Slide 1: Results for Q1 2022
BARRICK Results for Q1 2022...
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: Group KPIs
Best Assets: Group First quarter puts Barrick on track to achieve production targets for 2022 Strong performance from Loulo-Gounkoto on the back of solid throughput, recovery and grade KPIs… Pueblo Viejo new TSF permitting makes significant progress Reko Diq framework agreement signed with Pakistan
Slide 4: Group operating results
Group operating results… Lower gold production quarter on quarter due to Gold operating results Q1 2022 Q4 2021 Q1 2021 depletion of stockpiled higher-grade Carlin and Attributable production (koz) 990 1,203 1,101 Cortez underground ore processed in Q4 2021 after the mechanical mill failure at the G
Slide 5: Group financial results
Group financial results… Financial Results Q1 2022 Q4 2021 Q1 2021 Improved net cash position in Q1/22 of $743 Revenue ($ million) 2,853 3,310 2,956 million driven by: Solid operating cash flow of $1 billion and free Net earnings ($ million) 438 726 538 cash flow3 of $393 million from best-in-class
Slide 6: Health & Safety
Health & Safety… Two tragic fatalities in Q1 – one at North LTIFR & TRIFR – 2018 to Q1 2022 Mara, Tanzania, and the other at Cortez, Nevada 2.5 Our focus is to ensure these incidents 2.24 2.12 never happen again 2.0 1.83 Lost Time Injury Frequency Rate (LTIFR) 1.68 was 0.28 in Q1/22 decreasing by mo
Slide 7: Environment & Community
Environment & Community… Zero Class 1 (high impact) environmental incidents11 were recorded during the quarter Average water use efficiency (reuse and recycling) for Q1 was 84%, above the annual target of 80% Group’s GHG emissions (including power plants) decreased quarter on quarter by 9% with 1,
Slide 8: Investing in a Sustainably Better Future
Publication of 2021 Sustainability Report – Investing in a A holistic approach to ESG that will make a lasting Impact Sustainably Better Future 8
Slide 9: North America
North America… Nevada hosts 3 Tier One gold mines owned Donlin (50%) (61.5%) and operated by CANADA Barrick Hemlo 100% Golden Sunlight Toronto NGM (61.5%) corporate Turquoise Ridge USA office Carlin Fourmile 100% Cortez Tier One gold mines Other gold mines Pipeline projects Closure project 9
Slide 10: Nevada Gold Mines operating results
Nevada Gold Mines… Nevada Gold Mines (61.5%)12 Q1 2022 Q4 2021 Q1 2021 operating results Ore tonnes processed (000) 9,075 12,194 10,025 Average grade processed (g/t) 1.98 1.90 2.18 Nevada, USA Recovery rate (%) 77% 80% 79% Lower production at higher per ounce costs in Q1 Gold produced (oz 000) 459 6
Slide 11: Nevada: expanding North Leeville and REN projects, new targets at Turquoise Ridge
Nevada…expanding North Leeville and REN projects, and new targets at Turquoise Ridge Turquoise Ridge – drilling BBT targets highlights potential for significant REN – 1.2Moz13,i maiden inferred resource V increase in ounces Resource growth expected in 2022 N Vista Wells Turquoise Ridge Winnemucca So
Slide 12: Turquoise Ridge: building exploration upside at new growth targets
Turquoise Ridge…building exploration upside at new growth targets Near Surface Opportunity, Getchell/BBT Fault intersection, BBT Fault zone, BBT Fault Parallel Structures TRUG Getchell UG Getchell OP Getchell Open Pit A A’ KGD Near Surface Comus Upper Opportunity BBT Corridor RSC First Shaft Comus M
Slide 13: North Leeville continues to grow
North Leeville continues to grow… Level Section at 1,000m, Dipping 7o N, 10m thick V NLX-00005ii 0.7Moz maiden inferred resource (1.9Mt at 11.5g/t Au)13,i N 27.1m at 17.92 g/t Resource expected to grow further in 2022: NLX-00011ii: 44.2m at 10.31g/t NLX-00012ii NLX-00012ii: 4.3m at 8.88g/t and NLX-0
Slide 14: REN continues to grow
REN continues to grow… Level Section, +3000, Dipping 10o N, 150m thick 1.2Moz maiden inferred resource (5.2Mt at 7.3g/t Au) 0.050Moz indicated resource (0.11Mt at 14.40g/t Au)13,i RU-24Cii MRC-20011ii 45.7m at 32.54g/t 7.0m at 32.37g/t Resources expected to grow further in 2022 V 15.2m at 5.61g/t 21
Slide 15: Latin America and Asia-Pacific
Pueblo Viejo (60%) Latin America DOMINICAN REPUBLIC and Asia- GUYANA AFGHANISTAN Pacific… SURINAME Reko Diq IRAN PAKISTAN, Balochistan Growth INDIA Pierina projects PERU continue to Zaldivar 50% JAPAN advance Norte Abierto 50% Pascua-Lama 100% Veladero 50% ARGENTINA CHILE PAPUA NEW GUINEA Porgera 24
Slide 16: Pueblo Viejo operating results
Pueblo Viejo…operating results Dominican Republic Consistent production quarter on quarter Pueblo Viejo (60%) Q1 2022 Q4 2021 Q1 2021 Ore tonnes processed (000) 1,511 1,365 1,349 All per ounce cost metrics in Q1/22 within the bottom half of the 2022 guidance ranges Average grade processed (g/t) 2.47
Slide 17: Veladero operating results
Veladero…operating results Argentina Veladero (50%) Q1 2022 Q4 2021 Q1 2021 Lower production in Q1/22 due to lower grades Ore tonnes processed (000) 3,506 3,442 1,305 processed and fewer ore tonnes mined, in line with Average grade processed (g/t) 0.67 0.81 0.85 the mine plan Gold produced (oz 000)
Slide 18: Reko Diq
Reko Diq… Pakistan Agreement in-principle reached between Barrick and the governments of Pakistan and Balochistan on reconstitution of Reko Diq project Barrick will be the operator of the project and will be granted a mining lease, exploration license, surface rights and a mineral agreement stabiliz
Slide 19: Africa & Middle East
Africa & Middle East… Jabal Sayid EGYPT 50% 165% of gold SAUDI ARABIA MALI reserve SENEGAL Loulo-Gounkoto depletion 80% MALI Kibali 45% replacedi,15 DRC Tongon 89.7% COTE D’IVOIRE North Mara 84% DRC Bulyanhulu 84% Buzwagi TANZANIA TANZANIA Lumwana 100% ZAMBIA ZAMBIA Tier One gold mines Potential Tie
Slide 20: Loulo-Gounkoto operating results
Loulo-Gounkoto…operating results Mali Loulo-Gounkoto (80%) Q1 2022 Q4 2021 Q1 2021 Stronger Q1/22 production on the back of higher Ore tonnes processed (000) 995 1,019 984 grade versus Q4/21 Average grade processed (g/t) 4.74 4.25 5.38 Significant increase in income due to increased gold Recovery ra
Slide 21: Loulo District: key mineralised corridors continue to deliver
Loulo District…key mineralised corridors continue to deliver Bambadji / Dalema Permits Loulo / Gounkoto Permits Senegal Mali Kabewest, drilling in Q1 confirmed the Gara North, geological interpretation presence of coherent zones of high- and prioritization of multi-km scale grade mineralization, alt
Slide 22: Kibali operating results
Kibali…operating results DRC Lower Q1/22 production at higher Kibali (45%) Q1 2022 Q4 2021 Q1 2021 costs versus Q4/21 mainly due to: Ore tonnes processed (000) 781 841 894 Lower grades processed as open Average grade processed (g/t) 3.37 3.90 3.33 pit mining focused on waste Recovery rate (%) 89% 89
Slide 23: Kibali: 11000 Lode continues to provide growth
Kibali…11000 Lode continues to provide growth Sessenge KCD Pit Pit 2022: 3000 Lode conversion target 3000 Lode 5000 Lode 9000 Lode 11000 Lode Actual Development Haulage Level 5210 rL Development Design 11000 Lode Conceptual Mine Design 300m 2022 Resource Conversion Area SW 11000 Lode Mineable Stope
Slide 24: Tanzania operating results
Tanzania…operating results North Mara Q1/22 production impacted by: North Mara (84%) Q1 2022 Q4 2021 Q1 2021 Lower grades mined from the underground, in line Gold produced (oz 000) 56 69 62 with the mine plan Cost of sales ($/oz)6 852 858 1,061 Planned plant maintenance Total cash costs ($/oz)7 709
Slide 25: Copper Operations
Copper Operations… Lumwana, Zambia Lumwana (100%) Q1 2022 Q4 2021 Q1 2021 As expected, waste stripping campaign in Q1/22 Copper produced (lbs million) 57 78 51 impacted throughput and grade 2.20 2.16 1.97 Cost of sales ($/lb)6 Steadily increasing throughput expected over 2022 C1 cash costs ($/lb)8 1
Slide 26: Lumwana upside: Unlocking the Chimi Super Pit Opportunity
Lumwana upside…Unlocking the Chimi Super Pit Opportunity Zambia V Lubwe N New exploration drilling grows the potential resource extent a further 1km north and redefines the geological model and controls on potential higher-grade zones. Thick near surface mineralization with a low strip-ratio is amen
Slide 27: Cumulative Attributable Free Cash Flow from Operating Mines (2022 – 2026)
Cumulative Attributable Free Cash Flowi,3 from Operating Mines (2022 – 2026) Barrick has six Tier One mines – unparalleled in the industry Tier One Gold Assets $25B Other Gold Assets For every $100/oz change in the gold price, attributable free cash Copper Assets flowi,3 generated by our operations
Slide 28: Our Commitment to Shareholder Returns
Our Commitment to Shareholder Returns… In addition to our quarterly base dividend, a performance dividend has been introduced based on amount of cash, net of debt, on our balance sheet at the end of each quarteri Quarterly dividend per share of $0.20 declared on May 4 – Base Dividend of $0.10 and Pe
Slide 29: Strong Share Price Performance
Strong Share Price Performance… Merger announcement to end Q1 2022 3 months to March 31, 2022 Rebased to 100 Rebased to 100 300 150 275 Barrick: Barrick: 29% 250 134% 135 225 200 120 GDX: 175 20% 150 105 125 GDX: Spot Gold: 100 Spot Gold: 104% 90 6% 61% 75 75 Dec-21 Jan-22 Feb-22 Mar-22 29
Slide 30: Why Invest in Barrick
Why Invest in Barrick… Best asset base Largest portfolio of best in class Tier One gold assets and producing copper mines that is unmatched in the industry, with several more waiting in the wings Clear runway All our mines have 10-year business plans – in some cases being rolled out to 15 and 20 yea
Slide 31: Barrick
BARRICK
Slide 32: Endnotes
Endnotes 1. A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve. A Tier One Copper Asset is an asset
Slide 33: Endnotes
Endnotes 9. “EBITDA” is a non-GAAP financial measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to
Slide 34: Endnotes
Endnotes 13. Nevada Gold Mines reserve and resource table on a NGM attributable basis as of December 31, 2021. Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Mineral resources are repor
Slide 35: Endnotes
Endnotes 14. “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 provisional pricing from copper and gold sales contracts; sales attributable to ore purchase arrangeme
Slide 36: Appendix A – North Leeville Significant Intercept Table
Appendix A – North Leeville Significant Intercept Tablei North Leeville Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 3.0m; internal dilution is less Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) than 20% total wi
Slide 37: Appendix B – REN Significant Intercept Table
Appendix B – REN Significant Intercept Tablei Ren Drill Results Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) 100.9 - 108.2 7.0 32.37 MRC-20011 85 -18 117.3 - 121.9 4.4 4.42 i. All intercepts calculated using a 3.4 g/t Au cutoff and are 283.5 - 331.0 21.4 7.17 uncapped; minimum in
Slide 38: Appendix C – Lubwe Significant Intercept Table
Appendix C – Lubwe Significant Intercept Tablei Lubwe Drill Results Including Interval (m) Width Cu (%) Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Cu (%) (m)iii LBE001 270 -80 96.0-108.0 12.0 0.35 96.0-104.0 8.0 0.53 LBE008 270 -80 230.0-244.0 14.0 0.31 239.0-247.0 8.0 0.34 LBE010 270 -