OPERATIONS AND TECHNICAL UPDATE Wednesday, February 22, 2017 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", "goal", "continue", "budget", "estimate", "potential", "may", "will", "can", "should", "could", "would", and similar expressions identify forward-looking statements. In particular, this presentation contains forward-looking statements including, without limitation, with respect to: (i) Barrick's forward-looking production guidance; (ii) estimates of future cost of sales per ounce for gold and per pound for copper, all-in-sustaining costs per ounce/pound, cash costs per ounce, and C1 cash costs per pound; (iii) cash flow forecasts; (iv) projected capital, operating, and exploration expenditures; (v) targeted debt and cost reductions; (vi) mine life and production rates; (vii) potential mineralization and metal or mineral recoveries; (viii) Barrick's Best-in-Class program (including potential improvements to financial and operating performance that may result from certain Best-in-Class initiatives); (ix) potential improvements to financial and operating performance and mine life at Barrick’s Cortez, Goldstrike, Pueblo Viejo, Veladero, Lagunas Norte, Turquoise Ridge and Hemlo mines; (x) potential developments at Barrick’s Goldrush, Alturas and Pascua Lama projects, including the Lama starter project and the potential for phased-in development of the Pascua-Lama project; (xi) the potential to identify new reserves and resources; (xii) our pipeline of high confidence projects at or near existing operations; (xiii) the benefits of integrating the Cortez and Goldstrike operations; (xiv) the potential impact and benefits of Barrick's digital transformation; (xv) asset sales, joint ventures, and partnerships; (xvi) expectations regarding future price assumptions, financial performance, and other outlook or guidance; and (xvii) 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 bythe Company as at the date of this press release 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 and other initiatives are still in the early stages of evaluation, and additional engineering and other analysis is required to fully assess their impact; risks associated with the implementation of Barrick's digital transformation initiative, and the ability of the projects under this initiative to meet the Company's capital allocation objectives; diminishing quantities or grades of reserves; increased costs, delays, suspensions, and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; 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 targeted investments and projects 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, andpractices, 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; risks associated with working with partners in jointly controlled assets; our ability to successfully integrate acquisitions or complete divestitures; employee relations; increased costs and risks related to the potential impact of climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this presentation are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward- looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this presentation.
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. GLOSSARY OF KEY ACRONYMS
AC Autoclave LOM Life of Mine AISC All-in Sustaining Costs M&I Measured and Indicated ANFO Ammonium Nitrate, Fuel Oil MTBF Mean Time Between Failure ARS Argentine Peso MTO Mine Traffic Optimization Au Gold NEPA The National Environmental Policy Act BCRA Banco Central de Republica Argentina NPV Net Present Value BiC Best-in-Class NZ North Zone CAGR Compound Annual Growth Rate OEE Overall Equipment Efficiency CCTV Closed-circuit Television OP Open Pit CDP Carbon Disclosure Project OPEX Operational Expenditure CiC Carbon-in-Column PFS Pre-feasibility Study CIL Carbon In Leach PMR Proyecto Mineral Refractario CIP Carbon In Pulp POX Pressure Oxidation CSR Corporate Social Responsibility PV Pueblo Viejo DJSI Dow Jones Sustainability Indices QQ1 Quisqueya 1 DR The Dominican Republic ROD Record of Decision Cu Copper ROIC Return on Invested Capital DSO Direct Shipping Ore SAG Semi-Autogenous Grinding Earnings Before Interest, Tax, Depreciation and EBITDA SIC Short Interval Control Amortization EIA Environmental Impact Assessment SME Society for Mining, Metallurgy, and Exploration EIS Environmental Impact Statement SZ South Zone FCF Free Cash Flow TCM Total Carbonaceous Matter FDI Foreign Direct Investment TPA Tonne Per Annum FS Feasibility Study TPD Tonne Per Day FT Feet TPOH Tonne Per Operating Hour FWP Footwall Pond TR Turquoise Ridge FX Forex TRIFR Total Recordable Injury Frequency Rate GHG Greenhouse Gas TRJV Turquoise Ridge Joint Venture GM General Manager TSR Total Shareholder Return G/T Grams Per Tonne UAV Unmanned Aerial Vehicle HCCUEP Horse Canyon/Cortez Unified Exploration Plan UG Underground HFO Heavy Fuel Oil VRS Value Realization Support KCGM Kalgoorlie Consolidated Gold Mines WTPOH Wet Ton Per Operating Hour KPI Key Performance Indicator YE Year-End LHD Load, Haul, Dump Machine YOY Year Over Year LNG Liquefied Natural Gas Operations and Technical Update
Richard Williams Chief Operating Officer
Operations and Technical Update | 1 Operations & Technical Update Agenda
February 22nd 2017, 2:00pm – 5:00pm | Cisco Technology Innovation Center, Toronto, ON
Welcome & Opening Remarks Richard Williams Operations, Exploration, Value Creation through Exploration Rob Krcmarov Innovation and Digital Transformation & Innovation Michelle Ash Optionality 2:00 – 2:45 Long Term Portfolio Optionality Matt Gili Nevada Overview, Goldstrike: TCM, Future Growth Bill MacNevin Cortez: Digitization, Deep South, Goldrush Curtis Cadwell Operating Mine Turquoise Ridge: TR Shaft/UG Expansion Henri Gonin and Growth Project Pueblo Viejo: Best-in-Class, Tailing Expansion Greg Walker Updates Veladero: Digitization, Environmental Monitoring Jorge Palmes 2:45 – 4:00 Lagunas Norte: Refractory Mine Life Extension Jim Whittaker Lama & Frontera District Development George Bee Reserves and Resources Rick Sims Sustainability and Sustainability Peter Sinclair Closing 4:00 – 5:00 Closing Remarks and Q&A Kelvin Dushnisky
Operations and Technical Update | 2 Our Vision Our Vision is the generation of wealth through responsible mining – wealth for our owners, our people, and the countries and communities with which we partner. We aim to be the leading mining company focused on gold, growing our cash flow per share by developing and operating high quality assets through disciplined allocation of human and financial capital and operational excellence.
Operations and Technical Update | 3 Implementing the Plan
▪ Increase financial flexibility Focus ▪ Reduce Debt ▪ Optimize portfolio Portfolio ▪ Fund investment ▪ Pay Dividends Decentralized Strengthen Execution balance sheet Partnerships ▪ Best Operational Leadership ▪ Company of choice for teams (GM/ED) governments and ▪ Best Stand-alone Project Deliver Attract and Build communities Leadership (PM/ED) digital mining retain the best partnerships ▪ Pursue investment with ▪ Plans resourced to achieve excellence people strategic partners full potential from sites, ▪ Pursue Innovation with in all price environments Mineral strategic partners ▪ Flawless Execution resource management ▪ Increase long-term ▪ Transparency on performance, partnership with investors risk & opportunities (fact-based) ▪ Barrick leaders to operate to Best-In-Class standard Centralized Capital Allocation as owners ▪ Best-in-Class Environmental, ▪ Balanced investment pipeline (Organic and M&A) safety, health and community ▪ Focused on growing cash flow to deliver superior ROIC stewardship ▪ Individually must meet or exceed 15% hurdle rate
Value creation = invested capital x rate of return
Operations and Technical Update | 4 Increasing Safety with Fewer Environmental Incidents
Total Recordable Injury Reportable Environmental Frequency Rate1 Incidents
0.64 53 0.58
0.46 36 0.40 29
13
2013 2014 2015 2016 2013 2014 2015 2016
1. See Endnote #5 Operations and Technical Update | 5 Real Unit Cost Improvements Unit Rate Trend1,2 ($/tonne) 2.77 2.53 Open Pit 2.15 2.10 -24%
110.2 101.6 92.8 Underground 86.2 -22%
46.2 44.3 Autoclave 40.8 40.6 -12%
25.7 24.9 Roaster 24.5 24.3 -1%
14.7 14.8 14.3 Mill 14.0 -2%
3.0 3.0 2.8 2.8 Heap Leach -4%
2013 2014 2015 2016
1. Relates to all existing gold sites excluding Acacia, Pierina and divested sites 2. Excludes impact of hedging activities Operations and Technical Update | 6 Productivity
Cost of Sales1 ($/oz) AISC1,2 ($/oz)
915 864 843 842 859 831 798 780- 790- 800- 870 730 820 840 720- 710- 700- 770 770 770
2013 2014 2015 2016 2017E 2018E 2019E 2013 2014 2015 2016 2017E 2018E 2019E
1. See endnotes #1 and #7 for guidance assumptions 2. This is non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of AppendixOperations E and Technical Update | 7 Value Creation Through Exploration
Rob Krcmarov Executive Vice President Exploration and Growth
Operations and Technical Update | 8 Barrick – Business Life Cycle
Evolutionary Phase and Key Value Drivers / Proposition Renew and VALUE Sustain Focus on FCF/share, Dividends, ROIC, TSR Delivery Focus on Expansion, Harvest Development, and Decline High Capex Focus on CAGR, Promise NPV, Expansion Focus on Growth and Potential
TIME 19832003 2012 2016
Operations and Technical Update | 9 Barrick – Exploration Strategy
. Superior portfolio of long life production assets . Deep project pipeline – Some of the largest undeveloped projects on the planet . A track record of generating organic value from exploration . Partnerships
Exploration Drilling in Nevada
Operations and Technical Update | 10 High Value Near Term – Minex and Brownfields
Hemlo Turquoise Ridge Goldstrike Cortez
. Orebody expansion . High confidence high . Increase mineral . Lower Zone grade multimillion resource underground . Increased automation ounce potential through near mine . Crossroads open pit . Enhanced materials additions down exploration and lower handling systems plunge operating costs . Renegade − Expansion of Footwall . Production growth Pond − Development of TR Corridor − Getchell Fault Potential
Operations and Technical Update | 11 El Indio Belt, Chile / Argentina – A Story of Success
El Indio Tambo Pascua Lama Veladero Alturas
Discovery 1976 1982 1995 1998 2015 High sulphidation (sulphide High sulphidation oxide ore). Multi-Vein deposit with deposit related with High sulphidation High sulphidation oxide High sulphidation oxide Type high-grade gold (DSO) and hydrothermal injection breccia oxide/sulfide deposit deposit deposit Cu-Au veins and quartz+barite veins
4.5 Moz Au, 24 Moz Ag & Prod. 1.5 Moz Au 2016 Production 472K tons Cu _ _ Statistics (over 17 years) 544 Koz Au (over 23 years)
Total Reserves Total Reserves 14.05 Moz1 Au 6.7 Moz1 Au (1.57g/t, 278M tonnes) (0.83g/t, 252M tonnes) 2016 Proven Reserves: Proven Reserves: Inferred Resource: 1 Reserves/ 1.8 Moz1 Au 602 Koz1 Au 6.8 Moz Au Resources (1.94g/t, 29M tonnes) (0.78g/t, 24M tonnes) (1.0 g/t, 211M tonnes) Probable Reserves: Probable Reserves: 12.2 Moz1 Au 6.1 Moz1 Au (1.53g/t, 249M tonnes) (0.84g/t, 228M tonnes)
Current Status Closed (since 2002) Closed (since 1999) Pre-Feasibility (Lama) Producing (since 2005) Scoping Study
1. See endnote #2 Operations and Technical Update | 12 Medium Term ‐ Projects
Turquoise Ridge Cortez Hills Goldstrike Goldrush Expansion Deep South
. Third shaft feasibility . Refractory ore . Bringing ounces . High confidence to study completed extension below forward continue to grow current oxide open pit deposit . Phased approach to . Feasibility in progress improve ventilation . Increase mineral and mining efficiency resource to allow higher through near mine production output exploration and lower operating costs
Operations and Technical Update | 13 Strong credible track record of organic value generation
Reserves (Moz of gold) Near Mine and New Discoveries . Spent $3.6B on exploration 1 Goldstrike . Overall finding cost 143 ~86 2Bt @ Cortez ~$25/oz 1.33g/t Donlin Gold 20 Pascua-Lama 1990 2016 Veladero 110 Pueblo Viejo
31 found Total exploration through Turquoise Ridge DIVESTED Lagunas Norte
Total mined Goldrush
156 Total acquired Alturas Acquired Added
1. See Endnote #2 Proven Reserves: 25.9Moz (480M tonnes at 1.68gm/t) Probable Reserves: 60.1Moz (1,527M tonnes at 1.22gm/t) Operations and Technical Update | 14 Fourmile
Mill Canyon Stock . High grade, high value targets Pre-mineral Intrusive Rock with small footprint . Three holes with intercepts more than double the average grade of the Goldrush resource1 5.2m @ 14.4 g/t – 14.3m @ 31.8 g/t – 5.8m @ 49.6 g/t 3.0m @ 5.7 g/t 5.8m @ 10.9 g/t – 8.4m @ 30.6 g/t 14.3m @ 31.8 g/t 5.8m @ 49.6 g/t . Strike length of high grade 8.4m @ 30.6 g/t Fourmile mineralization extended Legend Drillhole with >3m @ 5g/t 500m in 2016 Drillhole Resource Footprint
1. See end note #2 and #4 and Appendix B for additional details including assay results for the significant intercepts. Operations and Technical Update | 15 Alturas – Exploration in a ‘Mature’ Belt
. Alturas represents a Barrick greenfield discovery in El Indio belt . High Sulfidation oxide Au-Ag deposit (similar to Veladero) . Published inferred resource of 6.8Moz1 @ 1.0g/t Au, 211 Mt . Synergies with existing El Indio Mine infrastructure . Excellent working relationship with community
“Tangible organic value”
1. See Endnote #2 Operations and Technical Update | 16 Guiana Shield – First Partnership, Arakaka JV
Drill Fences-planned Mafic Dykes Drill Fences-completed Diorite . Guiana Shield Pre-2016 Drilling Metasediments Embryonic multi-million ounce geological province Shallow pits Volcanics . Guyana 2km Deep mining culture - gold is largest export Two mines reached commercial production in 2016 . Alicanto Broad technical experience and clear understanding of project economics Established operational presence in Guyana . Arakaka 10km of alluvial and shallow pit mining Exploration in its infancy Sparse drilling Mineralization controls vectoring to the northeast
For full discussion of results please refer to Alicanto’s website http://www.alicantominerals.com.au/ Operations and Technical Update | 17 Pipeline Replenishment, Partnership, Osisko – Quebec1
. Large land position in immature gold belt . Emerging gold district with walk up drill targets Kuujjuaq
KAN
N
OSK/ABX Claims 50 km Competitor Claims
1. For further information and details on intercepts please refer to http://www.osiskomining.com/news/index.php?&content_id=193 Operations and Technical Update | 18 Project Portfolio Optionality
Barrick Projects Cortez Deep South Peer Projects1 Cortez Hills Lower Zone Goldrush
Alturas Donlin Grade Increasing Grade Pascua Gold -Lama Cerro Casale
Increasing Size 1. Peers: Newmont and Goldcorp. Source: Company Reports (2015, 2016), Cerro Casale and Donlin stated at 100% Operations and Technical Update | 19 Project Pipeline
Prefeasibility Early Stage Exploration Conceptual Scoping / Feasibility Execution T. Ridge Footwall Goldstrike Donlin Gold Cortez District Cortez Deep South Cortez Crossroads Pond High Grade Meikle Halo Lewis High Grade Pueblo Viejo Pueblo Viejo Cortez Hills El Indio District Cortez Fourmile Cortez Pits MN Feeder Underground Underground Goldstrike Pueblo Viejo Expansion Phases Lama Veladero District Hemlo C zone Deep Goldrush Ren/Banshee Tails Expansion Goldstrike & Cortez Goldstrike Hemlo Horizon Hemlo Porgera South Peru Lama Starter Project Underground Extensions Underground OP Phase 6 Layback 5C Cutback Pueblo Viejo Lagunas Norte Cerro Casale Innovation Hemlo Goldrush Guiana Shield Upper Mejita MB3H Ore and Starter Project Underground Expansion Exploration Declines Additional Exploration Lagunas Norte Expansion Phase Hemlo West Side Alturas Lagunas Norte PMR Success Solution Injection Veladero Lagunas Norte Porgera KCGM Morrison Turquoise Ridge PMR Satellite Targets Bulk UG Mining 3rd Shaft Lagunas Norte Goldstrike Porgera Tarangau Oxide Extensions Arturo Phases 1 & 3 Cortez Arakaka Kabanga (Nickel) Pipeline 11
Del Carmen Donlin Gold Veladero Targets Pascua-Lama T. Ridge North America TR Fault Corridor Trend Cerro Casale South America Australia Pacific Operations and Technical Update | 20 Digital Transformation & Innovation
Michelle Ash Chief Innovation Officer
Operations and Technical Update | 21 Best‐in‐Class – Digital Barrick
Drive Innovation Step Changes in approach to productivity Business Improvements in productivity Leverage BiC to Identify and Implement Innovation Drive Improvements Across Mine Operations Productivity Achieve Fixed Target Across All Sites . Digitization is primarily focused on driving value across two of three pillars of Best-in-Class: Step Changes and Drive Innovation Business Improvement Programs: . Strategic, non-transactional Cisco partnership to unlock the . Never-ending effort to make existing potential of digital mining processes and systems as efficient as possible Cisco Partnership Benefits: Global Digitization Programs: . Targets set against all key metrics to . Global leader in helping countries, industries and . Predictive analytics ensure sites achieve them companies become digital . Global task management . Tailored scorecards to key drivers of . 75% of world internet through Cisco hardware . Integrated planning value for each site . Leader in data cybersecurity . Analytics Hub . Short term incentives to connect to . Access to and ability to develop partnerships Best-in-Class Time Operations and Technical Update | 22 2016 Digital Objectives & Recent Accomplishments
Objective Recent Accomplishments Underground Short Proof of concept on people tracking . Tablet based vehicle tracking and scheduling Interval Control and scheduling application now being tested in Cortez . Required equipment arrived on site Underground Set up required infrastructure . Vendor agreements issued Automation including equipment and training . Operator and Technician training complete Proof of concept of moving . Mechanics have tablets in hand for selected job Digital Maintenance maintenance from paper based to orders Work Management digital . Vendor selection completed . Improved carbon management through operation Processing Develop Data Platform and and analytics preventing ounce loss Automation demonstrate functionality . Automated carbon and reagent control in heap leach to reduce downtime, reagent costs . Platform is operational and connected with secure Consolidated Data Develop Data Platform and account policies in place Platform demonstrate functionality . BIC data sources have been captured in the data platform . Developed a usable Exhaust Failure Detection Predictive Data Science proof of concept model which can detect exhaust failures with 6 Maintenance days lead time
Operations and Technical Update | 23 Codemine – Elko, Nevada
. The Codemine has been established in Elko to design code to integrate several applications . Pioneering digital products . Completed proof of concepts for initial digital projects (e.g. short interval control) . Developing customized digital solutions with computer developers and programmers working with operators . Agile approach minimizes upfront capital and execution risk
Operations and Technical Update | 24 2017 Digital Transformation Objectives
Objective Expected Accomplishments
Increase production through monitoring . Tablet based vehicle tracking and scheduling Underground Short operator and equipment location and application tested in Cortez and then rolled Interval Control tracking real time production out to Turquoise Ridge and Goldstrike
. Tele-remote loaders at Cortez, with upgrades Underground Improve safety and increase utilization of to Hemlo’s autonomous system and Automation mining equipment expansion of the Cortez system . Barrick designed tablet and supervisor Increase availability and reduce parts Digital Maintenance application developed with implementations spend to reduce unplanned work and Work Management at Goldstrike, Turquoise Ridge and Pueblo work overruns Viejo
Automate Mill and Heap leach operations Processing to increase throughput and recovery . Developing Advanced Machine Learning at Automation Improve quality of decisions in Pueblo Viejo and Cortez processing to maximize production
Improve data quality and transparency to . Consolidated Data Platform the central Consolidated Data optimize operations and enables to scale platform for the integrated planning project Platform Digital Barrick across the full company with additional use cases completed
Operations and Technical Update | 25 Innovation Focus
New Barrick competencies will permit deep strategies that transform mining
Best Best Best miner Partner Platform Mineral Cartography
Extraction Reimagined
Prosperous Partnerships
Absolute Integration
Operations and Technical Update | 26 Emerging Innovation Focus Areas
$
Mineral Extraction Prosperous Absolute New Cartography Reimagined Partnerships Integration Businesses
Our goal is to We plan to be We aim to create We plan to We aim to locate and able to extract sustainable connect every explore and describe every any deep, prosperity asset and activity create gold deposit in complex, low‐ through working in our ecosystem alternative the world grade gold partnerships in an intelligent sources of deposit in the with companies, and transparent revenue that world, safely and communities and system leverage our profitably governments unique competencies
Operations and Technical Update | 27 Innovation – Tangible Examples
Lab-at-Rig® Examples of Innovation
TCM circuit at Goldstrike moving from commissioning to full operation
Inaction Lab-at-Rig® and flexible coil drilling
Development of leading edge applica- tions such as SIC for underground
Modular truck configurations
In planning In Conversion of the Nevada equipment fleet to non-food crop biodiesel fuel
Operations and Technical Update | 28 Barrick’s Digital and Innovation Journey
Desired Achievements Aspirational Target . Develop predictive and cognitive algorithms . Increase in speed and accuracy for orebody Mineral to better define targets and orebodies definition Cartography . Development of a non-intrusive method to . Significant cost reduction in exploration and visualize gold deposits resource definition . Development of fully autonomous mining . Everyone on surface and at low elevation and processing system . Reduction in AISC and closure costs Extraction . Development of processing techniques for . Significant increase in resource and reserves Reimagined low grade and refractory ores . World class trades productivity and asset . Significant increase in OEE reliability . Conversion to electricity and/or renewable . Most of our power from renewables; all UG Prosperous forms of energy operations are emission free Partnerships . Wealth creation through a number of . Fully trusted by our partners significant partnerships . Fully integrated operational and data . Real time response to changes in the plan Absolute systems to optimize value Integration . Full transparency of data and operational . Robust reduction in operational risk performance through Operating Centers
Operations and Technical Update | 29 Long‐term Portfolio Optionality
Matt Gili Chief Technical Officer
Operations and Technical Update | 30 From Identifying our Full Potential…
Full Potential: Optimized strategic planning for growth
Business Plan Annual Cycle
Reserve Plan: Annual production plan Collaborative effort between Life of Mine Plan: Most probable scenario for future production and development . Operations (Mines, Sites and Project Teams) Strategic Plan: Life of mine plan with key . Finance growth projects . Technical Office
Growth Plan: Long term upside opportunities . Exploration
Operations and Technical Update | 31 … To Realizing the Full Value of Our Assets
Roadmap for successful execution from Plan to Value Our tools: . Integrated Planning to ensure the capital is allocated to Higher execute the Life of Mine (LOM) plan VRS . Technical Limits to assess how to optimize production within the current set-up of the Asset, identifying bottlenecks and initiatives to achieve Best-in-Class performance Technical . Value Realization Support (“VRS”) to identify and Limits prioritize short, medium and long term opportunities to Long term maximize the value of the asset (3-5 years) Growth Our Key players: Cash Flow Short term . GM’s and their operations teams to continuously improve (1-2 years) and execute the plan, and advance opportunities through the Best-in-Class strategic pipeline LOM Plan . Corporate SME’s to challenge GM’s and their teams, identify Lower and share best practices, and ensure that risks are being properly assessed and controlled Lower NPV Higher
Operations and Technical Update | 32 VRS Case Study: Hemlo
▪ Hemlo has a historical Hemlo Camp 2016 Hemlo started VRS conversion rate from production Geological Compilation resources to reserves of 2000 Study Barrick acquires ~70-80% 50% of Hemlo 2015 Hemlo The Game Changer: 2001 VRS ▪ Golden Giant closes Doubled property footprint, Mar 2015 Removal of mining and removing mining and 2009 tailings storage constraints tailings storage constraints Barrick acquires the additional 50% of Hemlo Mineralized Potential
▪ The Enabler: 2016 Resources Comprehensive Hemlo Reserves Geological Compilation 1985-2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Study 275 517 744 950 1,154 1,360 1,578 ▪ The Future: Mineralized 1,813 2,0182,025 – target potential - Go west, 2,033 go deep, automate Hemlo Cumulative production Hemlo Camp produced ~22 M ozs (1985 – 2016) ‘000 ozs
Operations and Technical Update | 33 Donlin1: Building optionality while advancing our LTO1
Building optionality for a remarkable orebody . Measured Resources2: 0.6 Mozs Au (7.7 M tonnes at 2.52 g/tonne) . Indicated Resources2: 38.4 Mozs Au (533.6 M tonnes at 2.24 g/tonne)
FSU2 Project Base Optimized Case Executed on 2016 2017 Priorities • Updated resource • Permitting Project Mining: Open Pit (155 Mtpa) model • Exploration drilling Processing: Flotation and Pressure • Assessed option to confirm/ Mine of the Future Oxidation (53.5 Ktpd) for starter project determine UG potential Optimize capital Mine Life: 27 years • Inject innovative Improve efficiency Initial Capital: ~$7.5 B technologies Reduce operating costs Sustaining Capital: ~$1.6 B Retain option to expand Closure: ~$290M ESIA Approval Process for FSU2
Draft EIS published in Comment period ended Response to comments Preliminary Final EIS November 2015 in May 2016 is ~80% complete expected in 2018
1. All figures presented on a 100% basis 2. See endnote #2 Operations and Technical Update | 34 Cerro Casale: Growth opportunity in an upside market
Assessing novel technologies to optimize staged development
Cerro Casale: Scoping Starter Study works needed for Current status Project further optimization . Gold Reserves and Resources1: Work completed indicates . Assess the viability of High – Proven:3.6Mozs ([email protected]/t) positive economic Intensity Blasting/Ultra High – Probable: 13.8Mozs ([email protected]/t) potential by: Intensity Blasting technology, – Measured: 0.2Mozs ([email protected]/t) – Indicated: 2.4Mozs ([email protected]/t) . Focusing on gold: Heap and its impact on milling and processing recoveries . EIA approved on 2013, extension Leach only operation, beyond 2018 is being evaluated defer flotation . Ensure that optimized scope is by the Authorities . Phasing development in alignment with the approved EIA . Project is in suspension, in full approach: start with compliance with legal, 100ktpd heap leach . Minimize facilities at site environmental and social operation that expands . Maintain optionality for growth: commitments to 150ktpd after 5 – Copper reserves years – Casale Property Potential
1. Reserves and Resources at Barrick’s Share (75%). See Endnote #2 Operations and Technical Update | 35 Barrick Nevada – Securing the Future
Bill MacNevin Barrick Nevada CEO
Operations and Technical Update | 36 Unifying Nevada Assets
Enabler of Change First Step – What? Vision – How? Drive – Why? We are uniting our Cortez and …building on our combined …in order to create new Goldstrike operations in strengths by uniting these opportunities and grow the Nevada, combining assets, operations under one site business for our people, infrastructure and expertise… based leadership structure… communities and owners by driving improvements in efficiency and productivity
Operations and Technical Update | 37 Barrick Nevada Value Capture
. Targeting lower AISC/oz through combined efficiency and productivity improvements – Focus talent and resources from whole business on opportunities of greatest value . Integrated collaboration and joint metal planning to optimize ore processing – Improve consistency of ore feed improving throughput in the Roaster . Integrated Leadership Team to share and adopt best practices – Prioritizing equipment and people to improve free cash flow . Deliver improved free cash flow through integrated processing operations – Deploy an integrated planning operating system to identify risk and opportunity in our plans . Expedite Digital Transformation through integrated digital operations management center – Barrick Nevada Operations Support Center to include dispatch for open pit and underground mines, process control rooms, remote operations work stations to increase the capabilities of our people
Operations and Technical Update | 38 Goldstrike – Focused on Operational Excellence
Operations and Technical Update | 39 Goldstrike – Today
Vision – A core operation and processing option of choice focused on improvement, operational excellence and growth to ensure a sustainable, profitable production profile . Conventional open pit and underground mining consisting of the Betze-Post open pit and the Meikle and Rodeo underground mines . Meikle and Rodeo are mined by transverse longhole stoping and underhand drift and fill mining methods . Double refractory ore is processed both at the Roaster and the Autoclave/TCM . 30 Years of Operations, both open pit and underground, moving 3.5 billion tonnes and producing 42M ounces – still going strong . Highlights of 2016: – Commenced commercial production at Arturo – Autoclave/TCM technology performing in line with expectations – Lowered water table to access high margin ounces in the underground – Delivered additional free cash flow through focus on operational excellence
Operations and Technical Update | 40 Goldstrike – 2016 Performance
2016 Operating Results Year over year highlights: – Roaster recovery 1% Gold Production 1,096 K oz 4% – Autoclave recovery 12% Cost of Sales $852/oz 18% – AISC1 of $714/oz is below low end of 2016 guidance Cash Costs1 $572/oz 10% $720-$760/oz – Open pit unit cost 16% 1 AISC $714/oz 9% – Underground unit cost 5% Income $442 M 8% – Roaster unit cost 3%
EBITDA1 $749 M 25%
1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 andOperations 5 of Appendix and TechnicalE Update | 41 Goldstrike – 2016 Best‐in‐Class Improvements
Mine Operations Initiatives Process Plant Initiatives Underground Mining Efficiency Autoclave/TCM Plant Optimization Improvements . Optimized conditions at Autoclave/TCM . Increased UG tonnes per day through through use of KPI dashboards and short haulage efficiencies, controlled development interval control over-break and improved paste crew . Improved TCM cost per tonne 4% to $60 effectiveness Roaster Plant Optimization . Improved UG cost per tonne 5% to $106 . 2 new CIL tanks commissioned ahead of Decreased Equipment Hours in the schedule benefitting recovery in the Open Pit Roaster 1% . Increased equipment efficiency by improving . Maintain TPOH in the roaster during scheduled availability through break rotators and parking mill maintenance by utilizing ground ore silos excess trucks . Improved roaster cost per tonne 3% to $23 . Improved OP cost per tonne 16% to $1.49
Operations and Technical Update | 42 Goldstrike – 2016 Autoclave/TCM Full Potential
. World’s only commercial use of thiosulfate leaching . Year over year improvements: Thiosulphate Plant
– 3.5M tonnes processed 34% AUTOCLAVES – 63% recovery 12% Gold Elution – $60 cost per tonne 4% . Improvements achieved on lower grade ore than originally planned Resin‐in‐leach Circuit . 2017 Opportunity – Campaign acid ore Reagent Recycle/ – Improving alkaline recovery Water Treatment
Operations and Technical Update | 43 Goldstrike – 2017 Outlook
2017 Areas of Focus: 2017 Guidance1 Cash Flow Gold Production 910-950 K oz – Digital transformation in UG – Increase OP truck utilization rate Cost of Sales $950-990/oz – Maximize Autoclave and Roaster throughput Cash Costs3 $650-680/oz Growth AISC3 $910-980/oz – Underground development below 1,100m – Minex 2016 Reserves Challenges Proven 6.1 Moz2 (3.29 g/t, 57.5M tonnes) – Dewater to enable underground development Probable 2.0 Moz2 (4.70 g/t, 13.2M tonnes)
1. See Endnote #1 2. See Endnote #2 3. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of AppendixOperations E and Technical Update | 44 Goldstrike – 2017 Best‐in‐Class Initiatives
. Open Pit – Improve maintenance efficiencies by increasing component life – Increase truck OEE by focusing on utilization . Underground – Digitization enabling short interval control and automated jumbo trails – Improve planning effectiveness . Process – Improve Autoclave recovery – Improve throughput and water treatment metrics to lower $/tonne in the Autoclave – Blend for margin in the Roaster to increase throughput
Operations and Technical Update | 45 Goldstrike – Minex Overview
. Underground potential additions – East Banshee / Meikle Contact / Barrel Dike / Ren / West Banshee / Griffin 3880 / Extension . Open pit potential additions – Arturo – Other near mine opportunities
Operations and Technical Update | 46 Underground – East Banshee
. Minex Drill Test Project – Carlin Type Mineralization – Intrusive and intrusive breccia hosted mineralization – Continuing trend off known ore body – Target is partially below 1,036 meter water table . Underground mining East – Mine expansion to North towards REN deposit Banshee drilled from – Potential to extend mine life UG . Major Strengths – Coincides with a significant Arsenic anomaly on the REN property – Mineralization seen in exploration holes drilled oblique (non-ideal angle) to the ore zone – Continuing trend off known ore body
. Drill program East Banshee Target – 2,100 meters of diamond core drilling 3400 ft Water Level
– 183 meters of drift development Section 7400 E
Operations and Technical Update | 47 Open Pit ‐ Arturo: Phases 1, 2, & 3 with Gold Grade Shells
. Additional Phases of Arturo Phase 1 utilizing existing mine equipment Exploration Target
. Mining and process facilities Phase 2: Mining are permitted completed Feb 2017 . Under evaluation – Leach pad feasibility – Economics – Recoveries – Mining costs – In-pit backfill (backfilling not Phase 3 permitted) Exploration Target . Mining will expose new geology and potential deep UG exploration targets
Operations and Technical Update | 48 Goldstrike – Future Growth Optionality
Upside: Increase mineral resource through near mine exploration and lower operating costs . Open Pit – Arturo I & III . Open Pit – 5NW layback . Underground – Minex, lower mining cost to reduce cutoff grades . Autoclave – reach full potential by increasing throughput, maximizing benefit of acid and alkaline ores . Roaster – blend for margin to Near mine exploration maximize FCF
Operations and Technical Update | 49 Cortez – Organic and Technical Growth
Curtis Cadwell General Manager Operations Barrick Nevada
Operations Technical Update Day | 50 Cortez – Today
Vision is to be a multi-mine operation, focused on increasing cash flow through relentless pursuit of operational excellence while generating sustainable growth . Open pit and underground mining consisting of Pipeline open pit and Cortez Hills open pit and underground . Oxide ore is processed using heap leach and Oxide SAG+CIL, refractory ore trucked to Goldstrike Roaster or TCM circuit . Achievements in 2016: – 43% reduction in reportable safety incidents from 2015 to lowest reporting rate on record for Cortez – Commenced Digitization projects with focus on automation, process control, and maintenance data – Commenced development of the Range Front Declines to increase Cortez Hills UG production
Operations Technical Update Day | 51 Cortez – 2016 Performance
Year over year highlights: 2016 Operating Results – Underground Gold Production 1,059 K oz 6% production 10% Cost of Sales $901/oz 7% – Mill throughput 20% – Gold recovery 6% Cash Costs1 $430/oz 12% – Total Reportable Injury AISC1 $518/oz 14% Frequency rate 43% Income $340 M 18% EBITDA1 $839 M 33%
1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 andOperations 5 of Appendix Technical E Update Day | 52 Cortez – 2016 Best‐in‐Class Initiatives
. Open pit productivity initiatives . Step change in underground – Introduced operator scorecards production – Adopted short interval control process – Move to bulk mining increased efficiencies and focused on right loading of trucks and lowered mining cost per tonne – Digital work management and predictive – Completed 10 benches maintenance improving truck availability – Completed first long hole stope
UG operating performance
Operations Technical Update Day | 53 Cortez – 2016 Best‐in‐Class Initiatives
. Processing Operational Excellence – Improved oxide mill to sustained throughput of 15ktpd In 2016 we processed – Improved plant availability from 83.3% in 2015 to 93.6% 808k more tons than in 2016 2015 – Delivered through reducing shift and crew variations – Measured on a Wet Ton per Operating Hour (WTPOH) basis – Four operating crews on rotating shifts – Standardized shift change procedures – Took ownership of conveyor operations – Detailed operator evaluations – Distributed best practice across crews – Re-distributed best operators – Targeting less than 10 WTPOH variability between crews – Raised all crews from less than 580 WTPOH to more than 625 WTPOH – No change in gold recovery
Operations Technical Update Day | 54 Cortez – 2017 Outlook
2017 Areas of Focus: 2017 Guidance1 Cash Flow Gold Production 1,250-1,290 Koz – Digital transformation – Mining Cost reductions in Open Pit Cost of Sales $730-760/oz and Underground – Mill throughput improvement 3 $360-380/oz Cash Costs Growth AISC3 $430-470/oz – Lower Zone UG (in construction) – Crossroads OP (in construction) – Deep South UG (permitting) 2016 Reserves Challenges Proven 0.8 Moz2 (1.52 g/t, 16M tonnes) – Execute Water Management Plan in compliance with new Federal and Probable 9.4 Moz2 (2.18 g/t, 135M tonnes) State requirements
1. See Endnote #1 2. See Endnote #2 3. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of AppendixOperations E Technical Update Day | 55 Cortez – 2017 Areas of Focus
. Technical Expansion – Increase oxide mill throughput and recovery through automation and improved carbon activity – Increase percentage of underground production from bulk mining methods from 5% to 30% – Improve open pit production and cost structure through Digital Transformation of mobile maintenance . Organic Expansion – Broad Minex program covering advanced exploration, resource delineation and reserve conversion – Continued construction of the Range Front Declines to access Lower Zone and Deep South Undergrounds – Waste stripping for Crossroads open pit
Operations Technical Update Day | 56 Cortez – 2017 Best‐in‐Class Initiatives
. Digital Transformation – Mobile maintenance expected to improve open-pit production and cost structure – Underground automation and short interval control supporting expected shift from 5% bulk mining methods in 2016 to ~30% in 2017 – Short interval control expected to improve working shift length – Process control and carbon circuit automation expected to increase oxide mill recovery and throughput
2017 Potential Fleet Component Capacity 2017 Potential Process Improvement
2.5 Gold in CIL tailings (10-3 oz Au/tonne ore) 2.0 1.5 1.0 0.5
0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Operations Technical Update Day | 57 Cortez – Growth Plan: Minex
Objective: . Replace mined reserves (annually) . Fill LOM production gap . Incremental + new discovery ounces Maintain Project Pipeline: . Targets ranging from – target delineation – drill test – advanced exploration – resource delineation – reserve conversion
Operations Technical Update Day | 58 Cortez – Deep South Bringing Ounces Forward
Current Project Capex
Status 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Cortez Feasibility and Initial Feasibility ~$153M Construction Production Lifespan Deep South Permitting Production
Scoping Prefeasibility Feasibility (completed) (completed) (in progress) Limited understanding Confidence to increase scale of Geotechnical studies improve Knowledge restricted scale of operations operations from infill drilling confidence in method selections Orebody 50% Oxide / 50% Sulfide 85% Oxide / 15% Sulfide 82% Oxide / 18% Sulfide Cut and fill Longhole stoping Longhole stoping Method 2,300 tonnes per day 4,500 tonnes per day 4,500 tonnes per day Autonomous loading; “Smart” Haulage Diesel truck haulage New conveyor conveyance Processing 50/50 Cortez / Goldstrike Mostly Cortez Cortez Initial Capital ~$165M ~$153M Expected to be in line with PFS COS per oz ~$940 ~$840 Improvements expected in FS AISC1 per oz ~$635 ~$580 Improvements expected in FS
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of AppendixOperations E Technical Update Day | 59 Cortez – Deep South
. Access through Range Front Declines Road Header – Construction started in Q1 – Advancing using road header equipment . Feasibility study – Added Renegade Zone to reserve – In progress, completion 3Q17 – Completed geotechnical assessments – Optimized autonomous haulage . Water management – EIS will include a focus on ground water – Extensive monitoring provides confidence in ground water model . Permitting – Submitted Mine Plan of Operations (Initiated NEPA process) – Record of decision (ROD) expected 2019/2020
Operations Technical Update Day | 60 Cortez – Deep South
. Mining in Deep South Optimized Haulage – Development and dewatering begins with ROD – Production ramp up begins 2022/2023 – Full production 2024 . Continuous Improvement – Nevada process analysis – Autonomous drilling – Renegade resource Underground ore handling and conveyor system under construction in 2017 – Improve backfill – enhance quality – reduce costs – automate delivery systems
Operations Technical Update Day | 61 Cortez – Technical and Organic Growth Optionality
Technical Growth . Lower mining costs to reduce cutoff grades . Increased mill throughput and recoveries to increase produced gold Organic Growth . Open Pit – Expansion of the Gold Acres pit – Expansion of the Pediment area – Additional Crossroads phase . Underground – Ponderosa North Area – Lower Zone expansion – Renegade and Upper RF Zones
Operations Technical Update Day | 62 Goldrush – Enhancing Value
Operations Technical Update Day | 63 Goldrush – Enhancing Value
Current Project Capex
Status 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Decline Construction Construction Goldrush Feasibility ~$1B Production Lifespan Feas. & Permitting /Production Scoping Prefeasibility Feasibility (completed) (completed) (in progress) Mining Method(s) Goldrush UG and Red Hill OP Underground only Underground only Orebody Refractory Refractory Refractory HCCUEP (de-risked and Access Via Mill Canyon Declines HCCUEP Declines optimized project) Declines Ore Transport Trucks Rail Trucks (to processing) (regional study in progress) Goldstrike Roaster (regional Processing Goldstrike Roaster Goldstrike Roaster study in progress) Initial Capital ~$1.6B ~$1.0B Expected to be in line with PFS Est. Production ~590K oz/yr ~+440K oz/yr Improvements expected in FS COGS per ounce ~$1,140 ~$800 Improvements expected in FS AISC1 per ounce ~$921 ~$665 Improvements expected in FS
1. This is a non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of AppendixOperations E Technical Update Day | 64 Goldrush – Enhancing Value
Phase I Feasibility . On track for YE 2017 completion . Underground surface infrastructure design work in progress Goldrush Cortez Hills Deposit . Tighter-spaced drilling to convert Open Pit near surface resources to reserves
initiated in 4Q16 Exploration – 5 zones in resource with reserve Decline Portal potential1 – Red Hill, Deep North, KB Zone, Corridor, Meadow . Mine plan optimization to bring ounces forward in progress
1. See Appendix C for resources in the five mining zones Operations Technical Update Day | 65 Turquoise Ridge – Building on Success
Henri Gonin General Manager Turquoise Ridge, Nevada
Operations Technical Update Day | 66 Turquoise Ridge – Today
Our vision is to responsibly grow our mine into a core asset for our stakeholders and our people, delivering maximized value through the agile application of innovative technologies, methodologies and systems . 75% owned joint venture, underground mine using drift and fill mining method. Ore is processed through Newmont’s neighboring Twin Creeks facility. . Achievements in 2016: – 2016 marks the doubling of production in five years at Turquoise Ridge – Winner of Nevada Mining Assoc. Safety Award for large underground mine – Record low mining cost – Record low AISC
Operations Technical Update Day | 67 Turquoise Ridge – 2016 Performance
Year over year highlights: 2016 Operating Results – Mining cost 29% Gold Production 266 K oz 23% – Free cash flow 86% Cost of Sales $603/oz 13% – Mining Fleet OEE 23% Cash Costs1 $498/oz 14% – Mined Tonnage 29% – Ore Tonnage 43% AISC1 $625/oz 16% Income $166 M 80% EBITDA1 $193 M 68%
1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E Operations Technical Update Day | 68 2016 Best‐in‐Class – Mine Operations
Increased Mining Fleet Effectiveness Improved mine design . Primary fleet OEE rose to 43% from 35% YOY . Drilling campaign to define ore bodies prior . Scheduled maintenance increased from 25% of to mining hours in 2015 to 31% in 2016 through better . Optimization slows for simpler geometry planning and strict adherence to preventative allowing larger mining equipment and fewer maintenance inspections. changes in mining cycle . Improvement of over 10% in Mean Time . Case Study: Optimized design increases Between Failure (MTBF) for entire fleet tonnage by 60% in the FWD-2721 section
Emphasis has been placed on the 2 priority equipment groups so far in 2016 haul trucks and shotcrete equipment –with positive results
MTBF Trucks 14% MTBF Shotcrete 78% 2016 28.8 2016 45.9 Old FWD-2721 2015 25.3 2015 26.1 Level Design
22 24 26 28 30 0.0 20.0 40.0 60.0
Bolter & Drill reliability improvements are also progressing
MTBF Bolters 11% MTBF Drills 21% 2016 19.8 2016 28.3 2015 17.8 2015 23.2
16.0 18.0 20.0 0102030 Operations Technical Update Day | 69 2016 Best‐in‐Class – Mine Operations
Increased Average Daily Tonnage Improved Footage Advance Rates . Total tonnes moved up 29% vs. 2015 with . Advance rates increased as a result of 43% increase in ore tonnes improved haulage and planning. . Higher increase in ore tonnes resulted from . 2016 advance rate was 123 ft/day for an 20% reduction in waste development, due to increase of 29% vs. 2015 optimized mine designs . The advance rate increased even as heading size increased Average Daily Tonnes 2,182 29% 306 20% Total 1,698 1,875 43% Waste 384 Ore 1,314
2015 2016 Operations Technical Update Day | 70 Turquoise Ridge – 2017 Outlook
2017 Areas of Focus: 2017 Guidance1 Cash Flow Gold Production 260-280 K oz – Digital Transformation: – Automation Cost of Sales $575-625/oz – Tele-remote operations – Short-interval-control Cash Costs3 $460-500/oz – Task management – Increase equipment OEE 3 AISC $650-730/oz Growth – Continuous Mining (Roadheader) 2016 Reserves – Minex – Third Shaft Project Proven 2.1 Moz2 (15.5 g/t, 4.3M tonnes) Challenges – Challenging geotechnical Probable 1.9 Moz2 (14.7 g/t, 4.0M tonnes) environment 1. See Endnote #1 2. See Endnote #2 3. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 ofOperations Appendix E Technical Update Day | 71 Turquoise Ridge – 2017 Areas of Focus
Mine Design and Scheduling: SZ: 1,500 feet to shaft . Resequencing of mine plan to reduce haulage cycle – Short term focused on South Zone . Optimize level designs - increase mining intensity - reduce expensed NZ: 7,000 feet to shaft waste requirement – Targeting a 10% reduction in 2017 expensed waste development – Increase the average number of active mining faces per level from 1.25 to 1.75 – Revised short term mine plans to eliminate expensed waste development – reuse existing development for multiple level accesses Increase face utilization: . Eliminate zone-mining – Optimize resource utilization . Short interval control – Real time personnel and equipment tracking – Short-interval-control, digital task management . Targeting 10% productivity improvement to greater than 1,636 tonnes per year / employee
Operations Technical Update Day | 72 Turquoise Ridge – Continuing Mine Optimization
Top Cut Width . Continuing advancing width of production cuts Under Cut Width +2% +13% – 2016 marked topcuts closing in on geotechnical 16.8 16.8 17.2 14.9 design limit of 15 feet 13.2 14.0 – Focus in 2017 on optimization of undercut widths – Further increasing the overall mining intensity and minimizing waste development 2014 2015 2016
. Larger headings increase the opportunity to examine innovative extraction methods – Benching of sills – Mechanical excavation 38’
Operations Technical Update Day | 73 Turquoise Ridge – 2017 1st Stage of Continuous Mining
. Commission a road header in ore production during the 4th Quarter – Initial component of a transition to continuous mining operations – Reduction in ground support costs of $10-20/tonne expected – Ventilation and electrical upgrades in progress – Complete mining system and support design in progress
Operations Technical Update Day | 74 Turquoise Ridge – Third Shaft Project Overview
. All permits in place for project Existing Proposed 4600 #2 Shaft #3 Shaft South Zone North Zone
. Feasibility study completed 4400
. Shaft optimally placed for 4200 future expansion 4000
3800 . Current economics 3695 Skipping Station 3600
– Capital ~ $300 M -$325 M Elevation 3400
. To be executed in a 3200 3055 Skipping Station phased approach 3000 55%
2800 74% 2705 Pre-Sunk Skipping Station 2600
2400
2200 2016 reserve ore 2016 resource Exploration potential Operations Technical Update Day | 75 Shaft Project Schedule and Projected Spend
Current Project Capex
Status 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
Feasibility Construct as Convert to Turquoise Ridge complete, $300M- Production Lifespan shaft optimisation $325M Ventilation Production ongoing
Preconstruction Shaft Sink Shaft equipping Surface facilities 2017-2018 2018-2022 2019-2021 2020-2021 • Site preparation and • Shaft sinking by • Shaft Utilities • Mine offices and utilities contractor • Hoist and headframe change buildings • Dewatering wells • Underground capital • ~$110 M • Final utilities • Further mine optimization development by TRJV • Surface ore handling studies • ~$110 M facilities • ~$40 M • ~$30 M
Operations Technical Update Day | 76 Turquoise Ridge – 2017 Minex Potential
. Deposit is largely open Shafts . Minex objectives are to #2 #1 Collar Elev. determine: 1640 meters Getchell Fault Zone – Size of deposit (& sub-parallel faults) – Infrastructure design – Future step changes
3rd N Shaft . Three main areas of focus: North Zone – Getchell Fault South Zone – Historic producer at surface – Footwall Pond Trend – Strong continuity with high grade – Supports efficient mining – TR Corridor Grade Shell of known mineralization FWP Trend – Analogous to FWP TR Corridor Open Trend Open
Operations Technical Update Day | 77 Turquoise Ridge ‐ Future Growth Potential
Near Term . Mine Exploration – Expansion of the FWP – Development of the TR Corridor – Determine the potential for the Getchell Fault . Current Operations – Optimization of costs and cut off grades – Prove road header as primary mining machine Life of Mine . Third shaft – Increase throughput – Decrease operating costs . Innovation – Examine new mining methods – Design the mine for success
Operations Technical Update Day | 78 Pueblo Viejo – Improved Performance and Growth
Greg Walker Executive General Manager Pueblo Viejo, Dominican Republic
Operations Technical Update Day | 79 Pueblo Viejo – Today
Vision is to grow and mature our business, focusing on developing our people and systems while growing our returns to stakeholders in a responsible way . Open pit mining at two large pits, Moore and Montenegro and a satellite pit, Monte Oculto Norte . Conventional truck and shovel operation, the processing is via autoclave, carbon in leach (CIL) and Copper Precipitation . Achievements in 2016: – Winner of Barrick’s “Most Improved Safety Performance” – Gained contract to close the Dominion Republic government’s old Mejita tailings dam – Implemented business improvement program and employee development center Operations Technical Update Day | 80 Pueblo Viejo – 2016 Performance
2016 Operating Results (60%) Year over year highlights: – Gold recovery 4% Gold Production 700 K oz 22% – Silver recovery 30% Cost of Sales $564/oz 36% – Autoclave OEE 7% Cash Costs1 $395/oz 15% – Truck OEE 4% AISC1 $490/oz 18% – Shovel OEE 2% – Total Reportable Injury Silver Production 3,385 K oz 36% Frequency rate2 25% Income $528 M 130% EBITDA1 $621 M 59%
1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E 2. See endnote #5 Operations Technical Update Day | 81 Pueblo Viejo – 2016 Best‐in‐Class Improvements
Mine Operations Initiatives Process Plant Initiatives Ore Re-Binning Optimization Extend Time Between Shutdowns . Changed sulfur cut-off to increase gold grade . More durable walls to improve AC performance in mill feed ~14k oz Au and reduce maintenance time and costs, in addition increasing throughput by ~100k Improve Pre-split to Steepen Walls tonnes . Reduce stripping and advance high grade ore ~9k oz Au Anti-scalant in CIL Feed Line and Installation of Redundant CIL Feed Line Mine Plan Sequence Optimization . An anti-scalant prevents scale formation and . Change design to reduce stripping and the redundant feed line reduces descaling advance high grade ore ~23k oz Au impact in production resulting in an additional Reduce Drilling & Blasting Costs ~25k tonnes processed due to a reduction in . Increased hole diameter to reduce meters downtime. drilled requirement and increase drilling meter Improved Grinding Circuit Availability efficiency . Extended time between shutdowns and improved efficiency to increase grinding circuit availability from 88% to 91%
Operations Technical Update Day | 82 Pueblo Viejo – 2016 Autoclave Improvements
. 100,000 tonne-per-year Ferralium 225 seal shafts improvement in Autoclaves . Improvement primarily through scale reduction and descaling Strengthen Autoclave walls
Autoclave KPI improvement metrics to come
Strengthen GEHO Pumps Reduce time required for valves and seats descaling work in the Autoclave
Operations Technical Update Day | 83 Pueblo Viejo – 2017 Outlook
2017 Areas of Focus: 2017 Guidance1 Cash Flow Gold Production 625-650 K oz – Energy optimization – Increase critical equipment OEE Cost of Sales $650-680/oz Growth 3 – Minex Cash Costs $400-420/oz – Optionality with tailings and 3 processing AISC $530-560/oz – Digital transformation Challenges 2016 Reserves – Delays to closure of Mejita dam – Offsetting year over year production Proven 5.5 Moz2 (2.82 g/t, 61M tonnes) decline due to lower grade Probable 2.6 Moz2 (3.19 g/t, 25M tons)
1. See Endnote #1 2. See Endnote #2 3. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of AppendixOperations E Technical Update Day | 84 Pueblo Viejo – 2017 Areas of Focus
Energy Expansion and Optimization: Quisqueya 1 Power Plant . Sell excess 80M watt capacity from Quisqueya 1 (QQ1) power plant to the grid – Grid connection at San Pedro – New Bonao sub-station connection . Increased demand in the DR power market enhances project benefits . Convert QQ1 Power Plant from HFO to LNG or Bio Fuel . Convert lime kilns from diesel to natural gas or Bio Fuel Pueblo Viejo lime kilns AISC and free cash flow improvements: . Develop supervision and workforce to reduce contractors and optimize labor costs . Improved maintenance materials and reliability Critical Overall Equipment Effectiveness: . Further autoclave and grinding optimization . Increase truck and shovel availability from 81% to 85%
Operations Technical Update Day | 85 Pueblo Viejo – Growth Plan: Minex
2017 Minex Targets: 1. Monte Negro Feeder 2. PV Underground high grade pods testing (1, 2 & 3) 1 2 3. Upper Mejita 3 4. low sulphur ore near surface
Operations Technical Update Day | 86 1. Pueblo Viejo – Monte Negro Feeder
. Monte Negro, Cosme & Valle faults are likely conduits for mineralization at Monte Negro . Four holes totaling 2,300 meters deep will target for high grade adjacent to these faults
A
A- Potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource Operations Technical Update Day | 87 2. Pueblo Viejo – PV Underground high grade zones
. High grade resource below the PV reserve pits drive both the resource pits, as well as underground mining alternatives under consideration . Twelve holes totaling 2,500 meters will be drilled to confirm / expand these resources
A
A- Potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource Operations Technical Update Day | 88 3. Pueblo Viejo – Proposed Upper Mejita
. Thirteen holes totaling 1,700 meters deep will be drilled to expand sulfidic mineralization below the old Mejita oxide pit where 350Koz Au had previously been mined
Upper Mejita Minex
Au > 2 g/t Au > 5 g/t Resources @ 1300 $US
A- Potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource Operations Technical Update Day | 89 Pueblo Viejo – Future Growth Optionality
. Upside: Increase tailings capacity – Evaluating: – Open pit and underground alternatives – Alternative material handling systems – Potential to convert gold resources to reserves
. “Blue sky”: Studying Potential Process Plant Expansion – Utilize pre-oxidation and concentration – Increase grinding and leaching capacity – Move processing of large 60 M tonne stockpile forward in the LOM
Operations Technical Update Day | 90 Pueblo Viejo – Improved Performance and Growth
. Continue to focus on operational excellence . Leverage off the digital initiatives generated at Cortez . Maximize benefit available through improved energy management . Target additional high grade ore and explore underground potential . Unlock the low grade mineral inventory
Operations Technical Update Day | 91 Veladero – Investing in Future Growth
Jorge Palmes Executive General Manager Veladero, Argentina
Operations and Technical Update | 92 Veladero – Today
. Vision – Responsible leaders, trusted partners, safety champions . Conventional open pit valley heap leach using the Merrill Crowe process for gold and silver recovery . Achievements in 2016: – Appointed new executive team with significant in-country experience to unlock value – Strong safety record (TRIFR1 0.28) – Rapid recovery in operating performance following weather challenges and mine suspension
1. See endnote #5 Operations and Technical Update | 93 Veladero – 2016 Performance
Year over year highlights: 2016 Operating Results – Processing Unit Cost2 9% Gold Production 544 K oz 10% – Capital $/oz 61% Cost of Sales $872/oz 10% – Silver Shipped Oz 11% 3 Cash Costs1 $582/oz 5% – TRIFR 24% AISC1 $769/oz 19% Income $220 M 2% EBITDA1 $338 M 4%
1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E 2. Excludes Open Pit Allocation 3. See endnote #5 Operations and Technical Update | 94 Veladero – New Business Confidence
Economic Business friendly Elimination of Export Duties Removing Currency Controls Measures tax reform
. Lower operating cost Impact on . Improved FCF . Lowering tax burden . Improved CF and . Increasing reserves . Increasing FCF Business increasing reserves
Repealed: . FX Deregulation . Export duties repealed for . Tax on dividends (10%) What has . Elimination of most de- most products including . Personal Asset Tax facto restrictions Changed doré . Minimum Presumed Income . Allowing peso to float Tax
. Increase competitiveness . Incentivizing economic . >50%1 depreciation ARS Impact on . Incentivize investment and development, production . Inflow of US$ economic development Economy and increasing exports . Increased BCRA reserves . Argentina FDI interest
1. Mid-December 2015 AR$/US$ 9.8 to currently $AR/$US 15.7 Operations and Technical Update | 95 Veladero – 2016 Best‐in‐Class Initiatives
Operations Initiatives . Enhanced water management system -Construction and improvement of water diversion system and construction of ponds to manage record snow fall and melt . Reduced blasting costs by optimizing ANFO mix - 10% savings in blasting costs . Decreased hauling cycle time by increasing road width – 15% reduction of cycle time on major routes
Operations and Technical Update | 96 Veladero – 2016 Best‐in‐Class Initiatives
Operations Initiatives . Reduced Maintenance Repair Operation spend through supplier optimization - $10 M in operating cost savings . Improved maintenance practices - 66% reduction of complete engine failures . Implementation of Drone technology – Unmanned Aerial Vehicles for site monitoring and rapid data acquisition
Operations and Technical Update | 97 Veladero – Renewed Focus Following Environmental Incident
. Increased focused on strengthening environmental controls: – Increased leach pad berm-height
– CCTV 24/7 monitoring North Channel Diversion system CCTV Monitoring System – In-progress: – North Channel Diversion – to be completed April 2017 New Leach Pad Berms
Operations and Technical Update | 98 Veladero– 2017 Outlook
2017 Areas of Focus: 2017 Guidance1 Cash Flow Gold Production 770-830 K oz – Increase pit wall angle, decrease Cost of Sales $750-800/oz waste hauling cost – Improve overall equipment efficiency 3 Cash Costs $500-540/oz Growth AISC3 $840-940/oz – Increase Au recovery – Infill Drilling and Minex 2016 Reserves2 – Expansion of the Leach Pad – Digital transformation Proven 0.60 Moz (0.78 g/t, 24M tonnes) Challenges – Permitting for leach pad expansion Probable 6.15 Moz (0.84 g/t, 228M tonnes)
1. See Endnote #1 2. See Endnote #2 3. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of AppendixOperations E and Technical Update | 99 Veladero – 2017 Areas of Focus
Increase pit wall angle: . Increase angle 4% to 54o Improve overall equipment efficiency: . Implement comprehensive portfolio of initiatives Increase Au recovery: . Increase recovery by 3% through operational improvements Reduce external spend: . Continue spend reduction effort (e.g. explosives, logistics, service contracts) Digital initiative example: . UAV drone technology for maintenance . Integrated Remote Operations Centre Environmental Focus: . Enhanced site water management
Operations and Technical Update | 100 Potential Near Term Upside through Exploration
Section looking to the north Proposed Drillholes Block model > 0.25 g/t Au 4600 - Block model > 1 g/t Au Breccia Pascua Lama
4400 - Current Pit Limit Fabiana
Vista del Toro Cerro Castillo 4200 -
Brujas
4000 - Open Open Open 200m Potential satellite bodies Favorable alteration zone Veladero Sur 2 Km Near term upside through: Structural trends . Deeper drilling, historical drilling is shallow . Identification of potential new intrusive dome . Untested favorable alteration and extensive gold anomalism both in pit and wider region . Multiple quality targets in the pipeline Operations and Technical Update | 101 Veladero – Future Growth
. Upside: Chile Power Punta Colorada Generating Station – Utilize Barrick’s existing infrastructure in Chile to deliver energy to Veladero – Reduce dependency on diesel generated energy – Potential to reduce power costs – Potential to convert additional resources Crushing Circuit to reserves . “Blue sky”: Crushing Optimization Technical Limit – Increase capacity of crushing plant toward 30 Mtpa technical limit
Operations and Technical Update | 102 Lagunas Norte – Preparing for the Future
Jim Whittaker General Manager Lagunas Norte, Peru
Operations and Technical Update | 103 Lagunas Norte – Today
Vision: We are a company dedicated to the sociably responsible extraction and production of gold, being a key influence for development in the region, reaching for the highest standards of safety and environmental protection, maintaining the efficiency and continuous improvement of our processes, with a commitment to the development of our employees . Conventional open‐pit, crush, valley‐fill heap leach operation, two‐stage conventional crushing circuit, heap leach, Merrill Crowe or Carbon-in-column (CIC) precipitation plants . Achievements in 2016: – Safety incident frequency has decreased for the first time in 5 years – On target production and under target AISC – Successful negotiation of unionized labor contracts – Prioritized resource portfolio to extend current mine life – Refractory ore PMR expansion project Feasibility Study phase 1 completed
Operations and Technical Update | 104 Lagunas Norte – 2016 Performance
Year over year highlights: 2016 Operating Results – Crusher OEE 66% Gold Production 435 K oz 22% – Truck 730E OEE 75% Cost of Sales $651/oz 3% – Shovel OEE 75% Cash Costs1 $383/oz 16% – Loader OEE 65% – BiC Improvements $41 M AISC1 $529/oz 4% – Total Leach Inventory Silver Production 939 K oz 11% reduced 23 K oz Income $260 M 9% – Total Reportable Injury Frequency rate2 27% EBITDA1 $356 M 22%
1. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E 2. See endnote #5 Operations and Technical Update | 105 Lagunas Norte – 2016 Carbon Plant Improvements
. Implementation of short interval control . Reduced transfer times of loaded carbon through circuit . Reduction of leach pad inventory in Leach Pad 1 . Improved efficiency of irrigation zones Decreasing CIC Tail . Increased production generated $24 M in savings in 2016
Operations and Technical Update | 106 Lagunas Norte – 2017 Outlook
2017 Areas of Focus: 2017 Guidance1 Cash Flow Gold Production 380-420 K oz – Throughput – maximize ounces to pad – AISC and BiC flow improvements Cost of Sales $710-780/oz – Solution injection project Cash Costs3 $430-470/oz Growth – Expansion to Phase 7 in leach pad AISC3 $560-620/oz – Near pit Minex options – Carbonaceous ore processing – PMR project feasibility study 2016 Reserves Challenges 2 Proven 1.6 Moz (1.83 g/t, 26 M tonnes) – Execution of Mine and Capex plan 2 – Workforce planning for transition from Probable 2.7 Moz (1.87 g/t, 44M tonnes) large scale open pit to small scale POX process 1. See Endnote #1 2. See Endnote #2 3. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E Operations and Technical Update | 107 Lagunas Norte – 2017 Leach Solution Injection Project
. Solution Injection Project focused on Injection Well Head advancing production of secondary leaching and improving cash flow . Total advanced ounces from secondary leaching estimated to be ~6K ozs in 2017 with potential upside of up to ~52K ozs . Geotechnical design to ensure project does not affect stability of the leach pads
Operations and Technical Update | 108 Lagunas Norte – 2017 Carbonaceous Ore Project
. Stockpiled material has sulfur
content greater than 0.25% Belt to and contaminated with Pad carbonaceous material Fine ore
Coarse . Project is focused on ore Coarse ore separating coal from ore through dry classification . Total additional leach production estimated in 2018 and 2019 to be ~170K ozs
Operations and Technical Update | 109 Lagunas Norte – Oxide & Sulfide Opportunities
. 2017 In-Pit oxide drill program – Validate and drill oxide extensions – Focus on NW and SE Sectors . Development of neighboring targets with potential to add to medium term production – All deposits within site fence line
!. Collar Favorable Alteration PIT Lagunas Norte Perimeter fence
Operations and Technical Update | 110 Lagunas Norte – PMR Sulphides Feasibility Phase 1
Extend mine life utilizing CIP and autoclave technology to recover an additional 2.2 M ozs (30 M tonnes at 2.27 g/t) Phase Objectives . Support permitting with engineering . Conduct drilling to improve high grade delineation Site 1 Grinding / Flotation . Advance project definition through engineering, logistics planning and execution development Site 2 Autoclave / Leaching . Refine capital cost with more detailed vendor pricing Key 2016 Results . Sequenced mine LOM Extension via a new carbonaceous oxide ore recovery project plus a relook and optimization of the PMR project to include Flotation-POX to treat sulfide ore later . Capital schedule extension is expected, peak capital spend reduced, economics expected to improve
Operations and Technical Update | 111 Lagunas Norte – New Sequenced LOM Extension
Current Project Capex
Status 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
• Part 1 Feasibility & Construction Production Lifespan Carbonaceous Oxides Feasibility Permits Ore Project (Mill + CIL) $640M • Part 2 Feasibility & PMR Refractory Ore Construction Production Lifespan Feasibility Permits (Flotation + Autoclave)
Current Status . Part 1 (Carbonaceous): Mill + CIL – Feasibility design, permit documents in process, ore in current stockpiles . Part 2 (Refractory): Flotation + Autoclave – Feasibility design, updated mining plan
Operations and Technical Update | 112 Lagunas Norte – LOM 2016
LOM 2016 Gold Production Gold
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
LOM 2016
Operations and Technical Update | 113 Lagunas Norte – Production Opportunity
LOM 2016 POX LOM 2017
Exploration Opportunity De-risking and Opportunity Gold Production Gold PMR sulphides
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Oxide ‐ Heap Leach Oxide ‐ Second Leach PMR ‐ Heap Leach PMR ‐ Sulphides LOM 2016
Operations and Technical Update | 114 Pascua‐Lama – Staged Development
George Bee Senior Vice President, Frontera District
Operations and Technical Update | 115 Pascua‐Lama – Staged Development
Lama Project Lama process looking east . Initiating pre-feasibility study for UG in 2017 . Evaluating sub-level and block caving methods . Initial ore processing capacity of 15K tpd . Permitting could begin in 2018 . Staged development to include Pascua Pascua . Studies advancing in parallel with Lama PFS . Working to resolve legal and regulatory issues
Lama process looking west
Operations and Technical Update | 116 Existing Infrastructure and Partial Construction
Covered stockpile building CIL and countercurrent wash tanks Merrill Crowe, retort and Doré furnace building
Thickener
Pebble grinding section Stainless steel SAG mill
Operations and Technical Update | 117 Pascua‐Lama – Conceptual Block Caving
Economic block caving material within the currently planned open pit design CHILE ARGENTINA
Pascua (later development) Lama
CHILE ARGENTINA
Operations and Technical Update | 118 El Indio (Frontera) District – Investment and Growth
El Indio Belt . Barrick has a long history with Pascua-Lama Gold Discoveries exploration and mining (El Indio Veladero mine) as early as 1994 Barrick Claims . Evaluating integrated development strategy to include Veladero and Alturas Chile Argentina . Leveraging existing infrastructure as a platform for El Indio long-term growth Tambo Camp . Barrick controls the majority of the prospective ground along Alturas the 140 km belt Del Carmen . El Indio district hosts multiple 20 Km mines and deposits Barrick Asset
Operations and Technical Update | 119 Reserves and Resources – Planning Our Future
Rick Sims Senior Director Reserves and Resources
Operations and Technical Update | 120 2016 Gold Reserves
(Moz)
91.861 89.98 2,160 Mt Replacement 1.32 g/t 1.88 2,078 Mt 2.73 85.952 1.35 g/t Equity 83.22 Changes 2,007 Mt 6.76 1,974 Mt 1.33 g/t 1.31 g/t Processed in 2016
60.0 2015 YE 2015 YE 2016 2016 Year End Equity Pre-Replacement Year End Adjusted 1. See Endnote #3 2. See Endnote #2 Operations and Technical Update | 121 2016 Gold M&I Resources
(Moz) Gold price change $1,300 1 79.10 to $1,500 1,403 Mt 5.34 1.75 g/t 75.252 4.30 2.15 1,309 Mt 1.79 g/t Equity 72.06 Loss due to Changes 2.73 1,171 Mt mine plan changes To 1.91 g/t Reserves
60.0 2015 YE 2016 2016 Year End Pre-Price Year End Change 1. See Endnote #3 2. See Endnote #2 Operations and Technical Update | 122 2016 Gold Inferred Resources
(Moz) Replacement 5.26 30.712 781 Mt Gold price 1.22 g/t 27.431 change $1,300 to $1,500 699 Mt 1.22 g/t 0.47 1.68 Equity changes 23.77 3.19 531 Mt To M+I 1.39 g/t
15.0 2015 YE 2016 2016 Year End Pre-Price Change Year End Pre-replacement 1. See Endnote #3 2. See Endnote #2 Operations and Technical Update | 123 Mineral Endowment – Sensitivity vs Full Reserve Plan
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 Sensitivity Results (M+I) – Indicative of Reserves Generate Pit Designs 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)
Operations and Technical Update | 124 Reserves and M&I Gold Price Sensitivity1
Barrick share Full Reserve Plan Excludes Acacia and KCGM M&I Sensitivity
86 88 88 83 80 75 77 71
61 62 Contained Gold M oz Gold Contained
$900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500
1. See Appendix D Operations and Technical Update | 125 Additional Mineral Endowment Beyond the M&I Sensitivity1
Barrick share M&I Sensitivity Excludes Acacia and KCGM Additional M&I Inferred
86 88 83 80 75 71 66 62 54 52 48 46 42 39 Contained Gold M oz Gold Contained
24 20 18 19 15 16 13
$900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500
1. See Appendix D Operations and Technical Update | 126 Sustainability – Barrick’s License to Operate
Peter Sinclair Chief Sustainability Officer
Operations and Technical Update | 127 Barrick’s Sustainability Vision
We partner with host governments and communities to transform their natural resources into sustainable benefits and mutual prosperity.
We aim to be a welcome and trusted partner of host governments and communities, the most sought‐after employer, and the natural choice for long‐term investors.
Operations and Technical Update | 128 Sustainability Performance in 2016
People 1.64 Total reportable injury frequency rate . Safest year on record 1.2 . 75% reduction over 10 years 0.76 . Not satisfied until zero 0.4 ‘06‘09 ‘12 ‘16
Environment . Over 1 million tonnes of GHG emissions saved since 2009 . 9 consecutive years in Dow jones Sustainability Index . Two thirds of water used at mine sites is recycled
Social + Economic Contributions . Commitment to share benefits, mutual prosperity . >90% of Barrick 14,000+ employees are locals or nationals . >$30 billion purchased from local & national businesses since 2012
Operations and Technical Update | 129 Sustainability Priorities for 2017
Digitization and Water Energy and Meaningful License to Operate Management Climate Change Partnerships
. Better access to . Water management . Continued roll-out of . CSR Advisory Board information strategy roll-out 5-Year Energy Plan . One Laptop Per Child . Virtual mine site visits . Real-time water . Climate change . Cisco quality monitoring strategy roll-out . Safer workplaces . Enhanced tailings . Development of GHG . Technology transfers management program reduction targets to communities
Operations and Technical Update | 130 Closing Remarks
Kelvin Dushnisky President
Operations and Technical Update | 131 2017 –Transforming into a 21st Century Company
. Generate free cash flow through price cycles . Optimize portfolio, progress Frontera district, advance projects and exploration . Reduce total debt to $5 billion by end of 2018 . Unify Nevada, embed and accelerate digital transformation and innovation . Upgrade talent and develop next generation of industry leaders
Operations and Technical Update | 132 Appendices
Operations and Technical Update | 133 APPENDIX A – Del Carmen Significant Intercepts
Del Carmen ‐ Significant Drill Intercepts through DCA‐001 to DCA‐008 DCA‐007, DAC009 , DCA‐011 and DCA‐014(1) Core Drill Hole Azimuth Dip Interval (from m) Interval (to m) Width (m) (2) Au (g/t) DCA-001 263 -72 No significant intercept DCA-002 270 -85 No significant intercept DCA-003 90 -80 No significant intercept DCA-004 259 -79 458 472 14 0.52 163 214 51 1.57 DCA-005 98 -78 239 285 46 12.97 324 343 19 0.51 DCA-006 93 -78 No significant intercept DCA-007 90 -80 No significant intercept 246.5 306.5 60 2.55 DCA-008 90 -80 325 344 19 2.15 DCA-007 90 -80 No significant intercept DCA-009 90 -85 439 503 64 0.59 591 602.6 11.6 1.09 DCA-011 90 -85 No significant intercept DCA-014 90 -80 275 331 56 3.08 Including 314 329 15 9.64 364 375 11 1.99 393 413 20 0.69 1 All significant intercepts calculated using a 0.5 gm/t Au cut-off and are uncapped; a minimum intercept length of 10m is reported, with internal dilution of no more than 10 consecutive meters below cut-off included in the calculation. 2 The majority of holes are steeply inclined to the east . 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 Del Carmen 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 Del Carmen property conform to industry accepted quality control methods.
134 APPENDIX B – Fourmile Significant Intercepts Fourmile –Significant Intercepts1 GRC‐0427D, GRC‐0435D, FM16‐05D, and FM16‐10D
Core Drill Hole Azimuth Dip Interval (m) Width (m)2 Au (g/t) 666.9-672.7 5.8 10.9 GRC-0427D NA -90 695.3-709.6 14.3 31.8 921.4-927.2 5.8 49.6 GRC-0435D NA -90 702.2-707.4 5.2 14.4
FM16-05D NA -90 705.6-714.0 8.4 30.6
FM16-10D 357 -77 730.6-733.6 3.0 5.7
1 All significant intercepts calculated using a 5.0 g/t Au cutoff and are uncapped; internal dilution is less than 20% total width. 2 True width of intercepts are uncertain at this stage.
A plan view DEM Hillshade image of Fourmile drilling showing significant intercepts as of February 9, 2017. Drill holes in red are high grade intercepts greater than 3.0 meters at greater than 5.0 gpt. The significant intercepts presented were calculated using a 5.0 g/t Au cutoff with internal dilution of no more than 20% included in the calculation. No capping grade was used to calculate the significant intercepts.
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. 135 APPENDIX C – Goldrush – Resource by Zone
Dec. 31, 2016 Measured Indicated Measured & Indicated Inferred Zone Tons (oz/t) Ounces Tons (oz/t) Ounces Tons (oz/t) Ounces Tons (oz/t) Ounces
Deep North 16,133 0.317 5,122 3,369,682 0.302 1,018,756 3,385,815 0.302 1,023,878 2,316,850 0.273 633,534
KB Zone 12,404 0.410 5,091 2,220,540 0.356 791,378 2,232,944 0.357 796,470 675,942 0.276 186,751
Red Hill 40,381 0.284 11,455 7,512,016 0.265 1,988,506 7,552,397 0.265 1,999,961 1,337,447 0.221 295,979
Corridor 33,414 0.261 8,724 6,598,534 0.248 1,636,700 6,631,948 0.248 1,645,424 1,086,593 0.211 229,137
Meadow 75,040 0.309 23,157 14,291,349 0.286 4,086,163 14,366,389 0.286 4,109,320 2,677,064 0.219 585,157
Total 177,372 0.302 53,550 33,992,121 0.280 9,521,503 34,169,493 0.280 9,575,053 8,093,896 0.239 1,930,557
136 APPENDIX D – Sensitivity Notes and Tables
“M&I Sensitivity”, “Additional M&I”, and “Inferred” refer to the material between the following two optimization limits: 1) the smaller limit created by using only Measured and Indicated material (M&I) and 2) the larger limit created by using Measured, Indicated, and Inferred material (MII). Measured and Indicated material within the smaller limit is reported as “M&I Sensitivity”. Measured and Indicated material between the two limits is reported as ”Additional M+I”. All Inferred material within the combined limits is reported as “Inferred”.
For the purpose of all sensitivities, tonnage, grade and ounces attributable to Acacia mines and KCGM were removed from the calculations. Estimates are in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2016, unless otherwise noted. For additional information see endnote 2.
M+I 1 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 M+I Tonnes (Mtonnes) 1,486 1,754 1,869 2,018 2,099 2,226 2,299 M+I Au Grade (gpt) 1.30 1.26 1.25 1.23 1.23 1.20 1.19 M+I Contained Ozs(Mozs)62717580838688 Additional M+I 1 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 Incremental M+I Tonnes (Mtonnes) 562 587 636 650 753 776 884 Incremental M+I Au Grade (gpt) 2.18 2.23 2.23 2.28 2.13 2.18 2.32 Incremental M+I Contained Ozs(Mozs)39424648525466 Inferred 1 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 Inferred Tonnes (Mtonnes) 329 443 517 571 624 686 750 Inferred Au Grade (gpt) 1.19 1.04 0.99 0.96 0.94 0.92 1.01 Inferred Contained Ozs(Mozs)13151618192024 Proven and Probable Reserve 1 $900 $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 Tonnes (Mtonnes) 1,344 1,857 3,304 Au Grade (gpt) 1.41 1.29 1.18 Tonnes (Mtonnes) 61 77 88
1. See Endnote #2 and #6 137 Appendix E – Non‐GAAP Financial Performance Measures
Operations and Technical Update | 138 APPENDIX E
1 “Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: certain impairment charges (reversals), gains (losses) and other one-time costs relating to acquisitions or dispositions, foreign currency translation gains (losses), significant tax adjustments not related to current period earnings and unrealized gains (losses) on non-hedge derivative instruments. The Company uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Barrick believes that adjusted net earnings is a useful measure of our performance because these adjusting items do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non- GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share For the three months ended December ($ millions, except per share amounts in dollars) For the years ended December 31 31
2016 2015 2014 2016 2015
Net earnings (loss) attributable to equity holders of the Company $ 655 ($ 2,838) ($ 2,907) $ 425 $ (2,622)
Impairment charges related to intangibles, goodwill, property, plant and equipment, and investments (250) 3,897 4,106 (304) 3,405
Acquisition/disposition (gains)/losses 42 (187) (50) 7 (107)
Foreign currency translation (gains)/losses 199 120 132 18 132
Significant tax adjustments1 43 134 (3) (16) 95
Other expense adjustments2 114 135 119 39 40
Unrealized gains on non-hedge derivative instruments (32) 11 181 (9) 4
Tax effect and non-controlling interest 47 (928) (785) 95 (856)
Adjusted net earnings $ 818 $ 344 $ 793 $ 255 $ 91
Net earnings (loss) per share3 0.56 (2.44) (2.50) 0.36 (2.25)
Adjusted net earnings per share3 0.70 0.30 0.68 0.22 0.08
1 Significant tax adjustments for the current year primarily relate to a tax provision booked by Acacia in Q1 2016. 2 Other expense adjustments for the current year relate to losses on debt extinguishment, the impact of the decrease in the discount rate used to calculate the provision for environmental remediation at our closed mines and a reduction in cost of sales attributed to insurance proceeds recorded in the third quarter of 2016 relating to the 2015 oxygen plant motor failure at Pueblo Viejo. 3 Calculated using weighted average number of shares outstanding under the basic method of earnings per share.
2 “Free cash flow” is a non-GAAP financial performance measure which excludes capital expenditures from Net cash provided by operating activities. Barrick believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. Free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow ($ millions) For the years ended December 31 For the three months ended December 31
2016 2015 2014 2016 2015
Net cash provided by operating activities $ 2,640 $ 2,794 $ 2,296 $ 711 $ 698
Capital expenditures (1,126) (1,713) (2,432) (326) (311)
Free cash flow $ 1,514 $ 1,081 ($ 136) $ 385 $ 387
3 “Cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures. “Cash costs” per ounce is based on cost of sales but excludes, among other items, the impact of depreciation. “All-in sustaining costs” per ounce begins with “Cash costs” per ounce and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs and minesite exploration and evaluation costs. Barrick believes that the use of “cash costs” per ounce and “all-in sustaining costs” per ounce will assist investors, analysts and other stakeholders in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. “Cash costs” per ounce and “All-in sustaining costs” per ounce are intended to provide additional information only and do not have any standardized meaning under IFRS. Although a standardized definition of all-in sustaining costs was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by 18 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Gold Cost of Sales to Cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis For the three months ended ($ millions, except per ounce information in dollars) For the years ended December 31 December 31
Footnote 2016 2015 2014 2016 2015
Cost of sales related to gold production $ 4,979 $ 5,904 $ 5,893 $ 1,347 $ 1,575
Depreciation (1,503) (1,613) (1,414) (396) (462)
By-product credits 1 (184) (214) (271) (41) (48)
Realized (gains)/losses on hedge and non-hedge derivatives 2 89 128 (94) 18 50
Non-recurring items 3 24 (210) - - (149)
Other 4 (44) 25 26 (20) 7
Non-controlling interests (Pueblo Viejo and Acacia) 5 (358) (394) (379) (91) (78)
Cash costs $ 3,003 $ 3,626 $ 3,761 $ 817 $ 895
General & administrative costs 256 233 385 39 52
Minesite exploration and evaluation costs 6 44 47 38 18 11
Minesite sustaining capital expenditures 7 944 1,359 1,638 298 303
Rehabilitation - accretion and amortization (operating sites) 8 59 145 135 18 26
Non-controlling interest, copper operations and other 9 (287) (362) (532) (78) (86)
All-in sustaining costs $ 4,019 $ 5,048 $ 5,425 $ 1,112 $ 1,201
Project exploration and evaluation and project costs 6 193 308 354 64 75
Community relations costs not related to current operations 8 12 29 2 -
Project capital expenditures 7 175 133 596 51 (48)
Rehabilitation - accretion and amortization (non-operating sites) 8 11 12 11 4 3
Non-controlling interest and copper operations 9 (42) (43) (74) (4) (20)
All-in costs $ 4,364 $ 5,470 $ 6,341 $ 1,229 $ 1,211
Ounces sold - equity basis (000s ounces) 10 5,503 6,083 6,284 1,519 1,636
Cost of sales per ounce 11,12 $ 798 $ 859 $ 842 $784 $ 848
Cash costs per ounce 12 $ 546 $ 596 $ 598 $ 540 $ 547
Cash costs per ounce (on a co-product basis) 12,13 $ 569 $ 619 $ 618 $ 557 $ 566
All-in sustaining costs per ounce 12 $ 730 $ 831 $ 864 $ 732 $ 733
All-in sustaining costs per ounce (on a co-product basis) 12,13 $ 753 $ 854 $ 884 $ 749 $ 752
All-in costs per ounce 12 $ 792 $ 900 $ 1,010 $ 809 $ 741
All-in costs per ounce (on a co-product basis) 12,13 $ 815 $ 923 $ 1,030 $ 826 $ 760
1 By-product credits
Revenues include the sale of by-products for our gold and copper mines for the three months ended December 31, 2016 of $41 million (2015: $34 million) and the year ended December 31, 2016 of $151 million (2015: $140 million; 2014: $183 million) and energy sales from the Monte Rio power plant at our Pueblo Viejo mine for the three months ended December 31, 2016 of $nil (2015: $14 million) and the year ended December 31, 2016, of $33 million (2015: $74 million; 2014: $88 million) up until its disposition on August 18, 2016.
2 Realized (gains)/losses on hedge and non-hedge derivatives
Includes realized hedge losses of $14 million and $73 million for the three months and year ended December 31, 2016, respectively (2015: $40 million and $106 million, respectively; 2014: $86 million gains), and realized non-hedge losses of $4 million and $16 million for the three months and year ended December 31, 2016, respectively (2015: $10 million and $22 million, respectively; 2014: $8 million gains). Refer to Note 5 of the Financial Statements for further information.
3 Non-recurring items
Non-recurring items in 2016 consist of $34 million in a reduction in cost of sales attributed to insurance proceeds recorded in the third quarter of 2016 relating to the 2015 oxygen plant motor failure at Pueblo Viejo and $10 million in abnormal costs at Veladero relating to the administrative fine in connection to the cyanide incident that occurred in 2015. These gains/costs are not indicative of our cost of production and have been excluded from the calculation of cash costs.
4 Other
Other adjustments include adding the net margins related to power sales at Pueblo Viejo of $nil and $5 million, respectively, (2015: $2 million and $12 million, respectively; 2014: $16 million) and adding the cost of treatment and refining charges of $4 million and $16 million, respectively (2015: $4 million and $14 million, respectively; 2014: $11 million). 2016 includes the removal of cash costs associated with our Pierina mine which is mining incidental ounces as it enters closure of $24 million and $66 million, respectively.
5 Non-controlling interests (Pueblo Viejo and Acacia)
Non-controlling interests include non-controlling interests related to gold production of $127 million and $508 million, respectively, for the three months and year ended December 31, 2016 (2015: $188 million and $681 million, respectively; 2014: $602 million). Refer to Note 5 of the Financial Statements for further information.
6 Exploration and evaluation costs
Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 45 of the MD&A.
7 Capital expenditures
Capital expenditures are related to our gold sites only and are presented on a 100% accrued basis. They are split between minesite sustaining and project capital expenditures. Project capital expenditures are distinct projects designed to increase the net present value of the mine and are not related to current production. Significant projects in the current year are Arturo, Cortez Lower Zone and Lagunas Norte Refractory Ore Project. Refer to page 44 of the MD&A.
8 Rehabilitation - accretion and amortization
Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.
9 Non-controlling interest and copper operations
Removes general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project costs, rehabilitation costs and capital expenditures incurred by our copper sites and the non- controlling interest of our Acacia and Pueblo Viejo operating segment and Arturo. In 2016, figures remove the impact of Pierina. The impact is summarized as the following:
For the three months ($ millions) For the years ended December 31 ended December 31
Non-controlling interest, copper operations and other 2016 2015 2014 2016 2015
General & administrative costs ($ 36) ($ 53) ($ 86) ($ 5) ($ 5)
Minesite exploration and evaluation costs (9) (8) (18) (3) (3)
Rehabilitation - accretion and amortization (operating sites) (9) (13) (12) (4) (4)
Minesite sustaining capital expenditures (233) (288) (416) (66) (74)
All-in sustaining costs total ($ 287) ($ 362) ($ 532) ($ 78) ($ 86)
Project exploration and evaluation and project costs (12) (11) (43) (4) (9)
Project capital expenditures (30) (32) (31) - (11)
All-in costs total ($ 42) ($ 43) ($ 74) ($ 4) ($ 20)
10 Ounces sold - equity basis
In 2016, figures remove the impact of Pierina as the mine is currently going through closure.
11 Cost of sales per ounce
In 2016, figures remove the cost of sales impact of Pierina of $30 million and $82 million, respectively for the three months and year ended December 31, 2016, as the mine is currently going through closure. Cost of sales per ounce excludes non-controlling interest related to gold productions. Cost of sales related to gold per ounce is calculated using cost of sales on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces.
12 Per ounce figures
Cost of sales per ounce, cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in the table due to rounding.
13 Co-product costs per ounce
Cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis remove the impact of by- product credits of our gold production (net of non-controlling interest) calculated as:
For the three months ($ millions) For the years ended December 31 ended December 31
2016 2015 2014 2016 2015
By-product credits $ 184 $ 214 $ 271 $ 41 $ 48
Non-controlling interest (53) (62) (80) (13) (14)
By-product credits (net of non-controlling interest) $ 131 $ 152 $ 191 $ 28 $ 34
Reconciliation of Gold Cost of Sales to Cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis, by operating segment ($ millions, except per ounce information in dollars) For the three months ended December 31, 2016
Pueblo Lagunas Turquoise Footnote Cortez Goldstrike Viejo Norte Veladero Ridge Acacia
Cost of sales related to gold production $ 235 $ 269 $ 144 $ 60 $ 173 $ 41 $ 195
Depreciation (119) (105) (21) (19) (42) (8) (44)
By-product credits 1 - - (17) (4) (7) - (10)
Non-recurring items 2 ------
Other 3 - - 1 - - - 1
Non-controlling interests - - (39) - - - (52)
Cash costs $ 116 $ 164 $ 68 $ 37 $ 124 $ 33 $ 90
General & administrative costs ------(1)
Minesite exploration and evaluation costs 4 6 1 - - 1 - 1
Minesite sustaining capital expenditures 5 19 55 32 3 49 9 56
Rehabilitation - accretion and amortization (operating sites) 6 3 6 2 2 1 - 2
Non-controlling interests - (4) (13) - - - (21)
All-in sustaining costs $ 144 $ 222 $ 89 $ 42 $ 175 $ 42 $ 127
Project capital expenditures 5 33 - - 1 - - -
Non-controlling interests ------
All-in costs $ 177 $ 222 $ 89 $ 43 $ 175 $ 42 $ 127
Ounces sold - equity basis (000s ounces) 277 305 198 98 194 69 134
Cost of sales per ounce 7,8 $846 $880 $450 $612 $892 $595 $935
Cash costs per ounce 8 $ 418 $ 534 $ 341 $ 379 $ 642 $ 484 $ 679
Cash costs per ounce (on a co-product basis) 8,9 $ 418 $ 536 $ 471 $ 418 $ 716 $ 484 $ 713
All-in sustaining costs per ounce 8 $ 517 $ 734 $ 443 $ 436 $ 905 $ 610 $ 952
All-in sustaining costs per ounce (on a co- product basis) 8,9 $ 517 $ 736 $ 573 $ 475 $ 979 $ 610 $ 986
All-in costs per ounce 8 $ 637 $ 734 $ 443 $ 447 $ 905 $ 610 $ 953
All-in costs per ounce (on a co-product basis) 8,9 $ 637 $ 736 $ 573 $ 486 $ 979 $ 610 $ 987
($ millions, except per ounce information in dollars) For the three months ended December 31, 2015
Pueblo Lagunas Turquoise Footnote Cortez Goldstrike Viejo Norte Veladero Ridge Acacia
Cost of sales related to gold production $ 242 $ 251 $ 197 $ 81 $ 123 $ 35 $ 303
Depreciation (122) (73) (55) (37) (29) (6) (44)
By-product credits 1 (1) - (26) (4) (4) - (9)
Non-recurring items 2 - - (38) - (2) - (109)
Other 3 - - 3 - - - 4
Non-controlling interests - - (27) - - - (51)
Cash costs $ 119 $ 178 $ 54 $ 40 $ 88 $ 29 $ 94
General & administrative costs ------9
Minesite exploration and evaluation costs 4 1 2 1 1 - - -
Minesite sustaining capital expenditures 5 15 16 19 17 55 9 43
Rehabilitation - accretion and amortization (operating sites) 6 4 3 7 2 1 - 2
Non-controlling interests - - (11) - - - (20)
All-in sustaining costs $ 139 $ 199 $ 70 $ 60 $ 144 $ 38 $ 128
Project capital expenditures 5 5 24 - - - - -
Non-controlling interests - (9) - - - - -
All-in costs $ 144 $ 214 $ 70 $ 60 $ 144 $ 38 $ 128
Ounces sold - equity basis (000s ounces) 344 345 141 118 156 51 127
Cost of sales per ounce 7,8 $703 $727 $849 $690 $785 $685 $1,526
Cash costs per ounce 8 $ 348 $ 514 $ 383 $ 337 $ 556 $ 571 $ 728
Cash costs per ounce (on a co-product basis) 8,9 $ 348 $ 516 $ 505 $ 370 $ 594 $ 571 $ 756
All-in sustaining costs per ounce 8 $ 406 $ 581 $ 496 $ 506 $ 915 $ 735 $ 1,004
All-in sustaining costs per ounce (on a co- product basis) 8,9 $ 406 $ 583 $ 618 $ 539 $ 953 $ 735 $ 1,032
All-in costs per ounce 8 $ 419 $ 623 $ 496 $ 506 $ 915 $ 735 $ 1,005
All-in costs per ounce (on a co-product basis) 8,9 $ 419 $ 625 $ 618 $ 539 $ 953 $ 735 $ 1,033
($ millions, except per ounce information in dollars) For the year ended December 31, 2016
Pueblo Lagunas Turquoise Footnote Cortez Goldstrike Viejo Norte Veladero Ridge Acacia
Cost of sales related to gold production $ 955 $ 940 $ 644 $ 276 $ 464 $ 155 $ 719
Depreciation (499) (307) (147) (96) (118) (27) (166)
By-product credits 1 - (1) (90) (17) (27) - (39)
Non-recurring items 2 - - 34 - (10) - -
Other 3 - - 5 - - - 8
Non-controlling interests - - (170) - - - (188)
Cash costs $ 456 $ 632 $ 276 $ 163 $ 309 $ 128 $ 334
General & administrative costs ------55
Minesite exploration and evaluation costs 4 6 4 - 2 1 - 3
Minesite sustaining capital expenditures 5 75 142 101 51 95 32 190
Rehabilitation - accretion and amortization (operating sites) 6 12 14 10 8 4 1 6
Non-controlling interests - (4) (44) - - - (88)
All-in sustaining costs $ 549 $ 788 $ 343 $ 224 $ 409 $ 161 $ 500
Project capital expenditures 5 67 74 - 5 - - 1
Non-controlling interests - (30) - - - - -
All-in costs $ 616 $ 832 $ 343 $ 229 $ 409 $ 161 $ 501
Ounces sold - equity basis (000s ounces) 1,059 1,103 700 425 532 257 522
Cost of sales per ounce 7,8 $901 $852 $564 $651 $872 $603 $880
Cash costs per ounce 8 $ 430 $ 572 $ 395 $ 383 $ 582 $ 498 $ 640
Cash costs per ounce (on a co-product basis) 8,9 $ 430 $ 573 473 $ 423 $ 632 $ 498 $ 677
All-in sustaining costs per ounce 8 $ 518 $ 714 $ 490 $ 529 $ 769 $ 625 $ 958
All-in sustaining costs per ounce (on a co- product basis) 8,9 $ 518 $ 715 $ 568 $ 569 $ 819 $ 625 $ 995
All-in costs per ounce 8 $ 581 $ 754 $ 490 $ 540 $ 769 $ 625 $ 960
All-in costs per ounce (on a co-product basis) 8,9 $ 581 $ 755 $ 568 $ 580 $ 819 $ 625 $ 997
($ millions, except per ounce information in dollars) For the year ended December 31, 2015
Pueblo Lagunas Turquoise Footnote Cortez Goldstrike Viejo Norte Veladero Ridge Acacia
Cost of sales related to gold production $ 826 $ 722 $ 904 $ 378 $ 499 $ 141 $ 837
Depreciation (343) (192) (277) (169) (108) (23) (143)
By-product credits 1 (1) (1) (120) (18) (22) - (36)
Non-recurring items 2 (5) (7) (47) (5) (21) (1) (109)
Other 3 - - 13 - - - 8
Non-controlling interests - - (194) - - - (200)
Cash costs $ 477 $ 522 $ 279 $ 186 $ 348 $ 117 $ 357
General & administrative costs ------42
Minesite exploration and evaluation costs 4 2 10 1 3 2 - 2
Minesite sustaining capital expenditures 5 101 110 102 67 242 32 178
Rehabilitation - accretion and amortization (operating sites) 6 12 15 25 32 4 1 9
Non-controlling interests - - (51) - - - (75)
All-in sustaining costs $ 592 $ 657 $ 356 $ 288 $ 596 $ 150 $ 513
Project capital expenditures 5 $ 47 112 - - - - (1)
Non-controlling interests - (31) - - - - -
All-in costs $ 639 $ 738 $ 356 $ 288 $ 596 $ 150 $ 512
Ounces sold - equity basis (000s ounces) 982 999 597 565 629 202 461
Cost of sales per ounce 7,8 $841 $723 $881 $669 $792 $697 $1,161
Cash costs per ounce 8 $ 486 $ 522 $ 467 $ 329 $ 552 $ 581 $ 772
Cash costs per ounce (on a co-product basis) 8,9 $ 487 $ 523 $ 595 $ 361 $ 587 $ 581 $ 810
$ All-in sustaining costs per ounce 8 $ 603 $ 658 $ 597 $ 509 $ 946 $ 742 1,112
All-in sustaining costs per ounce (on a co- $ product basis) 8,9 $ 604 $ 659 $ 725 $ 541 $ 981 $ 742 1,150
$ All-in costs per ounce 8 $ 650 $ 738 $ 597 $ 509 $ 946 $ 742 1,111
$ All-in costs per ounce (on a co-product basis) 8,9 $ 651 $ 739 $ 725 $ 541 $ 981 $ 742 1,149
($ millions, except per ounce information in dollars) For the year ended December 31, 2014
Pueblo Lagunas Turquoise Footnote Cortez Goldstrike Viejo Norte Veladero Ridge Acacia
Cost of sales related to gold production $ 687 $ 651 $ 885 $ 335 $ 554 $ 111 $ 693
Depreciation (255) (132) (243) (92) (116) (17) (129)
By-product credits 1 (1) (1) (163) (14) (28) - (45)
Non-recurring items 2 ------
Other 3 - - 16 - - - (8)
Non-controlling interests - - (197) - - - (182)
Cash costs $ 431 $ 518 $ 298 $ 229 $ 410 $ 94 $ 329
General & administrative costs ------44
Minesite exploration and evaluation costs 4 1 2 - 1 3 - 1
Minesite sustaining capital expenditures 5 170 245 134 81 173 30 195
Rehabilitation - accretion and amortization (operating sites) 6 9 10 23 17 4 1 8
Non-controlling interests - - (62) - - - (80)
All-in sustaining costs $ 611 $ 775 $ 393 $ 328 $ 590 $ 125 $ 497
Project capital expenditures 5 19 300 - - - - 56
Non-controlling interests - (5) - - - - (17)
All-in costs $ 630 $ 1,070 $ 393 $ 328 $ 590 $ 125 $ 536
Ounces sold - equity basis (000s ounces) 865 908 667 604 724 200 450
Cost of sales per ounce 7,8 $794 $718 $786 $555 $764 $559 $985
Cash costs per ounce 8 $ 498 $ 571 $ 446 $ 379 $ 566 $ 473 $ 732
Cash costs per ounce (on a co-product basis) 8,9 $ 499 $ 572 $ 521 $ 403 $ 604 $ 473 $ 786
$ All-in sustaining costs per ounce 8 $ 706 $ 854 $ 588 $ 543 $ 815 $ 628 1,105
All-in sustaining costs per ounce (on a co- $ product basis) 8,9 $ 707 $ 855 $ 663 $ 567 $ 853 $ 628 1,159
$ All-in costs per ounce 8 $ 728 $ 1,179 $ 588 $ 543 $ 815 $ 628 1,190
$ All-in costs per ounce (on a co-product basis) 8,9 $ 729 $ 1,180 $ 663 $ 567 $ 853 $ 628 1,244
1 By-product credits
Revenues include the sale of by-products for our gold mines and energy sales from the Monte Rio power plant at our Pueblo Viejo mine for the three months and year ended December 31, 2016, of $nil and $33 million, respectively (2015: $14 million and $74 million, respectively; 2014: $88 million).
2 Non-recurring items
Non-recurring items in 2016 consist of $34 million in a reduction in cost of sales attributed to insurance proceeds recorded in the third quarter of 2016 relating to the 2015 oxygen plant motor failure at Pueblo Viejo and $10 million in abnormal costs at Veladero relating to the administrative fine in connection to the cyanide incident that occurred in 2015. These gains/costs are not indicative of our cost of production and have been excluded from the calculation of cash costs.
3 Other
Other adjustments include adding the net margins related to power sales at Pueblo Viejo of $nil and $5 million, respectively, (2015: $2 million and $12 million, respectively; 2014: $16 million) and adding the cost of treatment and refining charges of $2 million and $9 million, respectively (2015: $3 million and $8 million, respectively; 2014: $7 million).
4 Exploration and evaluation costs
Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 45 of the MD&A.
5 Capital expenditures
Capital expenditures are related to our gold sites only and are presented on a 100% accrued basis. They are split between minesite sustaining and project capital expenditures. Project capital expenditures are distinct projects designed to increase the net present value of the mine and are not related to current production. Significant projects in the current year are Arturo, Cortez Lower Zone and Lagunas Norte Refractory Ore Project. Refer to page 44 of the MD&A.
6 Rehabilitation - accretion and amortization
Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.
7 Cost of sales per ounce
Cost of sales related to gold per ounce is calculated using cost of sales on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces.
8 Per ounce figures
Cost of sales per ounce, cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding.
9 Co-product costs per ounce
Cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis remove the impact of by- product credits of our gold production (net of non-controlling interest) calculated as:
($ millions) For the three months ended December 31, 2016
Pueblo Lagunas Turquoise Cortez Goldstrike Viejo Norte Veladero Ridge Acacia
By-product credits $- $- $ 17 $ 4 $ 7 $- $ 10
Non-controlling interest - - (9) - - - (4)
By-product credits (net of non- controlling interest) $- $- $ 8 $ 4 $ 7 $- $ 6
For the three months ended December 31, 2015
Pueblo Lagunas Turquoise Cortez Goldstrike Viejo Norte Veladero Ridge Acacia
By-product credits $ 1 $- $ 26 $ 4 $ 4 $- $ 9
Non-controlling interest - - (10) - - - (3)
By-product credits (net of non- controlling interest) $ 1 $- $ 16 $ 4 $ 4 $- $ 6
For year ended December 31, 2016
Pueblo Lagunas Turquoise Cortez Goldstrike Viejo Norte Veladero Ridge Acacia
By-product credits $- $ 1 $ 90 $ 17 $ 27 $- $ 39
Non-controlling interest - - (39) - - - (14)
By-product credits (net of non- controlling interest) $- $ 1 $ 51 $ 17 $ 27 $- $ 25
For the year ended December 31, 2015
Pueblo Lagunas Turquoise Cortez Goldstrike Viejo Norte Veladero Ridge Acacia
By-product credits $ 1 $ 1 $ 120 $ 18 $ 22 $- $ 36
Non-controlling interest - - (49) - - - (13)
By-product credits (net of non- controlling interest) $ 1 $ 1 $ 71 $ 18 $ 22 $- $ 23
For the year ended December 31, 2014
Pueblo Lagunas Turquoise Cortez Goldstrike Viejo Norte Veladero Ridge Acacia
By-product credits $ 1 $ 1 $ 163 $ 14 $ 28 $- $ 45
Non-controlling interest - - (64) - - - (16)
By-product credits (net of non- controlling interest) $ 1 $ 1 $ 99 $ 14 $ 28 $- $ 29
4 “C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures. “C1 cash costs” per pound is based on cost of sales but excludes the impact of depreciation and royalties and includes treatment and refinement charges. “All-in sustaining costs” per pound begins with “C1 cash costs” per pound and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs and royalties. Barrick believes that the use of “C1 cash costs” per pound and “all-in sustaining costs” per pound will assist investors, analysts, and other stakeholders in understanding the costs associated with producing copper, understanding the economics of copper mining, assessing our operating performance, and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. “C1 cash costs” per pound and “All-in sustaining costs” per pound are intended to provide additional information only, do not have any standardized meaning under IFRS, and may not be comparable to similar measures of performance presented by other companies. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis ($ millions, except per pound information in dollars) For the years ended December 31 For the three months ended December 31
2016 2015 2014 2016 2015
Cost of sales $ 319 $ 814 $ 954 $ 84 $ 116
Depreciation/amortization1 (45) (104) (171) (15) (23)
Treatment and refinement charges 161 178 120 41 49
Cash cost of sales applicable to equity method investments2 209 23 - 55 23
Less: royalties (41) (101) (39) (9) (16)
Non-routine charges - - (1) - -
Other metal sales - (1) (1) - -
Other - 72 (27) - 72
C1 cash cost of sales $ 603 $ 881 $ 835 $ 156 $ 221
General & administrative costs 14 21 40 3 4
Rehabilitation - accretion and amortization 7 6 8 2 -
Royalties 41 101 39 9 16
Minesite exploration and evaluation costs - - 1 - -
Minesite sustaining capital expenditures 169 177 294 48 44
Inventory write-downs - - 1 - -
All-in sustaining costs $ 834 $ 1,186 $ 1,218 $ 218 $ 285
Pounds sold - consolidated basis (millions pounds) 405 510 435 107 132
Cost of sales per pound3,4 $1.43 $ 1.65 $ 2.19 $1.45 $ 1.09
C1 cash cost per pound3 $1.49 $ 1.73 $ 1.92 $1.47 $ 1.66
All-in sustaining costs per pound3 $2.05 $2.33 $ 2.79 $2.04 $2.15
1 For the year ended December 31, 2016, depreciation excludes $50 million (2015: $6 million; 2014: $nil) of depreciation applicable to equity method investments. 2 For the year ended December 31, 2016, figures include $177 million (2015: $23 million; 2014: $nil) of cash costs related to our 50% share of Zaldívar due to the divestment of 50% of our interest in the mine on December 1 , 2015, as well as $32 million (2015: $nil; 2014: $nil) of cash costs related to our 50% share of Jabal Sayid due to the divestment of 50% of our interest in the mine on December 4, 2014 and subsequent accounting as equity method investments. 3 Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding. 4 Cost of sales related to copper per pound is calculated using cost of sales including our proportionate share of cost of sales attributable to equity method investments (Zaldívar and Jabal Sayid), divided by consolidated copper pounds (including our proportionate share of copper pounds from our equity method investments).
5 “EBITDA” and “Adjusted EBITDA” are non-GAAP financial performance measures. “EBITDA” excludes income tax expense, finance costs, finance income and depreciation from net earnings. “EBITDA” is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. “EBITDA” is also frequently used by investors and analysts for valuation purposes whereby “EBITDA” is multiplied by a factor or “EBITDA” multiple” that is based on an observed or inferred relationship between “EBITDA” and market values to determine the approximate total enterprise value of a company. “Adjusted EBITDA” removes the effect of “impairment charges”. These charges are not reflective of our ability to generate liquidity by producing operating cash flow, and therefore this adjustment will result in a more meaningful valuation measure for investors and analysts to evaluate our performance in the period and assess our future ability to generate liquidity. “EBITDA” and “Adjusted EBITDA” are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. “EBITDA” and “Adjusted EBITDA” should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA ($ millions) For the years ended December 31 For the three months ended December 31
2016 2015 2014 2016 2015
Net earnings (loss) $ 861 $ (3,113) $ (2,959) $ 512 $ (2,941)
Income tax expense 917 (31) 306 223 (361)
Finance costs, net1 725 663 710 200 120
Depreciation 1,574 1,771 1,648 418 499
EBITDA $ 4,077 $ (710) $ (295) $ 1,353 $ (2,683)
Impairment charges (250) 3,897 4,106 (304) 3,405
Adjusted EBITDA $ 3,827 $ 3,187 $ 3,811 $ 1,049 $ 722
1 Finance costs exclude accretion. APPENDIX Cortez –Overview . Location: 120km SW of Elko, Nevada, United States . Ownership: 100% Barrick . Mine Type: Open Pit and Underground . Products: Gold 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 Tonnes Grade Contained 2016 Reserves and Resources (000s) (gm/t) (000s ozs) Proven Gold Mineral Reserves 16,196 1.52 793
Probable Gold Mineral Reserves 134,806 2.18 9,427
Measured Gold Mineral Resources 2,199 2.04 144
Indicated Gold Mineral Resources 29,137 2.13 1,999
1. See Endnote #2 1:139 APPENDIX Cortez – 2016 Review & 2017 Targets
In 2016 gold production was 1,059koz, 6% For 20172 we expect gold production to be in the higher than the prior year primarily due to higher ore range of 1,250 to 1,290 thousand ounces, an increase from tonnes. This was combined by Best-in-Class initiatives 2016 production levels. This is due to a significant increase in increasing mining efficiencies and process improvements open pit production, primarily from higher grade oxide ore and resulting in increased tonnes mined and throughput, increased throughput at the mill processed on site and larger respectively, partly offset by lower underground grades volumes of refractory ore, at grades similar to 2016, being as mining is advancing from the high grade Breccia zone processed at Goldstrike. This is somewhat offset by an tothelowergradeMiddlezone.Cost of Sales were expected decline in underground ore grade as the mine $901 per ounce, $60 per ounce higher than the prior transitions to lower grade ore zones deeper in the deposit. year primarily due to the impact of higher depreciation In 2017, we expect cost of sales per ounce to be in the range from an increase in ounces mined at the Cortez Hills of $730 to $760 per ounce, which is a material decrease from open pit combined with lower capitalized stripping costs 2016 due to increased sales volume. Cost of Sales show only a associated with lower stripping at the Cortez Hills open slight increase from 2016 to 2017. Operating costs are in line pit and Crossroads open pit. The increases were partially with 2016, while productivity improvements generated by offset by lower open pit consumable costs combined with digitization and Best-in-Class are expected to start contributing lower inventory write-downs, lower royalty payments as to additional mining and processing volumes. All-in more ore was produced from the Cortez Hills pit. All-in sustaining costs1 are expected to be in the range of $430 to sustaining costs1 were $518 per ounce, a decrease of $470 per ounce, again a decrease over 2016, primarily due to $85 per ounce from the prior year primarily due to the higher sold ounces mentioned above. impact of higher sales volume combined with lower sustaining capital spend.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E 2. See Endnote #1 1:140 APPENDIX Cortez – Production Metrics
koz Production 2014 2015 2016 2017E1 1300 Metrics Tonnes Mined 1200 152,146 151,357 124,919 - (000s) 1100 Tonnes Processed 25,957 22,406 25,112 - (000s) 1000
Average Grade 900 1.34 1.73 1.73 - (g/tonne Au) 800 Recovery (%) 81 80 76 - 700
Total Production 1290 902 999 1,059 1,250-1,290 600 (koz Au) - 902 999 1059 1250 500 2014 2015 2016 2017e
1. See Endnote #1 1:141 APPENDIX Cortez – Financial & Cost Metrics
Financial 2014 2015 2016 2017E1 metrics Gold Cost of 794 841 901 730 – 760 Sales ($/oz) Gold AISC2 706 603 518 430 – 470 ($/oz) Gold Cash 498 486 430 360 – 380 Costs2 ($/oz) Sustaining 170 101 75 - Capex ($M) Project 19 47 67 - Capex ($M) Segment 393 287 340 - Income ($M) Segment 648 630 839 - EBITDA2 ($M) 1. See Endnote #1 2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E 1:142 APPENDIX Cortez – Mining
. Open pit mining at 2 pits: Pipeline and Cortez Hills Mining Metrics 2014 2015 2016 – Conventional truck/shovel operation – Cortez Hills pit dimensions: 2km long x 1km wide Open Pit x 400m deep – Typical bench height: 15m Mining rate (ktpd) 415 413 339 – Primary loading fleet: – 1 x Hitachi EX5500 Strip ratio 5.4:1 6.3:1 3.7:1 – 3 x P&H 2800 Mining cost 1.70 1.42 1.56 – 2 x P&H 4100 ($/tonne) – Primary hauling fleet: Underground – 27 x Liebherr T282 – 28 x Caterpillar CAT789 Mining rate (ktpd) 2.0 2.5 2.8 . Underground mining at Cortez Hills Mining cost 120 103 98 – Underhand cut and fill with cemented rock fill ($/tonne) as backfill – Parallel 5m wide by 5.5m high and 3 km declines with crosscuts at every 150m
1:143 APPENDIX Cortez – Processing
Processing metrics 2014 2015 2016 Mill Leaching Cost ($/tonne) 12.4 13.1 12.3 Throughput (tonne/day) 10,200 9,500 11,500 Recovery (%) 84.2% 87.0% 87.7% Total Production (koz Au) 468 530 568 Heap Leaching Cost ($/tonne) 1.4 1.2 1.0 Throughput (tonne/day) 58,400 49,400 54,600 Recovery (%) 71.9% 52.9% 50.2% Total Production (koz Au) 225 141 229
1:144 APPENDIX Cortez – Processing, cont’d
Processing metrics 2014 2015 2016
Autoclave (Goldstrike) Cost ($/tonne) 67.8 45.9 49.3 Throughput (tonne/day) See Goldstrike See Goldstrike See Goldstrike Recovery (%) 84.3% 75.6% 64.4% Total Production (koz Au) 98 33 8 Roaster (Goldstrike) Cost ($/tonne) 28.7 28.7 28.7 Throughput (tonne/day) See Goldstrike See Goldstrike See Goldstrike Recovery (%) 82.9% 90.7% 90.6% Total Production (koz Au) 111 295 254 Total Cost ($/tonne) 4.2 4.2 4.0 Throughput (tonne/day) 71,100 61,400 68,700 Recovery (%) 80.6% 80.3% 75.9% Total Production (koz Au) 902 999 1,059
1:145 APPENDIX Goldstrike –Overview . Location: 60km NW of Elko, Nevada, United States . Ownership: 100% Barrick . Mine Type: Conventional open pit and underground mining . Products: Gold
Goldstrike has produced over 42 M ounces since American Barrick acquired the property in 1987. Goldstrike consist of the Betze‐Post open pit and the Meikle and Rodeo underground mines. Meikle is a high‐grade 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: long‐hole open stoping and drift‐and‐fill. Double refractory ore is processed both at the Roaster and the Autoclave/TCM.
1 Tonnes Grade Contained 2016 Reserves and Resources (000s) (gm/t) (000s ozs) Proven Gold Mineral Reserves 57,469 3.29 6,082
Probable Gold Mineral Reserves 13,216 4.70 1,995
Measured Gold Mineral Resources 2,313 6.56 488
Indicated Gold Mineral Resources 5,918 5.09 968 1. Does not include South Arturo 1. See Endnote #2 1:146 APPENDIX Goldstrike – 2016 Review & 2017 Targets
In 2016, gold production of 1,096koz was 4% For 20172 production is expected to be in the range of higher than the prior year primarily as a result of higher 910 to 950 thousand ounces, which is lower than 2016 autoclave production and an increase in roaster production levels. Lower ounce production is expected from throughput due to blend optimization. Cost of sales of both the underground and open pit operations. At the $852 per ounce was $129 per ounce higher than the underground, emphasis in 2017 will be on development prior year primarily due to higher operating costs and deeper in the mine and ore mined will also be impacted by a depreciation expense from the operation of the autoclave slightly higher percentage of cut and fill tonnage. combined with higher depreciation from Arturo pit. These Contribution from open pit production is expected to be increases are partially offset by favorable fuel prices, lower as we transition from ore mining at the Arturo pit to energy prices, and Best-in-Class initiatives aimed at stripping the 3rd and 4th NW laybacks in the Betze Post pit. better utilizing open pit equipment, and improving We expect cost of sales per ounce to be in the range of underground mining efficiency. In 2016, this was partially $950 to $990 per ounce for 2017, higher than 2016 due to offset by the impact of an increase in sales volume. All- sold ounces decreasing over 2016 primarily, offset slightly by in sustaining costs1 of $714 per ounce increased by lower operating spend driven by Best-in-Class initiatives. All- $56 per ounce compared to the prior year primarily due in sustaining costs1 areexpectedtobe$910to$980per to higher operating costs combined with higher ounce, an increase from 2016 due to lower ounce production sustaining capital, partly offset by an increase in sales and higher sustaining capital expenditures for tailings volume. expansions, process improvements, and underground sustaining projects to enable mining deeper in the mine.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E 2. See Endnote #1 1:147 APPENDIX Goldstrike – Production Metrics
koz Production 2014 2015 2016 2017E2 Metrics 1300
Tonnes Mined 1200 81,410 72,304 67,834 - (000s) 1100 Tonnes 5,307 6,752 7,361 - Processed1 (000s) 1000 Average Grade 6.28 6.01 5.65 - 900 (g/tonne Au) 800 Recovery (%) 84 81 82 - 700 Total Production 902 1,053 1,096 910 - 950 600 950 (koz Au) - 902 1053 1096 910 500 2014 2015 2016 2017e
1. Excludes toll material 2. See Endnote #1 1:148 APPENDIX Goldstrike – Financial & Cost Metrics
Financial 2014 2015 2016 2017E1 metrics Gold Cost of 718 723 852 950 – 990 Sales ($/oz) Gold AISC2 854 658 714 910 – 980 ($/oz) Gold Cash 571 522 572 650 – 680 Costs2 ($/oz) Sustaining 245 110 142 - Capex ($M) Project 295 81 44 - Capex ($M) Segment 496 408 442 - Income ($M) Segment 628 600 749 - EBITDA2 ($M)
1. See Endnote #1 2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 and 5 of Appendix E 1:149 APPENDIX Goldstrike – Mining (100%)2
. Open pit mining at Betze Post – Conventional truck/shovel operation Mining Metrics 2014 2015 2016 – Pit dimensions: 3.3km long x 2km wide x 600m deep (w/out backfill) Open Pit – Typical bench height: 6-13m Mining rate (ktpd) 219 237 244 – Primary loading fleet: Strip ratio 12.4:1 10.9:1 22.7:1 – 2 x P&H 4100 Mining cost1 – 2 x P&H 2800 2.25 1.90 1.60 ($/tonne) – 1 x Hitachi EX5500 – Primary hauling fleet: Underground – 23 x Komatsu 930E Mining rate (ktpd) 5.4 4.9 4.9 . Underground mining at Meikle and Rodeo Mining cost – Underhand cut and fill, longhole stoping 122 112 106 ($/tonne) – Cemented rock fill and paste as backfill
1. Includes dewatering cost 2. Stats above reflect all ore processed at Goldstrike including Arturo, Cortez and Goldstrike 1:150 APPENDIX Goldstrike – Processing (100%)2
Processing metrics 2014 2015 2016 Autoclave Cost ($/tonne) 88.6 62.8 60.1 Throughput (tonne/day) 2,9001 7,100 9,600 Recovery (%) 75.4% 58.7% 63.0% Total Production (koz Au) 155 204 242 Roaster Cost ($/tonne) 25.4 24.6 23.5 Throughput (tonne/day) 14,200 13,800 14,000 Recovery (%) 84.1% 82.5% 83.8% Total Production (koz Au) 963 1,180 1,204 Total Cost ($/tonne) 36.2 37.6 38.4 Throughput (tonne/day) 17,100 21,000 23,600 Recovery (%) 84.1% 82.5% 83.8% Total Production (koz Au) 1,118 1,384 1,446 1. Autoclave production suspended during TCM construction. Production restarted in Q4 2014 2. Stats above reflect all ore processed at Goldstrike including Arturo, Cortez and Goldstrike 1:151 APPENDIX Hemlo –Overview . Location: 350km East of Thunder Bay, Ontario, Canada . Ownership: 100% Barrick . 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 − 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, carbon‐in-pulp, carbon stripping and reactivation, electro-winning and refining, tailings disposal, water reclaim and a tailings effluent treatment circuit.
1 Tonnes Grade Contained 2016 Reserves and Resources (000s) (gm/t) (000s ozs) Proven Gold Mineral Reserves 1,018 3.64 119
Probable Gold Mineral Reserves 24,764 1.85 1,469
Measured Gold Mineral Resources 126 2.72 11
Indicated Gold Mineral Resources 58,771 0.90 1,709
1. See Endnote #2 1:152 APPENDIX Hemlo – 2016 Review & 2017 Targets
In 2016 gold production was 235koz, For 20172 we expect gold production to be 7.3% higher than the prior year. The increase in the range of 205-220koz, which is slightly was primarily due to higher grades from the below 2016 production levels. This is primarily underground. Cost of Sales of $795 per ounce due to a lower forecasted grade in the were $92/oz lower than the prior year. All-in underground then what was in 2016 and a one sustaining costs1 of $839 per ounce for 2016 month shutdown to replace a SAG mill shell. decreased by $56 per ounce compared to the Cost of Sales is anticipated to be in the range prior year primarily due to the impact of higher of $800-$860 per ounce which is slightly higher sales volume on unit production costs than 2016 costs due to the less ounces mined combined with a decrease in mine-site from underground. All-in sustaining costs1 sustaining capital expenditures. are forecast at $880-$890 per ounce, which is higher than 2016 primarily due to sustaining capital expenditures for tailings expansions, water management projects, SAG Mill shell replacement, and timing of equipment replacements.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E 2. See Endnote #1 1:153 APPENDIX Hemlo – Production Metrics
koz Production Metrics 2014 2015 2016 2017E1 240 235 Tonnes Mined 8,127 7,409 7,940 - 230 (000s) 225 Tonnes Processed 2,916 3,120 3,408 - 220 (000s) 215 Average Grade 2.34 2.30 2.28 - 210 (g/tonne Au) 205 Recovery 94 95 94 - (%) 200 220 195 - Total Production 206 219 235 205 - 220 206 219 235 205 (koz Au) 190 2014 2015 2016 2017e
1. See Endnote #1 1:154 APPENDIX Hemlo – Financial & Cost Metrics
Financial 2014 2015 2016 2017E1 metrics Gold Cost of 1,089 887 795 800 – 860 Sales ($/oz) Gold AISC2 1,059 895 839 880 – 980 ($/oz) Gold Cash 829 708 679 640 – 690 Costs2 ($/oz) Sustaining 45 38 37 - Capex ($M) Project 0390- Capex ($M)
1. See Endnote #1 2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix E 1:155 APPENDIX Hemlo – Mining
. Open pit mining: – Conventional truck/loader operation Mining Metrics 2014 2015 2016 – Pit dimensions: 1km long x 0.6km wide x 220m deep Open Pit – Typical bench height: 10m Mining rate (ktpd) 19 18 18 – Primary loading fleet: – 3 x Caterpillar 992 Strip ratio 3.5:1 2.6:1 2.1:1 – Primary hauling fleet: Mining cost ($/tonne) 3.99 3.51 4.01 – 7 x Caterpillar CAT777 Underground . Underground mining – Long hole and Alimak Mining rate (ktpd) 3.1 3.2 3.3
– 9yd Scooptrams/30t trucks/40t Mining cost ($/tonne) 77 70 68 autonomous trucks – Shaft and ramp access covers 1.3km depth and 3km strike length
1:156 APPENDIX Hemlo – Processing
Processing metrics 2014 2015 2016 Mill Leaching Cost ($/tonne) 12.0 9.3 9.1 Throughput (tonne/day) 8,000 8,500 9,300 Recovery (%) 93.9% 94.6% 93.7% Total Production (koz Au) 206 219 235 Total Cost ($/tonne) 12.0 9.3 9.1 Throughput (tonne/day) 8,000 8,500 9,300 Recovery (%) 93.9% 94.6% 93.7% Total Production (koz Au) 206 219 235
1:157 APPENDIX Jabal Sayid –Overview
. Location: Located 350km north east of Jeddah in the Kingdom of Saudi Arabia . Ownership: 50% Barrick / 50% Ma’aden . Mine Type: Underground Mine employing Long Hole Stoping Method . Products: Copper Concentrate (by-product Gold & Silver)
Barrick acquired the Jabal Sayid asset through the Equinox acquisition in 2011 and formed a 50/50 JV with Ma’aden Mining in December 2014. The first shipment of copper concentrate occurred in December 2015 and the mine commenced Commercial Production in July 2016. The mine is currently ramping up production until average production of 100Mlbs of copper in concentrate is achieved in 2018. This production rate is then maintained for the next 11 years.
1 Tonnes Grade Contained 2016 Reserves and Resources (Million) Cu (%) (Mlbs) Proven Copper Mineral Reserves 2,855 2.29 144.1
Probable Copper Mineral Reserves 8,476 2.59 483.0
Measured Copper Mineral Resources 57 1.35 1.7
Indicated Copper Mineral Resources 3,125 2.28 156.9
1. See Endnote #2 1:158 APPENDIX Jabal Sayid – 2016 Review & 2017 Targets (50%)
In 2016, the mine initiated commercial For 20172 copper production is expected production in July. Copper production was 30 to be in the range of 30-40 million pounds million pounds (attributable) at Cost of Sales (attributable), higher than 2016 production were $2.33 per pound and all-in sustaining levels due primarily to the accelerated ramp up costs1 were $2.98 per pound for 2016. to full production in 2018. Cost of Sales is anticipated to be in the range of $2.10-$2.80 per pound. All-in sustaining costs1 are forecast at $2.30-$2.80 per pound, and lower than the prior year as the mine ramps up production.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 4 of Appendix E 2. See Endnote #1 1:159 APPENDIX Jabal Sayid – Production Metrics (50%)
mlb Production 2014 2015 2016 2017E1 45 Metrics 40 Ore Tonnes - - 739 - Mined (000s) 35
Tonnes 30 - - 638 - Processed (000s) 25 Average Grade --2.31- (% Cu) 20 Recovery 15 --91- (%) 10 Total Production 40 - 6 30 30 - 40 5 (Mlb Cu) - 063030 0 2014 2015 2016 2017e
1. See Endnote #1 1:160 APPENDIX Jabal Sayid – Financial & Cost Metrics (50%)
Financial 2014 2015 2016 2017E1 metrics
Copper Cost of Sales - - 2.33 2.10 – 2.80 ($/ lb)
Copper AISC2 ($/ lb) - - 2.98 2.30 – 2.80
Copper C1 Cash - - 1.97 1.50 – 1.90 Costs2 ($/ lb) Sustaining Capex --17- ($M) Project Capex -- - - ($M)
1. See Endnote #1 2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 4 of Appendix E 1:161 APPENDIX Jabal Sayid – Mining
. Underground Mining: Mining Metrics 2014 2015 2016 – Long Hole Open Stoping method of (100%) mining Underground – Average Stope Dimensions 50m x 30m x 30m Mining Rate (ktpd) - - 3.5
– Ore and waste hauled to surface via a Mining costs ($/tonne) - - 23.9 decline – Primary Loading Fleet (currently): – 5 x Sandvik LH621 (3 being tele- remote loaders with self guidance technology) – Primary Hauling Fleet (currently): – 6 x Sandvik TH663
1:162 APPENDIX Jabal Sayid – Processing
Processing metrics (100%) 2014 2015 2016 Concentrator Cost ($/tonne) - - 22.9 Throughput (tonne/day) - - 3,498 Recovery (%) - - 91 Total Production (100% Mlb Cu) - 12 60 Total Cost ($/tonne) - - 22.9 Throughput (tonne/day) - - 3,498 Recovery (%) - - 91 Total Production (100% Mlb Cu) - 12 60
1:163 APPENDIX Lagunas Norte –Overview . Location: 140km East of Trujillo, Peru . Ownership: 100% Barrick . 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 open‐pit, crush, valley‐fill heap leach operation. Ore processing is via a two‐stage 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 Tonnes Grade Contained 2016 Reserves and Resources (000s) (gm/t) (000s ozs) Proven Gold Mineral Reserves 26,322 1.83 1,548
Probable Gold Mineral Reserves 44,348 1.87 2,670
Measured Gold Mineral Resources 3,253 0.65 68
Indicated Gold Mineral Resources 54,192 0.63 1,100 1. See Endnote #2 1:164 APPENDIX Lagunas Norte – 2016 Review & 2017 Targets
In 2016, gold production of 435koz was 22% For 20172 we expect gold production to be in the lower than the prior year primarily due to fewer ounces range of 380 to 420 thousand ounces, lower than 2016 placed on the leach pad as a result of lower tonnage production levels, as a result of the progressive depletion of mined and combined with processing a higher oxide ores, which are being replaced with sulfide ores with percentage of older stock material, in line with lower kinetics and recoveries. We expect cost of sales per expectations as the mine matures. Cost of sales of $651 ounce4 to be in the range of $710 to $780 per ounce. This per ounce was $18 per ounce lower than the prior year increase, in comparison with 2016, is mainly driven by higher mainly due to a decrease in depreciation expense and cost of sales attributed to an expected increase in lower direct operating costs resulting from lower tonnage depreciation expense, higher direct operating costs and CSR mined and processed, lower fuel prices and lower expenses, partially offset by Best-in-Class initiatives. The royalties derived from lower sales. These were combined increase in all-in sustaining costs1 to $560-$620 per with realized cost savings from the Best-in-Class program ounceincomparisonwith2016isdrivenmainlybythe such as the initiatives to improve efficiencies in the decrease in production; sustaining capital expenditures are carbon in column circuit, implementation of short interval decreasing in 2017. Operational cost increases are expected control, improvements in planned maintenance and to be partially offset by Best-in-Class operational initiatives renegotiation of certain service contracts. In 2016, all-in including service and material contract renegotiation, sustaining costs1 of $529 per ounce increased by $20 increased component life, improvements in preventative per ounce compared to the prior year primarily due to maintenance, and energy optimization programs. Structural lower sales volume, partially offset by the lower cost of cost reduction in mine stripping and employee profit sharing sales combined with a decrease in minesite sustaining are expected to occur due to the reduced mine production capital expenditures. plan.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E 2. See Endnote #1 1:165 APPENDIX Lagunas Norte – Production Metrics
Production koz 2014 2015 2016 2017E1 Metrics 700 Tonnes Mined 50,030 49,126 40,847 - 600 (000s) Tonnes 500 22,110 21,880 17,253 - Processed (000s) 400 Average Grade 0.99 1.02 1.12 - (g/tonne Au) 300
Recovery (%) 83 78 70 - 200
Total Production 582 560 435 380 - 420 100 (koz Au) 420 - 582 560 435 380 0 2014 2015 2016 2017e
1. See Endnote #1 1:166 APPENDIX Lagunas Norte – Financial & Cost Metrics
Financial 2014 2015 2016 2017E1 metrics Gold Cost of 555 669 651 710 – 780 Sales ($/oz) Gold AISC2 543 509 529 560 – 620 ($/oz) Gold Cash 379 329 383 430 – 470 Costs2 ($/oz) Sustaining 81 67 51 - Capex ($M) Project 005 - Capex ($M) Segment 439 285 260 - Income ($M) Segment 531 454 356 - EBITDA2 ($M) 1. See Endnote #1 2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E 1:167 APPENDIX Lagunas Norte – Mining
. Open pit mining – Conventional truck/shovel operation Mining Metrics 2014 2015 2016
– Pit Dimensions: 2.5 km long x 1.5 km wide Open Pit x 170 m deep (no backfill) – Typical Bench Height: 10m Mining rate (ktpd) 137 135 112 – Primary Loading Fleet: Strip Ratio 0.9:1 1.2:1 1.5:1 – 2 x Komatsu PC4000 Mining costs 2.35 2.22 1.84 – 3 x Komatsu WA1200 ($/tonne) – Primary Hauling Fleet: – 19 x Komatsu 730E – 4 x Caterpillar 785C
1:168 APPENDIX Lagunas Norte – Processing
Processing metrics 2014 2015 2016 Heap Leaching Cost ($/tonne) 3.37 3.32 3.92 Throughput (tonne/day) 60,600 59,900 47,100 Recovery (%) 82.7% 78.1% 69.7% Total production (koz Au) 582 560 435 Total Cost ($/tonne) 3.37 3.32 3.92 Throughput (tonne/day) 60,600 59,900 47,100 Recovery (%) 82.7% 78.1% 69.7% Total Production (koz Au) 582 560 435
1:169 APPENDIX Lumwana –Overview
. Location: 100km west of Solwezi, Zambia . Ownership: 100% Barrick . Mine Type: Conventional Open Pit (Truck and Shovel) . Products: Copper Concentrate
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 Tonnes Grade Contained 2016 Reserves and Resources (000s) (%) (million lbs) Proven Copper Mineral Reserves 27,786 0.52 316
Probable Copper Mineral Reserves 179,860 0.60 2,368
Measured Copper Mineral Resources 25,154 0.41 227
Indicated Copper Mineral Resources 624,826 0.52 7,192
1. See Endnote #2 1:170 APPENDIX Lumwana – 2016 Review & 2017 Targets (47.5%)
In 2016 copper production was 271 For 20172 we expect copper production to million pounds, 5.6% lower than the prior year. be in the range of 250-275 million pounds, This decrease was primarily attributable to which is slightly lower than 2016 production lower tonnes mined due to equipment levels, due primarily to lower ore grades from availability and lower grade. Cost of Sales the mining operations. Cost of Sales are were $1.16 per pound, 18% lower than prior expected to be in the range of $1.20 to $1.40 year, attributable to lower direct mining costs per pound. All-in sustaining costs1 are as a result of improved cost controls, and lower expected to be $2.10-$2.30 per pound, which is royalty expenses following changes in royalty slightly higher than 2016 performance due to rates through the 2nd half of 2015 and 2016. lower production and sales. All-in sustaining costs1 of $1.97 per pound for 2016 significantly decreased by 19% compared to the prior year, primarily due to lower mining costs and royalty expenses.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 4 of Appendix E 2. See Endnote #1 1:171 APPENDIX Lumwana – Production Metrics
mlb Production 2014 2015 2016 2017E1 350 Metrics
Tonnes Mined 300 77,000 68,564 62,853 - (000s) Tonnes 250 15,748 21,632 21,694 Processed (000s) - 200 Average Grade 0.67 0.65 0.60 - (% Cu) 150 Recovery 93 93 95 - (%) 100 Total Production 214 287 271 250 - 275 (Mlb Cu) 50 275 - 214 287 271 250 0 2014 2015 2016 2017e
1. See Endnote #1 1:172 APPENDIX Lumwana – Financial & Cost Metrics
Financial 2014 2015 2016 2017E1 metrics
Copper Cost of Sales 2.07 1.42 1.16 1.20 – 1.40 ($/ lb)
Copper AISC2 ($/ lb) 3.15 2.42 1.97 2.10 – 2.30
Copper C1 Cash 2.08 1.72 1.44 1.40 – 1.60 Costs2 ($/ lb) Sustaining Capex 182 99 96 - ($M) Project Capex 00 0 - ($M)
1. See Endnote #1 2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 4 of Appendix E 1:173 APPENDIX Lumwana – Mining
. Open pit mining at Chimiwungo pit: Mining Metrics 2014 2015 2016 – Conventional truck/shovel operation and conveyor Open Pit – Three Current Pits Average Dimensions: 1km long x 0.6km wide x 120m deep Mining rate (ktpd) 211 187 172 – Typical Bench Height: 12m – Primary Loading Fleet: Strip Ratio 3.2:1 1.9:1 1.4:1 – 6 x Hitachi EX5500-5 Mining costs 4.07 3.65 3.36 – Primary Hauling Fleet: ($/tonne) – 30 x Hitachi EH4500
1:174 APPENDIX Lumwana – Processing
Processing metrics 2014 2015 2016 Concentrator Cost ($/tonne) 3.94 2.79 2.75 Throughput (tonne/day) 43,145 59,266 59,273 Recovery (%) 93.5% 93.3% 94.7% Total Production (Mlb Cu) 214 287 271 Total Cost ($/tonne) 3.94 2.79 2.75 Throughput (tonne/day) 43,145 59,266 59,273 Recovery (%) 93.5% 93.3% 94.7% Total Production (Mlb Cu) 214 287 271
1:175 APPENDIX Porgera –Overview
. 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 backfill) . Products: Gold The Porgera Joint Venture is an open pit and underground gold mine located at an altitude of 2,200-2,600 meters in the Enga Province of Papua New Guinea. The operation is roughly 130 kilometers west of Mount Hagen. Barrick (Niugini) Ltd is the 47.5% owner of the Porgera Joint Venture and is manager of the operation.
Tonnes Grade Contained 1 (47.5%) 2016 Reserves and Resources (000s) (gm/t) (000s ozs) Proven Gold Mineral Reserves 444 12.26 175
Probable Gold Mineral Reserves 14,011 4.51 2,032
Measured Gold Mineral Resources 168 5.92 32
Indicated Gold Mineral Resources 13,607 4.05 1,770
1. See Endnote #2 1:176 APPENDIX Porgera – 2016 Review & 2017 Targets
In 2016, gold production of 234koz For 20172 we expect gold production to be in the (attributable) was 46% lower than the prior year. range of 250-270 koz, an increase from 2016, primarily The decrease was largely due to the 50% divestment due to higher mill feed grade. We anticipate Cost of of Barrick’s 95% stake, down to 47.5% ownership. Sales to be between $780 to $840 per ounce, slightly The decrease can additionally be attributed to lower than 2016 costs due to the higher expected geotechnical events which impacted operations in production. All-in sustaining costs1 are expected to be the open pit and underground mines resulting in between $900-$970 per ounce, higher than 2016 lower grades. Cost of Sales were $836 per ounce primarily due to increased capitalized stripping and down $45 per ounce, compared to the prior year. underground development. The decrease was primarily due to the impact of favourable diesel fuel and gas prices and effective cost management driven by business improvement initiatives. All-in sustaining costs1 of $858 per ounce for 2016 decreased by $160 per ounce compared to the prior year, due to lower cash cost and disciplined capital spending.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 4 of Appendix E 2. See Endnote #1 1:177 APPENDIX Porgera – Production Metrics (Barrick Share)
koz Production 20141 20152 20163 2017E3,4 600 Metrics Tonnes Mined 15,719 17,527 8,039 - 500 (000s) Tonnes 5,584 5,006 2,710 - 400 Processed (000s)
Average Grade 300 3.10 3.59 3.05 - (g/tonne Au)
200 Recovery (%) 89 87 88 -
Production (koz 100 493 436 234 250 - 270 270 Au) - 493 436 234 250 0 2014 2015 2016 2017e 1. 2014 figures are stated at 95% basis 2. 2015 figures are stated at 95% basis until August 31, 2015 and at 47.5% basis thereafter 3. 2016 and 2017E figures are stated at 47.5% basis 4. See Endnote #1 1:178 APPENDIX Porgera – Financial & Cost Metrics (Barrick Share)
Financial 20141 20152 20163 2017E3,4 metrics Gold Cost of 1,000 881 836 780 – 840 Sales ($/oz) Gold AISC5 996 1,018 858 900 – 970 ($/oz) Gold Cash 915 791 689 650 – 700 Costs5 ($/oz) Sustaining 33 93 43 - Capex ($M) Project 000 - Capex ($M)
1. 2014 figures are stated at 95% basis 2. 2015 figures are stated at 95% basis until August 31, 2015 and at 47.5% basis thereafter 3. 2016 and 2017E figures are stated at 47.5% basis 4. See Endnote #1 5. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix E 1:179 APPENDIX Porgera – Mining (100%)
. Open pit : Conventional truck/excavator operation – Pit dimensions: Mining Metrics 2014 2015 2016 – 2.0km long x 1.2km wide x 400m deep – Typical bench height: 10m Open Pit – Primary loading fleet: – 3 x Terex RH200 Mining rate (ktpd) 43 58 42 – 1 x Terex RH120 – 3 x Caterpillar 992D Strip ratio 5.0:1 8.4:1 9.3:1 – Primary hauling fleet: Mining cost 5.53 4.66 5.51 – 10 x Caterpillar CAT777 ($/tonne) – 29 x Caterpillar CAT789 . Underground: Underground – Load and Haul Mining rate (ktpd) 3.5 4.1 3.9 – 4 x Caterpillar AD45 – 4 x Caterpillar AD55 Mining cost 68.64 57.67 52.09 – 5 x Caterpillar 2900 ($/tonne) – Long hole open stoping – Paste backfill
1:180 APPENDIX Porgera – Processing (100%)
Processing metrics 2014 2015 2016 Mill Processing Cost ($/tonne) 27.6 22.1 19.3 Throughput (tonne/day) 16,100 15,200 15,600 Recovery (%) 88.5% 86.7% 88.2% Total Production (koz Au) 519 554 494 Total Cost ($/tonne) 27.6 22.1 19.3 Throughput (tonne/day) 16,100 15,200 15,600 Recovery (%) 88.5% 86.7% 88.2% Total Production (koz Au) 519 554 494
1:181 APPENDIX Pueblo Viejo –Overview
. Location: 100km NW of Santo Domingo, Dominican Republic . Ownership: 60% Barrick (operator), 40% Goldcorp . Mine Type: Open Pit . Products: Gold, Silver, Copper
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 Tonnes Grade Contained 2016 Reserves and Resources (000s) (gm/t) (000s ozs) Proven Gold Mineral Reserves (Barrick’s share) 60,668 2.82 5,505
Probable Gold Mineral Reserves (Barrick’s share) 25,153 3.19 2,582
Measured Gold Mineral Resources (Barrick’s share) 10,183 2.33 764
Indicated Gold Mineral Resources (Barrick’s share) 95,459 2.33 7,146
1. See Endnote #2 1:182 APPENDIX Pueblo Viejo – 2016 Review & 2017 Targets (60%)
In 2016 gold production was 700koz, 22% higher than For 20172 we expect our equity share of gold the prior year primarily due to higher ore grades and recoveries production to be in the range of 625 to 650 thousand compared to the prior year due to a lower amount of ounces, below 2016 production levels, driven by carbonaceous ore processed in 2016. This was combined with reduced gold head grade offset by increased gold relatively lower throughput in 2015, mainly as the result of the recovery related to improved availability and utilization mechanical failure at the oxygen plant in the fourth quarter of achieved through the optimization of maintenance 2015. Cost of sales were $564 per ounce4 in 2016, $317 per strategies and ore blending. In 2017, we expect cost ounce lower than the prior year primarily due to lower of sales per ounce4 to be in the range of $650 to $680 depreciation as a result of the impairment recorded in the fourth per ounce and all-in-sustaining costs1 to be $530 to quarter of 2015 and an increase in the life of mine combined $560 per ounce. All three indicators will be higher than with a reduction in cost of sales attributed to insurance proceeds 2016 primarily due to a reduction in total ounces sold recorded in the third quarter of 2016 relating to the 2015 affected by head grades, cost increases related to oxygen plant motor failure. These were further impacted by corporate allocations, higher maintenance costs, and lower energy and fuel prices, lower maintenance costs due to higher sustaining costs owing to the deferral of the timing of maintenance activities, lower costs attributed to projects from 2016 into 2017 which also affects shutdowns and also, the impact of higher sales volume on unit depreciation. By-product credits are expected to be production costs. All-in sustaining costs1 were $490 per higher than 2016, impacted both by prices and ounce, decreased by $107 per ounce compared to the prior year recoveries for silver and copper, while power sales will due to lower operating costs combined with the impact of higher benefit from the proceeds from frequency and capacity sales volume on unit production costs. All-in sustaining costs1 fees that Quisqueya I Power Plant will start to receive did not benefit from the aforementioned insurance proceeds as in 2017. they were excluded from our calculation.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E 2. See Endnote #1 1:183 APPENDIX Pueblo Viejo – Production Metrics (60%)
koz 800 Production 2014 2015 2016 2017E1 Metrics 700 Tonnes Mined 21,055 22,736 23,278 - 600 (000s) Tonnes 500 4,027 4,150 4,527 - Processed (000s) 400 Average Grade 5.53 4.94 5.29 - (g/tonne Au) 300
Recovery 200 93 87 91 - (%) Barrick Attributable Production (60%) 100 650 Attr. Production - 665 572 700 625 - 650 665 572 700 625 (koz Au) 0 2014 2015 2016 2017e
1. See Endnote #1 1:184 APPENDIX Pueblo Viejo – Financial & Cost Metrics (60%)
Financial 2014 2015 2016 2017E1 metrics Gold Cost of 786 881 564 650 – 680 Sales ($/oz) Gold AISC2 588 597 490 530 – 560 ($/oz) Gold Cash 446 467 395 400 – 420 Costs2 ($/oz) Sustaining 80 61 61 - Capex ($M) Project 000 - Capex ($M) Segment 417 230 528 - Income ($M) Segment 555 390 621 - EBITDA2 ($M) 1. See Endnote #1 2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 and 5 of Appendix E 1:185 APPENDIX Pueblo Viejo – Mining (100%) . Open pit: 2 large pits, Moore and Montenegro Mining Metrics 2014 2015 2016
− Conventional truck/shovel operation Open Pit – Pit dimensions: 2.5km long x 1.5km wide x 300m deep (no backfill) Mining rate (ktpd) 96 104 106 – Typical bench height: 10m Strip Ratio 1.0:1 1.1:1 1.1:1 – Primary loading fleet: Mining costs 3.15 2.84 2.97 – 2 x Hitachi EX3600 ($/tonne) – 3 x CAT 994 – Primary hauling fleet: – 34 x Caterpillar CAT789
1:186 APPENDIX Pueblo Viejo – Processing (100%)
Processing metrics at 100% 2014 2015 2016 Autoclave Cost ($/tonne) 58.0 50.4 42.3 Throughput (tonnes/day) 18,400 19,000 20,600 Recovery (%) 92.9% 86.8% 91.0% Total production (koz Au) 1,109 954 1,167 Total Cost ($/tonne) 58.0 50.4 42.3 Throughput (tonnes/day) 18,400 19,000 20,600 Recovery (%) 92.9% 86.8% 91.0% Total production (koz Au) 1,109 954 1,167
1:187 APPENDIX Turquoise Ridge –Overview
. Location: 44km NE of Winnemucca, Nevada, United States . Ownership: 75% Barrick (operator), 25% Newmont . Mine Type: Underground . Products: Gold
The Turquoise Ridge property covers 125 square kms. The Joint Venture (TRJV) property occupies 36 square kms 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.
1 Tonnes Grade Contained 2016 Reserves and Resources (000s) (gm/t) (000s ozs) Proven Gold Mineral Reserves (Barrick’s share) 4,288 15.54 2,143
Probable Gold Mineral Reserves (Barrick’s share) 4,003 14.65 1,886
Measured Gold Mineral Resources (Barrick’s share) 13,426 6.97 3,009
Indicated Gold Mineral Resources (Barrick’s share) 37,364 5.39 6,476
1. See Endnote #2 1:188 APPENDIX Turquoise Ridge – 2016 Review & 2017 Targets (75%)
In 2016 gold production was 266koz, 23% higher than For 20172 we expect gold production to be in the the prior year primarily due to an increase in tonnes mined range of 260-280koz, (Barrick’s share), in line with and processed resulting from increased labor to support 2016 production levels, as mine productivity improves production growth combined with improved equipment slightly, offset by slightly lower grades. Turquoise Ridge availability and improved mine engineering to take advantage has completely transitioned to standardized equipment of the larger ore geometry. In the first quarter of 2015, the allowing for greater mining flexibility with higher mine transitioned to fully mechanized topcuts, larger reliability and less equipment. Capital and waste excavations and other best in class activities, which resulted in development requirements are in line with 2016 mining increased productivity and the processing of more ore tonnes rates. The cost of sales perounceisexpectedtobein in subsequent quarters. Cost of sales were $603 per ounce in the range of $575 to $625 per ounce which is in line 2016, $94 per ounce lower than the prior year mainly with 2016. We expect all-in sustaining costs1 to be reflecting the impact of higher sales volume on unit production in the range of $650 to $730 per ounce. All-in costs combined with an increase in capitalized underground sustaining costs1 in 2017 are expected to be higher development costs. The increased productivity and unit cost than 2016 due to increased spend on sustaining capital reductions are due to the investment in equipment and for the initial construction and final engineering of a facilities made in 2015 as well as a focus on equipment third shaft. utilization, equipment maintenance and consumables consumption as part of our Best-in-Class program. In 2016, all-in sustaining costs1 were $625 per ounce, a decrease of $117 per ounce compared to the prior year primarily reflecting the impact of lower cost of sales per ounce.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E 2. See Endnote #1 1:189 APPENDIX Turquoise Ridge – Production Metrics (75%)
koz Production 2014 2015 2016 2017E1 300 Metrics Tonnes Mined 312 349 598 - 250 (000s) Tonnes 335 390 523 - 200 Processed (000s)
Average Grade 150 19.62 18.82 17.04 - (g/tonne Au)
100 Recovery (%) 92 92 93 -
Attr. Production Barrick Attributable Production (75%) 50 195 217 266 260 – 280 280 (K oz Au) - 195 217 266 260 0 2014 2015 2016 2017e
1. See Endnote #1 1:190 APPENDIX Turquoise Ridge – Financial & Cost Metrics (75%)
Financial 2014 2015 2016 2017E1 metrics Gold Cost of 559 697 603 575 – 625 Sales ($/oz) Gold AISC2 628 742 625 650 – 730 ($/oz) Gold Cash 473 581 498 460 – 500 Costs2 ($/oz) Sustaining 30 32 32 - Capex ($M) Project 000 - Capex ($M) Segment 139 92 166 - Income ($M) Segment 156 115 193 - EBITDA2 ($M) 1. See Endnote #1 2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 and 5 of Appendix E 1:191 APPENDIX Turquoise Ridge – Mining (100%)
. Underground Mining Mining Metrics 2014 2015 2016 – Underhand drift and fill with
100% mechanization Underground – Tunnel 5.2m high x 5 m wide Mining rate (ktpd) 1.6 1.6 2.2 – Reinforcement : steel inflatable Mining cost 196.01 214.19 165.19 rockbolts, mesh and shotcrete ($/tonne)
1:192 APPENDIX Turquoise Ridge – Processing (100%)
Processing metrics 2014 2015 2016 Twin Creeks (Sage Mill) Cost ($/tonne) 45.037.834.5 Throughput (tonnes/day) N/A N/A N/A Recovery (%) 92.0% 92.0% 92.8% Total production (koz Au) 260 289 355 Total Cost ($/tonne) 45.037.834.5 Throughput (tonnes/day) N/A N/A N/A Recovery (%) 92.0% 92.0% 92.8% Total production (koz Au) 260 289 355
1:193 APPENDIX Veladero –Overview . Location: 6km east of the Chile-Argentina border, 374km NW of San Juan, Argentina . Ownership: 100% Barrick . Mine Type: Open Pit . Products: Gold, Silver The mine is located at elevations of between 3,800-5,000 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 Tonnes Grade Contained 2016 Reserves and Resources (000s) (gm/t) (000s ozs) Proven Gold Mineral Reserves 23,986 0.78 602
Probable Gold Mineral Reserves 228,139 0.84 6,147
Measured Gold Mineral Resources 7,637 0.48 118
Indicated Gold Mineral Resources 204,698 0.48 3,185 1. See Endnote #2 1:194 APPENDIX Veladero – 2016 Review & 2017 Targets
In 2016 gold production was 544koz, 10% lower For 20172 we expect gold production to be in the compared to the prior year mainly reflecting lower grade range of 770-830koz, which is significantly higher than 2016 tonnes placed on the leach pad in efforts to manage production levels. The increase is mainly a result of a higher water balances in the leach pad. This was further head grade in ore processed due to mine sequence phases impacted by the temporary suspension of operations late at Federico pit. This is combined with higher ore tonnes in the third quarter of 2016 combined with unexpected mined and processed given the suspension, environmental severe winter weather conditions in the second quarter and bad weather incidents in 2016 all leading to improved of 2016. Cost of sales were $872 per ounce in 2016, mining productivity, higher operating hours, and fewer days lost. Cost of sales per ounce is expected to be decreasing $80 per ounce higher than the prior year primarily due from $872 to an expected range of $750 to $800, mainly to the impact of lower sales volume on unit production due to the impact of higher sales compared to 2016 and costs relating to the severe weather conditions and higher mining costs capitalized as stripping. These positive temporary suspension of operations during 2016 variances are expected to be partly offset by higher direct combined with lower capitalized stripping costs. In 2016, operating costs and the impact of higher charges from the 1 all-in sustaining costs were $769 per ounces, production inventory movements stemming from the decreased of $177 per ounce compared to the prior year expected drawdown of leach pad inventories. All-in primarily due to a decrease in minesite sustaining capital sustaining costs1 areexpectedtobebetween$840and expenditures combined with lower operating costs, partly $940 per ounce, higher than 2016 levels mainly due to the offset by the impact of lower sales volume on unit increase in capital expenditures requirements combined with production costs. higher direct operating costs.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E 2. See Endnote #1 1:195 APPENDIX Veladero – Production Metrics
koz Production 2014 2015 2016 2017E1 900 Metrics 800 Tonnes Mined 67,686 83,409 62,227 - (000s) 700 Tonnes 29,500 28,385 28,028 - 600 Processed (000s) 500 Average Grade 1.00 0.82 0.82 - (g/tonne Au) 400
300 Recovery (%) 76 80 75 - 200 Total Production 830 722 602 544 770 - 830 100 (K oz Au) - 722 602 544 770 0 2014 2015 2016 2017e
1. See Endnote #1 1:196 APPENDIX Veladero – Financial & Cost Metrics
Financial 2014 2015 2016 2017E1 metrics Gold Cost of 764 792 872 750 – 800 Sales ($/oz) Gold AISC2 815 946 769 840 – 940 ($/oz) Gold Cash 566 552 582 500 – 540 Costs2 ($/oz) Sustaining 173 242 95 - Capex ($M) Project 000 - Capex ($M) Segment 330 216 220 - Income ($M) Segment 446 324 338 - EBITDA2 ($M) 1. See Endnote #1 2. These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E 1:197 APPENDIX Veladero – Mining
. Open pit mining at Filo Federico Pit Mining Metrics 2014 2015 2016 – Conventional truck/shovel operation – Pit dimensions: 1.2km long x 2.1km Open Pit wide x 600m deep (no backfill) Mining rate (ktpd) 185 229 170 – Typical bench height: 15m Strip Ratio 1.3:1 1.8:1 1.3:1 – Primary loading fleet: Mining costs 4.41 3.20 3.33 – 2 x Komatsu PC5500 ($/tonne) – 3 x Liebherr R996 – 4 x Caterpillar FEL CAT994 – Primary hauling fleet: – 47 x Caterpillar CAT793
1:198 APPENDIX Veladero – Processing
Processing metrics 2014 2015 2016 Heap Leaching Cost ($/tonne) 3.20 3.53 3.29 Throughput (tonne/day) 80,800 77,800 76,600 Recovery (%) 76.2% 80.0% 75.2% Total production (koz Au) 722 602 544 Total Cost ($/tonne) 3.46 3.84 3.51 Throughput (tonne/day) 80,800 77,800 76,600 Recovery (%) 76.2% 80.0% 75.2% Total production (koz Au) 722 602 544
1:199 Technical Information
The following qualified persons, as that term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, have reviewed and approved the relevant scientific and technical information contained in this presentation: Rob Krcmarov, Executive Vice President Exploration and Growth of Barrick, Rick Sims, Registered Member SME, Senior Director, Resources and Reserves of Barrick, Patrick Garretson, Registered Member SME, Senior Director, Life of Mine Planning of Barrick and Steven Haggarty, P. Eng., Senior Director, Metallurgy of Barrick. Endnotes
1. 2017 guidance is based on gold, copper, and oil price assumptions of $1,050/oz, $2.25/lb, and $55/bbl, respectively, a USD:AUD exchange rate of 0.75:1, a CAD:USD exchange rate of 1.32:1, ARS:USD exchange rate of 16.5:1 and a CLP:USD exchange rate of 675:1. For economic sensitivity analysis of these assumptions, please refer to page 13 of Barrick’s Fourth Quarter and Year-End 2016 Report.
2. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2016, unless otherwise noted. Total Proven reserves of 480.3 million tonnes grading 1.68 g/t, representing 25.9 million ounces of gold, and 173.3 million tonnes grading 0.533%, representing 2.035 billion pounds of copper. Total Probable reserves of 1.5 billion tonnes grading 1.22 g/t, representing 60.1 million ounces of gold, and 276 million tonnes grading 0.638%, representing 3.886 billion pounds of copper. Total Measured resources of 82.9 million tonnes grading 2.52 g/t, representing 6.7 million ounces of gold, and 83.2 million tonnes grading 0.410%, representing 753.4 million pounds of copper. Total Indicated resources of 1.2 million tonnes grading 1.74 g/t, representing 68.5 million ounces of gold, and 650.3 million tonnes grading 0.526%, representing 7.545 billion pounds of copper. Total Inferred resources of 781 million tonnes grading 1.22 g/t, representing 30.7 million ounces of gold, and 114.1 million tonnes grading 0.501%, representing 1.259 billion pounds of copper. 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, the approximately 1.9 million ounces of proven and probable gold reserves associated with the Cortez Underground Expansion Project (approximately 5.6 million tonnes grading10.5g/t)areclassifiedas 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 88-93 of Barrick’s Fourth Quarter and Year-End 2016 Report.
3. 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. 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 25-35 of Barrick’s 2015 Form 40-F/Annual Information Form.
4. 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.
5. Total reportable incident frequency rate (TRIFR) is a ratio calculated as follows: number of reportable injuries x 200,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries.
6. For the purpose of all sensitivities, tonnage, grade and ounces attributable to Acacia mines and KCGM were removed from the calculations.
7. 2018 guidance is based on gold, copper, and oil price assumptions of $1,200/oz, $2.50/lb, and $50/bbl, respectively, and a USD:AUD exchange rate of 0.75:1, a CAD:USD exchange rate of 1.30:1, ARS:USD exchange rate of 17.5:1 and a CLP:USD exchange rate of 675:1. 2019 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 0.75:1, a CAD:USD exchange rate of 1.25:1, ARS:USD exchange rate of 18.5:1 and a CLP:USD exchange rate of 650:1. For economic sensitivity analysis of these assumptions, please refer to page 13 of Barrick’s Fourth Quarter and Year-End 2016 Report.
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