Slide 1: Results for the Quarter ended 31 March 2019
Results for the Quarter ended 31 March 2019
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, o
Slide 3: Health & Safety
Health & Safety… Zero fatalities across the group in Q1 as Barrick aims for a zero harm workplace 14 Lost Time Injury (LTI) cases recorded during Q1 across the group with a Lost Time Injury Frequency Rate (LTIFR) of 0.61 and a Total Recordable Injury Frequency Rate (TRIFR)1 of 2.76 New Fatality Prev
Slide 4: Environment & Community
Environment & Community… Sites in Africa & Middle East completed ISO 14001 recertification or surveillance audits, with LATAM and North American audits due in Q2 and Q3 respectively Zero Class 1 incidents recorded in Q1 A Materiality Assessment, aligned with guidance from the GRI1 and conducted with
Slide 5: Q1 highlights
Q1 highlights… Integration and strategic initiatives on track across the group following Barrick-Randgold merger Nevada Joint Venture agreement signed and implementation expected by quarter-end Group gold production up 8% quarter on quarter and in line with guidance Net cash provided by operating ac
Slide 6: Group operating results
Group operating results… Q1 Operating Results... Gold Q1 2019 Q4 2018 2018 Gold production increased 8% Production (oz 000) 1,367 1,262 1,049 quarter on quarter to 1.37 Moz in Realized gold price ($/oz)1,5 1,307 1,223 1,332 line with guidance Cost of sales ($/oz)2 947 980 878 Cost of sales2 down to
Slide 7: Group financial results
Group financial results… Q1 revenue up 10% quarter on quarter to Q1 Q4 Q1 Financial Results $2.1 billion with net cash provided by 2019 2018 2018 operating activities of $520 million and free Revenue ($ million) 2,093 1,904 1,790 cash flow1 of $146 million, also up Net earnings (loss) ($ million) 11
Slide 8: Cortez
Cortez1… Nevada Gold production was 27% lower quarter on quarter Cortez…100% Q1 2019 Q4 2018 Q1 2018 due to expected lower grades as mining from higher Total tonnes mined (000) 27,572 28,086 34,249 grade Cortez Hills Open Pit (CHOP) ramps down – Average grade processed (g/t) 1.66 2.65 2.78 scheduled
Slide 9: Goldstrike
Goldstrike1,2… Nevada Goldstrike…100% Q1 2019 Q4 2018 Q1 2018 Gold production was 10% lower quarter on Total tonnes mined (000) 11,982 11,562 18,481 quarter due to decreased production from the Average grade processed (g/t) 4.31 4.97 4.09 roaster – a result of less CHOP ore to blend with Ore tonnes
Slide 10: Turquoise Ridge
Turquoise Ridge1… Nevada Turquoise Ridge…75% Q1 2019 Q4 2018 Q1 2018 Gold production was 4% higher than prior quarter UG tonnes mined (000) 191 181 157 due to increase in tonnes mined and slightly Average grade (g/t) 15.90 15.76 14.99 higher grade Recovery rate (%) 94 93 98 Income in Q1 was 86% high
Slide 11: Nevada Joint Venture
Nevada Joint Venture… Implementation agreement signed with Newmont Goldcorp to create joint venture in Nevada Includes Barrick’s Cortez, Goldstrike, Turquoise Ridge and Goldrush properties1 and Newmont Goldcorp’s Carlin, Twin Creeks, Phoenix, Long Canyon and Lone Tree properties Barrick will be the
Slide 12: Goldrush-Fourmile feasibility study
Goldrush-Fourmile feasibility study… Goldrush – construction of twin exploration declines Long section looking east2 accelerated in Q1 to provide access to orebody allowing for N S further drilling to convert resources to reserves Fourmile1 - Previously reported inferred resource of 1.17Mt @ 18.58g/
Slide 13: Goldrush – Fourmile Composite Views
Goldrush – Fourmile Composite Views… Goldrush (Meadow) Section Goldrush (Red Hill) Section Fourmile Section W E W E W E Ov Qal Dhc Dw8 Dw5 Dw4 Srm Goldrush - Fourmile Oblique View looking W-SW Goldrush – Goldrush - Meadow Zone Red Hill Zone Dw4 Fourmile Srm Ohc RED > 5 g/t Oe YELLOW > 1 g/t Ch Fourm
Slide 14: Hemlo
Hemlo1… Ontario, Canada Gold production 6% higher quarter on quarter Hemlo…100% Q1 2019 Q4 2018 Q1 2018 due to higher grade partially offset by lower throughput Gold produced (oz 000) 55 52 40 Cost of sales per ounce in Q1 of $906/oz, 16% Cost of sales ($/oz) 906 1,083 1,189 lower as a result of hig
Slide 15: Pueblo Viejo
Pueblo Viejo1… Dominican Republic Gold production was 11% lower quarter on Pueblo Viejo…60% Q1 2019 Q4 2018 Q1 2018 quarter in line with planned mining of Cumba Open pit tonnes mined (000) 7,070 6,188 4,947 and Monte Negro pits and planned Average grade processed (g/t) 3.75 4.19 3.75 maintenance at
Slide 16: Pueblo Viejo upside
Pueblo Viejo…upside Expansion study1 Meladito Scoping studies support plant expansion which could N significantly increase throughput allowing mine to Cumba maintain total gold production averaging 800koz per year after 2022 Potential to convert approximately 7Moz of measured and indicated resources
Slide 17: Veladero
Veladero1… Argentina Veladero…50% Q1 2019 Q4 2018 Q1 2018 Open pit tonnes mined (000) 8,848 8,378 10,102 Gold production was 9% lower than prior quarter due to lower recovery and lower tonnes Average grade processed (g/t) 0.75 0.71 1.04 processed Heap Leach ore tonnes processed (000) 3,416 3,531 3,9
Slide 18: El Indio Belt: Targeting & exploration progress
El Indio Belt…Targeting & exploration progress N Los A re-evaluation of the Penelope deposit as a Amarillos HS Au targets potential source of leachable material is underway - Porphyry Cu-Au targets geological model update in progress for completion 130km long – 350km2 PASCUA LAMA next quarter Chile
Slide 19: Porgera
Porgera… Papua New Guinea Gold production down 6% quarter on quarter due Porgera…47.5% Q1 2019 Q4 2018 Q1 2018 to lower grades mined, power supply disruption and planned maintenance Gold produced (oz 000) 66 70 40 Cost of sales ($/oz) 1,031 733 1,138 Cost of sales per ounce was 41% higher due to Tot
Slide 20: Loulo-Gounkoto
Loulo-Gounkoto1… Mali Loulo-Gounkoto…80% Q1 2019 Q4 2018 Gold production in line with target but was 17% Total tonnes mined (000) 8,779 7,439 lower compared to prior quarter due to expected Average grade processed (g/t) 4.19 5.60 lower grade Ore tonnes processed (000) 1,011 1,018 Recovery rate (%) 9
Slide 21: Kedougou - Kenieba Inlier
Kedougou - Kenieba Inlier… a prolific gold belt Loulo N MALI Drilling confirms extensions SENEGAL FT42ExtoisGara & @@ 13.6m Yalea. 15.83g/t Sadiola Yalea Structure: 8 targets Massawa along 7km of major structure Mining permit FT42Ex application is 13.6m @@ underway 15.83g/t 2.4Moz @ 4.17g/t (18Mt) G
Slide 22: Gounkoto MZ2 / MZ3
Gounkoto…MZ2 / MZ3 Mali Superpit $1,000/oz MZ1 MZ2 MZ3 N UG development area (projected) Limit of 2019 UG conversion drilling Gold (g/t) >6 MZ3 Potential 3 to 6 Shoot 2 to 3 230m 270m 1 to 2 MZ2 Potential Open 0.5 to 1 Plunging Shoot 100m < 0.5 MZ2 Potential 200m Vertical Shoot Interpreted HG shoots
Slide 23: Yalea Structure: 7km of Greenfields opportunity
Yalea Structure…7km of Greenfields opportunity Mali1 Geology & Soil Geochemistry (Map) To Plant Kossanto N Prospective Sandstone Dyke 6m @ 15.79g/t 8m @ 6.58g/t 4m @ 9.1g/t Long-section P125 – Loulo 3 Gap Loulo 3 LouloLoulo 3 - Loulo 2 Gap 3 Extension Loulo 2 Loulo 2 Ext P1 Baboto Target Target Targ
Slide 24: Massawa
Massawa1… Senegal Mining application and associated permitting in progress Brownfields opportunity to expand reserve at base of TNRC027 project 39m @ 1.65g/t Currently testing +13km strike TNRC030 SMRC018 potential of the SSZ at four 46m @ 1.63g/t 13m @ 2.77g/t priority targets TNRC032 35m @ 4.99g/t
Slide 25: Kibali
Kibali1… DRC Kibali…45% Q1 2019 Q4 2018 Gold production in Q1 above plan and in line with Total tonnes mined (000) 3,162 3,664 prior quarter as lower milled tonnes were offset by Average grade processed (g/t) 3.89 3.47 higher overall feed grade Ore tonnes processed (000) 840 911 Recovery stable and
Slide 26: Kibali KCD Complex delivering on reserve growth
Kibali KCD Complex… delivering on reserve growth1, 2 KCD Open Pit Sessenge Open Pit PB#3 & PB2 North 2018 Proven reserve:1.2Mt @ 2.45g/t 94Koz 2018 Proven reserve: 2018 Probable reserve 3.2Mt @ 2.32g/t 238Koz 1.7Mt @ 2.71g/t for 148koz 3000 Lode 2018 Probable reserve up plunge extension 0.1Mt @ 2.20
Slide 27: KZ structure: pipeline of projects for further resource and reserve definition
KZ structure…pipeline of projects for further resource and reserve definition Ikamva NW & E N KZ North - Upside identified along several targets between Kalimva-Ikamva hinge Mofu and Ikamva: Ikamva Ikamva NW and East currently being tested Kalimva Kalimva-Ikamva hinge zone, to be tested early Q2 gap
Slide 28: Congo Craton: potential for additional Tier One discoveries
Congo Craton… potential for additional Tier One discoveries Congo craton extends from NE DRC to Kibali Tanzania Barrick looks to expand its exploration portfolio in this region Ngayu Continue engagement with Tanzanian Project Government and Acacia North Mara Barrick operation Acacia operation Bulyan
Slide 29: Other gold mines
Other gold mines… Tongon (89.7% basis), Cote d'Ivoire Attributable gold production of 61koz was 15% lower in Q1 compared to prior quarter, primarily due to lower throughput and lower grades Excluding the additional depreciation expense resulting from the fair value increment applied to our 89.7% int
Slide 30: Copper mines
Copper mines…. Lumwana…100% Q1 2019 Q4 2018 Q1 2018 Lumwana, Zambia Copper production in Q1 was 6% lower than the prior quarter Copper produced (lbs million) 61 65 48 due to the rainy season in the first quarter when production is Cost of sales ($/lb) 2.16 3.22 2.02 impacted by power outages C1 cash
Slide 31: Geology driven focus: track record of exploration success
Geology driven focus… track record of exploration success Reserves and Resources added since discovery or acquisition Goldstrike Donlin Gold Pueblo Viejo Cortez 1 Kibali Veladero Lagunas Norte Loulo Goldrush Turquoise Ridge Acquired Added Alturas Morila Gounkoto Tongon Massawa 1Acquired ounces refle
Slide 32: Everything we do is designed to create value
Everything we do is designed to create value… Value Realisation Non-Core Assets not aligned with our strategic filters Tier One and Value Tier Two Assets Delivery Optionality: geological & Value commodity price Creation Exploration Time
Slide 33: Share price performance since announcement of Barrick – Randgold merger
Share price performance since announcement of Barrick – Randgold merger… Rebased to zero 40 30 20 10 0 -10 -20 9/21/2018 10/21/2018 11/21/2018 12/21/2018 1/21/2019 2/21/2019 3/21/2019 Barrick Newmont Kinross Agnico Eagle XAU
Slide 34: Appendix A – Fourmile Significant Intercepts
Appendix A – Fourmile Significant Intercepts1 Core Drill Hole2 Azimuth Dip Interval (m) Width (m)3 Au (g/t) FM17-03D 70 -88 4.9 11.5 1,178-1,183.5 1. All intercepts calculated using a 5 g/t Au cutoff and 921.1 - 922 0.91 16.8 are uncapped; minimum intercept width is 0.8 m; FM18-49D 84 -86 internal d
Slide 35: Appendix B - Loulo 3 – Loulo 2 Gap
Appendix B - Loulo 3 – Loulo 2 Gap Significant Intercepts1 1. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; internal dilution is equal to or less than 2m total width. 2. Loulo 3 – Loulo 2 Gap drill hole nomenclature: prospect initial L2 & SL2 (L
Slide 36: Appendix C - Loulo 3 – Loulo 2 Gap
Appendix C - Loulo 3 – Loulo 2 Gap Significant Intercepts1 1. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; internal dilution is equal to or less than 2m total width. 2. Loulo 3 – Loulo 2 Gap drill hole nomenclature: prospect initial L2 & L2MARS
Slide 37: Appendix D - Loulo 2 Ext Significant Intercepts
Appendix D - Loulo 2 Ext Significant Intercepts1 1. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; internal dilution is equal to or less than 2m total width. 2. Loulo 2 Ext drill hole nomenclature: prospect initial L1 & SL1 (Loulo 1), L1L2 (Loulo
Slide 38: Appendix E – Massawa Samina target
Appendix E – Massawa Samina target Significant Intercepts1 Drill results from Q1 2019 Interval Including 1. All intercepts calculated using a 0.5g/t Au cutoff and are uncapped; ID2 Type Azimuth Dip From To Width (m3) Au (g/t) Interval (m) Width (m) Au (g/t) minimum intercept width is 2m; internal di
Slide 39: Appendix F – Massawa Tina target
Appendix F – Massawa Tina target Significant Intercepts1 Drill results from Q1 2019 Interval Including ID2 Type Azimuth Dip From To Width (m) TW (m) Au (g/t) Interval (m) Width (m) Au (g/t) TNRC024 RC 96 -51 103.00 150.00 47.00 44.00 1.04 144 - 149 5.00 2.33 TNRC024 RC 96 -51 154.00 160.00 6.00 3.00
Slide 40: Appendix G - Kibali KCD 5000 Down Plunge Significant Intercepts
Appendix G - Kibali KCD 5000 Down Plunge Significant Intercepts1 Drill results from Q3 & Q4 2018 Core Drill Hole AZIMUTH DIP Interval (m) Width (m3) Au (g/t) 235.3 237.5 2.2 3.06 KCDU1872 342 -1 260.9 263.6 2.6 2.64 315.6 320.0 4.4 4.32 KCDU1873 KCDU1874A 342 342 19 29 259.1 245.80 279.9 263.00 20.8
Slide 41: Appendix H – Kibali KCD 11000 Hanging Wall
Appendix H – Kibali KCD 11000 Hanging Wall Significant Intercepts1 Drill results from Q4 2018 1. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 m; internal dilution is equal Core Drill Hole AZIMUTH DIP Interval (m) Width (m3) Au (g/t) to or less th
Slide 42: Appendix I - KCD-Sessenge 9000 LODE GAP Significant Intercepts
Appendix I - KCD-Sessenge 9000 LODE GAP Significant Intercepts1 Drill results from Q3 & Q4 2018 1. All intercepts calculated using 2.4g/t Au cutoff and are Core Drill Hole AZIMUTH DIP Interval (m) Width (m3) Au (g/t) 166.0 168.2 2.2 7.1 uncapped, minimum intercept width is 5m; internal dilution is K
Slide 43: Appendix J Endnotes
Appendix J Endnote 1 Total reportable incident frequency rate (TRIFR) is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically tre
Slide 44: Endnotes
Endnote 3 Includes $118 million of cash, primarily held at Acacia, which may not be readily deployed. Endnote 4 Realized price is a non-GAAP financial measure which excludes from sales: unrealized gains and losses on non- hedge derivative contracts; unrealized mark-to-market gains and losses on prov
Slide 45: Endnotes
removed from cost of sales and our proportionate share of cost of sales attributable to equity method investments (Kibali and Morila) is included commencing January 1, 2019, the effective date of the Barrick-Randgold merger (“the Merger”). Cost of sales applicable to copper per pound is calculated u
Slide 46: Reconciliation of Gold Cost of Sales to Total cash costs, All-in sustaining costs
Reconciliation of Gold Cost of Sales to Total cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis ($ millions, except per ounce information in dollars) For the three months ended Footnote March 31, 2019 December 31, 2018 March 31, 2018 Cost of sales applicable to gol
Slide 47: Endnote 7
f. Capital expenditures Capital expenditures are related to our gold sites only and are presented on a 100% cash basis for the three months ended March 31, 2019 and on a 100% accrued basis for the three month periods ended December 31, 2018 and March 31, 2018. They are split between minesite sustain
Slide 48: Reconciliation of Copper Cost of Sales to C1 cash costs
understanding the costs associated with producing copper, understanding the economics of copper mining, assessing our operating performance, and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. “C1 cash costs” per pound a
Slide 49: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow ($ millions) For the three months ended March 31, 2019 December 31, 2018 March 31, 2018 Net cash provided by operating activities $520 $411 $507 Capital expenditures (374) (374) (326) Free cash flow $146 $37 $181 Endnote 9
Slide 50: Endnotes and Technical Information
Endnote 11 Presented on a cash basis for the three months ended March 31, 2019, and an accrued basis for the three months ended December 31, 2018 and March 31, 2018 as a result of adopting IFRS 16 Leases. Please refer to page 18 of our first quarter MD&A for more details. Endnote 12 Amounts presente