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Barrick Reports Second Quarter 2016 Results

TORONTO, ONTARIO -- (Marketwired) -- 07/27/16 -- Barrick Gold Corporation (NYSE: ABX)(TSX: ABX)

All amounts expressed in US dollars


--  Barrick reported net earnings of $138 million ($0.12 per share), and
    adjusted net earnings(1) of $158 million ($0.14 per share) for the
    second quarter. Second quarter EBITDA(2) was $881 million.

--  The company reported revenues of $2.01 billion in the second quarter,
    and net cash provided by operating activities ("operating cash flow")
    was $527 million. Barrick generated $274 million in free cash flow(3) in
    the second quarter, marking five consecutive quarters of positive free
    cash flow.

--  Gold production in the second quarter was 1.34 million ounces at a cost
    of sales applicable to gold of $1.23 billion, and all-in sustaining
    costs(4) of $782 per ounce.

--  Compared to the first half of 2015, cost of sales applicable to gold has
    declined by 14 percent to $2.43 billion. Over the same period, we have
    reduced our all-in sustaining costs(4) by 19 percent.

--  For the full year, we expect cost of sales applicable to gold to be in
    the range of $5.2-$5.5 billion. All-in sustaining cost(4) guidance for
    2016 has been reduced to $750-$790 per ounce, down from $760-$810 per
    ounce at the end of the first quarter, and below our original 2016
    guidance of $775-$825 per ounce. We continue to expect gold production
    of 5.0-5.5 million ounces for the year.

--  We have reduced total debt by $968 million year-to-date, and remain on
    track to achieve our $2 billion debt reduction target for the year.

--  Commercial production has commenced at the Jabal Sayid copper mine in
    Saudi Arabia. Reflecting this milestone, we have increased our 2016
    copper guidance to 380-430 million pounds, up from our original guidance
    of 370-410 million pounds.

Barrick Gold Corporation (NYSE: ABX)(TSX: ABX) (Barrick or the company) today reported net earnings of $138 million ($0.12 per share) for the second quarter, and adjusted net earnings(1)of $158 million ($0.14 per share). Second quarter EBITDA(2) was $881 million. Second quarter revenues were $2.01 billion and operating cash flow was $527 million. The company generated $274 million in free cash flow(3) in the second quarter, marking five consecutive quarters of positive free cash flow.

Second quarter cost of sales applicable to gold was $1.23 billion, a reduction of 13 percent compared to the prior-year period. Production in the quarter was 1.34 million ounces of gold at all-in sustaining costs(4) of $782 per ounce. We continue to expect full-year production of 5.0-5.5 million ounces of gold. We expect cost of sales applicable to gold for 2016 to be in the range of $5.2-$5.5 billion. We have reduced our all-in sustaining cost(4)guidance to $750-$790 per ounce, down from our most recent range of $760-$810 per ounce.

Our operations continued to deliver robust performance in the second quarter, demonstrating capital discipline, improved operational efficiency and productivity, and stronger cost management as we target Best-in-Class performance. This is driving growing margins and profitability across the entire business, in support of our overriding objective to grow free cash flow per share. At the same time, we continue to strengthen our balance sheet with nearly $1 billion in debt repayments completed so far this year, or roughly half of our $2 billion debt reduction target for 2016. Lower debt levels have better positioned the company to withstand gold price volatility while setting us up to invest in future growth.

Barrick has the industry's largest gold reserves and resources, with an average reserve grade significantly higher than our peer group average.(5) This represents an immense source of value and optionality for the company. Our Growth Group is actively advancing a strategy to grow our free cash flow per share by allocating capital to the opportunities with the best returns. We are pursuing a multi-faceted approach that will optimize the development of our existing reserves and resources, invest in exploration to discover the next major deposit, and assess external opportunities for acquisitions, seed financing, earn-ins, and other partnerships and joint ventures. Ultimately, the investments we make will be focused on growing our free cash flow per share while maintaining strict capital discipline, such that we are continuously upgrading the long-term value of our portfolio. Our existing operations will also contribute to growth by achieving step changes in performance that will drive down our cost structure and expand margins. We will do this by leveraging innovation and new technology, which is a core pillar of our Best-in-Class philosophy.

FINANCIAL HIGHLIGHTS

Second quarter net earnings were $138 million ($0.12 per share) compared to a net loss of $9 million ($0.01 per share) in the prior year period. Adjusted net earnings(1) for the second quarter were $158 million ($0.14 per share), compared to $60 million ($0.05 per share) in the prior year period. Higher net earnings reflect a decrease in operating costs, particularly lower fuel and energy prices (even when factoring in fuel hedges above spot prices), favorable foreign exchange movements, reduced royalty expense, and the impact of Best-in-Class initiatives, including lower labor, contractor, and consumable costs, and other operating efficiencies. In addition, earnings benefited from lower exploration, evaluation, and project expenses. The company generated $881 million of EBITDA(2) in the second quarter compared to $690 million in the prior year period.

Second quarter revenues were $2.01 billion, compared to $2.23 billion in the prior year period. Operating cash flow in the second quarter was $527 million, compared to $525 million in the second quarter of 2015. Despite lower production as a result of non-core asset sales, operating cash flow remained in line with the prior year period. This was driven by higher gold prices and lower operating costs, as a result of lower energy and fuel costs, combined with lower labor, consumable, and contractor costs, and improved operating efficiencies driven by Best-in-Class initiatives. These gains were partially offset by an increase in working capital, combined with the impact of higher income taxes paid, compared to the prior year period.

Free cash flow(3) for the second quarter was $274 million, marking five consecutive quarters of positive free cash flow. This reflects our driving focus on maximizing free cash flow per share through capital discipline, improved operational efficiency and productivity, and stronger cost management.

RESTORING A STRONG BALANCE SHEET

Strengthening our balance sheet remains a top priority. In 2016, we intend to reduce our total debt by at least $2 billion by drawing on our existing cash balance, and by maximizing free cash flow from operations, as well as potential non-core asset sales.

So far this year, we have reduced our total debt by $968 million, representing approximately half of our debt reduction target for the year.

We will continue to pursue non-core asset sales with discipline, and will only proceed with transactions that make sense for the business, on terms we consider favorable to our shareholders.

In this regard, we intend to initiate a process to explore the sale of our 50 percent stake in the KCGM operation in Western Australia.

The company's liquidity position is strong and continues to improve, underpinned by free cash flow generation across the business, and modest near-term debt repayment obligations. At the end of the second quarter, Barrick had a consolidated cash balance of approximately $2.4 billion.(6) The company now has less than $150 million(7) in debt due before 2018, and about $5 billion of our outstanding debt of $9 billion does not mature until after 2032. Over the medium term, we aim to reduce our total debt to below $5 billion.

OPERATING HIGHLIGHTS AND OUTLOOK

Our over-arching objective as a business is to grow our free cash flow per share. In support of this objective, we are focused on driving industry-leading margins by improving the productivity and efficiency of our operations. This means a continuous, relentless cycle of improvement and innovation, underpinned by our Best-in-Class program. Our aspiration is to achieve all-in sustaining costs below $700 per ounce by 2019.

Barrick produced 1.34 million ounces of gold in the second quarter at a cost of sales of $1.23 billion, compared to 1.45 million ounces at a cost of sales of $1.41 billion in the prior year period. All-in sustaining costs(4) in the second quarter were $782 per ounce, compared to $895 per ounce in the second quarter of 2015. Excluding the impact of divested mines, production for the second quarter increased by 126,000 ounces.

Compared to the first half of 2015, cost of sales applicable to gold declined by 14 percent to $2.43 billion, primarily due to fewer ounces sold as a result of divestments. Cost of sales at our remaining operations was in line with the prior-year period, with higher grades and sales volumes offset by a decrease in direct mining costs. Compared to the first half of 2015, all-in sustaining costs(4) have fallen by 19 percent. These reductions reflect decreased direct mining costs, particularly lower fuel and energy prices, reduced royalty expense, and the impact of Best-in-Class initiatives, including lower labor, contractor, and consumable costs, and more predictive and precise maintenance. Lower mine site sustaining capital expenditures and a higher proportion of production from lower cost operations also contributed to lower all-in sustaining costs.

Please see page 31 of Barrick's Second Quarter 2016 Management Discussion and Analysis for individual operating segment performance details.

We continue to expect full-year gold production of 5.0-5.5 million ounces. For the full year, we expect cost of sales applicable to gold to be in the range of $5.2-$5.5 billion. We have reduced our all-in sustaining cost(4) guidance for 2016 to $750-$790 per ounce, down from $760-$810 per ounce at the end of the first quarter, and below our original 2016 guidance of $775-$825 per ounce. All-in sustaining costs are now expected to be highest in the third quarter, reflecting a shift in the timing of certain sustaining capital expenditures to the second half of the year.

Capital expenditures for 2016 are now expected to be $1.25-$1.40 billion, down from $1.35-$1.55 billion at the end of the first quarter, and below our original 2016 guidance range of $1.35-$1.65 billion.

As we continue to embed Best-in-Class across the portfolio, we expect to identify additional savings opportunities over the course of the year.



                              Second Quarter         Current        Original
Gold                                    2016   2016 Guidance   2016 Guidance
----------------------------------------------------------------------------
Production(8) (000s of
 ounces)                               1,340     5,000-5,500     5,000-5,500
Cost of sales applicable to
 gold ($millions)                     1,227      5,200-5,500             N/A
All-in sustaining costs(4)
 ($per ounce)                            782         750-790         775-825
Cash costs(4)($per ounce)                578         540-570         550-590
Copper
----------------------------------------------------------------------------
Production(8)(millions of
 pounds)                                 103         380-430         370-410
Cost of sales applicable to
 copper ($millions)                      79          275-320             N/A
All-in sustaining
 costs(9)($per pound)                   2.14       1.95-2.25       2.05-2.35
C1 cash costs(9)($per pound)            1.52       1.35-1.65       1.45-1.75
----------------------------------------------------------------------------
Total Capital
 Expenditures(10)($millions)             284     1,250-1,400     1,350-1,650
----------------------------------------------------------------------------

Mine Site Guidance Updates

Based on improved operational performance, we now anticipate higher production and lower costs at both Cortez and Turquoise Ridge. Cortez is now expected to produce 980,000-1,050,000 ounces of gold at all-in sustaining costs(4) of $520-$550 per ounce, compared to our previous guidance range of 900,000-1,000,000 ounces at all-in sustaining costs of $580-$640 per ounce. At Turquoise Ridge, our share of production is now anticipated to be in the range of 240,000-260,000 ounces of gold at all-in sustaining costs of $640-$700 per ounce, compared to our previous guidance range of 200,000-220,000 ounces at all-in sustaining costs of $770-$850 per ounce.

Reflecting the impact of severe winter weather conditions in the first half of 2016, we now expect full year gold production at Veladero to be in the range of 580,000-640,000 ounces, down from our previous guidance of 630,000-690,000 ounces. All-in sustaining cost(4) guidance remains unchanged at $790-$860 per ounce.

Copper

Copper production in the second quarter was 103 million pounds at a cost of sales of $79 million, and all-in sustaining costs(9)of $2.14 per pound. The Jabal Sayid project, a 50-50 joint venture with Saudi Arabian Mining Company (Ma'aden), commenced commercial production on July 1. Barrick's share of 2016 copper production from Jabal Sayid is expected to be 10-20 million pounds at all-in sustaining costs of $2.80-$3.10 per pound. The mine is expected to ramp up to a production rate of about 100 million pounds per year in the second half of 2017, as additional underground development is completed.

Reflecting the start of commercial production at Jabal Sayid, we have increased our copper production guidance for 2016 to 380-430 million pounds, up from our original guidance of 370-410 million pounds. For the full year, we expect cost of sales applicable to copper to be in the range of $275-$320 million. Copper all-in sustaining cost(9) guidance remains unchanged at $1.95-$2.25 per pound.

In June 2016, the Zambian government passed legislation to amend the royalty tax for mining operations to a variable rate based on the prevailing copper price, effective June 1, 2016. These rates are four percent at copper prices below $2.04; five percent at copper prices between $2.04 and $2.72; and six percent at copper prices of $2.72 and above. Legislation was also passed to remove the 15 percent variable profit tax on income from mining companies. Our 2016 copper guidance takes into consideration the revised royalty rates commencing June 1.

BEST-IN-CLASS IN ACTION

Pueblo Viejo Autoclaves Case Study

Applying Creative Thinking and Knowledge to Unlock Potential

The key to unlocking the massive refractory ore body at Pueblo Viejo rests within four giant autoclaves-the largest ever used in the gold mining industry. Each autoclave weighs 780 tonnes, and is roughly 38 meters long and six meters in diameter-about as wide as a Boeing 747 fuselage. Improving the availability and throughput of the autoclaves has the potential to unlock substantial value for the mine.

Until recently, each autoclave has required, on average, a 22-day maintenance shutdown every six months. Large metal walls that separate the compartments inside each autoclave begin to fail as a result of the forces generated by continuous agitation of the ore slurry. A buckled or failed wall can interfere with normal operation, damaging the agitator blades and shafts, and accelerating the build-up of scale and sand, thereby requiring frequent maintenance.

Challenging and pushing past technical limits is a critical component of our Best-in-Class philosophy. Faced with this challenge, the team at Pueblo Viejo came up with a plan to increase autoclave availability and throughput by extending the period between maintenance shutdowns-from every six months, to every seven or potentially eight months.

To achieve this, the team applied Barrick's extensive autoclave operating experience to propose a number of critical modifications to the autoclaves. High oxidization rates inside the autoclaves implied the number of interior compartments could be reduced, thereby mitigating the build-up of scale, and the associated maintenance requirements. However, the remaining compartment walls would continue to fail at a similar rate, limiting the potential gains. To solve this problem, the team worked with an engineering partner to develop a new design for the interior compartment walls. The design better integrates the walls into the autoclaves using stronger titanium structure sections, improved bracing, and larger bolts.

The new walls have been successfully installed in two of the mine's four autoclaves. Initial results have been positive, indicating that increased run-time between shutdown maintenance is achievable. If successful in all four autoclaves, this initiative has the potential to increase throughput at Pueblo Viejo by 240,000 tonnes per year (100 percent basis), increasing autoclave availability from 84 percent to 86.5 percent-driving increased production, lower unit costs, and additional free cash flow from the operation. Other benefits include reducing materials cost for autoclave maintenance work (spare parts, valves, and ancillary equipment), and reducing contractor costs, due to fewer shutdowns per year.

Goldstrike Open Pit Haulage Case Study

When Challenging Conventional Wisdom Pays Off

Over nearly 30 years of managing one of the largest open pit gold mines in the world, conventional wisdom at Goldstrike suggested that the technical limit for open pit haul truck utilization was 79 percent, taking into account the mine runs two open pits seven miles apart. In simple terms, for every hour of potential operating time, the average truck achieved about 48 minutes of productive work time. At the end of 2015, the mine was operating a fleet of 29 Komatsu 930 haul trucks.

Motivated by a desire to challenge conventional wisdom in pursuit of Best-in-Class performance, the open pit team at Goldstrike evaluated how to increase haul truck availability to a level the mine had never achieved. Drawing on other experiences from across the industry, they came up with a concept that allows some haul trucks to be parked, while significantly increasing utilization of the trucks remaining in service. The secret was breaks-but not the brakes on the trucks. Typically, when haul truck drivers at Goldstrike were scheduled to take a break, they simply pulled over in a safe location and enjoyed a rest, usually spent inside the cab of the truck itself. This had trucks idling, rather than engaging in productive work.

Earlier this year, Goldstrike began testing a new system. The mine is in the process of installing a series of modular break rooms at strategic locations around the open pit where drivers can rest. While drivers are on break, relief drivers take over operation of the trucks. In just six months, the results have been impressive: a six percent improvement in haul truck utilization in the open pit, moving from 79 percent to 85 percent; and six haul trucks taken out of the fleet. Today, the mine is moving the same amount of material in the open pit, with fewer trucks. This initiative, combined with other improvement projects, has helped to reduce open pit mining costs at Goldstrike from $1.40 per tonne at the start of the year to $1.25 per tonne today. The shift to using properly-configured break rooms also increases safety, by promoting a more restful environment for operators.

As often happens, when you remove one bottleneck, other opportunities for improvement present themselves. The open pit team is now evaluating how to further optimize shovel use at the mine, matching the right shovels with the right haulage plans and ore types.

TECHNICAL INFORMATION

The scientific and technical information contained in this press release has been reviewed and approved by Steven Haggarty, P. Eng., Senior Director, Metallurgy of Barrick who is a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.



APPENDIX 1 - Updated 2016 Operating and Capital Expenditure Guidance

GOLD PRODUCTION AND COSTS
----------------------------------------------------------------------------
                                                   All-in
                   Production                    sustaining
                  (millions of   Cost of sales   costs(4) ($   Cash costs(4)
                     ounces)     ($ millions)    per ounce)    ($ per ounce)
----------------------------------------------------------------------------
Cortez             0.980-1.050                     520-550        430-450
Goldstrike         0.975-1.075                     780-850        560-610
Pueblo Viejo
 (60%)             0.600-0.650                     550-590        420-450
Lagunas Norte      0.410-0.450                     580-630        410-450
Veladero           0.580-0.640                     790-860        520-570
----------------------------------------------------------------------------
Sub-total          3.500-3.900                     650-700        480-510
----------------------------------------------------------------------------
Porgera (47.5%)    0.230-0.260                     850-960        650-730
Acacia (63.9%)     0.480-0.500                     950-980        670-700
KCGM (50%)         0.350-0.365                     670-700        610-630
Hemlo              0.215-0.230                     800-850        650-690
Turquoise Ridge
 (75%)             0.240-0.260                     640-700        480-520
Golden Sunlight    0.030-0.045                   1,080-1,130     990-1,100
----------------------------------------------------------------------------
Total Gold           5.000-
                    5.500(11)     5,200-5,500      750-790        540-570
----------------------------------------------------------------------------

COPPER PRODUCTION AND COSTS
----------------------------------------------------------------------------
                                                   All-in
                   Production   Cost of sales    sustaining      C1 cash
                  (millions of   ($ millions) costs(9) ($ percosts(9) ($ per
                    pounds)                        pound)         pound)
----------------------------------------------------------------------------
Zaldivar (50%)      100-120                      2.20-2.40      1.70-1.90
Lumwana             270-290                      1.80-2.10      1.20-1.50
Jabal Sayid
 (50%)               10-20                       2.80-3.10      1.90-2.20
----------------------------------------------------------------------------
Total Copper        380-430        275-320       1.95-2.25      1.35-1.65
----------------------------------------------------------------------------

CAPITAL EXPENDITURES
----------------------------------------------------------------------------
                               ($ millions)
-----------------------------------------------
Mine site sustaining            1,100-1,200
Project(12)                       150-200
-----------------------------------------------
Total Capital Expenditures      1,250-1,400
-----------------------------------------------


APPENDIX 2 -2016 Outlook Assumptions and Economic Sensitivity Analysis
----------------------------------------------------------------------------
                                                      Impact on  Impact on
                     2016                  Impact on   Cost of     All-in
                   Guidance  Hypothetical   Revenue     sales    sustaining
                  Assumption    Change    (millions) (millions)  costs(4,9)
----------------------------------------------------------------------------
Gold revenue, net
 of royalties      $1,250/oz  +/- $100/oz  +/- $258      n/a      +/- $3/oz
Copper revenue,
 net of royalties  $2.10/lb  +/- $0.50/lb   +/- $98      n/a    +/- $0.03/lb
----------------------------------------------------------------------------
Gold all-in
 sustaining
 costs(4)
 Gold royalties &
  production
  taxes            $1,250/oz  +/- $100/oz     n/a      +/- $8     +/- $3/oz
 WTI crude oil
  price(13)         $50/bbl   +/- $10/bbl     n/a      +/- $3     +/- $1/oz
 Australian
  dollar exchange
  rate             0.73 : 1     +/- 10%       n/a      +/- $14    +/- $5/oz
 Canadian dollar
  exchange rate    1.30 : 1     +/- 10%       n/a      +/- $16    +/- $6/oz
----------------------------------------------------------------------------
Copper all-in
 sustaining
 costs(9)
 WTI crude oil
  price(13)         $50/bbl   +/- $10/bbl     n/a      +/- $2   +/- $0.01/lb
 Chilean peso
  exchange rate     690 : 1     +/- 10%       n/a      +/- $4   +/- $0.02/lb
----------------------------------------------------------------------------

ENDNOTES

(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
      http://www.sedar.com/ and on EDGAR at http://www.sec.gov/.

Reconciliation of Net Earnings to Adjusted Net Earnings and Adjusted Net
 Earnings per Share(1)
                                            For the three       For the six
($ millions, except per share amounts in     months ended      months ended
 dollars)                                         June 30           June 30
----------------------------------------------------------------------------
                                            2016     2015     2016     2015
----------------------------------------------------------------------------
Net earnings (loss) attributable to
 equity holders of the company           $   138  $    (9) $    55  $    48
Impairment charges related to
 intangibles, goodwill, property, plant
 and equipment, and investments                4       35        5       40
Acquisition/disposition (gains)/losses       (11)      (2)      (2)     (26)
Foreign currency translation losses           23       33      162       31
Significant tax adjustments(3)                 3       26       54       32
Other expense adjustments(4)                   6        2       74       28
Unrealized gains on non-hedge derivative
 instruments                                  (5)       3      (11)       4
Tax effect and non-controlling interest        -      (28)     (52)     (35)
----------------------------------------------------------------------------
Adjusted net earnings                    $   158  $    60  $   285  $   122
----------------------------------------------------------------------------
Net earnings (loss) per share(2)            0.12    (0.01)    0.05     0.04
Adjusted net earnings per share(2)          0.14     0.05     0.24     0.10
----------------------------------------------------------------------------
(1)   Amounts presented in this table are pre-tax and non-controlling
      interest.
(2)   Calculated using weighted average number of shares outstanding under
      the basic method of earnings per share.
(3)   Significant tax adjustments for the current year primarily relate to a
      tax provision booked by Acacia in Q1 2016.
(4)   Other expense adjustments for the current year relate to losses on
      debt extinguishment and the impact of the decrease in the discount
      rate used to calculate the provision for environmental remediation at
      our closed mines.

(2)   "EBITDA" and "adjusted EBITDA" are non-GAAP financial performance
      measures. EBITDA excludes income tax expense, finance costs, finance
      income and depreciation from net earnings. Barrick believes that
      EBITDA is a valuable indicator of our ability to generate liquidity by
      producing operating cash flow. EBITDA is also frequently used by
      investors and analysts for valuation purposes. Adjusted EBITDA removes
      the effect of "impairment charges" which are not reflective of our
      ability to generate liquidity by producing operating cash flow. 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. 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 http://www.sedar.com/ and on EDGAR at
      http://www.sec.gov/.


Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA

($ millions, except per share amounts in    For the three       For the six
 dollars)                                    months ended      months ended
                                                  June 30           June 30
----------------------------------------------------------------------------
                                            2016     2015     2016     2015
----------------------------------------------------------------------------
Net earnings (loss)                      $   176  $    (9) $   104  $    80
  Income tax expense                         173      103      359      208
  Finance costs, net(1)                      150      177      347      355
  Depreciation                               382      419      767      840
----------------------------------------------------------------------------
EBITDA                                   $   881  $   690  $ 1,577  $ 1,483
Impairment charges                             4       35        5       40
----------------------------------------------------------------------------
Adjusted EBITDA                          $   885  $   725  $ 1,582  $ 1,523
----------------------------------------------------------------------------
Reported as:
----------------------------------------------------------------------------
Cortez                                   $   190  $   117  $   402  $   178
Goldstrike                                   160      100      294      218
Pueblo Viejo                                 193      161      419      367
Lagunas Norte                                 96      136      179      281
Veladero                                      87       93      159      192
Turquoise Ridge                               46       32       72       61
Acacia                                       134       70      210      136
Other                                        (21)      16     (153)      90
Impairment charges                            (4)     (35)      (5)     (40)
----------------------------------------------------------------------------
EBITDA                                   $   881  $   690  $ 1,577  $ 1,483
Impairment charges                             4       35        5       40
----------------------------------------------------------------------------
Adjusted EBITDA                          $   885  $   725  $ 1,582  $ 1,523
----------------------------------------------------------------------------
(1)   Finance costs exclude accretion.

(3)   "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.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash
 Flow
                                   For the three months  For the six months
($ millions)                              ended June 30       ended June 30
----------------------------------------------------------------------------
                                        2016       2015      2016      2015
----------------------------------------------------------------------------
Net cash provided by operating
 activities                        $     527  $     525  $    978  $    841
Capital expenditures                    (253)      (499)     (523)   (1,013)
----------------------------------------------------------------------------
Free cash flow                     $     274  $      26  $    455  $   (172)
----------------------------------------------------------------------------


(4)   "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 http://www.sedar.com/ and on EDGAR at http://www.sec.gov/.


Reconciliation of Gold Cost of Sales to Cash costs per ounce, All-in
 sustaining costs per ounce and All-in costs per ounce
                                            For the three       For the six
                                             months ended      months ended
                                                 June 30,          June 30,
----------------------------------------------------------------------------
                                Footnote    2016     2015     2016     2015
----------------------------------------------------------------------------
Cost of sales related to gold
 production                              $ 1,227  $ 1,413  $ 2,430  $ 2,838
 Depreciation                               (365)    (378)    (734)    (752)
 By-product credits                 1        (46)     (53)     (84)    (112)
 Realized (gains)/losses on
  hedge and non-hedge
  derivatives                       2         26       27       57       47
 Non-recurring items                3          -        -      (10)       -
 Other                              4         (6)       7      (15)      15
 Non-controlling interests
  (Pueblo Viejo and Acacia)                  (90)    (100)    (175)    (212)
----------------------------------------------------------------------------
Cash costs                               $   746  $   916  $ 1,469  $ 1,824
----------------------------------------------------------------------------
 General & administrative costs               88       70      146      137
 Minesite exploration and
  evaluation costs                  6          9       16       16       25
 Minesite sustaining capital
  expenditures                      7        235      361      410      714
 Rehabilitation - accretion and
  amortization (operating
  sites)                            5         14       40       25       76
 Non-controlling interest,
  copper operations and other       8        (82)     (90)    (132)    (161)
----------------------------------------------------------------------------
All-in sustaining costs                  $ 1,010  $ 1,313  $ 1,934  $ 2,615
----------------------------------------------------------------------------
   Project exploration and
    evaluation and project
    costs                           6         47       81       95      158
  Community relations costs not
   related to current
   operations                                  3        4        5        7
   Project capital expenditures     7         49       45       89      139
 Rehabilitation - accretion and
  amortization (non-operating
  sites)                            5          3        3        5        6
   Non-controlling interest and
    copper operations               8        (15)     (11)     (31)     (15)
----------------------------------------------------------------------------
All-in costs                             $ 1,097  $ 1,435  $ 2,097  $ 2,910
----------------------------------------------------------------------------
Ounces sold - equity basis
 (000s ounces)                     10      1,292    1,466    2,598    2,851
----------------------------------------------------------------------------
Cash costs per ounce(1)                  $   578  $   624  $   565  $   640
Cash costs per ounce (on a co-
 product basis)(1)                  9    $   605  $   648  $   591  $   666
----------------------------------------------------------------------------
All-in sustaining costs per
 ounce(1)                                $   782  $   895  $   744  $   918
All-in sustaining costs per
 ounce (on a co-product
 basis)(1)                          9    $   809  $   919  $   770  $   944
----------------------------------------------------------------------------
All-in costs per ounce(1)                $   849  $   978  $   807  $ 1,021
All-in costs per ounce (on a
 co-product basis)(1)               9    $   876  $ 1,002  $   833  $ 1,047
----------------------------------------------------------------------------
      Cash costs per ounce, all-in sustaining costs per ounce and all-in
(1)   costs per ounce may not calculate based on amounts presented in this
      table due to rounding.

(1)   Other sales
      Revenues include the sale of by-products for our gold and copper mines
      for the three months ended June 30, 2016 of $32 million (2015: $33
      million) and the six months ended June 30, 2016 of $60 million (2015:
      $74 million) and energy sales from the Monte Rio power plant at our
      Pueblo Viejo Mine for the three months ended June 30, 2016 of $14
      million (2015: $20 million) and the six months ended June 30, 2016 of
      $24 million (2015: $38 million).
(2)   Realized (gains)/losses on hedge and non-hedge derivatives
      Includes realized hedge losses of $20 million and $44 million (2015:
      $21 million and $42 million, respectively) for the three and six
      months ended June 30, 2016, respectively, and realized non-hedge
      losses of $6 million and $13 million (2015: $6 million and $5 million,
      respectively) for the three and six months ended June 30, 2016,
      respectively. Refer to Note 5 of the Financial Statements for further
      information.
(3)   Non-recurring items
      Non-recurring items consist of $10 million in abnormal costs at
      Veladero. These 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 $2 million and $4 million, respectively,
      (2015: $5 million and $10 million, respectively) and adding the cost
      of treatment and refining charges of $4 million and $9 million,
      respectively (2015: $3 million and $6 million, respectively). 2016
      includes the removal of costs associated with our Pierina mine which
      is mining incidental ounces as it enters closure of $12 million and
      $28 million, respectively.
(5)   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.
(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 27 of Barrick's Second
      Quarter 2016 MD&A.
(7)   Capital expenditures
      Capital expenditures are related to our gold sites only and are
      presented on a 100 percent 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 and Cortez Lower
      Zone. Refer to page 26 of Barrick's Second Quarter 2016 MD&A.
(8)   Non-controlling interest and copper operations
      Removes general & administrative costs of $12 million and $22 million,
      respectively, for the three and six months ended June 30, 2016 (2015:
      $14 million and $26 million, respectively), exploration, evaluation
      and project costs of $4 million and $10 million, respectively (2015:
      $3 million and $7 million, respectively), rehabilitation costs of $2
      million and $3 million, respectively (2015: $3 million and $5 million,
      respectively) and capital expenditures of $78 million and $129
      million, respectively (2015: $79 million and $137 million,
      respectively) that are related to 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.
(9)   Costs per ounce
      Amounts presented on a co-product basis remove from cost per ounce
      calculations the impact of other metal sales (net of non-controlling
      interest) that are produced as a by-product of our gold production.
(10)  Ounces sold - equity basis
      In 2016, figures remove the impact of Pierina as the mine is currently
      going through closure.


(5)   Comparison based on the total reserves and resources and average
      overall reserve grade for Goldcorp Inc., Kinross Gold Corporation,
      Newmont Mining Corporation, and Newcrest Mining Limited, as reported
      in each of the reserve reports for Goldcorp Inc., Kinross Gold
      Corporation, Newmont Mining Corporation, and Newcrest Mining Limited
      as of December 31, 2015.

(6)   Includes $699 million cash held at Acacia and Pueblo Viejo, which may
      not be readily deployed outside of Acacia and/or Pueblo Viejo.

(7)   Amount excludes capital leases and includes project financing payments
      at Pueblo Viejo (60 percent basis) and Acacia (100 percent basis).

(8)   Barrick's share.

(9)   "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 http://www.sedar.com/
      and on EDGAR at http://www.sec.gov/.

Reconciliation of Copper Cost of Sales to C1 cash costs per pound and All-
 in sustaining costs per pound
                                            For the three       For the six
($ millions, except per pound                months ended      months ended
 information in dollars)                          June 30           June 30
----------------------------------------------------------------------------
                                            2016     2015     2016     2015
----------------------------------------------------------------------------
Cost of sales                            $    79  $   238  $   169  $   489
  Depreciation/amortization                   (9)     (26)     (20)     (63)
  Treatment and refinement charges            38       41       84       83
  Cost of sales applicable to equity
   method investments(1)                      43        -       84        -
  Less: royalties                            (10)     (36)     (25)     (69)
----------------------------------------------------------------------------
C1 cash cost of sales                    $   141  $   217  $   292  $   440
----------------------------------------------------------------------------
  General & administrative costs               5        5       12       12
  Rehabilitation - accretion and
   amortization                                2        2        3        4
  Royalties                                   10       36       25       69
  Minesite sustaining capital
   expenditures                               41       44       70       71
----------------------------------------------------------------------------
All-in sustaining costs                  $   199  $   304  $   402  $   596
----------------------------------------------------------------------------
Pounds sold - consolidated basis
 (millions pounds)                            93      112      196      233
----------------------------------------------------------------------------
C1 cash cost per pound(2)                $  1.52  $  1.94  $  1.49  $  1.89
----------------------------------------------------------------------------
All-in sustaining costs per pound(2)     $  2.14  $  2.72  $  2.05  $  2.56
----------------------------------------------------------------------------
(1)   For the three and six month periods ended June 30, 2016, figures
      include $43 million and $84 million, respectively, of cash costs
      related to our 50 percent share of Zaldivar due to the divestment of
      50 percent of our interest in the mine on December 1, 2015 and
      subsequent accounting as an equity method investment.
(2)   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.


(10)  Barrick's share on an accrued basis.

(11)  Operating unit guidance ranges for production reflect expectations at
      each individual operating unit, but do not add up to corporate-wide
      guidance range total.

(12)  We have combined our previous capital expenditure categories of
      Minesite expansion and Projects into one category called Project.

(13)  Due to our fuel hedging activities, which are reflected in these
      sensitivities, we are partially protected against changes in this
      factor.


Key Statistics
Barrick Gold Corporation
(in United States dollars)          Three months ended     Six months ended
                                              June 30,             June 30,
                                   -----------------------------------------
                                        2016      2015       2016      2015
----------------------------------------------------------------------------

Financial Results (millions)
Revenues                           $   2,012 $   2,231  $   3,942 $   4,476
Cost of sales                          1,336     1,689      2,660     3,397
Net earnings (loss)(1)                   138        (9)        55        48
Adjusted net earnings(2)                 158        60        285       122
Adjusted EBITDA(2)                       885       725      1,582     1,523
Total project capital
 expenditures(3)                          50        53         90       157
Total capital expenditures -
 sustaining(3)                           234       361        409       713
Operating cash flow                      527       525        978       841
Free cash flow(2)                        274        26        455      (172)

Per Share Data (dollars)
 Net earnings (loss) (basic and
  diluted)                              0.12     (0.01)      0.05      0.04
 Adjusted net earnings (basic)(2)       0.14      0.05       0.24      0.10

Weighted average basic and diluted
 common shares (millions)              1,165     1,165      1,165     1,165
----------------------------------------------------------------------------

Operating Results
Gold production (thousands of
 ounces)(4)                            1,340     1,445      2,620     2,835
Gold sold (thousands of ounces)(4)     1,292     1,466      2,598     2,851

Per ounce data
 Average spot gold price           $   1,260 $   1,192  $   1,221 $   1,206
 Average realized gold price(2)        1,259     1,190      1,219     1,204
 All-in sustaining costs(2)              782       895        744       918

Copper production (millions of
 pounds)(5)                              103       115        214       233
Copper sold (millions of pounds)          93       112        196       233

Per pound data
 Average spot copper price         $    2.14 $    2.74  $    2.13 $    2.69
 Average realized copper price(2)       2.14      2.66       2.16      2.60
 All-in sustaining costs(2)             2.14      2.72       2.05      2.56
----------------------------------------------------------------------------


                                                           As at      As at
                                                            June   December
                                                              30,       31,
                                                        --------------------
                                                             2016      2015
----------------------------------------------------------------------------

Financial Position (millions)
Cash and equivalents                                    $   2,441 $   2,455
Working capital (excluding cash)                            1,344     1,310
----------------------------------------------------------------------------

(1)   Net earnings (loss) represents net earnings attributable to the equity
      holders of the Company.
(2)   Realized price, all-in sustaining costs, adjusted net earnings,
      adjusted EBITDA and free cash flow are non-GAAP financial performance
      measures with no standardized meaning under IFRS and therefore may not
      be comparable to similar measures presented by other issuers. For
      further information and a detailed reconciliation of each non-GAAP
      measure to the most directly comparable IFRS measure, please see pages
      42 - 49 of this MD&A.
(3)   Amounts presented on a 100% accrued basis. Project capital
      expenditures are included in our calculation of all-in costs, but not
      included in our calculation of all-in sustaining costs.
(4)   Production includes Acacia on a 63.9% basis and Pueblo Viejo on a 60%
      basis, both of which reflect our equity share of production. Also
      includes production from Bald Mountain and Round Mountain up to
      January 11, 2016, the effective date of sale of the assets. 2015
      includes production from Porgera on a 95% basis whereas 2016 figures
      are on a 47.5% basis reflecting the sale of 50% of Porgera in third
      quarter 2015. Sales include our equity share of gold sales from Acacia
      and Pueblo Viejo.
(5)   In 2016, reflects production from Jabal Sayid and Zaldivar on a 50%
      basis, which reflects our equity share of production, and 100% of
      Lumwana. 2015 production includes Zaldivar on a 100% basis prior to
      the sale of 50% of the mine in fourth quarter 2015, and 100% of
      Lumwana.


Production and Cost Summary
                                                             Gold Cost of
                                        Gold Production            Sales
                                  (attributable ounces)   (in millions of
                                                  (000s)             USD)
                             --------------------------- ----------------
                              Three months    Six months    Three months
                                     ended         ended           ended
                                  June 30,      June 30,        June 30,
                             ------------- ------------- ---------------
                               2016   2015   2016   2015    2016    2015
------------------------------------------ ------------- ---------------
Gold
 Goldstrike                     263    206    512    413 $   219 $   113
 Cortez                         248    193    495    326     239     195
 Pueblo Viejo(1)                150    131    322    266     173     224
 Lagunas Norte                  124    155    224    333      77     103
 Veladero                       119    151    251    300     100     110
 Turquoise Ridge                 79     52    129    101      34      37
 Acacia(2)                      141    119    263    235     180     187
 Other Mines - Gold(3)          216    438    424    861     205     444
-------------------------------------------------------------------------
Total                         1,340  1,445  2,620  2,835 $ 1,227 $ 1,413
-------------------------------------------------------------------------

                                Gold Cost of
                                      Sales
                             (in millions of     All-in sustaining costs(5)
                                        USD)                          ($/oz)
                             --------------- -------------------------------
                                  Six months    Three months      Six months
                                       ended           ended           ended
                                    June 30,        June 30,        June 30,
                             --------------- --------------- ---------------
                                2016    2015    2016    2015    2016    2015
-------------------------------------------- --------------- ---------------
Gold
 Goldstrike                  $   431 $   262 $   737 $   732     722 $   811
 Cortez                          491     391     558     811     511     877
 Pueblo Viejo(1)                 340     455     634     682     559     673
 Lagunas Norte                   145     202     585     509     571     483
 Veladero                        205     238     744     961     709     978
 Turquoise Ridge                  69      68     621     780     668     747
 Acacia(2)                       349     361     926   1,149     941   1,133
 Other Mines - Gold(3)           400     861     786     950     775     977
----------------------------------------------------------------------------
Total                        $ 2,430 $ 2,838 $   782 $   895 $   744 $   918
----------------------------------------------------------------------------
                                                           Copper Cost of
                                       Copper Production           Sales
                                (attributable pounds)(4)  (in millions of
                                              (millions)             USD)
                             --------------------------- ----------------
                              Three months    Six months    Three months
                                     ended         ended           ended
                                  June 30,      June 30,        June 30,
                             ------------- ------------- ---------------
                               2016   2015   2016   2015    2016    2015
-------------------------------------------------------------------------
Total                           103    115    214    233 $    79 $   238
-------------------------------------------------------------------------

                              Copper Cost of
                                      Sales
                             (in millions of     All-in sustaining costs(5)
                                        USD)                          ($/lb)
                             --------------- -------------------------------
                                  Six months    Three months      Six months
                                       ended           ended           ended
                                    June 30,        June 30,        June 30,
                             --------------- --------------- ---------------
                                2016    2015    2016    2015    2016    2015
----------------------------------------------------------------------------
Total                        $   169 $   489 $  2.14 $  2.72 $  2.05 $  2.56
----------------------------------------------------------------------------

                                            Total Gold Costs ($/oz)
                                    ----------------------------------------
                                     Three months ended    Six months ended
                                               June 30,            June 30,
                                    ------------------- --------------------
                                         2016      2015      2016      2015
------------------------------------------------------- --------------------
  Direct mining costs before impact
   of hedges at market foreign
   exchange rates                   $     550 $     601 $     538 $     618
  Losses realized on currency hedge
   and commodity hedge/economic
   hedge contracts                         20        15        21        14
  By-product credits                      (27)      (24)      (26)      (26)
  Royalties                                35        32        32        34
----------------------------------------------------------------------------
Cash costs(5)                             578       624       565       640
  Depreciation                            253       231       253       234
----------------------------------------------------------------------------
Total production costs              $     831 $     855 $     818 $     874
----------------------------------------------------------------------------
Cash costs(5)                       $     578 $     624 $     565 $     640
  General & administrative costs           68        48        56        48
  Rehabilitation - accretion and
   amortization (operating sites)          11        27        10        27
  Mine on-site exploration and
   evaluation costs                         7        11         6         9
  Minesite sustaining capital
   expenditures                           182       246       158       250
  Non-controlling interest, copper
   operations and other                  (64)      (61)      (51)      (56)
----------------------------------------------------------------------------
All-in sustaining costs(5)          $     782 $     895 $     744 $     918
----------------------------------------------------------------------------
All-in costs(5)                     $     849 $     978 $     807 $   1,021
----------------------------------------------------------------------------
(1)   Reflects production from Pueblo Viejo on a 60% basis, which reflects
      our equity share of production.
(2)   Reflects production from Acacia on a 63.9% basis, which reflects our
      equity share of production.
(3)   In 2016, Other Mines - Gold includes Golden Sunlight, Hemlo, Porgera
      on a 47.5% basis and Kalgoorlie. Also includes production from Bald
      Mountain and Round Mountain up to January 11, 2016, the effective date
      of sale of these assets. In 2015, Other Mines - Gold included Bald
      Mountain, Round Mountain, Golden Sunlight, Hemlo, Pierina, Cowal, Ruby
      Hill, Porgera on a 95% basis, and Kalgoorlie.
(4)   In 2016, reflects production from Jabal Sayid and Zaldivar on a 50%
      basis, which reflects our equity share of production, and 100% of
      Lumwana. 2015 production includes Zaldivar on a 100% basis prior to
      the sale of 50% of the mine in fourth quarter 2015, and 100% of
      Lumwana.
(5)   Cash costs, all-in sustaining costs, and all-in costs are non-GAAP
      financial performance measures with no standardized meaning under IFRS
      and therefore may not be comparable to similar measures presented by
      other issuers. For further information and a detailed reconciliation
      of each non-GAAP measure to the most directly comparable IFRS measure,
      please see pages 42 - 49 of this MD&A.


Consolidated Statements of Income
Barrick Gold Corporation
(in millions of United States
 dollars, except per share data)           Three months          Six months
 (Unaudited)                                      ended               ended
                                               June 30,            June 30,
----------------------------------------------------------------------------
                                         2016      2015      2016      2015
----------------------------------------------------------------------------

Revenue (notes 5 and 6)              $  2,012  $  2,231  $  3,942  $  4,476
----------------------------------------------------------------------------
Costs and expenses (income)
Cost of sales (notes 5 and 7)           1,336     1,689     2,660     3,397
General and administrative expenses        88        70       146       137
Exploration, evaluation and project
 expenses                                  56        97       111       183
Impairment charges                          4        35         5        40
Loss on currency translation (note
 9B)                                       23        33       162        31
Closed mine rehabilitation                  7       (19)       30       (11)
Income from equity investees               (3)        -        (8)        -
(Gain) loss on non-hedge derivatives        1         8        (3)       11
Other expense (income) (note 9A)          (11)       32         3        14
----------------------------------------------------------------------------
Income before finance costs and
 income taxes                        $    511  $    286  $    836  $    674
Finance costs, net                       (162)     (192)     (373)     (386)
----------------------------------------------------------------------------
Income before income taxes           $    349  $     94  $    463  $    288
Income tax expense (note 10)             (173)     (103)     (359)     (208)
----------------------------------------------------------------------------
Net income (loss)                    $    176  $     (9) $    104  $     80
----------------------------------------------------------------------------
Attributable to:
Equity holders of Barrick Gold
 Corporation                         $    138  $     (9) $     55  $     48
Non-controlling interests (note 15)  $     38  $      -  $     49  $     32
----------------------------------------------------------------------------

Earnings (loss) per share data attributable to the
 equity holders of Barrick Gold Corporation (note 8)
Net income (loss)
  Basic                              $   0.12  $  (0.01) $   0.05  $   0.04
  Diluted                            $   0.12  $  (0.01) $   0.05  $   0.04
----------------------------------------------------------------------------

The notes to these unaudited condensed interim financial statements, which
 are contained in the Second Quarter Report 2016 available on our website
 are an integral part of these consolidated financial statements.


Consolidated Statements of Comprehensive Income
Barrick Gold Corporation
(in millions of United States dollars)          Three months     Six months
 (Unaudited)                                           ended          ended
                                                        June           June
                                                         30,            30,
----------------------------------------------------------------------------
                                                 2016   2015    2016   2015
----------------------------------------------------------------------------
Net income (loss)                              $  176 $   (9) $  104 $   80
Other comprehensive income (loss), net of
 taxes

Movement in equity investments fair value
 reserve:
Net unrealized change on equity investments,
 net of tax $nil, $nil, $nil and $nil              10     (6)     11    (11)
Net realized change on equity investments, net
 of tax $nil, $nil, $nil and $nil                   -      1       -     18

Items that may be reclassified subsequently to
 profit or loss:
Unrealized gains (losses) on derivatives
 designated as cash flow hedges, net of tax
 ($8), ($13), ($7) and $1                          22     24      12    (33)
Realized losses on derivatives designated as
 cash flow hedges, net of tax ($2), $1, ($4)
 and $nil                                          18     36      36     51
Currency translation adjustments, net of tax
 $nil, $nil, $nil and $nil                          2      2      93    (30)
----------------------------------------------------------------------------
Total other comprehensive income (loss)            52     57     152     (5)
----------------------------------------------------------------------------
Total comprehensive income                     $  228 $   48  $  256 $   75
----------------------------------------------------------------------------
Attributable to:
Equity holders of Barrick Gold Corporation     $  190 $   48  $  207 $   43
Non-controlling interests                      $   38 $    -  $   49 $   32
----------------------------------------------------------------------------

The notes to these unaudited condensed interim financial statements, which
 are contained in the Second Quarter Report 2016 available on our website
 are an integral part of these consolidated financial statements.


Consolidated Statements of Cash Flow
Barrick Gold Corporation
(in millions of United States
 dollars) (Unaudited)                Three months ended    Six months ended
                                               June 30,            June 30,
----------------------------------------------------------------------------
                                         2016      2015      2016      2015
----------------------------------------------------------------------------
OPERATING ACTIVITIES
Net income (loss)                    $    176  $     (9) $    104  $     80
Adjusted for the following items:
  Depreciation                            382       419       767       840
  Finance costs                           165       194       380       390
  Impairment charges                        4        35         5        40
  Income tax expense (note 10)            173       103       359       208
  (Gain) loss on non-hedge
   derivatives                              1         8        (3)       11
  Gain on sale of long-lived assets       (11)       (2)       (2)      (26)
  Change in working capital (note
   11)                                   (167)       40      (350)     (235)
  Other operating activities (note
   11)                                    133        40       232        82
----------------------------------------------------------------------------
Operating cash flows before interest
 and income taxes                         856       828     1,492     1,390
Interest paid                            (201)     (274)     (268)     (349)
Income taxes paid                        (128)      (29)     (246)     (200)
----------------------------------------------------------------------------
Net cash provided by operating
 activities                               527       525       978       841
----------------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and equipment
    Capital expenditures (note 5)        (253)     (499)     (523)   (1,013)
    Sales proceeds                          6         7        10        19
Divestitures (note 4)                     (22)        -       588         2
Investments sales                           -         -         -        33
Other investing activities                 (3)       (6)       (6)       (7)
----------------------------------------------------------------------------
Net cash (used in) provided by
 investing activities                    (272)     (498)       69      (966)
----------------------------------------------------------------------------
FINANCING ACTIVITIES
Debt
    Proceeds                                -         3         3         5
    Repayments                           (127)      (88)     (980)     (272)
Dividends                                 (21)      (58)      (43)     (116)
Funding from non-controlling
 interests                                 14        21        27        22
Disbursements to non-controlling
 interests                                  -       (20)      (31)      (64)
Debt extinguishment costs                  (3)        -       (40)        -
----------------------------------------------------------------------------
Net cash used in financing
 activities                              (137)     (142)   (1,064)     (425)
----------------------------------------------------------------------------
Effect of exchange rate changes on
 cash and equivalents                       -        (1)        3        (7)
----------------------------------------------------------------------------
Net increase (decrease) in cash and
 equivalents                              118      (116)      (14)     (557)
Cash and equivalents at the
 beginning of period                    2,323     2,258     2,455     2,699
----------------------------------------------------------------------------
Cash and equivalents at the end of
 period                              $  2,441  $  2,142  $  2,441  $  2,142
----------------------------------------------------------------------------
Less: cash and equivalents of assets
 classified as held for sale at the
 end of period                              -        20         -        20
----------------------------------------------------------------------------
Cash and equivalents excluding
 assets classified as held for sale
 at the end of period                $  2,441  $  2,122  $  2,441  $  2,122
----------------------------------------------------------------------------

The notes to these unaudited condensed interim financial statements, which
 are contained in the Second Quarter Report 2016 available on our website
 are an integral part of these consolidated financial statements.


Consolidated Balance Sheets
Barrick Gold Corporation
(in millions of United States dollars)                  As at         As at
 (Unaudited)                                         June 30,  December 31,
                                                 ---------------------------
                                                         2016          2015
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ASSETS
Current assets
  Cash and equivalents (note 12A)                $      2,441  $      2,455
  Accounts receivable                                     491           275
  Inventories                                           1,701         1,717
  Other current assets                                    239           263
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Total current assets (excluding assets
 classified as held for sale)                    $      4,872  $      4,710
  Assets classified as held for sale                        -           758
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Total current assets                             $      4,872  $      5,468

Non-current assets
  Equity in investees                                   1,218         1,199
  Property, plant and equipment                        14,284        14,434
  Goodwill                                              1,371         1,371
  Intangible assets                                       269           271
  Deferred income tax assets                            1,016         1,040
  Non-current portion of inventory                      1,566         1,502
  Other assets                                          1,008         1,023
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Total assets                                     $     25,604  $     26,308
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LIABILITIES AND EQUITY
Current liabilities
  Accounts payable                               $      1,120  $      1,158
  Debt (note 12B)                                         175           203
  Current income tax liabilities                          124             -
  Other current liabilities                               301           337
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Total current liabilities (excluding liabilities
 classified as held for sale)                    $      1,720  $      1,698
  Liabilities classified as held for sale                   -           149
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Total current liabilities                        $      1,720  $      1,847

Non-current liabilities
  Debt (note 12B)                                       8,825         9,765
  Provisions                                            2,343         2,102
  Deferred income tax liabilities                       1,502         1,553
  Other liabilities                                     1,554         1,586
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Total liabilities                                $     15,944  $     16,853
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Equity
  Capital stock (note 14)                        $     20,873  $     20,869
  Deficit                                             (13,634)      (13,642)
  Accumulated other comprehensive loss                   (218)         (370)
  Other                                                   321           321
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Total equity attributable to Barrick Gold
 Corporation shareholders                        $      7,342  $      7,178
  Non-controlling interests (note 15)                   2,318         2,277
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Total equity                                     $      9,660  $      9,455
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Contingencies and commitments (notes 5 and 16)
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Total liabilities and equity                     $     25,604  $     26,308
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The notes to these unaudited condensed interim financial statements, which
 are contained in the Second Quarter Report 2016 available on our website
 are an integral part of these consolidated financial statements.


Consolidated Statements of Changes in Equity

                                      --------------------------------------
                                       Attributable to equity holders of the
Barrick Gold Corporation                              company
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                                                               Accumulated
                                                                     other
(in millions of United         Common                        comprehensive
 States dollars)           Shares (in  Capital   Retained           income
 (Unaudited)               thousands)    stock    deficit        (loss)(1)
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At January 1, 2016          1,165,081 $ 20,869 $  (13,642) $          (370)
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 Net income                         -        -         55                -
 Total other comprehensive
  income                            -        -          -              152
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 Total comprehensive
  income                            -        -         55              152
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 Transactions with owners
  Dividends                         -        -        (43)               -
  Funding from non-
   controlling interests            -        -          -                -
  Other decrease in non-
   controlling interest             -        -          -                -
  Dividend reinvestment
   plan (note 14)                 250        4         (4)               -
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 Total transactions with
  owners                          250        4        (47)               -
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At June 30, 2016            1,165,331 $ 20,873 $  (13,634) $          (218)
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At January 1, 2015          1,164,670 $ 20,864 $  (10,640) $          (298)
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 Net income                         -        -         48                -
 Total other comprehensive
  loss                              -        -          -               (5)
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 Total comprehensive
  income (loss)                     -        -         48               (5)
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 Transactions with owners
  Dividends                         -        -       (116)               -
  Recognition of stock
   option expense                   -        1          -                -
  Funding from non-
   controlling interests            -        -          -                -
  Other decrease in non-
   controlling interests            -        -          -                -
  Other decreases                   -        -         (6)               -
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 Total transactions with
  owners                            -        1       (122)               -
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At June 30, 2015            1,164,670 $ 20,865 $  (10,714) $          (303)
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Consolidated Statements of Changes in Equity

                          -------------------------
                           Attributable to equity
Barrick Gold Corporation   holders of the company
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                                     Total equity
(in millions of United               attributable            Non-
 States dollars)                               to     controlling     Total
 (Unaudited)               Other(2)  shareholders       interests    equity
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At January 1, 2016        $     321 $       7,178  $        2,277  $  9,455
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 Net income                       -            55              49       104
 Total other comprehensive
  income                          -           152               -       152
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 Total comprehensive
  income                          -           207              49       256
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 Transactions with owners
  Dividends                       -           (43)              -       (43)
  Funding from non-
   controlling interests          -             -              27        27
  Other decrease in non-
   controlling interest           -             -             (35)      (35)
  Dividend reinvestment
   plan (note 14)                 -             -               -         -
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 Total transactions with
  owners                          -           (43)             (8)      (51)
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At June 30, 2016          $     321 $       7,342  $        2,318  $  9,660
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At January 1, 2015        $     321 $      10,247  $        2,615  $ 12,862
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 Net income                       -            48              32        80
 Total other comprehensive
  loss                            -            (5)              -        (5)
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 Total comprehensive
  income (loss)                   -            43              32        75
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 Transactions with owners
  Dividends                       -          (116)              -      (116)
  Recognition of stock
   option expense                 -             1               -         1
  Funding from non-
   controlling interests          -             -              22        22
  Other decrease in non-
   controlling interests          -             -             (66)      (66)
  Other decreases                 -            (6)              -        (6)
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 Total transactions with
  owners                          -          (121)            (44)     (165)
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At June 30, 2015          $     321 $      10,169  $        2,603  $ 12,772
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(1)   Includes cumulative translation losses at June 30, 2016: $85 million
      (June 30, 2015: $152 million).
(2)   Includes additional paid-in capital as at June 30, 2016: $283 million
      (December 31, 2015: $283 million; June 30, 2015: $283 million) and
      convertible borrowings - equity component as at June 30, 2016: $38
      million (December 31, 2015: $38 million; June 30, 2015: $38 million).
The notes to these unaudited condensed interim financial statements, which
are contained in the Second Quarter Report 2016 available on our website are
an integral part of these consolidated financial statements.


HEAD OFFICE                           TRANSFER AGENTS AND REGISTRARS
Barrick Gold Corporation              CST Trust Company
Brookfield Place                      P.O. Box 700, Postal Station B
TD Canada Trust Tower                 Montreal, Quebec  H3B 3K3
161 Bay Street, Suite 3700            or
Toronto, Ontario  M5J 2S1             American Stock Transfer & Trust
                                      Company, LLC
Telephone: +1 416 861-9911            6201 - 15 Avenue
Toll-free: 1-800-720-7415             Brooklyn, New York  11219
Fax: +1 416 861-2492
Email:  investor@barrick.com          Telephone:  1-800-387-0825
Website:  www.barrick.com             Fax:  1-888-249-6189

SHARES LISTED                         Email:  inquiries@canstockta.com
ABX - The New York Stock Exchange     Website:  www.canstockta.com
The Toronto Stock Exchange

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this Second Quarter Report 2016, 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 Second Quarter Report 2016 contains forward-looking statements including, without limitation, with respect to: (i) Barrick's forward-looking production guidance; (ii) estimates of future cost of sales for gold and 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) targeted investments by Barrick's Growth Group; (vii) mine life and production rates; (viii) potential mineralization and metal or mineral recoveries; (ix) Barrick's Best-in-Class program (including potential improvements to financial and operating performance at Barrick's Pueblo Viejo and Goldstrike mines that may result from certain Best-in-Class initiatives); (x) timing and completion of acquisitions; (xi) non-core asset sales or joint ventures; and (xii) expectations regarding future price assumptions, financial performance and other outlook or guidance.

Forward-looking statements are necessarily based upon a number of estimates and assumptions; including material estimates and assumptions related to the factors set forth below 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 initiatives are still in the early stages of evaluation and additional engineering and other analysis is required to fully assess their impact; 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 investments targeted by the Growth Group 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; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the company's handling of environmental matters or dealings with community groups, whether true or not; 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; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortage, related to climate change; availability and increased costs associated with mining inputs and labor; and the organization of our previously held African gold operations and properties under a separate listed company. 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 Second Quarter Report 2016 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 press release.

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.

Contacts:
INVESTOR CONTACTS: Angela Parr
Vice President, Investor Relations
+1 416 307-7426
aparr@barrick.com

MEDIA CONTACT: Andy Lloyd
Senior Vice President, Communications
+1 416 307-7414
alloyd@barrick.com

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