ACQUISITIONS AND DIVESTITURES

12 Months Ended

Dec. 31, 2025

Business combinations and discontinued operations [Abstract]

a) Loulo-Gounkoto

On November 24, 2025, Barrick announced that an

agreement had been entered into with the Government of

the Republic of Mali to put an end to all disputes regarding

the Loulo and Gounkoto mines. The provisional

administration of the Loulo-Gounkoto complex was

terminated on December 16, 2025, at which point

operational control was handed back to Somilo and

Gounkoto's management. Refer to note 35 for further

details.

We have determined that this represents a

business combination with Barrick identified as the acquirer.

We have determined the acquisition price should be equal

to the fair value of Barrick’s 80% investment in the equity of

Société des Mines de Loulo SA (“Somilo”) and Société des

Mines de Gounkoto SA (“Gounkoto”).

We have determined the fair value of Barrick’s

existing interest in Loulo-Gounkoto immediately before the

acquisition of control, which represents the fair value of the

consideration in the transaction. We have also determined

the fair value of the non-controlling interest and performed a

provisional allocation of the purchase price to identified

assets and liabilities.

The tables below present the provisional allocation

of the purchase price to the assets and liabilities acquired.

This allocation is provisional as we have not had sufficient

time to complete the final analysis and allocation of fair

values, primarily the property, plant and equipment, and we

expect to complete this process in 2026.


($ millions)
Fair value of Loulo-Gounkoto (100%)	$3,220
Fair value of Loulo-Gounkoto (80%)	2,576

Provisional fair value allocation at acquisition
Cash	$71
Other current assets	154
Inventory	629
Property, plant and equipment	3,131
Other long-term assets	120
Total assets	$4,105
Current liabilities	$347
Deferred income tax liabilities	474
Lease liabilities	17
Provisions	47
Other liability to Loulo-Gounkoto NCI	240
Total liabilities	$1,125
Non-controlling interests	404
Net assets acquired	$2,576

We primarily used a discounted cash flow model (being the

net present value of expected future cash flows) to

determine the fair value of the mining interests and used a

depreciated replacement cost approach in determining the

fair value of property, plant and equipment. Expected future

cash flows are based on estimates of future gold prices

inclusive of a $3,000/oz long-term gold price and projected

future revenues, estimated quantities of ore reserves and

mineral resources, including expected conversions of

resources to reserves, expected future production costs

and capital expenditures based on the life of mine plans for

the mines as at the acquisition date. A WACC of 16% was

applied in the discounted cash flow model.

Since it has been consolidated from December 16,

2025, Loulo-Gounkoto contributed revenue of $505 million

and net income of $16 million for the year ended

December 31, 2025. If the acquisition had occurred on

January 1, 2025, consolidated revenue and consolidated

net income would have been $1,036 million and

$484 million, respectively. The fair value of accounts

receivable was $92 million (included in other current assets)

as at December 16, 2025, which was equivalent to the

contractual amount.

b) Tongon

On October 6, 2025, Barrick announced that it reached an

agreement to sell its interests in the Tongon gold mine

(“Tongon”) and certain of its exploration properties in Côte

d’lvoire to the Atlantic Group for total consideration of up to

$305 million. The consideration is composed of cash

consideration of $192 million, inclusive of a $23 million

shareholder loan repayment within six months of closing,

and contingent cash payments totaling up to $113 million

payable based on the price of gold over 2.5 years and

resource conversions over 5 years. The transaction closed

on December 1, 2025 and we recognized a gain on sale of

$134 million and contingent consideration of $113 million in

Q4 2025.

c) Hemlo

On September 11, 2025, Barrick announced that it reached

an agreement to sell the Hemlo Gold Mine (“Hemlo”) in

Canada to Carcetti Capital Corp., which was renamed to

Hemlo Mining Corp. (“HMC”). The sale agreement provides

for gross proceeds of up to $1.09 billion, consisting of

$875 million of cash proceeds due on closing, HMC shares

with an aggregate value of $50 million, and a production

and tiered gold price-linked cash payment structure of up to

$165 million starting in January 2027 for a five-year term.

The transaction closed on November 26, 2025 and we

recognized a gain on sale of $545 million and contingent

consideration of $22 million in Q4 2025.

d) Alturas

On August 8, 2025, Barrick announced that it reached an

agreement to sell the Alturas Project in Chile to a subsidiary

of Boroo Pte Ltd (Singapore) (“Boroo”) for an up-front cash

payment of $50 million. In addition, Barrick was granted a

0.5% net smelter return royalty on gold and silver produced

from the Project, which will terminate once 2 million ounces

of gold and gold-equivalent have been produced. Boroo

may repurchase the royalty within four years from closing

for $10 million. The transaction closed on November 7,

2025 and we recognized a gain on sale of $53 million in Q4

2025.

e) Donlin Gold

On April 22, 2025, Barrick announced it entered into an

agreement to sell its 50% interest in the Donlin Gold project

located in Alaska, USA to affiliates of Paulson Advisers LLC

and NOVAGOLD Resources Inc. (“NOVAGOLD”) for total

cash consideration of $1 billion. In addition, Barrick has

granted NOVAGOLD an option to purchase the outstanding

debt owed to Barrick (value of $168 million as at

December 31, 2025, classified as FVPL and presented in

Other Assets) in connection with the Donlin Gold project for

$90 million if purchased prior to closing, or for $100 million

if purchased within 18 months from closing, when the option

expires. If that option is not exercised, the debt will remain

outstanding, substantially in accordance with its existing

terms which would largely defer repayment to the

commencement of production.

The transaction closed on June 3, 2025 and we

recognized a gain on sale of $745 million in Q2 2025. In

addition, NOVAGOLD did not exercise the option to

purchase the outstanding debt owed to Barrick at closing,

but retains the option to purchase the outstanding debt for

$100 million within 18 months from closing.