Barrick Mining Corporation · TSX:ABX
Barrick Mining — Investor Day (November 2024)
156 slides from Barrick Mining's investor day presentation, November 2024
Slide 1: Investor Day: Value Today, Growth Tomorrow
Value Today, Growth Tomorrow INVESTOR DAY November 2024 NYSE : GOLD ` TSX : ABX World Class Mines, World Class People
Slide 2: Introduction
INTRODUCTION Mark Bristow ` President and CEO
Slide 3: Agenda
Time EST Presentations Agenda… 09:00 Introduction - Mark Bristow 09:05 Sustainability – Grant Beringer 09:25 North American Region – Christine Keener & Henri Gonin 09:55 LatAm & Asia Pacific Region – Mark Hill & Tim Cribb 10:20 Africa & Middle East – Sebastiaan Bock 10:40 BREAK 11:00 Mineral Resourc
Slide 4: Cautionary Statement
Cautionary Statement… 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, other than statements of histor
Slide 5: Barrick today
Barrick today… a champion for long term value creation ASSET QUALITY - 6 Tier One1 gold mines – with >10 year mine life - producing >500Koz in the lower half of the cost curve Pueblo Viejo expansion and ramp-up to >800 Koz p.a. with LoM extension4 WORLD CLASS PROJECTS Nevada Gold Mines JV revitalisa
Slide 6: A Global Resource Company focusing on Tier One assets
A World ClassBusiness…focusing A Global Resource Company on Tier One assets with long-life sustainable mines and projects in the most prospective regions 6
Slide 7: The Team Today
The Team Today… Mark Bristow Grant Beringer Christine Keener Henri Gonin Mark Hill INTRODUCTION SUSTAINABILITY NORTH AMERICA NEVADA GOLD MINES LATAM & AP Tim Cribb Sebastiaan Bock Simon Bottoms Joel Holliday Graham Shuttleworth REKO DIQ AFRICA & MIDDLE EAST MRM EXPLORATION FINANCE & SUPPLY CHAIN 7
Slide 8: Operations North America
OPERATIONS NORTH AMERICA Christine Keener &` Henri Gonin Chief Operating Officer, North America Managing Director, Nevada Gold mines
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 $1,300/oz for 2022 and 2023. Proven and probable reserve gains calculated from cumulative net change in reserves from year end 2018 to 2023.
Slide 31: Appendix A – NGM Gold Reserve Replacements Cont.
Appendix A – NGM Gold Reserve Replacements Cont… Nevada Gold Mines Resources (inclusive of Reserves) and Reserves are summarized below, including Nevada Gold Mines’ interest in South Arturo (100% for year-end 2021 onwards and 60% for prior years) Totals may not appear to sum correctly due to roundin
Slide 32: Appendix B – Assumptions/Outlook
Appendix B – Assumptions/Outlook Key Outlook Assumptions 2024 2025 2026+ Gold Price ($/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 33: Technical Information
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 34: 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
Slide 35: Operations LATAM & Asia Pacific
OPERATIONS LATAM & ASIA PACIFIC Mark Hill & Tim Cribb Chief Operating Officer, LATAM AP Project Director, Reko Diq
Slide 36: World-Class Assets and Talent Drive Sustainable Growth
World-Class Assets and Talent Drive Sustainable Growth Pueblo Viejo plant expansion delivered and ramping up with TSF Feasibility Study work completed Reko Diq Reko Diq Feasibility Study and early works on track (50%) INDIA Veladero turnaround drives cash delivery PAKISTAN, Balochistan Porgera resta
Slide 37: Targeted safety campaigns deliver improvements
Targeted safety campaigns deliver improvements Incident severity decreasing Safety Performance 9 LTIi-free months YTD 2024 Strengthened contractor management Shifted focus toward leading indicators and critical control Targeted Campaigns verifications Roll out of Journey to Zero and fatal risks prog
Slide 38: Successfully delivering on commitments
Successfully delivering on commitments Repatriated cash from Veladero to enable full shareholder debt repayment by year-end Performance Addressed historical tax liabilities in Chile through constructive engagement with authorities Reconstituted the Reko Diq project - early works started and Feasibil
Slide 39: Focus on Future Delivery
Focus on Future Delivery Transformational Reko Additional exploration at Pueblo Viejo targeting Diq project to deliver Veladero to further >800koz high-margin from 2028 onwards and extend mine life whilst ounces per annum provide additional delivering production and following ramp-upi cornerstone as
Slide 40: Total Cash Costs per ounce
Total Cash Costs per ounce4 Total Cash Costs (by Category), $/oz4 500 2021 2022 2023 2024 F 400 300 200 100 0 -100 -200 Labour & Benefits Energy & Fuels Consumables & Spares Contracted Services Royalties Other -3% Per-ounce costs lower in all major categories as volumes 10% 20% Labour & Benefits ram
Slide 41: Five-year profile - Gold
Five-year profile - Gold LATIN AMERICA AND ASIA PACIFIC Gold Production (Attributable), kozi Cost of Sales(5), Total Cash Costs(4) and Total Capital Expenditures (Attributable), $ mln AISC(4), $/ozii Reko Diq Veladero Cost of Sales AISC Porgera Pueblo Viejo Total Cash Costs Total Capital 1,500 1,500
Slide 42: Five-year profile - Copper
Five-year profile - Copper LATIN AMERICA AND ASIA PACIFIC Copper Production (Attributable), kti Cost of Sales(5), C1 Costs(6), AISC(6), $/lb, and Total Capital Expenditures (Attributable), $ mln Reko Diq Cost of Sales AISC Capital Cu kt Zaldivar C1 Cash Costs Total Capital 1,000 200 4.50 4.00 3.50 7
Slide 43: Pueblo Viejo
Pueblo Viejo Reserves & Resources (100% basis)7 High-Margin Asset Poised to Generate 30 P&P 290Mt @ 2.14 g/t for 20Moz Leading Returns 20 M&I 400Mt @ 1.96 g/t for 25Moz Inf 7.9Mt @ 1.6 g/t for 0.40Moz Moz 10 P&P Reserves Delayed plant ramp-up due to re-engineering M&I Mineral Resources required, gea
Slide 44: Throughput Improvement Projects
Throughput Improvement Projects Project Objective Benefit Completion Thickener well – improved flow & Thickener Optimization: Increase reliable throughput of dilution control Upgraded thickener center well existing grinding thickener Q1-2025 Underflow pumps allows for single Upgrade underflow pumps
Slide 45: Recovery Improvement Projects
Recovery Improvement Projects Project Objective Benefit Completion Improve flotation operation with Improved reagent control to Flotation Optimization: larger pumps and alternative individual cells, optimized gold and Q4-2025 Upgraded reagent dosage system flotation reagents sulfide recovery Improve
Slide 46: Expansion Project
Expansion Project In 2019, declining grades and tailings constraints limited 100% basis mining operations to 2029 ~$2.6B ~13.9Moz7 ~$187/oz Expansion project undertaken to increase plant throughput to 14.4Mtpa and add tailings capacityii Capital Incremental Incremental Expendit Reserves Expansion TS
Slide 47: Reko Diq
Reko Diq Mine Life (yrs) Reko Diq Feasibility Study Snapshot (100%)ii 37 Unlocking a Potential Tier One1 Asset M&I: 3.8Bt @ 0.43% Cu for 17Mt Cu Mineral Resource8 INF: 1.3Bt @ 0.3% Cu for 4.4Mt Cu One of the largest undeveloped copper-gold Phase 1 Phase 2 deposits in the world: Throughput (Mtpa)ii 4
Slide 48: Feasibility Study On Track
Feasibility Study On Track Feasibility Study update on track for completion by year-end has improved and derisked project delivery Process plant design underpinned by advanced orebody knowledge, geo- metallurgical test work and industry-tested equipment, based on two phases of 45Mtpa eachi Desalinat
Slide 49: Transformative Social Projects
Transformative Social Projects Proven first-principles approach, in line with our sustainability ethos and the UN Sustainable Development Goals Water, health, education and sanitation are key focus areas: 756 community members have access to safe drinking due the Reverse Osmosis Water Filtration Pla
Slide 50: Veladero
Veladero Reserves & Resources (100% basis)9 P&P 180Mt @ 0.70 g/t for 4.0Moz Turnaround drives robust cashflows 6 M&I 250Mt @ 0.66 g/t for 5.4Moz Inf 36Mt @ 0.5 g/t for 0.63Moz 4 Moz 2 P&P Reserves Back-to-basics plan implemented – disciplined M&I Mineral Resources 0 focus on delivery and commercials
Slide 51: Porgera
Porgera Reserves & Resources (100% basis)10 Future Tier-One mine restarted despite 10 P&P 32Mt @ 4.81 g/t for 5.0Moz M&I 85Mt @ 3.74 g/t for 10Moz challenges Inf 33Mt @ 3.20 g/t for 3.3Moz Moz 5 P&P Reserves Operation ramped-up and commissioned all M&I Mineral Resources 0 Inf. Resources four autocla
Slide 52: Historical Liabilities Addressed
Historical Liabilities Addressed Committed to rehabilitating to return the environment to its previous state Pierina is an industry-leading example of the benefits of sustainable closure through disciplined execution: Liabilities have reduced from >$400m with closure expected to be substantially com
Slide 53: Cultivating a local, diverse workforce
Cultivating a local, diverse workforce Female representation in LATAM workforce increased from 18% to 25% - improving gender balance Pueblo Viejo achieved recertification of the Platinum Seal Award, acknowledging promotion of gender balance and economic autonomy: Operation achieved 67% female repres
Slide 54: Tier One Gold and Copper propel growth
Tier One Gold and Copper propel growth LATAM Gold Equivalent Production Outlook (Attributable, koz)ii 1,800 Copper production (AuEq)i 1,600 Gold production 1,400 1,200 1,000 800 600 400 200 0 2023 2024 2025 2026 2027 2028 2029 i. Gold Equivalent Oz from copper assets are calculated using a gold pric
Slide 55: Appendix A – Assumptions/Outlook
Appendix A – Assumptions/Outlook Key Outlook Assumptions 2024 2025 2026+ Gold Price ($/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 56: Technical Information
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive (in this capacity Mr. Bottoms is also responsible on an interim basis for s
Slide 57: Endnotes
Endnotes 7. Difference between Pueblo Viejo's proven and probable reserves as of December 31, 2019 (9.5 Moz) and December 31, 2023 (20.0 Moz) plus cumulative depletion of 3.5 million ounces over the same period (all on a 100% basis). Estimated in accordance with National Instrument 43-101 - Standard
Slide 58: Operations Africa & Middle East
OPERATIONS AFRICA & MIDDLE EAST Sebastiaan ` Bock Chief Operating Officer, Africa & Middle East
Slide 59: A Leading Gold and Copper Business
A Leading Gold and Copper Business Loulo-Gounkoto 80% Mali A Tier One1 Barrick discovery, high margin producer Jabal Sayid 50% Saudi Arabia Low cost JV with Ma’aden commenced production in AME on track to deliver production guidance for 2024 2015 Track record of replacing and growing reserves drives
Slide 60: Journey to Zero
Journey to Zero Safety is our core value and collectively we are responsible in ensuring everyone goes home safe and healthy every day Some of the key elements of our strategy driving this change: Our Journey to Zero program, which includes the rollout of our Fatal Risk Standards Safety is a core co
Slide 61: A Substantial Business with Proven Performance
A Substantial Business with Proven Performance 5YR Gold Equivalent Production Contribution (attributable)i As a standalone business, AME is ranked 3rd globally on gold equivalent ounces managed NA among all gold companies AME AME is Africa’s biggest miner and operates across several jurisdictions wi
Slide 62: Operational Excellence
Strategic Objectives Delivered Since 2022 AME on track to deliver overall production guidance for the region for 2024 Operational Excellence Active management of inflationary pressure through rise-and-fall agreements to retain flexibility to reduce prices as certain cost pressure subside, through le
Slide 63: Sustainability and Partnerships
Strategic Objectives Delivered Since 2022 Transformation of relationship in Tanzania continues with further funding of education and infrastructure Sustainability and Kibali renewable energy in the process of being expanded, augmenting current hydro with a new Partnerships Solar Plant and Battery En
Slide 64: Future Strategic Objectives
Future Strategic Objectives Expand sustainability Continued investment Portfolio of +3Moz initiatives across the in growing our Tier attributable GEOi region boosting Solar One1 assets, extending profile by the end of and Grid connections lives beyond the next this decade and carbon offsets 10 years
Slide 65: Sustainable Growth and Production
Sustainable Growth and Production Loulo-Gounkoto – Historic P&P Mineral Reserves and Production i Kibali – Historic P&P Mineral Reserves and Production ii 25Moz 25Moz 0 0 2009 2023 2009 2023 LG Complex - Cumulative Production LG Complex - Reserves Kibali - Cumulative Production Kibali - Reserves Tie
Slide 66: Total Cash Costs per Ounce
Total Cash Costs per Ounce3 AME - 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 11% 16% Labour & Benefits Inflation impact most evident in cons
Slide 67: Gold Five-Year Outlook
GOLD Five-Year Outlook AFRICA AND MIDDLE EASTi Gold Production (Attributable), koz Cost of Sales(4), Total Cash Costs(3) and Total Capital Expenditures (Attributable), $ mln AISC(3), $/oz Tongon North Mara Loulo-Gounkoto Total Cash Costs Total Capital Bulyanhulu Kibali Cost of Sales AISC 1,600 1,500
Slide 68: Kibali
Kibali Reserves & Resources (100%)6 P&P 100Mt @ 3.07 g/t for 10Moz Strong brownfields’ work extending long- 15 M&I 150Mt @ 3.18 g/t for 15Moz term delivery Moz 10 Inf 20Mt @ 2.8 g/t for 1.8Moz P&P Reserves Largest and most automated gold mine in Africa and a Tier One 5 M&I Mineral Resources operatio
Slide 69: Loulo-Gounkoto
Loulo-Gounkoto Reserves & Resources (100%)7 P&P 71Mt @ 3.99 g/t for 9.1Moz Working to overcome challenges while 15 M&I 110Mt @ 3.87 g/t for 13Moz continuing to deliver robust long-term value Moz 10 Inf 20Mt @ 2.4 g/t for 1.5Moz P&P Reserves 5 M&I Mineral Resources Successful replacement of mined oun
Slide 70: Tanzania: North Mara and Bulyanhulu
Tanzania North Mara Reserves & Resources (100%)8 Bulyanhulu Reserves & Resources (100%)9 Delivering through our re-established 10 P&P 47Mt @ 2.30 g/t for 3.5Moz M&I 91Mt @ 2.08 g/t for 6.1Moz P&P 21Mt @ 6.05 g/t for 4.1Moz M&I 35Mt @ 6.66 g/t for 7.4Moz partnership Moz Inf 12Mt @ 1.7 g/t for 0.64Moz
Slide 71: Capitalizing on the Long-term Copper Fundamentals
Capitalizing on the Long-term Copper Fundamentals Total Mine IRRi,10 Lumwana Super Pit Expansion ~50% Potential Tier One1 copper production profile strategically positioning Barrick as a global copper producer Expansion Capital Paybacki,11 ~2 years Low risk due to existing operational footprint resu
Slide 72: Lumwana
Lumwana Reserves & Resources (100%)12 P&P 510Mt @ 0.58% for 3.0Mt 10 M&I 1400Mt @ 0.52% for 7.1Mt Ramping up for the future Inf 910Mt @ 0.40% for 4.0Mt Mt 5 P&P Reserves The largest operating copper mine in Barrick’s portfolio, M&I Mineral Resources contributing ~45% of the company’s total copper pr
Slide 73: Barrick Academy
Barrick Academy World class training academy at Buzwagi mine in line with Barrick’s mine closure objective of leaving a positive legacy after mining has finished Follows the construction of an airport terminal at Buzwagi’s Kahama airstrip, expected to be a major catalyst for economic growth in the r
Slide 74: Real-Time Data Drives Real-Time Decision Making
Real-Time Data Drives Real-Time Decision Making OneMine platform for all the operational information across the entire mine Outcomes Turning real-time shift data into information for better operational Unified data ecosystem combining operational tech systems into one decision making: a critical too
Slide 75: Continuing to Grow the Pipeline
Continuing to Grow the Pipeline West African Craton (WAC) and KKI At Loulo-Gounkoto, Baboto shows promising underground potential to enhance resources and extend Tier One1 life North-East DRC (NE DRC) At Kibali, the Agbarabo-Rhino-Kombokolo (ARK) area offers significant open-pit and underground reso
Slide 76: Sustained Growth
Sustained Growth AME Gold Equivalent Production Outlook (Attributable, koz)ii 3,000 Gold mines Copper AuEqi 2,500 2,000 1,500 1,000 500 0 2024 2025 2026 2027 2028 2029 i. Gold Equivalent Oz from copper assets are calculated using a gold price of $2,352/oz and a copper price of $4.16/lb for 2024, and
Slide 77: Appendix A – Loulo Gounkoto Historical Production
Appendix A – Loulo Gounkoto Historical Productioni Loulo Gounkoto Based on a 100% Basis Tonnes Milled Head Grade Gold Produced Recovery Year (kt) (g/t) (koz) (%) 2005 527 3.72 68 95.9 2006 2,595 3.15 242 93.9 2007 2,654 3.3 265 93.1 2008 2,721 3.22 258 91.5 2009 2,947 4.22 352 87.7 2010 3,158 3.36 3
Slide 78: Appendix B – Loulo Gounkoto Historical Total Mineral Reserves
Appendix B – Loulo Gounkoto 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) 2003 $350/oz Loulo 12
Slide 79: Appendix C – Kibali Historical Production
Appendix C – Kibali Historical Productioni Kibali Based on a 100% Basis Tonnes Milled Head Grade Gold Produced Recovery Year (kt) (g/t) (koz) (%) 2013 808 3.87 88 91.5 2014 5,546 3.81 527 79 2015 6,833 3.55 643 83.8 2016 7,299 3.1 587 79.8 2017 7,621 2.87 596 83.6 2018 8,218 3.45 807 88.6 2019 7,513
Slide 80: Appendix D – Kibali Historical Total Mineral Reserves
Appendix D – 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 $700/oz Kibali - - - 42 4
Slide 81: Appendix E – Assumptions/Outlook
Appendix E – Assumptions/Outlook Key Outlook Assumptions 2024 2025 2026+ Gold Price ($/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 82: Technical Information
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation E
Slide 83: Endnotes
Endnotes 6. 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 Kibali are stated on a 45% basis as of December 31, 2023. Proven reserves of 14 million tonnes grad
Slide 84: Mineral Resource Management
MINERAL RESOURCE MANAGEMENT Simon Bottoms ` Mineral Resource Management & Evaluation Executive
Slide 85: Strategic investment filters drive our global business
Strategic investment filters drive our global business… Geologically Constrained Quality… Commodity Applies principally to gold and copper We have the right to mine and repatriate profits Fits our values in respect of social license, political risk and Licence to environmental compliance Operate Enh
Slide 86: Tier One Orebodies
Tier One1 Orebodies… “Located in a world-class geological district with potential for organic reserve growth and long-term geologically driven value addition” Kibali has produced 7.7Moz gold since 2013i and still has P&P reserves of 100Mt @ 3.04 for 10.4Mozi SW Sessenge Pit KCD Pit NE Vent Raise 1 V
Slide 87: Organic Growth Strategy
Organic Growth Strategy Since Year End 2019, Barrick has added reserve ounces comparable to many of the largest gold sector acquisitions… But at significantly lower cost! Organic Reserve Replacement Program Inorganic Gold Sector M&Ai, ii GEOi Attributable 120 Large-Scale, High-Cost Acquisitions Smal
Slide 88: Growing Value through Geological Integration
Growing Value through Geological Integration… TR Historical Resource Estimate XXXTR Updated Mineral Resource View Northwest NE NE SW View Northwest SW NE Extents Orebody NE Extents Orebody SW SW North North 3D continuity of sub-unit Basal Slope Facies Fold Trace 100 meters 100 meters Estimation did
Slide 89: Growing Value through Geological Integration
Growing Value through Geological Integration… NGM 20-Year Gold Production Profilei XXXTR Updated Mineral Resource 4,0 Carlin Turquoise Ridge Exploration Upside View Northwest NE SW NE Extents Orebody Cortez Phoenix LOM at Start of JV 3,5 SW 3,0 North 3D continuity 2,5 of sub-unit 2,0 Basal Slope 1,5
Slide 90: Building flexibility and capacity into Tanzania mine plans
Building flexibility and capacity into Tanzania mine plans… Vent Shaft W New Box Cut Design Main E Shaft Investment in upgrade of Bulyanhulu geological model since Acacia take private transaction provides the foundation for improved underground infrastructure New box cut enables production from 2000
Slide 91: Lumwana unlocking hidden value through optimisation
Lumwana unlocking hidden value through optimisation... Current Lumwana... LOM Super Pit Design Cu % Lumwana current annual production 120- 140kt Cu Copper grade model - Mining capacity 150Mt (combined ore and Q2-2024 Pits waste) Mine life produces 2.3Mt Cu until 2041 700m Plant throughput of 27Mtpa
Slide 92: Our core values drive Lumwana mine optimisation process
Our core values drive Lumwana Water Storage Kamisengo Facility mine optimisation process... Pit TSF Planned Reducing infrastructure impactsi... Expansion Conveyor TSF expansion to 2Bt, multi-criteria alternative analysis (MAA) completed in 2023, full FS design completed by end of 2024 Kababisa Pit 2
Slide 93: Fourmile
BARRICK Fourmile NYSE : GOLD TSX : ABX World class mines. World class people.
Slide 94: Fourmile November 2024 Mineral Resource
Fourmile November 2024 Mineral Resource… 2024 drilling to date has confirmed the orebody model and successfully defined additional extensions to the north and west 25 new holes incorporated into the updated November 2024 mineral resource, on the southernmost portion of the orebody, constrained withi
Slide 95: BARRICK (ss)
BARRICK (ss)
Slide 96: Fourmile PEA a new benchmark
Fourmile PEA a new benchmark… Z N Fourmile Goldrush PEAi,5 (100% basis)ii Rose Physicals Blanche Total UG tonnes Mt 23.7 78.0 Total Ore tonnes Sophia 2024 November Mt 17.8 61.5 Dorothy Mineral Resource Annual production tonnes Mtpa 1.4 2.2 PEA mine design Gold head grade g/t 13.6 6.4 Fourmile invent
Slide 97: The Emergence of Greater Leeville
Legend Deposit Footprint Lower Plate Target The Emergence of Greater Leeville Horizon Targets B’ Emerging Target Pathfinders Fault Corridors B B’ Inferred Fault 1800m Igneous Dike Upper Plate 1200m NLV West Rita K Deposit Leeville Prospective Target Horizon Deposit Turf 600m Lower Plate Looking NNW,
Slide 98: 10-Year Gold and Copper Production Outlook
10-YEAR GOLD and COPPER PRODUCTION OUTLOOK (Gold Equivalent Koz)i North America Reko Diq Gold Lumwana SuperPit LATAM and AP LATAM and AP - Copper Reko Diq Copper Africa and Middle East Africa and Middle East - 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
Slide 99: 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 $700/oz Kibali - - - 42 4
Slide 100: Appendix B – Kibali Historical Production
Appendix B – Kibali Historical Productioni Gold Tonnes Head Year Produced Recovery (%) Milled (kt) Grade (g/t) (koz) 2013 808 3.87 88 91.5 2014 5,546 3.81 527 79 2015 6,833 3.55 643 83.8 2016 7,299 3.1 587 79.8 2017 7,621 2.87 596 83.6 2018 8,218 3.45 807 88.6 2019 7,513 3.8 814 88.7 2020 7,632 3.68
Slide 101: Appendix C – Kibali Significant Intercept Table
Appendix C – Kibali Significant Intercept Tablei i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; Select Kibali Drill Interceptsi minimum intercept width is 2 m; internal dilution is equal to or less than Core Drill Widthiii Widthiii Azimuth Dip Interval (m) Au (g/t) Interval
Slide 102: Appendix D – Leeville Complex Production History
Appendix D – Leeville Complex (Leeville, Pete Bajo, Rita K) Production History Leeville (100% Basis) Pete Bajo (100% Basis) Rita K (100% Basis) Total Leeville Complex (100% Basis) Tonnes Head Gold Tonnes Head Gold Tonnes Head Gold Tonnes Head Gold Year Processed Grade Produced Year Processed Grade P
Slide 103: Appendix E – Greater Leeville Significant Intercept Table
Appendix E – Greater Leeville Significant Intercept Tablei and 2023 Mineral Reserves and Mineral Resources i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum Select Leeville Drill Results downhole intercept width is 2.4 m; internal dilution is less than 20% total width.
Slide 104: Appendix F – Assumptions/Outlook
Appendix F – Assumptions/Outlook Key Outlook Assumptions 2024 2025 2026+ Gold Price ($/oz) 1,900 1,400 1,400 Copper Price ($/lb) 3.50 3.00 3.00 Oil Price (WTI) ($/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 105: Technical Information
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; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol,
Slide 106: Endnotes
Endnotes… 5. Fourmile financial metrics and production metrics are based upon preliminary economic assessment which is preliminary in nature because it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would
Slide 107: Endnotes
Endnotes… 13. Attributable Proven and Probable organic gold equivalent reserve additions calculated from the cumulative net change in reserves from year-end 2020 to 2023 using reserve prices for gold equivalent ounce (GEO) conversion as shown in the tables below: Reported Reserve Attributable Gold A
Slide 108: Endnotes
Endnotes… Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz in proven and probable gold reserves from December 31, 2019 to December 31, 2020, as a result of the divestiture of Barrick's Massawa gold project effective March 4, 2020; and a decrease of 0.91 Moz in
Slide 109: Exploration
EXPLORATION Joel Holliday` Executive Vice President Exploration
Slide 110: An industry failing to replace its depletion
Number of Gold Discoveries Aggregate Production Exploration Budgets $ Bn 000 oz An industry 30 100000 failing to 25 90000 80000 replace its 20 70000 60000 depletion 15 50000 40000 10 30000 Growing supply-demand 20000 5 gap 10000 Resources becoming 0 0 increasingly scarce and 1990 1991 1992 1993 1994
Slide 111: A leading track record of organic growth
A leading track record of organic growth… Significant resources added through brownfields and greenfields explorationi Growth through organic Goldstrike Loulo Gounkoto discovery and post acquisition Lagunas Norte addition Kibali - Low-cost accretive value for Pueblo Viejo Barrick Donlin Gold Turquoi
Slide 112: Strategically driven value creation
Strategically driven value creation Commodity Gold and Copper located in world class geological districts Quality of reserves = value A right to mine and repatriate profits License fits our values: inc. social license, political risk, and What value to Operate environmental compliance enhances our s
Slide 113: A geocentric business
A geocentric business… Pueblo Viejo Veladero Low-sulfidation Peru km Mineral Deposit Types paleoplacer epithermal High-sulfidation epithermal SW Sedimentary-Copper epizonal IR VMS sediment-hosted IRNevada stratiform- carbonaceous ± Japan Arabian-Nubian 1 Cu alteration Shield Approximate depth of for
Slide 114: A world-class gold and copper portfolio in the most prospective terrains
A world-class gold and copper portfolio in the most prospective terrains… Tethyan Baltica Metallogenic Belt Siberian Craton Canadian Shield North American West African Tien Shan Cordillera Craton Belt Arabian Pacific Antillean Arcs Rim Nubian Shield Tanzanian and Congo Cratons Principal South Explor
Slide 115: A quality target pipeline focussed on value
A quality target pipeline focussed on value Reserve + 10–20 years Resource 21 6 7 8 [indicated] 6–10 years Resource 5 2 4 [inferred] 11 Exploration 0–5 years Advanced 8 1 9 Exploration Follow-up Target 15 5 2 8 Identified Mineral Resource Management Target 25 9 8 8 North America LATAM / Africa & Asi
Slide 116: Africa & Middle East Exploration
Africa & Middle East… Re-focused exploration delivering Exploration results throughout the region West Africa Craton (WAC) Loulo / Gounkoto (Mali): Baboto complex: multi-km system open in all directions. N Senegal: widespread mineralization ANS Cote D’Ivoire: multiple advancing targets contributing
Slide 117: Kibali, DRC
Kibali, DRCI… Extensive discovery potential in a prolific district Key targets Significant new discovery opportunities to expand the Kibali footprint N KCD while growing resources KZ Reserves ARK: open down-plunge with potential for additional lodes within the system - North Oere potential to develo
Slide 118: Kibali KCD and ARK
Kibali KCD and ARK major growth and emerging discovery Agbarago-Rhino-Kombokolo area Agbarabo-Rhino-Kombokolo (ARK) – high-grade results support potential to deliver a high-value opportunity <4 km from the Kibali N Agbarabo-Rhino significant processing plant. interceptsi : Main KCD Orebody – multipl
Slide 119: Loulo-Gounkoto: Tier-1 district that continues to deliver
Loulo-Gounkoto…Tier-1 district that continues to deliver Baboto N Complex 1.5km Western Fale Kofi Series me Exploration strategy focused on Gara Dom ain (1) advancing near-mine targets to support 10-year LOM and Eastern (2) identifying and delivering new high-impact opportunities within the wider-di
Slide 120: Loulo Baboto Complex
Loulo…Baboto Complex Baboto Complex Oblique View: Looking NNW high-grade intersections at depth and 2024 Key Results Showing Main Zone and Baboto Emerging East Zone Central along strike High-grade shoots BNRC355: Open Baboto - emerging evidence of a significant satellite (1) 23m @ 4.86g/t (4m NREC v
Slide 121: LATAM / Asia Pacific Exploration
LATAM / Asia Pacific Exploration building towards a world-class greenfields discovery Balanced portfolio contains exciting opportunities - focus on Dominican Republic target delineation moving projects up/out of the resource triangle Jamaica greenfields greenfields Pueblo Viejo Dominican Republic: c
Slide 122: Peru & Ecuador
Peru & Ecuador… Cascabel (14.4 Mt Cu & 36.6 Moz Au) Llurimagua (16.9 Mt Cu) building on an outstanding record ECUADOR of discovery and delivery Southern Jurassic AOI Mirador (6.8 Mt Cu & 3.9 Moz Au) World-Class Metallogenic Districts: Peru and Ecuador Fruta del Norte (10.6 Moz Au) are hosts to multi
Slide 123: Western Chagai Belt, host to the Reko Diq project
Western Chagai Belt…host to the Reko Diq project Covered N Volcanic cover Reko Diq copper-gold porphyry Breccia cluster is located in the Western Intrusive (23 – 10 Ma) Chagai Belt Pre mineral Chagai Intrusive Pre mineral Intrusive Tethyan Metallogenic Belt that extends from Eastern Europe to Reko D
Slide 124: H8 Breccia Complex
H8 Breccia Complex… ongoing drilling confirming upside with new exploration model H8 is part of the Reko Diq Mining Lease – geological work recently identified significant untested upside, with potential for preserved and shallow Au and Cu First drillhole (RD-871) after this new interpretation recen
Slide 125: North American Exploration
North American Exploration… balanced and growing portfolio set to deliver growth and discovery Nevada Barrick Gold Operation Continues to deliver significant results in active mining districts (Carlin, Cortez, Barrick Copper Operation Turquoise Ridge, and Phoenix) Current Exploration Building explor
Slide 126: Nevada Gold Mines
Nevada Gold Mines… Nevada Gold Mines…near-mine Growth and Exploration continues to identify and grow exciting expansion growing the world’s premier gold district opportunities, both proximal to existing infrastructure as well as larger step-outs with a view to provide the next generation Carlin of p
Slide 127: Fourmile
Targeting well-established geological controls Fourmile… around Fourmile growing Barrick’s next Tier One1 mine N Sadler Corridor Fourmile mineralization open to the north with substantial upside opportunity Gold grades appear to increase as drilling progresses northward Sadler Wide-spaced framework
Slide 128: Technical Information
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; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol,
Slide 129: Appendix A – Loulo Significant Intercept Table
Appendix A – Loulo Significant Intercept Table i. All intercepts are 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. ii. Loulo – Gounkoto drill hole nomenclature: prospect initial GK (Gounkoto), BN (Babo
Slide 130: Appendix B – Kibali Significant Intercept Table
Appendix B - Kibali Significant Intercept Table Kibali Drill Interceptsi i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 m; internal dilution is equal to or less than 25% total width Drill Results from 2024 Includingiii (m) ii. Kibali drill hole
Slide 131: Appendix C – Greater Leeville Significant Intercept Table
Appendix C - Greater Leeville Significant Intercept Tablei Select Greater Leeville Drill Results Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Widthiii (m) Au (g/t) i. All intercepts calculated using a 3.4 g/t Au cutoff and are 83.8-92.9 9.1 5.7 8.51 uncapped; minimum downhole intercept
Slide 132: Finance & Supply Chain
FINANCE & SUPPLY CHAIN Graham Shuttleworth ` Chief Financial Officer
Slide 133: Supply chain footprint and approach
Supply chain footprint and approachi 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 pr
Slide 134: Price trends across the group
Price trends across the groupi Diesel ($/L) Natural Gas ($/MMBTU) Explosives ($/MT) Key commodity pricing $1.10 $10 $1,000 has largely returned to $900 price levels seen prior to $8 $1.05 Covid / Ukraine crises $800 $1.00 $6 $700 Majority of suppliers $0.95 $4 used the 2022 inflationary $600 period
Slide 135: Inventory management – mine supplies
Inventory management – mine suppliesi Maintaining security of supply while optimizing working capital Main drivers contributing to an optimized inventory base Supplies Inventory ($ millions) Empowered our people to take full responsibility and 1,600 accountability of inventory. This is not only a su
Slide 136: Supply chain cost reduction
Supply chain cost reduction Our procurement strategy includes Initiated Procurement Savings ($ Millions) leveraging our buying power to structure $700 long term agreements with our key business partners. $64 $607 $600 Supplier collaboration and building key $68 relationships are key not only from a
Slide 137: Local supplier spend and development
Local supplier spend and development Key Initiatives 2023/2024 Building and expanding our local footprint, specifically in DRC, Tanzania and LATAM Establishing local construction and mining partners in the AME and LATAM & AP regions Roll-out of local content plan developed for Porgera and Reko Diq B
Slide 138: Managing GHGs in Supply Chain – Scope 3 Emissions
Managing GHGs in Supply Chain – Scope 3 Emissions Scope 3 Emissions (T CO2e) We have identified Category One - Goods and Services, as the most material and impactful Scope 3 emissions category to address Our Scope 3 reduction roadmap includes: Engage with our suppliers: To accurately determine suppl
Slide 139: Capital Allocation Since 2018
Capital Allocation Since 2018 Operating Cash Flow, $M Realized Gold Price, $/oz2 2,340 Debt, Net of Cash, $M 2,400 6,000 2,200 1.0 5,500 6,000 1,948 5,500 2,000 5,000 0.9 1,778 1,790 1,795 1,800 4,500 5,000 0.8 4,500 1,600 4,000 1,396 0.7 4,000 1,400 1,267 3,500 0.6 3,500 1,200 3,000 5,417 3,000 1,0
Slide 140: Reko Diq Project Financing
Reko Diq Project Financing Financing Plan Benefits of the Financing Plan Reko Diq Mining Company is seeking to raise up to US$3 billion in Further mitigates risk through involvement of agency lenders with limited recourse project financing for Line 1 of the project significant experience in mining a
Slide 141: Non-Operating Spend
Non-Operating Spend Managing our closure liabilities and G&A spend Key Drivers of Non-Operating Free Cash Flow3 (Consolidated), $ millions Greenfield Exploration and Project Costs G&A Our operating assets provide the Upstream Taxes and PV Streaming Agreement Closure cashflow for all our group activi
Slide 142: Maintaining our drive to keep G&A costs low
Maintaining our drive to keep G&A costs low versus our peer group5 2024 Q3 YTD G&A as % of Consolidated Revenue 2024 Q3 YTD G&A as % of Consolidated Operating CF 2024 Q3 YTD G&A as $ per attributable GEO +109% +89% +62% 2.4% 6.5% 56 35 1.1% 3.4% Barrick Peer Group Average Barrick Peer Group Average
Slide 143: Total Group Cash Costs per ounce
Total Group Cash Costs per ounce1 by Category and Geography Total Cash Costs (by Category), $/oz1 2021 2022 2023 2024F 500 450 400 350 300 250 200 150 100 50 0 Labour & Benefits Energy & Fuels Consumables & Spares Contracted Services Royalties Other 6% 6% Labour & Benefits 5% United States 10% 22% E
Slide 144: Five-Year Gold Outlook
Five-Year Gold Outlook ($2,400/oz gold price) Gold Production (Attributable), kozii Cost of Sales6, Total Cash Costs1 and Total Gold Capital Expenditures (Attributable), $ mln AISC1, $/oz Total production, GEOi LATAM and AP Cost of Sales AISC Africa and Middle East North America Total Cash Costs Tot
Slide 145: Five-Year Copper Outlook
Five-Year Copper Outlook ($4.00/lb copper price) Copper Production (Attributable), kti Cost of Sales6, C1 Costs7, AISC7, $/lb Total Copper Capital Expenditures (Attributable), $ bn Reko Diq Jabal Sayid Zaldivar Lumwana Cost of Sales C1 Cash Costs AISC Total Capital 500 3.50 450 3.00 400 350 2.50 300
Slide 146: Metal price leverage
Metal price leverage Cumulative attributable OCF1 over 2025-29 from operating mines For every $100/oz change in gold price, attributable operating cash flow $50 bn. generated by our operations increases by more than $1.5bn For every $0.5/lb change in copper price, attributable operating cash flow ge
Slide 147: Leading Shareholder Return Framework
Leading Shareholder Return Framework Barrick established a clear dividend $0.57 Bn. policy9 in 2022 including: a base dividend which it can maintain and grow through the cycle a performance dividend to enhance $0.75 Bn. returns to shareholders when liquidity is Total Shareholder strong Returns A
Slide 148: Appendix A – Assumptions/Outlook
Appendix A – Assumptions/Outlook Key Outlook Assumptions 2024 2025 2026+ Gold Price ($/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 149: Endnotes
Endnotes 1. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial 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 sales, and includes by-product credits
Slide 150: Endnotes
Endnotes 6. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). Copper cost of sales per pound is calculated as cost of sale
Slide 151: Conclusion
Value Today, Growth Tomorrow CONCLUSION Mark Bristow ` President and CEO
Slide 152: 10 Year Gold and Copper Outlook
10 Year Gold and Copper Outlook… Gold equivalent ouncesi Moz Gold Reko Diq Gold Copper Lumwana Super Pit Reko Diq Copper 7 6 5 4 3 2 1 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 i Projected growth. Attributable basis. Includes gold and copper production profile for Reko Diq and copper
Slide 153: Barrick, a sustainable value driven enterprise
Barrick…a sustainable value driven enterprise Highest quality Building a world Organic growth gold assets in class copper funded by the industry business Free Cash Flow Partnership Clear runway Strong Balance model benefits with new Sheet enables all stakeholders generation of disciplined future lea
Slide 154: Connect with us
BARRICK GOLD CORPORATION 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 15 4
Slide 155: Appendix A – Assumptions/Outlook
Appendix A – Assumptions/Outlook Key Outlook Assumptions 2024 2025 2026+ Gold Price ($/oz) 1,900 1,400 1,400 Copper Price ($/lb) 3.50 3.00 3.00 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 156: Technical Information
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; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol,