Exhibit 99.2 Management's Discussion and Analysis ("MD&A") Fourth Quarter and Full Year 2025 Management's Discussion and Analysis ("MD&A") is intended to help the reader understand Barrick Mining Corporation (formerly Barrick Gold Corporation) ("Barrick", "we", "our", the "Company" or the "Group"), our operations, financial performance and the present and future business environment. This MD&A, which has been prepared as of February 4, 2026 , should be read in conjunction with our audited consolidated finan ...