Barrick Mining Corporation · TSX:ABX

Barrick Mining — Barrick Gold — Bank of America Merrill Lynch 17th Annual Canada Mining Conference 2011

30 slides from Barrick Mining's conference presentation, Sep 8, 2011

  1. Slide 1: Building Value in Everything We Do

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Building Value in Everything We Do Bank of America Merrill Lynch – 17th Annual Canada Mining Conference September 2011 1 CAUTIONARY STATEMENT ON FORWARD‐LOOKING INFORMATION Certain information contained in this pre

  2. Slide 2: Key Themes

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Key Themes  Market outlook is positive – short and long term dynamics are price supportive  Increasing industry challenges favor large large, well capitalized capitalized, global organizations  ABX well position

  3. Slide 3: Equity/Commodity Disconnect

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Equity/Commodity Disconnect Consensus Estimates (CE) vs Actual Prices Forward Spot ~$1,950  Consensus view Forward Curve US$/oz Current ~$1,885 has consistently 1,800 , underestimated actual prices 1,600 2011CE 

  4. Slide 4: Bullish on Gold

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Real GDP per person Q4 2007 to Q2 2011 (% change) -10 -5 0 5 10 15 20 25 30 35 China India* Argentina Argentina* Indonesia Poland* Taiwan Brazil* South Korea Turkey* Russia Australia* Germany South Africa* Switzerl

  5. Slide 5: Global Money Supply and Gold

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Global Money Supply and Gold Gold Price US M2 Index China M2 Index Europe M2 Index US$ per ounce US$ trillions Renminbi trillions Euros trillions (September 2005 – June 2011) 1600 9 80 8.5 1200 8 60 7.5 800 7 40 6.

  6. Slide 6: Emerging Markets Gold Demand

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Emerging Markets Gold Demand China India (tonnes) (tonnes)  Accelerating +154% 700 +35% 1,132 Coins/Medals Chinese buying ( ffi i l) (official) i last in l t 5 years Investment (gold bars) with market 831 deregula

  7. Slide 7: Resources are Scarce

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Resources are Scarce  Discoveries are declining and becoming more expensive to find 150 6 Number of Discoveries and type Primary Gold Copper-Gold (three year average) 15 125 5 oration Spending (US$B) 6 14 10 11 Ex

  8. Slide 8: Industry Challenges - Price Supportive

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Industry Challenges ‐ Price Supportive  Resource nationalism – windfall taxes, royalties, indigenous ‘empowerment’, mining license review  Development project constraints – key engineering/project management skil

  9. Slide 9: Global Footprint

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Global Footprint 2010 P&P Reserves(1) North America North America 41% 2011E Production Australia Africa 9% Pacific 11% North America South 44% America 39% Africa 7% Australia Pacific S th South Af i Africa 25% Amer

  10. Slide 10: Barrick is Well Positioned

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Barrick is Well Positioned  Operational, project and technical depth  Substantial optionality in our asset base which supports mine extensions, expansions and greenfield investment opportunities  Financial stren

  11. Slide 11: Barrick's Strategy - Objectives

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Barrick’s Strategy ‐ Objectives Focus on adding value…  Meet operational and financial targets to maximize b benefits fit off rising i i metal t l prices i  Increase gold and copper reserves through exploration a

  12. Slide 12: H1 2011 Strong Financial Results

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 H1 2011 STRONG FINANCIAL RESULTS Net Adjusted Net Earnings Adjusted Earnings Net Earnings(1) Per Share Net Earnings US$M US$M US$ Per Share(1) US$ 2 160 2,160 2 121 2,121 2 16 2.16 2 12 2.12 1,679 29% 1,587 34% 1.7

  13. Slide 13: Margin Expansion

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Margin Expansion Total Cash Margins(1) Net Cash Margins(1) US$/oz US$/oz ~1,600 Average Realized Price(2) ~1,600 1,228 1,228 1,280- 1,310 1,120- 1,150 887 771 2010 2011E 2010 2011E (1) See final slide #1. 2011E tot

  14. Slide 14: Return on Shareholders' Equity

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Return on Shareholders’ Equity Return on ~21  Capturing the Shareholders’ Equity(1) Percent 19 benefit of margin expansion and strong operating 12 performance 11 7 2007 2008 2009 2010 2011E (1) See final slide #1

  15. Slide 15: History of Gold Reserve Growth

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 History of Gold Reserve Growth THROUGH ACQUISITION AND EXPLORATION Proven and Probable – millions of ounces of gold ~140 (1) 140 TOTAL EXPLORA- TION 20 21 Moz 1990 109 110 Divestitures 2010 TOTAL TOTAL MINED ACQUIR

  16. Slide 16: Exploration & Acquisition Results

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Exploration & Acquisition Results  Two potential world-class gold discoveries in Nevada – Goldrush ld h – Red Hill – Excellent land positions and deep exploration pipeline  Two quality copper assets added through

  17. Slide 17: Nevada Land Holdings / Projects

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Nevada Land Holdings / Projects Turquoise Ridge Goldstrike OREGON IDAHO NEVADA Turquoise Ridge Goldstrike Carlin Elko Marigold Cortez Cortez Bald Mtn Bald Ruby Hill Mountain Ruby Hill Round Mtn 0 miles 100 200 0 mi

  18. Slide 18: Cortez Camp - Long Discovery History

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Cortez Camp ‐ Long Discovery History Hilltop  High camp endowment N N of 39 M oz  World-class W ld l mines i and d long discovery history  2 new discoveries  Potential for additional Gold Acres discoveries belo

  19. Slide 19: Result Highlights

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 RED Result Highlights Roberts HILL Drill Hole 194ft @ 0.90 opt Mountains Thrust Grade x Thickness Less than 5 oz-ft 20ft @ 1.18 opt 5 to 10 oz-ft 10 to 20 oz-ft 35ft @ 0.40 opt 20 to 50 oz-ft 65ft @ 0.15 opt 25ft @

  20. Slide 20: Red Hill - Cross Section

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Red Hill ‐ Cross Section 35ft @ 0.15 opt 70ft @ 0.09 opt B’ 35ft @ 0.07 opt 119.8ft @ 0.34 opt 62ft @ 0.36 opt 68ft @ 0.14 opt Alluvial Cover 92.5ft @ 0.31 opt 60ft @ 0.26 opt 40ft @ 0.10 opt B 30ft @ 0.14 opt 40ft

  21. Slide 21: Cortez - Continuous Organic Growth

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Cortez ‐ Continuous Organic Growth  Large growth opportunity in well endowed Cortez Camp  Strong and continuous Carlin-style mineralization  Tabular mineralized horizon extends 4 miles from Red Hill to ET Blue 

  22. Slide 22: Reserves and Resources

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Reserves and Resources(1) Gold 37.2 Silver Contained in Gold Copper Lbs billions Moz Inferred Reserves and Resources Contained in Moz gold resources 1.6 1.2 76.3 76 3 61 6 Inferred 61.6 Contained in M&I 232.9 gold

  23. Slide 23: World Class Operations and Projects

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 World Class Operations and Projects Total Global Gold Mines by Size 5 mines Barrick Mines by Size >1 Moz (2010 gold production) 9 mines >800 Koz 3 Goldstrike Veladero 23 mines Cortez >500 Koz 4 159 mines >100 Koz 5

  24. Slide 24: Pueblo Viejo Status Update

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Pueblo Viejo STATUS UPDATE  First production expected in mid-2012  Mining fleet is operational  Long term power supply in development  Tailings dam construction has resumed  Operational readiness underway 47 P

  25. Slide 25: Pascua-Lama Status Update

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Pascua‐Lama STATUS UPDATE  First production expected in mid-2013  $4.7-$5.0 billion pre-production capital budget(1) – ~40% off capital committed  Engineering design ~90% complete  Earthworks more than 80% comp

  26. Slide 26: Project Cash Flow Potential

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Project Cash Flow Potential Pueblo Viejo EBITDA(1) Pascua-Lama EBITDA(1) US$B – Barrick’s share US$B ~1.9 ~0.9 171% 125% ~0.4 ~0.7 Feb 2008 May 2009 At $926(2) At $1,600(3) At $930(4) At $1,600(3) (1) See final sli

  27. Slide 27: Projects Next Generation

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Projects NEXT GENERATION  Lumwana Expansion, Zambia – potential to double throughput – expansion p studyy expected p to be completed p in H2 2012  Zaldivar Sulfides, Chile – potential to add significant resources

  28. Slide 28: Barrick's Strategy

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Barrick’s Strategy Focus on adding value…  Meet operational and financial targets to maximize b benefits fit off rising i i metal t l prices i  Increase gold and copper reserves through exploration and selective

  29. Slide 29: Corporate Social Responsibility

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Investment Case for Barrick  Excellent price supportive fundamentals for gold, silver and copper  A major beneficiary of rising metal prices with the industry’s largest gold production and stable operating costs

  30. Slide 30: Investment Case for Barrick

    BARRICK GOLD CORPORATION Bank of America Merrill Lynch Conference – September 8, 2011 Footnotes 1. Adjusted net earnings, adjusted net earnings per share, adjusted operating cash flow, return on equity, EBITDA , realized price, total cash margin per ounce, net cash margin per ounce, total cash costs

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