Growing Free Cash Flow November 24, 2015 New York Marketing Goldman - PowerPoint PPT Presentation

Barrick Gold Corporation Growing Free Cash Flow November 24, 2015 – New York Marketing − Goldman Sachs 1

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, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intend”, “project”, “continue”, “budget”, “estimate”, “potential”, “may”, “will”, “can”, “could” and similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements with respect to cash flow forecasts, projected capital, operating and exploration expenditures, targeted cash flow improvements and debt reductions, mine life and production rates, and related guidance (including to reflect the impact of the recent mechanical failure at Barrick’s Pueblo Viejo mine), potential mineralization and metal or mineral recoveries, and information pertaining to Barrick’s Value Realization project (including potential improvements to financial and operating performance and mine life at Barrick’s Cortez, Lagunas Norte and Pueblo Viejo mines that may result from certain Value Realization initiatives). Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the company 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. Such factors include, but are not 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 mineral production performance, exploitation and exploration successes; risks associated with the fact that Value Realization initiatives are still in the early stages of evaluation and additional engineering and other analysis is required to fully assess their impact; diminishing quantities or 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, including 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 the Value Realization initiatives will meet the company’s capital allocation objectives; the impact of global liquidity 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 and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the company does or may carry on business in the future; damage to the company’s reputation due to the actual or perceived occurrence of any number of events, including negative 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’s expectations; 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 socio-economic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the company; our ability to successfully integrate acquisitions or complete divestitures; employee relations; increased costs and risks related to the potential impact of climate change; availability and increased costs associated with mining inputs and labor; and the organization of our previously held African gold operations and properties under a separate listed company. In addition, there are risks and hazards associated with the business of 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 are cautioned 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 most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. 2

Creating Shareholder Value Through the Cycle Growing Free Cash Flow per Share Capital Financial Technical Talent Partnership Low Cost Discipline Prudence Excellence Focus Culture Production 3

Strong Track Record of Execution Two consecutive quarters of positive free cash flow $ Cash Flow Improvement New $2 B target with 90% booked 2015 gold AISC guidance reduced to $830-$870/oz 1 from original guidance of $860-$895/oz Cost $ Reduction 2015 copper C1 cost guidance reduced to $1.60-$1.85/lb 1 from original guidance of $1.75-$2.00/lb ~$1.9 B of debt repaid; total debt reduced by 15% 2 Stronger Balance Sheet Expect to meet $3 B debt reduction target in 2015 4 project studies on track for completion by year-end Growth Strong resource conversion track record and potential Higher Quality Americas-focused portfolio of 16 operating mines Portfolio 1. See final slide #1. 2. As of October 28, 2015. 4

US Non‐Core Asset Sales  Focus on core assets Donlin Gold  Strengthen balance sheet Golden Sunlight Hemlo  Realize value for NEVADA Goldstrike shareholders Turquoise Ridge Cortez/Goldrush Pueblo  $720 million in cash Viejo Bald Mountain Round Mountain – competitive Spring Valley environment for Ruby Hill Lagunas Norte high-quality assets ANDES Zaldívar – retained upside exposure Pascua-Lama Veladero Alturas through exploration JV  In 2015 these assets are expected to produce ~375,000 oz at AISC of ~$1,075/oz 5

Sales to Kinross  $610 million in cash Round Mountain Bald Mountain – 50% of Round Mtn – 100% of Bald Mtn – Exploration JV − 40% of Bald Mtn land package  Closing expected mid-January 2016 Spring Valley Ruby Hill Sales to Waterton  $110 million in cash – 70% of Spring Valley – 100% of Ruby Hill  Closing expected by year end 2015 6

Third Quarter Highlights Q3 2 0 1 5 Q3 2 0 1 4 Adjusted net earnings 1 ($ M) $131 $222 Net income (loss) ($ M) ($264) $125 Adjusted EBITDA 1 ($ M) $942 $1,059 Operating cash flow 2 ($ M) $1,255 $852 Free cash flow 1,2 ($ M) $866 $199 Realized gold price ($/oz) 1,125 1,285 Capital expenditures 3 ($ M) $384 $604 Gold production (K oz) 1,663 1,649 All-in sustaining costs ($/oz) $771 $834 Cash costs 1 ($/oz) $570 $589 Copper production (M lbs) 140 131 C1 cash costs 1 ($/lb) $1.53 $1.82 7 1. See final slide #1. 2. Q3 2015 Includes $610M in proceeds from the sale of the Pueblo Viejo stream. 3. 100% accrued basis.

2015 Debt Reduction Progress Total debt $13.1 B $1.9 B $493 M $531 M $3.0 B 2016 Other Notes $834 M $11.2 B 1 Repayments Debt $1.0 B Tender $100 M $10.1 B Zaldívar Free Proceeds 2 Cash Flow 5.0 Jan Today Target  Expect to meet $3 B debt reduction target with Zaldívar proceeds and free cash flow 1. As of October 28, 2015. 2. See final slide #5. 8

Improving Liquidity  Total debt has been reduced by 15% to date in 2015 on completion of the tender offer  Less than $250 M due before 2018; approximately $5 B of total debt matures after 2032  Credit positive asset sales and cash flow improvements are driving improvements in total debt-to-EBITDA ratio  $3 B of debt reduction expected to reduce annual interest expense by ~$140 M  $4 B credit facility is undrawn 9