Slide 1: Fourth Quarter 2013 Results and 2014 Outlook
Fourth Quarter 2013 Results and 2014 Outlook Conference Call / Webcast – February 13, 2014 1 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 fi
Slide 2: Reshaping Barrick's Future
Fourth Quarter 2013 Results Jamie Sokalsky Ammar Al-Joundi Jim Gowans Rob Krcmarov President and CEO Executive Vice President Executive Vice President Senior Vice President and CFO and COO Global Exploration 3 Reshaping Barrick’s Future Disciplined capital allocation framework continues to be at t
Slide 3: 2013 Scorecard
2013 Scorecard Priority Actions Taken/Result 9 Achieved A hi d improved i d 2013 guidance id Operating 9 Flatter operating model Excellence 9 Successful turn-around at Lumwana 9 De-levered balance sheet with $3.0B equity offering 9 Reduced R d d and d extended t d d near-term t maturities t iti Fina
Slide 4: 2013 Gold Performance vs Guidance
2013 Gold Performance vs Guidance Production (Moz) AISC(1) (US$/oz) Adjusted Operating Costs(1,2) 7.0 7.0- 7.17 1,000 ~11% 1,000- (US$/oz) 7.4 Actual 1,100 Original Original 900- 975 915 Revised Actual ~7% 610- 660 575- Original 566 600 Actual Revised 0 400 400 (1) Percentages calculated based on mi
Slide 5: Lumwana – Sustained Improvements
Lumwana – Sustained Improvements 2013 production of 260 Production (Mlb) C1 Costs ($/lb) $4.00 80 Mlbs at C1 cash costs of New mine p plan adopted $2.29/lb 70 $3.50 Similar production at lower C1 cash costs 60 $3.00 New leadership expected in 2014 appointed Significant Si ifi t costt 50 $2 50
Slide 6: 2013 Reserves and Resources
2013 Reserves and Resources(1) Conservative $1,100 per ounce gold price reserve assumption p reflects commitment to maximize risk- adjusted returns and free cash flow Gold Moz P&P Reserves 104.1 M&I Resources 99.4 Inferred Resources 31.9 Copper pp Blb P&P Reserves 14.0 M&I Resources 6.9 Inferred R
Slide 7: 2014 Exploration Focused on Nevada
2014 Exploration Focused on Nevada Reduced budget of Turquoise Ridge $200-$240 $ $ million(1) focused G ld t ik Goldstrike on high quality targets Carlin Elko Goldrush resources: Battle Mtn. d by – increased b 1.66 Moz to 10.0 0 0 Moz measured & indicated (2) Cortez – 5.6 Moz inferred(2) Bald Mt
Slide 8: High Quality Portfolio
High Quality Portfolio 2014e: 6.0-6.5 Moz of gold at AISC of $920-$980/oz(1) ~60% 5 core mines at AISCe of $750-$800/oz ~20% 6 mines at AISCe of $900 ~20% -$950/oz 6 mines at AISCe of >$1,100/oz (1) See final slide #7. 15 Pascua-Lama: Full Ramp-Down by Mid-2014 Temporary suspension improves near t
Slide 9: Fourth Quarter 2013 Results
Fourth Quarter 2013 Results Adjusted net earnings: Gold AISC Copper C1 Costs ($US/oz) ($US/lb) $0 41B ($0 $0.41B ($0.37/sh) 37/sh) 1,048 1.93 Net loss: ~6% $2.83B $ 8 ($2.61/sh) ($ / ) ~14% Operating cash flow 1.81 (OCF): $1.02B Adjusted OCF: $1.09B 899 Gold p production: 1.71 Moz Copper
Slide 10: Increased Financial Flexibility
Increased Financial Flexibility Generated $4.2B of operating cash flow in 2013 ~$2.0B of reductions to 2013 budgeted capital and costs $4.0B $4 0B undrawn d credit dit ffacility ilit extended t d d to t 2019 Significantly lower 2014 cash outlay for Pascua-Lama Termed out $3.0B in debt in 2
Slide 11: 2014 Outlook
2014 Outlook(1) Gold Production: 6.0-6.5 6 0 6 5 Moz AISC: $920-$980/oz Adjusted Operating Costs: $590-$640/oz Copper Production 470-500 Mlbs C1 cashh costs t $1.90-2.10/lb $1 90 2 10/lb C3 fully allocated costs: $2 50 $2 75/lb $2.50-$2.75/lb (1) See final slide #5. 21 2014 Outlook(1)
Slide 12: The Next Phase
The Next Phase Prioritizing cash flow and profitable production Capital discipline Strategic scenario planning to maximize cash flow in any price environment High Well positioned in current gold price cycle quality assets AISC remains the lowest of senior producers Implementing further cost reductio