Slide 1: Results for Q2 2020
BARRICK Results for Q2 2020... 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, o
Slide 3: Covid-19: focus on our employees and communities
Covid-19…focus on our employees and communities Focus during the Covid-19 outbreak on health and safety of our workforce and communities: proactive response, preparedness, prevention and communication Engaged with our host authorities, communities and employees as a supportive partner providing Medi
Slide 4: Health & Safety
Health & Safety… Lost Time Injury Frequency Rate & Total Recordable Injury Frequency Rate LTIFR1 decreases by 16% quarter on 3.0 2.75 quarter; Total Recordable Injuries also decreased from Q1 2.5 2.18 2.23 TRIFR2 1.65 in line with Q1 2.0 1.86 YTD LTIFR of 0.30 and TRIFR of 1.64; 1.64 1.65 significan
Slide 5: Environment
Environment… Zero Class 1 (high severity) environmental incidents3 Improvement in water reuse and recycling rate – 78% in Q2; 77% year to date Quisqueya Power Plant, Reduction in CO2 emissions quarter on Dominican Republic – quarter – driven by conversion of the natural gas power generation was full
Slide 6: Community
Community… +$8.8 million YTD community development investment on top of Covid-19 community related support Covid-19 related community support > $20 million Plus $1 billion spent at operational sites on local and national procurement of goods and services Western Shoshone Scholarship Foundation – Wes
Slide 7: Barrick Q2 2020 KPIs
Barrick…Q2 2020 KPIs Continued solid performance positions Barrick well within annual production guidance, despite Covid-19 challenges Improvement in safety management following increased focus Strong cash generation highlights quality of assets and leverage to gold price Barrick continues to be vig
Slide 8: Group operating results
Group operating results… Solid Q2 2020 production despite Covid-19 pandemic Gold operating results Q2 2020 Q1 2020 Q2 2019 Group year-to-date production of 2.4Moz at the mid-point Production (oz 000) 1,149 1,250 1,353 of guidance of 4.6Moz to 5.0Mozi for the year Cost of sales ($/oz)7 1,075 1,020 96
Slide 9: Group financial results
Group financial results… Financial Results Q2 2020 Q1 2020 Q2 2019 Free cash flow4 increased by nearly 20% from Q1 to Revenue ($ million) 3,055 2,721 2,063 $522 million in Q2 given diversified and industry-leading Net earnings ($ million) 357 400 194 Tier One asset portfolio Adjusted net earnings ($
Slide 10: Carlin
Carlin… Nevada, USA Carlin12 (61.5%) Q2 2020 Q1 2020 Q2 2019 Lower production compared to Q1 2020 due to scheduled Total tonnes mined (000) 15,793 17,120 12,138 plant maintenance at the Goldstrike roaster Average grade processed (g/t) 3.60 3.41 4.26 Mill 6 completed roaster maintenance in July Ore t
Slide 11: Carlin trend: growth and discovery
Carlin trend…growth and discoveryi Nevada, USA Best intercept to date at North Leeville 21.3m at 35.3g/t - geologic model upgraded to support resource evaluation Bold step out drilling NE of Leeville continues to intersect Carlin system with gold anomalism and significant alteration north of Fence (
Slide 12: Cortez
Cortez… Nevada, USA Production improved by 3% from prior quarter and total Cortez13 (61.5%) Q2 2020 Q1 2020 Q2 2019 cash cost per ounce8 on track Total tonnes mined (000) 20,719 22,696 31,598 Higher grades from Crossroads and Pipeline, plus Average grade processed (g/t) 1.87 1.06 1.82 more Cortez Hi
Slide 13: Cortez Hills Underground (CHUG) Upside
Cortez Hills Underground (CHUG) Upside… Hanson Footwall Target A A’ Lithology 3900’ CHUG – Overview Map Au g/t A’ Au g/t 171.4 34.28 17.14 6.86 3.43 1.71 29.6m at 8.64g/ti 0.68 0.34 0.17 0.03 0 12.8m at 7.95g/ti 18.6m at 4.94g/ti A 300m Significant upside identified at CHUG Tertiary Quartz Porphyry
Slide 14: Fourmile: expanding high grade mineralisation
Fourmile…expanding high grade mineralisationi Nevada, USA FM20-154D 1.4 m @ 14.6 g/t 2019 Resource Footprint N 9.4 m @ 17.9 g/t Exploration Upside 1.5 m @ 24.0 g/t Dorothy Drill intercepts > 5g/t Au Significant mineralisation intersected west of Dorothy; 0.9 m @ 16.0 g/t No significant intercept str
Slide 15: Turquoise Ridge
Turquoise Ridge… Nevada, USA Production and total cash costs per ounce8 impacted by Turquoise Ridge16 (61.5%) Q2 2020 Q1 2020 Q2 2019 lower head grade and recoveries for the autoclave versus Ore tonnes processed (000) 821 862 - the prior quarter, partially offset by higher grades for the oxide mill
Slide 16: Other Nevada Gold Mines
Other Nevada Gold Mines… Phoenix Phoenix (61.5%) Q2 2020 Q1 2020 Consistent performance with production in line compared to Gold produced (oz 000) 35 35 the prior quarter at lower total cash cost per ounce8 Cost of sales ($/oz)7 1,726 1,583 AISC per ounce8 5% higher due to increased capitalised stri
Slide 17: Hemlo
Hemlo… Ontario, Canada Production slightly lower than prior quarter due to lower Hemlo (100%) Q2 2020 Q1 2020 Q2 2019 throughput, partially offset by higher grades from the underground C-Zone Ore tonnes processed (000) 472 493 779 Average grade processed (g/t) 3.89 3.64 2.38 2020 Outlook Recovery ra
Slide 18: Hemlo deposit: growth upside
Hemlo deposit…growth upside Golden Giant David Bell 3 Williams 1 2 4 N 5 B ZONE 6 1000m MINE ZONES [Series] Western Discovery potential for new orebodies (Blackfly) [100 & 300 series] 1. B ZONE [MAIN] Recent field evidence of plunging zones Moose Lake Porphyry [300-series] 2. B ZONE [FW] Western ext
Slide 19: Pueblo Viejo
Pueblo Viejo… Dominican Republic Pueblo Viejo17 (60%) Q2 2020 Q1 2020 Q2 2019 As expected, production 22% lower than the prior quarter Open pit tonnes mined (000) 4,647 4,039 6,116 due to a total plant maintenance shutdown Average grade processed (g/t) 3.45 3.44 3.56 Production expected to be higher
Slide 20: Pueblo Viejo expansion
Pueblo Viejo expansion… Dominican Republic Plant expansion project environmental impact study submitted to authorities – no issues identified in subsequent field visit Engineering of process plant facilities progressed to plan during Q2 and orders placed for critical long lead items – including an L
Slide 21: Pueblo Viejo JV: new targets
Pueblo Viejo JV…new targets Foundational geology (structural framework) with state-of-the-art N geophysics unveils new targets in proximity to a significant orebodyi Anomaly analogous to known deposits (scale, tenor and orientation) DPV20778 Arroyo El Rey target Initial drilling intersected zones of
Slide 22: Veladero
Veladero… Argentina As previously reported, production and costs at Veladero Veladero18 (50%) Q2 2020 Q1 2020 Q2 2019 in Q2 2020 were impacted by: Average grade processed (g/t) 0.93 0.80 0.75 A mandatory nationwide quarantine Ore tonnes processed (000) 2,609 3,243 2,828 Followed by movement and soci
Slide 23: Veladero: next steps
Veladero…next steps Argentina Due to the Covid-19 pandemic in Q2, the Argentinian government limited personnel on site which impacted mining and project activities. Proposed easing of restrictions in September will allow remobilisation of contractors and personnel Mining Open pit operations stopped
Slide 24: Alturas - Del Carmen: exploration drives update of project economics
Alturas - Del Carmen…exploration drives update of project economics Argentina Alturas - Del Carmen District Exploration upside of the district now in a range from N 352.0 to 374.5 Mt at 1.07 to 1.08 g/t Auii Outcropping ore in Rojo Grande could provide early 71m at 1.56g/t from 152mi ore feed 28m at
Slide 25: Porgera
Porgera… Papua New Guinea As previously disclosed, Porgera entered care and Porgera20 (47.5%) Q2 2020 Q1 2020 Q2 2019 maintenance on April 25 654 2,809 3,655 Total tonnes mined (000) Due to the uncertainty related to the timing and scope Average grade processed (g/t) 3.16 2.98 3.25 of future develop
Slide 26: Loulo-Gounkoto
Loulo-Gounkoto… Mali Production in line with prior quarter as lower feed grade and Loulo-Gounkoto21 (80%) Q2 2020 Q1 2020 Q2 2019 throughput was offset by higher recovery Total tonnes mined (000) 8,736 7,572 8,048 Total cash cost per ounce8 slightly higher from Q1 due to Average grade processed (g/t
Slide 27: Loulo District: strong drill results to drive mine life extensions
Loulo District…strong drill results to drive mine life extensionsi Loulo: Baboto Loulo 3 new intersections confirmed high grade mineralisation is still open down plunge. Footwall intercepts N Yatela Gara Loulo 3 include 19.25m at 6.06g/t and 6.85m at 5.81g/t Sadiola Yalea High-grade Yalea transfer z
Slide 28: Tongon
Tongon… Côte d'Ivoire Production 5% higher than the prior quarter due to Tongon (89.7%) Q2 2020 Q1 2020 Q2 2019 stronger throughput Per ounce costs improved from Q1 driven by lower Ore tonnes processed (000) 1,013 982 945 processing and mining costs Average grade processed (g/t) 2.34 2.34 2.31 Recov
Slide 29: Nielle: exploring new corridors for opportunities to extend LoM
Nielle…exploring new corridors for opportunities to extend LoM Côte d'Ivoire Djinni PFS and EISA underway N SZ and NZ cut back evaluations underway Stabilo Trend Tongon West (2) Seydou N-Jubula Stabilo Trend: Satellite (6) Koro Sekala Seydou N – Jubula, 5.1km structure beneath 2019 Probable Mineral
Slide 30: Kibali
Kibali… DRC Kibali22 (45%) Q2 2020 Q1 2020 Q2 2019 Kibali continued to deliver consistent results, with Total tonnes mined (000) 3,253 3,175 2,938 production in-line versus Q1 3.68 3.77 3.88 Average grade processed (g/t) Total cash cost per ounce8 was 6% higher than the prior Ore tonnes processed (0
Slide 31: North Mara
North Mara… Tanzania North Mara (84%)23 Q2 2020 Q1 2020 Q2 2019 Gold production in Q2 5% higher than prior quarter primarily Total tonnes mined (000) 766 2,448 2,709 due to higher processed grade as open pit mining ceased Average grade processed 3.75 3.42 5.37 during the quarter and mill feed was ma
Slide 32: North Mara: Gokona targets
North Mara…Gokona targets Extensive upside potential, open in all directionsi West +2.8km East GOKONA UG GENA OP Open Open KOFIA Drill Drill Gap Gap Shoot Upper East Extn. Potential Phase 1 Shoot Phase 2 Reserve Au g/t Replacement 2.5-5 Deep Gena Conversion Area 5-10 Open Central Potential resource
Slide 33: North Mara: Kofia target
North Mara…Kofia target Potential extension opportunity Upper Westi UGKD688 UGKD687 Initial scout drilling aims to extend 7m @ 2.66g/t 9m @ 11.35g/t Gokona system 500m west of current 6m @ 30.43g/t 5.6m @ 3.81g/t block model UGKD690 UGKD671 6m @ 3.40g/t 5m @ 3.64g/t Previous drilling 300m east of Ko
Slide 34: Bulyanhulu and Buzwagi
Bulyanhulu and Buzwagi… Tanzania Bulyanhulu Bulyanhulu (84%)23 Q2 2020 Q1 2020 Q2 2019 On track to resume underground mining operations Gold produced (oz 000) 7 7 6 by end of 2020, in line with guidance Gold sold (oz 000) 30 7 6 Shaft refurbishment scheduled to start in August Cost of sales ($/oz)7
Slide 35: Central and East Africa
Central and East Africa… Congo – Tanzania Craton Kibali Central African Republic South Sudan Drilling in progress confirming presence at depth of plunging controls on mineralisation at KCD and satellite deposits Kalimva – deeper drilling scheduled to test for underground Kibali potential Uganda N Fo
Slide 36: Copper mines
Copper mines…. Lumwana, Zambia Lumwana (100%) Q2 2020 Q1 2020 Q2 2019 Best quarterly production from Lumwana in several years Copper produced (lbs million) 72 64 49 Production 13% higher than Q1 due to improved head grade, Cost of sales ($/lb) 2.06 1.94 2.07 combined with solid throughput performanc
Slide 37: Relative Share Price Performance
Relative Share Price Performance… Relative Share Price Performance since merger with Randgold announced Relative Share Price Performance YTD 300 Base = 100 170 Base = 100 275 160 Barrick Barrick:59% 59% Barrick Barrick:183% 183% 150 250 140 225 130 200 120 175 110 150 100 SpotGold: Spot Gold 29% 29%
Slide 38: Endnotes
Endnotes 1. Loss time injury frequency rate (LTIFR) is a ratio calculated as follows: number of loss time injuries x 1,000,000 hours divided by the total number of hours worked. 2. Total reportable incident frequency rate (TRIFR) is a ratio calculated as follows: number of reportable injuries x 1,00
Slide 39: Endnotes
Endnotes 8. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures. “Total cash costs” per ounce starts with cost of sales applicable to gold production, but excludes the impact of depreciation, the non-controlling interest of cost of sales,
Slide 40: Endnotes
Endnotes 12. On July 1, 2019, Barrick's Goldstrike and Newmont's Carlin were contributed to Nevada Gold Mines and are now referred to as Carlin. As a result, the amounts presented represent Goldstrike on a 100% basis (including our 60% share of South Arturo) up until June 30, 2019, and the combined
Slide 41: Endnotes
Endnotes 22. Barrick owns 45% of Kibali Goldmines SA (Kibali) with the Democratic Republic of Congo ("DRC") and our joint venture partner, AngloGold Ashanti, owning 10% and 45%, respectively. Kibali is accounted for as an equity method investment on the basis that the joint venture partners that hav
Slide 42: Appendix A – Carlin Trend Significant Intercept Table
Appendix A – Carlin Trend Significant Intercept Tablei Drill Results from Q2 2020 i. All intercepts calculated using a 5 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 m; internal dilution is less than 20% total Width width Core Drill Holeii Azimuth Dip Interval (m) (m)iii Au (g/t) i
Slide 43: Appendix B – CHUG Significant Intercept Table
Appendix B – CHUG Significant Intercept Tablei Drill Results from Q2 2020 i. All intercepts calculated using a 3.43 g/t Au cutoff and are uncapped; minimum intercept width is 3.0 m; maximum dilution is 6.1m ii. Cortez Hills Underground drill hole nomenclature: CHMX (Cortex Hills Core Drill Holeii Az
Slide 44: Appendix C – Fourmile Significant Intercept Table
Appendix C – Fourmile Significant Intercept Tablei Drill Results from Q2 2020 i. All intercepts calculated using a 5 g/t Au cutoff and are uncapped; minimum Width intercept width is 0.8 m; internal dilution is less than 20% total width Core Drill Holeii Azimuth Dip Interval (m) (m)iii Au (g/t) ii. F
Slide 45: Appendix D – Alturas/Del Carmen Significant Intercept Table
Appendix D – Alturas/Del Carmen Significant Intercept Tablei Drill Results from Q1 2020 i. All significant intercepts reported at 0.25 g/t Au cutoff; include reported at 1 g/t Au cutoff, sub-include at 3 g/t Au cutoff. Internal dilution of no more than 10 Drill Holeii Azimuth Dip Interval (m) Width
Slide 46: Appendix E – Loulo-Gounkoto Significant Intercept Table
Appendix E – Loulo-Gounkoto Significant Intercept Tablei Drill Results from Q1 & Q2 2020 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept Lode Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) width is 2m; internal dilution is equal to or less than
Slide 47: Appendix E – Loulo-Gounkoto Significant Intercept Table
Appendix E – Loulo-Gounkoto Significant Intercept Tablei Drill Results from Q1 & Q2 2020 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum Lode Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) intercept width is 2m; internal dilution is equal to or less than
Slide 48: Appendix E – Loulo-Gounkoto Significant Intercept Table
Appendix E – Loulo-Gounkoto Significant Intercept Tablei Drill Results from Q1 & Q2 2020 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept Lode Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) width is 2m; internal dilution is equal to or less than
Slide 49: Appendix E – Loulo-Gounkoto Significant Intercept Table
Appendix E – Loulo-Gounkoto Significant Intercept Tablei Drill Results from Q1 & Q2 2020 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum Lode Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) intercept width is 2m; internal dilution is equal to or less than
Slide 50: Appendix F – North Mara Gokona Significant Intercept Table
Appendix F – North Mara Gokona Significant Intercept Tablei, ii Gokona Upper East Ext - Resource conversion drilling - Q2 2020 i. All intercepts calculated at 1.9g/t Au cut-off grade as a rounded marginal cut-off for resource Location Type Drill Holeiii Azimuth Dip Interval (m) Width (m)iv Au (g/t)
Slide 51: Appendix F – North Mara Gokona Significant Intercept Table
Appendix F – North Mara Gokona Significant Intercept Tablei, ii Gokona Deep Central - Extension drilling - Q2 2020 i. All intercepts calculated at 1.9g/t Au cut-off grade as a rounded marginal cut-off for resource at Location Type Drill Holeiii Azimuth Dip Interval (m) Width (m)iv Au (g/t) US$1,500/