Barrick Mining Corporation · TSX:ABX
Barrick Mining — Investor Day (November 2022)
192 slides from Barrick Mining's investor day presentation, November 2022
Slide 1: Sustainable Value Creation
SUSTAINABLE VALUE CREATION… Mark Bristow President & CEO NYSE : GOLD TSX : ABX World Class Mines, World Class People Investor Day, November 2022
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: Agenda
Agenda… Time (all ET) Presenter Topic 08:00 – 08:30 Registration 08:30 – 08:45 Mark Bristow Intro and overview 08:45 – 09:15 Grant Beringer Sustainability 09:15 – 09:45 Sebastiaan Bock Africa & Middle East Operations 09:45 – 10:15 Mark Hill Latam & Asia Pacific Operations 10:15 – 10:30 10:30 – 11:00
Slide 4: Our Roadmap 2019 to Present
Our Roadmap 2019 to Present… January Barrick / Randgold Merger 2019 Nevada Gold Mines JV Creation of three Buyout of Acacia Regional Structures minority shareholders Replacement of Reserves Sale of Non-Core assets and Resources Growth in Copper adds value Leaders in Sustainability Exploration expand
Slide 5: Barrick operates on 4 continents in 18 countries
To be world class you have to be global Barrick operates on 4 continents in 18 countries Donlin (50%) CANADA Loulo- NGM (61.5%) Golden Sunlight Gounkoto Turquoise Ridge Phoenix Hemlo 80% Carlin USA 100% Barrick owns Cortez incl Goldrush DOMINICAN Pueblo Viejo EGYPT PAKISTAN JAPAN Reko Diq 50% develo
Slide 6: Executing on our strategy to create the Most Valued Gold and Copper Company
Executing on our strategy to create the Most Valued Gold and Copper Company… Created World’s Largest Portfolio of Tier One Gold Assets – All our mines have minimum 10 year business plans firmly anchored in demonstrable geological understanding, engineering and commercial feasibility. We constantly f
Slide 7: Performance driven by a clear strategy
Performance driven by a clear strategy… Key highlights: Cumulative OCFi $ million Cumulative FCF2 $ million 17,500 8,000 Gold and copper production met or 15,000 exceeded guidance for three 12,500 6,000 consecutive years 10,000 4,000 Strong cash flow allowed us to 7,500 establish a performance 5,0
Slide 8: Mining drives socio-economic value and builds resilience
We strive to be a good corporate citizen and a genuine partner Mining drives for our host communities in locally-led development, and to build socio- resilience to global challenges economic value and The taxes we pay reflect our profitability and success as a business builds We deliver jobs and eco
Slide 9: 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 10: Appendix A – Outlook
Appendix A – Outlook 2022 Key assumptions 2023 2024 2025+ Guidance Gold Price ($/oz) 1,700 1,650 1,300 1,300 Copper Price ($/lb) 4.00 3.50 3.00 3.00 Oil Price (WTI) ($/barrel) 65 90 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 100.00 120.00 120.00 120.00 CAD Exch
Slide 11: Sustainability
SUSTAINABILITY Grant Beringer Group Sustainability Executive NYSE : GOLD TSX : ABX World Class Mines, World Class People Investor Day, November 2022
Slide 12: A Holistic Approach to Sustainability
A Holistic Approach to Sustainability Our Principles “The challenges of fighting poverty, climate change and biodiversity loss are deeply connected, and we have no option but to tackle them together through a holistic and integrated approach to sustainability management, if we are to make a lasting,
Slide 13: Governance of Sustainability
Governance of Sustainability “We believe sustainability can only truly be delivered on the ground at each site, not from a corporate office. We operate a bottom-up governance structure which empowers each site to take the lead for its own unique sustainability context and issues.” Bottom-up Leadersh
Slide 14: Our Sustainability Scorecard - abridged
Our Sustainability Scorecard - abridged “We believe in transparently measuring and reporting 2021 Quintile Quintile our performance to the market and to our stakeholders. Indicator 2020 2021 Trend To help facilitate disclosure of our performance, we have worked with independent sustainability expert
Slide 15: Health & Safety
Health & Safety “At Barrick, health & safety is a core value. We also resolutely believe that, with the right controls and appropriate employee training in place, incidents are avoidable.” LTIFR & TRIFR 0.31 1.41 GROUP LTIFR GROUP TRIFR 2022 YTD LTIFR1, 2022 YTD 2.12 2.24 a 38% decrease TRIFR2, a 4%
Slide 16: Spotlight – J20H and Leading Indicators
Spotlight – J20H and Leading Indicators The journey is motivated by our core value of Zero Harm and it is underpinned by the Stop Unsafe Work Authority found in the Fatality Prevention Commitments (FPC) Success is achieved through the effective execution and continuous improvement of four foundation
Slide 17: Social, Communities and Economic Development
Social, Communities and Economic Development “At Barrick, creating long-term value and sharing economic benefits drives our approach to sustainability, and community development.” Our approach to the development and maintenance of our social 100% license to operate is underpinned by three core belie
Slide 18: Spotlight - Delivering long-term self-sustaining community development
Spotlight - Delivering long-term self-sustaining community developmenti 96-98% primary school 9 schools supported 96% primary school completion compared to a pre- completion at mine supported Barrick operated baseline of 92% 53 students received mental schools, compared to a national health services
Slide 19: Respecting Human Rights
Respecting Human Rights “Respect for human rights is a foundational value at We have zero tolerance for human rights violations wherever we Barrick and an integral part of our sustainability strategy.” operate Our Human Rights Policy sets out our clear expectation for all our employees and contracto
Slide 20: Spotlight – North Mara LBMA Review
Spotlight – North Mara LBMA Review In 2019, the LBMA requested MMTC-PAMP to conduct an independent assessment human rights review at the North Mara Gold Mine (NMGM): Site visit conducted by Synergy in November 2019 - based on OECD Due Diligence Guidance and LBMA Responsible Gold Guidance This assess
Slide 21: Responsible Environmental Stewards
Responsible Environmental Stewards “At Barrick, we know the environment in which we work and our host communities are inextricably linked, and we apply a holistic and integrated approach to sustainability management.” Our approach to environmental management also considers the impacts on the communi
Slide 22: Spotlight - Climate Strategy
Spotlight - Climate Strategy GHG Emissions by Sourceiii (Tonnes CO2e) “Our climate change strategy is not focused solely on emissions reduction targets. Rather, we integrate aspects of biodiversity protection, water management and community resilience in our approach” Scope 1 and 2 Emissions (000 To
Slide 23: Biodiversity
Biodiversity Biodiversity Case Study: Garamba National Park “Conserving biodiversity is fundamental to planetary survival, essential to tackling climate change and has an important role to play in the war on poverty. We strive not only to preserve and maintain The Garamba National Park is a biodiver
Slide 24: Spotlight - Responsible Tailings Management
Spotlight - Responsible Tailings Management Barrick, through the ICMM, was a contributor to the Global Industry Tailings Storage Facilitiesi Standard on Tailings Management (GISTM) Barrick continues to progress towards compliance with the GISTM: The self assessment process was completed in November
Slide 25: Strategic Objectives Delivered and Future Ambitions
Strategic Objectives Delivered and Future Ambitions Strategic Objectives Delivered: Closed out the North Mara LBMA Incident Review Process RGMPs+i Conformance Self Assessments in preparation for Assurance Completed the Environmental and Social Impact Assessment for the new TSF at Pueblo Viejo Commen
Slide 26: Endnotes
Endnotes 1. Lost time injury frequency rate is a ratio calculated as follows: number of lost time injuries x 1,000,000 hours divided by the total number of hours worked. 2. Total recordable injury frequency rate is a ratio calculated as follows: number of recordable injuries x 1,000,000 hours divide
Slide 27: Africa & Middle East Operations
AFRICA & MIDDLE EAST Sebastiaan Bock OPERATIONS Chief Operating Officer Africa & Middle East NYSE : GOLD TSX : ABX World Class Mines, World Class People Investor Day, November 2022
Slide 28: A Prospective Destination with a World Class Team
A Prospective Destination with a World Class Team AME Forecast Gold Equivalent Africa and Middle East (AME) is Africa’s largest gold producer koz Production (attributable)i and operates across several jurisdictions with drastically different 2,500 7 operating social, legal, political and economic en
Slide 29: Strategic Objectives Delivered
Strategic Objectives Delivered 25% reduction in TRIFR in the first nine months of 2022 versus 2020 with zero Class 1 environmental incidents1 Expanding Loulo solar capacity to 60MW and adding a 36MW battery system reduces reliance on thermal power Kibali hydropower augmented by a Battery Ener
Slide 30: Strategic Objectives Delivered
Strategic Objectives Delivered Commencement of pre-feasibility study (PFS) at Lumwana approved with potential to expand the mine life past 2060 Established new and exciting frontier territories in Saudi Arabia and Egypt Growth Tongon continued to extend life in excess of 2 years through succes
Slide 31: Future Strategic Objectives
Future Strategic Objectives • Jabal Sayid included as part of the Saudi Liquid Displacement Program with grid connection targeted for 2025 Sustainability • Additional 17MW Solar farm and 15MW battery planned at Kibali to further reduce the reliance on diesel generators • Complete PFS for Lumwana Sup
Slide 32: Investment into Life Extension and Flexibility
Investment into Life Extension and Flexibility Gold Equivalent Regional Mine Balancei OP Material UG Material Overall improvement in contained material within the 15 year plan, increasing processing flexibility through the introduction of open pit mill feed Investment in underground extensions, such
Slide 33: Fit for Purpose Project Investment Driving Returns
Fit for Purpose Project Investment Driving Returns Current Expansion 20MW Solar Farm 40MW Solar Farm & 36MW Batteries Scope 1 GHG emissions reduction Scope 1 GHG emissions reduction Loulo of 25kt CO2-e of 62kt CO2-e Solar Saves 9.4 million litres of fuel Saves 23 million litres of fuel annually annu
Slide 34: Gold Five-Year Outlook ($1,650/oz Gold Price)
GOLD Five-Year Outlook ($1,650/oz Gold Price) AFRICA AND MIDDLE EAST Gold Production (Attributable), koz Cost of Sales4, Total Cash Costs5 and Gold Capital Expenditures3 (Attributable), $ mln AISC5, $/oz Tongon Bulyanhulu North Mara Kibali Loulo-Gounkoto Cost of Sales4 Total Cash Costs5 AISC5 Total
Slide 35: Copper Five-Year Outlook ($3.50/lb Copper Price)
COPPER Five-Year Outlook ($3.50/lb Copper Price) AFRICA AND MIDDLE EAST Copper Production (Attributable), Mlbs Cost of Sales4, C1 Cash Costs6 and Copper Capital Expenditures3 (Attributable), $ mln AISC6, $/lb Jabal Sayid Lumwana Cost of Sales4 C1 Cash Costs6 AISC6 Total Capital3 500 3.50 450 3.00 40
Slide 36: A Growth Engine for Barrick
A Growth Engine for Barrick Barrick’s extensive exploration portfolio in the AME region is spread over 8 countries with an expanding presence in five demonstrated Tier One Gold and Copper districts West African Craton (WAC) and KKI Loulo-Gounkoto (Mali) Bambadji/Dalema/Bambadji South (Senegal) Tongo
Slide 37: Kibali
Kibali Kibali, DRC (Equity Ownership 45%) 900 100% Production (koz) 800 Strong 700 brownfields 600 Kibali (100%) YTD Q3 2022 2022 Guidance 500 Gold production (koz) 534 755 – 845 work extending 400 Cost of sales4 ($/oz) 1,113 990 – 1,070 long-term 300 200 Total cash costs5 ($/oz) 5 AISC ($/oz) 737 9
Slide 38: Loulo-Gounkoto
Loulo- 800 Loulo-Gounkoto, Mali (Equity Ownership 80%) 100% Production (koz) Gounkoto 700 600 Agility and Loulo-Gounkoto (100%) YTD Q3 2022 2022 Guidance 500 Gold production (koz) 510 640 – 700 foresight 400 Cost of sales4 ($/oz) 1,132 1,070 – 1,150 300 continues to 200 Total cash costs5 ($/oz) 5 AI
Slide 39: Partnerships – ECOWAS Sanctions
Partnerships – ECOWAS Sanctions Any modern mining company requires real Map of West Africa partnerships between the host countries and industry These partnerships are long-term and dynamic and include host governments, suppliers, employees and communities ECOWAS Sanctions 2022 No impact on productio
Slide 40: Tanzania
Tanzania 600 100% Production (koz) Tanzaniai (Equity Ownership 84%) 550 Operational 500 450 North Mara (100%) YTD Q3 2022 2022 Guidance improvement Gold production (koz) 229 270 – 310 400 Cost of sales4 ($/oz) 960 820 – 900 350 Total cash costs5 ($/oz) and expanding 735 670 – 730 300 AISC5 ($/oz) 93
Slide 41: Re-establishing Barrick in Tanzania
Re-establishing Barrick in Tanzania We have regained our social License To Operate (LTO) through the Twiga partnership with the Government of Tanzania and delivering on our promises Successfully dealt with the legacy TSF issue at North Mara where we have spent over $65 million on the project, increa
Slide 42: Tongon
Tongon 250 Tongon, Côte d’Ivoire (Equity Ownership 89.7%) 100% Gold Production (koz) Unrelenting 200 effort to extend 150 Tongon (100%) YTD Q3 2022 2022 Guidance LOM continues Gold production (koz) 131 190 - 220 100 Cost of sales4 ($/oz) 1,932 1,700 – 1,780 to pay off Total cash costs5 ($/oz) 1,560
Slide 43: Lumwana
Lumwana Lumwana, Zambia (Equity Ownership 100%) 400 100% Production (mlb) Long term 350 300 foundation of 250 Lumwana (100%) YTD Q3 2022 2022 Guidance the Barrick Copper production (mlb) 214 250 – 280 200 Cost of Sales4 ($/lb) 2.13 2.20 – 2.50 copper 150 C1 Cash Costs6 ($/lb) 1.77 1.60 – 1.80 100 bu
Slide 44: Jabal Sayid
Jabal Sayid 200 Jabal Sayid, Kingdom of Saudi Arabia (Equity Ownership 50%) 100% Production (mlb) Consistent 150 low-cost Jabal Sayid (100%) YTD Q3 2022 2022 Guidance producer with Copper production (mlb) 115 140 - 160 100 Cost of Sales4 ($/lb) 1.45 1.40 - 1.70 strategic 50 C1 Cash Costs6 ($/lb) 1.2
Slide 45: Young Talent Brings Energy and Innovation
Young Talent Brings Energy and Innovation AME Diversity by Nationality Nurturing our People: AME Age Distribution The AME workforce is young and vibrant (predominantly between age 30-39), which provides the energy, innovation and optimism to deal with a challenging operating environment 63% of emplo
Slide 46: Endnotes
Endnotes 1. Total recordable incident frequency rate (TRIFR) is a ratio calculated as follows: number of recordable injuries x 1,000,000 hours divided by the total number of hours worked. Recordable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated inju
Slide 47: Endnotes
Endnotes 6. “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures. “C1 cash costs” per pound is based on cost of sales but excludes the impact of depreciation and royalties and production taxes and includes treatment and refinement charges. “Al
Slide 48: Endnotes
Endnotes 10. Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Reserves and resources for Lumwana are stated on a 100% basis as of December 31, 2021. Proven reserves of 68 million tonnes g
Slide 49: Appendix A – Kibali Historical Total Mineral Reserves
Appendix A – Kibali Historical Total Mineral Reservesi,ii Proven Probable Total Based on 100% Basis Tonnes Grade Contained ozs Tonnes Grade Contained ozs Tonnes Grade Contained ozs Year Gold Price Assumption Project (Mt) (gm/t) (Moz) (Mt) (gm/t) (Moz) (Mt) (gm/t) (Moz) 2009 $700/oz Kibali - - - 42 4
Slide 50: Appendix B – Loulo-Gounkoto Historical Total Mineral Reserves
Appendix B – Loulo-Gounkoto Historical Total Mineral Reservesi,ii iAs of January 1, 2019, Barrick owns 80% of Loulo-Gounkoto as the operator, with the State of Mali owning 20%. iiFor 2019 onwards, estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory a
Slide 51: Appendix C – Outlook
Appendix C – Outlook 2022 Key assumptions 2023 2024 2025+ Guidance Gold Price ($/oz) 1,700 1,650 1,300 1,300 Copper Price ($/lb) 4.00 3.50 3.00 3.00 Oil Price (WTI) ($/barrel) 65 90 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 100.00 120.00 120.00 120.00 CAD Exch
Slide 52: Latam & Asia Pacific Operations
LATAM & ASIA PACIFIC Mark Hill OPERATIONS Chief Operating Officer Latam & Asia Pacific NYSE : GOLD TSX : ABX World Class Mines, World Class People Investor Day, November 2022
Slide 53: Strategic Objectives Delivered
Strategic Objectives Delivered Continued to improve our License to Operate - increased number of community development committees (CDC) by 33%, targeting four new CDCs at Veladero by year-end Continued to improve safety (TRIFR and LTIFR reduced to 0.71 and 0.10, respectively, in the first nine m
Slide 54: Strategic Objectives Delivered
Strategic Objectives Delivered Progress on PV plant expansion (77% complete as of October 31, 2022) Progress on Reko Diq to deliver a potential Tier One asset13 Completed Zaldivar Cuprochlor project Growth New project scope defined for Pascua-Lama with desktop study expected Q2 2023 Advanc
Slide 55: Future Strategic Objectives
Future Strategic Objectives GHG reductions - Veladero Powerline and PV Solar Deliver on water use efficiency of 80% Develop 5-year progressive reclamation plans Sustainability Complete RAPi for PV by end of 2023, including the agricultural business, linked to livelihood restoration Approva
Slide 56: Five-Year Outlook ($1,650/oz Gold Price)
Five-Year Outlook ($1,650/oz Gold Price) LATIN AMERICA AND ASIA PACIFIC Gold Production (Attributable), koz Cost of Sales2, Total Cash Costs3 and Gold Capital Expenditures1 (Attributable), $ mln AISC3, $/oz Porgera Veladero Pueblo Viejo Cost of Sales2 Total Cash Costs3 AISC3 Total Capital1 1,200 1,5
Slide 57: World Class People
World Class People Across the Latin America and Asia Pacific region, the focus on our people, teams and community partners is clear. Aligned with Barrick's DNA, the strategic agenda on people in the region is designed to establish and deliver sustainable operational performance, achieve strategic gr
Slide 58: Pueblo Viejo
Pueblo Viejo, Dominican Republic (Equity Ownership 60%) 100% Gold Production (koz) Pueblo Viejo 1,100 1,000 900 800 YTD 2022 Pueblo Viejo (100%) Capital Q3 2022 Guidance 700 600 Gold production (koz) 550 670 - 730 investment 500 400 Cost of sales2 ($/oz) Total cash costs3 ($/oz) 1,108 714 1,070 - 1,
Slide 59: Pueblo Viejo, Plant Expansion Update
Pueblo Viejo, Plant Expansion Update (Equity Ownership 60%) Key Highlights The plant expansion construction progress is now at 77% completed as at the end of October 31, 2022 96% of all materials are now on site and we expect all materials to be on site by year-end 2022 98% of civil and concre
Slide 60: Pueblo Viejo, New TSF Update
Pueblo Viejo, New TSF Update (Equity Ownership 60%) Key Highlights The ESIA for the new TSF (Naranjo TSF) and the waste rock conveyor corridor has been completed and submitted. We expect to receive approval during the first half of 2023 The geotechnical site investigation is well underway for th
Slide 61: Veladero
Veladero, Argentina (Equity Ownership 50%) 100% Gold Production (koz) Veladero 600 500 Upgrading and 400 Veladero (100%) YTD Q3 2022 2022 Guidance optimizing the 300 Gold production (koz) Cost of sales2 ($/oz) 290 1,381 440 - 480 1,210 - 1,290 infrastructure to 200 Total cash costs3 ($/oz) 867 740 -
Slide 62: Porgera
Porgera, Papua New Guinea (Equity Ownership 24.5%i) 100% Gold Production (koz) Porgera 800 700 Developing a 600 500 potential 20- 400 year Tier One 300 200 asset and 100 setting a new 0 2022 2023 2024 2025 2026 2027 standard for Key Highlights Pioneering Framework Agreement reached with Papua New Gu
Slide 63: Porgera Re-start
Porgera Re-start Key Highlights Care and maintenance activities ensure we are ready to restart once key remaining milestones are achieved Plant cold commissioning works completed in preparation for restart Mobile fleet condition monitoring completed and 6 new CAT 789s purchased and ready to be
Slide 64: Zaldívar
Zaldívar, Chile (Equity Ownership 50%) 100% Copper Production (Mlb) Zaldívar 300 250 Providing a 200 Zaldivar (100%) YTD Q3 2022 2022 Guidance foundation for 150 Copper production (Mlb) Cost of sales2 ($/lb) 146 2.98 200 - 240 2.70 - 3.00 copper growth 100 C1 cash costs8 ($/lb) 2.25 2.00 - 2.20 in t
Slide 65: Reko Diq
Reko Diq, Pakistan (Equity Ownership 50%10) Key Highlights First 5-year Average Annual Production (100%)ii Reko Diq Significant contribution to Barrick’s 10-year growth plan 700 Gold (Koz) Copper (Mlbs) 600 A world class Barrick continues to advance negotiations to deliver 500 the Reko Diq proje
Slide 66: Capital Projects
Capital Projects Pascua-Lama Norte Abierto (Equity Ownership 50%) Barrick has developed a plan to update a study on Pascua-Lama with a view The updated pre-feasibility study program and budget has been to advance and surface value from the bi-national project agreed by the owners and are going t
Slide 67: Growth Opportunities for LATAM and AP
Growth Opportunities for LATAM and AP Latin America Continued focus on developing growth opportunities in new frontiers across Latin America and Asia Pacific Advance the Pascua-Lama Study and engagement strategy Deliver drilling programs for the Lama region Advance the Zaldivar Primary Sulph
Slide 68: Endnotes
Endnotes 1. These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depe
Slide 69: Endnotes
Endnotes 8. “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures. “C1 cash costs” per pound is based on cost of sales but excludes the impact of depreciation and royalties and production taxes and includes treatment and refinement charges. “Al
Slide 70: Appendix A – Outlook
Appendix A – Outlook 2022 Key assumptions 2023 2024 2025+ Guidance Gold Price ($/oz) 1,700 1,650 1,300 1,300 Copper Price ($/lb) 4.00 3.50 3.00 3.00 Oil Price (WTI) ($/barrel) 65 90 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 100.00 120.00 120.00 120.00 CAD Exch
Slide 71: North America Operations
NORTH AMERICA Christine Keener OPERATIONS Chief Operating Officer North America NYSE : GOLD TSX : ABX World Class Mines, World Class People Investor Day, November 2022
Slide 72: Safely Producing
Taking Action to Improve Safety Safely Continue our Journey to Zero Harm with engaged leadership at all levels of our organization, embedding our DNA throughout our business. Focus on field safety interactions and critical control verification of our Producing Fatality Prevention Commitments Develop
Slide 73: Strategic Goals Delivered
Strategic Goals Delivered New and re-energized leadership to usher region to the next phase of safe performance and growth People Enhanced regional and Nevada Gold Mines (NGM) organizational structures License We are the partner of choice for the communities in which we to live and operate Ope
Slide 74: Future Strategic Objectives
Future Strategic Objectives Safety Progress Journey to Zero Harm Continue to build an organization that attracts, develops and People engages world-class people Further develop our people to build pipeline of future leaders Foster strategic partnerships in new frontiers and strengthen existi
Slide 75: Five-Year Outlook ($1,650/oz Gold Price)
Five-Year Outlook ($1,650/oz Gold Price) NORTH AMERICA Gold Production (Attributable), Koz Cost of Sales2, Total Cash Costs3 and Gold Capital Expenditures1 (Attributable), $mln AISC3, $/oz Hemlo Phoenix Long Canyon Turquoise Ridge Cortez Carlin4 Cost of Sales2 Total Cash Costs3 AISC3 Total Capital1
Slide 76: North America
North America Significant Au and Cu deposits >0.5Moz Au and/or >0.5Mt Cu Expand the Search Space and Add Copper to Deliver Growth Canada exploration group consolidated Five option agreement properties being explored including the Pic property near Hemlo Rapid program ramp up; focus on target generat
Slide 77: Nevada Gold Mines
Nevada Gold Mines (Equity Ownership 61.5%) NGM – 100% Production (koz) Nevada Gold 4,000 3,500 Mines 3,000 2,500 Nevada Gold Mines (100%) YTD Q3 2022 2022 Guidance Nevada hosts 3 2,000 1,500 Gold production (koz) 2 Cost of sales ($/oz) 2,188 1,193 3,100 - 3,400 1,020 - 1,100 Tier One gold 1,000 Tota
Slide 78: Carlin
Carlin (Equity Ownership 61.5%4) Carlin – 100% Production (koz) Carlin 1,800 1,600 1,400 Largest Carlin (100%) YTD Q3 2022 2022 Guidance 1,200 Gold production (koz) 1,139 1,545 - 1,675 producing 1,000 2 Cost of sales ($/oz) 1,064 900 - 980 800 3 Total cash costs ($/oz) 877 730 - 790 district within
Slide 79: Cortez
Cortez (Equity Ownership 61.5%) Cortez – 100% Production (koz) Cortez 1,400 1,200 Increasing 1,000 Cortez (100%) YTD Q3 2022 2022 Guidance production from 800 Gold production (koz) 505 780 - 860 Cost of sales 2 ($/oz) 1,112 970 - 1,050 600 Goldrush and 400 3 Total cash costs ($/oz) 3 All-in sustaini
Slide 80: Turquoise Ridge
Turquoise Ridge (Equity Ownership 61.5%) Turquoise100% RidgeProduction (koz) – 100% Production (koz) Turquoise 800 700 Ridge 600 Turquoise Ridge (100%) YTD Q3 2022 2022 Guidance 500 Production Gold production (koz) 332 535 - 600 400 2 1,403 1,110 - 1,190 Cost of sales ($/oz) 300 increase from 3 Tota
Slide 81: Phoenix
Phoenix (Equity Ownership 61.5%) Phoenix – 100% Production (koz) Phoenix 300 250 Flexibility in 200 Phoenix (100%) YTD Q3 2022 2022 Guidance mine 150 Gold production (koz) 2 Cost of sales ($/oz) 127 2,095 145 - 195 2,000 - 2,080 sequencing to 100 3 Total cash costs ($/oz) 3 All-in sustaining costs (
Slide 82: Hemlo
Hemlo (Equity Ownership 100%) Hemlo – 100% Production (koz) Hemlo 250 200 Re-establishing 150 Hemlo (100%) YTD Q3 2022 2022 Guidance Hemlo as a Gold production (koz) 95 160 - 180 2 Cost of sales ($/oz) 1,699 1,340 - 1,420 100 core contributor 1,481 1,140 - 1,200 3 Total cash costs ($/oz) 3 All-in su
Slide 83: Golden Sunlight
Golden Sunlight Golden Sunlight Removing environmental liabilities while providing a Golden Sunlight Tailings Reprocessing Project, Montana, USA Ribbon Cutting Ceremony with Governor Gianforte, Montana, USA valuable fuel Key Highlights source The Tailings Reprocessing Project kicked off in 2020 to r
Slide 84: Donlin
Donlin Donlin Enhanced geological understanding following successful drill Donlin Project, Alaska, USA program Key Highlights Significant progress made on enhancing the geological and mineral resource models from the 2022 field season, the largest in a decade Improved the geological model which conf
Slide 85: Closure
Closure Closure Deliver sustainable value by reducing long- term liabilities Nickel Plate Closure Property, British Columbia, Canada and monetizing Key Highlights non-core Advanced passive water treatment design and regulatory processes to reduce liabilities associated with long-term environmental m
Slide 86: Investing in and connecting with our communities
Investing in and connecting with our communities Cultural Heritage Education Economic Development Newe Numa Native American mural College of Southern Nevada Heritage Fund – $1.7M to 732 non- profits Cultural awareness training University partnerships (UNR/UNLV) i-80 Fund (NGM) and North Superior Qua
Slide 87: Investing in our most valuable asset – our people
Investing in our most valuable asset – our people Enhanced our organizational design to bring additional expertise into the business to drive key improvements Delivered programs to reduce barriers to underrepresented groups joining the mining industry Continued focus on building our next generation
Slide 88: Barrick
BARRICK
Slide 89: Endnotes
Endnotes 1. These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depe
Slide 90: Endnotes
Endnotes Reserves and resources of Barrick in Nevada are stated on an attributable basis as of December 31, 2018 and include Goldstrike, Cortez, Goldrush, South Arturo (60%) and Turquoise Ridge (75%). Proven reserves of 84.4 million tonnes grading 4.36 g/t, representing 11.8 million ounces of gold.
Slide 91: Endnotes
Endnotes 6. Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2021, unless otherwise noted. Proven mineral reserves of 0.36 million tonnes grading 4.79 g/t
Slide 92: Appendix A – Outlook
Appendix A – Outlook 2022 Key assumptions 2023 2024 2025+ Guidance Gold Price ($/oz) 1,700 1,650 1,300 1,300 Copper Price ($/lb) 4.00 3.50 3.00 3.00 Oil Price (WTI) ($/barrel) 65 90 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 100.00 120.00 120.00 120.00 CAD Exch
Slide 93: Mineral Resource Management
Simon Bottoms MINERAL RESOURCE Group Mineral Resource MANAGEMENT Management & Evaluation Executive NYSE : GOLD TSX : ABX World Class Mines, World Class People Investor Day, November 2022
Slide 94: Strategic investment filters drive our global business
Strategic investment filters drive our global business… Applies principally to gold and copper Commodity: Located in a world class geological district We have the right to mine and repatriate profits License to Fits our values in respect of social license, political risk, and environmental complianc
Slide 95: MRM & Exploration driving sustainable delivery & growth
MRM & 15–30 years Exploration driving 6–15 years sustainable delivery & Exploration 0–5 years growth… Mineral Resource Management 3
Slide 96: North Mara: geologically driven growth
North Mara: geologically driven growth… West East GOKONA GENA 2.8 km New geological models have underpinned the successful re-optimisation of the open pit- underground interface, resulting in 63% Upper East growth in total North Mara proven and Upper West probable reserves since 2019i Gena $1,300/oz
Slide 97: Bulyanhulu disciplined execution delivering a reliable plan
Bulyanhulu disciplined execution delivering a reliable plan… 2019 Acacia Model 2022 Barrick Model Since 2019, over 217km of drilling data added, of which 30% is focussed in Deep West New geotechnical models support revised mine plan and minimum mining widths Significantly reduced mining costs and re
Slide 98: Kibali continues to deliver growth
Kibali continues to deliver growth… SW NE Moz Au 12.0 KCD Pit 11.0 Sessenge Pit 10.0 9.0 8.0 7.0 9.6 6.0 11.6 10.9 11.0 10.6 9.4 5.0 10.1 10.2 9.2 8.3 9.2 8.7 4.0 Resource Conversion stopes 3.0 5.5 Inferred Resource stopes 2.0 High Potential stopes 1.0 Haulage Level Actual Development 5210 rL 0.0 20
Slide 99: Pueblo Viejo expansion study unlocking the resource value
Pueblo Viejo expansion study unlocking the resource value… New tailings storage facility & plant expansion is expected to significantly increase mill throughput to 14Mtpai A New data driven geological model is supporting the conversion of inferred mineral resource for inclusion in the mine plan, wit
Slide 100: NGM delivery of reserve replacement
NGM delivery of reserve replacement… * * * * Delivered 1.9Moz reserve additions, net of 12.8Moz depletion, while also growing inferred resources by 8.5Moz to underpin future reserve conversioni At the end of 2021, Fourmileii has 0.35Moz of indicated and 2.2Moz inferred resources i On a 100% basis. R
Slide 101: More to come in each of the three Tier One assets
More to come in each of the three Tier One assets… NEVADA HUMBOLDT HUMBOLDT Carlin Complexi ELKO P&P: 19Moz at 3.46 g/t Turquoise Ridgei M&I: 32Moz at 2.79 g/t P&P: 14Moz at 5.74 g/t Vista Inf: 7.5Moz at 2.1 g/t M&I: 19Moz at 4.83 g/t Turquoise Inf: 1.2Moz at 2.0g/t Turquoise Ridge ELKO Ridge PERSHI
Slide 102: Greater Leeville Complex continued near mine growth
Greater Leeville Complex continued near mine growth… EOY 2019 Nov 2022 North Leeville maiden delivery of 0.7Mozi inferred resource for 2021; P&P Reservesi M&I Resourcesi NLX-22015iii NLX-22013Biii potential confirmed and footprint expanded Inferred Resourcesi Near Mine Exploration Upsideii 19.8m at
Slide 103: Goldrush/Fourmile delivered significant reserves with more to come
Goldrush/Fourmile delivered significant reserves… with more to come EOY 2019 EOY 2021 FM19-11DW1iii Fourmile 10.7m at 24.79 g/t Goldrush significant addition of 5.8Moz P&P reserves Anna Fault from 2019, plus further upside potential at KB Zone Anna Fault Extension 4.6m at 47.27 g/t 6.1m at 21.17 g/t
Slide 104: Robertson: understanding of controls to mineralization reveals potential
Robertson: understanding of controls to mineralization reveals significant potential resource growth… EOY 2018 Nov 2022 PYC-21029iii PYC-21030iii 23.5m at 0.50 g/t PYC-21025iii DTL-21007iii 17.7m at 0.55 g/t 13.6m at 2.61 g/t 51.4m at 0.37 g/t 12.0m at 2.17 g/t 9.3m at 0.51 g/t Distal Porphyry Dista
Slide 105: Pathway to building a Tier One copper business
Pathway to building a Tier One copper businessi Lubwe Diamond Drill Hole LBE017, 348-349m Legalisation & Feasibility Study Potential Closing Production Reko Diq: Q4 2022 2023-2024 2027-2028 2029 PEA Study & Super Pit Potential Process Potential Lumwana: Mineral Expansion Feasibility Plant Expansion
Slide 106: Reko Diq updated feasibility study
Reko Diq updated feasibility study… Key trade off study updates, informing the feasibility study for construction: Environmental and social impact assessment Social and environmental baseline update Water basin definition and modelling Long term water security Power optimisation including renewable
Slide 107: Lumwana potential super pit expansion
Lumwana potential super pit expansion… Lubwe starter pits potentially provide a high-grade, low strip ratio plant feed that enables the unlocking of the value within Kamaranda IP and soil anomaly Chimiwungo super pit Growth Potential Higher-Grade Potential The combination of the large Lubwe pit with
Slide 108: 10-Year Gold Base Case Production Outlook
10-YEAR GOLD BASE CASE PRODUCTION OUTLOOK (Koz) North America LATAM and AP Africa and Middle East Porgera (24.5%) 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 On an attributable basis. Refer to Appendix H for assumptions used in
Slide 109: 10-Year Copper Base Case Production Outlook
10-YEAR COPPER BASE CASE PRODUCTION OUTLOOK (Mlbs) Lumwana Zaldivar (50%) Jabal Sayid (50%) 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 On an attributable basis. Refer to Appendix H for assumptions used in our five-year and ten-y
Slide 110: 10-Year Copper Outlook with Reko Diq and Lumwana Super Pit
10-YEAR COPPER BASE CASE PRODUCTION OUTLOOK WITH REKO DIQ AND LUMWANA SUPER PIT (Mlbs) Lumwana Base + SuperPiti Zaldivar (50%) Jabal Sayid (50%) Reko Diq (50%)i 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 On an attributable basis
Slide 111: 10-Year Gold and Copper Base Case Production Outlook
10-YEAR GOLD and COPPER BASE CASE PRODUCTION OUTLOOK (Gold Equivalent Koz) Goldi Copper 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 On an attributable basis. Refer to Appendix H for assumptions used in our five
Slide 112: 10-Year Gold and Copper Outlook with Reko Diq and Lumwana Superpit
10-YEAR GOLD and COPPER BASE CASE PRODUCTION OUTLOOK WITH REKO DIQ AND LUMWANA SUPERPIT (Gold Equivalent Koz) Gold + Upsidei Copper + Upsidei 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 On an attributable basis
Slide 113: Barrick
BARRICK
Slide 114: Endnotes
Endnotes 1. Estimated for North Mara on a 100% basis as of December 31, 2019 in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities: proven reserves of 1.3 million tonnes at 4.54g/t, representing 0.2 million ounces of gold; and probable reserves of 24
Slide 115: Endnotes
Endnotes 6. Reserves and resources of Barrick in Nevada are stated on an attributable basis as of December 31, 2018 and include Goldstrike, Cortez, Goldrush, South Arturo (60%) and Turquoise Ridge (75%). Proven reserves of 84.4 million tonnes grading 4.36 g/t, representing 11.8 million ounces of gol
Slide 116: Appendix A – North Mara Gokona Significant Intercept Table
Appendix A – North Mara Gokona Significant Intercept Tablei,ii North Mara Gokona Drill Results i. All intercepts calculated at 1.9g/t Au cut-off grade as a marginal cut- Core Drill True Width off for resources Azimuth Dip Interval (m) Width (m) Au (g/t) ii Holeiii (m) ii. Capping at 100 g/t Au on th
Slide 117: Appendix B – Kibali Historical Total Mineral Reserves
Appendix B – Kibali Historical Total Mineral Reservesi,ii Proven Probable Total Based on 100% Basis Tonnes Grade Contained ozs Tonnes Grade Contained ozs Tonnes Grade Contained ozs Year Gold Price Assumption Project (Mt) (gm/t) (Moz) (Mt) (gm/t) (Moz) (Mt) (gm/t) (Moz) 2009 $700/oz Kibali - - - 42 4
Slide 118: Appendix C – Kibali Historical Production
Appendix C – Kibali Historical Productioni Based on a 100% Basis Tonnes Milled Head Grade Gold Produced Recovery Year (kt) (g/t) (oz) (%) 2013 808 3.87 88,199 91.5 2014 5,546 3.81 526,627 79.0 2015 6,833 3.55 642,720 83.8 2016 7,299 3.10 586,530 79.8 2017 7,621 2.87 596,226 83.6 2018 8,218 3.45 807,
Slide 119: Appendix D – Leeville Complex Significant Intercepts
Appendix D – Leeville Complex Significant Interceptsi Leeville Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are Core Drill uncapped; minimum intercept width is 3.0 meters; internal Azimuth Dip Interval (m) Width (m)iii True Widthiii (m) Au (g/t) Holeii dilution is less th
Slide 120: Appendix E – Goldrush/Fourmile Significant Intercepts
Appendix E – Goldrush/Fourmile Significant Interceptsi Goldrush & Fourmile Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are Core Drill True Widthiii uncapped; minimum intercept width is 3.0 meters; internal Azimuth Dip Interval (m) Width (m)iii Au (g/t) dilution is less t
Slide 121: Appendix F – Robertson Significant Intercepts
Appendix F – Robertson Significant Interceptsi Robertson Drill Results Core Drill True Widthiii Azimuth Dip Interval (m) Widthiii (m) Au (g/t) Holeii (m) i. All intercepts calculated using a 0.17 g/t Au cutoff and are 100.0-109.1 9.1 0.51 iv uncapped; minimum intercept width is 3.0 meters; internal
Slide 122: Appendix G – Lubwe Significant Intercepts
Appendix G – Lubwe Significant Interceptsi Lubwe Drill Results i. All intercepts calculated using a 0.2% Cu cutoff and are uncapped; minimum overall intercept width is 10.0 meters, Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Width (m) Cu (%) minimum including width is 8.0 meters; inter
Slide 123: Appendix H – Outlook
Appendix H – Outlook 2022 Key assumptions 2023 2024 2025+ Guidance Gold Price ($/oz) 1,700 1,650 1,300 1,300 Copper Price ($/lb) 4.00 3.50 3.00 3.00 Oil Price (WTI) ($/barrel) 65 90 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 100.00 120.00 120.00 120.00 CAD Exch
Slide 124: Exploration
EXPLORATION Joel Holliday Group Exploration Executive NYSE : GOLD TSX : ABX World Class Mines, World Class People Investor Day, November 2022
Slide 125: Exploration strategy that delivers value
Exploration strategy that delivers value… Growth through organic Significant reserves added through brownfields discovery and post acquisition and greenfields exploration addition Goldstrike Loulo-Gounkoto Low-cost accretive value for Lagunas Norte Barrick Kibali Pueblo Viejo Donlin Gold Turquoise R
Slide 126: Robust project pipeline
Robust project pipeline… Project Updatei Construction & Development 2 Updated Goldrush feasibility study delivers a robust project Projects 1 3 that meets Barrick’s investment criteria; Record of Decision expected in H1 2023 1 1 3 Feasibility Third Shaft at Turquoise Ridge commissioning early in Q4
Slide 127: To be World Class requires a global presence
To be World Class requires a global presence… Operating presence in prolific gold districts Dominant district scale land positions Understand mineral systems at district and deposit scale Gold deposits Barrick projects 3 - 5Moz 5 – 10Moz >10Moz Exploration presence in under-explored or emerging fron
Slide 128: A rich store of Tier One Copper and Gold opportunities
A rich store of Tier One Copper and Gold opportunities… Barrick’s extensive exploration portfolio in the Africa and Middle East region is spread over 8 countries with an expanding presence in 5 demonstrated Tier One Gold N Egypt exploration portfolio Jabal Sayid and Copper districts West African Cra
Slide 129: Loulo District: key structures hold further discovery potential
Loulo District…key structures hold further discovery potential Yalea depletion Yalea system Yalea South $1,200/oz pit pushback design N continues to Gara North deliver Gara P129-Faradi Yalea Transfer Yalea Zone Hippo 0.0 – 0.7 0.7 – 2.0 Yalea Shear Emerging 2.0 – 3.0 3.0 – 4.0 Shoot Conversion 4.0 –
Slide 130: Kibali: building the target pipeline
Kibali…building the target pipeline KZ North Agbarabo-Rhino UG: Drill program testing the down plunge continuity & lateral extension 2km of multiple identified high-grade shoots Ikamva N Kalimva Kalimva UG: Drilling intersected the host structure down to 600 vertical metres; potential remains for hi
Slide 131: Kibali: Oere UG - System size and grade increasing with depth
Kibali…Oere UG - System size and grade increasing with depthi N Initial exploration drilling confirmed continuous mineralisation Infill work subsequently leads to an indicated resource of 215koz at 2.15g/t and an inferred resource of 106koz at 1.7g/t in a $1,500/oz pit shell (on a 100% basis)2 Infil
Slide 132: Tanzania Exploration: World Class Discovery Potential
Tanzania Exploration…World Class Discovery Potential North Gokona/Gena North Mara N Mara Depth extensions to the Gokona system identified by deep Rama drilling as well as new high priority targets generated along strike exhibiting similar alteration to Gokona Testing of upside potential in the Ochun
Slide 133: Jabal Sayid: Extending high-grade mineralization and identifying new targets
Jabal Sayid…Extending high-grade mineralization and identifying new targeti 100km Jabal Sayid Mine N Strong recent results demonstrate 50km growth potential Strong drill results confirm down-plunge continuation to mineralization at Lode 1 Deeps and strike extension at Lode 4 East Umm ad Damar Winnin
Slide 134: North America: Expanding the Search Space
North America...Expanding the Search Space Significant Au and Cu deposits >0.5Moz Au and/or >0.5Mt Cu Canada exploration group consolidated Five option agreement properties being explored including the N Pic property near Hemlo Rapid program ramp up; focus on target generation to fill the resource t
Slide 135: Carlin Trend: multiple targets across world class camp
Carlin Trend…multiple targets across world class camp West of Leeville,10.5 m at 8.70 g/ti, within an untested fault block West of Leeville along the Basin Bounding Fault, drilling has intersected strong mineralization, highlighting the Goldstrike opportunity for additional bonanza grade breccia bod
Slide 136: Cortez District
Cortez District… Drilling at Distal intersects N 13.9m at 15.57g/ti and 12.0m at 2.17g/ti Framework drilling at Northern Canyons Swift Robertson intersected multiple intervals of elevated Carlin- Evaluating northern type geochemistry and anomalous gold in the extensions of the Pipeline Fourmile depo
Slide 137: Turquoise Ridge
Turquoise Ridge… Lupine Strong chemistry defined above Geochemical drilling defines strong open-ended Carlin anomalism lower plate target within the 8km corridor between the two world class deposits Mega Feeder – Targeting fault intersections where mineralization is open at depth below the Twin Cree
Slide 138: LATAM Exploration
LATAM Exploration… The LATAM team and portfolio has been through a Dominican full reassessment and restructuring with a clear Pueblo Viejo Republic focus on the best opportunities Full generative review of Central and South America in progress Guiana Shield At Pueblo Viejo (PV), mineralization is in
Slide 139: Pueblo Viejo District and Dominican Republic Exploration
Pueblo Viejo District and Dominican Republic Exploration… At Main Gate, results confirm mineralization below a thrusted Quaternary limestone cover with 24m at 1.6g/t Au, including 12m at 2.3g/t Au Diorites (hole DPV22-869)i Sandstone and Limestones (Las Lagunas Formation) Limestone (Hatillo Formatio
Slide 140: Veladero: Argentina
Veladero…Argentina In the Veladero District, a preliminary district-scale review identifies new targets and current target areas (Morro Escondido, Veladero Sur, Domo Negro and Domo Negro Cerro Lila) were further validated &Cerro Lila Ground geophysical surveys planned in Morro Lama Morro Escondido,
Slide 141: Asia Pacific Region
Asia Pacific Region… Oyu Tolgoi Muruntau REKO DIQ Hishikari ‘New region’ with a strong growth mandate Reko Diq in the west and Porgera in the east Aim is to discover or acquire potential Tier One (Cu and Au) opportunities PORGERA Country prioritization – based on Grasberg Lihir prospectivity, fiscal
Slide 142: Appendix A – Project Pipeline
Appendix A – Project Pipeline LatAm & North Africa & New Asia Pacifici America Middle East Frontiers Refer to the Technical Report on the Pueblo Viejo mine, Sanchez Ramirez Province, Dominican Republic, dated March 19, 2018, Construction & Pueblo Viejo Plant Expansion Turquoise Ridge 3rd Shaft Gounk
Slide 143: Appendix B – Mengu Hill Significant Intercepts
Appendix B – Mengu Hill Significant Interceptsi Mengu Hill Drill Results Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) MDD041 207 -70 0.0-17.3 17.3 6.09 i. All intercepts calculated using a 0.5 g/t Au cutoff and are MDD041 207 -70 26.0-35.0 9 3.28 uncapped; minimum intercept width
Slide 144: Appendix C – Oere Significant Intercepts
Appendix C – Oere Significant Interceptsi Oere Hill Drill Results Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) KPDD0001 290 -60 150.33-151.93 1.6 2.71 i. All intercepts calculated using a 0.5 g/t Au cutoff and are KPDD0003 290 -60 155.8-156.66 0.86 1.37 MODD0004 210 -60 155.8-163
Slide 145: Appendix D – Jabal Sayid Significant Intercepts
Appendix D – Jabal Sayid Significant Interceptsi Jabal Sayid Drill Results 2022 YTD Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Cu (%) BDH1153 273 -75 375.20-510.90 135.7 1.93 BDH1160 359 -80 463-517.04 54.04 15.83 362.90-400.00 37.10 13.91 408-411 3.00 1.33 i. All intercepts calculated
Slide 146: Appendix E – Carlin Trend Significant Intercepts
Appendix E – Carlin Trend Significant Interceptsi Drill Results from Q3 2022 to date i. All intercepts calculated using a 3.4 g/t Au cutoff and are Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) uncapped; minimum intercept width is 0.8 meters; LBB-22005 290 -77 606.0-608.4 2.4 4.82
Slide 147: Appendix E – Greater Leeville Significant Intercepts
Appendix E – Greater Leeville Significant Interceptsi Drill Results from Q3 2022 to date i. All intercepts calculated using a 3.4 g/t Au cutoff and are Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) uncapped; minimum intercept width is 3.0 meters; internal CGX-22088 100 -85 dilutio
Slide 148: Appendix E – Carlin Trend Significant Intercepts
Appendix E – Carlin Trend Significant Interceptsi Drill Results from 2022 H1/2021/2020/Legacy Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 meters; internal dilution is less than Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii
Slide 149: Appendix F – Robertson Significant Intercepts
Appendix F – Robertson Significant Interceptsi i. All intercepts calculated using a 0.17 g/t Au cutoff and are Robertson Drill Results uncapped; minimum intercept width is 3.0 meters; internal Core Drill True Widthiii dilution is less than 20% total width Azimuth Dip Interval (m) Widthiii (m) Au (g/
Slide 150: Appendix G – Main Gate Significant Intercepts
Appendix G – Main Gate Significant Interceptsi i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; Drill Results from Q3 2022 minimum intercept width is 5 meters; internal dilution is less than 10% Including total width ii. Main Gate drill hole nomenclature: DPV (Dominican Puebl
Slide 151: Appendix G – Arroyo del Rey Significant Intercept Table
Appendix G – Arroyo del Rey Significant Intercept Tablei i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; Drill Results from Q3 2022 minimum intercept width is 5 meters; no internal dilution applied. Including ii. Arroyo del Rey drill hole nomenclature: DPV (Dominican Pueblo
Slide 152: Appendix H – El Quevar Significant Intercept Table
Appendix H – El Quevar Significant Intercept Tablei i. All intercepts calculated using a 0.10 g/t Au cutoff and are uncapped; Drill Results from Q3 2022 minimum intercept width is 2 meters; internal dilution is less than 60% Including total width. ii. El Quevar drill hole nomenclature: Drill system
Slide 153: 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 154: Human Resources
HUMAN RESOURCES Darian Rich Group Human Resources Executive NYSE : GOLD TSX : ABX World Class Mines, World Class People Investor Day, November 2022
Slide 155: Our Human Capital Scorecard
Our Human Capital Scorecard Evolving our HR Strategy Our Human Capital Management scorecard tracks our progress across four key HR pillars on our journey to building the world’s most valued gold and copper company For 2022, we continued to evolve our systems, enabling us to attract, retain, and deve
Slide 156: Recruiting the next generation of leaders
Recruiting the next generation of leaders Our People Profile (as of September 30, 2022) We have achieved solid progress against our recruitment priorities in 2022, which involves driving the employment of younger candidates as well as women through targeted campaigns Expats (1.6%) % Women hired YTD
Slide 157: Growing the cultural and ethnic diversity of our workforce
Growing the cultural and ethnic diversity of our workforce by living our sustainability strategy Hiring locally is part of our DNA. We prioritize local hiring as part of our mission to transform natural resources into sustainable benefits and mutual prosperity for our employees, local communities, a
Slide 158: Helping our people thrive and reach their full potential
Helping our people thrive and reach their full potential Our people are the driving force behind our track record of achievements. We are energized by the work we do, how well we do it, and the difference we make. We are building a future ready workforce through focused world class training programs
Slide 159: Engaging our talent across the organization
Engaging our talent across the organization Empowering our people to thrive 1 Communicating directly with the workforce and promoting transparent, two-way communication Flat organizational structure provides direct access to line 2 operations Annual team effectiveness programs create a shared 3 unde
Slide 160: Embedding our high performance culture
Embedding our high performance culture We believe that to achieve our goals, we have to work as collaborative teams rather than in silos to be thoroughly transparent about what we are doing, and to track our performance along the way We therefore hold ourselves to account for achieving our company-w
Slide 161: Enabling with technology
Enabling with technology Modernizing HR HR Technology HR Master Data Barrick has implemented Oracle HCM Cloud, a & Profile Management global HR cloud-based application which Absence Recruitment & Management supports Barrick’s digital transformation and Onboarding provides a single enterprise solutio
Slide 162: Human Capital Management in Action
Human Capital Management in Action University Career Fair Emergency Response Team Training Young Professionals Development Event Industrial Relations Meeting Supervisor Training High School Engagement Women’s Day 9
Slide 163: Barrick
BARRICK
Slide 164: Endnotes
Endnotes 1. On March 20, 2022, Barrick and the Governments of Pakistan and Balochistan reached agreement in principle on a framework that provides for the reconstitution of the Reko Diq project. If the definitive agreements are executed and the conditions to closing are satisfied, the project will b
Slide 165: Finance, Supply Chain & Digital Transformation
Graham FINANCE, SUPPLY CHAIN & Shuttleworth DIGITAL TRANSFORMATION Senior Executive Vice President & CFO NYSE : GOLD TSX : ABX World Class Mines, World Class People Investor Day, November 2022
Slide 166: Cumulative free cash flow from operating mines (2023-2027)
Cumulative free cash flow1 from operating mines (2023-2027) $20 bn. $15 bn. Free Cash Flow1 $10 bn. $5 bn. $0 bn. $1,300/oz $1,400/oz $1,500/oz $1,600/oz $1,700/oz $1,800/oz $1,900/oz $2,000/oz $3.00/lb $3.25/lb $3.50/lb $3.75/lb $4.00/lb $4.25/lb $4.50/lb $4.75/lb Gold and Copper Price Assumption T
Slide 167: Five-year gold outlook ($1,650/oz gold price)
Five-year gold outlook ($1,650/oz gold price) GROUP GOLD Gold Production (Attributable), koz Cost of Sales3, Total Cash Costs4 and Total Gold Capital Expenditures5 (Attributable), $ mln AISC4, $/oz Total production, GEOi Porgera Africa and Middle East LATAM and AP North America Cost of Sales3 Total
Slide 168: Five-year copper outlook ($3.50/lb copper price)
Five-year copper outlook ($3.50/lb copper price) GROUP COPPER Copper Production (Attributable), Mlbs Cost of Sales3, C1 Cash Costs6 and Total Copper Capital Expenditures5 (Attributable), $ mln AISC6, $/lb Jabal Sayid Zaldivar Lumwana Cost of Sales3 C1 Cash Costs6 AISC6 Total Capital5 600 3.50 550 3.
Slide 169: Cost dynamics have changed, driven by higher energy costs
Cost dynamics have changed, driven by higher energy costs Total Cash Costs4 by Category ($/oz) 300 i 2020 2021 2022 250 200 150 100 50 - Labour & Benefits Energy & Fuels Consumables & Spares Contracted Services Royalties Other United States 3% Labour & Benefits 9% 9% Mali Contracted Services 7% 23%
Slide 170: Taking a deeper cost dive – NGM consumables and fuel & energy
Taking a deeper cost dive – NGM consumables and fuel & energy Approximately half of our cost base is represented by consumables (33%) and fuel & energy (16%) At an operational level, we can drill into the components that make up that spend (using NGM as an example below) Diesel makes up the largest
Slide 171: Price trends
Price trends Lower index values signal a slowdown in shipping activity with lower demand driving down freight pricing Freight (measured by the Baltic Dry Index) had a +70% decrease since a peak in 2021 China Containerized Freight showing downward trend in 2022 Brent crude oil peaked in mid-2022 with
Slide 172: Supply chain approach and global impact
Supply chain approach and global impact Barrick Supply Chain is decentralised to the Operations with a centralised Strategic Sourcing Group Focus on collaborative Empower people with Integrated systems Working with supply Integrated logistics Drive ESG initiatives demand planning to supply chain and
Slide 173: Mine operating supplies - Inventory management
Mine operating supplies - Inventory management Maintaining security of supply while optimizing working capital Main drivers contributing to an optimized inventory base Evolution of Inventory ($ millions) Empowered our people to take full responsibility and 1,200 accountability of inventory. This is
Slide 174: Supply chain cost reduction
Supply chain cost reduction Our procurement strategy includes leveraging our buying power to structure long term agreements with our key business partners Supplier collaboration and building key relationships are key not only from a supply and pricing perspective, but also to drive joint efficiencie
Slide 175: Local supplier spend and development
Local supplier spend and development Key Initiatives 2021/2022 Tanzania local content plans approved by the government Establishing local fuel and lube suppliers in the AME and LATAM & AP regions Establishing local construction and mining partners in the AME and LATAM & AP regions Roll-out supplier
Slide 176: Managing GHG in supply chain – Scope 3 emissions
Managing GHG in supply chain – Scope 3 emissions Scope 3 Emissions During 2021, we worked to quantify our emissions produced throughout our value chain We have identified Category One - Goods and Services, as the most material and impactful Scope 3 emissions category to address Our Scope 3 reduction
Slide 177: Global and Local Reporting
Simplifying our core business systems Before After Financial Reporting Planning ERPi SAP Analytics OneStream Cloud Global and Local Reporting Global Data Platform 3 regional systems 8 applications and 7 local systems SAP single global instances single single global (Finance, SC, Maintenance, C
Slide 178: Switching from foundation to innovation
Switching from foundation to innovation Global Data Platform (GDP) Established New project examples Data analytics projects in AME, NGM/NA & LATAM now More insightful data and analytics combining multiple have a single, modern data platform for their initiatives data sources, benchmark reporting and
Slide 179: Sandvik Remote Monitoring
Sandvik Remote Monitoring Opportunity We have roughly 200 Sandvik assets in operation across the Group Each one has a wealth of sensors with data constantly being generated Currently we do not have the capability to make use of all of that data – one would need to ingest it and then “mine” it using
Slide 180: Business simplicity
Business simplicity We continue to simplify our intercompany equity and loans to provide a transparent ownership structure: Once final government approval is received, we will simplify the legacy structures in Tanzania, eliminating 26 companies. This will also improve efficiency as there will be no
Slide 181: Maintaining our drive to lower G&A costs versus our peer group
Maintaining our drive to lower G&A costs versus our peer group7 2022 Q3 YTD G&A as % of Consolidated Revenue 2022 Q3 YTD G&A as % of Consolidated OCF 2022 Q3 YTD G&A as $ per attributable GEO +139% +133% 36% 50 40 30 3.2% 9.5% 45 20 29 1.3% 4.1% 10 0 Barrick Peer group average Barrick Peer group ave
Slide 182: Recent engagement and developments in fiscal regimes
Recent engagement and developments in fiscal regimes Egypt We are negotiating a new fiscal regime with Republic of Mali the federal government The Barrick mines in to develop the mining Mali operate under the industry in Egypt. Pakistan stability clauses of their We have agreed Mining Conventions, u
Slide 183: Dividends, share buybacks and balance sheet management
Dividends, share buybacks and balance sheet management Performance dividend policy established to enhance returns to shareholders when liquidity is strong8 $1 billion share buyback program established for opportunistic repurchases Combination of share buybacks and dividends paid in 2022 expected to
Slide 184: Barrick
BARRICK
Slide 185: Endnotes
Endnotes 1. Free cash flow” is a non-GAAP financial performance measure which deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. F
Slide 186: Endnotes
Endnotes 6. “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures. “C1 cash costs” per pound is based on cost of sales but excludes the impact of depreciation and royalties and production taxes and includes treatment and refinement charges. “Al
Slide 187: Appendix A – Outlook
Appendix A – Outlook 2022 Key assumptions 2023 2024 2025+ Guidance Gold Price ($/oz) 1,700 1,650 1,300 1,300 Copper Price ($/lb) 4.00 3.50 3.00 3.00 Oil Price (WTI) ($/barrel) 65 90 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 100.00 120.00 120.00 120.00 CAD Exch
Slide 188: Sustainable Value Creation
SUSTAINABLE VALUE CREATION… Mark Bristow 1
Slide 189: 10 Year Gold and Copper Base Case Production Outlook with Reko Diq and Lumwana Superpit
10 Year GOLD and COPPER… Base case production outlook with REKO DIQ and the LUMWANA SUPERPIT (Gold Equivalent Koz) Gold + Upside Copper + Upside 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 On an attributable basis. Refer to Appendix A for assumptions
Slide 190: Creating shareholder value from gold and copper
Creating shareholder value from gold and copper… Best asset base Largest portfolio of Tier One and world-class gold and copper assets1 that is unmatched in the industry, with several more waiting in the wings including Reko Diq Growing copper exposure Well positioned to capitalize on global decarbon
Slide 191: Endnotes Technical Information
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 192: Appendix A – Outlook
Appendix A – Outlook 2022 Key assumptions 2023 2024 2025+ Guidance Gold Price ($/oz) 1,700 1,650 1,300 1,300 Copper Price ($/lb) 4.00 3.50 3.00 3.00 Oil Price (WTI) ($/barrel) 65 90 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 100.00 120.00 120.00 120.00 CAD Exch