Slide 1: Finding and building world-class mines on different continents
Finding and building world-class mines on different continents… PDAC, March 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: 2019 global gold production per continent
2019 global gold production per continent… Tier 11 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 (
Slide 4: Indexed performance of gold against other asset classes
Indexed performance of gold against other asset classes… Indexed (base=100) at January 3, 1972 4500 4000 +3,674% 3500 3000 +2,965% 2500 2000 +1,267% 1500 1000 500 +437% (11%) 0 (77%) 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 Gold US$ Spot S&P 500 Oil Copper Dollar Index US Gen
Slide 5: Exploration is the engine that drives the mining value chain
Exploration is the engine that drives the mining value chain… Non-Core Assets Growth or Value Realisation not aligned with our strategic filters Tier One and Value Tier Two Assets Delivery Optionality: geological & Value commodity price Creation Exploration Time
Slide 6: Discoveries and Exploration Spend
Discoveries and Exploration Spend… Despite increasing exploration budgets, industry has little to show for it No major discoveries in almost a decade Major gold discoveries Moz US$ million US$/oz 180 10 000 160 9 000 140 8 000 7 000 120 6 000 100 5 000 80 4 000 60 3 000 40 2 000 20 1 000 0 0 1995 19
Slide 7: Reserves by major gold companies have declined 26% since 2012
Reserves by major gold companies have declined 26% since 2012…now below 2007 levels Moz Au 1000 959 967 898 900 849 860 830 818 800 766 744 700 713 700 614 584 600 500 400 300 200 100 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Agnico Eagle, AngloGold Ashanti, Barrick, China N
Slide 8: Gold Supply…forecast industry decline
Gold Supply…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 2018 2019 2020 2021 2022 2023 2024 20
Slide 9: Where to go to find world class deposits
Where to go to find world class deposits… potential for Tier 1 discoveries Canadian Shield Baltica Siberian Craton Arabian Nubian Shield North West China African Craton Craton Dhawar Amazonian Congo North Craton Craton Tanzanian Australian Craton Craton Rio de la Kalahari Craton Malagasy Yilgarn Pla
Slide 10: Time to bring a new deposit into production
Time to bring a new deposit into production… Time from Discovery to Production, 1985 to 2019 Average number of years 35 30 25 Average Reserve Life of Senior Gold Producers = ~10 years 20 15 10 5 0 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 200
Slide 11: Organic growth through exploration is the way to create value
Organic growth through exploration is the way to create value… Exploration is to mining as R&D is to the pharmaceutical companies
Slide 12: A structured exploration strategy
A structured exploration strategy… Mines Feasibility projects Reserve definition Feasibility projects and Indicated & measured reserve and resource resources definition Inferred resources Advanced targets Exploration Follow up targets targets Identified Identified targets geological Total anomalies
Slide 13: Exploration value growth
Exploration value growth… Carlin Complex Donlin Gold Cortez Pueblo Viejo Turquoise Ridge Kibali Loulo- Gounkoto Growth through organic discovery and Veladero post acquisition addition of ounces. Lagunas Norte Alturas Low cost accretive value for Barrick Goldrush Tongon Acquired Added Fourmile
Slide 14: Barrick…global discoveries
Barrick…global discoveries Tier 1 and Tier 1 potential discoveries Turquoise Ridge Goldstrike Cortez Carlin Pueblo Viejo Goldrush Loulo Morila Gounkoto Kibali Tongon Porgera Lagunas Norte Veladero Alturas
Slide 15: Building Mines…the agile way
Building Mines…the agile way Agile vs Traditional Waterfall Close-knit Owner’s Team (aligned with the operators) Focus on communication and adaptability Rolling wave “sprints” marked by milestones and presentations Regular HAZOP review Delivery is vital and as important as schedule and cost. What we
Slide 16: Kibali…a star performer
Kibali...a star performer BARRICK
Slide 17: Making a difference…
Making a difference... BARRICK
Slide 18: ESG is a strategic imperative both morally and commercially
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 “S” & “G
Slide 19: To sustain our industry, we need to work in partnership
To sustain our industry, we need to work in partnership to deliver long term value… Governments NGO’s and Regulators Mining Employees Companies and and Communities Investors
Slide 20: 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. A Tier Two Gold Asset is a mine with a stated life in