Slide 1: Results for Q2 2023
Results for Q2 2023… August 8, 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: Q2 2023 Group KPIs
Q2 2023 Strong performance at Carlin, Kibali and Lumwana keeps Barrick on track to deliver gold and copper production within annual guidance Group KPIs… Stronger second half expected with completion of major shutdowns at Nevada Gold Mines and Pueblo Viejo ramp-up in Q3 New equipment at Lumwana deliv
Slide 4: Group operating results
Group operating results… ■ On track to achieve 2023 guidance of 4.2 to 4.6Moz gold and 420 to 470Mlb copper Gold operating results Q2 2023 Q1 2023 Q2 2022 H1 2023 ■ Gold and copper production higher quarter on quarter: Attributable production (koz) 1,009 952 1,043 1,961 ■ Improved throughput at Carl
Slide 5: Group financial results
Group financial results… ■ Peer-leading Tier One6 asset portfolio continues to Financial Results Q2 2023 Q1 2023 Q2 2022 H1 2023 provide value: Revenue ($ million) 2,833 2,643 2,859 5,476 ■ Strong operating cash flows of $832 million, an Net earnings ($ million) 305 120 488 425 increase of 7% compar
Slide 6: Health and Safety
Health and Safety… Lost Time Injury Frequency Rate (LTIFR)2 and Total Recordable Injury Frequency Rate (TRIFR)2 TRIFR2 improved quarter-on-quarter from 1.65 to 1.01 GROUP LTIFR GROUP TRIFR Zero recordable injuries achieved across North American operations during April 1.8 2.33 1.65 2.5 1.6 Zero Lost
Slide 7: Journey to Zero Roadmap update
Journey to Zero Roadmap …update Final review of Fatal Risk Standards Rollout of Fatal Risks, Critical Controls and Life Saving Rules Rollout of two Fatal Risk Standards per month Fatal Risk booklet for all employees Risk Management Overview Risk Policy Risk Management Standard Risk tools: FRA, TRA,
Slide 8: Environment and Community
Environment and Community… Zero Class 111 (significant) environmental incidents recorded during the quarter and for the year Average water use efficiency for the quarter of 82% and for year-to-date of 83% - above annual target of 80% Group’s (including power plants) GHG emissions decreased by 5% qua
Slide 9: Responsible Tailings Management and Dam Safety
Responsible Tailings Management and Dam Safety… Global Industry Standard on Tailings Management (GISTM) Self-assessment of conformance initiated in 2021 TSFs BY STATUS Extreme and Very High consequence classification disclosure completed Full conformance achieved for all of its tailings storage faci
Slide 10: 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 10
Slide 11: Nevada Gold Mines operating results
Nevada Gold Mines… Nevada Gold Mines (61.5%) Q2 2023 Q1 2023 Q2 2022 H1 2023 operating results Ore tonnes processed (000) Average grade processed (g/t) 9,054 2.17 7,367 2.37 8,152 2.23 16,421 2.24 Nevada, USA Recovery rate (%) 83 % 82 % 77 % 83 % ■ Carlin ■ Improved quarter on quarter throughput rat
Slide 12: Nevada prolific districts continue to deliver organic growth
Nevada…prolific districts continue Carlin – Greater Leeville continues to drive growth to deliver organic growth Dee North NE Virga Closing the gap and adding resources, W Spur Ren between Miramar and Fallon along Turquoise Ridge District – Carlin East prospective NNW striking high-grade Veld signif
Slide 13: North America exploration
North America… Significant Au and Cu deposits >0.5Moz Au and/or >0.5Mt Cu USA N Drilling continues to confirm potential discoveries across the exploration pipeline in the Nevada Complex with strong mineralisation and alteration intersected at multiple targets Framework drilling begins on Pearl Strin
Slide 14: Latin America and Asia Pacific
Pueblo Viejo (60%) DOMINICAN Latin America REPUBLIC and GUYANA SURINAME Reko Diq (50%) Asia Pacific… PAKISTAN, Balochistan INDIA PERU Zaldívar 50% Norte Abierto 50% JAPAN Pascua-Lama 100% Veladero Alturas 100% 50% CHILE ARGENTINA PAPUA NEW GUINEA Porgera 24.5%i Tier One gold mines Other gold mines C
Slide 15: Pueblo Viejo operating results
Pueblo Viejo…operating results Dominican Republic Pueblo Viejo (60%) Q2 2023 Q1 2023 Q2 2022 H1 2023 ■ Q2 production impacted by tie-in work and Ore tonnes processed 1,206 1,377 1,304 2,583 (000) commissioning of plant expansion Average grade 2.31 2.22 2.95 2.26 ■ Stronger H2 expected as the plant e
Slide 16: Veladero operating results
Veladero…operating results Veladero (50%) Q2 Q1 Q2 H1 Argentina 2023 2023 2022 2023 Ore tonnes processed (000) 3,304 3,552 3,381 6,856 Taguas Average grade processed (g/t) 0.63 0.55 0.71 0.58 (Orvana) N Gold produced (oz 000) 54 43 58 97 Evelina Cerro Lila (Yamana) Cost of sales ($/oz) 1,424 1,587 1
Slide 17: LATAM Exploration
LATAM Exploration… Dominican Republic our hunt for new Tier One Deposits Pueblo Viejo 3 satellite targets progressed to drill permitting stage – drilling planned to start in August Regional exploration – large ground position being Restauracion Pueblo N consolidated in west DR Viejo Binding term-she
Slide 18: Reko Diq feasibility study update advances
Reko Diq…feasibility study Govt. of Balochistan free carried interest update advances 10% Govt. of Balochistan SPV 15% During H1 2023 project team continued to advance the Pakistan based feasibility study Barrick shareholders Engineering consultants engaged to advance key areas 50% 50% and commence
Slide 19: Porgera timeline to reopening
Porgera…timeline to reopening Papua New Guinea 13 June - New Porgera Limited (NPL) applied for new Special Mining Lease (SML) 20 June - Barrick Niugini Ltd (BNL) signed a Settlement Deed with the Internal Revenue Commission (IRC) relating to old Porgera tax matters - the resolution of which was a co
Slide 20: Africa & Middle East
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 ■ Another strong quarter of consistent production from a Q2 Q1 Q2 H1 Tier One asset Loulo-Gounkoto (80%) 2023 2023 2022 2023 ■ On track to achieve 2023 guidance Ore tonnes processed (000) 1,018 1,006 1,018 2,024 ■ Gounkoto underground established and continues t
Slide 22: West African exploration
West African exploration… Prolific Loulo District continues to generate high impact opportunities Exploration footprint in Côte d’Ivoire expanded to augment Tongon life of mine Mali Loulo-Gounkoto - Open high N grade drill results at depth Senegal highlight growth potential down Mali plunge of Yalea
Slide 23: Kibali operating results
Kibali…operating results DRC ■ On track to achieve 2023 production guidance Kibali (45%) Q2 Q1 Q2 H1 2023 2023 2022 2023 ■ Significant improvement in production and recovery Ore tonnes processed (000) 949 880 862 1,829 quarter on quarter Average grade processed (g/t) 3.18 2.55 3.37 2.88 ■ Developmen
Slide 24: Tanzania operating results
Tanzania…operating results North Mara Planned maintenance for the SAG mill reline and Q2 Q1 Q2 H1 refurbishment of secondary crusher was North Mara (84%) 2023 2023 2022 2023 completed successfully in Q2 to sustain the Gold produced (oz 000) 64 68 66 132 continuous improvement in plant availability 1
Slide 25: Central and East Africa Tier One Terrains
Central and East Africa…Tier One Terrains North Mara gold mine Kibali gold mine, DRC CAR South Sudan Step out drilling at Nyabigena Kibali deposit returns a drill result of Encouraging drill results highlight N significant growth potential Kenya 56m at 8.29g/t Results include Uganda Delineates high
Slide 26: Lumwana copper mine
Lumwana copper mine… transforms into a potential Tier One asset Well on track to achieve 2023 production guidance Lumwana (100%) Q2 Q1 Q2 H1 Stronger production and decreased costs are expected in H2 as 2023 2023 2022 2023 we execute on owner-miner strategy and commission new mining fleet Copper pro
Slide 27: Other Copper Operations
Other Copper Operations… Jabal Sayid (50%) Q2 Q1 Q2 H1 Jabal Sayid, Saudi Arabia 2023 2023 2022 2023 Copper produced (lbs million) 18 18 20 36 ■ Consistent production quarter-on-quarter and year-on-year Cost of sales ($/lb) 1.61 1.53 1.45 1.57 ■ YTD per pound cost metrics are all below the 2023 guid
Slide 28: Organic replacement of depleted reserves sets Barrick apart
Organic replacement of depleted reserves sets Barrick apart… Strategic focus on asset quality and exploration successfully delivers Barrick’s significant and sustained growth in attributable proven and probable mineral reserves since the 2019 Randgold merger 125% of gold depletion (exclusive of dive
Slide 29: Building for the Future
Building for the Future… Base case gold equivalent production outlook with Reko Diq and Lumwana Super Pit (GEO koz) GEO koz Gold Copper Reko Diq and Lumwana Super Pit 7,000 6,000 5,000 Approximately 4,000 25% growth by the end of the decade driven by our 3,000 organic project pipeline and 2,000 cont
Slide 30: 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 30
Slide 31: 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 32: 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 33: 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 34: Endnotes
Endnotes… 12. Gold Equivalent Ounces from copper assets are calculated using a gold price of $1300/oz and a copper price of $3.00/lb .Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities: Esti
Slide 35: Assumptions/Outlook and Technical Information
Assumptions/Outlook… Key Assumptions 2023 2024 2025+ Gold Price ($/oz) 1,650 1,300 1,300 Copper Price ($/lb) 3.50 3.00 3.00 Oil Price (WTI) ($/barrel) 90 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 170 170 170 CAD Exchange Rate (USD:CAD) 1.30 1.30 1.30 CLP Exchange R
Slide 36: Appendix A - Greater Leeville Significant Intercept Table
Appendix A - Greater Leeville Significant Intercept Tablei Select Leeville Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 3.0 m; internal Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Widthiii (m) Au (g/t) diluti
Slide 37: Appendix A cont. – Greater Leeville Significant Intercept Table
Appendix A cont. – Greater Leeville Significant Intercept Tablei Select Leeville Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum downhole intercept width is 3.0 m; internal Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Widthiii (m) Au (g/t)
Slide 38: Appendix A cont. – Greater Leeville Significant Intercept Table
Appendix A cont. – Greater Leeville Significant Intercept Tablei Q2 Upper Rita K Inventory Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Widthiii (m) Au (g/t) uncapped; minimum downhole intercept width is 3.0 m;
Slide 39: Appendix B – Cortez Hanson Significant Intercept Table
Appendix B – Cortez Hanson Significant Intercept Tablei CHUG Hanson Footwall Q2 Drill Results Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Widthiii (m) Au (g/t)i i. All intercepts calculated using a 3.42 g/t Au cutoff and are uncapped; minimum intercept width is 1.4m; internal dilution
Slide 40: Appendix C – Turquoise Ridge Significant Intercept Table
Appendix C – Turquoise Ridge Significant Intercept Tablei Select Turquoise Ridge Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Widthiii (m) Au (g/t) uncapped; minimum intercept width is 1m; internal dilution is
Slide 41: Appendix – Loulo-Gounkoto Complex Significant Intercepts
Appendix – Loulo-Gounkoto Complex Significant Interceptsi Select Yalea Drill Results from 2023 i. All intercepts calculated using a 1.0 g/t Au cutoff and are uncapped; minimum intercept width is 5.0m; significant Width intercepts are required to have no more than two consecutive Core Drill Holeii Az
Slide 42: Appendix – Dalema Significant Intercept Table
Appendix – Dalema Significant Intercept Tablei Select Dalema Drill Results from Q2 2023 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) width is 2m; internal dilution is equal to or less than
Slide 43: Appendix – Kibali Significant Intercepts Table
Appendix – Kibali Significant Intercepts Tablei Kibali Drill Results from Q2 2023 Including4 Core Drill Width Wid i. All intercepts calculated using a 0.5 g/t Au cutoff and are Azimuth Dip Interval (m) Au (g/t) Interval (m) th Au (g/t) uncapped; minimum intercept width is 2 m; internal dilution is H
Slide 44: Appendix – Bulyanhulu Significant Intercepts Table
Appendix – Bulyanhulu Significant Intercepts Tablei Select Bulyanhulu Drill Results from 2023 Includingiv Interval Width Interval Width Au (g/t) Au (g/t) Drill Holeii Azimuth Dip (m) (m)iii (m) (m)iii 180-181 1 1.51 SBKDD002 221 -60 287-288 1 4.08 435.2-436.6 1.4 15.25 SBKRC003 221 -50 119-123 4 0.7
Slide 45: Appendix – North Mara Significant Intercepts Table
Appendix – North Mara Significant Intercepts Tablei Select North Mara Drill Results from 2023 i. All intercepts calculated using a 1.0 g/t Au cutoff and are uncapped; minimum intercept width is 5.0m; significant Width intercepts are required to have no more than two consecutive Core Drill Holeii Azi