Slide 1: Disciplined delivery drives value…
Disciplined delivery drives value… BMO, February 2020
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: Disciplined and thoughtful strategy secures six Tier 1 mines
Disciplined and thoughtful strategy secures six Tier 1 mines1… BARRICK - RANDGOLD NEVADA JV EXECUTION and DELIVERY Massawa divestiturei KCGM divestiture Acacia acquisition Consolidate management of world’s largest gold complex Additional Tier 1 asset and more synergies Opportunity and synergy identi
Slide 4: Global footprint with world class assets
Global footprint with world class assets… Tier 1 Mines operated by Barrick Potential Tier 1 Mines in Barrick portfolio 15.3% 15.7% 17.3Moz 17.8Moz Turquoise 1.8% Ridge (61.5%) 2Moz Carlin 18.2% (61.5%) Cortez (61.5%) 0.6% 20.6Moz Pueblo 0.6Moz Viejo (60%) 21.9% 24.8Moz Loulo- 15% Gounkoto Kibali (45
Slide 5: Our Sustainability Vision
Our Sustainability Vision…earning and maintaining our LTO is core Barrick’s sustainability vision is to create long-term value for all our stakeholders. We contribute to the social and economic development of our host countries and communities. We protect the safety and health of our workforce. We r
Slide 6: Barrick 2019 highlights
Barrick 2019 highlights… a year of delivery Full year gold production at upper end and copper production above guidance ranges Gold costs per ounce down quarter on quarter Debt net of cash at $2.2 billion, down 47% from 2018 Net earnings per share of $2.26 for 2019. Adjusted net earnings per share 2
Slide 7: Group operating results
Group operating results… Q4 2019 was a strong finish for the first year following our transformational merger with Randgold Gold operating results Q4 2019 Q3 2019 2019 2018 Gold production of 5.47Moz for 2019 was at the Production (oz 000) 1,439 1,306 5,465 4,527 upper-end of our guidance range of 5
Slide 8: Group financial results
Group financial results… Financial Results Q4 2019 Q3 2019 2019 2018 Adjusted net earnings 2 of $0.17 per share Free cash flow6 of $1.1 billion in 2019 compared to $365 Revenue ($ million) 2,883 2,678 9,717 7,243 million in 2018 driven by a focus on Tier 1 assets1, NGM Net earnings (loss) ($ million
Slide 9: Barrick's Tier 1, 10 year focus
Barrick’s Tier 1, 10 year focus… in contrast to forecast industry decline Industry facing production precipice Very few companies able to deliver value growth in this environment 000 oz Gold supply by region 120 000 100 000 80 000 60 000 40 000 20 000 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2
Slide 10: Delivering value starts with replacing the gold we mined
Delivering value starts with replacing the gold we mined at improved grade… Global Attributable Contained Gold Reserves (Moz)10,11 Million 80 6.0 5.9 4.5 70 13.4 60 50 40 71 30 62 20 10 0 2018 Barrick Total Acquisition/Disposal Depletion (as at Change Gains Change Losses 2019 Barrick Total P&P Miner
Slide 11: And we replaced the copper we mined
And we replaced the copper we mined… Global Attributable Contained Copper Reserves (Blb)10,11 Billion 16 14 12 2,9 0,6 0,6 10 8 13,5 6 10,6 4 2 0 2018 Barrick Acquisition/Disposal Depletion (As of Year Change Gains Change Losses 2019 Attributable P&P Attributable P&P End) Mineral Reserve Mineral Res
Slide 12: Barrick's 5-year plan
Barrick’s 5-year plan…supported by six Tier 1 mines and a portfolio of world class opportunities Gold Production (Attributable), Koz Cost of Sales3, Total Cash Cost4 and Gold Capital Expendituresi (Attributable)8, $ million AISC4, $/oz 5,500 1,250 1,200 5,000 1,150 4,500 1,100 4,000 1,050 1,000 3,50
Slide 13: Barrick…a long term focus founded on Tier 1 mines
Barrick…a long term focus founded on Tier 1 mines and growth opportunities Donlin Gold (50%) Loulo-Gounkoto Nevada Gold Mines Mining depletion replacement to Operational delivery: progress maintain 10 year operating plan; Goldrush feasibility study and realisation of scheduled synergies Gounkoto und
Slide 14: Barrick…ESG is a strategic imperative
Barrick…ESG is a strategic imperative both morally and commercially Environmental, Social and Governance (ESG) – a broad term addressing associated risks that may impact a company’s ability to sustain its business over the long term The environmental aspect of ESG receives a lot of airtime but the “
Slide 15: Barrick…a stand out value proposition
Barrick… a stand out value proposition 210 Barrick Other Senior Gold Producers Gold US$ Spot S&P 500 190 U.S. Agg. Bond Index Dollar Index Copper Oil +79% 170 +70% 150 130 +31% +12% 110 +8% +4% 90 (8%) 70 (23%) 50 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 M&A Barrick / Pan Am Newmont / Nevada JV - C
Slide 16: Endnotes
Endnotes 1. A Tier One Gold Asset is a mine with a stated life in excess of 10 years, 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. 2. “Adjusted net earnings” and “adjusted net earnings pe
Slide 17: Endnotes
Endnotes 7. EBITDA is a non-GAAP financial measure, which excludes income tax expense; finance costs; finance income; depreciation; and income tax expense, finance costs, finance income and depreciation from equity investees. Management believes that EBITDA is a valuable indicator of our ability to
Slide 18: Appendix A – Five Year Outlook
Appendix A – Five Year Outlook Key assumptions 2020 2021 + Gold Price ($/oz) 1,350 1,200 Copper Price (US$/lb) 2.75 2.75 Oil Price (WTI) ($/barrel) 65 65 AUD Exchange Rate (AUD:USD) 0.70 0.75 ARS Exchange Rate (USD:ARS) 65.00 75.00 CAD Exchange Rate (USD:CAD) 1.30 1.30 CLP Exchange Rate (USD:CLP) 72