Barrick Mining Corporation · TSX:ABX

Barrick Mining — Barrick Gold — Bank of America Merrill Lynch 2016 Global Metals, Mining & Steel Conference

23 slides from Barrick Mining's conference presentation, May 10, 2016

  1. Slide 1: Solid Start to a Year of Delivery

    Barrick Gold Corporation Solid Start to a Year of Delivery Bank of America Merrill Lynch 2016 Global Metals, Mining & Steel Conference 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: 2016 – A Solid Start to A Year of Delivery

    2016 − A Solid Start to A Year of Delivery  Building on strong foundation set in 2015  Decentralized operating model in place  Improved balance sheet and liquidity  Generating significant free cash flow  Streamlined portfolio focused around top tier assets  Advancing project pipeline 3

  4. Slide 4: 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 Hemlo • Sold five non-core assets Goldstrike Cortez • Formed two joint ventures Turquoise Ridge Ruby Hill Jabal Sayid Bald Mountain Pueblo Viejo Round Mountain Spring Valley Acacia Porgera JV

  5. Slide 5: Top Tier Assets Delivering Superior Grade

    Top Tier Assets Delivering Superior Grade Average Reserve Grade (grams/tonne)1 1.88 Average reserve grade of core mines ABX more than double peer average2 CORE MINES 1.32 ABX TOTAL 1.06 0.95 0.84 g/t PEER AVERAGE 0.70 0.63 NEM GG KGC NCM 1. See final slide #1. 2. See final slide #2. 5

  6. Slide 6: 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

  7. Slide 7: 2016 Gold and Copper Guidance Improved

    2016 Gold and Copper Guidance Improved To come 1. See final slide #4 2. See final slide #3 7

  8. Slide 8: 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

  9. Slide 9: Targeting Cash Flow Breakeven at $1,000

    Targeting Cash Flow Breakeven at $1,0001 Free Cash Flow ($M) AISC ($/oz) 4712 915 $1,407 864 181 831 14.2% 2013 2014 2015 Q1 2016 760-810 full year -136 $1,265 706 in Q1 $1,181 $1,157 500 Realized Au price per oz3 -1,142 2013 2014 2015 2016 1. See final slide #6. 2. See final slide #5 3. See final s

  10. Slide 10: 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 year goal end 20141 5.00 YE YE Q1 YE 2014 2015 2016 2016

  11. Slide 11: 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- – Moodys: Baa3 4,000  Average coupon on public debt maintained at ~5.5%, with tenor extended to beyond 16 years

  12. Slide 12: 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

  13. Slide 13: Disciplined Allocation of Capital

    Disciplined Allocation of Capital  Growth Group established Optimize Add new Assess external development of resources through opportunities existing reserves exploration  Seed financing and resources  Active global  Junior company  Minex in near term exploration supported partnerships by improv

  14. Slide 14: Disciplined Allocation of Capital

    Disciplined Allocation of Capital Full Cycle Cortez Deep South Goldrush Approach to Project Development  Site level responsibility  Strong focus on Turquoise Ridge Lagunas Norte social license  Self-funding stages; improved business and risk planning 14

  15. Slide 15: Cortez Deep South – Evolving Potential

    Cortez Deep South – Evolving Potential Underground Expansion1  Reserve: 1.7 Moz2  Prefeasibility identified productivity improvements  Feasibility study in progress  Permitting process has commenced 1. See final slide #7 2. See final slide #1 15

  16. Slide 16: Goldrush – New Target at Fourmile

    Goldrush – New Target at Fourmile Growth Along the Cortez Trend1  M&I Resource: 8.56 Moz2  Inferred Resource: 1.65 Moz2  Feasibility study underway 1. See final slide #7 2. See final slide #1 16

  17. Slide 17: Turquoise Ridge – Improving Productivity

    Turquoise Ridge – Improving Productivity Three-Phase Expansion1  Reserve: 4.2 Moz2  M&I Resource: 11.4 Moz2  New shaft will enable higher throughput  Future production from extension of current ore body 1. See final slide #7 2. 75% basis; see final slide #1 17

  18. Slide 18: Lagunas Norte – Extending Mine Life

    Lagunas Norte – Extending Mine Life Refractory Ore Project1 Proposed Mill and Concentrator  Reserve: 2.1 Moz2  Extends mine life by nine years  Feasibility study and environmental Proposed Autoclave Process Plant permitting in progress 1. See final slide #7 2. See final slide #1 18

  19. Slide 19: Scaleable Projects Provide Future Optionality

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

  20. Slide 20: 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

  21. Slide 21: 2016 – A Solid Start to A Year of Delivery

    2016 − A Solid Start to A Year of Delivery  Operations on track to meet improved guidance  Cost reductions reflect strong focus on cash margins  Stronger balance sheet and liquidity  Credit ratings maintained  Projects progressing under rigorous capital discipline 21

  22. Slide 22: Appendix: 2016 Operating and Capex Guidance

    Appendix: 2016 Operating and Capex Guidance1 Gold Production Production AISC Cash Costs Copper Production AISC2 C1 Production and Cash Costs2 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 7

  23. Slide 23: Endnotes

    Endnotes 1. Calculated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2015, unless otherwise noted. For United States reporting purposes, Industry Guide 7 under the Securities and Exchange Act of 1934 (as inte

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