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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Barrick Gold Corporation    ABX   CA0679011084

BARRICK GOLD CORPORATION

(ABX)
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Barrick Gold : Results for Q2 2020 Presentation

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08/10/2020 | 10:44am EDT

Results for Q2 2020…

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 "expect", "target", "plan", "project", "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's forward-looking production guidance and estimates of future costs; cash flow forecasts; projected capital, operating and exploration expenditures; Barrick's engagement with local communities to manage the Covid-19 pandemic; future investments in community projects and contributions to local economies; Barrick's response to the government of Papua New Guinea's decision not to extend Porgera's Special Mining Lease; the duration of the temporary suspension of operations at Porgera; our goals with respect to environmental, health and safety certifications for our operating mines; mine life and production rates; estimated timing for development of projects, including Goldrush, Turquoise Ridge underground third shaft, Gounkoto underground project and Zaldivar Chloride Leach Project; timing of resumption of mining operations at Bulyanhulu; 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; potential extensions to life of mine; potential exploration targets and potential mineralization and metal or mineral recoveries; our ability to convert resources into reserves; our project pipeline and results of our greenfield and brownfield exploration work; our non-core asset disposition strategy; and expectations regarding future price assumptions, 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 the Company 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, 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 for which additional engineering and other analysis is required; timing of receipt of, or failure to comply with, necessary permits and approvals, including the non-renewal of Porgera's Special Mining Lease; the benefits expected from recent transactions being realized, including Nevada Gold Mines; 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; 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 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 or its affiliates do or may carry on business in the future; 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; 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, 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 socioeconomic studies and investment; risk of 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 other required 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 not materialize; our ability to successfully integrate acquisitions or complete divestitures, including our ability to successfully reintegrate Acacia's operations; 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. Barrick also cautions that its 2020 guidance and ten year plan may be impacted by the unprecedented business and social disruption causes by the spread of Covid-19. 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.

Covid-19…focus on our employees and communities

Focus during the Covid-19 outbreak on health and safety of our workforce and communities: proactive response, preparedness, prevention and communication

Engaged with our host authorities, communities and employees as a supportive partner providing

Medical supplies and equipment for local clinics Isolation centres

Support to communities

Provision of food parcels and other essentials for vulnerable groups such as the elderly, those with pre- existing medical issues, school children and indigenous peoples

Setting up funds to help drive and support economic recovery for impacted local businesses In Latin America - focus on infrastructural and equipment needs

In Africa - emphasis on improving existing healthcare facilities and capacity

Financial donations were conditional on government partnership and clear deliverables overseen by Barrick management and also included sourcing equipment and supplies

Over $20 million contributed by the company in support of our host countries and communities in Covid-19 infection prevention

Health & Safety…

LTIFR1 decreases by 16% quarter on quarter; Total Recordable Injuries also decreased from Q1

TRIFR2 1.65 in line with Q1

YTD LTIFR of 0.30 and TRIFR of 1.64; significantly down from the same period in 2019 (LTIFR of 0.57 and TRIFR of 2.46)

Lost Time Injury Frequency Rate & Total Recordable

Injury Frequency Rate

3.0

2.75

2.5

2.18

2.23

2.0

1.86

1.64

1.65

1.5

1.0

0.61

0.52

0.41

0.47

0.5

0.32

0.27

0.0

Q1 19

Q2 19

Q3 19

Q4 19

Q1 20

Q2 20

LTIFR

TRIFR

Linear (LTIFR)

Linear (TRIFR)

Environment…

Zero Class 1 (high severity) environmental incidents3

Improvement in water reuse and recycling rate - 78% in Q2; 77% year to date

Reduction in CO2 emissions quarter on quarter - driven by conversion of the Quisqueya Power Plant in the Dominican Republic from HFO to natural gas and introduction of battery technology for grid stabilisation at Kibali

Barrick on track to achieve its goal of certifying all operational mines to ISO 14001:2015 by the end of 2020

Quisqueya Power Plant, Dominican Republic - natural gas power generation was fully operational in Q2

Kibali, DRC - battery power installed for grid stabilisation

Community…

+$8.8 million YTD community development investment on top of Covid-19 community related support

Covid-19 related community support > $20 million

Plus $1 billion spent at operational sites on local and national procurement of goods and services

Western Shoshone Scholarship Foundation - 2020 graduation reception held during the quarter

Western Shoshone Scholarship Foundation - 2020 Graduation Reception - Nevada

Total amount of $26 million committed by NGM to the fund in support of education of Native American youth creating employment opportunities

Reusable face masks issued to employees across Barrick's Africa and Middle East operations - proudly sourced from members within our local communities providing a sustainable source of income - to date approximately 50,000 reusable face masks sourced from local community suppliers

Kakola Village tailor - Tanzania

Barrick…Q2 2020 KPIs

Continued solid performance positions Barrick well within annual production guidance, despite Covid-19 challenges Improvement in safety management following increased focus

Strong cash generation highlights quality of assets and leverage to gold price Barrick continues to be vigilant in its approach to contain the impact of Covid-19Higher gold prices also result in higher royalty payments and costs

Strong operating performance for copper with costs per pound at lower end of the guidance range Operating Cash Flow in excess of $1.0 billion and Free Cash Flow4 greater than $0.5 billion for the quarter Net debt down almost 25% to $1.4 billion with no significant maturities until 2033

Net earnings per share of 20 cents; adjusted net earnings per share5 up 44% to 23 cents for the quarter Strong operating performance from Tier One6 assets, with PV production impacted by planned maintenance shutdown

Veladero production impacted by Argentina's Covid-19 movement and social distancing restrictions 30% of stockpiled concentrate shipped from Tanzania and first $100 million paid to Government Agreement reached in Mali to extend Loulo convention to 2038

Significant exploration drill results from Nevada, Dominican Republic, Mali and Tanzania

PV expansion, Goldrush development, Turquoise Ridge shaft and other key projects remain on track despite Covid-19 challenges

Non-core asset disposal strategy delivers $1.5 billion value realisation, including $1.25 billion in cash, with more to come

Barrick increases quarterly dividend by 14% to $0.08 per share

Group operating results…

Solid Q2 2020 production despite Covid-19pandemic

Group year-to-date production of 2.4Moz at the mid-pointof guidance of 4.6Moz to 5.0Mozi for the year

Anchored by strong operating performance from Tier One asset portfolio including NGM, Loulo-Gounkoto and Kibali

H2 2020 gold production expected to be in line with first half of the year

Higher royalty costs due to higher precious metal prices now a common theme across the industry

Copper portfolio continues to outperform

Best quarterly production from Lumwana in several years

Per pound copper costs trending to low end of guidance

Gold operating results

Q2 2020

Q1 2020

Q2 2019

1,149

Production (oz 000)

1,250

1,353

1,075

Cost of sales ($/oz)7

1,020

964

716

Total cash costs ($/oz)8

692

651

1,031

All-in sustaining costs ($/oz)8

954

869

Copper operating results

Q2 2020

Q1 2020

Q2 2019

Production (millions of pounds)

120

115

97

2.08

Cost of sales ($/lb)7

1.96

2.04

1.55

C1 cash costs ($/lb)9

1.55

1.59

2.15

All-in sustaining costs ($/lb)9

2.04

2.28

iBarrick is closely monitoring the global Covid-19 pandemic and Barrick's guidance may be impacted if the operation or development of our mines and projects is disrupted due to efforts to slow the spread of the virus

Group financial results…

Free cash flow4 increased by nearly 20% from Q1 to $522 million in Q2 given diversified and industry-leadingTier One asset portfolio

Captured benefit of higher gold prices through agile management and operational execution

Debt net of cash at $1.4 billion, down almost 25% from end Q1

No significant public debt maturities until 2033

Quarterly dividend increased to $0.08 per share

Doubled compared to a $0.04 per share quarterly dividend a year ago

A 14% increase on Q1 2020 dividend per share

Dividend underpinned by strong balance sheet and free cash flow4 outlook based on ten-year guidance

Financial Results

Q2 2020

Q1 2020

Q2 2019

Revenue ($ million)

3,055

2,721

2,063

Net earnings ($ million)

357

400

194

Adjusted net earnings ($ million)5

415

285

154

Adjusted EBITDA10

1,697

1,466

972

Net cash provided by operating

1,031

889

434

activities ($ million)

Free cash flow ($ million)4

522

438

55

Net earnings per share ($)

0.20

0.22

0.11

Adjusted net earnings per share ($)5

0.23

0.16

0.09

Total attributable capital

402

364

361

expenditures ($ million)11

Cash and equivalents ($ million)

3,743

3,327

2,153

Debt, net of cash ($ million)

1,425

1,852

3,654

Dividend per share ($)

0.08

0.07

0.04

Carlin…

Nevada, USA

Lower production compared to Q1 2020 due to scheduled plant maintenance at the Goldstrike roaster

Mill 6 completed roaster maintenance in July

Production also impacted by an increase in higher grade Cortez ore processed by the Carlin roasters, displacing lower grade Carlin ore in the feed mix - a synergy captured due to the formation of NGM

Costs in Q2 reflect lower throughput, plant maintenance and throughput efficiency projects at the Goldstrike roaster

Carlin12 (61.5%)

Q2 2020

Q1 2020

Q2 2019

Total tonnes mined (000)

15,793

17,120

12,138

Average grade processed (g/t)

3.60

3.41

4.26

Ore tonnes processed (000)

2,835

3,229

1,961

Recovery rate (%)

80%

71%

71%

Gold produced (oz 000)

235

253

181

Gold sold (oz 000)

234

256

181

Income ($ millions)

151

153

33

EBITDA ($ millions)10

195

202

86

Capital expenditures ($

60

55

54

millions)

Minesite sustaining

60

55

54

Cost of sales ($/oz)7

1,037

970

1,116

Total cash costs ($/oz)8

850

776

769

All-in sustaining costs ($/oz)8

1,130

1,007

1,088

Refer to the Technical Report on the Carlin Complex, dated March 25, 2020, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 25, 2020

Carlin trend…growth and discoveryi

Nevada, USA

Best intercept to date at North Leeville 21.3m at 35.3g/t - geologic model upgraded to support resource evaluation

Bold step out drilling NE of Leeville continues to intersect Carlin system with gold anomalism and significant alteration north of Fence (assays pending)

Highest priority target along Post-Gen Fault corridor successfully tested down plunge of Deep Post, multiple zones of significant mineralisation and alteration including 5.2m at 10.9g/t and 3.7m at 9.4g/t (additional assays pending)

SW of Gold Quarry, framework drilling is answering key geologic questions and showing down plunge continuation of the system; gold anomalism associated with strong decalcification and silicification

Framework drilling in Carlin Basin initiated

At Rain, sub-district scale model highlights new opportunities; testing priority targets will begin in Q3

iSee Appendix A for additional details including assay results for the significant intercepts

Cortez…

Nevada, USA

Production improved by 3% from prior quarter and total cash cost per ounce8 on track

Higher grades from Crossroads and Pipeline, plus more Cortez Hills Underground Ore processed through oxide mill

Cortez Hills Underground productivity continues to outperform due to ongoing efficiency and availability initiatives

Improvements on the CIL tanks and ore characterization have boosted oxide mill recoveries

Goldrush

Construction of twin exploration declines ahead of schedule

Transition from contract to owner mining brought forward to Q4 2020 - six months earlier than planned

Scheduled to intersect first ore in first half of 2021

Permitting timeline for a Record of Decision in Q4 2021 is unchanged

Cortez13 (61.5%)

Q2 2020

Q1 2020

Q2 2019

20,719

Total tonnes mined (000)

22,696

31,598

Average grade processed (g/t)

1.87

1.06

1.82

Ore tonnes processed (000)

2,381

4,783

5,014

Recovery rate (%)

84%

84%

84%

Gold produced (oz 000)

132

128

280

Gold sold (oz 000)

132

128

281

109

Income ($ millions)

89

158

144

EBITDA ($ millions)10

122

223

Capital expenditures ($

52

50

83

millions)14

Minesite sustaining14

42

46

15

10

Project14

4

68

870

Cost of sales ($/oz)7

876

719

613

Total cash costs ($/oz)8

614

489

950

All-in sustaining costs ($/oz)8

1,009

561

Refer to the Technical Report on the Cortez Joint Venture Operations, dated March 22, 2019, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 22, 2019

Cortez Hills Underground (CHUG) Upside…

Hanson Footwall Target

CHUG - Overview Map

A

A'

Lithology 3900'

A'

Au g/t

Au g/t

171.4

34.28

17.14

6.86

3.43

29.6m at 8.64g/ti

1.71

0.68

0.34

0.17

0.03

12.8m at 7.95g/ti

0

A

18.6m at 4.94g/ti

300m

Significant upside identified at CHUG

Tertiary Quartz Porphyry

Current Reserves and Resource base15:

Devonian Wenban

P&P: 3.9Moz at 10.03g/t

Silurian Roberts Mountain

M&I: 4.7Moz at 8.85g/t (inclusive of P&P)

Ordovician Hanson Creek

N

Inferred: 0.3Moz at 8.33g/t

Fault

Drilling the Hanson Footwall - first upside target - confirmed

3.43 g/t (0.1 opt) grade shell

mineralisation ~100m below existing R&R

Upside Potential

1km

Test targets to expand R&R and extend asset life of mine

iSee Appendix B for additional details including assay results for the significant intercepts

Fourmile…expanding high grade mineralisationi

Nevada, USA

Significant mineralisation intersected west of Dorothy; strong alteration intersected to the south

Significant mineralisation in step-out holes west and southwest of Sophia; strong alteration intersected in another hole to the northwest

Two holes between Fourmile and Goldrush intersected strong mineralisation and alteration at favourable stratigraphic contact

Infill drilling program to de-riskFourmile inferred resource confirmed tenor; variability consistent with inferred classification

Refinement of Fourmile ore controls and geologic model continues to yield strong results from target testing; footprint continues to grow

Extracting maximum value from every drill hole to support project design and execution

FM20-154D

  1. m @ 14.6 g/t
    9.4 m @ 17.9 g/t
  2. m @ 24.0 g/t
  1. m @ 16.0 g/t

FM20-161D

  1. m @ 30.3 g/t

2.4 m @ 15.1 g/t6

  1. m @ 13.1 g/t
  1. m @ 10.5 g/t

FM20-153D

  1. m @ 41.1 g/t
  1. m @ 12.7 g/t
    9.9 m @ 48.4 g/t
  1. m @ 18.4 g/t
  1. m @ 41.5 g/t

FM20-158D

8.4 m @ 21.5 g/t

0.9 m @ 10.6 g/t

FM20-160D

5.2 m @ 10.6 g/t

  1. m @ 5.6 g/t
  1. m @ 7.3 g/t
  1. 2019 Resource Footprint
    Exploration Upside

Dorothy

Drill intercepts > 5g/t Au

No significant intercept

FM20-169D

9.1m, 2.0m, & 10.0m of

significant alteration (assays pending)

Sophia

Blanche

Fourmile

FM20-170D

20.4m of significant

Rose alteration (assays pending)

Barrick

NGM

Goldrush

400m

iSee Appendix C for additional details including assay results for the significant intercepts

Turquoise Ridge…

Nevada, USA

Production and total cash costs per ounce8 impacted by lower head grade and recoveries for the autoclave versus the prior quarter, partially offset by higher grades for the oxide mill but at lower throughput

AISC per ounce8 slightly higher - up 3% from Q1

TR Underground Third Shaft

Construction of the third shaft remains on schedule and within budget

Shaft liner advanced to a depth of 509m below the collar Commissioning expected in late 2022

Exploration

MRM and exploration teams continue to integrate the geological models between Turquoise Ridge UG and Vista and Mega pits on the legacy Twin Creeks property

Still more work required to deliver comprehensive integrated orebody and grade control models

Turquoise Ridge16 (61.5%)

Q2 2020

Q1 2020

Q2 2019

Ore tonnes processed (000)

821

862

-

Average grade processed (g/t)

3.61

3.35

-

Overall recovery rate (%)

82%

84%

91%

Gold produced (oz 000)

79

84

65

Gold sold (oz 000)

79

87

85

Income ($ millions)

48

47

53

EBITDA ($ millions)10

73

78

62

Capital expenditures

9

19

19

($ millions)

Minesite sustaining

3

11

7

6

Project

8

12

1,073

Cost of sales ($/oz)7

1,032

665

753

Total cash costs ($/oz)8

668

569

829

All-in sustaining costs ($/oz)8

806

667

Refer to the Technical Report on the Turquoise Ridge mine, dated March 25, 2020, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 25, 2020

Other Nevada Gold Mines…

Phoenix

Consistent performance with production in line compared to the prior quarter at lower total cash cost per ounce8

AISC per ounce8 5% higher due to increased capitalised stripping, in line with mine sequencing

Long Canyon

Production 54% higher than prior quarter due to a focus on pad inventory reduction as mining and stacking moves towards main part of the Cut 7 orebody

Together with a decrease in capitalised stripping in Cut 7, AISC per ounce8 fell by 23% compared to the prior quarter

Phoenix (61.5%)

Q2 2020

Q1 2020

35

Gold produced (oz 000)

35

Cost of sales ($/oz)7

1,726

1,583

725

Total cash costs ($/oz)8

737

957

All-in sustaining costs ($/oz)8

914

Long Canyon (61.5%)

Q2 2020

Q1 2020

Gold produced (oz 000)

40

26

Cost of sales ($/oz)7

1,009

1,025

Total cash costs ($/oz)8

308

345

All-in sustaining costs ($/oz)8

430

561

Hemlo…

Ontario, Canada

Production slightly lower than prior quarter due to lower throughput, partially offset by higher grades from the underground C-Zone

2020 Outlook

Production remains on track to achieve guidance Costs higher as a result of -

Increase in royalty expense from higher gold prices and mining in underground zones that incur a higher NPI royalty burden

Temporary delay in new underground contractor arriving at site due to movement restrictions in response to Covid-19, resulting in increased proportion of higher cost stockpiled material being processed

New underground contractor started mobilising to site at end of Q2 2020, with ramp-up of underground development now underway

Hemlo (100%)

Q2 2020

Q1 2020

Q2 2019

Ore tonnes processed (000)

472

493

779

3.89

Average grade processed (g/t)

3.64

2.38

96%

Recovery rate (%)

95%

94%

54

Gold produced (oz 000)

57

55

Cost of sales ($/oz)

1,268

1,119

953

1,080

Total cash costs ($/oz)8

945

822

1,456

All-in sustaining costs ($/oz)8

1,281

1,015

Refer to the Technical Report on the Hemlo Mine, Marathon, Ontario, Canada, dated April 25, 2017, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on April 25, 2017

Hemlo deposit…growth upside

4

Golden Giant

David Bell

Williams

1

2

N

B ZONE

Moose Lake Porphyry [300-series]

Volcaniclastics [100-series]

WOC/GG/DB headframes

Williams open pit extents Further western extension potential

MINE ZONES [Series]

  1. B ZONE [MAIN]
  2. B ZONE [FW]
  3. C ZONE [100]
  4. BLACKFLY [100]
  5. C ZONE [300]
  6. SOUTH RIM [FW]

1000m

Western Discovery potential for new orebodies (Blackfly) [100 & 300 series]

Recent field evidence of plunging zones Western extension of known orebodies [100 & 300 series] in C Zone

Focus of significant future drill targeting Down-plunge extension of C Zone

Recently confirmed by ultra-deep drilling Down-plunge extension of B Zone [FW]

Future deep drill-testing

Pueblo Viejo…

Dominican Republic

As expected, production 22% lower than the prior quarter due to a total plant maintenance shutdown

Production expected to be higher in H2 2020 with major scheduled maintenance shutdowns now complete for the year

Together with higher royalties from higher gold prices, total cash cost per ounce8 and AISC per ounce8 increased from prior quarter due to lower throughput from planned shutdown - partially offset by lower energy costs

Commenced early works expenditures for proposed plant and tailings expansion

Pueblo Viejo17 (60%)

Q2 2020

Q1 2020

Q2 2019

Open pit tonnes mined (000)

4,647

4,039

6,116

Average grade processed (g/t)

3.45

3.44

3.56

Ore tonnes processed (000)

1,088

1,471

1,212

Recovery rate (%)

89%

89%

90%

Gold produced (oz 000)

111

143

124

Gold sold (oz 000)

115

144

132

Income ($ millions)

92

102

75

125

EBITDA ($ millions)10

134

104

Capital expenditures

21

17

18

($ millions)

Minesite sustaining

15

17

18

6

Project

-

-

935

Cost of sales ($/oz)7

767

852

Total cash costs ($/oz)8

579

502

557

All-in sustaining costs ($/oz)8

720

626

702

Refer to 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

Pueblo Viejo expansion…

Dominican Republic

Plant expansion project environmental impact study submitted to authorities - no issues identified in subsequent field visit

Engineering of process plant facilities progressed to plan during Q2 and orders placed for critical long lead items - including an LOI for the oxygen plant which is on the critical path for the plant expansion schedule

Field work for baseline environmental assessment of

additional tailings capacity commenced. Discussions continue with

national authorities to obtain the necessary tenure and permitting

Implementation strategy for the expansion project is focused on utilising local Dominican businesses - targeting over $100 million contribution to the local construction industry by the end of 2022

Agribusiness project team engaged with stakeholders and will now commence pilot projects with local cocoa farmers

Pueblo Viejo JV…new targets

N

DPV20778

Arroyo El Rey

Arroyo

target

Hondo

Growth

275 RL

Pit

Monte

Negro

Mejita

Au contours

NE

0.72g/t

Structural

Moore

Framework

Inferred Faults

Foundational geology (structural framework) with state-of-the-art geophysics unveils new targets in proximity to a significant orebodyi

Anomaly analogous to known deposits (scale, tenor and orientation) Initial drilling intersected zones of sulphides

Two holes drilled with evidence of sulphides and potential mineralisation

Geophysics to be expanded along structural intersections and projected into new Pueblo Grande JV property

Arroyo DPV20778

Hondo

Favourable alteration and sulphides intersected but low grade so far

iAs at December 31, 2019, orebody estimated to contain 25Moz of measured and indicated resources and 3.7Moz of inferred resources with 7.9Moz historical contained ounces processed. Refer to endnote 24 for further details.

Veladero…

Argentina

As previously reported, production and costs at Veladero in Q2 2020 were impacted by:

A mandatory nationwide quarantine

Followed by movement and social distancing restrictions that limited remobilisation back to site

Further impacted by severe winter weather that impacted both mining and processing operations

2020 Outlook

Demobilisation of contractors working on capital projects in accordance with government's pandemic response delayed construction and commissioning of leach pad phases

Production at Veladero currently trending below guidance for 2020 at slightly higher per ounce costs

Veladero18 (50%)

Q2 2020

Q1 2020

Q2 2019

Average grade processed (g/t)

0.93

0.80

0.75

Ore tonnes processed (000)

2,609

3,243

2,828

Gold produced (oz 000)

49

75

75

Gold sold (oz 000)

35

57

74

Income ($ millions)

16

24

12

29

EBITDA ($ millions)10

46

43

20

Capital expenditures ($ millions)

40

19

20

Minesite sustaining

25

19

-

Project

15

-

1,228

Cost of sales ($/oz)

1,182

1,186

801

Total cash costs ($/oz)8

788

746

1,383

All-in sustaining costs ($/oz)8

1,266

1,046

Refer to 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

Veladero…next steps

Argentina

Due to the Covid-19 pandemic in Q2, the Argentinian government limited personnel on site which impacted mining and project activities. Proposed easing of restrictions in September will allow remobilisation of contractors and personnel

Mining

Open pit operations stopped for 17 days and were at 30% capacity for a further 23 days. Pit has since operated at 85% capacity due to personnel restrictions on site contributing to a 10Mt waste stripping deficit in 2020

Equipment orders brought forward to catch up on stripping deficit and phase designs being optimised to reduce impact of waste stripping. Recommissioning of ore conveyor also under review

Leach Pad Expansions

Phase 6 pad construction works stopped at start of pandemic causing 6 month construction delay due to winter season. Additional resources to be mobilised at end of the winter season to accelerate construction works

Phase 4B/5B upgrade program continued throughout winter season and inspections of liner and collection system in progress

Other Capital Projects

New Veladero airstrip to be completed by end of 2020

Construction of powerline from Chile to recommence dependent on easing of current government restrictions

Alturas - Del Carmen…exploration

drives update of project economics

Argentina

Alturas - Del Carmen District

N

Exploration upside of the district now in a range from 352.0 to 374.5 Mt at 1.07 to 1.08 g/t Auii

71m at 1.56g/t from 152mi

28m at 3.38g/t from 211mi Including 17m at 5.20g/t

Rojo Grande

Exploration upside

63.5 to 77.0 Mt at 0.6g/t to 0.9g/t Auii

Outcropping ore in Rojo Grande could provide early ore feed

Updated mineral estimation and pit optimisation in progress

Update of scoping level economics scheduled for Q4

Alturas

C° Amarillo

Inferred Resource

8.9Moz at 1.1g/t Auiii

Exploration upside

15.0 to 18.5Mt at

1.75g/t to 2.2g/t Auii

Ladera

Chile

Argentina

Exploration upside

22.0 to 27.0Mt at

1.2g/t to 1.5g/t Auii

1km

Project team engaged and full development timeline established with near term strategic filters defined

Structural framework study initiated to establish controls to high grade mineralisation

>0.50 Au ppm Block Model

iSee Appendix D for additional details including assay results for the significant intercepts

iiPotential quantities and grades in these preliminary results are conceptual in nature and there has been insufficient exploration to define a mineral resource at this time and it is uncertain that further exploration will result in the target being delineated as a mineral resource. Exploration upside has not been optimised in a pit design

iiiBased on a 2018 optimised pit. See endnote 19

Porgera…

Papua New Guinea

As previously disclosed, Porgera entered care and maintenance on April 25

Due to the uncertainty related to the timing and scope of future developments at Porgera, 2020 guidance for this site has been withdrawn

Special Mining Lease Extension

In response to a request from PNG Prime Minister Marape, Barrick proposed a benefit-sharing arrangement in 2019 that would deliver more than half the economic benefits from Porgera to PNG stakeholders for 20 years

Barrick believes the government's decision not to extend the SML is without due process and in violation of the government's legal obligations to BNL

Porgera20 (47.5%)

Q2 2020

Q1 2020

Q2 2019

654

Total tonnes mined (000)

2,809

3,655

Average grade processed (g/t)

3.16

2.98

3.25

Ore tonnes processed (000)

200

736

557

Recovery rate (%)

91%

90%

90%

Gold produced (oz 000)

24

62

61

Gold sold (oz 000)

24

63

63

Income ($ millions)

(13)

29

16

EBITDA ($ millions)10

(7)

39

24

Capital expenditures ($

2

8

12

millions)

Minesite sustaining

2

8

12

Cost of sales ($/oz)

1,141

1,097

1,032

Total cash costs ($/oz)8

875

941

893

All-in sustaining costs ($/oz)8

1,046

1,089

1,112

Loulo-Gounkoto…

Mali

Production in line with prior quarter as lower feed grade and throughput was offset by higher recovery

Total cash cost per ounce8 slightly higher from Q1 due to increased royalties as a result of higher gold prices and marginally higher operating costs

AISC per ounce8 increased by 16% versus prior quarter due to increased capitalised stripping at the Gounkoto open-pit,in-line with plan

Projects and Exploration

Gounkoto underground remains on track to start development in Q4 2020

Potential minelife extensions continue to be confirmed in Q2. Drilling at the Yalea Transfer Zone extended mineralisation by an additional 160m and is currently 480m south of the extent of the 2019 block model

Loulo-Gounkoto21 (80%)

Q2 2020

Q1 2020

Q2 2019

8,736

Total tonnes mined (000)

7,572

8,048

Average grade processed (g/t)

4.92

4.96

4.74

Ore tonnes processed (000)

972

980

1,034

Recovery rate (%)

92%

90%

93%

Gold produced (oz 000)

141

141

147

Gold sold (oz 000)

157

123

148

Income ($ millions)

107

68

32

EBITDA ($ millions)10

167

115

102

Capital expenditures ($

55

32

31

millions)

Minesite sustaining

55

32

29

-

Project

-

2

1,012

Cost of sales ($/oz)7

1,002

1,072

639

Total cash costs ($/oz)8

614

598

1,030

All-in sustaining costs ($/oz)8

891

811

Refer to 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

Loulo District…strong drill results to drive mine life extensionsi

Baboto

N

Yatela

Gara

Loulo 3

Sadiola

Yalea

Senegal

Loulo

Gounkoto

Faraba

District

Sabodola

Gara

Tabakoto

Massawa

Yalea

Mali

Gounkoto

Petowal

Saraya

Kenieba

Bambadji JV

Kedougou

Fekola

25km

Diakha

Boto

5km

Fekola

Focus Areas

Loulo:

Loulo 3 new intersections confirmed high grade mineralisation is still open down plunge. Footwall intercepts include 19.25m at 6.06g/t and 6.85m at 5.81g/t High-grade Yalea transfer zone extended 480m beyond 2019 block model and still open down plunge. Significant intercepts include 14.95m at 7.34g/t and 8.70m at 22g/t Structural thickening at base of Yalea Transfer Zone supports wider intercepts including 66.0m at 4.83g/t,

28.0m at 4.10g/t, 25.4m at 4.61g/t, 17.8m at 3.22g/t and 17.4m at 15.68g/t - further enhancing significant resource potential

Gounkoto:

>1 km long mineralised trend confirmed south of Gounkoto open pit. Significant results include

9m at 3.42g/t and 7m at 7.23g/t Bambadji:

Second phase of auger drilling extends Kora-Latifa prospective corridor over 11km. New diamond drilling confirms significance of Gefa mineralised system. Follow up drilling in Faleme volcanics highlights positive results Strong results from prefeasibility studyii at Sabodala-

Massawa complex

iSee Appendix E for additional details including assay results for the significant intercepts

iiThe website link to the Teranga press release titled "Teranga Gold Announces Positive Pre-Feasibility Study Results for Top-TierSabodala-Massawa Gold Complex" can be found here

Tongon…

Côte d'Ivoire

Production 5% higher than the prior quarter due to stronger throughput

Per ounce costs improved from Q1 driven by lower processing and mining costs

Delivering Mine Life Extension

At Mercator, a revised geological model optimised that resulting in higher grades at similar metal content

Conceptual economic analysis with final pit designs underway for this satellite deposit located 15km from the Tongon plant

Exploration during Q2 focused on several priority targets located on three major structures

Follow-up drilling will continue in Q3, including the evaluation of four targets along the western flank of the Badenou trend

Tongon (89.7%)

Q2 2020

Q1 2020

Q2 2019

Ore tonnes processed (000)

1,013

982

945

2.34

Average grade processed (g/t)

2.34

2.31

83%

Recovery rate (%)

83%

85%

64

Gold produced (oz 000)

61

61

1,275

Cost of sales ($/oz)7

1,368

1,562

688

Total cash costs ($/oz)8

762

750

745

All-in sustaining costs ($/oz)8

788

802

Nielle…exploring new corridors for opportunities to extend LoM

Côte d'Ivoire

Sekala

2019 Probable Mineral Reserve:

510kt at 1.85g/t for 30.5koz

Djinni

2019 Indicated Resource: 1.9Mt at 2.30g/t for 139koz

2019 Inferred Resource: 1.2Mt at 2.41g/t for 94koz

Mercator

Satellite

Badenou Trend

(10) Kanon

(9) Zulu area

  1. Kamino N
  2. Sougo

Known Deposits

Active/historic targets

Early stage (map + litho)

Q1 generated targets parked

Tongon West

Satellite

10km

N

Stabilo Trend

(2) Seydou N-Jubula

(6) Koro

Seydou S.

2019 Probable Mineral

Reserve:

408kt at 1.95g/t for 26koz

North Zone Pit

South Zone Pit

Tekono Trend

  1. Soumo
  1. Rokubo

Moyet Trend

  1. Tiebila
  1. Loko
  1. Rhodia
  1. Mira

Djinni PFS and EISA underway

SZ and NZ cut back evaluations underway

Stabilo Trend:

Seydou N - Jubula, 5.1km structure beneath ferricrete plateau tested with Auger program for follow up in Q3

Moyet Trend:

First phase Scout RC at Tiebila East evaluated target prospectivity, alteration system open along strike supporting prospectivity of the trend

Tekono Trend: AC drilling in progress at Soumo target, 3.6km strike opportunity, 5km from plant

Badenou Trend:

Mercator: Added drilling and updated model drives increase in potential for mineral resource definition

4 targets: Zulu West, Kanon, Zulu main and Kamino North prioritised. Follow up AC drilling started to evaluate targets

Kibali…

DRC

Kibali continued to deliver consistent results, with production in-line versus Q1

Total cash cost per ounce8 was 6% higher than the prior quarter due to increased labour and logistic charges as well as higher royalties from higher gold prices

Despite this, AISC per ounce8 was 4% lower than Q1 due to decrease in underground development

Kibali22 (45%)

Q2 2020

Q1 2020

Q2 2019

Total tonnes mined (000)

3,253

3,175

2,938

Average grade processed (g/t)

3.68

3.77

3.88

Ore tonnes processed (000)

857

838

850

Recovery rate (%)

89%

89%

89%

Gold produced (oz 000)

90

91

95

Gold sold (oz 000)

96

88

95

Income ($ millions)

64

48

43

106

EBITDA ($ millions)10

89

74

10

Capital expenditures ($ millions)

15

10

9

Minesite sustaining

15

10

1

Project

-

-

1,067

Cost of sales ($/oz)7

1,045

868

617

Total cash costs ($/oz)8

582

540

739

All-in sustaining costs ($/oz)8

773

651

Refer to 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

North Mara…

Tanzania

Gold production in Q2 5% higher than prior quarter primarily due to higher processed grade as open pit mining ceased during the quarter and mill feed was mainly sourced from higher grade underground zones at Gokona

Total cash cost per ounce8 was 12% higher than Q1 due to higher direct mining costs from transition to underground mining

We continue to evaluate sequencing at North Mara and expect to update the mineplan in due course for an optimised restart of open pit mining

Capital expenditures in Q2 were significantly higher than Q1 due to our investment in the tailings storage facility, other water management initiatives and land acquisitions

We expect this capital investment to reduce over time as legacy issues in Tanzania are addressed

North Mara (84%)23

Q2 2020

Q1 2020

Q2 2019

Total tonnes mined (000)

766

2,448

2,709

Average grade processed

3.75

3.42

5.37

(g/t)

Ore tonnes processed (000)

611

636

467

Recovery rate (%)

93%

93%

94%

Gold produced (oz 000)

68

65

76

Gold sold (oz 000)

67

70

66

Income ($ millions)

44

49

31

EBITDA ($ millions)10

65

70

47

Capital expenditures ($

30

13

10

millions)

Minesite sustaining

29

11

7

1

Project

2

3

1,040

Cost of sales ($/oz)7

959

800

724

Total cash costs ($/oz)8

646

539

1,166

All-in sustaining costs ($/oz)8

816

675

North Mara…Gokona targets

Extensive upside potential, open in all directionsi

West

+2.8km

East

GOKONA UG

GENA OP

Open

Open

KOFIA

Open

Drill

Drill

Gap

Gap

Shoot

Upper East

Phase 1

Phase 2

Extn. Potential

Shoot

Reserve

Au g/t

Replacement

Gena Conversion Area

2.5-5

Deep

5-10

Potential resource extn.

Central

>10

UGKD674

UGKD664

Open

UGKD666:

6m @ 2.65g/t

UGKD672:

No sig. intercept

UGKD681:

6m @ 8.03g/t

7m @ 2.50g/t

7m @ 4.38g/t

UGKD682:

9m @ 3.62g/t

UGKD688:

7m @ 2.66g/t

6m @ 30.43g/t

UGKD690:

6m @ 3.40g/t

7m @ 3.50g/t

6.08m @ 7.57g/t

UGKD687:

9m @ 11.35g/t

5.6m @ 3.81g/t

UGKD671:

5m @ 3.64g/t

6m @ 3.02g/t

6m @ 6.83g/t

Lower West

Potential Reserve

Extension

UGKD692 5m @ 2.35g/t 9m @ 4.58g/t

UGKD693 6m @ 2.96/t 5m @ 3.43g/t

19.7m @ 37.51g/t

UGKD665

Priority Targets

6m @ 4.82g/t

No sig intercept

Mid 2020 conversion

UGKD679

Deep

17m @ 3.44g/t

Q2 conversion drilling

EOY 2020 conversion

Deep

UGKD680

Scout drilling

Scout drilling in Q3

East

5.8m @ 4.01g/t

Centr

UGKD648

al

UGKD697

Current targets have capacity to replace 2020 and 2021 depletion

No sig intercept

17m @ 18.94g/t

In Q2, re-logging extended geological model 900m along strike,

UGKD655

7m @ 4.15g/t

covering Gena

5.4m @ 3.74g/t

UGKD695

Scout exploration drilling to test potential for extra resources

UGKD694A

8m @ 6.52g/t

11m @ 4.03g/t

Gena conversion drilling aims to inform a larger pit cutback decision

5.5m @ 22.57g/t

6m @ 2.40g/t

end of year 2020

iSee Appendix F for additional details including assay results for the significant intercepts

North Mara…Kofia target

Potential extension opportunity

Upper Westi

Initial scout drilling aims to extend

UGKD688

UGKD687

7m @ 2.66g/t

9m @ 11.35g/t

Gokona system 500m west of current

6m @ 30.43g/t

5.6m @ 3.81g/t

block model

UGKD690

UGKD671

Previous drilling 300m east of Kofia

6m @ 3.40g/t

5m @ 3.64g/t

7m @ 3.50g/t

6m @ 3.02g/t

returned strong mineralisation (Upper

6.08m @ 7.57g/t

6m @ 6.83g/t

West)

Kofia has Gokona style potassium

900m

feldspar alteration and the same host

Gokona

sequence (andesitic porphyry and

sediment). Chargeability anomalies

are located on the HW and FW

contacts

Good continuity mapped in geology,

alteration and geophysical response

Kofia Exploration Targetii

Upper Westi

Area: 500m strike x 350vm

Drillhole geology

Average TWiii: 5m (range 3.8m to 6.8m)

UGKD666:

UGKD681:

Potential Grades: 4g/t to 5g/t

6m @ 2.65g/t

6m @ 8.03g/t

Mafic Schist (MSC)

UGKD672:

7m @ 2.50g/t

Host Sequence (CAP + SED)

iiPotential grades are conceptual in nature and there has

No sig intercept

7m @ 4.38g/t

been insufficient exploration to define a mineral resource

UGKD682:

Volcanic Andesite (VAN)

at this time and it is uncertain that further exploration will

result in the target being delineated as a mineral resource.

9m @ 3.62g/t

iiiTrue width

iSee Appendix F for additional details including assay results for the significant intercepts

N

Nyabigena

600m

Tertiary Fault (dextral)

HW Contact (MSC)

FW Contact (VAN)

IP Chargeability Anomaly

Logged Alteration (A1 to A3)

Bulyanhulu and Buzwagi…

Tanzania

Bulyanhulu

On track to resume underground mining operations by end of 2020, in line with guidance

Shaft refurbishment scheduled to start in August

Buzwagi

Focus is on optimising throughput and managing grade from stockpile processing

Scout drilling to validate the exploration model for upside potential at depth has commenced, totaling 2,720m

Exports of Concentrate Stockpiled

Approximately 30% of concentrate shipped by end of Q2 with remainder shipped in Q3

First $100 million tranche of settlement paid to Government of Tanzania in May 2020

Bulyanhulu (84%)23

Q2 2020

Q1 2020

Q2 2019

Gold produced (oz 000)

7

7

6

Gold sold (oz 000)

30

7

6

Cost of sales ($/oz)7

1,658

1,685

1,217

Total cash costs ($/oz)8

950

686

525

All-in sustaining costs ($/oz)8

1,014

906

666

Buzwagi (84%)23

Q2 2020

Q1 2020

Q2 2019

Gold produced (oz 000)

20

22

19

Gold sold (oz 000)

56

24

20

Cost of sales ($/oz)7

909

1,373

1,198

Total cash costs ($/oz)8

751

1,275

1,099

All-in sustaining costs ($/oz)8

770

1,288

1,150

Central and East Africa…

Congo - Tanzania Craton

Central African

Republic

South Sudan

Kibali

Drilling in progress confirming presence at depth of plunging controls on mineralisation at KCD and satellite deposits

Kibali

Ngayu Belt

Democratic

Republic of

Congo

Gold deposits

Exploration focus

Greenstone Belt

Archean Granitoid

Phanerozoic

Proterozoic

Archean Gneiss

Uganda N

Lake

Kenya

Victoria

North Mara

Bulyanhulu

Buzwagi

Tanzania

Kalimva - deeper drilling scheduled to test for underground potential

Follow up work begins on regional anomalies outside the KZ trend

Tanzania

North Mara

Gokona drill results validate revised geology model and exceed grade expectations pointing to anticipated resource increase

District scale mapping and modelling reveals new target area

Nyabigena conversion drilling aims to inform a larger pit cutback decision end of year 2020

Bulyanhulu

Visible gold intersected ~400m below M&I resource

supporting down plunge continuity of high grade Deep

500km

West Shoots

Copper mines….

Lumwana, Zambia

Best quarterly production from Lumwana in several years

Production 13% higher than Q1 due to improved head grade, combined with solid throughput performance at the plant

Higher grades and cost control resulted in a 5% decrease in C1 cash costs per pound9 from Q1

Jabal Sayid, Saudi Arabia (50%)

Production in line with the prior quarter, delivering Q2 per pound costs below the bottom end of 2020 guidance

Concentrate filter expansion project to improve milling rates and availability continues to advance to completion for H2 2020

Zaldívar, Chile (50%)

Production lower than Q1 mainly due to lower grades and recoveries, partially offset by improved heap leach throughput

Chloride Leach Project - mobilisation of contractors ramped up in July with onsite activities expected to commence in August. Project remains on-budget with efforts underway to minimize delays due to Covid-19

Lumwana (100%)

Q2 2020

Q1 2020

Q2 2019

72

Copper produced (lbs million)

64

49

2.06

Cost of sales ($/lb)

1.94

2.07

1.55

C1 cash costs ($/lb)9

1.63

1.70

2.27

All-in sustaining costs ($/lb)9

2.26

2.78

Jabal Sayid (50%)

Q2 2020

Q1 2020

Q2 2019

20

Copper produced (lbs million)

20

16

1.41

Cost of sales ($/lb)7

1.28

1.45

1.14

C1 cash costs ($/lb)9

0.97

1.22

1.41

All-in sustaining costs ($/lb)9

1.11

1.31

Zaldívar (50%)

Q2 2020

Q1 2020

Q2 2019

28

Copper produced (lbs million)

31

32

2.52

Cost of sales ($/lb)7

2.39

2.32

1.79

C1 cash costs ($/lb)9

1.71

1.61

2.09

All-in sustaining costs ($/lb)9

1.99

1.85

Relative Share Price Performance…

Relative Share Price Performance

since merger with Randgold announced

Relative Share Price Performance YTD

300

Base = 100

275

Barrick 183%

250

225

200

175

150

125

100

Spot Gold 63%

GDX 132%

75

Sep-18

Jan-19

May-19

Sep-19

Jan-20

May-20

170

Base = 100

160

Barrick 59%

150

140

130

120

110

100

Spot Gold 29%

90

GDX 49%

80

70

60

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Market data as at July 28, 2020. Share price performance based in USD.

Source: Bloomberg Financial Markets

Endnotes

  1. Loss time injury frequency rate (LTIFR) is a ratio calculated as follows: number of loss time injuries x 1,000,000 hours divided by the total number of hours worked.
  2. Total reportable incident frequency rate (TRIFR) is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries.
  3. Class 1 - High Significance is defined as an incident that causes significant negative impacts on human health or the environment or an incident that extends onto publicly accessible land and has the potential to cause significant adverse impact to surrounding communities, livestock or wildlife.
  4. "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 operate without 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 comparable to 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 further details on this non-GAAP measure, please refer to page 80 of the MD&A accompanying Barrick's second quarter 2020 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
  5. "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 tax adjustments not related to current period earnings; unrealized gains (losses) on non-hedge derivative instruments; and the tax effect and non-controlling interest of these items. The Company uses this measure internally 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 a useful 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. Adjusted net 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 of performance 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-GAAP measures, please refer to page 79-80 of the MD&A accompanying Barrick's second quarter 2020 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
  6. A Tier One Gold Asset is a mine with a stated life in excess of 10 years, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.
  7. 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% Pueblo Viejo; 20% Loulo-Gounkoto; 10.3% Tongon; 16% North Mara, Bulyanhulu and Buzwagi starting January 1, 2020, the date the GoT's 16% free carried interest was made effective (36.1% from January 1, 2019 to September 30, 2019; notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1% in the income statement for the entirety of the third quarter of 2019 as a matter of convenience); 63.1% South Arturo from cost of sales from July 1, 2019 onwards as a result of its contribution to Nevada Gold Mines (and on a 40% basis from January 1, 2019 to June 30, 2019); and our proportionate share of cost of sales attributable to equity method investments (Kibali, and Morila until the second quarter of 2019), divided by attributable gold ounces. Also removes the non-controlling interest of 38.5% 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 sales applicable to copper including our proportionate share of cost of sales attributable to equity method investments (Zaldívar and Jabal Sayid), divided by consolidated copper pounds (including our proportionate share of copper pounds from our equity method investments).

Endnotes

  1. "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, but excludes 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 which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, sustaining leases, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and 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 with producing 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 overall Company 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 a standardized 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 gold mining companies from around 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 cash costs" 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. These measures 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 81-98 of the MD&A accompanying Barrick's second quarter 2020 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
  2. "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 and royalties and production taxes 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 assist investors, 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 to generate 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 additional information 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 in isolation 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 99-100 of the MD&A accompanying Barrick's second quarter 2020 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
  3. EBITDA is a non-GAAP financial measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. 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 capital expenditures. Management uses EBITDA for this purpose. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; other expense adjustments; unrealized gains on non-hedge derivative instruments; and the impact of the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. We believe these items provide a greater level of consistency with the adjusting items included in our Adjusted Net Earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they 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 our full business, including equity method investments, by excluding 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. EBITDA and adjusted EBITDA are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures of performance 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-GAAP measures, please refer to pages 101-102 of the MD&A accompanying Barrick's second quarter 2020 financial statements filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
  4. These amounts are presented on the same basis as our guidance and include our 60% share of Pueblo Viejo, 80% share of Loulo-Gounkoto, 89.7% share of Tongon, 45% share of Kibali, 40% share of Morila and 60% share of South Arturo (36.9% of South Arturo from July 1, 2019 onwards as a result of its contribution to Nevada Gold Mines), our 84% share of Tanzania starting January 1, 2020, the date the GoT's 16% free carried interest was made effective (63.9% share from January 1, 2019 to September 30, 2019; notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non- controlling interest of 36.1% in the income statement for the entirety of the third quarter of 2019 as a matter of convenience, and 100% share from October 1, 2019 to December 31, 2019) and our 50% share of Zaldívar and Jabal Sayid. Starting July 1, 2019, it also includes our 61.5% share of Nevada Gold Mines.

Endnotes

  1. On July 1, 2019, Barrick's Goldstrike and Newmont's Carlin were contributed to Nevada Gold Mines and are now referred to as Carlin. As a result, the amounts presented represent Goldstrike on a 100% basis (including our 60% share of South Arturo) up until June 30, 2019, and the combined results of Carlin and Goldstrike (including NGM's 60% share of South Arturo) on a 61.5% basis thereafter.
  2. On July 1, 2019, Cortez was contributed to Nevada Gold Mines, a joint venture with Newmont. As a result, the amounts presented are on an 100% basis up until June 30, 2019, and on a 61.5% basis thereafter.
  3. Amounts presented exclude capitalized interest.
  4. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2019, unless otherwise noted. Cortez Underground proven reserves of 959 thousand tonnes grading 9.61 g/t, representing 296 thousand ounces of gold; probable reserves of 11.2 million tonnes grading 10.1 g/t, representing 3.6 million ounces of gold; measured resources of 1.5 million tonnes grading 8.41 g/t, representing 397 thousand ounces of gold; indicated resources of 15.2 million tonnes grading 8.90 g/t, representing 4.3 million ounces of gold; inferred resources of 1.2 million tonnes grading 8.33 g/t, representing 313 thousand ounces of gold. Complete mineral reserve and resource data, including tonnes, grades, and ounces, as well as the assumptions on which the mineral reserves and resources for Barrick are reported (on an attributable basis), can be found on pages 119-129 of Barrick's Fourth Quarter and Year-End 2019 Report.
  5. Barrick owned 75% of Turquoise Ridge through the end of the second quarter of 2019, with our joint venture partner, Newmont, owning the remaining 25%. Turquoise Ridge was proportionately consolidated on the basis that the joint venture partners that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. The figures presented in this table are based on our 75% interest in Turquoise Ridge until June 30, 2019. On July 1, 2019, Barrick's 75% interest in Turquoise Ridge and Newmont's Twin Creeks and 25% interest in Turquoise Ridge were contributed to Nevada Gold Mines. Starting July 1, 2019, the results represent our 61.5% share of Turquoise Ridge and Twin Creeks, now referred to as Turquoise Ridge.
  6. Pueblo Viejo is accounted for as a subsidiary with a 40% non-controlling interest. The results in the table and the discussion that follows are based on our 60% share only.
  7. Barrick owns 50% of Veladero with our joint venture partner, Shandong Gold, owning the remaining 50%. Veladero is proportionately consolidated on the basis that the joint venture partners that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. The figures presented in this table and the discussion that follows are based on our 50% interest in Veladero inclusive of the impact of remeasurement of our interest in Veladero following the disposal of a 50% interest on June 30, 2017.
  8. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2019, unless otherwise noted. Alturas inferred resources of 260 million tonnes grading 1.1 g/t, representing 8.9 million ounces of gold. Complete mineral reserve and resource data, including tonnes, grades, and ounces, as well as the assumptions on which the mineral reserves and resources for Barrick are reported (on an attributable basis), can be found on pages 119-129 of Barrick's Fourth Quarter and Year-End 2019 Report.
  9. Barrick owns 47.5% of Porgera with our joint venture partners, Zijin Mining and Mineral Resources Enga, owning the remaining 47.5% and 5%, respectively. Porgera is proportionately consolidated on the basis that the joint venture partners that have joint control have rights to the assets and obligations for the liabilities relating to the arrangement. The figures presented in this table and the discussion that follows are based on our 47.5% interest in Porgera.
  10. 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 on the basis that Barrick controls the asset. The results in the table and the discussion that follows are based on our 80% share inclusive of the impact of the purchase price allocation resulting from the merger of Barrick and Randgold.

Endnotes

  1. Barrick owns 45% of Kibali Goldmines SA (Kibali) with the Democratic Republic of Congo ("DRC") and our joint venture partner, AngloGold Ashanti, owning 10% and 45%, respectively. Kibali is accounted for as an equity method investment on 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 this table and the discussion that follows are based on our 45% effective interest in Kibali inclusive of the impact of the purchase price allocation resulting from the merger of Barrick and Randgold.
  2. Formerly part of Acacia Mining plc. On September 17, 2019, Barrick acquired all of the shares of Acacia it did not own. The results are on a 63.9% basis until September 30, 2019 (notwithstanding the completion of the Acacia transaction on September 17, 2019, we consolidated our interest in Acacia and recorded a non-controlling interest of 36.1% in the income statement for the entirety of the third quarter of 2019 as a matter of convenience), on a 100% basis from October 1, 2019 to December 31, 2019 and on a 84% basis starting January 1, 2020, the date the GoT's 16% free carried interest was made effective.
  3. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2019, unless otherwise noted. Pueblo Viejo measured resources of 130 million tonnes grading 2.41 g/t, representing 10 million ounces of gold; indicated resources of 210 million tonnes grading 2.25 g/t, representing 15 million ounces of gold; inferred resources of 54 million tonnes grading 2.1 g/t, representing 3.7 million ounces of gold. Complete mineral reserve and resource data, including tonnes, grades, and ounces, as well as the assumptions on which the mineral reserves and resources for Barrick are reported (on an attributable basis), can be found on pages 119-129 of Barrick's Fourth Quarter and Year-End 2019 Report. Pueblo Viejo historical contained ounces processed of 51 million tonnes grading 4.81 g/t, representing 7.9 million ounces of gold.

Technical Information

The scientific and technical information contained in this press release has been reviewed and approved by Steven Yopps, MMSA, Manager of Growth Projects, Nevada Gold Mines; Craig Fiddes, SME-RM, Manager - Resource Modeling, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America and Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources Manager, Africa and Middle East; Rodney Quick, MSc, Pr. Sci.Nat, Mineral Resource Management and Evaluation Executive; 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 National Instrument 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 Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2019.

Appendix A - Carlin Trend Significant Intercept Tablei

Drill Results from Q2 2020

Core Drill Holeii

Width

Azimuth

Dip

Interval (m)

(m)iii

Au (g/t)

781.2

- 782.7

1.5

6.9

784.6

- 786.1

1.5

5.1

CGX-00076A

115

-75

807.4

- 810.5

3.1

5.5

825.7

- 847.0

21.3

35.3

898.2

- 901.9

3.7

9.0

908.3

- 909.2

0.9

7.4

842.5

- 847.7

5.2

10.9

PGX-20002iv

9

-68

850.7

- 854.4

3.7

9.4

911.1

- 912.6

1.5

9.1

914.1

- 915.6

1.5

5.5

LBB-20002

0

-90

980.4

- 983.5

3.1

7.3

1059.0

- 1060.5

1.5

5.2

  1. 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
  2. Carlin Trend drill hole nomenclature: Project area (CGX - Leeville, PGX - Post-Gen, LBB - Little Boulder Basin) followed by the year (20 for 2020) then hole number
  3. True width of intercepts are uncertain at this stage
  4. Partial results received; results pending from 145-819 m and 977-1053 m

The drilling results for the Carlin Trend contained in this presentation have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Carlin Trend conform to industry accepted quality control methods.

Appendix B - CHUG Significant Intercept Tablei

Drill Results from Q2 2020

Core Drill Holeii

Azimuth

Dip

Interval (m)

Width (m)iii

Au (g/t)

CHMX-051

262.3

-42.9

276.1-305.7

29.6

8.64

CHMX-052

263.4

-47.3

276.8-289.6

12.8

7.95

296.0-314.6

18.6

4.94

  1. All intercepts calculated using a 3.43 g/t Au cutoff and are uncapped; minimum intercept width is 3.0 m; maximum dilution is 6.1m
  2. Cortez Hills Underground drill hole nomenclature: CHMX (Cortex Hills Minex) with no designation of the year
  3. True width of intercepts are uncertain at this stage

The drilling results for the Cortez property contained in this presentation have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Cortez property conform to industry accepted quality control methods.

Appendix C - Fourmile Significant Intercept Tablei

Drill Results from Q2 2020

Width

Core Drill Holeii

Azimuth

Dip

Interval (m)

(m)iii

Au (g/t)

FM20-153Dv

73

-80

1177.8 - 1182.5

4.7

41.5

1388.7

- 1390.1

1.4

14.6

FM20-154D

42

-84

1406.4

- 1415.8

9.4

17.9

1419.5

- 1421.0

1.5

24.0

1424.6

- 1425.5

0.9

16.0

FM20-156D

128

-81

no significant intercept

FM20-158D

78

-73

794.1

- 802.5

8.4

21.5

1153.2

- 1154.1

0.9

10.6

FM20-159Div

23

-76

no significant intercept

FM20-160Div

121

-71

588.6

- 593.8

5.2

10.6

597.7

- 599.2

1.5

5.6

602.3

- 606.2

3.9

7.3

1151.5

- 1153.0

1.5

30.3

FM20-161Div

98

-84

1157.0

- 1159.4

2.4

15.1

1169.7

- 1172.6

2.9

13.1

1232.8

- 1236.0

3.2

10.5

FM20-165Div

88

-80

1503.7

- 1505.2

1.5

28.6

  1. 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
  2. Fourmile drill hole nomenclature: FM (Fourmile) followed by the year (20 for 2020)
  3. True width of intercepts are uncertain at this stage
  4. Partial results received
  5. Partial results reported in Q1

The drilling results for the Fourmile property contained in this presentation have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by an independent laboratory, ALS Minerals. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Fourmile property conform to industry accepted quality control methods.

Appendix D - Alturas/Del Carmen Significant Intercept Tablei

Drill Results from Q1 2020

Drill Holeii

Azimuth

Dip

Interval (m)

Width (m)iii

Au (g/t)

DDH-DCA-033

90

-70

157-228

71

1.56

DDH-DCA-040

90

-70

211

239

3.38

  1. All significant intercepts reported at 0.25 g/t Au cutoff; include reported at 1 g/t Au cutoff, sub-include at 3 g/t Au cutoff. Internal dilution of no more than 10 consecutive meters below cut-off included in the calculation.
  2. Alturas/Del Carmen drill hole nomenclature: DDH/RC (Diamond Drillhole or Reverse Core), DCA (Del Carmen - Alturas project code) and a consecutive number.
  3. True widths uncertain at this stage. Minimum intercept length 10m.

The drilling results for the Alturas/Del Carmen project contained in this presentation have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by ALS Minerals, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Alturas/Del Carmen project conform to industry accepted quality control methods.

Appendix E - Loulo-Gounkoto Significant Intercept Tablei

Drill Results from Q1 & Q2 2020

Lode

Drill Holeii

Azimuth

Dip

Interval (m)

Width (m)iii

Au (g/t)

DB-1

DB1RC002

226.00

-52.00

12-18

6.00

4.12

DB-1

DB1RC003

228.36

-52.36

113-117

4.00

1.35

DB-1

DB1RC003

228.36

-52.36

128-136

8.00

3.35

DB-1

DB1RC004

225.88

-53.73

192-196

4.00

2.68

DB-1

DB1RC004

225.88

-53.73

210-213

3.00

0.60

DB-1

DB1RC004

225.88

-53.73

216-218

2.00

1.28

DB-1

DB1RC004

225.88

-53.73

222-234

12.00

0.96

DB-1

DB1RC007

225.69

-52.79

108-117

9.00

3.42

DB-1

DB1RC014

229.40

-51.25

255-262

7.00

7.23

DB-1

DB1RC016

231.32

-52.78

25-27

2.00

0.99

DB-1

DB1RC016

231.32

-52.78

30-32

2.00

0.85

DB-1

DB1RC017

228.00

-51.00

69-73

4.00

0.62

DB-1

DB1RC017

228.00

-51.00

76-78

2.00

0.58

DB-1

DB1RC017

228.00

-51.00

92-95

3.00

0.83

DB-1

DB1RC018

227.40

-52.11

71-76

5.00

1.68

DB-1

DB1RC018

227.40

-52.11

199-204

5.00

0.98

DB-1

DB1RC018

227.40

-52.11

215-217

2.00

1.19

Loulo 3

L3DH242

227.18

-61.61

196.1-206.4

10.30

3.30

Loulo 3

L3DH242

227.18

-61.61

210.2-215.3

5.10

3.06

Loulo 3

L3DH242

227.18

-61.61

251.8-255.55

3.75

4.25

Loulo 3

L3DH244

224.04

-64.57

108.45-114.3

5.85

3.28

Loulo 3

L3DH244

224.04

-64.57

117.7-123.15

5.45

5.61

Loulo 3

L3DH246

228.08

-60.40

193.3-195.5

2.20

0.92

Loulo 3

L3DH247

225.31

-60.46

372.7-375.95

3.25

0.74

Loulo 3

L3DH248

239.01

-54.84

320.3-325.75

5.45

1.95

Loulo 3

L3DH248

239.01

-54.84

327.55-331.65

4.10

1.31

Loulo 3

L3DH248

239.01

-54.84

334.95-339.2

4.25

0.61

Loulo 3

L3DH248

239.01

-54.84

342.05-346.8

4.75

1.53

Loulo 3

L3DH248

239.01

-54.84

354.95-361.75

6.80

2.82

Loulo 3

L3DH248

239.01

-54.84

362.9-365.85

2.95

4.70

  1. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; internal dilution is equal to or less than 2m total width.
  2. Loulo - Gounkoto drill hole nomenclature: prospect initial Y/YA (Yalea), L3 (Loulo 3), DB1 (Domain Boundary 1) followed by type of drilling RC (Reverse Circulation) and DH (Diamond Drilling).
  3. True widths uncertain at this stage.

The drilling results for the Loulo-Gounkoto property contained in this presentation have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Loulo property conform to industry accepted quality control methods.

Appendix E - Loulo-Gounkoto Significant Intercept Tablei

Drill Holeii

Drill Results from Q1 & Q2 2020

Width (m)iii

Lode

Azimuth

Dip

Interval (m)

Au (g/t)

Loulo 3

L3DH248

239.01

-54.84

368.45-374.2

5.75

3.72

Loulo 3

L3DH249

247.46

-62.43

308-310

2.00

2.84

Loulo 3

L3DH249

247.46

-62.43

313.5-316.85

3.35

0.79

Loulo 3

L3DH249

247.46

-62.43

320.95-340.2

19.25

6.06

Loulo 3

L3DH250

228.10

-50.90

322-346.8

24.80

7.51

Loulo 3

L3DH251B

214.00

-59.37

570.65-579.05

8.40

2.27

Loulo 3

L3DH251B

214.00

-59.37

581.25-587.35

6.10

5.81

Loulo 3

L3DH252B

235.28

-52.12

218.8-222.55

3.75

1.74

Loulo 3

L3DH252B

235.28

-52.12

234-237.95

3.95

0.57

Loulo 3

L3DH252B

235.28

-52.12

240.8-243.45

2.65

0.52

Loulo 3

L3DH253

258.08

-49.80

256.6-263.4

6.80

2.08

Loulo 3

L3DH254

245.15

-73.33

358.6-363.3

4.70

10.52

Loulo 3

L3DH254

245.15

-73.33

365.4-367.6

2.20

6.45

Loulo 3

L3DH265

217.16

-61.14

594.95-620.1

25.15

3.12

Loulo 3

L3DH265

217.16

-61.14

622-628.85

6.85

5.81

Loulo 3

L3DH265

217.16

-61.14

633.85-638.3

4.45

3.40

Loulo 3

L3DH267

226.35

-60.68

342.5-345.9

3.40

1.26

Loulo 3

L3DH267

226.35

-60.68

359.9-363.8

3.90

4.73

Loulo 3

L3DH270

223.29

-60.83

434.7-440.05

5.35

2.46

Transfer Zone

YADH103

72.53

-70.76

1089.65-1100

10.35

2.86

Transfer Zone

YADH103

72.53

-70.76

1102-1115

13.00

4.40

Transfer Zone

YADH103

72.53

-70.76

1131-1140.7

9.70

1.50

Transfer Zone

YADH103

72.53

-70.76

1143.2-1147

3.80

3.33

Transfer Zone

YADH103

72.53

-70.76

1175.2-1178

2.80

0.70

Transfer Zone

YADH148

68.00

-61.00

920.8-932.3

11.50

1.85

Transfer Zone

YADH156

67.00

-60.00

970.7-985

14.30

2.63

Transfer Zone

YADH160

68.89

-62.20

988.3-995.2

6.90

5.19

Transfer Zone

YADH40

78.62

-67.61

874.8-881

6.20

4.31

Transfer Zone

YADH43

76.00

-74.00

836.7-844

7.30

7.24

Transfer Zone

YADH44

77.00

-73.00

836-842

6.00

1.91

  1. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; internal dilution is equal to or less than 2m total width.
  2. Loulo - Gounkoto drill hole nomenclature: prospect initial Y/YA (Yalea), L3 (Loulo 3), DB1 (Domain Boundary 1) followed by type of drilling RC (Reverse Circulation) and DH (Diamond Drilling).
  3. True widths uncertain at this stage.

The drilling results for the Loulo-Gounkoto property contained in this presentation have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Loulo property conform to industry accepted quality control methods.

Appendix E - Loulo-Gounkoto Significant Intercept Tablei

Drill Holeii

Drill Results from Q1 & Q2 2020

Width (m)iii

Lode

Azimuth

Dip

Interval (m)

Au (g/t)

Transfer Zone

YADH44

77.00

-73.00

845-850.5

5.50

2.20

Transfer Zone

YADH44

77.00

-73.00

851.3-861.5

10.20

5.28

Transfer Zone

YADH56

75.19

-67.11

745.7-749.1

3.40

0.75

Transfer Zone

YADH56

75.19

-67.11

780-783.8

3.80

0.79

Transfer Zone

YADH56

75.19

-67.11

792.8-796

3.20

1.01

Transfer Zone

YADH56

75.19

-67.11

806.77-826.9

20.13

20.86

Transfer Zone

YADH57

75.29

-65.77

825-830.7

5.70

0.67

Transfer Zone

YADH57

75.29

-65.77

834.6-849.95

15.35

5.21

Transfer Zone

YADH59

69.94

-79.28

868.2-890

21.80

3.36

Transfer Zone

YADH60

57.00

-72.00

1097.8-1110.6

12.80

5.51

Transfer Zone

YADH60

57.00

-72.00

1112.8-1115.2

2.40

0.81

Transfer Zone

YADH60

57.00

-72.00

1131-1133.1

2.10

1.37

Transfer Zone

YADH60

57.00

-72.00

1136.45-1141

4.55

5.50

Transfer Zone

YADH60

57.00

-72.00

1143.1-1154

10.90

5.95

Transfer Zone

YADH60

57.00

-72.00

1155.15-1163

7.85

2.31

Transfer Zone

YADH61

74.00

-65.00

911-926.4

15.40

6.88

Transfer Zone

YADH63

58.00

-66.00

1192.4-1209.8

17.40

15.68

Transfer Zone

YADH63

58.00

-66.00

1211-1213.7

2.70

1.29

Transfer Zone

YADH63

58.00

-66.00

1233.8-1236.3

2.50

4.74

Transfer Zone

YADH63

58.00

-66.00

1244.95-1249.1

4.15

6.22

Transfer Zone

YADH64

70.00

-68.00

1028.8-1054.2

25.40

4.61

Transfer Zone

YADH64

70.00

-68.00

1055.4-1073.2

17.80

3.22

Transfer Zone

YADH65

71.40

-69.60

1038.8-1048.3

9.50

2.07

Transfer Zone

YADH65

71.40

-69.60

1051.3-1054.8

3.50

0.68

Transfer Zone

YADH65

71.40

-69.60

1057.2-1075.2

18.00

1.84

Transfer Zone

YADH65

71.40

-69.60

1080.9-1083

2.10

2.62

Transfer Zone

YADH65

71.40

-69.60

1095.6-1101

5.40

1.85

Transfer Zone

YADH65

71.40

-69.60

1113-1115.1

2.10

1.25

Transfer Zone

YADH71

262.21

-5.19

882-884

2.00

0.84

Transfer Zone

YADH71

262.21

-5.19

892.25-895

2.75

1.65

  1. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; internal dilution is equal to or less than 2m total width.
  2. Loulo - Gounkoto drill hole nomenclature: prospect initial Y/YA (Yalea), L3 (Loulo 3), DB1 (Domain Boundary 1) followed by type of drilling RC (Reverse Circulation) and DH (Diamond Drilling).
  3. True widths uncertain at this stage.

The drilling results for the Loulo-Gounkoto property contained in this presentation have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Loulo property conform to industry accepted quality control methods.

Appendix E - Loulo-Gounkoto Significant Intercept Tablei

Drill Holeii

Drill Results from Q1 & Q2 2020

Width (m)iii

Lode

Azimuth

Dip

Interval (m)

Au (g/t)

Transfer Zone

YADH71

262.21

-5.19

900.8-911.2

10.40

10.72

Transfer Zone

YADH71

262.21

-5.19

912-921

9.00

1.21

Transfer Zone

YADH71

262.21

-5.19

925-928.6

3.60

0.67

Transfer Zone

YADH71

262.21

-5.19

1031.9-1044.6

12.70

4.68

Transfer Zone

YADH71

262.21

-5.19

1045.45-1059

13.55

3.08

Transfer Zone

YADH72

66.00

-63.00

954.75-963.4

8.65

2.70

Transfer Zone

YADH72

66.00

-63.00

978.7-983.3

4.60

0.93

Transfer Zone

YADH72

66.00

-63.00

984.37-987.6

3.23

0.55

Transfer Zone

YADH72

66.00

-63.00

988.8-995

6.20

0.59

Transfer Zone

YADH75

257.69

-79.37

819.5-835

15.50

2.27

Transfer Zone

YADH75

257.69

-79.37

915.81-929

13.19

3.15

Transfer Zone

YADH75

257.69

-79.37

946-950

4.00

3.68

Transfer Zone

YADH75

257.69

-79.37

955-970

15.00

1.92

Transfer Zone

YADH75

257.69

-79.37

982-984.9

2.90

0.94

Transfer Zone

YADH75

257.69

-79.37

986-990

4.00

2.76

Transfer Zone

YADH75

257.69

-79.37

995-1018

23.00

11.84

Transfer Zone

YADH75

257.69

-79.37

1025-1029

4.00

1.01

Transfer Zone

YADH75

257.69

-79.37

1044-1058

14.00

2.66

Transfer Zone

YADH75

257.69

-79.37

1067-1073

6.00

3.00

Transfer Zone

YADH75

257.69

-79.37

1076.7-1084

7.30

7.98

Transfer Zone

YADH99

74.20

-83.90

903-969

66.00

4.83

Transfer Zone

YADH99

74.20

-83.90

970-998

28.00

4.10

Transfer Zone

YADH99

74.20

-83.90

1009-1012

3.00

2.21

Transfer Zone

YADH99

74.20

-83.90

1014.4-1018.8

4.40

4.95

Transfer Zone

YDH292

244.70

-72.10

1061-1066.3

5.30

1.46

Transfer Zone

YDH295

57.85

-67.69

975.2-981.6

6.40

4.96

Transfer Zone

YDH297

50.49

-77.32

1102.05-1117

14.95

7.34

Transfer Zone

YDH297

50.49

-77.32

1117.9-1126.6

8.70

5.22

Transfer Zone

YDH298

59.22

-75.37

1116.7-1126.75

10.05

3.06

Transfer Zone

YDH298

59.22

-75.37

1162.5-1165.3

2.80

0.70

Transfer Zone

YDH298

59.22

-75.37

1197.5-1201.5

4.00

7.01

  1. All intercepts calculated using a 0.5 g/t Au cutoff and are uncapped; minimum intercept width is 2m; internal dilution is equal to or less than 2m total width.
  2. Loulo - Gounkoto drill hole nomenclature: prospect initial Y/YA (Yalea), L3 (Loulo 3), DB1 (Domain Boundary 1) followed by type of drilling RC (Reverse Circulation) and DH (Diamond Drilling).
  3. True widths uncertain at this stage.

The drilling results for the Loulo-Gounkoto property contained in this presentation have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and re-checked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Loulo property conform to industry accepted quality control methods.

Appendix F - North Mara Gokona Significant Intercept Tablei, ii

Gokona Upper East Ext - Resource conversion drilling - Q2 2020

Location

Type

Drill Holeiii

Azimuth

Dip

Interval (m)

Width (m)iv

Au (g/t)

DDC1

DDH

UGKD674

39.41

-29.7

108.8

128.5

19.7

37.51

DDC1

DDH

UGKD674

39.41

-29.7

131

137

6

4.82

DDC1

DDH

UGKD679

31.85

-37.8

112

129

17

3.44

DDC1

DDH

UGKD680

39.71

-37.5

116.2

122

5.8

4.01

DDC1

DDH

UGKD664

18.99

-13.72

No significant intercept

DDC1

DDH

UGKD665

19.1

-25.58

No significant intercept

Gokona Upper West - Resource conversion drilling - Q2 2020

Location

Type

Drill Holeiii

Azimuth

Dip

Interval (m)

Width (m)iv

Au (g/t)

DDC7

DDH

UGKD666

286.71

-41

222

228

6

2.65

DDC7

DDH

UGKD671

354.3

-81

189

194

5

3.64

DDC7

DDH

UGKD671

354.3

-81

405

411

6

3.02

DDC7

DDH

UGKD671

354.3

-81

415

421

6

6.83

DDC7

DDH

UGKD690

330.1

-75

210

216

6

3.4

DDC7

DDH

UGKD690

330.1

-75

218

225

7

3.50

DDC7

DDH

UGKD690

330.1

-75

308.92

315

6.08

7.57

DDC7

DDH

UGKD681

354.3

-70

96

102

6

8.03

DDC7

DDH

UGKD681

354.3

-70

249

256

7

2.5

DDC7

DDH

UGKD681

354.3

-70

258

265

7

4.38

DDC7

DDH

UGKD682

282

-77

280

289

9

3.62

DDC7

DDH

UGKD687

340.1

-78

322

331

9

11.35

DDC7

DDH

UGKD687

340.1

-78

354

359.6

5.6

3.81

DDC7

DDH

UGKD688

294.4

-87

186

193

7

2.66

DDC7

DDH

UGKD688

294.4

-87

245

251

6

30.43

DDC7

DDH

UGKD672

354.3

-84

No significant intercepts

  1. All intercepts calculated at 1.9g/t Au cut-off grade as a rounded marginal cut-off for resource at US$1,500/oz.
  2. Capping at 100 g/t Au on the raw data, with minimum of 5m intercept above 1.9 g/t Au, with at least 60% of the resulting intercepts above 1.9 g/t Au cut-off.
  3. North Mara - Gokona drill hole nomenclature: U = Underground, prospect initial GK (Gokona), followed by type of drilling D (Diamond Drilling).
  4. True widths uncertain at this stage.

The drilling results for the Gokona Infill program contained in this presentation have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. All drill hole assay information has been manually reviewed and approved by staff geologists and rechecked by the project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory. Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the laboratory. The quality assurance procedures, data verification and assay protocols used in connection with drilling and sampling on the Gokona property conform to industry accepted quality control methods.

Appendix F - North Mara Gokona Significant Intercept Tablei, ii

Location Type

DDC4 DDH

DDC5 DDH

DDC5 DDH

DDC5 DDH

DDC5 DDH

DDC5 DDH

DDC5 DDH

Location Type

Gokona Deep Central - Extension drilling - Q2 2020

i.

All intercepts calculated at 1.9g/t Au cut-off grade as a rounded marginal cut-off for resource at

Drill Holeiii

Azimuth

Dip

Interval (m)

US$1,500/oz.

Width (m)iv

Au (g/t)

UGKD685

351.2

-65

367.6

373

5.4

3.74

ii.

Capping at 100 g/t Au on the raw data, with minimum of 5m intercept above 1.9 g/t Au, with at least

60% of the resulting intercepts above 1.9 g/t Au cut-off.

UGKD692

315.9

-78

201

206

5

2.35

iii.

North Mara - Gokona drill hole nomenclature: U = Underground, prospect initial GK (Gokona),

followed by type of drilling D (Diamond Drilling).

UGKD692

315.9

-78

253

262

9

4.58

iv.

True widths uncertain at this stage.

UGKD693

328.2

-73

121

127

6

2.96

The drilling results for the Gokona Infill program contained in this presentation have been prepared in

accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. All drill hole

UGKD693

328.2

-73

304

309

5

3.43

assay information has been manually reviewed and approved by staff geologists and re-checked by the

project manager. Sample preparation and analyses are conducted by SGS, an independent laboratory.

UGKD694A

326.39

-79.4

247.5

253

5.5

22.57

Industry accepted best practices for preparation and fire assaying procedures are utilized to determine gold

content. Procedures are employed to ensure security of samples during their delivery from the drill rig to the

UGKD648

352.9

-62.63

No significant intercepts

laboratory. The quality assurance procedures, data verification and assay protocols used in connection with

drilling and sampling on the Gokona property conform to industry accepted quality control methods.

Gokona Deep East - Extension drilling - Q2 2020

Drill Holeiii

Azimuth

Dip

Interval (m)

Width (m)iv

Au (g/t)

DDC1

DDH

UGKD695

356.2

-68

229

237

8

6.52

DDC1

DDH

UGKD695

356.2

-68

291

302

11

4.03

DDC1

DDH

UGKD695

356.2

-68

304

310

6

2.4

DDC1

DDH

UGKD697

356.2

-71

242

259

17

18.94

DDC1

DDH

UGKD697

356.2

-71

300

307

7

4.15

DDC1

DDH

UGKD686

27.8

-49

No significant intercepts

Disclaimer

Barrick Gold Corporation published this content on 10 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2020 14:43:05 UTC

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