Barrick Mining Corporation · TSX:ABX
Barrick Mining — Investor Day (November 2024)
27 slides from Barrick Mining's investor day presentation, November 2024
Slide 1: Operations North America
OPERATIONS NORTH AMERICA Christine Keener &` Henri Gonin Chief Operating Officer, North America Managing Director, Nevada Gold mines
Slide 2: North America…Barrick's Value Foundation
North America…Barrick’s Value Foundation North America on track to deliver production guidance for 2024 Focus on margins to maximize value Recapitalizing NGM with fit-for-purpose investments due to continued life-of-mine extensions New Donlin geologic model completed and workplan developed to move t
Slide 3: Safety progressing toward zero
Safety progressing toward zero Incident severity decreasing LTIFR1 down 53% since January 2022 Safety Performance TRIFR1 down 35% for the same period 6 LTIi-free months YTD 2024 Focus on leading indicators to drive improved safety performance – Critical Safety Culture Control Verifications (CCVs), C
Slide 4: World-class assets, world-class people
World-class assets, world-class people 5YR Gold Equivalent Production Contribution (attributable)i North America is Barrick’s largest gold producer with 46% of attributable gold production Largest gold producer in the U.S. boasting three tier-one mines NA AME 36% Prolific districts in the region to
Slide 5: Much was accomplished in the last 2 years…
Much was accomplished in the last 2 years… On pace to achieve production guidance Invested in new Komatsu 930-E fleet of trucks at Cortez and Carlin, bringing improved efficiencies and a Performance reduction in maintenance costs Significant investment at the Turquoise Ridge Sage autoclave to impro
Slide 6: …with clear strategic objectives guiding our future
…with clear strategic objectives guiding our future Continue to ramp-up Drive further Deliver on fit-for- Goldrush to expected efficiencies, including purpose investments 400koz (100% basis) per investing in technological and projects that meet annum productioni and innovations and our hurdles progr
Slide 7: Total Cash Costs per ounce
Total Cash Costs per ounce3 North America - by Category Total Cash Costs (by Category), $/oz3 500 2021 2022 2023 2024 F 450 400 350 300 250 200 150 100 50 0 Labour & Benefits Energy & Fuels Consumables & Spares Contracted Services Royalties Other 6% 7% Labour & Benefits 28% Energy & Fuels More refra
Slide 8: 5-year plan…step change in 2027
5-year plan…step change in 2027 NORTH AMERICAi Gold Production (Attributable), koz Cost of Sales(4), Total Cash Costs(3) and Total Capital Expenditures (Attributable), $ mln AISC(3), $/oz Hemlo Turquoise Ridge Carlin Total Cash Costs Total Capital Phoenix Cortez Cost of Sales AISC 3,000 1,600 1,500
Slide 9: Recapitalizing NGM for 10+ years
Recapitalizing NGM for 10+ years NEVADA GOLD MINESi Sustaining Capital/oz5 - Historic Trend + Inflation 450 NGM $/oz - Sustaining5 400 NGM $/oz - Sustaining (Reinvestment & Improvements) 350 NGM $/oz - Sustaining (Adjusted for Inflation)8 300 Natural Run Rate $/oz 250 200 150 100 50 0 2014 2015 2016
Slide 10: Fit-for-purpose investments driving NGM value engine
Fit-for-purpose investments driving NGM value engine Gold Ounces Recoveredi Investment in underground expansions improving 4.0 OP Recovered Ounces UG Recovered Ounces long-term grade delivery and profitability 3.5 Focus on process longevity as part of the life-of-mine 3.0 extensions, particularly in
Slide 11: Nevada Gold Mines
Nevada Gold Mines Reserves & Resources (100%)6 Interconnected Tier One2 gold mines 80 P&P 580Mt @ 2.53 g/t for 47Moz M&Iii 1,100Mt @ 2.07 g/t for 73Moz operated by Barrick 60 Inf 320Mt @ 1.8 g/t for 19Moz Moz 40 P&P Reserves With Carlin and Cortez refractory material treated as a complex for 20 M&I
Slide 12: Carlin
Carlin Reserves & Resources (100%)6 Largest gold-processing hub in the world 30 P&P 130Mt @ 3.64 g/t for 16Moz with significant underground future 20 M&Iii 270Mt @ 3.08 g/t for 27Moz Inf 99Mt @ 3.2 g/t for 10Moz Moz 10 P&P Reserves Ongoing investments in processing improvements at the M&I Mineral Re
Slide 13: Cortez
Cortez Reserves & Resources (100%)6 Continued growth with spectacular Tier One2 20 P&P 210Mt @ 2.13 g/t for 15Moz M&Iii 310Mt @ 1.97 g/t for 19Moz underground opportunities Inf 160Mt @ 1.3 g/t for 6.6Moz Moz 10 P&P Reserves Cortez Hills underground remains a solid contributor M&I Mineral Resources 0
Slide 14: Turquoise Ridge
Turquoise Ridge Reserves & Resources (100%)6 P&P 69Mt @ 6.29 g/t for 14Moz High-grade, low-cost producer 20 M&Iii 110Mt @ 5.42 g/t for 20Moz Inf 16Mt @ 3.2 g/t for 1.6Moz Moz 10 P&P Reserves Underground infrastructure and development M&I Mineral Resources 0 Inf. Resources investments expected to sho
Slide 15: Phoenix
Phoenix Reserves & Resources (100%)6 Continued solid results with tri-metal 10 P&P 160Mt @ 0.58 g/t for 3.1Moz M&Iii 410Mt @ 0.48 g/t for 6.3Moz flexibility Inf 48Mt @ 0.3 g/t for 0.51Moz Moz P&P Reserves New sulfide concentrate filtering facility construction M&I Mineral Resources 0 Inf. Resources
Slide 16: Hemlo
Hemlo Reserves & Resources (100%)7 Steady production while driving unit-cost P&P 34Mt @ 1.60 g/t for 1.7Moz efficiencies and permitting open pit expansion 4 M&Iii 62Mt @ 1.63 g/t for 3.2Moz Inf 7.7Mt @ 2.5 g/t for 0.62Moz Moz 2 P&P Reserves Strong Q4 expected on the back of improved M&I Mineral Reso
Slide 17: Donlin
Donlin Continuing to progress up the value chain Focus over the last 3 years has centered on building ore body knowledge around the controls on mineralization Current workstreams and upcoming work program, including mine planning and a cost update, focused on moving Donlin up the value chain Infill
Slide 18: Golden Sunlight
Golden Sunlight Providing process fuel and reducing our liabilities Deliveries of valuable sulphur concentrate fuel for the Carlin roasters to recover refractory gold from the Tailings Reprocessing Project steadily increasing. To date, ~49kt of concentrate has been produced and delivered to Carlin,
Slide 19: Premier hub for mining skills development
Premier hub for mining skills development Attracting and retaining world-class expertise Ensuring ongoing pipeline of skilled trades and mining- specific professionals by fostering strong relationships with key trade schools, military bases, and universities Our Au Connections program is designed to
Slide 20: Barrick – a good neighbor and community partner
Barrick – a good neighbor and community partner Education Economic Development Cultural Heritage NGM Early Learning Centers (4) NGM Heritage Fund First Nations Engagement Accommodate mining schedule Employee giving program Working collaboratively to (4am – 8pm) and 200+ children $4.1M supporting 891
Slide 21: North America exploration and growth drivers
North America exploration and growth drivers Hunting for the next major discovery and delineating future growth drivers to extend current assets Advancing high-quality gold and copper projects with the Significant Au and Cu deposits potential to pass our investment filters in targeted regions >0.5Mo
Slide 22: Sustained Growth
Sustained Growth North America Gold Production Outlook (Attributable, koz)i 2,500 Gold mines 2,000 1,500 1,000 500 0 2024 2025 2026 2027 2028 2029 i. Forecast production. Refer to Appendix B for more information on Barrick's outlook and assumptions. 29
Slide 23: Appendix A – NGM Gold Reserve Replacements
Appendix A – NGM Gold Reserve Replacements Gold reserves were calculated using long term mineral reserve metal prices of $1200/oz for 2019, 2020, and 2021, and $1,300/oz for 2022 and 2023. Proven and probable reserve gains calculated from cumulative net change in reserves from year end 2018 to 2023.
Slide 24: Appendix A – NGM Gold Reserve Replacements Cont…
Appendix A – NGM Gold Reserve Replacements Cont… Nevada Gold Mines Resources (inclusive of Reserves) and Reserves are summarized below, including Nevada Gold Mines’ interest in South Arturo (100% for year-end 2021 onwards and 60% for prior years) Totals may not appear to sum correctly due to roundin
Slide 25: Appendix B – Assumptions/Outlook
Appendix B – Assumptions/Outlook Key Outlook Assumptions 2024 2025 2026+ Gold Price ($/oz) 2,400 2,400 2,400 Copper Price ($/lb) 4.00 4.00 4.00 Oil Price (WTI) ($/barrel) 80 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 800 800 800 CAD Exchange Rate (USD:CAD) 1.30 1.30
Slide 26: Technical Information and Endnotes
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive, John Ste
Slide 27: Endnotes
Endnotes 6. Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2023, on a 100% basis, unless otherwise noted. Mineral resources are reported inclusive of mi