Slide 1: Results for Q1 2023
Results for Q1 2023… May 3, 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: Q1 2023 Group KPIs
Q1 2023 Q1 production in line with plan after planned maintenance at Nevada Gold Mines and start of plant commissioning at Pueblo Viejo Group KPIs… Pueblo Viejo and Nevada Gold Mines ramp up to drive a stronger second half in line with guidance Robust performance from Turquoise Ridge driving year-on
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 and copper production was expected to be lowest in the first quarter due to: Gold operating results Q1 2023 Q4 2022 Q1 2022 Goldstrike roaster maintenance Attributable production (koz) 952
Slide 5: Group financial results
Group financial results… Despite sequentially lower production, operating cash Financial Results Q1 2023 Q4 2022 Q1 2022 flow remained consistent and free cash flow increased in Q1 2023 – demonstrating the value of a Revenue ($ million) 2,643 2,774 2,853 peer-leading Tier One1 asset portfolio Net ea
Slide 6: Health and Safety
Health and Safety… Lost Time Injury Frequency Rate12 and Total Recordable Injury Frequency Rate12 Tragically, 3 fatalities occurred in January GROUP LTIFR GROUP TRIFR Launched our safety reset – Journey to Zero 3.00 Lost time injuries, total recordable injuries and associated frequency rates decreas
Slide 7: 2023 Journey to Zero Roadmap progress
2023 Journey to Zero…Roadmap progress Honest Reflection Safety Interactions Connection Near Miss Engagement Program Ownership Performance Supervisor Training Review Audit One Team, One Mission Fatal Risks Live Saving World Standards and Rules Benchmark Critical Controls Planned Task CONTINUOUS Obser
Slide 8: Environment and Community
Environment and Community… Zero Class 1 (high impact) environmental incidents 2 were recorded during the quarter and for the year-to-date Average water use efficiency for Q1 was 82%, above the annual target of 80% The group’s GHG emissions (including power plants) decreased quarter-on-quarter and th
Slide 9: Sustainable Delivery
Sustainable 2022 Sustainability Report published Delivery On a 100% basis On a 100% basis - Inclusive of Scope 1 and 2 emissions 9
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%) Q1 2023 Q4 2022 Q1 2022 operating results Ore tonnes processed (000) 7,367 10,052 9,075 Nevada, USA Average grade processed (g/t) 2.37 2.53 1.98 Carlin Recovery rate (%) 82% 80% 77% Production impacted by Goldstrike roaster maintenance, the Gold produced
Slide 12: Nevada: Resource growth across all Tier One districts
Nevada…Resource growth across all Tier One districts Turquoise Ridge Underground (TRUG) Turquoise Ridge REN Drilling at BBT corridor continues to expand mineralization outside the existing resource, confirming Drilling of the new +1.5km Corona Corridor supports a new growth area at TRUG continuity o
Slide 13: North America exploration expands into new frontiers
North America…exploration Significant Au and Cu deposits >0.5Moz Au and/or >0.5Mt Cu expands into new frontiers N Pearl String property in Walker Lane mineral belt of Western Nevada secured through exploration agreement and rapidly advancing to drill testing stage In Montana, secured prospective lar
Slide 14: Latin America and Asia Pacific
Pueblo Viejo (60%) DOMINICAN Latin America REPUBLIC and GUYANA SURINAME AFGHANISTAN Reko Diq (50%) Asia Pacific… IRAN 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 O
Slide 15: Pueblo Viejo operating results
Pueblo Viejo…operating results Dominican Republic As expected, Q1 production impacted by lower sequenced Pueblo Viejo (60%) Q1 2023 Q4 2022 Q1 2022 grades with the commissioning of the plant expansion well Ore tonnes processed (000) 1,377 1,353 1,511 underway Average grade processed (g/t) 2.22 2.43
Slide 16: Veladero operating results
Veladero…operating results Argentina Veladero (50%) Q1 2023 Q4 2022 Q1 2022 As expected, 2023 is a transitional year and production Ore tonnes processed (000) 3,552 3,659 3,506 declined sequentially in Q1 due to lower grades and Average grade processed (g/t) 0.55 0.61 0.67 tonnes processed Gold prod
Slide 17: LATAM Exploration
Dominican Republic LATAM Exploration… Guiana Shield Latin America team portfolio reassessment and restructuring delivering results Generative review of Central and South America is refining key focus areas Peru Ground consolidation progressing as Cerro Lila planned in priority districts in the regio
Slide 18: Reko Diq feasibility study update advances
Reko Diq…feasibility study update advances Advanced recruitment and onboarding of owners’ team 117 local jobs added during Q1 Focus on implementing safety systems and organizational structure continued with the sitewide roll out of Barrick safety materials Advanced social development programs commen
Slide 19: Porgera
Porgera… Papua New Guinea New Porgera Progress Agreement (NPPA) signed on March 31, 2023 In April, six of the seven pieces of legislation previously passed by parliament took effect when they were published in the National Gazette, enabling the parties to commence the prerequisite steps for New Porg
Slide 20: Africa & Middle East
Africa & A world class gold and copper portfolio 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 Loulo-Gounkoto (80%) Q1 2023 Q4 2022 Q1 2022 Tier One asset Ore tonnes processed (000) 1,006 1,041 995 Gounkoto Underground develops first production Average grade processed (g/t) 4.69 4.58 4.74 stopes ahead
Slide 22: Loulo / Faleme District
Loulo / Faleme District… Faleme Domain Kofi Domain Cross Border Tier One Discovery Potential N Iron Hill PQ10 Mali Gara West Gara Initial drilling results on the Gara West corridor support a significant, sparsely explored, mineralized structure Yalea Update of Yalea and Gounkoto geological models in
Slide 23: Kibali operating results
Kibali…operating results DRC Q1 production in line with planned sequencing Kibali (45%) Q1 2023 Q4 2022 Q1 2022 Development advanced to increase underground Ore tonnes processed (000) 880 954 781 flexibility to improve grades starting in Q2 Average grade processed (g/t) 2.55 3.56 3.37 Exceptional ex
Slide 24: Kibali: Multiple high potential targets being advanced
Kibali…Multiple high potential targets being advanced to deliver the next major discovery KCD NW Multiple expected high-grade intersections N associated with sparsely tested potential OERE plunging lodes. Program continues to explore Oere Testing for large scale, high grade, opportunity for new mine
Slide 25: Tanzania operating results
Tanzania…operating results North Mara North Mara (84%) Q1 2023 Q4 2022 Q1 2022 Lower AISC5 versus Q4 2022 Gold produced (oz 000) 68 70 56 Mining of Gena pit commenced in Q1 2023, as expected Cost of sales ($/oz)4 987 1,030 852 Barrick leads nationwide education initiative in Tanzania with Total cash
Slide 26: Africa and Middle East growth in five potential Tier One terrains
Africa and Middle East…growth in five potential Tier One terrains West African Craton (WAC) N Testing of high impact targets in progress in the Egypt exploration portfolio Jabal Sayid Loulo-Faleme district Central and East Africa Kibali: High quality target portfolio on track to deliver major discov
Slide 27: Copper Operations
Copper Operations… Lumwana (100%) Q1 2023 Q4 2022 Q1 2022 Lumwana, Zambia Copper produced (lbs million) 48 53 57 Lower mining rates in Q1 with steadily increasing productivity Cost of sales ($/lb)4 3.56 3.56 2.20 through 2023 as we commission the new owner-miner fleet C1 cash costs ($/lb)6 3.09 2.34
Slide 28: Saudi Arabia exploration highlights prospectivity
Saudi Arabia… exploration highlights prospectivity N 2km Jabal Sayid Review of project scale geological architecture highlights prospectivity Trenching and lithogeochemical analyses in progress to refine interpretation and support target prioritization Janob target – 1km south west of Jabal Sayid Lo
Slide 29: Committed to Shareholder Returns
Committed to Shareholder Returns… 300 250 200 Barrick: 77% 150 GDX: 72% 100 Spot Gold: 64% 50 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Established Nevada Gold Introduced industry first sustainability scorecard for Established a new performance dividend policy Mines – the
Slide 30: About Barrick
In Summary Best Asset Base About Largest portfolio of Tier One and world-class gold and copper assets that is unmatched Barrick… in the industry Clear Runway All our mines have 10-year business plans – in some cases being rolled out to 15 and 20 years – firmly anchored in demonstrable geological und
Slide 31: 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 31
Slide 32: Endnotes
Endnotes 1. A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve. A Tier One Copper Asset is an asset
Slide 33: Endnotes Technical Information
Endnotes 7. “EBITDA” is a non-GAAP financial measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to
Slide 34: Appendix A – Fallon Significant Intercept Table
Appendix A – Fallon Significant Intercept Tablei Fallon Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 3.0 m; internal dilution is Modeled True less than 20% total width. Core Drill Holeii Azimuth Dip Interval (m) Widthiii (m) Widthi
Slide 35: Appendix A – Miramar Significant Intercept Table
Appendix A – Miramar Significant Intercept Tablei Miramar Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 3.0 m; internal dilution is Core Modeled True less than 20% total width. Drill Holeii Azimuth Dip Interval (m) Widthiii (m) Widt
Slide 36: Appendix A – REN Significant Intercept Table
Appendix A – REN Significant Intercept Tablei REN Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are Modeled True uncapped; minimum downhole intercept width is 3.0 m; Core Drill Holeii Azimuth Dip Interval (m) Widthiii (m) Widthiii (m) Au (g/t) internal dilution is less tha
Slide 37: Appendix A – Turquoise Ridge Significant Intercept Table
Appendix A – Turquoise Ridge Significant Intercept Tablei i. All intercepts calculated using a 3.4 g/t Au cutoff and are Turquoise Ridge Drill Results uncapped; minimum intercept width is 1m; internal dilution is Modelled True less than 20% total width. Core Drill Holeii Azimuth Dip Interval (m) Wid
Slide 38: Appendix A – Robertson Significant Intercept Table
Appendix A – Robertson Significant Intercept Tablei Robertson Drill Results Core Drill Holeii Azimuth Dip Interval (m) Widthiii (m) Au (g/t) i. All intercepts calculated using a 0.17 g/t Au cutoff and are uncapped; 11.4-34.0 22.6 0.45 minimum downhole intercept width is 3.0m; internal dilution is le
Slide 39: Appendix A – CHUG Hanson Significant Intercept Table
Appendix A – CHUG Hanson Significant Intercept Tablei CHUG Hanson Footwall Q1 Drill Results i. All intercepts calculated using a 3.42 g/t Au cutoff and are ii iii uncapped; minimum intercept width is 1.4m; internal dilution is less Core Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) than 20%