Slide 1: Building Value in Everything We Do
Building Value in Everything We Do Denver Gold Forum – September 2011 1 CAUTIONARY STATEMENT ON FORWARD‐LOOKING INFORMATION Certain information contained in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance and other stateme
Slide 2: Equity/Commodity Disconnect
Equity/Commodity Disconnect Consensus Estimates (CE) vs Actual Prices Consensus view US$/oz Forward Spot ~$1,880 Forward Curve has consistently 1,800 Current ~$1,779 underestimated actual prices 1 600 1,600 2011CE Equities should Actual YTD Avg. ~$1,493 respond as price 1,400 forecasts recalibra
Slide 3: Net Official Sector Buying
Net Official Sector Buying (tonnes) 663 Net official sector buying for the first time since 1988 479 484 H1 2011 purchases 365 are more than 235 double that of full year 2010 34 2004 2005 2006 2007 2008 2009 2010 H1 2011 73 Sources: GFMS, WGC 192 5 Emerging Markets Gold Demand China India (tonne
Slide 4: Positive Copper Outlook
Positive Copper Outlook Demand being supported by the urbanization of emerging markets such as China and India – China will have more than 220 +1 million plus population cities by 2025 compared to Europe with 35 today – China China’ss economy expected to be the largest and India’s India s in the t
Slide 5: Global Footprint
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 South Africa 25% America South 24% America i Australia Pacific Mine Project See final slide #3 9 Barrick is Well Posi
Slide 6: Strategy
Strategy Leverage our competitive strengths to grow and improve the quality of our production base by: – maximizing the potential of our existing operations and land positions – developing our project pipeline – securing new deposits through exploration and acquisitions – focus is on gold and gold
Slide 7: H1 2011 Strong Financial Results
H1 2011 STRONG FINANCIAL RESULTS Realized Gold Gold Margin(1) Gold Margin(1) Price(1) Total Cash Cost Basis Net Cash Cost Basis 1 452 1,452 $US/ $US/oz $US/ $US/oz $US/oz 1,129 1,011 1,158 25% 861 31% 761 33% H1 10 H1 11 H1 10 H1 11 H1 10 H1 11 (1) See final slide #1 13 H1 2011 STRONG FINANCIAL RESU
Slide 8: Leverage to Gold
Leverage to Gold Barrick EPS & CFPS vs Gold Barrick’s adjusted Returns ((US$) $) 800% net ea earnings nings and ( = adjusted) 700% cash flow growth (1) has significantly 600% outpaced the rise in 500% gold prices g p over the 400% past 7 years 300% 200% 100% (1) See final slide #1. #1 All EPS figu
Slide 9: Barrick's Strategy
Barrick’s Strategy Focus on adding value… Meet M t operational ti l and d fi financial i l targets t t tto maximize i i benefits of rising metal prices Increase gold and copper reserves through exploration and selective acquisitions Maximize the value of existing mines and properties, leveragi
Slide 10: 2011 Exploration Program
2011 Exploration Program(1) $370-$390M ~80% 38% North America African Barrick 13% $210M 11% South America Australia A t li 38% Pacific 2011 exploration budget increased to $370-$390 M; 2010 Operation 2011 Development Project ~40% to be capitalized (1) See final slide #5 19 Exploration & Acquisitio
Slide 11: Nevada Land Holdings / Projects
History of Reserve/Resource Growth 50 Reserve/resource ounces added post acquisition or discovery ounces millions 40 ACQUIRED ADDED GRASSROOTS 30 20 10 0 21 Nevada Land Holdings / Projects Turquoise Ridge g Goldstrike Go ds e OREGON IDAHO NEVADA Turquoise Ridge Goldstrike Carlin Elko Marigold Cortez
Slide 12: Red Hill / Goldrush Corridor
Cortez Camp ‐ Long Discovery History Hilltop High camp endowment N N of 39 M oz World-class mines and long discovery history 2 new discoveries Potential for additional Gold Acres discoveries below cover Pipeline Cortez Buckhorn Discovery Gold Mine - >10Moz Endowment Cortez Horse Gold Mine -
Slide 13: Red Hill / Goldrush - Long Section
RED Result Highlights Roberts HILL Drill Hole 194ft @ 0.90 opt Mountains Thrust Grade x Thickness Less than 5 oz-ft 20ft @ 1 1.18 18 opt 5 to 10 oz-ft oz ft 10 to 20 oz-ft 35ft @ 0.40 opt 20 to 50 oz-ft 65ft @ 0.15 opt 25ft @ 0.18 opt Greater than 50 oz-ft 120ft @ 0 0.14 14 opt 116ft @ 0.35 opt (opt
Slide 14: Red Hill - Cross Section
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 @ 0.10 opt Mineralized Horizon Mudstone Siltstone Section Location Inset Map Red Hill
Slide 15: Cortez - Continuous Organic Growth
Cortez ‐ Continuous Organic Growth Large growth opportunity in well endowed Cortez Camp Strong and continuous Carlin-style Carlin style mineralization Tabular mineralized horizon extends 4 miles from Red Hill to ET Blue +3.5 M oz inferred resource outlined at Red Hill and open in all directi
Slide 16: Reserves and Resources
Reserves and Resources(1) Gold 37.2 Silver Contained in Gold Copper Lbs billions Moz Inferred Reserves and Resources Contained in Moz gold ld resources 1.6 1 6 1.2 76.3 61.6 Inferred Contained in M&I 232.9 gold reserves 5.7 M&I 14.6 Inferred 1,066.3 47.0 P&P 932.6 139.8 12.4 P&P 13.0 M&I 17.6 0.2 1.
Slide 17: Pueblo Viejo (60%) Highlights
World Class Operations and Projects Total Global Gold Mines by Size 5 mines Barrick Mines by Size >1 Moz (2010 gold production) 9 mines >800 800 Koz K 3 Goldstrike Veladero 23 mines i Cortez >500 Koz 4 159 mines >100 Koz 5 3 Projects ~1 Moz Pueblo Viejo 17 2 Projects ~800 800 Koz Cerro Casale Turquo
Slide 18: Pascua-Lama Highlights
Pascua‐Lama HIGHLIGHTS Large, low operating cost mine with high silver values 800-850 800 850 K oz at negative total cash costs of $225 – $275/oz Au(1) (after silver credit) – everyy $ $1/oz / increase in silver p price reduces cash costs byy ~$35/oz Au (2) Long life – currently +25 years – 20
Slide 19: Projects Next Generation
Projects NEXT GENERATION Jabal Sayid, Saudi Arabia – in construction – production d expected d to begin b in H2 2 2012 20 2 Cerro Casale, Chile (75%) – ESIA submitted, ub d, ~18 8 month o permitting p g period p od anticipated a pa d – exploration programs continuing in parallel with permitting
Slide 20: Excellent Growth Potential
Excellent Growth Potential Gold Production Silver Production Copper Production (Moz) ~9.0 (Moz) (Mlbs) ~50 ~1,000 Pascua -Lama Zaldivar Sulphides Lumwana Expansion i Pueblo 7.8 Jabal Sayid Net Viejo Lumwana Depletion 318 Zaldivar Zaldivar 6 6.0 2010 Target within 2010 Target within 2010(2) Target wi
Slide 21: Corporate Social Responsibility
Corporate Social Responsibility Strengthening CSR First Canadian mining company to join the Voluntary Principles on Security & Human Rights Implementing new Community Relations Management System CSR Advisory Board in development New N iindependent d d t director di t with ith relevant l t ex
Slide 22: Investment Case for Barrick
Investment Case for Barrick Two world-class projects nearing production and expected to generate combined annual EBITDA of ~$2.8 g $ B and lower overall cash costs by ~20%(1) Equinox adds two quality assets and an additional source of long term cash flow Deep pipeline of projects offering inve