Barrick Mining Corporation · TSX:ABX
Barrick Mining — BofA Global Metals, Mining and Steel Conference 2025
21 slides from Barrick Mining's conference presentation, May 14, 2025
Slide 1: Building Barrick for the Future
Building Barrick for the Future… NYSE : B TSX : ABX Sustainably profitable. Unrivalled growth. Global Metals, Mining and Steel Conference, May 2025
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,
Slide 3: A world class Gold and Copper mining company
A world class Gold and Copper mining company… 14 Gold mines – including 6 top Tier One1 3 Copper mines Significant gold and copper growth projects Copper AME 79% Gold AME 37% Gold NA 46% Gold Latam & AP 17% Copper Latam & AP 21% 3
Slide 4: Group Highlights Q1 2025
Group Highlights Q1 2025… $0.27 59% y/y $0.35 84% y/y $1,361m 50% y/y Adjusted net earnings per Net earnings per share Attributable EBITDA3 share2 $0.10/sh $143 million $623 million 5% Quarterly dividend Share buybacks Debt, net of cash Reko Diq and Fourmile gold Lumwana Expansion New Discove
Slide 5: Sustainability is core to our business
Sustainability is core to our business… Group Frequency Rates Leading Indicators LTIFR4 - 57% Integrated Risk Management and Critical improvement compared to Controls associated with Fatal Risks into Q1 2024 all work activities TRIFR4 - 44% improvement 347 Critical Control Verifications compared to
Slide 6: North America
North America… Nevada Gold Mines - Performance improvements continue Carlin Cortez - Goldrush Goldrush ramps up Fourmile - outstanding drill results move project into prefeasibility study stage Barrick Academy rolled out at Nevada Gold Mines equipping frontline leaders with practical tools to manage
Slide 7: Latin America & Asia Pacific
Ore PUEBLO VIEJO processed Recovery Planned improvement in Latin America & ktpd % recovery and throughput 40 100% Asia Pacific 35 30 95% 90% 25 85% 20 85% 80% Pueblo Viejo throughput projects 82% 83% PV and Reko 83% Diq 15 75% completed successfully, ramp up remains 10 70% on track to deliver on gui
Slide 8: Africa & Middle East
Africa & Middle East… Kibali production lower q/q but higher grades planned to be fed later in the year primarily driven by the underground Loulo-Gounkoto - Temporarily suspended operations on January 14 following ongoing dispute over existing mining conventions – negotiations continue Tanzanian min
Slide 9: Change in Reserves Per Share over time
Change in Reserves Per Share over time… Barrick has managed to consistently and materially add to reserves per share providing investors with increased long term value5 Change GoldinReserves Gold Reserves per Share per Share Gold Equivalent Reserves Per Share 200% +82% 180% 160% +33% 140% 120% +12%
Slide 10: Best in class Gold and Copper assets
Best in class Gold and Copper assetsi… PRODUCTION - Gold Equivalent Ouncesii 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - 2025 2026 2027 2028 2029 Gold Copper Reko Diq - gold and copper PUEBLO VIEJO REN - NGM GOLDRUSH – NGM LUMWANA REKO DIQ FOURMILE ADVANCED EXPANSION avg 140koz gold >400kz gold p.a.
Slide 11: Prioritising shareholder returns
Prioritising shareholder returns… Cumulative attributable OCF over 2025-29 from operating minesi,iii Cumulative Distributions to Shareholders For every $100/oz change in gold price, attributable operating cash flow generated by our operations increases by more than $1.5bn $7.0 bn. $50 bn. For every
Slide 12: Showcasing the unrealized value
Showcasing the unrealized value… Barrick Market Capi $33.5bn What if the Rest of Barrick was valued differently? Market Analyst Based Implied Consensus P/NAV Valueiv NAVii Multiple +49% Nevada Gold Mines $12.4bn 1.81xiii $22.4bn (61.5%) $50.5 $46.6 $42.7 At Least At least $38.7 $19.6 Barrick Copper
Slide 13: A world class global mining, exploration and development company focused on 5 key strategic pillars
Barrick…a world class global mining, exploration and development company focused on 5 key strategic pillars 1 Premier Portfolio Focus on our portfolio of long life Tier One gold assets and growing copper portfolio 2 Resource Sustainability Disciplined Reserve & Resource replacement to facilitate lon
Slide 14: Barrick Mining Corporation
BARRICK MINING CORPORATION TSX : ABX NYSE : B Corporate Office: TD Canada Trust Tower 161 Bay Street, Suite 3700 Toronto, Canada M5J 2S1 Tel: +1 416 861-9911 Toll-free throughout North America: 1 800 720-7415 Connect with us 14
Slide 15: Appendix A – Assumptions/Outlook
Appendix A – Assumptions/Outlook Key Outlook Assumptions 2025 2026 2027+ Gold Price ($/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) 1,000 1,000 1,000 CAD Exchange Rate (USD:CAD) 1.3
Slide 16: Endnotes
Endnotes... 1. A Tier One Gold Asset is an asset with a $1,400/oz reserve with potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and with costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset/Project is an asset with a $
Slide 17: Endnotes
Endnotes... 5. “Gold Reserves Per Share” are calculated by dividing total proven and probable reserves by the total number of Barrick common shares issued outstanding as of December 31 of the applicable year. “Gold Equivalent Reserves Per Share” are calculated by dividing total Gold Equivalent Reser
Slide 18: Endnotes
Endnotes... Proven and probable reserve gains calculated from cumulative net change in reserves from year-end 2019 to 2024. Reserve replacement percentage is calculated from the cumulative net change in reserves from 2020 to 2024 divided by the cumulative depletion in reserves from year-end 2019 to
Slide 19: Endnotes
Endnotes... Attributable Attributable Acquisition Net Change GEO & Divestments Attributable Depletion (using reported reserve Year Attributable P&P GEO GEO GEO prices) 2019a - - - - 2020b 97 (2.2) (7.4) 4.2 2021c 97 (0.91) (6.9) 8.5 2022d 104 - (6.3) 13 2023e 105 - (6.0) 6.7 2024f 176 - (6.1) 79 201
Slide 20: Endnotes
Endnotes... Estimates of proven and probable reserves The estimates below are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. a) Estimates as of December 31, 2019: Proven reserves of 280
Slide 21: Endnotes
Endnotes... 10. “Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash
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