Slide 1: World class mines. World class people.
World class mines. World class people. NYSE: GOLD TSX: ABX Investor Presentation May 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: A World-Class Global Mining Company
A World-Class Global Mining Company… Best gold company Building a Tier One1 copper business Investing in growth Significant portfolio of Balance Sheet Strength A3 #1 gold and Net leverage near zero Moody’s credit rating Barrick is the largest gold copper Highest in the gold industry producer i
Slide 4: Gold: Best portfolio of Tier One gold assets
GOLD Best portfolio of Tier One gold assets Barrick 5-Year Gold Outlooki 6 Tier One gold assets Gold production (attributable) Moz Cost of sales3, North America (Nevada) Total gold capital expenditure 2023 Gold Production Carlin (attributable) $ billion2 Total cash costs4, AISC $/oz4 geographical Co
Slide 5: Copper: Doubling copper production by 2029
COPPER... Doubling copper production by 2029 the most Barrick 5-Year Copper Outlooki strategic metal Copper production (attributable) Mlbs Cost of sales3, C1 cash costs5 and AISC $/lb5 Total copper capital expenditures (attributable) $ billion2 0.7 3.5 2023 Copper Production Lumwana 0.6 3.0 geograph
Slide 6: Key Growth Projects to enhance current production and add to our reserve base
Key Growth Projects to enhance current production and add to our reserve base… GOLDRUSH, NGM JV (61.5%) FOURMILE, Nevada (100%) PUEBLO VIEJO JV (60%) Ramp up of recently permitted underground mine Growing mineral resource inventory leading to Plant and TSF capacity expansions extend life of underway
Slide 7: Barrick continues to deliver reserve growth
Barrick continues to GOLD RESERVES Moz deliver reserve growth… 90 80 Delivered unparalleled growth of reserve 70 base maintaining the highest gold reserve 60 grade amongst peers 50 Since year-end 2019: Organically replaced over 140% of mined 40 76 77 71 68 69 gold reserves, adding almost 29Moz of 30
Slide 8: Industry-Leading Shareholder Alignment
Industry-Leading Cumulative Shareholder Returnsi Shareholder Alignment 5,000 US$ millions Since 2019 - $4.9 billion returned to 4,500 shareholders in the form of dividends, returns of capital, and share buybacks 4,000 Clear dividend policy driven by cash balancei 3,500 Quarterly base dividend of $0.
Slide 9: Renewable-based power strategies and technology drive higher efficiencies and lower costs
Renewable-based power strategies and technology Nature Action is underpinned by biodiversity drive higher efficiencies and lower costs preservation, conservation and restoration Garamba National Park – 15 years of support including elephant collaring, reintroduction of white rhino and infrastructure
Slide 10: Consensus Peer Dashboard – May 6, 2024 – GOLD
Consensus Peer Dashboard – May 6, 2024 – GOLD Barrick Agnico Eagle Newmont Market Cap1 (US$BN) $29.3 $32.3 $42.7 Net Debt (US$BN)3 $0.8 $1.7 $7.1 Consensus P/NAV2 (x) 0.91x 1.63x 1.20x Dividend Yield1,4 (%) 2.4% 2.4% 2.4% 2024: 6.6x 2024: 10.3x 2024: 8.7x Consensus Cashflow 2025: 5.6x 2025: 10.2x 20
Slide 11: Consensus Peer Dashboard – May 6, 2024 – COPPER
Consensus Peer Dashboard – May 6, 2024 – COPPER Barrick Freeport-McMoRan Antofagasta Market Cap1 (US$BN) $29.3 $73.1 $27.1 Net Debt (US$BN)3 $0.8 $3.2 $0.7 Consensus P/NAV2 (x) 0.91x 1.52x 1.98x Dividend Yield1,4 (%) 2.4% 1.2% 1.8% 2024: 6.6x 2024: 10.6x 2024: 11.5x Consensus Cashflow 2025: 5.6x 202
Slide 12: Why invest in Barrick?
Why invest in Barrick? World class copper projects set to deliver Sustainable growth Best quality gold into rising price and offered by current assets in the industry demand development projects Significant cash flow Strong balance sheet Clear dividend to fund development to support forecast policy
Slide 13: Learn more www.barrick.com
Learn more Annual Sustainability Quarterly View our latest reports Report Report Reports www.barrick.com NYSE : GOLD TSX : ABX
Slide 14: Technical Information
Technical Information The scientific and technical information contained in this MD&A has been reviewed and approved by Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol, MGeol, F
Slide 15: Appendix A – Assumptions/Outlook
Appendix A – Assumptions/Outlook Key Outlook Assumptions 2023 2024 2025+ Gold Price ($/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 16: Appendix B – Barrick Historical Attributable Mineral Reserves
Appendix B – Barrick Historical Attributable Mineral Reservesi,ii Proven Probable Total Tonnes Grade Contained ozs Tonnes Grade Contained ozs Tonnes Grade Contained ozs Year Gold Price Assumption (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) 2019 $1,200/oz 280 2.42 22 1,000 1.44 47 1,300 1.65 6
Slide 17: Appendix C – Barrick Attributable Historical Gold Production
Appendix C – Barrick Attributable Historical Gold Productioni On Attributable Basis: Twelve Months Gold Production Ending (koz) December 31: 2019 5,465 2020 4,760 2021 4,437 2022 4,141 2023 4,054 Total 22,857 17
Slide 18: Appendix D – Barrick Performance Dividend Policy
Appendix D – Barrick Performance Dividend Policy Beginning in 2022, Barrick established a performance dividend policy that will enhance the return to shareholders when our liquidity is strong. The amount of the performance dividend on a quarterly basis will be based on the amount of net cash on Barr
Slide 19: Refers to growth on slide 6
Refers to growth on slide 6 i Projected growth. Refer to Appendix A. Scenario assumes the re-start of Porgera with production commencing in 2024, as well as an indicative production profile for Reko Diq and Lumwana, both of which are conceptual in nature. Does not include Fourmile. 19