Slide 1: Results for the Quarter and 9 months ended 30 September 2019
Results for the Quarter and 9 months ended 30 September 2019
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: Scorecard of Achievements
Scorecard of Achievements… What We Outlined One Year Ago What We have Achieved Formed Nevada Joint Venture - premier synergy creation Focus on Tier One Gold Assets1 and strategic assets Pueblo Viejo plant expansion - prefeasibility study advancing Nevada JV to drive FCF3 growth without issui
Slide 4: Health & Safety
Health & Safety… Lost time injuries decreased for the third consecutive 2019 Group Injury Rate quarter recording a lost time injury frequency rate (LTIFR) for Q3 of 0.45, down from 0.52 in Q2 and 0.61 in Q1 - 2.74 largely attributed to increased visible leadership at site level 2.23 2.13 Total injur
Slide 5: Environment & Community
Environment & Community… Barrick was listed on the Dow Jones Sustainability Index for the 12th consecutive year ranking in the 97th percentile of mining companies with improved score year on year Zero Class 1 environmental incidents during the quarter and YTD, in line with group target All sites ret
Slide 6: Q3 highlights
Q3 highlights… Strong Q3 points to higher end of production and lower end of cost guidance for the year Debt, net of cash, at $3.2 billion after payment of dividend, down 14% from Q2 Net earnings of $1.30 per share. Adjusted net earnings per share2 of $0.15 up 67% on Q2 Continued efficiency improvem
Slide 7: Group financial results
Group financial results… Significant increase in adjusted net earnings 2 to $0.15 per Financial Results Q3 2019 Q2 2019 Q3 2018 share in Q3/19 compared to $0.09 in prior quarter as well as year-over year Revenue ($ million) 2,678 2,063 1,837 Anchored by a positive contribution from Nevada Gold Net e
Slide 8: Group operating results
Group operating results… Another strong quarter of performance across the Q3 Q2 Q3 portfolio reflected the progress management has Gold operating results 2019 2019 2018 made in rebuilding Barrick African and LatAm/APac operations remain on Production (oz 000) 1,306 1,353 1,149 track with strong perf
Slide 9: Cortez
Cortez… Nevada, USA Attributable production decreased from Q2 2019 due Cortez10 (61.5%) Q3 2019 Q2 2019 Q3 2018 to the formation of Nevada Gold Mines, decreasing Total tonnes mined (000) 23,357 31,598 30,174 Barrick’s interest in Cortez to 61.5% Average grade processed (g/t) 1.54 1.82 2.38 Mining fr
Slide 10: Carlin
Carlin… Nevada, USA Production has increased due to the formation of Nevada Gold Mines and the inclusion of Newmont Carlin12 (61.5%) Q3 2019 Q2 2019 Q3 2018 Goldcorp’s former Carlin operations, partially offset Total tonnes mined (000) 11,584 12,138 12,698 by a decrease to a 61.5% interest in Goldst
Slide 11: Turquoise Ridge
Turquoise Ridge… Nevada, USA Production was 26% higher than the previous Turquoise Ridge13 quarter, primarily due to the inclusion of Twin Creeks Q3 2019 Q2 2019 Q3 2018 (61.5%) open-pit and underground Tonnes mined (000) 4,811 180 167 Costs were impacted by the inclusion of lower grade open pit ore
Slide 12: Other Nevada Gold Mines
Other Nevada Gold Mines… Phoenix Phoenix (61.5%)i Q3 2019 Gold production was 25 koz, in line with plan Gold produced (oz 000) 25 AISC per ounce8 was $1,622 and was impacted by lower copper by-product credits related to the timing of copper Cost of sales ($/oz)7 2,186 concentrate sales at the end of
Slide 13: NGM Near term synergies
NGM Near term synergies14 … $450 - $500 million p.a. Pre-tax FCF3 ($M/annum) from H2 2019 – 2024 $90 $450 - $50014 Executed and/or advancing (scope, milestones, project managers, etc.) Identified work in progress $73 $51 $115 $311 $64 $139 $10 $61 Regional and Synergies, Integrated Opex-Fleet Supply
Slide 14: NGM growth projects
NGM…growth projects Turquoise Ridge Little Boulder Basin Drilling on 5 projects along the Third Shaft Large area between giant deposits Carlin Trend and at Fourmileii Construction of the shaft with hoisting capacity of 5,500 tpd advancing on with only two drill holes through best budget and on time
Slide 15: Fourmile - Goldrush drill results
Fourmile - Goldrush…drill results anticipate significant resource growthi At Fourmile, drilling has transitioned from resource addition / definition to N broad exploratory step-outs; new discovery announced in September 2019ii Best yet intercept on Goldrush/Fourmile below and south of known FM19-43D
Slide 16: Hemlo
Hemlo… Ontario, Canada Exploration at Hemloi Hemlo (100%) Q3 2019 Q2 2019 Q3 2018 N Ore tonnes processed (000) 607 779 751 Drilling successfully confirmed down plunge extensions to the Average grade processed (g/t) 2.71 2.38 1.77 C Zone, validating recently Drill Intercepts Recovery rate (%) 94% 94%
Slide 17: Pueblo Viejo
Pueblo Viejo… Dominican Republic Gold production in Q3 2019 was 12% higher than Pueblo Viejo15 (60%) Q3 2019 Q2 2019 Q3 2018 the prior quarter mainly due to mining in higher Open pit tonnes mined (000) 5,817 6,116 6,243 grade ore zones in the Cumba and Moore pits Average grade processed (g/t) 4.05 3
Slide 18: Pueblo Viejo JV upside plant expansion
Pueblo Viejo JV upside…plant expansion to improve throughput Expansion study Plant expansion study to significantly improve throughput allowing the mine to maintain average annual gold production of approximately 800koz (100%) after 2022 Program remains on track for completion of the plant expansion
Slide 19: Pueblo Viejo improved geological model demonstrates upside potential
Pueblo Viejo…improved geological model demonstrates upside potential Expansion Pit N Strategy to delineate high grade / low sulphide ounces at PV to optimize cash flow Cumba Pit by displacing lower grade ounces / stockpiles Drill testing high grade potential in the Mejita area Delineating and testin
Slide 20: Veladero
Veladero… Argentina Gold production in Q3/19 was 23% lower than the prior quarter but in-line with plan Veladero (50%) Q3 2019 Q2 2019 Q3 2018 Expected decrease in recovery rates quarter on quarter Open pit tonnes mined (000) 9,449 8,184 7,924 as Q2/19 saw the immediate benefit of initiatives Averag
Slide 21: Exploration along the El Indio Belt
Exploration along the El Indio Belt… Veladero – improved orebody Veladero JV Barrick Properties / options knowledge targets area outside Gold deposits Gold prospects current mine plan Exploration Areas of Interest Fabiana AOI Penelope – currently being Los Amarillos 20 km Fabiana reviewed as a poten
Slide 22: Porgera
Porgera… Papua New Guinea Strong performance as gold production Porgera (47.5%) Q3 2019 Q2 2019 Q3 2018 increased by 23% from the prior quarter at lower Ore tonnes processed (000) 705 557 597 costs, primarily due to higher throughput and slightly better grade Average grade processed (g/t) 3.33 3.25
Slide 23: Porgera early stage exploration validates major extension of mineralisation
Porgera early stage exploration… validates major extension of mineralisation Intrusive and altered sediment intersected in reconnaissance drilling 1km into the footwall and NE of the AHD underground workings. Indicates a continuation of favourable host rocks and structural repetitions of quartz- ros
Slide 24: Loulo-Gounkoto delivers solid performance
Loulo-Gounkoto…delivers solid performance Mali Gold production was 4% higher than the prior quarter Loulo-Gounkoto16 (80%) Q3 2019 Q2 2019 mainly due to higher underground grade from Yalea Total cash costs per ounce8 was 5% higher than the prior Total tonnes mined (000) 8,115 8,048 quarter mainly du
Slide 25: Yalea System on track for further delivery
Yalea System…on track for further deliveryi Indicated resource Block model date: Feb 2019 boundary YDH286 9.40m @ 3.89g/t N 100m YDH285 14.65m @ 4.94g/t YaDH141: 18.40m @ 6.65g/t Gold g/t >8g/t 4-8g/t 3–4g/t Open 0.7–3g/t Shoot <0.7g/t 500m YaDH143: 21.75m @ 8.53g/t Yalea FW Panel Exploration Holes
Slide 26: Kedougou-Kenieba Inlier Mali - Senegal
Kedougou-Kenieba Inlier…Mali - Senegal Yatela IAMGOLD N World class Tier 1 district with +60Moz mineral SENEGAL Sadiola inventory IAMGOLD Sabodala Continuing exploration on major mineralized trends Teranga MALI in Loulo district Massawa Barrick Loulo Gounkoto Exploration continues at Bakolobi follow
Slide 27: Central and East Africa potential for additional Tier One discoveries
Central and East Africa…potential for additional Tier One1 discoveries Barrick expands its exploration Ngayu Kibali N portfolio across the Congo and Project Tanzanian cratons North Mara Bulyanhulu Buzwagi 500km
Slide 28: Kibali
Kibali… DRC Gold production was 4% lower than the prior quarter as a Kibali17 (45%) Q3 2019 Q2 2019 result of lower feed grade processed in order to assist with Total tonnes mined (000) 3,077 2,938 restoring stockpiles after the drawdown in Q2/19 resulting Average grade processed (g/t) 3.74 3.88 fro
Slide 29: Kibali underground development LOM design
Kibali…underground development LOM design with 3000, 5000 and 9000 Lode opportunitiesi KCD Open Pit18 Sessenge Open Pit18 PB#3 & PB2 North 2018 Proven reserve:1.7Mt @ 2.71g/t for 148koz 2018 Proven reserve:1.2Mt @ 2.45g/t for 94koz 2018 Probable reserve 0.1Mt @ 2.20g/t for 8koz 2018 Probable reserve
Slide 30: Partnership with Tanzanian Government
Partnership with Tanzanian Government… The government of Tanzania (GoT) and Barrick Gold Corporation reached an agreement to settle all disputes between the GoT and the mining companies formerly operated by Acacia but now managed by Barrick Final agreements have been submitted to the Tanzanian Attor
Slide 31: Tanzania (formerly Acacia)
Tanzania (formerly Acacia)… The former Acacia mine sites (Bulyanhulu, North Tanzania (63.9%)i Q3 2019 Q2 2019 Q3 2018 Mara and Buzwagi) will now be referred to as Total tonnes mined (000) 1,784 2,709 2,822 Tanzania Average grade processed (g/t) 1.54 2.25 2.10 Gold production was 47% lower than the p
Slide 32: Other gold mines
Other gold mines…. Kalgoorlie, Australia (50% basis) Kalgoorlie (50%) Q3 2019 Q2 2019 Q3 2018 Gold production was 2% higher compared to the prior quarter primarily due to higher grade and recovery, offset by lower Gold produced (oz 000) 58 57 75 throughput Cost of sales ($/oz) 1,037 1,038 923 We are
Slide 33: Copper mines
Copper mines…. Lumwana, Zambia Lumwana (100%) Q3 2019 Q2 2019 Q3 2018 Achieved record throughput and higher grades as we continue to drive improvements in the business, resulting in production Copper produced (lbs million) 65 49 75 increasing 33% from the prior quarter. Conveyor issues during Cost o
Slide 34: Group summary 5 year gold production forecast
Group summary… 5 year gold production forecast Gold Production (Attributable), Koz Cost of Sales7, Total Cash Cost8 and Capital Expenditures (Attributable)6, $ million AISC8, $/oz 5,500 1,250 5,000 1,200 1,150 4,500 1,100 4,000 1,050 3,500 1,000 950 3,000 900 2,500 850 2,000 800 750 1,500 700 1,000
Slide 35: North America summary 5 year gold production forecast
North America summary… 5 year gold production forecast Gold Production (Attributable), Koz Cost of Sales7, Total Cash Cost8 and Capital Expenditures (Attributable)6, $ million AISC8, $/oz 3,000 1,250 1,200 1,150 2,500 1,100 1,050 2,000 1,000 950 1,500 900 850 800 1,000 750 700 500 650 600 0 0 2020 2
Slide 36: LATAM & AusPac summary 5 year gold production forecast
LATAM & AusPac summary… 5 year gold production forecast Gold Production (Attributable), Koz Cost of Sales7, Total Cash Cost8 and Capital Expenditures (Attributable)6, $ million AISC8, $/oz 2,500 1,250 1,200 1,150 2,000 1,100 1,050 1,000 1,500 950 900 1,000 850 800 750 500 700 650 0 0 2020 2021 2022
Slide 37: Africa and Middle East Summary 5 year gold production forecast
Africa and Middle East Summary… 5 year gold production forecast Gold Production (Attributable), Koz Cost of Sales7, Total Cash Cost8 and Capital Expenditures (Attributable)6, $ million AISC8, $/oz 2,500 1,250 1,200 1,150 2,000 1,100 1,050 1,500 1,000 950 900 1,000 850 800 750 500 700 650 0 0 2020 20
Slide 38: Copper Summary 5 year production forecast
Copper Summary… 5 year production forecast Copper Production (Attributable), Mlbs Cost of Sales7, C1 Cash Cost9 and Capital Expenditures (Attributable)6, $ million AISC9, $/lb 550 3.0 500 450 400 2.5 350 300 250 2.0 200 150 100 1.5 50 0 0.0 2020 2021 2022 2023 2024 Jabal Sayid Zaldivar Lumwana Cost
Slide 39: Looking Ahead building our business
Looking Ahead…building our business Opportunity Strategic objectives Nevada Gold Mines Operational delivery: progress Goldrush feasibility study and realisation of scheduled synergies Fourmile and Nevada Significant resource growth through extension of current orebodies and new discoveries Explo
Slide 40: Relative share performance
Relative share performance since Barrick / Randgold merger announcement… Relative performance (base = 100) 200 175 60% 150 44% 125 24% 100 75 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 GDX Spot Gold Barrick Source: Bloomberg; market data as at October 28, 2019
Slide 41: Endnotes
Endnotes 1. A Tier One Gold Asset is a mine with a stated life in excess of 10 years with 2017 production of at least 500,000 ounces of gold and 2017 total cash cost per ounce within the bottom half of Wood Mackenzie’s cost curve tools (excluding state owned and privately-owned mines). For purposes
Slide 42: Endnotes
Endnotes 6. These amounts are presented on the same basis as our guidance and include our 60% share of Pueblo Viejo and South Arturo (36.9% of South Arturo from July 1, 2019 onwards as a result of its contribution to Nevada Gold Mines), our 63.9% share of Tanzania (notwithstanding the completion of
Slide 43: Endnotes
Endnotes 12. On July 1, 2019, Barrick's Goldstrike and Newmont Goldcorp's Carlin were contributed to Nevada Gold Mines and are now 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 the
Slide 44: Appendix A – Little Boulder Basin Intercepts Table
Appendix A – Little Boulder Basin Intercepts Tablei Historic Drill Results i. All intercepts calculated using a 5 g/t Au cutoff and are uncapped; Drill Holeii Interval (m) Width (m)iii Au (g/t) minimum intercept width is 0.8 m; internal dilution is less than 20% 1293.9 - 1296.2 2.3 12.4 total width
Slide 45: Appendix B – Fourmile Significant Intercepts Table
Appendix B – Fourmile Significant Intercepts Tablei Drill Results from Q3 2019 to date Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) i. All intercepts calculated using a 5 g/t Au cutoff and are 1208.2 - 1209.7 1.5 8 uncapped; minimum intercept width is 0.8 m; internal 1238.1 - 123
Slide 46: Appendix B – Fourmile Significant Intercepts Table
Appendix B – Fourmile Significant Intercepts Tablei Drill Results from Q3 2019 to date Core Drill Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) i. All intercepts calculated using a 5 g/t Au cutoff and are 723.9 - 725.4 1.5 12.0 uncapped; minimum intercept width is 0.8 m; internal dilution is
Slide 47: Appendix B – Fourmile Significant Intercepts Table
Appendix B – Fourmile Significant Intercepts Tablei Drill Results from Q3 2019 to date i. All intercepts calculated using a 5 g/t Au cutoff and are Core Drill uncapped; minimum intercept width is 0.8 m; internal dilution Holeii Azimuth Dip Interval (m) Width (m)iii Au (g/t) is less than 20% total wi
Slide 48: Appendix C – Hemlo Significant Intercepts Table
Appendix C – Hemlo Significant Intercepts Tablei Drill Results from Q2 & Q3 2019 i. All intercepts calculated using a 1 g/t Au cutoff and are uncapped; minimum intercept Est. True Width width is 2 m; internal dilution is equal to or less than 4m true width (and 2m consecutive Lode Drill Hole Azimuth
Slide 49: Appendix D – Loulo-Gounkoto Significant Intercepts Table
Appendix D – Loulo-Gounkoto Significant Intercepts Tablei Drill Results from Q1 to Q3 2019 Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) Transfer Zone YaDH100 -66.8 103.6 763-769 6 12.22 Transfer Zone YaDH101 -66.8 103.6 754.5-762 7.5 3.67 i. All intercepts calculated using a 0.5 g/t A
Slide 50: Appendix E – Kibali Significant Intercepts Table
Appendix E – Kibali Significant Intercepts Tablei Drill Results from Q2 & Q3 2019 Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 m; internal dilution is equal to or less than 25% total
Slide 51: Appendix E – Kibali Significant Intercepts Table
Appendix E – Kibali Significant Intercepts Tablei Drill Results from Q2 & Q3 2019 Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept Lode 5000 KCDU1875 338 2 260.14 - 267.2 7.06 5.52 width is 2 m; int
Slide 52: Appendix E – Kibali Significant Intercepts Table
Appendix E – Kibali Significant Intercepts Tablei Drill Results from Q2 & Q3 2019 Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2 m; internal dilution is equal to or less than 25% total
Slide 53: Appendix E – Kibali Significant Intercepts Table
Appendix E – Kibali Significant Intercepts Tablei Drill Results from Q2 & Q3 2019 Lode Drill Hole Azimuth Dip Interval (m) Width (m) Au (g/t) i. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept Lode 9000 KCDU2142 324 -76 268 - 286 18.00 3.91 width is 2 m; inter
Slide 54: Appendix F – Five Year Outlook
Appendix F – Five Year Outlook Key assumptions 2020 2021 + Gold Price ($/oz) 1,200 1,200 Copper Price (US$/lb) 2.75 2.75 Oil Price (WTI) ($/barrel) 65 65 AUD Exchange Rate (AUD:USD) 0.70 0.75 ARS Exchange Rate (USD:ARS) 65.00 75.00 CAD Exchange Rate (USD:CAD) 1.30 1.30 CLP Exchange Rate (USD:CLP) 68