Q4 2021 Barrick Gold Corp Earnings Call

Ladies and gentlemen, thank you for standing by this is the conference operator.

Ladies and gentlemen, thank you for standing by. This is the conference operator.

Welcome to the BEREC 2021 Fourth Quarter and Year End Results Conference Call.

Welcome to the Barrick 2021 fourth quarter and year end results conference call.

During the presentation all participants are in listen only mode.

During the presentation, all participants are in a listen-only mode.

following the presentation, we will conduct a question-and-answer session.

Following the presentation, we will conduct a question and answer session.

At that time, if you have a question, please press star followed by 1 on your telephone keypad.

At that time, if you have a question. Please press star followed by one on your telephone keypad.

At any time during the conference she didn't need assistance from the operator. Please press Star then zero.

At any time during the conference, should you need assistance from the operator, please press star then zero.

As a reminder, this conference call is being recorded and a replay will be available on barrick's website. Later today February 16th 2022.

As a reminder, this conference call has been recorded and a replay will be available on BEREC's website later today, February 16, 2020.

I would now like to turn the conference over to Mark Bristow Chief Executive Officer. Please go ahead Sir.

I would now like to turn the conference over to Mark Bristow, Chief Executive Officer. Please go ahead and...

Thank you very much and very good morning to everyone. And good afternoon to those on the other side of the pond. And again, welcome to Barracks quarter four and your end results presentation.

Thank you very much and.

Very good morning to everyone and good afternoon.

To those on the other side of the pond and again welcome to Barrick's quota for in your end results presentation.

Yeah.

It's been a.

It's been three years now since we started on this journey, and BEREC is clearly achieving its goal of industry leading value creation and sustainable profitability, as I'm sure you will agree with me when you review our results for 2021.

Three years now since we started on this journey.

And Barrick is clearly achieving its goal of industry, leading value creation and sustainable profitability.

As I'm sure you will agree with me when you.

Review our results for 2021 .

By any measure.

By any measure you apply, returns to shareholders, strength of balance sheet,

Apply.

Returns to shareholders.

Strength of balance sheet.

T Atlas assets.

The big pop line.

a long record of exploration success, and delivery on our commitments.

Our long record of exploration success.

And delivery on our commitments.

Eric is a leader in the sector.

and the fact that our share price does not reflect this makes Barrick's case for investment even more compelling.

And the fact that our share price.

It does not reflect this makes barrick's case for investment.

Even more compelling.

Please take note of this cautionary statement.

Please take note of this cautionary statement.

which is also available on the BEREC website.

Which is also available on the Barrick website.

So let's start.

By looking at last year's highlights.

And you couldn't possibly get a better set of KPI.

And you couldn't possibly get a better sense of K P. S.

We delivered on our production guidance for the third year in a row.

We delivered on our production guidance for the third year in a row.

Nevada gold mines confirmed that it is indisputably the world's number one gold complex and achieved a quarterly production record for quarter four.

Nevada Gold mines confirmed that it does indisputably the world's number one gold complex and achieved a quarterly production record for quarter four.

Copper's contribution to the bottom line is increasing.

Copper is contribution to the bottom line is increasing.

Oh, no operational sides maintained.

All our operational sites maintained, all achieved their ISO health and safety and environmental accreditation.

Well achieved the Asa health and safety and environmental Accreditations.

We more than replaced our reserves net of depletion.

We more than replaced our reserves net of depletion at a better grade.

It's a better grade.

Our wealth of advanced exploration targets will support this replenishment and consequently our business plans well into the future.

Our wealth of advanced exploration targets, all support this replenishment and consequently, our business plans well into the future.

And finally, we generated significant cash flow and materially increased returns to shareholders.

And finally, we generated significant cash flow.

And materially increased returns to shareholders.

The operating results reflect a good all round performance, including meeting production guidance for the third year in a row notwithstanding some considerable headwinds.

The operating results reflect a good all-round performance, including meeting production guidance for the third year in a row, notwithstanding some considerable headwinds during the year.

During the year.

And the financial results.

Also show, we did well against the leading and lagging indicators.

also show we did well against the leading and lagging indicators.

free cash flow for the quarter grew again. And despite cash returns of $1.4 billion to shareholders.

Free cash flow for the quarter grew again and.

And the spot cash returns of $1.4 billion to shareholders.

You are net cash positive for the second year in a row.

We were net cash positive for the second year in a row.

At the same time, we delivered strong per share growth with adjusted earnings for the quarter, increasing by 46% versus quarter three.

At the same time, we delivered strong per share growth with adjusted earnings for the quarter increasing by 46% versus quarter three.

This is our health and safety report, which tracks our journey to zero harm.

This is a health and safety report, which tracks our journey to zero harm.

We're particularly proud of our continued campaign against COVID.

We're particularly proud of our continued campaign against Covid.

Almost 60% of our employees are now fully vaccinated well.

well above the average of the general populations in our host states and countries.

Well above the average of the general populations and now as states and countries.

We've also seen a meaningful decrease in our total recordable injury frequency rate you're on yeah, which is pleasing.

Sadly however.

A tragic fatality in January has set us back, and we are re-engaging with all our workforce.

A tragic fatality in January has set us back and we are re engaging with all of our workforce.

to realize our goals in this regard and to reinforce the importance of that journey to certain age.

To realize our goals in this regard and to reinforce the importance of that journey to zero harm.

We will start as normal the operational overview.

We'll start, as normal, the operational overview in North America, where Nevada Gold Mines is Barrick's real value foundation.

So America, where in Nevada Gold mines is barrick's real value Foundation.

We're building a presence there from this strong base and we were looking at green and brownfield opportunities across the United States, where donlin is a particularly interesting prospect.

We're building our presence there from this strong base, and we're looking at green and brownfields opportunities across the United States, where Donlon is a particularly interesting prospect.

As well of course.

as in our home country, Canada.

As in all home country, Canada.

Nevada Gold mines.

Nevada Gold Mines delivered a stellar performance crowned by a production record in Quarter 4.

The stellar performance crown by a production record in quarter four.

as well as a strong free cash flow of more than $2.3 billion for the year.

As well as our strong free cash flow of more than $2.3 billion for the.

This was driven by the three tier one minds.

This was driven by the three tier one mines collyn.

Hotez.

and Turquoise Ridge, and in the face of some operational challenges.

And two are quite as rich and then the face of some operational challenges.

Proving again that assets of the size and quality can handle what ever you throw at them.

proving again that assets of this size and quality can handle whatever you throw at them.

The exploration team delivered real value for Nevada, gold mines, and increased reserves by 9.4 million ounces.

The exploration team delivered real value for Nevada gold mines and increased reserves by 9.4 million ounces.

Measured and indicated resources were increased by 7.4 million ounces and inferred resources by 5.3 million ounces. This is after disposals and acquisitions and before depletion.

Measured and indicated resources were increased by 7.4 million ounces and inferred resources bought 5.3 million ounces.

This is after disposals and acquisitions and before depletion.

The additional reserves came from gold rush turquoise ridge and level and importantly, the resource growth came from Collyn and turquoise ridge and so as we build this out.

The additional reserves came from Gold Rush.

Turquoise Ridge, and Leval. And importantly, the resource growth came from Carlin and Turquoise Ridge. And so as we build our geology and mineral resource management, we're managing the replacement of the gold that we mine, an important component in a long-term sustainable mining business.

Our geology and mineral resource management, we managing the replacement of our of the gold that we mine an important component in our long term sustainable mining business.

There's still more to come from gold rush in the short term.

There's still more to come from Gold Rush in the short term and longer term prospects for the continued expansion of the complex asset base are very good.

And longer term prospects for the continued expansion of the complex asset base.

Very good.

As we all know the environment in Latin America has become quite dynamic.

As we all know, the environment in Latin America has become quite dynamic.

And while we still have some legacy issues there.

And while we still have some legacy issues there, we are getting on the front foot in dealing with them.

We are getting on the front foot in dealing with them.

We've put a lot of effort into strengthening our presence completing transforming valid Debra and sandy our exploration teams along the Andes across the full length of Argentina and Peru.

We've put a lot of effort into strengthening our presence, completing transforming Valdera, and sending our exploration teams along the Andes across the full length of Argentina and Peru, and into Guyana and Suriname to hunt for new opportunities.

And into Guiana, and send them to a hunt for new opportunities.

Negotiations around programs have progressed to the point, where we envisage restarting the mines in July .

Negotiations around Pogra have progressed to the point where we envisage restarting the mine in July .

But we have excluded production from our guidance for the time being and until we have everything agreed with the PNG government.

But we have excluded production from our guidance for the time being and until we have everything agreed with the PNG government.

We've also set up a new Asia Pacific team to broaden our horizons and this enlarged region, which we see as having significant growth potential.

We've also set up a new Asia-Pacific team to broaden our horizons in this enlarged region, which we see as having significant growth potential.

The tier one Pueblo Viejo mine in the Dominican Republic was one of our star performers achieving a record mill throughput for the third year in succession.

The Tier 1 Pueblo Viejo mine in the Dominican Republic was one of our star performers, achieving a record mill throughput for the third year in succession.

Production and costs were in line with guidance for the year.

Production and costs were in line with guidance for the year.

The plant expansion and mine life extension project continues to make good progress.

The plant expansion.

Mine life extension project continues to make good progress.

Although as we previously flagged supply chain disruptions have delayed the timing of the project completion.

Although, as we previously flagged, supply chain disruptions have delayed the timing of the project completion from July to the end of the year.

From July to the end of this year.

Consequently, we have updated our 2022 production and capital guidance to take this into account.

Consequently, we have updated our 2022 production and capital guidance to take this into account.

In conjunction with the government, the selection and permitting process for the new tailing storage facility is underway.

In conjunction with the government.

The selection and permitting process for the new tailing storage facility is underway.

And once completed, and this is important, the project will deliver a supermine capable of producing more than 800,000 ounces of gold per year up and beyond, up to and beyond 2040. And in fact, most of that period, it's above 900,000 ounces a year, and we have two years where we go over a million ounces.

And once completed and this is important the project will deliver a supermodel capable of producing more than 800000 ounces of gold per year up and beyond up to N beyond 2040, and in fact, most of that period, it's above 900.

Answer as of year end, we have two years, where we got over a million ounces.

The transformation of Velo Dara in Argentina.

The transformation of Valdera in Argentina has probably been our biggest success in the region, where we have turned it from a struggler into a significant contributor, with production forecast at around 460,000 ounces for this year.

Has probably been our biggest success in the region, where we have turned it from a struggle a into a significant contributor with production forecast at around 460000 ounces for this year.

The phase six heap Leach facility was commissioned in 2021 and the first stage of phase seven is scheduled for completion middle of this year.

The Phase 6 heap leach facility was commissioned in 2021, and the first stage of Phase 7 is scheduled for completion middle of this year.

The cross-border connection to the Chilean power grid was also completed last year and it will be switched on when we get that final permit from the Argentinian government.

The cross border connection to the Chilean power grid was also completed last year and it'll be switched on when we get that final permit from the Argentinian government.

This connection will not only cut Valdera's costs but will be another important component of the group's clean energy drive.

This connection will not only cut fellow terrorists costs, but will be another important component.

The group's clean energy drop.

Over now to Africa, and the Middle East, which for the third year in a row achieved the top end of production guidance.

which for the third year in a row achieved the top end of production guidance.

It also kept up its record of reserve replenishment, replacing 165% of the ounces depleted by mining on a 100% basis.

It also kept up its record of reserve replenishment, replacing 165% of the ounces depleted by mining on 100% basis.

During the year, the region paid out just under $1 billion in dividends to its stakeholders.

During the year the region paid out just under $1 billion in dividends to its stakeholders.

And at La Cantera and moly production costs were comfortably within the guidance ranges demonstrating the value and stability of tier one assets.

And at Lulogonkoto in Mali, production costs were comfortably within the guidance ranges, demonstrating the value and stability of Tier 1 assets.

The complex continues to forecast a robust five-year production plan and brownfields exploration across the two permits continues to show upside.

The complex continues to forecast a robust five year production plan.

And brownfields exploration across the two permits.

Continues to show upside.

Across the border in Senegal, we've doubled our land position and continue to generate robust results from the Bambangie joint venture.

Across the border in Senegal, we've doubled our land position and continue to generate robust results from the button, but G joint venture.

Kibali also delivered a pleasing performance with all metrics within the guidance ranges and mineral reserves net of depletion increased for the third successive year at this operation as well.

Kibale also delivered a pleasing performance with all metrics within the guidance ranges and mineral reserves net of depletion increased for the third successive year at this operation as well.

The mine paid $200 million in dividends last year, this being the first step in the process of repatriating the cash to joint venture shareholders from the DRC.

<unk> paid $200 million in dividends last year.

This being the first step in the process of repatriating the cash to joint venture shareholders from the D. R C.

Like Lula and <unk> gotten caught her kibali continued to find a new ore bodies within the main mining area all accessible from the existing infrastructure.

Like Lulo and Lulo Goncato, Kibale continued to find new ore bodies within the main mining area, all accessible from the existing infrastructure, with multiple opportunities identified to add reserves in the future, as highlighted in this slide.

With multiple opportunities identified to add reserves in the future as highlighted in this slide.

And in Tanzania, the two previously Moribund mines we took over from Acacia have been transformed beyond recognition.

And in Tanzania.

Two previously Maury buttoned mines, we took out about from Acacia had been transformed beyond recognition.

last year, producing in excess of 500,000 ounces of gold together.

Last year, producing in excess of 500000 ounces of gold together.

North Mara is on track to become a new fully integrated open pit and underground operation this year and has the foundation for a 10-year plan with plenty of opportunities to expand on it.

North Mara is on track to become a new fully integrated open pit and underground operation. This year and has the foundation for a 10 year plan with plenty of opportunities to expand our list.

The ramp up of Boolean, who lose mining and processing operations has been completed.

The ramp-up of Bullion Hulu's mining and processing operations has been completed and the mine is set to produce well in excess of 200,000 ounces per annum for at least 20 more years.

And the mine is set to produce well in excess of 200000 ounces per annum for at least 20 more years.

Our copper operations remain a key differentiator and continue to make a real contribution to the group's bottom line.

Our copper operations remain a key differentiator and continue to make a real contribution to the group's bottom line.

In quarter four this business produced 126 million pounds of copper and geron generated and all in sustaining cost margin of around $200 million.

In quarter four, this business produced 126 million pounds of copper and generated an all-in sustaining cost margin of around 200 million dollars.

The Montana, and Zambia is a long life mine, which will be profitable at any realistically conceivable copper price.

The Moana in Zambia is a long life mine which will be profitable at any realistically conceivable copper price.

In Saudi Arabia, we're looking at expanding our presence, along with Mardin, our joint venture partners at Jabal Saeed.

In Saudi Arabia, we're looking at expanding our presence along with Mod and our joint venture partners at Jumbo side.

On our own account, we're also investigating opportunities within the Nubian shield in Egypt.

On our own account, we're also investigating opportunities within the Nubian Shield in Egypt.

And that Zelda law in Chile, we achieved.

And at Zeldivar in Chile, we achieved a production guidance and completed the chloride leach project, which is scheduled for commissioning this quarter.

Production guidance and completed the chloride Leach project, which is scheduled for commissioning this quarter.

Each of Barrick's Global network of mines continue to invest in their social license to operate which we work hard.

Each of Barrick's global network of mines continue to invest in their social licence to operate, which we work hard to maintain.

To maintain.

Unlock wall Street.

We at Barrick didn't discover ESG just a few years ago. Sustainability is at the very heart of our business.

We at Barrick didn't discover ESG, just a few years ago.

Sustainability is that the very hot about business.

And it's not a virtue signaling exercise.

And it's not a virtue signaling exercise.

Of course.

Caring about the people and the environment impacted by our operations.

Caring about the people and the environments impacted by our operations is a moral imperative, but it also makes

As a moral imperative.

But it also makes good commercial sense as Barrick's partnership philosophy has proved time and again.

as Barrack's partnership philosophy has proved time and again.

This year will again be publishing a detailed sustainability report, which among other things objectively writes your outperformance against all critical ESG metrics.

This year, we'll again be publishing a detailed sustainability report which, among other things, objectively rates our performance against all critical ESG metrics.

We're also remain and we also remain in the 90 plus percentile of the Dow Jones sustainability World Index.

We also remain in the 95th percentile of the Dow Jones Sustainability World Index.

and in the top 5% for environmental policy and management, mineral waste management, closure and social impact.

And then the top 5% for environmental policy and management mineral waste management closure and social impact.

We've also improved our CDP rating from a C to a B. And we will be one of the first in the industry to start reporting on forest.

We've also improved our C D P rating from a C to a b.

And we will be one of the first in the industry to roost to start reporting on forestry.

One example of Barrick's sustainability commitment in action is our mine closure policy, which is designed to leave behind healthy thriving communities, when we and mining operations.

One example of Barrick's sustainability commitment in action is our mine closure policy, which is designed to leave behind healthy, thriving communities when we end mining operations.

We reclaim as we go along.

last year restoring more than 700 hectares to their former state.

Last year, restoring more than 700 hectares to their former state.

Well-planned mine closure can even be a source of economic benefit.

Well plan to mine closure it can even be a source of economic benefit.

For example, the production of sulfide concentrate at the Golden Sunlight Mine, which was closed in 2019, not only removes a potential source of environmental contamination.

For example, the production of sulfide concentrate at the Golden Sunlight mine, which was closed in 2019, not only removes a potential source of environmental contamination.

That provides Nevada gold mines with sulfur fuel and pays for the rehabilitation of this mine.

that provides Nevada gold mines with sulfur fuel and pays for the rehabilitation of this mine.

An important component of our sustainability strategy.

An important component of our sustainability strategy is close alignment with our host community.

It's closer alignment with our host communities.

A notable instance of this partnership philosophy in action is how we turned the tailings mess we inherited at North Mara into a facility that meets international standards and is acceptable to the authorities and the communities surrounding there.

Notable instance of this partnership philosophy in action is how we turned the tailings mess, we inherited at North Mara.

To a facility that meets international standards and is acceptable to the authorities and the communities surrounding day.

Sustainability.

It's all about the future.

It's our ESG commitments.

or ensuring we are sustainably profitable and invest properly in that future by consistently expanding our asset base.

We're ensuring we are sustainably profitable and invest properly in that future by consistently expanding our asset base.

We publish and we published our annual reserve and resource Declaration last week.

We published our annual reserve and resource declaration last week.

attributable, proven, and probable gold reserves and resources both grew net of depletion.

Attributable proven and probable gold reserves and resources both grew net of depletion.

and at higher grades, and while copper showed a slight reduction, there are many opportunities already identified to reverse that.

And at higher grades and Wildcards showed a slight reduction.

There are many opportunities already identified to reverse this.

In both cases upgraded geological models are supporting the group's rolling 10 year business plans.

In both cases, upgraded geological models are supporting the group's rolling 10-year business plan.

These plans are also underpinned by our strong balance sheet.

These plans are also underpinned by our strong balance sheet.

Prior to announcing the merger with Randgold and 2018, Barrick had a net debt burden greater than $4 billion.

Prior to announcing the merger with Rangold in 2018, Barrick had a net debt burden greater than $4 billion.

Since then, we have generated significant free cash flow and divested non-core assets.

Since then we have generated significant free cash flow and divested non core assets.

As at the end of 2021 and.

In addition to being in a net cash position, we have also returned almost $2.5 billion in cash to shareholders over the past three years.

In addition to being in a net cash position.

We have also returned almost two and a half a billion dollars in cash to shareholders.

Over the past three years.

We also have a strong record of growing shareholder returns over the past five years, as shown in this slide.

We also have a strong record of growing shareholder returns over the past five years as shown in this slide.

With this quarter 4 dividend, we are extending this track record and increasing the base payout to 10 cents per share, up 11 cents from quarter 3.

With this quarter four dividend, we are extending this track record and increasing the base payout to 10 cents per share up 11 cents from quarter three.

To enable shareholders to N tests anticipate future returns and as we promised the board has approved a performance based dividend policy.

to enable shareholders to anticipate future returns. And as we promised, the board has approved a performance-based dividend policy tied to the net cash available at the end of each quarter, as shown in the table at the bottom of the slide.

Todd to the net cash available at the end of each quarter as shown in the table at the bottom of the slide.

And at the same time.

And at the same time, the board has also approved a $1 billion share buyback program.

<unk> has also approved a 1 billion share buyback program.

As you can see.

From this slide.

We expect our free cash flow from operating mines to increase over the next five years, no matter what.

We expect our free cash flow from operating mines.

To increase over the next five years.

No matter what.

Commodity price one assumes.

It's worth noting that for every $100 per ounce increase in the gold price, the attributable free cash flow generated by our gold operations increases by around $1.5 billion.

It's worth noting that every for every $100 per ounce increase in the gold price there.

The attributable free cash flow generated by our gold operations increases by around $1.5 billion.

Thanks to the operating leverage provided by our six tier one assets.

Thanks to the operating leverage provided by our six tier one assets.

Similarly for copper.

for every 50 cent per pound increase.

For every 50 cent per pound increase.

the attributable free cash flow increases by around $800 million.

The attributable free cash flow increases by around $800 million.

This is a five year gold production forecast based on a gold price of $1700 per ounce.

This is our five-year gold production forecast based on a gold price of $1,700 per ounce, and it incorporates the cost impact of royalties at higher forecast gold prices.

I know that incorporates the cost impact of royalties at higher full cost gold process.

are declining capital investment and all in sustaining costs.

Our declining capital investment and all in sustaining costs.

should ensure a growing free cash flow at any reasonable foreseeable goal price.

Shouldn't sure our growing free cash flow at any reasonable foreseeable gold price.

The same.

It's true of copper.

Which is already contributing some 20% of our bottom line and is well set to improve on that.

which is already contributing some 20% of our bottom line and is well set to improve on that.

In particular, our investment this year and in 2023 at Lemoana for stripping and new mining equipment sets the stage for some significant production growth at this asset from 2024 onwards.

In particular, our investment this year and then 'twenty 'twenty three at Lamar and for stripping and new mining equipment sets. The stage for some significant production growth at this asset from 'twenty to 'twenty four onwards.

And this is our 10-year gold production forecast.

And this is our 10 year gold production forecast.

It's important to note that this is entirely based on our current operations and does not take into account the many real growth opportunities that are within our reach.

It's important to note that this is entirely based on our current operations and does not take into account the many real growth opportunities that are within our reach, including

Including pole Gras.

Donlin.

Nevada also.

Nevada, our South American and African portfolios, and the prospects consistently being uncovered by our exploration teams.

American and African portfolios and the prospects consistently being uncovered by our exploration teams.

In and around our existing regions as well as our new frontiers.

in and around our existing regions as well as our new frontiers.

And so ladies and gentlemen, getting back to our value, creating story that I started the presentation with.

And so, ladies and gentlemen, getting back to our value-creating story that I started the presentation with.

I believe Barrick offers the market a uniquely attractive investment opportunity.

I believe Barrick offers the market a uniquely attractive investment opportunity.

We have what is undoubtedly the best asset base in the business.

We have what is undoubtedly the best asset base in the business.

With six tier one bonds and more waiting in the wings.

with six tier one mons and more whiting in the wings.

All our minds have a 10-year business plan based not on wishful thinking, but on geological understanding, proper engineering, and commercial reality.

All our mines have a 10 year business plan.

Not on wishful thinking.

But geological understanding proper engineering and commercial reality.

We have a significant and growing copper business, which is already providing meaningful free cash flow to the group.

We have a significant and growing copper business which is already providing meaningful free cash flow to the group.

And in industry running out of raw material, we keep expanding our reserves.

In an industry running out of raw material, we keep expanding our reserves.

Our strong balance sheet will fund our investment in growth projects.

Our strong balance sheet will fund our investment and growth projects.

We have a long record of exploration success and are high.

We have a long record of exploration success and a high quality target population.

High quality target pipeline.

Sustainability, as I said in the presentation, has long been a strategic business priority.

Sustainability as I said in the presentation has long been a strategic business priority.

And we have an industry, leading approach, which is entrenched in barrick's DNA.

And we have an industry-leading approach, which is entrenched in Barrack's DNA, informing every decision.

Informing every decision we make.

Compliance with standards, of course, remains important.

Compliance with standards of course remains important.

However.

It is now a natural byproduct of our strategy rather than the primary output.

It is now a natural byproduct of our strategy rather than the primary output of the team.

The team.

And finally, we have delivered on our commitment in growing shareholder returns and have now established a clear framework on how this will evolve going forward.

And finally.

We have delivered on our commitment and growing shareholder returns and have now established a clear framework on how this will evolve going forward.

So again, ladies and gentlemen, thank you for your attention. And before I pass it back to the operator to take questions, I would also like to take this opportunity to introduce Christine Keener, who's our new chief operating officer for North America. As you know, Catherine Roar left us.

Again, ladies and gentlemen, thank you for your attention and before I pass it.

Back to the operator to take questions I would also like to take this opportunity to introduce Christine Keener, Who's our new Chief operating officer for North America as you know Catherine Raw left us at the end of last year, we are delighted to have Christine.

at the end of last year. We're delighted to have Christine join us.

Join our team she has actually recently been with myself and the team out at Nevada, She's in the saddle and and and Christine. We we welcome you to the team and I'm sure. Many of you will and short trip to have time to discuss.

She has actually recently been with myself and the team out at Nevada. She's in the saddle. And, Christine, we welcome you to the team. And I'm sure many of you will, in short shift, have time.

to discuss matters with Christine going forward.

Discuss matches with Christine going forward, so as that thank you for your attention and and again the the greater Barrick teams. Some of them I have with me in Toronto are online, where they where they are not in Toronto and we'll be delighted to take questions should you have any.

So with that, thank you for your attention and again, the Greater Barrick team, some of them are here with me in Toronto, are online where they are not in Toronto and we'll be delighted to take questions, should you have any.

Thank you.

Thank you. We will now begin the question and answer session.

We will now begin the question and answer session.

To join the question queue, you may press star, then 1 on your telephone keypad. You will hear a tone acknowledging your request.

To join the question queue. You May Press Star then one on your telephone keypad, you will hear a tone and knowledge in your request.

If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, you may press star then 2.

If youre using a speakerphone please pick up your handset before pressing any keys.

To withdraw your question you May Press Star then two.

We will pause for a moment as callers join the queue.

Our first question is from Cleveland real character with UBS. Please go ahead.

Our first question is from Cleve Rueckert with UBS. Please go ahead.

Great. Thanks for taking my question and congratulations on finalizing the dividend policy and a good set of results Mark a deed.

Great, thanks for taking my question, and congratulations on finalizing the dividend policy and a good set of results.

I've got two questions. The first, you know, Mark, just on the 10-year.

I've got two questions the first.

Mark just on on the 10 year outlook.

On slide 28, you know, I appreciate you gave just a, you know, synopsis of a couple of the, you know, areas that could add to that forecast. You know, aside from PORGRA, I don't know if you could give us a little bit more color on, you know, potential growth opportunities kind of, you know, before that.

On on Slide 28, you know I. Appreciate you gave just a synopsis.

Synopsis of a couple of the areas that could add to that forecast them aside from pork or I don't know if you could give us a little bit more color on you know potential gross opportunities kind of you know before that 2027, you know timeframe. That's laid out there in the slide you know where where if you have any.

2027, you know, timeframe that's laid out there in the slide, you know, where if you have any confidence on, you know, adding to that outlook kind of in the near term.

Confidence on them, you know in adding to that outlook kind of in the near term.

Yes, so, of course, in the near term, we've got some opportunities, some real opportunities, and you've touched on Paul already. In Nevada, again, we've got some very exciting new targets, both adjacent to known infrastructure and

Yeah. So of course in the near term, we've got some opportunity and some real up in Chile, and you've touched on polar already are in Nevada again, we've got some very exciting.

New targets, both adjacent to another and infrastructure and projects that we have initiated like looking at the gap between at twin creeks and turquoise Ridge.

projects that we have initiated like looking at the gap between Twin Creeks and Turquoise Ridge and we've got some more new greenfields exploration across the Nevada complex.

And we've got some more new greenfields exploration across the Nevada complex.

We are looking to grow our opportunities in DRC at the moment. We have got some very interesting opportunities that we are evaluating. As I touched on, we've got some exciting exploration ground in Senegal across the river from Lulogon Kato.

We are we are looking to grow.

Our opportunities in D. C. At the moment, we have got some very interesting opportunities that we are evaluating as I touched on we've got.

Some exciting exploration ground in our San Diego across the river from new logo in Qatar.

We are continuing to work on the portfolio of projects that we have along the Andean trend.

We are continuing to work on the portfolio of projects that we have along the Andean trend and again, our big focus is adding life to the planet.

And and and again, a big focus as adding lives to them.

Two.

Valid era and valor Dara in itself as part of the Pascua Lama infrastructure and again as I've said in previous presentations, we are working really hard at.

Valdera, and Valdera in itself is part of the Pascualama infrastructure, and again, as I've said in previous presentations, we are working really hard at...

trying to define the resource space, particularly in the Lama side of the Pascua-Lama project, which is in the Argentinian side. And we have a target of 2024 to try and get our head around the prospectivity of those many targets that we inherited from the previous barrack management.

Trying to define the resource space, particularly in the Lama side of the Pascua Lama project, which is in the Argentinean side and we have a target of 2024 to two to try and get our head around the prospect of a T. All those many targets that.

We inherited.

From the previous Barrick management, and so and then of course, there's the challenge of realizing the Arbitration award that we received are in favor of the Ric addict project in Pakistan and that's something that you know is a key component to it so I mean, that's not true.

And so, and then of course there's the challenge of realising the arbitration award that we received in favour of the Rikadik project in Pakistan, and that's something that, you know, is a key component, it's something that's not reflected in our share price.

Afflicted on out and our share price and at the same time, we've opened up new frontiers as I've touched on Egypt.

And at the same time, we've opened up new frontiers, as I touched on. Egypt, we're busy working there. We are looking at expanding our partnership with Mardin in Saudi Arabia. We've got geologists now working in Guyana and South America and also Ecuador. So again, we've pushed out the boat. I think the key for me.

Egypt, we're busy working there at all we are looking at expanding our partnership with modern in Saudi Arabia. We've got geologist now working in Guiana in South America and also Ecuador. So again, we've we've pushed out the boat I think that's the key.

For me.

To leave with you is when you look forward you know we rarely get.

to leave with you is, when you look forward, we really get.

easily up to that 4.8 million ounce a year target and we build it on.

Easily up to that full point 8 million I'll say, a target and we bolted on.

really the big tier one assets that we have. And I'll give you an example. Carlin will grow. Well Carlin is a one point six million ounce producer and it goes on for a long time. The key growth in in in Nevada is Cortez. And on the back of the record of decision we're expecting out of gold rush.

Really the big tier one assets that we have and I'll give you. An example, Colin will grow well Colin is a 1.6 million ounce producer and it goes on for a long time, the key growth in and in Nevada is Cortez and on the back.

The record of decision, we're expecting out of gold rush.

Cortez moves very quickly into the 900,000 ounce per year and then a million ounce per year.

Cortez moves very quickly into the 900000.

Once per year, and then a million ounce producer for that long a 10 year period. So that is a big a contributor to Nevada and it's it's it's contribution to our to the bottom line of Barrick and of course newmont to as well and then turquoise Ridge is.

for that long 10-year period. So that is a big contributor to Nevada and its contribution to the bottom line of Barrick and of course, Newmont as well. And then Turquoise Ridge has got a steady ramp up forecast for the next five years at least. And that takes it up to the sort of,

Got a steady ramp up our forecast for the next five years at least and that takes it up to the sort of 700006 90.

700,000, 690, so 650 to 700,000 ounce production profile.

650 to 700000 ounce.

Production profile.

We've got some exciting opportunities in Tanzania, we are very bullish about Tanzania and the opportunities there now that we've got those two big operating platforms.

We've got some exciting opportunities and.

And Tanzania, we we are very bullish about Tanzania, and the opportunities. There now that we've got those two big operating platforms. One is bouillon, Hulu, which still has capacity in its processing facility and you would've seen that we've announced the expansion of the.

One is Bullion Hulu, which still has capacity in its processing facility. You would have seen that we've announced the expansion of the Bullion Hulu footprint.

Boolean Hulu footprint.

uh... just recently and and that the challenge in polio is

Just recently and and that the challenge in Bali is.

We need another mining front, another set of faces to operate, and to do that, we need to delineate and bank another...

We need it and the other mining front another set of faces to operate in and that to do that we need to delineate and bank and now the Hum.

vein system, which is the primary sort of ore body that we mine currently in two different ore bodies within the Bullion Hulu Mining League.

Vein system, which is the primary sort of.

Ore body that we mine currently in two different ore bodies within the Boolean Hulu a binding lease.

Same with North Mara we've now got North Mara properly balanced a decent 10 year plan made up of AR and integrated open pits and underground Oh.

Same with North Mara, we've now got North Mara properly balanced, a decent 10-year plan made up of an integrated open pit and underground mining structure and you would remember North Mara was one of those mines that was either roast duck or no dinner and what we've got now is a very consistent.

Mining structure, and and you would remember north Mara was one of those mines that was either Roche stuck on another dinner and and what we've got now is a very consistent.

300,000 ounce production profile for 10 years, and a lot of upside that is not baked into our plans yet. And so, and then Mark and his team are,

300000 ounce production profile for 10 years, and a lot of upside there.

That is not baked into our plans yet.

And so and then lock.

Mark and his team are all stop.

Starting up out Asia Pacific focus and you know where we are excited about the opportunities to grow our footprint in that area and again South America is as you. All know is a challenging a place right now to operate but with it as as I've found it.

focus and, you know, we're excited about the opportunities.

to grow a footprint in that area. And again, South America is.

as you all know, is a challenging place right now to operate, but with it, as I've found in my career, that always brings opportunity.

My career that always brings opportunity. So we have a great team, we are expanding and improving our exploration groups, both in South America, and and and across Africa, and we've built a very solid exploration team.

We have a great team. We are expanding and improving our exploration groups, both in South America and across Africa.

And we've built a very solid exploration team in North America. That's both Canada and

In North America, that's both a.

Canada and.

In the United States.

So, you know, there's lots to come organically. Of course, as you know, one big discovery changes everything. And that's where you really create value in a mining company.

You know there's lots to come organically of course as you know.

One big discovery changes everything and that's why you really create value in a mining company.

Right. Okay. Thanks, Thank you very much for that color Mark appreciate it.

And, you know, sort of switching gears a little bit, you know, thinking more about.

And you know sort.

Switching gears, a little bit you know thinking more about you know more about capital allocation I know you like to talk about M&A.

about capital allocation. You know, I know you like to talk about M&A.

sort of always assessing M&A. It seems like, you know, sort of the deal, you know, at least the competition for deals has been, you know, somewhat intense over the last couple of years. You know, I guess this presentation really focused a lot more on the organic growth opportunities, and now you're sort of reinforcing the buyback and the dividend. Has your, I mean, has your thought process around M&A changed at all in the last couple of months or the last year?

Most of them are always assessing M&A. It seems like you know the sort of the deal are you there.

There's a competition for deals as it has been somewhat intense over the last couple of years.

I guess this presentation really focus a lot more on the organic growth opportunities and now you're sort of reinforcing the buyback and the dividend is your I mean as.

Is your thought process around M&A changed at all in the last couple of months or last year.

Not at all and as you know I talk a lot about M&A and have done very little.

Not at all. And as you know, I talk a lot about M&A and have done very little. But the M&A that we've done has been value creating, you know, indisputably value creating. And I think I would point out the competition for M&A at the moment is a competition to survive.

The M&A that we've done has been value creating.

Indisputably value, creating and I think I would point out the competition.

For M&A at the moment as a competition to survive.

And so, you know, you get these very high-priced deals, and we don't do deals like that. So people know that, we've, you know, you've been around, as you know, you've known me for a long time, and some of the audience are even longer. And so, you know, we look at, we've got a very strict filter in the way we assess opportunities.

And and so you know you get these very hot priced deals and we don't do deals like that so people know that we've you know you've been around as you know you've known me for a long time and some of the audience, even even longer and so yeah. We look at we've got a very strict filter now and the way we assess.

Opportunities and.

And, you know, I think we were going reasonably well. I think ourselves, with our deals and the acquisition by Newmont of Goldcorp, created real value for this industry. I reflect on some of the recent transactions, sort of brings back memories of 2012 and 2013.

And you know I think a.

We were guiding reasonably well I think ourselves without deals and and the acquisition by Newmont of.

Goldcorp created real value for this industry are yeah.

I I reflect on some of the recent transactions sort of brings back memories of 'twenty 12, 2013, and you know we're not in that business and we don't have to do those sort of transactions. We don't have to buy things to extend their life, we've got a solid.

You know, we're not in that business, and we don't have to do those sort of transactions. We don't have to buy things to extend our life. We've got a solid platform, the same as we had in Rangold Resources, and our intention is to build on that value platform that we have.

Platform the same as we had in Randgold resources and and our intention is to build on that value platform that we've created and we set out to do that you know that in 'twenty 18, when we announced the merger with Randgold. We were very clear that our focus was high quality assets run by the best piece.

And we set out to do that, you know, in 2018, when we announced the merger with Rangold, we were very clear that our focus was high quality assets run by the best people, focus on profitability and real sustainable returns to our shareholders. And that's what we intend to continue to drive.

People focus on profitability and real sustainable returns to our shareholders and that's what we intend to continue to drive it.

Cheers. Thank you very much Mark I appreciate it.

Cheers. Thank you very much, Mark. I appreciate it.

Asia.

Our next question is from Josh Wilson with RBC capital markets. Please go ahead.

Our next question is from Josh Wolfson with RBC Capital Markets. Please go ahead.

Thank you very much so understandably.

Thank you very much.

Understandably strategies and philosophies change overtime and adapt to the market.

Strategies and philosophies change over time and adapt to the market. Historically, for Rangold and Barrick, share buybacks have not been one of the primary factors for capital allocation. As part of the new strategy, it is something which is more prominent. Mark, could you perhaps walk us through what's changed and why this is the right move?

You know historically for Randgold and Barrick.

Share buybacks have not been one of the primary factors for capital allocation.

Part of the new strategy. It is something which is more prominent mark could you, perhaps walk us through perhaps what's changed and and why this is the right move.

So Josh.

For as long as I've known you, you've been trying to change my strategy. That strategy has been pretty focused and clear. And and and at the same time, we react to certain situations. And one of them is that we feel that the share price is not being properly valued. And so it makes sense.

For as long as I've known you you've been trying to change my strategy.

That strategy has been pretty focused and clear.

And and and and then at the same time, we react to certain situations and one of them is that we feel that the share price is not being properly.

Valued and so it makes sense to clear the opportunity cleared with the market the opportunity to buy back stock.

to clear the opportunity, clear it with the market, the opportunity to buy back stock in a situation like this. So I can't, I don't understand how you can say that's a change in strategy. I mean, it makes sense, it's a provisional approval. We can do with it, you know, we can use it for the right reasons.

In a situation like this so called I don't understand how you can say that's a change in strategy I mean that makes sense. It's a it's a provisional approval. We can do with it you know we can use it for the right reasons and we've been very clear about that at the same time we are.

And we've been very clear about that. At the same time, we are very focused. We've, as I promised you and the rest of the crew three years ago, we have delivered a revised

Very focused we've as I promised you and the rest of the crew a three years ago, we have.

Our revised.

dividend policy based on the strength of our P&L and that's always been the strategy. You know I don't believe in creating dividends or borrowing to pay dividends.

Dividend policy based on the strength of our P&L and that's always been the strategy you know I don't believe in creating dividends.

Borrowing to pay dividends.

We've always paid, I've always paid dividends based on the strength of the P&L and to be able to have a strong P&L you have to have quality assets and you need to clear up your balance sheet and your debt structure, which we've done. So everything is ticking the boxes.

We've always paid I've always paid dividends based on the strength of the P&L and and to be able to have a strong P&L you have to have quality assets, and so and and you need a clear up your balance sheet and your debt structure, which we've done so everything is no ticking the boxes and.

18th So a 2018 September we very clearly said, that's what we're gonna do take out the debt.

2018 September , we very clearly said that's what we're going to do, take out the debt.

Clean up the balance sheet.

focus on high quality assets and returns real value creation on a sustainable basis for our shareholders and other stakeholders as well.

Focus on the high quality assets and returns real value creation on a sustainable basis.

For our shareholders and other stakeholders.

As well.

I'll do my best to try to refrain from changing the company's strategy, but don't hold me to it. On the new five-year outlook, looking at the production, it looks, and granted we're working with our geometry sets here, it looks a touch lighter in maybe 100,000 ounces over the next couple of years.

Alright, I'll I'll do my best to try to refrain from changing the company strategy, but I don't don't hold me to it on on the new sort of five year outlook.

You know looking at the production it looks and granted we're working with our geometry sets here it looks a touch lighter and.

Maybe 100000 ounces over the next couple of years.

What would that be attributable to that is that a function of PV or there are other factors in there?

What would that be attributable to that is that a function of PV or are there other factors in there.

So this year, there's a change in the balance because of the expansion in Pueblo Viejo, which we've communicated some time back. And that drops the production by 100,000 ounces. It pulls back up immediately next year as we finish the completion of the expansion.

So there's a the this year, there's just a there's a change in the balance because of the expansion in Pueblo Viejo, which we've communicated some time back and that drops that production by 100000 ounces. It bull's backup immediately next year as well.

We finished the completion of the expansion.

And you know the background behind that. The growth side, so going from 4.4 to 4.8 is very clear. The other change has been the suspension of operations at Long Canyon. And again, for that asset, we're reviewing whether we keep it in our portfolio or not because, again, we're very focused

And you know the background behind that.

The.

<unk> the growth side, so going from 4.4 to four point data is very clear.

There's a the other change has been the suspension of operations at our long Canyon and again for that asset where are reviewing whether we keep it in our portfolio not because again, we are very focused on them.

the quality of our assets and the longevity of the assets.

The the.

The quality of our assets and the longevity of all of the assets.

And the other one is, will be.

And the other one is will be.

uh... him now where we've reset the ramp up uh... and so that there were load that

Hemlo, where we've reset the ramp up and so that's the we're slow debt.

profile as we wrestle with getting that mine back on track and that mine went through some challenges with COVID and we made a commitment to bring in contract miners and then COVID blocked, shut down the ability for the Australian teams to come in to Canada and so we're reassessing that operation.

Profile as we wrestle with getting that mine back on track and that bond went through some challenges with Covid and the you know we made a commitment to bring in contract miners and then COVID-19 blocked are shut down the ability for the Australia and teams to come in.

Canada, and so we are reassessing that that operation and those are the impacts on that profile, but the profile is still you know.

on that profile, but the profile still, you know, I don't know what sort of accuracy your ruler is, but it takes us back up to about the 4.8 billion.

Is it.

I don't know what sort of accuracy. Your ruler is but it takes us back up to about a full point, but he analysis.

And remember, these are answers and plans that we have cleared. It's not, they're not forecasts. They're actually plans.

And remember these are ounces and plans that we have clear, it's not they're not forecast that actually pads.

Gosh.

Understood. Thank you. Thank you.

Our next question is from Matthew Murphy with Barclays. Please go ahead.

Our next question is from Matthew Murphy with Barclays. Please go ahead.

Hi, similar question on the charts guidance outlook on CapEx, though, this time.

Hi, similar question on the <unk>.

Carts guidance outlook on Capex now at this time.

Hum.

The way I'm looking at it, it looks like CapEx is up around 200 to 300 million bucks a year. Do you disagree with that? And if it is up, what are some of the drivers there?

The way I'm looking at it it looks like Capex is up around 200 to 300 million Bucks a year.

<unk> you.

Do you disagree.

Disagree with that and if it is up what is the.

What are some of the drivers there.

So just for capital's sake, one of the biggest drivers on capital is the decision to, I mean the whole focus on Lemoina, the fact that the African and Middle East team got their head around Lemoina, got the cost down, they halved the mining cost.

So yeah just for full capital cycle is one of the biggest drivers on capital as the decision too I mean, the whole focus on Lamar not the fact that the Africa and Middle East team got their head around Lamont, who got to cost down the hall of the mining cost.

We've, there's a bigger investment now in investing in their equipment, we've got some additions to make to like the crushing circuit and so on, so that's a big change.

There's a bigger investment on our end and investing in their equipment. We've got some additions to make to lock the crushing circuit and so on and so that's a big change.

capital in Porgra, in ramping up Porgra, that's not in the forecast, Graeme, yet, the capital for Porgra. So then it's, so I'll pass it on to Graeme, he can finish the explanation.

The capital program and ramping up public Bora, that's not in the forecast I grab yet the capital for Polaris. So then it's so I'll pass it on to grab me can finish.

The the explanations.

So, thanks, Matt. I mean, the key drivers, as Mark has already touched on...

So thanks, Matt.

I mean, they are the key drivers are small because we already touched on is.

is some of the changes in the mine plans. We've obviously had some carryover of capital from 2021 into 2022 and a little bit beyond related to the delays in the PV expansion. That was our biggest growth capital project.

It's the you know some of the changes to the mine plants. We we've obviously you had some carryover of capital from 'twenty to 'twenty, one into 'twenty, 'twenty, two and a little bit beyond related to the delays in the PV expansion.

Capital project.

And that's carried over into 'twenty.

2022 because of the supply chain, global supply chain constraints.

2022 because of the supply chain global supply chain constraints that we've had that the.

The other area where we are investing more is in the copper business in Luwana.

Where we are investing more is in is in the copper business and pneumonia.

where, you know, historically that's a business that has been a little starved of capital and we're really investing in that business because we see a lot of growth opportunities and you can see that in the profile of the Lamona ramp-up over the next five years.

We you know historically, that's a business that has been starved of capital and where we really investing in that business because we see a lot of growth opportunities and you can see that in the in the profile of the mall.

On a ramp up over the next five minutes over the next five years.

We've got new fleet and other initiatives that'll increase our availabilities, but that's a big...

We've got new fleet and other initiatives that will increase our availabilities.

So that's a big big factor coming through as well.

And Matthew, the most important thing is the...

And Matthew the the the most important thing is the.

next year is our last big capital year and then it starts coming down, and that's the driver.

You know next year is the last big capital year, and then it starts coming down and that's the driver you know when you look at Barrick and its five year plan and all you need to do at the end of the five years is continue those.

You know, when you look at Barrick in its five-year plan, and all you need to do at the end of the five years is continue those.

those graphs for the 10-year plan, what you do see is a growth in cash flow, free cash flow, because of that declining oil and sustaining costs. And so, you know, whatever gold price you

It does graphs for the 10 year plan, what you do see is that growth in cash flow free cash flow because of that declining all in sustaining cost and so you know whatever gold price you use.

you run the model at, you get an increasing cash flow in the 10-year plan.

You are running the model that you get up you get an increasing cash flow in the 10 year plan and that's you know a lot of people say yeah. This is a flat production profile, yes, but it's it's long and it's it's it's exploiting our capital base.

You know, a lot of people say, you know, this is a flat production profile. Yes, but it's long and it's exploiting a capital base.

that we would have completely invested in by the end of next year, early the following year. And then you get the benefits of that over a long period.

That we would have completely invested in by the end of next year early the following year and then you can and you get the benefits of that over a long period.

Right right. The only other point. So I was just gonna make was just didn't need any region, where we have got a little more capital in Tanzania, which is related to the the redevelopment of those plants that Marc has already talked about so the ABA.

The only other points I was just going to make was just in the AME region.

where we have got a little more capital in Tanzania, which is related to the redevelopment of those plans that Mark's already talked about. So the ability for us to be able to ramp up that production following the completion of the feasibility study at Boulie as well.

<unk> for us to be able to ramp up that production.

Production following the completion of the feasibility study it believes when it's the demand redesign at North Mara We've now got a I've been put to an underground coming back into the plan. So there's a little more capital there and then at Lula, where we've got the expansion to our solar plants. So that's the only two O G. H G reduction plan.

the mine redesign at North Mora where we've now got both open pit and underground coming

So there's a little more capital in there and then at Lulo where we've got the expansion to our solar plant. So that's all linked into our GHG reduction plans where we're investing in solar capacity. And we've got the extra...

So where we were investing in solar capacity and and and we've got the.

Extra 200 megawatts in.

in Nevada as well. And I would just point out, Matthew, the...

In Nevada, as well and I would just point out Matthew the.

Those, you know, our program, our path to.

So those are.

Our program out.

Path too.

30% reduction that we've detailed all those projects are delivering 15% IRR is at 1200 dollar long term gold price. So they say all in as much as they knew and they are dealing with all greenhouse gas emission commitments they do.

30% reduction that we've detailed, all those projects are delivering 15% IRRs at $1,200 long-term goal price. So they all, as much as they knew, and they're dealing with our greenhouse gas emission commitments, they do reduce the cost and deliver real returns as a business, as an investor.

Jus the costs and deliver real returns as a business as an investment.

Hey, Mark, is that with a carbon price or is that just, you know, business as usual doing the project? It's just business as usual. And, you know, one of the things we stuck with is we didn't get caught up in this rental stuff.

Hey, Mark is that with a carbon price or is that just you know a.

Business as usual doing the project, that's just business as usual and you know one of the things we stuck with US we didn't get caught up in this rental stuff we waited until the the solar technology end market was as such that you could own your own solar cells, and and install and and.

We waited until the solar technology and market was such that you could own your own solar cells and install and derive the full benefit of solar.

And derive the full benefit of solar energy and again Barrick with the experience we've developed and.

solar energy. And again, Barak, with the experience we've developed and

in Africa as well, is that we've grown our knowledge and understanding of...

And Africa as well is that we've grown in our knowledge and understanding of it.

you know, micro grids and power generation and that road map to 30% reduction is a real engineered, modelled project.

Yeah, micro grids in power generation, and and and and that our road map to 30% reduction is a real engineered modeled.

Uh huh.

processed investment. It's not a promise without a plan. It is the plan to support the promise.

Processed investment it's not a you know.

Ah promised without a plan it is the plan to support the promise.

That's great to see thank you.

Pleasure.

Our next question is from getting their coil with BNP Paribas. Please go ahead.

Our next question is from Jatinder Goyal with BNP Paribas, please go ahead.

Thanks Arpit. Good afternoon and good morning. A couple of questions. One on dividend policy, it's good to see aligning it almost to...

Thanks, operator, good afternoon and good morning.

Couple of questions one on dividend policy, it's good to see them.

Aligning it almost to rank order them.

basing it on net cash, but just to understand

Basically you're doing net cash, but just to understand.

Is there a maximum net cash balance that you want to keep in balance you didn't pay everything.

Is there a maximum net cash balance that you want to keep in balance and pay everything beyond that away or is $1 the maximum dividend that Barrick will pay in any given year and maybe any excess gets funneled through buybacks if the share price allows that?

Beyond that the reorder.

Is $1 the maximum dividend.

Our liquidity in any given year and maybe any excess gets funneled through buybacks, if the shippers who knows there.

So.

So the the the concept here is that we want to grow this business you know we set out when we when we did the deal with with.

So the concept here is that we want to grow this business. You know, we set out when we did the deal with...

Rangold, we want to build a real business, a business that's relevant in the public market.

Randgold, we want a bull's eye real business a business that's relevant in the public markets and so part of that is building a stronger ever stronger balance sheet at the same time, we wanted to have that commitment to.

And so part of that is building a stronger, ever-stronger balance sheet. At the same time, we want to have that commitment to...

to our shareholders where you can look at our plans and expect and know what sort of yield you'll get from the payout. So right now we stop at...

To our shareholders way you can.

Look at our plans.

And and expect and are they.

And and know what sort of yields you'll get from the payout. So right now we stopped that.

It's a billion dollars, a billion to 1.5 billion dollars and that payout, so that payout keeps going.

It's a billion dollars billion, two $1.5 billion and that payout so that payout keeps going.

Not to say that we wouldn't revise it but that that's a good start.

Not to say that we wouldn't revise it, but that's a good start. We've got to get to the $1.5 billion net cash first. I think the point is, it's a self-correcting formula, so every quarter we look at where the cash is and we pay it accordingly.

I think we got to get to the $1 billion.

Net cash.

I think the point is it's it's a it's a self correcting formula. So every quarter, we look at where the cashes and we pay out accordingly.

to the extent that we don't pay out cash this quarter, that cash is available for a performance dividend next year.

To the extent that.

You know, we don't pay out cash this quarter that cash is available and for whom its.

And next quarter. So it and you know that's that's how the Formula works effectively.

So that's how the formula works.

Provided we were.

Provided we're net cash, we are looking to pay a performance.

Cash, we're looking to pay a performance isn't it.

Uh huh.

Just one on Pogra. It looks very ripe for an imminent restart. I understand why you would exclude it from the guidance, but are you able to provide any more color on the possible timeline of restart and how long will it take to get back to full capacity?

Okay. Thank you just one on Cobra.

It looks very ripe for an imminent restart I understand why you were excluded from the guidance, but are you able to provide any more color on the timeline.

Timeline of when you started and how long will it take to get back to full capacity.

[laughter] just let me explain to you where we are so we signed a framework agreement was bonding we now recently on the <unk>.

Just let me explain to you where we are. So we signed a framework agreement with Binding. We've now recently signed the

uh... commencement uh... the paula project commencement agreement p p c a and uh... and that it stuff that takes the framework agreement and in in in the heart of that agreement gives us

Commencement, so the pole or a project commencement agreement P. P C I and and that sets. The takes the framework agreement and in enhance as that agreement gives us more surety on divestments, we gotta make them is it clarifies a the.

more surety on the investments we are going to make, it clarifies the rights of the various shareholders and opens the way for the incorporation of a new Porgra vehicle.

The rights of the various shareholders and opens the way for the incorporation of a new polgar, a vehicle company and to do that of course, we need to shareholders' agreement and a constitution accompany constitutional and so.

And to do that, of course, we need a shareholders agreement and a constitution, a company constitutional. And so we've now settled those, the terms of those agreements.

We've now settled does the terms of those agreements.

We need to get it signed and that's a step, but it's a process because of the fact that there are more than one stakeholder on the Papua New Guinean side.

We need to get it signed and that's a step but it's a process because of the fact that there are more than one stay called on the Papua New Guinea inside.

Once we do that we then have the ability to apply for the S. M. L. The special mining license and roll the exploration licenses and other permits from the old program to the new Cobra and that's a process in itself and then.

Once we do that, we then have the ability to apply for the SML, the Special Mining License.

and roll the expiration licenses and other permits from the old Pogre into the new Pogre. That's a process in itself. And then we are, the negotiations and legal process is complete on that.

We are but the the negotiation of the legal process is complete on that.

And then we've got to settle the operator's agreement. The framework of that is set in the framework agreement.

And then we've got a to say, Italy operator's agreement that framework called that as setting the framework agreement.

And the other key process to be...

And and and the other key process to be.

uh... dealt with is the development forum which is a provision under the

Dealt with is the development for them, which is a provision under the.

PNG law, whereby the various landowners and other interested groups

P N G a law, which whereby the various land owners and other interest interested groups get together and under the MRI stewardship and allocate to them amongst themselves the equity that's been.

get together and under the MRA stewardship and allocate to them amongst themselves the equity that's been provided.

reserved for the landowners and once that is done we're ready to to commence with the

Reserved for the landowners and once that is done we're ready to to commence with the.

Restart what we have done in the interim as part of care and maintenance is we've cleaned up the pit We've cleaned up the underground

Restart what we have done in the interim as part of care and maintenance is we've cleaned up the pit we've cleaned up the underground.

taken all the muck out of there. We've also reviewed and done some servicing on the mobile equipment. We're currently now working through the processing plant just to make sure that everything is operational. So we have done a little bit of operational readiness work ahead of the final, you know, proper restart.

Taken all the knock out or they are we've also reviewed and and and and done some servicing on the mobile equipment. We currently now working through the processing plants just to make sure that everything is operational so we have done a little bit of opera.

<unk> readiness work.

Head of the final Ah you know.

Proper restocked and and again, the restart period will be around six months, depending on exactly when we start the restart and how much interim work we had completed.

And again, the restart period will be around six months, depending on exactly when we start the restart and how much interim work we've.

Excellent. Thank you very much, Mark, for the detailed explanation. All the best.

Thank you very much mark for the detailed explanation on the best thank.

Thank you.

Our next question is from Anita Soni with CIBC World markets. Please go ahead.

Our next question is from Anita Soni with CIBC World Markets. Please go ahead.

Hi, Good morning, guys. So most of my questions have been asked and answered, but I just wanted to get a little bit better understanding on why not and where exactly you're spending them.

Hi, good morning guys. So most of my questions have been asked and answered, but I just wanted to get a little bit better understanding on the Moana and where exactly you're spending the in terms of sustaining capital and and growth capital breakout. That would be the first question.

In terms of sustaining capital and and of course capital break out yeah that would be the first question.

So Anita the as I've said, we've got a new fleet, we bought a part of it it's still coming we upgrading the whole fleets. The team you know we went in there we dropped the mining costs by nearly 50%.

So, Anita, as I said, we've got a new fleet, we've bought part of it, it's still coming. We're upgrading the whole fleet. The team, you know, we went in there, we dropped the mining cost by nearly 50%.

But, you know, the fleet was an old fleet, so that's one that I know we've still got more fleet to arrive.

But you know the the fleet was an old fleet.

So that's one that that I know, we still got more fleet to arrive.

We've got some upgrades to some of the equipment that we'll keep. And then also there's some work to be done on the crushing circuit as well. So, you know, and that really takes us to the sort of, I'm wanting to say, 350,

Got some upgrades to the to some of the equipment that we'll keep and then also there's some work to be done on the crushing circuit.

As well, so yeah that and that really takes us to the sort of I'm I'm wanting to say.

300 and.

That's a $50 million.

Pounds of copper head right.

Yes, what I understood.

So that's the plan and then there's an additional point to add not a large amount of money but significant is some of the exploration we're doing, we've identified some new satellites and under the current mine plan, 2026-ish, we've got to make a decision on a big super pit pushback.

So that's that's the plan and then there's an additional point to some of to add not a large amount of money, but significant as some of the exploration. We're doing we've identified some new sets of lots and under the current mine plan 2026 ish, we've got to make a decision on a big.

Super pit pushback.

But some of the.

exploration work we're doing is indicating that we could be able to define some better grades and lower strip ratios that would delay that decision and extend the life.

Exploration work, we're doing is indicating that we have we could be able to define some better grades and lower strip ratios that would delay that decision and and extend the life and the current Super petrol go for 60 years and you know if we can add more.

Super Pit will go for 60 years and you know if we can add more lower strip

The other strip.

material into the plan, we will extend that decision till later. And Graham, do you want to add anything more?

Material into the plan, we will extend that that decision until later in DRAM, you want to add anything more.

No, the only thing I would just say is it's all sustaining capital, it's basically plants.

I would just say is it's it's all sustaining capital.

Oh.

Plant upgrades.

fleet upgrades. It's all about making sure that we can do all the tons, both the...

Fleet upgrades, it's all about making sure that we can do all the tons, but it's the.

Most of the waste tons as well as the mining and make sure that we get the availability and the throughput through the plant them on that.

both the waste tons as well as the mining and make sure that we get the availability and the throughput through the plant.

And Anita, you know we at one stage were going to sell this asset, we couldn't get a, we knew the value.

I need to tell you you know we were at one stage you were going to sell this asset we couldn't get up.

When you use a value at that time.

But as the team in Africa got their head around this operation, we were very comfortable that they got it down to making money at 275 a pound.

But as a the the team in Africa got their head around this operation we were very comfortable that they've got it down to making money at 275 a pound.

And so we shifted our strategy.

And so we shifted our strategy and we're now reinvesting in this long life operation.

And yet we're not reinvesting in this long life operation.

Thank you. I was actually, I was looking for Graham's short answer, but your answer actually leads into my next question, which was, you know, a lot of investors are looking for copper exposure. You've talked about copper as a strategic asset, previously talking about it in an M&A context.

Yeah. Thank you I was actually I was looking for granted short answer but your answer actually.

It leads into my next question, which was one.

A lot of investors are looking for copper exposure and you've talked about copper as a strategic asset previously.

Previously talking about an M&A context is it fair to I mean, I'm just trying to get an idea of what the copper like it doesn't really explicitly saying your 10 year profile, what the copper production would look like.

Is it fair, I mean, I'm just trying to get an idea of what the copper, like, it doesn't really explicitly say in your 10-year profile what the copper production would look like. Should we expect that to grow beyond the 500 million pounds? You know, it's sort of into the back half of the decade with these investments that you are making into La Moana right now and could potentially make, as you say, you might have to make a decision on a super pit. And then what would that super pit cost as well?

Should we expect that to grow beyond the 500 million pounds, you know sort of into the back half of the decade with these <unk>.

That you are making it to him on that right now and could potentially make as you're saying you might have to make a decision on the super pit and then what would that cost about ballpark number.

So the shape of it as just a cost of a stripping them and again.

The superfit is just a cost of stripping and again...

you know exactly how we manage that struck is at the top is it will premise done what uh...

Yeah, exactly how we manage that strip is at the site as it will be premised on what.

what we do as far as exploration and adding additional resources. We're very comfortable that we're going to add some significant resources and reserves.

What we do do as far as exploration and adding additional resources, we're very comfortable that we're going to add some significant resources and reserves a buzz that.

Lemoina, which is a big operation, and also at Jabal Saeed.

The more I know, which is a big operation and and and also had a job outside so.

You know, for me, we have every intention of growing up our business, both in copper and in gold, or in gold and then in copper, and the principle behind barracks...

For me that we have every intention of growing our business, both in copper and gold Oh and gold and then in copper.

And and and and the the principle behind Barrick's business. Our philosophy is high quality assets, that's a bucket and so you know that's what we're hunting, whether it's gold or copper.

business philosophy is high-quality assets.

That's our focus. And so, you know, that's what we're hunting, whether it's gold or copper. And by the way, as you know, America's always had a copper portion of its business, unlike many of the gold miners.

And by the way as you know.

Barrick has always had a copper portion of its business unlock many of the.

The gold miners.

The point is that the copper business never made a real contribution to Barrick's bottom line. Today it is, and it does so even at £2.75 a pound. So, you know, that's all we've done. We haven't shifted anything, we've just...

The point is that the copper business never made a real contribution to barrick's bottomline to diet is and it does so even at 275 a pound. So yeah. That's all we've done we haven't shifted anything we've just had.

Had a look at our business, we looked at selling it, we couldn't get the right price.

I had a look at our business, we looked at selling it we couldnt get the right price with the team felt they could do a better job.

The team felt they could do a better job than the past, and they certainly have, and it's now a very significant asset.

In the past and they certainly have and it's not a very significant assets in our portfolio.

Do you want to add.

You want to add? No, I'd just say, you know, Anita, if you look at the copper graph, you'll see the growth over the five-year period, and as Mark has said too, when you look...

So you know in each if you look at the couple of graph, you'll see the growth.

Over the five year period.

Two.

When you look further out within the 10 year period, you can see newmont are getting up to 350 million pounds.

And I think, Anita, at this stage, let's get our business settled on the copper side. And we've got a lot of opportunities on the gold side, and we'll keep the market updated on new opportunities as we... But what we have done, as I said, we've opened this new frontier in Asia-Pacific.

And I think and each other at this stage wait let's get out business settled on the copper side and we've got you know we've got a lot of opportunities on the gold side.

And then and we'll keep the market updated on.

New opportunities as we.

But what we have done as I said, we've opened a new frontier in Asia Pacific.

And we now have embedded copper expertise, additional expertise in our exploration teams, both in Africa, in the Central African Copper Belt region, and also in our LATAM teams, our South American and Central American.

And.

We now have a embedded copper expertise additional expertise in our and our exploration teams. Both in Africa in the Central African copper belt region and also in all as Latam team, South South American and central.

Library can teams.

Okay, and then a quick 1 on the record of decision, you mentioned, I think it was that if I'm, I hope I'm not speaking at Cortez. Was that pertaining to gold rushes record of decision, or was it pertaining to the Cortez 1 where they can, you can go deeper and below the water table.

Okay, and then a quick one on the record of decision you mentioned I think a little ball com and I hope I'm not speaking at Cortez was that pertaining to golar and its record of decision or was it pertaining to though that Cortez one way or they can you can go deeper and below the water table.

The expansion I was talking about in Cortez is all about Gold Rush at this stage. We have some very exciting exploration.

The expansion I was talking about and Cortez is all about gold rush at this stage, we have some very exciting exploration.

new models in Cortez underground that we're busy drilling. We touch on that if you read the MD&A that we're covering. But this is the currently it's, you know, it's the business plan. So it's

Our new <unk>, new models and Cortez underground that we're busy drilling we'd touch on that if you read the M. DNI that we'd covering but this is the currently it's you know it's the business plan. So it's it's a what we've got in Cortez are we've got some other additional.

It's what we've got in Cortez, we've got some other additional Robertson and Pipeline that we're working on, and then really it's the post-record of decision Gold Rush, which, as you know, we've signaled that it should be in place by the end of this year. Okay, thank you. That's it for my

Robinson and pipeline that we're working on and and then rarely is the.

It's the post record of decision gold Rush, which as you know we've signaled that it should be in place by the end of this year.

Okay. Thank you that's it for my question.

So Nathan.

Our next question is from Jackie Prepay Laski with BMO capital markets. Please go ahead.

Our next question is from Jackie Przybylowski with BMO Capital Markets. Please go ahead.

Thank you very much and also most of my questions have been answered already. I just maybe want to follow up with what Jitinder was asking earlier. I just ask you a little bit more explicitly, you have this buyback now for a billion dollars.

Thank you very much.

Also most of my questions have been answered already I, just maybe wanted to follow up with went to tender was asking earlier and just ask you a little bit more explicitly hasn't buyback now for a $1 billion Oh I know what we've seen from other other companies not not Eric when they when they disclose the bypass pay.

I know what we've seen from other companies, not Barrick, when they disclose a buyback, they sometimes complete it, execute it, and sometimes they don't. Can you talk a little bit about what your commitment to executing on the buyback is? Do you fully intend to finish the $1 billion by the end of the year, or is this something that will be more discretionary?

Completed executed and sometimes they don't I can you talk a little bit about what your commitment to executing on the buyback is still fully intend to finish the $1 billion by the end of the year or is this something that would be a more discretionary.

So the best thing for you to do, Jackie, is to read the MD&A because it's very clear there. And again, this is about a view that we have about the value of our stock.

So they are the.

The best.

Thing for you to do Jackie has to read the MD&A, because it's very clear today and and again this is about.

Our view that we have about the value of our stock and and again, we we we might spend at all we might spend a little part of it it it depends on the market and how the how we feel and.

And again, we might spend it all, we might spend a little part of it. It depends on the market and how we feel and about the value of our stock in the market against the other things that we can spend the money on.

Hum about the value of our.

I bought stock in the market against you know the other things that we can spend the money on.

And then just maybe following up on that.

Is that your that's your priority. That's your preference would be to continue to grow I know you have mentioned that.

Is that your that's your priority? That's your preference would be to continue to grow? I know you have mentioned that and I did read the MD&A. I know I know that you know, growing the business is a priority. Is that is that first priority and

D M D. I know I know that you know growing the business as a priority is that is that first priority and.

and either the buyback or the special dividend we should think would be kind of secondary to your growth opportunity.

And either the buyback or special dividend, we should think what would be kind of secondary to your growth opportunities.

Well, I think that dividends and the growth are not mutually exclusive. As I've always said, you know, we focus on 15 percent returns that gold price is much lower than they are today at the same time. And I've always believed and demonstrated if you have that sort of filter and discipline.

But I think the dividends and growth are not mutually excuse exclusive as I've always said you know we focus on 15% returns at.

Gold price is much lower than they are today.

At the same time and I've always believed and demonstrated if you have that sort of Fulton discipline.

You should get to a point where you can do both, invest in your future and continue to make returns. And a classic example is last year, you know, we returned $1.4 billion, a record return, a cash return to our shareholders ever.

You should get to a point, where you can do bus invest in your future.

And continue to make returns and a classic example is last year. You know, we returned $1 $4 billion of record return of cash returned to our shareholders ever.

And at the same time, we continue to invest some significant capital. This is to really make sure that we've got a solid platform to deliver the 10-year and beyond plans that we have in our big operations.

And and at the same time, we continue to invest some significant capital. This is to really make sure that we've got a solid platform to deliver.

The tenure and beyond plans that we have in our big operations.

Thank you very much.

Our next question is from Greg Barnes with TD Securities. Please go ahead.

Our next question is from Greg Barnes with TD Securities. Please go ahead.

Yeah. Thank you mark with a $200 million and dividends paid out of Kibali do you see the second half of last year have you opened that.

Thank you. Mark, with the $200 million in dividends paid out of Kibale from the DRC in the second half of last year, have you opened that?

avenue to get dividends out of the country. Formally now the legacy $500 million is that progress has been made on that as well.

Avenue to get dividends out of the country for me now the legacy $500 million is that progress been made on that as well.

Yes, we have as I told you and when we when I spoke at your conference Greg.

Yes, we have, as I told you in when we when I spoke at your conference, Greg. So we're expecting another 300 million dollars eminently this month, and then that'll be followed by another 300 dollars. And and the deal that we've got is we will we will pay out the money.

So we're expecting another $300 million imminently. This month, and then that'll be followed by another $300 and and the deal that we've got is we will we will.

Pay out the money for specifically two to pay down the debt with.

specifically to pay down the debt with the next billion dollars and that's where you get your 500 from because it gets divided between it's just over a billion dollars after the 200 million dividend payment.

What's the next billion dollars and that's where you get your 500 from because it gets divided between its just over $1 billion. After the 200 million dividend payment the dividend payment was the first step as we pointed out in the in the announcements today and then we'll pay out the billion dollars.

The dividend payment was the first step, as we pointed out in the announcements today. And then we'll pay out the billion dollars, just over a billion, everyone gets, the two major shelters get $500 because it goes back.

Just over 1 billion, everyone gets two major shareholders get.

<unk> hundred because it goes back to to play pay.

pay the debt, and then going forward we will pay 50-50, 50 to dividends and 50 for the continued reduction in debt.

Pay the debt and then going forward, we will we will pay 50, 50, 52 dividends and 50 for the continued reduction in debt and and you know I I. It's important that people understand that it's you know this process and we've done it in Mali is.

And it's important that people understand that this process, and we've done it in Mali as well, allows everyone to benefit. The government gets a foreign exchange fee on the loan repayments. It gets a withholding tax payment on the dividends.

Well allows everyone to benefit the the government gets a foreign exchange fee on the on the loan repayments. It gets a withholding tax payment on the dividends.

Our partners, which is the state mining company, get dividend benefits.

Partners, which is the state bonding company get dividend benefits going forward and we don't wait for the end of the project for everyone to benefit. So yeah. That's the way we've been and we've never you know theres been a issue in the market about this money, but it's never been as you know I haven't made a big fuss about it.

going forward, and we don't wait for the end of the project for everyone to benefit. So that's the way we've been, and we've never, you know, there's been an issue in the market about this money, but it's never been, as you know, I haven't made a big fuss about it, it's never been under question, it's just when it should be paid. And so we've got to the

It's never been under question, it's just when it should be paid and and so we've got to that point and I explained to you in the past the reasons for that.

uh... and i explained to you in the past the reasons for that uh... but we've we've uh... we've

But we've we've we've got to that point now.

Fair enough. And just, Mark, I'm at risk of going down the M&A question route again, but I think everyone agrees that paying zero premiums on producing assets makes a lot of sense, and you've demonstrated that it works. But should the goalposts be a bit wider when you're looking at a development project or an exploration stage project to bring something that looks very attractive into your fund?

Fair enough and just mark on the risk of going down. The M&A question routes again, but I think everyone agrees that paying zero premiums on fishing assets makes a lot of sense and we've demonstrated that it works, but should the goalposts be a bit wider when you're looking at a development project or an exploration stage project to bring something that.

Looks very attractive into your fault.

Sure and you know that's a matter of what we agree but.

Sure, and that's a matter of what we agree, but to pay an infinite premium on an asset that's got no...

No two to pay and infinite premium on an asset that's got no.

permits no resources nothing is not uh... isn't doesn't fit our criteria and you might get

Permits snow resources nothing.

It's not a it doesn't fit our criteria and you might get lucky.

But, you know, I've never gambled in the way I run our business, so we have a very solid technical team at the corporate level and supported by competent in-country skills.

But you know I've never.

Gambled in and the way I run a business so.

We have a very solid technical team at the corporate level and supported by competent are in our country.

His skills.

And again, we will pay a premium on something if we can see the benefit in the geological model or something that we feel we can unlock.

And and and you know they're in and again, we will pay a premium on something if we can see the benefit in the geological model or something that we feel we can unlock.

You know, we're not, we're not sort of blind to opportunities, as we've demonstrated in the past, Greg, but, you know, just, you know, we, we, some of these assets that were dealt last quarter, they've been around a long time.

You know, we're not I'm not sort of.

The blind to opportunities as we've demonstrated in the past Greg, but you know just to you know we we some of these assets that were dealt last quarter they've been around a long time.

we as an industry all walked away from them at much lower gold price.

We as an industry all walked away from them at much lower gold prices.

And you know, one thing for sure, as you've been around nearly as long as me, $1,800 gold masks a lot of issues.

And you know.

One thing for sure as you've been around nearly as long as me.

1800 dollar gold mask a lot of.

Issues in an asset and.

And again all of these assets had too much a soon to be discovered opportunities baked into the value and then a premium on top of that so.

And again, all these assets had too much soon-to-be-discovered opportunities baked into the value, and then a premium on top of that, so we won't do it.

Do it.

Okay fair enough. Thanks, Mark.

Our next question is from Patrick pointed out with Allianz investment management. Please go ahead.

Our next question is from Patrick Porta with Allianz Investment Management. Please go ahead.

Hi, Mark Thanks for your continued focus on sustainability topics, especially on today's call.

Hi Mark, thanks for your continued focus on sustainability topics, especially on today's call. We believe that this requirement is necessary in your sector, not as a competitive advantage, but as a competitive necessity.

We believe that this requirement is a necessary in your sector not as a competitive advantage, but it's a competitive necessity.

We're also looking forward to your sustainability report and appreciate the work by Grant Berenger there. With this in mind, on your 30% reduction for 2030, you have a roadmap laid out, which is primarily solar and natural gas conversions.

We're also looking forward to your sustainability report and appreciate the work by grant Beringer there.

With this in mind on your 30% reduction for 2030, you have the roadmap laid out which is primarily solar and natural gas conversions.

Can you provide a little bit of color on the biggest additional projects that you have.

Can you provide a little bit of color on the biggest additional projects that you have under investigation for this target?

Our investigation or the target.

So we've started way back already you know with a big conversion of gas.

So we've started way back already, you know, with the big conversion of gas.

of heavy fuel to gas and DR. We've built a lot of additional capacity to manage microgrids and DRC. We've installed a big battery in the DRC. We're gonna put in more batteries now. And really what it's designed to do is completely take out the spinning reserve, the thermal spinning reserve.

All of our heavy fuel to gas and D are we've built a lot of.

Our additional capacity to to manage a micro grids in DRC, we've we've installed a a big battery and the DRC, we got to put in more batteries now and really what it's designed to do is completely take out the spinning reserve the symbols.

Lending reserve.

During the the the big water per ads, the big heart rhythm periods and the way. It works is we originally tested the battery on men at managing the demand.

during the big water periods, the big high river periods. And the way it works is we originally tested the battery on managing the demand of the,

All the.

the shaft, the hoist, and it was pulling lots of power and we had to spin diesel engines to deliver that power when the demand was there. What we've done is put a battery in there so the hydro then keeps the battery charged and the battery can react to that demand. What we're looking at now is expanding that battery capacity and making the battery form the grid.

The shaft are the hoist and it was pulling lots of power and we had to spend a diesel engines to to deliver that power and that the demand was there. What we've done is put a battery of NASA, the hydro and it keeps the battery.

<unk> charged in the battery can react to that demand what we're looking at now is expanding that battery.

Capacity and making the battery form the grid.

and then making sure that the hydro keeps the batteries charged and so it's a much more efficient way to to manage the power and it's a significant improvement.

And then making sure that the hydro keeps the batteries charged and so it's a much more efficient way to to manage the power and it's a significant improvement and then with that knowledge, we've transferred it back to Mali, where we don't have a grid.

And then with that knowledge, we've transferred it back to Mali, where we don't have a grid at all and we don't have access to hydro, but we have a lot of sun. And so we trialed a 20 megawatt.

At all and we don't have access to a Hydra, but we have a lot of sun.

And so we we trialed. The 20 megawatt are solar it's worked exceptionally well now are we going to travel that and we're gonna add battery a basis to it and so what we do then is that we make that.

uh... uh... so that it's worked exceptionally well now we get a travel that and we get a add battery uh... basis to it and so what we do then is that we'd make that

solar much more efficient and the impact on the heavy fuel machines, well the first thing is we would want to retire the high-spinning diesel machines and we've got these big heavy fuel baseload machines. And again we will be able to manage that more efficiently.

So a much more efficient and and the impact on the the heavy feel machines well. The first thing is we'd want to retire the highest spending diesel machines and we've got these big heavy fuel base load machines, and again, we will be able to manage that more efficiently and then in.

And then in Nevada, as you know, we've got a natural gas power station and we've got a coal power station. Our commitment immediately two years ago was to work to replace the coal.

And Nevada as you know we've got a natural.

Natural gas power station and we've got a coal power station a commitment immediately that in two years ago was to work to replace the coal.

with natural gas, and we're way down the road on that. And then with our knowledge, and Nevada grid is much bigger, and we've got access to the United States.

With natural gas and we'd down way down the road on that and then without knowledge and and and Nevada grid is much bigger and we've got access to the United States power grid. So that makes it a lot more efficient to have a very big solar power station. So we've committed.

So that makes it a lot more efficient to have a very big solo power station. So we've committed to a 200 megawatt power plant. And we've got the property right next to our power station. And so that's a big step forward. And then in Chile, and I mean, in Argentina, what we've done is.

The 202, a 200 megawatt.

Power plant and we've got the the property right next to our palace station and and so that's a big step forward and then in Chile, and I mean in Argentina, what we've done is the old or the the Pascua Lama infrastructure was designed to use to access.

The old, or the Pascualama infrastructure was designed to use to access the Chilean national grid, and that's probably the greenest grid in the world.

The Chilean national grid, and that's probably the greenest grid in the World. We've now got permission to do that we've connected to the grid. We've also brought the infrastructure and tied it into the Pascua Lama original infrastructure and it's no accessible bobowler Dara and that's a.

We've now got permission to do that, we've connected to the grid, we've also brought the infrastructure and tied it into the Pasqualama original infrastructure and it's now accessible by Valdera. And that's a big saving.

Big saving.

And.

and a big contribution to our emissions reduction and we've got to, you know, again we've been working in Tanzania linking the grids back because traditionally miners built their own power stations, diesel power stations, now it makes sense to go back to

And a big contribution to our emissions reduction.

And and we've got a you know again, we've been working in Tanzania linking the grids back because traditionally minors, both their own power stations diesel power stations now it makes sense to go back to them.

to the grid in Tanzania is largely renewable energy. And the problem with the Tanzanian grid is its reliability. So we're currently investing in grid stabilizers.

To that end and the the grid in Tanzania is largely renewable energy and and the problem with the Tanzanian grid is its reliability. So we are currently investing in in grid stabilizes.

that sort of technology so that we can access the grid. We've just joined North Mara Underground to the Tanzanian grid. And again, we'll make it more reliable. It's a lot cheaper and it's renewable.

That's sort of technology, so that we can access the grid, we've just joined.

North Mara underground to the Tanzania, and grid and and again, we'll make it more reliable it's a lot cheaper and it's and it's renewable and likewise with <unk>. The more I know we have the same opportunity because a lot of Zambian part comes from the Kariba are hydro.

Likewise with the Moana we have the same opportunity because a lot of Zambian

power comes from the Kariba hydro, and there are other opportunities as well. So, you know, I think I've walked through.

And there are other opportunities as well so you know I think I've walked through.

All the assets. Grant, Beringer, are you on the call? Have I missed anything?

All the assets Grant Beringer, you on the call if I missed anything.

No, that's right, Mark. I think the only other one was probably the PV lime kiln. We're doing a fuel switch there from HFO to natural gas, and that'll give us around about 127,000 ton CO2 equivalent saving on an annual basis.

Yeah, that's right Mark I think the only other one was probably the PV launch kill them doing a fuel switch from.

Natural gas and that was supposed to give us year round about 127010.

She has two equivalent saving on an annual basis.

Okay.

So Patrick, is that your question? Mark, I would say we're also investigating the solar for Pueblo Vejo as well. That's one of the things we're looking into.

Patrick is Oh, I'm, sorry, Mark I would say, we're also investigating the schuler.

Wherever window as well.

The things we're looking into.

Patrick you are happy with that yeah.

Patrick, you happy with that? Yeah, great thanks guys and maybe if we shift to 2050, so thinking longer term. What role or need do you see from policy, regulatory and value chain support to make your and ICMM's, all the peers that have committed to net zero by 2050, become more viable or more achievable?

Yeah, great. Thanks, guys, maybe if we shift to 2050, so thinking longer term.

What role do you see from policy regulatory and value chain supports to make your end IC M M.

All the peers that have committed students.

By 2050 become more viable or more achievable.

Yeah, I think Patrick one of the big dilemmas that we all have is the promise without a plan. And so, you know, we've never done that.

Yeah, I think Patrick one of the Big dilemma is that we all have is that.

Almost without a plan.

And so you know we've never done that.

And everything I've been involved in.

And you know the big challenge is EVs and you know this expectation that they just magically we're going to deliver massive batteries that can hook up to a 300 ton truck and it's going to be perfect. And likewise with

And you know the big challenges Ev's and you know this expectation that they just magically we're going to deliver massive batteries that can hook up to a 300 ton truck and it's gonna be perfect and likewise with hydrogen fuel.

fuel cell technology. It's quite a long way to go still. We are partnering with our major equipment suppliers. We are investing ourselves in things like carbon

<unk> cell technology.

A long way to go still we are partnering with our the our major equipment suppliers, we are investing ourself in things like a carbon.

Carbon capture.

But the next big focus for us, and we're already far down the road, is dealing with Scope 3 emissions.

But the next big focus for us and we already far down the road is dealing with a scope three emissions.

Grant and his team have done a great job reaching out and understanding that, and we've set as our target for next year to be able to deliver a roadmap for that part. And again, it's a more challenging undertaking, but we are very clear that we want to work with our service providers, particularly our in-country service providers. Thank you.

Grant and his team have done a great job, reaching out and understanding that and and we've set a as a target for next year to be able to deliver a roadmap for that part.

And again, it's a it's it's a more challenging undertaking but we are very clear that we want to work with all service providers, particularly our in country service providers and so.

And the focus has been for us is value driven focus. So the big ticket items we're gonna address first.

And and and the focus has been for US is value driven focus so the big ticket items were going to address first at the and in the meantime, we have got people dedicated to evaluating and driving.

In the meantime, we have got people dedicated to evaluating and driving the opportunity to build out more capacity for further reduction. And the one filter that we have, and we've done it, as I said earlier in the presentation, we've done all the whole roadmap we've shared with you.

The opportunity to to build out more capacity for further reduction and the one filter that we have and we've done it as I said earlier in the presentation. We've done all are the whole roadmap we've shared with you.

All of those projects deliver 15 per se they meet our investment criteria as if it was another business and and and we believe that that's the that's what's going to get the world to the right place because when people work out that the commercial attraction of doing this sort of look at it delivers returns and it's.

All of those projects deliver 15%. They meet our investment criteria as if it was another business.

and uh... and and we believe that that that's what's going to get the world to the right place because when people work out that the commercial attraction of doing this sort of work it delivers returns and it's not just about trying to please some demand with a promise

Not just about trying to please some demand with a promise.

Thanks, Mark and thanks, Brian .

Our next question is from Adam Josephson with KeyBank. Please go ahead.

Our next question is from Adam Josephson with Keybanc. Please go ahead.

Mark and Graham, good afternoon. Thanks very much for taking my questions. I appreciate your doing so.

Mark and Graham good afternoon, and thanks very much for taking my questions I appreciate youre doing so.

Mark can you talk about your your gold cash cost and ASIC guidance for 'twenty, two you're expecting them to be up about 5% I know you'd mentioned in and the.

Mark, can you talk about your gold cash costs and ASIC guidance for 22? You're expecting them to be up about 5%. I know you mentioned in the.

In the MD&A that it's the full year impact of the new Nevada mining tax in general cost inflation, specifically energy, but can you just talk about the buckets that are comprising that expected, 5% inflation and how much is the energy labor and materials et cetera, and then why you expect those cash costs to decline year over year.

in the MD&A that it's the full year impact of the mid or bottom mining tax and general cost inflation, specifically energy, but can you just talk about the buckets that are comprising that expected 5% inflation and how much is energy, labor, materials, etc., and then why you expect those cash costs to decline year over year in 2023, if I read that slide correctly?

Twenty-three if I, if I read that slide correctly.

Okay, I mean, Graham's well equipped, he's done it so many times. I just want to point out that one of the key drivers on the cost is we've always forecast our five year plan at $1,200 gold.

Okay grams, well equipped he's done it so many times.

I just wanted to point out that one of the key drivers on the causes.

We've always a full cost out five year plan at 1200 dollar gold.

We've changed that this year, I mean it doesn't change the production profile or the picture, but what it changes is it adds $24 to the cost.

We've changed that this year I mean, it doesn't change the production profile of the picture, but what it changes is it adds at $24 I grabbed $24 to the cost.

and so when you take that and then the cost out of Nevada is about eight cents, eight dollars sorry, and then you've got the three to five percent inflation. So when you back calculate everything it all stacks up and and a lot of people look at it and they haven't done the arithmetic.

And so when you take that and then the cost out of Nevada is about eight since $8, sorry, and then you've got the 3% to 5% inflation. So when you back calculate everything it all stacks up and and a lot of people look at it and I Havent done the arithmetic and it works and that's.

And it works, and that's why we get close to.

Why we get close to yeah.

you know, what we say we gonna do and what we do or when we do it. So, you know, it's a it's a real costing. Of course, there's ways to manage it. And again, again, the team we've taken $300 million out of our, um

What we say, we gotta do and what we do well when we do it so yeah. It's a it's a real cost thing of course theres ways to manage it.

And again the team we've taken $300 million out of our.

Our supply chain procurement business, we've got another $50 to $80 million targeted this year in 2022. And again, that's what we do for a business, is manage and mitigate costs.

Our supply chain procurement business, we got another $50 million to $80 million targeted this year in 2022 and and again, we are that's what we do for our business is manage and mitigate costs focus on it if it on better efficiencies.

focus on better efficiencies, invest in that efficiency draft. And another aspect, before I get Graham to touch on.

Invest in and and that the efficiency drive and and another aspect before I get grabbed to touch on on the the minutia.

the Minutia, is we've also, as you all remember, rolled out a brand new data platform, layered data platform, that integrates all the information across the group.

We've also as you all remember rolled out a brand new data platform layer data platform.

That integrates all the information across the group, we've got two more months to do polgar out of course, because we haven't started it and jump I'll say aid, which we busy with but all the other operations on the same platform interconnected and its fully integrated and now what we're doing is is rolling out does.

We've got two more mines to do, Pogora, of course, because we haven't started it, and Jabal Saeed, which we're busy with. But all the other operations on the same platform, interconnected, and it's fully integrated, and now what we're doing is...

is rolling out those reporting systems and processes which we can use this real-time data to improve our business. And that's definitely gonna bring further efficiencies. And I would argue that we're the only large mining company that has a brand new platform, fully integrated, up to speed and modernized because it's new. So with that, I'll pass it to Graham and he can.

[noise] reporting systems, and and processes, which we can use this.

Real time data to improve our business and that's definitely going to bring further efficiencies and and and I would argue that we're the only large mining company that has a brand new platform fully integrated up to speed and in the end and modernized because it's new so it was that.

I'll pass it to grab and he can he.

Can cut you the detail thanks.

I think, as you already touched on and Mark has touched on, we have been guarding for about 5% inflation, which is made up of various different buckets. The biggest bucket of that really is on the energy side.

Thank you.

As you already touched on.

As touched on.

We have been guiding for about 5% inflation, which is made up of various different buckets. The biggest bucket of all of that really is is on the energy side, and obviously and particularly oil diesel has a big impact on our costs.

We estimate that for every $10 a barrel change.

And the price of oil, it's about $6 per ounce and impact on our cash costs too.

Similarly, our natural gas has a big impact on costs.

So again about $1 change in the gas price has about a $3 impact on our cash cost it's not as significant because we our biggest exposure to gas Israeli Nevada, NPV and not really at our other operations.

Our biggest exposure to guests is really Nevada.

So that's the biggest factor that's probably of that five that's probably be somewhere between two and 2.5% of that.

So that's the biggest factor, that's probably, of that fire, that's probably somewhere between two and two and a half percent.

Of that 5%.

The rest is Israeli made up of of just cost price increases.

One of the big factors that's been impacting us lately has been freight, so freight makes up about 5% of our landed cost. You can see.

Hum.

One of the Big factors, that's that's been impacting us lately has been freight.

So afraid makes up about 5% of our landed cost. So you can see.

That it's not a massive impact but it certainly has been a impacting us in the short term, we believe that the constraints within the global supply chain will normalize within the next six to 12 months. So we think we think that's more temporary than been along to them.

temporary than a long-term issue, but certainly we have seen situations where we've seen rates tripling, for example. Against that, we've been working hard to manage that.

The issue, but certainly we have seen situations, where you know we've seen rates tripling for example against that we've been working hard to manage that.

In terms of consolidating all shipping.

Yeah.

Hiring a direct chips to mitigate the cost of containers.

hiring direct ships to mitigate the cost of containers and just consolidating our buying and our...

And and just consolidating all buying and all in all shipping.

The other one that Mark's already touched on is obviously royalties, and as he alluded to, the rough impact of the change in the gold price is about $5 a share.

The other one that box already touched on is obviously royalties and as he as you alluded to the rough impact of the change in the gold price is about $5 an ounce for every $100 change in the gold price.

So those are really the key buckets that I would point to.

And so those are really those are really the key the key buckets that I would point to mark already touched on the fact that we've taken around $300 million out of our annual supply chain spend over the last three years and in line with the targets that we set and we have another $80 million that we wanted to achieve this year.

Mark already touched on the fact that we've taken around $300 million out of our annual supply chain spend over the last three years in line with the targets that we've set.

We have another $80 million that we want to achieve.

Now that's not going to save us from.

Now that's not going to save us from all of the inflationary pressures that we are experiencing, but it certainly helps to mitigate some of those costs, particularly around energy materials and...

All of the inflationary pressures that we are experiencing but it certainly helps to mitigate some of those costs, particularly around energy materials and of course, the other one is labor.

And just touching on labor.

We are obviously exposed to the pressure that is being experienced across the mining industry. But I would say that we probably have less exposure to that pressure, just because of our strategy of employing national employees at all of our operations. We have a lower proportion of expatriates, which is really where the pressure has been coming on, particularly in Australia, Canada.

You know, we obviously exposed to the pressure that that is being experienced across the mining industry, but I would say that we probably have less exposure to that pressure just because of our strategy of employing national.

Our employees at all of our operations. So we we have a lower proportion of Ex-patriot, which is really where the pressure has been coming on particularly in Australia, and Canada and places like that so.

So our strategy of really developing our host national skills.

Our strategy of really developing all host national skills.

And it is paying dividends.

I think that probably covers it.

Yeah just.

And just one follow-up on that. So from 22 to 23 in terms of gold cash costs, you won't have the royalty issue, presumably, and then you won't have the impact of the Nevada mining tax. So you're thinking that your cost savings efforts will more than offset any incremental energy, labor, freight, materials cost inflation. Is that the right way to think about it?

One follow up on that so from 22 to 23 in terms of gold cash costs, you won't have the royalty issue, presumably and then you won't have the impact of the Nevada mining tax so you're thinking that your cost savings efforts will more than offset any incremental energy labor freight materials cost inflation is that the.

Right way to think about it yeah.

Yeah, I think it's a combination of two things. It's partly to do with those mitigants, but it's also when you look at the graph, a lot of the declining costs is a function of increasing production. So we're effectively going from 4.4

Yeah, I think it's a combination of two things, it's it's partly to do with that those Michigan's but it's also a when you look at the graph.

A lot of the decline in cost is a function of increasing production. So we are effectively coming from.

Point 4 million ounces to 4.8 ounces and and so that that increase in production.

And so that increase in production, a large chunk of our costs are fixed.

A large chunk of our costs are fixed so that's what really gives you that that reducing cost profile.

So that's what really gives you that reducing cost profile.

Yep, no, I appreciate that. And Mark, just the one on following up on Josh's question from very early in the call about the authorization. I know you mentioned you view the shares as undervalued and I appreciate that. You said you had similar comments on the call three months ago. You thought Barrick was a very attractive investment opportunity.

Yeah, No I appreciate that and Mark just one on following up on Joshua's question from very early on the call about the the authorization I know you mentioned you visa shares is undervalued and I. Appreciate that you said you had similar comments on the call three months ago, you thought Barrick was a very attractive investment opportunity.

But at the same time, he said, look, I'm not so sure we're not in the business of trying to manipulate our share price. And, you know, there are perhaps better ways to to to return capital to shareholders than to buy back stock. And so have you changed your tune at all from what you were thinking three months ago? You know, because it seemed like you read the stock just as just as attractive then as you do now.

But at the same time, he said look I'm not so sure we're not in the business of trying to manipulate our share price and you know there, perhaps better ways to to to return capital to shareholders than to buy back stock and if so have you changed your tune at all from what you were thinking three months ago.

Because it seemed like you you read the stock just as just as attractive Dan as you do now.

No, we haven't. The point is that we've seen a big divergence from one of our peers relative to the rest of the industry. And us against our peer group, excluding Newmont, we've been in line with performance.

No we haven't that the point is that we've seen a big divergent from the summer.

Some of that well one of our peers relative to the rest of the industry and you know us against our peer group.

Excluding newmont is we've been in line with performance. So it is a complicated a challenge but at the end of the day you know it. It is my responsibility to worry about the value of our stock and and you know the first point is we got to convince.

So it is a complicated challenge, but at the end of the day, you know, it is my responsibility to worry about the value of our stock. And you know, the first point is we've got to convince the analysts that

The the.

Analysts that yeah. This stock is ready valuable we've we've delivered on what we said at the same time you know we want to use all the levers that we can to address that and and and what we've done is made sure that we have that because you don't have stock went quite far down.

really valuable. We've delivered on what we've said. At the same time, you know, we want to use all the levers that we can to address that. And what we've done is made sure that we have that, because, you know, our stock went quite far down. And on a historic basis, it was, you know, relative, you know, even according to consensus, it was undervalued. So, you know, we wanted to have the, all the tools to deal with the stock.

And on a historic basis that it was you know relative you know even though according to consensus it was undervalued. So you know we we we wanted to have the all the the tools to deal with a lot of stock.

Stock price should should.

should it prevail and should we see the opportunity to tidy up some of the, you know, sort of

Prevail and should we see the opportunity to to to tidy up some of the.

Sort of.

Less well held our shares.

And Mark just on that divergence in valuations is there anything that you would attribute that to do you think it's.

And Mark, just on that divergence in valuations, is there anything that you would attribute that to?

Dividend policy, do you think it's where you're domiciled, anything else that strikes you?

Dividend policy do you think it's where you're domiciled or anything else that that strikes you.

You know, for me, you will recall, I have been through this exact same situation back in 2012 and 2013, where every time I stood up on the podium, people were banging the table saying, you know, you need to grow, you know, and everyone was promising growth and everyone was running around buying anything that they could, and we and Rangold, if you plot the Rangold share price...

You know the the for me I I look I've you will recall I have been through this exact same situation back in 2012 in 2013, where every time I stood up on the podium.

Our people are banging the table, saying you know you need to grow you know and everyone was promising drugs and everyone was running around buying anything that that code and and and we and Randgold. If you plot the randgold share price.

It lagged for a while until such time as these big deals didn't work because the gold price softened. And this way, we've got two ways to deal with it, inflation and the gold price cycle. And it's interesting from 2013.

Hum.

It lagged for awhile and toll such time as you know these these big deals didn't work because the gold price softened and this way you know we've got two ways to deal with that inflation and the gold price cycle and and it's interesting from 2013.

Randgold left the rest of the industry, because we haven't done any value destructive deal and we outperformed the industry all the way till the deal with Barrick in 2019.

Rangold left the rest of the industry because we hadn't done any value destructive deal and we outperformed the industry all the way till the deal with Barrick in 2019.

And we never, you know, you never close that margin. And so, in that also lies, because again, the level of analysis in the gold industry at these sort of gold prices

And we know that you know you never close that that margin and so that in and that also lies because again the the level of analysis in the gold industry at these sort of gold prices.

is the gold price is always proving the analysts wrong because it's moving in different ways and no one gets the gold price right. And so for me, there are lots of different influences on gold stocks at this time of the cycle.

Is no.

The gold prices always.

Proving the analysts wrong, because it's moving in different ways and and no one gets the gold price right.

And so for me there are lots of different.

Influences on gold stocks at this time of the cycle and you know, it's worth going back in and plotting equities and in the golf process started 2005, its a very interesting graph to look at and and again you know we at Barrick already long term.

And, you know, it's worth going back and plotting equities and the gold price to start at 2005. It's a very interesting draft to look at.

And again, we at Barrick, our focus is long-term value creation. It always has been.

Our focus is long term value creation, it always has been and.

And so when we look at them, how we manage and communicate with looking at the long trip yeah. Its beta it's been my whole I mean, my and my life has invested in battery I'm fully committed shelter and so most of my in fact, all my colleagues.

how we manage and communicate, we're looking at the long-term, you know, it's been a, it's been my whole, I mean my, my life is invested in Barrycomb fully committed shareholder, and so are most of my, in fact all my colleagues in the executive team, we're all owners, in fact I don't know if you know this, but you have to have five times your salary in equity to be part of our executive team.

And the executive team, we're all owners and in fact, I don't know if you'd notice, but you have to have five times your salary in equity to be part of our executive team.

And so.

For me, it's a complex situation, you know, our discussion with our board is, and our shareholders, is that some view that as a, you know, that we shouldn't be sitting there watching our share price languish relative to anything else. And there are moments when it makes good sense to initiate some buybacks. And you can't do that at a drop of a hat. You've got to have it approved.

For me, it's a complex situation.

Our discussion with our board as and and our shareholders.

Is that some view that as a you know that we shouldn't be sitting there watching our share price languish.

Relative to anything else and they there are moments when it makes good sense to to initiate a some buybacks and you can't do that at a drop of a hat you've got to have it approved and.

And so we made sure that we address that.

And so we made sure that we addressed that, that particular tool that we need in our toolbox.

That particular tool that we need in our toolbox.

Thanks, a lot Mark I appreciate it.

Our next question is from Tanya Jaquith connect with Scotiabank. Please go ahead.

Our next question is from Tanya Jakuskonek with Scotiabank. Please go ahead.

Oh, great. Thank you. Good afternoon, everyone. And, you know, congrats on a good end to the year and the shareholder return policy.

Oh, great. Thank you and good afternoon, everyone.

Yeah, Congrats on a good day.

And to me I'm a shareholder.

And I have a kind of policy I have two questions. If I can't I just need a clarification on one of my first question is on the thing I see and the repatriation of your share of the 500 million I just want to confirm that you have all of the necessary signatures in place to take some money out.

I have two questions. If I could, I just need clarification on one. So my first question is on the DRC and the repatriation of your share of the $500 million. I just want to confirm that you have all of the necessary signatures in place.

take the monies out of the DRC. And if you do, just the mechanism of how we're going to take it out, please. Thank you.

Okay I see.

And if you do I'm just the mechanism of how we're going to take it out. Please thank you.

Okay. So.

We don't need any signatures, it's a standard procedure, what as I explained to you Tony a while back there was this confusion between the 2018 code, which we're not legally.

We don't need any signatures, it's a standard procedure. What, as I explained to you, Tonya, a while back, there was this confusion between the 2018 code, which we're not legally required to follow. We developed and invested against the 2002 code, but at the same time, as you know, we're not a company that sort of,

<unk> are required to follow.

We developed and invested a against the 2002 code, but at the same time as you know, we're not a company that sort of.

Sticks.

sticks the post up as the last man standing at the top of the mountain.

Sticks, the post up and as the last man standing at the top of the mountain.

The first step of the payment was at the end of the third quarter last year we paid out a $30 million dividend to just practice the process.

We the first step of the payment was it at the end of the third quarter of last year, we paid out a 30 million dollar dividend to just a practice the process and then another.

and then another 170 at the end of the year, again as part of the process because there's a lot of money there and you know it makes people anxious.

170 at the end of the year again as part of the process because.

There's a lot of there's a lot of money there and you know it makes people anxious.

The next one is we've agreed to pay it out. Originally, it was 90 days to just manage the banking system and give it a chance to manage that amount of money leaving the DLC. We've now settled on $300, $300, and then $400. And we'll do it in sort of one to three weeks.

The next one is we've agreed to pay it out originally it was 90 days to just manage the that the banking system and give it a chance to to manage that amount of money, leaving the DLC.

We've now settled on 303 hundred and then 400 and we will do it in.

And sort of.

One two or three week slots, that's the that's the plan.

I would also point out just so everyone understands this, you know, we've never said that we couldn't take it out. I've always been very clear and it's never been a question with the Congolese government that it wasn't our money and that anyone was trying to keep it.

I would also point out just so everyone understands this.

No. We've never said that we couldn't take it out and I've always been very clear and it's never been a question with the Congolese government that it wasn't out of money and that anyone was trying to keep it there.

We've had to go through a whole lot of processes and it's only recently that we have a fully aligned cabinet that's aligned with the Parliament to be able to address some of the requirements.

We've.

We've had to go through a whole lot of processes and it's only recently that we have a fully.

Lined cabinet, that's aligned with the parliament to be able to address some of the the requirements.

We are the other one is that 40% of all our revenues.

We, the other one is that 40% of all our revenues.

stay offshore. So when Kibale every time it sells gold we keep 40% offshore and that 40% goes to pay back the loans and other corporate costs like management fees and so on.

They offshore.

So when Kibali everytime it sells gold, we keep 40% offshore and that 40% goes to pay back the loans and other corporate costs like management fees and so on.

60% we repatriate, and we use it to pay bills and so on, and there's a residual amount. And as we've performed at Kibale, the amount of that repatriated portion of the revenues has grown.

60%, we repatriate and we use it to pay bills and so on then and there's a residual amount and as we've performed at Kibali.

The amount of that repatriated.

Of the revenues has grown.

And with the Kabila government, it was a complicated process and, you know, a normal approval from the central bank to transfer money was never denied, but it was never responded to. And to move dollars, because it's a dollar account, off the...

And with the Kabila got mentioned was a complicated process.

And normal approval from the Central Bank to read to transfer money was was was never denied but it just never responded to and to move our dollars because it's a dollar account oh off the.

offshore effectively, out of DRC, you do need a foreign exchange approval, or a forex approval.

Offshore effectively outside out of D. O C. You do need a foreign exchange approval.

Or a forex approval, which comes with a fee.

And that's the process that we've been working through, and as you know, there was a recent change in the central bank government, and now with the new governor, it's been easier to deal with that because there's now a connection between the Ministry of Finance, the Prime Minister's office,

And that's the process that we've been working through and as you know there was a recent change in the Central Bank government and and now with the new Governor it's been easier to deal with that because there's no connection between the Ministry of finance the Prime Minister's off.

And and the the governor of the Central Bank. So that's really where we are.

and the governor of the central bank. So that's really where we are. And the money, you can't transfer money, just transfer it.

And it's the the money you cant transfer money just transfer it.

You've got to pay out something and there are three things that we can use the money for. Of course, paying costs.

Got to pay out something in there too to the three things that we can use that money for of course paying costs.

then repaying the debt until the debt's repaid. And after that it's just dividends. So the important thing was to pay the first tranche of dividends. Why? Because the state mining company and the state got benefits in that transfer and we demonstrated

They didn't repaying the debt until the deaths repaid and after that it's just dividends.

The important thing was to pay the first tranche of dividends why because the state mining company and the state court benefits in that transfer and we demonstrated that.

and then the second is to clear this billion dollars out on debt repayments and then move to a fifty-fifth.

And then the second is to clear this billion dollars out on on on debt repayments and then moved to a 50 50.

And that's really the rationale behind this.

And that's ready.

The rationale behind us.

And we have, you know, we don't have to seek approval. No one says, you know, you will do this. But we went through a series of commissions to review the situation and the conflict in some of the legislation. We've also agreed with the president of the parliament, sorry, of the Senate.

And and we have you know we don't we don't have to seek approval no. One says you know.

You will do this but we went through a.

Fair F series of commissions to review the situation and the conflict in the.

And some of the legislation. We've we've also agreed with the president of the.

Parliament I'm sorry of the Senate.

to introduce some legislation to clean up these...

To introduce some legislation to clean up the these.

These articles that might be misconstrued and and that'll happen. This.

articles that might be misconstrued, and that will happen this year as part of the Senate process or Parliament process.

This year, it's part of the the sand that proceeds so polymer prices.

And and so that's the that's what it is and.

that uh... i don't think there's anything more that we need to build a trust that we've actually put the

No I don't think there's anything more that we need to be able to trust, where we've actually put the.

uh... the instructions the transfer instructions into the bank or we'd get it i think it's probably today or it was happened yesterday but sometime this week those transfers

The instructions that transfer instructions into the bank or we get a I think it's probably today or it was it happened yesterday, but sometime this week those transfers will go.

Okay, so when I look at your financials at the end of March, so end of Q1, all of that billion dollars or 500 million, your share, will all have been removed out, so we would see all of that. So, probably 600 of the billion, it could be, but right now, you know, if you look at every two weeks.

So when I look at your financials at the end of March So end of Q1, all of that billion dollars of $500 million, you're sure well all have been removed out. So we would see all of that probably 600 of the the pet in it could be but right now.

If you look at every two weeks.

There's a chance it might be just at the beginning of the last tranche, because originally it was 90 days.

The there's a chance it might be just at the beginning of the last tranche at because originally it was 90 days.

But certainly the next, this quarter we should have the first two tranches of 300, so 600 million, that's 300,000. And I think there's a real motivation for the government to get this thing settled, because Tanya, all the time the money sits in our bank account in DLC, it attracts an 8% interest.

Okay, but there's certainly the next you know this quarter, we should have the first two tranches of 300, so 600, many of them that $300. Okay.

Okay, and then I mean, there's a real motivation.

Paul.

The government to get this thing settled because a ton yet they.

The all the time and the money sits in a bank account in D. C. It attracts an 8% interest.

Uh huh.

So, there's a big motivation to get this thing settled. Okay, so $600 million in Q1 and the remaining $400 million on a 100% basis early Q2. And we might surprise you.

There's a big motivation to get this thing settled okay. So $600 million in Q1, and the remaining 400 million.

Alright, Thank you, Tim and we might surprise you yeah.

That would be good, yeah. And then just maybe, you know, still in the DRC, we did notice an export penalty claim. Can you just let us know what that's about? Yeah, that's the normal course of business. Yeah, we have...

Okay, Yeah, and then just maybe add.

So then the DRC, we did notice some export penalty claim can you, let us know what that's about.

That's a normal course of business.

Yeah, we have Oh, yeah.

We have sometimes a little over-enthusiastic customs people in the annual audits.

Sometimes little over enthusiastic customs people are in and the annual audits and in.

In fact, most of those claims.

In fact, most of those are claims.

are supported by documented approvals in how we manage our duties against, for instance, some of the explosive materials that we import, and also steel balls, just as an example, where it has been interpreted as something else. And it's a normal course of process. We will engage, which we have. We've got all the comfort letters.

Supported by document to prove a documented approvals and how we manage our duties against for instance, some of the explosive materials that we usually important and also steel bowls just as an example, where it has been interpreted as something else and its a normal course of Prost.

So we you know, we we will engage which we have we've got all that comfort letters and the decrees that we need to to deal with this challenge and as we've stated in the MD&A. We we are we don't believe that it's a it's something that we should be providing full.

decrees that we need to deal with this challenge, and as we've stated in the MD&A, we don't believe that it's something that we should be providing.

Okay. Thank you and just my last question.

Okay, thank you. And just my last question, if I could, just on your copper strategy, just wanted to understand a little bit how Rekordix fits into that strategy and just where we are on this aspect.

Tom you accomplish strategy just wanted to understand a little bit how rapid that fit into that strategy and just where we are on that asset.

So right now, the asset that we have is the Arbitration Award.

So right now the asset that we have is the arbitration award.

at which we share with uh... and to protect uh... and uh... and uh... and uh... felt that

Which we share with our antofagasta, and and us and ourselves back.

We are working and have been in its general knowledge you know in in the spirit of barracks philosophy of how we can convert that into into something that's more meaningful and that's something that doesn't end up with with the Pakistan government having to write out a big check.

We are working and have been in its general knowledge you know.

And in the spirit of Barrick's philosophy of how we can convert that into a into something that's more meaningful and that's something that doesn't end up with a with the Pakistan government, having to write a big check without any benefits and.

without any benefits and you know Rikadik is an opportunity that we've been working on whereby everyone will benefit, our shareholders of course and

Richard There is an opportunity that we've been working on whereby everyone will benefit all.

All shareholders of course and.

And same with the Balochistan government and the Pakistan government. And that's really where I would want to stop it because, you know, there's still a lot of work and water to flow under the bridge. But that's the tactic and, you know, as I said and I think I told Greg at his...

And and same with the Balochi starred in government in the Pakistan government, and that's really where I would want to stop it because you know there's still a lot of work in water to fly under the bridge, but that's the the tactic and they know and it as I say that I think I was told Greg It is.

at this conference that, you know, it's a real asset, and we would like as miners to convert that into a mining asset. It's one of the better ones around. Otherwise, we end up in a conflict, and that's not a good thing to do with your host country or potential host country.

This conference that you know, it's it's a it's a real asset and we would like as modest to convert that into a mining assets. It's one of the better ones around otherwise we end up in a conflict and that's not a good thing to do with your host country all potential host country.

Okay. So is it fair to say that this is a ways out in terms of heading into your kind of your pipeline.

Okay, so is it fair to say that this is a wave out in terms of fitting into your 10 year pipeline?

in your slide. Oh, it would be fantastic in our 10-year pipeline.

Oh, it would be a fantastic and I'll change gears hotline.

The real deal.

But it's not in our 10-year pipeline. Sorry, it's not in our 10-year pipeline right now. I understand that, but in terms of resolving everything and then probably having to do a feasibility study and other stuff in country, would you be able to even fit it into your 10-year pipeline? Sure, absolutely.

But it's not in our opinion, but it's not an oh, sorry, it's not in our 10 year popular right now I understand that but in terms of resolving everything and then probably having the feasibility study and all that stuff.

Would you be able to even put it into your tenure pipeline Joel.

Absolutely.

Okay great.

Thank you thanks Tonya.

Our next question is from Mike Parkin with National Bank Financial. Please go ahead.

Our next question is from Mike Parkin with National Bank Financial. Please go ahead.

Hey guys, congrats on the good quarter. Just a question with respect to the performance dividend, does that?

Hey, guys. Congrats on the good quarter, just a question with respect to the performance dividend does that.

Indicate kind of a comfort level with carrying debt on the balance sheet or are you agnostic to where the debt is.

indicate kind of a comfort level with carrying debt on the balance sheet or are you agnostic to where the debt is given the that performance dividend is linked to the net cash?

Given the performance dividend is linked to the net cash position.

So I think you've just answered your own question, Mark. Net cash means there's no net debt.

So I think I'd just answer John's question Buck net cash means theres no net debt.

And so the way it's designed is that if we have, because what we've done initially is our debt to pay it all up is expensive.

And so the way. It's designed is that if we have because what we've done initially as our debt to two to pay it all up is expensive.

Hopefully it gets cheaper and cheaper with the growing interest rates, but we've offset it. We've got cash balancing the debt, and what we've said is anything above zero, so from naught to 500 million net cash, we'd pay out a five cent dividend and then 500 to a billion and a billion to 1.5 hundred.

Really it gets cheaper and cheaper with a growing interest rates, but we've offset that we've got cash balancing the debt.

And what we've said is.

Anything above zero, so from north to 500 million net cash we'd pay out a five cent dividend and then 500 to a billion and a bit into 51.5 hundred.

Okay and.

And what it does is that it really is a non-negotiable process because if we're investing heavily in a big project, for example, and we drive, we increase the net debt to fund that.

And so that's and and and what it does is that it really is a it's a non negotiable process. Because if we are investing heavily in a big project for example, and we drive Ah. We we increase the net debt to fund that then we are investing our shareholders' money into that project.

then we are investing our shareholders money into that project and given our return criteria we think most, in fact more than most, of our shareholders would support that.

And and given our return criteria, we think most in fact more than most of our shareholders would support that.

uh... if we don't turn out that uh... you know uh... and we and we pulled cash on the balance sheet uh... we make sure that we don't create a lazy balance sheet and and that you know uh... uh... on a formulaic basis money goes back to shareholders

If we don't know about it and.

And we and we build cash on the balance sheet are we make sure that we don't create a lazy balance sheet and and that.

Ah on a formulaic basis money goes back to shareholders.

Okay. Thanks, very much guys.

Okay. Thanks, a lot.

Our next question is from Brian Macarthur with Raymond James. Please go ahead.

Our next question is from Brian MacArthur with Raymond James. Please go ahead.

Thank you for taking my questions. After all the time I just wanted to go back to the self correcting mechanism on the dividend and you sort of just coming from the debt side, but what about the working capital side I mean, we get variability you know if you really built up you sucked it out working capital down and you get a lot of cash pay.

Thank you for taking my questions after all this time. I just wanted to go back to the self-correcting mechanism on the dividend, and you're sort of just coming from the debt side, but what about the working capital side? I mean, we get variability.

you know, if you really built up, you sucked it down, working capital down, you get a lot of cash, you're going to pay it out and then the next quarter rebalance it. Is that what to take mean or is there some mechanism where you just kind of smooth it over time because, you know, a lot of investors like a more smooth dividend and things jumping up and down.

It out and then the next quarter rebalance. It does that is that what I'm to take me nor or is there some mechanism where you just kind of smooth it over time because.

You know a lot of investors like a more smooth evident in things jumping up and down.

I think over the year, you know, as Graham says, it is self-balancing. I don't, you know, I think it worked really well in Rangold, this sort of approach, it's slightly more sophisticated because it's a much bigger company.

No I think over the year, you know as Graham says it yourself balancing.

I don't know.

No I think it worked really well in randgold that sort of approach it slightly more sophisticated because a much bigger company.

But, you know, I think you'll see that it'll work out just fine.

But.

I think you'll see that our it'll work out just fine.

Well, and certainly over time, you'll build it up anyway, so I guess there's less risk about happening.

But certainly overtime, you'll build it up anyway, so I guess, there's less risk of that happening.

Second question, just, Mark, the other thing I think is quite interesting that doesn't get talked about a lot is liabilities. So just on this golden sunlight deal, you effectively do reclamation, which is very, very good. You get a source of product, which I assume provides, you know, lowers cost in Nevada, which is a win. But there's also a reversal in the financial. Do you also liberate money from bonds and stuff by doing all this as well? There's actually a three-pronged win here.

Second question, just Mark the only thing I think it's quite interesting that doesn't get talked about a lot is.

Liabilities. So just on this golden sunlight deal you effectively do reclamation, which is very very good you get a source of product, which is to provide you know lowest cost, Nevada, which is a win but theres also a reversal in the financial do you won't get all liberate money from bonds and stuff like.

Doing all of this as well so there's actually a three pronged win here yes.

Yes, so when we now started, when we started three years ago, the bond was $150 million.

Yeah. So when we started when we started three years ago. The bond was $150 million. It's now 90.

And it's going down, and it will eventually end up at zero.

And I.

And it's going down and there's little eventually end up with Zara.

So that's the plan and and just as a broader strategy, you know, we inherited we've got a number of

So that's the plan and and just as a broader strategy you know we inherited we've got a number of.

closure sites, which actually sits at the most in North America under Christine. And when I sat down with the team back in 2019, what I challenged the team to do is

Close your thoughts, which actually sits at the most in North America on the Christine and when I sat down with the team.

In 2019, what I challenge the team to do is.

uh... is to engineer these these thoughts were being maintained and they can kick down the road and it's costing us hundreds of millions of dollars a year just to keep them compliant

Is to engineer. These these thoughts were being maintained and the can kicked down the road and it was costing us hundreds of millions of dollars a year just to keep them compliant.

And so what we challenged the team with is lids engineer them to closure not hundreds.

challenge the team with is, let's engineer them to closure, not...

100 years of water treatment closure, but full closure. So get the best engineers, focus on rehabilitating the sites, making sure that we can sustainably manage, for instance, the water balances. And the team's done an excellent job already. And already, we've more than halved that cost.

100 years of water treatment closure, but full closure so get the best engineers focused on rehabilitating the sites, making sure that we have we can sustainably manage are the for instance, the water balances and the team has done an excellent job already in.

Already we've.

More than half that.

That caused Patrick Malone are you on the call.

Great Ron you might want to comment so we've driven that and of course with a higher gold price.

Great. Grant, you might want to comment. So we've driven that. And of course, with a higher gold price, we've disposed of some of those sites because they have resources in them. They don't meet Barrick's criteria, but they certainly meet other miners' criteria. And so we've really cleaned up that portfolio and continue to do so. And what it's done as well is it's grown Barrick

We've disposed some of of some of those sites because they have resources and then they don't meet barrick's criteria, but they certainly meet other mining minus criteria and so we've really cleaned up that that portfolio and continue to do so.

And and what it's done as well as it's it's growing barrick's.

skills and technology in managing closure. And that's a real asset to have in...

Skills and and technology in managing closure.

And and and that's a real asset to have.

In.

in the modern world is to deliver, is to bring another skill when we go mining, and that is that we manage, and I think, and Grant will

And this in the modern world is to deliver is to bring another skill when we got money and that is that we we manage and I think and gradual.

reinforce this, one of the most neglected parts of ESG is not only the S-part, social side, but also the biodiversity and water, and it's a big issue for Barrick in our closure philosophy. Grant, do you want to add to that?

It reinforces one of the most neglected parts of ESG is not only the S part social side, but also the biodiversity and water and and it's a it's a big issue for Barrick and I'll close up philosophy, I Grant you want to add to that.

Yeah, I think you're right, Mark. In terms of the water aspect, that really was where we focused shortly after the merger because the strategy prior to that was just to treat water in perpetuity. So the liabilities were massive in terms of just water treatment. So that really has been our focus. One of the key drivers for Golden Sunlight...

Yes. Thank you.

Youre right Mark in terms of the water as they set really was where we focused our immuno shortly after the merger because this strategy prior to that was just to treat water in perpetuity. He said the liabilities are.

Who are massive.

In terms of just water treatment. So that really has been off I guess I mean, one of the key drivers for Golden sunlight was removing that the TSS.

was removing that TSF, which we needed to treat the seafish water from, and that again was going to be in perpetuity. We've completely removed that liability. The same for a number of the other sites that we've started looking at, we've removed that liability. And then to the biodiversity point.

<unk>, which we needed to treat the seepage water from and that again is going to be in perpetuity. So we've completely remove that liability and.

And the same for a number of the other sites that we've.

We started looking at we remove that liability.

And then to the biodiversity point.

And Golden Sunlight is a classic example of this, is we're able to restore that land back to its previous condition, and we've also purchased adjacent land which we are now making available to the community as a conservation area. So really it's come full circle on a lot of these closure sites, and at the same time, as you mentioned, reducing those liabilities significantly.

And Golden Sunlight is a classic example of this is is we're being we're able to restore that land.

Back to its previous condition and we've also purchased adjacent land, which we are now making available to the community as a conservation area.

So really it's coming full circle in on a lot of these closures sides and at the same time as you mentioned, reducing those liabilities significantly.

Great, thanks. No, it's an elegant solution. I'm just and final question. A quick one. Just as long Canyon to in your 10 year plan.

Great. Thanks notes, an elegant solution I'm just in final question a quick one just as long Canyon two in your 10 year plan.

Yes, but there's a big gap and and it and it sort of winds down.

Yes, but there's a big gap and it sort of winds down, you know, the debate in the team is is it really a Barrick level asset and we're actually looking at, you know, in conversation with our partners at possibly realising that asset in the short term. So it isn't, but it's a very small contributor.

You know the the debate and the team is is it really a barrick level.

Level asset and and we're actually looking at and conversation without partners that are possibly realizing that asset.

In the short term so it isn't that it's a very small contributor yeah, sorry the.

The for the next few years, we were obviously focused on the permitting and then oney kicks back in in 2026 in terms of fresh rock.

For the next few years we're obviously focused on the permitting and then it only kicks back in in 2026 in terms of fresh rock.

But yeah as Mark says it soon.

For the June .

We keep it or not.

Right It would there be capital in 'twenty four 'twenty five.

Right. Would there be capital in 24 and 25? No, not at this stage. Thank you very much.

No not at this stage.

Thank you very much I appreciate you answering all my questions.

Yeah.

There are no further questions registered at this time I would like to turn the conference back over to Mark Bristow for any closing remarks.

There are no further questions registered at this time. I would like to turn the conference back over to Mark Bristow for any closing remarks.

Right well this has been a.

Marathon session, and hopefully you would have recognized it wasn't my presentation this time, it was all the questions. So we're really focused on getting this message out. You know, there's a lot of detail in our MDNA. We thank you for your questions, and again, if there are any further questions, as you know, we're always available to answer your questions. So again, thank you for affording us all this time, and we'll see you soon. Probably down in a few minutes.

Marathon session and and hopefully you would have recognized it wasn't my presentation. This time that was all the questions. So we're really focused on getting this message out.

There's a lot of detail in our MD&A we.

Thank you for your questions and again if are there any further questions. As you know we are always available to.

To answer your questions. So again, thank you for affording US all this time and we'll see you soon probably down in.

Our Florida hopefully.

So, thanks again.

Thanks again.

This concludes today's conference call. She did have additional questions. Please contact the Barrick Investor Relations Department you may disconnect. Your lines. Thank you for participating and have a pleasant day.

This concludes today's conference call. Should you have additional questions, please contact the BEREC Investor Relations Department. You may disconnect your lines. Thank you for participating and have a pleasant day.

till next time.

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