Slide 1: Results for Q3 2023
Results for Q3 2023… November 2, 2023
Slide 2: Cautionary Statement on Forward-Looking Information
Cautionary Statement on Forward-Looking Information… Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements,
Slide 3: Q3 2023 Group KPIs
Q3 2023 Q3 gold production higher and costs lower than Q2; increased production from Cortez, Turquoise Ridge and Kibali Stronger Q4 expected with 2023 gold production marginally below the low end of guidance Pueblo Viejo equipment issues impact plant expansion project commissioning and ramp-up Group
Slide 4: Group operating results
Group operating results… Gold operating results Q3 2023 Q2 2023 Q3 2022 YTD 2023 ■ Gold and copper production higher quarter on Attributable production (koz)a 1,039 1,009 988 3,000 quarter due to: ■ Higher oxide production at Cortez Cost of sales ($/oz)4 1,277 1,323 1,226 1,325 ■ Increased productio
Slide 5: Group financial results
Group financial results… Financial Results Q3 2023 Q2 2023 Q3 2022 YTD 2023 Revenue ($ million) 2,862 2,833 2,527 8,338 Net earnings ($ million) 368 305 241 793 Adjusted net earnings ■ Peer-leading Tier One6 asset portfolio 418 336 224 1,001 ($ million)3 continues to provide value: Adjusted EBITDA (
Slide 6: Health and Safety
Health and Safety… Lost Time Injury Frequency Rate (LTIFR)2 and Total Recordable Injury Frequency Rate (TRIFR)2 Tragically two fatal incidents occurred during the quarter involving an exploration contractor in Group LTIFR Group TRIFR Nevada and an employee at Loulo-Gounkoto 2.5 2.33 Lost Time Injury
Slide 7: Environment and Community
Environment and Community… Zero Class 1 (high impact)11 environmental incidents Average water use efficiency was 85% for Q3, above internal target of 80% and YTD During Q3 the group (including power plants) emitted 1,789kt CO2-e - 6% decrease vs same period in 2022 276ha rehabilitated across the gro
Slide 8: Scope 3 Emissions Reduction Targets Set
Scope 3 Emissions Reduction Targets Set Our Scope 3 Journey Ambition statement: Promote value chain that sets their own net zero commitments Build awareness in the value chain, for environmental impacts, including emissions, water and nature Support capacity development for impact evaluation in
Slide 9: North America
North America… Nevada hosts 3 Tier One gold Donlin mines owned (50%) (61.5%) and CANADA operated by Barrick Hemlo 100% Toronto NGM (61.5%) corporate Turquoise Ridge Phoenix (61.5%) office Carlin Cortez (Incl. Goldrush) Fourmile 100% USA Tier One gold mines Other gold mines Pipeline projects 9
Slide 10: Nevada Gold Mines operating results
Nevada Gold Mines Q3 Q2 Q3 YTD Nevada Gold Mines…operating results (61.5%) 2023 2023 2022 2023 Nevada, USA Ore tonnes processed (000) 10,014 9,054 7,594 26,435 Average grade processed (g/t) 1.84 2.17 2.69 1.95 ■ Carlin Recovery rate (%) 85 % 83 % 78 % 83 % ■ Lower quarter on quarter production prima
Slide 11: Nevada Gold Mines exploration
Nevada Gold Mines exploration… Turquoise Ridge Jerritt Canyon Carlin Turquoise Mega Feeder results from final 2023 drill Twin Creeks Little Boulder Basin - significant Ridge hole (TSG-23004Ai returned multiple gold- alteration and brecciation intersected rich zones below Cut 55; providing vectors to
Slide 12: Drilling confirms significant upside along corridor north of Fourmile
Drilling confirms significant upside along corridor north of Fourmile… N Fourmile represents the best opportunity to add significant high-grade resources in the Cortez District NGM 2023 drilling continues to demonstrate continuity between the Sophia 1 km and Dorothy zones highlighted by 28.7m @ 51.1
Slide 13: North America exploration
Ongoing generative work and land consolidation North America…exploration expanding across the region USA Growing portfolio across region Expanding footprints proximal to our core Tier One districts including earning Donlin N into large property north of Leeville Further afield in Nevada, phase 1 dri
Slide 14: Latin America and Asia Pacific
Latin America and Asia Pacific… Reko Diq (50%) PAKISTAN, Balochistan INDIA JAPAN PAPUA NEW GUINEA Porgera 24.5%i Tier One gold mines Other gold mines Copper mines Pipeline projects i In April 2020, Porgera was placed on care and maintenance. Porgera interest of 24.5% reflects Barrick’s expected owne
Slide 15: Pueblo Viejo operating results
Pueblo Viejo…operating results Dominican Republic Pueblo Viejo plant expansion and mine life extension is Q3 2023 Q2 2023 Q3 2022 YTD Pueblo Viejo (60%) 2023 designed to increase throughput to 14Mt p.a. and to sustain gold production at >800 000oz p.a. (100%) going forwardi Ore tonnes processed 1,40
Slide 16: Veladero operating results
Veladero…operating results Argentina Veladero (50%) Q3 2023 Q2 2023 Q3 2022 YTD 2023 Ore tonnes processed (000) 3,486 3,304 3,676 10,342 Average grade processed (g/t) 0.72 0.63 0.72 0.63 Gold production 2% higher than Q2 due to higher Gold produced (oz 000) 55 54 41 152 recoverable ounces placed on
Slide 17: LATAM exploration
LATAM exploration… Ecuador Dominican Republic Pueblo Viejo Field based reconnaissance work to Dominican Republic Drilling programs scheduled on three commence in Q4 following successful targets around Pueblo Viejo - Pueblo tender process and execution of Grande Norte, Zambrana and Arroyo del framewo
Slide 18: Reko Diq feasibility study update advances
Reko Diq…feasibility study update advances Pakistan Feasibility study progressed with engineering consultants engaged to advance key areas and commence basic engineering – remains on track for delivery in Q4 2024 Site power and security are in place ahead of schedule and early works program for 2024
Slide 19: Porgera Q3 developments as mine progresses towards restart
Porgera…Q3 developments as mine progresses towards restart Papua New Guinea New Porgera Limited’s (NPL) application for a Special Mining Lease - Mining Warden's hearings required under the Mining Act as part of the process for granting of a special mining Lease held on 31 July and 1 August - overwhe
Slide 20: Africa & Middle East: A world class gold and copper portfolio
A world class gold and copper portfolio Africa & Middle East… Jabal Sayid EGYPT 50% SAUDI ARABIA MALI SENEGAL Loulo-Gounkoto 80% Kibali 45% MALI DRC Tongon 89.7% COTE D’IVOIRE DRC Buzwagi North Mara 84% TANZANIA Bulyanhulu 84% Lumwana TANZANIA 100% ZAMBIA ZAMBIA Tier One gold mines Potential Tier On
Slide 21: Loulo-Gounkoto operating results
Loulo-Gounkoto…operating results Mali Consistently strong production from a Tier One asset Loulo-Gounkoto (80%) Q3 Q2 Q3 YTD 2023 2023 2022 2023 Gold production in line with Q2 supported by higher grades Ore tonnes processed (000) 1,012 1,018 1,015 3,036 but offset by slightly lower throughput and r
Slide 22: Kibali operating results
Kibali…operating results DRC Kibali (45%) Q3 Q2 Q3 YTD 2023 2023 2022 2023 ■ On track to achieve 2023 production guidance Ore tonnes processed (000) 960 949 898 2,789 ■ Production up 14% quarter on quarter as mine Average grade processed (g/t) 3.58 3.18 3.26 3.12 sequencing delivered higher grades a
Slide 23: Tanzania operating results
Tanzania…operating results North Mara (84%) Q3 Q2 Q3 YTD 2023 2023 2022 2023 ■ North Mara Gold produced (oz 000) 62 64 71 194 ■ Gold production 3% lower in Q3 vs Q2 reflecting Cost of sales ($/oz) 1,244 1,208 956 1,138 lower grade processed through blending of stockpiled ore – in line with mine plan
Slide 24: Africa-Middle East exploration
Africa-Middle East exploration… West African Craton (WAC) Loulo / Gounkoto five world class terrains Baboto Target: Drill results Phase 1 demonstrates system continuity at depth: BNRC332i: 2m @ 11.58g/t, BDH53: 3.9m @ 16.83g/t Yalea / Gounkoto Extensions: Deep target drill programs in Q4 Senegal Bam
Slide 25: Lumwana Copper Mine
Lumwana Copper Mine… Tier One transformation progressing Zambia Lumwana (100%) Q3 Q2 Q3 YTD 2023 2023 2022 2023 Well on track to achieve 2023 production guidance Copper produced (lbs million) 72 67 82 187 Production expected to continue sequential improvement through Cost of sales ($/lb) 2.48 2.80 2
Slide 26: Other Copper Operations
Other Copper Operations… Q3 Q2 Q3 YTD Jabal Sayid, Saudi Arabia Jabal Sayid (50%) 2023 2023 2022 2023 Copper produced (lbs million) 18 18 18 54 ■ Consistent production quarter-on-quarter and year-on-year Cost of sales ($/lb) 1.72 1.61 1.58 1.61 ■ C1 cash costs per pound expected to be at the low end
Slide 27: Organic replacement of reserves sets us apart
Organic replacement of reserves sets us apart… no requirement for expensive M&A Strategic focus on asset quality and exploration successfully delivers Barrick’s significant and sustained growth in attributable proven and probable mineral Building for the Future…Gold Equivalent production reserves af
Slide 28: 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 28
Slide 29: Endnotes
Endnotes… 1. “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial 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. “All-in sustai
Slide 30: Endnotes
Endnotes… 7. "Realized price" is a non-GAAP financial measure. "Realized price" excludes from sales treatment and refining charges and cumulative catch-up adjustment to revenue relating to our streaming arrangements. Barrick believes this provides investors and analysts with a more accurate measure
Slide 31: Technical Information
Endnotes… 12. Gold Equivalent Ounces from copper assets are calculated using a gold price of $1300/oz and a copper price of $3.00/lb. Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities: Esti
Slide 32: Appendix A - Assumptions/Outlook
Appendix A - Assumptions/Outlook… Key Assumptions 2023 2024 2025+ Gold Price ($/oz) 1,900 1,300 1,300 Copper Price ($/lb) 3.50 3.00 3.00 Oil Price (WTI) ($/barrel) 90 80 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 400 400 230 CAD Exchange Rate (USD:CAD) 1.30 1.30 1.30 C
Slide 33: Appendix B – Mega Feeder (Turquoise Ridge) Significant Intercept Table
Appendix B – Mega Feeder (Turquoise Ridge) Significant Intercept Tablei,ii Drill Results from Q3 2023 i. All intercepts calculated using a 2.0 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 m; internal Core Drill Hole2 Azimuth Dip Interval (m) Width (m)3 Au (g/t) dilution is less tha
Slide 34: Appendix B – Fourmile Significant Intercept Table
Appendix B – Fourmile Significant Intercept Tablei Fourmile Drill Results i. All intercepts calculated using a 3.4 g/t Au Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) cutoff and are uncapped; minimum FM23-181D 194 -80 1270.9-1299.6 28.7 51.10 intercept width is 3.0 meters; intern
Slide 35: Appendix B – Loulo-Gounkoto Complex Significant Intercepts
Appendix B – Loulo-Gounkoto Complex Significant Interceptsi Drill Results from Q3 2023 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 meters; internal Includingiv dilution is equal to or less than 2 meters total width. Width ii. Loulo-Gounkoto d
Slide 36: Appendix B – Kibali Significant Intercepts Table
Appendix B – Kibali Significant Intercepts Tablei Drill Results from Q3 2023 i. All intercepts calculated using a 0.5 g/t Au cutoff and are Includingiv uncapped; minimum intercept width is 2 meters; internal Width Au dilution is equal to or less than 25% total width. Drill Holeii Azimuth Dip Interva
Slide 37: Appendix B – Dalema Significant Intercept Table
Appendix B – Dalema Significant Intercept Tablei Drill Results from Q3 2023 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 Including meters; internal dilution is equal to or less than 2 Interval Interval meters total width. Drill Holeb Azimuth D
Slide 38: Appendix B – North Mara Significant Intercepts Table
Appendix B – North Mara Significant Intercepts Tablei i. All intercepts calculated using a 0.5 g/t Au cutoff and are North Mara Drill Results from Q3 2023 uncapped; minimum intercept width is 1 m; internal dilution is Includingiv equal to or less than 2 meters total width. ii. North Mara drill hole