O P E R AT I O N S A N D T E C H N I C A L U P D AT E
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 by the
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, and practices,
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
SAG
Semi-Autogenous Grinding
SIC
Short Interval Control
EIA
Direct Shipping Ore
Earnings Before Interest, Tax, Depreciation and
Amortization
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
EBITDA
OperationsandTechnicalUpdate
RichardWilliams
ChiefOperatingOfficer
Operations and Technical Update | 1
Operations&TechnicalUpdateAgenda
February 22nd 2017, 2:00pm – 5:00pm | Cisco Technology Innovation Center, Toronto, ON
Operations,Exploration,
Innovationand
Optionality2:00– 2:45
OperatingMine
andGrowthProject
Updates
2:45– 4:00
Sustainabilityand
Closing4:00– 5:00
Welcome & Opening Remarks
Richard Williams
Value Creation through Exploration
Rob Krcmarov
Digital Transformation & Innovation
Michelle Ash
Long Term Portfolio Optionality
Matt Gili
Nevada Overview, Goldstrike: TCM, Future Growth
Bill MacNevin
Cortez: Digitization, Deep South, Goldrush
Curtis Cadwell
Turquoise Ridge: TR Shaft/UG Expansion
Henri Gonin
Pueblo Viejo: Best-in-Class, Tailing Expansion
Greg Walker
Veladero: Digitization, Environmental Monitoring
Jorge Palmes
Lagunas Norte: Refractory Mine Life Extension
Jim Whittaker
Lama & Frontera District Development
George Bee
Reserves and Resources
Rick Sims
Sustainability
Peter Sinclair
Closing Remarks and Q&A
Kelvin Dushnisky
Operations and Technical Update | 2
OurVision
OurVisionisthegenerationofwealththroughresponsiblemining–
wealthforourowners,ourpeople,andthecountriesandcommunities
withwhichwepartner.
Weaimtobetheleadingminingcompanyfocusedongold,growingour
cashflowpersharebydevelopingandoperatinghighqualityassets
throughdisciplinedallocationofhumanandfinancialcapitaland
operationalexcellence.
Operations and Technical Update | 3
ImplementingthePlan
▪ Increase financial flexibility
▪ Optimize portfolio
Focus
Portfolio
Decentralized
Execution
▪ Reduce Debt
▪ Fund investment
▪ Pay Dividends
Strengthen
balance sheet
▪ Best Operational Leadership
Partnerships
▪ Company of choice for
teams (GM/ED)
▪ Best Stand-alone Project
▪
▪
▪
▪
Leadership (PM/ED)
Plans resourced to achieve
full potential from sites,
in all price environments
Flawless Execution
Transparency on performance,
risk & opportunities (fact-based)
to Best-In-Class standard
Best-in-Class Environmental,
safety, health and community
stewardship
Deliver
digital mining
excellence
Attract and
retain the best
people
Build
partnerships
Mineral
resource
management
CentralizedCapitalAllocation
▪
▪
▪
▪
governments and
communities
Pursue investment with
strategic partners
Pursue Innovation with
strategic partners
Increase long-term
partnership with investors
Barrick leaders to operate
as owners
▪ Balanced investment pipeline (Organic and M&A)
▪ Focused on growing cash flow to deliver superior ROIC
▪ Individually must meet or exceed 15% hurdle rate
Value creation = invested capital x rate of return
Operations and Technical Update | 4
IncreasingSafetywithFewerEnvironmentalIncidents
Total Recordable Injury
Frequency Rate1
Reportable Environmental
Incidents
0.64
53
0.58
0.46
0.40
36
29
13
2013
1. See Endnote #5
2014
2015
2016
2013
2014
2015
2016
Operations and Technical Update | 5
RealUnitCostImprovements
Unit Rate Trend1,2
($/tonne)
2.77
2.53
Open Pit
110.2
Underground
46.2
Autoclave
101.6
44.3
25.7
Roaster
24.5
2.10
-24%
92.8
86.2
-22%
40.8
40.6
-12%
24.3
-1%
24.9
14.8
14.7
14.0
Mill
2.8
2.8
Heap Leach
2013
14.3
-2%
3.0
3.0
1. Relates to all existing gold sites excluding Acacia, Pierina and divested sites
2. Excludes impact of hedging activities
2.15
2014
2015
-4%
2016
Operations and Technical Update | 6
Productivity
AISC1,2 ($/oz)
Cost of Sales1 ($/oz)
843
2013
842
2014
859
2015
915
798
2016
864
780- 790- 800820 840 870
2017E 2018E 2019E
2013
2014
831
2015
730
720- 710- 700770 770 770
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 Appendix
E
Operations
and Technical Update | 7
ValueCreationThroughExploration
RobKrcmarov
ExecutiveVicePresident
ExplorationandGrowth
Operations and Technical Update | 8
Barrick– BusinessLifeCycle
Evolutionary Phase
and Key Value Drivers / Proposition
Renew and
Sustain
VALUE
Focus on FCF/share,
Dividends, ROIC,
TSR
Delivery
Focus on
Expansion,
Development,
High Capex
Harvest
and Decline
Focus on CAGR,
NPV, Expansion
Promise
Focus on
Growth and
Potential
TIME
1983
2003
2012 2016
Operations and Technical Update | 9
Barrick– ExplorationStrategy
 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
HighValueNearTerm– MinexandBrownfields
Hemlo
 Orebody expansion
 Increased automation
 Enhanced materials
handling systems
 Production growth
Turquoise Ridge
Goldstrike
 High confidence high
grade multimillion
ounce potential
additions down
plunge
− Expansion of Footwall
Pond
− Development of TR
Corridor
− Getchell Fault Potential
 Increase mineral
resource
through near mine
exploration and lower
operating costs
Cortez
 Lower Zone
underground
 Crossroads open pit
 Renegade
Operations and Technical Update | 11
ElIndioBelt,Chile/Argentina– AStoryofSuccess
El Indio
Tambo
Pascua Lama
Veladero
Alturas
Discovery
1976
1982
1995
1998
2015
Type
High sulphidation (sulphide
ore). Multi-Vein deposit with
high-grade gold (DSO) and
Cu-Au veins
High sulphidation oxide
deposit related with
hydrothermal injection breccia
and quartz+barite veins
High sulphidation
oxide/sulfide deposit
High sulphidation oxide
deposit
High sulphidation oxide
deposit
Prod.
Statistics
4.5 Moz Au, 24 Moz Ag &
472K tons Cu
(over 23 years)
1.5 Moz Au
(over 17 years)
_
2016 Production
544 Koz Au
_
Total Reserves
14.05 Moz1 Au
(1.57g/t, 278M tonnes)
Total Reserves
6.7 Moz1 Au
(0.83g/t, 252M tonnes)
Proven Reserves:
1.8 Moz1 Au
(1.94g/t, 29M tonnes)
Proven Reserves:
602 Koz1 Au
(0.78g/t, 24M tonnes)
Probable Reserves:
12.2 Moz1 Au
(1.53g/t, 249M tonnes)
Probable Reserves:
6.1 Moz1 Au
(0.84g/t, 228M tonnes)
Pre-Feasibility (Lama)
Producing (since 2005)
2016
Reserves/
Resources
Current Status
1. See endnote #2
Closed (since 2002)
Closed (since 1999)
Inferred Resource:
6.8 Moz1 Au
(1.0 g/t, 211M tonnes)
Scoping Study
Operations and Technical Update | 12
MediumTerm‐ Projects
Turquoise Ridge
Expansion
 Third shaft feasibility
study completed
 Phased approach to
improve ventilation
and mining efficiency
to allow higher
production output
Goldstrike
 Refractory ore
extension below
current oxide open pit
 Increase mineral
resource
through near mine
exploration and lower
operating costs
Cortez Hills
Deep South
 Bringing ounces
forward
 Feasibility in progress
Goldrush
 High confidence to
continue to grow
deposit
Operations and Technical Update | 13
Strongcredibletrackrecordoforganicvaluegeneration
Reserves (Moz of gold)
Near Mine and New Discoveries
~$25/oz
20
1990
110
31
Total found
through exploration
 Spent $3.6B on exploration
143 ~861
 Overall finding cost
Goldstrike
2Bt @
1.33g/t
Cortez
Donlin Gold
Pascua-Lama
2016
Veladero
Pueblo Viejo
Turquoise Ridge
156
Total
acquired
Total
mined
DIVESTED
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)
Lagunas Norte
Goldrush
Alturas
Acquired
Added
Operations and Technical Update | 14
Fourmile
Mill Canyon Stock
Pre-mineral Intrusive Rock
 High grade, high value targets
with small footprint
 Three holes with intercepts more
than double the average grade of
the Goldrush resource1
– 14.3m @ 31.8 g/t
– 5.8m @ 49.6 g/t
– 8.4m @ 30.6 g/t
 Strike length of high grade
Fourmile mineralization extended
500m in 2016
5.2m @ 14.4 g/t
3.0m @ 5.7 g/t
5.8m @ 10.9 g/t
14.3m @ 31.8 g/t
5.8m @ 49.6 g/t
8.4m @ 30.6 g/t
Legend
Drillhole with >3m @ 5g/t
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– Explorationina‘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
GuianaShield– FirstPartnership,Arakaka JV
Drill Fences-planned
Mafic Dykes
Drill Fences-completed
Diorite
Pre-2016 Drilling
Metasediments
Shallow pits
Volcanics
2km
 Guiana Shield
 Embryonic multi-million ounce geological
province
 Guyana
 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




For full discussion of results please refer to Alicanto’s website http://www.alicantominerals.com.au/
10km of alluvial and shallow pit mining
Exploration in its infancy
Sparse drilling
Mineralization controls vectoring to the
northeast
Operations and Technical Update | 17
PipelineReplenishment,Partnership,Osisko – Quebec1
 Large land position
in immature gold belt
 Emerging gold district with
walk up drill targets
Kuujjuaq
KAN
N
50 km
1.
OSK/ABX Claims
Competitor Claims
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
ProjectPortfolioOptionality
Barrick
Projects
Grade Increasing
Cortez Deep South
Cortez Hills
Lower Zone
Alturas
Peer
Projects1
Goldrush
Pascua
-Lama
Cerro
Casale
Donlin
Gold
Increasing Size
1. Peers: Newmont and Goldcorp.
Source: Company Reports (2015, 2016), Cerro Casale and Donlin stated at 100%
Operations and Technical Update | 19
ProjectPipeline
Early Stage
Exploration
Conceptual
Scoping
Prefeasibility
/ Feasibility
Execution
Cortez District
T. Ridge Footwall
Pond High Grade
Goldstrike
Meikle Halo
Donlin Gold
Lewis High Grade
Cortez Deep South
Cortez Crossroads
El Indio District
Cortez Fourmile
Pueblo Viejo
MN Feeder
Pueblo Viejo
Underground
Cortez Pits
Cortez Hills
Underground
Lama Veladero District
Goldstrike
Ren/Banshee
Hemlo C zone Deep
Pueblo Viejo
Tails Expansion
Goldrush
Expansion Phases
Goldstrike & Cortez
South Peru
Goldstrike
Underground Extensions
Hemlo Horizon
Underground
Lama Starter Project
Hemlo
OP Phase 6 Layback
Porgera
5C Cutback
Guiana Shield
Pueblo Viejo
Upper Mejita
Lagunas Norte
MB3H Ore
Cerro Casale Innovation
and Starter Project
Hemlo
Underground Expansion
Goldrush
Exploration Declines
Additional Exploration
Success
Hemlo West Side
Lagunas Norte
Solution Injection
Alturas
Lagunas Norte PMR
Expansion Phase
Veladero
Lagunas Norte
PMR Satellite Targets
Porgera
Bulk UG Mining
KCGM Morrison
Turquoise Ridge
3rd Shaft
Lagunas Norte
Oxide Extensions
Porgera Tarangau
Goldstrike
Arturo Phases 1 & 3
Arakaka
Cortez
Pipeline 11
Kabanga (Nickel)
Del Carmen
Veladero Targets
North America
South America
T. Ridge
TR Fault Corridor Trend
Donlin Gold
Pascua-Lama
Cerro Casale
Australia Pacific
Operations and Technical Update | 20
DigitalTransformation&Innovation
MichelleAsh
ChiefInnovationOfficer
Operations and Technical Update | 21
Productivity
Best‐in‐Class– DigitalBarrick
Business Improvements
in productivity
Achieve Fixed Target
Across All Sites
Business Improvement Programs:
 Never-ending effort to make existing
processes and systems as efficient as
possible
 Targets set against all key metrics to
ensure sites achieve them
 Tailored scorecards to key drivers of
value for each site
 Short term incentives to connect to
Best-in-Class
Step Changes in
approach to productivity
Leverage BiC to Identify and
Drive Improvements
Drive Innovation
Implement Innovation
Across Mine Operations
 Digitization is primarily focused on driving value across two of
three pillars of Best-in-Class: Step Changes and Drive Innovation
 Strategic, non-transactional Cisco partnership to unlock the
potential of digital mining
Cisco Partnership Benefits:
 Global leader in helping countries, industries and
companies become digital
 75% of world internet through Cisco hardware
 Leader in data cybersecurity
 Access to and ability to develop partnerships
Global Digitization Programs:
 Predictive analytics
 Global task management
 Integrated planning
 Analytics Hub
Time
Operations and Technical Update | 22
2016DigitalObjectives&RecentAccomplishments
Objective
Recent Accomplishments
Underground Short
Interval Control
Proof of concept on people tracking
and scheduling
 Tablet based vehicle tracking and scheduling
application now being tested in Cortez
Underground
Automation
Set up required infrastructure
including equipment and training
 Required equipment arrived on site
 Vendor agreements issued
 Operator and Technician training complete
Digital Maintenance
Work Management
Proof of concept of moving
maintenance from paper based to
digital
 Mechanics have tablets in hand for selected job
orders
 Vendor selection completed
Processing
Automation
Develop Data Platform and
demonstrate functionality
 Improved carbon management through operation
and analytics preventing ounce loss
 Automated carbon and reagent control in heap
leach to reduce downtime, reagent costs
Consolidated Data
Platform
Develop Data Platform and
demonstrate functionality
 Platform is operational and connected with secure
account policies in place
 BIC data sources have been captured in the data
platform
Predictive
Maintenance
Data Science proof of concept
 Developed a usable Exhaust Failure Detection
model which can detect exhaust failures with 6
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
2017DigitalTransformationObjectives
Objective
Expected Accomplishments
Underground Short
Interval Control
Increase production through monitoring
operator and equipment location and
tracking real time production
 Tablet based vehicle tracking and scheduling
application tested in Cortez and then rolled
out to Turquoise Ridge and Goldstrike
Underground
Automation
Improve safety and increase utilization of
mining equipment
 Tele-remote loaders at Cortez, with upgrades
to Hemlo’s autonomous system and
expansion of the Cortez system
Digital Maintenance
Work Management
Increase availability and reduce parts
spend to reduce unplanned work and
work overruns
 Barrick designed tablet and supervisor
application developed with implementations
at Goldstrike, Turquoise Ridge and Pueblo
Viejo
Processing
Automation
Automate Mill and Heap leach operations
to increase throughput and recovery
Improve quality of decisions in
processing to maximize production
 Developing Advanced Machine Learning at
Pueblo Viejo and Cortez
Consolidated Data
Platform
Improve data quality and transparency to
optimize operations and enables to scale
Digital Barrick across the full company
 Consolidated Data Platform the central
platform for the integrated planning project
with additional use cases completed
Operations and Technical Update | 25
InnovationFocus
New Barrick competencies will permit deep strategies that transform mining
Best
miner
Best
Partner
Best
Platform
Mineral
Cartography
Extraction
Reimagined
Prosperous
Partnerships
Absolute
Integration
Operations and Technical Update | 26
EmergingInnovationFocusAreas
$
Mineral
Cartography
Extraction
Reimagined
Ourgoalisto
locateand
describeevery
golddepositin
theworld
Weplantobe
abletoextract
anydeep,
complex,low‐
gradegold
depositinthe
world,safelyand
profitably
Prosperous
Partnerships
Absolute
Integration
Weaimtocreate
Weplanto
sustainable
connectevery
prosperity
assetandactivity
throughworking inourecosystem
partnerships
inanintelligent
withcompanies, andtransparent
communitiesand
system
governments
New
Businesses
Weaimto
exploreand
create
alternative
sourcesof
revenuethat
leverageour
unique
competencies
Operations and Technical Update | 27
Innovation– TangibleExamples
In planning
In action
Examples of Innovation
Lab-at-Rig®
TCM circuit at Goldstrike moving from
commissioning to full operation
Lab-at-Rig® and flexible coil drilling
Development of leading edge applications such as SIC for underground
Modular truck configurations
Conversion of the Nevada equipment
fleet to non-food crop biodiesel fuel
Operations and Technical Update | 28
Barrick’s DigitalandInnovationJourney
Mineral
Cartography
Extraction
Reimagined
Prosperous
Partnerships
Absolute
Integration
Desired Achievements
Aspirational Target
 Develop predictive and cognitive algorithms
to better define targets and orebodies
 Increase in speed and accuracy for orebody
definition
 Development of a non-intrusive method to
visualize gold deposits
 Significant cost reduction in exploration and
resource definition
 Development of fully autonomous mining
and processing system
 Everyone on surface and at low elevation
 Reduction in AISC and closure costs
 Development of processing techniques for
low grade and refractory ores
 Significant increase in resource and reserves
 World class trades productivity and asset
reliability
 Significant increase in OEE
 Conversion to electricity and/or renewable
forms of energy
 Most of our power from renewables; all UG
operations are emission free
 Wealth creation through a number of
significant partnerships
 Fully trusted by our partners
 Fully integrated operational and data
systems
 Real time response to changes in the plan
to optimize value
 Full transparency of data and operational
performance through Operating Centers
 Robust reduction in operational risk
Operations and Technical Update | 29
Long‐termPortfolioOptionality
MattGili
ChiefTechnicalOfficer
Operations and Technical Update | 30
FromIdentifyingourFullPotential…
Full Potential: Optimized strategic planning for growth
Business Plan Annual Cycle
Reserve Plan: Annual production plan
Life of Mine Plan: Most probable scenario
for future production and development
Collaborative effort
between
 Operations (Mines, Sites
and Project Teams)
Strategic Plan: Life of mine plan with key
growth projects
 Finance
Growth Plan: Long term upside opportunities
 Exploration
 Technical Office
Operations and Technical Update | 31
…ToRealizingtheFullValueofOurAssets
Roadmap for successful execution from Plan to Value
Our tools:
Our Key players:
 GM’s and their operations teams to continuously improve
and execute the plan, and advance opportunities through the
strategic pipeline
 Corporate SME’s to challenge GM’s and their teams, identify
and share best practices, and ensure that risks are being
properly assessed and controlled
Higher
VRS
Cash Flow
 Integrated Planning to ensure the capital is allocated to
execute the Life of Mine (LOM) plan
 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
 Value Realization Support (“VRS”) to identify and
prioritize short, medium and long term opportunities to
maximize the value of the asset
Technical
Limits
Long term
(3-5 years)
Growth
Short term
(1-2 years)
Best-in-Class
LOM Plan
Lower
Lower
NPV
Higher
Operations and Technical Update | 32
VRSCaseStudy:Hemlo
▪
▪
▪
▪
Hemlo has a historical
conversion rate from
resources to reserves of
~70-80%
The Game Changer:
Doubled property footprint,
removing mining and
tailings storage constraints
The Enabler: 2016
Comprehensive Hemlo
Geological Compilation
Study
The Future: Mineralized
target potential - Go west,
go deep, automate
Hemlo Camp
started
production
2016 Hemlo
VRS
Geological
Compilation
Study
2000
Barrick acquires
50% of Hemlo
2015 Hemlo
VRS
2001
Golden Giant
closes
Mar 2015
Removal of mining and
tailings storage constraints
2009
Barrick acquires the
additional 50% of Hemlo
Mineralized Potential
Resources
Reserves
1985-2008
2009
275
2010
517
2011
744
2012
950
2013
1,154
2014
1,360
2015
1,578
2016
1,813
Hemlo Camp produced ~22 M ozs (1985 – 2016)
2017
2,025–
2,018
2,033
Hemlo
Cumulative
production
‘000 ozs
Operations and Technical Update | 33
Donlin1:BuildingoptionalitywhileadvancingourLTO1
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
Case
Mining: Open Pit (155 Mtpa)
Processing: Flotation and Pressure
Oxidation (53.5 Ktpd)
Executed on 2016
2017 Priorities
• Updated resource
model
• Assessed option
for starter project
• Permitting
• Exploration drilling
to confirm/
determine UG
potential
• Inject innovative
technologies
Mine Life: 27 years
Initial Capital: ~$7.5 B
Sustaining Capital: ~$1.6 B
Optimized
Project
Mine of the Future
Optimize capital
Improve efficiency
Reduce operating costs
Retain option to expand
Closure: ~$290M
ESIA Approval Process for FSU2
Draft EIS published in
November 2015
1. All figures presented on a 100% basis
2. See endnote #2
Comment period ended
in May 2016
Response to comments
is ~80% complete
Preliminary Final EIS
expected in 2018
Operations and Technical Update | 34
CerroCasale:Growthopportunityinanupsidemarket
Assessing novel technologies to optimize staged development
Cerro Casale:
Current status
Scoping Starter
Project
Study works needed for
further optimization
 Gold Reserves and Resources1:
Work completed indicates
positive economic
potential by:
 Assess the viability of High
Intensity Blasting/Ultra High
Intensity Blasting technology,
and its impact on milling and
processing recoveries
– Proven:3.6Mozs ([email protected]/t)
– Probable: 13.8Mozs ([email protected]/t)
– Measured: 0.2Mozs ([email protected]/t)
– Indicated: 2.4Mozs ([email protected]/t)
 EIA approved on 2013, extension
beyond 2018 is being evaluated
by the Authorities
 Project is in suspension, in full
compliance with legal,
environmental and social
commitments
1. Reserves and Resources at Barrick’s Share (75%). See Endnote #2
 Focusing on gold: Heap
Leach only operation,
defer flotation
 Phasing development
approach: start with
100ktpd heap leach
operation that expands
to 150ktpd after 5
years
 Ensure that optimized scope is
in alignment with the approved
EIA
 Minimize facilities at site
 Maintain optionality for growth:
– Copper reserves
– Casale Property Potential
Operations and Technical Update | 35
BarrickNevada– SecuringtheFuture
BillMacNevin
BarrickNevadaCEO
Operations and Technical Update | 36
UnifyingNevadaAssets
Enabler of Change
First Step – What?
Vision – How?
Drive – Why?
WeareunitingourCortezand
Goldstrike operationsin
Nevada,combiningassets,
infrastructureandexpertise…
…buildingonourcombined
strengthsbyunitingthese
operationsunderonesite
basedleadershipstructure…
…inordertocreatenew
opportunitiesandgrowthe
businessforourpeople,
communitiesandownersby
drivingimprovementsin
efficiencyandproductivity
Operations and Technical Update | 37
BarrickNevadaValueCapture
 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– FocusedonOperationalExcellence
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 – 2016Performance
Year over year highlights:
2016 Operating Results
Gold Production
1,096 K oz
4%
Cost of Sales
$852/oz
18%
Cash Costs1
$572/oz
10%
AISC1
$714/oz
9%
Income
$442 M
8%
EBITDA1
$749 M
25%
– Roaster recovery
1%
– Autoclave recovery
12%
– AISC1 of $714/oz is below
low end of 2016 guidance
$720-$760/oz
– Open pit unit cost
16%
– Underground unit cost
– Roaster unit cost
5%
3%
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
E
and Technical
Update | 41
Goldstrike– 2016Best‐in‐ClassImprovements
Mine Operations Initiatives
Process Plant Initiatives
Underground Mining Efficiency
Improvements
Autoclave/TCM Plant Optimization


Increased UG tonnes per day through
haulage efficiencies, controlled development
over-break and improved paste crew
effectiveness
Improved UG cost per tonne 5% to $106
Decreased Equipment Hours in the
Open Pit


Increased equipment efficiency by improving
availability through break rotators and parking
excess trucks
Improved OP cost per tonne 16% to $1.49


Optimized conditions at Autoclave/TCM
through use of KPI dashboards and short
interval control
Improved TCM cost per tonne 4% to $60
Roaster Plant Optimization



2 new CIL tanks commissioned ahead of
schedule benefitting recovery in the
Roaster 1%
Maintain TPOH in the roaster during scheduled
mill maintenance by utilizing ground ore silos
Improved roaster cost per tonne 3% to $23
Operations and Technical Update | 42
Goldstrike– 2016Autoclave/TCMFullPotential
 World’s only commercial use of
thiosulfate leaching
 Year over year improvements:
– 3.5M tonnes processed
34%
– 63% recovery
12%
– $60 cost per tonne
4%
Thiosulphate Plant
AUTOCLAVES
Gold Elution
 Improvements achieved on lower
grade ore than originally planned
 2017 Opportunity
– Campaign acid ore
– Improving alkaline recovery
Resin‐in‐leach Circuit
Reagent Recycle/
Water Treatment
Operations and Technical Update | 43
Goldstrike – 2017Outlook
2017 Areas of Focus:
2017 Guidance1
Gold Production
910-950 K oz
Cost of Sales
$950-990/oz
Cash Costs3
$650-680/oz
AISC3
$910-980/oz
2016 Reserves
Proven 6.1 Moz2
Cash Flow
– Digital transformation in UG
– Increase OP truck utilization rate
– Maximize Autoclave and Roaster
throughput
Growth
– Underground development below
1,100m
– Minex
Challenges
(3.29 g/t, 57.5M tonnes)
Probable 2.0 Moz2
– Dewater to enable underground
development
(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 Appendix
E and Technical Update | 44
Operations
Goldstrike – 2017Best‐in‐ClassInitiatives
 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– MinexOverview
 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– EastBanshee

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
– Mine expansion to North towards REN deposit
– Potential to extend mine life

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
– 2,100 meters of diamond core drilling
– 183 meters of drift development
East
Banshee
drilled from
UG
East Banshee Target
3400 ft Water Level
Section 7400 E
Operations and Technical Update | 47
OpenPit‐ Arturo:Phases1,2,&3withGoldGradeShells
 Additional Phases of Arturo
utilizing existing mine equipment
Phase 1
Exploration Target
 Mining and process facilities
are permitted
Phase 2: Mining
completed Feb 2017
 Under evaluation
–
–
–
–
–
Leach pad feasibility
Economics
Recoveries
Mining costs
In-pit backfill (backfilling not
permitted)
Phase 3
Exploration Target
 Mining will expose new geology
and potential deep UG exploration
targets
Operations and Technical Update | 48
Goldstrike– FutureGrowthOptionality
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
maximize FCF
Near mine exploration
Operations and Technical Update | 49
Cortez– OrganicandTechnicalGrowth
CurtisCadwell
GeneralManagerOperations
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– 2016Performance
Year over year highlights:
2016 Operating Results
Gold Production
1,059 K oz
6%
– Underground
production 10%
Cost of Sales
$901/oz
7%
– Mill throughput
Cash Costs1
$430/oz
12%
AISC1
$518/oz
14%
Income
$340 M
18%
EBITDA1
$839 M
33%
– Gold recovery
20%
6%
– Total Reportable Injury
Frequency rate 43%
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
E
Technical
Update Day | 52
Cortez– 2016Best‐in‐ClassInitiatives
 Open pit productivity initiatives
– Introduced operator scorecards
– Adopted short interval control process
and focused on right loading of trucks
– Digital work management and predictive
maintenance improving truck availability
 Step change in underground
production
– Move to bulk mining increased efficiencies
and lowered mining cost per tonne
– Completed 10 benches
– Completed first long hole stope
UG operating performance
Operations Technical Update Day | 53
Cortez– 2016Best‐in‐ClassInitiatives
 Processing Operational Excellence
– Improved oxide mill to sustained throughput of 15ktpd
– Improved plant availability from 83.3% in 2015 to 93.6%
in 2016
– 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
In 2016 we processed
808k more tons than
2015
Operations Technical Update Day | 54
Cortez– 2017Outlook
2017 Areas of Focus:
2017 Guidance1
Gold Production 1,250-1,290 Koz
Cost of Sales
$730-760/oz
Cash Costs3
$360-380/oz
AISC3
$430-470/oz
2016 Reserves
Proven 0.8
Moz2 (1.52 g/t, 16M tonnes)
Probable 9.4 Moz2
(2.18 g/t, 135M tonnes)
Cash Flow
– Digital transformation
– Mining Cost reductions in Open Pit
and Underground
– Mill throughput improvement
Growth
– Lower Zone UG (in construction)
– Crossroads OP (in construction)
– Deep South UG (permitting)
Challenges
– Execute Water Management Plan in
compliance with new Federal and
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 Appendix
E Technical Update Day | 55
Operations
Cortez– 2017AreasofFocus
 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– 2017Best‐in‐ClassInitiatives
 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– GrowthPlan: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
Construction
2028
2027
2026
2025
2024
2023
Initial
Production
Production Lifespan
Scoping
Prefeasibility
Feasibility
Limited understanding
restricted scale of operations
Confidence to increase scale of
operations from infill drilling
Geotechnical studies improve
confidence in method selections
Orebody
50% Oxide / 50% Sulfide
85% Oxide / 15% Sulfide
82% Oxide / 18% Sulfide
Method
Cut and fill
2,300 tonnes per day
Longhole stoping
4,500 tonnes per day
Longhole stoping
4,500 tonnes per day
Haulage
Diesel truck haulage
New conveyor
Autonomous loading; “Smart”
conveyance
50/50 Cortez / Goldstrike
Mostly Cortez
Cortez
~$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
(completed)
Knowledge
Processing
Initial Capital
1.
Feasibility and
Permitting
2022
~$153M
2021
Feasibility
2020
Capex
2019
Current
Status
2018
Project
2017
Cortez– DeepSouthBringingOuncesForward
(completed)
(in progress)
This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix
E Technical Update Day | 59
Operations
Cortez– DeepSouth
 Access through Range Front Declines
– Construction started in Q1
– Advancing using road header equipment
Road Header
 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– DeepSouth
 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
Improve backfill
Underground ore handling and
conveyor system under construction in 2017
– enhance quality
– reduce costs
– automate delivery systems
Operations Technical Update Day | 61
Cortez– TechnicalandOrganicGrowthOptionality
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– EnhancingValue
Operations Technical Update Day | 63
Feas. & Permitting
Construction
/Production
Prefeasibility
Feasibility
Goldrush UG and Red Hill OP
Underground only
Underground only
Refractory
Refractory
Refractory
Via Mill Canyon Declines
HCCUEP (de-risked and
optimized project) Declines
HCCUEP Declines
Rail
Trucks
Trucks
(regional study in progress)
Goldstrike Roaster
Goldstrike Roaster
Goldstrike Roaster (regional
study in progress)
~$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
~$921
~$665
Improvements expected in FS
Mining Method(s)
Orebody
Access
Ore Transport
(to processing)
Processing
Initial Capital
per ounce
2042
2041
2040
2039
2038
2037
2036
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
2024
Production Lifespan
Scoping
(completed)
1.
2023
2022
~$1B
Decline Construction
Goldrush
2021
Feasibility
2020
Capex
2019
Current
Status
2018
Project
2017
Goldrush– EnhancingValue
(completed)
(in progress)
This is a non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 of Appendix
E Technical Update Day | 64
Operations
Goldrush– EnhancingValue
Phase I Feasibility
 On track for YE 2017 completion
 Underground surface infrastructure
design work in progress
 Tighter-spaced drilling to convert
near surface resources to reserves
initiated in 4Q16
– 5 zones in resource with reserve
potential1
– Red Hill, Deep North, KB Zone,
Corridor, Meadow
Goldrush
Deposit
Cortez Hills
Open Pit
Exploration
Decline Portal
 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
TurquoiseRidge– BuildingonSuccess
HenriGonin
GeneralManager
TurquoiseRidge, Nevada
Operations Technical Update Day | 66
TurquoiseRidge– 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
TurquoiseRidge– 2016Performance
Year over year highlights:
2016 Operating Results
– Mining cost
29%
Gold Production
266 K oz
23%
Cost of Sales
$603/oz
13%
– Mining Fleet OEE
Cash Costs1
$498/oz
14%
– Mined Tonnage
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
– Free cash flow
– Ore Tonnage
86%
23%
29%
43%
Operations Technical Update Day | 68
2016Best‐in‐Class– MineOperations
Increased Mining Fleet Effectiveness
Improved mine design
 Primary fleet OEE rose to 43% from 35% YOY
 Scheduled maintenance increased from 25% of
hours in 2015 to 31% in 2016 through better
planning and strict adherence to preventative
maintenance inspections.
 Improvement of over 10% in Mean Time
Between Failure (MTBF) for entire fleet
 Drilling campaign to define ore bodies prior
to mining
 Optimization slows for simpler geometry
allowing larger mining equipment and fewer
changes in mining cycle
 Case Study: Optimized design increases
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
14%
MTBF Trucks 2016
28.8
2015
25.3
22
24
26
MTBF Shotcrete
2016
45.9
2015
28
Old FWD-2721
Level Design
26.1
0.0
30
78%
20.0
40.0
60.0
Bolter & Drill reliability improvements are also progressing MTBF Bolters
2016
11%
19.8
2015
18.0
28.3
2015
17.8
16.0
21%
MTBF Drills
2016
20.0
23.2
0
10
20
30
Operations Technical Update Day | 69
2016Best‐in‐Class– MineOperations
Increased Average Daily Tonnage
Improved Footage Advance Rates
 Total tonnes moved up 29% vs. 2015 with
43% increase in ore tonnes
 Higher increase in ore tonnes resulted from
20% reduction in waste development, due to
optimized mine designs
 Advance rates increased as a result of
improved haulage and planning.
 2016 advance rate was 123 ft/day for an
increase of 29% vs. 2015
 The advance rate increased even as
heading size increased
Average Daily Tonnes 2,182
306
Total
1,698
1,875
384
Waste
Ore
29%
20%
43%
1,314
2015
2016
Operations Technical Update Day | 70
TurquoiseRidge– 2017Outlook
2017 Areas of Focus:
2017 Guidance1
Gold Production
260-280 K oz
Cost of Sales
$575-625/oz
Cash Costs3
$460-500/oz
AISC3
$650-730/oz
2016 Reserves
Proven 2.1 Moz2
(15.5 g/t, 4.3M tonnes)
Probable 1.9 Moz2
1.
3.
(14.7 g/t, 4.0M tonnes)
Cash Flow
– Digital Transformation:
– Automation
– Tele-remote operations
– Short-interval-control
– Task management
– Increase equipment OEE
Growth
– Continuous Mining (Roadheader)
– Minex
– Third Shaft Project
Challenges
– Challenging geotechnical
environment
See Endnote #1
2. See Endnote #2
These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see note 3 ofOperations
Appendix ETechnical Update Day | 71
TurquoiseRidge– 2017AreasofFocus
Mine Design and Scheduling:


Resequencing of mine plan to reduce haulage cycle
– Short term focused on South Zone
Optimize level designs - increase mining intensity - reduce expensed
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
SZ: 1,500 feet to shaft
NZ: 7,000 feet to shaft
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
TurquoiseRidge– ContinuingMineOptimization
Top Cut Width
 Continuing advancing width of production cuts
– 2016 marked topcuts closing in on geotechnical
design limit of 15 feet
– Focus in 2017 on optimization of undercut widths
– Further increasing the overall mining intensity and
minimizing waste development
Under Cut Width
+2%
+13%
16.8
13.2
2014
16.8
14.0
2015
17.2
14.9
2016
 Larger headings increase the opportunity to
examine innovative extraction methods
– Benching of sills
– Mechanical excavation
38’
Operations Technical Update Day | 73
TurquoiseRidge– 20171stStageofContinuousMining
 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
TurquoiseRidge– ThirdShaftProjectOverview
– Capital ~ $300 M -$325 M
 To be executed in a
phased approach
Existing
#2 Shaft
South Zone
4600
Proposed
#3 Shaft
North Zone
4400
4200
4000
Elevation
 All permits in place for project
 Feasibility study completed
 Shaft optimally placed for
future expansion
 Current economics
3800
3695 Skipping Station
3600
3400
3200
3000
2800
74%
2600
55%
3055 Skipping Station
2705 Pre-Sunk
Skipping Station
2400
2200
2016 reserve ore
2016 resource
Exploration potential
Operations Technical Update Day | 75
Convert to
Production
Shaft Sink
2018-2022
Shaft equipping
2019-2021
Surface facilities
2020-2021
• Site preparation and
utilities
• Shaft sinking by
contractor
• Shaft Utilities
• Mine offices and
change buildings
• Dewatering wells
• Underground capital
development by TRJV
• ~$110 M
• ~$40 M
• ~$110 M
2041
Production Lifespan
Preconstruction
2017-2018
• Further mine optimization
studies
2040
2039
2038
2037
2036
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
2024
Construct as
Ventilation
2023
$300M$325M
2022
Feasibility
complete,
optimisation
ongoing
2021
Turquoise Ridge
shaft
2020
Capex
2019
Current
Status
2018
Project
2017
ShaftProjectScheduleandProjectedSpend
• Hoist and headframe
• Final utilities
• Surface ore handling
facilities
• ~$30 M
Operations Technical Update Day | 76
TurquoiseRidge– 2017Minex Potential
 Deposit is largely open
Shafts
 Minex objectives are to
determine:
#2 #1
Collar Elev.
1640 meters
Getchell Fault Zone
(& sub-parallel faults)
3rd
Shaft
N
North Zone
South Zone
Grade Shell of known mineralization
TR Corridor
Trend Open
FWP Trend
Open
– Size of deposit
– Infrastructure design
– Future step changes
 Three main areas of focus:
– Getchell Fault
– Historic producer at surface
– Footwall Pond Trend
– Strong continuity with high grade
– Supports efficient mining
– TR Corridor
– Analogous to FWP
Operations Technical Update Day | 77
TurquoiseRidge‐ FutureGrowthPotential
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
PuebloViejo– ImprovedPerformanceandGrowth
GregWalker
ExecutiveGeneralManager
PuebloViejo,DominicanRepublic
Operations Technical Update Day | 79
PuebloViejo– 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
PuebloViejo– 2016Performance
Year over year highlights:
2016 Operating Results (60%)
1.
2.
– Gold recovery
4%
Gold Production
700 K oz
22%
Cost of Sales
$564/oz
36%
Cash Costs1
$395/oz
15%
– Truck OEE
AISC1
$490/oz
18%
– Shovel OEE
Silver Production 3,385 K oz
36%
– Total Reportable Injury
25%
Frequency rate2
Income
$528 M
130%
EBITDA1
$621 M
59%
– Silver recovery
30%
– Autoclave OEE
7%
4%
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
See endnote #5
Operations Technical Update Day | 81
PuebloViejo– 2016Best‐in‐ClassImprovements
Mine Operations Initiatives
Process Plant Initiatives
Ore Re-Binning Optimization
Extend Time Between Shutdowns


Changed sulfur cut-off to increase gold grade
in mill feed ~14k oz Au
Improve Pre-split to Steepen Walls

Reduce stripping and advance high grade ore
~9k oz Au
Mine Plan Sequence Optimization

Change design to reduce stripping and
advance high grade ore ~23k oz Au
Anti-scalant in CIL Feed Line and
Installation of Redundant CIL Feed Line

Reduce Drilling & Blasting Costs

Increased hole diameter to reduce meters
drilled requirement and increase drilling meter
efficiency
More durable walls to improve AC performance
and reduce maintenance time and costs, in
addition increasing throughput by ~100k
tonnes
An anti-scalant prevents scale formation and
the redundant feed line reduces descaling
impact in production resulting in an additional
~25k tonnes processed due to a reduction in
downtime.
Improved Grinding Circuit Availability

Extended time between shutdowns and
improved efficiency to increase grinding circuit
availability from 88% to 91%
Operations Technical Update Day | 82
PuebloViejo– 2016AutoclaveImprovements
 100,000 tonne-per-year
improvement in Autoclaves
 Improvement primarily
through scale reduction and
descaling
Ferralium 225 seal shafts
Strengthen Autoclave walls
Autoclave
KPI improvement metrics
to come
Strengthen GEHO Pumps
valves and seats
Reduce time required for
descaling work in the Autoclave
Operations Technical Update Day | 83
PuebloViejo– 2017Outlook
2017 Areas of Focus:
2017 Guidance1
Gold Production
625-650 K oz
Cost of Sales
$650-680/oz
Cash Costs3
$400-420/oz
AISC3
$530-560/oz
2016 Reserves
Proven 5.5 Moz2
(2.82 g/t, 61M tonnes)
Probable 2.6 Moz2
Cash Flow
– Energy optimization
– Increase critical equipment OEE
Growth
– Minex
– Optionality with tailings and
processing
– Digital transformation
Challenges
– Delays to closure of Mejita dam
– Offsetting year over year production
decline due to lower grade
(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 Appendix
E Technical Update Day | 84
Operations
PuebloViejo– 2017AreasofFocus
Energy Expansion and Optimization:




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
AISC and free cash flow improvements:


Quisqueya 1 Power Plant
Pueblo Viejo lime kilns
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
PuebloViejo– GrowthPlan:Minex
2017 Minex Targets:
1.
1. Monte Negro Feeder
2.
2. PV Underground high grade pods
testing (1, 2 & 3)
3. Upper Mejita
3.
1 2
3
4. low sulphur ore near surface
Operations Technical Update Day | 86
1.PuebloViejo– MonteNegroFeeder
 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. PuebloViejo– PVUndergroundhighgradezones
 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. PuebloViejo– ProposedUpperMejita
 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
PuebloViejo– FutureGrowthOptionality
 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
PuebloViejo– ImprovedPerformanceandGrowth
 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– InvestinginFutureGrowth
JorgePalmes
ExecutiveGeneralManager
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– 2016Performance
Year over year highlights:
2016 Operating Results
1.
2.
3.
– Processing Unit Cost2
Gold Production 544 K oz
10%
– Capital $/oz
Cost of Sales
$872/oz
10%
– Silver Shipped Oz
Cash Costs1
$582/oz
5%
– TRIFR3
AISC1
$769/oz
19%
Income
$220 M
2%
EBITDA1
$338 M
4%
9%
61%
11%
24%
These are non-GAAP financial performance measures with no standardized meaning under IFRS. For further information please see notes 3 and 5 of Appendix E
Excludes Open Pit Allocation
See endnote #5
Operations and Technical Update | 94
Veladero– NewBusinessConfidence
Economic
Measures
Elimination of Export Duties
Removing Currency Controls
Impact on
Business
 Improved FCF
 Increasing reserves
 Lower operating cost
 Improved CF and
increasing reserves
 Lowering tax burden
 Increasing FCF
What has
Changed
 Export duties repealed for
most products including
doré
 FX Deregulation
 Elimination of most defacto restrictions
 Allowing peso to float
Repealed:
 Tax on dividends (10%)
 Personal Asset Tax
 Minimum Presumed Income
Tax
Impact on
Economy
 Incentivizing economic
development, production
and increasing exports
 >50%1 depreciation ARS
 Inflow of US$
 Increased BCRA reserves
 Increase competitiveness
 Incentivize investment and
economic development
 Argentina FDI interest
1. Mid-December 2015 AR$/US$ 9.8 to currently $AR/$US 15.7
Business friendly
tax reform
Operations and Technical Update | 95
Veladero– 2016Best‐in‐ClassInitiatives
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– 2016Best‐in‐ClassInitiatives
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
CCTV Monitoring System
New Leach Pad Berms
 Increased focused on
strengthening
environmental controls:
– Increased leach pad
berm-height
– CCTV 24/7 monitoring
system
– In-progress:
– North Channel
Diversion – to be
completed April 2017
North Channel Diversion
Veladero – RenewedFocusFollowingEnvironmentalIncident
Operations and Technical Update | 98
Veladero– 2017Outlook
2017 Areas of Focus:
2017 Guidance1
Gold Production
770-830 K oz
Cost of Sales
$750-800/oz
Cash Costs3
$500-540/oz
AISC3
$840-940/oz
2016 Reserves2
Proven 0.60 Moz
(0.78 g/t, 24M tonnes)
Probable 6.15 Moz
(0.84 g/t, 228M tonnes)
Cash Flow
– Increase pit wall angle, decrease
waste hauling cost
– Improve overall equipment efficiency
Growth
– Increase Au recovery
– Infill Drilling and Minex
– Expansion of the Leach Pad
– Digital transformation
Challenges
– Permitting for leach pad expansion
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 Appendix
E and Technical Update | 99
Operations
Veladero– 2017AreasofFocus
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
PotentialNearTermUpsidethroughExploration
Sectionlookingtothenorth
Proposed Drillholes
Block model > 0.25 g/t Au
Block model > 1 g/t Au
Breccia
4600 -
4400 -
Pascua Lama
Current Pit Limit
Fabiana
Vista del Toro
Cerro Castillo
4200 -
Brujas
4000 -
Open
Near term upside through:




Open
Open
200m
Potential satellite bodies
Favorable alteration zone
Structural trends
Veladero Sur
2 Km
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– FutureGrowth
 Upside: Chile Power
– 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
to reserves
Punta Colorada Generating Station
Crushing Circuit
 “Blue sky”: Crushing Optimization
Technical Limit
– Increase capacity of crushing plant toward
30 Mtpa technical limit
Operations and Technical Update | 102
LagunasNorte– PreparingfortheFuture
JimWhittaker
GeneralManager
LagunasNorte,Peru
Operations and Technical Update | 103
LagunasNorte– 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
LagunasNorte– 2016Performance
Year over year highlights:
2016 Operating Results
1.
2.
– Crusher OEE
66%
Gold Production
435 K oz
22%
Cost of Sales
$651/oz
3%
– Shovel OEE
75%
Cash Costs1
$383/oz
16%
– Loader OEE
65%
AISC1
$529/oz
4%
Silver Production 939 K oz
11%
Income
$260 M
9%
EBITDA1
$356 M
22%
– Truck 730E OEE
75%
– BiC Improvements
$41 M
– Total Leach Inventory
reduced
23 K oz
– Total Reportable Injury
27%
Frequency rate2
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
See endnote #5
Operations and Technical Update | 105
LagunasNorte– 2016CarbonPlantImprovements
 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
 Increased production generated
$24 M in savings in 2016
Decreasing CIC Tail
Operations and Technical Update | 106
LagunasNorte– 2017Outlook
2017 Areas of Focus:
2017 Guidance1
Gold Production
380-420 K oz
Cost of Sales
$710-780/oz
Cash Costs3
$430-470/oz
AISC3
$560-620/oz
2016 Reserves
Proven 1.6 Moz2
(1.83 g/t, 26 M tonnes)
Probable 2.7 Moz2
(1.87 g/t, 44M tonnes)
Cash Flow
– Throughput – maximize ounces to pad
– AISC and BiC flow improvements
– Solution injection project
Growth
– Expansion to Phase 7 in leach pad
– Near pit Minex options
– Carbonaceous ore processing
– PMR project feasibility study
Challenges
– Execution of Mine and Capex plan
– Workforce planning for transition from
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
LagunasNorte– 2017LeachSolutionInjectionProject
 Solution Injection Project focused on
advancing production of secondary
leaching and improving cash flow
Injection Well Head
 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
LagunasNorte– 2017CarbonaceousOreProject
 Stockpiled material has sulfur
content greater than 0.25%
and contaminated with
carbonaceous material
 Project is focused on
separating coal from ore
through dry classification
 Total additional leach
production estimated in 2018
and 2019 to be ~170K ozs
Belt to
Pad
Fine ore
Coarse
ore
Coarse ore
Operations and Technical Update | 109
LagunasNorte– 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
LagunasNorte– PMRSulphidesFeasibilityPhase1
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
 Advance project definition through engineering,
logistics planning and execution development
 Refine capital cost with more detailed vendor pricing
Site 1 Grinding / Flotation
Site 2 Autoclave / Leaching
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
• Part 1
Carbonaceous Oxides
Ore Project (Mill + CIL)
Feasibility &
Permits
Feasibility
2029
2028
2027
2026
2025
2024
2023
2022
2021
2020
2019
Construction
Production Lifespan
$640M
• Part 2
PMR Refractory Ore
(Flotation + Autoclave)
Capex
2018
Current
Status
Project
2017
LagunasNorte– NewSequencedLOMExtension
Feasibility
Feasibility &
Permits
Construction
Production Lifespan
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
LagunasNorte– LOM2016
Gold Production
LOM 2016
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
LOM 2016
Operations and Technical Update | 113
LagunasNorte– ProductionOpportunity
LOM 2016
POX
Gold Production
LOM 2017
Exploration
Opportunity
De-risking and
Opportunity
PMR sulphides
2015
2016
2017
2018
Oxide ‐ Heap Leach
2019
2020
2021
2022
Oxide ‐ Second Leach
2023
2024
2025
PMR ‐ Heap Leach
2026
2027
2028
PMR ‐ Sulphides
2029
2030
2031
LOM 2016
Operations and Technical Update | 114
Pascua‐Lama– StagedDevelopment
GeorgeBee
SeniorVicePresident,
Frontera District
Operations and Technical Update | 115
Pascua‐Lama– StagedDevelopment
Lama Project
 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
Lama process looking east
Pascua
 Studies advancing in parallel with Lama PFS
 Working to resolve legal and regulatory issues
Lama process looking west
Operations and Technical Update | 116
ExistingInfrastructureandPartialConstruction
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– ConceptualBlockCaving
Economic block caving material within
the currently planned open pit design
CHILE
ARGENTINA
Pascua
(later development)
Lama
CHILE
ARGENTINA
Operations and Technical Update | 118
ElIndio(Frontera)District– InvestmentandGrowth
 Barrick has a long history with
exploration and mining (El Indio
mine) as early as 1994
 Evaluating integrated
development strategy to include
Veladero and Alturas
 Leveraging existing
infrastructure as a platform for
long-term growth
 Barrick controls the majority
of the prospective ground along
the 140 km belt
 El Indio district hosts multiple
mines and deposits
El Indio Belt
Gold Discoveries
Pascua-Lama
Veladero
Barrick
Claims
Chile
Argentina
El Indio
Tambo
Camp
Alturas
Del Carmen
20 Km
Barrick Asset
Operations and Technical Update | 119
ReservesandResources– PlanningOurFuture
RickSims
SeniorDirector
ReservesandResources
Operations and Technical Update | 120
2016GoldReserves
(Moz)
91.861
2,160 Mt
1.32 g/t
89.98
1.88
Equity
Changes
Replacement
2,078 Mt
1.35 g/t
2.73
83.22
6.76
Processed
in 2016
60.0
1.
2.
2015
Year End
See Endnote #3
See Endnote #2
YE 2015
Equity
Adjusted
1,974 Mt
1.31 g/t
YE 2016
Pre-Replacement
85.952
2,007 Mt
1.33 g/t
2016
Year End
Operations and Technical Update | 121
2016GoldM&IResources
(Moz)
Gold price
change $1,300
to $1,500
79.101
5.34
1,403 Mt
1.75 g/t
75.252
4.30
Equity
Changes
72.06
2.73
To
Reserves
60.0
1.
2.
2015
Year End
See Endnote #3
See Endnote #2
1,171 Mt
1.91 g/t
YE 2016
Pre-Price
Change
2.15
Loss due to
mine plan
changes
1,309 Mt
1.79 g/t
2016
Year End
Operations and Technical Update | 122
2016GoldInferredResources
(Moz)
Replacement
5.26
Gold price
change $1,300
to $1,500
27.431
699 Mt
1.22 g/t
0.47
23.77
To M+I
1.
2.
2015
Year End
See Endnote #3
See Endnote #2
781 Mt
1.22 g/t
1.68
Equity
changes
3.19
15.0
30.712
531 Mt
1.39 g/t
YE 2016
Pre-Price Change
Pre-replacement
2016
Year End
Operations and Technical Update | 123
MineralEndowment– SensitivityvsFullReservePlan
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
Generate Pit Designs
Sensitivity Results (M+I) – Indicative of Reserves
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
ReservesandM&IGoldPriceSensitivity1
Contained Gold M oz
Barrick share
Excludes Acacia and KCGM
71
61
M&I Sensitivity
75
77
80
83
86
88
88
62
$900
1. See Appendix D
Full Reserve Plan
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
Operations and Technical Update | 125
AdditionalMineralEndowmentBeyondtheM&ISensitivity1
M&I Sensitivity
Additional M&I
Inferred
Contained Gold M oz
Barrick share
Excludes Acacia and KCGM
71
66
62
39
$900
$1,000
$1,100
$1,200
$1,300
24
20
19
18
16
15
54
52
48
46
42
13
1. See Appendix D
80
75
88
86
83
$1,400
$1,500
Operations and Technical Update | 126
Sustainability– Barrick’s LicensetoOperate
PeterSinclair
ChiefSustainabilityOfficer
Operations and Technical Update | 127
Barrick’sSustainabilityVision
Wepartnerwithhostgovernmentsand
communitiestotransformtheir natural
resourcesintosustainablebenefitsand
mutualprosperity.
Weaimtobeawelcomeandtrustedpartner
ofhostgovernmentsandcommunities,the
mostsought‐afteremployer,andthenatural
choiceforlong‐terminvestors.
Operations and Technical Update | 128
SustainabilityPerformancein2016
People
 Safest year on record
 75% reduction over 10 years
 Not satisfied until zero
1.64
Total reportable injury
frequency rate
1.2
0.76
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
SustainabilityPrioritiesfor2017
Digitizationand
LicensetoOperate
Water
Management
Energyand
ClimateChange
Meaningful
Partnerships
 Better access to
information
 Water management
strategy roll-out
 Continued roll-out of
5-Year Energy Plan
 CSR Advisory Board
 Virtual mine site visits
 Real-time water
quality monitoring
 Climate change
strategy roll-out
 Enhanced tailings
management program
 Development of GHG
reduction targets
 Safer workplaces
 Technology transfers
to communities
 One Laptop Per Child
 Cisco
Operations and Technical Update | 130
ClosingRemarks
KelvinDushnisky
President
Operations and Technical Update | 131
2017– Transformingintoa21stCenturyCompany
 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
APPENDIXA– DelCarmenSignificantIntercepts
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)
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
163
DCA-005
98
-78
239
324
DCA-006
93
-78
No significant intercept
DCA-007
90
-80
No significant intercept
246.5
DCA-008
90
-80
325
DCA-007
90
-80
No significant intercept
DCA-009
90
-85
439
591
DCA-011
90
-85
No significant intercept
DCA-014
90
-80
275
Including
314
364
393
Interval (to m)
Width (m)
(2)
Au (g/t)
472
214
285
343
14
51
46
19
0.52
1.57
12.97
0.51
306.5
344
60
19
2.55
2.15
503
602.6
64
11.6
0.59
1.09
331
329
375
413
56
15
11
20
3.08
9.64
1.99
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
APPENDIXB– FourmileSignificantIntercepts
Fourmile – Significant Intercepts1 GRC‐0427D, GRC‐0435D, FM16‐05D, and FM16‐10D
Core Drill Hole
GRC-0427D
Azimuth
NA
Dip
-90
Interval (m)
Width (m)2
Au (g/t)
666.9-672.7
5.8
10.9
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
2
All significant intercepts calculated using a 5.0 g/t Au cutoff and are uncapped; internal dilution is less than 20% total width.
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
APPENDIXC – Goldrush– ResourcebyZone
Dec. 31, 2016
Zone
Measured
Tons
Indicated
(oz/t) Ounces
Measured & Indicated
Inferred
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
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
Total
136
APPENDIXD– SensitivityNotesandTables
“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
$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
62
71
75
80
83
86
88
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
1
M+I Contained Ozs (Mozs)
Additional M+I
1
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)
Inferred
1
46
48
52
54
66
$1,100
$1,200
$1,300
$1,400
$1,500
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
1
13
15
16
18
19
20
24
$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
61
77
88
Tonnes (Mtonnes)
1. See Endnote #2 and #6
42
$1,000
Inferred Tonnes (Mtonnes)
Inferred Contained Ozs (Mozs)
Proven and Probable Reserve
39
$900
137
AppendixE– Non‐GAAPFinancialPerformanceMeasures
Operations and Technical Update | 138
APPENDIX E
1 “Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings
excludes the following from net earnings: certain impairment charges (reversals), gains (losses) and other one-time costs relating to
acquisitions or dispositions, foreign currency translation gains (losses), significant tax adjustments not related to current period earnings
and unrealized gains (losses) on non-hedge derivative instruments. The Company uses this measure internally to evaluate our underlying
operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results.
Barrick believes that adjusted net earnings is a useful measure of our performance because these adjusting items do not reflect the
underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net
earnings and adjusted net earnings per share are intended to provide additional information only and do not have any standardized
meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. They should not be
considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these nonGAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov.
Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share
($ millions, except per share amounts in dollars)
For the years ended December 31
For the three months ended December
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
42
(187)
(50)
7
(107)
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
47
(928)
(785)
95
(856)
$ 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
Acquisition/disposition (gains)/losses
Foreign currency translation (gains)/losses
Tax effect and non-controlling interest
Adjusted net earnings
1
2
Significant tax adjustments for the current year primarily relate to a tax provision booked by Acacia in Q1 2016.
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
($ millions, except per ounce information in dollars)
For the years ended December 31
Footnote
Cost of sales related to gold production
Depreciation
For the three months ended
December 31
2016
2015
2014
2016
2015
$ 4,979
$ 5,904
$ 5,893
$ 1,347
$ 1,575
(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)
$ 3,003
$ 3,626
$ 3,761
$ 817
$ 895
256
233
385
39
52
Cash costs
General & administrative costs
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)
$ 4,019
$ 5,048
$ 5,425
$ 1,112
$ 1,201
193
308
354
64
75
8
12
29
2
-
7
175
133
596
51
(48)
8
11
12
11
4
3
All-in sustaining costs
Project exploration and evaluation and project costs
6
Community relations costs not related to current operations
Project capital expenditures
Rehabilitation - accretion and amortization (non-operating
sites)
Non-controlling interest and copper operations
9
(42)
(43)
(74)
(4)
(20)
$ 4,364
$ 5,470
$ 6,341
$ 1,229
$ 1,211
10
5,503
6,083
6,284
1,519
1,636
11,12
$ 798
$ 859
$ 842
$784
$ 848
12
$ 546
$ 596
$ 598
$ 540
$ 547
12,13
$ 569
$ 619
$ 618
$ 557
$ 566
12
$ 730
$ 831
$ 864
$ 732
$ 733
12,13
$ 753
$ 854
$ 884
$ 749
$ 752
12
$ 792
$ 900
$ 1,010
$ 809
$ 741
12,13
$ 815
$ 923
$ 1,030
$ 826
$ 760
All-in costs
Ounces sold - equity basis (000s ounces)
Cost of sales per ounce
Cash costs per ounce
Cash costs per ounce (on a co-product basis)
All-in sustaining costs per ounce
All-in sustaining costs per ounce (on a co-product basis)
All-in costs per ounce
All-in costs per ounce (on a co-product basis)
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: $602 million). Refer to Note 5 of the
Financial Statements for further information.
6
Exploration and evaluation costs
Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to
future projects. Refer to page 45 of the MD&A.
7
Capital expenditures
Capital expenditures are related to our gold sites only and are presented on a 100% accrued basis. They are split between minesite sustaining
and project capital expenditures. Project capital expenditures are distinct projects designed to increase the net present value of the mine and are
not related to current production. Significant projects in the current year are Arturo, Cortez Lower Zone and Lagunas Norte Refractory Ore Project.
Refer to page 44 of the MD&A.
8
Rehabilitation - accretion and amortization
Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our
gold operations, split between operating and non-operating sites.
9
Non-controlling interest and copper operations
Removes general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also
removes exploration, evaluation and project costs, rehabilitation costs and capital expenditures incurred by our copper sites and the noncontrolling interest of our Acacia and Pueblo Viejo operating segment and Arturo. In 2016, figures remove the impact of Pierina. The impact is
summarized as the following:
($ millions)
For the three months
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)
(233)
(288)
(416)
(66)
(74)
($ 287)
($ 362)
($ 532)
($ 78)
($ 86)
Project exploration and evaluation and project costs
(12)
(11)
(43)
(4)
(9)
Project capital expenditures
(30)
(32)
(31)
-
(11)
($ 42)
($ 43)
($ 74)
($ 4)
($ 20)
Minesite sustaining capital expenditures
All-in sustaining costs total
All-in costs total
10
For the years ended December 31
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 $82 million, respectively for the three months and year ended
December 31, 2016, as the mine is currently going through closure. Cost of sales per ounce excludes non-controlling interest related to gold
productions. Cost of sales related to gold per ounce is calculated using cost of sales on an attributable basis (removing the non-controlling
interest of 40% Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces.
12
Per ounce figures
Cost of sales per ounce, cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts
presented in the table due to rounding.
13
Co-product costs per ounce
Cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis remove the impact of byproduct credits of our gold production (net of non-controlling interest) calculated as:
($ millions)
For the years ended December 31
By-product credits
Non-controlling interest
By-product credits (net of non-controlling interest)
For the three months
ended December 31
2016
2015
2014
2016
2015
$ 184
$ 214
$ 271
$ 41
$ 48
(53)
(62)
(80)
(13)
(14)
$ 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
Footnote
Cost of sales related to gold production
Depreciation
Veladero
Turquoise
Ridge
Acacia
$ 235
$ 269
$ 144
$ 60
$ 173
$ 41
$ 195
(119)
(105)
(21)
(19)
(42)
(8)
(44)
-
(17)
(4)
(7)
-
(10)
Non-recurring items
2
-
-
-
-
-
-
-
Other
3
-
-
1
-
-
-
1
-
-
(39)
-
-
-
(52)
$ 116
$ 164
$ 68
$ 37
$ 124
$ 33
$ 90
-
-
-
-
-
-
(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
-
(4)
(13)
-
-
-
(21)
$ 144
$ 222
$ 89
$ 42
$ 175
$ 42
$ 127
33
-
-
1
-
-
-
-
-
-
-
-
-
-
$ 177
$ 222
$ 89
$ 43
$ 175
$ 42
$ 127
277
305
198
98
194
69
134
7,8
$846
$880
$450
$612
$892
$595
$935
8
$ 418
$ 534
$ 341
$ 379
$ 642
$ 484
$ 679
8,9
$ 418
$ 536
$ 471
$ 418
$ 716
$ 484
$ 713
8
$ 517
$ 734
$ 443
$ 436
$ 905
$ 610
$ 952
8,9
$ 517
$ 736
$ 573
$ 475
$ 979
$ 610
$ 986
8
$ 637
$ 734
$ 443
$ 447
$ 905
$ 610
$ 953
8,9
$ 637
$ 736
$ 573
$ 486
$ 979
$ 610
$ 987
Non-controlling interests
All-in sustaining costs
Project capital expenditures
5
Non-controlling interests
All-in costs
Ounces sold - equity basis (000s ounces)
Cost of sales per ounce
Cash costs per ounce
Cash costs per ounce (on a co-product basis)
All-in sustaining costs per ounce
All-in sustaining costs per ounce (on a coproduct basis)
All-in costs per ounce
All-in costs per ounce (on a co-product basis)
Lagunas
Norte
-
General & administrative costs
Pueblo
Viejo
1
Cash costs
Goldstrike
By-product credits
Non-controlling interests
Cortez
($ millions, except per ounce information in dollars)
For the three months ended December 31, 2015
Footnote
Cost of sales related to gold production
Depreciation
Goldstrike
Pueblo
Viejo
Lagunas
Norte
Veladero
Turquoise
Ridge
Acacia
$ 242
$ 251
$ 197
$ 81
$ 123
$ 35
$ 303
(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
-
-
(27)
-
-
-
(51)
$ 119
$ 178
$ 54
$ 40
$ 88
$ 29
$ 94
-
-
-
-
-
-
9
Non-controlling interests
Cash costs
General & administrative costs
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
-
-
(11)
-
-
-
(20)
$ 139
$ 199
$ 70
$ 60
$ 144
$ 38
$ 128
5
24
-
-
-
-
-
-
(9)
-
-
-
-
-
$ 144
$ 214
$ 70
$ 60
$ 144
$ 38
$ 128
344
345
141
118
156
51
127
7,8
$703
$727
$849
$690
$785
$685
$1,526
8
$ 348
$ 514
$ 383
$ 337
$ 556
$ 571
$ 728
8,9
$ 348
$ 516
$ 505
$ 370
$ 594
$ 571
$ 756
8
$ 406
$ 581
$ 496
$ 506
$ 915
$ 735
$ 1,004
8,9
$ 406
$ 583
$ 618
$ 539
$ 953
$ 735
$ 1,032
8
$ 419
$ 623
$ 496
$ 506
$ 915
$ 735
$ 1,005
8,9
$ 419
$ 625
$ 618
$ 539
$ 953
$ 735
$ 1,033
Non-controlling interests
All-in sustaining costs
Project capital expenditures
5
Non-controlling interests
All-in costs
Ounces sold - equity basis (000s ounces)
Cost of sales per ounce
Cash costs per ounce
Cash costs per ounce (on a co-product basis)
All-in sustaining costs per ounce
All-in sustaining costs per ounce (on a coproduct basis)
All-in costs per ounce
All-in costs per ounce (on a co-product basis)
Cortez
($ millions, except per ounce information in dollars)
For the year ended December 31, 2016
Footnote
Cost of sales related to gold production
Depreciation
Cortez
Goldstrike
Pueblo
Viejo
Lagunas
Norte
Veladero
Turquoise
Ridge
Acacia
$ 955
$ 940
$ 644
$ 276
$ 464
$ 155
$ 719
(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
-
-
(170)
-
-
-
(188)
$ 456
$ 632
$ 276
$ 163
$ 309
$ 128
$ 334
-
-
-
-
-
-
55
Non-controlling interests
Cash costs
General & administrative costs
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
-
(4)
(44)
-
-
-
(88)
$ 549
$ 788
$ 343
$ 224
$ 409
$ 161
$ 500
67
74
-
5
-
-
1
-
(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
7,8
$901
$852
$564
$651
$872
$603
$880
8
$ 430
$ 572
$ 395
$ 383
$ 582
$ 498
$ 640
8,9
$ 430
$ 573
473
$ 423
$ 632
$ 498
$ 677
8
$ 518
$ 714
$ 490
$ 529
$ 769
$ 625
$ 958
8,9
$ 518
$ 715
$ 568
$ 569
$ 819
$ 625
$ 995
8
$ 581
$ 754
$ 490
$ 540
$ 769
$ 625
$ 960
8,9
$ 581
$ 755
$ 568
$ 580
$ 819
$ 625
$ 997
Non-controlling interests
All-in sustaining costs
Project capital expenditures
5
Non-controlling interests
Cost of sales per ounce
Cash costs per ounce
Cash costs per ounce (on a co-product basis)
All-in sustaining costs per ounce
All-in sustaining costs per ounce (on a coproduct basis)
All-in costs per ounce
All-in costs per ounce (on a co-product basis)
($ millions, except per ounce information in dollars)
For the year ended December 31, 2015
Footnote
Cost of sales related to gold production
Depreciation
Cortez
Goldstrike
Pueblo
Viejo
Lagunas
Norte
Veladero
Turquoise
Ridge
Acacia
$ 826
$ 722
$ 904
$ 378
$ 499
$ 141
$ 837
(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
-
-
(194)
-
-
-
(200)
$ 477
$ 522
$ 279
$ 186
$ 348
$ 117
$ 357
-
-
-
-
-
-
42
Non-controlling interests
Cash costs
General & administrative costs
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
-
-
(51)
-
-
-
(75)
$ 592
$ 657
$ 356
$ 288
$ 596
$ 150
$ 513
$ 47
112
-
-
-
-
(1)
-
(31)
-
-
-
-
-
$ 639
$ 738
$ 356
$ 288
$ 596
$ 150
$ 512
982
999
597
565
629
202
461
7,8
$841
$723
$881
$669
$792
$697
$1,161
8
$ 486
$ 522
$ 467
$ 329
$ 552
$ 581
$ 772
8,9
$ 487
$ 523
$ 595
$ 361
$ 587
$ 581
$ 810
8
$ 603
$ 658
$ 597
$ 509
$ 946
$ 742
$
1,112
8,9
$ 604
$ 659
$ 725
$ 541
$ 981
$ 742
$
1,150
8
$ 650
$ 738
$ 597
$ 509
$ 946
$ 742
$
1,111
8,9
$ 651
$ 739
$ 725
$ 541
$ 981
$ 742
$
1,149
Non-controlling interests
All-in sustaining costs
Project capital expenditures
5
Non-controlling interests
All-in costs
Ounces sold - equity basis (000s ounces)
Cost of sales per ounce
Cash costs per ounce
Cash costs per ounce (on a co-product basis)
All-in sustaining costs per ounce
All-in sustaining costs per ounce (on a coproduct basis)
All-in costs per ounce
All-in costs per ounce (on a co-product basis)
($ millions, except per ounce information in dollars)
For the year ended December 31, 2014
Footnote
Cost of sales related to gold production
Depreciation
Goldstrike
Pueblo
Viejo
Lagunas
Norte
Veladero
Turquoise
Ridge
Acacia
$ 687
$ 651
$ 885
$ 335
$ 554
$ 111
$ 693
(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)
-
-
(197)
-
-
-
(182)
$ 431
$ 518
$ 298
$ 229
$ 410
$ 94
$ 329
-
-
-
-
-
-
44
Non-controlling interests
Cash costs
General & administrative costs
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
-
-
(62)
-
-
-
(80)
$ 611
$ 775
$ 393
$ 328
$ 590
$ 125
$ 497
19
300
-
-
-
-
56
-
(5)
-
-
-
-
(17)
$ 630
$ 1,070
$ 393
$ 328
$ 590
$ 125
$ 536
865
908
667
604
724
200
450
7,8
$794
$718
$786
$555
$764
$559
$985
8
$ 498
$ 571
$ 446
$ 379
$ 566
$ 473
$ 732
8,9
$ 499
$ 572
$ 521
$ 403
$ 604
$ 473
$ 786
8
$ 706
$ 854
$ 588
$ 543
$ 815
$ 628
$
1,105
8,9
$ 707
$ 855
$ 663
$ 567
$ 853
$ 628
$
1,159
8
$ 728
$ 1,179
$ 588
$ 543
$ 815
$ 628
$
1,190
8,9
$ 729
$ 1,180
$ 663
$ 567
$ 853
$ 628
$
1,244
Non-controlling interests
All-in sustaining costs
Project capital expenditures
5
Non-controlling interests
All-in costs
Ounces sold - equity basis (000s ounces)
Cost of sales per ounce
Cash costs per ounce
Cash costs per ounce (on a co-product basis)
All-in sustaining costs per ounce
All-in sustaining costs per ounce (on a coproduct basis)
All-in costs per ounce
All-in costs per ounce (on a co-product basis)
1
Cortez
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: $7 million).
4
Exploration and evaluation costs
Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to
future projects. Refer to page 45 of the MD&A.
5
Capital expenditures
Capital expenditures are related to our gold sites only and are presented on a 100% accrued basis. They are split between minesite sustaining and
project capital expenditures. Project capital expenditures are distinct projects designed to increase the net present value of the mine and are not
related to current production. Significant projects in the current year are Arturo, Cortez Lower Zone and Lagunas Norte Refractory Ore Project. Refer
to page 44 of the MD&A.
6
Rehabilitation - accretion and amortization
Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our
gold operations, split between operating and non-operating sites.
7
Cost of sales per ounce
Cost of sales related to gold per ounce is calculated using cost of sales on an attributable basis (removing the non-controlling interest of 40%
Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces.
8
Per ounce figures
Cost of sales per ounce, cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts
presented in this table due to rounding.
9
Co-product costs per ounce
Cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis remove the impact of byproduct credits of our gold production (net of non-controlling interest) calculated as:
($ millions)
By-product credits
Non-controlling interest
By-product credits (net of noncontrolling interest)
For the three months ended December 31, 2016
Cortez
Goldstrike
Pueblo
Viejo
Lagunas
Norte
Veladero
Turquoise
Ridge
Acacia
$-
$-
$ 17
$4
$7
$-
$ 10
-
-
(9)
-
-
-
(4)
$-
$-
$8
$4
$7
$-
$6
For the three months ended December 31, 2015
By-product credits
Non-controlling interest
By-product credits (net of noncontrolling interest)
Cortez
Goldstrike
Pueblo
Viejo
Lagunas
Norte
Veladero
Turquoise
Ridge
Acacia
$1
$-
$ 26
$4
$4
$-
$9
-
-
(10)
-
-
-
(3)
$1
$-
$ 16
$4
$4
$-
$6
For year ended December 31, 2016
By-product credits
Non-controlling interest
By-product credits (net of noncontrolling interest)
Cortez
Goldstrike
Pueblo
Viejo
Lagunas
Norte
Veladero
Turquoise
Ridge
Acacia
$-
$1
$ 90
$ 17
$ 27
$-
$ 39
-
-
(39)
-
-
-
(14)
$-
$1
$ 51
$ 17
$ 27
$-
$ 25
For the year ended December 31, 2015
By-product credits
Non-controlling interest
By-product credits (net of noncontrolling interest)
Cortez
Goldstrike
Pueblo
Viejo
Lagunas
Norte
Veladero
Turquoise
Ridge
Acacia
$1
$1
$ 120
$ 18
$ 22
$-
$ 36
-
-
(49)
-
-
-
(13)
$1
$1
$ 71
$ 18
$ 22
$-
$ 23
For the year ended December 31, 2014
By-product credits
Non-controlling interest
By-product credits (net of noncontrolling interest)
Cortez
Goldstrike
Pueblo
Viejo
Lagunas
Norte
Veladero
Turquoise
Ridge
Acacia
$1
$1
$ 163
$ 14
$ 28
$-
$ 45
-
-
(64)
-
-
-
(16)
$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
$ 319
$ 814
$ 954
$ 84
$ 116
Depreciation/amortization1
(45)
(104)
(171)
(15)
(23)
Treatment and refinement charges
161
178
120
41
49
209
23
-
55
23
(41)
(101)
(39)
(9)
(16)
Non-routine charges
-
-
(1)
-
-
Other metal sales
-
(1)
(1)
-
-
Other
-
72
(27)
-
72
$ 603
$ 881
$ 835
$ 156
$ 221
14
21
40
3
4
7
6
8
2
-
41
101
39
9
16
-
-
1
-
-
169
177
294
48
44
-
-
1
-
-
$ 834
$ 1,186
$ 1,218
$ 218
$ 285
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
Cost of sales
Cash cost of sales applicable to equity method
investments2
Less: royalties
C1 cash cost of sales
General & administrative costs
Rehabilitation - accretion and amortization
Royalties
Minesite exploration and evaluation costs
Minesite sustaining capital expenditures
Inventory write-downs
All-in sustaining costs
Pounds sold - consolidated basis (millions pounds)
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 three months ended December 31
2016
2015
2014
2016
2015
$ 861
$ (3,113)
$ (2,959)
$ 512
$ (2,941)
Income tax expense
917
(31)
306
223
(361)
Finance costs, net1
725
663
710
200
120
1,574
1,771
1,648
418
499
$ 4,077
$ (710)
$ (295)
$ 1,353
$ (2,683)
(250)
3,897
4,106
(304)
3,405
$ 3,827
$ 3,187
$ 3,811
$ 1,049
$ 722
Net earnings (loss)
Depreciation
EBITDA
Impairment charges
Adjusted EBITDA
1
For the years ended December 31
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.
2016 Reserves and Resources1
Tonnes
(000s)
Grade
(gm/t)
Contained
(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
See Endnote #2
1:139
APPENDIX
Cortez– 2016Review&2017Targets
In 2016
gold production was 1,059koz, 6%
higher than the prior year primarily due to higher ore
tonnes. This was combined by Best-in-Class initiatives
increasing mining efficiencies and process improvements
resulting in increased tonnes mined and throughput,
respectively, partly offset by lower underground grades
as mining is advancing from the high grade Breccia zone
to the lower grade Middle zone. Cost of Sales were
$901 per ounce, $60 per ounce higher than the prior
year primarily due to the impact of higher depreciation
from an increase in ounces mined at the Cortez Hills
open pit combined with lower capitalized stripping costs
associated with lower stripping at the Cortez Hills open
pit and Crossroads open pit. The increases were partially
offset by lower open pit consumable costs combined with
lower inventory write-downs, lower royalty payments as
more ore was produced from the Cortez Hills pit. All-in
sustaining costs1 were $518 per ounce, a decrease of
$85 per ounce from the prior year primarily due to the
impact of higher sales volume combined with lower
sustaining capital spend.
For 20172
we expect gold production to be in the
range of 1,250 to 1,290 thousand ounces, an increase from
2016 production levels. This is due to a significant increase in
open pit production, primarily from higher grade oxide ore and
increased throughput at the mill processed on site and larger
volumes of refractory ore, at grades similar to 2016, being
processed at Goldstrike. This is somewhat offset by an
expected decline in underground ore grade as the mine
transitions to lower grade ore zones deeper in the deposit.
In 2017, we expect cost of sales per ounce to be in the range
of $730 to $760 per ounce, which is a material decrease from
2016 due to increased sales volume. Cost of Sales show only a
slight increase from 2016 to 2017. Operating costs are in line
with 2016, while productivity improvements generated by
digitization and Best-in-Class are expected to start contributing
to additional mining and processing volumes. All-in
sustaining costs1 are expected to be in the range of $430 to
$470 per ounce, again a decrease over 2016, primarily due to
higher sold ounces mentioned above.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E
2. See Endnote #1
1:140
APPENDIX
Cortez– ProductionMetrics
Production
Metrics
koz
2014
2015
2016
2017E1
Tonnes Mined
(000s)
152,146 151,357 124,919
Tonnes Processed
(000s)
25,957
22,406
25,112
-
1.34
1.73
1.73
-
Average Grade
(g/tonne Au)
-
1300
1200
1100
1000
900
800
Recovery (%)
81
80
Total Production
(koz Au)
902
999
76
-
1,059 1,250-1,290
700
500
1. See Endnote #1
902
999
1059
1290
1250
2014
2015
2016
2017e
600
1:141
APPENDIX
Cortez– Financial&CostMetrics
Financial
metrics
2014
2015
2016
2017E1
Gold Cost of
Sales ($/oz)
794
841
901
730 – 760
Gold AISC2
($/oz)
706
603
518
430 – 470
Gold Cash
Costs2 ($/oz)
498
486
430
360 – 380
Sustaining
Capex ($M)
170
101
75
-
Project
Capex ($M)
19
47
67
-
Segment
Income ($M)
393
287
340
-
Segment
EBITDA2 ($M)
648
630
839
-
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
–
Conventional truck/shovel operation
–
Cortez Hills pit dimensions: 2km long x 1km wide
x 400m deep
Open Pit
–
Typical bench height: 15m
Primary loading fleet:
Mining rate (ktpd)
–
–
2014
2015
2016
415
413
339
–
1 x Hitachi EX5500
Strip ratio
5.4:1
6.3:1
3.7:1
–
3 x P&H 2800
–
2 x P&H 4100
Mining cost
($/tonne)
1.70
1.42
1.56
Mining rate (ktpd)
2.0
2.5
2.8
Mining cost
($/tonne)
120
103
98
Primary hauling fleet:
–
27 x Liebherr T282
–
28 x Caterpillar CAT789
 Underground mining at Cortez Hills
– Underhand cut and fill with cemented rock fill
as backfill
Underground
– 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
12.4
13.1
12.3
Throughput (tonne/day)
10,200
9,500
11,500
Recovery (%)
84.2%
87.0%
87.7%
468
530
568
1.4
1.2
1.0
Throughput (tonne/day)
58,400
49,400
54,600
Recovery (%)
71.9%
52.9%
50.2%
225
141
229
Mill Leaching
Cost ($/tonne)
Total Production (koz Au)
Heap Leaching
Cost ($/tonne)
Total Production (koz Au)
1:144
APPENDIX
Cortez– Processing,cont’d
Processing metrics
2014
2015
2016
Autoclave (Goldstrike)
Cost ($/tonne)
Throughput (tonne/day)
Recovery (%)
Total Production (koz Au)
67.8
45.9
49.3
See Goldstrike
See Goldstrike
See Goldstrike
84.3%
75.6%
64.4%
98
33
8
Roaster (Goldstrike)
Cost ($/tonne)
Throughput (tonne/day)
Recovery (%)
Total Production (koz Au)
28.7
28.7
28.7
See Goldstrike
See Goldstrike
See Goldstrike
82.9%
90.7%
90.6%
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%
902
999
1,059
Total Production (koz Au)
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.
Tonnes
(000s)
Grade
(gm/t)
Contained
(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
2016 Reserves and Resources1
1. Does not include South Arturo
1.
See Endnote #2
1:146
APPENDIX
Goldstrike– 2016Review&2017Targets
In 2016,
gold production of 1,096koz was 4%
higher than the prior year primarily as a result of higher
autoclave production and an increase in roaster
throughput due to blend optimization. Cost of sales of
$852 per ounce was $129 per ounce higher than the
prior year primarily due to higher operating costs and
depreciation expense from the operation of the autoclave
combined with higher depreciation from Arturo pit. These
increases are partially offset by favorable fuel prices,
energy prices, and Best-in-Class initiatives aimed at
better utilizing open pit equipment,
and improving
underground mining efficiency. In 2016, this was partially
offset by the impact of an increase in sales volume. Allin sustaining costs1 of $714 per ounce increased by
$56 per ounce compared to the prior year primarily due
to higher operating costs combined with higher
sustaining capital, partly offset by an increase in sales
volume.
For 20172
production is expected to be in the range of
910 to 950 thousand ounces, which is lower than 2016
production levels. Lower ounce production is expected from
both the underground and open pit operations. At the
underground, emphasis in 2017 will be on development
deeper in the mine and ore mined will also be impacted by a
slightly higher percentage of cut and fill tonnage.
Contribution from open pit production is expected to be
lower as we transition from ore mining at the Arturo pit to
stripping the 3rd and 4th NW laybacks in the Betze Post pit.
We expect cost of sales per ounce to be in the range of
$950 to $990 per ounce for 2017, higher than 2016 due to
sold ounces decreasing over 2016 primarily, offset slightly by
lower operating spend driven by Best-in-Class initiatives. Allin sustaining costs1 are expected to be $910 to $980 per
ounce, an increase from 2016 due to lower ounce production
and higher sustaining capital expenditures for tailings
expansions, process improvements, and underground
sustaining projects to enable mining deeper in the mine.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E
2. See Endnote #1
1:147
APPENDIX
Goldstrike– ProductionMetrics
koz
Production
Metrics
2014
2015
2016
2017E2
Tonnes Mined
(000s)
81,410 72,304
67,834
-
1300
1200
1100
Tonnes
Processed1 (000s)
5,307
6,752
7,361
-
Average Grade
(g/tonne Au)
6.28
6.01
5.65
-
Recovery (%)
84
81
82
-
1000
900
800
700
Total Production
(koz Au)
902
1,053
1,096 910 - 950
500
1. Excludes toll material
2. See Endnote #1
902
1053
1096
950
910
2014
2015
2016
2017e
600
1:148
APPENDIX
Goldstrike– Financial&CostMetrics
Financial
metrics
2014
2015
2016
2017E1
Gold Cost of
Sales ($/oz)
718
723
852
950 – 990
Gold AISC2
($/oz)
854
658
714
910 – 980
Gold Cash
Costs2 ($/oz)
571
522
572
650 – 680
Sustaining
Capex ($M)
245
110
142
-
Project
Capex ($M)
295
81
44
-
Segment
Income ($M)
496
408
442
-
Segment
EBITDA2 ($M)
628
600
749
-
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
–
Pit dimensions: 3.3km long x 2km wide x 600m
deep (w/out backfill)
Open Pit
–
Typical bench height: 6-13m
Mining rate (ktpd)
–
Primary loading fleet:
–
–
2 x P&H 4100
–
2 x P&H 2800
–
1 x Hitachi EX5500
Primary hauling fleet:
–
23 x Komatsu 930E
 Underground mining at Meikle and Rodeo
– Underhand cut and fill, longhole stoping
– Cemented rock fill and paste as backfill
1.
2.
Includes dewatering cost
Stats above reflect all ore processed at Goldstrike including Arturo, Cortez and Goldstrike
2014
2015
2016
219
237
244
12.4:1
10.9:1
22.7:1
2.25
1.90
1.60
Mining rate (ktpd)
5.4
4.9
4.9
Mining cost
($/tonne)
122
112
106
Strip ratio
Mining cost1
($/tonne)
Underground
1:150
APPENDIX
Goldstrike– Processing(100%)2
Processing metrics
2014
2015
2016
88.6
62.8
60.1
Autoclave
Cost ($/tonne)
Throughput (tonne/day)
2,9001
7,100
9,600
Recovery (%)
75.4%
58.7%
63.0%
155
204
242
25.4
24.6
23.5
Throughput (tonne/day)
14,200
13,800
14,000
Recovery (%)
Total Production (koz Au)
Roaster
Cost ($/tonne)
84.1%
82.5%
83.8%
Total Production (koz Au)
963
1,180
1,204
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
Total
1.
2.
Autoclave production suspended during TCM construction. Production restarted in Q4 2014
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.
Tonnes
(000s)
Grade
(gm/t)
Contained
(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
2016 Reserves and Resources1
1.
See Endnote #2
1:152
APPENDIX
Hemlo– 2016Review&2017Targets
In 2016
gold production was 235koz,
7.3% higher than the prior year. The increase
was primarily due to higher grades from the
underground. Cost of Sales of $795 per ounce
were $92/oz lower than the prior year. All-in
sustaining costs1 of $839 per ounce for 2016
decreased by $56 per ounce compared to the
prior year primarily due to the impact of higher
sales volume on unit production costs
combined with a decrease in mine-site
sustaining capital expenditures.
For 20172 we expect gold production to be
in the range of 205-220koz, which is slightly
below 2016 production levels. This is primarily
due to a lower forecasted grade in the
underground then what was in 2016 and a one
month shutdown to replace a SAG mill shell.
Cost of Sales is anticipated to be in the range
of $800-$860 per ounce which is slightly higher
than 2016 costs due to the less ounces mined
from underground. All-in sustaining costs1
are forecast at $880-$890 per ounce, which is
higher than 2016 primarily due to sustaining
capital expenditures for tailings expansions,
water management projects, SAG Mill shell
replacement, and timing of equipment
replacements.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E
2. See Endnote #1
1:153
APPENDIX
Hemlo– ProductionMetrics
koz
Production Metrics
2014
2015
2016
2017E1
240
235
Tonnes Mined
(000s)
8,127
7,409
7,940
-
230
225
Tonnes Processed
(000s)
2,916
3,120
3,408
-
220
215
Average Grade
(g/tonne Au)
Recovery
(%)
Total Production
(koz Au)
1. See Endnote #1
2.34
2.30
2.28
-
210
205
94
95
94
-
200
206
219
235
220
205
2014
2015
2016
2017e
195
206
219
235
205 - 220
190
1:154
APPENDIX
Hemlo– Financial&CostMetrics
Financial
metrics
2014
2015
2016
2017E1
Gold Cost of
Sales ($/oz)
1,089
887
795
800 – 860
Gold AISC2
($/oz)
1,059
895
839
880 – 980
Gold Cash
Costs2 ($/oz)
829
708
679
640 – 690
Sustaining
Capex ($M)
45
38
37
-
Project
Capex ($M)
0
39
0
-
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
– Pit dimensions: 1km long x 0.6km
wide x 220m deep
– Typical bench height: 10m
– Primary loading fleet:
– 3 x Caterpillar 992
– Primary hauling fleet:
– 7 x Caterpillar CAT777
 Underground mining
– Long hole and Alimak
– 9yd Scooptrams/30t trucks/40t
autonomous trucks
– Shaft and ramp access covers 1.3km
depth and 3km strike length
Mining Metrics
2014
2015
2016
19
18
18
Strip ratio
3.5:1
2.6:1
2.1:1
Mining cost ($/tonne)
3.99
3.51
4.01
Mining rate (ktpd)
3.1
3.2
3.3
Mining cost ($/tonne)
77
70
68
Open Pit
Mining rate (ktpd)
Underground
1:156
APPENDIX
Hemlo– Processing
Processing metrics
2014
2015
2016
Cost ($/tonne)
12.0
9.3
9.1
Throughput (tonne/day)
8,000
8,500
9,300
Recovery (%)
93.9%
94.6%
93.7%
206
219
235
Cost ($/tonne)
12.0
9.3
9.1
Throughput (tonne/day)
8,000
8,500
9,300
Recovery (%)
93.9%
94.6%
93.7%
206
219
235
Mill Leaching
Total Production (koz Au)
Total
Total Production (koz Au)
1:157
APPENDIX
JabalSayid– 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.
Tonnes
(Million)
Grade
Cu (%)
Contained
(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
2016 Reserves and Resources 1
1.
See Endnote #2
1:158
APPENDIX
JabalSayid– 2016Review&2017Targets(50%)
In 2016, the mine initiated commercial
production in July. Copper production was 30
million pounds (attributable) at Cost of Sales
were $2.33 per pound and all-in sustaining
costs1 were $2.98 per pound for 2016.
For 20172 copper production is expected
to be in the range of 30-40 million pounds
(attributable), higher than 2016 production
levels due primarily to the accelerated ramp up
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-$2.80 per pound, and lower
than the prior year as the mine ramps up
production.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 4 of Appendix E
2. See Endnote #1
1:159
APPENDIX
JabalSayid– ProductionMetrics(50%)
Production
Metrics
mlb
2014
2015
2016
2017E1
45
40
Ore Tonnes
Mined (000s)
-
-
739
-
Tonnes
Processed (000s)
-
-
638
-
Average Grade
(% Cu)
-
-
2.31
-
Recovery
(%)
-
-
91
-
Total Production
(Mlb Cu)
-
35
30
25
20
15
10
6
30
30 - 40
0
1. See Endnote #1
0
6
30
40
30
2014
2015
2016
2017e
5
1:160
APPENDIX
JabalSayid– Financial&CostMetrics(50%)
Financial
metrics
2014
2015
2016
2017E1
Copper Cost of Sales
($/ lb)
-
-
2.33
2.10 – 2.80
Copper AISC2 ($/ lb)
-
-
2.98
2.30 – 2.80
Copper C1 Cash
Costs2 ($/ lb)
-
-
1.97
1.50 – 1.90
Sustaining Capex
($M)
-
-
17
-
Project Capex
($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
JabalSayid– Mining
 Underground Mining:
– Long Hole Open Stoping method of
mining
– Average Stope Dimensions 50m x 30m x
30m
– Ore and waste hauled to surface via a
decline
Mining Metrics
(100%)
2014
2015
2016
Mining Rate (ktpd)
-
-
3.5
Mining costs ($/tonne)
-
-
23.9
Underground
– Primary Loading Fleet (currently):
– 5 x Sandvik LH621 (3 being teleremote loaders with self guidance
technology)
– Primary Hauling Fleet (currently):
– 6 x Sandvik TH663
1:162
APPENDIX
JabalSayid– Processing
Processing metrics (100%)
2014
2015
2016
Cost ($/tonne)
-
-
22.9
Throughput (tonne/day)
-
-
3,498
Recovery (%)
-
-
91
Total Production (100% Mlb Cu)
-
12
60
Cost ($/tonne)
-
-
22.9
Throughput (tonne/day)
-
-
3,498
Recovery (%)
-
-
91
Total Production (100% Mlb Cu)
-
12
60
Concentrator
Total
1:163
APPENDIX
LagunasNorte– 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.
2016 Reserves and Resources 1
Tonnes
(000s)
Grade
(gm/t)
Contained
(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
See Endnote #2
1:164
APPENDIX
LagunasNorte– 2016Review&2017Targets
In 2016,
gold production of 435koz was 22%
lower than the prior year primarily due to fewer ounces
placed on the leach pad as a result of lower tonnage
mined and combined with processing a higher
percentage of older stock material, in line with
expectations as the mine matures. Cost of sales of $651
per ounce was $18 per ounce lower than the prior year
mainly due to a decrease in depreciation expense and
lower direct operating costs resulting from lower tonnage
mined and processed, lower fuel prices and lower
royalties derived from lower sales. These were combined
with realized cost savings from the Best-in-Class program
such as the initiatives to improve efficiencies in the
carbon in column circuit, implementation of short interval
control, improvements in planned maintenance and
renegotiation of certain service contracts. In 2016, all-in
sustaining costs1 of $529 per ounce increased by $20
per ounce compared to the prior year primarily due to
lower sales volume, partially offset by the lower cost of
sales combined with a decrease in minesite sustaining
capital expenditures.
For 20172
we expect gold production to be in the
range of 380 to 420 thousand ounces, lower than 2016
production levels, as a result of the progressive depletion of
oxide ores, which are being replaced with sulfide ores with
lower kinetics and recoveries. We expect cost of sales per
ounce4 to be in the range of $710 to $780 per ounce. This
increase, in comparison with 2016, is mainly driven by higher
cost of sales attributed to an expected increase in
depreciation expense, higher direct operating costs and CSR
expenses, partially offset by Best-in-Class initiatives. The
increase in all-in sustaining costs1 to $560-$620 per
ounce in comparison with 2016 is driven mainly by the
decrease in production; sustaining capital expenditures are
decreasing in 2017. Operational cost increases are expected
to be partially offset by Best-in-Class operational initiatives
including service and material contract renegotiation,
increased component life, improvements in preventative
maintenance, and energy optimization programs. Structural
cost reduction in mine stripping and employee profit sharing
are expected to occur due to the reduced mine production
plan.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E
2. See Endnote #1
1:165
APPENDIX
LagunasNorte– ProductionMetrics
koz
Production
Metrics
2014
2015
2016
2017E1
700
Tonnes Mined
(000s)
50,030
49,126
40,847
-
600
Tonnes
Processed (000s)
22,110
21,880
17,253
-
500
400
Average Grade
(g/tonne Au)
0.99
Recovery (%)
83
78
70
-
Total Production
(koz Au)
582
560
435
380 - 420
1.02
1.12
300
200
0
1. See Endnote #1
582
560
435
420
380
2014
2015
2016
2017e
100
1:166
APPENDIX
LagunasNorte– Financial&CostMetrics
Financial
metrics
2014
2015
2016
2017E1
Gold Cost of
Sales ($/oz)
555
669
651
710 – 780
Gold AISC2
($/oz)
543
509
529
560 – 620
Gold Cash
Costs2 ($/oz)
379
329
383
430 – 470
Sustaining
Capex ($M)
81
67
51
-
Project
Capex ($M)
0
0
5
-
Segment
Income ($M)
439
285
260
-
Segment
EBITDA2 ($M)
531
454
356
-
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
LagunasNorte– Mining
 Open pit mining
– Conventional truck/shovel operation
– Pit Dimensions: 2.5 km long x 1.5 km wide
x 170 m deep (no backfill)
Mining Metrics
2014
2015
2016
137
135
112
Open Pit
– Typical Bench Height: 10m
Mining rate (ktpd)
– Primary Loading Fleet:
Strip Ratio
0.9:1
1.2:1
1.5:1
Mining costs
($/tonne)
2.35
2.22
1.84
– 2 x Komatsu PC4000
– 3 x Komatsu WA1200
– Primary Hauling Fleet:
– 19 x Komatsu 730E
– 4 x Caterpillar 785C
1:168
APPENDIX
LagunasNorte– Processing
Processing metrics
2014
2015
2016
3.37
3.32
3.92
Throughput (tonne/day)
60,600
59,900
47,100
Recovery (%)
82.7%
78.1%
69.7%
582
560
435
3.37
3.32
3.92
Throughput (tonne/day)
60,600
59,900
47,100
Recovery (%)
82.7%
78.1%
69.7%
582
560
435
Heap Leaching
Cost ($/tonne)
Total production (koz Au)
Total
Cost ($/tonne)
Total Production (koz Au)
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.
2016 Reserves and Resources 1
Tonnes
(000s)
Grade
(%)
Contained
(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
See Endnote #2
1:170
APPENDIX
Lumwana– 2016Review&2017Targets(47.5%)
In 2016
copper production was 271
million pounds, 5.6% lower than the prior year.
This decrease was primarily attributable to
lower tonnes mined due to equipment
availability and lower grade. Cost of Sales
were $1.16 per pound, 18% lower than prior
year, attributable to lower direct mining costs
as a result of improved cost controls, and lower
royalty expenses following changes in royalty
rates through the 2nd half of 2015 and 2016.
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.
For 20172 we expect copper production to
be in the range of 250-275 million pounds,
which is slightly lower than 2016 production
levels, due primarily to lower ore grades from
the mining operations. Cost of Sales are
expected to be in the range of $1.20 to $1.40
per pound. All-in sustaining costs1 are
expected to be $2.10-$2.30 per pound, which is
slightly higher than 2016 performance due to
lower production and sales.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 4 of Appendix E
2. See Endnote #1
1:171
APPENDIX
Lumwana– ProductionMetrics
mlb
Production
Metrics
2014
2015
2016
2017E1
350
Tonnes Mined
(000s)
77,000
68,564
62,853
-
300
Tonnes
Processed (000s)
15,748
21,632
21,694
Average Grade
(% Cu)
250
200
0.67
0.65
0.60
150
Recovery
(%)
93
93
95
-
Total Production
(Mlb Cu)
214
287
271
250 - 275
100
50
0
1. See Endnote #1
214
287
271
275
250
2014
2015
2016
2017e
1:172
APPENDIX
Lumwana– Financial&CostMetrics
Financial
metrics
2014
2015
2016
2017E1
Copper Cost of Sales
($/ lb)
2.07
1.42
1.16
1.20 – 1.40
Copper AISC2 ($/ lb)
3.15
2.42
1.97
2.10 – 2.30
Copper C1 Cash
Costs2 ($/ lb)
2.08
1.72
1.44
1.40 – 1.60
Sustaining Capex
($M)
182
99
96
-
0
0
0
-
Project Capex
($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
1:173
APPENDIX
Lumwana– Mining
 Open pit mining at Chimiwungo pit:
– Conventional truck/shovel operation and
conveyor
– Three Current Pits Average Dimensions:
1km long x 0.6km wide x 120m deep
– Typical Bench Height: 12m
– Primary Loading Fleet:
– 6 x Hitachi EX5500-5
– Primary Hauling Fleet:
Mining Metrics
2014
2015
2016
211
187
172
Strip Ratio
3.2:1
1.9:1
1.4:1
Mining costs
($/tonne)
4.07
3.65
3.36
Open Pit
Mining rate (ktpd)
– 30 x Hitachi EH4500
1:174
APPENDIX
Lumwana– Processing
Processing metrics
2014
2015
2016
3.94
2.79
2.75
Throughput (tonne/day)
43,145
59,266
59,273
Recovery (%)
93.5%
93.3%
94.7%
214
287
271
3.94
2.79
2.75
Throughput (tonne/day)
43,145
59,266
59,273
Recovery (%)
93.5%
93.3%
94.7%
214
287
271
Concentrator
Cost ($/tonne)
Total Production (Mlb Cu)
Total
Cost ($/tonne)
Total Production (Mlb Cu)
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
(000s)
Grade
(gm/t)
Contained
(000s ozs)
444
12.26
175
14,011
4.51
2,032
Measured Gold Mineral Resources
168
5.92
32
Indicated Gold Mineral Resources
13,607
4.05
1,770
2016 Reserves and Resources1 (47.5%)
Proven Gold Mineral Reserves
Probable Gold Mineral Reserves
1.
See Endnote #2
1:176
APPENDIX
Porgera– 2016Review&2017Targets
In 2016, gold production of 234koz
(attributable) was 46% lower than the prior year.
The decrease was largely due to the 50% divestment
of Barrick’s 95% stake, down to 47.5% ownership.
The decrease can additionally be attributed to
geotechnical events which impacted operations in
the open pit and underground mines resulting in
lower grades. Cost of Sales were $836 per ounce
down $45 per ounce, compared to the prior year.
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.
For 20172 we expect gold production to be in the
range of 250-270 koz, an increase from 2016, primarily
due to higher mill feed grade. We anticipate Cost of
Sales to be between $780 to $840 per ounce, slightly
lower than 2016 costs due to the higher expected
production. All-in sustaining costs1 are expected to be
between $900-$970 per ounce, higher than 2016
primarily due to increased capitalized stripping and
underground development.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 4 of Appendix E
2. See Endnote #1
1:177
APPENDIX
Porgera– ProductionMetrics(BarrickShare)
koz
Production
Metrics
20141
20152
20163 2017E3,4
Tonnes Mined
(000s)
15,719
17,527
8,039
-
500
Tonnes
Processed (000s)
5,584
5,006
2,710
-
400
Average Grade
(g/tonne Au)
3.10
3.59
3.05
-
300
Recovery (%)
89
87
88
-
Production (koz
Au)
493
436
234
250 - 270
600
200
100
0
1.
2.
3.
4.
2014 figures are stated at 95% basis
2015 figures are stated at 95% basis until August 31, 2015 and at 47.5% basis thereafter
2016 and 2017E figures are stated at 47.5% basis
See Endnote #1
493
436
234
270
250
2014
2015
2016
2017e
1:178
APPENDIX
Porgera– Financial&CostMetrics(BarrickShare)
1.
2.
3.
4.
5.
Financial
metrics
20141 20152 20163
2017E3,4
Gold Cost of
Sales ($/oz)
1,000
881
836
780 – 840
Gold AISC5
($/oz)
996
1,018
858
900 – 970
Gold Cash
Costs5 ($/oz)
915
791
689
650 – 700
Sustaining
Capex ($M)
33
93
43
-
Project
Capex ($M)
0
0
0
-
2014 figures are stated at 95% basis
2015 figures are stated at 95% basis until August 31, 2015 and at 47.5% basis thereafter
2016 and 2017E figures are stated at 47.5% basis
See Endnote #1
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:
– 2.0km long x 1.2km wide x 400m deep
– Typical bench height: 10m
Primary loading fleet:
– 3 x Terex RH200
– 1 x Terex RH120
– 3 x Caterpillar 992D
Primary hauling fleet:
– 10 x Caterpillar CAT777
– 29 x Caterpillar CAT789
Underground:
–
–
Load and Haul
– 4 x Caterpillar AD45
– 4 x Caterpillar AD55
– 5 x Caterpillar 2900
Long hole open stoping
– Paste backfill
Mining Metrics
2014
2015
2016
43
58
42
Strip ratio
5.0:1
8.4:1
9.3:1
Mining cost
($/tonne)
5.53
4.66
5.51
3.5
4.1
3.9
68.64
57.67
52.09
Open Pit
Mining rate (ktpd)
Underground
Mining rate (ktpd)
Mining cost
($/tonne)
1:180
APPENDIX
Porgera – Processing(100%)
Processing metrics
2014
2015
2016
27.6
22.1
19.3
Throughput (tonne/day)
16,100
15,200
15,600
Recovery (%)
88.5%
86.7%
88.2%
519
554
494
27.6
22.1
19.3
Throughput (tonne/day)
16,100
15,200
15,600
Recovery (%)
88.5%
86.7%
88.2%
519
554
494
Mill Processing
Cost ($/tonne)
Total Production (koz Au)
Total
Cost ($/tonne)
Total Production (koz Au)
1:181
APPENDIX
PuebloViejo– 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.
2016 Reserves and Resources 1
Tonnes
(000s)
Grade
(gm/t)
Contained
(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
See Endnote #2
1:182
APPENDIX
PuebloViejo– 2016Review&2017Targets(60%)
In 2016
gold production was 700koz, 22% higher than
the prior year primarily due to higher ore grades and recoveries
compared to the prior year due to a lower amount of
carbonaceous ore processed in 2016. This was combined with
relatively lower throughput in 2015, mainly as the result of the
mechanical failure at the oxygen plant in the fourth quarter of
2015. Cost of sales were $564 per ounce4 in 2016, $317 per
ounce lower than the prior year primarily due to lower
depreciation as a result of the impairment recorded in the fourth
quarter of 2015 and an increase in the life of mine combined
with 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. These were further impacted by
lower energy and fuel prices, lower maintenance costs due to
the timing of maintenance activities, lower costs attributed to
shutdowns and also, the impact of higher sales volume on unit
production costs. All-in sustaining costs1 were $490 per
ounce, decreased by $107 per ounce compared to the prior year
due to lower operating costs combined with the impact of higher
sales volume on unit production costs. All-in sustaining costs1
did not benefit from the aforementioned insurance proceeds as
they were excluded from our calculation.
For 20172
we expect our equity share of gold
production to be in the range of 625 to 650 thousand
ounces, below 2016 production levels, driven by
reduced gold head grade offset by increased gold
recovery related to improved availability and utilization
achieved through the optimization of maintenance
strategies and ore blending. In 2017, we expect cost
of sales per ounce4 to be in the range of $650 to $680
per ounce and all-in-sustaining costs1 to be $530 to
$560 per ounce. All three indicators will be higher than
2016 primarily due to a reduction in total ounces sold
affected by head grades, cost increases related to
corporate allocations, higher maintenance costs, and
higher sustaining costs owing to the deferral of
projects from 2016 into 2017 which also affects
depreciation. By-product credits are expected to be
higher than 2016, impacted both by prices and
recoveries for silver and copper, while power sales will
benefit from the proceeds from frequency and capacity
fees that Quisqueya I Power Plant will start to receive
in 2017.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E
2. See Endnote #1
1:183
APPENDIX
PuebloViejo– ProductionMetrics(60%)
koz
800
2014
2015
2016
2017E1
Tonnes Mined
(000s)
21,055
22,736
23,278
-
Tonnes
Processed (000s)
4,027
4,150
4,527
-
Average Grade
(g/tonne Au)
5.53
4.94
5.29
-
Recovery
(%)
93
87
91
-
Attr. Production
(koz Au)
665
1. See Endnote #1
572
700
625 - 650
700
Barrick Attributable Production (60%)
Production
Metrics
600
500
400
300
200
665
572
700
650
625
2014
2015
2016
2017e
100
0
1:184
APPENDIX
PuebloViejo– Financial&CostMetrics(60%)
Financial
metrics
2014
2015
2016
2017E1
Gold Cost of
Sales ($/oz)
786
881
564
650 – 680
Gold AISC2
($/oz)
588
597
490
530 – 560
Gold Cash
Costs2 ($/oz)
446
467
395
400 – 420
Sustaining
Capex ($M)
80
61
61
-
Project
Capex ($M)
0
0
0
-
Segment
Income ($M)
417
230
528
-
Segment
EBITDA2 ($M)
555
390
621
-
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
PuebloViejo– Mining(100%)
 Open pit:
2 large pits, Moore and Montenegro
Mining Metrics
− Conventional truck/shovel operation
Open Pit
– Pit dimensions: 2.5km long x 1.5km
wide x 300m deep (no backfill)
Mining rate (ktpd)
– Typical bench height: 10m
– Primary loading fleet:
– 2 x Hitachi EX3600
2014
2015
2016
96
104
106
Strip Ratio
1.0:1
1.1:1
1.1:1
Mining costs
($/tonne)
3.15
2.84
2.97
– 3 x CAT 994
– Primary hauling fleet:
– 34 x Caterpillar CAT789
1:186
APPENDIX
PuebloViejo– Processing(100%)
Processing metrics at 100%
2014
2015
2016
58.0
50.4
42.3
Throughput (tonnes/day)
18,400
19,000
20,600
Recovery (%)
92.9%
86.8%
91.0%
Total production (koz Au)
1,109
954
1,167
58.0
50.4
42.3
Throughput (tonnes/day)
18,400
19,000
20,600
Recovery (%)
92.9%
86.8%
91.0%
Total production (koz Au)
1,109
954
1,167
Autoclave
Cost ($/tonne)
Total
Cost ($/tonne)
1:187
APPENDIX
TurquoiseRidge– 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.
Tonnes
(000s)
Grade
(gm/t)
Contained
(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
2016 Reserves and Resources1
1.
See Endnote #2
1:188
APPENDIX
TurquoiseRidge– 2016Review&2017Targets(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
and processed resulting from increased labor to support
production growth combined with improved equipment
availability and improved mine engineering to take advantage
of the larger ore geometry. In the first quarter of 2015, the
mine transitioned to fully mechanized topcuts, larger
excavations and other best in class activities, which resulted in
increased productivity and the processing of more ore tonnes
in subsequent quarters. Cost of sales were $603 per ounce in
2016, $94 per ounce lower than the prior year mainly
reflecting the impact of higher sales volume on unit production
costs combined with an increase in capitalized underground
development costs. The increased productivity and unit cost
reductions are due to the investment in equipment and
facilities made in 2015 as well as a focus on equipment
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.
range of 260-280koz, (Barrick’s share), in line with
2016 production levels, as mine productivity improves
slightly, offset by slightly lower grades. Turquoise Ridge
has completely transitioned to standardized equipment
allowing for greater mining flexibility with higher
reliability and less equipment. Capital and waste
development requirements are in line with 2016 mining
rates. The cost of sales per ounce is expected to be in
the range of $575 to $625 per ounce which is in line
with 2016. We expect all-in sustaining costs1 to be
in the range of $650 to $730 per ounce. All-in
sustaining costs1 in 2017 are expected to be higher
than 2016 due to increased spend on sustaining capital
for the initial construction and final engineering of a
third shaft.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E
2. See Endnote #1
1:189
APPENDIX
TurquoiseRidge– ProductionMetrics(75%)
koz
2014
2015
2016
2017E1
300
Tonnes Mined
(000s)
312
349
598
-
250
Tonnes
Processed (000s)
335
390
523
-
Average Grade
(g/tonne Au)
19.62
18.82
17.04
-
Recovery (%)
92
92
93
-
Attr. Production
(K oz Au)
195
217
266
260 – 280
Barrick Attributable Production (75%)
Production
Metrics
200
150
100
50
0
1. See Endnote #1
195
217
266
280
260
2014
2015
2016
2017e
1:190
APPENDIX
TurquoiseRidge– Financial&CostMetrics(75%)
Financial
metrics
2014
2015
2016
2017E1
Gold Cost of
Sales ($/oz)
559
697
603
575 – 625
Gold AISC2
($/oz)
628
742
625
650 – 730
Gold Cash
Costs2 ($/oz)
473
581
498
460 – 500
Sustaining
Capex ($M)
30
32
32
-
Project
Capex ($M)
0
0
0
-
Segment
Income ($M)
139
92
166
-
Segment
EBITDA2 ($M)
156
115
193
-
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
TurquoiseRidge– Mining(100%)
 Underground Mining
Mining Metrics
– Underhand drift and fill with
100% mechanization
Underground
– Tunnel 5.2m high x 5 m wide
Mining rate (ktpd)
– Reinforcement : steel inflatable
rockbolts, mesh and shotcrete
Mining cost
($/tonne)
2014
2015
2016
1.6
1.6
2.2
196.01
214.19
165.19
1:192
APPENDIX
TurquoiseRidge– Processing(100%)
Processing metrics
2014
2015
2016
Cost ($/tonne)
45.0
37.8
34.5
Throughput (tonnes/day)
N/A
N/A
N/A
92.0%
92.0%
92.8%
260
289
355
Cost ($/tonne)
45.0
37.8
34.5
Throughput (tonnes/day)
N/A
N/A
N/A
92.0%
92.0%
92.8%
260
289
355
Twin Creeks (Sage Mill)
Recovery (%)
Total production (koz Au)
Total
Recovery (%)
Total production (koz Au)
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 twostage 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.
2016 Reserves and Resources1
Tonnes
(000s)
Grade
(gm/t)
Contained
(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
See Endnote #2
1:194
APPENDIX
Veladero– 2016Review&2017Targets
In 2016
gold production was 544koz, 10% lower
compared to the prior year mainly reflecting lower grade
tonnes placed on the leach pad in efforts to manage
water balances in the leach pad. This was further
impacted by the temporary suspension of operations late
in the third quarter of 2016 combined with unexpected
severe winter weather conditions in the second quarter
of 2016. Cost of sales were $872 per ounce in 2016,
$80 per ounce higher than the prior year primarily due
to the impact of lower sales volume on unit production
costs relating to the severe weather conditions and
temporary suspension of operations during 2016
combined with lower capitalized stripping costs. In 2016,
all-in sustaining costs1 were $769 per ounces,
decreased of $177 per ounce compared to the prior year
primarily due to a decrease in minesite sustaining capital
expenditures combined with lower operating costs, partly
offset by the impact of lower sales volume on unit
production costs.
For 20172
we expect gold production to be in the
range of 770-830koz, which is significantly higher than 2016
production levels. The increase is mainly a result of a higher
head grade in ore processed due to mine sequence phases
at Federico pit. This is combined with higher ore tonnes
mined and processed given the suspension, environmental
and bad weather incidents in 2016 all leading to improved
mining productivity, higher operating hours, and fewer days
lost. Cost of sales per ounce is expected to be decreasing
from $872 to an expected range of $750 to $800, mainly
due to the impact of higher sales compared to 2016 and
higher mining costs capitalized as stripping. These positive
variances are expected to be partly offset by higher direct
operating costs and the impact of higher charges from the
production inventory movements stemming from the
expected drawdown of leach pad inventories. All-in
sustaining costs1 are expected to be between $840 and
$940 per ounce, higher than 2016 levels mainly due to the
increase in capital expenditures requirements combined with
higher direct operating costs.
1. This is a non-GAAP financial performance measure with no standardized meaning under IFRS. For further information please see note 3 of Appendix E
2. See Endnote #1
1:195
APPENDIX
Veladero– ProductionMetrics
Production
Metrics
koz
2014
2015
2016
2017E1
900
800
Tonnes Mined
(000s)
67,686
83,409
62,227
-
Tonnes
Processed (000s)
29,500
28,385
28,028
-
700
600
500
Average Grade
(g/tonne Au)
1.00
0.82
0.82
-
Recovery (%)
76
80
75
-
400
300
200
Total Production
(K oz Au)
722
602
544
770 - 830
0
1. See Endnote #1
722
602
544
830
770
2014
2015
2016
2017e
100
1:196
APPENDIX
Veladero– Financial&CostMetrics
Financial
metrics
2014
2015
2016
2017E1
Gold Cost of
Sales ($/oz)
764
792
872
750 – 800
Gold AISC2
($/oz)
815
946
769
840 – 940
Gold Cash
Costs2 ($/oz)
566
552
582
500 – 540
Sustaining
Capex ($M)
173
242
95
-
Project
Capex ($M)
0
0
0
-
Segment
Income ($M)
330
216
220
-
Segment
EBITDA2 ($M)
446
324
338
-
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
– Conventional truck/shovel operation
– Pit dimensions: 1.2km long x 2.1km
wide x 600m deep (no backfill)
– Typical bench height: 15m
– Primary loading fleet:
– 2 x Komatsu PC5500
Mining Metrics
2014
2015
2016
185
229
170
Strip Ratio
1.3:1
1.8:1
1.3:1
Mining costs
($/tonne)
4.41
3.20
3.33
Open Pit
Mining rate (ktpd)
– 3 x Liebherr R996
– 4 x Caterpillar FEL CAT994
– Primary hauling fleet:
– 47 x Caterpillar CAT793
1:198
APPENDIX
Veladero– Processing
Processing metrics
2014
2015
2016
3.20
3.53
3.29
Throughput (tonne/day)
80,800
77,800
76,600
Recovery (%)
76.2%
80.0%
75.2%
722
602
544
3.46
3.84
3.51
Throughput (tonne/day)
80,800
77,800
76,600
Recovery (%)
76.2%
80.0%
75.2%
722
602
544
Heap Leaching
Cost ($/tonne)
Total production (koz Au)
Total
Cost ($/tonne)
Total production (koz Au)
1:199
TechnicalInformation
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 grading 10.5 g/t) are classified as 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.
200