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Table 1-1

Carlin Complex Mineral Resources Summary, 100% Basis, as of December 31, 2024

Table 1-2

Carlin Complex Mineral Reserves Summary, December 31, 2024, 100% Basis

Table 1-3

Carlin Complex Risk Analysis

Table 2-1

Carlin Complex Operations Resources and Reserves Estimation List

Table 2-2

QP Responsibilities

Table 2-3

Table of Abbreviations

Table 4-1

Plans of Operations Approximate Centroid Location Summary Table

Table 4-2

Effective AB495 Tax Rates

Table 4-3

Carlin Complex Royalties Summary

Table 6-1

Carlin Complex Historic Ore Production

Table 6-2

Carlin Complex Historic Gold Production

Table 7-1

Geologic Zones and Mine Operations

Table 7-2

Mineralized Domain Approximate Dimensions

Table 10-1

Carlin Complex Drill Summary Table

Table 10-2

Drilling Supporting Mineral Resource Estimates

Table 10-3

Summary of Mineral Resource Drilling Cut-off Dates

Table 11-1

Carlin Labs Used by Deposit

Table 11-2

Submitted Samples

Table 11-3

QA/QC Samples and Insertion Rates

Table 11-4

Highest Usage CRM Failure Rates by Laboratory Returns

Table 11-5

Coarse and Pulp Duplicate Performance

Table 13-1

Summary of Recent Relevant Metallurgical Testwork

Table 13-2

Geological Abundance and Metallurgical Samples for Rita K

Table 13-3

2024 Monthly Rita K Amenability Results

Table 13-4

Summary of Future Metallurgical Testwork

Table 13-5

Summary of Amenability Testwork Results by Year

Table 13-6

Constituent Ranges and Variability by Source

Table 13-7

Goldstrike Roaster Feed Parameters

Table 13-8

Gold Quarry Roaster Feed Parameters

Table 13-9

Goldstrike Autoclave Alkaline POX Feed Parameters

Table 13-10

Goldstrike Autoclave Acidic POX Feed Parameters

Table 13-11

Goldstrike Oxide Mill Feed Parameters

Table 13-12

Goldstrike Roaster-CIL Au Recovery

Table 13-13

Goldstrike Alkaline POX-CIL Gold Recovery

Table 13-14

Goldstrike Acid POX-CIL Gold Recovery

Table 13-15

Goldstrike Oxide-CIL Gold Recovery

Table 13-16

Gold Quarry Roaster-CIL Gold Recovery

Table 14-1

Carlin Complex Mineral Resources Summary, 100% Basis, as of December 31, 2024

Table 14-2

Summary of Mineral Resource Drilling and Model Dates

Table 14-3

Carlin Complex Deposits Density Summary

Table 14-4

Carlin Complex Composite Length Summary

Table 14-5

Gold Quarry Composite Statistics

Table 14-6

Goldstar Composite Statistics

Table 14-7

Goldstrike OP & UG Composite Statistics

Table 14-8

South Arturo OP Composite Statistics

Table 14-9

South Arturo UG Composite Statistics

Table 14-10

Leeville, Fallon & Rita K Summary Statistics

Table 14-11

Exodus Composite Statistics

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Table 14-12

Pete Bajo Composite Statistics

Table 14-13

Ren Composite Statistics

Table 14-14

Leeville UG Capping and Outlier Restriction Summary

Table 14-15

Gold Quarry OP Capping and Outlier Restriction Summary

Table 14-16

Resource Model Block Sizes

Table 14-17

Example of Leeville UG Estimation Parameters

Table 14-18

Example of Gold Quarry OP Estimation Parameters

Table 14-19

Carlin Complex Resource Classification Maximum Spacing Summary

Table 14-20

Carlin Complex Mineral Resources Cut-off Grades

Table 14-21

Carlin Mineral Resource Statement, 100% Basis, December 31, 2024

Table 14-22

Carlin Mineral Resource Statement, Barrick Attributable Basis, December 31, 2024

Table 14-23

2023 vs 2024 Resources Comparison

Table 15-1

Carlin Complex Mineral Reserves Summary, December 31, 2024, 100% Basis

Table 15-2

Carlin Complex Underground Mining Dilution and Recovery Assumptions

Table 15-3

Carlin Complex Process Cost Summary

Table 15-4

Carlin Complex UG Unit Mining Cost Summary

Table 15-5

Carlin Complex OP Unit Mining Cost Summary

Table 15-6

Carlin Complex Underground Mines Surface Haulage Costs

Table 15-7

Long Term Stockpile Reclaim Costs

Table 15-8

Underground Metal Removal Costs

Table 15-9

BCOG(In-Pit) for Carlin Complex Surface Operations

Table 15-10

COG for Carlin Complex Stockpiles

Table 15-11

Mine Design SO-COG for Carlin Underground Operations

Table 15-12

Relative Reserves Sensitivity to $1,400/oz Gold Price

Table 15-13

Goldstrike Roaster Reconciliation 2024

Table 15-14

Gold Quarry Roaster Reconciliation 2024

Table 15-15

Goldstrike Autoclave Reconciliation 2024

Table 15-16

Carlin Complex Mineral Reserves Statement, December 31, 2024

Table 16-1

Carlin Complex Mining Operations

Table 16-2

Carlin Complex Underground Operation General Descriptions

Table 16-3

Carlin Complex Ground Control Generalized Document Framework

Table 16-4

Carlin Underground Ground Control Document Framework

Table 16-5

Geotechnical Control Effectiveness

Table 16-6

Typical stope geometry for Carlin Underground operations

Table 16-7

Carlin Open Pit Ground Control Document Framework

Table 16-8

Carlin Open Pit Slope Design Parameters

Table 16-9

Carlin Complex Dewatering Areas Summary

Table 16-10

South Arturo Reserve Pit Design vs Optimization Shell Comparison

Table 16-11

Goldstrike Reserve Pit Design vs Optimization Shell Comparison

Table 16-12

Gold Quarry Reserve Pit Design vs Optimization Shell Comparison

Table 16-13

Carlin Complex Surface LOM Equipment Requirements

Table 16-14

Underground LOM Mine Equipment Requirements

Table 16-15

Carlin Complex Reserves Mining LOM Plan Summary

Table 16-16

Carlin Complex Reserves Processing LOM Plan Summary

Table 17-1

Goldstrike Roaster Power Consumption Drivers

Table 17-2

Carlin Processing Water Consumption (m3/hr)

Table 17-3

Carlin Complex Process Reagents Consumption Forecast by Facility

Table 20-1

NGM Carlin Complex NDEP and NDWR Licences and Permits Acquired and Maintained

Table 20-2

Carlin Complex EPA Identification Numbers

Table 20-3

Carlin Complex PoO List and Status

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Table 20-4

Trusts and Funds for Carlin Complex Closure

Table 21-1

Capital Cost Summary

Table 21-2

Expansion Project Capital Expenditure Summary

Table 21-3

LOM Operating Costs Summary

Table 25-1

Carlin Complex Risk Analysis

Figure 2-1

Carlin Complex Mines Location Map

Figure 4-1

Project Location Map

Figure 4-2

PoO Layout Plan (Operations), 2024

Figure 4-3

PoO Layout Plan (Exploration), 2024

Figure 4-4

NGM Area of Interest

Figure 4-5

Carlin North Area PoO’s Land Status

Figure 4-6

Carlin South Area PoO’s Land Status

Figure 4-7

Rain-Emigrant PoO’s Land Status

Figure 4-8

Carlin - North Area Exploration Land Status

Figure 4-9

Carlin - South Area Exploration Land Status

Figure 4-10

Carlin - Emigrant and Woodruff Exploration Land Status

Figure 4-11

Carlin North Area NOI Land Status

Figure 4-12

Carlin South Area NOI Land Status

Figure 7-1

Simplified Geologic Map, Carlin Trend

Figure 7-2

Carlin Trend Stratigraphy

Figure 7-3

South Arturo UG Geological Map

Figure 7-4

Representative Geological Cross-section of the Goldstrike Deposit.

Figure 7-5

Representative Geological Cross-section of the Goldstar Deposit.

Figure 7-6

Exodus Geological Map

Figure 7-7

Greater Leeville Geological Map – A-A’ and B-B’

Figure 7-8

Greater Leeville Geological Map – C-C’ and D-D’

Figure 7-9

Geologic Cross-section of Gold Quarry Deposit

Figure 9-1

Carlin District with Geophysical Surveys Outlined in Blue

Figure 9-2

Carlin District Geology with Rock Chip Sample Locations

Figure 9-3

Carlin District Geology with Soil and Stream Sample Locations

Figure 10-1

Carlin Complex Drill Collar Location Plan

Figure 10-2

Drill Collar Location Map Carlin Supporting Mineral Resource Estimates

Figure 11-1

OREAS 277 and OREAS 279 Control Charts for ALS

Figure 11-2

Blank Sample Performance Chart for ALS

Figure 11-3

Field Duplicate Q-Q Plot Performance Chart for ALS

Figure 11-4

Coarse Duplicate Performance Chart for ALS

Figure 11-5

Pulp Duplicate Performance Chart for ALS

Figure 11-6

Umpire Q-Q Plot Performance Chart

Figure 13-1

Rita K Metallurgical Samples Spatial Distribution

Figure 13-2

Example Sample Selection of Fallon Metallurgical Testwork

Figure 13-3

Overhead View of the Goldstrike Roaster ROM Pad

Figure 13-4

Overhead View of the Gold Quarry Roaster ROM Pad

Figure 13-5

Overhead View of the Goldstrike Autoclave ROM Pad

Figure 13-6

Long-term SP Location, Goldstrike Area

Figure 13-7

Long-term SP Location, Gold Quarry Area

Figure 13-8

Goldstrike Roaster Feed Blend Lab Amenabilities vs. Head Grade Curve

Figure 13-9

Goldstrike Roaster – Leeville Lab Amenabilities vs. Head Grade Curve

Figure 13-10

Goldstrike Roaster Shift Recovery vs. 2023 Recovery Model

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Figure 13-11

Goldstrike Roaster Shift Recovery vs. Feed Grade

Figure 13-12

Gold Quarry Roaster Historical Gold Recovery

Figure 13-13

Goldstrike Autoclave Plant vs Predicted Recovery

Figure 14-1

Example CDP and Histogram for Grade Capping Leeville UG Domain 61

Figure 14-2

Example r-gram for Leeville UG Domain 61

Figure 14-3

Leeville UG Example Variogram

Figure 14-4

Gold Quarry OP Example Variogram

Figure 14-5

Leeville UG Contact Analysis Example

Figure 14-6

Gold Quarry OP Contact Analysis Example

Figure 14-7

Leeville UG Block Estimate vs Drilling Example

Figure 14-8

Gold Quarry OP Block Estimate vs Drilling Example

Figure 14-9

Support Corrected Distributions Compared to Declustered Drilling and Block Estimate Leeville UG Examples

Figure 14-10

Support Corrected Distributions Compared to Declustered Drilling and Block Estimate Gold Quarry OP Examples

Figure 14-11

Leeville UG Example Swath Plots

Figure 14-12

Gold Quarry OP Example Swath Plots

Figure 14-13

Leeville UG Resource Category Cross-section

Figure 14-14

Gold Quarry OP Resource Category Cross-section

Figure 15-1

Gold Quarry OP Reserves

Figure 15-2

Goldstrike OP Reserves

Figure 15-3

South Arturo OP Reserves

Figure 15-4

South Arturo UG Isometric View Showing Mineral Reserves

Figure 15-5

Goldstrike UG Isometric View Showing Mineral Reserves

Figure 15-6

Exodus UG Isometric View Showing Mineral Reserves

Figure 15-7

Pete Bajo UG Isometric View Showing Mineral Reserves

Figure 15-8

Rita K UG Isometric View Showing Mineral Reserves

Figure 15-9

Leeville UG Isometric View Showing Mineral Reserves

Figure 15-10

Integration of Optimization and Reserve Estimation Process

Figure 15-11

Goldstrike Roaster Monthly Tonnage Comparison

Figure 15-12

Goldstrike Roaster Monthly Grade Comparison

Figure 15-13

Gold Quarry Roaster Monthly Tonnage Comparison

Figure 15-14

Gold Quarry Roaster Monthly Grade Comparison

Figure 15-15

Goldstrike Autoclave Monthly Tonnage Comparison

Figure 15-16

Goldstrike Autoclave Monthly Grade Comparison

Figure 16-1

Long-hole Stoping Mining Method Schematic

Figure 16-2

Typical Long-hole Stoping Mining Sequence

Figure 16-3

Overhand Drift and Fill

Figure 16-4

Underhand Drift and Fill with Cemented Aggregate Backfill Mining Method Schematic

Figure 16-5

Open Pit Geotechnical Slope Design Workflow

Figure 16-6

South Arturo Final Pit Design and $1,400MI R&R Shell

Figure 16-7

Goldstrike Final Pit Design and $1,400MI R&R Shell

Figure 16-8

Gold Quarry Final Pit Design and $1,400MI R&R Shell

Figure 16-9

Carlin Reserves LOM Mining Plan Summary

Figure 16-10

Carlin Reserves Processing Plan Summary

Figure 17-1

Simplified Goldstrike Roaster Process Flow Diagram

Figure 17-2

Simplified Goldstrike Autoclave Process Flow Diagram

Figure 17-3

Gold Quarry Roaster Block Flow Diagram

Figure 17-4

Gold Quarry Roaster Simplified Process Flowsheet

Figure 17-5

Heap Leach and CIC Gold Recovery Flowsheet

Figure 18-1

Carlin Complex North Area Facilities and Infrastructure Plan

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Figure 18-2

Carlin Complex South Area Facilities and Infrastructure Plan

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Summary

Description, Location, and Ownership

Geology and Mineralization

An autochthonous shelf to outer shelf carbonate and clastic sequence (eastern assemblage rocks);

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An allochthonous, predominantly eugeoclinal sequence (western assemblage rocks); and

A late Mississippian overlap assemblage.

Exploration Status

Mineral Resource Estimate

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Depletion of the previously estimated Resources through Open Pit and Underground mining activities, and processing of stockpiled ore.

Updates to the interpreted geologic framework as a result of additional drilling and field observations.

Improvements to estimation domaining to better align with current understanding of geologic controls.

Ongoing development of estimation methodology and updates to parameters to align with current geologic and domain interpretations.

Updates to Resource optimization methodology and parameters to reflect changes to input costs, process recoveries, and metal price assumptions.

Acquisition of the remaining 40% of South Arturo Joint Venture.

Removal of Emigrant Resources as the project moved to closure.

Open Pit:

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Gold Quarry, Goldstar, Green Lantern, Goldstrike, and South Arturo Open Pit.

Underground:

Leeville, Fallon, Rita K, Exodus, Pete Bajo, Goldstrike, Ren, and South Arturo Underground.

Stockpiles:

Gold Quarry, Goldstrike, Goldstar, and South Arturo.

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Location

Open Pits

Carlin Stockpiles

Surface Total

Underground Total

Carlin Complex Total

Mineral Resources are reported on 100% basis. Barrick’s attributable share of the Mineral Resource is based on its 61.5% interest in NGM.

The Mineral Resource estimate has been prepared according to CIM (2014) Standards and using CIM (2019) MRMR Best Practice Guidelines.

Mineral Resources are reported using a long-term price of US$1,900/oz Au.

Mineral Resources are inclusive of Mineral Reserves.

All Mineral Resource estimates of tonnes and ounces of gold are reported to the second significant digit.

Numbers may not add due to rounding.

Measured and Indicated Resources are reported to two decimals on grade and Inferred Resources are reported to one decimal on grade.

The QP responsible for this Mineral Resource Estimate is Craig Fiddes, SME Reg.

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Mineral Reserve Estimate

As of December 31, 2024.

Using a gold price of $1,400/oz.

Including Gold Quarry, Goldstrike, and South Arturo Open Pits; South Arturo Underground, Goldstrike, Exodus, Leeville, Rita K, and Pete Bajo underground mines; and numerous historically mined surface ore stockpiles.

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Presented as ROM grades and tonnage delivered to the primary crushing facilities.

Mineral Reserves consider depletion through December 31, 2024.

Excludes material considered to be within process inventory or in-situ on leach pads.

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Open Pits

Stockpiles

Surface Total

Underground

Total

Carlin

Complex Total 

Proven and Probable Mineral Reserves tonnes are reported on 100% basis. Barrick’s attributable share of the Mineral Reserve is 61.5% based on its interest in NGM.

The Mineral Reserve estimate has been prepared according to CIM (2014) Standards and using CIM (2019) MRMR Best Practice Guidelines.

Mineral Reserves are reported at a gold price of US$1,400/oz.

Underground Mineral Reserves are estimated based on a positive net value stope economic analysis applying appropriate cost and modifying factors.

Surface Mineral Reserves are estimated based on an economic pit design applying appropriate costs and modifying factors.

All Mineral Reserve estimates of tonnes and ounces of gold are reported to the second significant digit.

Numbers may not add due to rounding.

Proven and Probable Mineral Reserves are reported to two decimals on grade.

The QP responsible for the Surface Mineral Reserve Estimate is Timothy Webber, SME RM.

The QP responsible for the Underground Mineral Reserve Estimate is Paul Schmiesing, SME RM.

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Mining Methods

Mineral Processing

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Gold Quarry Roaster: Historically referred to as “Mill 6”, process capacity of 4.3 Mtpa. This facility had an expansion/rebuild/upgrade project completed in Q2 2024 to increase the processing throughput, which included upgrades to airslides, mill recycle bucket elevator, seal pot re-design in quench, and a new SO2 converter.

Goldstrike Autoclave: Process capacity of 5.0 Mtpa. A $30M conversion from the calcium thiosulphate RIL process to standard cyanide leaching with CIL was completed in Q1 2023. This conversion accommodates additional single refractory Autoclave amenable ore for processing in a conventional POX/CIL circuit with higher gold recoveries and lower overall operating costs compared to RIL processing. In addition to refractory ore, the Goldstrike Autoclave processes oxide ore (fresh rock containing minute particles of finely disseminated native free milling gold) where the POX circuit is bypassed, and oxide ore and refractory ore are then comingled in neutralization before CIL.

Goldstrike Roaster: Process capacity of 6.6 Mtpa.

South Area Leach: Total remaining capacity of 10.5 Mt.

North Area Leach: Total remaining capacity of 4.5 Mt.

Project Infrastructure

Environmental, Permitting and Social Considerations

Capital and Operating Costs

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Interpretations and Conclusions

Mineral Tenure, Rights, Permitting, Royalties and Agreements

Information from NGM’s in-house experts supports that the tenure held is valid and sufficient to support a declaration of Mineral Resources and Mineral Reserves.

NGM holds sufficient surface rights to allow mining activities. The surface rights are sufficient to support mining operations.

There are numerous royalties payable on portions of the production from the Carlin Complex that vary from 1% to 9%. Royalty payments vary each year depending upon actual tonnages mined, location, and the amount of gold recovered from that mined material as described in 4.3.3.

The State of Nevada imposes a 5% net proceeds tax on the value of all minerals severed in the State.

Environmental liabilities are typical of those that would be expected to be associated with long-life mining operations. NGM complies with all required permit and regulatory obligations to manage these liabilities.

To the extent known to the QP, there are no other significant factors and risks that may affect access, title, or the right or ability to perform work on the Project that are not discussed in this Report.

Geology and Mineral Resources

The Carlin Complex comprise of a suite of carbonate-hosted disseminated gold deposits. Extensive exploration, drilling and available operational data has provided a good understanding and foundation of the geometry, thickness and grade/ geological continuity of the mineralization across the complex.

The exploration programs completed to date are appropriate for the style of the deposits in the Project area.

Appropriate procedures are in place to ensure that the drilling logging, sampling, assay analysis and security meet industry and reporting standards.

Data validation and verification support the use of the data as suitable for input into Mineral Resource Estimation.

During 2024 a review of the databases for Leeville, Goldstrike and Gold Quarry was completed. This included independent verification of source data inputs. The validated data within the database are considered appropriate for use in informing the Mineral Resource Estimate.

In 2024 an external audit of the Mineral Resource and its informing data and processes was completed. The audit identified no concerns that would materially impact the Mineral Resource Estimation and concluded that the processes underlying the generation and declaration of the Mineral Resource reflected good practice.

The Mineral Resource and Mineral Reserve estimates have been prepared according to the Canadian Institute of Mining, Metallurgy and Petroleum CIM (2014) Standards as incorporated by reference in NI 43-101. Mineral Resource and Mineral Reserve estimates were also prepared using the guidance outlined in CIM Estimation of Mineral Resources and

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Mineral Reserves Best Practice Guidelines 2019 (CIM (2019) MRMR Best Practice Guidelines).

In the QP’s opinion, the Mineral Resources top capping, domaining and estimation approach are appropriate, using industry accepted methods. Furthermore, the constraint of Mineral Resource reporting to use optimized mineable stope shapes in the underground and pit shells in the Open Pit reflects best practice. The QP considers the Carlin complex Mineral Resources as appropriately estimated and classified.

The QP is not aware of any environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, metallurgical, fiscal, or other relevant factors that are not discussed in this Report, that could materially affect the Mineral Resource estimate.

In the QP’s opinion there is upside potential to the estimates if mineralization that is currently classified as Inferred can be upgraded to higher-confidence Mineral Resource categories.

The strategic focus for Carlin is to continue to drill and delineate additional Mineral Resource (and subsequent Mineral Reserve) growth to feed the LOM.

Mining and Mineral Reserves

Mining operations are conducted year-round.

The mine plans are based on the current knowledge of geotechnical, hydrogeological, mining and processing information.

Underground mine designs incorporate underground infrastructure and ventilation requirements.

The Carlin Complex surface operations use conventional open pit methods, and a conventional mining fleet.

The Carlin Complex underground operations use conventional drift-and-fill and longhole stoping mining methods and conventional equipment fleets.

Barrick, as the operator of the Project, has significant experience in other mining operations within the region and North America. The production rates, modifying factors, and costs are benchmarked against other operations to ensure they are suitable.

The current Mineral Reserves for Carlin Complex support a total mine life of 20 years, 12 years of open pit operations, 13 years of underground mining, and 20 years of processing operations. Gold mined averages more than 1 Moz Au per year for the first 12 years based only on Mineral Reserves.

The QPs are not aware of any environmental, legal, title, socioeconomic, marketing, mining, metallurgical, infrastructure, permitting, fiscal, or other relevant factors that are not discussed in this Report, that could materially affect the Mineral Reserve estimate.

The Mineral Reserve estimation for the Project incorporates industry-accepted practices and meets the requirements of the CIM (2014) Standards as incorporated with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Mineral Resource estimates were also prepared using the guidance outlined in CIM (2019) MRMR Best Practice Guidelines.

Mineral Resources were converted to Mineral Reserves using a detailed mine plan, an engineering analysis, and consideration of appropriate modifying factors. Modifying factors include the consideration of dilution and ore losses, underground and surface mining

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Page 23

methods, geotechnical and hydrogeological considerations, metallurgical recoveries, permitting, and infrastructure requirements.

Mineral Processing

The process plant flowsheet designs were based on testwork results and ore source availability, previous study designs and industry-standard practices.

The process methods are generally conventional to the industry.

The process plants will produce variations in recovery due to the day-to-day changes in ore type or combinations of ore type being processed. These variations are expected to trend to the forecast recovery value for monthly or longer reporting periods through manipulation of blends and blending materials, varying reagent additions, adjusting throughput, and planned maintenance of key operational equipment.

Metallurgical testwork and associated analytical procedures were appropriate to the mineralization type, appropriate to establish the optimal processing routes, and were performed using samples that are typical of the mineralization styles.

Samples selected for testing were representative of the various types and styles of mineralization. Samples were selected from a range of depths and spatial distribution within the deposits. Sufficient samples were taken so that tests were performed on appropriate sample mass.

Recovery factors estimated are based on appropriate metallurgical testwork and are relevant to the mineralization types and the selected process routes. Recovery forecasts are periodically adjusted based on both plant performance, which is tracked on at least a monthly basis, and lab test results.

Depending upon the specific processing facility, several processing factors or deleterious elements could have an economic impact on extraction efficiency of a certain ore source, based either on the presence, absence, or concentration of the following constituents in the processing stream: organic carbon; sulfide sulfur; carbonate carbon; arsenic; mercury; antimony; and copper. However, under normal ore routing and blending practices at NGM where material from several sites may be processed at one facility, the above list of constituents is typically not a concern.

The QP considers the modelled recoveries for all ore sources, the process and plant engineering, and the unit costs applied for the processing activities to be acceptable for the estimation of Mineral Resources and Mineral Reserves

Infrastructure

The majority of the infrastructure required for operations is constructed and operational. Some additional facilities, such as construction of a new TSF will be required to support the LOM plan.

The existing infrastructure, staff availability, existing power, water, and communications facilities, and the methods whereby goods are transported to the mines are all in place and well-established and support the estimation of Mineral Resources and Mineral Reserves.

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Page 24

Environment and Social Aspects

NGM maintains a number of permits for the operation. These compliance permits cover areas such as air quality, water rights, wastewater treatment, tailings storage, hazardous materials storage, and land reclamation. NGM maintains a legal obligation register to track permitting and ensure on-going compliance. As of the date of this report, all material permits were in compliance or were in the process of renewal.

The Carlin Complex is operating in compliance in all material respects with all applicable regulations and permit requirements as required by the BLM and the NDEP.

Closure and reclamation strategies and methods remain in accordance with the existing, approved Reclamation Plans. The Carlin Complex closure costs are updated each year, with increases or decreases in disturbed areas noted and costed; the current cost for rehabilitation and closure of the mines according to the calculation model is approximately $328 million for the entire complex.

There are no major challenges with respect to government relations, non-governmental organizations, social or legal issues, and community development. A community and social relations policy is in place at the Carlin Complex.

The Carlin Complex is a significant employer to members of the local communities. Stakeholder engagement activities, community development projects and local economic development initiatives contribute to the maintenance and strengthening of the social licence to operate.

The QP considers the extent of all environmental liabilities, to which the Complex is subject, to have been appropriately met.

Project Economics

Using the assumptions detailed in this Report, the Carlin Complex mines have positive economics in the LOM plan, which confirms the economic viability of the Mineral Reserves at $1,400/oz gold sales price.

The basis for the combined LOM plan is the Proven and Probable Mineral Reserves estimate described in Section 15 of this Technical Report. Cost inputs have been priced in real Q4 2024 US dollars, without any allowance for inflation.

In the QP’s opinion, the open pit and underground LOM and cost estimates have been completed in sufficient detail to be satisfied that economic extraction of the Proven and Probable Mineral Reserves is justified.

Capital cost estimates contained in this report are based on quantities generated from the open pit and underground development requirements are based on operating experience gained in the many years of current operations and where appropriate equipment capital costs are based upon quotes received from manufacturers. Sustaining (replacement) capital costs reflect current price trends. Any potential exploration expenditure has not been included in the economic forecasts due to being a variable cost that is justified on the basis of individual motivations.

Capital expenditure over the remaining LOM is estimated to be $2,429.3 million (from 2025) based on Mineral Reserves.

Operating cost estimates were developed based on a combination of actual costs to the end of 2024 and forecast figures over the LOM plan.

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Page 25

Open pit mining costs range from $2.74–$3.91/t over the expected open pit LOM, with an average LOM cost of $3.17/t. Underground mining costs range from $112.29–$134.37/t over the expected underground LOM, with an average LOM cost of $126.51/t. Goldstrike Autoclave processing cost range from $34.23-52.27/t, with an average LOM cost of $43.76/t. Roaster processing costs range from $29.53-$38.62/t, with an average LOM cost of $33.23/t. Leach processing LOM average costs are $6.47/t.

Project Risk Analysis

March 14, 2025

Page 26

Geology and

Mineral

Resources

Additional scheduled GC drilling maintaining 18 months of partial grade control coverage ahead of mining.

Resource model updated on a regular basis using new drilling and updated geologic interpretation

Mining and

Mineral

Reserves

Drilling program commenced in Q4 2024 to gather additional geology and hydrogeology information to better-inform geotechnical slope design for the Carlin formation

2024 Reserve pit design slopes reviewed by Piteau and updated to account for uncertainty in Carlin formation and only assume depressurisation that has been historically achieved

Capital and

Operating

Costs

March 14, 2025

Page 27

Recommendations

Geology and Mineral Resources

The Carlin Complex, as well as the rest of the Nevada Gold Mines business, will benefit from the ongoing implementation of an externally operated lab that is able to be ISO Accredited and align with highest quality industry standards. This would apply to all methods currently being utilized across the NGM business internally and externally.

The implementation of PhotonAssayTM as a superior method to analyze for gold for both production and drilling, will increase the precision, accuracy, and turn around time across the business. This will positively impact low grade processing determinations.

Current academic studies occurring at Arturo, Rita K, Ren, and Leeville are providing valuable research that will drive higher quality models and ore control decisions well into the future. It is recommended that these types of ore body studies remain supported and identify areas of future study work.

Mining and Mineral Reserves

Complete planned geological and hydrogeological drilling program for the Carlin formation at Gold Quarry to validate geotechnical slope design assumptions.

Leverage the Pseudoflow algorithm to identify areas of underground mines that could be added to reserves by iterating on the mine designs to improve economics (e.g. reduce development, mining method changes, stope size changes, backfill type changes, material handling improvements, etc.).

Incorporate equipment resourcing constraints into underground mine scheduling in addition to quantity-limit constraints.

Standardize the methodology to determine dilution and mining recovery modifying factors to apply to Mineral Reserves.

Mineral Processing

Generate new predicted recovery equations that are based on head grade or other relevant drivers for each ore source processed at the Gold Quarry roaster.

Update and calibrate the predicted recovery curves used for current autoclave ore sources and configuration – acid, alkaline, and oxide, by ore source.

Investigate and determine which process samples could potentially be assayed by PhotonAssayTM in the future. The ability to quantify larger (mass) samples by this method could benefit the processing circuits with more accurate results and faster turn around times.

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Introduction

Goldstrike Underground Mine;

Ren Underground Project (in active development);

South Arturo Underground Mine (locally also known as El Niño);

Leeville Underground Mine (includes West Leeville, Turf, Four Corners);

Fallon Underground Project (in active development, renamed from North Leeville in 2023);

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Pete Bajo Underground Mine;

Rita K Underground Mine;