Synonymous with Value Creation
Gold Forum Americas – Denver, September 2019
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”. Allstatements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “target”, “plan”, “objective”, “assume”, “intend”, “project”, “pursue”, “goal”, “continue”, “budget”, “estimate”,“potential”, “may”, “will”, “can”, “could”, “would”, “should” and similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: Barrick’sforward-looking production and cost guidance; cash flow forecasts; projected capital, operating and exploration expenditures; mine life and production rates; estimated timing for construction of, and production from, new projects; potentialbenefits of the Nevada joint venture, including potential synergies; anticipated timing of an agreement with the PNG government to extend Porgera’s special mining lease; the potential for plant expansion at Pueblo Viejo to increasethroughput and convert resources into reserves; our pipeline of high confidence projects at or near existing operations; potential for existing or newly acquired and/or developed assets to become Tier One gold assets; potentialmineralization and metal or mineral recoveries; our ability to convert resources into reserves; our project pipeline and results of our greenfield and brownfield exploration work; expectations regarding timing of completion of the acquisitionof the minority interest in Acacia; and Barrick’s sustainability strategy and vision.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as atthe date of this presentation in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies.Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but arenot limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineralproduction performance, exploitation and exploration successes; risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; the duration of the Tanzanian ban onmineral concentrate exports; the ultimate terms of any definitive agreement between Acacia and the Government of Tanzania to resolve a dispute relating to the imposition of the concentrate export ban and allegations by the Governmentof Tanzania that Acacia under-declared the metal content of concentrate exports from Tanzania and related matters; whether Acacia will approve the terms of any final agreement reached between Barrick and the Government of Tanzaniawith respect to the dispute between Acacia and the Government of Tanzania; timing and completion of the acquisition of the minority interests in Acacia; timing of receipt of, or failure to comply with, necessary permits and approvals,including with respect to Barrick Niugini Limited’s application for an extension to the Porgera mine’s special mining lease the benefits expected from recent transactions being realized, including Nevada Gold Mines; diminishing quantitiesor grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, includinggeotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of,or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; the impact of globalliquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; adverse changes in our credit ratings; the impact of inflation; fluctuations in the currency markets;changes in U.S. dollar interest rates; risks arising from holding derivative instruments; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies andpractices, expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack ofcertainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with illegal and artisanal mining; the risks of operating in jurisdictions where infectious diseases presentmajor health care issues; disruption of supply routes which may cause delays in construction and mining activities; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, includingnegative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’sexpectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; riskof loss due to acts of war, terrorism, sabotage and civil disturbances; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and otherrequired infrastructure; business opportunities that may be presented to, or pursued by, the Company; risks associated with the fact that certain of the initiatives described in this presentation are still in the early stages and may notmaterialize; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physicalrisks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the businessof mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses(and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers arecautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. Specific reference is made to the mostrecent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that mayaffect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this presentation. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result ofnew information, future events or otherwise, except as required by applicable law.
Disciplined and thoughtful strategy secures six Tier 1 mines3…
Due Diligence - 2 years
Deal discipline - zero premium
Execution and integration to create world’s most valued gold business operating five Tier 1 mines
Opportunity and synergy identification –detailed analysis
Additional Tier 1 asset and more synergies
Consolidate management of world’s largest gold complex
EXECUTION and DELIVERY
BARRICK - RANDGOLD NEVADA JV
ACACIA ACQUISITION
4
Scorecard of Achievements…
Driven by FCF per share growth and shareholder returns
Emphasis on cost reduction
Focus on Tier One Gold Assets3 and strategic assets
Strong cash flow generation to fund robust investment
Exploration potential from extensive land positions in prolific gold districts
A strong and experienced management team
What We Outlined One Year Ago What We have Achieved
Nevada JV to drive FCF growth without issuing shares Share price increased ~90% since Randgold transaction
announced Outperformance versus the rest of the industry
G&A costs halved despite increase in asset base Barrick’s 2018 G&A cost guidance of US$275m; 2019 G&A
cost guidance of US$140m
Formed Nevada Joint Venture - premier synergy creation Pueblo Viejo plant expansion - prefeasibility study advancing
2019 production expected to be at top end of guidance range and 2019 costs at lower end of guidance range
Drilling at Fourmile returned best-ever borehole intersection Loulo-Gounkoto and Kibali on track for further brownfields
expansion
Flat, operationally focused, agile management structure with a tenet in ownership culture
Barrick / Randgold unlocks Nevada and drives consolidation…delivers 6 Tier 1 assets3
Most valued companyBest peopleBest assetsDelivering leading returns
i. Source: S&P Global Market Intelligence and company disclosure. Based on primary gold mines only. Shown on a 100% basis. Excludes state-owned and privately owned mines. Excludes Chinese mines due to lack of disclosure.
4.1
1.3 1.3 1 1 0.9 0.85 0.8 0.7 0.7 0.7 0.6 0.6 0.6
Gold mines ranked by 2018 gold productioni (Moz)
Currently operated by Barrick
Group financial results…
H1 2019 adjusted EBITDA of $1,974 million4 (H1 2018: $1,499 million) is higher than the prior year given the merger with Randgold
Net cash provided by operating activities of $954 million in H1 2019
FCF generation in H1 2019 of $201 million5
Quarterly dividend of $0.04 per share paid for Q1 and Q2
On July 15, 2019, Barrick repurchased $248 million of principal of 4.95% notes due 2020
Reduced total debt to < $5.6 billion subsequent to H1 2019Annualized interest saving of approximately $12 million
Tethyan Copper Company (a joint venture held equally by Barrick and Antofagasta) awarded $5.84 billion in damages in relation to arbitration claims on Reko Diqi
Financial Results H1 2019
Revenue ($ million) 4,156Net earnings (loss) ($ million) 305Adjusted net earnings ($ million)6 338Adjusted EBITDA4 1,974Net cash provided by operating activities ($ million) 954
Free cash flow ($ million)5 201Net earnings (loss) per share ($) 0.17Adjusted net earnings per share ($)6 0.19Total attributable capital expenditures ($ million)7,8 722
Cash and equivalents ($ million)9 2,153Debt, net of cash ($ million) 3,654
iNot reflected in our financial accounts
Group operating results…
Strong H1 2019 gold production, driven by solid performances across the portfolio including Loulo-Gounkoto, Veladero and Kibali
Expected annual gold production at upper end of 2019 group guidance and cost metrics at the lower end of ranges
2019 operating division guidance now includes our 61.5% interest in Nevada Gold Mines effective July 1
On-track to meet 2019 copper production and cost guidance
Copper costs improved year-over-year across the board in H1 2019 given an increase in productivity as well as the implementation of efficiency initiatives
Gold operating results H1 2019
Production (oz 000)16 2,720
Cost of sales ($/oz)10 956
Total cash costs ($/oz)11 641
All-in sustaining costs ($/oz)11 842
Copper operating results
Production (millions of pounds)17 203
Cost of sales ($/lb)10 2.13
C1 cash costs ($/lb)12 1.62
All-in sustaining costs ($/lb)12 2.37
Golden Sunlight
Nevada Gold Mines (61.5%)Fourmile (100%)
Hemlo
Lagunas Norte
Massawa(83.25%)
Kibali (45%)
Kalgoorlie (50%)
Porgera (47.5%)
Donlin Gold (50%)
Jabal Sayid (50%)
Zaldivar (50%)Norte Abierto (50%)Pascua-LamaVeladero (50%)
Lumwana
Loulo-Gounkoto (80%)
Morila (40%)
Tongon (89.7%)North MaraBulyanhuluBuzwagi
Reunion Strategic Alliance
Pueblo Viejo (60%)
Cortez GoldstrikeCarlinTR / TC
GoldrushFourmile
Annual gold production expected to be at top end of guidance range…lower end of cost guidance
N AmericaProduction 2 340 - 2 540kozCost of Sales10 $890 - $940/ozTotal Cash Costs11 $640 - $690/ozAISC11 $840 - $890/oz
Total forecast annual gold production attributable to Barrick13: 5 100koz – 5 600koz at Cost of Sales10 of $910 - $970/oz, Total Cash Costs11 of $650 - $700/oz and AISC11 of $870 - $920/oz
LatAm, Australia, PacificProduction 1 280 - 1 390kozCost of Sales10 $930 - $990/ozTotal Cash Costs11 $640-$690/ozAISC11 $860 - $910/oz
Africa, Middle EastProduction 1 420 - 1 540kozCost of Sales10 $1 025 - $1 075/ozTotal Cash Costs11 $610 - $660/ozAISC11 $780 - $830/oz
Tier 1 assets3
Copper producingProducing ProjectsPotential Tier 1 assets3
Barrick Nevada…
Barrick Nevada14 H1 2019
Total tonnes mined (000) 83,661Average grade processed (g/t) 2.46Ore tonnes processed (000) 14,927Recovery rate (%) 83%Gold produced (oz 000) 1,098Gold sold (oz 000) 1,121Income ($ millions) 536EBITDA ($ millions)4 799
Capital expenditures ($ millions)7,15 318
Minesite sustaining7,15 146Project7,15 172
Cost of sales ($/oz)10 811Total cash costs ($/oz)11 567All-in sustaining costs ($/oz)11 714
Project Update
Solid H1 2019 production compared to H1 2018 driven by increased ore processed at the Goldstrike roaster, higher leach production at Crossroads, higher open-pit grades at Goldstrike, as well as better throughput and grade at Turquoise Ridge
Costs contained despite the depletion of CHOP
Combination of Goldstrike and Carlin increases 2019 guidance range, even on an attributable basis
Turquoise Ridge combination with Twin Creeks results in an increase in attributable 2019 production guidance
Cortez Deep South: Record of Decision (ROD) received
Approval granted to haul/process ore from Cortez at Carlin’s Mill #6
Turquoise Ridge: Construction of the third shaft continues to advance according to schedule and within budget
Nevada Gold Mines JV…
Nevada Gold Mines Joint Venture transaction closed on 1 July, establishing Nevada Gold Mines LLC –Barrick (operator, 61.5%); Newmont Goldcorp (38.5%)Hosts three of the world’s top 10 Tier One3 gold assets
Comprises 12 open pit and 10 underground minesProven and probable reserves of 48.3Moz18
Progress being made with review of synergies in functional areas
Integrated planningRegional and site-based indirect costsOpex, fleet and maintenanceTurquoise Ridge / Twin Creeks complexSupply chain
$450-$500mper yeari
35% 22 %
24%
12%7%
Integrated planning
Regional & site-based
indirect costs
Supply chain
TR-TC complex
Opex, fleet & maintenance
iFor the first 5 years from 2020
Goldstrike
Cove/McCoy JVRobertson
Turquoise Ridge
South Arturo
Cortez Hills Goldrush
WinnemuccaElko
Twin Creeks
Pipeline
Carlin
Phoenix
Gold Quarry
Emigrant
Long Canyon
Fourmile
Operations included in Nevada JV
N
Lone Tree
Fourmilei…more high grade on the horizon
Barrick
Nevada Gold Mines
FourmileGoldrush
i. Fourmile is excluded from Nevada Gold Mines ii. See Appendix A for additional details including assay results for the significant intercepts
A
A’
P & P Reserves
MII Resource
Exploration Upside
Mineralized footprint
Discovery drill hole
High grade intercepts (Au >5 g/t)
No significant intercept
FM19-11DW1ii
10.7 m @ 24.8 g/t &4.6 m @ 49.4 g/t &6.1 m @ 21.2 g/t
N
1km
Upper Plate
Fourmile
TertiaryRhyolite
Gravel
Goldrush1km
A A’
Pueblo Viejo…Dominican Republic
Gold production in H1 2019 was 3% higher year-over-year primarily due to higher throughput rates and increased autoclave availability, partially offset by lower recovery
Production expected to increase in the second half of 2019 driven by better access to Moore ore and stronger performance at Cumba following improved reconciliation starting in June
On track to meet guidance
Pueblo Viejo19 (60%) H1 2019Open pit tonnes mined (000) 13,186
Average grade processed (g/t) 3.66Ore tonnes processed (000) 2,518Recovery rate (%) 89%
Gold produced (oz 000) 272
Gold sold (oz 000) 274
Income ($ millions) 173
EBITDA ($ millions)4 230
Capital expenditures ($ millions)7 34
Minesite sustaining7 34
Cost of sales ($/oz)10 772
Total cash costs ($/oz)11 487
All-in sustaining costs ($/oz)11 619
See the Technical Report on the Pueblo Viejo mine, Sanchez Ramirez Province, Dominican Republic, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018
Exploration UpdateNew 3D geology model will form the basis of a revised and improved block model and resource estimate in support of expansion plans
A better understanding on the controls to mineralization has identified new opportunities for resource expansion, potential for Monte Oculto type orebodies and targets for similar high-grade mineralization as the Cumba orebody
Pueblo Viejo JV upside…expansion to extend Life of Mine Expansion study
Proposed expansion includes an extension of the mine’s processing plant and tailings capacity with an estimated initial capital investment approximately $1.3 billion dollars (100% basis) and the potential to extend the life of the mine into the 2030s and beyondStudies and pilot work support a plant expansion that could significantly increase throughput, allowing average annual production of approximately 800 000oz (100%) after 2022Lower indicative processing costs on the back of the higher throughput, together with unconstrained TSF capacity, shows potential to convert approximately 11Moz of measured and indicated resources to proven and probable reservesFeasibility study for the process plant expansion project expected to be completed during 2020
See the Technical Report on the Pueblo Viejo mine, Sanchez Ramirez Province, Dominican Republic, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018
Veladero…Argentina
Year-to-date gold production has benefited from leach pad recovery initiatives in the second quarter that resulted in improved recoveries on material stacked in prior periods and a reduction in pad inventories.
On track to meet guidance
Veladero (50%) H1 2019Open pit tonnes mined (000) 17,032
Average grade processed (g/t) 0.75Heap leach ore tonnes processed (000) 6,244
Gold produced (oz 000) 145
Gold sold (oz 000) 142
Income ($ millions) 22
EBITDA ($ millions)4 83
Capital expenditures ($ millions)7 59
Minesite sustaining7 44
Project7 15
Cost of sales ($/oz) 1,190
Total cash costs ($/oz)11 730
All-in sustaining costs ($/oz)11 1,072
For additional detail regarding Veladero, see the Technical Report on the Veladero Mine, San Juan Province, Argentina, dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018
Projects at VeladeroValley Leach Facility Phase 6 Expansion work is progressing and is expected to start contributing to production from 2020 to 2028
Power transmission project connecting Veladero with grid power at Pascua is advancing. Upon commissioning in H2 2020, this will have a positive impact on operating costs and help reduce our carbon footprint
Focus is on brownfields expansion and LOM extension
Porgera…Papua New Guinea
H1 2019 production increased by 57% year-over-year as the prior period was impacted by an earthquake, which limited throughput.
Special Mining Lease extension –National Court of PNG ruled that provisions of 1992 Mining Act applied to the Porgera gold mine allowing operations to continue while the application to extend its Special Mining Lease is consideredWe expect to reach an agreement in the second half of 2019 and have been working constructively with the PNG government to negotiate a 20-year extension
Porgera (47.5%) H1 2019
Ore tonnes processed (000) 1,230
Average grade processed (g/t) 3.22
Recovery rate (%) 90%
Gold produced (oz 000) 127Cost of sales ($/oz) 1,031Total cash costs ($/oz)11 873All-in sustaining costs ($/oz)11 1,044
Loulo-Gounkoto…delivers solid performanceMali
Gold production in H1 2019 benefited from high grades at the Gounkoto South pit, in-line with plan
Gounkoto underground feasibility study making progress
Installation of a 20MW solar power plant underway at Loulo
Loulo-Gounkoto20 (80%) H1 2019
Total tonnes mined (000) 16,827Average grade processed (g/t) 4.47Ore tonnes processed (000) 2,045Recovery rate (%) 94%Gold produced (oz 000) 275Gold sold (oz 000) 276Income ($ millions) 61EBITDA ($ millions)4 178Capital expenditures ($ millions)7 49
Minesite sustaining7 47Project7 2
Cost of sales ($/oz)10 1,063Total cash costs ($/oz)11 638All-in sustaining costs ($/oz)11 824
See the Technical Report on the Loulo-Gounkoto Gold Mine Complex, Mali dated September 18, 2018 with an effective date of December 31, 2017, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on January 2, 2019
Exploration UpdateBrownfields exploration has confirmed the potential to replace depletion and maintain an ongoing 10 year operating plan
At Yalea, drilling has confirmed that the high-grade mineralization within the Transfer Zone remains open down plunge to the south
At Gounkoto, conversion drilling for the underground feasibility study has confirmed the continuity and position of high-grade mineralization
Kibali…another strong halfDRC
Year-to-date gold production benefited from increased feed grade, as a result of blending more higher underground material, in line with the mine plan
On track to meet or beat guidance
Kibali21 (45%) H1 2019
Total tonnes mined (000) 6,100Average grade processed (g/t) 3.88Ore tonnes processed (000) 1,690Recovery rate (%) 89%Gold produced (oz 000) 188Gold sold (oz 000) 185Income ($ millions) 53EBITDA ($ millions)4 140Capital expenditures ($ millions)7 20
Minesite sustaining7 19Project7 1
Cost of sales ($/oz)10 1,030Total cash costs ($/oz)11 556All-in sustaining costs ($/oz)11 665
See the Technical Report on the Kibali Gold Mine, Democratic Republic of the Congo dated September 18, 2018 with an effective date of December 31, 2017, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on January 2, 2019
On track for significant growth in both underground and open-pit, with a pipeline to replace annual depletion for several consecutive yearsOngoing drilling in KCD underground is successfully converting the significant 5000 lode down plunge extension to reserves
Brownfields exploration has successfully closed the gap between the Gorumbwa and Sessengue deposits and supports the combination of the reserve pits
Further exploration results thus far have confirmed down-plunge continuity of the Gorumbwa-Sessenge system towards the KCD pit and points to the potential for a super pit
Exploration Update
Acacia acquisition…summary of termsOn 19 July 2019, Barrick and Acacia jointly announced that they had reached agreement on the terms of Barrick’s offer for theacquisition of the ordinary share capital of Acacia that it did not already own, by way of a UK Scheme of ArrangementOn 3 September 2019 the Scheme Shareholders voted in favor of the implementation of the Scheme at the Acacia Court MeetingPursuant to the terms of the Recommended Offer, Acacia minority shareholders will receive for every share of Acacia subject to the Scheme:
0.168 New Barrick Shares; andContingent consideration comprising their pro rata share of net cash proceeds from the sale of Acacia’s exploration properties (excluding Nyanzaga and South Houndé, for which a sales process is already well-advanced), to be paid by way of a special dividend(i)
24,836,876 New Barrick Shares will be issued to Acacia minority shareholders pursuant to the terms of the Scheme Scheme effective today 17 September 2019
Effective Date of the Scheme(ii)
Issue of New Barrick SharesListing of New Barrick Shares on the TSX and NYSE
17 September 2019
Cancellation of listing of Acacia Shares on the main market of the LSE
18 September 2019
New Barrick Shares registered through DRSBarrick CDIs credited to CREST accounts
19 September 2019
Update and next steps
(i) Barrick has undertaken to run a sales process for the exploration properties, to be completed within two years of the Scheme becoming effective. All Acacia shareholders (including Barrick) will be entitled to receive Special Dividends(ii) Within 14 days of the Effective Date, dispatch of statements of entitlement relating to New Barrick Shares held through DRS (in respect of Scheme Shares held in certificated form only) and payment of fractional entitlements will occur
North Mara mine reopened – new GM appointedAgreed a short term and long term plan for the management of the NM TSF with the relevant regulatorsLondon office closed and corporate overheads reducingFramework agreement that will govern the Tanzanian and Barrick partnership close to finalShipping of concentrate will follow
Copper mines….
The implementation of efficiency initiatives in H1 2019 drove costs lower year-over-yearOn track to meet production and cost guidanceEngagement with government on the 2019 tax regime continues
Lumwana, Zambia
Jabal Sayid, Saudi Arabia (50%)
Zaldívar, Chile (50%)
Concentrate filter expansion project to boost mill throughput by ~25% to 2.4 Mtpa on a 100% basis is underway - completion expected H1 2020, on budget and on timeGood exploration potential around the main lodes of the deposit to find additional mineralization. Geological work (core logging) and drill planning is focused on modeling and testing this potential
Improved performance resulting in 28% higher production given crusher and conveyor reliability issues experienced in H1 2018Chloride leach project progressing in accordance with plan
Lumwana (100%) H1 2019
Copper produced (lbs million) 110Cost of sales ($/lb) 2.07C1 cash costs ($/lb)12 1.68All-in sustaining costs ($/lb)12 2.79
Jabal Sayid (50%) H1 2019
Copper produced (lbs million) 33Cost of sales ($/lb)10 1.45C1 cash costs ($/lb)12 1.16All-in sustaining costs ($/lb)12 1.31
Zaldívar (50%) H1 2019
Copper produced (lbs million) 60Cost of sales ($/lb)10 2.49C1 cash costs ($/lb)12 1.75All-in sustaining costs ($/lb)12 1.98
Golden Sunlight
Nevada Gold Mines (61.5%)Fourmile (100%)
Hemlo
Lagunas Norte
Massawa(83.25%)
Kibali (45%)
Kalgoorlie (50%)
Porgera (47.5%)
Donlin Gold (50%)
Jabal Sayid (50%)
Zaldivar (50%)Norte Abierto (50%)Pascua-LamaVeladero (50%)
Lumwana
Loulo-Gounkoto (80%)
Morila (40%)
Tongon (89.7%)North MaraBulyanhuluBuzwagi
Reunion Strategic Alliance
Pueblo Viejo (60%)
Cortez GoldstrikeCarlin
TR / TC
GoldrushFourmile
Future Growth…exploration and development
Loulo-Gounkoto Brownfields exploration confirms potential to replace depletion and maintain ongoing 10 year operating planMassawa drilling defines additional targets and identifies large anomalous structures at Bambadji.Tongon and Boundiali shallow drilling identifies additional mineralisation.Kibali KZ structure hosts newly identified zones of mineralisationTanzania exploration to recommence
Lagunas Norte Sulphide model updated whilst preparing for follow up drilling at La Capilla near surface oxide mineralizationDel Carmen (Alturas) drilling confirms multiple mineralised brecciasEl Indio belt generative work prioritising targets for work in the next field seasonVeladero and Frontera district to resume drilling targets as soon as field season recommences
Fourmile confirming continuity and growth potential. Drilling for additional new discoveries in districtCarlin District target generation identifies additional opportunities for potential significant discoveries and augments Resource TriangleHemlo deep drilling validates new understanding of controls to high grade. High grade remains open down-plunge in the C-Zone. New targets also emerging elsewhere
NORTH AMERICA
LATAM
AFRICA
Tier 1 assets3
Copper producingProducing ProjectsPotential Tier 1 assets3
Our Sustainability Vision…
Our approach to achieving our vision is set out in a new overarching Sustainable Development Policy and refreshed policies in the areas of Biodiversity, Social Performance, Occupational Health and Safety, Environment and Human Rights
Our updated Code of Conduct sets out the ethical behaviourexpected of everyone working at, or with, Barrick
All policies meet or exceed the requirements of host country legislation and international standards such as the IFC Performance Standards or UN Guiding Principles on Business and Human Rights
Barrick’s sustainability vision is to createlong-term value for all our stakeholders. Wecontribute to the social and economicdevelopment of our host countries andcommunities. We protect the safety and healthof our workforce. We respect human rights.And we manage our impacts on the naturalenvironment, both today and with futuregenerations in mind.
2018 Sustainability Highlights…
The full 2018 Sustainability Report can be viewed at https://www.barrick.com//sustainability/reports-policies/
23
Looking Ahead…building our business
Fourmile and Nevada Exploration
Pueblo Viejo
Nevada Gold Mines
Veladero
Acacia
Porgera
Opportunity Strategic objectives
Significant resource growth through extension to current orebodies and new discoveries
Feasibility study for the process plant expansion project
Operational delivery: progress Goldrush feasibility study and realisation of scheduled synergies
Phase 6 Leach Expansion; Power transmission project; Brownfields expansion and LOM extension
Asset integration and optimisation; Restore the licence to operate
Special Mining Lease extension and further value creation through life of mine extension
Loulo-Gounkoto Mining depletion replacement to maintain 10 year operating plan; Gounkoto underground feasibility study
Kibali Grow reserves and resources to replace annual depletion along with new opportunities in DRC
Zaldívar Chloride leach project progressing in accordance with plan
S American Growth
Portfolio Optimisation Realisation of $1.5b in asset rationalisation
Pursue growth opportunities in South America and the Andean trend
Relative Share Price Performancei,ii
Since Barrick Randgold Transaction Announcementiii Since Nevada Gold Mines Transaction Closureiv
Barrick…Synonymous with Value Creation
+90%
+65%
+29%
80
100
120
140
160
180
200
Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19Barrick GDX Index Spot Gold
Barrick’s Shares are ~90% Up Since the Randgold Transaction Announcement
Barrick’s Shares are ~33% Up Since the Nevada Gold Mines Transaction Closure
+33%
+26%
+12%
90
100
110
120
130
140
Jul-19 Aug-19 Sep-19Barrick GDX Index Spot Gold
The Annual G&A Savings of US$135m & Nevada JV Synergies of US$450-US$500m are Significant Drivers of Barrick’s Relative Outperformance
i. Market data as of September 4, 2019.ii. GDX Index is an ETF which seeks to replicate the overall performance of companies involved in the gold mining industry.
iii. Indexed at September 21, 2018.iv. Indexed at July 1, 2019.Source: Bloomberg.
Endnotes1. Year-on-year.
2. Incidents that have the highest negative impacts on human health, community property or the environment. Based on the two different classification systems of legacy Barrick and former Randgold.
3. 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 costcurve tools (excluding state owned and privately-owned mines). For purposes of determining Tier One Gold Assets, total cash cost per ounce is based on data from Wood Mackenzie as of August 31, 2018, except inrespect of Barrick’s mines where Barrick may rely on its internal data which is more current and reliable. The Wood Mackenzie calculation of total cash cost per ounce may not be identical to the manner in which Barrickcalculates comparable measures. Total cash cost per ounce is a non-GAAP financial performance measure with no standardized meaning under IFRS and therefore may not be comparable to similar measurespresented by other issuers. Total cash cost per ounce should not be considered by investors as an alternative to operating profit, net profit attributable to shareholders, or to other IFRS measures. Barrick believes thattotal cash cost per ounce is a useful indicator for investors and management of a mining company’s performance as it provides an indication of a company’s profitability and efficiency, the trends in cash costs as thecompany’s operations mature, and a benchmark of performance to allow for comparison against other companies. Wood Mackenzie is an independent third party research and consultancy firm that provides data for,among others, the metals and mining industry. Wood Mackenzie does not have any affiliation to Barrick.
4. “EBITDA” is a non-GAAP financial measure, which excludes income tax expense; finance costs; finance income; depreciation; and income tax expense, finance costs, finance income and depreciation from equityinvestees. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capitalexpenditures. Management uses EBITDA for this purpose. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is basedon an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. EBITDA should not be considered in isolation or as a substitute formeasures of performance prepared in accordance with IFRS. “Adjusted EBITDA” removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; other expenseadjustments; and unrealized gains on non-hedge derivative instruments. We believe these items provide a greater level of consistency with the adjusting items included in our Adjusted Net Earnings reconciliation, withthe exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation, including the impact incurred in our equity method accounted investments, asthey do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from operating cash flow, byexcluding these amounts from the calculation as they are not indicative of the performance of our core mining business and not necessarily reflective of the underlying operating results for the periods presented. Forfurther details on these non-GAAP measures, please refer to pages 97-98 of the MD&A accompanying Barrick’s second quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR atwww.sec.gov.
5. “Free cash flow” is a non-GAAP financial performance measure which deducts capital expenditures from net cash provided by operating activities. Barrick believes this to be a useful indicator of our ability to operatewithout reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparableto similar measures of performance presented by other companies. Free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For furtherdetails on this non-GAAP measure, please refer to page 79 of the MD&A accompanying Barrick’s second quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
6. “Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: certain impairment charges (reversals)related to intangibles, goodwill, property, plant and equipment, and investments; gains (losses) and other one-time costs relating to acquisitions or dispositions; foreign currency translation gains (losses); significant taxadjustments not related to current period earnings; unrealized gains (losses) on non-hedge derivative instruments; and the tax effect and noncontrolling interest of these items. The Company uses this measureinternally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Barrick believes that adjusted net earnings is auseful measure of our performance because these adjusting items do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjustednet earnings and adjusted net earnings per share are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures ofperformance presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further details on these non-GAAPmeasures, please refer to pages 78-79 of the MD&A accompanying Barrick’s second quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Endnotes7. Presented on a cash basis as a result of adopting IFRS 16 Leases starting in the first quarter of 2019. Please refer to page 32 of the MD&A accompanying Barrick’s second quarter 2019 financial statements filed onSEDAR at www.sedar.com and on EDGAR at www.sec.gov for more details.
8. These amounts are presented on the same basis as our guidance and include our 60% share of Pueblo Viejo and South Arturo, our 63.9% share of Acacia and our 50% share of Zaldivar and Jabal Sayid. Alsoincludes our 80% share of Loulo-Gounkoto, 89.7% share of Tongon, 45% share of Kibali and 40% share of Morila commencing January 1, 2019, the effective date of the Merger.
9. Includes $150 million of cash, primarily held at Acacia, which may not be readily deployed.
10. Cost of sales applicable to gold per ounce is calculated using cost of sales applicable to gold on an attributable basis (removing the non-controlling interest of 40% of Pueblo Viejo, 20% of Loulo-Gounkoto, 10.3%of Tongon, 36.1% of Acacia and 40% of South Arturo from cost of sales and including our proportionate share of cost of sales attributable to our equity method investments in Kibali and Morila), divided by attributablegold ounces sold. Also removes the non-controlling interest of 38.5% of Nevada Gold Mines from cost of sales from July 1, 2019 onwards. Cost of sales applicable to copper per pound is calculated using cost of salesapplicable to copper including our proportionate share of cost of sales attributable to our equity method investments in Zaldívar and Jabal Sayid, divided by consolidated copper pounds sold (including ourproportionate share of copper pounds sold from our equity method investments). The guidance for cost of sales for Carlin, Turquoise Ridge/Twin Creeks, Phoenix and Long Canyon does not include the impact of theNevada Gold Mines purchase price allocation.
11. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures. “Total cash costs” per ounce starts with cost of sales applicable to gold production, butexcludes the impact of depreciation, the non-controlling interest of cost of sales, and includes by-product credits. “All-in sustaining costs” per ounce begin with “Total cash costs” per ounce and add further costs whichreflect the additional costs of operating a mine, primarily sustaining capital expenditures, sustaining leases, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretionand amortization. Barrick believes that the use of “total cash costs” per ounce and “all-in sustaining costs” per ounce will assist investors, analysts and other stakeholders in understanding the costs associated withproducing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overallCompany basis. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are intended to provide additional information only and do not have any standardized meaning under IFRS. Although astandardized definition of all-in sustaining costs was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by 26 gold mining companies fromaround the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. Starting from the first quarter of 2019, we have renamed "cash costs" to "total cashcosts" when referring to our gold operations. The calculation of total cash costs is identical to our previous calculation of cash costs with only a change in the naming convention of this non-GAAP measure. Thesemeasures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. For further details on these non-GAAP measures, please refer to pages 80-94 of the MD&Aaccompanying Barrick’s second quarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
12. “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures. “C1 cash costs” per pound is based on cost of sales but excludes the impact of depreciation androyalties and includes treatment and refinement charges. “All-in sustaining costs” per pound begins with “C1 cash costs” per pound and adds further costs which reflect the additional costs of operating a mine,primarily sustaining capital expenditures, general & administrative costs and royalties and production taxes. Barrick believes that the use of “C1 cash costs” per pound and “all-in sustaining costs” per pound will assistinvestors, analysts, and other stakeholders in understanding the costs associated with producing copper, understanding the economics of copper mining, assessing our operating performance, and also our ability togenerate free cash flow from current operations and to generate free cash flow on an overall Company basis. “C1 cash costs” per pound and “All-in sustaining costs” per pound are intended to provide additionalinformation only, do not have any standardized meaning under IFRS, and may not be comparable to similar measures of performance presented by other companies. These measures should not be considered inisolation or as a substitute for measures of performance prepared in accordance with IFRS. For further details on these non-GAAP measures, please refer to pages 95-96 of the MD&A accompanying Barrick’s secondquarter 2019 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Endnotes13. 2019 Guidance includes our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 63.9% share of Acacia, our 50% share of Zaldívar and Jabal Sayid, our 45% of Kibali, andour share of joint operations. Furthermore, 2019 Guidance includes Cortez (100%), Goldstrike (100%) and Turquoise Ridge (75%), also known as Barrick Nevada, from January 1, 2019 to June 30, 2019, and Cortez,Carlin (including Goldstrike), Turquoise Ridge/Twin Creeks, Phoenix and Long Canyon on a 61.5% basis from July 1, 2019 onwards as a result of the formation of Nevada Gold Mines with Newmont Goldcorp on July 1,2019. South Arturo is included on a 60% basis from January 1, 2019 to June 30, 2019 and 36.9% from July 1, 2019 onwards. Total cash costs and all-in sustaining costs per ounce include the impact of hedges and/orcosts allocated to non-operating sites. Regional guidance ranges reflect expectations at individual operating units, and may not add up to the company-wide guidance range total. Guidance ranges exclude Pierina whichis mining incidental ounces as it enters closure. Group guidance includes corporate administration costs and the impact of Other Sites (Lagunas Norte, Golden Sunlight and Morila (40%)). Other Sites excludes Pierinawhich is mining incidental ounces as it enters closure. Due to the planned ramp down of operations, we will cease to include production or non-GAAP cost metrics for Golden Sunlight or Morila after the second quarterand Lagunas Norte after the end of the third quarter.
14. Includes our 60% share of South Arturo.
15. Amounts presented exclude capitalized interest.
16. Includes Acacia on a 63.9% basis, Pueblo Viejo on a 60% basis, South Arturo on a 60% basis, and Veladero on a 50% basis, which reflects our equity share of production and sales. Also includes Loulo-Gounkoto onan 80% basis, Kibali on a 45% basis, Tongon on an 89.7% basis and Morila on a 40% basis, which reflects our equity share of production and sales, commencing January 1, 2019, the effective date of the Merger.
17. Amounts reflect production and sales from Jabal Sayid and Zaldívar on a 50% basis, which reflects our equity share of production, and Lumwana.
18. The pro forma reserves and resources figures of Nevada Gold Mines were derived by adding the respective reserves and resources in respect of Nevada operations reported by Barrick in its Q4 2018 Report andNewmont Goldcorp in its press release dated February 21, 2019 reporting its 2018 Reserves and Resources and its annual report on Form 10-K for the fiscal year ended December 31, 2018 in respect of the relevantNevada properties set out below. The pro forma reserves and resources are provided for illustrative purposes only. Barrick and Newmont Goldcorp calculate such figures based on different standards and assumptions,and accordingly such figures may not be directly comparable and the pro forma reserves and resources may be subject to adjustments due to such differing standards and assumptions. In particular, Barrick mineralreserves and resources have been prepared according to Canadian Institute of Mining, Metallurgy and Petroleum 2014 Definition Standards for Mineral Resources and Mineral Reserves as incorporated by NationalInstrument 43-101 – Standards of Disclosure for Mineral Projects, which differ from the requirements of U.S. securities laws. Newmont Goldcorp’s reported reserves are prepared in compliance with Industry Guide 7published by the SEC, however, the SEC does not recognize the terms “resources” and “measured and indicted resources”. Newmont Goldcorp has determined that its reported “resources” would be substantively thesame as those prepared using Guidelines established by the Society of Mining, Metallurgy and Exploration (SME) and that its reported measured and indicated resources (combined) are equivalent to “MineralizedMaterial” disclosed in its annual report on Form 10-K.
Reserves and resources of Barrick in Nevada are stated on an attributable basis as of December 31, 2018 and include Goldstrike, Cortez, Goldrush, South Arturo (60%) and Turquoise Ridge (75%). Proven reserves of84.4 million tonnes grading 4.36g/t, representing 11.8 million ounces of gold. Probable reserves of 155.6 million tonnes grading 2.93g/t, representing 14.7 million ounces of gold. Measured resources of 13.5 milliontonnes grading 4.22g/t, representing 1.8 million ounces of gold. Indicated resources of 101.6 million tonnes grading 4.34g/t, representing 14.2 million ounces of gold. Inferred resources of 28.7 million tonnes grading5.2g/t, representing 4.8 million ounces of gold. Complete mineral reserve and resource data for all Barrick mines and projects referenced in this press release, including tonnes, grades, and ounces, as well as theassumptions on which the mineral reserves for Barrick are reported, are set out in Barrick’s Q4 2018 Report issued on February 13, 2019.
Endnotes
The scientific and technical information contained in this presentation has been reviewed and approved by Steven Yopps, MMSA, Director - Metallurgy, North America; Chad Yuhasz, P.Geo, Mineral Resource Manager,Latin America and Australia Pacific; Simon Bottoms, CGeol, MGeol, FGS, MAusIMM, Mineral Resources Manager: Africa and Middle East; Rodney Quick, MSc, Pr. Sci.Nat, Mineral Resource Management and EvaluationExecutive; John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Rob Krcmarov, FAusIMM, Executive Vice President, Exploration and Growth – each a “Qualified Person” as defined in NationalInstrument 43-101 – Standards of Disclosure for Mineral Projects. All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for MineralProjects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2018.
Technical Information
Reserves and resources of Newmont Goldcorp in Nevada are stated on an attributable basis as of December 31, 2018 and include Carlin, Phoenix, Lone Tree, Twin Creeks (including Newmont Goldcorp’s 25% equity inTurquoise Ridge) and Long Canyon. Proven reserves of 46.6 million tonnes grading 3.84g/t, representing 5.8 million ounces of gold. Probable reserves of 378.1 million tonnes grading 1.32g/t, representing 16.0 millionounces of gold. Measured resources of 19.7 million tonnes grading 2.2 g/t, representing 1.4 million ounces of gold. Indicated resources of 244.4 million tonnes grading 1.27g/t, representing 10.0 million ounces of gold.Inferred resources of 45.5 million tonnes grading 1.81g/t, representing 2.7 million ounces of gold. Complete mineral reserve and resource data for all Newmont Goldcorp mines and projects referenced in this press release,including tonnes, grades, and ounces, as well as the assumptions on which the mineral reserves for Newmont Goldcorp are reported, are set out in Newmont Goldcorp’s press release dated February 21, 2019 reporting its2018 Reserves and Resources and its annual report on Form 10-K for the fiscal year ended December 31, 2018.
19. Pueblo Viejo is accounted for as a subsidiary with a 40% non-controlling interest. The figures presented in the table and related discussion are based on our 60% share only.
20. Barrick owns 80% of Société des Mines de Loulo SA and Société des Mines de Gounkoto with the Republic of Mali owning 20%. Loulo-Gounkoto is accounted for as a subsidiary with a 20% non-controlling interest onthe basis that Barrick controls the asset. The figures presented in the table and related discussion are based on our 80% share inclusive of the impact of the purchase price allocation resulting from the Merger.
21. Barrick owns 45% of Kibali Goldmines SA (Kibali) with the Democratic Republic of Congo ("DRC") and our joint venture partner owning 10% and 45%, respectively. Kibali is accounted for as an equity method investmenton the basis that the joint venture partners that have joint control have rights to the net assets of the joint venture. The figures presented in the table and related discussion are based on our 45% effective interest in Kibaliinclusive of the impact of the purchase price allocation resulting from the Merger.
APPENDIX A – Fourmilei Significant Interceptsii
i. Fourmile is excluded from Nevada Gold Minesii. All intercepts calculated using a 5 g/t Au cutoff
and are uncapped; minimum intercept width is 0.8 m; internal dilution is less than 20% total width
iii. Fourmile drill hole nomenclature: FM (Fourmile) followed by the year (19 for 2019)
iv. True width of intercepts are uncertain at this stage
v. Partial results received
The drilling results for the Fourmile propertycontained in this presentation have been preparedin accordance with National Instrument 43-101 –Standards of Disclosure for Mineral Projects. Alldrill hole assay information has been manuallyreviewed and approved by staff geologists and re-checked by the project manager. Samplepreparation and analyses are conducted by anindependent laboratory. Procedures are employedto ensure security of samples during their deliveryfrom the drill rig to the laboratory. The qualityassurance procedures, data verification and assayprotocols used in connection with drilling andsampling on the Fourmile property conform toindustry accepted quality control methods.
Drill Results from FM19-11DW1Core Drill Holeiii Azimuth Dip Interval (m) Width (m)iv Au (g/t)
FM19-11DW1v 18 -74
1208.2 - 1209.7 1.5 8
1238.1 - 1239.3 1.2 73.4
1279.8 - 1290.5 10.7 24.8
1304.2 - 1305.7 1.5 8.1
1319.5 - 1321.0 1.5 5
1343.8 - 1348.4 4.6 49.4
1351.5 - 1357.6 6.1 21.2