Slide 1: Results for the Quarter and 9 Months ended 30 September 2020
Results for the Quarter and 9 Months ended 30 September 2020…
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: Covid-19 update
Covid-19 update… Barrick’s proactive and considered engagement with all stakeholders continues to ensure protection of our people and to support the sustainability of the business during the Covid-19 pandemic The WHO clinical-based protocol for the discontinuation of quarantine was adopted Our inter
Slide 4: Health & Safety
Health & Safety… Lost Time Injury Frequency Rate & Total Recordable Injury Frequency Rate 32.7% and 23.7% decrease in year-to- date LTIFR1 and TRIFR2, respectively, 3.0 2.75 versus the same period last year 2.5 YTD 28 LTIs1 and 145 TRIs2 recorded 2.18 2.23 2.11 compared to 36 LTIs and 168 TRIs in th
Slide 5: Environment
Environment… Loulo Solar Project injects Zero class 1 (high severity) environmental incidents3 2.4 million kWh into power grid recorded during the quarter and across the group year-to-date Group rehabilitated/reclaimed 288ha of land during Q3 and 964ha year-to-date 82% water reuse and recycling rate
Slide 6: Community
Community… Continued to provide timely assistance in the prevention of the Covid-19 pandemic to host communities and invested > $25 million I-80 Fund launched in July 2020 with $5 million NGM investment Provides low-interest loans to small businesses impacted by Covid-19 in Lander, Elko, Humboldt, a
Slide 7: Employee demographics
Employee demographics… % Women hired YTD 100% North America Expats 1.4% Donlin Gold (50%) Headcount: 7,689 Contractors: 5,004 50% Expats 2.7% Nationals 98.6% Africa and Middle East 0% NA LATAM & AP AME Headcount: 7,930 Golden Sunlight (100%) Hemlo (100%) Contractors: 13,099 % Women Nationals % Hired
Slide 8: Barrick Q3 2020 KPIs
Barrick…Q3 2020 KPIs Another solid quarter positions Barrick to deliver on annual production guidance Higher gold prices drive strong cash flow and increased royalty costs Operating cash flow of $1.9 billion and record free cash flow4 of more than $1.3 billion Debt net of cash reduced by 71% to $0.4
Slide 9: Group operating results
Group operating results… Another solid quarter of production driven by Carlin and Pueblo Viejo following scheduled plant maintenance in Q2 Gold operating results Q3 2020 Q2 2020 Q3 2019 9M 2020 Per ounce costs improve quarter-on-quarter Production (koz) 1,155 1,149 1,306 3,554 despite high royalty c
Slide 10: Group financial results
Group financial results… Financial Results Q3 2020 Q2 2020 Q3 2019 9M 2020 Revenue ($ million) 3,540 3,055 2,678 9,316 Free cash flow4 increased by 151% to a record $1.3 billion Net earnings ($ million) 882 357 2,277 1,639 Captured benefit of higher gold prices through agile Adjusted net earnings ($
Slide 11: Carlin
Carlin… Nevada, USA Strong, high-margin operating performance at Carlin Carlin12 (61.5%) Q3 2020 Q2 2020 Q3 2019 9M 2020 in Q3 driven by: Ore tonnes processed (000) 3,078 2,835 3,188 9,142 Improved throughput and reliability of the Goldstrike Average grade processed (g/t) 3.93 3.60 3.33 3.64 Roaster
Slide 12: Carlin Trend exploration
Carlin Trend…exploration Nevada, USA Evidence of high grade mineralisation between N Drilling in progress at Ren Multiple intercepts up to “Sinkhole” breccia target Basin Bounding Fault and Leeville 5.2m at 10.9g/t along the Post-Gen Faulti North Leeville – following up Early drill results in Leevil
Slide 13: Cortez
Cortez… Nevada, USA Production and costs at Cortez in Q3 were impacted Cortez13 (61.5%) Q3 2020 Q2 2020 Q3 2019 9M 2020 by a decrease in trucking of open pit stockpiles to Ore tonnes processed (000) 3,301 2,381 2,837 10,466 Carlin as well as lower grades from CHUGi Average grade processed 1.34 1.87
Slide 14: Cortez District opportunities
Cortez District…opportunities Nevada, USA Dorothyi Robertson N 2.7m at 180.3g/t (FM19-14D) Dorothy Crossroads to Sophiai Sophiai Robertson 9.9m at 48.4g/t (FM20-153D) Fourmile 9.8m at 48.5g/t (FM19-47D) Pipeline and 9.6m at 80.1g/t (FM20-169D) (Barrick) Blanchei Sophia 21.5m at 40.2g/t (FM19-22D) Co
Slide 15: Turquoise Ridge
Turquoise Ridge… Nevada, USA Slightly lower production from Q2 due to autoclave Turquoise Ridge15 (61.5%) Q3 2020 Q2 2020 Q3 2019 9M 2020 maintenance and reliability upgrades, as well as lower recoveries due to ore blend Ore tonnes processed (000) 968 821 950 2,649 Despite lower production, per ounc
Slide 16: Turquoise Ridge – Twin Creeks
Turquoise Ridge – Twin Creeks… Nevada, USA Sparsely tested corridor between two giant deposits Focus is on improving deposit geology at both mines, in parallel with relogging available deep drill holes Structurally complex with evidence of leakage Multiple targets emerging for both expansion and new
Slide 17: Other Nevada Gold Mines
Other Nevada Gold Mines… Phoenix Phoenix (61.5%) Q3 2020 Q2 2020 Q3 2019 9M 2020 Gold production impacted by lower grades and recovery, Gold produced (oz 000) 30 35 25 100 though costs benefit from higher copper by-product credits Cost of sales ($/oz)7 1,773 1,726 2,186 1,697 Phoenix remains well-po
Slide 18: Donlin making progress
Donlin…making progress Alaska Successfully completed 85-hole drilling Top intercepts returned to date from 2020 program: program DC20-1873i Approximately 23,400 meters drilled in the 7.66m at 18.40g/t DC20-1878i 19.77m at 11.3g/t ACMA and Lewis deposit area Assays received for first 25 holes DC20-18
Slide 19: Hemlo
Hemlo… Ontario, Canada Hemlo continues to deliver consistent production, in line with guidance Hemlo (100%) Q3 2020 Q2 2020 Q3 2019 9M 2020 Costs managed despite impact of NPI royalty from Ore tonnes processed (000) 519 472 607 1,484 higher gold prices, though trending above guidance for Average gra
Slide 20: Hemlo western upside
Hemlo…western upside Ontario, Canada Black Fly Zone Black Fly trench program extents Multi-gram gold anomalies defined by Projected holes intersecting >3g/t gold trenching over 1,500 metre strike length Projected holes intersecting <3g/t gold Mine shafts Golden David west of the Williams open pit at
Slide 21: Pueblo Viejo
Pueblo Viejo… Dominican Republic As expected, production increased by 16% following Pueblo Viejo16 (60%) Q3 2020 Q2 2020 Q3 2019 9M 2020 the total plant maintenance shutdown in Q2 Ore tonnes processed (000) 1,281 1,088 1,182 3,841 Accordingly, per ounce costs showed strong Average grade processed (g
Slide 22: Dominican Republic prospective belts
Dominican Republic…prospective belts Revised structural model enabling prediction of controls and offsets to mineralisation. 4 new satellite targets identified Barrick JV with Precipitate Drilled Mejita NE target with a 4-hole initial campaign Pueblo Viejo obtaining gold mineralisation over an area
Slide 23: Veladero
Veladero… Argentina As previously disclosed, year-to-date operations have been Veladero17 (50%) Q3 2020 Q2 2020 Q3 2019 9M 2020 impacted by: Ore tonnes processed (000) 3,189 2,609 3,463 9,041 A mandatory nationwide quarantine Average grade processed (g/t) 0.79 0.93 0.74 0.83 Movement and social dist
Slide 24: LATAM portfolio a work in progress
LATAM portfolio…. Dominican Republic New predictive structural ,model a work in progress Pueblo Viejo Drilling validates target Guiana Shield Broadening growth mandate to greater Negotiations to Guiana Shield consolidate properties region Northern Peru Veladero Strategy Exploring the Jurassi
Slide 25: Porgera
Porgera… Papua New Guinea As previously disclosed, Porgera entered care and maintenance on April 25 after a government announcement that our application for renewal of the Special Mining Lease (SML) had been rejected. We believe the government’s action was a violation of due process and have launche
Slide 26: Loulo-Gounkoto
Loulo-Gounkoto… Mali Production consistent with prior quarter, keeping the Loulo-Gounkoto19 (80%) Q3 2020 Q2 2020 Q3 2019 9M 2020 Complex on track to meet the upper end of 2020 guidance Ore tonnes processed (000) 1,004 972 1,013 2,957 Total cash costs per ounce8 higher from Q2 due to higher Average
Slide 27: Loulo District
Loulo District… Senegal-Mali Baboto N Bambadji Permiti Loulo Permiti Gara Loulo 3 Additional drill results at Kabewest confirmed a Scout drilling in the Yalea Transfer Zone confirms 40-70m wide complex mineralised system with Yalea down plunge extension of the shoot with 43.80m at 30m at 2.45g/t
Slide 28: Tongon
Tongon… Côte d'Ivoire Solid and reliable production in Q3 – consistent with Tongon (89.7%) Q3 2020 Q2 2020 Q3 2019 9M 2020 both prior quarter and prior year Ore tonnes processed (000) 999 1,013 964 2,994 Although impacted by higher processing and mining costs in Q3, total cash costs per ounce8 and A
Slide 29: Kibali
Kibali… DRC Kibali delivered consistent results with production Kibali20 (45%) Q3 2020 Q2 2020 Q3 2019 9M 2020 and total cash costs per ounce8 in-line with Q2 Ore tonnes processed (000) 862 857 852 2,557 Underground set new ore delivery record in Q3 Average grade processed (g/t) 3.67 3.68 3.74 3.71
Slide 30: KZ Structure resource replacement pipeline
KZ Structure…resource replacement pipeline DRC Kalimva-Ikamva Ikamva Kalimva Kibali on track to grow mineral Oere reserves net of 2020 depletion Mengu HiIl Pakaka Robust mineral resource growth Mofu Pamao pipeline and mineral reserve Kombokolo Pakaka conversion lays foundation for continued growth i
Slide 31: North Mara
North Mara… Tanzania Production in-line with Q2 North Mara (84%)21 Q3 2020 Q2 2020 Q3 2019 9M 2020 Focus on improving the underground mine resulted in total Ore tonnes processed (000) 622 611 172 1,869 cash costs per ounce8 decreasing by 10% from prior Average grade processed quarter 3.59 3.75 5.58
Slide 32: North Mara Gokona system
North Mara…Gokona systemi Tanzania Kofia KDH001 Host sandstones & West conglomerates with variable +2.8km East A1/A2T alteration Open GOKONA GENA Open Surface Upper Drill Drill West Gap Gap Shoot Phase Phase Upper East Shoot Upper West 1 2 Au g/t Extn Gena 2.5-5 Extn. Open 5-10 400m Conversion Area
Slide 33: Bulyanhulu and Buzwagi
Bulyanhulu and Buzwagi… Tanzania Bulyanhulu Bulyanhulu (84%)21 Q3 2020 Q2 2020 Q3 2019 9M 2020 Underground mining operations resumed in Q3 Gold produced (oz 000) 7 7 6 21 First development fronts now advanced Gold sold (oz 000) 46 30 5 83 Processing of fresh underground ore is on track for Q4 Cost o
Slide 34: Bulyanhulu Reef 1 orebody drilling extends high grade at depth
Bulyanhulu Reef 1 orebody… drilling extends high grade at depthi N Haulage Level BGMDD0071 True width 2.60m at 11.3g/t 2020 Mining Area 2000m Deep West BGMDD0070 True width 4.70m at 38.2g/t BGMDD0069 True width 2.77m at 33.0g/t BGMDD0072 BGMDD0069B True width 7.90m at 10.3g/t True width 1.85m at 110
Slide 35: Copper mines
Copper mines… Lumwana, Zambia Lumwana (100%) Q3 2020 Q2 2020 Q3 2019 9M 2020 Production in Q3 impacted by lower throughput due to plant Copper produced (lbs million) 62 72 65 198 maintenance, with improvement expected in Q4 Cost of sales ($/lb) 2.06 2.06 2.04 2.03 Despite this, C1 cash costs per pou
Slide 36: MRM and Exploration Upside
MRM and Exploration Upside… 11–20 years Sustainable 6–10 years Delivery Exploration 0–5 years Mineral Resource Management Life of Mine Plans
Slide 37: Performance driven by a clear strategy
Performance driven by a clear strategy… Dividend per Sharei Cumulative OCFii Cumulative FCF4 Debt, Net of Cash 10 7000 4000 4000 9 3500 3500 6000 8 3000 3000 5000 7 2500 2500 6 4000 5 2000 2000 3000 4 1500 1500 3 2000 1000 1000 2 1000 500 500 1 0 0 0 0 Cents per share $ million $ million $ million i
Slide 38: Relative Share Price Performance
Relative Share Price Performance… Relative Share Price Performance since Relative Share Price Performance YTD merger announcement with Randgold Base = 100 Base = 100 300 170 Barrick: 44% Barrick: 156% 160 275 150 250 140 225 130 200 120 175 110 100 Spot Gold: 25% 150 90 GDX: 33% 125 80 100 Spot Gold
Slide 39: Endnotes
Endnotes 1. Loss time injury frequency rate (LTIFR) is a ratio calculated as follows: number of loss time injuries x 1,000,000 hours divided by the total number of hours worked. 2. Total reportable incident frequency rate (TRIFR) is a ratio calculated as follows: number of reportable injuries x 1,00
Slide 40: Endnotes
Endnotes 8. “Total cash costs” per ounce, “All-in sustaining costs” per ounce and "All-in costs" per ounce are non-GAAP financial performance measures. “Total cash costs” per ounce starts with cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of
Slide 41: Endnotes
Endnotes 12. On July 1, 2019, Barrick's Goldstrike and Newmont's Carlin were contributed to Nevada Gold Mines and are now referred to as Carlin. As a result, the amounts presented represent Goldstrike on a 100% basis (including our 60% share of South Arturo) up until June 30, 2019, and the combined
Slide 42: Technical Information
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Steven Yopps, MMSA, Manager of Growth Projects, Nevada Gold Mines; Craig Fiddes, SME-RM, Manager – Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resourc
Slide 43: Appendix A – Carlin Trend Significant Intercept Table
Appendix A – Carlin Trend Significant Intercept Tablei i. All intercepts calculated using a 5 g/t Au cutoff and are uncapped; Drill Results Presented Q3 2020 minimum intercept width is 0.8m; internal dilution is less than 20% Width total width Core Drill Holeii Azimuth Dip Interval (m) Au (g/t) ii.
Slide 44: Appendix B – Fourmile Significant Intercept Table
Appendix B – Fourmile Significant Intercept Tablei Drill Results Returned Q3 2020 i. All intercepts calculated using a 5 g/t Au cutoff and are uncapped; minimum intercept width is 0.8m; internal dilution is less than 20% Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) total width ii
Slide 45: Appendix B – Fourmile Significant Intercept Table
Appendix B – Fourmile Significant Intercept Tablei i. All intercepts calculated using a 5 g/t Au cutoff and are Previously Reported Drill Results Presented Q3 2020 uncapped; minimum intercept width is 0.8m; internal Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) dilution is less th
Slide 46: Appendix C – Donlin Gold JV Significant Intercept Table
Appendix C – Donlin Gold JV Significant Intercept Tablei Drill Results Presented Q3 2020 Core Drill Width i. Significant intervals represent drilled intervals and not Holeii Area Azimuth Dip Interval (m) (m)iii Au (g/t) necessarily true thickness of mineralization. Mineralized 14.0-17.8 3.8 3.5 inte
Slide 47: Appendix C – Donlin Gold JV Significant Intercept Table
Appendix C – Donlin Gold JV Significant Intercept Tablei Drill Results Presented Q3 2020 i. Significant intervals represent drilled intervals and not necessarily Core Drill Holeii Area Azimuth Dip Interval (m) Width (m)iii Au (g/t) true thickness of mineralization. Mineralized intervals meet or 43.8
Slide 48: Appendix D – Pueblo Viejo Significant Intercept Table
Appendix D – Pueblo Viejo Significant Intercept Tablei Drill Results from Q3 2020 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; a minimum intercept length of 10m is reported, with internal dilution of Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) no more
Slide 49: Appendix E – Loulo-Gounkoto Significant Intercept Table
Appendix E – Loulo-Gounkoto Significant Intercept Tablei Drill Results from Q3 2020 Lode Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) Transfer Zone YADH147 68.98 -61.78 902.6-907.3 4.70 1.98 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept wid
Slide 50: Appendix E – Loulo-Gounkoto Significant Intercept Table
Appendix E – Loulo-Gounkoto Significant Intercept Tablei Drill Results from Q3 2020 Lode Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum Transfer Zone YADH170 67.00 -63.00 1168.9-1171 2.10 1.16 intercept wid
Slide 51: Appendix E – Bambadji Significant Intercept Table
Appendix E – Bambadji Significant Intercept Tablei Drill Results from Q3 2020 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; internal dilution is equal to or less than 2m total width. Lode Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au
Slide 52: Appendix F – North Mara (Gena) Significant Intercept Table
Appendix F – North Mara (Gena) Significant Intercept Tablei,ii Gena Central - Resource Conversion Drilling - Q3 2020 i. All intercepts for Gena are calculated at 1g/t Au cut-off grade as a rounded Location Type Drill Hole iii Azimuth Dip Interval (m) Width (m) iv Au (g/t) marginal cut-off for resour
Slide 53: Appendix F – North Mara (Gokona) Significant Intercept Table
Appendix F – North Mara (Gokona) Significant Intercept Tablei,ii Gokona Deep Central - Resource conversion drilling - Q3 2020 Location Type Drill Holeiii Azimuth Dip Interval (m) Width (m)iv Au (g/t) DDC5 DDH UGKD702 331.3 -75.7 388 393 5 3.4 i. All intercepts calculated at 1.9g/t Au cut-off grade a
Slide 54: Appendix G – Bulyanhulu Significant Intercept Table
Appendix G – Bulyanhulu Significant Intercept Tablei i. Capping at 300 g/t Au on the raw data, with minimum of 1m Bulyanhulu Deep West Drilling – Q3 2020 intercept, with at least 60% of the resulting intercepts above 2 g/t Au cut-off. Azimuth Width True Width Au ii. Bulyanhulu – drill hole nomenclat