Investor Day 2016 - Barrick Gold Corporation

Transcription

1
InvestorDay2016
Partnership.
Performance.
Value.
February 22nd, 2016 | New York Stock Exchange
1:2

StrategyOverview
andCorporate 11:30 - 13:20
Summary
John Thornton
Vision and Strategy
Kelvin Dushnisky
Performance and Outlook
Shaun Usmar
Financial Strength and Flexibility
Richard Williams
New Operating System
Rob Krcmarov
Our Exploration Opportunity
Break
13:20 - 13:40
AddingValue
throughthe
ProductionCycle
13:40 - 15:20
Michelle Ash
Our Technical Opportunity
Andy Cole
Goldstrike: Innovation in Action
Rick Baker
Veladero: Extracting value through the Mine Cycle
Ettiene Smuts
Pueblo Viejo: Decentralised Model in Action
Sam Ash
Lumwana: Active Cost Management
Break
15:20 - 15:40
Basie Maree
Investingin
theFuture
15:40 - 16:30
16:30 - 17:30
Planning our Future
Nigel Bain
Turquoise Ridge: Sequenced Capex, Phased Growth
Matt Gili
Cortez: Brownfield and Greenfield Growth
Jim Whittaker
Lagunas Norte : Derisking Growth Opportunities
Cocktail Reception
1:3
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes
“forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”,
“objective” “aspiration”, “aim”, “intend”, “project”, “continue”, “budget”, “estimate”, “potential”, “may”, “will”, “can”, “could” and similar expressions identify forward-looking statements. In particular, this
presentation contains forward-looking statements including, without limitation, with respect to cash flow forecasts, projected capital, operating and exploration expenditures, targeted debt reductions and
cash flow improvements, mine life and production rates, potential mineralization and metal or mineral recoveries, expectations regarding future price assumptions, financial performance and other outlook
or guidance, Barrick’s Best-in-Class program (including potential improvements to financial and operating performance and mine life that may result from certain Best-in-Class initiatives) and the
estimated timing and conclusions of technical reports and other studies. Forward-looking statements are necessarily based upon a number of estimates and assumptions 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 the fact that certain Best-in-Class initiatives and studies are still in the early stages of evaluation and additional engineering and other analysis is required to fully assess their impact;
diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in
connection with mining or development activities, including disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental
and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of the Best-in-Class initiatives and studies will
meet the company’s capital allocation objectives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash
flows; adverse changes in our credit ratings; the impact of inflation; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; changes in
national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or
economic developments in Canada, the United States and other jurisdictions in which the company does or may carry on business in the future; damage to the company’s reputation due to the actual or
perceived occurrence of any number of events, including negative publicity with respect to the company’s handling of environmental matters or dealings with community groups, whether true or not; the
possibility that future exploration results will not be consistent with the company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to
complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances;
litigation; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to,
or pursued by, the company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations;
increased costs and risks related to the potential impact of climate change; availability and increased costs associated with mining inputs and labor; and the organization of our previously held African gold
operations and properties under a separate listed company. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental
hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance,
or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by,
or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this presentation are qualified by
these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a 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.
The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable
law.
1:4

JohnThornton
Chairman
1:5

The Best Assets Managed to Deliver the Best Returns
1:6

KelvinDushnisky
President
1:7
ʹͲͳͷ
$
Streamlined
the
Business
Strengthened
the Balance
Sheet
Maximized
Free Cash
Flow
Focused on
Best Assets
and Regions
Implemented
decentralized,
partnershipcentric model and
removed layers
Total debt
reduced by
$3.1 B or 24%1
Three
consecutive
quarters of
free cash flow
growth
Sold non-core
assets; focused
portfolio around
core mines in the
Americas
1. Over the course of fiscal 2015.
Improved liquidity
1:8

Seven Non-core Asset Sales in 2015
NEVADA
Turquoise Ridge
$3.2 B in proceeds
Divestments reduced
average AISC across
the portfolio
Reserves and
production
concentrated in
the Americas
1. See final slide #1 and #8.
Golden
Sunlight
Hemlo
Goldstrike
Cortez
Pueblo Viejo
~70%
of 2016 production
from core mines
at AISC of
$690-740
per
ounce1
Lagunas Norte
ANDES
Zaldívar
Veladero
1:9
ʹͲͳ͸
$
$
Free
Cash Flow
Generate free cash flow at a gold price of
$1,000 per ounce
Balance
Sheet
Reduce total debt by a further $2 billion
Operational
Excellence
Implement Best in Class initiative across
all operations
Capital
Discipline
Allocate and sequence capital using long term
gold price of $1,200 per ounce
1:10

ͳ
Production (Moz) AISC ($/oz)
$864
6.25
2014
1. See final slides #1, #8, and #9.
$831
$775-$825
$740-$790
$725-$775
6.12
2015
5.0-5.5
5.0-5.5
2016E
2017E
4.6-5.1
2018E
1:11
0

ͳ
($B)
2.18
Projects
Expansion
1.51
Sustaining &
Development
2014
2015
1.35-1.65
2016
1. See final slide #8, #9 and #11. Capex guidance includes expenditures on gold and copper operations.
1.50-1.75
2017
1.60-1.85
2018
1:12
ʹͲͳ͸

Copper Production1 (M lbs)
539
Copper AISC1,2 & C1 Cash Costs1,2 ($/oz)
$2.74
511
$2.79
$2.33
436
370-410
2.00
1.
2013
See final slide #8
2.
2014
See final slide #1.
2015
2016E
2013
1.92
2014
$2.052.35
1.73
1.451.75
2015
2016E
1:13

1:14

ShaunUsmar
SeniorExecutiveVicePresident&CFO
1:15

Higher gold prices led to lower cutoff grades, cash cost escalation
and margin compression for industry during previous cycle
8.0
7.0
6.0
5.0
4.0
3.0
2.0
Opportunity: cash cost improvement
lagged in declining price environment
1.0
0
Indexed to
Sept. 30 2003
Source: Industry data from Bloomberg
December 31
2015
1:16

Lens: 15% Return on Invested Capital Hurdle Rate, Risk Management, Scenario Planning
OPERATIONS
EXPLORATION
Capital
Requests
CAPITAL ALLOCATION: >$10 M
Commercial
Review
+
Technical and
Peer Review
Investment
Committee
Review
<$250 M
Executive
Review and
Approval
>$250 M
Board of
Directors
Review and
Approval
Post Investment Review
Sustaining capital intensity reset
1:17
Ϊ
Declining gold price spurred industry-wide short-term actions; value
creation is linked to long term success
Enhanced Risk Management + Change Management Prioritization
IMMEDIATE ACTIONS
Reduce/defer capex
Cut overhead
Streamlined contractor
costs and renegotiated
contracts
Improved supply chain
and inventory
management
SHORT TERM OUTCOMES
Reduced cash costs
and AISC
Interrogated business
models
Re-evaluated systems
and controls
Revised mine plans
LONG TERM SUCCESS
Identified scope for
further cost elimination
through Best in Class
Improving data collation
for improved cost
management
Integrated mine
planning process
Best in Class
Learning environment and opportunity to make step changes to cost
structure and business efficiency
1:18

Mine plans designed to generate a minimum
cash margin
Avoiding marginal ounces eliminates certain
sustaining capex – removes the ‘bow wave’
Enhancing Cash Margins
($1,000 gold less AISC on comparable portfolio)1
Production
5.35
5.27
5.0-5.5
18%23%
Dynamic models to optimize investment in
our asset portfolio
Risk assessment a formalized part of
business planning and Investment
Committee review process
(Moz)
17%
14%
Simplified reporting framework supports
operations planning and strategic
decision-making
2014
1. Production and AISC for 2014 and 2015 are adjusted for divestments.
2015
2016
1:19

Achieved $3.1 B of debt
reduction in 2015
2016 debt reduction target of
at least $2 B
Total Debt ($ B)
Total debt reduced by 24%1
13.1
Net debt reduced by 28%1
3.1
– new $750M debt tender offer
Repaid
in 2015
Aspiration to reduce total debt
below $5 B in the medium term
10.0
0.75
Debt
tender
Target
8.0
Extended maturity on majority
of undrawn credit facility to 2021
Medium
term
goal
5.0
– amended financial covenant
to better reflect ongoing
deleveraging activities
YE 2014
1. Over the course of fiscal 2015.
YE 2015
YE 2016
0.0
1:21

Focused on shorter term maturities to improve liquidity
5,050
<$250 M of debt due before 2018; >50% of outstanding
debt matures beyond 2032
2015 Debt Reductions
1,394
Current Debt Schedule1
(US$ millions)
766
709
558
2015
127
86
2016
2017
467
372
93
2018
2019
2020
2021
2022
2023
2024
2024-32
1. As of December 31, 2015. Amounts exclude capital leases and includes 60% of the Pueblo Viejo financing and 100% of the Acacia financing.
2032 2033-2043
2033-43
1:22

Strengthen balance sheet and
improve liquidity
Focus on margin per ounce to
drive mine and business plans
Facilitate capital discipline
Manage controllable costs to drive
increased profitability
Improve scenario planning to
protect downside/provide optionality
Best in Class will deliver the
next level
1. See final slide #1.
Improvements
Portfolio
Optimization
RAISED
$3.2B
Divested non-core
assets in 2015
Cost
Improvement
AISC
$33/oz
2015 AISC lowered
by controllable costs
Capital
Discipline
CAPEX
31%
Attributable CAPEX
reduction 2015 vs.
2014
Working Capital
Management
REDUCED
$0.44B
Improvement in
2015 vs. 2014
Results
Improved
Balance Sheet
DEBT
$3.1B
Debt reduction
target exceeded
in 2015
Free Cash Flow
Growth
FCF
$607M1
Increase in 2015 vs.
2014
1:23

RichardWilliams
ChiefOperatingOfficer
1:24

Maintain a long term profitable
production base
Average 16 year mine life for
past 20+ years
Strong potential to add high
quality production through Minex
and project pipeline
1.88
ABX
Average reserve grade of core mines
more than double peer average2
CORE
MINES
1.32
ABX
TOTAL
1.06
0.95
0.70
91.9 Moz of Reserves1
79.1 Moz of M+I Resources1
Superior reserve grade í 65%
above peer average2
0.8 g/t
PEER AVERAGE
NEM
GG
0.63
KGC NCM
1:25
Everyone Going Home Safe and Healthy Every Day
Health & Safety Performance
Reducing Environmental Risk
 Embedded safety culture drove 84% TRIFR improvement
 Highest risk is with heavy mobile mining equipment –
collision avoidance technology trial
 Step change with ‘Courage to Care’
 Tailings dam and water management issues
 Apply world class standards to reduce risk
 Strengthen tailings and heap leach
management standard
 Apply internal and external lessons
 Integrated maintenance and
operations procedures
 Strengthened crisis management
protocols
-16% p.a.
0.92
0.76
0.64
0.58
TRIFR Target
0.5
0.46
2011
2012
2013
2014
2015
Ȃ

Goldrush
LN Sulfides
Turquoise
Ridge Shaft
DEVELOPMENT/
PRE-PRODUCTION
Jabal Sayid
(in commissioning)
South Arturo
Cortez Lower Zone
Hemlo
Porgera
Deep optionality within 92 M oz of reserves and 79 M oz of M&I resources
GREENFIELD
Donlin Gold
Cerro Casale
Pascua-Lama
Cortez
Deep South
MINEX
FEASIBILITY/
PERMITTING
BROWNFIELD
Fourmile1
PRE-FEASIBILITY
MINEX
GREENFIELD
Alturas
BROWNFIELD
SCOPING +
EARLY STAGE

Barrick’s 2015 AISC was
below the 40th percentile
and peers1
Core mine 2015 AISC was
below the 15th percentile
2016 AISC reduction driven
by lower cash costs
Targeting AISC of less than
$700/oz, below the 25th
percentile
$/oz
Industry All-in Sustaining Costs
1,800
1,600
1,400
2015 spot gold price average: $1,160/oz
1,200
1,000
800
600
Barrick
Core Mines
AISC
$660/oz
400
200
Barrick
Total
AISC
$831/oz
0
0
20
40
60
80
100
Cumulative Gold Production (%)
1. Peers include Newmont, Goldcorp and Kinross. Based on Goldcorp’s 2015 AISC guidance.
Source: Metals Focus data for 9 months of 2015
1:28

Safe, Sustainable, Profitable Production
Mineral Resource
Management
Best in Class
Productivity
to exploit the
Mineral Endowment
Opportunity
to exploit the
Technical Expertise
Opportunity
SYSTEMS
ASSETS
TALENT
1:29

RobKrcmarov
SeniorVicePresident,GlobalExploration
1:30

Industry Endowment Discovered
Industry Exploration Spending
(Moz) >1Moz deposits 3 year rolling average
(for Gold, US$B)
160
160,000,000
10,000
10
140,000,000
88,000
140
Barrick discovers
120
120,000,000
66,000
Lagunas Norte
2001
100
100,000,000
44,000
Barrick discovers
Goldrush
80
80,000,000
22,000
2011
60
60,000,000
00
Barrick discovers
Alturas
40
40,000,000
-2,000
2013
20
-4,000
20,000,000
0
-
98
99
00
Source: SNL Mining and Metals, Barrick
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
-6,000
1:31
Ǧ

Gold Reserve/Resource Added (M oz)1
Goldstrike
Cortez
Pascua-Lama
Donlin Gold
Turquoise Ridge
Pueblo Viejo
Veladero
Lagunas Norte
Goldrush
Acquired
Alturas
0
5
10
15
20
Added
25
30
1:32

ͳ
P&P Reserves (Moz of gold)
142
Spent $3.5B on exploration
Overall finding cost ~$25/oz
TOTAL
FOUND
THROUGH
EXP’N
~92
20
1990
2015
110
TOTAL
ACQUIRED
31
DIVESTED
149
TOTAL
MINED
1:33
Ȃ
2016 Minex $40 M1,2 (%)
IRR Minex Return Values
120%
Other
12%
Other
Core
Mines
29%
Cortez
22%
Free cash flow margins
$250/oz
100%
$150/oz
$50/oz
80%
Hemlo
20%
Porgera
17%
60%
40%
20%
$40 M
2016 Total Spend
÷ 3.1 Moz Targeted Ounces2
=$12.90/oz Target Finding Cost
1. See final slide #4
2. See final slide #7
0%
2020
2025
2030
Potential Production Year
1:34
ͳ
David Bell Shaft
A
A’
Beth Adit Minex
[email protected]/t
[email protected]/t
Reserve &
Past Production
[email protected]/t
[email protected]/t
Sceptre Minex
[email protected]/t
Resources
[email protected]/t
[email protected]/t
[email protected]/t
[email protected]/t
Upside
1.0 km
[email protected]/t
[email protected]/t
1. See final slide 10 and Appendix A for additional details.
Significant intercept (>3m @ 3.0g/t Au)
Significant intercept (2015 hole)
Drill hole
Limit of close spaced drill
1:35
Ȃ ʹͲͳ͸
N
Stage 5C + Peruk
Roamane
Zone
500m
Selectedtargets
North and
Central Zone
AHD
Zone
Open
Open
1:36
Ȃ
Infrastructure synergies within
20 kms of road, water, power
infrastructure and camp
Chile
Pascua-Lama
Argentina
Veladero
Barrick Claims
Favorable oxide orebody
characteristics at significant grade
Scoping study planned for 2016
Initial inferred gold resource of
5.5 moz at 1.25 g/t1
El Indio
Powerline
Tambo
Camp
Major Road
Alturas
Del Carmen
20 Km
1:37
Ȃ ͳ
NORTH
SOUTH
5.5Moz Inferred at 1.25g/t
135m @ 1.69 g/t
56m @ 0.93 g/t
ARGENTINA
CHILE
Grade x Thickness
(gpt-m Au)
<25
25 – 50
50 – 100
> 100
24m @ 2.45 g/t (27m)
89m @ 1.52 g/t
1 km
1. See final slide #5 and Appendix B for additional details including assay results for the significant intercepts.
1:38
Ȃ
Define Starter Project
Establish resources through southern
and western extension, and infill
high grade
Improve project economics by
establishing strip ratio and confidence in
high grade continuity
Chile
Argentina
Grade x Thickness1
(g/t-m Au)
<25
25 – 50
50 – 100
> 100
Planned holes
Favorable alteration
Assess Full Project Potential
Delineate potential adjacent to Alturas
in Argentina
Test opportunities in camp for new
discoveries with stand-alone or
satellite potential
1. See Appendix B for additional details.
1km
1:39
Ȃ

Mill Canyon Stock
Early stage exploration project
Located north of Goldrush
Mature infrastructure in Nevada
Pipeline
~5 km
CortezHills
Goldrush
10 kilometers
Meters
1,000
1:40
Ȃ
High grade, high value targets with
small footprint
Mill Canyon Stock
Pre-mineral Intrusive Rock
Bleached and thermally altered
host rock
Two intervals more than double
Goldrush resource grade1
– 14.3m @ 31.7 g/t
– 5.8m @ 49.6 g/t
5.2m @ 14.4 g/t
5.8m @ 10.9 g/t
14.3m @ 31.7 g/t
5.8m @ 49.6 g/t
Metamorphic front
Six holes planned for 2016
Legend
Drillhole with >3m @ 5 g/t
Drillhole
Resource Footprint
1. See final slide #10 and Appendix C for additional details including assay results for the significant intercepts.
1:41
Grade Increasing

Cortez
Deep South
Barrick
Projects
Cortez Lower Zone
Peer
Projects
Goldrush
Alturas
Pascua
-Lama
Cerro
Casale
Donlin
Gold
Endowment Increasing
Peers include Newmont and Goldcorp.
Source: Company Reports (2014,2015), Pascua-Lama, Casale and Donlin stated at 100% *Americas projects
1
1:42

MichelleAsh
SeniorViceǦ President
BusinessImprovement
2:1
Ȃ ǡǡ
Productivity
Immediate Productivity
Improvements
Achieve Fixed Target
Across All Sites
Step Change In Approach
To Productivity
Leverage Best in Class
to Identify and Drive
Improvements
Opportunities for
immediate improvement
Opportunities for
incremental value
across all sites
Targets set against all
key metrics
Trade-offs in capital
investments
Tailored scorecards
Investment in
productivity growth
Tracking governance
Short term incentives
Drive Innovation
Implement Innovation
Across Mine Operations
Innovation in mine
operations
Assess and compare
innovative opportunities
Barrick Operating System
Track and monitor
Time
2:2

Transparent, Timely, Accurate
Performance Data
Data-driven Performance
Targets
• Financial and operating data captured
• Identify and address performance gaps
• Site-level targets
• Determine performance against the limits
of the resources
Management Operating
System
• Integrates planning, budgeting,
performance and talent management
Front-line Leadership
Capabilities
• Front-leaders trained and empowered to
recognize waste, identify root causes
Culture That Demands
Excellence
• Structured and continuous engagement of
front-line operators
2:3
Ȃ ʹͲͳ͸ʹͲͳ͹
Capital Efficiency
Labor Efficiency
Consumable Efficiency
Energy Efficiency
Planning Efficiency
Key Focus for 2016/17
Relevant Metrics
Sweating the assets so that they are available, utilized, and
working at the highest rate possible to produce a quality
outcome the first time
•
% Operational Equipment
Efficiency for bottleneck
Ensuring that our processes allow the time that people spend
at work to be focused on the core tasks that generate value
•
FTE/1000 oz
•
% wrench time
•
% face time
Reviewing consumable usage so that the investment in
•
consumables delivers the best overall result along the entire
value stream. Optimization of procurement practices to target
•
inventory and costs
Power factor/GJ of
mill power
Driving the use of power so that energy losses are minimized
or usage into non-productive activities is reduced
•
Litres/hr for mobile
equipment
Focusing on putting effort into planning and doing the work
right the first time, with plans that integrate into the value
chain, and subsequently move the planning horizon
•
% physical compliance
•
% planned maintenance
•
Pre-strip inventory, tons
Value of inventory
2:4
Ȃ
LABOUR
Increase wrench time
2016E Cash Costs
$550-$590/oz1
Increase underground
face time
Redesign and simplify processes
to increase efficiency
MAINTENANCE
Improved maintenance planning
and reduce breakdowns
Part life extension
27%
18%
Integrate maintenance into supply
chain and finance IT systems
Contractor reduction and
consolidation
PLANT + EQUIPMENT
15%
ENERGY + FUEL
HFO to LNG conversion
Recovery and throughput improvements
for bottlenecked plants
Automated trucking and improved dispatch
operations centers
22%
18%
Improve shovel and truck overall equipment
effectiveness
Energy efficient hauling methods
CONSUMABLES
Converting to renewable energy
sources
Improving road surfaces lengthens tire life
1. See final slide #1 and #8
Reduce chemical use in process plants
Mine to Mill usage of explosives, grinding
media and power usage
2:5
Ȃ
Assessment of maintenance wrench time identifies specific areas of
wasted time across shift duration…
2:6
Ȃ
…which are often addressed with simple but practical solutions
Store room
after…
Store room
before…
Kits are prepared
every day for
the next day in
standardized,
correctly labeled
buckets and
delivered to
the shop for
all technicians
in one trip
Each technician
had to go to the
storeroom and
find his kit in
this room
4 hours to assemble
all kits every day
30 minutes to assemble
all kits every day
2:7

1. Hot curing + lime boiling = increased silver recoveries at lower cost in PV
2. AMBS Flotation Æ copper recoveries in constrained environments such as JS
3. Thiosulfate increases recoveries and eliminates cyanide use
Mining
Development
Design
Processing
Transformational
Step Change
1
Exploration
Continuous
Improvement
Products
2
3
Closed
Mines
2:8
Ȃ
AndyCole
ExecutiveDirector,U.S.A.
2:9
Ȃ
Barrick’s center of excellence in mining and processing
Leader in innovation, safety and efficiency
Highlights of 2015:
– Started stripping Arturo open pit in Q2, accelerated mining bringing forward
higher grade
– Commissioned innovative leaching process TCM
– Lowered water table to access further 60m at depth
2:10
Ȃ
Best in Class success in 2015:
– Increased utilization of long-hole and mass blast, driving mining
costs below $100/ tonne
– Increased roaster recovery 2% through improved temperature control and
carbon management
– Reduced haul fleet capex through excellent maintenance practice
Best in Class initiatives for 2016:
– Supply chain cost reductions
– Modify Arturo mine plan pulling additional grade into 2016
– Maintenance improvements and overall equipment effectiveness of shovels
2:11
Ȃ
Evolving ore types dictate
changing processes
–
–
–
–
Annual Gold Production (by process)
Oxide heap leach and milling
Autoclaving for single refractory
Roasting for double refractory
TCM circuit for lower grade double
refractory ore
TCM developed to treat double
refractory ore stockpiled to date
Single
Refractory
Autoclave
Brings production forward and
improves total mine economics
Double
Refractory
Roaster
TCM
Oxide
1987
1992
1997
2002
2007
2012
2017
2022
2027
2:12
Ȃ
1993-1997 Processing technology
for refractory ore sought:
– TCM identified as viable option,
but stability not proven
– Roasting technology more
advanced and therefore pursued
1993
1997
CATs Test Plant 2010
2005 Need
for longer
term solution
for double
refractory ore
identified, TCM
reevaluated
2005
2006-2008 Significant
research into TCM
resin adsorption and final
recovery
2009-2010
Final evaluation
and capital
allocation
– Patent registered
– Test plant run for
16 months
2006
2007
2008
2009
2010
TCM Plant Construction 2014
2:13
Ȃ
2:14
Ȃ
2:15
Ȃ
Construction completed January
2015 at capital cost $610 million
Commercial production July 2015
Ramp-up throughput >80% by
end 2015 with recoveries at 62.5%
– Water filtration and resin
handling issues addressed
ThiosulphatePlant
AUTOCLAVES
GoldElution
ResinͲinͲleachCircuit
Q3 2016 target of full production
of 10.9 ktpd and recovery of ~70%
Only commercial use of thiosulfate
leaching in the world
ReagentRecycle/
WaterTreatment
2:16
Ȃ
Technology
Refinement
Design defect
elimination
Metallurgical
research work
Reliability
enhancements
Stockpile analysis
and validation
Best in Class
+14,000
tpd
+80%
recovery
Water treatment
modification
Mill throughput
enhancements
Integrated
approach to
maintenance and
operations
Understand and
perfect chemistry
2:17
Ȃ
Cyanide free processing provides optionality to Barrick in jurisdictions
where this is required
Allows Barrick to competitively explore for and exploit complex orebodies
Patented technology protects intellectual property and provides future
revenue stream if leased
2:18
Ȃ
RickBaker
ExecutiveGeneralManager
Veladero,Argentina
2:19
Ȃ
Mature operation with significant upside potential
Optimizing short term cash flow while pursuing long term full
potential value
Multiple, iterative business planning scenarios
Shifting from production to profitability focus with Best in Class
–
–
–
–
Testing and stretching technical limits
Identifying and exploiting potential technical opportunities
Using technology to lower input costs
Improve efficiencies with systems based workforce management
2:20
Ȃ
Opportunity to stretch
technical limits on ore
crushing and transport
identified in 2015
Q4 2015 successful quarter
and verified technical
limit attainable
Overland
Conveyor
2016 assess tradeoff options
and financials
Mid 2017 potential to
add value
2:21
Ȃ
High wall steepening to reduce
costs and enhance value
Assessing 4° increase in
pit wall angle, with no safety
implications
Implementing feasibility studies
now for 2017 mine plan
The opportunity – potential to
reduce waste tonnage by 10%
and access additional 5.5 M
tonnes ore
2:22
Ȃ
Leach pad optimization –
three key opportunities
– Targeted re-leaching to reduce
leach pad gold inventory
– Slide slope leaching to further
unlock value
– Pad construction cost
optimization
2:23
Ȃ
Current operation – self generating with gensets and
pilot photovoltaic plant
Smart energy solution may add value with short payback
– High density of solar radiation
– Improving Argentine economy combined with long mine life,
make solar power plant, provided by third party with off-loaded
capital and locked in savings, viable
Efficiency of installed genset base should increase as
a result
Potential to reduce power costs by up to 30%
Evaluation initiated, ongoing assessment during 2016 with
potential 2018 bottom line value add
2:24
Ȃ
Improving performance:
– Best in Class components, data
driven culture
– Changing the hearts and minds from
“what is” to “what can be”
Blasting photo
Hauling photo
Equipment photo
Maintenance photo
Translating to improved
throughput, efficiency, FCF and
full potential value
–
–
–
–
Blasting improvements
Hauling utilization and optimization
Improved maintenance planning
Improved labor efficiencies
2:25
Ȃ
EttieneSmuts
GeneralManager
PuebloViejo,DominicanRepublic
2:26
Ȃ
Vision is to grow and mature our business, focusing on developing our
people and systems whilst maintaining our returns to stakeholders in a
responsible way
Achievements in 2015
– Winners of Annual Safety Award
– Certified under International Cyanide Management Code
– Reduced Government Receivables by 50%
2:27
Ȃ
Critical event in November 2015:
– Two of three motors in the oxygen plant suffered electrical damage,
autoclave throughput at 35% capacity
– Motors life expectancy of 10-15 years, PV motors in operation for
three years
– Root cause unknown at the time
Crisis management team mobilized
– Team of site and corporate leaders as well as experts across the company
– Got together to assess the situation and plan
– Rapidly initiated an action plan
2:28
Ȃ
Centralized
Top down approach has
corporate office running
crisis team
Decentralized
Information / Instruction
flows through regional
office before reaching site
Crisis is supported only by
linear reporting channels
Slower response with
multiple levels of approval
and collective conservatism
Information flows directly between
site and all supporting functions /
offices
GM at site controls crisis team and
all actions empowered and
supported from all sides
Network of mine site GM’s lend
assistance directly, leveraging field
and in country knowledge
GM team able to take rapid actions
unencumbered by hierarchy
2:29
Ȃ
Mitigate
downtime
with interim
plan
Move planned maintenance forward
Identify
root cause
and long
term
solution

Minimize
impact to
finances and
owners
Forecast business impact and alert shareholders
Identify interim solution to increase production
Continue mining and build up stock piles
Identify severity of damage and extent of repairs required
Manage logistics of repair process
Global search for replacement motors of this size and type
Complete root cause analysis
Restore full production
Manage insurance process
Reduce operating costs in interim
2:30
Ȃ
25,000
Capacity
20,000
Moved scheduled
maintenance forward
15,000
10,000
Portable compressor
sets coming on-line
5,000
0
15-Nov-15
22-Nov-15
29-Nov-15
6-Dec-15
13-Dec-15
20-Dec-15
27-Dec-15
3-Jan-16
10-Jan-16
17-Jan-16
24-Jan-16
31-Jan-16
7-Feb-16
Rapid return to 70% of capacity by late December 2015, with portable
compressor motors
Achieved 85% capacity by early January and 100 % capacity by mid
January with portable compressor motors still in use
First motor reinstalled and commissioned late January, second motor
reinstalled early February
2:31
Ȃ
2:32
Ȃ
Quisqueya power station provides secure low cost energy supply
– 210MW capacity of which mine requires 120-130 MW
Balance of longǦterm security of power supply versus lowǦcost benefits
under review
Option to add significant value by leveraging existing assets
2:33
Ȃ
Three Independent Opportunities to Generate Value
1. Run Quisqueya at 100%, sell excess power to grid
– Production cost significantly lower than grid price
2. Convert plant from HFO to LNG to reduce exposure to oil prices
– Capex estimated at below $100M
3. Buy all mine site power requirements from alternative producer, sell
all Quisqueya power to grid
– Pueblo Viejo has good credit and negotiating ability
– Buy at discount, sell at a margin
2:34
Ȃ
SamAsh
GeneralManager,Lumwana
2:35
Ȃ
Turn around effort began in earnest
early 2013 after the completion of full
property evaluation
– 2013 to 2015 annual expenditure
reduced from $947M to $665M
– 2013 vs 2015 copper production
increased from 260M lbs to 287M lbs
KEY PRIORITIES
2012 cash flow negative at $3.60/lb
Stay cash flow
positive
Maintain future
optionality
Maximize long
term asset value
2:36
Ȃ
$3.71
Continuous mine plan evaluation and revision to
focus on most profitable pounds
Cu
PRICE
– Rationalizing units of work to reduce total material mined
– Prioritize value of produced copper over quantity
Systems driven performance management
$2.13
– Turning data into information, supporting good decision making
– Core focus on people, consumables and energy utilization
Right sized workforce through contractor reduction
– More owner mining to exploit ‘fixed’ labor component
2013
2015
2:37
Ȃ
$3.71
Systems driven exploitation of opportunities
Cu
PRICE
– Prioritize the largest, not easiest, opportunities
– Focus management resources on fewer higher value opportunities
Applied strategic sourcing principles to negotiate every contract
$2.13
– Reduce scope of contractor work
– Remove wastage and duplication between contractors
– Apply principles of partnership to facilitate sharing economic burden and rewards with contractors
Engender support from stakeholders with frequent and consistent communications
– Same messages delivered to all parties internal and external
– Consistently report on same metrics
2013
2015
2:38
Ȃ
$4.15
$4.07
Milling Cost ($/t)
G&A Spend ($ M)
$4.54
$104
Energy (Kwhrs/t)
16.1
16.0
$4.07
15.6
$86
$3.65
$72
$2.85
$2.79
$58
$3.65
2012 2013 2014 2015
2012 2013 2014 2015
2012 2013 2014 2015
Mill outage in 2014 reduced efficiency
Mining Cost ($/t)
13.8
2012 2013 2014 2015
2:39
Ȃ
Scale of cost saving opportunities relatively smaller as work progresses
Success to date strengthening the resolve of the team
Working with Best in Class program to reach next level
Further supported by expected reduction in royalty rates to 4%-6%
2016 Best in Class Initiatives
Reduce mill
standby or “No
Ore” hours
Increase primary
excavators efficiency
Improve mill
productiveness and
reduce kW/t rate
Focus on reducing
mining unit costs
Improve forecast accuracy
of copper mined,
produced and sold
Better planning on site
mine, process, G&A, and
project capital
expenditure
2:40

BasieMaree
ChiefTechnicalOfficer
3:1

Shareholder value through:
– BiC Productivity Improvements: Three year guidance to achieve $130/oz improvement
– Sustainable Long Term Production: Maintain a production profile of 4.5M-5.0M
ounces/annum for 10-15 years
Manage Mineral Resource
– Near Mine Exploration (Minex) and Global Exploration (Globalex)
– Responsible Exploitation of Reserves
– Project Execution
– Evaluating third party opportunities, earn-ins and partnerships
Budget for 20161:
– Total exploration budget guidance $125M-$155M: 40:60 split between Minex
and Globalex
– Project Execution: ~$50 M to advance project studies
1. About 20% is expected to be capitalized. See final slide #4 and #7.
3:2
ʹͲͳͷ
ͳ
(M oz)
Gold Price Change
to $1,000 ST, $1,200 LT
from $1,100 flat
93.0
3.7
Drilling
and Cost
Reduction
89.9
3.1
5.1
Asset
Sales
91.9
88.2
6.8
80.0
Processed
in 2015
2014
Year End
1. See Endnotes slide #5.
YE 2014
Equity
Adjusted
YE 2015
Pre-Price
Change
2015
Year End
3:3
ʹͲͳͷ
Ƭͳ
(M oz)
Drilling
and Cost
Reduction
94.3
85.3
8.5
85.0
79.1
9.0
Asset
Sales
5.9
8.8
Change in
Gold Price
to $1,300
from $1,400
To
Reserves
40.0
2014
Year End
1. See Endnotes slide #5.
YE 2014
Equity
Adjusted
YE 2015
Pre-Price
Change
2015
Year End
3:4
Ȃ
Reserve Planning
Turquoise Ridge $2,000 M+I Shape
Update Resource Model
Import Block Model
Update costs, prices, geotechnical
parameters, starting surfaces, constraints
Whittle Pit Optimization or
Stope Optimization
Generate Pit Designs
Sensitivity Results (M+I) – Indicative of Reserves
Generate Stope Designs
Mining and Processing Schedules
Detailed Activity-Based Operating
and Capital Costs
Cash Flow Analysis
Estimate Reserves from Final Designs,
Prices and Costs
Full Reserve Plan (P+P)
3:5
Ȃ
M+I Sensitivity for Mines and Projects1
Contained ounces - Barrick share (M oz)
87.9
91.9
95.6
99.2
101.4
$1,300
$1,400
104.0
73.1
$900
$1,000
1. See Appendix D, notes 1, 2, 3, 4 and 5 and appendix E
$1,100
$1,200
$1,500
3:6
Ȃ
M+I
Incremental M+I
Inferred
Sensitivity Results1
Excludes KCGM
and Acacia
Contained Gold M oz
86
82
79
94
91
89
70
45
42
36
34
22
7
$900
8
$1,000
See final slide #5. 1. See Appendix D and E for further details.
64
62
59
10
$1,100
23
24
11
$1,200
$1,300
$1,400
$1,500
3:7

Strong focus on social license
Improved business planning model
Starter project concept
– Phased approach
– Fund subsequent stages from
cash flow
Rigorous stage gate reviews
– 15% ROIC
Consider partnerships to
diversify risk
3:8

Donlin Gold (50%)
Cerro Casale (75%)
Draft EIS based on 2011 feasibility study
published in November 2015
EIS approved on 2013
M+I Resource: 19.5 Moz at 2.24
g/tonne1
Assessing smaller scenario with potential to
significantly reduce initial capital and retain
option to expand2
1. See final slide #5. 2. A subset of the draft EIS.
Reserve: 17.4 Moz at 0.60 g/tonne1
Assessing smaller scenario with potential to
significantly reduce initial capital and retain
option to expand2
3:9
ǦȂ
Temporary suspension plan approved
and largely implemented in 2015
$80-$100M1
Expected 2016 costs of
primarily for water management and
tunnel closure
Temporary Suspension
Project Costs ($M)
$519
64%
2016 focus is on developing
an optimized completion plan with
improved economics
– Evaluate re-scope and other options
to minimize capital
$188
$80-100
2014
1. Pascua Lama spend includes cash capex and project expenses; excludes any working capital fluctuations.
~50%
2015
2016
3:10

Turquoise Ridge
Expansion
Improve ventilation
and mining efficiency
to allow higher
production output
under Best in Class
model
Review execution
timeline for 3rd shaft
Cortez Hills
Deep South
Expansion of the
Cortez Hill
underground mine
below permitted
boundary
Estimated 300K oz of
average annual gold
production on LOM
Goldrush
Advanced exploration
project with 8.6 Moz
in M+I underground
resources and
significant exploration
potential
Estimated 440K oz of
average annual gold
production starting
2023
Lagunas Norte
Refractory Ore Mine
Life Extension
Refractory ore
extension below
current oxide open pit
Build new process
plant to treat sulfide
ore
Adds ~2.1 Moz to
reserves
3:11
Feasibility
complete, $300Moptimisation $325M
ongoing
Turquoise
Ridge shaft
Goldrush
Starting
Feasibility
$1 B
Lagunas Norte
Refractory Ore
Mine Life
Extension
Starting
Feasibility
$640M
Exploration
$2.2B
Alturas
Study and permitting
2044
2043
2042
2041
2040
2039
2038
2037
2036
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
2024
2023
2022
$153M
2021
Starting
Feasibility
2020
Cortez
Deep South
2019
Capex
2018
Current
Status
2017
Project
2016

FS
FS
Vent
Production
FS
FS1
SS
FS2
PFS
Construction
FS
Lifespan
Study gold price assumption: 2016: $1,000/oz, 2017: $1,100/oz, 2018+: $1,200/oz
3:12
Ȃ ǡ

NigelBain
GeneralManager
TurquoiseRidge,Nevada
3:13
Ȃ
A joint venture with Newmont (75:25)
– Toll milling at Newmont’s neighboring Twin Creeks plant since 2003
Mining underground on joint venture acreage, large acreage outside of
JV remains under explored
Reserve1 of 5.6M oz at high grade of 15.3 g/tonne gold with future
M&I Resource1 of 15.2M oz at 4.7 g/tonne
– Ore body open in three directions
Host rock not competent – soft ground mining expertise developed
– Best in Class safety performance achieved
1. 2015 YE Reserves and resources at 100% basis. See final slide #5.
3:14
Ȃ
Production and margin growth from
granular expansion and optimization
– Record production in 2015
– 2016 will mark nearly doubling
production over last six years
– High returns on capital employed
Completed 100% mechanization of
the mine
Converted all topcuts to 4m x 4m
– Standardize jumbo and bolter fleet
– Reduced equipment requirements
3:15
Ȃ

Continued improvements in 2016:
– Future rock excavation and mining methods as well as ground support to increase advance
rates by 30%
– Improved strategic planning for ore to waste ratio, improved haulage efficiency
– Maintenance effectiveness
Optimize excavation dimensions through continued structural engineering efforts
Improved block modeling from delineation drilling increases confidence in grade
control and reduces delays for assaying
Recent $17 M investment in ventilation equipment, combined with mining
efficiencies, allowing increased mining rates of up to 1,825 tonnes per day
– Maximum delivery to Twin Creeks
Mining rates expected to be sustainable for three years
– No immediate ventilation requirement
3:16
Ȃ

Feasibility study on third shaft construction
– Total capex estimated at $300-$325 M1
– ~50% for ventilation only, already included in
LOM plan
Sustainably improve ventilation and material
flow to ensure 1,825 tonnes per day
– Scalability reduces operating costs per ounce
Improved efficiencies at mine allow deferral
of this investment
Deferral of one year minimum anticipated
1. Capital expenditure is at 100% basis
3:17
Ȃ
3,518’
#2 Shaft
7.3m diameter
553m/1815’ deep
1250 Backfill Plant
#1 Shaft
6m diameter
540m/1770’ deep
New Shaft
7.3m diameter
830m/2730’ deep
South Zone
North Zone
North
525m/1715’ Skip Loading
Station
2015 LOM Stope Shapes
2015 – 8.9 g/tonne Resource Grade Shell
Future production from down dip extension of
current ore body high level of confidence
Orebody
open down
dip to the
east
3:18
Ȃ
Conversion of shaft from ventilation to production estimated capex ~50% of
$300-$325M1
– Up to 3,300 tonnes per day production potential
Increase annual production to average 500 koz per annum (100% basis)
– AISC over LOM from end of construction between $625-$675/oz
– Permitting in place
1. Capital expenditure is at 100% basis
3:19
Ȃ Ǥ
(ounces millions)
0
0.5
Untested ground in Getchell and
Lower Deep mineralized domains
4600
Mineralization continues down-dip at
similar grades
4200
4000
Elevation
Orebody open below 2200 elevation
3800
3695 Skipping Station
3600
3400
3200
3000
2800
74%
2600
55%
3055 Skipping Station
2705 Pre-Sunk
Skipping Station
2400
2200
2015 reserve ore1
1. As per feasibility study metal plan
1.5
Proposed
#3 Shaft
North Zone
4400
74% of reserve and 55% of upside
is below the 3200 elevation
– Drillhole TU2584 showed
20m of 21.3 g/tonne
– Potential to expand reserve by
up to 2M oz through this minex
1.0
Existing
#2 Shaft
South Zone
2015 resource
Exploration potential
3:20
Ȃ

MattGili
ExecutiveGeneralManager
CortezDistrict,Nevada
3:21
Ȃ
Vision for Cortez District is to be an underground focused multi-mine
operation increasing cash flow to shareholders through relentless
pursuit of operational excellence and sustainable growth
Cortez and Goldstrike teams work together on metal plan
– Processing of Cortez refractory ore at Goldstrike roaster increased in H2
2015, bringing forward ounces and beating production guidance
Management strategy changed in 2016 to drive integration of
resources and maximize synergies for all the mines and projects in
Cortez District
3:22
Ȃ
Best in Class initiatives underway:
–
–
–
–
Optimizing shift change sequencing
Revamping fleet maintenance practices
Improving underground capital efficiency
Installing advanced process controls, and strengthening
geo-metallurgical modeling
2016 Best in Class initiatives:
–
–
–
–
–
Maintenance optimization through increased wrench time
Increase mill throughput by reducing unplanned maintenance
Underground equipment productivity
Supply chain cost and inventory reduction
Manpower optimization
3:23
Ȃ
GoldAcres
Cortez Hills Open Pit
Pipeline
Cortez Hills
Underground
Lower Zone
CortezGold
3800 ft.
Horse
Canyon
Fourmile
Open
Deep South
Open
CortezHills
Cortez
Silver
Goldrush
10 kilometers
3:24
Ȃ ͳ
Deep South study converts
1.7 Moz at ~11 g/tonne from
resource to reserve, compared
to average Cortez grade of
2.26 g/tonne
Cortez Hills orebody open
at depth with oxide, no constraining
geologic features
In situ grade at Cortez Hills Deep
South of 15 g/tonne
Underground Diamond Exploration Drilling
3:25
Ȃ
Fourmile
Goldrush
Cortez Hills Deep South
Cortez Hills Underground
Cortez Hill Open Pit
Pipeline Open Pit
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
3:26
Ȃ
Scoping Study
Prefeasibility Study
Limited understanding
restricted scale of operations
Confidence to increase scale of
operations from infill drilling
Orebody
50% Oxide / 50% Sulfide
85% Oxide / 15% Sulfide
Method
Cut and fill 2,300 tonnes
per day
Longhole stoping 4,500 tonnes
per day
Haulage
Diesel truck haulage
New conveyor
50% Cortez / 50% Goldstrike
Mostly Cortez
Initial Capital
~$165
$153M
AISC per ounce
~$635
$580
Knowledge
Processing
3:27
Ȃ
Water management is central to Deep South development
– EIS focus is on ground water
– Aquifer key water source to mining and ranching businesses
Feasibility study to progress into 2016, commence permitting in 2016
Record of decision expected 2019/2020, where after development and dewatering
for 1 year
Mining in Lower Zone up to 2022 provides development to Deep South level
Deep South production ramp up begins 2022/2023, full production 2024
Time lag provides opportunity for value engineering on project:
– Modify Cortez plant for optimal processing
– Assess opportunity to use paste fill technology
– Assess changing stope orientation to reduce development requirements
3:28
Ȃ
Six km from Cortez mine,
~140 km from Goldstrike
Initial Red Hill discovery
in 2009, first M+I resource
in 2011
Refractory orebody to be
processed at Goldstrike
roaster
Ore body remains open at
depth, significant intercepts
at Fourmile exploration
project ~1 km to the north
3:29
Ȃ
Vinini
Fourmile
Mineralization Footprint1
A’
A
>1.2 g/t
>5.1 g/t
B’
Blue Hill
RMT
Horse Canyon
Rhyolite
C’
Cover
Upper Wenban (8-5)
Basalt
Lower Wenban (4-1)
4.8 Kilometers
152m
B
Horse
Canyon
Vinini
Blue Hill
C
Roberts Mountain
152m
B - B’
C - C’
B
Red Hill
B’
C
C’
Cover
Cover
Vinini
Vinini
Meadow
Blue Hill
Blue Hill
Cover
Horse Canyon
152m
Roberts
Mountain
Upper Wenban (8-5)
Lower Wenban (4-1)
152m
1.6 Kilometers
152m
Horse Canyon
Upper Wenban (8-5)
152m
Roberts Mountain
Lower Wenban (4-1)
3:30
Ȃ
Scoping Study
Prefeasibility Study
Underground mining in Goldrush
and open pit in Red Hill. High strip
ratio
Access through Mill Canyon
Ore transportation via rail
8.4 Moz at 4.41 g/tonne in 2012.
Drilling focused in lower grade Red
Hill area. Limited drilling in the
Goldrush underground area
Initial Capex: $1.6 B
Potential annual production:
~590koz at average AISC of
$921/oz
Changed scope to underground-only
mine, eliminated stripping costs
De-risked and optimized project with
access via West Portal
Ore transportation via trucks
8.6 Moz at 10.58 g/tonne in 2015.
Infill drilling demonstrated high grade
continuity and added quality ounces
to geologic model
Initial Capex: $1.0 B
Potential annual production: +440koz
at average AISC of $665$/oz
3:31
Ȃ
Moving forward with phase 1 of the Feasibility Study in 2016, which will
focus on:
– Underground surface infrastructure
– Tighter-spaced drilling to convert near surface resources to reserves
– Mine plan optimization to bring ounces forward
Construction of a twin exploration decline at the West Portal enables further
drilling planned for early 2017
Start of Full Environmental Impact Statement process planned for late 2017
Development and production activities would begin following receipt of
Record of Decision on EIS
First production as early as 2021, sustained production expected in 2023
3:32
Ȃ
JimWhittaker
GeneralManager
LagunasNorte,Peru
3:33
Ȃ
New management appointed in 2015
– More timely engagement with corporate office
– Increased transparency, accountability, and proactive approach
– Ensure adequate resources secured as required to support operation
2015 a solid year in production and cost control to achieve competitive
all-in margins
– New challenges in safety performance and leaching recoveries identified
2016 focused on implementing Best in Class
–
–
–
–
Improved safety performance through visible leadership
Operating system designed to drive improvement at line supervision level
Debottlenecking crusher to increasing throughput to leach pad
Improvements in capital and human productivity
3:34
Ȃ

Short term: mature operation focused on maximizing operating margins
through incremental changes to operating procedures
Medium term: prefeasibility study on expansion into refractory ore
treatment for LOM extension
Long term: expanded processing capacity creates opportunity in the region
3:35
Ȃ
Allows processing of sulfidic material
unsuited to heap leaching
Capital requirement for new 6,000 tpd
milling circuit and autoclave plant
– Mining below existing pit
– Existing final recovery circuit
remains suitable
Mill and Concentrator
Extends mine life, enables exploitation
of regional sulfide opportunities
Feasibility study started and
environmental permitting ongoing
Autoclave Process Plant
3:36
Ȃ
Gold Production (Koz, pa)
De-risking
Opportunity
Heap Leach
@$1,000 Au
Exploration
Opportunity
2.1 Moz
Sec. Leaching
Refractory Ore
PMR Heap Leach
2015
2017
2019
2021
2023
2025
2027
2029
3:37
Ȃ
N
Site 3
Water
Treatment
Site 1
Concentrator
Open Pit
4 km
Site 2
Autoclave
Leach
Leach Pad
Leach
Pad
3:38
Ȃ
3:39
Ȃ

Prefeasibility Results
Initial capex of $640 M
with sustaining capex
of $24 M
240 k ounces of gold
per year for five years,
at head grade of 7.0
g/tonne gold
Average AISC/oz of
$625 for five years
2.1 M ounces contained
reserve addition
LOM from 1 Jan 2016
Development Plan
Similarity to PEA results provides
confidence
Phased development approach adopted
Progressing two phase feasibility study
– Permitting phase starts 2016
– Detailed engineering phase to
project approval to follow thereafter
Key risk areas highlighted in study
require further analysis
– Ore body size and grade has significant
up and downside risk
Expectations of first gold in 2021
3:40
Ȃ Ǧ
Oxide pit
Sulfide pit
Feeder Zones
100 Meters
Au g/t
< 0.5
< 1.1
< 2.0
< 5.0
< 10.0
< 25.0
< 100.0
Preliminary results from 2015 drill program show good interception including
a long high grade feeder zone
Opportunity to enlarge resource through infill drilling on phase 1 of the PMR pit
and to define mineralised contact in the feeder zone
Opportunity to increase grade through RC drilling previous DDH targets –
historical reconciliation of +15%
3:41
Ȃ Ƭ
Alto Chicama
District
Exploration budget
of $4.6 M for 2016
PiedraGrande
Development of
neighboring
targets has
potential to add
medium term
production
LagunasNorte
Genusa
pit
LaCapilla
Quiruvilca
Defined Resource
LagunasSur
Drill Targets
Au & Alteration footprint
5km
TresCruces
3:42
Ȃ
Three key factors for success:
1. Strong proven and experienced management team
2. Known existing mine resources with regional upside
3. Minimized development risk due to brownfield site and phased approach
3:43

The Best Assets Managed to Deliver the Best Returns
3:44

1:1
Ȃ
A vertical longitudinal section looking 017 degrees. Some distortion is present due to a change in strike between the Main Zone
and the C Zone. Historic significant intercepts, whether drilled by Barrick or a third party, are shown as red dots. Recent
diamond drilling (2014 and 2015) is shown as green dots. Know diamond drill intersections not considered to be significant are
shown as black dots. Significant intercepts have been chosen based on mine-site economic cut off grades and thicknesses. The
current minimum mining width at Williams is 2m, to which a minimum of 1m of dilution must be added. Cut off grades are
commonly in the 3 g/t Au range, which varies by the area within the mine and specific details of stope. An intersection of at
least 3g/t Au, with a grade X thickness equal to or greater than 9 g/t Au metres is therefore considered significant. For
instance, an intersection of 3 g/t over a true width of 3 m is considered significant. An intersection of 8 g/t over 2 m has grade
X thickness of 8X2=16 and is considered significant, whereas an intersection of 8 g/t Au over 1 m has grade X thickness of
8X1=8, which is less than 9, and is not considered significant. Conversely, an intersection of 2 g/t Au over 10m has a grade X
thickness of 2X10=20, but is not considered significant because the grade is not greater than 3 g/t Au. No capping grade was
used to calculate the significant intercepts. True width is estimated using an assumed dip of 70 degrees to the N/NNE. In areas
of sparse drilling, the dip is not precisely known, and has been known to vary from 50 degrees to 80 degrees within the
camp. Barrick-Hemlo employs industry standard quality assurance and quality control procedures.
1:2
Ȃ
ALTURAS - Significant Drill Intercepts through ALT-33 to ALT-049 (1)
Core Drill Hole
Azimuth
Dip
ALT-034
90
-69
-88
ALT-035
23
ALT-036
265
-60
ALT-037/037W
91
-74
ALT-038
89
-70
ALT-039
87
-69
ALT-040
ALT-041
90
270
-69
-80
ALT-042
272
-83
ALT-043/043W
ALT-044
ALT-045
ALT-046
ALT-048
ALT-049/049W
272
90
264
87
89
90
-84
-71
-86
-71
-71
-65
Interval (from m)
145
193
238
126
166
230
No significant intercept
179
512
291
83
147
443
278
27.3
83.2
166
271
305
258
123
259
144.5
Interval (to m)
177
222
286
138
214
325
Width (m)
32
27 (3)
48
12
48
93.1 (3)
(2)
Au (g/t)
0.73
0.58
1.14
2.62
1.82
1.22
205
570
317
121
171
467.3
26
58
26
38
24
24.3
1.42
0.92
0.80
1.53
1.02
2.16
296.3
50.8
104
257
287
315
359
18.3
23.5
20.8
88.9 (3)
16
10
101
0.97
2.45
1.08
1.52
0.57
0.57
0.83
149
26
0.60
315
279
56
134.5
0.93
1.69
1 All significant intercepts calculated using a 0.5 gpt Au cutoff and are uncapped; a minimum intercept lenght of 10m is reported, with internal dilution of no more than 10 consecutive meters below cut-off included in the calculation.
Results pending for hole ALT-47.
2 The majority of holes are steeply inclined to the east and the mineralization is tabular and sub-horizontal to shallowly west dipping; intersections are considered to reflect true thicknesses.
3 Interval and width differ due to exclusion of no core recovery zone from calculation of the weighted average gold grade.
The significant intercepts have been calculated using a 0.5 g/t Au cutoff for a minimum intercept length of 10m, with internal dilution of no more than 10 consecutive meters below cut-off included in the calculation. No capping grade
was used to calculate the significant intercepts. The majority of holes are steeply inclined to the east and the mineralization is tabular and sub-horizontal to shallowly west dipping and intersections are considered to reflect true
thicknesses.
Quality Assurance and Quality Control
The drilling results for the Alturas property contained in this press release 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. 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 property conform to industry accepted quality
control methods.
1:3
Ȃ
North
Initial Resource
5.5 Moz at 1.25g/t1
150m.
1 km.
̷̱ʹͲͲ
1.
See final slide #5.
South
Andesitic cap
Breccia
Dacite host rocks
Alteration limit
Oxidation limit
> 0.25 g/t Au
> 1.0 g/t Au
500m.
Slide 1:44 is an aerial oblique view looking to the east of the drilling at Alturas showing significant intercepts as of February 2016. The holes are colorǦcoded by grade times
thickness, showing the strength of the mineralized intercept. For example, the red symbol represents greater than 100 gpt AuǦm and is calculated by multiplying the grade
encountered by the thickness of the interval (i.e. “100 gramǦmeters” may represent 100 meters, grading one gram per ton Au, or 50 meters, averaging two grams per ton Au)The
significant intercepts have been calculated using a 0.5 g/t Au cutoff for a minimum intercept length of 10m, with internal dilution of no more than 10 consecutive meters below
cut-off included in the calculation. No capping grade was used to calculate the significant intercepts. The majority of holes are steeply inclined to the east and the mineralization is
tabular and sub-horizontal to shallowly west dipping and intersections are considered to reflect true thicknesses.
The drilling results for the Alturas 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. 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 property conform to industry accepted quality control
methods.
1:4
Ȃ SignificantIntercepts
Fourmile – SignificantIntercepts1 GRCͲ0427DandGRCͲ0435D
Core Drill Hole
Azimuth
Dip
Interval (m)
Width (m)²
Au (g/t)
5.8
14.3
5.8
10.9
31.7
49.6
5.2
14.4
GRC-0427D
NA
-90
666.9 – 672.7
695.3 – 709.6
921.4 – 927.2
GRC-0435D
NA
-90
702.2 – 707.4
1
2
All significant intercepts calculated using a 5.0 gpt Au cutoff and are uncapped; internal dilution is less than 10% total width.
True width of intercepts are uncertain at this stage.
A plan view DEM Hillshade image of Fourmile drilling showing significant intercepts as of February 4, 2016. Drill holes in red are high-grade intercepts greater than 3
meters at greater than 5.0 gpt. The significant intercepts presented were calculated using a 5.0 gpt Au cutoff with internal dilution of no more than 10% included in
the calculation. No capping grade was used to calculate the significant intercepts. Barrick employs industry standard quality assurance and quality control procedures
for the Fourmile drill program, under which all samples are sent to a commercial laboratory and include standards, duplicates and check assay controls.
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. 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.
1:5
Ȃ Ϊ
1.
See final slide No. 5
2.
M+I sensitivities for Barrick’s 63.9% interest in the Acacia mines have been calculated for the following assumed gold prices, only: Bulyanhulu
and Buzwagi mines: $1,000/oz, $1,100/oz and $1,200/oz; North Mara mine: $1,000/oz, $1,100/oz, $1,200/oz and $1,300/oz
3.
M+I sensitivities for Barrick’s 50% interest in the Kalgoorlie mine have been calculated for assumed gold prices of $900/oz and $1,000/oz,
only.
4.
No M&I resource amounts are included where the assumed gold price is below the lowest assumed price for which a sensitivity was calculated.
For example, total M&I resources at an assumed gold price of $900/oz excludes all resources attributable to the Acacia mines. Where the
assumed gold price is above the highest assumed price for which a sensitivity was calculated, total M&I resources include amounts equal to
those calculated for such highest assumed price. For example, total M&I resources at an assumed gold price of $1,300/oz includes Bulyanhulu
and Buzwagi at an assumed gold price of $1,200/oz, and Kalgoorlie at an assumed gold price of $1,000/oz.
5.
Barrick divested the Bald Mountain mine and its interest in the Round Mountain mine on January 11, 2016. Accordingly, for the purpose of this
sensitivity analysis, ounces attributable to Bald Mountain and Round Mountain have been excluded from M&I resource amounts and
corresponding estimates of Barrick’s reserves as at December 31, 2015.
6.
For the purpose of the M+I, incremental M+I and inferred sensitivities, tonnage, grade and ounces attributable to Bald Mountain, Round
Mountain, Acacia mines and KCGM were removed from the calculations.
7.
Incremental refers to the material between the shapes created by use of M+I classified material only and the shapes created using M+I +
Inferred. The M+I in this increment is the Incremental M+I. The Inferred is the sum of the inferred classified material in the M+I shape and
the Incremental shape.
1:6
Ȃ Ϊ
M+I1,2,3,5
M+I Tonnes (Mtonnes)
M+I Au Grade (gpt)
M+I Contained Ozs (Mozs)
Incremental M+I5
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
1,637
1,894
1,979
2,063
2,177
2,252
2,321
1.33
1.29
1.29
1.29
1.27
1.26
1.26
70
79
82
86
89
91
94
$1,500
$900
$1,000
$1,100
$1,200
$1,300
$1,400
Incremental M+I Tonnes (Mtonnes)
485
497
568
635
744
793
823
Incremental M+I Au Grade (gpt)
2.16
2.24
2.29
2.20
2.46
2.43
2.41
34
36
42
45
59
62
64
$1,500
Incremental M+I Contained Ozs (Mozs)
Inferred5
$900
$1,000
$1,100
$1,200
$1,300
$1,400
Inferred Tonnes (Mtonnes)
188
275
336
379
581
645
689
Inferred Au Grade (gpt)
1.12
0.95
0.93
0.91
1.16
1.12
1.10
7
8
10
11
22
23
24
Inferred Contained Ozs (Mozs)
1:7
APPENDIX
CortezȂ

Location: 120km SW of Elko, Nevada, United States
Ownership: 100% Barrick
Mine Type: Open Pit and Underground
Products: Gold
2015 Reserves: 11.1Moz Gold at average grade of 2.26g/tonne
2015 M&I Resources: 2.2Moz Gold at average grade of 1.53g/tonne
Operations at Cortez are split between two complexes, Pipeline and Cortez Hills.
The Pipeline complex is mined via open pit; Cortez Hills is mined via open pit and
underground. Both complexes have heap leach facilities (Area 34 and Area 30).
Higher grade oxide ore is processed in an onsite conventional SAG mill with CIL
recovery which have a design capacity of 14ktpd. Refractory ore is trucked 125km
to Goldstrike for processing in the roaster or TCM circuit.
1:8
APPENDIX
CortezȂ ʹͲͳͷƬʹͲͳ͸
In 2015 gold production was 999koz, a
11% increase over the prior year. This was
primarily due to processing of higher grade ore
from the open pit combined with higher
recoveries, as well as increased underground
production from higher grade ore. Cash costs
were $486 per ounce, down $12 per ounce
compared to the prior year primarily due to the
impact of higher sales volume on unit
production costs. All-in sustaining costs of
$603 per ounce decreased by $103 per ounce
compared to 2014, primarily due to a reduction
in sustaining capital expenditures as a result of
lower capitalized stripping costs, combined with
lower cash costs.
For 2016 we expect gold production to be
in the range of 900-1,000koz, in line with 2015
production levels. Underground ore grades are
expected to decline as the mine transitions to
lower grade ore zones deeper in the deposit.
This is offset by an increase in open pit
production, recovered through leaching, as the
open pit encounters larger volumes of this
material in 2016. As a result, we expect cash
costs to be in the range of $480-$530 per
ounce, consistent with 2015. All-in sustaining
costs are forecast at $640-$710 per ounce,
higher than 2015 primarily due to higher
sustaining capital expenditures on water
management projects and open pit haul truck
capitalized maintenance.
1:9
APPENDIX
CortezȂ
Production
Metrics
Tonnes Mined
(000s)
Tonnes
Processed (000s)
koz
2013
2014
2015
2016E
AISC
($/oz)
1,300
$800
134,007 152,146 151,357
-
1,200
$706
$640-710
1,100
19,999
25,957
22,406
-
Head Grade
(g/tonne Au)
2.59
1.34
1.73
-
Recovery (%)
80.2
80.6
80.3
-
900
$600
$603
1,000
$500
$400
$440
800
$300
700
Total Production
(koz Au)
1,337
902
999
9001,000
$200
600
500
$700
1,337
901
999
9001,000
2013
2014
2015
2016e
$100
$-
1:10
APPENDIX
CortezȂ Ƭ
Financial
metrics
2013
2014
2015
2016E
Gold AISC
($/oz)
440
706
603
640-710
Gold Cash
Costs ($/oz)
229
498
486
480-530
Sustaining
Capex ($M)
264
170
101
-
Expansion
Capex ($M)
132
19
47
-
1,610
648
630
-
Segment
EBITDA ($M)
1. G&A included in Other Cash Costs
1:11
APPENDIX
CortezȂ

Open pit mining at 2 pits: Pipeline and Cortez Hills
2013
2014
2015
366
415
413
Strip ratio
6.1:1
5.4:1
6.3:1
Mining cost ($/tonne)
1.87
1.70
1.42
Mining rate (ktpd)
1.9
2.0
2.5
127
120
103
Conventional truck/shovel operation
–
Cortez Hills pit dimensions: 2km long x 1km wide x 450m
deep (no backfill)
Open Pit
–
Typical bench height: 6-15m
Mining rate (ktpd)
–
Primary loading fleet:
–

Mining Metrics
–
–
1 x Hitachi EX5500
–
3 x P&H 2800
–
1 x P&H 4100
Primary hauling fleet:
–
20 x Liebherr T282
–
28 x Caterpillar CAT795F
Underground mining at Cortez Hills
Underground
– Underhand cut and fill with cemented rock fill
as backfill
– Parallel 5m wide by 5.5m high and 3 km declines
with crosscuts at every 150m
1:12
APPENDIX
CortezȂ
Processing metrics
2013
2014
2015
11.7
12.4
13.0
Throughput (tonne/day)
11,300
10,200
9,500
Recovery (%)
89.8%
84.2%
87.0%
Total Production (koz Au)
1,077
4681
530
1.0
1.4
1.2
42,300
58,400
49,400
Recovery (%)
40.3%
71.9%2
52.9%
127
225
141
Mill Leaching
Cost ($/tonne)
Heap Leaching
Cost ($/tonne)
1. Production decreased due to transition from higher grade phase 3 Cortez Hills ore to lower grade phase 4 ore
2. Higher recovery from low grade heap leach ore from Pipeline and South Gap pits
1:13
APPENDIX
CortezȂ ǡǯ
Processing metrics
2013
2014
2015
46.1
67.81
45.9
See Goldstrike
See Goldstrike
See Goldstrike
87.2%
84.3%
75.6%
98
98
33
Autoclave (Goldstrike)
Cost ($/tonne)
Recovery (%)
Roaster (Goldstrike)
Cost ($/tonne)
Recovery (%)
29.8
28.7
28.7
See Goldstrike
See Goldstrike
See Goldstrike
85.3%
82.9%
90.7%
36
111
295
Total
Cost ($/tonne)
4.1
4.2
4.2
54,800
71,100
61,400
Recovery (%)
80.2%
80.6%
80.3%
1,337
902
999
1. Higher autoclave processing costs in 2014 due to commissioning of TCM
1:14
APPENDIX
GoldstrikeȂ

Location: 60km NW of Elko, Nevada, United States
Mine Type: Conventional open pit and underground mining
Products: Gold
2015 Reserves1: 8.5Moz Gold at average grade of 3.59g/tonne
2015 M&I Resources1: 1.8Moz Gold at average grade of 6.02g/tonne
Goldstrike has produced over 41 M ounces since American Barrick acquired the
property in 1987. Goldstrike consist of the BetzeǦPost open pit and the Meikle and
Rodeo underground mines. Meikle is a highǦgrade ore body which is mined by
transverse longhole stoping, underhand drift and fill mining methods. Rodeo is a
trackless operation, using two different underground mining methods: longǦhole
open stoping and driftǦandǦfill. Double refractory ore is processed both at the
Roaster and the Autoclave/TCM.
1. Does not include South Arturo
1:15
APPENDIX
GoldstrikeȂ ʹͲͳͷƬʹͲͳ͸
In 2015 gold production was 1,053koz,
17% higher than the prior year. The increase
was primarily due to higher grades from the
open pit, partially offset by a decrease in ore
tonnes processed and recoveries. Cash costs
were $522 per ounce, down $49 per ounce, or
9%, compared to the prior year. The decrease
was primarily due to the impact of higher sales
volume on unit production costs. All-in
sustaining costs of $658 per ounce for 2015
decreased by $196 per ounce compared to the
prior year primarily due to lower cash costs
combined with a decrease in mine-site
sustaining capital expenditures.
in the range of 975-1,075koz, which is slightly
higher than 2015 production levels, due
primarily to Arturo coming on line and the full
benefit of Autoclave production. We expect
cash costs to be in the range of $560 to $610
per ounce, which is slightly higher than 2015
costs due to the higher percentage of ounces to
be recovered through TCM. All-in sustaining
costs are forecast at $780-$850 per ounce,
which is higher than 2015 primarily due
sustaining capital expenditures for tailings
expansions, water management projects,
process improvements, and timing of
underground equipment replacements.
1:16
APPENDIX
GoldstrikeȂ
Production
Metrics
Koz
2013
2014
2015
1,000
Tonnes Mined
(000s)
87,350 81,410
Tonnes
Processed1 (000s)
6,829
Head Grade
(g/tonne Au)
5.01
6.28
6.01
-
Recovery (%)
81.0
84.2
80.7
-
1,053
9751,075
Total Production
(koz Au)
48,600
AISC
($/oz)
2016E
$913
-
$854
$780850
800
5,307
6,752
$658
-
$800
$600
600
892
902
$400
400
$200
200
-
892
902
1,053
9751,075
2013
2014
2015
2016e
$-
1. Excludes toll material
1:17
APPENDIX
GoldstrikeȂ Ƭ
Financial
metrics
2013
2014
2015
2016E
Gold AISC
($/oz)
913
854
658
780-850
Gold Cash
Costs ($/oz)
618
571
522
560-610
Sustaining
Capex ($M)
251
246
111
-
Expansion
Capex ($M)
223
287
33
-
Segment
EBITDA ($M)
693
628
599
-
1:18
APPENDIX
GoldstrikeȂ
Open pit mining at Betze Post
–
Conventional truck/shovel operation
Mining Metrics
–
Pit dimensions: 3.3km long x 2km wide x 600m
deep (w/out backfill)
Open Pit
–
Typical bench height: 6-13m
Mining rate (ktpd)
–
–
–
2 x P&H 4100
–
2 x P&H 2800
–
1 x Hitachi EX5500
–
31 x Komatsu 930E
Underground mining at Meikle and Rodeo
– Underhand cut and fill, longhole stoping
– Cemented rock fill and paste as backfill
2013
2014
2015
235
219
194
14.7:1
12.4:1
8.7:1
2.26
2.25
1.96
Mining rate (ktpd)
5.1
5.3
4.8
Mining cost
($/tonne)
134
122
112
Strip ratio
Mining cost
($/tonne)
Underground
1:19
APPENDIX
GoldstrikeȂ
Processing metrics
2013
2014
2015
62.8
Autoclave
Cost ($/tonne)
52.2
88.6
7,000
2,9001
7,100
Recovery (%)
56.5%
61.8%
56.3%
93
50
171
24.5
25.4
24.6
14,100
14,200
13,900
Recovery (%)
Roaster
Cost ($/tonne)
85.3%
86.0%
88.1%
799
852
883
Cost ($/tonne)
33.7
36.2
37.6
21,100
17,100
21,000
Recovery (%)
81.0%
84.2%
80.7%
892
902
1053
Total
1. Autoclave production suspended during TCM construction. Production restarted in Q4 2014.
1:20
APPENDIX
HemloȂ

Location: 350km East of Thunder Bay, Ontario, Canada
Mine Type: Open Pit and Underground
Products: Gold
Hemlo has produced over 21Moz and operated continuously for over 30 years. Hemlo
consists of the Williams mine í an underground and open pit operation. Ore from the
Williams mine is fed to a standard grind, leach and carbon-in-pulp (CIP) mill which has a
design capacity of 10ktpd. The circuit comprises run-of-mine ore handling, crushing,
grinding, thickening, cyanide leaching, carbonǦin-pulp, carbon stripping and reactivation,
electro-winning and refining, tailings disposal, water reclaim and a tailings effluent
treatment circuit.
1:21
APPENDIX
HemloȂ ʹͲͳͷƬʹͲͳ͸
In 2015 gold production of 219koz
increased by 6% over the prior year. The
increase was primarily due to increase in
underground tonnes. Cash costs were $708
per ounce, down $121 per ounce, compared to
the prior year, primarily due to increases in
underground productivity rates, cost reduction
initiatives and favorable exchange rate. All-in
sustaining costs of $895 per ounce
decreased by $164 per ounce compared to
2014 primarily due to capital optimization and
favorable exchange rate.
in the range of 200-220koz, similar to 2015
production levels. Cash costs are expected to
be in the range of $600-$660 per ounce, which
is lower than 2015 due to higher underground
production rates and cost reduction efforts. Allin sustaining costs are forecast at $790-$870
per ounce, which is lower than 2015 primarily
due to capital optimization and operating
expenditure reductions. Favorable exchange
rates for 2016 are influencing both cash costs
and AISC.
1:22
APPENDIX
HemloȂ
Koz
Production Metrics
2013
2014
2015
2016E
Tonnes Mined
(000s)
8,086
8,127
7,409
-
Tonnes Processed
(000s)
240
AISC
($/oz)
$1,200
$1,227
220
$1,059
200
3,110
2,916
3,120
-
$1,000
$895
180
$790870
$800
$600
Head Grade
(g/tonne Au)
2.19
2.34
2.30
-
160
$400
140
Recovery
(%)
Total Production
(koz Au)
93.3
204
93.9
206
94.6
219
200-220
$200
120
100
204
206
219
200210
2013
2014
2015
2016e
$-
1:23
APPENDIX
HemloȂ Ƭ
Financial
metrics
2013
2014
2015
2016E
Gold AISC
($/oz)
1,227
1,059
895
790-870
Gold Cash
Costs ($/oz)
922
829
708
600-660
Sustaining
Capex ($M)
52
45
38
-
Expansion
Capex ($M)
0
0
39
-
Segment
EBITDA ($M)
8
153
(19)
-
1:24
APPENDIX
HemloȂ
Open pit mining:
– Conventional truck/loader operation
– Pit dimensions: 1km long x 0.6km
wide x 200m deep (no backfill)
– Typical bench height: 10m
– Primary loading fleet:
– 2 x Caterpillar 992
– Primary hauling fleet:
– 7 x Caterpillar CAT777
Underground mining
– Long hole and Alimak
– 9yd Scooptrams/30t trucks/40t
autonomous trucks
– Shaft and ramp access covers 1.3km
depth and 3km strike length
Mining Metrics
2013
2014
2015
19
19
18
Strip ratio
2.5:1
3.5:1
2.6:1
4.30
4.09
3.59
Mining rate (ktpd)
3.0
3.1
3.2
96
79
67
Open Pit
Mining rate (ktpd)
Underground
1:25
APPENDIX
HemloȂ
Processing metrics
2013
2014
2015
Cost ($/tonne)
10.7
11.9
9.2
8,500
8,000
8,500
Recovery (%)
93.3%
93.9%
94.6%
204
206
219
Cost ($/tonne)
10.7
11.9
9.2
8,500
8,000
8,500
Recovery (%)
93.3%
93.9%
94.6%
204
206
219
Mill Leaching
Total
1:26
APPENDIX
LagunasNorteȂ

Location: 140km East of Trujillo, Peru
Mine Type: Open Pit
Products: Gold, Silver
The property lies on the western flank of the Peruvian Andes at 4,000-4,260 meters
above sea level. Lagunas Norte is a conventional openǦpit, crush, valleyǦfill heap leach
operation. Ore processing is via a twoǦstage conventional crushing circuit, followed by
heap leaching and Merrill Crowe or Carbon-in-Column (CIC) precipitation plants. The
pregnant solution is delivered to the Merrill Crowe or CIC plants by pumps. The Merrill
Crowe plant has a design capacity of 1,200m3 per hour, however the current average
capacity has increased to 2,700m3 per hour. CIC plant has a design capacity of 2,140m3
per hour.
1:27
APPENDIX
LagunasNorteȂ ʹͲͳͷƬʹͲͳ͸
In 2015 gold production of 560 koz
decreased by 4% over the prior year primarily
due to processing of lower recovery ore as the
mine transitions to more complex sulfide ore.
This was partially offset by the acceleration in
ounce recovery from the new leach pad and
increased capacity from the carbon-in-circuit
(commissioned at the end of 2013) and MerrillCrowe plants, combined with processing of
higher grade ore. Cash costs were $329 per
ounce, down $50 per ounce from 2014
primarily due to reductions in fuel, explosives
and labor costs combined with a decrease in
royalty expense. All-in sustaining costs of
$509 per ounce for 2015 decreased by $34 per
ounce compared to the prior year primarily due
to lower cash costs and sustaining capital
expenditures.
in the range of 410-450 koz, down from 2015
production levels in line with the progressive
depletion of oxide ores, which are being
replaced with sulfide ore with lower kinetics and
recoveries. Cash costs are expected to be in
the range of $380-$420 per ounce and higher
all-in sustaining costs of $570-$640 per
ounce are driven mainly by the decrease in
production and a similar level of capital
expenditures related to Phase 6 of the leach
pad expansion, which will be completed in
2016, partially offset by lower operational costs
mainly in mine maintenance, labor and
administrative (G&A) costs.
1:28
APPENDIX
LagunasNorteȂ
Production
Metrics
koz
2013
2014
2015
2016E
Tonnes Mined
(000s)
36,934
Tonnes
Processed (000s)
21,089
22,110
21,880
-
1.06
0.99
1.02
-
Head Grade
(g/tonne Au)
50,030
49,126
AISC
($/oz)
-
Recovery (%)
84.0
82.7
78.1
-
Total Production
(koz Au)
606
582
560
410-450
$700
700
$627
600
$543
$570640
$509
500
$600
$500
$400
$300
400
$200
300
200
606
582
560
410450
2013
2014
2015
2016e
$100
$-
1:29
APPENDIX
LagunasNorteȂ Ƭ
Financial
metrics
2013
2014
2015
2016E
Gold AISC
($/oz)
627
543
509
570-640
Gold Cash
Costs ($/oz)
361
379
329
380-420
Sustaining
Capex ($M)
139
81
67
-
Expansion
Capex ($M)
0
0
0
-
602
531
454
-
Segment
EBITDA ($M)
1:30
APPENDIX
LagunasNorteȂ
Open pit mining
– Conventional truck/shovel operation
– Pit Dimensions: 2.5km long x 1.5km wide x
170m deep (no backfill)
Mining Metrics
2013
2014
2015
101
137
135
Open Pit
– Typical Bench Height: 10m
Mining rate (ktpd)
– Primary Loading Fleet:
Strip Ratio
0.4:1
0.9:1
1.2:1
Mining costs
($/tonne)
2.69
2.35
2.22
– 2 x Komatsu PC4000
– 3 x Komatsu WA1200
– Primary Hauling Fleet:
– 19 x Komatsu 730E
– 4 x Caterpillar 785C
1:31
APPENDIX
LagunasNorteȂ
Processing metrics
2013
2014
2015
2.99
2.99
2.94
57,800
60,600
59,900
Recovery (%)
84.0%
82.7%
78.1%
606
582
560
2.99
2.99
2.94
57,800
60,600
59,900
Recovery (%)
84.0%
82.7%
78.1%
606
582
560
Heap Leaching
Cost ($/tonne)
Total production (koz Au)
Total
Cost ($/tonne)
1:32
APPENDIX
LumwanaȂ

Location: 100km west of Solwezi, Zambia
Mine Type: Conventional Open Pit (Truck and Shovel)
Products: Copper Concentrate
2015 Reserves: 3.1Blb Copper at average grade of 0.56%
2015 M&I Resources: 7.8Blb Copper at average grade of 0.52%
Barrick acquired the asset through the Equinox acquisition in 2011. The Lumwana
copper mine is located in Zambia’s Copperbelt, one of the most prospective copper
regions in the world. The plant has a milling design capacity of 65 ktpd. Lumwana ore,
which is predominantly sulfide, is treated through a conventional sulfide flotation plant,
producing copper concentrate. Copper concentrate is trucked 100-200km to three
smelters for contract smelting.
1:33
APPENDIX
LumwanaȂ ʹͲͳͷƬʹͲͳ͸
In 2015 copper production of 287 Mlb
increased by 34% over the prior year. The
increase was primarily due to an increase in
tonnes processed. C1 cash costs were $1.72
per lb, down $0.36 per lb, or 17%, compared
to the prior year. The decrease was primarily
due to the impact of higher sales volume on
unit production costs. All-in sustaining costs
of $2.42 for 2015 decreased by $0.73 per lb
compared to the prior year primarily due to
increased production volume combined with a
decrease in site expenditures.
For 2016 we expect copper production to
be in the range of 270-290 Mlb, which is down
from 2015 production levels, due primarily to
reduced grade from the open pit which is partly
offset by an increase in tonnes processed.
Operating costs are expected to be lower than
2015 levels due to reduced unit mining cost,
royalty, and treatment/refining costs. As a
result, we expect C1 cash costs to be in the
range of $1.35 to $1.60 per lb, which is lower
than 2015 on cost reductions and equipment
productivity, as well as favorable exchange
rates. All-in sustaining costs are forecast at
$1.90-$2.20 per lb, which is lower than 2015
primarily due to reduced operating cost and a
lower royalty rate.
1:34
APPENDIX
LumwanaȂ
Production
Metrics
Mlb
2013
2014
2015
Tonnes Mined
(000s)
92,910
77,000
68,563
Tonnes
Processed (000s)
21,910
15,748
21,632
350
$3.60
3.00
$3.15
300
$2.42
250
Head Grade
(% Cu)
0.58%
0.67%
0.65%
Recovery
(%)
93.4%
93.5%
93.3%
260
214
287
Total Production
(Mlb Cu)
AISC
($/oz)
2016E
$1.902.20
2.00
200
1.00
150
270-290
100
260
214
287
270290
2013
2014
2015
2016e
0.00
1:35
APPENDIX
LumwanaȂ Ƭ
Financial
metrics
2013
2014
2015
2016E
Copper AISC
($/ lb)
3.60
3.15
2.42
1.90-2.20
Copper C1
Cash Costs ($/
lb)
2.29
2.08
1.72
1.35-1.60
Sustaining
Capex ($M)
262
182
98
Expansion
Capex ($M)
0
0
0
188
138
113
Segment
EBITDA ($M)
1:36
APPENDIX
LumwanaȂ
Open pit mining at Chimiwungo pit:
– Conventional truck/shovel
operation and conveyor
– Three Current Pits Average
Dimensions: 1km long x 0.6km
wide x 120m deep
– Typical Bench Height: 12m
– Primary Loading Fleet:
– 6 x Hitachi EX5500-5
Mining Metrics
2013
2014
2015
253
211
187
Strip Ratio
3.1:1
3.2:1
1.9:1
Mining costs
($/tonne)
4.07
4.07
3.65
Open Pit
Mining rate (ktpd)
– Primary Hauling Fleet:
– 30 x Hitachi EH4500
1:37
APPENDIX
LumwanaȂ
Processing metrics
2013
2014
2015
3.53
3.94
2.79
60,027
43,145
59,266
Recovery (%)
93.4%
93.5%
93.3%
260
214
287
3.53
3.94
2.79
60,027
43,145
59,266
Recovery (%)
93.4%
93.5%
93.3%
260
214
287
Concentrator
Cost ($/tonne)
Total Production (Mlb Cu)
Total
Cost ($/tonne)
Total Production (Mlb Cu)
1:38
APPENDIX
PorgeraȂ
Location: 600km NW of Port Moresby, Papua New Guinea
Ownership: 47.5% Barrick, 47.5% Zijin Mining Group, 5% Mineral Resources Enga
Mine Type: Conventional open pit (truck and excavators) and underground mining
(long hole open stoping using paste as backfill)
Products: Gold
The Porgera Joint Venture is an open pit and underground gold mine located at an
altitude of 2,200-2,700 meters in the Enga Province of Papua New Guinea. The operation
is roughly 130 kilometers west of Mount Hagen. Barrick (Niugini) Ltd. is the 95% owner of
the Porgera Joint Venture and is the manager of the operation.
1. At 47.5 % Barrick Share
1:39
APPENDIX
PorgeraȂ ʹͲͳͷƬʹͲͳ͸
decreased by 11% over the prior year. Even
though the mine has improved and production
has risen on a 100% basis, the decrease is a
result of divesting 50% of Barrick Niugini Ltd.
in August. Cash costs were $791 per ounce,
down $124 per ounce, or 14%, compared to
the prior year. The decrease was primarily due
to the impact of operating cost reductions,
power and fuel, and higher sales volume on
unit production costs. All-in sustaining costs
of $1,018 per ounce for 2015 increased by $22
per ounce compared to the prior year primarily
due to an increase in mine-site sustaining
capital expenditures.
in the range of 230-260 koz, which is
significantly lower than 2015 production levels,
due primarily to the divesting of 50% of Barrick
Niugini Ltd. in 2015. Operating costs are
expected to be lower than 2015 levels due to
continued focus on cost reduction and improved
operating efficiencies. As a result, we expect
cash costs to be in the range of $700 to $750
per ounce. All-in sustaining costs are
forecast at $990-$1080 per ounce, higher than
2015 with investment in power station upgrades
and additional open pit stripping.
1:40
APPENDIX
PorgeraȂ ȋͳͲͲΨȌ
2013
2014
2015
2016E
Tonnes Mined
(000s)
19,608
16,546
22,889
-
Tonnes
Processed (000s)
5,636
5,878
5,531
-
Head Grade
(g/tonne Au)
3.22
3.10
3.60
-
Recovery (%)
87.0
88.5
86.7
-
Total Production
(koz Au)
507
519
554
484-547
Production ABX
Share (koz Au)
Koz
AISC
($/oz)
$1,361
$1,200
500
Total Production
Production
Metrics
$996
400
$1,018
$9901,080
$800
300
$600
200
482
(95%)
493
(95%)
436
(95% / 47.5%)
230-260
(47.5%)
$1,000
100
$400
507
519
554
484547
2013
2014
2015
2016e
$200
1:41
APPENDIX
PorgeraȂ ƬȋȌ
Financial
metrics
2013
2014
2015
2016E
Gold AISC
($/oz)
1,361
996
1,018
990-1,080
Gold Cash
Costs ($/oz)
965
915
791
700-750
Sustaining
Capex ($M)
171
33
93
-
Expansion
Capex ($M)
0
0
0
-
190
164
162
-
Segment
EBITDA ($M)
1:42
APPENDIX

Open pit : Conventional truck/excavator operation
–
–
–

Pit dimensions:
– 2.0km long x 1.2km wide x 400m deep
– 3 x Terex RH200
– 1 x Terex RH120
– 3 x Caterpillar 992D
Underground:
–
–
Load and Haul
– 4 x Caterpillar AD45
– 4 x Caterpillar AD55
– 5 x Caterpillar 2900
Long hole open stoping
– Paste backfill
Mining Metrics
2013
2014
2015
51
41
59
Strip ratio
7.4:1
5.0:1
8.5:1
Mining cost
($/tonne)
6.81
6.98
4.70
Mining rate (ktpd)
3.5
3.5
4.1
Mining cost
($/tonne)
87
72
58
Open Pit
Mining rate (ktpd)
Underground
1:43
APPENDIX
Processing metrics
2013
2014
2015
33.1
29.6
22.7
15.400
16,100
15,200
Recovery (%)
87.0%
88.5%
86.7%
507
519
554
33.1
29.6
22.7
15.400
16,100
15,200
Recovery (%)
87.0%
88.5%
86.7%
507
519
554
Mill Leaching
Cost ($/tonne)1
Total Site
Cost ($/tonne)
1. High mill leaching costs due to high power and fuel costs.
1:44
APPENDIX
PuebloViejoȂ

Location: 100km NW of Santo Domingo, Dominican Republic
Ownership: 60% Barrick (operator), 40% Goldcorp
Mine Type: Open Pit
Barrick acquired the asset through the Placer Dome acquisition in 2006 and sold a 40%
interest to Goldcorp that year. Development of the project started in 2009 and first
production occurred in 2012. Pueblo Viejo is one of the largest gold mines in the world,
with a projected mine life of more than 25 years. The processing plant has a design
capacity of 24 ktpd. The site includes a limestone quarry that supports the autoclave
processing facility. It generates its own power from the 215MW Quisqueya Power Plant.
1. Reserves and Resources at Barrick Share
1:45
APPENDIX
PuebloViejoȂ ʹͲͳͷƬʹͲͳ͸ȋ͸ͲΨȌ
In 2015 gold production of 572 koz was
14% lower than the prior year primarily due to
lower ore grades and recoveries as ore was
sourced from the upper benches of
Montenegro and Moore phase 2 which contain
a higher proportion of carbonaceous, lower
recovery ore. Also impacting production was
the mechanical failure at the oxygen plant that
occurred in Q4 2015. Cash costs were $467
per ounce, up $21 per ounce compared to the
prior year primarily due to the impact of the
lower sales volume on unit production costs.
All-in sustaining costs of $597 per ounce
increased by $9 per ounce compared to the
prior year primarily due to the higher cash
costs, partially offset by a reduction in minesite sustaining capital expenditures.
in the range of 600-650 koz, up from 2015
production levels primarily due to improved
throughput and plant availability in the
absence of issues related to the oxygen plant
motor failures which negatively impacted
2015 throughput. Cash costs are expected to
be in the range of $440-$480 per ounce and
all-in sustaining costs are forecast at $570$620 per ounce, lower than 2015 primarily due
to an increase in gold ounces sold, and higher
silver by-product credits as silver recoveries in
2016 approach plan due to improvements in
the lime boil circuit.
1:46
APPENDIX
PuebloViejoȂ ȋͳͲͲΨȌ
Koz
2013
2014
2015
800
Tonnes Mined
(000s)
15,319
35,091
37,893
-
Tonnes
Processed (000s)
4,429
6,712
6,917
-
Head Grade
(g/tonne Au)
6.139
5.529
4.944
-
Recovery
(%)
93.0
92.9
86.8
-
Total Production
(koz Au)
813
Attr. Production
60% (koz Au)
488
1,109
665
954
572
AISC
($/oz)
2016E
1,0001,085
600-650
Barrick Attributable Production (60%)
Production
Metrics
$800
$735
$570620
$588
600
$597
$600
$400
400
$200
200
488
665
572
600650
2013
2014
2015
2016e
$-
1:47
APPENDIX
PuebloViejoȂ Ƭȋ͸ͲΨȌ
Financial
metrics
2013
2014
2015
2016E
Gold AISC
($/oz)
735
588
597
570-620
Gold Cash
Costs ($/oz)
561
446
467
440-480
Sustaining
Capex ($M)
73
80
61
-
Expansion
Capex ($M)
0
0
0
-
569
912
702
-
Segment
EBITDA ($M)
1:48
APPENDIX
Open pit mining at 2 large pits, Moore
and Montenegro and one small
satellite pit, Monte Oculto Norte
Mining Metrics
2013
2014
2015
Open Pit
– Pit dimensions: 2.5km long x 1.5km
Mining rate (ktpd)
42.0
96.1
104.0
Strip Ratio
0.4:1
1:1
1.1:1
Mining costs
($/tonne)
4.98
3.15
2.84
– 2 x Hitachi EX3600
– 3 x CAT 994
1:49
APPENDIX
Processing metrics at 100%
2013
2014
2015
77.8
58.0
50.4
Throughput (tonnes/day)
12,100
18,400
18,900
Recovery (%)
93.0%
92.9%
86.8%
813
1,109
954
77.8
58.0
50.4
12,100
18,400
18,900
Recovery (%)
93.0%
92.9%
86.8%
813
1,109
954
Autoclave
Cost ($/tonne)
Total
Cost ($/tonne)
1:50
APPENDIX
TurquoiseRidgeȂ

Location: 44km NE of Winnemucca, Nevada, United States
Ownership: 75% Barrick (operator), 25% Newmont
Mine Type: Underground
Products: Gold
The Turquoise Ridge property covers 125km2. The Joint Venture (TRJV) property
occupies 36km2 over the Getchell and Turquoise Ridge deposits. TRJV is 100%
underground mine which is accessed via two shafts from surface (1 production, 1 vent).
Due to the very low rock strength of the orebody, the predominant mining method
employed is drift and fill. Both Topcuts and Undercuts were mechanized in 2013-2015.
Ore is processed through Newmont’s neighboring Twin Creeks facility up to a maximum
of 1,800 tpd.
1. At 75% Barrick Share
1:51
APPENDIX
TurquoiseRidgeȂ ʹͲͳͷƬʹͲͳ͸ȋ͹ͷΨȌ
In 2015 gold production of 217koz
increased by 11% over the prior year, primarily
due to an increase in tonnes mined and
processed resulting from increased manpower
and improved equipment availability combined
with higher productivity due to the transitioning
to fully mechanized topcuts in first quarter
2015. This was partially offset by lower ore
grades. Cash costs were $581 per ounce, up
$108 per ounce compared to the prior year
primarily due to higher cost of sales and a
reduction in capitalized development costs,
partially offset by the impact of higher sales
volume on unit production costs. All-in
sustaining costs of $742 per ounce increased
by $114 per ounce compared to 2014 due to
the higher cash costs.
in the range of 200-220koz, in line with 2015
production levels. We expect cash costs to be
in the range of $560-$620 per ounce, similar to
2015. All-in sustaining costs are forecast at
$770-$850 per ounce, higher than 2015
primarily due to higher sustaining capital for the
water treatment plant and timing of equipment
replacement.
1:52
APPENDIX
TurquoiseRidgeȂ ȋͳͲͲΨȌ
Koz
2013
2014
2015
2016E
407
416
465
-
Tonnes
Processed (000s)
454
447
520
-
Head Grade
(g/tonne Au)
16.29
Recovery (%)
92.0
Attr. Production
75% (koz Au)
$770850
300
Tonnes Mined
(000s)
Total Production
(K oz Au)
AISC
($/oz)
$928
223
167
19.62
92.0
259
195
18.82
92.0
289
217
-
Barrick Attributable Production (75%)
Production
Metrics
$742
$628
200
$600
$400
100
$200
267-293
200-220
$800
-
167
195
217
200220
2013
2014
2015
2016e
$-
1:53
APPENDIX
TurquoiseRidgeȂ Ƭȋ͹ͷΨȌ
Financial
metrics
2013
2014
2015
2016E
Gold AISC
($/oz)
928
628
742
770-850
Gold Cash
Costs ($/oz)
586
473
581
560-620
Sustaining
Capex ($M)
55
30
32
-
Expansion
Capex ($M)
0
0
0
-
129
156
115
-
Segment
EBITDA ($M)
1:54
APPENDIX
Underground Mining
Mining Metrics
– Underhand drift and fill with
100% mechanization
Underground
– Tunnel 5.2m high x 5 m wide
Mining rate (ktpd)
– Reinforcement : steel rockbolts,
mesh and shotcrete
Mining cost
($/tonne)
2013
2014
2015
1.4
1.4
1.6
199.95
196.01
214.20
1:55
APPENDIX
Processing metrics
2013
2014
2015
Cost ($/tonne)
36.4
45.0
37.8
N/A
N/A
N/A
92.0%
92.0%
92.0%
223
259
289
Cost ($/tonne)
36.4
45.0
37.8
N/A
N/A
N/A
92.0%
92.0%
92.0%
223
259
289
Twin Creeks (Sage Mill)
Recovery (%)
Total
Recovery (%)
1:56
APPENDIX
VeladeroȂ
Location: 6km east of the Chile-Argentina border, 374km NW of San Juan,
Argentina
Mine Type: Open Pit
The mine is located at elevations of between 3,800 and 5,000 meters above sea
level. Ore is crushed by a two-stage crushing process with a design capacity of
80ktpd and transported via trucks to the leach pad area. Veladero has a Valley
Leach facility and a zinc precipitation circuit, using the Merrill Crowe process for
gold and silver recovery. Run-of-mine ore is trucked directly to the valley-fill leach
pad. Electric power is generated on site using diesel generators.
1:57
APPENDIX
VeladeroȂ ʹͲͳͷƬʹͲͳ͸
decreased by 17% over the prior year. This was
due to lower ore grades from Federico phase 3
pit combined with a decrease in ore tonnes
processed due to adverse climate conditions. It
was partially offset by an increase in recoveries
due to improved leach pad extraction kinetics.
Cash costs were $552 per ounce, down $14
per ounce compared to the prior year, primarily
due to the lower fuel prices. All-in sustaining
costs of $946 per ounce for 2015 increased by
$131 per ounce compared to 2014. This was
driven by increased mine-site sustaining capital
expenditures on capitalized stripping as well as
leach facilities improvement expenditures.
in the range of 630-690 koz, which is up from
2015 production levels as a result of higher
mineral grade, with advancing phases in both
Federico 3 and 4, improved mining productivity
delivering more ore to the crusher and ROM
combined with an improved inventory draw
down relative to 2015 through better
operational management of the leach pad. We
expect cash costs to be in the range of $550$600 per ounce and all-in sustaining costs
are forecast at $830-$900 per ounce, lower
than 2015 mainly due to the increase in gold
production, driving higher sales and lower
operating and non-operating costs.
1:58
APPENDIX
VeladeroȂ
Koz
Production
Metrics
2013
Tonnes Mined
(000s)
78,592
Tonnes
Processed (000s)
29,086
29,500
28,385
-
Head Grade
(g/tonne Au)
0.94
0.99
0.82
-
Recovery (%)
73.1
76.4
80.0
-
Total Production
(K oz Au)
641
722
602
630-690
2014
2015
2016E
$946
67,686
83,409
-
700
$833
$830900
AISC
($/oz)
$800
$815
600
$600
500
$400
400
641
722
602
630690
2013
2014
2015
2016e
$200
1:59
APPENDIX
VeladeroȂ Ƭ
Financial
metrics
2013
2014
2015
2016E
Gold AISC
($/oz)
833
815
946
830-900
Gold Cash
Costs ($/oz)
501
566
552
550-600
Sustaining
Capex ($M)
208
173
244
-
Expansion
Capex ($M)
0
0
0
-
522
446
324
-
Segment
EBITDA ($M)
1:60
APPENDIX
VeladeroȂ
Open pit mining at Filo Federico Pit
– Pit dimensions: 1.2km long x 2.1km
– 2 x Komatsu PC5500
Mining Metrics
2013
2014
2015
215
185
229
Strip Ratio
1.8:1
1.3:1
1.8:1
Mining costs
($/tonne)
4.32
4.41
3.20
Open Pit
Mining rate (ktpd)
– 3 x Liebherr R996
– 4 x Caterpillar FEL CAT994
1:61
APPENDIX
VeladeroȂ
Processing metrics
2013
2014
2015
3.56
3.20
3.53
79,700
80,800
77,800
Recovery (%)
73.1%
76.4%
80.0%
641
722
602
3.56
3.20
3.53
79,700
80,800
77,800
Recovery (%)
73.1%
76.4%
80.0%
641
722
602
Heap Leaching
Cost ($/tonne)
Total
Cost ($/tonne)
1:62

1.
All-in sustaining costs (“AISC”) per ounce/per pound, cash costs per ounce, C1 cash costs per pound, adjusted net earnings, adjusted EBITDA and free cash flow (“FCF”) are non-GAAP financial
performance measures with no standardized definition under IFRS. See pages 70-78 of Barrick’s Fourth Quarter and Year-End 2015 Report.
2.
For a full description of G&A expenses, please read page 44 of Barrick’s Fourth Quarter and Year-End 2015 Management Discussion and Analysis.
3.
Excludes $81 million in accrual reversals relating to Pascua-Lama.
4.
Barrick’s exploration programs are designed and conducted under the supervision of Robert Krcmarov, Senior Vice President, Global Exploration.
5.
Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2015, unless otherwise noted. For United States
reporting purposes, Industry Guide 7 under the Securities and Exchange Act of 1934 (as interpreted by Staff of the SEC), applies different standards in order to classify mineralization as a reserve.
Accordingly, for U.S. reporting purposes, approximately 1.70 million ounces of proven and probable gold reserves at Cortez and approximately 2.11 million ounces of proven and probable gold reserves at
Lagunas Norte are classified as mineralized material. 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 80-85 of Barrick’s Fourth Quarter and Year-End 2015 Report.
Scientific or technical information in this presentation relating to mineral reserves or mineral resources and projects is based on information prepared by employees of Barrick, its joint venture partners or its
joint venture operating companies, as applicable, in each case under the supervision of, or following review by, Rick Sims, Senior Director, Resources and Reserves of Barrick, Steven Haggarty, Senior
Director, Metallurgy of Barrick or Patrick Garretson, Director, Life of Mine Planning of Barrick. Scientific or technical information in this presentation relating to the geology of particular properties and
exploration programs is based on information prepared by employees of Barrick, its joint venture partners or its joint venture operating companies, as applicable, in each case under the supervision of
Robert Krcmarov, Senior Vice President, Global Exploration of Barrick. Refer to the Barrick press release entitled “Barrick Reports Project Study Results” for additional information regarding the Cortez
Underground Expansion, Goldrush, Turquoise Ridge Underground and Lagunas Norte Refractory Ore Mine Life Extension projects.
6.
No resource has been defined for Fourmile.
7.
Exploration guidance excludes evaluation expense and includes about 20% of capitalized exploration.
8.
2016 guidance is based on gold, copper, and oil price assumptions of $1,000/oz, $2.00/lb, and $50/bbl, respectively, a USD:AUD exchange rate of 0.72:1, a CAD:USD exchange rate of 1.40:1, and a
CLP:USD exchange rate of 715:1.
9.
2017 guidance is based on gold, copper, and oil price assumptions of $1,100/oz, $2.25/lb, and $55/bbl, respectively, and a USD:AUD exchange rate of 0.73:1, a CAD:USD exchange rate of 1.35:1, and a
CLP:USD exchange rate of 700:1.
2018 guidance is based on gold, copper, and oil price assumptions of $1,200/oz, $2.75/lb, and $60/bbl, respectively, and a USD:AUD exchange rate of 0.74:1, a CAD:USD exchange rate of 1.30:1, and a
CLP:USD exchange rate of 675:1. For economic sensitivity analysis of these assumptions, please refer to page 15 of Barrick’s Fourth Quarter and Year-End 2015 Report.
10.
Potential 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.
11.
Capex is shown as Barrick’s share on an accrued basis, excluding capitalized interest.
12.
Breakeven price is the gold price required such that all reported free cash flow on a 100% basis, after the payment of cash tax and interest, is zero. The breakeven gold price does not take dividends paid,
cash flows from financing activities, asset sales and stream proceeds or the funding of non-controllable interests into account.
13.
Comparison based on the average overall reserve grade for Goldcorp Inc., Kinross Gold Corporation, Newmont Mining Corporation, and Newcrest Mining Limited, as reported in each of the Newmont,
Kinross and Newcrest reserve reports as of December 31, 2015, and as reported Goldcorp’s reserve reports as of December 31, 2014.
1:63