Slide 1: Kibali delivers record production to conclude a decade of value creation
…Kibali delivers record production to conclude a decade of value creation Operated by
Slide 2: Cautionary Statement on Forward-Looking Information
Cautionary Statement on Forward-Looking Information… Certain information contained in this presentation, including any information as to Barrick’s strategy, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of histori
Slide 3: Kibali…a decade of delivery
Kibali…a decade of delivery 2015 2016 Q4 2016 Q3 2017 Q2 2018 Q1 2019 Q4 2019 Full year UG ramp up + First power from Shaft and UG First power Randgold – Barrick 2019 ends with production at throughput ramp up to Ambarau system operating from merger record design specs full sulphide circuit hydrosta
Slide 4: Kibali… what we found and what we've established
Kibali… what we found and what we’ve established
Slide 5: Kibali… what we found and what we've established
Kibali… what we found and what we’ve established
Slide 6: Kibali… what we found and what we've established
Kibali… what we found and what we’ve established
Slide 7: Durba today…
Durba today... qe
Slide 8: Safety, Health and Environment
Safety, Health and Environment… Safety LTI free for the fourth quarter of 2019 LTIFR/million hours ISO 45001 accreditation retained worked1 Workshop on the mine Safe Operating Procedures held 7 Safety awareness campaign over the festive season held with toolbox talks and radio- broadcasts 6 Occupati
Slide 9: Safety, Health and Environment…YTD
Safety, Health and Environment…YTD HIV HIV positivity rate % HIV positive rate of 2.3% recorded in 2019 down from 3.02% in 2018 and 17% in 2011 20 Volunteer counselling tests campaigned: 1 261 VCTs conducted compared to 1 001 in Q3 2019 Preventative actions included mass sensitisation, condom distri
Slide 10: Delivering on 2019 business plan
Delivering on 2019 business plan… Kibali beat its production guidance by a substantial margin by delivering a record 814,027 ounces 2 Strong performance from UG mining, meeting the target for the quarter and achieving record production of ore through the shaft in December Upskilling of National oper
Slide 11: Kibali Underground
Kibali Underground3… UG ore tonnes Q4 2019 Tonnes 000 Achieved 953kt of ore mined in Q4 2019 400 Ore tonnes hoisted - shaft Ore tonnes mined - decline 300 Shaft achieved a record monthly production of 200 305kt of ore in December 100 Underground mine takes development and - Oct-19 Nov-19 Dec-19 trai
Slide 12: Improving safety and efficiency through digitization at Kibali Underground
Improving safety and efficiency through digitization at Kibali Underground… NEWTRAX commissioning ongoing NEWTRAX Cap Lamp Station Electronic tag board now fully commissioned Improves safety of workers by significantly improving mine evacuation time Ventilation on demand being implemented Automated
Slide 13: World best mining practices with the Multi-machine automation system
World best mining practices with the Multi-machine automation system… Multi Lite® Automation Sandvik Multi Lite Access Control System commissioned Multiple production zone, multiple machine Access barriers use electronic means to prevent unplanned machine exit from the area and restrict manually ope
Slide 14: Paste fill operation achieving higher efficiency
Paste fill operation achieving higher efficiency3... Paste Fill Volume Paste Filling 120 Paste plant achieved record volume paste fill of 284 cubic km in Q4 2019 Paste Fill Volume (cubic Km) 100 Improvement of the efficiency and utilization Steady of the paste pump 80 Production Achieved Installatio
Slide 15: Kibali plant performance… gravity gold recovery
Kibali plant performance… gravity gold recovery Quarterly Gravity Gold Contribution % 26 24 22 20 18 25 23 16 14 18 19 12 10 Q1 Q2 Q3 Q4 Gravity gold Linear (Gravity gold )
Slide 16: Production, recovery, throughput plus capital expenditure
Production, recovery, throughput plus capital expenditure3… Capex US$ billion Tonnes million Oz 000 % 3 9 1 000 100 900 90 8 800 80 7 Capital 700 70 2 6 Expenditure 60 600 5 500 50 4 400 40 1 3 300 30 2 200 20 1 100 10 0 0 0 0 2012 2013 2014 2015 2016 2017 2018 2019 Gold produced oz Gold production
Slide 17: Kibali power generation… hydro / diesel power blend
Kibali power generation… hydro / diesel power blend Total power generation MW Unit cost $/kWh 40 0,30 35 0,25 30 0,20 25 20 0,15 15 0,10 10 0,05 5 0 0,00 Hydro Diesel Cost
Slide 18: KZ structure…pipeline of projects reinforces prospectivity and opportunities
KZ structure…pipeline of projects reinforces prospectivity and opportunities N KZ-North Upsides Ikamva NW (HW and FW BIF mineralisation) Ikamva: mineralisation continuity supported down plunge for UG Ikamva Kalimva Oere north: 900m length of continued mineralisation, down dip still open KZ North Str
Slide 19: Kibali…underground development LOM design with 3000, 5000 and 9000 Lode opportunities
Kibali…underground development LOM design with 3000, 5000 and 9000 Lode opportunities4 KCD Open Pit Sessenge Open Pit PB#3 & PB2 North 2018 Proven reserve:1.7Mt @ 2.71g/t for 148koz Current Mining Reserves 2018 Proven reserve:1.2Mt@ 2.45g/t for 94koz 2018 Probable reserve 0.1Mt @ 2.20g/t for 8koz De
Slide 20: Oere Down Plunge…resource replacement
Oere Down Plunge…resource replacement Fence 13 Looking northeast ORRC0033 HW : 10m @ 0.67g/t from 82m ORRC005 FW : 16m @ 3.16g/t from 98m ORRC000 3 8ORRC005 ORRC0034 $1000pit 5 FW : 14m @ 1.54g/t from 50m Recent drilling in northern domain Mineralization ORRC005 ORRC0035 highlights continuous system
Slide 21: Kibali employees in Q4 2019
Kibali employees in Q4 2019… Expat Expat Contractors Employees 100 (2%) 218 (5%) National Casuals National 171 (3%) Employees 1566 (31%) Nationals : 94% National Contractors Expatriates: 6% 2865 (59%) *Totals may not add due to rounding
Slide 22: Developing a new generation of leaders
Developing a new generation of leaders… our workforce nationalisation through the decade Significant investment in human capital, with a particular focus on young people who will be the future leadership of the company Hunt for emerging talent at the major tertiary education institutions Individual
Slide 23: Local contractors and supply strategy… more than CSR
Local contractors and supply strategy… more than CSR $39.2 million spent on local contractors during Q4 2019, $158 million YTD Ongoing civil construction and roadworks performed by Congolese contractors (Traminco, TES and IOB) Partnership with Congolese engineering contractor (TES) for plant mainten
Slide 24: In country investment…2010 through to Q4 2019
In country investment…2010 through to Q4 2019 $2.9Bn paid by Kibali in the form of taxes, permits, Nzoro Power line Road infrastructure, salaries and payments to local suppliers ARU - Ariwara Road Northern By-pass road US$ million Southern By-pass road Visible contributions directly Direct Community
Slide 25: Committed to our partnership philosophy
Committed to our partnership philosophy… local and international spend Specialist contracts* Construction General services Total contract Shaft sinking contract* and supply chain spend* Underground mining contract* Master drilling $ million $ million $ million $ million 3000 250 900 4000 800 3500 25
Slide 26: Kibali makes a difference…Q4 2019
Kibali makes a difference…Q4 2019 Infrastructure development and maintenance Durba asphalt project: trial section (100m) commenced in December Local Economic Development Projects (YTD) Various community schemes generated revenue in Q4: Surur Stadium, Community Town Hall and the community complex Edu
Slide 27: Some of our achievements
Some of our achievements… Faradje-Aba bridge rehabilitation Concrete road trial section Before After
Slide 28: Agribusiness…local supply to Kibali
Agribusiness…local supply to Kibali Coffee nursery Egg production: 142 999 eggs produced from main community projects Chicken: 7.1t of meat sold to GCS 13 small-scale pork projects with 120 heads in the community and 12.7t of pork meat sold (GCS and the community) Cocoa project Seedlings distributed
Slide 29: Outstanding legal and fiscal issues… working towards amicable solutions
Outstanding legal and fiscal issues… working towards amicable solutions Engagement with cabinet and administration: Building a working relationship with new cabinet Eighteen months since the 2018 Mining Code was introduced: Committed to working constructively to find amicable solutions for Kibali go
Slide 30: Kibali…a look at 2020 and the next decade
Kibali…a look at 2020 and the next decade Achieve guidance of 750,000oz 2 Implementation of the Grid Stabilizer Project in Q2 2020 to further drive costs down Continued exploration and resource conversion to extend LOM Initiation of the first phase of Watsa/Durba concrete road construction Continued
Slide 31: Investing in the future
Investing in the future…
Slide 32: Ngayu… infrastructure and drill targets for 2020
Ngayu… infrastructure and drill targets for 2020 Ibambi To Isiro Yasua target N Babonde Nepoko River - Yambenda target crossing with pirogue Yasua (motorbikes and Yambenda Wamba pedestrian only) Bonzunzu Itali fly camp Bolebole Matete fly camp Bayenga Lasa Bavadili fly camp Bon samaritain Itali targ
Slide 33: Endnotes
Endnotes… 1. Lost time injury frequency rate (LTIFR) is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. 2. On a preliminary 100% basis. Our 2019 attributable gold production forecast is 330 - 350 thousand ounces for Kibali.
Slide 34: Appendix A – Kibali Significant Intercepts
Appendix A – Kibali Significant Intercepts Drill Results from Q2 & Q4 2019 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) internal dilution is equal to or less than 25% total width 11
Slide 35: Appendix B – Kibali Significant Intercepts
Appendix B – Kibali Significant Intercepts Drill Results from Q2 & Q4 2019 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) internal dilution is equal to or less than 25% total width 11
Slide 36: Appendix C – Kibali Significant Intercepts
Appendix C – Kibali Significant Intercepts Drill Results from Q2 & Q4 2019 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) internal dilution is equal to or less than 25% total width 30
Slide 37: Appendix D – Kibali Significant Intercepts
Appendix D – Kibali Significant Intercepts Drill Results from Q2 & Q4 2019 Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; 5000 lode phase II KCDU0842 353 -8 353-361 7.52 3.87 internal
Slide 38: Appendix E – Kibali Significant Intercepts
Appendix E – Kibali Significant Intercepts Drill Results from Q2 & Q4 2019 Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) i. 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 25% total width 90
Slide 39: Appendix F – Kibali Significant Intercepts
Appendix F – Kibali Significant Intercepts Drill Results from Q2 & Q4 2019 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) internal dilution is equal to or less than 25% total width 90
Slide 40: Appendix G – Kibali Significant Intercepts
Appendix G – Kibali Significant Intercepts Drill Results from Q2 & Q4 2019 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) internal dilution is equal to or less than 25% total width Oe
Slide 41: Appendix H – Kibali Significant Intercepts
Appendix H – Kibali Significant Intercepts Drill Results from Q2 & Q4 2019 Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) i. 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 25% total width Oe
Slide 42: Appendix I – Kibali Significant Intercepts
Appendix I – Kibali Significant Intercepts Drill Results from Q2 & Q4 2019 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) is 2m; internal dilution is equal to or less than 25% total width Oe