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delivering value from assets people projects annual report 2005

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barrick s vision is to be the world s best gold mining company by finding acquiring developing and producing quality reserves in a profitable and socially responsible manner it has quality assets an unrivalled pipeline of projects and more than 20,000 dedicated employees working on five continents to deliver value in 2006 the company will start to realize the opportunities that are available as a result of its new strength breadth and scale barrick shares are traded on the toronto new york london euronext-paris and swiss stock exchanges.

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financial highlights us millions except per share data us gaap basis 2005 2,350 401 726 1,037 3,850 0.75 1.35 0.22 5,460 439 227 303 88,591 2004 1,932 248 509 1,398 3,574 0.46 0.95 0.22 4,958 391 214 300 89,056 2003 2,035 200 519 970 3,481 0.37 0.97 0.22 5,510 366 189 279 85,952 gold sales net income for the year operating cash flow cash and equivalents shareholders equity net income per share diluted operating cash flow per share dividends per share operating highlights gold production thousands of ounces average realized gold price per ounce total cash costs per ounce1 total production costs per ounce gold reserves proven and probable thousands of ounces 2 1 see page 44 for a discussion of total cash costs performance measures 2 for the remainder of this report ­ for a breakdown of reserves and resources by category in respect of each of barrick s mines and development projects see page 126 table of contents 2 6 10 12 14 letter to shareholders barrick and placer dome responsible mining financial strategy barrick overview 17 18 20 23 25 29 regional business units north america south america australia/africa russia/central asia management s discussion and analysis 78 82 financial statements notes to consolidated financial statements 125 mineral reserves and resources 131 corporate governance and committees of the board 134 shareholder information 136 corporate information financial highlights 1

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letter to shareholders peter munk chairman left gregory c wilkins president and chief executive officer the company now deals from strength going forward it will enjoy the advantages of scale that are critical for continuing long-term success in our industry dear shareholders 2005 was a transformative year for our company we brought three new mines into production met or exceeded our financial and other targets in almost every area of our business and launched a successful bid to acquire placer dome inc as a result barrick now holds a preeminent position within the gold mining industry we are one of the very few with the strength breadth and scale to handle the challenges facing our sector and seize its equally significant opportunities the company now deals from strength going forward it will enjoy the advantages of scale that are critical for continuing long-term success in our industry we will discuss the transaction and its value to shareholders at greater length later in this letter but first want to take this opportunity to welcome our new shareholders the entire barrick team respects the skills of placer dome employees and looks forward to working with them in this great new venture together we are building a much stronger enterprise that will create value for shareholders employees and the communities in which we live and work while the acquisition was certainly the biggest news of 2005 it does not exist in isolation it was made possible by the success of the comprehensive business plan that we initiated in 2003 we have been methodically implementing it ever since with a single overriding objective to create value for shareholders indeed barrick shares outperformed the philadelphia gold and silver sector index from 2003 until we launched our bid for placer dome we expect that they will provide superior value once again as we deliver on the strategic rationale of the acquisition in following our business plan we reorganized barrick into the decentralized regional business 2 letter to shareholders

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units that now serve our expanding global activities so well and we made a company-wide commitment to leadership urgent action accountability and results we developed cost-mitigation strategies to address industry-wide pressures and we laid out an aggressive schedule for bringing into production six new mines between 2005 and 2009 three of those new mines came into production in 2005 and a fourth project cowal continued to advance collectively they came within 5 of our overall $1.2 billion development budget discussed in the 2004 letter to shareholders the new mines helped drive rising production and profitability during the year just as we anticipated in last year s annual report we posted excellent financial results in 2005 and our production and cash costs were in line with our original guidance in a difficult cost environment we further strengthened our management team during the year and we maintained our strong commitment to responsible mining through our health and safety environmental and community development programs with this strong year behind us we are confident that we will complete the integration of placer dome quickly and effectively and begin realizing the synergies and potential of this powerful new company gold price industry issues and the barrick strategy we are now shaping barrick to ensure we remain an industry leader gold prices and the outlook for gold are both strong yet the industry continues to face very significant challenges we will continue to address those challenges and improve our competitive position while reaping gold-price benefits gold had an excellent year in 2005 with highs that had not been seen since 1981 the rally which began in 2001 and was originally driven by a declining us dollar is now widely considered to be based on fundamentals global investment demand more than doubled in 2005 the combined gold holdings of all gold etfs exchange traded funds rose by 115 and some central banks have suggested that they may add to reserves against this backdrop of growing demand supply is flat the industry s overall lack of investment in exploration and development between 1998 and 2003 is now being felt there are few new major discoveries and mine production rose by a modest 1 in 2005 all of this is bullish for the gold price but it comes at a time of challenges for the industry attractive deposits are in increasingly remote locations permitting and review is more rigorous and time-consuming capital and operating costs are higher social responsibility standards rightly continue to rise and the expertise needed to produce gold is at a greater premium than ever before few companies will be able to benefit from today s opportunities because few have the track record and strength to handle this array of challenges barrick is one of the few we have consistently maintained our investment in exploration and development and have the new mines and pipeline of development projects to show for it we have the expertise financial strength and corporate good citizenship to meet the technical regulatory environmental and community requirements now associated with producing gold ­ profitably and responsibly all this places us in a very strong competitive position delivering value in 2005 in 2005 net income increased 62 to $401 million and cash flow from operations rose 43 to $726 million profits increased as production rose from 1.1 million ounces in the first quarter to 1.65 million ounces by year-end the new generation of mines drove these increases and can be expected to letter to shareholders 3

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continue with their contribution in 2006 the first full year of production for all three barrick was the only senior producer to be in line with its original production and cash cost guidance for 2005 we produced 5.46 million ounces of gold and our total cash cost per ounce for the year was $227 we have an unrelenting focus on cost-mitigation our currency and commodity hedging programs help us avoid cost pressures in these areas or greatly reduce their impact we also continue to strengthen our continuous improvement and supply chain management programs the industry s tire shortage is a good example of the success of our approach we are increasing the life of our existing tires by as much as 25 and we are using our purchasing power to ensure a more dependable tire supply we are finding other innovative ways to manage costs for example we commissioned our own electric power facility at goldstrike the western 102 power plant in early november ­ the first business in nevada to take advantage of the right to leave the regulated grid as a result of these and other initiatives barrick remained the lowest-cost senior producer in 2005 production increased each quarter throughout the year to meet our expectations for 2005 and post a 10 increase over 2004 during 2005 three development projects achieved start-up and became producing mines tulawaka tanzania in q1 a small but highreturn operation which builds upon our presence in tanzania lagunas norte peru in q2 with proven and probable gold reserves of 8.3 million ounces and veladero argentina in q4 with proven and probable reserves of 12.6 million ounces of gold marking the start of production from the highly prospective frontera district on the chile/argentina border our strong financial results for 2005 reflect three key factors growth in production due to the contribution made by our three new mines the rising gold price and our focus on keeping cash costs low so as to expand our operating margins the way ahead the placer dome acquisition will deliver value to shareholders from the assets people and projects of the combined companies placer dome s key assets lie in close proximity to barrick s and our collective projects comprise an unrivalled pipeline for growth the fit is excellent we expect the acquisition to be accretive to net asset value reserves resources and production per share and to allow us to capture $200 million worth of synergies a year beginning in 2007 yet the ultimate importance of this transaction and its value to shareholders goes beyond those numbers the power of this combination allows us to deal from strength in an environment where only the best and the strongest will thrive we did not acquire placer dome to become the largest gold company in the world we acquired it to ensure that our shareholders and employees will thrive today barrick can run operations build and finance projects manage the supply chain attract and retain personnel and in every area execute our work better than before because of this new depth of talent and resources we have the scale and strength to address the challenges facing the industry and capitalize on its opportunities as well 4 letter to shareholders

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2005 was truly a landmark year for barrick it was the culmination of years of planning and execution and financial discipline which positioned us for the great step forward ­ the acquisition of placer dome delivering value the outlook for 2006 a core priority for 2006 is the effective and timely integration of placer dome we began to implement the integration plan the day after we acquired control of the company we are approaching this objective with the same rigor and urgency that characterize all key corporate initiatives such as our development projects we will focus all our energies on building barrick capturing the synergies and delivering value in 2006 we will benefit from the first full year of production for each of the three mines brought on-stream in 2005 and from our new cowal mine as well it will be the seventh mine we have brought into production since 1996 seven mines in ten years ­ an unequalled track record we are also making progress with the east archimedes project in nevada where production is expected to begin in 2007 with the approval of pascua-lama by the chilean authorities the next milestone for the project is approval in argentina with construction expected to begin later this year pascua-lama is targeted to commence production in 2009 with the acquisition of placer dome we are now applying our depth of exploration and development expertise to the entire combined pipeline of projects which will drive growth and create value for the company well into the future in summary 2005 was truly a landmark year for barrick it was the culmination of years of planning and execution and financial discipline which positioned us for the great step forward ­ the acquisition of placer dome we wish here to pay tribute to our employees for all this is truly their achievement we also wish to pay tribute to angus macnaughton a valued colleague who joined the company s board of directors in 1986 was vice-chairman during a critical growth period and is now retiring he has provided wise counsel over the years and will be missed at the same time we welcome three former placer dome directors to our own board donald j carty john w crow and robert m franklin and another independent director brett harvey their knowledge and support will benefit our company and its combined shareholders and dedicated employees on a more personal note the two of us have been close business associates and colleagues since bringing barrick into the gold mining business in 1983 from that standing start we have nurtured barrick to its current position of strength scale and industry leadership building on fundamental business principles we will continue to focus on performance for the benefit of all barrick s stakeholders peter munk chairman gregory c wilkins president and chief executive officer letter to shareholders 5

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barrick and placer dome the combined company value for shareholders donlin creek eskay creek north mara golden sunlight hemlo tanzania kabanga tulawaka 100 plutonic bulyanhulu buzwagi western australia lawlers 0 mi pueblo viejo turquoise ridge goldstrike marigold cortez cortez hills bald mountain east archimedes darlot zaldívar granny smith 0 mi 100 lagunas norte porgera argentina pierina kanowna kalgoorlie chile osborne south deep nevada round 0 mi 0 mi 100 cowal henty mountain pascua-lama veladero 100 mine project barrick s overriding objective is to create shareholder value ­ value over time even as the times change and new opportunities and challenges arise this objective shapes our corporate culture and organization our financial approach the priorities for our operations our consistent investment in exploration and our strategy for acquisitions we have been assessing various acquisition possibilities weighing them against our value-creation criteria for the environment in which gold companies must now operate placer dome met those criteria and we realized the company would be an excellent fit with our own assets people and projects we announced our offer in late october 2005 in late december we negotiated a final price that allowed us to complete the deal on a friendly basis with the support of placer dome s board of directors management and employees with this acquisition we have acquired 12 operating mines and three projects exploration properties all over the world and a rich pool of talented people we expect the transaction to be accretive to earnings and cash flow on a per-share basis in 2007 and beyond the combined company is an industry leader operating with the strength and scale that the times demand we go forward in this environment with significantly increased reserves resources and production low-cost production relative to our peer group clusters of operating assets in close proximity to each other on the world s most prospective gold belts an unrivalled pipeline of projects to which we can apply our development expertise a world-class team with proven exploration success and project-development expertise and the strongest financial position in the industry the quality and geographic fit of the assets combined with the skills of our people and our decentralized business platform give us confidence that we will capture an anticipated $200 million in annual synergies as of 2007 value from projects and project-development expertise barrick has the industry s best suite of projects and properties through 2009 and beyond ­ and the skills and financial strength to realize these value-creation opportunities to the full 6 barrick and placer dome

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the combined assets will mesh in time as well as geographic proximity to assure continuing growth the three acquired projects ­ cortez hills nevada donlin creek alaska and pueblo viejo dominican republic ­ overlap with our existing ones to extend the pipeline and provide lucrative growth opportunities for barrick into the future all these projects will be managed by one highly skilled and experienced team in a company that has brought seven new mines into production in the last ten years no other gold mining company has this track record of speed efficiency and success backed by the industry s strongest balance sheet experience has taught us how to handle the challenges associated with designing permitting financing and building projects in today s demanding environment all these skills are now focused on creating value for shareholders from our larger longer pipeline of quality projects and the opportunities that it presents value from exploration considerable success lagunas norte for example now a producing mine in peru was the largest greenfield discovery in the industry in a decade the result of our exploration program has been a strong geographically diversified package of quality land positions which create value through additional reserves resources and ultimately production now we are integrating a complementary suite of exploration properties focused on the same multi-million-ounce gold districts in nevada frontera chile/argentina tanzania and australia the combined assets give us a significant position on the most prospective ground in all four regions barrick in nevada interests in six operating mines interests in two development projects east archimedes and cortez hills over 34 million ounces of proven and probable gold reserves and almost 10 million ounces of measured and indicated gold resources and strong land positions on the region s three major trends ­ carlin getchell and battle mountain-eureka exploration is one of barrick s core strengths we have a track record of consistent exploration and crushing and processing facilities at the zaldívar open-pit copper mine in chile one of the quality assets gained through the placer dome acquisition zaldívar has 5.9 billion pounds of proven and probable copper reserves and an expected mine life of around 20 years barrick and placer dome 7

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barrick in the frontera district one operating mine veladero and one development project pascua-lama over 30 million ounces of proven and probable gold reserves and 2 million ounces of measured and indicated gold resources a 3,000-square-kilometer position on this highly prospective district straddling the chile/argentina border and a first-class exploration team which is familiar with the area and combines barrick and placer dome expertise in high-sulphidation and porphyry deposits barrick in tanzania three mines and two projects nearly 18 million ounces of proven and probable gold reserves and over 3 million ounces of measured and indicated gold resources an extensive suite of quality exploration properties in the highly prospective lake victoria gold belt and tanzania s best team of exploration geologists barrick in australia eight mines six of them clustered in western australia over 14 million ounces of proven and probable gold reserves and 8 million ounces of measured and indicated gold resources commanding land positions in the kalgoorlie laverton agnew and southern yandal gold belts and a strong well-established team of exploration personnel positioned to deliver value from all parts of australasia we are combining our skills and our best practices in exploration systems and technology as well we are using this strength to prioritize and streamline projects already in the exploration pipeline in order to add ounces more effectively around existing operations and development projects and to enhance our success in finding new ounces in emerging regions we are also combining r&d expertise which will lead to advances we can apply in underground and open-pit mining mineral processing and environmental management value from financial strength barrick has the financial strength to continually invest in exploration develop new mines and run its operations both profitably and responsibly with the strongest balance sheet in the industry and access to over $2 billion in capital resources through existing cash and credit resources we are able to develop all our projects on the scale and with the timelines they require ­ and to do so without equity dilution the north mara mine lies on tanzania s rich lake victoria gold belt which also hosts bulyanhulu tulawaka and buzwagi a view of the ore conveyor at the kanowna asset which is located close to the joint-venture kalgoorlie mine in western australia 8 barrick and placer dome

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barrick has the financial strength to continually invest in exploration develop new mines and run its operations both profitably and responsibly value from synergies we see the opportunities for $200 million in annual synergies and we have the business platform and the management capability to capture that value in full as of 2007 these synergies are anticipated in five key areas operations exploration procurement general and administrative g&a and finance and tax in operations we will optimize and share mining and processing infrastructure in nevada australia and tanzania reduce energy costs and inventory levels through joint infrastructure and implement combined best practices at all locations in exploration we will consolidate our land positions on the most prospective belts and prioritize our pipeline of exploration projects in procurement we expect to generate significant savings from our improved purchasing power as deployed by our worldwide supply management group the savings in g&a will come from shared business practices and the elimination of duplication in offices and overheads in all regions with finance and tax we will realize jurisdictional tax synergies and enjoy both debt optimization and a lower overall cost of capital finally in addition to the areas factored into the $200-million calculation above we can expect capital synergies through the sequential development of our project pipeline we will be able to transfer development teams equipment and a comprehensive knowledge base from one project to the next this pipeline also allows for in-house management of engineering procurement and contract management epcm contracts the placer dome acquisition strengthens barrick s nevada footprint with three new mines above cortez and a development project barrick has the management capability enriched by our experience with the homestake acquisition to optimize the value of our combined assets people and projects we also have the appropriate organizational structure an existing decentralized platform of regional business units which allows us to integrate the assets and welcome the people quickly and well value now the increased strength of this powerful combination is already being felt throughout the integration period there has been a parallel emphasis on business as usual our teams have continued to focus on their exploration development and production targets steadily generating value for the company and its shareholders with the completion of the integration process ­ to be largely accomplished by mid-2006 ­ our people will fully concentrate on the opportunities we now have the strength and scale to seize in addressing our overriding corporate objective ­ to create shareholder value ­ barrick goes forward with greater financial strength greater depth of talent and a pre-eminent suite of operating mines projects and exploration properties barrick and placer dome 9

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responsible mining employee development avalanche preparedness here veladero argentina is just one of the range of safety measures at high-altitude operations barrick believes in enabling employees to develop to their full potential we respect and value each of our employees and observe the fundamental tenets of human rights safety and non-discrimination in the workplace we fairly compensate our employees for their contributions provide meaningful performance feedback to them and offer them professional development and training opportunities employee involvement in issues affecting the workplace helps improve safety and work conditions as well as our efficiency and our business overall community development responsible mining has always been an intrinsic part of this company s business model and is a key element of our vision to be the world s best gold company it involves sharing the benefits of mining with the countries and communities where we work establishing open dialogue and partnership in those communities and earning the trust of all those with whom we interact by dealing fairly with them our performance record travels before us creating opportunities to generate shareholder value and sustainable development safety and health at barrick we are committed to performing every job in a safe and healthy manner in order to achieve our safety vision of every person going home safe and healthy every day the safety and health of all workers is the top priority at all barrick operations key to the success of barrick s safety and health commitment is leadership at every level of the organization courageous leadership a companywide safety program launched in 2004 is an example of this commitment it draws on safety-related best practices establishes clear roles and responsibilities for all personnel and holds individuals accountable for their practices by year-end 2005 barrick s entire management and supervisory group had received training and trainers were beginning to work with hourly employees and contractors it is a fundamental tenet of barrick s business strategy to contribute to the sustainable economic and social development of the communities in which we work and live we share the benefits associated with our mining operations in many different ways including local hiring local and regional buying community infrastructural investment small business development and improved education and health services local stakeholder consultation is the cornerstone of barrick s responsible mining practice early in the development of a community/sustainability program we conduct a socioeconomic assessment which provides a useful benchmark for our community development efforts thereafter we maintain a dialogue with community leaders and other bugarama s new secondary school built by barrick is the first-ever for this tanzanian ward housing for teachers will be added 10 responsible mining

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united nations global compact environmental stewardship ­ here water sampling at goldstrike nevada ­ is a priority at every operation worldwide in 2005 barrick joined the un global compact an initiative to promote corporate citizenship by directly involving business in addressing some of the major social and environmental challenges that arise from increasing globalization the ten principles of the global compact are based on internationally recognized norms and conventions in four critical areas human rights labor standards the environment and anti-corruption by endorsing the global compact barrick has made a commitment to incorporate the ten principles into its culture strategy and day-to-day operations it has also committed to report on the key practical actions it takes to support the ten global compact principles and their expected outcomes environment stakeholders which serves to prioritize these efforts monitor performance and adjust the focus of initiatives as appropriate during 2005 for example our community/sustainability program in peru included financial and in-kind support for schools health initiatives small business agricultural irrigation systems and water septic and electrification systems ­ all in partnership with the people institutions and local authorities of the communities concerned partnerships wherever possible barrick draws on the skills and expertise of other organizations to complement our own community development programs in 2005 we continued our relationships with three international non-governmental organizations ngos care habitat for humanity and world vision we have also developed strong relationships with indigenous peoples including partnerships with the tahltan first nations in british columbia and the wiradjuri condobolin registered native title claimants group in australia this type of multifaceted collaboration helps ensure that our support and programs are well-targeted and complementary to existing initiatives barrick has a responsibility to protect reclaim and where possible enhance the environment on the sites where we operate we practice conscientious environmental stewardship and diligently apply proven management controls to achieve this goal in 2005 barrick became one of the first signatories to the international cyanide management code for the gold mining industry ­ a voluntary code developed by a multi-stakeholder committee under the auspices of the united nations environment program and the international council on metals and the environment signatories commit to follow the principles and implement the standards of practice of the code to have their relevant operations undergo a third-party audit and to make public the audit results charitable giving barrick s heart of gold fund is another way we contribute to the communities where we work and live barrick s policy is to give one percent of annual pre-tax income to charitable causes recipients range from community outreach programs to hospitals and schools environmental programs art and cultural events and major research institutions responsible mining 11

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financial strategy barrick will continue to improve its financial profile and maintain a conservative financial philosophy as it moves forward with its capital investment program moody s investor s service january 2006 barrick continues its long tradition of operating from a strong prudent financial base in 2005 the company brought three new mines on-stream and advanced a fourth to near-completion all without issuing any equity to finance them managed cost pressures successfully remained the lowest cash-cost producer of the senior gold mining companies and structured an innovative share and cash transaction for the acquisition of placer dome which included the sale of certain assets to goldcorp in order to maximize the resulting synergies financing cost control/cost management in 2004 we stated that we would execute the industry s most aggressive growth plan without the need to issue additional equity in 2005 we achieved that objective bringing three new mines into production and significantly advancing a fourth which is scheduled to enter production in the first quarter of 2006 in april the company s wholly-owned subsidiary minera barrick misquichilca s.a issued $50 million of bonds in the peruvian capital markets the issue which was at a 28-basis-point discount to sovereign debt was one of the highest ever ratings in that country the money was used to partially fund construction of the new lagunas norte mine in peru thereby making peruvian investors our partners in a project of great importance to their country 2005 was another year of challenging cost pressures for the entire mining sector many gold producers revised their guidance significantly during the year to reflect the negative impact of these pressures on both production and cash-cost metrics barrick by contrast did not revise guidance and remained the lowest cash-cost senior gold producer for the year this success is due to the range of highly complementary cost-management programs in place these include currency hedging to mitigate the impact of rising currencies in countries where we operate hedging of consumables such as fuel costs supply chain management and continuous improvement the collaboration exists across corporate functions and regions and through the extended enterprise to outside suppliers as well individual initiatives reinforce each other and in combination create leverage for the company as a whole for example industry costs in 2005 were affected by stronger currencies in many of the countries where gold is mined barrick was less affected than many other companies because 75 of our 2005 costs were denominated in us dollars and we largely eliminated currency exposure on the remaining 25 through our currency hedging program this allowed us to benefit from higher us-dollar gold prices and thus mitigate the impact on our mining costs of currency appreciation elsewhere 12 financial strategy

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continuous improvement ci and supply chain management scm are two more important examples of the way interrelated strategies provide cost-mitigation leverage the ci program helps reduce company costs by reducing the rate at which materials of all kinds are consumed program initiatives focus on improving operational efficiencies and also on embedding a culture of ci so that improvements are sustained and later enhanced whenever possible while ci addresses consumption of materials scm focuses on their cost ­ total cost from purchase through the item s life cycle to eventual salvage or safe disposal the scm group not only coordinates company purchase contracts to gain the leverage of scale it also ensures that each spend category operates at its most cost-effective level we will continue to deploy our full range of cost-containment strategies as part of our overall focus on maintaining and where possible reducing our costs in equipment currencies oil interest rates and other areas that affect industry profit margins gold sales contracts sales commitments totaled 18.5 million ounces of this a total of 9.5 million ounces of the hedge position has been allocated to the pueblo viejo and pascua-lama development projects the remaining 9.0 million ounces of corporate gold sales commitments represent 8 of total reserves excluding ounces allocated to development projects a more detailed discussion of our corporate gold sales contracts can be found in the management s discussion and analysis md&a section on page 61 placer dome acquisition during the year we reduced our fixed-price gold sales contracts position by 1.0 million ounces the company remains committed to its policy of reducing existing gold sales contracts with the acquisition of placer dome we will inherit additional contracts but will continue to reduce the total number of contracts we hold increasing barrick s leverage to the gold price we have already begun to reduce these contracts all of placer dome s outstanding call options as well as some of their forward contracts have been eliminated representing a reduction of approximately 1.5 million ounces by mid-february 2006 the combined gold on october 31 2005 we announced a bid for all outstanding shares of placer dome for a combination of barrick shares and cash we increased the bid on december 22 and received the unanimous support of the board of directors of placer dome the strategic rationale and opportunities presented by this transaction are outlined earlier in this report we will issue additional shares in order to complete the transaction and in exchange we will receive significant value in the form of placer dome operations assets and development projects the cash necessary to complete the transaction is to be recouped through our agreement to sell certain assets of placer dome to goldcorp resulting in no new debt for the combined company barrick remains the most highly rated gold company in the world with the industry s only a-rated balance sheet as rated by standard poor s in the future as in the past barrick will maintain a sound and prudent financial foundation on this solid base the company will run existing operations fund exploration programs and advance development projects financial strategy 13

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