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Barrick Annual Report 2020

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Barrick Annual Report 2020 MINING FOR A NEW WORLD Delivering the future Annual Report 2020 is a business, and like any Mining commercial enterprise it has to change with the times if it is to survive, let alone prosper. In recent years, the world has changed fundamentally, with paradigms shifting almost beyond recognition. Artificial intelligence is transforming the way we communicate, make decisions and execute them. Growing concerns about climate change as well as race and gender inequality are driving thousands of protesters into the streets. Governments have responded to their demands through legislation; major funds have made the newly minted metric, ESG, a prime investment criterion. Barrick has not needed to respond hastily to changing values and expectations. Social responsibility, protection of the environment, partnership with its host countries, care for its employees and concern for human rights have always been core components of its overall strategy, which is to be the world’s most valued gold company, in every sense of the word ‘valued’. That is why Barrick is not only an industry leader in technological innovation but is setting the pace for mining’s cultural alignment with the modern world. 1 2020 highlights 26 Mining for a better world 2 Key performance indicators 34 Our regions and operations 4 Corporate profile 40 Reserves and resources 6 Our global business 42 Exploration 8 Our Tier One assets 47 Endnotes 10 Letter from the Executive Chairman 48 Financial report 12 Board of directors 14 Message from the President and CEO 18 Executive committee CONTENTS 20 Financial review 22 Gold market overview 24 A new generation of leaders Barrick Gold Corporation NYSE : GOLD • TSX : ABX Unless otherwise indicated, all amounts are expressed in US dollars. www.barrick.com 2020 STRATEGY DRIVES DELIVERY 2020 HIGHLIGHTS1 GROUP GOLD NET EARNINGS DEBT, NET OF CASH PRODUCTION $2,324 101% $ 4.8 MOZ MILLION ($33) MILLION Barrick back Q4/19 Combination Covid-19 Q1/20 Disinvestment Nevada Gold Q2/20 Underground Loulo- Q3/20 Zero debt, net in business dividend of Barrick’s support dividend in non-core Mines (NGM) dividend mining Gounkoto dividend of cash from in Tanzania; increased 40% Massawa program for of 7 cents interests exceeds all increased 14% resumed at pioneers first increased $13.4bn in DIVIDEND PER SHARE2 ADJUSTED NET NET CASH PROVIDED BY 2013 settles all to 7 cents per project with host countries per share continues expectations to 8 cents per Bulyanhulu solar power 12.5% to EARNINGS PER SHAREi OPERATING ACTIVITIES legacy share1 Teranga’s launched declared as Barrick in first year share1 project in the 9 cents per Operating disputes Sabodala focuses on Africa and share1 cash flow of Gold reserves Shipping First $100m i Sale of % project Tier One Middle East $5.4bn, record increased at of gold tranche Morila stake Barrick retains completed assets region annual free % % higher grades concentrate of $300m announced in its listing in the i 65 cash flow of compared to Covid-19 stockpiled settlement line with focus Barrick sells prestigious $3.4bn 125 91 the previous response from paid to the on Tier One interests in Dow Jones TO $0.33 year plans Bulyanhulu Government assets Eskay Creek Sustainability Q4/20 $1.15 $5,417 MILLION activated at and Buzwagi of Tanzania World Index dividend Achieved Twiga pays all sites resumes for the 13th of 9 cents Kibali $1.5bn target in maiden per share consecutive i Barrick commissions non-core asset dividend of declared, up FREE CASH FLOW ENVIRONMENTAL NYSE SHARE PRICE year challenges new battery sale proceeds $250m 3x since the INCIDENTS non-extension technology to Randgold Pueblo Viejo Barrick sells of Porgera further offset merger plant interests in % % special mining the need announce- expansion Bullfrog lease for diesel ment 23 receives 197 generators $750m Environmental ZERO proposed $3,363 MILLION i Impact return of CLASS 1 Assessment capital to approval shareholders 1 Compared to 2019 unless otherwise noted. 2 Declared in respect of the 2020 fiscal year compared to the 2019 fiscal year. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 Share Price $ ii 30 2021 GUIDANCE 23% 4.4 - 4.7MOZ $1,020 - 1,070/OZ $680 - 730/OZ $970 - 1,020/OZ i i i 25 GOLD PRODUCTION COST OF SALES TOTAL CASH COSTS AISC 410 - 460Mlb $1.90 - 2.10/lb $1.40 - 1.60/lb $2.00 - 2.20/lb 20 COPPER COST OF SALESi C1 CASH COSTSi AISCi PRODUCTION $1,800 - 2,100 MILLION 15 Barrick Share Price (NYSE : GOLD) TOTAL ATTRIBUTABLE GOLD & COPPER CAPEX 1 Compared to the prior quarter. Barrick Gold Corporation | Annual Report 2020 1 is a sector-leading gold Barrick Gold and copper producer. Its shares trade on the Corporation New York Stock Exchange under the symbol GOLD and on the Toronto Stock Exchange under the symbol ABX. In January 2019 Barrick merged with Randgold Resources and in July that year it combined its gold mines in Nevada, USA, with those of Newmont Corporation in a joint venture, Nevada Gold Mines, which is majority-owned and operated by Barrick. Nevada Gold Mines is the world’s largest gold mining complex. Barrick owns and operates six Tier One gold mines: Cortez, Carlin and Turquoise Ridge in Nevada, Loulo-Gounkoto in Mali, Kibali in the Democratic Republic of Congo and Pueblo Viejo in the Dominican Republic. It has gold and copper mines and projects in 13 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia. Barrick’s diversified portfolio spans the world’s most prolific gold districts and is focused on high-margin, long- life assets. is to build the world’s most Our vision valued gold company by owning the best assets, managed by the best people to deliver the best returns. 4 Annual Report 2020 | Barrick Gold Corporation Our strategic targets Asset quality Grow our portfolio of Tier One gold mines as well as other strategic assets with an emphasis on organic growth Invest in exploration across extensive land positions in the world’s most prolific gold districts Maximize the long-term value of our strategic copper business Bring non-core assets to account in a carefully calculated manner Operational excellence Strive for zero harm workplaces Operate a flat management structure with a strong ownership culture Streamline management and operations with managers accountable for the businesses they run Leverage innovation and technology to promote industry-leading efficiencies Build trust-based partnerships with host governments, business partners and local communities to drive shared long-term value Sustainable profitability Follow a disciplined approach to growth and proactively manage impacts on the wider environment, emphasizing long-term value for all stakeholders Increase returns to shareholders, driven by a focus on return on capital, internal rate of return and free cash flowi Barrick Gold Corporation | Annual Report 2020 5 1 DEMOCRATIC MALI REPUBLIC OF CONGO Loulo-Gounkoto Complex2 (80%) Kibali2 (45%) Our global business 100% Production: 680koz 100% Production: 808koz Attributable Production: 544koz Attributable Production: 364koz P&P Reservesi: 6.7Moz P&P Reservesi: 4.2Moz M&I Resources3,i: 9.0Moz M&I Resources3,i: 7.0Moz Inferred Resources3,i: 2.0Moz Inferred Resources3,i: 0.67Moz USA CÔTE D’IVOIRE SAUDI ARABIA Donlin Gold (50%) Tongon (89.7%) Jabal Sayid (50%) M&I Resourcesi: 20Moz 100% Production: 284koz 100% Production: 150Mlb Inferred Resourcesi: 3.0Moz Attributable Production: 255koz Attributable Production: 75Mlb P&P Reservesi: 0.57Moz P&P Reservesi: 620Mlb M&I Resources3,i: 0.79Moz M&I Resources3,i: 790Mlb Inferred Resources3,i: 0.21Moz Inferred Resources3,i: 79Mlb CANADA Golden Sunlight (100%) Hemlo (100%) Nevada Gold Mines (61.5% ) Production: 223koz Turquoise Ridge Complex2 P&P Reservesi: 1.5Moz 100% Production: 537koz M&I Resources3,i: 3.3Moz Attributable Production: 330koz Inferred Resources3,i: 0.9Moz P&P Reservesi: 7.7Moz M&I Resources3,i: 10Moz Corporate office, Toronto Inferred Resources3,i: 1.2Moz Carlin Complex2 100% Production: 1,665koz Attributable Production: 1,024koz DOMINICAN P&P Reservesi: 12Moz M&I Resources3,i: 19Moz REPUBLIC Inferred Resources3,i: 1.6Moz Pueblo Viejo 2 (60%) Cortez Complex2 100% Production: 903koz 100% Production: 799koz Attributable Production: 542koz Attributable Production: 491koz P&P Reservesi: 6.2Moz P&P Reserves4,i: 6.0Moz M&I Resources3,i: 15Moz PAPUA M&I Resources3,4,i: 12Moz Inferred Resources3,i: 2.4Moz NEW GUINEA 3,4,i Inferred Resources : 3.4Moz Porgera (47.5%) Goldrush4 (61.5%) P&P Reservesi: 2.4Moz P&P Reservesi: 1.2Moz TANZANIA M&I Resources3,i: 3.9Moz 3,i M&I Resources3,i: 5.5Moz PERU North Mara (84%) Inferred Resources : 1.1Moz 3,i CHILE Inferred Resources : 2.5Moz Lagunas Norte5 (100%) 100% Production: 311koz Zaldívar (50%) Attributable Production: 261koz 100% Production: 212Mlb Fourmile (100%) Pierina (100%) P&P Reservesi: 2.0Moz i Attributable Production: 106Mlb M&I Resources: 0.47Moz M&I Resources3,i: 3.9Moz i P&P Reservesi: 2.3Blb Inferred Resources: 2.3Moz Inferred Resources3,i: 1.6Moz M&I Resources3,i: 5.2Blb Inferred Resources3,i: 270Mlb Bulyanhulu (84%) Norte Abierto (50%) 100% Production: 52koz P&P Copper Reservesi: 2.9Blb P&P Gold Reservesi: 12Moz Attributable Production: 44koz M&I Copper Resources3,i: 5.5Blb M&I Gold Resources3,i: 22Moz P&P Reservesi: 2.0Moz Inferred Copper Resources3,i: 1.4Blb Inferred Gold Resources3,i: 4.4Moz M&I Resources3,i: 3.6Moz ARGENTINA Inferred Resources3,i: 7.0Moz Pascua-Lama (100%) Veladero (50%) ZAMBIA M&I Resourcesi: 21Moz 100% Production: 452koz Lumwana (100%) Buzwagi (84%) Inferred Resourcesi: 0.86Moz Attributable Production: 226koz Production: 276Mlb 100% Production: 100koz P&P Reservesi: 2.6Moz P&P Reservesi: 6.3Blb Attributable Production: 84koz Alturas (100%) M&I Resources3,i: 3.1Moz M&I Resources3,i: 12Blb P&P Reservesi: 0.042Moz Inferred Resourcesi: 8.9Moz Inferred Resources3,i: 0.58Moz Inferred Resources3,i: 12Mlb M&I Resources3,i: 0.18Moz 1 All figures as at December 31, 2020.
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