REKO DIQ

New Frontier, Next Tier One Asset in the Making

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 "framework", "proposed", "work towards", "will", "would", "intend", "future" and similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: the planned reconstitution of the Reko Diq project and the issuance of a mining lease therefor; the planned updating of the historical Reko Diq feasibility study; the future construction, development and operation of the Reko Diq project; the future ownership of the Reko Diq project; the future financing of the Reko Diq project; the proposed fiscal and governance terms applicable to the Reko Diq project and the joint venture through which it is held; the timeline and process for the execution and legalization of definitive agreements and the reconstitution of a joint venture to carry out the future development and operation of the Reko Diq project; and expectations regarding financial performance and other outlook or guidance.

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 Barrick as at the date of this presentation in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, political, 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 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 projects in the early stages of evaluation and development and for which additional technical, engineering and other analysis is required; disruption of supply routes which may cause delays in development, construction and mining activities; 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 geotechnical 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; the failure to obtain key licenses by governmental authorities, including the mining lease and exploration license for the Reko Diq project; 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 the Islamic Republic of Pakistan or the Province of Balochistan; the possibility of political instability in the Islamic Republic of Pakistan or the Province of Balochistan; timing of receipt of, or failure to comply with, necessary permits and approvals; lack of certainty 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; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; damage to Barrick's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Barrick'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 Barrick'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 socioeconomic 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, Barrick; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, 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 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 more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect 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 of new information, future events or otherwise, except as required by applicable law.

2

To further grow our asset base, we must leverage our strategic and operational capability to build and operate mines in all regions of the world because you cannot choose where the next Tier One mine will be

Best Assets + Best People

Industry Leading Results

In April 2020, Porgera was placed on care and maintenance. Porgera interest of 24.5% reflects Barrick's expected ownership interest following the implementation of the binding February 3, 2022 Commencement Agreement

Reko Diq…a Tier One Copper-Gold asset in the making

One of the world's largest undeveloped copper-gold deposits

Standard open pit mining method with low strip ratio expected to produce high-quality clean copper-gold concentrate

Historical resource for five porphyry deposits of approximately 3 billion tonnes grading 0.48% copper and 0.26g/t gold in measured and indicated category, and 2.9 billion tonnes at 0.35% copper and 0.18g/t gold in inferred category (100% basis)1

A Barrick QP has not done sufficient work to classify the historical estimate - historical estimates are not treated as a mineral resource

Developed in stages - mine is expected to be large scale and multi-generational

Barrick prioritises asset quality and recognizes the potential of the Reko Diq orebody to deliver lasting value to all stakeholders, including significant foreign direct investment into Balochistan

Barrick's partnership strategy with host governments has surfaced value at Reko Diq without significant acquisition investment and risks inherent in projects acquired through M&A transactions

Intention to raise limited recourse project financing with leading partners will allow for sharing of project risks, while potentially improving returns

A consortium of Pakistan state-owned enterprises and the government of Balochistan will be equal stakeholders in the successful development of Reko Diq

Barrick is the ideal partner and operator with a strong commitment to the project and an unrivalled track record of operating world-class joint ventures and development projectsReko Diq and wider region offer untapped greenfields and brownfields exploration potential

Reko Diq is strategically positioned to meet the demand for metal requirements in Asia with a high quality and clean concentrate

Development of Reko Diq to be a catalyst to unlock economic development of the region and provide significant benefits to Balochistan, including upfront social development spend, job creation and skills development, and local investment opportunitiesPure copper-gold exposure complements Barrick's current portfolio and offers strong leverage to rising demand for copper in the global push for electrification

Barrick has the ideal skill set and expertise to capitalise on the inevitable convergence of the copper-gold mining industries

4

Reko Diq Strategy…a Tier One Copper-Gold asset in the making

Located in Balochistan, Pakistan, Reko Diq is among the world's largest undeveloped copper-gold deposits and comprises multiple porphyry orebodies with low strip ratios and significant scale

Designed as a conventional truck and shovel open pit mine - expected to produce high-quality, clean copper-gold concentrate through a crush, mill and flotation circuit

In an effort to optimize returns, manage upfront capital outflows, lower execution risk, and bring forward production, Reko Diq is contemplated to be constructed in two phases subject to an updated feasibility study:

Phase 1: initial crush, milling and flotation circuit with nameplate throughput capacity of approximately 40 million tonnes per annum (Mtpa)

Phase 2: parallel circuit to Phase 1, adding a further ~40Mtpa in throughput capacity with first production currently expected 5+ years following commencement of production from Phase 1

Additional opportunity for a Phase 3

Meets our Tier One Asset2 investment filters at our long term price assumptions of US$2.75/lb Cu and US$1,200/oz Au based on the current conceptual design Barrick intends to commence a full update to the Reko Diq feasibility study based on the current conceptual design

Reko Diq is expected to be a springboard for further exploration and other mineral discoveries along the highly prospective Tethyan Metallogenic Belt

5

Description

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Barrick Gold Corporation published this content on 12 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2022 15:11:09 UTC.