Barrick Mining Corporation · TSX:ABX

Barrick Mining — Barrick Gold — Canaccord Capital Mining Industry Cost Creep Luncheon (January 2004)

11 slides from Barrick Mining's conference presentation, Jan 13, 2004

1. Slide 1: Canaccord Capital – Mining Industry Cost Creep Luncheon

   BARRICK GOLD CORPORATION Canaccord Capital – Mining Industry Cost Creep Luncheon Toronto – January 13, 2004 FORWARD LOOKING STATEMENT Certain statements included herein, including those regarding production, costs, development schedules and other statements that express management’s expectations or

2. Slide 2: Asset Base – Mines and Projects

   BARRICK GOLD CORPORATION Canaccord Capital – Mining Industry Cost Creep Luncheon Toronto – January 13, 2004 Asset Base – Mines and Projects ƒ 10 operating mines and 6 development projects: – 7 countries on 4 continents, employing > 7,000 people – 2004 est production: 4.9 – 5.0 M oz – 2004 est cash c

3. Slide 3: Gold Industry Challenges

   BARRICK GOLD CORPORATION Canaccord Capital – Mining Industry Cost Creep Luncheon Toronto – January 13, 2004 Gold Industry Challenges ƒ Growth ƒ Increased scrutiny from NGOs and governments ƒ Lack of industry professionals ƒ Higher risk countries ƒ Size and scale required ƒ Rising costs Industry chal

4. Slide 4: Industry challenge: Barrick's response

   BARRICK GOLD CORPORATION Canaccord Capital – Mining Industry Cost Creep Luncheon Toronto – January 13, 2004 Industry challenge: Barrick’s response: 4) No new discoveries ƒ Consistent exploration thru cycle led to discovery of Lagunas Norte; best land positions in 4 most prospective gold belts 5) NGO

5. Slide 5: Rising Costs

   BARRICK GOLD CORPORATION Canaccord Capital – Mining Industry Cost Creep Luncheon Toronto – January 13, 2004 Rising Costs ƒ Inflationary pressures ƒ Strengthening foreign currencies ƒ Longer lead times for equipment ƒ Securing stable supply sources for consumables ƒ Additional indirect costs – sustai

6. Slide 6: CI Gains = Cost Containment Value

   BARRICK GOLD CORPORATION Canaccord Capital – Mining Industry Cost Creep Luncheon Toronto – January 13, 2004 CI Gains = Cost Containment Value % closure of captured CI Project KPI Baseline Q4 2004 gap vs. TL1 (US$ MM) 1. Pierina crusher OEE 1421 1729 44% 30.6 throughput 2. Plutonic UG million 1.00 1.

7. Slide 7: Operations Review

   BARRICK GOLD CORPORATION Canaccord Capital – Mining Industry Cost Creep Luncheon Toronto – January 13, 2004 Operations Review ƒ Barrick has improved the annual planning cycle ƒ Operations review is part of the strategic portion of the annual cycle ƒ Identifies focus areas for each site – Evaluate bi

8. Slide 8: Supply Chain Management – What is TCO?

   BARRICK GOLD CORPORATION Canaccord Capital – Mining Industry Cost Creep Luncheon Toronto – January 13, 2004 Supply Chain Management – What is TCO? Traditional approach only addresses the “tip of the iceberg” Purchase Price Outsourcing Freight Warehousing Internal Purchasing costs administration Tran

9. Slide 9: Value-Adding Capital Projects

   BARRICK GOLD CORPORATION Canaccord Capital – Mining Industry Cost Creep Luncheon Toronto – January 13, 2004 Value-Adding Capital Projects Underway ƒ Nevada power plant – Lower costs at Goldstrike by $10 per ounce LOM Being Evaluated ƒ Some wind and hydro power at Veladero ƒ Conveying versus trucking

10. Slide 10: Veladero Optimization

    BARRICK GOLD CORPORATION Canaccord Capital – Mining Industry Cost Creep Luncheon Toronto – January 13, 2004 Veladero Optimization ƒ Optimizing Pit Design – Finding more ounces - in pit - waste cap – Lowering cut-off grade – Cuatros Esquinas resource – Other resource to reserve conversion The Barrick

11. Slide 11: Canaccord Capital – Mining Industry Cost Creep Luncheon

    BARRICK GOLD CORPORATION Canaccord Capital – Mining Industry Cost Creep Luncheon Toronto – January 13, 2004 11

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