North America. Catherine Raw COO North America

Transcription

1 North America Catherine Raw COO North America

2 Barrick North America Gold assets Copper Assets Greenfields Projects KCGM (50%) Porgera (47.5%) Donlin Gold (50%) Turquoise Ridge (75%) 43% of Barrick s 2017 production 35% Barrick s 2017 M&I resources 2 Tier One Gold assets 1 2 Potential Tier One Gold assets 1 Legal, Permitting & Closure Operational Excellence Safety, Environment & Assurance Golden Sunlight COO North America Hemlo Barrick Nevada (Goldstrike & Cortez) Goldrush/Fourmile Pueblo Viejo (60%) Lagunas Norte Massawa (83.3%) Mineral Resource Management Zaldívar (50%) Norte Abierto (50%) Pascua-Lama Veladero (50%) Alturas Government Projects Site GMs Affairs Jabal Sayid (50%) Loulo-Gounkoto (80%) Morila (40%) Tongon (89.7%) Kibali (45%) Acacia (63.9%) Lumwana 1. A Tier One Gold Asset is a mine with a stated life in excess of 10 years with 2017 production of at least 500,000 ounces of gold and 2017 total cash cost per ounce within the bottom half of Wood Mackenzie s cost curve tools (excluding state-owned and privately-owned mines). For more information, see Endnote #2.

3 Regional Strategy 2019 Focus Areas Improve operational performance Deliver on project execution Reduce overheads Projects in Execution Improve orebody knowledge Progress and build on project pipeline Develop holistic Nevada strategy Current Status Capex Turquoise Ridge 3rd Shaft 2 Surface Earthworks $ M 2 Earthworks + Shaft Sinking Shaft Equipping Production Lifespan to beyond 2034 Goldrush Feasibility ~$1.0B Decline Construction Feasibility and Permitting Construction/ Initial Production Production Lifespan to 2042 Cortez Deep South 1 Feasibility ~$100M Decline Construction Permitting Construction Initial Production Production Lifespan to 2028 Earlier stage project pipeline Nevada Processing Expansion Nevada (Preliminary Economic Assessment) Cortez Robertson Nevada (Pre-feasibility) Fourmile Nevada (Exploration) 1. See Endnote #3 2. On an attributable basis (75%). See Endnote #4 Hemlo Life Extension Ontario (MinEx, Optimization) Donlin Gold Alaska (Permitting, Optimization)

4 Nevada Endowment

5 Barrick s Nevada operations in context Twin Creeks Turquoise Ridge Goldstrike (Barrick Nevada) Carlin North (Carlin Operations) Long Canyon Lone Tree (Phoenix) Boulder Valley Road Carlin South (Carlin Operations) Dunphy terminal Emigrant (Carlin Operations) Phoenix Robertson (Cortez - BNV) Railroad-Pinion Newmont McCoy-Cove Mill Creek Road Cortez (Barrick Nevada) Goldrush (Cortez BNV) Barrick Sprott Other Interstate 80 Road Mine Heap Leach Union Pacific Railway Plant SX-EW Rail siding

6 Unlocking Nevada s Potential Cortez Stockpiles Cortez Property Cortez UG CURRENT ORE SOURCES Goldstrike Property Cortez OP Goldstrike OP Goldstrike UG Goldstrike Stockpiles Roaster Roaster CURRENT PROCESSING OPTIONS Oxide Heap Leach Heap Leach Oxide Mill/CIL Roaster Autoclave NEVADA PROCESS EXPANSION Autoclave FUTURE ORE SOURCES Goldrush Cortez District Turquoise Ridge UG Potential Partnerships Autoclave

7 Barrick Nevada Operating Results 2017 Reserves 2 Proven Probable Total Contained A 2016A 2017A m Gold Production (koz) 2,052 2,155 2,312 1,480 COS (US$/oz) AISC (US$/oz) Cash costs (US$/oz) Strategy Operational improvement through roll out of SIC, automation and applying AI to processing Improving orebody knowledge to improve planning and provide foundations for Nevada growth strategy Major Growth Projects Cortez Deep South: ~300koz pa of sustained production at Cortez Hills from Draft EIS published, RoD due H As at end Q3 18, spent US31M of US$106M initial capex Goldrush: Potential Tier 1 Gold Asset, ~500koz pa sustained production from ~2023. HCCEUP exploration decline development underway; as of end Q3 18, spent US$33M. Potential to increase value through increasing resource Nevada Processing Expansion (NPE): Studying processing facility expansion in the region to unlock district potential Goldstrike Cortez 6.0Moz (3.46g/t, 54.0Mt) 0.9Moz (1.46g/t, 19.1Mt) 2.4Moz (5.44g/t, 13.8Mt) 9.2M oz (1.92g/t, 148.8Mt) Goldrush - 1.5Moz (8.12g/t, 5.7Mt) South Arturo (60%) 0.2Moz (3.28g/t, 2.3Mt) 0.1Moz (2.52g/t, 1.6Mt) 8.4Moz 10.1Moz 1.5Moz 0.4Moz 2017 Resources 2 Measured Indicated M&I Goldstrike Cortez Goldrush South Arturo (60%) 0.6Moz (5.99g/t, 3.3Moz) 0.2Moz (1.88g/t, 2.6Mt) 0.05Moz (10.44g/t, 0.1Mt) 0.1Moz (1.19g/t, 2.9Mt) 1.0Moz (4.75g/t, 6.2Mt) 1.7Moz (1.85g/t, 28.8Mt) 9.4Moz (9.27g/t, 31.4Mt) 0.3Moz (1.12g/t, 8.4Mt) 1.6Moz 1.9Moz 9.4Moz 0.4Moz 1. These are non-gaap financial measures with no standardized meaning under IFRS. For further information see Note 1 of Appendix A 2. See Endnote #1 3. See Endnote #2 4. Numbers may not add due to rounding

8 Turquoise Ridge (75%) Operating Results 2017 Reserves 2 Proven Probable Total Contained A 2016A 2017A m Gold Production (koz) COS (US$/oz) AISC (US$/oz) Cash costs (US$/oz) Turquoise Ridge (75%) 3.5Moz (15.56g/t, 7.1Mt) 2.3Moz (15.48g/t, 4.7Mt) 5.9Moz 2017 Resources 2 Measured Indicated M&I Turquoise Ridge (75%) 0.9Moz (9.03g/t, 2.9Mt) 0.7Moz (9.37g/t, 2.2Mt) 1.5Moz Strategy Become a Tier 1 Gold Asset 3 through growing production, increasing mechanization, innovation and growing resource Growth Projects 3 rd Shaft: improve access to North Zone. Adds koz production from ~2022 As of September 30, spent $59M out of a total estimated capital cost of $ M (100% basis) Orebody remains open at depth, with further mineral potential identified through minex drilling 1. These are non-gaap financial measures with no standardized meaning under IFRS. For further information see Note 1 of Appendix A 2. See Endnote #1 3. See Endnote #2 4. Numbers may not add due to rounding

9 Hemlo Operating Results 2017 Reserves 2 Proven Probable Total Contained 2015A 2016A 2017A m Gold Production (koz) COS (US$/oz) AISC (US$/oz) Cash costs (US$/oz) Hemlo 0.1Moz (3.66g/t, 0.9Mt) 1.7Moz (2.16g/t, 24.0Mt) 1.8Moz 2017 Resources 2 Measured Indicated M&I Hemlo 0.1Moz (2.67g/t, 1.1Mt) 1.8Moz (1.36g/t, 40.2Mt) 1.9Moz Strategy Improve operational efficiencies, particularly underground, to bring down cost structure UG ramp up in production from 1.2mtpa to 1.9mtpa over next four years Tailings expansion required to enable production Highly prospective to the west of existing operations, with recent 2018 drill results indicating favourable geology with potentially economic drill intercepts In Q3, purchased 2.5% gross royalty for US$14.9m from Newmont meaning growth potential to the west is now royalty free 1. These are non-gaap financial measures with no standardized meaning under IFRS. For further information see Note 1 of Appendix A 2. See Endnote #1

10 Donlin Gold (50%) 2017 Resources 1 Measured Indicated Measured & Indicated Inferred Donlin Gold (50%) 0.3Moz (2.52g/t, 3.9Mt) 19.2Moz (2.24g/t, 266.8Mt) 19.5Moz 3.0Moz (2.02g/t, 46.1Mt) Ownership: Barrick and NovaGold (50% each) Project Location: Located 450 km W of Anchorage, Alaska. Remote project with access by river and air Mining: Open-pit truck and shovel Processing: Sulfide flotation, pressure oxidation (POX), carbon-inleach recovery (CIL), fully lined tailings storage facility, surplus water treatment and discharge Permitting: Received Record of Decision (RoD) in August 2018, concluding 6 years of federal permitting Current activity: Barrick and NOVAGOLD focusing on project review 1. See Endnote #1

11 Latin American & Australia Pacific Operations Mark Hill COO Latin America and Australia Pacific

12 Organizational Structure COO LATAM & Australia Pacific Site General Managers Country Managers Project Director Chief Financial Officer Mineral Resource Manager Legal & Joint Ventures Pueblo Viejo P E R U C H I L E Lagunas Norte Pierina Zaldívar A R G E N T I N A KCGM Porgera Pascua-Lama Alturas Norte Abierto Veladero Legend Operating Mine Development Project

13 Regional Strategy 2019 Key Focus Areas Drive down cost structure Improve LTO in Latin America and PNG Divestment of non core assets Pursue organic growth opportunities within the El Indio belt Continue to develop project pipeline Operational Excellence Veladero Develop into a Tier 1 asset post phase 6 expansion Pueblo Viejo Increase LOM margins by maintaining production profile Expand reserve base Porgera Obtain Special Mining Lease Extension Pascua Lama Minimize current liability and holding costs Explore and partner on alternative development options

14 Pueblo Viejo 1 Historical Operating Results (60%) 2015A 2016A 2017A Q3/18 YTD Gold Production (koz) Gold Cost of Sales ($/oz) Gold Cash Costs ($/oz) Gold AISC ($/oz) Reserves 3 (60%) Major Growth Projects: Pre-oxidation heap leach and flotation concentrator plant expansion, increasing ore feed +50% and bringing ounces and cash flow forward Supporting tailings expansion to allow for additional resource to reserve conversion (~7Mozs) Quisqueya 1 Power Plant conversion to NG; sell excess 80 MW capacity back to grid Strategy: Completion of plant PFS for internal review by end of 2019 New Bonao substation & plant connection H Maintain high production levels for 10+ years while continuing to reduce cost structures and evaluate future growth options 1. See Endnote #5. 2. These are non-gaap financial measures with no standardized meaning under IFRS. For further information, see Note 1 of Appendix A. 3. See Endnote #1. Proven 5.3 Moz (2.67 g/t, 62.1M tonnes) Probable 1.9 Moz (3.06 g/t, 19.2M tonnes) 2017 Resources 3 (60% - exclusive of 2P) Measured 0.6 Moz (2.39 g/t, 7.8M tonnes) Indicated 7.5 Moz (2.47 g/t, 93.9M tonnes) Pilot pre-oxidation pad construction Quisqueya 1 Power Plant

15 1. Figures are stated on a 100% basis until June 30, 2017 and on a 50% basis thereafter. 2. These are non-gaap financial measures with no standardized meaning under IFRS. For further information, see Note 1 of Appendix A. 3. See Endnote #1. Veladero Historical Operating Results (50%) A 2016A 2017A Q3/18 YTD Gold Production (koz) Gold Cost of Sales ($/oz) ,027 Gold Cash Costs ($/oz) Gold AISC ($/oz) Reserves 3 (50%) Major Growth Projects: Phases 6-9 expansion of heap leach pad Cuatro Esquinas conversion from resources to reserves Potential for additional satellite ore bodies around Pecos-Las Brujas and Corion Strategy: Successful construction of Phase 6 pad expansion commence operations in H Improve pressure and flow capacity of leach pad to ensure maximum drawdown of recoverable ounces Leverage Shandong expertise through JV to maximize site value Proven 0.3 Moz (0.72 g/t, 14.2M tonnes) Probable 2.5 Moz (0.78 g/t, 99.7M tonnes) 2017 Resources 3 (50% - exclusive of 2P) Measured 0.1 Moz (0.48 g/t, 3.3M tonnes) Indicated 1.2 Moz (0.57 g/t, 66.8M tonnes) Phase 6 construction

16 figures are stated on a 100% basis until December 1, 2015 and on a 50% basis thereafter. 2. These are non-gaap financial measures with no standardized meaning under IFRS. For further information, see Note 1 of Appendix A. 3. See Endnote #1. Zaldivar Historical Operating Results (50%) A 2016A 2017A Q3/18 YTD Cu Production (Mlb) Cu Cost of Sales ($/lb) Cu C1 Cash Costs ($/lb) Cu AISC ($/lb) Reserves 3 (50%) Proven 1,440 Mlb (0.49 %, 132.5M tonnes) Probable 970 Mlb (0.54 %, 81.8M tonnes) 2017 Resources 3 (50% - exclusive of 2P) Measured 556 Mlb (0.40 %, 62.6M tonnes) Indicated 216 Mlb (0.39 %, 25.2M tonnes) Major Growth Projects: Sulphide leaching expansion resulting in extended mine life and improved recoveries on sulphide ore Strategy: Completion of sulphide expansion PFS by end of 2018 Leverage JV with Antofagasta to unlock full value for asset Arial view of processing facilities

17 1. These are non-gaap financial measures with no standardized meaning under IFRS. For further information, see Note 1 of Appendix A. 2. See Endnote #1. Lagunas Norte Historical Operating Results 2015A 2016A 2017A Q3/18 YTD Gold Production (koz) Gold Cost of Sales ($/oz) Gold Cash Costs ($/oz) Gold AISC ($/oz) Major Growth Projects: Carbonaceous Material Oxides Project (CMOP) to treat carbonaceous ore using dry/wet screening, then processed through mill/cil Refractory Material Project (PMR) to treat refractory sulphide ores using POX and CIL, which we are not currently progressing Potential for additional ore feed from Tres Cruces satellite deposit Strategy: Capital spend optimization to improve CMOP project economics over PMR project Minimize capital spend and closure liabilities on non-core asset 2017 Reserves 2 Proven 1.8 Moz (2.23 g/t, 25.7M tonnes) Probable 2.2 Moz (2.27 g/t, 29.7M tonnes) 2017 Resources 2 (exclusive of 2P) Measured 0.1 Moz (0.87 g/t, 1.9M tonnes) Indicated 0.9 Moz (0.96 g/t, 29.0M tonnes) PMR Expansion

18 figures are stated on a 95% basis until August 31, 2015 and on a 47.5% basis thereafter. 2. These are non-gaap financial measures with no standardized meaning under IFRS. For further information, see Note 1 of Appendix A. 3. See Endnote #1. Porgera Historical Operating Results (47.5%) A 2016A 2017A Q3/18 YTD Gold Production (koz) Gold Cost of Sales ($/oz) ,129 Gold Cash Costs ($/oz) Gold AISC ($/oz) 2 1, ,116 Strategy: Return to pre-earthquake production and cost levels Special Mining Lease negotiation JV focus on improving margins and growth potential Maintain high production levels while continuing to reduce cost structures 2017 Reserves 3 (47.5%) Proven 0.2 Moz (9.21 g/t, 0.6M tonnes) Probable 1.9 Moz (4.56 g/t,12.6m tonnes) 2017 Resources 3 (47.5% - exclusive of 2P) Measured Moz (5.22 g/t, 0.1M tonnes) Indicated 1.8 Moz (4.62 g/t, 12.3M tonnes)

19 1. These are non-gaap financial measures with no standardized meaning under IFRS. For further information, see Note 1 of Appendix A. 2. See Endnote #1. KCGM Historical Operating Results (50%) 2015A 2016A 2017A Q3/18 YTD Gold Production (koz) Gold Cost of Sales ($/oz) Gold Cash Costs ($/oz) Gold AISC ($/oz) Reserves 2 (50%) Proven 2.2 Moz (0.89 g/t, 75.1M tonnes) Probable 1.7 Moz (2.21 g/t, 23.9M tonnes) 2017 Resources 2 (50% - exclusive of 2P) Measured 0.1 Moz (0.96 g/t, 3.2M tonnes) Indicated 0.5 Moz (1.21 g/t, 12.1M tonnes) Strategy: Leverage Newmont expertise to improve margins and growth potential Optimize economics while minimizing risk of LOM plan post wall failure Commence satellite starter pit at Morrison deposit while reevaluating economics of full Morrison and Brownhill laybacks Maintain high production levels while continuing to reduce cost structures Potential sale of asset, if deemed non-strategic, to minimize capital spend and closure liabilities

20 Major Latin America Projects Alturas Improving Project Returns Focus of 2018 season is to improve geological understanding of high grade and shallow ore body areas Define mineral inventory of the Del Carmen prospect Re-evaluate project potential through a new scoping study in 2019 with the higher grade resource 2017 Resources already show large, untapped potential Inferred resource of 6.8 Moz (1.00 g/t, 211M tonnes) Norte Abierto (50%) Through deal structure, Goldcorp to cover Barrick s first $260M in expenditure on property PFS study underway on combined Cerro Casale and Caspiche deposits. Primary focus for 2018 is the drill program to increase geological confidence of both deposits Study completion anticipated in 2020 Pascua Lama Conclusion of the PFS delivery for the potential underground project indicates that while the concept may be feasible from a technical standpoint, it does not yet meet Barrick s investment criteria Barrick is focusing on adjusting the project closure plan for surface infrastructure at Pascua Shandong is completing a review on the Lama project for potential future JV development

21 Africa and Middle East Willem Jacobs COO Africa and Middle East

22 African and Middle Eastern mine locality COO AFRICA CFO AFRICA GM Operations West Africa GM Operations Central & East Africa MRM Country Managers Saudi Arabia Jabal Sayid Senegal Massawa Loulo Gounkoto Morila Tongon Côte d Ivoire Mali D R C Lumwana Kibali North Mara Bulyanhulu Buzwagi Tanzania

23 Regional strategy 2019 Key Focus Areas Operational Excellence Engage with newly elected DRC Government on reform of 2018 Mining Code Engage with Zambian Government on 2018 Mining Code Negotiate and implement settlement with Tanzanian Government regarding Acacia assets Increase project footprint in DRC Evaluate copper/cobalt opportunities in DRC Negotiate and implement tax settlement in Mali Add to Tongon LOM Integrate operating teams into Barrick Deliver guidance for all operations on safety, production, cost and resource conversion

24 Kibali gold mine, DRC Historical Operating Results (45%) 2015A 2016A 2017A Q3/18 YTD Gold Production (koz) Total Cash Costs ($/oz)* Key points TVA payback resumed with signed agreement Successfully transitioned to underground owner mining Shaft and associated infrastructure fully commissioned and operating to nameplate Azambi hydropower station commissioned and delivering at designed capacity to Kibali grid Community development projects continued including a water reticulation system providing potable water to approximately people in the town of Durba * As reported by Randgold 2017 Reserves (45%) Proven 1.1 Moz (4.1 g/t, 8.6Mt) Probable 2.8 Moz (4.1 g/t, 21.1Mt 2017 Resources (45%) Measured 1.3 Moz (4.1 g/t, 9.9Mt) Indicated 4.6 Moz (3.1 g/t, 46.8Mt)

25 Loulo-Gounkoto gold complex, Mali Historical Operating Results (100%) 2015A 2016A 2017A Q3/18 YTD Gold Production (koz) Total Cash Costs ($/oz)* Key points Preliminary economic assessment completed on potential of Loulo 3 expanded open pit and underground project Drilling continues to expand high grade mineralisation in south of the Yalea orebody Exploration on the Gounkoto permit leads to a larger review of the Faraba structure where multiple zones of mineralisation show potential to be extended and combined Both mines remain ISO certified $1.1 million spent on construction of 10 drinking water boreholes for communities, village houses, seeds and fertilizers for local farmers * As reported by Randgold 2017 Reserves (100%) Proven 2.4 Moz (4.1 g/t, 18.1Mt) Probable 5.8 Moz (4.8 g/t, 38.0Mt) 2017 Resources (100%) Measured 3.76 Moz (4.3 g/t, 27.1Mt) Indicated 7.9 Moz (4.5 g/t, 54.0Mt)

26 Tongon gold mine, Côte d Ivoire... Historical Operating Results (100%) 2015A 2016A 2017A Q3/18 YTD Gold Production (koz) Total Cash Costs ($/oz)* Key points Illegal industrial action by the workforce impacted gold production, recovery and throughput as the mine ceased operations from 13 July to 4 September Operations have returned to normal and production guidance has been revised to oz for the year 5 million working hours recorded without a lost time injury Community projects continued during the quarter with an emphasis on education 4 classrooms were built at Korhogo Secondary School and study materials and support awarded to best students in the community 2017 Reserves (100%) Proven 0.5 Moz (2.2 g/t, 7.0Mt) Probable 0.7 Moz (2.5 g/t, 9.3Mt) 2017 Resources (100%) Measured 0.6 Moz (2.3 g/t, 7.9Mt) Indicated 1.3 Moz (2.6 g/t, 16.0Mt) * As reported by Randgold

27 Morila mine, Mali Historical Operating Results (40%) 2015A 2016A 2017A Q3/18 YTD Gold Production (koz) Total Cash Costs ($/oz)* Key points Government endorsement for pioneering closure plan Official launch attended by Prime Minister and the Minister of Mines & Petroleum Agricultural firm, Songhai, employed to assist with development of existing agricultural initiatives 2017 Reserves (40%) Probable 0.1 Moz (0.6 g/t, 11.0Mt) 2017 Resources (40%) Measured 0.1 Moz (0.26 g/t, 16.0Mt) * As reported by Randgold

28 Lumwana copper mine, Zambia Historical Operating Results (100%) 2015A 2016A 2017A Q3/18 YTD Cu Production (Mlb) Cost of sales ($/lb) Cu Cash Costs ($/lb) Cu AISC ($/lb) Key points Barrick acquired the asset through the Equinox acquisition in 2011 Copper mine located in Zambia s Copperbelt, one of the most prospective copper regions in the world Lumwana ore, which is predominantly sulfide, is treated through a conventional sulfide flotation plant, producing copper concentrate Copper concentrate is trucked km to in country smelters 2017 Reserves 2 (100%) Proven Mlb (0.50 %, 32,711Mt) Probable Mlb (0.57 %, 368,685Mt) 2017 Resources 2 (100% - exclusive of 2P) Measured 239.9Mlb (0.39 %, 28,041Mt) Indicated Mlb (0.51 %, 553,524Mt) 1. These are non-gaap financial measures with no standardized meaning under IFRS. For further information see Note 2 of Appendix A 2. See Endnote #1

29 Jabal Sayid copper mine, Saudi Arabia Historical Operating Results (50%) 2015A 2016A 2017A Q3/18 YTD Cu Production (Mlb) Cost of sales ($/lb) Cu Cash Costs ($/lb) Cu AISC ($/lb) Key points Barrick acquired the Jabal Sayid asset through the Equinox acquisition in 2011 and formed a 50/50 JV with Ma aden Mining in December 2014 The first shipment of copper concentrate occurred in December 2015 and the mine commenced commercial production in July 2016 The mine is currently ramping up production until average production of 100Mlbs of copper in concentrate is achieved in 2018 This production rate is then expected to be maintained for the next 10 years 1. These are non-gaap financial measures with no standardized meaning under IFRS. For further information see Note 2 of Appendix A 2. See Endnote # Reserves 2 (50%) Proven Mlb (2.38 %, 5,556Mt) Probable Mlb (2.42 %, 6,282Mt) 2017 Resources 2 (50%) Measured 7.7Mlb (1.62 %, 216Mt) Indicated Mlb (2.00 %, 2,404Mt)

30 Technical Information The scientific and technical information contained in this presentation has been reviewed and approved by Geoffrey Locke, P. Eng., Manager, Metallurgy of Barrick, Rick Sims, Registered Member SME, Vice President, Reserves and Resources of Barrick; and Robert Krcmarov, FAusIMM, Executive Vice President, Exploration and Growth of Barrick, who are each a "Qualified Person" as defined in National Instrument Standards of Disclosure for Mineral Projects. Endnotes 1. Estimated in accordance with National Instrument Standards of Disclosure for Mineral Projects, as required by Canadian securities regulatory authorities. Estimates are as of December 31, Complete mineral reserve and mineral resource data for all mines and projects referenced in this presentation, including tonnes, grades, and ounces, can be found on pages of Barrick s most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities.. 2. A Tier One Gold Asset is a mine with a stated life in excess of 10 years with 2017 production of at least 500,000 ounces of gold and 2017 total cash cost per ounce within the bottom half of Wood Mackenzie s cost curve tools (excluding state-owned and privately-owned mines). For purposes of determining Tier One Gold Assets, Total cash cost per ounce is based on data from Wood Mackenzie as of August 31, The Wood Mackenzie calculation of Total cash cost per ounce may not be identical to the manner in which Barrick calculates comparable measures. Total cash cost per ounce is a non-gaap financial performance measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Total cash cost per ounce should not be considered by investors as an alternative to operating profit, net profit attributable to shareholders, or to other IFRS measures. Barrick believes that Total cash cost per ounce is a useful indicator for investors and management of a mining company s performance as it provides an indication of a company s profitability and efficiency, the trends in cash costs as the company s operations mature, and a benchmark of performance to allow for comparison against other companies. Wood Mackenzie is an independent third party research and consultancy firm that provides data for, among others, the metals and mining industry. Wood Mackenzie does not have any affiliation to Barrick. 3. For additional detail regarding Cortez, see the Technical Report on the Cortez Joint Venture Operations, Lander and Eureka Counties, State of Nevada, U.S.A., dated March 21, 2016, and filed on SEDAR at and EDGAR at on March 28, For additional detail regarding Turquoise Ridge, see the Technical Report on the Turquoise Ridge Mine, State of Nevada, U.S.A., dated March 19, 2018, and filed on SEDAR at and EDGAR at on March 23, For additional detail regarding Pueblo Viejo, see the Technical Report on the Pueblo Viejo Mine, Sanchez Ramirez Province, Dominican Republic, dated March 19, 2018, and filed on SEDAR at and EDGAR at on March 23, 2018.

31 APPENDIX A Note 1 Cash costs per ounce and All-in sustaining costs per ounce are non-gaap financial performance measures. 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 Cash costs per ounce and add further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and amortization. Barrick believes that the use of 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. 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 24 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on these non-gaap measures are provided in the MD&A accompanying Barrick s financial statements filed from time to time on SEDAR at and on EDGAR at

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36 Note 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 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. 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. Further details on these non-gaap measures are provided in the MD&A accompanying Barrick s financial statements filed from time to time on SEDAR at and on EDGAR at