Barrick Mining Corporation · TSX:ABX
Barrick Mining — Investor Presentation (September 2023)
40 slides from Barrick Mining's investor presentation, Sep 12, 2023
Slide 1: Value Today, Growth Tomorrow…
Value Today, Growth Tomorrow… Webinar, September 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: Safety…our Journey to Zero
Safety…our Journey to Zero YTD Total Recordable Injury Comparison - 2022 vs 2023 130 129 128 126 124 122 120 118 118 116 114 112 TRI 2022 TRI 2023 Journey to Zero – Group Safety Initiative launched in February 2023 4 areas of focus – Risk Management, Leadership Development, Assurance & Contractor Ma
Slide 4: 10-Year Gold and Copper
10-YEAR GOLD and COPPER Base case GEO production outlook i Moz 7.0 Gold Copper 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 i Refer to Appendix A. On an attributable basis, excluding Porgera and Fourmile. Gold Equivalent Oz from copper ass
Slide 5: 10-Year Gold and Copper (with Porgera, Reko Diq, Lumwana)
10-YEAR GOLD and COPPER Base case GEO production outlook with Porgera, Reko Diq and Lumwana Superpit i Moz Gold Copper Porgera Reko Diq and Lumwana Superpit 7.0 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 i Refer to Appendix A. Scenario a
Slide 6: A Tier One Copper Business…
Mlbs 900 800 Approximately A Tier One1 700 600 1bn lbs / 450 Kt attributable copper Copper 500 Approximately production by 2031 Business… 400 300 100% growth by the end of the 200 decade 100 0 2022 2029 Annual Copper Production Reko Diq and Lumwana Super Pit Copper Production ESIA & Baseline, Water
Slide 7: Top global copper mines…
Top global copper mines… Once fully ramped up, Reko Diq and Lumwana will rank amongst the world's largest copper assets 1,200 Kt Cu 935 1,000 729 800 507 600 485 422 419 400 386 384 351 327 324 322 320 312 400 266 261 250 240 237 227 211 200 - * * Source: S&P Global *Indicative copper production pro
Slide 8: Leverage to copper…
Leverage to copper… Cumulative attributable free cash flow4 from operating mines, after capexi $ Bn Incremental free cash flow with copper at $7.00/lb starting 2024 55 Incremental free cash flow with copper at $6.00/lb starting 2024 50 Incremental free cash flow with copper at $5.00/lb starting 2024
Slide 9: Lumwana and Reko Diq Feasibility projects
Feasibility L projects U M FOURMILE, Nevada W A N A Zambia REKO DIQ, Pakistan 9
Slide 10: Fourmile…emerging as the best asset in its class
Fourmile…emerging as the best asset in its class 100% Barrick owned with multi-million ounce extension potential for multiple Meikle-type deposits between existing wide- spaced drilling Drilling to date from Fourmile to Dorothy supports potential to triple the current mineral resource as well as upl
Slide 11: Fourmile…highest grade undeveloped gold asset in the Americas
Fourmile…highest grade undeveloped gold asset in the Americas Barrick Non-Barrick Mineral Resource* Grade (g/t Au) Fourmile 16 + Exploration Upside** 14 12 10 Fourmile Brucejack 8 6 Windfall Fruta del Norte 4 Goldrush 2 Great Bear - - 10 20 30 40 50 60 Tonnage (Mt) *Source CIBC Bubble size represent
Slide 12: Lumwana Superpit update…
Lumwana Superpit Lumwana Study Snapshot3 update… Mineral Resource9 (100% attrib.) M&I: 1.1Bt @ 0.54% Cu for 6.0Mt Cu INF: 0.8Bt @ 0.5% Cu for 4.0Mt Cu Float Current Super Pit Cells Mine Life (yrs) 19 36** New TSF Throughput (Mtpa) 26-28 50 SAG & Avg Annual Cu Produced (kt) Ball Mill 150 240** 100% b
Slide 13: Reko Diq Feasibility update…
Reko Diq Feasibility update… Concentrate transport assumption changed to rail for both phases HFO & Solar for phases 1 & 2 (23% renewable) Grid power from year 15 including sourcing from Reko Diq Study Snapshot (100%)10 renewables Mine Life (yrs) 42 Assumes incorporation of coarse particle flotation
Slide 14: Nevada Gold Mines…the most valuable gold address in the world
T Nevada Gold Mines…the most U valuable gold address in the world R R Q I U D CORTEZ O G I E S E CARLIN 14
Slide 15: Driving operational and cost performance at NGM…
Driving operational and cost performance at NGM… Turquoise Ridge N Third Shaft at Turquoise Ridge West Barrel layback brought forward at underground delivering economies of Carlin Goldstrike open pit to support Ren scale, which combined with increasing Complex infrastructure and the opening of new l
Slide 16: Nevada…prolific districts continue to deliver growth
Nevada…prolific districts Moz continue to deliver growth Consistent Reserve Base, even after depletion of 16.5Moz (100% basis) since start of NGM JV Supported by continued growth of Inferred Resource after conversion to Reserves of 12.8Moz since start of NGM JV Supporting a strong production profile
Slide 17: Carlin…Leeville and REN continue to drive growth
Carlin…Leeville and REN continue to drive growth Leeville Complex multi-million ounce near-mine exploration upside potential P&P: 17Moz (150Mt at 3.50 g/t Au)12 Potential to more than double the inferred from extensions at W Leeville and M&I: 31Moz (330Mt at 2.96 g/t Au)12 Four Corners and, augment
Slide 18: Cortez (excl Fourmile)…
Cortez (excl Fourmile)… Robertson and Goldrush growth P&P: 16Moz (220Mt at 2.26 g/t Au)12 M&I: 21Moz (320Mt at 2.06 g/t Au)12 Inferred: 7.2Moz (200Mt at 1.1 g/t Au)12 Goldrush multi-million ounce exploration upside potential Near-mine Exploration Upside*: 85 - 128Mt @ 1.2 – 1.7 g/t 10yr Average Prod
Slide 19: Turquoise Ridge…
Turquoise Ridge… P&P Reserve 13Moz (54Mt at 7.43 g/t Au)12 M&I Resource 20Moz (120Mt at 4.97 g/t Au)12 another high-grade growth engine in Nevada Inferred Resource 1.3Moz (14Mt at 2.9 g/t Au)12 Near-mine Exploration Upside*: 9 - 19Mt @ 5.1 – 10.8 g/t 10yr Average Production: 550-700koz/yr Turquoise
Slide 20: LATAM & Asia Pacific…adding value to the portfolio
LATAM & Asia Pacific… adding value to the portfolio PUEBLO VIEJO, PORGERA, Dominican Republic Papua New Guinea 20
Slide 21: Pueblo Viejo…long-life, low-cost Tier One asset
Pueblo Viejo…long-life, low-cost Tier One asset1 In 2019, Pueblo Viejo was facing a dwindling profile. Production diminished due to declining grades and limited tailings storage capacity, severely impacting the operation's viability LOM and Reserves were constrained by old tailings storage facility
Slide 22: Porgera…progress towards restart
Porgera…progress towards restart New Porgera equity held 51% by PNG and 49% by Barrick / Zijin joint venture Significant key milestones achieved in the last quarter Application lodged for a new Special Mining Lease (SML) Definitive settlement deed executed with the Internal Revenue Commission resolv
Slide 23: Porgera…potential tier-one producer in the making
Porgera…potential tier-one producer in the making 51% of New Porgera equity is shared by Papua New Guinea (PNG) stakeholders, including local landowners and the Enga Provincial Governmenti Economic benefits shared 53% by the PNG stakeholders and 47% by Barrick Niugini Limited (50% owned by Barrick)
Slide 24: Africa & Middle East…consistent performance with more upside to come
B Africa & Middle East…consistent U performance with more upside to come L Y JABAL SAYID, A Saudi Arabia N H U L NORTH MARA, U Tanzania Tanzania 24
Slide 25: Kingdom of Saudi Arabia…expanding partnership
Kingdom of Saudi Arabia…expanding partnership Jabal Sayid Jabal Sayid a JV operation with Ma’aden is a VMS (Volcanogenic Massive Sulphide) deposit which started commercial production in 2016 First Stope mined from Lode 1 during the year and Lode 1 Deeps brought into Reserve last year Jabal Sayid Add
Slide 26: Lake Victoria Gold Fields…more upside to come
Lake Victoria Gold Fields…more upside to come North Mara Tanzania Growth Potential N N Tagota Project Lake Expansive 3,400km2 land holding Victoria Shakta covering multiple prospective and Gokona underexplored greenstone belts in a Gena World Class Geological Terrain Rama Siga - A new 230km2 explora
Slide 27: Sustainably profitable
Sustainably January 2019 Barrick / Randgold Merger profitable Nevada Gold Mines JV Recognizing and Realizing Value Copper Strategy Strategically driven Tanzanian mine recovery & LTO Sale of Non-Core assets Lumwana – exploration extends LOM to 2060s Pueblo Viejo – LOM Leaders in Sustainability extend
Slide 28: Strategic investment filters drive our global business…
Strategic investment filters drive our global business… Commodity Applies principally to gold and copper We have the right to mine and repatriate profits Licence to Fits our values in respect of social license, political risk and environmental compliance Operate Enhances our strategic partnering net
Slide 29: Organic replacement of reserves sets us apart…
Organic replacement of reserves sets us apart… Strategic focus on asset quality and exploration successfully delivers Barrick’s significant and sustained growth in attributable proven and probable mineral reserves after depletion 125% of mining depletion (exclusive of divestments and acquisitions) r
Slide 30: Building for the Future…
Building for the Future… Gold Equivalent production outlook with Reko Diq and Lumwana Super Piti GEO Moz Gold Copper Reko Diq and Lumwana Super Pit 7 6.5 More than 6 5.5 6.8Moz GEO 5 by 2031 4.5 Approximately 30% growth 4 3.5 by the end of the 3 decade driven by our 2.5 organic project 2 pipeline an
Slide 31: Unrivalled Growth – In Summary
Unrivalled In Summary Sustainably profitable through the cycles Growth Best Asset Base Diversified global portfolio with the greatest number of Tier One1 and world class gold and A3 copper assets that is unmatched in the industry Growing Copper Exposure Moody’s Credit Rating – highest in the gold mi
Slide 32: Join the question queue from your Webex application
JOIN THE QUESTION QUEUE FROM YOUR WEBEX APPLICATION DESKTOP MOBILE ? Q&A PORTAL (DESKTOP) Click the ‘Raise Hand’ icon Tap the three dots at the Click the ? icon in the at the bottom of your WebEx bottom of your WebEx bottom right of your screen screen WebEx screen Wait for the Click the ‘Raise Hand’
Slide 33: 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 33
Slide 34: 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; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific; Richard Peattie, MPhil, FAusIM
Slide 35: Endnotes…
Endnotes… 6. “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 36: Endnotes…
Endnotes… 12. Nevada Gold Mines mineral resources are 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, 2022, unless otherwise noted. Complete mineral rese
Slide 37: Endnotes…
Endnotes… 13. (continued). Reserves and resources of Newmont in Nevada are stated on an attributable basis as of December 31, 2018 and include Carlin, Phoenix, Twin Creeks (including Newmont’s 25% equity in Turquoise Ridge) and Long Canyon. Proven reserves of 46.6 million tonnes grading 3.84 g/t, re
Slide 38: Endnotes…
Endnotes… 14. Pueblo Viejo mineral reserves on a 100% basis. 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, 2022, unless otherwise noted. Proven mineral
Slide 39: Appendix A – Outlook
Appendix A – Outlook Key assumptions i 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 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 230 230 230 CAD Exchange Rate (USD:CAD) 1.30 1.30 1.30 CLP Exchange
Slide 40: Appendix B – Fourmile Significant Intercepts
Appendix B – Fourmile Significant Intercepts i Fourmile Drill Results Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 1156.7-1174.7 18.0 29.67 3.0 meters; internal dilution is less th
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