Mineral Resource Management Rod Quick Project Evaluation Mineral - - PowerPoint PPT Presentation

Mineral Resource Management

Rod Quick Project Evaluation

Mineral resource management at New Barrick…

Manage the orebody from gold in the ground to value for all stakeholders – only possible through ownership of the orebody MRM are empowered on the mines to own the orebody but are held accountable for the

• rebody understanding and estimation

Responsible for resource sustainability and thus responsible for feasibility and replenishment – gatekeepers to ensure reserves pass our filters We are in the consumptive business and if we do not replenish we will die Superior orebody knowledge minimizes technical risk and ensures optimised mine plans Long term planning is critical – allows us to be pre-emptive and not reactive

Kibali…a case study of getting the geology right

First visit in 2006 identified significant mineralisation and alteration system with folding and plunging shoots in interesting rocks Used BIF, chert, and carbonaceous argillite markers and stratigraphic younging direction and changing orientation of bedding to model folding Pale coloured ankerite, and/or siderite, quartz, and sericite alteration is the widespread alteration assemblage. ACSA _A An overprint assemblage of texturally destructive siderite and pyrite with minor quartz. ACSA_B Disseminated magnetite within ACSA-A and B altered rocks can be used to map the extent of BIF horizons in the protolith. Principal lodes are hosted in vein and disseminated pyrite associated with the ACSA-B assemblage. Gold generally occurs as inclusions in both disseminated and vein pyrite, and small grains along the margins of pyrite. Curviplanar mineralized BIF extends:

around the hinges of the folds, locally along the limbs of the folds Only rarely extends along the axial surfaces of the folds,

The resulting lodes have complex shapes, but an overall northeast plunge parallel to the fold axes Understanding the controls to mineralisation led to efficient conversion of resource to reserve – within 1 year we doubled the reserve from 5.5Moz @ 4g/t to 10Moz @ 4.2g/t As of Dec 2017 we have added 6Moz @ 3.7g/t to the acquisition reserve.

Kibali…a case study of getting the geology right

Distribution of ounces per vertical meter drove the decision of shaft access Geological, resource and geotechnical model defined the mining method Understanding of rock hardness and gold deportment drove metallurgical response and process plant design Hydration and oxidation of siderite alteration explained backfill properties Defining the geometry and character of the orebody allows for infrastructure decisions that enhance value

5,100 5,200 5,300 5,400 5,500 5,600 5,700 5,800

• 50,000

Strategic filters for investment…

Striving to be the world’s most valued gold mining business By finding, developing and owning the best assets, with the best people, to deliver sustainable returns for our owners and partners It applies principally to gold (copper) It is located in a world class geological gold district We have the right to mine and repatriate profits It fits our values in respect to social license, political risk, environmental compliance, manage closure liability We have active management participation It enhances our strategic partnering network Tier 1 A reserve potential greater than 5 million ounces of gold and at least a 15% IRR at the long term gold price Tier 2 A reserve potential of greater than 3 million ounces of gold and least a 20% IRR at a long term gold price

FILTERS

A large pipeline of potential projects

Scoping Prefeasibility Feasibility Execution/Extensions Alturas Pueblo Viejo expansion Goldrush Deep South Loulo 3 OP-UG Massawa Turquoise Ridge Ikamva Kalimva Zaldivar Expansion Yalea Norte Abierto Gara Kibali

Goldrush Project – potential Tier 1 asset

Drill program from decline will allow optimisation Orebody optimisation in indications are that infill drilling results in increase of grade and

• unces

Geotechnical modelling Mining method optimisation Backfill optimisation Material handling

Feasibility

(completed 4Q17)

Mining Method(s)

Underground only

Orebody

Refractory

Access

Declines from Cortez Hills Operations

Ore Transport (to processing)

Trucks

Processing

Goldstrike Roaster

Initial Capital

~$1.0B

• Est. Production

~ 500K oz/yr

COS per ounce

~$749

AISC1 per ounce

~$643

1. This is a non-GAAP reporting measure with no standardized meaning under IFRS.

Massawa feasibility project …

Interim resource model update highlights significant shift in grade distribution within CZ orebody – higher grades in the southern portion and lower grades in northern half Revised financial models support a robust project at $1,000 and current gold prices Potential exists to add resources to the mine life from extensions to existing pits, as well as advanced satellite targets which are showing economic potential Metallurgical recovery models updated and recovery model curves assigned to block model to report recoverable gold within pit optimisations Sofia North – recovery optimised through addition of Aachen oxygen injection technology – follow up campaign returned 2.6% higher recovery for fresh material now modelled at 85.5% Construction capital cost remains largely in line with previous estimate at $415 million Initial steps of public participation process undertaken

NPV and IRR Sensitivities to gold price

Option $1 000/oz $1 200/oz $1 400/oz Base case NPV $154m $414m $670m IRR 15% 29% 41%

92koz @ 4.8g/t Ore reserve Delya Main (18km) 1.2Moz @ 3.4g/t Ore reserve 804koz @ 4.5g/t Ore reserve North Zone Central Zone Resource Bambaraya (18 km) 538Koz @ 2.9g/t Ore reserve Sofia (10.7km) Tina Central Zone Extensions Under evaluation KB & Kaviar Under evaluation Delya Strike Extents Under evaluation Resource

Loulo 3…scoping study

Preliminary economic assessment completed with potential for expanded pit and underground project Open pit pushback forms part of existing Loulo ore reserves Drilling beneath pit focused on high grade shoot below southern section of pit within MZ2 structure Underground mineralisation 32% drilled to a level that would support inferred mineral resources 68% defined by drilling and confirms continuity of mineralisation Unclassified material included in evaluation for scoping purposes Composite metallurgical samples from 32 drill intersections returned average leach recovery of 85%

Gram.Metre Value +40 30 - 40 20 - 30 15 - 20 <15

MZ2

L3DH159 4.8m @ 34.8g/t

Current depletion

N

200m

Notes: Target summary from diamond drilling at the spacing shown. There are insufficient exploration results to report a resource, and it is uncertain that further exploration will result in a resource estimate.

Target Summary: MZ1 Target (48 drill holes) MZ2 Target (18 drill holes)

• 280m RL

Q4 drill limit

Long-section with Q3 drilling MZ1

L3DH158 8.0m @ 11.05g/t L3DH154 9.7m @ 20.49g/t L3DH157 3.9m @ 0.97g/t L3DH155 4.7m @ 18.2g/t L3DH156 19.8m @ 4.39g/t L3DH153 7.3m @ 15.71g/t

Q4 Proposed Drilling Previous Drilling US$ 1000/oz pit shell US$ 1500/oz pit shell

Yalea…460koz @ +11g/t added to the mine plan

Long-section with Q3 drilling

Proposed ADGC Drilling High Priority Targets Conceptual Targets (New) Proposed Exploration Drilling

Purple Patch

YaDH92 12.3m @ 15.88g/t TW YDH280 3.8m @ 6.0g/t TW YDH281 4.3m @ 1.39g/t TW YDH282 11.4m @ 6.39g/t TW YaDH88 21.7m @ 8.83g/t TW YaDH86 17.3m @ 25.2g/t TW YaDH80 4.3m @ 32.21g/t TW YaDH68 8m @ 10.01g/t TW 1000m 100m 280m

Yalea North targets

Yalea Transfer Zone (15 drill holes) Size: 500m strike x 100m VD

• Wt. Av. Grade: 13.3g/t (range 5.7 to 19.9g/t)
• Av. Thickness: 11.4m (range 2.4 to 21.7m)

Conversion and Exploration Target Summary: Yalea FW Panel (15 drill holes) Size: 1000m strike x 280m VD

• Wt. Av. Grade: 4.1g/t (range 0.14 to 8.41g/t)
• Av. Thickness: 5.3m (range 2.5 to 11.4m)

Yalea Central Deep

extra ounces

Yalea Transfer Zone

extra ounces

Conversion Shoot target

N

500m

>8g/t 4 - 8g/t 4 – 3g/t 3 – 2g/t 2 - 0.7g/t Gold g/t

Turquoise Ridge1,2

2018 Minex Drilling1,2

North Zone Getchell extended to NW by 125m TS1802 - 16.5m at 16.9 g/t TS1803 – 16m at 11.1 g/t Footwall Pond Extension extended to W by 55m and N by 35m TS1804 – 2.7m at 18.2 g/t, 4.7m at 9.6 g/t Bass Pond East project extended to NE by 120m TS1804 A - 6.7m at 15.3 g/t TS1804B – 3.8m at 13.9 g/t Deposit remains open in multiple directions – further drilling planned

1. For additional detail regarding Turquoise Ridge, see the Technical Report on the Turquoise Ridge Mine, State of Nevada, U.S.A., dated March 19, 2018, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 23, 2018. 2. 75% Barrick owned 3. See Appendix B for additional details including assay results for the significant intercepts 4. Proven and Probable Reserves: 5.9Moz (11.8 Mt @ 15.6 g/t); Measured and Indicated Resources: 1.5 Moz (5.1 Mt @ 9.1 g/t). See Endnote #3

Getchell Fault Resource Conversion FWP Extension & BPE Projects

TS1804A TS1803

SHAFT 3 SHAFT 1 North Zone SHAFT 2

TS1804 B

2P Reserves4 M&I Resource4

View to the southwest South Zone

TS1804 TS1802

Kibali underground opportunities…

LOM design with 3000, 5000 and 9000 Lode opportunities

KCD Pushback 3 330koz $1000/oz design Sessenge open pit 300koz $1000/oz design KCD open pit PB#1 North 3000 Lode up plunge extension PB#2 1.9Mt @ 2g/t (100koz) UG – 2.1Mt @ 4.97g/t (335koz) Ave drill intersection 17.1m @ 11.2g/t 5000 Lode down plunge 7Mt @ 5.82g/t (1.36Moz) 9000 Lode up plunge extension Sessenge Link 3.7Mt @ 2.61g/t (345koz)

Total Current Potential – 2.14Moz

New assays intersection 8.5m @ 5.3g/t Drill holes planned

Phase 4 (109 RC and 8 DDH) drilling in $1200/oz pit shell completed at Kalimva and

• Ikamva. Pit optimisations and preliminary economic assessment complete

Infill drilling confirms continuity with improved average intersection widths and grades than predicted by the previous model Results return 34% increase in grade and 19% increase in tonnes to deliver a 59% increase in ounces compared to previous model in a $1000/oz optimisation pit shell $1000/oz optimisation pit shell contains 5.6Mt at 3.1g/t for 559koz defined to a sufficient level to support an inferred resource

Kalimva-Ikamva…justifies progression to prefeasibility study

Lithology

Ikamva

$1200/oz pit

Kalimva

N

$1200/oz pit

Quartz feldspar porphyry Banded iron formation Metasediment 400m

Kalimva-Ikamva drill plan

Average recovery of 90% from BRT in fresh

Kalimva long section looking WNW

KVRC0094 32m @ 6.59g/t incl 6m @ 28.19g/t KVDD0015 4.5m @ 5.13g/t and 39m @ 1.79g/t KVRC0113 10m @ 3.54g/t HG potential: down plunge target

Southern high grade domain Northern high grade domain

KALIMVA LONG SECTION LOOKING WNW

KVRC0076 22m @ 2.39g/t from 44m incl 6m @ 4.18 g/t KVRC0079 14m @ 3.59g/t from 46m incl 2m @ 20g/t KVRC0078 36m @ 2.24 g/t from 104m KVRC0094 32m @ 6.59g/t from 48m incl 8m @ 22.59g/t

100m

Organisational Flow

Organizational structure enables communication flow Ownership of core competences through the entire organization

EXPLORATION EVALUATION CAPITAL PROJECTS OPERATIONS

Appendix B – Turquoise Ridge Significant Intercepts 1

Drill Results from Q3 2018 Core Drill Hole 2 Azimuth Dip Interval (m) Width (m) 3 Au (g/t)

TS1803

299

• 60

789.9-814.9

16 11.1

TS1804

282

• 69

942.4-945.2

2.7 18.2

TS1804A

282

• 69

968.8-973.5

4.7 9.6

TS1804B

315

• 72

980.2-984

3.8 13.9

1. All significant intercepts calculated as being >6 m and >7.7 g/t or >3 m and >15.5 g/t 2. Nomenclature for drillholes (i.e., TS1802) is described by TS (i.e., Turquoise Ridge Surface) followed by the year (i.e., 18 for 2018) 3. True width of intercepts are uncertain at this stage The drilling results for the Turquoise Ridge 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 in an on site laboratory with Quality Assurance/Quality Control procedures performed 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 TRJV property conform to industry accepted quality control methods.