Barrick Mining (ABX) Investor Day 2024 summary

Strategic direction and future plans

• Focus on long-term value creation through Tier One gold and copper assets, with six Tier One gold mines and a robust pipeline of growth projects across North America, Latin America, Africa, and Asia Pacific.

• Forecasts a 30% increase in gold equivalent production by decade's end, driven by organic growth and major copper and gold projects coming online, notably Reko Diq and Lumwana, with a focus on Tier One assets and long-term value creation.

• Five- and ten-year production outlooks are underpinned by organic reserve replacement, major expansions (Lumwana Super Pit, Pueblo Viejo, Reko Diq), and targeted exploration.

• Recapitalization and fit-for-purpose investments at Nevada Gold Mines (NGM) are extending mine life and improving operational efficiency.

• Emphasis on sustainability, local partnerships, and workforce development, including Barrick Academy and expanded training initiatives.

Financial guidance and capital allocation

• Since 2019, $23 billion in operating cash flow generated, with $15 billion reinvested in ore bodies, infrastructure, and growth projects.

• Over $5.4 billion returned to shareholders since 2018 through dividends, share buybacks, and return of capital.

• Net debt reduced by nearly $4 billion, and over $5 billion returned to shareholders through dividends and buybacks.

• Capital spend for 2024 is expected around $2.7 billion, rising by over $1 billion in 2025 due to concurrent construction of Reko Diq and Lumwana.

• Reko Diq project financing plan aims to raise up to $3 billion in project finance, reducing Barrick's equity contribution and risk.

Major project updates and operational highlights

• Reko Diq feasibility study increases phase I capital to $5.5–$6 billion, driven by higher throughput, renewable energy, and logistics upgrades; first copper expected in 2028.

• Fourmile project in Nevada shows world-class potential, with commercial production assumed to start in 2030 and significant resource growth; phased integration into the JV planned.

• Pueblo Viejo expansion is ramping up to over 800koz/year, with a feasibility study increasing capital estimate to $2.6B and adding 13.9Moz in reserves.

• Lumwana Super Pit expansion will increase copper production by 70% and extend mine life by 16 years, with feasibility study completion expected by end of 2024.

• Ongoing focus on cost control, supply chain optimization, and local procurement to manage inflation and support host economies.