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Annual Report 2015 Barrick Gold Corporation Partnership

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Annual Report 2015 Barrick Gold Corporation Partnership Barrick Gold Corporation Annual Report 2015 www.barrick.com Barrick Gold Corporation Partnership. Barrick Gold Corporation Head Office: Tel: 416 861-9911 Brookfield Place Toll-free throughout North America: TD Canada Trust Tower 1 800 720-7415 161 Bay Street, Suite 3700 Fax: 416 861-2492 Performance. P.O. Box 212 Email: [email protected] Toronto, Canada M5J 2S1 barrick.com Value. Annual Report 2015 @barrickgold /barrick.gold.corporation Our Vision Scorecard Our vision is the generation of wealth through responsible mining—wealth for our owners, our people, and the Cautionary Statement on Forward-Looking Information countries and communities with which we partner. We aim to be the leading mining company focused on gold, Certain information contained or incorporated by reference in this changes in our credit ratings; the impact of inflation; fluctuations in 1 Annual Report 2015, including any information as to our strategy, the currency markets; changes in U.S. dollar interest rates; risks growing our cash flow per share by developing and operating projects, plans or future financial or operating performance, constitutes arising from holding derivative instruments; changes in national and “forward-looking statements”. All statements, other than statements local government legislation, taxation, controls or regulations high-quality assets through disciplined allocation of human of historical fact, are forward-looking statements. The words “believe”, and/or changes in the administration of laws, policies and practices, and financial capital and operational excellence. “expect”, “anticipate”, “contemplate”, “target”, “plan”, “objective” expropriation or nationalization of property and political or economic “aspiration”, “aim”, “intend”, “project”, “continue”, “budget”, developments in Canada, the United States and other jurisdictions in 2 “estimate”, “potential”, “may”, “will”, “can”, “could”, and similar which the company does or may carry on business in the future; expressions identify forward-looking statements. In particular, this damage to the company’s reputation due to the actual or perceived “ Annual Report 2015 contains forward-looking statements including, occurrence of any number of events, including negative publicity with 2015 was a watershed without limitation, with respect to: (i) Barrick’s forward-looking respect to the company’s handling of environmental matters or dealings production guidance; (ii) estimates of future all-in sustaining costs with community groups, whether true or not; the possibility that per ounce/pound, cash costs per ounce and C1 cash costs per pound; future exploration results will not be consistent with the company’s year for Barrick in which we (iii) cash flow forecasts; (iv) projected capital, operating and exploration expectations; risks that exploration data may be incomplete and 3 expenditures; (v) targeted debt and cost reductions; (vi) mine life and considerable additional work may be required to complete further production rates; (vii) potential mineralization and metal or mineral evaluation, including but not limited to drilling, engineering and delivered on our promises recoveries; (viii) Barrick’s Best in Class program (including potential socio-economic studies and investment; risk of loss due to acts of war, improvements to financial and operating performance and mine life terrorism, sabotage and civil disturbances; litigation; contests over and fulfilled our four strategic that may result from certain Best in Class initiatives); (ix) expectations title to properties, particularly title to undeveloped properties, or over regarding future price assumptions, financial performance and other access to water, power and other required infrastructure; business outlook or guidance; and (x) the estimated timing and conclusions of opportunities that may be presented to, or pursued by, the company; 4 technical reports and other studies. Forward-looking statements are our ability to successfully integrate acquisitions or complete divestitures; priorities. We did what we necessarily based upon a number of estimates and assumptions that, employee relations; increased costs and risks related to the potential while considered reasonable by the company as at the date of this impact of climate change; availability and increased costs associated said we would do—we streamlined the business, news release in light of management’s experience and perception of with mining inputs and labor; and the organization of our previously current conditions and expected developments, are inherently subject held African gold operations and properties under a separate listed to significant business, economic and competitive uncertainties company. In addition, there are risks and hazards associated with the strengthened the balance sheet, generated free and contingencies. Known and unknown factors could cause business of mineral exploration, development and mining, including actual results to differ materially from those projected in the forward- environmental hazards, industrial accidents, unusual or unexpected looking statements and undue reliance should not be placed on formations, pressures, cave-ins, flooding and gold bullion, copper cash flow, and further focused our portfolio such statements and information. Such factors include, but are not cathode or gold or copper concentrate losses (and the risk of inadequate limited to: fluctuations in the spot and forward price of gold, copper insurance, or inability to obtain insurance, to cover these risks). around our core mines in the Americas. In 2016, or certain other commodities (such as silver, diesel fuel, natural gas Many of these uncertainties and contingencies can affect our and electricity); the speculative nature of mineral exploration and actual results and could cause actual results to differ materially from development; changes in mineral production performance, exploitation those expressed or implied in any forward-looking statements made we will continue to build on our achievements and exploration successes; risks associated with the fact that certain by, or on behalf of, us. Readers are cautioned that forward-looking Best in Class initiatives are still in the early stages of evaluation and statements are not guarantees of future performance. All of the additional engineering and other analysis is required to fully assess forward-looking statements made in this Annual Report 2015 are as we focus our efforts on growing free cash their impact; diminishing quantities or grades of reserves; increased qualified by these cautionary statements. Specific reference is made to costs, delays, suspensions and technical challenges associated with the the most recent Form 40-F/Annual Information Form on file with the construction of capital projects; operating or technical difficulties in SEC and Canadian provincial securities regulatory authorities for a more flow through further debt and cost reduction.” connection with mining or development activities, including disruptions detailed discussion of some of the factors underlying forward-looking in the maintenance or provision of required infrastructure and statements and the risks that may affect Barrick’s ability to achieve the Kelvin Dushnisky, President information technology systems; failure to comply with environmental expectations set forth in the forward-looking statements contained in and health and safety laws and regulations; timing of receipt of, or this Annual Report 2015. failure to comply with, necessary permits and approvals; uncertainty The company disclaims any intention or obligation to update whether some or all of the Best in Class initiatives will meet the or revise any forward-looking statements whether as a result of new Message from the Chairman 4 | Message from the President 8 | Board of Directors 14 | Corporate Governance and Committees company’s capital allocation objectives; the impact of global liquidity information, future events or otherwise, except as required by of the Board 15 | Executive Officers and Advisory Boards 16 | Partners 17 | Management’s Discussion and Analysis 18 | and credit availability on the timing of cash flows and the values of applicable law. Mineral Reserves and Resources 87 | Financial Statements 99 | Notes to Financial Statements 104 | Shareholder Information 171 Ove Brand l Design / Moveable Inc. Merrill Corporation Canada Location Photography Peter Christopher Executive Matthew Plexman assets and liabilities based on projected future cash flows; adverse 2015 2015 2016 Target Actual Progress Target Implement Revised reporting and Implement Streamline decentralized communication lines Best in Class model to reflect new model initiative the Business Eliminate Closed Salt Lake City regional layers office Reduce total debt Reduced total debt Reduce total debt Strengthen the by $3b by $3.1b by at least $2b Balance Sheet Generate free Generated $0.5b1, 2 Generate Maximize Free cash flow at of free cash flow free cash flow at $1,100 gold at a realized price $1,000 gold Cash Flow of $1,157 STRATEGIC PRIORITIES STRATEGIC Focus on core Sold 5 non-core Assess remaining Focus on Best mines in the assets and 50% of non-core assets Americas interest in 2 other Assets & Regions non-core mines Formed 2 joint ventures Production 6.2–6.6 6.123 5.0–5.5 (Moz) AISC1 860–895 831 775–825 ($/oz) Cash Costs1 600–640 596 550–590 ($/oz) OPERATIONS Fatalities 0 3 0 Total Reportable 0.6 0.5 0.4 Injury SAFETY Frequency Rate 1. Non-GAAP financial measure—see pages 76–85 of the
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