failed to test (40Moz) potential “Telfer” Reef ƒ Large Vein Field identified positions below the Telfer Formation to date with encouraging gold grades ƒ Drill directions East Thompson’s Dome inappropriate for ƒ Potential for a high grade - “Oakover” vein low cost operation orientations (e.g.Vera Nancy 15g/t Au & cash cost of US$147 tonne

20 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Woolgar Project Tanzanian Lake Victoria Goldfields

ƒ Numerous Epithermal Veins - ( most never drill tested ƒ Controls to high grade mineralization established ƒ Demonstrated ore grade intercepts: 7m@39g/t Au 6m@34g/t Au 6m@28g/t Au ƒ Higher grade zones are 20 geophysically responsive 03 I P Su rvey ƒ Only half of field tested by Pro pose geophysics d 20 04 I P Su rvey

Lake Victoria Goldfields Buly - Buly South Project Interpreted Geology ƒ 40Moz gold endowment including giant deposits North Mara 4Moz ƒ Adjacent to Barrick’s (Buly & Geita) Bulyanhulu Mine (+10Moz) ƒ Key land position in the highly Buhemba RC Drilling ~0.5Moz ƒ Favorable Buly stratigraphy [email protected]/[email protected]/t prospective LVGF Archean [email protected]/[email protected]/t including abundant feldspar greenstone region [email protected]/[email protected]/t [email protected]/[email protected]/t porphyry intrusions and [email protected]/[email protected]/t Geita [email protected]/[email protected]/t >15Mo continuation of vein z Bulyhanhulu ƒ Confirmed mineralisation, TulawakaTulawaka significant drill intersections and artisanal workings GoldenGolden RidgeRidge ƒ Very sparse drilling with Barrick Mines Diamond Drilling extensive potential under [email protected]/t Barrick >1Moz Deposits ChocolateChocolate [email protected]/t ReefReef cover [email protected]/[email protected]/t Other Mines Golden [email protected]/[email protected]/t >0.5Moz Deposits Pride 3Moz

Chocolate Reef Chocolate Reef

ƒ Located ~80 km south of Buly ƒ Current inferred resource is 13.27Mt at 3.5 g/t Au for 1.5M oz ƒ Zone is open to the north and at depth ƒ Focus this year is on Chocolate Reef target ƒ Other targets on the property to be tested (Village Reef, soil anomalies) ƒ 20,000m drill program underway to test the mineralization along strike and at depth ƒ Objective is to double the current resource ƒ Program to be completed mid-year

21 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Summary ƒ Excellent Exploration Team ƒ Quality projects in the pipeline ƒ Focused on advancing projects like Chocolate Reef, Woolgar and Inweru up the pipeline ƒ World class deposit potential in Australia South America Region Igor Gonzales Building Mines Regional Vice President, Peru Building Value

South America South America –Strengths PERU Alto Chicama ƒ 1 operating mine: Pierina ƒ Barrick’s growth center for the rest of the

–Pierina-Peru Pascua-Lama ARGENTINA decade Veladero CHILE ‹ 3 development projects: ƒ Experienced operations and development teams in place in Peru and Argentina – Alto Chicama - Peru – Veladero - Argentina ƒ Corporate responsibility is a primary focus in the region – Pascua-Lama - Chile/Argentina ƒ Excellent potential for reserve enhancement near Alto Chicama and Veladero / Pascua-Lama

South America – Production Contribution Peru –Locations 6.8-7.0 Target Production ƒ 2004E cash costs: millions of ounces 6.4-6.6 $95 – 100 /oz Cajamarca Huamachuco 5.3-5.5 2.5 Trujillo Alto Chicama 4.9-5.0 1.8-1.9 ƒ 2003 reserves: Cajamarca Pacific Ocean 1.0-1.1 South Pierina 37.9 M oz – 44% La Libertad 0.6 America Huaraz Huamachuco 2004E Production Alto Chicama Trujillo ƒ Pierina mine LIMA ƒ Alto Chicama district 13% Ancash ƒ Attractive brownfield

and greenfield Pierina Building Mines Arequipa exploration potential Huaraz 2004 2005 2006 2007 Building Value

22 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Pierina Life of Mine Plan - Current vs Feasibility ƒ Conventional open pit mine LOM Gold Ounce Production Profile – ounces thousands 1000 with crushing and valley-fill 911 912 heap leach 837 898 822 LOM ‘03 800 ƒ Mine was permitted and built in two years 600 ƒ Ten year original design

Feasibility capacity of 19,500 MTPD vs 400 43,400 today Plan

ƒ 4.4 million ounces produced 200 since 1998 Continuous Improvement 56 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Life of Mine Plan - Current vs Feasibility Life of Mine Plan - Current vs Feasibility Cash Cost Per Ounce Cumulative Operating Cash Flow millions of dollars 300 1,600

250 LOM ‘03 LOM ‘03 1,200 200 976 741 Feasibility 150 130 133 800 Plan 542 91 Feasibility 100 626 66 57 Plan 342 570 400 511 84 191 50 75 374 40 43 42 172 O O 99 00 01 02 03 04 05 06 07 08 09 99 00 01 02 03 04 05 06 07 08 09

Pierina – Continuous Improvement Pierina – Continuous Improvement Crusher Throughput – tons per month Crusher Throughput 1,400,000 2003 tonnage was 33% higher than 2001 ƒ Reduced preventative maintenance times up to 66% 1,200,000 ƒ Automated feed splitting 1,000,000 ƒ Modified surge pocket/feed chutes 55,453 ƒ Ore bin chutes enlargement 800,000 87% 43,395 44,633 68% 600,000 32,150 Average tons/day 26,500 400,000

200,000

- 2001 2002 2003 2004 B Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2003 2002 2001

23 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Pierina – Key Statistics Pierina – Corporate Responsibility 2003 2004E Change ƒ Local employment Leached Tonnes (‘000s) 14,321 15,811 10% ƒ Social / community development Grade (g/t) 2.55 1.54 -40% ƒ Environmental responsibility Production (‘000s oz) 912 640-645 -29% – ISO 14001 Oper. cash flow ($ millions) 252 194 -23% – forestation Capex ($ millions) 17 6 -67% – concurrent closure Total cash cost/oz ($) 83 95-100 14-20% ƒ Safety – won Barrick’s CEO Safety Award 2003

Gold price $375 per ounce

Pierina –Local Employment Pierina – Social/Economic Development

ƒ People are our most valuable asset ƒ 16 km access road to ƒ 90 km 138 KV power Pierina: $10M line to Pierina: $10M ƒ During the construction phase, there were more than 2,500 Peruvian employees ƒ Operating employees: 413 ƒ 99% are Peruvian ƒ 450 workers from neighbouring communities on a rotational basis ƒ More than 2,000 indirect jobs in support businesses

Action Lines for Sustainable Development Pierina – Environmental Protection SUSTAINABLE EDUCATION ƒ Compliance to international mining standards DEVELOPMENT Training in technical Promotion of socio- specialities ƒ Regular audits by corporate, mining ministry and others economic potential of Agreements, scholarships each community ƒ Continuous monitoring of water, air and soil, inside and and practical training outside the properties ƒ Environmental Management Plan STRATEGIC HEALTH ƒ Restoration and rehabilitation works ALLIANCES Preventative CARE – WORLD campaigns for VISION, Local and PRODUCTIVE children and Regional ACTIVITIES adults Goverment, NGO’s Infrastructure, Housing roads, construction agriculture, etc.

24 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Pierina – Forestation Pierina –Closure Plan

ƒ Tree nurseries in Pierina and Concurrent Reclamation 1 Alto Chicama at 4,100 m and ƒ Continuous waste dump 3,900 m reclamation started in 1999 ƒ Current production: ƒ Field testing with local plants for 450,000 plants per year reclamation and closure ƒ Over one million trees planted to date in, around Pierina 234 ƒ Recovery of endangered species ƒ Local communities to benefit from forest management

Pierina – Brownfield Exploration Pierina – Brownfield Exploration ƒ Potential: up to 1 M oz gold with high silver values – 2004 exploration budget is focused on Pierina North and Pierina South – Pierina North 2000 m / 4 diamond drilling holes with phase one completed

– Pierina South target delineation, 57 Km of IP- Pierina resistivity, mapping, sampling, and 2000 m RC South drilling ƒ Budget: $860,000 ƒ Timing: Q3 2004

Peru –Locations Alto Chicama

Cajamarca Huamachuco Trujillo Alto Chicama Cajamarca Pacific Ocean Pierina Huaraz La Libertad Huamachuco Alto Chicama Trujillo

LIMA

Ancash

Pierina Arequipa Huaraz

25 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Alto Chicama – Lagunas Norte Deposit Alto Chicama Project

ƒ Located in La Libertad region, 450 km from Lima Alexa at 4200 m elevation (13,800 ft) ƒ Previously state owned Centromin Peru, obtained Josefa by public open bid process in 2001 Dafne ƒ Barrick discovery announcement April 2002 / 3.5 million ounces of resources ƒ 7.2 million of oxide gold ounces in reserves December 2003 ƒ Barrick 100% interest; Centromin-Minero Peru 2.51% NSR

Alto Chicama Project Alto Chicama –Project Layout

PLANT Construction costs: US$ 340 million HEAP ƒ LEACH – EPCM contractor: $160 million USD OPEN PIT – Owner costs: $180 million USD ƒ Mine life: 10 years ƒ Average annual production: 535 - 560,000 oz ƒ Total cash cost: $135 - 145 /ounce ƒ Production process: open pit/crushing/ heap leach/Merrill Crowe, similar to Pierina

Alto Chicama – Proposed Minesite Plan (September 2003) Alto Chicama Project – Status Update

Waste ƒ 72km access road under construction employing 700 Peruvians

ƒ 7.2 Moz reserve Admin & Camp Open Pit ƒ Ready to award power line contract ƒ 1.7 Moz potential Waste ƒ 8.9 Moz total in-pit ƒ EIA submitted, public audiences concluded resource ARD Plant Crushing & ƒ 50% detailed engineering completed Truckshop Process Plant ƒ 15% of capital budget committed Heap Leach ƒ Q2 2004 construction start ƒ Conventional heap leach 012 kilometres ƒ Merrill-Crowe recovery plant ƒ Q4 2005 start production (closed loop – zero discharge)

26 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

C A J A M A R C A Alto Chicama – Regional Targets Peru – Summary

GOITOS Pierina is a world class operation LAGUNAS Piedra Grande ƒ NW Huamachuco ƒ Alto Chicama is moving rapidly towards 1,350 sq. km L A L I B E R T A D construction benefiting from Pierina knowledge Otuzco LAGUNAS Genusa Lagunas ƒ Alto Chicama district development is just Norte La Capilla Lagunas Lagunas beginning West 8° Quiruvilca Sur Tres Cruces ALUMBRE ƒ Benefiting from our Corporate Responsibility track record

01020 URURUPA kilometres ANCASH

78° 30’ 78°

Peru Exploration Areas of Interest " BRASIL ƒ Land position 6,000 sq. km. Alto Chicama Trujillo ƒ N. Peru 3,100 sq. km. Pierina

Tres Cruces ƒ S. Peru 2 900 sq. km. " Minasnioc LIMA Cusco" Linda Hueso Sur

South America Region Sancos " Barrick ground Km Ramon Araneda 500 CHILE Exploration General Manager Building Mines Building Value

Alto Chicama District

ABX-1 Northern Peru Yanacocha District Exploration Goitos HS epithermal Piedra Grande Vizcachas Au-Cu porphyry ƒ Focus is on the Alto Alto Chicama District ƒ Target delineation work Genusa Lagunas NW HS epithermal focused in 5 areas around the Chicama District Lagunas West La Capilla Au-Cu porphyry " district Lagunas Sur 7 Projects around Tres Cruces ƒ Lagunas ƒ Targeting Lagunas Norte style HS epithermal Alluvial Target Lagunas Norte deposit LS epithermal of mineralization – Refining LLN deposit model ƒ Alto Chicama district Ururupa Pierina HS-LS epithermal looking for concealed deposits Au-Cu porphyry 2,500 sq. km. 310,000 ha Alumbre HS epithermal – Potential for other Barrick ground Au-Cu porphyry mineralization types 050 Km • LS epithermal Building Mines • Au-Cu porphyry Building Value 10 • Alluvial gold deposit Km

27 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Exploration Potential Around Lagunas Sur Project Lagunas Norte ƒ 3,000m drilling ƒ 9 drill holes ƒ Breccia Fiona

Alluvial Gold Target Laguna Sur ƒ Extensions to mineralization cut in DDH-4 and –5 ƒ Structural wedge ƒ Palaeosurface breccia ƒ Untested area with irregular high Au values

La Capilla - Mineralization Los Goitos Project N-W Cross Section

LosLos Goitos Goitos Project N-W N-W Cross Cross Section Section ! ! ! ! Property ! ! DDH Proposal DLG-005 35.6m @ 2.04g/t RUECAS ALICIA GABRIELA ! Drilling 2003 DLG-011 3 34.5m @ 2.9g/t ! Old Drilling DLG-004 !( !( ! ! DLG-012 !! ! !! Trench !( !( !! !! ! !! !! ! !! !! QRC10:!! [email protected] g/t Au !! !! ! ! !!! !! !!!!!!!! !! !!!! !!! Mineralization ! ! !! DLG-001 ! !! ! !! !! T18: [email protected] g/t Au!!! !( !! !! !! !! !!! ! ! !! !! Vuggy silica !! !! !! T2: [email protected] g/t Au !! !! !!! ! !! !! ! !! ! !! ! ! DLG-009 !! ! ! 3750 msnm !! !! ! ! ! Body Alicia Gabriela !! ! ! ! ! ! !! !!! ! ! ! ! !!! ! ! ! ! ! !! ! ! !( T8: [email protected]! g/t Au ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! faults ! ! ! !! ! ! ! ! ! ! !! ! ! ! ! ! ! !!! ! ! ! ! ! !!! ! ! ! ! ! !! ! ! ! ! !! ! !!! ! ! ! !! ! ! !! ! ! ! Andesitic Breccia ! ! ! !! ! ! ! !! !! ! !! ! ! ! !! !! ! ! ! ! !! !! ! ! ! ! ! ! ! ! ! ! ! !! ! !! !!! ! ! !! ! Andesitic dome ! !! Dacitic dome ! !!! !!!! !!!!! !!! !!!! ! !! ! !!! !! !! !! !!! ! GEOLOGY !! !! !!! !! !!! ! 0.25 !! !! !! !! !!! !! Fault ! !! !! Km ! !! (! Completed• 15 diamond Drill Holes drill holes (2984m), 2003 ! Breccia (! Proposed Drill Holes Andesite • 6 diamond drill holes (600m), 2004 Basement MineralisationMineralization 0.1 Kilometers

Tres Cruces - Section Vizcachas - Geochemistry ƒ Mineralization at edge of dome in andesitic volcanics overlain by silicified rhyolite and sinters/calcareous tufa ƒ Mapping identifies VIZCACHAS 50 million m3 of ƒ 800m of diamond drilling to test same setting on potentially

& mineralized material southwest side of dome & & & ƒ Morraine and SCHEMATIC GEOLOGICAL & MINERALIZED SECTION & & LITOLOGY & fluvioglacial deposits & & & Andesite flow post. & adjacent to LN Lacustrine basin SOUTHSOUTH WEST ZONE SOUTHSOUTH ZONE ZONE & Fault PROSPECTIVE ZONEZONE & Felsic rock 0.3200.320 M M Onz.Oz. AuAu 0.650 M Onz.Oz. Au Au & Mineralized Zone PLANNEDPLANNED DRILLINGDRILLING & & ƒ Abundant & Andesite tuff Target Andesite flow mineralized material DDH-Old Intrusive DDH-Program Au ppb on surface 410 - 1000 & 4000 ƒ Proposed work 1000 - 2500 Lagunas 2500 - 5000 & –Short RC holes 5000. - 10000 Norte (30-50m) # Evaluation Sampling & & 3800 –Geophysics to & 1 map fluvio-glacial 200100 0 200 Meters Km & & & & extent, thickness & & &

28 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Alto Chicama District Exploration Potential – Alto Chicama District – N-S Cross Section Lagunas Norte Section

A Concealed Target Alto Chicama District A B Alluvial Target B N-S Cross section C Sulfide Target Lagunas Norte Original Surface 4150 4150 Reserve 7.2 M oz Au oxide Age 16.8 M.A Tres Cruces

Piedra Grande Resource 1.5 M oz Au 4000 4000 ( Resource 0.7 M oz Au ( ( (

(

( ( ( ( (

• Post mineral volcanic( rocks cover large areas( of ( (( ( ( ( ( ( ( ( 3850 3850 prospective ground to N and S of LLN 250 •(( GoldThrust deposits Fault andPost targets -mineral volcanic have common pattern5 m Kilometers C Mineralisation Pre - mineral volcanic

000 500 1000 LN Deposit Section 4200 Basement

Barrick Exploration - Chile Argentina Barrick Exploration – Southern Peru Areas of Interest

HOTSPRING BELT

MINASNIOC Iquique Alto Chicama ƒ Barrick 51%-BVN/MH 49% BRASIL Pierina ƒ In 2003, A total of 3,634m MARICUNGA BELT Unco Anra EL INDIO BELT were drilled in 22 DDH holes in Pascua Lama Veladero the two main targets: La Serena Indio Tambo Laraos San Juan Emerging Gold Provinces ƒ Main intercepts reported are: SANTIAGO Chonta Sur Lima - MNP-16 17.7m @ 1.2 g/t Au BUENOS AIRES " Mature Gold Provinces Minasnioc Cuello cuello Cusco Antabamba HUESO SUR " Linda Liam Oeste Orcopampa Chingari RIO NEGRO 1.2 moz Au ƒ Field work in 2004 identified 2.66 moz Ag Comodoro BOLIVIA target areas for detailed follow Rivadavia Hueso Sur Saquitambo Aruntani up. Sancos " 2-3 moz Au Selene SANTA CRUZ Frontier ƒ Drill program planned for 2004. Pararapa Barrick Claims Coropuro Chana Checacollo 250 1 moz Au 0 750Km Km CHILE

Northern Chile – New Targets •Example of early stage exploration project defined by Barrick’s grassroot program in Santa Cruz Project Generation - Argentina northern Chile. Area never staked with encouraging gold values on surface sampling

1650 ƒ Barrick ground 1045 5400 1380 1200 2,230 sq. km. 3230 4590 6690 51900 ƒ La Paloma 4180 advanced drill 1135 3720 14300 5720 testing stage ƒ El Tranquilo and 6840 Preliminary Sampling El Bagual new

Vuggy Silica Au ppb Alteration targets Steam Heated Hg ppb Alteration

29 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Rio Negro Project Generation – La Paloma ! Argentina Mpm-targeting ! ƒ Three targets have been LaLa Luz Luz ! Ely 8

identified at La Paloma Trench 3 1.4 g/t Au @ 28 m DDH-LP12 1.4 g/t Au @ 51 m Linea 8700 ƒ Lomada de Leiva is ! ! Start: Sep – 2003 Trench 4 Cº La 1.5 g/t Au @ 41 m ! DDH-LP11 currently at the drill 6.5 g/t Au @ 27 m Mina Ely 7 Period: 4 Year ! ! ! Trench 5 8500 N Section Total Investment: testing stage, while 1.8 g/t Au @ 8 m ! DDH-LP07 4.4 g/t Au @ 37 m Cuya USS 4m Brecha Sofia and alero Trench 6 Dos 2.3 g/t Au @ 10 m ! ! DDH-LP13 Lagunas Work Commitment: 1.2 g/t Au @ 22 m Juana are at the Trench 10 ! Cº 2.1 g/t Au @ 7 m USS 0.5 m ! Abanico El Choique delineation stage Linea 8100 ! DDH-LP14 Aguada Others:+ 20% 1.0 g/t Au @ 30 m ƒ 4,721 m (19 holes) were ! interest for 8.5 m

drilled in 2003. Best Maquincha ! Drill Holes o results are 4.4 g/t Au in Breccias 27 m. 500 m ƒ 4,000 m follow up drill Linea 7500 ! Joint Venture Area ! BARRICK 50% program is underway (Operator) 0 50 Km IAMGOLD 50%

Valeriano ! EL INDIO BELT South America – Key Success Factors Chile - Argentina South America – Key Success Factors Arroyo Blanco !

! Los Amarillos ^_ ƒ Focused on building and maintaining an appropriate PASCUA & LAMA ^_ VELADERO 16.9 Moz ^_ ! Fabiana 11.1 Moz portfolio of projects ! Rio Potrerillos ! Guanaco Zonzo

! Regalito ƒ Continual improvements in technology and their

! application Cecilia Maria

Sancarron ! Gold Mines ! Chezanco Ì ƒ Full knowledge and understanding of our target models ! Lagunitas Bañitos Gold Prospect ! RIO DEL MEDIO " ƒ Team work of a motivated, innovative, and highly EL INDIO " Barrick ! Deidad experienced group of geologists TAMBO " HASA (Barrick) ! Cerro Colorado Salitrales MAGSA (Barrick) Maximizing the contact time between the geologists ! ƒ ! Tortolas and the rocks

Barrick Land Status ƒ Drilling Chile 1,720 sq. km. ! Carmen Chile El Tapado Argentina Argentina 2,770 sq. km. !

Project Location

Pascua-Lama Veladero Project Project La Serena

Cordoba San Juan Pacific Ocean South America Region ƒ 375 km. NNW. of San Juan, Argentina Rosario Ray Threlkeld SANTIAGO ƒ 600 km. N. of Regional Vice President, Chile/Argentina Santiago, Chile Building Mines BuildingBUENOS Value AIRES

30 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Pascua-Lama Veladero / Pascua-Lama District 17 m. oz Au reserves 7 m. oz Au resources 580 m. contained oz Ag

VELADERO 11.1 m. oz Au reserves 3.2 m. oz Au resources

Veladero Pascua-Lama District Building Mines 28.1 m. oz Au reserveBuilding Mines Building Value 10.2 m. oz Au resourcesBuilding Value

Veladero Project –Argentina Veladero Project – Reserve Growth thousands of ounces ƒ Resources 11,115

ƒ Progress 9,386

ƒ Potential 8,416

Building Mines Building Mines Building Value Dec 01 Sep 02 Dec 03 Building Value

Veladero Project Veladero Project –Description 3D Plan

ƒ Mining Potrerillos Amable Pit – 80 million tonnes / year Heap Leach Area – 12.6 million tonnes / year crushed Filo Federico Pit – 3.5 million tonnes / year ROM – 10 - 240 tonne Haul Trucks – 2 - 38 m3 Hydraulic Shovels – 2 - 994 20 m3 Front Loaders ƒ Processing (based on Pierina and Alto Chicama) – Two Stage Crushing – Valley Fill Heap Leach Building Mines Building Mines – Merrill-Crow Recovery Building Value Building Value

31 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Veladero Project Pit18,3D Plan cuerpo deFilo Federicooro >0.35ppm Pit Veladero Project – Capital Costs US$ millions Mining $ 154 Process plant and heap leach 70 Infrastructure / owner’s cost 80 Indirect cost 105 Amable Pit Contingency and other 51 Total capital cost $ 460

N Grade > 0.35 g/t LOM cash cost per ounce $155-165

Building Mines Building Mines Building Value Building Value

Veladero Project – Committed Capital Veladero Project – Areas under Construction December 31, 2003 Contracts Committed Committed Cost Incurred Cost Project % % ƒ Valley Leach Preparation ($ millions) ($ millions) Capital ƒ Concrete & Aggregate Supply Owners 113 48 36 15 235 ƒ Permanent Camp & Services

EPCM 105 47 38 17 225 ƒ Truck Shop ƒ Detailed Engineering (Process Plant) TOTAL 218 47 74 16 460 ƒ On-site Power Generation ƒ Owners Mining Fleet Building Mines ƒ Pre-stripping Building Mines Building Value Building Value

Veladero Project – Aerial View Veladero Project – Heavy Equipment Assembly

Building Mines Building Mines Building Value Building Value

32 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Veladero Project– Assay Lab Construction Veladero Project – Mine Bench Preparation

Building Mines Building Mines Building Value Building Value

Veladero Project – Permanent Camp Veladero Project Construction Government Relations ƒ Strong support from San Juan Government ƒ “San Juan is a mining Province” ƒ First mine permitted in San Juan

Building Mines Building Mines Building Value Building Value

Veladero Project – Social License Veladero Project – Exploration Potential Community Relations ƒ Cuatros Esquinas ƒ Building on experience from Pierina ƒ Surrounding region ƒ Emergency services training ƒ Health programs ƒ Expansion to Rodeo Hospital ƒ Internet services to schools and public libraries ƒ Mining Industry awareness

Building Mines Building Mines Building Value Building Value

33 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

A”

FILO NORTE FILO MARIO Veladero Project – Veladero Project – Exploration Potential FILO FEDERICO Plan and Longitudinal GUANACO ZONSO CUATRO ESQUINAS Section ZONA 203 Au g/t

AMABLE AGOSTINA

DEPOSIT LOCATION A

RC 593

4500 m FILO FILO CUATRO AMABLE NORTE FEDERICO ESQUINAS

A A” TUNEL AMABLE

TUNEL FEDERICO FILO MARIO 4000 m Building Mines Building Mines Ag > 25 g/t Mine-area exploration BLOCK MODEL Au LONG SECTION + Au & Ag ENVELOPES Building Value Building Value Au > 0.35 g/t targets outlined in red

Chile / Argentina – Pascua-Lama Project ƒ Proximity to Veladero – six kilometers

CHILE 6km.

Pascua-Lama District Pascua- Lama Penelope Chile / Argentina VELADERO Filo Amable Federico

Building Mines Building Mines Building Value Building Value

Pascua-Lama Project – Project Description Truckshop Pascua-Lama Crusher Morro and Veladero Reserves 296 million tonnes of ore @ 0.057 oz/t Au, Pascua-Lama Oeste 1.97 oz/t Ag Porfiada Camp Co nv ey Plant Contained ounces: 16.9 Moz Au, 584 Moz Ag within Pascua or reported gold reserves Extension Penelope Mining Esperanza Lama Tailings Sur ƒ 100 million tonnes / year Penelope Central

Processing Pan de ƒ 33,000 tpd start Azucar Federico Norte ƒ 44,000 tpd year 3 Waste Dump Filo Federico ƒ Primary and Secondary Crushing Veladero Dry Grinding ƒ C H I L E A R G E N T I N A Amable ƒ CCD Leaching ƒ Flotation Waste Dump Building Mines ƒ Production of Au-Ag dore and Cu-Au-Ag Concentrate Leach Pad Building Value

34 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Veladero + Pascua-Lama –Summary South America – Production Contribution 6.8-7.0 ƒ District has potential to produce Target Production ƒ 2004E cash costs: millions of ounces 6.4-6.6 30 millions oz Au beginning in 2006 $95 – 100 /oz 5.3-5.5 2.4-2.5 ƒ Expected average annual production beginning 4.9-5.0 1.8-1.9 ƒ 2003 reserves: 2006 with Veladero at 525-550,000 oz per year 1.0-1.1 South 37.9 M oz – 44% 0.6 America ƒ Pascua-Lama would bring the average annual 2004E Production production to 1.3 million oz per year as early as 2009, with estimated cash cost for the two mines less than $150/oz 13% ƒ Mining for decades not years Building Mines

Building Value 2004 2005 2006 2007

Summary – Operating Objectives ƒ Deliver on forecasts ƒ Build new mines – on time, on budget ƒ Focus on reserve replacement ƒ “Barrick Hallmark” – Safety and Social Responsibility Exploration Review Alex Davidson Building Mines Executive Vice President, Exploration Building Value

Who we are What are we looking for? ƒ Alex Davidson – Toronto ƒ > 2 million ounce, low cost gold deposit ƒ 8 Regional Exploration Managers ƒ Carlin-type deposits (50 million ounce Goldstrike mine) ƒ 150 Geoscientists plus Chief Geologist, Chief Geophysicist and Chief Geochemist ƒ High Sulphidation deposits (28 M oz Pascua and Veladero development projects, ƒ Regional technical specialists in geology, 8 million ounce Pierina and Alto Chicama deposits) geophysics, geochemistry, remote sensing ƒ Greenstone gold deposits and GIS (>50 million ounce KCGM, 15 million ounce Bulyanhulu or >5 million ounce Plutonic)

Building Mines Building Mines Building Value Building Value

35 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

FSU $5M Proven Track Record – Brownfields Canada China/ $4M Mongolia/ Other Found 50 million ounces of gold at $0.5M ƒ U.S.A. $17M Goldstrike over the past 17 years ƒ Added 15 million ounces to reserve and Peru 3 million ounces to resource at Pascua-Lama $7M Tanzania $9M ƒ Added 9 million ounces to reserve at Chile/ Australia Argentina $6M Bulyanhulu $4.5M ƒ Drilled off the Pierina deposit to define Offices Target 8 million ounces 2004 Regional Building Mines Building Mines Exploration Building Value Building Value

Proven Track Record – Greenfields Reserve Replacement and Growth RESERVE GROWTH THROUGH ACQUISITION AND EXPLORATION Alto Chicama – one of the the largest proven and probable – millions of ounces grassroots discovery in past 10 years Exploration 86 ƒ Current reserve of 7.2 million with almost 2 million ounces of gold in resource 76 ƒ Discovery cost was $3/oz 20 Acquisitions 4 Veladero – With JV partner discovered 11 1990 52 46 Divestitures 2003 million ounces of reserve and 1.5 million ounces of resource at Veladero Total Mined ƒ Overall finding cost $11/oz Building Mines Building Mines ƒ On-property finding cost $3/oz Building Value Building Value

Barrick Exploration Spending Increasing the Chances for Discovery ƒ Grassroots spending has been consistent US$ millions / US$ per ounce ƒ Maintaining a Sustained Exploration Budget 79 400 ƒ Barrick Exploration System 69 69 67 66 People - putting the best people on the best projects 56 59 350 Pipeline - robust and balanced - advancing the best projects faster Spot Gold Price 300 Knowledge - we share and create knowledge that counts - we can recognize Barrick deposits earlier than anyone else 250 97 98 99 00 01 02 03 excluding development and business development Building Mines Building Mines Building Value Building Value

36 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Federov West Zone Robust and Balanced Pipeline

STAGE BUDGET Dee, Rossi, Goldstrike-North Pit Reserve Development Goldstrike 26% + 3 other Round Mtn – Gold Hill projects Marigold – TZN Rossi – Storm Kabanga Goldstrike S. Pit, Dee - UG Advanced Drilling Ruby Hill, Ren 19% +4 other projects

La Paloma, Mount Gibson, 21% Drill Testing Woolgar +27 other projects

Target Alto Chicama District’ Bulyanhulu district +33 other projects 19% Delineation Offices Target Northern Peru, Southern Peru, Grassroots Australia + 22 other projects 15% Reserve Development Building Mines Building Value

Federov East Zone FSU Eskay Mala Pana, Creek Kyrgyzstan 22 Zone

Goldstrike-South Pit

REN – JB Zone

Ruby Hill – Ruby Deeps U.S.A. Dee, Rye, Rawhide Tres Chocolate Cruces Reef Peru Tanzania Lagunas, Inweru, Goitos, Chile/Argentina Kakindu Australia Capilla, Minasnioc, Paloma, Puchuldiza, Mt. Gibson, Hueso Sur AFASA Woolgar

Offices Target Offices Target

Advanced Exploration Building Mines Drill Testing Building Mines Building Value Building Value

FSU Mala Pana, FSU Canada Kyrgyzstan China/ Eskay Canada Creek-West Mongolia Limb U.S.A. U.S.A. Goldstrike

Tanzania Siga Hills, Peru Peru Buly South, Imweru, Tanzania Lagunas, Australia Goitos, Chile/Argentina Australia Capilla, Chile/ Minasnioc, Los Menucos, Argentina Hueso Sur Patagonia, Maricunga Tanami, NW Telfer, Yeneena, Costerfield Offices Target Offices Target Building Mines Grassroots/ Building Mines Target Delineation Building Value Generative Areas Building Value

37 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

2004 Exploration Pipeline Exploration Strategy

STAGE BUDGET More than 95 projects in 9 countries Dee, ƒ Rossi, Reserve Development Goldstrike 26% ƒ > 2 million ounce gold deposits + 3 other projects ƒ 6 high priority countries (Peru, Chile, Argentina, USA, Goldstrike S. Pit, Tanzania, Australia) Advanced Drilling Ruby Hill, Ren 19% +4 other projects EXPLORATION & BUSINESS DEVELOPMENT ƒ Optimize 2004E = $110M Drill Testing La Paloma, Mount Gibson, 21% chances Woolgar +27 other projects Minesite of near-term 23% Alto Chicama District’ Target Business Bulyanhulu district +33 other projects 19% Delineation success Development 12% 55% Northern Peru, Southern Peru, 10% Regional Grassroots Australia + 22 other projects 15% Alto Chicama

Financial Strategy ƒ Solid financial foundation to support growth ƒ Manage risks and use capital effectively – optimize capital structure – managing currency, and other risks ƒ Demonstrated ability to finance mines globally Financial Strength and Flexibility ƒ Project financings in developing countries Jamie Sokalsky ƒ Tax optimization Senior Vice President & Chief Financial Officer Building Mines Building Value

Solid Financial Foundation Optimized Capital Structure ƒ Liquidity and flexibility ƒ Repurchased 8.8 million shares at an average – “A” credit rating price of $17.56/share in 2003 = $154 million – $1 billion cash ƒ Plan to continue share repurchase in 2004 – $1 billion undrawn facility ƒ A more efficient and optimal capital structure: – Portfolio of cash generating mines – optimize leverage – Excellent access to capital markets – reduce cost of capital – tax-efficient debt financing – improve ROE – maintain financial strength Building Mines ƒ Undervalued share price Building Mines Building Value Building Value

38 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Conservative Risk Management Financing Projects Globally ƒ Cost Management ƒ Bulyanhulu Mine - Tanzania – Australian $ locked in at 57 cents for – $200 million, 9 year, project financing in place equivalent of about 3 years – MIGA (World Bank) and EDC (gov’t of Canada) – Canadian $ locked in at 68 cents for ƒ Veladero Project - Argentina equivalent of about 3 years – $250 million, 9 year, project financing – Interest rate management – key governmental agencies and commercial banks – Fuel hedging ƒ Alto Chicama Project - Peru – early stages of financing discussions – non-recourse financing expected Building Mines Building Value

Leverage to Gold Prices Leverage to Gold Prices 68.8 70.5 ƒ Less than 3 years of production hedged Unhedged Reserves 58.2 millions of ounces 49.5 ƒ More than 4 out of 5 ounces of reserves 44.4 43.7 40.2 unhedged 38.3 82% 28.9 30.3 unhedged

94 95 96 97 98 99 00 01 02 03

Building Mines Building Mines Building Value Building Value

Leverage to Gold Prices Leverage to Gold Prices ƒ Reducing Gold Sales Program ƒ Ten years to deliver gold at our discretion – we don’t need the gold price protection we had ƒ Counter parties do not have unilateral in the past and discretionary “Right to Break” – no new hedging, position to decline provisions over time to zero – Voluntarily reducing by a minimum of ƒ No downgrade provisions 1.5 million ounces in 2004 ƒ Not subject to margin calls – regardless – 8.6 million ounces eliminated at of gold price substantially lower prices Building Mines Building Mines Building Value Building Value

39 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Leverage to Gold Prices Bullish Outlook for Gold Financial Covenants – Trading Agreements ƒ U.S. Dollar weakness ƒ Consolidated net worth of at least $2 billion ƒ Global reflation (currently $3.5 billion) ƒ A move towards diversifying from ƒ Long-term debt to consolidated net worth financial assets into hard assets under 1.5:1 (currently under 0.25 :1) ƒ Limited number of new gold mines ƒ Excludes unrealized mark-to-market in ƒ Discipline/transparency in future calculating consolidated net worth Central Bank sales

Building Mines Building Mines Building Value Building Value

The US Dollar – Current Account Balance Reflation – Gold VS G7 Money Supply percentage G7 Supply in US$ % yoy Gold % yoy 2 140 32 38

24 32

0 124 16 26 Current account as percent of GDP 8 20

-2 108 0 14

-8 8 US$ index -4 92 -16 2

-24 -4 Source: Martin Murenbeeld and Associates Source: Martin Murenbeeld and Associates -6 76 -32 -10 79 81 83 85 87 89 91 93 95 97 99 01 03 82 84 86 88 90 92 94 96 98 00 02 04

Gold has returned as a store of wealth Global Mine Production tonnes of gold Net Gold Investment 2000 811 Actual sum of hoarding and investment or divestment – in tonnes Forecast 1600

420 388 1200 187

800 99 01 02 03 70 74 78 82 86 90 94 98 02 06 10 -127 00 Building Mines Building Mines Source: Goldfields Mineral Services Building Value Source: Martin Murenbeeld and Associates Building Value

40 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Central Bank Agreement on Gold Bullish Outlook for Gold Washington Agreement will likely be renewed ƒ Low and negative real interest rates ƒ The current agreement limits annual sales to ƒ Continued global political unrest 400 tonnes ƒ Growing global economy and population ƒ A new agreement will: ƒ New investment vehicles make access easier – maintain transparency in the market ƒ Continued dehedging – remove uncertainty – likely be similar in size to current agreement

Building Mines Building Mines Building Value Building Value

Silver Positive Silver Price Silver Price (12 months) Outlook 6.75 ƒ Tremendous leverage to silver prices 6.50 ƒ Secular bull market 6.25 ƒ Will produce about 17 M oz of silver in 2004 ƒ Over the last 14 years 1.5B oz 6.00 have been consumed from 5.75 ƒ 835 million ounces of contained silver world silver stockpiles 5.50 ƒ One of the world’s largest silver producers in ƒ Many developing applications 5.25 for silver industrial use (40% 5.00 future of demand) 4.75

ƒ Silver will benefit from a 4.50 ƒ By-product credits reduce costs weakening US dollar 4.25

ƒ Film usage in the developing 4.00 world is strong F-03 A-03 M-03 J-03 A-03 S-03 N-03 D-03 J-04 Building Mines ƒ Investor interest high Building Mines Building Value Building Value

Financial Strength and Flexibility

Strong Operating Cash Flow Exploration / Business Development Global Financing Project Development Gold Balance Sheet Strength/ Growth/ Optimal Capital Structure Leverage Current Operations Cost / Risk Management Financial Strength and Flexibility Prudent Acquisitions Tax Optimization to Support Growth Globally Building Mines Building Value

41 Barrick Gold Corporation – Building Mines, Building Value Investor Day 2004, New York, February 24, 2004

Valuation ƒ Barrick is trading at a discount to Newmont on P/NAV basis PRICE TO NAV ANALYSIS (US$) Firm – gold price assumed Barrick Newmont BMO Nesbitt Burns - $430 1.03 1.35 CIBC - $375 2.71 2.87 Citigroup Smith Barney - $375 1.53 1.43 CSFB - $325 1.82 2.74 Goldman Sachs - $420 1.51 1.94 Merrill Lynch - $390 1.99 2.43 National Bank - $360 1.41 2.11 RBC Capital Markets - $425 1.19 1.94 Building Mines, Building Value Scotia Capital - $410 1.57 1.69 UBS - $325 2.21 2.34 Gregory C. Wilkins HSBC - $350 1.53 1.78 President and Chief Executive Officer AVERAGE PRICE TO NAV 1.85 2.26 February 20, 2004 closing prices: $20.08 $42.75

Valuation Barrick’s Strengths ƒ Barrick is trading at a discount to Newmont on ƒ New mines in development P/NAV basis ƒ Quality assets Barrick Newmont ƒ Highly skilled, motivated employees and management team ADJ. MARKET CAP PER OUNCE $206 $265 Source: BMO Nesbit Burns ƒ Balance sheet strength and flexibility

2004 TOTAL CASH COST EST. $205-215 $220-230 ƒ Gold price leverage Source: company Q4 report = Increased shareholder value AVERAGE PRICE TO NAV 1.85 2.25 Building Mines February 20, 2004 closing prices: $20.08 $42.75 Building Value

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