Barrick Mining Corporation · TSX:ABX

Barrick Mining — Barrick Gold — Investor Presentation (June 2016)

44 slides from Barrick Mining's investor presentation, June 2016

1. Slide 1: Corporate Presentation

   Barrick Gold Corporation Corporate Presentation June 2016 1

2. 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

3. Slide 3: Focusing on the Best Assets and Regions

   Focusing on the Best Assets and Regions Increased focus on core mines in the Americas NEVADA Golden Sunlight • Sold five non-core assets Goldstrike Cortez Hemlo • Formed two joint ventures Turquoise Ridge Ruby Hill Jabal Sayid Pueblo Viejo Bald Mountain Round Mountain Spring Valley Acacia Porgera JV

4. Slide 4: Competitive Position on Global Cost Curve

   Competitive Position on Global Cost Curve  Barrick’s 2015 AISC was below 40th percentile and peers1  Core mine 2015 AISC below the 15th percentile Industry AISC  2016 AISC reduction driven by lower cash costs ($/oz) 1600  Targeting AISC < $700/oz, below the 25th percentile 1400 2015 spot gold pr

5. Slide 5: Top Tier Assets Delivering Superior Grade

   Top Tier Assets Delivering Superior Grade  Maintain a long term 1.88 Average reserve grade of core mines more than double peer profitable production base ABX average2 CORE  Average 16 year mine life MINES for past 20+ years 1.32  Strong potential to add high ABX quality production through TOTAL 1

6. Slide 6: Three Year Production and AISC Guidance

   Three Year Production and AISC Guidance1 Production (Moz) AISC ($/oz) $864 $831 $760-$810 $740-$790 $725-$775 6.25 6.12 5.0-5.5 5.0-5.5 4.6-5.1 2014 2015 2016E 2017E 2018E 1. See final slides #2 and #5. 6

7. Slide 7: Three Year Capex Guidance

   Three Year Capex Guidance1 ($B) 2.18 Project 1.60-1.85 1.51 1.50-1.75 Sustaining & 1.35-1.55 Development 2014 2015 2016E 2017E 2018E 1. See final slide #2, #5 and #6. Capex guidance includes expenditures on gold and copper operations. 7

8. Slide 8: 2016 Copper Production and Cost Guidance

   2016 Copper Production and Cost Guidance Copper Production1 (M lbs) Copper AISC1,2 & C1 Cash Costs1,2 ($/lb) 539 $2.74 $2.79 511 436 $2.33 370- $1.95- 410 2.25 2.00 1.92 1.73 1.35- 1.65 2013 2014 2015 2016E 2013 2014 2015 2016E 1. See final slide #2 2. See final slide #1. 8

9. Slide 9: 2016 Priorities Identified

   2016 Priorities Identified $ $ Free Balance Operational Capital Cash Flow Sheet Excellence Discipline Generate free Reduce total Implement Allocate cash flow at a debt by a Best‐in‐Class capital using gold price of further initiative long term $1,000/oz $2 billion across all gold price of operations

10. Slide 10: Q1 2016 Delivering on Priorities

    Q1 2016 Delivering on Priorities  $181 M in free cash flow1 and adjusted net earnings $ of $127 M1  Repaid $842 M or 42% of $2 B debt reduction target  Credit ratings reaffirmed with improved financial flexibility  1.28 Moz at AISC of $706/oz and cash costs of $553/oz1  Reduced 2016 AISC and ca

11. Slide 11: Targeting Cash Flow Breakeven at $1,000

    Targeting Cash Flow Breakeven at $1,0001 Free Cash Flow ($M) AISC ($/oz) 4712 915 $1,407 181 864 831 14.2% 2013 2014 2015 Q1 2016 760-810 full year -136 706 $1,265 in Q1 $1,181 $1,157 500 -1,142 Realized Au price per oz3 2013 2014 2015 2016 1. See final slide #7 2. See final slide #8 3. See final sl

12. Slide 12: Reduce Total Debt by Further $2 Billion

    Reduce Total Debt by Further $2 Billion  Total debt reduction Total Debt ($ B) of $842 M in Q1 13.08 Repaid in Q1  Achieved 42% of 0.0 2016 $2 B debt reduction 9.97 0.84 target 9.16 9.13 Target 8.00 Medium  $4 B in debt term reduction since goal year end 20141 5.00 YE YE Q1 YE 2014 2015 2016 2016

13. Slide 13: Improved Liquidity

    Improved Liquidity  Improved financial flexibility and near-term liquidity – <$200 M due by 2018; ~$5 B beyond 2032 US$ millions 5,000  Investment grade ratings maintained: – S&P: BBB- – Moody’s: Baa3 4,000  Average coupon on public debt maintained at ~5.5%, with tenor extended to beyond 16 years

14. Slide 14: Implementing Best-in-Class Across Operations

    Implementing Best‐in‐Class Across Operations  Best-in-Class underpins our operating philosophy Improved Decentralized Culture of Performance Execution Partnership and Transparency Collaboration  Permanent site  Granular operating technical and  One team, one and financial data commercial teams t

15. Slide 15: Updated Guidance Demonstrates Progress

    Updated Guidance Demonstrates Progress Unit AISC1,2 Unit Cash Costs1,2 Mine Site Updated Original Updated Original Cortez - $/oz 580-640 640-710 430-470 480-530 Pueblo Viejo - $/oz 550-590 570-620 420-450 440-480 Veladero - $/oz 790-860 830-900 520-570 550-600 Core mines - $/oz 660-730 690-740 470-5

16. Slide 16: Cortez – The District That Keeps Delivering

    Cortez – The District That Keeps Delivering Gold Acres Pipeline Cortez Hills Open Pit Cortez Hills Underground Lower Zone Cortez Gold 3800 ft. Horse Canyon Open Open Fourmile Deep South Cortez Hills Goldrush 10 kilometers 16

17. Slide 17: Cortez – Delivering on Best-in-Class

    Cortez – Delivering on Best‐in‐Class  Strong first quarter sets up for good year – 247 koz at AISC of $469/oz – flat quarterly production profile  Improved productivity increased contribution from underground  Cost reductions as Best-in-Class delivers  2016 AISC guidance improved to $580-$640/oz

18. Slide 18: Cortez – Multiple Ore Sources Reducing Risk

    Cortez – Multiple Ore Sources Reducing Risk Goldrush Cortez Hills Deep South Cortez Hills Underground Cortez Hills Open Pit Pipeline Open Pit 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 18

19. Slide 19: Cortez – Deep South Bringing Ounces Forward

    Cortez – Deep South Bringing Ounces Forward Scoping Study Prefeasibility Study1 Limited understanding Confidence to increase Knowledge restricted scale of scale of operations from operations infill drilling Orebody 50% Oxide / 50% Sulfide 85% Oxide / 15% Sulfide Cut and fill 2,300 tonnes Longhole st

20. Slide 20: Cortez - Increased Confidence in Deep South

    Cortez ‐ Increased Confidence in Deep South1  4.8 Mt at 11.1 g/t Au for 1.7 Moz2 in reserves  $153 M estimated initial capital, largely for equipment and underground development  Expected average production rate 300 koz/year over 2023-2027 at AISC $580/oz  Longhole stoping planned for Deep South

21. Slide 21: Growth along the Cortez Trend

    Growth along the Cortez Trend Goldrush1  M&I Resource: 8.56 Moz2  Inferred Resource: 1.65 Moz2  Feasibility study underway Goldrush  Nearby Fourmile target – two intervals more than double Goldrush resource grade3 - 14.3m @ 31.7 g/t - 5.8m @ 49.6 g/t 1. See final slide #9 2. See final slide #3 3

22. Slide 22: Goldrush – Critical Path and Execution Strategy

    Goldrush – Critical Path and Execution Strategy  Moving forward with phase 1 of the Feasibility Study in 2016, which will focus on: – Underground surface infrastructure – Tighter-spaced drilling to convert near surface resources to reserves – Mine plan optimization to bring ounces forward  Constru

23. Slide 23: Goldstrike – Producing in Line

    Goldstrike – Producing in Line  New leadership with track record for cost management  Q1 production tracking to guidance – 249 koz at AISC $709/oz – lower grade in line with mine sequence  Autoclave and processing facility availability limited  Q1 cash costs impacted by lower ounces; sustaining

24. Slide 24: Goldstrike – Bringing TCM into Production

    Goldstrike – Bringing TCM into Production  Completed January 2015 at capital cost $610 M  Commercial production July 2015  Ramp-up throughput >80% by end 2015 – Water filtration and resin handling issues addressed  Q3 2016 target of full production (10.9 ktpd)  Only commercial use of thiosulfat

25. Slide 25: Pueblo Viejo – Lower Costs and Stable Production

    Pueblo Viejo – Lower Costs and Stable Production  Oxygen plant issues Process Plant successfully resolved in January to deliver solid first quarter  172 koz1 at AISC $496/oz  Operating costs declining – optimized consumables usage – lower contractor and maintenance costs  Full year AISC guidance

26. Slide 26: Veladero – Improved Operating Outlook

    Veladero – Improved Operating Outlook  Q1 results: 132koz at AISC Open Pit $675/oz  Shorter haul cycles and improved fleet availability increased tonnage mined  Inventory buildup over quarter, expected to decline in Q2  Progressing key cost initiatives on contractors and maintenance  Macro envi

27. Slide 27: Lagunas Norte – Delivering Margins

    Lagunas Norte – Delivering Margins  Solid first quarter of low cost Selective Mining production and free cash flow delivery – 100 koz at AISC $551/oz  Quarterly consumables costs reduced  Recovery levels increased with improved efficiency in final recovery circuit  Better equipment availability

28. Slide 28: Lagunas Norte – Longer Mine Life Anticipated

    Lagunas Norte – Longer Mine Life Anticipated1  22.2 Mt at 3.0 g/t Au for 2.1M oz in reserves for refractory project2  Estimated project capital of $640 M, mostly in 2018-2020  Mining and stockpiling of sulfides from 2016-2021 planned concurrent with permitting and construction of plant  Processi

29. Slide 29: Lagunas Norte – Applying Experience Gained

    Lagunas Norte – Applying Experience Gained Prefeasibility Results1 Development Plan  Initial capex of $640 M  Similarity to PEA results provides with sustaining capex confidence of $24 M  Phased development approach adopted  240 k ounces of gold  Progressing two phase feasibility study per year

30. Slide 30: Turquoise Ridge – Delivering at Higher Volumes

    Turquoise Ridge – Delivering at Higher Volumes  Consistent tonnage delivered Rock Bolter Q1 production and costs in line with forecast – 50 koz1 at AISC $728/oz  Understanding and definition of ore body continues to improve  Best-in-Class driving down expenses – Operator training further improvin

31. Slide 31: Turquoise Ridge – New Shaft

    Turquoise Ridge – New Shaft Medium Term Growth Investment  Feasibility study on third shaft construction – Total capex estimated at $300-$325 M1 – ~50% for ventilation only, already included in LOM plan  Sustainably improve ventilation and material flow to ensure 1,825 tonnes per day – Scalability

32. Slide 32: Turquoise Ridge – New Shaft

    Turquoise Ridge – New Shaft Long Term Potential  Conversion of shaft from ventilation to production estimated capex ~50% of $300-$325M1 – Up to 3,300 tonnes per day production potential  Increase annual production to average 500 koz per annum (100% basis) – AISC over LOM from end of construction b

33. Slide 33: Copper – Cost Management Improving Returns

    Copper – Cost Management Improving Returns  Solid Q1 production of 111 Mlb at AISC of $1.97/lb – Zaldívar sale completed Q4 2015, Q1 reflects 50% of production  Lumwana production improving with increased productivity from processing plant  Cost controls at Lumwana driving down C1 costs  Post qu

34. Slide 34: Alturas – Increasing in Prospectivity

    Alturas – Increasing in Prospectivity  Initial inferred resource of Grade x Thickness (gpt-m Au) 5.5 M oz1 declared end 2015 <25 25 – 50  Drilling continued into Q1 50 – 100 > 100 20162 Favorable Alteration  Shallow high grade intercepts defining starter project could deliver early cash flow  Hi

35. Slide 35: Scaleable Projects Provide Future Optionality

    Scaleable Projects Provide Future Optionality Donlin Gold (50%) Cerro Casale (75%) Pascua-Lama  M&I Resource: 19.5  Reserve: 17.4 Moz1  Reserve: 15.4 Moz1 Moz1  Evaluating smaller  In temporary  Assessing potential starter pit option with suspension design and execution potential to  Developi

36. Slide 36: Our Investment Proposition

    Our Investment Proposition The Best Assets Managed to Deliver the Best Returns 36

37. Slide 37: Appendices

    . wZ Appendices BARRICK

38. Slide 38: 2016 Operating and Capex Guidance

    2016 Operating and Capex Guidance1 Gold Production Production AISC Cash Costs Copper Production AISC C1 Production and Cash Costs and Costs (Moz) ($/oz) ($/oz) (Mlb) ($/lb) Costs ($/lb) Cortez 0.900-1.000 580-640 430-470 Zaldívar (50%) 100-120 2.20-2.40 1.70-1.90 Goldstrike 0.975-1.075 780-850 560-6

39. Slide 39: 2015 Gold Reserves and Resources

    2015 Gold Reserves and Resources1 RESERVES RESOURCES Proven and Probable Grade M+I Inferred Contained ozs (000's) (gm/t) Contained ozs (000's) Contained ozs (000's) Goldstrike 8,539 3.6 1,786 450 Pueblo Viejo (60%) 8,960 3.0 7,731 147 Cortez 11,129 2.3 2,150 861 Goldrush - - 8,557 1,647 Bald Mountai

40. Slide 40: 2015 Gold Reserves

    2015 Gold Reserves1 (M oz) Gold Price Change to $1,000 ST, $1,200 LT from $1,100 flat 93.0 3.7 91.9 Drilling and Cost 89.9 Reduction 3.1 5.1 88.2 Asset Sales 6.8 Processed in 2015 80.0 2014 YE 2014 YE 2015 2015 Year End Equity Pre-Price Year End Adjusted Change 1. See final slide #3. 40

41. Slide 41: 2015 Gold M&I Resources

    2015 Gold M&I Resources1 (M oz) Drilling 94.3 and Cost Reduction 85.3 8.5 85.0 9.0 79.1 Asset Sales 5.9 8.8 Change in To Gold Price Reserves to $1,300 from $1,400 40.0 2014 YE 2014 YE 2015 2015 Year End Equity Pre-Price Year End Adjusted Change 1. See final slide #3. 41

42. Slide 42: History of Gold Reserve Growth

    History of Gold Reserve Growth1 P&P Reserves (Moz of gold) 142 ~92  Spent $3.5B on exploration TOTAL FOUND  Overall finding cost ~$25/oz THROUGH EXP’N 20 1990 2015 110 31 TOTAL ACQUIRED DIVESTED 149 TOTAL MINED 1. See final slide #3. 42

43. Slide 43: Appendix A – Fourmile Significant Intercepts

    APPENDIX A – Fourmile Significant Intercepts Fourmile – Significant Intercepts1 GRC-0427D and GRC-0435D Core Drill Azimuth Dip Interval (m) Width (m)² Au (g/t) Hole 666.9 – 672.7 5.8 10.9 GRC-0427D NA -90 695.3 – 709.6 14.3 31.7 921.4 – 927.2 5.8 49.6 GRC-0435D NA -90 702.2 – 707.4 5.2 14.4 1 All si

44. Slide 44: Endnotes

    Endnotes 1. All-in sustaining costs per ounce (“AISC”), cash costs per ounce, C1 cash costs per pound, all-in sustaining costs per pound (“AISC”), adjusted net earnings, realized gold price per ounce and free cash flow (“FCF”) are non-GAAP financial performance measures with no standardized definiti

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