World class mines.
World class people.
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Investor Presentation |
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NYSE: GOLD |
TSX: ABX |
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August 2024 |
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A World-Class Global Mining Company…
- Best gold company
- Building a Tier One1 copper business
- Investing in growth
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Significant |
Balance Sheet |
A3 |
#1 |
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portfolio of |
Strength |
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gold and |
Net leverage near zero |
Moody's credit rating |
Barrick is the largest gold |
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copper |
Highest in the gold |
producer in the |
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industry |
United States |
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operations |
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3
GOLD
Best portfolio of Tier One gold assets
2023 Gold Production
geographical
distribution
Latam &
Asia Pacific
13%
North
America
50%
Africa &
Middle East
37%
6 Tier One gold assets
North America (Nevada)
Carlin
Cortez
Turquoise Ridge
Latam & Asia Pacific
Pueblo Viejo
Africa & Middle East
Loulo-Gounkoto
Kibali
North Mara and Bulyanhulu in Tanzania with a Tier One production profile on a combined basis
Other gold mines:
Phoenix (Nevada)
Hemlo (Canada)
Veladero (Argentina)
Tongon (Cộte d'Ivoire)
Porgera (PNG)
Barrick 5-Year Gold Outlooki
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Gold production (attributable) Moz |
Cost of sales3, |
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Total gold capital expenditure |
Total cash costs4, |
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(attributable) $ billion2 |
4 |
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AISC $/oz |
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6.0 |
1,500 |
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5.0 |
1,250 |
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4.0 |
1,000 |
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3.0 |
750 |
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2.0 |
500 |
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1.0 |
250 |
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0.0 |
- |
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2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
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North America |
LATAM and AP |
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Africa and Middle East |
Total Gold Capital |
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AISC |
Total Cash Costs |
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Cost of Sales |
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i Refer to Appendix A for key assumptions |
4 |
COPPER...
the most
Doubling copper production by 2029
Barrick 5-Year Copper Outlooki
strategic metal
2023 Copper Production
geographical
distribution
Latam &
Asia Pacific
21%
Africa &
Middle East
79%
Lumwana
Zambia
Jabal Sayid
Saudi Arabia
Zaldivar
Chile
50% JV - not operated by Barrick
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Cost of sales3, C1 cash costs5 and AISC $/lb5 |
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Copper production |
Total copper capital expenditures |
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(attributable) Mlbs |
(attributable) $ billion2 |
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0.7 |
3.5 |
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0.6 |
3.0 |
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0.5 |
2.5 |
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0.4 |
2.0 |
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0.3 |
1.5 |
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0.2 |
1.0 |
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0.1 |
0.5 |
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0.0 |
0.0 |
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2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
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Lumwana |
Zaldivar |
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Jabal Sayid |
Reko Diq |
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Capital Expenditure |
AISC |
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Total Cash Costs |
Cost of Sales |
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World class Reko Diq and Lumwana copper projects position the company to deliver substantial growth in copper production with rising price and demand- feasibility studies underway with first production planned at each in 2028
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i Refer to Appendix A for key assumptions |
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Key Growth Projects to enhance current production and add to our reserve base…
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GOLDRUSH, NGM JV (61.5%) |
FOURMILE, Nevada (100%) |
PUEBLO VIEJO JV (60%) |
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Ramping up to annual production >400,000oz |
Prefeasibility study decision by end 2024. Drill results |
Plant and TSF capacity expansions extend life of |
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(100%) by 2028i |
show potential for gold production >500,000oz p.a.12 |
mine beyond 2040ii |
GOLD COPPER
LUMWANA SUPER PIT EXPANSION
(100%) - 240kt p.a. of copper from a 50Mt p.a. process plant will extend mine life >30 years - first production targeted in 202812
8
7
6
5
4
3
2
1
0
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Gold Equivalent Moz13 |
~ 7.0Moz |
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Reko Diq & Lumwana Super Pit |
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GEO by |
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Copper |
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Gold |
2030 |
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>30%
growth
20232030
REKO DIQ Copper / Gold Project (50%)
Targeting 400kt copper and 500koz gold per anum - feasibility study on track for completion by year-end with first production scheduled for 202812
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I Refer to the Technical Report on the Cortez Complex, Lander and Eureka Counties, State of Nevada, USA, dated December 31, 2021, and filed on SEDAR at www.sedarplus.ca and EDGAR at www.sec.gov March 18, 2022 |
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ii Refer to the Technical Report on the Pueblo Viejo Mine, Dominican Republic, dated March 17, 2023 and filed on SEDAR at www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023 |
Fourmile…Tier 1 asset in the making11
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N |
Long Section looking East |
Vent raise on track for completion Q4 2024
Au g/t
15
10
7
6
3
2024 drilling
Goldrush development design 2023 Fourmile indicated resourcei 2023 Fourmile inferred resourcei
S
FM22-181Di:
18m @ 30g/t
and 32m @ 34g/t
FM23-181Di:
29m @ 51g/t
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FM18-01Di: |
FM18-30Di: |
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18m @ 67g/t |
47m @ 22g/t |
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and 9m @ 31g/t |
and 8m @ 19g/t |
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Fourmile |
Goldrush |
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Barrick 100% |
NGM |
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Ordovician Vinini |
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Devonian Blue Hill |
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Devonian Horse Canyon |
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Devonian Wenban 8 |
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Devonian Wenban 5 |
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Devonian Wenban 1-4 |
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1km |
Silurian Roberts Mountain |
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Ordovician Hanson Creek |
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Ordovician Eureka |
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Cambrian Hamburg |
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34km diamond core drilling planned for completion by year end - 10 drill rigs currently on site in support of an updated resource Drilling thus far has confirmed the geological model over the 2.5km strike length with grades consistently doubling Goldrush Mineralogy of Fourmile ore continues to test amenably for processing at existing facilities in Nevada
Prefeasibility options being assessed for year-end decision with multiple accesses supporting potential new Tier 111 asset
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i Refer to Appendix E for additional details including 2023 Mineral Resources and assay results for significant intercepts. Drill intercepts represent downhole widths. True widths for these |
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drillholes are uncertain at this stage. |
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Barrick continues to |
GOLD RESERVES Moz |
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deliver reserve growth… |
90 |
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80 |
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Delivered unparalleled growth of reserve |
70 |
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base maintaining the highest gold reserve |
60 |
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grade amongst peers |
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Since year-end 2019: |
50 |
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Organically replaced over 140% of mined |
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69 |
76 |
77 |
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69 |
68 |
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gold reserves, adding almost 29Moz of |
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attributable proven and probable |
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reservesi |
20 |
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On 100% basis this represents an addition |
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of 44Moz of proven and probable |
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reservesi |
0 |
2020 |
2021 |
2022 |
2023 |
2024 |
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2019 |
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Cumulative Gold Production Mozi |
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Proven and Probable Gold Mineral Reservesi |
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Change in Proven and Probable Gold Mineral |
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Reservesi |
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i On an attributable basis, excluding both acquisitions and divestments. Refer to Appendix B for details of the historical split between proven and probable mineral reserves and Appendix C for |
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details on historical production. |
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Industry-LeadingShareholder Alignment
Since 2019 - $4.9 billion returned to shareholders in the form of dividends, returns of capital, and share buybacks
Clear dividend policy driven by cash balancei
Quarterly base dividend of $0.10 / share
Performance based special dividend
$1.0 billion share buyback program approved
Net debt reduced by $3.5 billion
$8 billion invested in business since 2019
Senior management required to hold at least 5x base salary in stock
BARRICK DIVIDEND POLICY
Cumulative Shareholder Returnsi
US$ millions
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
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Quarterly base dividend of $0.10 / share plus performance dividend which may enhance our payout based on |
0 |
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amount of cash, net of debt, on our balance sheet at the end of each quarter |
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Beginning in 2022, Barrick established a performance dividend policy that will enhance the return to |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
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 Barrick's Consolidated Balance Sheet6
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i The declaration and payment of dividends is at the discretion of the Board of Directors, and will depend on the company's financial results, cash requirements, future prospects, the number of outstanding |
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common shares, and other factors deemed relevant by the Board |
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Renewable-based power strategies and technology drive higher efficiencies and lower costs
DRC - Kibali's hydropower blend 90% cheaper than diesel fuel. New solar plant will increase average renewable energy use to 85%
Argentina - Veladero supplied by powerline from Chile national grid
Nature Action is underpinned by biodiversity preservation, conservation and restoration
Garamba National Park - 15 years of support including elephant collaring, reintroduction of white rhino and infrastructure development for the prevention of poaching
Nevada Gold Mines - 200 MW solar facility to produce 15 to 20% of annual power demand
Mali - Loulo-Gounkoto 72MW solar facility and BESSi accounted for 28% of total energy blend in Q1
Dominican Republic - solar power project underway at Pueblo Viejo
Protection and conservation of endangered and protected species, managed through Biodiversity Action Plans and every site
Understanding the ecosystem services and socio-economic dependencies between people and their environment
Looking beyond our fence line to identify measurable conservation actions that have regional impact on people and biodiversity
Nevada - Sage Grouse
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i Battery Energy Storage System |
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What is Barrick's True Value?...
Nevada Gold Mines - 2023 Gold Production (koz)
The Largest Gold Minei in the best Jurisdictionii globally
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3,033 |
Investment Attractiveness |
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2,677 |
2023 |
2022 |
2021 |
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Utah |
1 |
17 |
11 |
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Nevada |
2 |
1 |
3 |
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Saskatchewan |
3 |
3 |
2 |
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Western Australia |
4 |
2 |
1 |
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Quebec |
5 |
8 |
6 |
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1,502 |
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762 |
745 |
685 |
684 |
677 |
670 |
621 |
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558 |
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Barrick Copper - 2023 Copper Production (Mlbs)
A strong copper business with two large growth projects
2,798
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Reko Diq Line 2 |
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Reko Diq Line 1 |
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2,008 |
Lumwana Expansion |
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Cobre Panama |
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QB2 100% Capacity |
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1,487 |
Actual 2023 Production |
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1,130 |
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656 |
980 |
903 |
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314 |
557 |
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Market Capiii (US$bn) |
$59 |
$77 |
$9 |
$23 |
$23 |
$7 |
- |
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Total Enterprise |
$74 |
$82 |
$15 |
$27 |
$25 |
$10 |
- |
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Valueiii (US$bn) |
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P/NAViii (x) |
1.20x |
1.76x |
0.79x |
1.51x |
1.21x |
1.02x |
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- Production shown based on S&P Capital IQ largest gold mining properties 2023, filtered for primary gold only.
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ii |
Based on last 3-year average Investment Attractiveness score in Fraser Institutes Mining Investment Attractiveness Survey (2023). |
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iii |
Per CIBC Weekly Mining Comps as of August 6, 2024. |
Source: Company Disclosure, Fraser Institute and S&P CapitalIQ.
Attachments
Disclaimer
Barrick Gold Corporation published this content on 12 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2024 14:48:06 UTC.
