FOR:  BARRICK GOLD CORPORATION
 
LSE, NYSE, PARIS, Swiss, TSX SYMBOL:  ABX

July 28, 2003

Barrick Earns $59 Million or $0.11 per Share in Second Quarter

TORONTO, ONTARIO--

SECOND QUARTER REPORT 2003 

Based on US GAAP and expressed in US dollars.

Highlights

- Net income of $59 million or $0.11 per share includes a $21 million tax 
recovery ($0.04 per share) and a $7 million after tax, non-hedge derivative 
gain ($0.01 per share)

- Operating cash flow totals $66 million for second quarter, lower than the 
year earlier quarter primarily due to an increase in tax payments and working 
capital adjustments

- Operating results - production totals 1.47 million ounces of gold for the 
quarter at a cash cost of $185 per ounce(1)

- Realized gold price during the quarter was $352 per ounce compared to an 
average spot price of $347 per ounce

- Simplified forward sales hedge program - converted variable price sales 
contracts to simple forward sales contracts or spot sales contracts; reduced 
overall committed gold hedge position by 1.2 million ounces during the 
quarter to 16.1 million ounces by quarter's end

- Exploration and business development expense totals $34 million for quarter 
- full year estimate increased to $125 million with additional expensing of 
Veladero development

- Repurchased a total of 3.48 million shares at an average cost of $17.95 per 
share during the quarter 

- For the year, production is forecast at an expected 5.4 - 5.5 million 
ounces at total cash costs of $190 - $195 per ounce

(1) For an explanation of non-GAAP performance measures refer to pages 13-14 
of the Management's Discussion and Analysis.

Barrick Gold Corporation today reported earnings of $59 million ($0.11 per 
share) and operating cash flow of $66 million for second quarter 2003, 
compared to earnings of $59 million ($0.11 per share) and operating cash flow 
of $148 million in the year earlier period. Lower operating cash flow in the 
current quarter primarily relates to higher tax payments and working capital 
adjustments.

"While we still have operating issues to resolve at some properties, overall, 
our portfolio of operations turned in a good quarter," said Greg Wilkins, 
President and Chief Executive Officer.

For the first half of 2003, net income was $88 million ($0.16 per share) and 
operating cash flow was $197 million, compared to net income of $105 million 
($0.20 per share) and operating cash flow of $268 million in the year earlier 
period.

BARRICK SELLS PRODUCTION AT SPOT PRICES FOR MOST OF THE QUARTER

During the quarter, spot gold prices ranged from a high of $372 per ounce to 
a low of $323 per ounce, averaging $347 per ounce, compared to an average 
spot price of $313 per ounce in the year earlier quarter. Barrick realized 
$352 per ounce on its gold sales during second quarter 2003, delivering 
production into the forward sales program when spot gold prices were lower in 
April, and selling production into the higher spot market as gold prices 
increased in May and June. 

"Our forward sales program is working as designed, maximizing the price for 
each ounce we produce," added Mr. Wilkins. 

During the quarter, the Company continued to reduce and simplify its overall 
forward sales position. By quarter's end, the forward sales hedge program was 
reduced to 16.1 million ounces, while the elimination of variable price sales 
contracts further simplified the forward sales program. 

At quarter's end, the unrealized mark-to-market on our derivative instruments 
position, including the gold and silver forward sales, and currency and 
interest rate hedge programs, was negative $354 million. 

The Company maintains a strong balance sheet with a cash position of nearly 
$1 billion, after paying out $60 million in dividends and $63 million to 
repurchase 3.48 million Barrick common shares under the share repurchase 
program during the quarter.

PRODUCTION AND COSTS 

For the quarter, Barrick produced 1.47 million ounces of gold at total cash 
costs of $185 per ounce, compared to 1.35 million ounces of gold at total 
cash costs of $178 per ounce for the year earlier quarter. Higher production 
from Betze-Post, Pierina and Kalgoorlie more than offset lower production 
from Meikle and Bulyanhulu. Cash costs were up $7 per ounce over the prior 
year period, primarily due to higher energy costs as well as royalties and 
other gold-linked costs. 

"Overall, we had a solid quarter, operationally driven by significant 
contributions from our large open pit operations," said John Carrington, Vice 
Chairman and Chief Operating Officer. "Lower production and higher costs from 
Meikle during the quarter were due to a reline of the backfill raise which 
was originally scheduled for the third quarter. With the reline complete, 
Meikle production and costs should improve in second half 2003." Mr. 
Carrington noted that "at Bulyanhulu, we're working on a longer timetable, as 
our new management team digs in to address operational and cost issues." 

Overall, for the full year, the Company is forecast to produce between 5.4 
million ounces and 5.5 million ounces at total cash costs of $190 to $195 per 
ounce. For the year administration expense is expected to total $75 million 
and exploration and business development expense is expected to total $125 
million. Currency fluctuations are expected to have minimal impact on cash 
costs as the equivalent of two to three years of local Canadian and Australia 
dollar costs have been hedged.

SHARE BUYBACK

During the quarter Barrick repurchased 3.48 million common shares at an 
average purchase price of $17.95 for a total cost of $63 million.

DEVELOPMENT PROJECTS UPDATE

During the quarter, the Company responded to comments received from public 
hearings and mining authorities as part of the Environment Impact Statement 
(EIS) process at Veladero in Argentina. Construction of the access road 
continued through second quarter 2003. Camp facilities were completed at the 
site to facilitate a targeted fourth quarter construction start up. At Alto 
Chicama in Peru, infill drilling on 50 meter centers, as well as step out and 
geotechnical drilling were completed during second quarter 2003. The work has 
confirmed the probable oxide reserve of 6.5 million ounces(2) as well as the 
original concepts for the process facilities. Work continued on completing a 
final feasibility study which will support the submission of Alto Chicama's 
EIS. At Cowal in Australia, a milestone was reached with the signing of a 
Native Title Agreement, followed by the granting of a mining lease for the 
project, developments which pave the way for a production decision in the 
second half of 2003 - subject to the successful completion of the 
optimization plan. The Company plans periodic updates on its development 
activity in the second half of the year.

Barrick's shares are traded under the ticker symbol ABX on the Toronto, New 
York, London and Swiss stock exchanges and the Paris Bourse.

(2) For Canadian reporting purposes 


Key Statistics

(in United States dollars, US GAAP basis)
                                Three months ended   Six months ended
                                       June 30,           June 30,
---------------------------------------------------------------------
(Unaudited)                         2003      2002      2003     2002
---------------------------------------------------------------------

Operating Results
Gold production (thousands of
 ounces)                           1,467     1,349     2,730    2,722
Gold sold (thousands of
 ounces)                           1,395     1,437     2,687    2,881

Per Ounce Data
  Average spot gold price           $347      $313      $349     $302
  Average realized gold price        352       341       353      335
  Cash operating costs(3)            175       171       178      170
  Total cash costs(1) (3)            185       178       189      177
  Total production costs(3)          274       268       279      265
---------------------------------------------------------------------

Financial Results (millions)
Gold sales                          $491      $490      $950     $968
Income before accounting
 changes                              59        59       105      105
Net income                            59        59        88      105
Operating cash flow(4)                66       148       197      268

Per Share Data (dollars)
  Income before accounting
   changes                          0.11      0.11      0.19     0.20
  Net income (basic and diluted)    0.11      0.11      0.16     0.20
  Operating cash flow               0.12      0.27      0.36     0.50
Common shares outstanding (as
 at June 30) (millions)(2)           540       542       540      542
---------------------------------------------------------------------

                                   As at     As at
                                June 30,  Dec. 31,
--------------------------------------------------
                                    2003      2002
--------------------------------------------------

Financial Position (millions)
Cash and equivalents                $992    $1,044
Working capital                      985       869
Long-term debt                       757       761
Shareholders' equity               3,429     3,334
--------------------------------------------------

(1) Includes royalties and production taxes.
(2) Includes shares issuable upon exchange of BGI (Barrick Gold Inc.)
    exchangeable shares.
(3) For an explanation of non-GAAP performance measures refer to
    pages 13-14 of Management's Discussion and Analysis.
(4) Historically we classified deferred stripping expenditures as
    part of payments for property, plant and equipment in investing
    activities. In fourth quarter 2002, we reclassified these cash
    outflows under operating activities for all periods presented to
    reflect the operating nature of stripping activities.

Production and Cost Summary

                                  Production (attributable ounces)
---------------------------------------------------------------------
                          3 months ended 06/30, 6 months ended 06/30,
---------------------------------------------------------------------
(Unaudited)                      2003      2002       2003       2002
---------------------------------------------------------------------
North America
 Betze-Post                   454,431   328,577    739,727    670,015
 Meikle                       113,133   155,058    261,338    297,673
---------------------------------------------------------------------
 Goldstrike Property Total    567,564   483,635  1,001,065    967,688
 Eskay Creek                   97,076    91,614    181,306    176,896
 Round Mountain               113,311    95,498    209,126    189,070
 Hemlo                         61,549    61,552    129,902    122,532
 Holt-McDermott                21,249    21,243     42,213     43,097
---------------------------------------------------------------------
                              860,749   753,542  1,563,612  1,499,283
---------------------------------------------------------------------
South America
 Pierina                      259,559   183,324    490,634    397,973
---------------------------------------------------------------------
Australia
 Plutonic                      79,040    79,710    149,294    141,937
 Darlot                        37,032    32,297     80,189     67,865
 Lawlers                       25,912    28,842     46,714     54,553
---------------------------------------------------------------------
 Yilgarn District Total       141,984   140,849    276,197    264,355
 Kalgoorlie                   117,445    80,780    211,294    167,598
---------------------------------------------------------------------
                              259,429   221,629    487,491    431,953
---------------------------------------------------------------------
Tanzania
 Bulyanhulu                    76,712    84,165    166,874    169,199
Other/Mines closed in 2002     10,733   106,132     21,809    223,447
---------------------------------------------------------------------
Total                       1,467,182 1,348,792  2,730,420  2,721,855
---------------------------------------------------------------------

                                      Total Cash Costs (US$/oz)
---------------------------------------------------------------------
                          3 months ended 06/30, 6 months ended 06/30,
---------------------------------------------------------------------
(Unaudited)                      2003      2002        2003      2002
---------------------------------------------------------------------
North America
 Betze-Post                     $ 215     $ 228       $ 238     $ 223
 Meikle                           291       192         247       201
---------------------------------------------------------------------
 Goldstrike Property Total        232       217         240       217
 Eskay Creek                      102        32          86        32
 Round Mountain                   167       177         167       183
 Hemlo                            245       249         236       241
 Holt-McDermott                   271       191         276       163
---------------------------------------------------------------------
                                  209       187         216       193
---------------------------------------------------------------------
South America
 Pierina                           78        80          81        72
---------------------------------------------------------------------
Australia
 Plutonic                         207       174         199       180
 Darlot                           175       179         158       171
 Lawlers                          228       172         264       180
---------------------------------------------------------------------
 Yilgarn District Total           202       172         196       178
 Kalgoorlie                       212       213         215       216
---------------------------------------------------------------------
                                  206       189         204       193
---------------------------------------------------------------------
Tanzania
 Bulyanhulu                       233       203         211       205
Other/Mines closed in 2002        153       192         161       192
---------------------------------------------------------------------
Total                           $ 185     $ 178       $ 189     $ 177
---------------------------------------------------------------------

                           Consolidated Production Costs (US$/oz) (1)
---------------------------------------------------------------------
                          3 months ended 06/30, 6 months ended 06/30,
---------------------------------------------------------------------
(Unaudited)                      2003      2002        2003      2002
---------------------------------------------------------------------
Direct mining costs at
  current foreign exchange
  rates                         $ 204     $ 193       $ 205     $ 192
 Gains realized on currency
  hedge contracts                (10)       (1)         (7)       (1)
 By-product credits              (19)      (21)        (20)      (21)
---------------------------------------------------------------------
Cash operating costs              175       171         178       170
 Royalties                          8         6           8         6
 Production taxes                   2         1           3         1
---------------------------------------------------------------------
Total cash costs                  185       178         189       177
 Amortization and
  reclamation                      89        90          90        88
---------------------------------------------------------------------
Total production costs          $ 274     $ 268       $ 279     $ 265
---------------------------------------------------------------------

(1) For an explanation of non-GAAP performance measures refer to
    pages 13-14 of Management's Discussion and Analysis.


Management's Discussion and Analysis of Financial and Operating Results

HIGHLIGHTS

In second quarter 2003, production was 1.47 million ounces of gold at total 
cash costs of $185 per ounce(1), compared to 1.35 million ounces of gold at 
$178 per ounce in the year earlier quarter. The higher costs in 2003 are 
primarily related to higher energy costs, as well as royalty and other costs 
linked to the price of gold. Net income was $59 million ($0.11 per share), 
compared to $59 million ($0.11 per share) for second quarter 2002. Compared 
to the year earlier quarter, earnings benefited from a tax recovery of $21 
million, partially offset by marginally higher amortization, administration 
and exploration expense.

For the first time in 15 years, spot gold prices increased above the price we 
could have realized through our forward gold sales contracts. This 
development allowed us the opportunity to benefit from the flexibility of our 
forward sales program, by realizing the higher spot price for most of our 
gold production during the first two quarters of the year. In second quarter 
2003, operating cash flows totaled $66 million compared to $148 million for 
the year earlier quarter, while our cash balance decreased $123 million to 
nearly $1 billion at June 30, 2003 due primarily to common share repurchases 
and a dividend payment.

(1) For an explanation of non-GAAP performance measures refer to pages 13-14 
of the Management's Discussion and Analysis.

GOLD SALES

Revenue for second quarter 2003 was $491 million on gold sales of 1.40 
million ounces, compared to $490 million in revenue on gold sales of 1.44 
million ounces for the year earlier quarter. Lower gold sales during the 
quarter were offset by an $11 per ounce (3%) increase in the average realized 
price. During the second quarter, spot gold prices ranged from a high of $372 
to a low of $323 per ounce, averaging $347 per ounce. We realized an average 
of $352 per ounce during the quarter exceeding the average spot price by $5 
per ounce, delivering gold at the higher of our forward sales contracts or 
spot gold prices. 

Our forward sales hedge program remains an important tool for the Company, 
particularly as a means of securing our revenue base given the large 
development program planned over the next five years. The program is, 
however, larger than we would like it to be in the current gold environment. 
During the quarter, we continued to use market opportunities to bring the 
program down from about 35% of operating mine reserves - or about three years 
of production - toward a more optimal upper parameter of two years of 
production or 20% of operating mine reserves. Ultimately market conditions 
will impact the level of forward sales at any point in time. With higher 
expected gold price volatility, we may reduce the size of the program on gold 
price dips but add to the program on gold price spikes in an effort to 
improve the average price of the contracts in the program. Overall, during 
the quarter, we reduced the committed forward gold sales hedge position by 
1.2 million ounces from 17.3 million ounces to 16.1 million ounces. In 
addition, we simplified the program by converting variable price sales 
contracts to simple forward sales contracts or spot sales contracts. 

REVIEW OF OPERATIONS AND DEVELOPMENT PROJECTS

For second quarter 2003, our overall production and cash cost results were in 
line with plan despite lower contributions from Meikle and Bulyanhulu. 
Operating performance in the second half of the year should be similar to the 
first half of 2003, resulting in overall production of 5.4 to 5.5 million 
ounces for 2003 at total cash costs of between $190 and $195 per ounce. 

As we look forward to 2004, production is expected to be lower and cash costs 
higher, as we mine lower grades at Pierina. Production at Pierina is expected 
to decline by approximately 400,000-500,000 ounces next year. This will 
account for approximately an additional $10 per ounce of cash cost for the 
Company as a whole in 2004. The weakening US dollar is not expected to have a 
significant impact on cash costs, as we increased our Canadian and Australian 
dollar currency hedge positions early in the quarter. As a result, we now 
have the equivalent of about two to three years of local Canadian and 
Australian dollar costs hedged. 

Goldstrike Property (Nevada)

Betze-Post 


---------------------------------------------------------------------
                                  Q2 2003        Q2 2002        2003E
---------------------------------------------------------------------
Production                        454,431        328,577    1,585,000
Total cash cost / oz                $ 215          $ 228        $ 232
---------------------------------------------------------------------


- Betze-Post production increased 38% compared to the year earlier quarter, 
due to a similar increase in ore grades processed. Mining activity during 
second quarter 2003 took place in a higher grade area of the pit, and ore in 
this area had a higher grade than the reserve model indicated.

- Cash costs during the quarter were 6% better than the prior year. The lower 
cash costs were primarily due to higher grades processed and lower unit 
mining costs, as the mine has begun to realize the benefits of in-pit waste 
disposal, which has reduced the number of trucks and manpower required to 
mine the same amount of material. However, costs were negatively affected by 
higher royalties and production taxes (up $12 per ounce over the year earlier 
quarter), lower recovery rates (down 1.9%) and higher processing costs (up $9 
per ounce). 

- The higher processing costs relate to higher propane costs and a shortage 
of acid from two of our main suppliers during second quarter 2003, which 
required us to purchase acid elsewhere at significantly higher costs 
(increasing cash costs by $7 per ounce during the quarter). 

- The lower recovery rates were due to processing more complicated ore types. 
The autoclave ore included higher than normal levels of carbonate, which also 
requires more acid to treat, while the roaster material had higher than 
normal arsenic levels.

- For the year, the Mine is expected to produce 1,585,000 ounces, 90,000 
ounces more than the original plan for 2003, at marginally higher costs (up 
$7 per ounce). The higher costs relate to lower recovery rates than planned 
and higher processing costs due to higher propane and acid costs.

Meikle


---------------------------------------------------------------------
                                  Q2 2003        Q2 2002        2003E
---------------------------------------------------------------------
Production                        113,133        155,058      560,000
Total cash cost / oz                $ 291          $ 192        $ 247
---------------------------------------------------------------------


- Second quarter 2003 production and costs were negatively affected by the 
shutdown of a backfill raise at Rodeo for relining. 

- For the quarter, backfill material for Rodeo was hauled 5,000 feet from the 
Meikle backfill plant. Weak ground conditions at Rodeo require that mining 
and backfilling be done concurrently. Therefore, the lower backfilling 
capacity led to a similar reduction in the mining rate (Rodeo mining rate 
down 75,000 tons or 33%, during quarter). The backfill raise resumed 
operation at the beginning of July. 

- To compensate for the lower mining rate at Rodeo, certain lower grade 
stopes in Meikle were mined, which resulted in lower grades processed than 
the full year average. 

- Cash costs for second quarter 2003 were considerably higher than in the 
prior year, due to the lower production and the hiring of contractors and 
equipment necessary to move backfill material to Rodeo. In addition, 
processing costs were up as a result of higher carbonate levels in the ore, 
resulting in higher consumption of acid, compounded by the higher unit acid 
costs. 

- For the year, the mine is expected to produce 560,000 ounces, 60,000 ounces 
less than plan, due to lower tonnage mined at Rodeo, lower grades at Meikle 
in the remnant ore, and a delay in the completion of an ore pass at Rodeo. 
Cash costs are expected to be approximately $16 per ounce higher than plan 
due to lower grades, higher processing costs (acid and propane costs) and 
higher unit mining costs. The higher mining costs reflect a higher percentage 
than planned of the higher cost cut and fill mining method, plus additional 
rehabilitation work.

Eskay Creek (British Columbia)


---------------------------------------------------------------------
                                  Q2 2003        Q2 2002        2003E
---------------------------------------------------------------------
Production                         97,076         91,614      360,000
Total cash cost / oz                $ 102           $ 32         $ 80
---------------------------------------------------------------------


- Production at Eskay was up in second quarter 2003 over the prior year 
quarter, as an increase in the mining and processing rate more than offset 
the decline in grade. 

- Second quarter cash costs were higher than the year earlier quarter, as 
lower silver production and prices reduced the silver by-product credit (down 
by $56 per ounce), higher smelter penalties (up $22 per ounce), were only 
partially offset by lower site costs (down $10 per ounce). 

- For the year, the Mine is expected to produce 360,000 ounces, while cash 
costs are expected to be $80 per ounce (25% higher than the original plan), 
primarily due to lower silver by-product credit and higher smelter penalties.

Round Mountain (Nevada) (50% share)


---------------------------------------------------------------------
                                  Q2 2003        Q2 2002        2003E
---------------------------------------------------------------------
Production                        113,311         95,498      375,000
Total cash cost / oz                $ 167          $ 177        $ 190
---------------------------------------------------------------------


- The 19% increase in production during second quarter 2003 relates to the 
commissioning of an expanded carbon plant, which had a positive impact on 
recovery rates during the quarter. The lower cash costs during the quarter 
reflect higher production levels. 

- For the year, the Mine is expected to exceed its original production target 
of 363,000 ounces by 12,000 ounces, due to the one-time recovery rate gain. 
Cash costs are expected to be  $8 per ounce lower than plan, due to the 
higher production.

Hemlo (Ontario) (50% share)


---------------------------------------------------------------------
                                  Q2 2003        Q2 2002        2003E
---------------------------------------------------------------------
Production                         61,549         61,552      270,000
Total cash cost / oz                $ 245          $ 249        $ 220
---------------------------------------------------------------------


- Production for second quarter 2003 was negatively affected by a planned 
five day mill shutdown for maintenance. Cash costs were impacted by 
development and maintenance costs, which were heavily loaded into the 
quarter, as well as one-time charges related to workforce reductions taken 
during the quarter.

- A paste fill plant commissioned in second quarter 2003 will increase ground 
stability and improve stope cycling times. The mining team has been focused 
on backfilling previously mined areas to prevent ground stability problems in 
the future, and increasing development activity in advance of production. 

- As reflected in the table above, the property expects to outperform its 
original production (7% higher) and cost (5% lower) targets for the year.

Holt-McDermott (Ontario)


---------------------------------------------------------------------
                                  Q2 2003        Q2 2002        2003E
---------------------------------------------------------------------
Production                         21,249         21,243       85,000
Total cash cost / oz                $ 271          $ 191        $ 260
---------------------------------------------------------------------


- As Holt approaches the end of its mine life, now scheduled for 2004, it is 
mining less continuous and narrower ore lenses. 

- Grades mined are 10-15% lower than plan and the previous year, resulting in 
higher cash costs. Because of the short mine life, drilling and development 
costs are being expensed, pushing cash costs higher. 

- The Mine expects to produce 85,000 ounces this year, 12,000 ounces less 
than plan, at cash costs of $260 per ounce (19% higher than plan) due to the 
lower grades being mined.

Pierina (Peru)


---------------------------------------------------------------------
                                  Q2 2003        Q2 2002        2003E
---------------------------------------------------------------------
Production                        259,559        183,324      908,000
Total cash cost / oz                 $ 78           $ 80         $ 86
---------------------------------------------------------------------


- The higher production in second quarter 2003 (up 42%) relates to mining and 
processing more tons of ore at better grades than the year earlier quarter. 

- Pierina is on track to meet its full year production and cash costs 
targets. The Mine is in its last year of production in the 900,000-ounce 
range before stepping down to lower production levels (400,000-500,000-ounce 
range) as mining moves to lower grade areas in the open pit beginning next 
year.

Yilgarn District (Western Australia)

Plutonic 


---------------------------------------------------------------------
                                  Q2 2003        Q2 2002        2003E
---------------------------------------------------------------------
Production                         79,040         79,710      300,000
Total cash cost / oz                $ 207          $ 174        $ 194
---------------------------------------------------------------------


- During second quarter 2003, the underground operation experienced a smooth 
transition from contract mining to owner mining, with underground mining 
rates on plan.

- Cash costs were up over the prior year period primarily as a result of 
higher cost open pit production due to poor weather, higher diesel costs and 
lower grades mined. Costs were also impacted by the transition to owner 
mining in the underground. 

- For the full year, the Mine is expected to produce 300,000 ounces, 5,000 
ounces more than plan, due to higher mill throughput than originally planned, 
at cash costs in line with plan.

Darlot


---------------------------------------------------------------------
                                  Q2 2003        Q2 2002        2003E
---------------------------------------------------------------------
Production                         37,032         32,297      154,000
Total cash cost / oz                $ 175          $ 179        $ 160
---------------------------------------------------------------------


- Darlot reported a 15% increase in production for second quarter 2003, due 
to a similar increase in tonnage mined and processed.

- Darlot is on track to produce 154,000 ounces, 11,000 ounces higher than 
plan, as a result of higher mining and processing rates than plan, at cash 
costs $16 lower than plan.

Lawlers 


---------------------------------------------------------------------
                                  Q2 2003        Q2 2002        2003E
---------------------------------------------------------------------
Production                         25,912         28,842       94,000
Total cash cost / oz                $ 228          $ 172        $ 260
---------------------------------------------------------------------


- The transition from contract mining to owner mining in the underground was 
successfully completed in first quarter 2003, with full transition achieved 
in second quarter 2003.

- Lower production compared to the previous year related to processing more 
tons (up 25%) at lower grade (down 27%) than the year earlier period.

- Costs rose (up 33%) as a result of lower grades processed as well as higher 
unit costs. 

- Suspension of mining at the Fairyland open pit in January will prevent the 
mine from meeting its full year targets. Lawlers' full year production is now 
projected at 94,000 ounces, at a cash cost of $260 per ounce, about 15% below 
and 22% above its original targets, respectively.

Kalgoorlie - Super Pit (Western Australia) (50% share)


---------------------------------------------------------------------
                                  Q2 2003        Q2 2002        2003E
---------------------------------------------------------------------
Production                        117,445         80,780      410,000
Total cash cost / oz                $ 212          $ 213        $ 210
---------------------------------------------------------------------


- Kalgoorlie had an excellent second quarter, producing 45% more ounces than 
the prior year quarter due to better grades and recovery rates. Grades mined 
are 29% better than plan and the previous year, due to successful mining of 
high-grade pillars in the open pit and continued mining at the Mt. Charlotte 
underground mine. 

- Recovery rates ran almost 3% higher than the previous year and 5% higher 
than plan, due to better grades, as well as increased throughput through the 
roaster facility, which achieves higher recovery rates.

- Second quarter 2003 cash costs were similar to the prior year, as the 
higher grades processed were offset by rising mining costs associated with 
the increasing depth of the pit and higher diesel costs, as well as higher 
processing and maintenance costs.

- For the year, the Mine is expected to produce 410,000 ounces, 66,000 ounces 
higher than its original plan for the year, directly attributable to the 
superior grades being realized from the open pit, at cash costs $27 lower 
than plan. 

Bulyanhulu (Tanzania)


---------------------------------------------------------------------
                                  Q2 2003        Q2 2002        2003E
---------------------------------------------------------------------
Production                         76,712         84,165      310,000
Total cash cost / oz                $ 233          $ 203        $ 240
---------------------------------------------------------------------


- For second quarter 2003, production was 9% lower than the prior year 
period, reflecting fewer tons mined coupled with lower grades. The lower 
mining rate reflected lower equipment availability, while the lower grades 
were a result of excessive dilution and mining of incremental ore. 

- Cash costs for the quarter were higher than the prior year, reflecting the 
lower production and higher maintenance costs. 

- As announced in our July 7th press release, the Mine has appointed a new 
Vice President and General Manager, and plans to reduce the mining rate until 
the underground operation is stabilized. While their priorities will be 
reducing dilution and increasing underground equipment availability, the new 
management team will also focus on bringing down the overall cost structure 
at the operation.

- Until the underground issues have been resolved, Bulyanhulu's mining rate 
has been reduced by 34% to 2,100 tons per day, a reduction of 1,000 tons per 
day from the original plan. As a result, the Mine will not meet its original 
full year targets. Production is now expected to be 310,000 ounces (105,000 
ounces lower than plan) at a cash cost of $240 per ounce ($65 per ounce 
higher than plan).

Other Properties


---------------------------------------------------------------------
                                  Q2 2003        Q2 2002        2003E
---------------------------------------------------------------------
Production                         10,733        106,132       45,000
Total cash cost / oz                $ 153          $ 192        $ 165
---------------------------------------------------------------------


- The only mine remaining in this category in 2003 is our 33% interest in the 
Marigold Mine, which produced more gold than plan at cash costs below plan. 

- Lower production for this category during second quarter 2003 compared to 
the year earlier quarter relates to the closure of five mines in 2002 due to 
the depletion of reserves.

PROJECT UPDATES

Alto Chicama (Peru)

During second quarter 2003, infill drilling on 50 meter centers, as well as 
step out and geotechnical drilling was completed. A geologic resource model 
is being prepared to support an updated mine plan. 

Construction of the Alto Chicama access road is scheduled to commence in 
third quarter 2003, with due diligence work on the existing power line and 
the design of a 40 kilometer new line now underway. 

Work during second quarter also focused on hydrological studies, project 
siting and basic engineering. Metallurgical tests are complete, with basic 
engineering underway for a two-stage crusher, heap leach with a Merrill-Crowe 
recovery process, similar to our Pierina Mine.

On the exploration front, drill targets were outlined during a surface 
mapping and sampling program carried out earlier this year. Drilling began on 
one of the drill targets late in the second quarter and is expected to 
continue through the balance of the year. Surface exploration will continue 
during third quarter 2003, aimed at identifying and prioritizing additional 
targets in the Alto Chicama district.

For the remainder of 2003, efforts will focus on the completion and 
submission of the Environmental Impact Statement and final feasibility study. 
The EIS is expected to be submitted in fourth quarter 2003.

Veladero/Pascua (Argentina/Chile)

The approval process of the Veladero Project EIS remains on schedule, with 
permits expected in second half of 2003. As of the second quarter, responses 
have been made to all comments received from public hearings and mining 
authorities.

Access road construction continues on the lower portion of the road, with 
completion projected for third quarter 2004. Temporary construction camp 
facilities were completed in the higher elevations to facilitate construction 
start up. 

Detailed engineering will commence in third quarter 2003, with some segments 
of the engineering completed early to prepare for a fourth quarter 2003 
construction start up, pending government approvals and financing.

Work on optimizing the Pascua-Lama feasibility study continues with a focus 
on incorporating synergies with Veladero and the impact of the devaluation of 
the Argentinean peso. 

Cowal (Australia)

During second quarter 2003, a significant milestone was reached with the 
signing of a Native Title Agreement, followed by the granting of a mining 
lease for the Cowal project. These milestones pave the way for a production 
decision in the second half of 2003.

Open pit optimization continues with hydrologic and geotechnical studies 
completed during the quarter and incorporated into the pit optimization. 
Further optimization work is ongoing to mitigate the recent increase in the 
Australian dollar, which has negatively impacted the economic returns of the 
project.

Progress continues on permitting for ancillary licenses and development 
consent planning requirements. Construction approvals require prior 
development consent of emergency management plans (EMPs) by NSW authorities; 
submission of the EMPs is scheduled for third quarter 2003. 

AMORTIZATION

Amortization totaled $131 million, or $89 per ounce(1), for second quarter 
2003, compared to $126 million or $82 per ounce(1) in the year earlier 
quarter. The increase was due largely to the change in the production mix 
across our portfolio of mines. 

Two accounting policy changes affecting amortization took effect in first 
quarter 2003. First, FAS 143 changed the method for accounting for 
reclamation and closure costs. Amortization increased by $2 million for 
second quarter 2003 to reflect the amortization of the increase to property, 
plant and equipment from adopting the new standard at the beginning of this 
year. The second change relates to the amortization of underground 
development costs to exclude estimates of future underground development 
costs in the current period amortization. 

The new accounting policy for our underground mines had minimal impact on our 
second quarter results, and is expected to have minimal impact on 
amortization for the balance of the year, while the new reclamation standard 
is expected to add $15 million to costs in 2003 over the previous policy, in 
line with previous guidance. 

Overall amortization is expected to total between $520-$530 million in 2003, 
or approximately $90 per ounce. We would anticipate amortization to remain at 
approximately current levels through 2004.

(1) For an explanation of non-GAAP performance measures refer to pages 13-14 
of the Management's Discussion and Analysis.

ADMINISTRATION

Second quarter 2003 administration costs were $20 million, an increase of $4 
million over the year earlier period. The increase is primarily due to legal 
fees incurred relating to ongoing litigation and higher insurance costs. 

For 2003, administration costs are expected to total $75 million, an increase 
of $5 million over the beginning of year estimate. Administration costs are 
expected to remain at approximately similar levels in 2004.

EXPLORATION AND BUSINESS DEVELOPMENT

Exploration and business development expenses totaled $34 million for second 
quarter 2003, an increase of $7 million over the year earlier quarter. Over 
half of the expenses during the quarter were attributable to two development 
projects (Veladero and Alto Chicama), which have not been classified as 
reserves for SEC purposes and are therefore expensed.

For the year, exploration and business development expenses are expected to 
total $125 million, $25 million higher than originally planned, as we expect 
to continue to expense most Veladero expenditures through third quarter 2003. 

Looking forward to 2004, we would expect exploration and business development 
expenses to remain in the $100 million range. 

INTEREST AND OTHER INCOME

The principal component of interest and other income is interest received on 
cash and short-term investments. For second quarter 2003, interest and other 
income was $10 million, an increase of $3 million compared to the year 
earlier period. Interest and other income for the quarter included interest 
income of $8 million and gains on the sale of various assets of $11 million, 
partially offset by foreign exchange translation losses of $4 million. 

For the full year, interest and other income is expected to total 
approximately $30 million, $5 million higher than originally anticipated, due 
primarily to gains on the sale of assets. 

INTEREST EXPENSE 

We incurred $11 million in interest costs in second quarter 2003, compared to 
$16 million in the year earlier quarter, relating primarily to our $500 
million of debentures, and the $200 million Bulyanhulu project financing. The 
decrease over the year earlier period mainly reflects lower interest rates, 
including a $3 million beneficial effect of an interest rate swap used to 
convert interest on $250 million of our debentures from fixed to floating 
during the quarter.

For the full year, we expect to incur about $55 million in interest costs, of 
which we expect to capitalize $5 million to our construction projects.

NON-HEDGE DERIVATIVE GAINS (LOSSES) 

The principal components of the mark-to-market gains and losses are changes 
in currency, commodity, and interest and lease rate contracts, and exclude 
our normal sales contracts.

The total mark-to-market gain on the non-hedge derivative positions included 
in second quarter 2003 earnings was $10 million, compared with a gain of $12 
million for the year earlier period. The gain during the quarter primarily 
relates to gains recorded on hedges of Australian dollar capital 
expenditures, which no longer qualified for hedge accounting treatment due to 
changes in the timing of the underlying capital expenditures. 

Our gold sales contracts have fixed lease rates; however, for about one third 
of the contracts, we swapped out of the fixed lease rates for floating lease 
rates to take advantage of lower short-term rates. As gold prices and lease 
rates decline/(increase), an unrealized mark-to-market gain/(loss) on these 
swap contracts is recorded, and flows through earnings each quarter. We 
expect to see ongoing fluctuations in these swap contracts in the following 
quarters as gold prices and lease rates change.

INCOME TAXES

In second quarter 2003, we recorded a net income tax recovery of $15 million. 
The income tax recovery includes a release of valuation allowances against 
deferred tax assets totaling $21 million resulting from actions completed 
during the quarter that provided assurance of the future realization of such 
assets. Excluding the valuation allowance release, our effective tax rate in 
the first six months of 2003 increased slightly to 9%, compared to 4% in the 
year earlier period. Compared to the Canadian federal tax rate of 38%, our 
lower effective tax rate is mainly due to: the utilization of previously 
unrecognized tax loss carry forwards, which mitigated extra taxes that would 
have arisen from the increase in spot gold prices from $302 per ounce in 2002 
to $349 per ounce in 2003; as well as non-hedge derivative gains taxed in a 
low tax rate jurisdiction. Our tax rate rises as gold prices rise, as a 
larger portion of our earnings are taxed in higher tax-rate jurisdictions. We 
estimate that if gold prices average $350 in 2003 our effective tax rate 
would be 15-20%, excluding the effect of changes in valuation allowances and 
non-hedge derivative gains and losses. 

STATEMENT OF COMPREHENSIVE INCOME

Comprehensive income consists of net income or loss, together with certain 
other economic gains and losses that are collectively described as "other 
comprehensive income" and are excluded from the income statement. 

Comprehensive income totaled $146 million in second quarter 2003, compared to 
$66 million in the year earlier quarter. The primary reason for the increase 
in 2003 relates to the increase in value of cash flow hedges in 2003 due to 
strengthening of Canadian and Australian dollars (up 8% and 10% respectively) 
against the United States dollar. 

LIQUIDITY AND CAPITAL RESOURCES

We believe our ability to generate free cash flow from operations is one of 
our fundamental financial strengths. Combined with our large cash balance of 
almost $1 billion at June 30, 2003 and our $1 billion undrawn bank facility 
which, in the second quarter, was extended for an additional year to 2008, we 
have sufficient access to capital resources to develop our internal projects 
and maintain a strong exploration program. 

OPERATING ACTIVITIES

We generated operating cash flow of $66 million in second quarter 2003, 
compared to $148 million in the year earlier period. The decrease in 
operating cash flow in the second quarter primarily relates to higher tax 
payments (up $41 million) and working capital adjustments (up $36 million). 

INVESTING ACTIVITIES

Our principal investing activities are for sustaining capital at our existing 
operating properties, new mine development and property and company 
acquisitions.

CAPITAL EXPENDITURES

Capital expenditures for second quarter 2003 totaled $69 million, compared to 
$61 million for the year earlier period. The increase was due principally to 
spending in Australia ($28 million), primarily for underground development 
and new mining equipment. Capital expenditures also included $20 million in 
North America for maintenance capital. In Tanzania, capital expenditures 
included $9 million spent at the Bulyanhulu Mine on underground development, 
while in South America capital expenditures totaled $12 million at Veladero, 
Pierina and Alto Chicama, as well as re-engineering and development work at 
Pascua-Lama. For the full year we expect to spend about $375 million, lower 
than plan as most development costs at Veladero are expected to be expensed 
through third quarter 2003. We would expect capital spending to increase in 
2004, as we expect to begin construction of Veladero, Cowal and Alto Chicama.

FINANCING ACTIVITIES

During second quarter 2003, our cash outflow on financing activities was $130 
million, compared with $14 million in the year earlier period. The higher 
outflow in second quarter 2003 principally related to a debt repayment on the 
Bulyanhulu project financing, the buyback of 3.48 million Barrick common 
shares at an average price of $17.95 per share at a total cost of $63 million 
and a dividend payment of $60 million.

After the share buyback was announced on May 7, 2003, we completed the 
regulatory filings, including a Notice to make a normal course issuer bid 
filed with the Toronto and New York stock exchanges, which are required to 
allow us to make purchases of our common shares from time to time. Pursuant 
to the Notice, we may buy up to a total of 35 million common shares, which 
represent approximately 7% of our public float at the time, during the period 
covered by the filing. Purchases of common shares pursuant to the Notice, 
together with all other common share purchases, whether through the Toronto 
Stock Exchange or otherwise, in any 30-day period will not aggregate more 
than 2% of the common shares outstanding at the time such purchase are made. 
Any common shares purchased will be cancelled. The normal course issuer bid 
expires in May 2004. A copy of the Notice will be furnished without charge to 
any shareholder upon written request.

OUTLOOK

Our objective is to grow our business organically and through compelling 
acquisition opportunities. We are focused on running our existing operations 
as efficiently and effectively as possible, as we develop our new generation 
of mines, and continue with one of the largest exploration programs in the 
industry.

In second quarter 2003, the flexibility in our forward sales program once 
again allowed us to participate in higher gold prices, selling production at 
the higher spot prices as gold prices increased above our 2003 floor price of 
$340 in May and June. We plan to continue to take advantage of the 
flexibility inherent in our program and spot gold price volatility to reduce 
the size of our forward sales position over time, subject to market 
conditions. 

Overall for 2003, we are forecasting to produce 5.4 to 5.5 million ounces at 
an average total cash cost of $190 to $195 per ounce and a total production 
cost of $280-$285 per ounce. We expect exploration and business development 
expenses to be approximately $125 million. Administration expense for the 
year is expected to be approximately $75 million, reclamation and accretion 
expense approximately $45 million, and interest expense approximately $50 
million. Interest and other income is expected to be approximately $30 
million, while at $350 per ounce gold our effective tax rate is expected to 
be between 15% and 20%, excluding the impact of accounting 
changes/revaluation allowances and non-derivative gains. Capital expenditures 
for the year are expected to total about $220 million at our existing 
operations, and a further $155 million at our four development projects, for 
a total of $375 million. 

NON-GAAP MEASURES

We have included cost per ounce data because we understand that certain 
investors use this information to determine the Company's ability to generate 
earnings as well as cash flow for use in investing and other activities. We 
believe that conventional measures of performance prepared in accordance with 
GAAP do not fully illustrate the ability of our operating mines to generate 
cash flow. The data are intended to provide additional information and should 
not be considered in isolation or as a substitute for measures of performance 
prepared in accordance with GAAP. The measures are not necessarily indicative 
of operating profit or cash flow from operations as determined under GAAP. 
Where cost per ounce data is computed by dividing GAAP operating cost 
components by ounces sold, we have not provided formal reconciliations of 
these statistics. Where GAAP operating costs are adjusted in computing cost 
per ounce data, we have provided reconciliations below.


Reconciliation of Total Cash Costs Per Ounce(3) to Financial
 Statements                                   

---------------------------------------------------------------------
                                 Three months ended  Six months ended
(in millions of United States           June 30,           June 30, 
 dollars except per ounce amounts)   2003      2002     2003     2002
---------------------------------------------------------------------
Operating costs per financial
 statements                         $ 271     $ 262    $ 534    $ 528
Reclamation costs                    (13)       (7)     (25)     (18)
---------------------------------------------------------------------
Operating costs for per ounce
 calculation                        $ 258     $ 255    $ 509    $ 510
---------------------------------------------------------------------
Ounces sold (thousands)             1,395     1,437    2,687    2,881
Total cash costs per ounce          $ 185     $ 178    $ 189    $ 177
---------------------------------------------------------------------
(3) Total cash costs per ounce data are calculated in accordance with
    The Gold Institute Production Cost Standard (the "Standard").
    Adoption of the Standard is voluntary, and the data presented may
    not be comparable to data presented by other gold producers. Cash
    costs per ounce are derived from amounts included in the
    Statements of Income and include mine site operating costs such
    as mining, processing, administration, royalties and production
    taxes, but exclude amortization, reclamation costs, financing
    costs, and capital, development and exploration costs.

Reconciliation of Amortization and Reclamation Costs Per Ounce to
 Financial Statements                                  

---------------------------------------------------------------------
                                 Three months ended  Six months ended
(in millions of United States           June 30,           June 30, 
 dollars except per ounce amounts)   2003      2002     2003     2002
---------------------------------------------------------------------
Amortization per financial
 statements                         $ 131     $ 126    $ 256    $ 249
Amortization recorded on property,
 plant and equipment not at
 operating mine sites                   7         8       14       14
---------------------------------------------------------------------
Amortization for per ounce
 calculation                          124       118      242      235
Reclamation costs                       -        11        -       18
---------------------------------------------------------------------
Amortization and reclamation costs
 for per ounce calculation          $ 124     $ 129    $ 242    $ 253
---------------------------------------------------------------------
Ounces sold (thousands)             1,395     1,437    2,687    2,881
Amortization costs per ounce         $ 89      $ 82     $ 90     $ 82
Amortization and reclamation costs
 per ounce                           $ 89      $ 90     $ 90     $ 88
---------------------------------------------------------------------

FINANCIAL RISK MANAGEMENT

Forward Gold Sales Hedge Position (as of June 30, 2003)

---------------------------------------------------------------------
Gold ounces hedged           16.1 million ounces (or approximately
                             three years of expected future
                             production)
---------------------------------------------------------------------
Current termination date     2013 in most cases
of gold sales contracts 
---------------------------------------------------------------------
Average projected            $403/oz (1)
realizable gold sales
contract price at 2013
termination date. 
---------------------------------------------------------------------
Delivery obligations         Barrick will deliver gold production
                             from operations against gold sales
                             contracts by the termination date (which
                             is currently 2013 in most cases).
                             However, Barrick may choose to settle
                             any gold sales contract in advance of
                             this termination date at any time, at
                             its discretion. Historically, delivery
                             has occurred in advance of the
                             contractual termination date.(2)
---------------------------------------------------------------------
Minimum gold sales price     $340/oz (3)
for remaining expected
2003 production  
---------------------------------------------------------------------
Average forecast minimum     $317/oz (1),(2),(4)
realizable contract gold
sales price for delivery
of 100% of expected future
production into existing
sales contracts over the
next three years.  
---------------------------------------------------------------------
Unrealized mark to market    $615 million(5)
loss at June 30, 2003 
---------------------------------------------------------------------
"Capped price" variable      None
price gold sales contracts
outstanding 
---------------------------------------------------------------------
1. Approximate estimated value based on current market US dollar
   interest rates and an average lease rate assumption of 1.5%
2. Accelerating gold deliveries could potentially lead to reduced
   contango that would otherwise have built-up over time. 
3. Lowest expected realized price for 2003, assuming the use of
   certain gold sales contracts, or the spot market price of gold,
   whichever is higher.
4. Assumes delivery of 100% of expected future production against
   current gold sales contracts which would exhaust all remaining
   gold hedge positions. 
5. At a spot gold price of $346 per ounce.


In all of our master trading agreements, which govern the terms of our gold 
sales contracts with our 19 counterparties, the following applies:

- The counterparties do not have unilateral and discretionary 'right to 
break' provisions.

- There are no credit downgrade provisions.

- We are not subject to any margin calls - regardless of the price of gold.

- We have the right to accelerate the delivery of gold at any time during the 
life of our contracts. This flexibility is demonstrated by the terms that 
allow us to close out hedge contracts at any time on two days notice, or keep 
these hedge contracts outstanding for as long as 15 years. This feature means 
that we can sell our gold at the market price or our hedge price, whichever 
is higher. 

Our trading agreements with our counterparties do provide for early close out 
of certain transactions in the event of a material negative change in our 
ability to produce gold for delivery under our hedging agreements, or a lack 
of gold market, and for customary events of default such as covenant 
breaches, insolvency or bankruptcy. The significant financial covenants are:

- Barrick must maintain a minimum consolidated net worth of at least US$2 
billion - currently, it is US$3.4 billion.

- Barrick must maintain a maximum long-term debt to consolidated net worth 
ratio of 1.5:1 - currently, it is under 0.25:1.

The foregoing information is a summary of certain aspects of our forward 
sales program and is not intended to be comprehensive. For a more complete 
understanding, reference should be made to the Company's website 
(www.barrick.com).

The estimated fair value of all derivative instruments at June 30, 2003 was 
approximately $354 million negative. The year-to-date change in the fair 
value of our derivative instruments is detailed as follows:


Mark-to-Market (Fair Value) at June 30, 2003 of all derivative
 instruments:

---------------------------------------------------------------------
Gold forward sales position                                  $  (615)
Silver forward sales position                                      15 
Foreign currency position                                         188
Interest rate position                                             58
---------------------------------------------------------------------
All derivative instruments                                   $  (354)
---------------------------------------------------------------------

Continuity Schedule of the Change in the Mark-to-Market Value of our
 gold forward sales position (millions)

---------------------------------------------------------------------
Fair value as at December 31, 2002 - Loss                     $ (639)
Impact of change in spot price (from $347 per ounce
 to $346 per ounce)                                                17 
Contango earned period to date                                     70
Impact of change in valuation inputs other than spot
 metal prices (e.g. interest rates, lease rates, and
 volatility)                                                     (63)
---------------------------------------------------------------------
Fair value as at June 30, 2003 - Loss                        $  (615)
---------------------------------------------------------------------


The mark-to-market value of the gold contracts is based on a spot gold price 
of $346 per ounce and market rates for LIBOR and gold lease rates. The mark-
to-market value of the contracts would approach zero (breakeven) at a spot 
gold price of approximately $312 per ounce, assuming all other variables are 
constant.


Consolidated Statements of Income

(in millions of United States
 dollars, except per share    Three months ended     Six months ended
 data, US GAAP basis)                June 30,             June 30,
---------------------------------------------------------------------
(Unaudited)                       2003      2002       2003      2002
---------------------------------------------------------------------
Gold sales (note 13)              $491      $490       $950      $968
---------------------------------------------------------------------
Costs and expenses
Operating (notes 3 and 13)         271       262        534       528
Amortization (note 13)             131       126        256       249
Administration                      20        16         42        33
Exploration and business
 development                        34        27         63        47
---------------------------------------------------------------------
                                   456       431        895       857
---------------------------------------------------------------------

Interest and other income
 (note 4)                           10         7         15        16
Interest expense                  (11)      (16)       (24)      (29)
Non-hedge derivative gains
 (note 11E)                         10        12         46        11
---------------------------------------------------------------------
Income before income taxes
 and other items                    44        62         92       109
Income tax recovery
 (expense) (note 5)                 15       (3)         13       (4)
---------------------------------------------------------------------
Income before cumulative
 effect of changes in
 accounting principles              59        59        105       105
Cumulative effect of
 changes in accounting
 principles (note 2)                 -         -       (17)         -
---------------------------------------------------------------------
Net income                         $59       $59        $88      $105
---------------------------------------------------------------------

Earnings per share data (note 6):
Income before cumulative
 effect of changes in
 accounting principles
Basic and diluted                $0.11     $0.11      $0.19     $0.20
Net income
Basic and diluted                $0.11     $0.11      $0.16     $0.20
---------------------------------------------------------------------

The accompanying notes are an integral part of these unaudited
interim consolidated financial statements.

Consolidated Statements of Cash Flow

(in millions of United States  Three months ended    Six months ended
 dollars, US GAAP basis)              June 30,            June 30,
---------------------------------------------------------------------
(Unaudited)                        2003      2002      2003      2002
---------------------------------------------------------------------
OPERATING ACTIVITIES
Net income for the period           $59       $59       $88      $105
Amortization (note 13)              131       126       256       249
Changes in capitalized
 mining costs                       (3)       (3)        16         2
Deferred income taxes              (36)         9      (45)       (6)
Other items (note 14)              (85)      (43)     (118)      (82)
---------------------------------------------------------------------
Net cash provided by
 operating activities                66       148       197       268
---------------------------------------------------------------------
INVESTING ACTIVITIES
Property, plant and equipment
  Purchases (note 13)              (69)      (61)     (135)     (108)
  Sales proceeds                     10         3        15         3
Short-term investments                -        58         -       130
---------------------------------------------------------------------
Net cash provided by (used
 in) investing activities          (59)         -     (120)        25
---------------------------------------------------------------------
FINANCING ACTIVITIES
Capital stock
  Issued on exercise of
   stock options                      2        46         3        81
  Repurchased for cash (note 9A)   (63)         -      (63)         -
Long-term debt repayments           (9)         -       (9)       (1)
Dividends                          (60)      (60)      (60)      (60)
---------------------------------------------------------------------
Net cash provided by (used
 in) financing activities         (130)      (14)     (129)        20
---------------------------------------------------------------------
Increase (decrease) in
 cash and equivalents             (123)       134      (52)       313
Cash and equivalents at
 beginning of period              1,115       753     1,044       574
---------------------------------------------------------------------
Cash and equivalents at
 end of period                     $992      $887      $992      $887
---------------------------------------------------------------------

The accompanying notes are an integral part of these unaudited
interim consolidated financial statements.

Consolidated Balance Sheets

(in millions of United States                              
 dollars, US GAAP basis)               As at June 30,  As at Dec. 31,
(Unaudited)                                      2003            2002
---------------------------------------------------------------------
ASSETS
Current assets
  Cash and equivalents                           $992          $1,044
  Short-term investments                           32              30
  Accounts receivable                              67              72
  Inventories and other current assets (note 8)   201             206
---------------------------------------------------------------------
                                                1,292           1,352
  Property, plant and equipment                 3,220           3,322
  Capitalized mining costs, net                   256             272
  Other assets                                    524             315
---------------------------------------------------------------------
Total assets                                   $5,292          $5,261
---------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
  Accounts payable                               $155            $164
  Other current liabilities                       152             319
---------------------------------------------------------------------
                                                  307             483
  Long-term debt                                  757             761
  Other long-term obligations                     482             422
  Net deferred income tax liabilities             317             261
---------------------------------------------------------------------
Total liabilities                               1,863           1,927
---------------------------------------------------------------------
Shareholders' equity
  Capital stock                                 4,124           4,148
  Deficit                                       (697)           (689)
  Accumulated other comprehensive income
   (loss) (note 7)                                  2           (125)
---------------------------------------------------------------------
Total shareholders' equity                      3,429           3,334
---------------------------------------------------------------------
Total liabilities and shareholders' equity     $5,292          $5,261
---------------------------------------------------------------------

The accompanying notes are an integral part of these unaudited
interim consolidated financial statements.

Consolidated Statements of Shareholders'
Equity and Comprehensive Income

STATEMENT OF SHAREHOLDERS' EQUITY
(in millions of United States dollars, US GAAP basis)
(Unaudited)                                             2003
------------------------------------------------------------
Common shares (number in millions)
At January 1                                             542
 Issued for cash/on exercise of stock options              1
 Repurchased for cash (note 9A)                          (3)
------------------------------------------------------------
At June 30                                               540
------------------------------------------------------------
Common shares (amount in millions)
At January 1                                          $4,148
 Issued for cash/on exercise of stock options              3
 Repurchased for cash (note 9A)                         (27)
------------------------------------------------------------
At June 30                                            $4,124
------------------------------------------------------------
Deficit
At January 1                                          $(689)
Net income                                                88
Dividends                                               (60)
Repurchase of common shares(1)                          (36)
------------------------------------------------------------
At June 30                                            $(697)
------------------------------------------------------------
Accumulated other comprehensive income (note 7)           $2
------------------------------------------------------------
Total shareholders' equity at June 30                 $3,429
------------------------------------------------------------
(1) Represents the excess of cash paid over the average book value
    repurchased as part of the share buyback plan.

STATEMENT OF COMPREHENSIVE INCOME
(in millions of United States   Three months ended   Six months ended
dollars, US GAAP basis)                June 30,           June 30,
---------------------------------------------------------------------
(Unaudited)                         2003      2002      2003     2002
---------------------------------------------------------------------

Net income                           $59       $59       $88     $105
Foreign currency translation
 adjustments (note 7)                  4       (4)       (1)     (12)
Transfers of realized gains on
 derivative instruments to
 earnings (note 7)                  (16)       (7)      (25)     (10)
Hedge ineffectiveness
 transferred to earnings (note 7)    (4)         -       (4)        -
Change in fair value of cash
 flow hedges (note 7)                 99        21       147       23
Transfers of realized losses
 on available-for-sale
 securities to earnings (note 7)       -         -         7        -
Unrealized gains (losses) on
 available-for-sale securities
 (note 7)                              4       (3)         3      (3)
---------------------------------------------------------------------
Comprehensive income                $146       $66      $215     $103
---------------------------------------------------------------------

The accompanying notes are an integral part of these unaudited
interim consolidated financial statements.

Notes to Unaudited Interim Consolidated Financial Statements
(US GAAP)


Tabular dollar amounts in millions of United States dollars, unless otherwise 
indicated, US GAAP basis. References to C$ and A$ are to Canadian and 
Australian dollars, respectively.

1   BASIS OF PREPARATION

The United States dollar is the principal currency of our operations. We 
prepare and file our primary consolidated financial statements in United 
States dollars and under United States generally accepted accounting 
principles ("US GAAP"). The accompanying unaudited interim consolidated 
financial statements have been prepared in accordance with US GAAP for the 
preparation of interim financial information. Accordingly, they do not 
include all of the information and disclosures required by US GAAP for annual 
consolidated financial statements. Except as disclosed in note 2, the 
accounting policies used in the preparation of the accompanying unaudited 
interim consolidated financial statements are the same as those described in 
our audited consolidated financial statements and the notes thereto for the 
three years ended December 31, 2002.

In the opinion of management, all adjustments considered necessary for fair 
presentation of results for the periods presented have been reflected in 
these financial statements. Operating results for the period ended June 30, 
2003 are not necessarily indicative of the results that may be expected for 
the full year ending December 31, 2003. These unaudited interim consolidated 
financial statements should be read in conjunction with the audited annual 
financial statements and the notes thereto for the three years ended December 
31, 2002.

The preparation of financial statements under US GAAP requires us to make 
estimates and assumptions that affect:

- the reported amounts of assets and liabilities;

- disclosures of contingent assets and liabilities; and

- revenues and expenses recorded in each reporting period.

The most significant estimates and assumptions that affect our financial 
position and results of operations are those that use estimates of proven and 
probable gold reserves, and/or assumptions of future gold prices.    Such 
estimates and assumptions affect:

- the value of inventories (which are stated at the lower of average cost and 
net realizable value);

- decisions as to when exploration and mine development costs should be 
capitalized or expensed;

- whether property, plant and equipment and capitalized mining costs may be 
impaired;

- our ability to realize income tax benefits recorded as deferred income tax 
assets; and

- the rate at which we charge amortization to earnings.

We also estimate:

- costs associated with reclamation and closure of mining properties;

- remediation costs for inactive properties;

- the timing and amounts of forecasted future expenditures that represent the 
hedged items underlying hedging relationships for our cash flow hedge 
contracts;

- the fair values of derivative instruments; and

- the likelihood and amounts associated with contingencies.

We regularly review the estimates and assumptions that affect our financial 
statements; however, what actually happens could differ from those estimates 
and assumptions.

2   ACCOUNTING CHANGES

A   FAS 143, Accounting for asset retirement obligations

On January 1, 2003, we adopted FAS 143 and changed our accounting policy for 
recording obligations relating to the retirement of long-lived assets. FAS 
143 applies to legal obligations associated with the retirement of long-lived 
assets that result from the acquisition, construction, development and/or the 
normal operation of a long-lived asset. Under FAS 143 we record the fair 
value of a liability for an asset retirement obligation in the period in 
which it is incurred. When the liability is initially recorded, we capitalize 
the cost by increasing the carrying amount of the related long-lived asset. 
Over time, the liability is increased to reflect an interest element 
(accretion expense) considered in its initial measurement at fair value, and 
the capitalized cost is amortized over the useful life of the related asset. 
Upon settlement of the liability, we will record a gain or loss if the actual 
cost incurred is different than the liability recorded. On adoption of FAS 
143 in our balance sheet we recorded an increase in property, plant and 
equipment by $39 million; an increase in other long-term obligations by $32 
million; and an increase in deferred income tax liabilities by $3 million. In 
the first quarter of 2003, we recorded in our income statement a $4 million 
credit for the cumulative effect of this accounting change.

Following the adoption of FAS 143, the total amount of recognized liabilities 
for asset retirement obligations was $334 million. These liabilities mainly 
relate to obligations at our active and inactive mines to perform reclamation 
and remediation activities to meet existing environmental laws and 
regulations that govern our mining properties.

The comparative amount of these liabilities would have been $353 million at 
December 31, 2001, using the principles of FAS 143, and using current 
information, assumptions and interest rates.

For the three-month period ended June 30, 2003, the effect on earnings of 
adopting FAS 143 was a decrease in income before the cumulative effect of 
accounting changes by $4 million ($0.01 per share), and for the six-month 
period ended June 30, 2003 the effect was a decrease in income before the 
cumulative effect of accounting changes by $8 million ($0.02 per share).

For the three-month period ended June 30, 2002, the effect of adopting FAS 
143 would have been a decrease in income before the cumulative effect of 
accounting changes by $1 million ($nil per share), and for the six-month 
period ended June 30, 2002, the effect would have been a decrease in income 
before the cumulative effect of accounting changes by $2 million ($nil per 
share).

B   Amortization of underground development costs

Effective January 1, 2003, we changed our accounting policy for amortization 
of underground mine development costs to exclude estimates of future 
underground development costs. Future underground development costs, which 
are significant, are necessary to develop our underground ore bodies, 
expected to be mined in some cases over the next 25 years.

Previously, we amortized the total of historical capitalized costs and 
estimated future costs using the units of production method over total proven 
and probable reserves at our underground mining operations. This accounting 
change was made to better match amortization with ounces of gold sold and to 
remove the inherent uncertainty in estimating future development costs from 
amortization calculations.

Under our revised accounting policy, costs incurred to access specific ore 
blocks or areas, and that only provide benefit over the life of that area, 
are amortized over the proven and probable reserves within the specific ore 
block or area. Infrastructure and other common costs which have a useful life 
over the entire mine life continue to be amortized over total proven and 
probable reserves.

The cumulative effect of this change at January 1, 2003, was to decrease 
property, plant and equipment by $19 million, and increase deferred income 
tax liabilities by $2 million. In the first quarter of 2003 we recorded in 
our income statement a $21 million charge for the cumulative effect of this 
change.

For the three-month period ended June 30, 2003, the effect of adopting this 
accounting change was a decrease in income before the cumulative effect of 
accounting changes by $0.2 million ($nil per share), and for the six-month 
period ended June 30, 2003, the effect was a decrease in income before the 
cumulative effect of accounting changes by $0.4 million ($nil per share).

If the comparative income statements had been adjusted for the retroactive 
application of this change in amortization policy, there would have been no 
effect on net income for the three-month period ended June 30, 2002, or six-
month period ended June 30, 2002.

C   Accounting estimates

Pension costs

In 2003, we reduced the assumed rate of return on pension plan assets from 
8.5% to 7%. The effect of this change in 2003 will be to increase pension 
cost expense by $2 million for the full year.

3   OPERATING COSTS


---------------------------------------------------------------------
                            Three months ended       Six months ended
                                  June 30,               June 30,
                              2003        2002        2003       2002
---------------------------------------------------------------------
Cost of goods sold           $ 270       $ 276       $ 532      $ 552
By-product revenues           (26)        (31)        (53)       (61)
Royalty expenses                11           9          22         17
Production taxes                 3           1           8          2
Reclamation and other closure
 costs (note 2A)                 -           7           -         18
Accretion expense on
 reclamation/closure
 obligations and non-legal
 reclamation/closure costs
 (note 2A)                      13           -          25          -
---------------------------------------------------------------------
                             $ 271       $ 262       $ 534      $ 528
---------------------------------------------------------------------


Amortization of capitalized mining costs

We charge most mine operating costs to inventory as incurred. However, we 
defer and amortize certain mining costs associated with open-pit deposits 
that have diverse ore grades and waste-to-ore ton ratios over the mine life. 
These mining costs arise from the removal of waste rock at our open-pit 
mines, and we commonly refer to them as "deferred stripping costs". We record 
in cost of goods sold amortization of amounts deferred based on a "stripping 
ratio" using the units-of-production method. This accounting method results 
in the smoothing of these costs over the life of mine, rather than expensing 
them as incurred. Some mining companies expense these costs as incurred, 
which may result in the reporting of greater volatility in period-to-period 
results of operations. The application of our deferred stripping accounting 
policy in the three months ended June 30, 2003 resulted in a decrease in 
operating costs by $3 million compared to actual costs incurred (three months 
ended June 30, 2002 - $3 million decrease), and for the six months ended June 
30, 2003, the application resulted in an increase in operating costs by $16 
million compared to actual costs incurred (six months ended June 30, 2002 - 
$2 million increase).

Capitalized mining costs are an asset that represents the excess of costs 
capitalized over the related amortization recorded, although it is possible 
that a liability could arise if cumulative amortization exceeds costs 
capitalized. The carrying amount of capitalized mining costs is included with 
related mining property, plant and equipment for impairment testing purposes.


Average stripping ratios (1)
---------------------------------------------------------------------
                              Three months ended     Six months ended
                                     June 30,             June 30,
                                  2003      2002       2003      2002
---------------------------------------------------------------------
Betze-Post (Goldstrike)          112:1     112:1      112:1     112:1
Pierina                           48:1      48:1       48:1      48:1
---------------------------------------------------------------------

(1) The stripping ratio is calculated as the ratio of total tons (ore
    and waste) of material to be moved compared to total recoverable
    proven and probable gold reserves.


The average remaining life of the above-mentioned open-pit mine operations 
for which we capitalize mining costs is 9 years. The full amount of stripping 
costs incurred will be expensed by the end of the mine lives.

4   INTEREST AND OTHER INCOME


---------------------------------------------------------------------
                              Three months ended     Six months ended
                                     June 30,             June 30,
                                  2003      2002       2003      2002
---------------------------------------------------------------------
Interest income                  $   8     $   7     $   16    $   14
Gains on sale of property,
 plant and equipment                11         4         16         5
Foreign currency translation
 losses                            (4)       (2)        (5)       (2)
Losses on short-term investments     -         -        (7)       (4)
Other items                        (5)       (2)        (5)         3
---------------------------------------------------------------------
                                 $  10     $   7     $   15    $   16
---------------------------------------------------------------------

5   INCOME TAXES

Income tax recovery (expense)
---------------------------------------------------------------------
                              Three months ended     Six months ended
                                     June 30,             June 30,
                                  2003      2002       2003      2002
---------------------------------------------------------------------
Current                       $   (21)     $   6    $  (32)  $   (10)
Deferred                            36       (9)         45         6
---------------------------------------------------------------------
                              $     15     $ (3)    $    13  $    (4)
---------------------------------------------------------------------


Following a corporate reorganization of certain North American subsidiaries 
in second quarter 2003, we released valuation allowances totaling $21 million 
previously recorded against certain deferred income tax assets in entities 
that did not have any current sources of income. The tax benefits from these 
previously unrecognized tax assets are now expected to be realized, and this 
benefit was recorded as a component of the $36 million deferred income tax 
credit in second quarter 2003.

Excluding the $21 million valuation allowance released in second quarter 
2003, our estimated underlying effective tax rate for the six months ended 
June 30, 2003 was 9%. The two major reasons why this rate differs from the 
Canadian federal statutory rate of 38% include: non-hedge derivative gains in 
a low tax-rate jurisdiction caused our effective tax rate to decrease by 16%; 
and the benefits of previously unrecognized tax loss carryforwards in various 
foreign subsidiaries were utilized to offset higher levels of taxable income 
due to the higher gold price environment caused our effective tax rate to 
decrease by 20%.

6   EARNINGS PER SHARE

Net income per share was calculated on the basis of the weighted average 
number of common shares outstanding for the three month period ended June 30, 
2003, which amounted to 540 million shares (2002 - 539 million shares), and 
for the six month period ended June 30, 2003 amounted to 541 million shares 
(2002 - 539 million shares).

Diluted net income per share reflects the dilutive effect of the exercise of 
the common share purchase options outstanding as at the end of the period. 
The number of shares for the diluted net income per share calculation for the 
three month period ended June 30, 2003 amounted to 540 million shares (2002 - 
541 million shares) and for the six month period ended June 30, 2003 amounted 
to 541 million shares (2002 - 541 million shares).

7   COMPREHENSIVE INCOME

Comprehensive income consists of net income and other gains and losses that 
are excluded from net income. Other gains and losses consist mainly of gains 
and losses on derivative instruments accounted for as cash flow hedges; 
unrealized gains and losses on investments; and foreign currency translation 
adjustments.


Parts of comprehensive income (loss)
---------------------------------------------------------------------
                  Three months ended            Six months ended
                       June 30,                     June 30,
                  2003           2002          2003          2002
---------------------------------------------------------------------
            Pre-tax  Tax   Pre-tax  Tax  Pre-tax  Tax  Pre-tax  Tax
             amount effect  amount effect amount effect amount effect
---------------------------------------------------------------------
Foreign currency
 translation
 adjustments    $ 4    $ -   $ (4)    $ -  $ (1)    $ - $ (12)    $ -
Transfers of
 realized gains
 on cash flow
 hedges to
 earnings (note
 11F)          (21)      5    (10)      3   (35)     10   (13)      3
Hedge
 ineffectiveness
 transferred to
 earnings (note
 11F)           (6)      2       -      -    (6)      2      -      -
Change in fair
 value of cash
 flow hedges
 (note 11F)     141   (42)      35   (14)    219   (72)     37   (14)
Transfers of
 losses on
 available-for-sale
 securities to
 earnings         -      -       -      -      7      -      -      -
Unrealized gains
 (losses) on
 available-for-sale
 securities       4      -     (3)      -      3      -    (3)      -
---------------------------------------------------------------------
              $ 122  $(35)    $ 18  $(11)  $ 187 $ (60)    $ 9  $(11)
---------------------------------------------------------------------

Accumulated other comprehensive income (loss) (OCI)
---------------------------------------------------------------------
                          At June 30, 2003       At December 31, 2002
---------------------------------------------------------------------
                   Pre-tax    Tax            Pre-tax    Tax
                    amount effect    Total    amount effect     Total
---------------------------------------------------------------------
Foreign currency
 translation
 adjustments       $ (145)    $ -  $ (145)   $ (144)    $ -   $ (144)
Accumulated gains
 on cash flow
 hedges (note 11F)     227   (77)      150        49   (17)        32
Additional minimum
 pension liability     (7)      -      (7)       (7)      -       (7)
Unrealized gains
 (losses) on
 available-for-sale
 securities              4      -        4       (6)      -       (6)
---------------------------------------------------------------------
                      $ 79 $ (77)      $ 2    $(108)  $(17)   $ (125)
---------------------------------------------------------------------

8    INVENTORIES AND OTHER CURRENT ASSETS

---------------------------------------------------------------------
                                  At June 30, 2003   At Dec. 31, 2002
---------------------------------------------------------------------
Gold in process and ore in stockpiles      $   100            $   100
Mine operating supplies                         60                 59
Derivative assets (note 11)                     38                 37
Prepaid expenses                                 3                 10
---------------------------------------------------------------------
                                           $   201            $   206
---------------------------------------------------------------------


Gold in process and ore in stockpiles excludes $63 million (December 31, 2002 
- $61 million) of stockpiled ore, which is not expected to be processed in 
the following 12 months. This amount is included in other assets.

9   CAPITAL STOCK

A   Share repurchase program

During the three month period ended June 30, 2003, we repurchased 3.48 
million common shares at an average cost of $17.95 per share.

B   Barrick Gold Inc. ("BGI") exchangeable shares

In connection with a 1998 acquisition, BGI, formerly Homestake Canada Inc., 
issued 11.1 million BGI exchangeable shares. Each BGI exchangeable share is 
exchangeable for 0.53 of a Barrick common share at any time at the option of 
the holder and has essentially the same voting, dividend (payable in Canadian 
dollars), and other rights as 0.53 of a Barrick common share. BGI is a 
subsidiary that holds our interest in the Hemlo and Eskay Creek Mines.

At June 30, 2003, 1.6 million BGI exchangeable shares were outstanding, which 
are equivalent to 0.8 million Barrick common shares. The equivalent common 
share amounts are reflected in the number of common shares outstanding.

At any time on or after December 31, 2008, or when fewer than 1.4 million BGI 
exchangeable shares are outstanding, we have the right to require the 
exchange of each outstanding BGI exchangeable share for 0.53 of a Barrick 
common share. While there are exchangeable shares outstanding, we are 
required to present summary consolidated financial information relating to 
BGI for holders of exchangeable shares.


Summarized financial information for BGI
---------------------------------------------------------------------
                              Three months ended     Six months ended
                                     June 30,             June 30,
                                  2003      2002       2003      2002
---------------------------------------------------------------------
Total revenues and other income $   53    $   48    $   105   $   103
Less: costs and expenses            63        53        116       102
---------------------------------------------------------------------
Income (loss) before taxes:     $ (10)    $  (5)    $  (11)   $     1
---------------------------------------------------------------------
Net loss                        $ (22)    $ (10)    $  (44)   $   (5)
---------------------------------------------------------------------

---------------------------------------------------------------------
                                         At June 30,  At December 31,
                                                2003             2002
---------------------------------------------------------------------
Current assets                                $   98           $   91
Non-current assets                               276              236
---------------------------------------------------------------------
Total assets                                     374              327
---------------------------------------------------------------------
Other current liabilities                         14               75
Notes payable                                    466              407
Other long-term liabilities                       84               18
Deferred income taxes                            123              122
Shareholders' equity                           (313)            (295)
---------------------------------------------------------------------
Total liabilities and shareholders' equity   $   374          $   327
---------------------------------------------------------------------

10    EMPLOYEE STOCK-BASED COMPENSATION

Common stock options

Stock option activity (shares in millions)
---------------------------------------------------------------------
                               Common   Weighted   Common    Weighted
                               shares    average   shares     average
                             (number) price (C$) (number) price (US$)
---------------------------------------------------------------------
At December 31, 2002             18.9                 3.1
   Granted                        0.6   $  23.67        -           -
   Canceled or expired          (0.4)   $  30.03    (0.1)    $  23.28
---------------------------------------------------------------------
At June 30, 2003                 19.1                 3.0
---------------------------------------------------------------------


Under APB 25, we recognize compensation cost for stock options in earnings 
based on the excess, if any, of the quoted market price of the stock at the 
grant date of the award over the option exercise price. Generally, the 
exercise price for stock options granted to employees equals the fair market 
value of our common stock at the date of grant, resulting in no compensation 
cost.

FASB Statement No. 123 (Accounting for Stock-Based Compensation) ( FAS 123) 
encourages, but does not require, companies to record compensation cost for 
stock-based employee compensation plans based on the fair value of options 
granted. We have elected to continue to account for stock-based compensation 
using the intrinsic value method prescribed in Accounting Principles Board 
Opinion No. 25 (Accounting for Stock Issued to Employees) (APB 25) and its 
related interpretations, and to provide disclosures of the pro forma effects 
of adoption had we recorded compensation expense under the fair value method.


Stock option expense (per share amounts in dollars)
---------------------------------------------------------------------
                              Three months ended     Six months ended
                                     June 30,             June 30,
                                  2003      2002       2003      2002
---------------------------------------------------------------------
Pro forma effects
Net income, as reported         $   59    $   59     $   88   $   105
Stock-option expense               (6)       (5)       (12)      (10)
---------------------------------------------------------------------
Pro forma net income            $   53    $   54     $   76   $    95
---------------------------------------------------------------------
Net income per share
As reported (1)                 $ 0.11    $ 0.11     $ 0.16   $  0.20
Pro forma (1)                   $ 0.10    $ 0.10     $ 0.14   $  0.18
---------------------------------------------------------------------
(1) basic and diluted


11   DERIVATIVE INSTRUMENTS

A   Derivative instruments

We use derivative financial instruments to reduce or eliminate the inherent 
risks of certain identifiable transactions and balances that occur in the 
normal course of our business. The inherent risks in these transactions and 
balances arise from changes in: commodity prices (gold and silver), interest 
rates and foreign currency exchange rates. The purpose of our derivative 
program is to ensure that disadvantageous changes in the values or cash flows 
from these transactions and balances are offset by changes in the values of 
the derivatives. We do not hold derivatives for the purpose of speculation; 
our derivative program is designed to enable us to plan our operations on the 
basis of secure assumptions that will not be jeopardized by future movements 
of gold and silver prices, interest rates and currency exchange rates. For a 
more detailed description of the types of derivative instruments we use, and 
our accounting policy for derivative instruments, refer to note 23 to our 
audited consolidated financial statements for the three years ended December 
31, 2002.

B Gold and silver hedge contracts

Forward gold sales contracts

We have entered into forward gold sales contracts with various counterparties 
that fix selling prices at interim dates prior to the final delivery date for 
16.1 million ounces of future gold production, and that have fixed price 
adjustment mechanisms based on the market gold price in the case of 
rescheduling of delivery dates. These contracts act as an economic hedge 
against possible price fluctuations in gold. The contracts have final 
delivery dates primarily over the next 10 to 15 years, but we have the right 
to accelerate the delivery date at any time during this period. At the time a 
price is set for a rescheduled interim date, the original contract price is 
adjusted based on the difference between the prevailing forward gold market 
price and the spot price of gold.

For the large majority of contracts, future prices are presently fixed 
through 2006. The contract prices are determined based on gold forward market 
prices. Forward gold market prices are principally influenced by the spot 
price of gold, gold lease rates and U.S. dollar interest rates. The actual 
realized price will depend on the timing of the actual future delivery date 
and the actual amount of the premium of the forward price of gold over the 
spot price of gold on the dates that selling prices are set.

Gold lease rate contracts

In addition to the above-noted forward gold sales contracts, we also have 
gold lease rate swaps (where Barrick receives a fixed gold lease rate, and 
pays a floating gold lease rate) on 4.9 million ounces of gold spread from 
2004 to 2013, for gold sales contracts with expected delivery dates beyond 
2006.

We use gold lease rate swap contracts to manage our gold lease rate exposure. 
These economic hedges do not qualify for hedge accounting under FAS 133 and 
therefore the economic impact flows through our earnings each quarter as part 
of non-hedge derivative gains (losses).

Major customers

The largest single counterparty as of June 30, 2003 made up 11% of the ounces 
of outstanding forward gold sales contracts.

Forward silver sales contracts

Forward silver sales contracts have similar delivery terms and pricing 
mechanisms as forward gold sales contracts. At June 30, 2003, we had 
commitments to deliver 32.2 million ounces of silver over periods of up to 10 
to 15 years. A group of these contracts totaling 13.2 million ounces of 
silver are accounted for as normal sales contracts.

A separate group of contracts totaling 19 million ounces are accounted for as 
derivatives under FAS 133. During the second quarter 2003, hedge accounting 
treatment for these contracts was discontinued prospectively. Despite the 
fact that these contracts act as effective economic hedges, we determined 
that they no longer meet the strict FAS 133 hedge criteria. The effect of 
reclassifying accumulated gains from OCI to the income statement was a gain 
of $0.2 million.


C Other derivative instruments outstanding as at June 30, 2003
---------------------------------------------------------------------
Maturity             2003    2004   2005   2006   2007  2008+   Total
---------------------------------------------------------------------
Written silver
 call options
  Ounces
   (thousands)      2,750   3,000  2,000      -      -      -   7,750
  Average exercise
   price per ounce $ 5.00  $ 5.40 $ 5.00      -      -      -  $ 5.15
---------------------------------------------------------------------
Interest rate
 contracts
Receive fixed - swaps
  Notional amount
   (millions)           -   $ 150   $ 75  $ 100  $ 525  $ 200 $ 1,050
  Fixed rate (%)        -    3.6%   2.7%   3.0%   3.5%   3.8%    3.5%
Pay fixed - swaps
  Notional amount
   (millions)           -       -      -      -      -  $ 334   $ 334
  Fixed rate (%)        -       -      -      -      -   5.6%    5.6%
---------------------------------------------------------------------
Net notional
 position               -   $ 150   $ 75  $ 100  $ 525 $(134)   $ 716
---------------------------------------------------------------------
Foreign currency
 contracts
Canadian Dollar
 Forwards
  C$ (millions)     $ 156   $ 295  $ 206   $ 38   $ 96   $ 22   $ 813
  Average Price (US
   cents)            0.65    0.65   0.64   0.66   0.67   0.68    0.65
Canadian Dollar
 Min-Max Contracts
  C$ (millions)      $ 53       -      -      -      -      -    $ 53
  Average Cap Price
   (US cents)        0.65       -      -      -      -      -    0.65
  Average Floor
   Price (US cents)  0.63       -      -      -      -      -    0.63
Australian Dollar
 Forwards
  A$ (millions)     $ 135   $ 430  $ 320  $ 135  $ 139   $ 19 $ 1,178
  Average Price (US
   cents)            0.54    0.53   0.51   0.56   0.58   0.53    0.54
Australian Dollar
 Min-Max Contracts
  A$ (millions)     $ 195    $ 20   $ 10   $ 10      -      -   $ 235
  Average Cap Price
   (US cents)        0.55    0.54   0.52   0.52      -      -    0.55
  Average Floor
   Price (US cents)  0.53    0.52   0.51   0.51      -      -    0.53
Fuel contracts
  Barrels WTI
   (thousands)        120     180      -      -      -      -     300
  Cap                $ 30    $ 30      -      -      -      -    $ 30
  Floor              $  -    $ 19      -      -      -      -    $ 19
---------------------------------------------------------------------


Our written silver call options, interest rate and foreign currency contracts 
are recorded at fair value on our balance sheet, with changes in fair value 
recorded in earnings as they occur, with the following exceptions:

- we have elected for cash flow hedge accounting treatment for Canadian 
dollar foreign currency contracts with a total notional amount of C$837 
million, and Australian dollar foreign currency contracts with a total 
notional amount of A$1,365 million.

- we have elected for receive-fixed interest rate swaps with a total notional 
amount of $800 million to be accounted for as cash flow hedges of expected 
future interest receipts arising on our cash and short-term investments; and 
we have elected for receive-fixed interest rate swaps with a total notional 
amount of $250 million to be accounted for as a fair value hedge of fixed-
rate debentures.

- we have elected for an amortizing pay-fixed interest rate swap with a total 
notional amount of $184 million as at June 30, 2003 to be accounted for as a 
cash flow hedge of future interest payments relating to the project financing 
for Bulyanhulu.

D   Unrealized fair value of derivative instruments (excluding normal sales 
contracts)


---------------------------------------------------------------------
                              Three months ended     Six months ended
                                     June 30,             June 30,
                                  2003      2002       2003      2002
---------------------------------------------------------------------
Beginning of period            $   127  $   (30)     $   29  $   (16)
Derivative instruments entered
 into or settled                  (14)         5       (30)      (10)
Change in fair value of
 derivative instruments:
   Non-hedge derivatives             4        12         40        11
   Cash flow hedges                141        38        219        40
   Fair value hedges                 4         -          4         -
---------------------------------------------------------------------
End of period                  $   262   $    25    $   262   $    25
---------------------------------------------------------------------


The fair values of recorded derivative assets and liabilities reflect the 
netting of the fair values of individual derivative instruments, and amounts 
due to/from counterparties that arise from derivative instruments, when the 
conditions of FIN No. 39, Offsetting of Amounts Related to Certain Contracts, 
have been met. Amounts receivable from counterparties that have been offset 
against derivative liabilities totaled $16 million at June 30, 2003.

E   Non-hedge derivative gains


---------------------------------------------------------------------
                              Three months ended     Six months ended
                                     June 30,             June 30,
                                  2003      2002       2003      2002
---------------------------------------------------------------------
Commodity contracts              $   5   $   (2)     $    6  $   (12)
Currency contracts                   5        13          6        15
Interest and lease rate contracts  (6)         1         28         8
Hedge ineffectiveness recorded
 in earnings                         6         -          6         -
---------------------------------------------------------------------
                                $   10   $    12     $   46   $    11
---------------------------------------------------------------------

F   Change in fair value of cash flow hedge contracts

---------------------------------------------------------------------
                                       Foreign
                          Commodity   currency Interest-rate
                          contracts  contracts     contracts    Total
---------------------------------------------------------------------
As at December 31, 2002       $   9     $   26        $   14   $   49
Change in fair value              4        193            22      219
Hedge gains transferred
 to earnings                    (6) (1)   (22) (2)       (7) (3) (35)
Hedge ineffectiveness
 transferred to earnings          -        (5)           (1)      (6)
---------------------------------------------------------------------
As at June 30, 2003           $   7    $   192        $   28  $   227
---------------------------------------------------------------------
  1. Included under revenues
  2. Included under costs and expenses
  3. Included under interest income


In the next twelve months, we expect to transfer gains, excluding the related 
tax effects, of $83 million from OCI to earnings. During the quarter, we 
determined that certain Australian dollar hedge contracts designated as 
hedges of forecasted capital expenditures no longer met the qualifying FAS 
133 hedge criteria due to changes in the expected timing of the forecasted 
expenditures. Accumulated gains totaling $5 million were recorded under non-
hedge derivative gains. For the three and six month periods ended June 30, 
2003, the total amount of hedge ineffectiveness, including the gains on 
capital expenditure hedges, recorded and recognized in non-hedge derivative 
gains was a gain of $6 million and a gain of $5.5 million respectively (2002 
- $nil and $nil respectively).

12   CONTINGENCIES

Certain conditions may exist as of the date the financial statements are 
issued, which may result in a loss to the Company but which will only be 
resolved when one or more future events occur or fail to occur. Management 
and, where appropriate, legal counsel, assess such contingent liabilities, 
which inherently involves an exercise of judgment.

In assessing loss contingencies related to legal proceedings that are pending 
against us or unasserted claims that may result in such proceedings, the 
Company and its legal counsel evaluate the perceived merits of any legal 
proceedings or unasserted claims as well as the perceived merits of the 
amount of relief sought or expected to be sought.

If the assessment of a contingency suggests that it is probable that a 
material loss has been incurred and the amount of the liability can be 
estimated, then the estimated liability is accrued in the financial 
statements. If the assessment suggests that a potentially material loss 
contingency is not probable but is reasonably possible, or is probable but 
cannot be estimated, then the nature of the contingent loss, together with an 
estimate of the range of possible loss, if determinable, is disclosed. Loss 
contingencies considered remote are generally not disclosed unless they 
involve guarantees, in which case we disclose the nature of the guarantee.

A   Environmental

Our mining and exploration activities are subject to various federal, 
provincial and state laws and regulations governing the protection of the 
environment. These laws and regulations are continually changing and 
generally becoming more restrictive. We conduct our operations so as to 
protect public health and the environment, and we believe that our operations 
are materially in compliance with all applicable laws and regulations. We 
have made, and expect to make in the future, expenditures to meet such laws 
and regulations.

The Comprehensive Environmental Response, Compensation and Liability Act 
imposes heavy liabilities on persons who discharge hazardous substances. The 
Environmental Protection Agency publishes a National Priorities List ("NPL") 
of known or threatened releases of such substances. Homestake's former 
uranium millsite near Grants, New Mexico is listed on the NPL.

B   Litigation and claims

Inmet litigation

In October 1997, Barrick Gold Inc. ("BGI"), formerly Homestake Canada Inc., a 
wholly-owned subsidiary of Barrick, entered into an agreement with Inmet 
Mining Corporation ("Inmet") to purchase the Troilus mine in Quebec for $110 
million plus working capital. In December 1997, BGI terminated the agreement 
after deciding that, on the basis of due diligence studies, conditions to 
closing the arrangement would not be satisfied.

On February 23, 1998, Inmet filed suit against BGI in the British Columbia 
Supreme Court disputing the termination of the agreement and alleging that 
BGI had breached the agreement. On January 15, 2002, the Supreme Court of 
British Columbia released its decision in the matter and found in favour of 
Inmet and against BGI. Specifically, the Court held that Inmet should be 
awarded equitable damages in the amount of C$88.2 (US $59) million, which was 
accrued at December 31, 2001. The Court did not award Inmet pre-judgment 
interest. Inmet requested the Court to re-open the trial to let Inmet make 
submissions on its claim for pre-judgment interest from the date of the 
breach by BGI. The request to re-open was denied by the Court on May 17, 
2002.

On February 7, 2002, BGI filed a Notice of Appeal of the decision with the 
British Columbia Court of Appeal. Inmet filed a Cross-Appeal of the decision 
regarding pre-judgment interest. A letter of credit of about C$95 million was 
posted on August 20, 2002 by BGI with the British Columbia Court of Appeal, 
pending a decision on the appeal. The Appeal of BGI and the Cross-Appeal of 
Inmet was heard during June 2003.

Bre-X Minerals

On April 30, 1998, we were added as a defendant in a class action lawsuit 
initiated against Bre-X Minerals Ltd., certain of its directors and officers 
or former directors and officers and others in the United States District 
Court for the Eastern District of Texas, Texarkana Division. The class action 
alleges, among other things, that statements made by us in connection with 
our efforts to secure the right to develop and operate the Busang gold 
deposit in East Kalimantan, Indonesia were materially false and misleading 
and omitted to state material facts relating to the preliminary due diligence 
investigation undertaken by us in late 1996.

On July 13, 1999, the Court dismissed the claims against us and several other 
defendants on the grounds that the plaintiffs had failed to state a claim 
under United States securities laws. On August 19, 1999, the plaintiffs filed 
an amended complaint restating their claims against us and certain other 
defendants and on June 14, 2000 filed a further amended complaint, the Fourth 
Amended Complaint.

On March 31, 2001, the Court granted in part and denied in part our Motion to 
Dismiss the Fourth Amended Complaint. As a result, we remain a defendant in 
the case. We believe that the remaining claims against us are without merit. 
We filed our formal answer to the Fourth Amended Complaint on April 27, 2001 
denying all relevant allegations of the plaintiffs against us. Discovery in 
the case has been stayed by the Court pending the Court's decision on whether 
or not to certify the case as a class action. The amount of potential loss, 
if any, which we may incur arising out of the plaintiffs' claims is not 
presently determinable.

On March 31, 2003, the Court denied all of the Plaintiffs' motions to certify 
the case as a class action. Plaintiffs have not filed an interlocutory appeal 
of the Court's decision denying class certification to the Fifth Circuit 
Court of Appeals. The Plaintiffs' case against the Defendants may now proceed 
in due course, but not on behalf of a class of Plaintiffs but only with 
respect to the specific claims of the Plaintiffs named in the lawsuit. Having 
failed to certify the case as a class action, we believe that the likelihood 
of any of the named Defendants succeeding against Barrick with respect to 
their claims for securities fraud is remote.

Blanchard complaint

On January 7, 2003, we were served with a Complaint for Injunctive Relief by 
Blanchard and Company, Inc. ("Blanchard"), and Herbert Davies ("Davies"). The 
complaint, which is pending in the U. S. District Court for the Eastern 
District of Louisiana, also names J. P. Morgan Chase & Company ("J.P. 
Morgan") as the defendant, along with an unspecified number of additional 
defendants to be named later. The complaint, which has been amended several 
times, alleges that we and bullion banks with which we entered into spot 
deferred contracts have manipulated the price of gold, in violation of U.S. 
antitrust laws and the Louisiana Unfair Trade Practices and Consumer 
Protection Law. Blanchard alleges that it has been injured as a seller of 
gold due to reduced interest in gold as an investment. Davies, a customer of 
Blanchard, alleges injury due to the reduced value of his gold investments. 
The complaint seeks damages and an injunction terminating certain of our 
trading agreements with J. P. Morgan and other bullion banks. We have applied 
to the Court for dismissal of this action and we intend to defend the action 
vigorously.

Wagner complaint

On June 12, 2003, a complaint was filed against Barrick and several of its 
current or former officers in the U.S. District Court for the Southern 
District of New York. The complaint is on behalf of Barrick shareholders who 
purchased Barrick shares between February 14, 2002 and September 26, 2002. It 
alleges that Barrick and the individual defendants violated U.S. securities 
laws by making false and misleading statements concerning Barrick's projected 
operating results and earnings in 2002. The complaint seeks an unspecified 
amount of damages. At least two other complaints, making the same basic 
allegations against the same defendants, have been filed by other parties on 
behalf of the same proposed class of Barrick shareholders. Apart from the 
filing of the complaints there have been no developments in any of the cases. 
We intend to defend the action vigorously.

Peruvian tax assessment

On December 27, 2002, one of our Peruvian subsidiaries received an income tax 
assessment of $41 million, excluding interest and penalties, from the 
Peruvian tax authority SUNAT. The tax assessment relates to a recently 
completed tax audit of our Pierina Mine for the 1999-2000 fiscal years. The 
assessment mainly relates to the revaluation of the Pierina mining concession 
and associated tax basis. Under the valuation proposed by SUNAT, the tax 
basis of Pierina assets would change from what we have previously assumed 
with a resulting increase in current and deferred income taxes. While we 
believe the tax assessment is incorrect and we will appeal the decision, the 
full life of mine effect on our current and deferred income tax liabilities 
of $141 million is recorded at December 31, 2002, as well as other payments 
of about $21 million due for periods through 2002.

We intend to pursue all available administrative and judicial appeals. If we 
are successful on appeal and our original asset valuation is confirmed as the 
appropriate tax basis of assets, we would benefit from a $141 million 
reduction in tax liabilities recorded at December 31, 2002. The effect of 
this contingent gain, if any, will be recorded in the period the contingency 
is resolved.

Under Peruvian law, we are not required to make payment of disputed taxes for 
prior years pending the outcome of the appeal process, which routinely takes 
several years.

We have not provided for $51 million of potential interest and penalties 
assessed in the audit. Even if the tax assessment is upheld, we believe that 
we will prevail on the interest and penalties part, because the assessment 
runs counter to applicable law and previous Peruvian tax audits. The 
potential amount of interest and penalties will increase over time while we 
contest the tax assessment. A liability for interest and penalties will only 
be recorded should it become probable that SUNAT's position on interest and 
penalties will be upheld, or if we exhaust our appeals.

Other

From time to time, we are involved in various claims, legal proceedings and 
complaints arising in the ordinary course of business. We are also subject to 
reassessment for income and mining taxes for certain years. We do not believe 
that adverse decisions in any pending or threatened proceedings related to 
any potential tax assessments or other matters, or any amount which we may be 
required to pay by reason thereof, will have a material adverse effect on our 
financial condition or future results of operations.

13   SEGMENT INFORMATION

We operate in the gold mining industry and our operations are managed on a 
district basis. The Goldstrike District includes the Betze-Post and Meikle 
Mines in the United States. Our "other" segment includes mainly operations 
which have been, or are being, closed.


Income statement information
---------------------------------------------------------------------
                                                       Segment income
                                                        (loss) before
                       Gold sales   Operating costs      income taxes
---------------------------------------------------------------------
Three months ended
June 30,            2003     2002     2003     2002     2003     2002
---------------------------------------------------------------------
Goldstrike         $ 175    $ 168    $ 115    $ 110     $ 26     $ 18
Pierina               92       63       21       17       23       14
Bulyanhulu            29       37       19       21        1        6
Kalgoorlie            35       30       21       19        8        6
Eskay Creek           33       32       10        3       11       18
Hemlo                 20       20       15       16        3        2
Plutonic              28       27       17       14        9       10
Round Mountain        38       34       19       19       14       10
Other                 41       79       34       43      (2)       18
---------------------------------------------------------------------
                   $ 491    $ 490    $ 271    $ 262     $ 93    $ 102
---------------------------------------------------------------------

---------------------------------------------------------------------
                                                       Segment income
                                                        (loss) before
                       Gold sales   Operating costs      income taxes
---------------------------------------------------------------------
Six months ended
June 30,            2003     2002     2003     2002     2003     2002
---------------------------------------------------------------------
Goldstrike         $ 358    $ 333    $ 245    $ 219     $ 38     $ 40
Pierina              160      133       37       33       40       29
Bulyanhulu            62       64       37       39        5        7
Kalgoorlie            67       59       41       39       16       10
Eskay Creek           63       60       16        6       23       32
Hemlo                 42       45       29       34        8        6
Plutonic              52       47       30       26       19       16
Round Mountain        67       67       33       39       24       18
Other                 79      160       66       93      (5)       33
---------------------------------------------------------------------
                   $ 950    $ 968    $ 534    $ 528    $ 168    $ 191
---------------------------------------------------------------------

Asset information

Amortization
---------------------------------------------------------------------
                         Three months ended          Six months ended
                              June 30,                   June 30,
                         2003          2002         2003         2002
---------------------------------------------------------------------
Goldstrike               $ 34          $ 40         $ 75         $ 74
Pierina                    48            32           83           71
Bulyanhulu                  9            10           20           18
Kalgoorlie                  6             5           10           10
Eskay Creek                12            11           24           22
Hemlo                       2             2            5            5
Plutonic                    2             3            3            5
Round Mountain              5             5           10           10
Other                      13            18           26           34
---------------------------------------------------------------------
                        $ 131         $ 126        $ 256        $ 249
---------------------------------------------------------------------

Segment capital expenditures
---------------------------------------------------------------------
                         Three months ended          Six months ended
                              June 30,                   June 30,
                         2003         2002          2003         2002
---------------------------------------------------------------------
Goldstrike               $ 16         $ 12          $ 28         $ 24
Pierina                     4            1             5            2
Bulyanhulu                  9           16            19           32
Kalgoorlie                  1            1             2            3
Eskay Creek                 1            1             3            3
Hemlo                       2            2             5            3
Plutonic                   20            5            25            8
Round Mountain              1            6             2            6
Veladero                    3            -             7            -
Pascua-Lama                 4            3             6            6
Cowal                       5            1            10            2
Alto Chicama                1            -             2            -
Other                       2           13            21           19
---------------------------------------------------------------------
                         $ 69         $ 61         $ 135        $ 108
---------------------------------------------------------------------

Reconciliation of segment income to enterprise net income
--------------------------------------------------------------------
                         Three months ended         Six months ended
                              June 30,                  June 30,
                         2003         2002          2003        2002
--------------------------------------------------------------------
Segment total            $ 93        $ 102         $ 168       $ 191
Exploration and business
 development             (34)         (27)          (63)        (47)
Corporate expenses, net  (25)         (25)          (59)        (46)
Non-hedge derivative
 gains                     10           12            46          11
Income tax recovery
 (expense)                 15          (3)            13         (4)
Cumulative effect of
 changes in accounting
 principles                 -            -          (17)           -
--------------------------------------------------------------------
Net income               $ 59         $ 59          $ 88       $ 105
--------------------------------------------------------------------

14 COMPONENTS OF OTHER NET OPERATING ACTIVITIES
--------------------------------------------------------------------
                         Three months ended         Six months ended
                              June 30,                  June 30,
                         2003         2002          2003        2002
--------------------------------------------------------------------
Non-cash charges
 (credits):
  Reclamation costs       $ -          $ 7           $ -        $ 18
  Losses on short-term
   investments              -            -             7           4
  Gains on sale of
   property, plant and
   equipment             (11)          (4)          (16)         (5)
  Cumulative effect of
   changes in accounting
   principles               -            -            17           -
  Accretion expense         4            -             8           -
  Non-hedge derivative
   gains                 (10)         (12)          (46)        (11)
Changes in operating
 assets and liabilities:
  Accounts receivable       5           21             5         (5)
  Inventories and other
   current assets        (12)          (3)             5          35
  Accounts payable        (8)            3           (9)         (9)
  Income taxes payable   (30)         (16)          (55)        (16)
Payments of merger
 related costs              -         (10)             -        (38)
Payments of reclamation
 and closure costs       (10)         (14)          (16)        (22)
Other items              (13)         (15)          (18)        (33)
--------------------------------------------------------------------
Other net operating
 activities            $ (85)       $ (43)       $ (118)      $ (82)
--------------------------------------------------------------------

Mine Statistics

                                    UNITED STATES
---------------------------------------------------------------------
                                             Goldstrike         Round
Three months     Betze-Post        Meikle         Total      Mountain
ended June 30,  2003   2002   2003   2002   2003   2002   2003   2002
---------------------------------------------------------------------
Tons mined
 (thousands)  35,351 36,098    375    393 35,726 36,491  7,394  8,096
Tons
 processed
 (thousands)   2,561  2,499    382    385  2,943  2,884  7,485  8,217
Average grade
 (ounces per
 ton)          0.215  0.156  0.341  0.440  0.232  0.194  0.020  0.020
Recovery rate
 (percent)     82.4%  84.3%  87.1%  91.8%  83.3%  86.6%    N/A    N/A
---------------------------------------------------------------------
Production
 (thousands of
 ounces)         454    329    113    155    567    484    113     95

Production costs
 per ounce
  Cash operating
   costs        $197   $222   $279   $181   $216   $209   $150   $162
  Royalties and
   production
   taxes          18      6     12     11     16      8     17     15
---------------------------------------------------------------------
  Total cash
   costs         215    228    291    192    232    217    167    177
  Amortization and
   reclamation    51     68    122    123     66     85     48     68
---------------------------------------------------------------------
Total production
 costs          $266   $296   $413   $315   $298   $302   $215   $245
---------------------------------------------------------------------
Capital
 expenditures
 (US$ millions)   $8     $2     $8    $10    $16    $12     $1     $6
---------------------------------------------------------------------

Six months
ended June 30,  2003   2002   2003   2002   2003   2002   2003   2002
---------------------------------------------------------------------
Tons mined
 (thousands)  72,831 73,319    785    783 73,616 74,102 14,713 16,230
Tons
 processed
 (thousands)   5,163  4,920    789    767  5,952  5,687 14,949 16,452
Average grade
 (ounces per
 ton)          0.175  0.163  0.381  0.427  0.203  0.198  0.019  0.019
Recovery rate
 (percent)     81.7%  83.7%  87.1%  91.0%  83.0%  85.8%    N/A    N/A
---------------------------------------------------------------------
Production
 (thousands of
 ounces)         740    670    261    298  1,001    968    209    189

Production costs
 per ounce
  Cash operating
   costs        $220   $217   $227   $191   $222   $210   $150   $170
  Royalties and
   production
   taxes          18      6     20     10     18      7     17     13
---------------------------------------------------------------------
  Total cash
   costs         238    223    247    201    240    217    167    183
  Amortization and
   reclamation    55     62    119    116     73     78     52     68
---------------------------------------------------------------------
Total production
 costs          $293   $285   $366   $317   $313   $295   $219   $251
---------------------------------------------------------------------
Capital
 expenditures
 (US$ millions)  $14     $3    $14    $21    $28    $24     $2     $6
---------------------------------------------------------------------

Mine Statistics

                                        AUSTRALIA
---------------------------------------------------------------------
Three months        Plutonic        Darlot      Lawlers    Kalgoorlie
ended June 30,   2003   2002   2003   2002   2003  2002   2003   2002
---------------------------------------------------------------------
Tons mined
 (thousands)    3,921  3,691    217    214    209   628 11,857 11,043
Tons
 processed
 (thousands)      733    821    224    205    220   175  1,807  1,818
Average grade
 (ounces per
 ton)           0.121  0.105  0.172  0.169  0.122 0.166  0.075  0.058
Recovery rate
 (percent)      89.3%  91.1%  96.5%  96.7%  96.2% 97.6%  86.1%  83.3%
---------------------------------------------------------------------
Production
 (thousands of
 ounces)           79     80     37     32     26    29    117     81

Production costs
 per ounce
  Cash operating
   costs         $198   $167   $168   $171   $221  $165   $203   $205
  Royalties and
   production
   taxes            9      7      7      8      7     7      9      8
---------------------------------------------------------------------
  Total cash
   costs          207    174    175    179    228   172    212    213
  Amortization and
   reclamation     16     40     47     48     42    41     51     62
---------------------------------------------------------------------
Total production
 costs           $223   $214   $222   $227   $270  $213   $263   $275
---------------------------------------------------------------------
Capital
 expenditures
 (US$ millions)   $20     $5     $1     $1     $1    $1     $1     $1
---------------------------------------------------------------------

Six months
ended June 30,   2003   2002   2003   2002   2003  2002   2003   2002
---------------------------------------------------------------------
Tons mined
 (thousands)    7,259  6,757    438    414    744   786 23,052 22,690
Tons
 processed
 (thousands)    1,511  1,685    434    413    406   357  3,444  3,564
Average grade
 (ounces per
 ton)           0.111  0.095  0.190  0.174  0.120 0.156  0.071  0.060
Recovery rate
 (percent)      89.1%  90.1%  97.1%  97.0%  96.1% 96.9%  85.9%  83.7%
---------------------------------------------------------------------
Production
 (thousands of
 ounces)          149    142     80     68     47    55    211    168

Production costs
 per ounce
  Cash operating
   costs         $191   $172   $150   $164   $256  $172   $206   $208
  Royalties and
   production
   taxes            8      8      8      7      8     8      9      8
---------------------------------------------------------------------
  Total cash
   costs          199    180    158    171    264   180    215    216
  Amortization and
   reclamation     19     37     48     48     33    41     52     61
---------------------------------------------------------------------
Total production
 costs           $218   $217   $206   $219   $297  $221   $267   $277
---------------------------------------------------------------------
Capital
 expenditures
 (US$ millions)   $25     $8     $3     $2    $10    $2     $2     $3
---------------------------------------------------------------------

Mine Statistics

                                        CANADA
---------------------------------------------------------------------
Three months                    Hemlo     Eskay Creek  Holt-McDermott
ended June 30,           2003    2002    2003    2002     2003   2002
---------------------------------------------------------------------
Tons mined (thousands)  1,099   1,030      69      63      139    131
Tons processed
 (thousands)              474     487      74      63      137    131
Average grade (ounces
 per ton)               0.137   0.134   1.427   1.612    0.164  0.172
Recovery rate (percent) 94.5%   94.1%   93.8%   93.6%    94.3%  94.7%
---------------------------------------------------------------------
Production (thousands
 of ounces)                62      62      97      92       21     21

Production costs per
 ounce
  Cash operating costs   $236    $241     $99     $28     $271   $190
  Royalties and
   production taxes         9       8       3       4        -      1
---------------------------------------------------------------------
  Total cash costs        245     249     102      32      271    191
  Amortization and
   reclamation             44      40     122     129      123     54
---------------------------------------------------------------------
Total production costs   $289    $289    $224    $161     $394   $245
---------------------------------------------------------------------
Capital expenditures
 (US$ millions)            $2      $2      $1      $1       $-     $1
---------------------------------------------------------------------

Six months
ended June 30,           2003    2002    2003    2002     2003   2002
---------------------------------------------------------------------
Tons mined (thousands)  2,089   2,017     137     125      283    259
Tons processed
 (thousands)              929     958     140     125      276    259
Average grade (ounces
 per ton)               0.148   0.136   1.432   1.524    0.162  0.176
Recovery rate (percent) 94.7%   93.8%   93.6%   93.2%    94.6%  94.7%
---------------------------------------------------------------------
Production (thousands
 of ounces)               130     123     181     177       42     43

Production costs per
 ounce
  Cash operating costs   $228    $234     $83     $28     $275   $163
  Royalties and
   production taxes         8       7       3       4        1      -
---------------------------------------------------------------------
  Total cash costs        236     241      86      32      276    163
  Amortization and
   reclamation             40      41     128     128      123     94
---------------------------------------------------------------------
Total production costs   $276    $282    $214    $160     $399   $257
---------------------------------------------------------------------
Capital expenditures
 (US$ millions)            $5      $3      $3      $3       $-     $3
---------------------------------------------------------------------

Mine Statistics

                                     PERU               TANZANIA
---------------------------------------------------------------------
                                        Pierina            Bulyanhulu
Three months ended June 30,     2003       2002       2003       2002
---------------------------------------------------------------------
Tons mined (thousands)         9,784      8,081        231        249
Tons processed (thousands)     3,987      3,418        247        273
Average grade (ounces per ton) 0.078      0.076      0.352      0.358
Recovery rate (percent)            -          -      88.3%      85.9%
---------------------------------------------------------------------
Production (thousands of
 ounces)                         260        183         77         84

Production costs per ounce
  Cash operating costs           $78        $80       $223       $195
  Royalties and production taxes   -          -         10          8
---------------------------------------------------------------------
  Total cash costs                78         80        233        203
  Amortization and reclamation   182        189        117         94
---------------------------------------------------------------------
Total production costs          $260       $269       $350       $297
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                        $4         $1         $9        $16
---------------------------------------------------------------------

Six months ended June 30,       2003       2002       2003       2002
---------------------------------------------------------------------
Tons mined (thousands)        18,328     15,243        472        443
Tons processed (thousands)     7,609      6,845        506        535
Average grade (ounces per ton) 0.080      0.071      0.376      0.369
Recovery rate (percent)            -          -      87.7%      85.6%
---------------------------------------------------------------------
Production (thousands of
 ounces)                         491        398        167        169

Production costs per ounce
  Cash operating costs           $81        $72       $201       $197
  Royalties and production taxes   -          -         10          8
---------------------------------------------------------------------
  Total cash costs                81         72        211        205
  Amortization and reclamation   182        190        117         94
---------------------------------------------------------------------
Total production costs          $263       $262       $328       $299
---------------------------------------------------------------------
Capital expenditures (US$
 millions)                        $5         $2        $19        $32
---------------------------------------------------------------------

CORPORATE OFFICE                TRANSFER AGENTS AND REGISTRARS
Barrick Gold Corporation        CIBC Mellon Trust Company 
BCE Place, Canada Trust Tower,  P.O. Box 7010, Adelaide Street
 Suite 3700                      Postal Station 
161 Bay Street, P.O. Box 212    Toronto, Ontario M5C 2W9
Toronto, Canada M5J 2S1         Tel: (416) 643-5500
Tel: (416) 861-9911             Toll-free throughout North
Fax: (416) 861-0727              America: 1-800-387-0825
Toll-free within Canada and     Fax: (416) 643-5501
 United States: 1-800-720-7415  Email: inquiries@cibcmellon.ca
Email: investor@barrick.com     Web site: www.cibcmellon.com 
Web site: www.barrick.com

SHARES LISTED (ABX)             Mellon Investor Services L.L.C.
The Toronto Stock Exchange      85 Challenger Road, Overpeck 
The New York Stock Exchange      Center 
The London Stock Exchange       Ridgefield Park, New Jersey 07660
The Swiss Stock Exchange        Tel: (201) 329-8660
La Bourse de Paris              Toll-free within the United 
                                 States: 1-800-589-9836 
RECENT RESEARCH REPORTS         Web site: www.mellon-investor.com
Bear Stearns
BMO Nesbitt Burns               INVESTOR CONTACTS:  MEDIA CONTACT:
Canaccord                       Richard Young       Vincent Borg 
CIBC World Markets              Vice President,     Vice President,
Citigroup Smith Barney          Investor Relations  Corporate 
Credit Suisse First Boston                           Communications
Griffiths McBurney & Partners   Tel:                Tel:
Goldman Sachs                   (416) 307-7431      (416) 307-7477
HSBC                            Email:              Email:
JP Morgan                       ryoung@barrick.com  vborg@barrick.com
Merrill Lynch 
National Bank                   Kathy Sipos     
Prudential Financial            Manager, Investor Relations  
Research Capital                Tel: (416) 307-7441
RBC Capital Markets             Email: ksipos@barrick.com 
Scotia Capital
UBS Warburg                     Sandra Grabell 
Westwind Partners               Investor Relations Specialist
                                Tel: (416) 307-7440
                                Email: sgrabell@barrick.com


Certain statements included herein, including those regarding production and 
costs 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. In particular, our Management's Discussion 
and Analysis includes many such forward-looking statements and 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.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Barrick Gold Corporation
Vincent Borg
Vice President, Corporate Communications
(416) 307-7477
(416) 861-1509 (fax)
media@barrick.com