Global Exploration Rob Krcmarov EVP Exploration and Growth • Investor Day | November 2018
New Barrick 5 out of the Top 10 Tier One Gold Assets (> 500 koz; > 10 year mine life; bottom half of cost curve) 2 Top 10 Global Tier One Gold Assets By Total Cash Cost 1,2 (US$/oz) $697 $675 New Barrick Asset $649 $623 $621 $578 $580 $552 $482 $426 Cortez Sukari Olimpiada Loulo-Gounkoto Cadia Merian Pueblo Viejo Kibali Tarkwa Goldstrike (Barrick) (Centamin - 50%) (Polyus) (Randgold - 80%) (Newcrest) (Newmont - 75%) (Barrick - 60%) (Randgold - 45%) (Gold Fields - 90%) (Barrick) Unrivalled portfolio of Tier One Gold Assets for investors 1. Source: Wood Mackenzie. Top Tier One Gold Assets are ranked by ‘Total Cash Cost’. “Total cash cost” is a non-GAAP financial performance measure with no standardized meaning under IFRS, and includes C1 cash cost, royalties, and other indirect costs. See Endnote #1. 2. A Tier One Gold Asset is a mine with a stated mine life in excess of 10 years with 2017 production of at least five hundred thousand ounces of gold and 2017 total cash cost per ounce within the bottom half of Wood Mackenzie’s cost curves tools (excluding state-owned and privately owned mines).. For additional information on “total cash costs per ounce”, see Endnote #1.
New Barrick- Exploration Powerhouse $12,000 Industry Exploration Spend (Au) 200 New Barrick Discoveries $10,000 Gold discovered 3 year average (000's oz) 150 $8,000 $6,000 100 $4,000 50 $2,000 0 $0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 >1Moz deposits 3 year rolling average, SNL Mining and Metals, Barrick
Strong credible track record NEW BARRICK 1 Reserves (Moz of gold) 1 ~ 78 152 Value Generation from Spent $4.36B on exploration 2 Overall finding cost ~$ 28 / oz Organic Growth through exploration 20 Total found 1990 2017 35 113 DIVESTED acquired mined Total Total 1. See Endnote #1 2. Barrick Internal, Randgold Exploration expenditure source SNL 172 113
Exploration value growth- impressive combination Goldstrike Cortez Pueblo Viejo Loulo Veladero Lagunas Norte Kibali Goldrush Growth through organic discovery Turquoise Ridge and post acquisition addition Morila Alturas Low cost accretive value for Barrick Massawa Gounkoto Acquired Added Tongon
2017 Peer Reserves and Grades- New Barrick P&P Reserves 2 P&P Reserve Grade 2 (Moz) (g/t) New 2 100 Barrick 1 New 1.73g/t Barrick 1 1.5 Newmont Newmont Goldcorp 1.14 g/t Goldcorp Peer 1 50 Avg. 0.91g/t 1.0 3 Kinross Kinross 78 0.7g/t 69 54 0.5 36 50 0 0 1. New Barrick post-merger attributable proven and probable gold mineral reserves figure as at year-end 31 December 2017, on a combined basis, after giving effect to the merger of Barrick and Randgold (as if it had closed on 31 December 2017). New Barrick reserve grade is calculated using a weighted average of attributable year-end 31 December 2017 reserve grade from each of Barrick and Randgold. See Endnote # 1 2. Source: company disclosure. Shown on an attributable basis. Reserve and grade data based on individual companies’ assumptions. 3. Peer Average grade figure is based on the published gold reserves and grade of Newmont, Goldcorp and Kinross referred to in footnote #2 and is calculated on a weighted average basis.
Exploration Strategy Extensive land positions in many of the world’s prolific gold districts Operating presence in world’s most prolific gold districts Focused brownfields in Western Cordillera Tier one districts Superior Craton South Balanced with early West US Guiana stage exploration in Shield Birimian emerging prospective Northern Porgera Shield Andes Congo districts Tanzanian Craton Gold deposits and high El Indio Belt grade copper-gold Fimiston Central Chile Operating Districts porphyries Exploration Focus Areas * Past Production + Reserves+ Resources as reported, source SNL and Barrick
Track Record: West Africa Morila Yalea Tongon Kibali Massawa Loulo - Gounkoto Discovery 1996 1997 1998 1998 2007 2008 Type Folded metamorphosed Quartz ± ankerite Gold Skarn Greenstone/BIF Intermediate Shear zone hosted, sediments in contact vein lodes, Basaltic-andesitic Volcano sedimentary volcaniclastics, fine grained sedimentary sandstone with batholith. disseminated sulfide crystal tuffs in with ironstone chert sedimentary with rare limestone Metasediments. Lower stringer, highly greenstone belt horizons. Greenschist Rocks, Felsic amphibolite facies. altered shears metamorphism intrusives Gold 6.6 Moz Loulo 1.74 Moz 2.4 Moz _ 5.6 Moz Satellite Production produced since produced since produced since produced since 2005 2000 2010 2013 2017 Production Statistics 2017 Production 2017 Production 2017 Production 730Koz 70Koz 288Koz 596Koz 2017 0.19 Moz _ 1.2 Moz 8.7 Moz 2.7 Moz Gounkoto: 3 Moz Loulo: 5.2 Moz Gold (0.56g/t, 11M tonnes) (3.2g/t, 16M tonnes) (4.1g/t, 66M tonnes) (3.6g/t, 23M tonnes) (4.6g/t, 20M tonnes) (4.5g/t, 36M tonnes) Reserves* Probable Reserves Proven Reserves: Proven Reserves: Probable Reserves Proven Reserves: Proven Reserves: 0.49 Moz 2.5 Moz 0.78 Moz 1.6 Moz (2.2g/t,7M tonnes) (4.1g/t,19M tonnes) (3.9g/t,6.1M tonnes) (4.2g/t, 12M tonnes) Probable Reserves: Probable Reserves: Probable Reserves: Probable Reserves: 0.74 Moz 6.2 Moz 2.2 Moz 3.6 Moz (2.5g/t, 9.3M tonnes) (4.1g/t, 47M tonnes) (3.9g/t, 14M tonnes) (4.7g/t, 24M tonnes) Current Production Production Production Production Feasibility Study Production (Loulo Complex) (Loulo complex) Status *Reserves and Resources stated at 100% basis, see Randgold company site for breakdown
Track Record: Great Basin, Nevada Cortez Hills Goldstrike South Arturo Goldrush Fourmile Underground 1986 2005 2006-2008 2011 2018 Discovery Sulphidized/oxide dissolution Structurally controlled, sulphidized Stratiform, lithological control, ~600Koz Au Reserves at time of Sulphidized dissolution breccia Carlin type breccia hosted Carlin type breccia and replacement replacement style Carlin type acquisition (1986) hosted Carlin type mineralization mineralization mineralization. mineralization ~49Moz produced to date* Prod. 2Moz pro roduced ~250Koz pro roduced ~990Koz pro roduced Statistics - - 201 016 6 and 20 2017 17 201 016 6 and 20 2017 17 201 016 6 and 20 2017 17 Reserves Reserves 2016 Reserves 1 Reserves ~8.4 Moz Au ~510Koz Au ~4.3 Moz Au ~1.5 Moz Au 2017 (3.8g/t, 67.9M tonnes) (2.9g/t, 5.3M tonnes) (10.7g/t, 12.3M tonnes) (8.1g/t, 5.6M tonnes) Reserves/ N/A Resources Resources Resources 2016 Resources 1 Resources Maiden resource expected 2019 MI ~1.5 Moz Au MI ~570Koz Au MI ~770Koz Au MI ~9.3Moz Au (5.2g/t, 9.5M tonnes) (1.1g/t, 15.8 tonnes) (8.9g/t, 2.6M tonnes) (9.2g/t, 31M tonnes) Inf ~400Koz Au Inf ~460Koz Au Inf ~2.3Moz Au (8.2g/t, 1.5M tonnes) (10.8g/t, 1.3M tonnes) (8.2g/t, 8.8 M tonnes) Current OP – UG Production OP Production UG Production UG Permitting Exploration (UG target) Status Reserves and Resources stated at 100% basis, December 2017 except for CH Underground. Approximate accumulated historic production • 1. As disclosed in Technical Report on the Cortez Joint Venture Operations, Lander and Eureka Counties, State of Nevada, U.S.A., dated March 21, 2016, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 28, 2016.
Strength in Combining Extensive Exploration Portfolios Mines Mines Feasibility Projects KCGM – Australia 1 Barrick Nevada – USA Morila – Mali Massawa - Senegal Jabal Sayid – KSA Turquoise Ridge – USA Loulo – Mali Zaldivar – Chile 1 Golden Sunlight – USA Tongon – Cote d’Ivoire Lumwana – Zambia Hemlo – Canada Gounkoto – Mali Pueblo Viejo – Dom. Rep. Kibali – DRC Lagunas Norte – Peru Feasibility Projects Veladero – Argentina TOTAL 376 Goldrush – USA Porguera – PNG 1 RESERVE AND 55 4 5 Reserve Definition 15 4 11 5 9 2 RESOURCE DEFINITION 42 13 13 3 MI Resources 5 1 5 2 Inferred Resources 18 2 13 3 55 8 1 8 2 Advanced Targets EXPLORATION 66 11 16 3 3 19 7 4 3 TARGETS Follow-up Targets 74 12 7 7 9 13 10 16 IDENTIFIED GEOLOGICAL Identified Targets 84 2 2 13 12 TARGETS 4 27 24 North Senegal DRC Partnerships America South Mali Africa & Arab Cote d’Ivoire America Peninsula 1 Mines included under “Partnerships”
Strength in Combining Extensive Exploration Portfolios Mines Barrick Nevada – USA Turquoise Ridge – USA Golden Sunlight – USA Hemlo – Canada RESERVE AND 55 Reserve Definition 8 Pueblo Viejo – Dominican Rep. 15 21 11 RESOURCE Lagunas Norte – Peru Veladero – Argentina DEFINITION 42 MI Resources 13 13 11 5 Zaldivar – Chile Morila – Mali 55 Inferred Resources Loulo – Mali 18 14 15 8 Tongon – Cote d’Ivoire Gounkoto – Mali 66 Advanced targets EXPLORATION Kibali – DRC 11 20 19 16 Lumwana – Zambia TARGETS Porguera – PNG 74 Follow-up targets 12 7 KCGM – Australia 13 42 Jabal Sayid – KSA IDENTIFIED 84 Identified Targets GEOLOGICAL 2 2 TARGETS Feasibility Projects 4 76 Goldrush – USA North TOTAL 376 Massawa – Senegal Rest of America South Africa World America
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