ACQUISITIONS AND DIVESTITURES

12 Months Ended

Dec. 31, 2026

Business combinations and discontinued operations [Abstract]

a) Loulo-Gounkoto

On June 16, 2025, the Bamako Commercial Tribunal placed

Loulo-Gounkoto under temporary provisional

administration. While Barrick retained its 80% legal

ownership of the mining complex, control over operations

transferred to an external administrator. Following this

action by the Malian courts, management concluded that

Barrick had lost control of the subsidiaries that hold our

interest in Loulo-Gounkoto because we could not effectively

exercise power over the relevant activities related to the

mine, nor could we affect the returns of the mine through

managerial involvement. As a result of the loss of control

event in Q2 2025, we deconsolidated the subsidiaries, and

derecognized the assets, liabilities and non-controlling

interest of Loulo-Gounkoto at their carrying amounts at the

date when control was lost.

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 the management of

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

Mines de Gounkoto SA (“Gounkoto”).

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

Somilo and 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

initially recorded in the fourth quarter of 2025. A

measurement period update was recorded in the second

quarter of 2026, primarily due to additional royalties,

penalties and interest related to the periods prior to

obtaining control. This results in adjustments to those

provisional fair values effective as at the acquisition date in

December 2025, as well as the net expense related to

Loulo-Gounkoto recognized in Q4 2025. Refer to note 17

for further details. We expect to complete the purchase

price allocation process in the second half of 2026.


($ millions)	Preliminary	Change	Revised
Fair value (100%)	$3,220	$(91)	$3,129
Fair value (80%)	2,576	(73)	2,503

Provisional fair value allocation at acquisition
Cash	$71	$—	$71
Other current assets	154	12	166
Inventory	629	2	631
Property, plant and equipment	3,131	(3)	3,128
Other long-term assets	120	68	188
Total assets	$4,105	$79	$4,184
Current liabilities	$347	$244	$591
Deferred income tax liabilities	474	(75)	399
Lease liabilities	17	—	17
Provisions	47	—	47
Other liability to NCI	240	(90)	150
Total liabilities	$1,125	$79	$1,204
Non-controlling interests	404	73	477
Net assets acquired	$2,576	$(73)	$2,503

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

for the year ended December 31, 2025, would have been

$1,036 million and $484 million, respectively. For the six

months ended June 30, 2026, revenue and net income

were $907 million and $352 million, respectively, and

excludes other expenses relating to additional royalties,

penalties and interest paid to the Government of Mali due to

the retrospective application of the 2023 Mining Code to

2024 and 2025. Refer to note 9 for further details. The fair

value of accounts receivable was $104 million (included in

other current assets) as at December 16, 2025, which was

equivalent to the contractual amount.