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1 Barrick Gold Corporation – Building Mines, Building Value 2004 Annual and Special Shareholders Meeting Exploration Review Alex 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)

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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)

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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

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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 InvestmentBarrick’s 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

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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

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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

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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°

1,350 sq. km

Alto Chicama District, Peru

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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

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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 management’s 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 Barrick’s 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.