Barrick Mining Corporation · TSX:ABX
Barrick Mining — Investor Day (November 2022)
31 slides from Barrick Mining's investor day presentation, November 2022
Slide 1: Mineral Resource Management
Simon Bottoms MINERAL RESOURCE Group Mineral Resource MANAGEMENT Management & Evaluation Executive NYSE : GOLD TSX : ABX World Class Mines, World Class People Investor Day, November 2022
Slide 2: Strategic investment filters drive our global business
Strategic investment filters drive our global business… Applies principally to gold and copper Commodity: Located in a world class geological district We have the right to mine and repatriate profits License to Fits our values in respect of social license, political risk, and environmental complianc
Slide 3: MRM & Exploration driving sustainable delivery & growth
MRM & 15–30 years Exploration driving 6–15 years sustainable delivery & Exploration 0–5 years growth… Mineral Resource Management 3
Slide 4: North Mara: geologically driven growth
North Mara: geologically driven growth… West East GOKONA GENA 2.8 km New geological models have underpinned the successful re-optimisation of the open pit- underground interface, resulting in 63% Upper East growth in total North Mara proven and Upper West probable reserves since 2019i Gena $1,300/oz
Slide 5: Bulyanhulu disciplined execution delivering a reliable plan
Bulyanhulu disciplined execution delivering a reliable plan… 2019 Acacia Model 2022 Barrick Model Since 2019, over 217km of drilling data added, of which 30% is focussed in Deep West New geotechnical models support revised mine plan and minimum mining widths Significantly reduced mining costs and re
Slide 6: Kibali continues to deliver growth
Kibali continues to deliver growth… SW NE Moz Au 12.0 KCD Pit 11.0 Sessenge Pit 10.0 9.0 8.0 7.0 9.6 6.0 11.6 10.9 11.0 10.6 9.4 5.0 10.1 10.2 9.2 8.3 9.2 8.7 4.0 Resource Conversion stopes 3.0 5.5 Inferred Resource stopes 2.0 High Potential stopes 1.0 Haulage Level Actual Development 5210 rL 0.0 20
Slide 7: Pueblo Viejo expansion study unlocking the resource value
Pueblo Viejo expansion study unlocking the resource value… New tailings storage facility & plant expansion is expected to significantly increase mill throughput to 14Mtpai A New data driven geological model is supporting the conversion of inferred mineral resource for inclusion in the mine plan, wit
Slide 8: NGM delivery of reserve replacement
NGM delivery of reserve replacement… * * * * Delivered 1.9Moz reserve additions, net of 12.8Moz depletion, while also growing inferred resources by 8.5Moz to underpin future reserve conversioni At the end of 2021, Fourmileii has 0.35Moz of indicated and 2.2Moz inferred resources i On a 100% basis. R
Slide 9: More to come in each of the three Tier One assets
More to come in each of the three Tier One assets… NEVADA HUMBOLDT HUMBOLDT Carlin Complexi ELKO P&P: 19Moz at 3.46 g/t Turquoise Ridgei M&I: 32Moz at 2.79 g/t P&P: 14Moz at 5.74 g/t Vista Inf: 7.5Moz at 2.1 g/t M&I: 19Moz at 4.83 g/t Turquoise Inf: 1.2Moz at 2.0g/t Turquoise Ridge ELKO Ridge PERSHI
Slide 10: Greater Leeville Complex continued near mine growth
Greater Leeville Complex continued near mine growth… EOY 2019 Nov 2022 North Leeville maiden delivery of 0.7Mozi inferred resource for 2021; P&P Reservesi M&I Resourcesi NLX-22015iii NLX-22013Biii potential confirmed and footprint expanded Inferred Resourcesi Near Mine Exploration Upsideii 19.8m at
Slide 11: Goldrush/Fourmile delivered significant reserves with more to come
Goldrush/Fourmile delivered significant reserves… with more to come EOY 2019 EOY 2021 FM19-11DW1iii Fourmile 10.7m at 24.79 g/t Goldrush significant addition of 5.8Moz P&P reserves Anna Fault from 2019, plus further upside potential at KB Zone Anna Fault Extension 4.6m at 47.27 g/t 6.1m at 21.17 g/t
Slide 12: Robertson: understanding of controls reveals significant potential resource growth
Robertson: understanding of controls to mineralization reveals significant potential resource growth… EOY 2018 Nov 2022 PYC-21029iii PYC-21030iii 23.5m at 0.50 g/t PYC-21025iii DTL-21007iii 17.7m at 0.55 g/t 13.6m at 2.61 g/t 51.4m at 0.37 g/t 12.0m at 2.17 g/t 9.3m at 0.51 g/t Distal Porphyry Dista
Slide 13: Pathway to building a Tier One copper business
Pathway to building a Tier One copper businessi Lubwe Diamond Drill Hole LBE017, 348-349m Legalisation & Feasibility Study Potential Closing Production Reko Diq: Q4 2022 2023-2024 2027-2028 2029 PEA Study & Super Pit Potential Process Potential Lumwana: Mineral Expansion Feasibility Plant Expansion
Slide 14: Reko Diq updated feasibility study
Reko Diq updated feasibility study… Key trade off study updates, informing the feasibility study for construction: Environmental and social impact assessment Social and environmental baseline update Water basin definition and modelling Long term water security Power optimisation including renewable
Slide 15: Lumwana potential super pit expansion
Lumwana potential super pit expansion… Lubwe starter pits potentially provide a high-grade, low strip ratio plant feed that enables the unlocking of the value within Kamaranda IP and soil anomaly Chimiwungo super pit Growth Potential Higher-Grade Potential The combination of the large Lubwe pit with
Slide 16: 10-Year Gold Base Case Production Outlook
10-YEAR GOLD BASE CASE PRODUCTION OUTLOOK (Koz) North America LATAM and AP Africa and Middle East Porgera (24.5%) 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 On an attributable basis. Refer to Appendix H for assumptions used in
Slide 17: 10-Year Copper Base Case Production Outlook
10-YEAR COPPER BASE CASE PRODUCTION OUTLOOK (Mlbs) Lumwana Zaldivar (50%) Jabal Sayid (50%) 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 On an attributable basis. Refer to Appendix H for assumptions used in our five-year and ten-y
Slide 18: 10-Year Copper Outlook with Reko Diq and Lumwana Super Pit
10-YEAR COPPER BASE CASE PRODUCTION OUTLOOK WITH REKO DIQ AND LUMWANA SUPER PIT (Mlbs) Lumwana Base + SuperPiti Zaldivar (50%) Jabal Sayid (50%) Reko Diq (50%)i 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 On an attributable basis
Slide 19: 10-Year Gold and Copper Base Case Production Outlook
10-YEAR GOLD and COPPER BASE CASE PRODUCTION OUTLOOK (Gold Equivalent Koz) Goldi Copper 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 On an attributable basis. Refer to Appendix H for assumptions used in our five
Slide 20: 10-Year Gold and Copper Outlook with Reko Diq and Lumwana Superpit
10-YEAR GOLD and COPPER BASE CASE PRODUCTION OUTLOOK WITH REKO DIQ AND LUMWANA SUPERPIT (Gold Equivalent Koz) Gold + Upsidei Copper + Upsidei 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 On an attributable basis
Slide 21: Barrick
BARRICK
Slide 22: Endnotes
Endnotes 1. Estimated for North Mara on a 100% basis as of December 31, 2019 in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities: proven reserves of 1.3 million tonnes at 4.54g/t, representing 0.2 million ounces of gold; and probable reserves of 24
Slide 23: Endnotes
Endnotes 6. Reserves and resources of Barrick in Nevada are stated on an attributable basis as of December 31, 2018 and include Goldstrike, Cortez, Goldrush, South Arturo (60%) and Turquoise Ridge (75%). Proven reserves of 84.4 million tonnes grading 4.36 g/t, representing 11.8 million ounces of gol
Slide 24: Appendix A – North Mara Gokona Significant Intercept Table
Appendix A – North Mara Gokona Significant Intercept Tablei,ii North Mara Gokona Drill Results i. All intercepts calculated at 1.9g/t Au cut-off grade as a marginal cut- Core Drill True Width off for resources Azimuth Dip Interval (m) Width (m) Au (g/t) ii Holeiii (m) ii. Capping at 100 g/t Au on th
Slide 25: Appendix B – Kibali Historical Total Mineral Reserves
Appendix B – Kibali Historical Total Mineral Reservesi,ii Proven Probable Total Based on 100% Basis Tonnes Grade Contained ozs Tonnes Grade Contained ozs Tonnes Grade Contained ozs Year Gold Price Assumption Project (Mt) (gm/t) (Moz) (Mt) (gm/t) (Moz) (Mt) (gm/t) (Moz) 2009 $700/oz Kibali - - - 42 4
Slide 26: Appendix C – Kibali Historical Production
Appendix C – Kibali Historical Productioni Based on a 100% Basis Tonnes Milled Head Grade Gold Produced Recovery Year (kt) (g/t) (oz) (%) 2013 808 3.87 88,199 91.5 2014 5,546 3.81 526,627 79.0 2015 6,833 3.55 642,720 83.8 2016 7,299 3.10 586,530 79.8 2017 7,621 2.87 596,226 83.6 2018 8,218 3.45 807,
Slide 27: Appendix D – Leeville Complex Significant Intercepts
Appendix D – Leeville Complex Significant Interceptsi Leeville Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are Core Drill uncapped; minimum intercept width is 3.0 meters; internal Azimuth Dip Interval (m) Width (m)iii True Widthiii (m) Au (g/t) Holeii dilution is less th
Slide 28: Appendix E – Goldrush/Fourmile Significant Intercepts
Appendix E – Goldrush/Fourmile Significant Interceptsi Goldrush & Fourmile Drill Results i. All intercepts calculated using a 3.4 g/t Au cutoff and are Core Drill True Widthiii uncapped; minimum intercept width is 3.0 meters; internal Azimuth Dip Interval (m) Width (m)iii Au (g/t) dilution is less t
Slide 29: Appendix F – Robertson Significant Intercepts
Appendix F – Robertson Significant Interceptsi Robertson Drill Results Core Drill True Widthiii Azimuth Dip Interval (m) Widthiii (m) Au (g/t) Holeii (m) i. All intercepts calculated using a 0.17 g/t Au cutoff and are 100.0-109.1 9.1 0.51 iv uncapped; minimum intercept width is 3.0 meters; internal
Slide 30: Appendix G – Lubwe Significant Intercepts
Appendix G – Lubwe Significant Interceptsi Lubwe Drill Results i. All intercepts calculated using a 0.2% Cu cutoff and are uncapped; minimum overall intercept width is 10.0 meters, Core Drill Holeii Azimuth Dip Interval (m) Width (m) True Width (m) Cu (%) minimum including width is 8.0 meters; inter
Slide 31: Appendix H – Outlook
Appendix H – Outlook 2022 Key assumptions 2023 2024 2025+ Guidance Gold Price ($/oz) 1,700 1,650 1,300 1,300 Copper Price ($/lb) 4.00 3.50 3.00 3.00 Oil Price (WTI) ($/barrel) 65 90 70 70 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 100.00 120.00 120.00 120.00 CAD Exch