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    Barrick Gold Corporation Building Mines, Building Value2004 Annual and Special Shareholders Meeting

    Exploration ReviewAlex Davidson

    Executive Vice President, Exploration

    What are we exploring for?What are we exploring for?> 2 million ounce, low cost gold deposit

    Carlin-type deposits (50 million ounce Goldstrike mine)

    High Sulphidation deposits (28 M oz at Pascua and Veladero 8 million ounces Pierina and Alto Chicama deposit)

    Greenstone gold deposits (>50 million ounce KCGM, 15 million ounce Bulyanhulu or >5 million ounce Plutonic)

  • 2

    Barrick Gold Corporation Building Mines, Building Value2004 Annual and Special Shareholders Meeting

    Canada$4M

    U.S.A.$17M

    Peru$7M

    Chile/ Argentina

    $4.5M

    FSU$5M

    Australia$6M

    Tanzania$9M

    2004 Regional Exploration2004 Regional Exploration

    Reserve Replacement and GrowthReserve Replacement and Growth

    Overall finding cost $11/oz

    On-property finding cost $3/oz

    1990

    Total Mined

    Acquisitions

    Divestitures

    Exploration

    2003

    86

    76

    4652

    20

    4

    RESERVE GROWTH THROUGH ACQUISITION AND EXPLORATIONproven and probable millions of ounces

  • 3

    Barrick Gold Corporation Building Mines, Building Value2004 Annual and Special Shareholders Meeting

    97 98 99 00 01 02 03250

    300

    350

    400

    04E

    Exploration InvestmentExploration InvestmentBarricks exploration spending has been consistent

    US$ millions

    79

    69

    56

    69 6759

    66 65

    Spot Gold Price

    Increasing the Chances for DiscoveryIncreasing the Chances for DiscoveryMaintaining a Sustained Exploration Budget

    Barrick Exploration System

    Objective ranking of worldwide projects

    Removal of regional biases

    Move the best projects up the pipeline faster

  • 4

    Barrick Gold Corporation Building Mines, Building Value2004 Annual and Special Shareholders Meeting

    Highlights from 2003Highlights from 2003Added reserves and resources at Goldstrike, Storm, Gold Hill

    Regional work in the Alto Chicama district identified targets for 2004

    Positive metallurgical testwork at Chocolate Reef in Tanzania

    Added new Australian advanced projects

    Focus for 2004Focus for 2004High priority targets

    Goldstrike District, Nevada

    East Archimedes, Nevada

    Chocolate Reef Area, Tanzania

    Alto Chicama District , Peru

    Yeneena Basin, Australia

  • 5

    Barrick Gold Corporation Building Mines, Building Value2004 Annual and Special Shareholders Meeting

    Storm

    Dee

    MeikleMeikle

    Betze-PostBetze-Post

    2 CN. Arturo

    Arturo

    S. Button HillRen

    N.W. Meikle

    S.E. Meikle

    North Pit

    South Pit

    Goldstrike DistrictNevada

    Goldstrike DistrictNevada

    East Archimedes, NevadaEast Archimedes, Nevada

    EastArchimedes

    Layback

    RubyDeepsTarget

    Deep East

    ArchimedesSulfideTarget

    4000

    6000

    5000

    0 500meters

    1000

    West Archimedes

    EastArchimedes

  • 6

    Barrick Gold Corporation Building Mines, Building Value2004 Annual and Special Shareholders Meeting

    L a k e V i c t o r i a

    Shinyanga

    Mwanza

    Kahama

    Isaka

    LAKE VICTORIA GREENSTONE BELT

    BulyanhuluTulawaka

    Rail Link

    Chocolate Reef

    0 50kilometres

    100

    Chocolate Reef, Tanzania

    LagunasNorte

    Piedra Grande

    LagunasSur

    La Capilla

    Genusa

    LagunasWest

    Tres Cruces

    0 10kilometres

    20

    LAGUNAS

    LAGUNASNW

    GOITOS

    ALUMBRE

    URURUPA

    Huamachuco

    Otuzco

    Quiruvilca

    C A J A M A R C A

    L A L I B E R T A D

    ANCASH

    78 30 78

    8

    1,350 sq. km

    Alto Chicama District, Peru

  • 7

    Barrick Gold Corporation Building Mines, Building Value2004 Annual and Special Shareholders Meeting

    Yeneena Basin, AustraliaYeneena Basin, AustraliaFavourable setting

    2 projects acquired in 2003

    900 square kilometreland position

    Robust and Balanced PipelineRobust and Balanced Pipeline

    Dee,Rossi,

    Goldstrike,E. Arch,

    Chocolate Reef

    Goldstrike S. Pit,Ruby Hill, Ren

    +4 other projects

    La Paloma, Mount Gibson,Woolgar +27 other projects

    Alto Chicama DistrictBulyanhulu district +33 other projects

    Northern Peru, Southern Peru,Australia + 22 other projects

    BUDGETSTAGE

    Grassroots

    Target Delineation

    19%

    21%

    15%

    Drill Testing

    Advanced Drilling

    19%

    26%Reserve Development

  • 8

    Barrick Gold Corporation Building Mines, Building Value2004 Annual and Special Shareholders Meeting

    SummarySummaryMore than 95 projects in 9 countries

    > 2 million ounce gold deposits

    6 high priority countries (Peru, Chile, Argentina, USA, Tanzania, Australia)

    Optimize chancesof near-termsuccess

    EXPLORATION & BUSINESS DEVELOPMENT2004E = $110M

    Minesite

    BusinessDevelopment Regional

    Alto Chicama

    55%

    10%

    12%

    23%

    FORWARD LOOKING STATEMENT

    Certain statements included herein, including those regarding production, costs, development schedules and other statements that express managements expectations or estimates of our future performance, constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. The words believe, expect, anticipate, contemplate, target, plan, intends, continue, budget, estimate, may, will, schedule, and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management are inherently subject to significant business, economic and competitive uncertainties and contingencies. We caution you that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from our estimated future results, performance or achievements expressed or implied by those forward-looking statements and our forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold or certain other commodities (such as silver, copper, diesel fuel and electricity) and currencies; changes in interest rates or gold lease rates that could impact realized prices under our forward sales program; legislative, political or economic developments in the jurisdictions in which Barrick carries on business; operating or technical difficulties in connection with mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities or grades of reserves; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in Barricks most recent Form 40-F/Annual Information on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

    Barrick expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise.