Slide 1: Results for Q4 and year ended December 31, 2020
Results for Q4 and year ended December 31, 2020… Power Plant Control Room at Loulo
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
Slide 3: ESG…a clear roadmap towards realistic targets
POWERED BY PARTNERSHIPS… Partnership philosophy central to our ESG ESG…a clear strategy roadmap Barrick’s sustainably profitable mines enable it to share the value created with all stakeholders towards Pay substantial taxes realistic Locals-first employment policy Spend billions on goods procured fr
Slide 4: Health & Safety
Health & Safety… LTIFR & TRIFR - 2019 to 2020 3.0 Significant safety improvement in 2020 – 2.5 38% decrease in LTIFR1 and 29% decrease in TRIFR2 year-on-year Continued decrease in both Lost Time 2.0 Injuries and Total Recordable Injuries quarter-on-quarter, with a LTIFR of 0.32 1.5 and a TRIFR of 1.
Slide 5: Environment
Environment… September 2019 Zero Class 1 (high severity) environmental incidents3 recorded during the quarter and zero recorded across the group in 2020, with a significant decrease in Class 2 (medium severity) incidents4 Rehabilitated/reclaimed 280 ha of land during Q4 and progressively reclaimed/r
Slide 6: Community
Community… Continued to engage with host communities and provide timely assistance related to the Covid-19 pandemic All operational sites have established Community Development Committees (CDCs) – putting the communities at the heart of decision making Continued our engagement with our Indigenous co
Slide 7: Group KPIs
Barrick delivers on 2020 gold production guidance Group KPIs… Consistent operating performance across all quarters of the year demonstrated Barrick’s ability to manage impact of Covid-19 Higher gold and copper prices delivered annual operating cash flow of $5.4 billion and record annual free cash fl
Slide 8: Group operating results
Group operating results… Solid finish in Q4 driven by: Strong performance from Pueblo Viejo resulting in Gold operating results Q4 2020 Q3 2020 2020 2019 record mill throughput for the year Production (koz) (attributable) 1,206 1,155 4,760 5,465 Second straight year a record was established Cost of
Slide 9: Group financial results
Group financial results… Financial Results Q4 2020 Q3 2020 2020 2019 Record annual free cash flow5 achieved of $3.4 Revenue ($ million) 3,279 3,540 12,595 9,717 billion Net earnings ($ million) 685 882 2,324 3,969 Achieved zero net debt from a peak of $13.4 billion Adjusted net earnings ($ million)8
Slide 10: North America 5-year outlook
North Gold production America… Hemlo Turquoise Ridge Carlin Cost of Sales Total Capital 5-year outlook Other NGM Gold Production (Attributable), Koz Cortez Total Cash Costs AISC Cost of Sales6, Total Cash Costs7 and Gold Capital Expenditures (Attributable), $ mln AISC7, $/oz 3,000 1,300 1,200 2,500
Slide 11: Nevada…mineral resource potential
Nevada…mineral resource potential USA Best near to medium term N accreted terrain exploration upside for additions to LOM North Leeville exploration upsidei: Operations Roberts Allochthon 17Mt to 39Mt at 5.5 g/t to 13.5 g/t Projects siliciclastics Turquoise Ren North Ridge Fourmile and Goldrush proj
Slide 12: North Leeville…drilling to add resources
North Leeville…drilling to add resources Nevada Following high grade mineralisation 12.3m @ 18.3 g/t N along Basin Bounding fault – emerging CGX-20079i growth target to add to mine plan 5 holes of 7 hole drill program 23.3m @ 32.6 g/t and 31.4m @ 1.04 g/t 3.7m @ 9.0 g/t completed confirming signific
Slide 13: Carlin…operating results
Carlin…operating results Nevada, USA 2020 production of 1,024koz (1,665koz 100%) at mid-point Carlin12 (61.5%) Q4 2020 Q3 2020 2020 2019 of guidance Ore tonnes processed (000) 3,053 3,078 12,195 10,467 Total cash costs7 and AISC7 well within guidance despite the impact of higher royalty expenses fro
Slide 14: Fourmile / Goldrush results and progress
Fourmile / Goldrush results and progress… Nevada, USA Sophia continues to expand to the northwest 1.2m @ 9.9g/t FM20-173Di 3.7m @ 15 g/t Au in a 165m step-outi N OPEN Fourmile year-end resource14 increased significantly from 2019 and Dorothy exploration upside expected to add to resources over time
Slide 15: Cortez District…Crossroads to Robertson
Cortez District…Crossroads to Robertson Nevada, USA Fieldwork and district scale modelling validates conceptual targets Surface Rock Chips (Au+As+Hg+Sb) Sectional interpretation ongoing between Carlin-type Pipeline and 0 anomalous Elements Robertson Crossroads deposits as well as intrusive related m
Slide 16: Cortez…operating results
Cortez…operating results Nevada, USA 2020 production of 491koz (799koz 100%) Cortez15 (61.5%) Q4 2020 Q3 2020 2020 2019 exceeded the top-end of guidance of 480koz Ore tonnes processed (000) 2,553 3,301 13,019 17,583 Higher grade Cortez ore displaced lower grade Average grade processed (g/t) 1.75 1.3
Slide 17: Turquoise Ridge – Twin Creeks
Turquoise Ridge – Twin Creeks… Nevada, USA N 1.5km Getchell Fault Focus on upgrading geology and grade control model to A’ provide improved foundation for mine design, planning and reconciliation Mega Antiform north pillow basalt Sectional interpretation closing gap between Turquoise Ridge and Twin
Slide 18: Turquoise Ridge…operating results
Turquoise Ridge…operating results Nevada, USA Q4 production improved by 20% from the prior Turquoise Ridge16 (61.5%) Q4 2020 Q3 2020 2020 2019 quarter reflecting improved performance due to Ore tonnes processed (000) 964 968 3,613 2,201 increased equipment availability and utilization at Average gra
Slide 19: Phoenix and Long Canyon…operating results
Phoenix and Long Canyon…operating results Nevada, USA Phoenix Production of 126koz in 2020 (205koz 100%) was Phoenix (61.5%)i Q4 2020 Q3 2020 2020 2019 above the top end of guidance of 120koz Gold produced (oz 000) 26 30 126 56 Accordingly, all per ounce metrics were better than Cost of sales ($/oz)
Slide 20: Hemlo…exploration activities ramp-up
Hemlo…exploration activities ramp-up Canada Hemlo Long Section looking northi Land east of Hemlo consolidated Blackfly C Zone drilling confirms high-grade 2.5m @ 7.3g/t potential to west and down plunge; 0.9m @ 151g/t Hemlo C Zone remains open 12.2m @ 6.7g/t B Zone (Main Zone) drilling intersects (4
Slide 21: Hemlo…operating results
Hemlo…operating results Canada Hemlo delivered 2020 production of 223koz, exceeding the top end of guidance of 220koz Hemlo (100%) Q4 2020 Q3 2020 2020 2019 As expected, per ounce costs in 2020 are above Ore tonnes processed (000) 518 519 2,002 2,914 guidance mainly from the NPI royalty due to the A
Slide 22: Latam & Asia Pacific 5-year outlook
Latam & Asia Gold production Pacific… Veladero Total Cash Costs AISC 5-year outlook Pueblo Viejo Cost of Sales Total Capital Gold Production (Attributable), Koz Cost of Sales6, Total Cash Costs7 and Gold Capital Expenditures (Attributable), $ mln AISC7, $/oz 2,500 1,300 1,200 1,100 2,000 1,000 900 1
Slide 23: Pueblo Viejo District
Pueblo Viejo District… Dominican Republic Pueblo Viejo State-of-the-art structural model completed at Pueblo Viejo during Q3 2020 Pueblo Grande Projecti La Lechosai Model projected over entire property improving understanding 7.5m @ 2.56g/t Au, of mineralization controls in the district and unlockin
Slide 24: Pueblo Viejo…operating results
Pueblo Viejo…operating results Dominican Republic Production of 542koz (903koz 100%) was within Pueblo Viejo18 (60%) Q4 2020 Q3 2020 2020 2019 guidance of 530 to 580koz For the second straight year, mill throughput achieved a Ore tonnes processed (000) 1,456 1,281 5,297 5,164 record in 2020 Average
Slide 25: Veladero…unveiling potential in Pascua-Lama district
Veladero…unveiling potential in Pascua-Lama district Argentina N Exploration progress Four rig 5,400m drill campaign in progress at Pascua-Lama La Ortiga to test geological model and metallurgical domains Pascua – Lama Veladero pit expansion drilling delayed from 2020 to 2021 Porfiada Drill program
Slide 26: Veladero…operating results
Veladero…operating results Argentina As previously disclosed, 2020 production of 226koz (452koz 100%) was below guidance mainly due to the impact of quarantine and Veladero19 (50%) Q4 2020 Q3 2020 2020 2019 movement restrictions on mining operations and workforce mobilization Ore tonnes processed (0
Slide 27: Porgera…update
Porgera…update Papua New Guinea Porgera20 (47.5%) Q4 2020 Q3 2020 2020 2019 Ore tonnes processed (000) - - 936 2,640 Due to the uncertainty related to the timing and - - 3.01 3.44 Average grade processed (g/t) scope of future developments, 2021 guidance Gold produced (oz 000) - - 86 284 for Barrick
Slide 28: Africa & Middle East 5-year outlook
Africa & Middle Gold production East… Tongon Bulyanhulu Kibali Total Cash Costs AISC 5-year outlook Buzwagi North Mara Loulo-Gounkoto Cost of Sales Total Capital Gold Production (Attributable), Koz Cost of Sales6, Total Cash Costs7 and Gold Capital Expenditures (Attributable), $ mln AISC7, $/oz 2,50
Slide 29: Loulo District…a world class destination
Loulo District…a world class destination Mali Baboto N Bambadji Permit Loulo Permit Loulo-Gounkoto more than replaced depleted reserves Senegal Gara Loulo 3 First scout holes point to emerging discovery at in 2020 Yalea Ridge Yalea Drill interceptsi typically 90- Bambadji JV: Loulo Latifa SENEGA
Slide 30: Loulo-Gounkoto…operating results
Loulo-Gounkoto…operating results Mali Loulo-Gounkoto delivered 2020 production of 544koz Loulo-Gounkoto21 (80%) Q4 2020 Q3 2020 2020 2019 (680koz 100%), exceeding the top-end of guidance of Ore tonnes processed (000) 959 1,004 3,916 3,945 540koz despite political unrest in Mali Average grade process
Slide 31: Tongon satellite targets
Tongon satellite targets… Côte d’Ivoire N Brownfields exploration added 3 years to Tongon’s LOM and follow-up targets offer Tongon further potential Seydou N Djinni & Jubula Nielle Permit – 5 targets drill tested with Mercator Seydou S moderately encouraging results from Zulu Lafleur Zulu West West,
Slide 32: Tongon…operating results
Tongon…operating results Côte d'Ivoire Tongon delivered production of 255koz in 2020 (284koz 100%), near the top end of Tongon (89.7%) Q4 2020 Q3 2020 2020 2019 guidance of 260koz Ore tonnes processed (000) 1,045 999 4,039 3,766 2021 production guidance of 180 to 200koz Average grade processed 2.36
Slide 33: Kibali…mineral reserves grow net of depletion
Kibali…mineral reserves grow net of depletion DRC koz Kibali Gold Production at 100%i 800 Resource Pit 700 Reserve Pit 600 Kibali OP P&P Reserves Ikamva Exploration Target 500 Depleted Reserve 400 Kalimva OP & UG Reserve 300 Kibali UG P&P Reserves 200 Oere 100 Megi - Marakeke - Sayi 0 2020 OP 100% P
Slide 34: Kibali…KCD Underground
Kibali…KCD Underground DRC 2020 KCD Open Pit 100% Deposit Reserves14: Proven: 1.0Mt @ 2.59 g/t for 85Koz Probable: 1.9Mt @ 2.59 g/t for 160Koz 2020: 3000 Lode DDD602i DDD603i Mineral Reserve 16.8m @ 6.48g/t 11.5m @ 1.0g/t Extension 2020: 5000 Lode DPII 2020 KCD underground resource 2021: 3000 Lode M
Slide 35: Kibali…operating results
Kibali…operating results DRC Kibali22 (45%) Q4 2020 Q3 2020 2020 2019 Kibali delivered 2020 production of 364koz (808koz Ore tonnes processed (000) 877 862 3,434 3,381 100%), near the upper-end of the guidance range Average grade processed (g/t) 3.60 3.67 3.68 3.80 Total cash costs7 of $608/oz was n
Slide 36: North Mara…mineral resource and reserve growth
North Mara…geological understanding delivers mineral resource and reserve growth Tanzania West 2.8 km East GOKONA GENA Conceptual New Gokona UG Access 2020 Gena OP 100% 2020 Gokona OP 100% Deposit Deposit Reserve Resource Pushback14: Pushback14: Mea: 8.3Mt @ 3.39g/t for 0.91Moz Probable Reserves Ind
Slide 37: North Mara…operating results
North Mara…operating results Tanzania Achieved production of 261koz (311koz 100%) in the upper-end of 2020 guidance North Mara (84%)23 Q4 2020 Q3 2020 2020 2019 Through the year… Ore tonnes processed (000) 677 622 2,546 1,829 Significant improvements made to improve costs and Average grade processed
Slide 38: Bulyanhulu…ramp up of UG mining and processing on track
Bulyanhulu…ramp up of UG mining and processing on track Tanzania Surface Portal and Shaft M&I Resource Area East Mine Haulage Level W-E 2,000m 2020 Campaign Feed Area: 96% plant reconciliation Drillholes - results pending 2020 Bulyanhulu 100% Conceptual Total Mineral Resource14: Deep West Ind: 14Mt
Slide 39: Bulyanhulu and Buzwagi…operating results
Bulyanhulu and Buzwagi…operating results Tanzania Bulyanhulu Ramp-up of underground mining and processing Bulyanhulu (84%)23 Q4 2020 Q3 2020 2020 2019 operations on-track Gold produced (oz 000) 23 7 44 27 2021 attributable production guidance of 170 to Gold sold (oz 000) 20 46 103 27 200koz Cost of
Slide 40: Sustaining Reserve Profile with Quality Ounces
Sustaining Reserve Profile with Quality Ounces… Moz g/t Resource Growth 80 2.0 70 60 1.68 g/t 1.66 g/t 1.5 1.55 g/t 1.56 g/t Grade g/t 50 64Moz P&P 71Moz P&P 68Moz P&P 62Moz P&P 40 1.0 30 20 20 15 0.5 9.9 10 5.3 0 - 2017 2018 2019 2020 Proven Reserve Moz Probable Reserve Moz Cumulative Attributable
Slide 41: Group Gold 10-Year Production Outlook
Group Gold 10-Year Production Outlook… (Attributable),, Koz Gold Production (Attributable) Koz LATAM and AP Africa and Middle East North America 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Refer to Appendix A for assumptions use
Slide 42: Copper 5-year outlook
Copper production Copper… 5-year outlook Jabal Sayid Zaldivar Lumwana C1 Cash Costs Cost of Sales AISC Total Capital Copper Production (Attributable), Mlbs Cost of Sales6, C1 Cash Costs9 and Copper Capital Expenditures (Attributable), $mln AISC9, $/lb 600 2.40 550 2.20 500 2.00 450 1.80 400 1.60 350
Slide 43: Copper portfolio
Copper portfolio… Lumwana, Zambia Lumwana (100%) Q4 2020 Q3 2020 2020 2019 Achieved 2020 production of 276 Mlbs – near the top-end of Copper produced (lbs million) 78 62 276 238 guidance of 280 Mlbs. All per pound costs either better than or Cost of sales ($/lb) 1.96 2.06 2.01 2.13 within guidance r
Slide 44: Group Copper Reserves
Group Copper Reserves… Attributable Contained Copper Reserves14,27 (billion lbs) Billion 16 14 0.83 0.031 12 10 8 13 13 6 4 2 0 2019 Barrick Total P&P Acquisition/Disposition Depletion Net Conversion 2020 Barrick Total P&P Mineral Reserve Mineral Reserve Figures reported to two significant digits 44
Slide 45: Lumwana…a case study in value creation
Lumwana…a case study in value creation Zambia 2 year success story…Production Mining Throughput OCF & FCF5 Costs 23% increase in copper production since 2018 to 276Mlb in 2020 Proper maintenance and increased efficiencies led to a record throughput of 25.3Mt in 2020 – December being the highest mont
Slide 46: Performance driven by a clear strategy
Performance driven by a clear strategy… as at December 31, 2020 Dividend per Sharei Cumulative OCFii Cumulative FCF5 Debt, Net of Cash 10 9,000 5,000 4,000 $ million 9 8,000 4,500 3,500 8 4,000 7,000 3,000 7 3,500 6,000 2,500 6 3,000 5,000 2,500 2,000 5 4,000 4 2,000 1,500 3,000 3 1,500 1,000 2,000
Slide 47: The Scorecard…relative performance
The Scorecard… Barrick’s share price has outperformed the GDX for 30 months - a shareholder in either Randgold or Barrick at the time of the merger would currently be 30% ahead while enjoying a materially increased dividend 300 280 Relative Performance (Base = 100) 260 240 220 +110% 200 180 +80% 160
Slide 48: Endnotes
Endnotes 1. Loss time injury frequency rate (LTIFR) is a ratio calculated as follows: number of loss time injuries x 1,000,000 hours divided by the total number of hours worked. 2. Total reportable incident frequency rate (TRIFR) is a ratio calculated as follows: number of reportable injuries x 1,00
Slide 49: Endnotes
Endnotes 8. “Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: certain impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investmen
Slide 50: Endnotes
Endnotes 12. On July 1, 2019, Barrick's Goldstrike and Newmont's Carlin were contributed to Nevada Gold Mines and are now collectively referred to as Carlin. As a result, the amounts presented represent Goldstrike on a 100% basis (including our 60% share of South Arturo) up until June 30, 2019, and
Slide 51: Endnotes
Endnotes 23. Formerly part of Acacia Mining plc. On September 17, 2019, Barrick acquired all of the shares of Acacia it did not already own. The results presented are on a 63.9% basis until September 30, 2019 (notwithstanding the completion of the Acacia transaction on September 17, 2019, we consoli
Slide 52: Technical Information
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Steven Yopps, MMSA, Manager of Growth Projects, Nevada Gold Mines; Craig Fiddes, SME-RM, Manager – Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resourc
Slide 53: Appendix A – Outlook
Appendix A – Outlook Key assumptions 2021 2022 2023 2024+ Gold Price ($/oz) 1,700 1,200 1,200 1,200 Copper Price ($/lb) 2.75 2.75 2.75 2.75 Oil Price (WTI) ($/barrel) 60 60 60 60 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 100.00 100.00 100.00 100.00 CAD Exchange Rate
Slide 54: Appendix B – Carlin Trend Significant Intercepts
Appendix B – Carlin Trend Significant Interceptsi Drill Results from Q4 2020 to date i. All intercepts calculated using a 5 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 m; internal dilution is less than 20% total width Core Drill Holeii Azimuth Dip Interval (m) Width (m)ii Au (g/t)
Slide 55: Appendix B – North Leeville Significant Intercepts
Appendix B – North Leeville Significant Interceptsi Drill Results from Q4 2020 to date i. Intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 3.0 m; internal dilution is less than Core Drill 20% total width Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t
Slide 56: Appendix B – North Leeville Significant Intercepts
Appendix B – North Leeville Significant Interceptsi Drill Results from Q1 to Q3 2020 i. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; minimum intercept width is 3.0 m; internal dilution Core Drill is less than 20% total width Holeii Azimuth Dip Interval (m) Width (m)iii Au (g
Slide 57: Appendix C – Fourmile Significant Intercepts
Appendix C – Fourmile Significant Interceptsi Drill Results from Q4 2020 to date i. All intercepts calculated using a 5 g/t Au cutoff and are uncapped; minimum intercept width is 0.8 m; internal dilution is less than 20% Width total width Core Drill Holeii Azimuth Dip Interval (m) (m)iii Au (g/t) ii
Slide 58: Appendix D – Hemlo Significant Intercepts
Appendix D – Hemlo Significant Interceptsi C-Zone West Significant intercepts i. Hemlo drill hole nomenclature: Location (W - surface, 765 – 9765 Zone Core Drill Northing Easting level, 175 – 9175 level, NGS - historic holes referring to North RL(m) Azimuthii DIP Interval (m) Width (m)iii Au (g/t)iv
Slide 59: Appendix E – Loulo-Gounkoto Significant Intercept Table
Appendix E – Loulo-Gounkoto Significant Intercept Tablei Drill Results from Q4 2020 Lode Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum DB1 DB1RC022 230.83 -52.00 155-157 2.00 1.20 intercept width is 2m; in
Slide 60: Appendix E – Loulo-Gounkoto Significant Intercept Table
Appendix E – Loulo-Gounkoto Significant Intercept Tablei Drill Results from Q4 2020 Lode Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) Yalea Ridge YRDH012 156.50 -52.90 54.57-57.7 3.13 2.54 i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum Yalea Ridge YRD
Slide 61: Appendix E – Bambadji Significant Intercept Table
Appendix E – Bambadji Significant Intercept Tablei Drill Results from Q4 2020 Including i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; Lode Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) Interval (m) Width (m)iii Au (g/t) minimum intercept width is 2m; internal
Slide 62: Appendix F – Kibali Significant Intercepts
Appendix F – Kibali Significant Interceptsi 5000Lode_DDD602 drill results Lode Core Drill Northing Width Au Easting (m) RL(m) AZIMUTH DIP Interval (m) Holeii (m) (m)iii (g/t) i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; 5000LODE DDD602 34556
Slide 63: Appendix G – Bulyanhulu Deep West Significant Intercept Table
Appendix G – Bulyanhulu Deep West Significant Intercept Tablei Bulyanhulu Deep West Drilling – Q4 2020 i. Capping at 300 g/t Au on the raw data, with minimum of 1m intercept, with at Azimuth True Width least 60% of the resulting intercepts above 2 g/t Au cut-off. ii Location Type Drill Hole Dip Inte