Slide 1: Results for Q4 and Full Year 2022
Results for Q4 and Full Year 2022 February 15, 2023
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: Delivering on our commitments since the Merger
Delivering on our commitments since the Mergeri… ~19Moz Gold Reserves Gold produced 2018: 62 Moz15 Acquisitions & Disposals: 10Moz16 ~$4B 2022: 76 Moz10 Return to shareholdersiii ~1.7Blb 124% While investing ~$7.5B in capital projects plus significant deleveraging Copper produced Growth in copper mi
Slide 4: Q4 2022 Group KPIs
Q4 2022 Tier One assets deliver significant growth in gold reserves and resources Group KPIs… Reconstitution of Reko Diq project completed Copper resource growth driven by Lumwana Super Pit and Reko Diq Stronger Q4 performances from Cortez, Carlin and Tongon results in full year production of 4.14Mo
Slide 5: Group operating results
Group operating results… Strong finish to the year for gold Q4 production was 13% higher than Q3 at Gold operating results Q4 2022 Q3 2022 2022 2021 lower total cash costs5 and AISC5 1,120 988 4,141 4,437 Attributable production (koz) Copper production for 2022 was near the Cost of sales ($/oz)4 1,3
Slide 6: Group financial results
Group financial results… Financial Results Q4 2022 Q3 2022 2022 2021 Revenue ($ million) 2,774 2,527 11,013 11,985 Moody’s upgraded our long-term credit rating from Baa1 to A3, making Barrick the highest rated Net (loss) earnings ($ million) (735) 241 432 2,022 company in the gold mining industry Ad
Slide 7: Organically replacing reserves net of depletion
Organically replacing reserves net of depletion... GOLD Gold Reserves10,11 Moz Attributable proven and probable gold reserves grew 10% net of depletion to 76Moz10 at 1.67g/t – 12Moz before depletion Grade maintained despite an increase in the reserve price assumption to $1,300/oz (from $1,200/oz) At
Slide 8: Health and Safety
Health and Safety... Lost time injuries, total recordable LTIFR12 & TRIFR injuries and associated frequency rates GROUP LTIFR GROUP TRIFR improved quarter-on-quarter 2.50 2.24 TRIFR12 decreased by 12% year-on-year 2.12 2.00 Two tragic fatalities recorded during Q4 1.68 2022 1.47 1.50 Enhanced focus
Slide 9: Environment & Community
Environment & Community… Before Zero Class 1 (high significance) environmental incidents recorded during Q4 and full-year 2022 Average water use efficiency for Q4 was ~84% and for 2022 was ~83% — above the annual target of 80% The Group’s GHG emissions decreased year-on-year by ~2%, in line with
Slide 10: Sustainability: Investing in a better future
Sustainability Delivering Against Sustainable Development Goals at Reko Diq Investing in a In line with our philosophy of partnership, we recognize and pursue our responsibility better future and the opportunity that the UN Sustainable Development Goals (SDGs) represent to deliver social upliftment
Slide 11: North America
North America… Nevada hosts 3 Tier One gold Donlin (50%) mines owned (61.5%) and CANADA operated by Barrick Hemlo 100% Golden Sunlight Toronto NGM (61.5%) corporate Turquoise Ridge Phoenix (61.5%) office Carlin Cortez (Incl. Goldrush) Fourmile 100% USA Tier One gold mines Other gold mines Pipeline p
Slide 12: Nevada Gold Mines operating results
Nevada Gold Mines… Nevada Gold Mines (61.5%)13 Q4 2022 Q3 2022 2022 2021 operating results Ore tonnes processed (000) 10,052 7,594 34,873 49,232 Nevada, USA Average grade processed (g/t) 2.53 2.69 2.50 1.78 Carlin Recovery rate (%) 80% 78% 78% 79% Higher grade in Q4 at the Goldstrike 5th NW layback
Slide 13: Nevada…delivering Growth and Discovery
Nevada…delivering Growth and Discovery Turquoise Ridge – Drilling Turquoise Ridge REN – Increased inferred resource N confirmed targeting concept at to 1.6Moz14,i BBT Corridor opening new Growth expected to continue in 2023 growth area at TRUG Carlin North Leeville – Increased inferred Robertson – 1
Slide 14: New Dorothy discovery confirms significant upside
New Dorothy discovery confirms significant upside along corridor north of Fourmilei (100% Barrick)… Barrick NGM N 21.9g/t FM22-179Diii 70.7g/t FM22-180Diii 18.0m at 29.67g/t 58.8g/t 39.6m at 12.71g/t 31.7m at 33.69g/t 115.5g/t 67.4g/t P&P Reserves M&I Resources 1km Inferred Resources Exploration Ups
Slide 15: North American exploration: new frontiers and high grade discoveries
North American exploration...new Significant Au and Cu deposits frontiers and high grade discoveries >0.5Moz Au and/or >0.5Mt Cu N Exploring New Frontiers for both Gold and Copper Tier One copper country across the region Canada New greenfield districts leveraging exploration expertise Northern Cord
Slide 16: Latin America and Asia-Pacific
Pueblo Viejo (60%) DOMINICAN Latin America REPUBLIC and Asia- GUYANA SURINAME AFGHANISTAN Reko Diq (50%) Pacific… IRAN PAKISTAN, Balochistan INDIA Pierina Reserve growth PERU delivers a 20+ Zaldivar 50% year life of mine Norte Abierto 50% JAPAN at Pueblo Viejo Pascua-Lama 100% Veladero Alturas 100%
Slide 17: Pueblo Viejo operating results
Pueblo Viejo…operating results Dominican Republic Pueblo Viejo (60%) Q4 2022 Q3 2022 2022 2021 Pueblo Viejo achieves production and total cash Ore tonnes processed (000) 1,353 1,501 5,669 5,466 costs5 well within 2022 guidance Average grade processed 2.43 2.89 2.68 3.18 Record mill throughput achiev
Slide 18: Veladero operating results
Veladero…operating results Argentina Significant improvement in production following the Veladero (50%) Q4 2022 Q3 2022 2022 2021 extended winter season Ore tonnes processed (000) 3,659 3,676 14,222 11,114 2022 production was below the guidance range due to Average grade processed (g/t) 0.61 0.72 0.
Slide 19: LATAM exploration: portfolio reassessment delivers encouraging results
LATAM exploration…portfolio reassessment delivers encouraging results Barrick projects Dominican JV projects Barrick claims Republic N Cerro Lila Pueblo Viejo Morro Sur El N Guiana Shield Encierro Morro Escondido Pascua- Lama Lama Ortiga Project Trend Fortuna Peru Camp Veladero Veladero Antenas- Min
Slide 20: Porgera
Porgera Papua New Guinea First meeting of the new joint venture company board of directors took place in Oct 2022 – will hold the license for New Porgera Owned 49% by Barrick Niugini Limited and 51% by Papua New Guinea (PNG) stakeholders We continue to work with the PNG government to finalize remain
Slide 21: Reko Diq: one of the world's largest undeveloped copper-gold deposits
Reko Diq…one of the world’s largest undeveloped copper-gold deposits Pakistan Completion of legal processes and definitive transaction agreements allows project to move forward Project surface rights, mining leases and exploration licence granted as part of reconstitution Updated feasibility study s
Slide 22: Africa & Middle East
Africa & A world class gold and copper portfolio Middle East… Jabal Sayid EGYPT 50% Significant MALI SAUDI ARABIA potential SENEGAL Loulo-Gounkoto growth to come 80% Kibali 45% MALI from the Tongon 89.7% DRC COTE D’IVOIRE Lumwana DRC North Mara 84% Super Pit Buzwagi TANZANIA Bulyanhulu 84% Lumwana T
Slide 23: Loulo-Gounkoto operating results
Loulo-Gounkoto…operating results Mali Loulo-Gounkoto (80%) Q4 2022 Q3 2022 2022 2021 Tier One asset delivers another quarter of consistent and improving production at lower per Ore tonnes processed (000) 1,041 1,015 4,069 4,015 ounce costs Average grade processed (g/t) 4.58 4.34 4.59 4.79 2022 produ
Slide 24: Loulo District: Bambadji permit
Loulo District…Bambadji permit Yalea Mali - Senegal 26km strike of high-prospectivity Bambadji Main Shear Zone Djenebou Latifa Mananord (BMSZ) defined within the Bambadji Permit – associated with Kabetea Kach continuous surface gold anomalism 26km Bambadji Main Shear Zone (BMSZ) Kabewest Diala 9 key
Slide 25: Kibali operating results
Kibali…operating results DRC Kibali (45%) Q4 2022 Q3 2022 2022 2021 Q4 was the strongest quarter of production in 2022 Ore tonnes processed (000) 954 898 3,495 3,503 Average grade processed Third consecutive quarter of improved plant 3.56 3.26 3.39 3.62 (g/t) throughput Recovery rate (%) 89% 88% 88%
Slide 26: Building the target pipeline along the Kibali KZ Zone
Building the target pipeline along the Kibali KZ Zone… KZ North Oere Target Recent drill results return some of the best intersections to date N highlighting open extensions down plunge and down dip. Significant Ikamva 2km results include: Kalimva ORDD0031i 8.1m at 11.6g/t and ORDD0057i 19.8m at 6.1
Slide 27: Tanzania operating results
Tanzania…operating results North Mara North Mara beats 2022 production guidance North Mara (84%) Q4 2022 Q3 2022 2022 2021 Successful transition to an owner miner strategy in early Gold produced (oz 000) 70 71 263 260 2022 Cost of sales ($/oz)4 1,030 956 979 966 10 new CAT 777 trucks commissioned in
Slide 28: Copper Operations
Copper Operations Lumwana, Zambia Lumwana (100%) Q4 2022 Q3 2022 2022 2021 Production was in the upper half of the 2022 guidance Copper produced (lbs million) 53 82 267 242 range Cost of sales ($/lb)4 3.56 2.19 2.42 2.25 The ongoing transition to an owner-miner strategy with an C1 cash costs ($/lb)6
Slide 29: Jabal Sayid: Growing our exploration footprint
Jabal Sayid…Growing our exploration footprint Continued development of Lode 1 and early greenfields success Jabal Sayid Early success in greenfields Drill results at Lode 1 Deeps continue to support LOM – scope to develop new program in addition to continued N orebody less than 1km from existing lod
Slide 30: Committed to Shareholder Returns
Committed to Shareholder Returns… Record cash returns to shareholders in 2022 of $1.6 billion in the form of dividends and share buybacks Returns to Shareholders ($m) $1,600 A new $1 billion share buyback program announced for the next 12 monthsi $1,400 In addition to our quarterly base dividendii,
Slide 31: While Building for the Future
…While Building for the Future 10-YEAR GOLD and COPPER - base case production outlook with Reko Diq and Lumwana Super Pit (gold equivalent koz) 7,000 North America LATAM and AP Africa and Middle East Reko Diq and Lumwana Super Pit 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,0
Slide 32: Unlocking value in our global portfolio
Unlocking value in our global portfolio... Quality assets Consistent reserve replacement and resource growth has allowed Barrick to underpin each operation and project with a fully planned 10+ year production profile Free cash flow A transparent and long-term production profile that generates robust
Slide 33: Barrick… we do what we say
In Summary Best Asset Base Barrick… Largest portfolio of Tier One and world-class gold and copper assets that is unmatched we do what in the industry we say Clear Runway All our mines have 10-year business plans – in some cases being rolled out to 15 and 20 years – firmly anchored in demonstrable ge
Slide 34: Connect with us
BARRICK GOLD CORPORATION Corporate Office: TD Canada Trust Tower 161 Bay Street, Suite 3700 Toronto, Canada M5J 2S1 Tel: +1 416 861-9911 Toll-free throughout North America: 1 800 720-7415 Connect with us 34
Slide 35: Endnotes
Endnotes 1. A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum 10-year life, 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. A Tier One Copper Asset is an asset
Slide 36: Endnotes
Endnotes 7. “EBITDA” is a non-GAAP financial measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to
Slide 37: Endnotes
Endnotes 13. Included within our 61.5% interest in Carlin is NGM's interest in South Arturo. On September 7, 2021, Barrick announced it had entered into an Exchange Agreement with i-80 Gold to acquire the 40% interest in South Arturo that NGM did not already own in exchange for the Lone Tree and Buf
Slide 38: Technical Information
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Craig Fiddes, SME-RM, Manager – Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific; Richard Peattie, MPhil, FA
Slide 39: Appendix A – Fourmile Significant Intercepts
Appendix A – Fourmile Significant Interceptsi i. All intercepts calculated using a 3.4 g/t Au cutoff Highlight Fourmile Drill Results Includingiv and are uncapped; minimum intercept width is 3.0 meters; internal dilution is less than 20% Width total width. Core Drill Holeii Azimuth Dip Interval (m)
Slide 40: Appendix B – Kibali Significant Intercept Table
Appendix B – Kibali Significant Intercept Tablei Kibali Drill Results i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum ii iii intercept width is 2 m; internal dilution is equal to or less than 25% total width Core Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t)
Slide 41: Appendix C – Jabal Sayid Significant Intercept Table
Appendix C – Jabal Sayid Significant Intercept Tablei i. All intercepts calculated using a 0.5% Cu cutoff and are uncapped; Jabal Sayid Q4 2022 Drill Results minimum intercept width is 2m; internal dilution is equal to or less than Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Cu (%) 5m to
Slide 42: Appendix D – Outlook
Appendix D – Outlook Key assumptions 2023 2024 2025+ Gold Price ($/oz) 1,650 1,300 1,300 Copper Price ($/lb) 3.50 3.00 3.00 Oil Price (WTI) ($/barrel) 90 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 170 170 170 CAD Exchange Rate (USD:CAD) 1.30 1.30 1.30 CLP Exchange R