Twiga Minerals Corporation LimitedTanzania, Q3 2020

1

Cautionary statement onforward looking information…Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. Allstatements, other than statements of historical fact, are forward-looking statements. The words “being”, “potential”, “will”, “on our way”, “scheduled”, “looking” and similar expressions identify forward-looking statements. In particular, thispresentation contains forward-looking statements including, without limitation, with respect to: payment to be made to the government of Tanzania; progress being made towards compliance with environmental permits and local contentlegislation; scheduled production from Bulyanhulu; the potential for North Mara and Bulyanhulu to become a Tier One complex and potential expansions to the life of mine; planned exploration and growth initiatives; Barrick’s safety andhealth and environmental performance in Tanzania; the resolution of legacy land management issues; and the implementation of North Mara’s water management plan.

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 asat 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 andcontingencies. 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. Suchfactors 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 anddevelopment; changes in mineral production performance, exploitation, and exploration successes; risks associated with projects in the early stages of evaluation, and for which additional engineering and other analysis is required;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 targeted investments and projects willmeet the Company’s capital allocation objectives and internal hurdle rate; 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 Tanzania and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; damage to the Company’s reputationdue 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; risks associatedwith new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; employee relations including loss of key employees;increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks andhazards 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, coppercathode 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 arecautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. Specific reference is made to the mostrecent 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 mayaffect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this presentation.

Barrick 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.

To be world class, we need to be global…

Producing Projects Copper producing

Golden Sunlight (100%)

Nevada Gold Mines (61.5%)Fourmile (100%)

Hemlo (100%)

Pueblo Viejo (60%)

Lagunas Norte (100%)

Kibali (45%)Porgera (47.5%)

Donlin Gold (50%)

Jabal Sayid (50%)

Zaldivar (50%)Norte Abierto (50%)Pascua-LamaVeladero (50%)

Lumwana (100%)

Loulo-Gounkoto (80%)

Tongon (89.7%)North Mara (84%)Bulyanhulu (84%)Buzwagi (84%)

Reunion Strategic Alliance

Massawa (11%i)

i In Q1 2020, Barrick sold its stake in Massawa to Teranga Gold Corporation and retained an 11% equity interest in Teranga

Barrick’s history in Tanzania…

1999 2000 2010 2014 2017 2018 2019 2020

Barrick acquires Sutton Resource -

Bulyanhulu

Barrick acquires Pangea Goldfields –Buzwagi & Tulawaka

Barrick acquires Placer Dome –

North Mara

African Barrick Gold listed on LSE –

Barrick retains 63.9% and 2 board seats incl

chairman

Name change to Acacia Mining

Acacia loses LTO –management banned

from Tanzania

Barrick attempts to negotiate FWA and is undermined by Acacia

1 Jan - Barrick / Randgold merge and New Barrick

Team takes over

12 Oct – North Mara mine

reopened – interim water management

plan

17 Sept - Barrick assumes full control

of Acacia and completes delisting

24 Jan -Barrick and

GOT execute Framework Agreement

Apr –Concentrate sales resume

May – Barrick pays first $100 million in

settlement

John Thornton steps into dispute between

Acacia and GOT

Licence to operate (LTO); Government of Tanzania (GOT); Framework Agreement (FWA)

13 Oct –Maiden interim cash dividend $250m paid

Safety3 LTI recorded for the quarter: 2 at North Mara and 1 at Buzwagi9 Total Recordable Injuries (TRI) for Q3: 6 at North Mara, 2 at Bulyanhulu and 1 at BuzwagiTRIFR1 of 2.75 compared to 1.99 in Q2YTD:

LTIFR2 – 0.32 TRIFR1 – 1.84

9 HPI recorded for the quarter compared to 18 for Q2

HIVHIV positivity rate across all three operations in Q3 is 0%YTD HIV positivity rate – 1.32%

Safety, Health and Environment…YTD

0 01.14

0 0

1.39

00.5

11.5

22.5

3

Q1 Q2 Q3

LTIFR2 / million hours worked

North Mara Bulyanhulu Buzwagi

MalariaMalaria incident rate (MIR) 2.92% compared to 4.75% in Q2

YTD MIR – 11.09%

Covid-19Covid-19 pandemic precautions ongoing with more emphasis on social distancing, hand hygiene and face masks at all times while on site

1 Covid-19 confirmed case recorded to date across all three TWIGA operations

Safety, Health and Environment…YTD

3.45

4.75

2.92

012345

Q1 Q2 Q3

Malaria Incidence Rate %

Environmental Performance…

GeneralOverall good performanceNo Class 1 & 2 incidents were recorded in the quarter3,4

A total of 14 Class 3 incidents were recorded vs. 21 in Q2Govt. Environmental Committee visit to all 3 mines, no major issues

171 172 190

533271

407 432

1110

0

500

1000

1500

North Mara Bulyanhulu Buzwagi Total Tanzania

Waste Recycled / Tonnes

Q3 Recycled Q3 Total Waste Generated

WaterWater efficiencies

North Mara 0.37m3/tBulyanhulu 0.1m3/tBuzwagi 0.45m3/t

Efficiency (m3/t) -Q3

Freshwater use (m3) - Q3

North Mara 0.37 2 009 351 Bulyanhulu 0.10 192 288Buzwagi 0.45 563 044 Total Tanzania 0.3 2 764 683

Waste0.5t of waste was recycled out of 1.1t waste generated

TSF Freeboard: North Mara 5.2m, Bulyanhulu 2.8m, Buzwagi 2mNM TSF pool – 3 Mm3 from 3.9 Mm3 in Q2. Total pumped to date 3.8 Mm3

What Barrick inherited in 2019…

North MaraPoor understanding of the orebodiesOn care and maintenance as result of a series of issues with the tailings dam No social license to operate in TanzaniaVarious international court cases and investigations regarding a wide range of mattersPoorly motivated staff with excessive overhead costs

BulyanhuluProcessing tailings only and not generating sufficient cash to sustain itselfPoor understanding of orebodies and lack of Mineral Resource Management skillsPoorly maintained infrastructure including metallurgical facility, shaft and associated equipment and engineering capabilityMining license compromised by invasion by illegal miners - actively mining underground and above ground using explosives and CIL

BuzwagiA stockpile processing operationLimited mine life before going into closure

Framework Agreement signed on 24 January 2020 with President Magafuli in attendanceWorking to take combined North Mara and Bulyanhulu to Tier 15 status$100 million tranche of $300 million settlement paid in May 202010 exploration licenses around North Mara applied for and all 10 awarded to BarrickTwiga established on 24 January 2020 North Mara resumes operationsBulyanhulu re-development plan on track to start processing in Q4 2020North Mara exploration programme yields positive resultsNew water plan accepted by all Government agenciesBulyanhulu cleared of illegal miners in April 2020 Critical appointments made to infuse Barrick DNA Logistics partner changed and now 50% owned by Tanzanian businessman All contracts reviewed and most revised to fit the local procurement strategyMaiden interim dividend of $250 million paid to Twiga JV partners

A year later…what Barrick has achieved

Q3 2020 progress towards… delivering on business plan1

Year to date production currently at 338koz and full year production on track to fall within market guidanceMining commenced at Bulyanhulu during Q3 2020Above nameplate throughput and nameplate recovery achieved at North MaraFinal Life of Mine water plan developed and to be shared with authorities for approvals

77 81 79

9 8 8 27 24 24

Q1 2020 Q2 2020 Q3 2020

Production Koz

North Mara Bulyanhulu Buzwagi

1 On a 100% basis

North Mara transitioned to underground mine during the year and significant improvements made to improve costs and operational effectiveness

Inherited legacy maintenance backlog with significant skills gap addressed

Covid-19 pandemic impacted Q2 progress but improvements and advanced development show turnaround in Q3

Bulyanhulu commenced mining in Q3 as planned and will be in full operation by Q1 2021 after ramp-up

800

Operations…update

271 228 222

12 -

50

100

150

200

250

300

Q1 2020 Q2 2020 Q3 2020

UG ore tonnes1

North Mara Bulyanhulu

1,375 982

1,313

111 -

500

1,000

1,500

Q1 2020 Q2 2020 Q3 2020

Development Metres

North Mara Bulyanhulu

1 On a 100% basis

Tier 1 progress…

Bulyanhulu restart and feasibilityMining commenced in Q3; 2021 mine plan delivered and feasibility study on track showing decrease in cost profileImproved understanding of orebody has resulted in review of more efficient mining methods and fleetGeneral improvements made to process plant design

North MaraGrade control drilling instils confidence in mine planNorth Mara plant throughput optimisation plans to significantly exceed nameplate throughput on the back of current year improvements extending production profileLong term water treatment plan finalised to support contribution from North Mara to 10 year profile

Tanzania…a premier exploration destination in East Africa

Large scale mineralised systems with potential for additional world class discoveries

Active greenfields exploration programmes have commenced on priority targets

Next phase of permit consolidation underway at North Mara

Country-scale prospectivity assessment has begun to generate new targets in Tanzania

Kibali

BulyanhuluBuzwagi

North Mara

Tanzania

DRC

Tanzania…numerous exploration and growth opportunities

Growth objectives in 2020:Replace production depletion and discover additional resources to increase mine life

Near Mine Upside Potential:Review of systems at North Mara & Bulyanhulu validates numerous open targetsGeological model updates at Gokona, Rama, Gena and Bulyanhulu underwayDrilling motivated on priority targets at Gokona, Gena and Bulyanhulu in H1 2020

Greenfields / Regional Upside Potential:New geological models and ideas rejuvenategreenfields explorationGenerate and advance geophysical targets atBuzwagi and beneath cover at BulyanhuluConsolidate and expand our tenement portfolioin the most prospective areas of Tanzania

Bulyanhulu (Looking W)

1km

GOKONA PIT NYABIGENA PIT

Open

Open

Open

+1.2km 2km

Kofia Target

TARGET:NyabigenaDown Dip

TARGET:Gokona-

Gena GapTARGET:Lower West

TARGET:Upper West

2020 Planned Drilling

UG Develop-

ment

Deep West

Target

Gokona Trend…Near Mine and District Scale Potential

N800m

Gokona Nyabigena

600m

Near Mine Potential

Gokona & Gena

Sparse RC (<150vm) Schematic Long Section (1h=2v )

5km

Alkalic Syenites (fertile)Andesitic Porphyries (Gokona style)Granite / TonaliteMafics (Basalts)Fe-rich SedimentsSandstones / Siltstones (Gokona style)

Kofia Target

Regional Scale Potential

Tertiary Fault (dextral)HW Contact (MSC)FW Contact (VAN)

IP Chargeability Anomaly

Alteration

GW1 & Kofia TargetsGokona stratigraphy, IP chargeability, alteration

Shakta TargetStructural intersection

RC with silica-feldspar alt. porphyry & py + aspy

IP chargeability

KDH001Currently 533m

in host sequence

Upper West Conversion Drilling

In-country investments…

$530m paid in country in form of taxes, permits, infrastructure, salaries and payments to local suppliers Maiden interim cash dividend $250m paid on the 13 October 2020Capital and exploration expected to exceed $180m of which half relates to growth projectsSignificant CSR projects undertaken

153

237

100

33 7 Investment $ million

Local Supplier Contribution Tanzania taxesFWA Settlement SalariesCSR

Recruitment ongoing, specifically at the Bulyanhulu restart project. Employment and transition plans presented to Mining Commission to ensure local empowerment and developmentWorld leading talent appointed in critical areas of the business to ensure Barrick culture and essential skills transfer is made within regionImprovement in communication with authoritiesMore can be done for skills transfer and empowerment of local workforce97% of total workforce made up of local employees

National workforce commitment…

Tanzania Headcount Q3 2020Company Expats58 (2%)

Contractor Expats59 (2%)

Company Nationals1286 (37%)

Contractor Nationals2092 (60%)

Local content…

$118 million spent on local contractors and suppliers year to date and $41 million during Q3 2020

Key achievements:Local content plans approved by Mining Commission for all operations

Successful transition to Tanzanian Security Service company Nguvu Moja - committed to driving change in security

Tanzanian civil contractors awarded Buzwagi TSF lift and rehabilitation work tender

Tanzanian supply chain partner, TCL Services, responsible for all procurement for Twiga operations

Training programmes initiated for all Barrick HOs on Local Content Regulations to drive ownership and compliance from end-users and to identify opportunities

Drilling partners have formed new entities with 20% Indigenous Tanzanian Company shareholding

Leveraging our Supply Chain to enhance our License to Operate

Local content opportunities…

Leverage strategic positioning of Dar es Salaam’s port and industrial development to become a strategic supply hub to support other Barrick operations and drive synergies across East Africa

Continue to advance stakeholder engagement plan and roadshow to identify opportunities with local business forums and entrepreneurs

Implement training and skills development programmes

Work with local Tanzanian drilling companies to expand operations and begin exploration and MRM drilling

Key opportunities to further enhance local content

4 lines and pumps from TSF to Rama Pit installed during Q1 2020

As of 30th June 2020, a total of 3.5 million m3 of water have been pumped from the TSF to Rama Pit

Water monitoring boreholes installed and in use for Rama Pit

Addition of 4 evaporators - project completed and installed at the TSF during Q1

Commissioning of water treatment plant to additional 2.5ML/d to double the capacity of existing plant completed during the quarter

Ingwe Mara river increased discharge from 20 000m3/day to 50 000m3/day

New water treatment plant to be commissioned in Q4

LOM water plan designed to comply with all standards enabling mine to increase throughput and ounces

800

North Mara… water management

Resolving legacy land compensation…

Land compensation at TSF 2 Land area:1609 people compensated at TSF 2 to a total value of Tsh. 32.7 Billion

Engagement with village leaders continues to encourage people to collect their payment

Plans to relocate the graves and government institutions such as school and health centreare underway

Resolving legacy land compensation…

Gena Land Acquisition:Moratorium issued by Government on 28 May 2020 to stopland development

Valuation stopped as a result of election

DC inspected area with the District Security Council torecord land speculation post 28 May Moratoruim

Community development progress…

Water Treatment Plant Upgrade

Kemanyanki poultry project

Community Engagement

Construction of Pediatric ward at Nyamwaga Hospital at 20% of Completion

Power of People and Partnerships…

Successful partnerships in host countries are key to finding, developing and running world class minesExamples of this are reflected in the success of our operations in Africa where we’ve delivered long term value for all our stakeholders

Mining Companies

and Investors

Governments NGOs and Regulators

Employees and

Communities

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Endnotes…

1. Total reportable incident frequency rate (TRIFR) is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries.

2. Loss time injury frequency rate (LTIFR) is a ratio calculated as follows: number of loss time injuries x 1,000,000 hours divided by the total number of hours worked.

3. Class 1 - High Significance is defined as an incident that causes significant negative impacts on human health or the environment or an incident that extends onto publicly accessible land and has the potential to cause significant adverse impact to surrounding communities, livestock or wildlife.

4. Class 2 - Medium Significance is defined as an incident that has the potential to cause negative impact on human health or the environment but is reasonably anticipated to result in only localized and short-term environmental or community impact requiring minor remediation.

5. A Tier One Gold Asset is a mine with a stated life in excess of 10 years, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.

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