Slide 1: Results for Q3 2024
BARRICK Results for Q3 2024... NYSE : GOLD TSX : ABX World class mines. World class people.
Slide 2: Cautionary Statement on Forward-Looking Information
Cautionary Statement on Forward-Looking Information… Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements,
Slide 3: Group Highlights
Group Highlights… For Q3 2024 ■ Higher marginsi across gold operations on the back of higher gold prices and cost discipline $0.28 33% y/y ■ Pueblo Viejo delivered higher production and lower Net earnings per shareii costs as part of the ongoing plant ramp up ■ Copper production up 12% q/q $0.30
Slide 4: Group Operating Results
Group Operating Results… Gold operating results Q3 2024 Q2 2024 Q3 2023 ■ Q3 gold production in line with Q2 Attributable production (koz) 943 948 1,039 ■ Higher costs per ounce a function of maintenance Cost of sales ($/oz)3 1,472 1,441 1,277 and royalties on higher gold prices Total cash costs ($/
Slide 5: Group Financial Results
Group Financial Results… Financial Results Q3 2024 Q2 2024 Q3 2023 Revenue ($ million) 3,368 3,162 2,862 ■ Strong operating cash flows of $1.18 billion, Net earnings ($ million) 483 370 368 up 5% year on year Adjusted net earnings 529 557 418 ■ Free cash flow7 up 24% year on year to $444 ($ million)
Slide 6: Safety
Safety… Regrettable fatality at Kibali reinforces focus on our Journey to Zero Notwithstanding this fatality, achieved 4 months LTIi free for the Group in Q3 24% and 48% reduction in year-on-year TRIFR9 and LTIFR9, respectively Lost Time Injury Frequency Rate 0.50 0.40 0.30 0.20 0.10 0.00 Jan Feb Ma
Slide 7: Closure Value Creation
Closure Value Creation… Sustainable mine closure is an important part of Tailings Facilities Barrick’s value proposition In Safe Closure (2023): 2 2024 Safe Closure: 5 Provision for Environmental Rehabilitation ($ billion)i 2025 Safe Closure: 5 $4.0b 2026+ Safe Closure: 27 Operational: 18 $3.5b $3.0
Slide 8: North America
North America… New rolling plans for all Nevada underground mines keep development ahead of operational stopes Substantial investment in replacing equipment and Donlin restoring infrastructure at Nevada Gold Mines (50%) aimed to recapatalize the complex for the next CANADA 10 plus years Successful c
Slide 9: Nevada Gold Mines operating results
Nevada Gold Mines… operating results Nevada Gold Mines (61.5%) Q3 2024 Q2 2024 Q3 2023 Carlin Ore tonnes processed (000) 5,125 6,446 10,014 ■ Lower production q/q due to Gold Quarry roaster shutdown to Average grade processed (g/t) 2.91 2.63 1.99 complete the expansion project and Goldstrike autocla
Slide 10: Nevada Gold Mines Growth and Exploration
Nevada Gold Mines… Growth and Exploration Nevada Gold Mines…near-mine Growth and Exploration continues to identify and grow exciting expansion opportunities, both proximal to existing infrastructure as well as larger step-outs with a view to provide the next generation Carlin of potential Tier One d
Slide 11: Key Growth Project: Fourmile gold project
Key Growth Project…Fourmile gold project11 Drilling supports potential to significantly increase extents of modelled orebody Fourmile (100% Barrick) Goldrush 4 km (61.5% Barrick) Dorothy Sophia Blanche Rose FM24-194Di Jurassic Mill 3.7m @ 11.02g/t FM24-191Di Canyon FM24-204DW1i 43.3m @ 29.32g/t 15.8
Slide 12: Latin America & Asia Pacific
Latin America & Asia Pacific… Reko Diq Pueblo Viejo increased quarterly production by 23% (50%) INDIA and lowered unit costs PAKISTAN, Veladero gold production in line q/q Balochistan Phase 7B leach pad remains on schedule for completion by end of 2024 Porgera – plant now fully commissioned and 64%
Slide 13: Pueblo Viejo Gold Mine
Pueblo Viejo Gold Mine… Dominican Republic Pueblo Viejo (60%) Q3 2024 Q2 2024 Q3 2023 ■ Pueblo Viejo plant expansion and mine life extension Ore tonnes processed (000) 1,605 1,496 1,404 designed to sustain gold production at >800,000oz Average grade processed (g/t) 2.58 2.38 2.40 p.a. (100%)i ■ Gold
Slide 14: Pueblo Viejo expansion
Q4 Focus Pueblo Viejo… Grind and Classification – cyclones and screens design improvements Desliming – new pump and cyclone from existing SABC circuit expansion Water and Cooling – water system improvements and cooling system designs CIL and carbon regeneration – continuing de-gritting and kiln capa
Slide 15: LATAM exploration
LATAM exploration… Cascabel (14.4 Mt Cu & 36.6 Moz Au) Focus on target delineation Llurimagua (16.9 Mt Cu) ECUADOR Southern Jurassic AOI Peru: Mirador (6.8 Mt Cu & 3.9 Moz Au) Libelula: large, partially covered sulphidation Au target - Fruta del Norte (10.6 Moz Au) drilling to commence in Q4 La Gran
Slide 16: Key Growth Project: Reko Diq copper-gold project
Key Growth Project… Reko Diq copper-gold project Continued to advance community development programs, including the reopening of two schools after more than 10 years Advanced early works activities including the perimeter fence, water supply and infrastructure, and the permanent camp Reopened Primar
Slide 17: Africa & Middle East
Africa & Middle East… GOLD Jabal Sayid 50% Loulo-Gounkoto - another strong quarter with full EGYPT SAUDI year production expected to be at the top end of ARABIA guidance MALI SENEGAL Kibali – higher grade underground and open pit ore Loulo- Kibali 45% expected to underpin stronger performance in Q4
Slide 18: Loulo-Gounkoto Gold Mining Complex
Loulo-Gounkoto Gold Mining Complex… Loulo-Gounkoto (80%) Q3 2024 Q2 2024 Q3 2023 Mali Ore tonnes processed (000) 1,016 1,038 1,012 Average grade processed (g/t) 4.80 4.52 4.76 ■ Production increased 5% q/q on higher grades and Recovery rate (%) 92 % 91 % 91 % recoveries, in line with the plan Gold p
Slide 19: Kibali Gold Mine
Kibali Gold Mine… DRC Kibali (45%) Q3 2024 Q2 2024 Q3 2023 Ore tonnes processed (000) 965 966 960 ■ Gold production declined 13% q/q driven by lower Average grade processed (g/t) 2.58 2.95 3.58 grades processed Recovery rate (%) 89 % 89 % 90 % ■ Better underground productivity coupled with higher Go
Slide 20: Kibali brownfields exploration
Kibali brownfields exploration… growing open pit and underground Agbarago-Rhino-Kombokolo area opportunity N Agbarabo-Rhino significant interceptsi : Agbarabo-Rhino-Kombokolo (ARK) – RHGC1585: 30m @ 5.12g/t incl 14m @ 6.08g/t high-grade results continue to support potential to deliver, 2m @ 27.3g/t
Slide 21: North Mara & Bulyanhulu Gold Mines
North Mara & Bulyanhulu Gold Mines… North Mara (84%) Q3 2024 Q2 2024 Q3 2023 Tanzania Gold produced (oz 000) 75 54 62 North Mara Cost of sales ($/oz)3 1,108 1,570 1,244 ■ Increased production by 39% q/q on planned higher Total cash costs ($/oz)4 850 1,266 999 grades AISC ($/oz)4 1,052 1,491 1,429 ■
Slide 22: Lumwana Copper Mine
Lumwana Copper Mine… Zambia ■ Production 20% higher q/q due to higher grades and Lumwana (100%) Q3 2024 Q2 2024 Q3 2023 higher recoveries in line with plan, following pit expansion in first half of the year Copper produced (thousand 30 25 33 tonnes) ■ Grades expected to increase further into Q4 foll
Slide 23: Key Growth Project: Lumwana Expansion
Key Growth Project… Lumwana Expansion Process Expansion FS Design Feasibility Study engineering completed and long lead equipment orders placed with Weir, Metso and FLS Expansion camp construction in progress with permitting of site airstrip underway EPCM tender underway with final award in Q4
Slide 24: Building for the future: Why Invest in Barrick?
Building for the future… Why Invest in Barrick? Best quality gold assets in the industry Base case gold equivalent production outlook with World class copper projects set to Reko Diq and Lumwana Super Pit12 (GEO koz) deliver into rising price and demand GEO koz Sustainable growth offered by current
Slide 25: Connect with us
BARRICK GOLD CORPORATION Corporate Office: TD Canada Trust Tower 161 Bay Street, Suite 3700 Toronto, Canada M5J 2S1 Tel: +1 416 861-9911 Toll-free throughout North America: 1 800 720-7415 Connect with us 25
Slide 26: Appendix A – Leeville Significant Intercepts
Appendix A – Leeville Significant Intercepts Select Leeville Drill Resultsa True Width Drill Holeb Azimuth Dip Interval (m) Width (m) Au (g/t) (m)c NTC-24016 201000000 -34000000 77.1-80.1 3 1.4 8.25 a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept w
Slide 27: Appendix B – Leeville Complex Production History
Appendix B – Leeville Complex (Leeville, Pete Bajo, Rita K) Production History Leeville (100% Basis) Pete Bajo (100% Basis) Rita K (100% Basis) Total Leeville Complex (100% Basis) Tonnes Head Gold Tonnes Head Gold Tonnes Head Gold Tonnes Head Gold Year Processed Grade Produced Year Processed Grade P
Slide 28: Appendix C – Fourmile Significant Intercepts
Appendix C – Fourmile Significant Intercepts i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 meters; internal dilution is less than 20% total width. ii. Fourmile drill hole nomenclature: Project area FM: Fourmile, followed by the year (20 for 2
Slide 29: Appendix C Con't – Fourmile Significant Intercepts
Appendix C Con’t – Fourmile Significant Interceptsii i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 meters; internal dilution is less than 20% total width. ii. Fourmile drill hole nomenclature: Project area FM: Fourmile, followed by the year (
Slide 30: Appendix D – Kibali Significant Intercepts
Appendix D – Kibali Significant Intercepts Core Drill Hole Azimuth Dip Interval (m) Width (m3) Au (g/t) Interval (m) Width (m3) Au (g/t) 682.95 - 687.85 4.9 8.72 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; 665.40 - 710.20 44.8 4.23 KCDU6417W5 121 -61 694.4 - 699.15 4.75
Slide 31: Appendix E – Assumptions/Outlook
Appendix E – Assumptions/Outlook Key Outlook Assumptions 2024 2025 2026+ Gold Price ($/oz) 1,900 1,300 1,300 Copper Price ($/lb) 3.50 3.00 3.00 Oil Price (WTI) ($/barrel) 80 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 800 800 800 CAD Exchange Rate (USD:CAD) 1.30 1.30
Slide 32: Technical Information
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol,
Slide 33: Endnotes
Endnotes… 4. “Total cash costs” per ounce, “All-in sustaining costs” per ounce and "All-in costs" per ounce are non-GAAP financial measures. “Total cash costs” per ounce starts with cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales, and
Slide 34: Endnotes
Endnotes… 10. A Tier One Gold Asset is an asset with a $1,300/oz reserve with potential for 5 million ounces to support a minimum 10-year life, annual production of at least 500,000 ounces of gold and with all-in sustaining costs per ounce in the lower half of the industry cost curve. A Tier One Cop