Barrick Goldstrike

BARRICK GOLD CORPORATION Goldstrike Tour – September 2004

Welcome to Barrick Goldstrike

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

1 BARRICK GOLD CORPORATION Goldstrike Tour – September 2004

North America Eskay Creek CANADA Hemlo 5 operating mines Goldstrike Round Mtn Marigold Strengths U.S.A. – Cash-flow engine that drives the company today – Low-cost infrastructure in world-renowned mining camps – Reserve replacement/expansion potential in Nevada – Culture of cost reduction and continuous improvement

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

North America – Production Contribution 6.8-7.0 Target Production 2004E cash costs: millions of ounces 6.4-6.6 $223 – 232 /oz South 5.3-5.5 2003 reserves: America 4.9-5.0 24.2 M oz (28%)

2004E Production Australia /Africa 60%

North 3.0 2.9-3.0 3.0 2.4-2.5 America

2004 2005 2006 2007BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

2 BARRICK GOLD CORPORATION Goldstrike Tour – September 2004

North America – Strategy Sustain 2004 production level Replace and expand reserve base Capture regional synergies to contain costs Leverage existing world class infrastructure Corporate responsibility

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

3 BARRICK GOLD CORPORATION Goldstrike Tour – September 2004

Background – Historical Costs

$80 $40 Annual Electricity Cost (left axis; US$ mm) $70 $35 Electricity cost per ounce (right axis; $ per ounce) $60 $30

$50 $25

$40 $20

$30 $15

$20 $10

$10 $5

$0 $0 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 E

Nevada Power Plant Justification Lower electricity costs at Goldstrike – $10 per ounce LOM

Mitigate the risk of rising electricity prices Goldstrike is replacing reserves Ability to: – generate power when market prices are high – purchase power when market prices are low

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

4 BARRICK GOLD CORPORATION Goldstrike Tour – September 2004

O R E G O N I D A H O Nevada Power Plant Location

Goldstrike

ELKO Marigold

N E V A D A RENO Power Plant Site

Round Mountain

C A L I F O R N I A U T A H BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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Nevada Power Plant Project – Specifications 115 Megawatts (14- 8.3 MW reciprocating, natural gas engines) Excellent load following capability Heat rate less than 8,700 Btu/kWh Low water usage - 200 gallons per week $100 million capital No disruption to current operation

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Nevada Power Plant Equipment

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6 BARRICK GOLD CORPORATION Goldstrike Tour – September 2004

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Goldstrike Property Autoclave Betze-PostBetze-Post

Roaster RodeoRodeo MeikleMeikle

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7 BARRICK GOLD CORPORATION Goldstrike Tour – September 2004

Goldstrike’s History Purchased property in 1986 for $62 million Oxide heap-leach operation Increased property significantly: – 600,000 ounces reserves in 1986 – discovered Meikle in 1989 – 25.6 million ounces produced through 2003 – 19.1 million ounces reserves in 2003 Produced >2Moz per year 1995 – 2003

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Goldstrike’s Contribution 2004E 2003 Production Reserves Goldstrike 6% 22% 39% Other N. America South America 21% 28% 44% 21% Australia/Africa 13%

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Goldstrike’s Production Contribution 2004 estimates Open pit Production: 1,340,000 – 1,360,000 ounces Total cash cost: $250 – 260 per ounce Underground Production: 590,000 – 610,000 ounces Total cash cost: $245 – 255 per ounce

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Goldstrike’s Community Contribution Employ 1,600 highly trained and skilled mining professionals $70 million to communities, schools and charities

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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The Outlook for Goldstrike The Next Chapter Extend mine life – reserve additions – leverage existing infrastructure Cost containment Enhancement initiatives

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Extend Mine Life – Reserve Additions Goldstrike Targets Open pit expansion Underground exploration Storm Project Nevada Targets East Archimedes Round Mountain JV – Gold Hill & AMI projects Marigold JV

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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Extend Mine Life – Leverage Infrastructure Toll milling opportunities Newmont – Nevada Cortez – Nevada Junior producers – North America

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Cost Containment Carlin synergies with neighboring mines Goldstrike power plant Consumable hedging – diesel, etc

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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Enhancement Initiatives Improve underground performance Recovery enhancement at Autoclave Processing throughput enhancements Underground mining technologies Continuous improvement Betze Drift

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Productivity Improvement Total Site Tons Milled per Day vs Manpower 1726 1612 1615 Employees 1563 35.7 Tons thousands

33.6 33.5

28.9

2001 2002 2003 2004E BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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Productivity Improvement Grades – 24% Power price +23% Tons milled per day Propane price +52% per employee Cash costs ~ $70/oz 31%= Cash costs ~ $10/oz 22.0 Cash costs ~ $60/oz 16.8

2001 2004E BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Open-PitOpen-Pit OperationsOperations –– Betze-PostBetze-Post

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Open-Pit – Current Dimensions

9900’9900’

7500’7500’ 1500’1500’

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Open-Pit – Mining Rates (000’s) 2001 2002 2003 2004E Tons mined 154,233 142,898 141,693 141,625 Tons per day 433 401 398 395 Tons of ore 17,412 14,552 9,589 8,498 Grade mined (oz/ton) 0.145 0.14 0.20 0.17 Reserve grade (oz/ton) 0.15 0.15 0.14 0.14 Tons waste 136,821 128,346 132,104 133,128

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Open-Pit – Reducing Costs / Improving Productivity Increasing employee involvement Operating practices Increasing revenue Technology Controlling major costs

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Open-Pit – Unit Mining Costs Tons Mined Per Manshift (thousands)

$1.18 $1.20 $1.15 250 249 260 $1.11 245 236 $1.10 $1.01 $1.02 220 $1.00 194 $0.94 190 211 $0.90 181 $0.88 180 165 $0.79 $0.80 $0.78 $0.70 140 1996 1997 1998 1999 2000 2001 2002 2003 2004E

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

UndergroundUnderground OperationsOperations –– MeikleMeikle

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Underground Operations – Meikle

roasterroaster

Rodeo Meikle

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Underground – Mining Rates (000’s) 2001 2002 2003 2004E Tons hoisted 1,372,431 1,634,875 1,630,648 1,700,310 Tons per day 3,770 4,504 4,523 4,703 Grade mined (oz/ton) 0.561 0.427 0.383 0.385 Reserve grade (oz/ton) 0.457 0.439 0.398 0.377

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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Underground – Reducing Costs / Improving Productivity Increase employee involvement

Improve approach to maintenance

Alternative mining methods

Operational Improvements

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Underground – Reducing Costs / Improving Productivity Tire Cost Reduction: Average Tire Cost Per Hour by Quarter

$3.00 $2.57 $2.50 $2.24

$2.00 2003 $1.50 2004 $1.04 $1.00 $0.90 $0.78 $0.77 $0.73

$0.50

$0.00 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Underground – Reducing Costs / Improving Productivity

2.2 CI – Drilling Initiative 2

1.8

1.6 TONS/FT DRILLED

1.4 BASELINE TARGET ACTUAL TECH LIMIT 1.2 AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG

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BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Underground – Unit Mining Costs (per ton)

$65

$60 $58.39

$55 $57.69

$50 $46.60 $50.08 $44.98 $45 $43.07 $39.46 $40 $35.53 $38.12 $35 1996 1997 1998 1999 2000 2001 2002 2003 2004E

Does not include dewatering costs BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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ProcessingProcessing

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Processing – 2004 Estimated Throughput

Tons per Day Autoclave Roaster Average Open Pit 18,523 10,656 29,179 Custom Ore 58 1,867 1,925 Underground 92 4,544 4,636 Average 18,673 17,067 35,740

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Processing – Throughput Rates

$17.61 $16.59 $16.38 $16.08 Processing $15.19 Cost/Ton 15,000 13,081 12,301 12,218 10,563 10,000 6,236 Roaster 8,679 5,846 5,888 4,711 3,105

5,000

6,845 Tons per year (million) 6,455 6,330 5,574 5,852 Autoclave

0 2000 2001 2002 2003 2004E

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Processing – Reducing Costs / Improving Productivity Employee involvement in CI initiatives and safety programs Synergies with roaster/autoclaves and continued focus on recovery improvements in both areas Throughput CI initiatives at both autoclave and roaster facilities Optimize reagent consumption

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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Processing – Reagent Optimization Propane Consumption – gallons per ton

3.00 Autoclave

2.50

2.00

1.50 Linear (Autoclave) 1.00 Roaster

0.50 Jul 01 Jul 02 Jul 03 Jul Oct 01 Oct 02 Oct 03 Jan 01 Jan Apr 01 02 Jan Apr 02 03 Jan Apr 03 04 Jan Apr 04

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Processing – Reagent Optimization – Grinding Media Autoclave Grinding Ball Consumption – pounds per ton

4.00

3.50

3.00

2.50

2.00 Jul 03 Jul Jul 04 Jul Oct 03 Apr 03 Jan 03 Jan Apr 04 Jan 04 Jan Jun 03 Jun 04 Feb 03 Feb 04 Mar 03 Mar 04 Sep 03 Sep 03 Nov Dec 03 Aug 03 May 03 May May 04 May

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Reserves and Exploration

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BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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Goldstrike – Reserves and Production Open Pit – thousands of ounces

30,000

3,882 25,000 2,132 5,538 6,824 Cumulative 8,684 12,200 14,095 10,506 Depletion 20,000

15,000

23,603 24,058 21,213 20,709 10,000 18,001 Mineable 16,434 16,051 15,685 Reserve 5,000

0 '96'97'98'99'00'01'02'03

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Goldstrike – Reserves and Production Underground – thousands of ounces 12,000

10,000

8,000 2,604 3,471 1,569 4,938 Cumulative 84 4,237 5,563 6,000 685 Depletion 4,000 6,065 6,120 6,542 6,206 5,283 Mineable 2,000 3,945 3,888 3,460 Reserve 0 '96 '97 '98 '99 '00 '01 '02 '03

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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Goldstrike 2004 Exploration Program 116 hole – 169,000 foot drill program completed at the end of Q2 Additional 95,000 foot drill program approved for Q3-Q4 Focus on North and South Pit resource/reserve development Significant open-pit grade intersections encountered in 80% holes drilled YTD

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BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Goldstrike 2004 Exploration Program Other Targets Generate and drill test new targets northwest of Meikle Evaluate target potential southeast of Meikle (east of the Post fault) Refine Goldstrike geology, geophysics and geochemistry property-wide to identify new areas with potential

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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Goldstrike Property 2005 Exploration Preliminary budget of over $10 million Over 200,000 feet of drilling currently planned Testing for high grade material along the Post Fault and east of it Confident that Goldstrike property will continue to yield new discoveries

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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Storm 2004 Program End Zone drift completed on schedule and budget with drilling now in progress 16,500 feet of Core drilling in 49er, Deep North and End Zones completed YTD Test mining completed at 49er Zone with 1,000 st extracted for metallurgical testing Pre-feasibility study on 49er and Deep North zones in progress

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

REN JV – Exploration Targets

E E

0 0

0 5

ROSSI

Property Boundary DEE REN Quaternary Alluvium Silurian Elder Fm, Ordovician Vinni Fm, Devonian Slaven Chert JB ZONE Gold Deposit Footprint

Prospective Target Area JOKER 99

0 2000 N

Feet

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004 GOLDSTRIKE

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BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

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BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Gold Hill 2004 Program 66 RC/Core holes totaling 56,000 feet completed YTD Metallurgical testing has been completed and is in progress Permitting in progress

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BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Marigold JV 2004 Program 2004 Exploration/Development drilling totals 226,000’ in 367 RC holes YTD Focus on Target 3 Pit Area that was discovered in early 2004 Exploration drilling ongoing Program will replace reserves depleted in 2004

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36 BARRICK GOLD CORPORATION Goldstrike Tour – September 2004

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

Summary – Nevada Exploration 2004 exploration programs continue to add significant reserves/resources at Goldstrike, Storm, Gold Hill and Marigold Encouraging results have been obtained at the REN JV, Ruby Hill, and Round Mountain AMI programs We expect the 2004 program to result in meaningful reserve/resource additions Barrick currently has a well balanced pipeline of quality projects ranging from grassroots to reserve development which will be aggressively explored in 2004 and beyond

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37 BARRICK GOLD CORPORATION Goldstrike Tour – September 2004

Summary – Goldstrike Reliable mine generating strong earnings and cash flow Management team focused on maximizing the value of assets Excellent potential to expand reserves particularly in a strong gold price environment

BARRICK GOLDSTRIKE MINE TOUR – SEPTEMBER 2004

FORWARD LOOKING STATEMENT Certain statements included herein, including those regarding production, costs, development schedules and other statements that express management’s expectations or estimates of our future performance, constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management are inherently subject to significant business, economic and competitive uncertainties and contingencies. We caution you that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from our estimated future results, performance or achievements expressed or implied by those forward-looking statements and our forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold or certain other commodities (such as silver, copper, diesel fuel and electricity) and currencies; changes in interest rates or gold lease rates that could impact realized prices under our forward sales program; legislative, political or economic developments in the jurisdictions in which Barrick carries on business; operating or technical difficulties in connection with mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities or grades of reserves; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in Barrick’s most recent Form 40-F/Annual Information on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. Barrick expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise.