Slide 1: Results for Q1 2020
BARRICK Results for Q1 2020... NYSE : GOLD TSX : ABX = ~.«« World class mines. World class people. e
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: Preparedness for Covid-19
Preparedness for Covid-19… Proactive and considered engagement with all stakeholders has mitigated the impact of the Covid-19 pandemic on our people and supported the sustainability of the business during this time Proactive Paramount to Barrick during the Covid-19 Response pandemic is the Health an
Slide 4: Fighting Covid-19
Fighting Covid-19… Proactive engagement with our host countries, communities and employees limits spread of the virus in our communities Medical supplies ordered for local clinics: Gloves; Masks; Hand sanitisers including an ethyl alcohol donation in Dominican Republic Medical Equipment: Test Kits;
Slide 5: Sustainability Report & Scorecard
Sustainability Report & Scorecard… Sustainability report published on April 7 reaffirming our commitment to ESG and sustainability - improved performance against all key KPIs Developed a sustainability scorecard to rate our ESG performance over the past year - an industry first Scorecard compares ou
Slide 6: Health & Safety
Health & Safety… LTIs 1 decreased to 9 in Q1 – 4 less than LTIFR1 TRIFR2 previous quarter 3.0 2.75 LTIFR1 decreased to 0.32 in Q1 from 0.47 in 2.5 previous quarter 2.18 2.23 46 injuries recorded during Q1 – 5 less than 2.0 1.86 previous quarter 1.64 TRIFR2 decreased to 1.64 from 1.86 in 1.5 previous
Slide 7: Environment & Community
Environment & Community… Zero class 1 (high impact) environmental incidents3 recorded in Q1 77% water reuse and recycling rate Pueblo Viejo power plant received first natural gas shipment in Q1 - lowers GHG emissions and cuts costs Nevada Gold Mines approved conversion of TS Power Plant from coal to
Slide 8: Barrick Q1 2020 KPIs
Barrick…Q1 2020 KPIs Solid start to the year from all operations Gold production and costs consistent with full year guidance Debt, net of cash, down a further 17% to $1.85 billion with no significant maturities until 2033 Operating Cash Flow increases to $889 million and Free Cash Flow4 to $438 mil
Slide 9: Group operating results
Group operating results… Strong Q1 2020 production consistent with Gold operating results Q1 2020 Q4 2019 Q1 2019 guidance, despite Covid-19 pandemic, but care and Production (oz 000) 1,250 1,439 1,367 maintenance at Porgera necessitates revised group guidance of 4.6Moz to 5.0Mozi for the year Cost
Slide 10: Group financial results
Group financial results… Adjusted net earnings5 of $0.16 per share in Q1 Financial Results Q1 2020 Q4 2019 Q1 2019 2020 Revenue ($ million) 2,721 2,883 2,093 Increased free cash flow4 of $438 million in Q1 Net earnings ($ million) 400 1,387 111 compared to prior quarter, driven by good Adjusted net
Slide 11: To be World Class requires a global presence
To be World Class requires a global presence… Operating presence in prolific gold districts Dominant district scale land positions Understand mineral systems at district and deposit scale Barrick projects 3 - 5Moz 5 – 10Moz Exploration presence in under-explored or emerging frontiers >10Moz Actively
Slide 12: Carlin
Carlin… Nevada, USA Production 8% lower compared to prior quarter, Carlin11 (61.5%) Q1 2020 Q4 2019 Q1 2019 primarily due to increase in higher grade Cortez ore Total tonnes mined (000) 17,120 13,639 11,982 processed by Carlin roasters displacing lower grade Average grade processed Carlin ore in the
Slide 13: Cortez
Cortez… Nevada, USA Cortez12 (61.5%) Q1 2020 Q4 2019 Q1 2019 Production 4% lower compared to prior quarter, Total tonnes mined (000) 22,696 23,422 27,572 primarily due to lower processed grades following Average grade processed (g/t) 1.06 1.29 1.66 depletion of higher-grade CHOP oxide stockpile Ore
Slide 14: Turquoise Ridge
Turquoise Ridge… Nevada, USA Turquoise Ridge14 Q1 2020 Q4 2019 Q1 2019 Production lower than the prior quarter, primarily (61.5%) due to lower throughput and lower grades Ore tonnes processed (000) 862 934 155 processed at the autoclave Average grade processed 3.35 4.28 17.71 Total cash cost per oun
Slide 15: Other - Nevada Gold Mines
Other - Nevada Gold Mines… Phoenix Phoenix (61.5%)i Q1 2020 Q4 2019 Production 13% higher compared to the prior Gold produced (oz 000) 35 31 quarter, primarily due to higher grade and better Cost of sales ($/oz)6 1,583 2,025 recoveries Total cash costs ($/oz)7 737 902 AISC per ounce7 12% lower All-i
Slide 16: Nevada upside
Nevada upside… Carlin Goldrush Exploration Declines and Final Feasibility on track Turquoise Ridge third shaft advances as expected Leeville Complex and surrounding area is an NGM exploration priority Fourmile drilling expands mineralization Near mine extension potential at Rita K, Greater Leeville,
Slide 17: Fourmile
Fourmile… Expanding high-grade mineralization High-grade mineralization intersected 150m down dip west of Fourmile Significant mineralization in step out holes 150m west of Sophia and 135m west of Dorothy Mineralized system extended another 900m to the north of Dorothy, for a total of +3.0 kilometre
Slide 18: Nevada power projects
Nevada power projects… TS Power Plant TS power plant conversion to natural gas We expect permit approval in Q4 2020 Project allows us to replace the original coal fuel with cleaner natural gas Reduction of 650,000 tonnes of CO 2 per year TS solar project Initial phase of 100MW (potential to go to 20
Slide 19: Hemlo
Hemlo… Ontario, Canada Production 6% higher than the prior quarter due Hemlo (100%) Q1 2020 Q4 2019 Q1 2019 to higher grades from C-Zone underground and Ore tonnes processed (000) 493 795 733 open pit stockpiles Average grade processed (g/t) 3.64 2.28 2.49 Quarter on quarter unit costs lower as a re
Slide 20: North America
North America… 31Moz Reserves16 70Moz M&I Resources16 11Moz Inferred Resources16 NGM – the largest gold mining complex in the Donlin JV world delivering 3.5-3.8Moz (100%) over the next 5+ years Eskay Creek Hemlo – continues path to Tier 2 status Donlin JV – provides gold price optionality Drilling u
Slide 21: Pueblo Viejo
Pueblo Viejo… Dominican Republic Pueblo Viejo17 (60%) Q1 2020 Q4 2019 Q1 2019 Production lower than the prior quarter due to lower feed grade in-line with the planned mine Open pit tonnes mined (000) 4,039 5,729 7,070 and processing sequence Average grade processed (g/t) 3.44 4.20 3.75 Lower grade s
Slide 22: Dominican Republic mine prepares for upgrade
Dominican Republic…mine prepares for upgrade Quisqueya 1 Process plant expansion engineering and cost estimates completed TSF3 feasibility study temporarily delayed due to Covid-19 impacts and postponement of presidential election Expansion project remains on-track: The current tailings disposal fac
Slide 23: Veladero
Veladero… Argentina Production 6% higher than prior quarter as a result Veladero18 (50%) Q1 2020 Q4 2019 Q1 2019 of higher recoveries Average grade processed (g/t) 0.80 0.88 0.75 Partially offset by a decrease in head grade Ore tonnes processed (000) 3,243 3,880 3,416 and fresh ore stacked on the he
Slide 24: South America
South America… Veladero and El Indio Belt Veladero Chile Argentina Resources added, pits N reoptimized and mine plans updated to extend the LOM from 2028 to 2031 Los Veladero Pascua Lama Amarillos ARGENTINA Mine Brecha Porfiada Penélope Amarillos Camp Penelope Lama Process Veladero Fabiana CHILE Pas
Slide 25: LatAm offers exciting prospects for new discoveries
LatAm offers exciting prospects for new discoveries… El Indio Belt Robust mineral inventory Pascua Lama Veladero 22Moz Reserves16 Pueblo Viejo JV 71Moz M&I Resources16 18Moz Inferred Resources16 Ownership of some of the largest undeveloped growth assets Lagunas Norte Pascua-Lama Chile Argentina Pier
Slide 26: Porgera
Porgera… Papua New Guinea Production lower than prior quarter primarily due Porgera19 (47.5%) Q1 2020 Q4 2019 Q1 2019 to lower ore grade mined as planned, resulting in Total tonnes mined (000) 2,809 2,880 2,964 increased costs per ounce Average grade processed (g/t) 2.98 3.94 3.19 Autoclave tonnes p
Slide 27: Loulo-Gounkoto
Loulo-Gounkoto… Mali Production slightly lower than prior quarter mainly Loulo-Gounkoto20 (80%) Q1 2020 Q4 2019 Q1 2019 due to lower feed grade from Yalea underground Total tonnes mined (000) 7,572 7,250 8,779 partially offset by higher throughput and higher Average grade processed (g/t) 4.96 5.64 4
Slide 28: Kibali
Kibali… DRC Production 5% higher than prior quarter due to improved Kibali21 (45%) Q1 2020 Q4 2019 Q1 2019 underground feed grade Total tonnes mined (000) 3,175 3,096 3,162 Throughput and recovery in line with Q4 2019 Average grade processed (g/t) 3.77 3.67 3.89 Total cash cost per ounce7 4% lower t
Slide 29: Tongon
Tongon… Côte d'Ivoire Production in line with the prior quarter Tongon (89.7%) Q1 2020 Q4 2019 Q1 2019 Decrease in unit costs primarily driven by lower Total tonnes mined (000) 5,211 5,251 6,009 processing and mining costs Average grade processed (g/t) 2.34 2.56 2.39 Ore tonnes processed (000) 982 8
Slide 30: West Africa regional field work identifies a new prospective NNW corridor
West Africa…regional field work identifies a new prospective NNW corridor Siliclastic, volcaniclastic and carbonate rocks Siliclastic and carbonate rocks Saraya Batholith Faleme Batholith Complex High K Calc Loulo: Alkaline incl Albitites Yalea Ridge rock chip sampling averages 3.65g/t over Deposits
Slide 31: North Mara
North Mara… Tanzania Signing of the Framework Agreement and the 84:16 joint North Mara (84%)22 Q1 2020 Q4 2019 Q1 2019 venture results in a decrease in attributable production Total tonnes mined (000) 2,448 3,529 2,368 Production impacted by lower grades mined and Average grade processed 3.42 4.78 3
Slide 32: Bulyanhulu and Buzwagi
Bulyanhulu and Buzwagi… Tanzania Bulyanhulu Bulyanhulu (84%)22 Q1 2020 Q4 2019 Q1 2019 Integrated study aimed at optimizing the complete Gold produced (oz 000) 7 9 6 orebody and recapitalizing existing infrastructure Cost of sales ($/oz)6 1,685 1,293 1,008 to resume underground mining operations by
Slide 33: Central and East Africa
Central and East Africa… Congo – Tanzania Craton Central African Republic South Sudan Kibali District scale mapping and modelling reveals new Kibali target areas Uganda N Ngayu Belt Renewed interest in district potential Robust drill intercepts on multiple satellite and Kenya Lake extension programs
Slide 34: Africa & Middle East unrivalled success and deep experience
Africa & Middle East…unrivalled success and deep experience Reserves: 18Moz16 M&I Resources: 27Moz16 Inferred Resources: 10Moz16 Loulo- Jabal Gounkoto Sayid Morila Tongon Mali – Senegal structures keep yielding high quality Kibali orebody extensions and new kilometric scale North Mara anomalies Buly
Slide 35: Copper mines
Copper mines…. Lumwana, Zambia Lumwana (100%) Q1 2020 Q4 2019 Q1 2019 Production 2% higher than the prior quarter as increased feed Copper produced (lbs million) 64 63 61 grade outweighed lower throughput Cost of sales ($/lb) 1.94 2.22 2.16 Lower costs quarter-over-quarter were due to improved grade
Slide 36: Innovation
Innovation… New global SAP ERP (Enterprise Resource Planning) System on track First implementation at NGM commencing in Q3 2020 More agile, less overly-customized tool, focused on getting the right information Unlock synergies for NGM and lay the groundwork for a solution that will be rolled out to
Slide 37: Group Gold Production 10 year plan
Group Gold Production…10 year plan Gold Production (attributable) koz Cost of Sales6, Total Cash Costs7 and Total Gold Capital Expenditures (attributable) $million AISC7, $/oz 1400 5000 1200 4000 1000 3000 800 600 2000 400 1000 200 0 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 North America
Slide 38: Relative Share Price Performance
Relative Share Price Performance… Relative Share Price Performance since Relative Share Price Performance YTD merger announcement with Randgold Base = 100 Base = 100 275 150 Barrick 157% Barrick 45% 250 140 130 225 120 200 110 175 100 150 90 125 80 GDX 14% GDX 77% Spot Gold 12% 100 70 Spot Gold 42%
Slide 39: 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 40: Endnotes
Endnotes 8. “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures. “C1 cash costs” per pound is based on cost of sales but excludes the impact of depreciation and royalties and production taxes and includes treatment and refinement charges. “Al
Slide 41: Endnotes
Endnotes 15. A Tier Two Gold Asset is a mine with a stated life in excess of 10 years, annual production of at least 250,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve. 16. Estimated in accordance with National Instrument 43
Slide 42: Technical Information
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Steven Yopps, MMSA, Director - Metallurgy, North America; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America and Australia Pacific; Simon Bottoms, CGeol, MGeol, FG
Slide 43: Appendix A – Fourmile Significant Intercept Table
Appendix A – Fourmile Significant Intercept Table i i. All intercepts calculated using a 5 g/t Au cutoff and are uncapped; minimum intercept width is 0.8m; internal dilution is Drill Results from Q1 2020 less than 20% total width Width ii. Fourmile drill hole nomenclature: FM (Fourmile) followed by
Slide 44: Appendix B – DB1/Gounkoto MZ1 Significant Intercept Table & Yalea Ridge Rock Chip Sampling
Appendix B – DB1/Gounkoto MZ1 Significant Intercept Table & i Yalea Ridge Rock Chip Sampling Procedures Drill Results from Q1 2020 Width Lode Drill Holeii Azimuth Dip Interval (m) Au (g/t) i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum (m)iii intercept width is 2m;
Slide 45: Appendix C – Gounkoto MZ1 Significant Intercept Table
Appendix C – Gounkoto MZ1 Significant Intercept Table i Drill Results from Q1 2020 Width Lode Drill Holeii Azimuth Dip Interval (m) Au (g/t) i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum (m)iii intercept width is 2m; internal dilution is equal to or less than 2m to
Slide 46: Appendix D – Outlook
Appendix D – 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) 725 680 EUR