FINANCIAL INSTRUMENTS (Tables)

Cash and equivalents include cash, term deposits, treasury bills and money market investments with original maturities of less than 90 days.


	As at December 31, 2024	As at December 31, 2023
Cash deposits	$3,120	$2,952
Term deposits	954	1,196

	$4,074	$4,148

b) Debt and Interest1


	Closing balance December 31, 2023	Proceeds	Repayments	Amortization and other2	Closing balance December 31, 2024
5.7% notes3,10	$844	$—	$—	$—	$844
5.25% notes4	373	—	—	—	373
5.80% notes5,10	396	—	—	1	397
6.35% notes6,10	595	—	—	—	595
Other fixed rate notes7,10	1,042	—	—	—	1,042

Leases8	56	—	(14)	17	59
Other debt obligations	576	—	—	(2)	574
5.75% notes9,10	844	—	—	1	845

	$4,726	$—	($14)	$17	$4,729
Less: current portion11	(11)	—	—	—	(24)
	$4,715	$—	($14)	$17	$4,705


	Closing balance December 31, 2022	Proceeds	Repayments	Amortization and other2	Closing balance December 31, 2023
5.7% notes3,10	$844	$—	$—	$—	$844
5.25% notes4	372	—	—	1	373
5.80% notes5,10	396	—	—	—	396
6.35% notes6,10	595	—	—	—	595
Other fixed rate notes7,10	1,083	—	(43)	2	1,042

Leases8	70	—	(13)	(1)	56
Other debt obligations	578	—	—	(2)	576
5.75% notes9,10	844	—	—	—	844

	$4,782	$—	($56)	$—	$4,726
Less: current portion11	(13)	—	—	—	(11)
	$4,769	$—	($56)	$—	$4,715

1The agreements that govern our long-term debt each contain various provisions which are not summarized herein. These provisions allow Barrick, at its option, to redeem indebtedness prior to maturity at specified prices and also may permit redemption of debt by Barrick upon the occurrence of certain specified changes in tax legislation.

2Amortization of debt premium/discount and increases (decreases) in capital leases.

3Consists of $850 million (2023: $850 million) of our wholly-owned subsidiary Barrick North America Finance LLC (“BNAF”) notes due 2041.

4Consists of $375 million (2023: $375 million) of 5.25% notes which mature in 2042.

5Consists of $400 million (2023: $400 million) of 5.80% notes which mature in 2034.

6Consists of $600 million (2023: $600 million) of 6.35% notes which mature in 2036.

7Consists of $1.1 billion (2023: $1.1 billion) in conjunction with our wholly-owned subsidiary BNAF and our wholly-owned subsidiary Barrick (PD) Australia Finance Pty Ltd. (“BPDAF”). This consists of $250 million (2023: $250 million) of BNAF notes due 2038 and $807 million (2023: $807 million) of BPDAF notes due 2039.

8Consists primarily of leases at Nevada Gold Mines, $12 million, Loulo-Gounkoto, $18 million, Veladero, $2 million, Lumwana, $1 million, Hemlo, $9 million, North Mara, $4 million and Tongon, $5 million (2023: $13 million, $20 million, $1 million, $3 million, $1 million, $nil and $6 million, respectively).

9Consists of $850 million (2023: $850 million) in conjunction with our wholly-owned subsidiary BNAF.

10We provide an unconditional and irrevocable guarantee on all BNAF, BPDAF, Barrick Gold Finance Company (“BGFC”), and Barrick (HMC) Mining (“BHMC”) notes and generally provide such guarantees on all BNAF, BPDAF, BGFC, and BHMC notes issued, which rank equally with our other unsecured and unsubordinated obligations.

11The current portion of long-term debt consists of leases ($13 million; 2023: $11 million) and other debt obligations ($11 million; 2023: $nil).

5.7% Notes

In June 2011, BNAF issued an aggregate of $4.0 billion in debt securities including $850 million of 5.70% notes that mature in 2041 issued by BNAF (collectively, the “BNAF Notes”). Barrick provides an unconditional and irrevocable guarantee of the BNAF Notes, which rank equally with Barrick’s other unsecured and unsubordinated obligations.

5.25% Notes

On April 3, 2012, we issued an aggregate of $2 billion in debt securities including $750 million of 5.25% notes that mature in 2042. During 2022, $375 million of the 5.25% notes was repaid.

Other Fixed Rate Notes

On October 16, 2009, we issued debentures through our wholly-owned indirect subsidiary BPDAF consisting of $850 million of 30-year notes with a coupon rate of 5.95%. We also provide an unconditional and irrevocable guarantee of these payments, which rank equally with our other unsecured and unsubordinated obligations. During 2023, $43 million of the 5.95% notes was repaid.

In September 2008, we issued an aggregate of $1.25 billion of notes through our wholly-owned indirect subsidiaries BNAF and BGFC including $250 million of 30-year notes with a coupon rate of 7.5%. We also provide an unconditional and irrevocable guarantee of these payments, which rank equally with our other unsecured and unsubordinated obligations.

5.75% Notes

On May 2, 2013, we issued an aggregate of $3 billion in notes through Barrick and our wholly-owned indirect subsidiary BNAF including $850 million of 5.75% notes issued by BNAF that mature in 2043. $2 billion of the net proceeds from this offering was used to repay amounts outstanding under our revolving Credit Facility at that time. We provide an unconditional and irrevocable guarantee on the $850 million of 5.75% notes issued by BNAF, which rank equally with our other unsecured and unsubordinated obligations.

Credit Facility

In May 2024, we completed an update of the credit and guarantee agreement (the “Credit Facility”) with certain Lenders, which requires such Lenders to make available to us a credit facility of $3.0 billion or the equivalent amount in Canadian dollars. The Credit Facility, which is unsecured, currently has an interest rate of Secured Overnight Financing Rate (“SOFR”) plus 1.00% on drawn amounts, and a standby rate of 0.09% on undrawn amounts. The Credit Facility incorporates sustainability-linked metrics which are made up of annual environmental and social performance targets directly influenced by Barrick's actions, rather than based on external ratings. The performance targets include Scope 1 and Scope 2 greenhouse gas emissions intensity, water use efficiency (reuse and recycling rates), and total recordable injury frequency rate. Barrick may incur positive or negative pricing adjustments on drawn credit spreads and standby fees based on its sustainability performance versus the targets that have been set. As part of the update, the termination date of the Credit Facility was extended from May 2028 to May 2029. The Credit Facility was undrawn as at December 31, 2024.


	2024			2023
For the years ended December 31	Interest cost	Effective rate1		Interest cost	Effective rate1
5.7% notes	$49	5.74	%	$49	5.74	%
5.25% notes	20	5.29	%	20	5.29	%
5.80% notes	23	5.85	%	23	5.85	%
6.35% notes	38	6.41	%	38	6.41	%
Other fixed rate notes	68	6.41	%	70	6.40	%

Leases	4	8.16	%	5	7.02	%
Other debt obligations	35	6.17	%	35	6.17	%
5.75% notes	49	5.79	%	49	5.79	%

Deposits on Pascua-Lama silver sale agreement (note 29)	5	2.82	%	5	2.82	%
Deposits on Pueblo Viejo gold and silver streaming agreement (note 29)	28	6.16	%	27	5.81	%
Other interest2	138			73
	$457			$394
Less: interest capitalized	(33)			(42)
	$424			$352

1The effective rate includes the stated interest rate under the debt agreement, amortization of debt issue costs and debt discount/premium and the impact of interest rate contracts designated in a hedging relationship with debt.

2This includes $78 million (2023: $nil) relating to finance costs in Argentina.

Scheduled Debt Repayments1


	Issuer	Maturity Year	2025	2026	2027	2028	2029	2030 and thereafter	Total






7.73% notes2	BGC	2025	$6	$—	$—	$—	$—	$—	$6
7.70% notes2	BGC	2025	5	—	—	—	—	—	5
7.37% notes2	BGC	2026	—	32	—	—	—	—	32
8.05% notes2	BGC	2026	—	15	—	—	—	—	15
6.38% notes2	BGC	2033	—	—	—	—	—	200	200
5.80% notes	BGC	2034	—	—	—	—	—	200	200
5.80% notes	BGFC	2034	—	—	—	—	—	200	200
6.45% notes2	BGC	2035	—	—	—	—	—	300	300
6.35% notes	BHMC	2036	—	—	—	—	—	600	600
7.50% notes3	BNAF	2038	—	—	—	—	—	250	250
5.95% notes3	BPDAF	2039	—	—	—	—	—	807	807
5.70% notes	BNAF	2041	—	—	—	—	—	850	850
5.25% notes	BGC	2042	—	—	—	—	—	375	375
5.75% notes	BNAF	2043	—	—	—	—	—	850	850



			$11	$47	$—	$—	$—	$4,632	$4,690
Minimum annual payments under leases			$13	$11	$11	$7	$5	$12	$59

1This table illustrates the contractual undiscounted cash flows, and may not agree with the amounts disclosed in the consolidated balance sheet.

2Included in Other debt obligations in the Long-Term Debt table.

3Included in Other fixed rate notes in the Long-Term Debt table.

In the normal course of business, our assets, liabilities and forecasted transactions, as reported in US dollars, are impacted by various market risks including, but not limited to:


Item			Impacted by
● Revenue			● Prices of gold, silver and copper
● Cost of sales
o Consumption of diesel fuel, propane, natural gas, and electricity			o Prices of diesel fuel, propane, natural gas, and electricity
o Non-US dollar expenditures			o Currency exchange rates - US dollar versus A$, ARS, C$, DOP, EUR, TZS, XOF, ZAR and ZMW
● General and administration, exploration and evaluation costs			● Currency exchange rates - US dollar versus A$, ARS, C$, DOP, GBP, PKR, TZS, XOF, ZAR, and ZMW
● Capital expenditures
o Non-US dollar capital expenditures			o Currency exchange rates - US dollar versus A$, ARS, C$, DOP, EUR, GBP, PKR, XOF, ZAR, and ZMW
o Consumption of steel			o Price of steel
● Interest earned on cash and equivalents			● US dollar interest rates
● Interest paid on fixed-rate borrowings			● US dollar interest rates