Slide 1: Results for Q4 and year ended 31 Dec 2023
Results for Q4 and year ended 31 Dec 2023... February 2024
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,
Slide 3: Health & Safety
Health & Safety… Tangible progress in our Journey to Zero achieving best results since merger in 2019: Year on year improvement Lost time injury frequency rate (LTIFR1) of 0.23 LTIFR (21%) and TRIFR (12%) Total recordable injury frequency rate (TRIFR1) of 1.14 Group TRIFR 2.5 2 1.5 1 0.5 0 Jan 20
Slide 4: Leader in Sustainability
Leader in 6% 958ha Sustainability* Reduction in Scope 1 and 2 GHG emissions year-on- land reclaimed & rehabilitated – exceeding year target of 850ha for the year 84% Sharing the benefits of our operations is fundamental to our social license to operate. Employing local people, water reuse & recycle
Slide 5: Group Highlights
Group Highlights… For the year ended 2023 Group 2023 reserve depletion replacement: 109% Gold, 124% Copper, 112% GEO2 $0.72 Net earnings per share Higher Q4 gold production delivers full year gold production of 4.05 million ounces Another strong quarter for copper production results in full year cop
Slide 6: 2023 Group Operating Results
2023 Group Operating Operating Results… Results… Gold operating Q4 Q3 results 2023 2023 2023 2022 Attributable 1,054 1,039 4,054 4,141 Higher Q4 production driven by stronger production (koz) performances from Cortez, Phoenix and Pueblo Viejo Cost of sales ($/oz)5 1,359 1,277 1,334 1,241 Nevada Gold
Slide 7: 2023 Group Financial Results
2023 Group Financial Results… Financial Results Q4 Q3 2023 2022 2023 2023 Revenue ($ million) 3,059 2,862 11,397 11,013 Peer-leading Tier One9 asset portfolio continues Net earnings ($ million) 479 368 1,272 432 to create value: Adjusted net earnings 466 418 1,467 1,326 ■ Strong operating cash flows
Slide 8: North America
North America… Goldrush Record of Decision issued in December 2023 Q4 production from Cortez highest in last four years Donlin Fourmile shows real Tier One potential (50%) TS solar project in Nevada – commissioning of CANADA substation and 100MW solar farm which was completed in Q4 Hemlo USA 100% Ne
Slide 9: Nevada Gold Mines operating results
Nevada Gold Mines… operating results Nevada Gold Mines Q4 Q3 2023 2022 (61.5%) 2023 2023 Carlin Ore tonnes processed 9,155 10,014 35,590 34,873 Gold production 3% lower quarter on quarter due to processing of (000) higher-grade ore from Cortez displacing ore from Carlin Average grade processed 2.08
Slide 10: Nevada Gold Mines growth
Nevada Gold Mines growth… Turquoise Ridge Turquoise Ridge Jerritt Canyon Carlin N Turquoise Ridge deposit – Step-out Twin Creeks Greater Leeville – Step-out drilling on drilling continues to expand the the open edges to the northeast and mineralization to the south and includes west expands minerali
Slide 11: Fourmile prefeasibility study to commence by year end
Fourmile…prefeasibility study 2024 comprehensive evaluation program with a view to commencing prefeasibility study at year end to commence by year end Au shown >3.4 g/t 100% Barrick owned project with potential for multiple Bullion Hill Mill Canyon Meikle-type deposits Northern Stock N Access Option
Slide 12: North America growth
Ongoing generative work and land consolidation North America…growth expanding across the region N USA Continue to grow portfolio across region – expanding Donlin footprints proximal to our core Tier One districts including earning into large property north of Leeville Donlin project in Alaska – bein
Slide 13: Latin America & Asia Pacific
Latin America & Asia Pacific… Pueblo Viejo Gold production in Q4 was 14% higher than prior ECUADOR Reko Diq quarter due to higher recovery and higher grades (50%) INDIA processed – partially offset by conveyor structural PAKISTAN, failure in October 2023 and 1 in 500 year tropical Balochistan storm
Slide 14: Pueblo Viejo
Pueblo Viejo… Dominican Republic Pueblo Viejo (60%) Q4 2023 Q3 2023 2023 2022 Pueblo Viejo plant expansion and mine life extension Ore tonnes processed 1,345 1,404 5,332 5,669 (000) is designed to increase throughput to 14Mt p.a. and to Average grade processed sustain gold production at >800,000oz p
Slide 15: Pueblo Viejo expansion
Flotation agitator premature failed gearboxes redesigned, manufactured and installed on cells – Pueblo Viejo… recovery and mass pull optimization to be concluded at full throughput Crushed ore stockpile conveyor failure currently undergoing rebuild - Interim solution supporting expansion throughput
Slide 16: Latam growth
Latam growth… Dominican Republic District-scale and prioritization assessment N completed in Pueblo Viejo District. Drilling was completed at several targets. In Q4 - new reconnaissance area at Pueblo Grande Norte. Zambrana target - drilling confirms emerging Ecuador new area of interest. Field-reco
Slide 17: Africa & Middle East
Africa & Middle East… Africa & Middle East region delivers on Jabal Sayid 50% guidance for fifth consecutive year EGYPT SAUDI Mined reserves successfully replaced at all MALI ARABIA AME operations SENEGAL Loulo- Loulo mine’s solar farm extension to 60MW Gounkoto 80% Kibali 45% DRC and its new batter
Slide 18: Loulo-Gounkoto
Loulo-Gounkoto… Mali Loulo-Gounkoto Q4 Q3 2023 2022 (80%) 2023 2023 Ore tonnes processed 1,013 1,012 4,049 4,069 (000) Consistently strong Tier One annual production Average grade processed year on year 4.31 4.76 4.61 4.59 (g/t) Q4 production down quarter on quarter due to lower Recovery rate (%) 91
Slide 19: Kibali
Kibali… Q4 Q3 DRC Kibali (45%) 2023 2023 2023 2022 Ore tonnes processed 911 960 3,700 3,495 (000) 2023 gold production up 2% year over year but Average grade processed down 6% quarter on quarter due to lower throughput 3.50 3.58 3.21 3.39 (g/t) and lower grades Recovery rate (%) 90 % 90 % 90 % 88 %
Slide 20: North Mara and Bulyanhulu
North Mara and Bulyanhulu… North Mara (84%) Q4 Q3 2023 2022 ■ Strong production continued at the Twiga 2023 2023 complex Gold produced (oz 000) 59 62 253 263 ■ Achieved high end of 2023 production Cost of sales ($/oz)5 1,420 1,244 1,206 979 guidance Total cash costs ($/oz)6 1,103 999 944 741 ■ North
Slide 21: Lumwana
Lumwana… Zambia ■ Flat production quarter on quarter, in-line with guidance Q4 Q3 Lumwana (100%) 2023 2023 2023 2022 ■ New mining fleet expected to continue ramping up in 2024, supporting production growth and cost reduction Copper produced (lbs million) 73 72 260 267 ■ Engineering feasibility tende
Slide 22: Africa & Middle East growth
Africa & Middle East growth… Umm ad Damar VMS style mineralisation has been intersected at 4 targets Loulo-Gounkoto drilled in Q4 2023, including significant copper intersections. Baboto drill results highlight expanded UADH004: 21.80m @ 2.05% Cu satellite potential for open cast and UADH001: 5.00m
Slide 23: Our Global Presence
Our Global A solid foundation on which we can grow our production and our value Presence Donlin (50%) CANADA Geographical distribution of 2023 gold production Phoenix (61.5%) Loulo- Gounkoto Hemlo 80% USA 100% PAKISTAN Pueblo Viejo JAPAN NGM (61.5%) Fourmile 100% Reko Diq 50% 60% EGYPT Turquoise Rid
Slide 24: Organic replacement of reserves sets us apart
Organic replacement of reserves sets us apart… Since year end 2019 >140%13 of company’s Attributable Proven & Probable gold reserve depletion replaced - adding almost Million Gold Mineral Reserves13 90 29Moz of attributable proven and probable 80 reserves13 while sustaining the quality (excluding ac
Slide 25: 10 year Gold and Copper production outlook
10 year GOLD and COPPER Production outlooki (Gold Equivalent Koz) Gold Copper Lumwana SuperPit Reko Diq 7,500 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 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 i. Refer to Appendix A. On an attributable basis. Gold E
Slide 26: 5-Year GEO Production Forecast and Gold Costs
5-Year GEO Production Forecast and Gold Costs GROUP Total Production (Attributable), Koz Gold Cost of Sales(5), Gold Total Cash Costs(6) and Total Capital Expenditures(11) (Attributable), $ mln Gold AISC(6), $/oz Copper production, GEO * Africa and Middle East LATAM and AP North America 6,500 1,800
Slide 27: Connect with us
BARRICK GOLD CORPORATION Corporate Office: TD Canada Trust Tower 161 Bay Street, Suite 3700 Toronto, Canada M5J 2S1 Tel: +1 416 861-9911 Toll-free throughout North America: 1 800 720-7415 Connect with us 27
Slide 28: Appendix A – Assumptions/Outlook
Appendix A – Assumptions/Outlook Key Outlook Assumptions 2023 2024 2025+ Gold Price ($/oz) 1,948 1,900 1,300 Copper Price ($/lb) 3.85 3.50 3.00 Oil Price (WTI) ($/barrel) 85 75 75 AUD Exchange Rate (AUD:USD) 0.75 0.75 0.75 ARS Exchange Rate (USD:ARS) 800 800 800 CAD Exchange Rate (USD:CAD) 1.30 1.30
Slide 29: Appendix B – Significant Intercepts Table (Greater Leeville)
Appendix B – Significant Intercepts Table (Greater Leeville)a a. All intercepts calculated using a 3.4 g/t Au cutoff and are uncapped; Drill Results from Q4 2023 Drill Holeb Azimuth Dip Interval (m) Width (m)c Au (g/t) minimum downhole intercept width is 3.0 meters; internal dilution is less HSC-230
Slide 30: Appendix B – Significant Intercepts Table (Upper Rita K)
Appendix B – Significant Intercepts Table (Upper Rita K)a a. All intercepts calculated using a 3.4 g/t Au cutoff and are Drill Results from Q4 2023 uncapped; minimum downhole intercept width is 3.0 meters; Including internal dilution is less than 20% total width. Drill Holeb Azimuth Dip Interval (m)
Slide 31: Appendix B – Significant Intercepts Table (Cortez Hanson)
Appendix B – Significant Intercepts Table (Cortez Hanson)a a. All intercepts calculated using a 3.42 g/t Au cutoff and are Drill Results from Q4 2023 uncapped; minimum intercept width is 1.4 meters; internal Drill Holeb Azimuth Dip Interval (m) Width (m)c Au (g/t) dilution is less than 20% total wid
Slide 32: Appendix B – Significant Intercepts Table (Turquoise Ridge)
Appendix B – Significant Intercepts Table (Turquoise Ridge)a Drill Results from Q4 2023 a. All intercepts calculated using a 3.4 g/t Au cutoff and Including are uncapped; minimum downhole intercept width is Interval Width True Width Interval 1 meter; internal dilution is less than 20% total width. D
Slide 33: Appendix C – Significant Intercepts Table (Kibali)
Appendix C – Significant Intercepts Table (Kibali)a Drill Results from Q4 2023 a. All intercepts calculated using a 0.5 g/t Au cutoff and are Includingd,e uncapped; minimum intercept width is 2 meters; internal Drill Holeb Azimuth Dip Interval (m) Width (m)c Au (g/t) Interval (m) Width (m) Au (g/t)
Slide 34: Appendix C – Significant Intercepts Table (Kibali con't)
Appendix C – Significant Intercepts Table (Kibali con’t)a Drill Results from Q4 2023 a. All intercepts calculated using a 0.5 g/t Au cutoff and are Includingd,e uncapped; minimum intercept width is 2 meters; internal Drill Holeb Azimuth Dip Interval (m) Width (m)c Au (g/t) Interval (m) Width (m) Au
Slide 35: Appendix C – Significant Intercepts Table (Loulo-Gounkoto)
Appendix C – Significant Intercepts Table (Loulo-Gounkoto)a Drill Results from Q4 2023 a. All intercepts calculated using a 0.5 g/t Au cutoff and are Includingd uncapped; minimum intercept width is 2 meters; internal Drill Holeb Azimuth Dip Interval (m) Width (m)c Au (g/t) Interval (m) Width (m) Au
Slide 36: Appendix C – Significant Intercepts Table (Jabal Sayid / Umm ad Damar)
Appendix C – Significant Intercepts Table (Jabal Sayid / Umm ad Damar)a Drill Results from Q4 2023 a. All intercepts calculated using a 0.5% Cu cutoff and are Drill Holeb Azimuth Dip Interval (m) Width (m)c Cu (%) uncapped; minimum intercept width is 2m; internal dilution UADH001 260 55 79.00-84.00
Slide 37: Technical Information
Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Craig Fiddes, SMERM, Lead, Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific; Richard Peattie, MPhil, FAusIMM
Slide 38: Endnotes
Endnotes… 4. “Free cash flow” is a non-GAAP financial performance measure which deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash.
Slide 39: Endnotes
Endnotes… 8. EBITDA is a non-GAAP financial performance measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating ca
Slide 40: Endnotes
Endnotes… 13. Proven and probable reserve gains calculated from cumulative net change in reserves from year end 2019 to 2023. Reserve replacement percentage is calculated from the cumulative net change in reserves from year end 2019 to 2023 divided by the cumulative depletion in reserves from year e