Barrick Mining Corporation · TSX:ABX

Barrick Mining — Barrick Gold — UBS Fifth Annual Best of Americas Conference 2010

31 slides from Barrick Mining's conference presentation, Sep 9, 2010

1. Slide 1: The Gold Industry Leader

   The Gold Industry Leader UBS Fifth Annual Best of Americas Conference London ‐ September 9, 2010

2. Slide 2: Cautionary Statement on Forward-Looking Information

   CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain information contained in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future perfor

3. Slide 3: Outline / A Compelling Investment Case

   Outline ƒ Investment case summary ƒ Gold outlook ƒ First half financial and operational highlights ƒ Value creation initiatives ƒ Conclusion 1 ACompellingInvestmentCase Investment Case for Gold ƒ Strong fundamentals Investment Case for Barrick ƒ Capturing benefits of rising gold and copper prices –

4. Slide 4: Outlook Bullish on Gold

   Outlook BullishonGold ƒ Diversifying Role – Up 352% over past 10 yrs (S&P – down 29%) ƒ Price supportive macroeconomic environment: – monetary reflation (quantitative easing) – fiscal policies & sovereign debt concerns – trade & current account imbalances ƒ Growth in investment demand ƒ Central bank

5. Slide 5: H1 2010 Record Financial Results

   H12010RecordFinancialResults Realized Gold Margin(1) Gold Margin(1) Gold Price(1) Total Cash Cost Basis Net Cash Cost Basis US$/oz $US/oz $US/oz 1,158 812 812 712 712 923 25% 49% 56% 545 545 456 456 H1 09 H1 09 H1 10 H1 10 H1 09 H1 09 H1 10 H1 10 H1 H1 09 09 H1 10 H1 10 (1) See final slide #1 5 H120

6. Slide 6: Return on Shareholders' Equity

   ReturnonShareholders’ Equity 18.1 Return on ƒ Capturing the Shareholders’ Equity(1) Percent benefit of margin expansion and 11.9 10.9 strong operating performance 7.0 2007 2008 2009 Annualized 2010(1) (1) See final slide #6 7 LeveragetoGold Barrick EPS & CFPS vs Gold ƒ Barrick’s adjusted Annual Retu

7. Slide 7: Strong Financial Position

   StrongFinancialPosition A-Rated Industry’s Highest Rated Balance Sheet $3.9B Cash Balance $1.5B Undrawn Line of Credit $2.1B Strong First Half Operating Cash Flow 20% Dividend Increase All figures as of June 30, 2010 9 DividendIncrease Semi-Annual Dividends Quarterly Dividend(1) US$ per share / Reco

8. Slide 8: 2010 Outlook

   2010Outlook ounces 7.6-8.0 higher production and millions lower costs expected in 2010 US$/oz $466 7.4 $425-$455 Total cash costs ƒ Net of African Barrick Gold IPO 2009 2010 2009 2010 6.5 400 11 Barrick’s Strategy Focusedonaddingvalue… ƒ Invest in high return development projects ƒ Maximize value of

9. Slide 9: Production Growth Target

   Production Growth Target ƒ Targeting growth in gold ounces 7.6-8.0 millions production to 9.0 million ounces within 5 years (1) 7.4 2009 2010 6.5 (1) See final slide #8 13 Balanced Portfolio 2009 P&P Reserves North America North America 2010E Production 40% Africa 12% North America South 40% America

10. Slide 10: Proven & Probable Gold Reserves

    Proven&ProbableGoldReserves (1) (1) ounces millions 139.8 138.5 ƒ Grew reserves 123.1 124.6 for the fourth consecutive year 88.6 ƒ Gold industry’s largest reserves 2005 2006 2007 2008 2009 (1) At Dec. 31, 2009. See final slide #3 15 HistoryofReserveGrowth THROUGH ACQUISITION AND EXPLORATION proven a

11. Slide 11: North America Asset Overview

    NorthAmericaASSETOVERVIEW Donlin Creek ƒ Nine mines and two major projects (one in construction, one in feasibility) ƒ 2010e – 3.125-3.175 M oz at total cash costs of $450-$475/oz (1) Goldstrike Hemlo C A N A D A Turquoise Ridge Golden Sunlight Marigold Bald Mountain Cortez UNITED STATES Round Mount

12. Slide 12: Cortez Hills Highlights

    CortezNEVADA 19 CortezHills HIGHLIGHTS ƒ Project completed on time and on schedule ƒ Expected to exceed original guidance of 1.08-1.12 M oz at total cash costs of $295- (1) $315/oz in 2010 (1,2) – 569,000 ounces produced in first half on higher open pit and underground grades ƒ Supplementary EIS and

13. Slide 13: Cortez Value Added

    CortezVALUEADDED 2006 2010 ƒ 6.3 M oz of reserves (1) ƒ 14.1 M oz of reserves (1) ƒ 60% interest ƒ 100% interest ƒ Pipeline: declining, ƒ Cortez Hills: 1.0 M oz, higher cost mine low cost mine generating significant cash flow FUTUREVALUECREATIONOPPORTUNITIES ƒ Cortez Hills Middle and Lower Zone exte

14. Slide 14: Pueblo Viejo Highlights

    PuebloViejoHIGHLIGHTS ƒ Large, low cost mine with upside potential ƒ Barrick’s share of production: 625-675 K oz at total cash costs of $250-$275/oz (1,3) ƒ +25 year mine life ƒ Initial production expected in Q4 2011 (2) ƒ In line with $3.0B pre-production capital budget (100%) (3) ƒ ~70% of capital

15. Slide 15: Turquoise Ridge JV

    TurquoiseRidgeJVNEVADA 25 TurquoiseRidgeCREATINGVALUE High grade underground operation ƒ Current production of 150-200 K oz/yr(1) ; 2009 reserve of 5.4 M oz(2) ƒ Significant exploration potential Open pit evaluation ƒ Substantial mineralization surrounding existing deposit ƒ Potential to exploit thr

16. Slide 16: Turquoise Ridge Open Pit

    TurquoiseRidgeOpenPit 5.4 M oz UG reserve orebody +20 M oz conceptual open pit orebody 27 OtherMinesCREATINGVALUE Bald Mountain - North Area Expansion Plan ƒ Expect to increase production from ~100,000 to 150,000- 250,000 oz/year, extending mine life by ~10 years ƒ Unified plan includes expansion of

17. Slide 17: Donlin Creek Highlights

    Donlin CreekALASKA 29 Donlin CreekHIGHLIGHTS ƒ One of the largest undeveloped gold deposits in the world ƒ 2009 M&I resources: 36.9 M oz (100% basis) (1) ƒ Potential to be a +1 M oz/year producer (100% basis) at attractive operating costs ƒ Long life – currently +25 years ƒ Feasibility study complet

18. Slide 18: Donlin Creek Value Added

    Donlin CreekVALUEADDED 2006 2010 ƒ 14.8 M oz of resources (1) ƒ 36.9 M oz of resources (1) ƒ Early stage property ƒ Feasibility completed – evaluating opportunities to enhance project economics FUTUREVALUECREATIONOPPORTUNITIES ƒ Natural gas pipeline to replace HFO ƒ Substantial resource upside (1) M

19. Slide 19: South America Asset Overview

    SouthAmericaKEYSTRENGTHS ƒ ~35% of Barrick’s gold reserves and ~30% of AssetScale expected 2010 production &Quality ƒ Low cash costs: industry’s lowest decile New ƒ Pascua-Lama on track to commence in Q1 2013 at LowCost total cash costs of $20-$50 per ounce Production Project ƒ Cerro Casale feasibil

20. Slide 20: Lagunas Norte Value Added

    Lagunas NorteVALUEADDED 2002 2010 ƒ One of the most ƒ 2009 year end reserve of significant greenfield 7.5 M oz(1) after four years discoveries of the of operating at +1.0 M oz past decade ƒ Barrick’s lowest cost mine ƒ Consistently operated ahead of expectations FUTUREVALUECREATIONOPPORTUNITIES ƒ La

21. Slide 21: Pascua Lama Highlights

    PascuaLamaHIGHLIGHTS ƒ Initial production expected in Q1 2013 ƒ 750-800 K oz at total cash costs of $20-$50/oz (1,2) ƒ In line with $2.8-$3.0B pre-production capital budget (1) – over 1/3 of capital committed Cut-off wall platform excavation ƒ Detailed engineering nearing completion Primary crusher

22. Slide 22: Cerro Casale Highlights

    CerroCasale HIGHLIGHTS ƒ First full 5 years (75%): – 750-825 K oz gold and 170-190 M lbs copper(1) – Total cash costs of $240-$260/oz(1,2) ƒ ~$4.2 B pre-production capital budget (100%)(1) ƒ ~20 year mine life ƒ EPCM contractors selected ƒ Basic engineering ~25% complete (1) See final slide #2 (2) S

23. Slide 23: Zaldívar Copper Highlights

    ZaldívarCopper CHILE 41 Zaldívar Copper HIGHLIGHTS ƒ Large copper producer at competitive cash costs: 2010 production of 305-325 M lbs at $1.05-$1.20/lb (1) ƒ Strong cash flow generator ƒ Significant remaining mine life (~15 years) – 2009 reserves: 6.0 B lbs Cu(2) – 2009 M&I resources: 1.0 B lbs Cu(

24. Slide 24: Zaldívar Sulfides

    Zaldívar SulfidesCREATINGVALUE Primary Sulphide Development ƒ Opportunity: extend mine life by ~16 years ƒ Description: 1.0 B tonne potential brownfield resource with nominal 0.31% Cu, 0.08 gpt Au(1) ƒ Next steps: conceptual engineering in Q4 2010 Current LOM Plan Primary Sulphides (1) See final sli

25. Slide 25: Australia Pacific Asset Overview

    AustraliaPacificASSETOVERVIEW PAPUA ƒ Eight operating mines NEW GUINEA Porgera ƒ Large land tenements in Australia and PNG ƒ 2010e – 1.85-2.00 M oz at total cash costs AUSTRALIA of $600-$625/oz(1) Plutonic Lawlers Darlot Granny Smith Kanowna Kalgoorlie Cowal Mines (1) See final slide #1 45 Australia

26. Slide 26: Australia Pacific Creating Value

    AustraliaPacificCREATINGVALUE Porgera ƒ Increased ownership to 95% from 75% in 2007 on favourable terms ƒ Focused on UG mine extensions and ramp up ƒ Significant exploration potential Goldstrike autoclaves Kalgoorlie ƒ One of the largest mines in Australia – 13 M oz produced to date (100% basis) ƒ G

27. Slide 27: African Barrick Asset Overview

    AfricanBarrick ASSETOVERVIEW ƒ Four operating mines and two projects ƒ 2010e – 0.60-0.64 M oz (ABX share) at total cash costs of $560-$600/oz (US GAAP) (1) Tusker North Mara Tulawaka Bulyanhulu Golden Ridge Buzwagi TANZANIA Mines Projects (1) See final slide #1 49 AfricanBarrickKEYSTRENGTHS Platform

28. Slide 28: African Barrick Adding Value

    AfricanBarrick ADDINGVALUE Bulyanhulu ƒ Increased reserves from 3.6 M oz to 10.3 M oz(1) since acquisition in 1999 ƒ Buly Upper East Zone – near mine underground target ƒ Opportunity to increase production by 35-50K oz/yr(1) ƒ Feasibility underway North Mara ƒ Gokona-Nyabigena U/G zone – multiple hi

29. Slide 29: African Barrick Adding Value

    AfricanBarrick ADDINGVALUE Tulawaka ƒ Open pit and underground extensions show potential to increase production and extend mine life ƒ East extensions opportunity: – extend mine life by 3-4 yrs – expand production by 50k oz/yr(1) Nyanzaga ƒ Acquisition completed in May 2010 ƒ Opportunity to develop

30. Slide 30: 9 Million Ounce Target

    TargetProduction 9 MILLION OUNCE TARGET Donlin Creek WITHIN FIVE YEARS Turquoise Hemlo Ridge Goldstrike Cortez Bald Mountain Reko Diq Pueblo Viejo Nyanzaga Kabanga North Mara Lagunas Norte Tulawaka Bulyanhulu Porgera Pierina Buzwagi Zaldívar Granny Smith Cerro Casale Kalgoorlie Pascua-Lama Cowal 55

31. Slide 31: Footnotes

    Footnotes 1. Net cash costs per ounce, net cash margin per ounce, total cash costs per ounce, cash margin per ounce, total cash costs per pound, adjusted net income and average realized price are non-GAAP financial measures with no standardized meaning under US GAAP. See pages 38-44 of Barrick’s Sec

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