Q3 2023 Barrick Gold Corp Earnings Call

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Operator: Ladies and gentlemen, thank you for standing by. This is the event operator. Welcome to Barrick's results presentation for Q3 2023. Following today's presentations, a question and answer session will be conducted. If you have a question and are joining the event by telephone, please press star one on your telephone keypad. We will also be taking questions from those in the room. As a reminder, this event is being recorded and a replay will be available on Barrick's website later today, 2 November 2023. I would now like to turn you over to Mark Bristow, President and CEO of Barrick. Please go ahead, sir.

Ladies and gentlemen.

Thank you for standing by this is the operator.

Welcome to <unk> results presentation for the third quarter of 2023.

Following today's presentation, a question and answer session will be conducted.

I have a question and are joining via bench by telephone. Please press Star then one on your telephone keypad.

Also be taking questions from those in the room.

As a reminder, this event is being recorded and a replay will be available on barrick's website. Later today November 2nd 2023.

I would now like to turn it over to Mark Bristow, President and CEO of Barrick.

Please go ahead Sir.

Mark Bristow: Thank you, operator. Good afternoon and good morning, ladies and gentlemen. I'd start with the current global metals and minerals environment, which really reminds me of the past 20, 15 years, when the mining industry stalled after a very good run, compounded this time by inflation pressures and a few or no new discoveries and a chaotic global order. As now, it is plagued by the obsessive short-termism of governments and investors alike, who demand instant gratification and reach for immediate solutions, dismissing the long-term nature of mining. Whether you're building a sustainable business or a better world, you need carefully considered strategies and practical plans to achieve one's goal. Whether that's the global transition to renewable energy or a business that creates and delivers real value to all its stakeholders, wishful thinking won't get you there.

Thank you operator.

Good afternoon, and good morning, ladies and gentlemen.

I'd start with the current global global metals and minerals environment Twitch.

Really reminds me of the past 2015 years, where.

In the mining industry stalled off very good Ryan.

Compounded this time by inflation pressures and a few or no new discoveries.

And chaotic global order.

Then as now.

It is plagued by the obsessive short termism of governments and investors alike.

Who demand instant gratification.

And reach for immediate solutions dismissing.

The long term nature of money.

Whether you're building a sustainable business or.

Or a better world.

You need careful.

Fleet considered strategies and practical plans to achieve one goal.

Whether that's the global transition to renewable energy.

Or a business that creates and delivers real value to all its stakeholders.

Wishful thinking well I can get you there.

Mark Bristow: That's why Barrick has a long-term vision of its future and a strategy which, as I'll show you in the course of this presentation, is organically designed to deliver value today and growth tomorrow by building real partnerships with our host countries and other key stakeholders. As every quarter, today I'll be making some forward-looking statements, so please take note of this cautionary statement, which is also available on our website. As you can see from the KPIs, it has been a very busy quarter. Gold and copper production were both up on the previous quarter and have been up Q1 to Q2 to Q3. We did have some setbacks, notably the slower ramp-up of the expansion of Pueblo Viejo, our flagship organic growth project in the Dominican Republic. This is impacting on our ability to achieve our gold production guidance for the year.

That's why at Barrick has a long term vision of its future.

And our strategy, which as I'll show you in the course of this presentation.

Is organically designed to deliver value today and grow tomorrow by building real partnerships with our host countries and.

And other stick key stakeholders.

As <unk>.

Every quarters, you die I'll be making some forward looking statements. So please.

Take note of this cautionary statement.

Which is also available on our website.

As you can see from the Kpis.

It has been a very busy quarter.

Gold and copper production were both up on the previous quarter.

And have been up quarter widened to Dakota, two quota two to quarter three.

But we did have some setbacks, notably the slower ramp up of the expansion of Pueblo Viejo.

Our flagship organic growth project in the Dominican Republic.

This is impacting on our ability to achieve our gold production guidance for the year.

Mark Bristow: As I've often said, mining is a long game and we don't manage Barrick quarter by quarter. Even though with the slower ramp-up at PV, we still expect that mine to exceed 800,000 ounces for 2024. Our group projection of a 30% growth in gold-equivalent production by the end of this decade remains intact. Otherwise, there was a lot of good news during the quarter, particularly the progress we're making with our other growth projects, Lumwana and Reko Diq, and a strong financial performance. I'll tell you more about these and the other KPIs as we go through the presentation. The operating results for the quarter were, as I've already said, an improvement on the previous quarter, with higher gold and copper production at lower costs.

But as I've often said.

Mining is a long game and.

And we don't manage barrick quarter by quarter.

Even though with the slower ramp ramp up at PV, we still expect that mine to exceed 800000 ounces for 2024.

And our group projection of a 30% growth in gold equivalent production by the end of this decade remains intact.

Otherwise there.

There's a lot of good news during the quarter, particularly the progress we're making.

Without other growth projects Lamont and Ricky a <expletive>.

And our strong financial performance I'll tell you more about these.

And the other Kpis as we go through the presentation.

The operating results for the quarter.

Whereas I've already said an improvement on the previous quarter with higher gold and copper production at lower costs.

Mark Bristow: We are expecting a further improvement in production in Q4, but as I pointed to, the annual production is now expected to be marginally below the low end of the 4.2 to 4.6 million ounce range. Copper remains on track to achieve its guidance of 420 to 470 million pounds. As you can see here, the financial results were strong, with operating cash flows growing by 35% to more than $1 billion quarter-on-quarter, free cash flow up significantly to $359 million, and a 26% increase in adjusted net earnings to $0.24 per share. Barrick's robust balance sheet secures our capacity to continue investing in our growth projects independent of the market, both new and existing, while we continue to reward our shareholders through dividends.

We are expecting a further improvement in production in the fourth quarter.

But as I pointed to the annual production is now expected to be marginally below the low end of the full 0.2 to $4 6 million ounce range copper remains on track to achieve its guidance of 422 for $70 million.

John's.

As you can see how the financial results were strong with operating cash flows growing by 35% to more than $1 billion quarter on quarter.

Free cash flow up significantly to 30 $359 million and 26% increase in adjusted net earnings to 24 cents per share.

Barrick's robust balance sheet secures our capacity to continue investing in our growth projects independent of the market.

Both new and existing while we continue to reward our shareholders through dividends.

Mark Bristow: While growing our business, we have also been driving a new safety culture, including a new set of standards and initiatives to keep improving this important part of our business. We call this the Journey to Zero. Sadly, this key priority was impacted by two fatalities during the quarter, which are deeply disappointing for me and the company. We remain highly motivated to achieve these zero goals, and during the past quarter, we've developed and revised fatal risk management program to help ensure that we stay on course with our Journey to Zero. Barrick has continued the very pleasing trend of increasing the amount of water we reuse and recycle at our operations. For Q3, recorded an 85% efficiency rate.

While growing our business. We have also been driving a new safety culture, including a new set of standards and initiatives to keep improving this important part of our business.

We call this the journey to zero.

Sadly this key priority was impacted by two fatalities during the quarter.

Which are deeply disappointing for me and the company.

We remain highly motivated to achieve these zero goals and during the past quarter, we've developed and revised fatal risk management program to help ensure that we stay on course without journey to zero.

Barrick has continued the very pleasing trend of increasing the amount of water reuse we reuse.

And recycle that our operations and for quarter three recorded an 85%.

Efficiency right.

Mark Bristow: We also continue to make good progress towards our Scope 1 and 2 emissions targets. During the quarter, the group, including our power plants, posted a 6% decrease in emissions compared to the same period in 2022. A key milestone in the terms of tailings management was also achieved during the quarter, as Barrick conformed to the Global Industry Standard on Tailings Management and published its disclosure of all very high and extreme consequence facilities on 4 August. Our teams have already commenced work to fulfill the requirement of the standard for our remaining facilities by 2025. Consistent with most gold companies, Barrick's Scope 3 emissions, which make up at least 40% of our total emissions, are mostly within category 1, which is our suppliers, and category 3, fuel and energy transmission.

We also continue to make good progress.

Towards our scope, one and two emissions targets.

And during the quarter the group, including our power plants posted a 6% decrease in emissions compared to the same period in 2022.

A key milestone in the terms of tailings that management was also achieved during the quarter as Barrick confirmed.

Conformed to the global industry standard on tailings management and published its disclosure of all very high and extreme consequences facilities on the fourth of August.

Our teams have already commenced work.

To fulfill the requirement of the standard for our remaining facilities by 2025.

Yeah.

Consistent with most gold companies bear.

Barrick's scope, three emissions, which make up at least 40% of our total emissions are mostly within category, one which is our suppliers and category three fuel and energy transmission.

Mark Bristow: Through our extensive supplier engagement and data collection process over the past three years, we were able to set qualitative and quantitative targets that are achievable and measurable as disclosed in this slide. Turning now to the operational review in North America. Already the largest gold miner in the United States, we are committed to expanding our continental footprint beyond our substantial base at Nevada Gold Mines, or NGM for short, into other prospective parts of the United States, as well as Canada. As I'll show you later, we're making significant progress with these endeavors. Nevada Gold Mines' performance is led by Turquoise Ridge, where a successful turnaround exercise by its new management team has increased production by 14% against the same period in 2022, helped by the successful commissioning of the third shaft.

Through our extensive supplier engagement and data collection process over the past three years, we were able to set qualitative and quantitative targets that are achievable and measurable as disclosed in this slide.

Yeah.

Turning now to the operational review in North America.

Already the largest gold miner in the United States.

We are committed to expanding our continental foot footprint beyond a substantial base at Nevada gold mines or N G M for short.

The other perspective parts of the United States as well as Canada and I'll also as I'll show you later, we're making significant progress.

With these endeavors.

Nevada Gold mines performance is led by turquoise ridge, whereas successful turnaround exercise by its new management team has increased production by 14% against the same period in 2022 helped by the successful commissioning.

Of the third shaft.

Mark Bristow: The mine has one of the highest grade ore bodies in the industry, but at the time of the merger, was struggling to live up to its potential. It now once again fully justifies its tier 1 status. The lessons learned at Turquoise Ridge, mainly about the critical importance of teamwork and planned maintenance, are now being rolled out at the other NGM mines. As we often stress, NGM is rich in growth opportunities and there's a strong exploration drive to replace reserves as well as to find the next big standalone discovery. It's delivering very promising results in the three trends shown here, notably Leeville in the Carlin trend, Goldrush in the Cortez trend, and the extensions at Turquoise Ridge. Drilling results from across the NGM portfolio have already provided support for its three-year reserve and resource replacement plan.

The mine is one of the highest grade ore bodies in the industry, but at the time of the merger was struggling to live up to its potential.

And now once again fully justifies its tier one status.

The lessons learned at turquoise ridge, mainly about the critical importance of teamwork and planned maintenance are now being rolled out at the other N G M minds.

Yeah.

As we often stress N G. M is rich in growth opportunities and there's a strong exploration drive to replace reserves as well as to find the next big Standalone discovery.

It's delivering very promising results in the three trends show in here now.

Notably level in the call and train gold rush in the Cortez trained and they extensions at turquoise Ridge drill.

Drilling results from our cross the MGM portfolio have already provided support for its three our reserve and resource replacement plan.

Mark Bristow: The Barrick-owned Four Mile project, adjacent to Cortez's Goldrush, but not part of NGM, merits special mention. Four Mile is by some distance the best undeveloped gold asset in its class, and we fully expect it to become a long-life, high-value mine. Conceptually, combined with Goldrush, it'll be the largest gold mining operation in the Americas. The long wait for the government Record of Decision on Goldrush has been frustrating, but the notice of availability for the final Environmental Impact Statement for Goldrush was published by the EPA on 27 October. We expect to receive the Record of Decision before the end of the year, as previously guided. This is an overview of our expanding work and land consolidation across North America. As you can see, we have many growth opportunities beyond NGM.

The Barrick owned full mile project adjacent to Cortez says gold rush, but not part of N. G M Merit special mention.

Four mile is by some distance the best undeveloped gold asset in its class and we fully expect it to become a long life high value Mod.

Conceptually combined with gold rush it'll be the largest gold mining operation in the Americas.

It's a long wait for the government record of decision on gold Rush has been frustrating.

But the notice of availability for the final environmental impact statement for gold Rush.

It was published by the EPA on October the 27th.

So we expect to receive the record of decision.

Before the end of the year as previously guided.

Yeah.

This is an overview.

All of our expanding work in land consolidation across North America.

As you can see we have many growth opportunities beyond the N G M.

Mark Bristow: As we work through this in the coming quarters, we'll give you more clarity on exactly where we're building those footprints. Across the US, our teams are hunting for and securing significant early-stage opportunities to feed into our project pipeline. In western Nevada, phase I drilling has been completed at Pearl String, with phase II scheduled to start soon. Further north, at the advanced Donlin project in Alaska, which boasts a very large resource, we are progressing key work streams to continue moving it up the value curve as detailed in the slide. In Canada, fieldwork was successfully conducted on three properties, building confidence and advancing each project towards testing priority target concepts.

And as we work through this in the coming quarters, we'll give you more color.

Alrighty Aussie exactly way, we bolting those footprints.

Across the U S. Our teams are hunting for in securing significant early stage opportunities too.

To feed into our.

Our project pipeline.

In Western Nevada Phase one drilling has been completed at pull string with phase two scheduled to start soon.

Further north.

At the advanced Darden and project in Alaska, which boasts a very large resource we.

We are progressing key work streams to continue moving it up the value curve as detailed in this slide.

And then Canada fieldwork was successfully conducted on.

On three properties building confidence in advancing each project towards testing priority target concepts.

Mark Bristow: We move now to Latin America and the Asia Pacific region, where we have been expanding our exploration portfolio. The main focus, however, has been, as I've mentioned in the introduction, on the ramp-up of the expanded Pueblo Viejo mine and the updating of the Reko Diq feasibility study. At the time of the merger, the Tier 1 Pueblo Viejo asset was destined to stop mining this year and processing by 2030, constrained as it was by low grades and a lack of tailings capacity. A visionary expansion project has unlocked and optimized 20 million ounces of reserves, extending the mine's life well beyond 2040, at an average annual production rate in excess of 800,000 ounces.

We move now to Latin America.

And the Asia Pacific region, where we have been expanding our exploration portfolio.

Yeah.

The main focus however has been as I've mentioned in the introduction on the ramp up of the expanded Pablo yeah.

Mine and the updating of the regular <expletive> feasibility study.

At the time of the merger.

The T O Juan Pablo vehicle as it was destined to stop mining this year.

In processing by 2030.

Constrained as it was by low grades and a lack of tailings capacity.

A visionary expansion project has unlocked an optimized 20 million ounces of reserves.

Extending the mine's life well beyond 2040.

That's an average annual production right.

In excess of 800000 ounces.

Mark Bristow: A project of this size always comes with risks and challenges, and in the case of PV, it was the failure of the gearboxes for the flotation cells, and more recently, the partial failure of the end of the new conveyor belt to the single-stage SAG mill. Long-term engineering solutions have been developed with the design engineers and original equipment manufacturers, and temporary fixes have been employed, including the use of mobile crushers. The equipment failures have restricted the scheduled commissioning and ramp-up, but the remedial measures taken by the team are allowing the work and production to continue, and certainly the ramp-up, albeit at a slower pace. Despite the challenges, as I mentioned at the beginning, we still expect PV to produce more than 800,000 ounces in 2024.

A project of this size always comes with risks and challenges.

And in the case of P. V. It was the failure of the gearboxes for the flotation cells and more recently the partial failure of the end of the new conveyor belt to the single stage Sag mill.

Longterm engineering solutions have been developed with a design engineers and original equipment manufacturers.

And temporary fixes have been employed.

Including the use of mobile crashes.

The equipment failures have restricted the scheduled commissioning and ramp up but the remedial measures taken by the team are allowing the work in production to continue and certainly the ramp up, albeit at a slower pace.

Despite the challenges.

As I mentioned at the beginning we still expect P V to produce more than 800000 ounces in 'twenty 'twenty four.

Mark Bristow: In the meantime, the new tailings storage facility, a crucial part of this expansion, has received the environmental permit, and the resettlement of the project-affected people from the site will start in 2024. At the beginning of the year, you might remember, Veladero was a very stressed operation with a combination of operational and geopolitical challenges. We chose to cut back the mine plan and capital while we consider the mine's future in the context of the risk. In the interim, the mine's new management team has done an excellent job operating in this environment, and Veladero is now set to achieve above the top end of its annual production guidance. During the quarter, the mine increased production and reduced costs, and we expect it to be in a positive cash position by the end of the year and to post a positive outlook for 2024.

In the meantime, the new tailing storage facility a crucial part of this expansion.

Has received the environmental permit and the resettlement of the project affected people from the sites will start in 'twenty 'twenty four.

At the beginning of the year you might remember <unk> was a very stressed operation.

With a combination of operational and geopolitical challenges.

We chose to cut back the mine plan.

And capital, while we consider the mine's future in the context of the risk.

In the interim the mines New management team has done an excellent job operating in this environment.

Invalid era is now set to achieve the above the top end of its annual production guidance.

During the quarter.

Demand increased production and reduced costs and we expect it to be in a positive cash position by the end of the and to post a positive outlook for 'twenty 'twenty four.

Mark Bristow: The successful completion of its Phase VII-A leach pad has encouraged us to start the construction of Phase VII-B, which is scheduled for completion before the onset of winter in the Andes in mid-2024. Across LATAM, we are looking at new opportunities in the Dominican Republic and Chile. We have recently secured a substantial land package in Ecuador and established a pipeline of permitted drilling targets in Peru. We are also working on extending Veladero's life by adding back some resources that were previously removed from the mine plan. In Pakistan, the site infrastructure at Reko Diq is now in place, and we are making good progress with the update of the feasibility study scheduled for completion in Q4 of next year with Lycopodium having been appointed as our project engineering partner.

The successful completion of its phase seven a leach pad has encouraged us to start the construction of phase seven B, which is scheduled for completion before the onset of winter in the Andes in mid 2024.

Across Latam, we are looking at new opportunities in the Dominican Republic and Chile.

We have recently secured a substantial land package in Ecuador, and established a pipeline of permitted drilling targets in Peru.

We're also working on extending valid areas life by adding back some resources that were approved previously removed from the mine plan.

And then Pakistan.

<unk> infrastructure <unk> is now in place and we're making good progress with the update of the feasibility study scheduled for completion in the fourth quarter of next year with locker podium, having been appointed as our project engineering partner.

Mark Bristow: Seismic surveys of aquifers in the area indicate potential to meet the mine's immediate water supply needs, and drilling has commenced to confirm the potential of these aquifers. Construction of the mine is scheduled to start in 2025, with 2028 targeted for first production. When it is fully operational, Reko Diq will rank among the world's top 10 largest copper mines. Here, as elsewhere, Barrick is very conscious of its social license to operate, and in line with our pledge to roll out benefits for the local community well before mining started, we have delivered three primary schools, a health center, and a mobile clinic to the surrounding villages. Last quarter, we also launched an international graduate program in Balochistan with an initial intake of nine outstanding graduates, four of them women. Our intention is to start cultivating a cadre of future experts and leaders for Pakistan's fledgling mining industry.

Seismic surveys of aquifers in the area indicate potential to meet demands immediate water supply needs and drilling has commenced to confirm the potential of these equities.

Construction of the mine is scheduled to start in 2025 with 2028 targeted for first production.

When it is fully operational rig.

Rick Burdick will rank among the world's top 10 largest copper mines.

How as elsewhere.

Barrick is very conscience conscious of its social license to operate.

And in line with our pledge to rollout benefits for the local community well before mining started.

We have delivered three primary schools Health center and number of our clinic to the surrounding the villages.

Last quarter, we also launched an international graduate program in Baluchistan within an initial intake of non outstanding graduates for their more than.

Our intention is to start cultivating a cadre of future experts and leaders for Pakistan fledging mining industry and.

Mark Bristow: We also plan to start the training of future employees from the region, targeting the first 1,000 by early 2025. In Papua New Guinea. It's been a long and winding road towards the reopening of Porgera. The end has finally been brought into sight by the granting of a new Special Mining License and the execution of the Mining Development Contract and a Fiscal Stability Agreement. We are engaging with the landowners to extend the current compensation agreements to enable restart before the end of the year. Detailed reopening and ramp-up plans are in place, and we're taking all the preparatory steps to be ready for that day. It's been well worth our while to persist with Porgera. It's a significant asset with real tier 1 potential.

And we also plan to start the training of future employees from the region.

Getting the first thousand by early 2025.

In Papa New Guinea.

It's been a long.

N winding road towards the reopening of progress, but the end is finally being brought into sought by the granting of a new special mining license and the execution of the mining development contract in our fiscal stability agreement.

We are engaging with the landowners to extend the current compensation agreements.

To enable restart before the end of the.

Detailed reopening and ramp up plans are in place and we're taking all the preparation preparatory steps to be ready for that day.

It's been well worth our while to persist with PURA.

Paul Rod, it's a significant asset with real T T L. One potential.

Mark Bristow: My introduction to the Africa and Middle East regions, part of the presentation, has been the same every quarter, and it's no different this quarter. The region has been Barrick's most consistent performer since the merger. It's also a highly prospective exploration destination and a core growth engine for the group. The Loulo-Gounkoto complex in Mali delivered its usual strong performance and fully deserves its place in our tier 1 portfolio. It has an exemplary record of consistent reserve replacement and ongoing brownfields exploration indicates that it's likely to sustain this. Deep framework drilling is currently testing for repetitions of the high-grade Yalea system. Elsewhere on the site, new high-impact targets have been identified, while a project-wide review has highlighted opportunities along strike and south of Yalea and at depth at Gounkoto and Baboto.

My introduction to the Africa, and Middle East regions.

Part of the presentation has been the same every quarter.

And it's no different this quarter the region has been barrick's, most consistent performer since the merger.

It's also a highly prospective exploration destination and a core growth engine for the group.

The Lula Guncotton complex in Mali delivered its usual strong performance and fully deserves its place.

Our tier one portfolio.

It has an exemplary record of consistent reserve replacement and ongoing brownfields exploration indicates that it's likely to sustain this.

Deep framework drilling is currently testing for repetitions of the high grade Elia system and elsewhere on the sought new high impact targets have been identified while our project wide review has highlighted opportunities along strike in south of Yulia.

And at depth at quarter end, Bob OTA.

Mark Bristow: The greening of the complex grid continues with phase II of its solar farm scheduled for completion before the end of this year. Barrick is Africa's largest gold miner and Kibali, the continent's largest gold mine. It has recovered well from a slow start to this year and is on track to meet its guidance as well as to replace depleted reserves again. Kibali is a leader in automation and mining and a poster child for renewable energy. Since operations began, we have built 3 hydropower stations at Kibali. Together, these stations currently meet more than 70% of the mine's electricity needs. Once its 16 MW solar facility with battery storage is commissioned, the mine's electricity needs will be met entirely from renewable energy for 6 months of the year, reducing its greenhouse gas emissions by over 19,000 tons of CO2 equivalent annually.

The greening of the complex grid continues with phase two of our solar farms scheduled for completion.

Before the end of this year.

Yeah.

Barrick is africa's largest gold miner.

And kibali, the continent's largest goldmine.

It has recovered well from a slow start to this year and.

And is on track to meet its guidance as well as to replace depleted reserves again.

Kibali is a leader in automation in mining.

And a poster child for renewable energy sit.

Since operations began we are bold three hydropower stations at Kibali.

Together. These stations currently meet more than 70% of the mine's electricity needs.

One said 16 megawatt solar facility with battery storage is commissioned the mine's electricity needs will be met entirely from your renewable energy for six months of the year, reducing its greenhouse gas emissions.

Over 19000 tons of C O two equivalent annually.

Mark Bristow: The two Tanzanian mines' production were lower than in the previous quarter, but this is in line with their plans, and they remain on track to meet their guidance for the year. In order to sustain their combined tier 1 profile for decades to come, North Mara plans to extend its life through an optimized pit plan, while the strategy of brownfields growth continues to deliver at both North Mara and the long-life Bulyanhulu. There's still great potential for world-class discoveries around our operations and further afield within the Africa and Middle East region. These are some of the many opportunities from Zambia in the south to Saudi Arabia in the north. With its wealth of resources and our strong partnerships there, Tanzania is a particularly strong candidate for our next million-ounce discovery.

The two Tanzanian mines production were lower than in the previous quarter.

But this is in line with their plans and they remain on track to meet the guidance for the.

In order to sustain their combined tier one profile for decades to come North Mara plans to extend its life through an optimized pit plan, while the strategy of brownfields growth continues to deliver at both North Mara and the long lost Bouillon Hulu.

There's still great potential for world class discoveries around our operations and further afield within the Africa and Middle East region.

These are some of the many opportunities from Zambia in the south to Saudi Arabia, and the north.

With its wealth of resources and our strong partnerships. The Tanzania is a particularly strong candidates for our next million ounce discovery.

Mark Bristow: In Zambia, the expansion of Lumwana is, along with the Reko Diq project, another of our key growth projects. Together they will make Barrick a major league copper producer, complementing our peerless tier 1 gold portfolio. We've accelerated its feasibility study for completion towards the end of next year, with construction starting in 2025 and 2026 targeted for first production, mirroring Reko Diq's timetable. Lumwana's 50-million-ton per annum process plant expansion, coupled with the planned super pit, will lift copper production to some 240,000 tons of copper per year over a minimum of 36-year life of mine. Several additional targets are expected to extend this mine life further. Our other copper mines, Jabal Sayid in Saudi Arabia and Zaldívar in Chile, both delivered consistent production.

In Zambia, the expansion of Lamont.

Is along with the rig codec project another of our key growth projects.

And together they will make Barrick are major league copper producer.

Complementing our Peerless T T L. One gold portfolio.

We've accelerated its feasibility study for completion towards the end of next year.

With construction, starting in 'twenty, and 'twenty, five and 'twenty 'twenty six targeted for first production mirroring rig codex timetable.

Lamont is 50 million ton per annum process plant expansion, coupled with the planned super foot will lift copper production to some 240000 tonnes of copper per year.

Over a minimum of 36 year mine life of mine and.

And several additional targets are expected to extend this mine life further.

Our other copper mines Diebold side in Saudi Arabia, and Zaldivar in Chile.

Both delivered consistent production.

Mark Bristow: Jabal Sayid, a joint venture between Barrick and Ma'aden, is serving as a springboard for expanding our very successful partnership. New permits around the mine are being brought to account, and we're expanding our focus beyond the current Jabal Sayid catchment area and up to the Arabian-Nubian Shield, which we believe is poised to become a major new mining destination. Ladies and gentlemen, value today and growth tomorrow has been the theme of this presentation, and I believe we're equipped to deliver both on the back of our uniquely successful and sustained organic replacement of depleted reserves, coupled with a disciplined long-term growth strategy. As you can see here, since the merger in 2019, we've replaced 125% of our reserves. Looking to the future, as demonstrated, we expect reserve replacement and our organic growth projects to increase production by some 30% gold equivalent by the end of the decade.

Turbo side, a joint venture between Barrick and modern is serving as a springboard for expanding our very successful partnership.

New permits around the mine are being brought to account and we're expanding our focus beyond the current job all sayiid catchment area and up to the Arabian Nubian Shield.

Which we believe is poised to become.

Our major new mining destination.

Okay.

Ladies and gentlemen value today and grow tomorrow has been the theme of this presentation and I believe we're equipped to deliver both on the back of a uniquely successful and sustained organic replacement of depleted reserves coupled with.

Disciplined long term growth strategy as you can see here since the merger in 2019.

We've replaced 125% of our reserves.

Looking to the future as demonstrated we expect reserve replacement and all organic growth projects to increase production by some 30% gold equivalent by the end of the decade.

Mark Bristow: Thank you for your attention, and I'll hand you over back to the operator to manage questions. We'll be starting here in London with the first question.

And so thank you for your attention and I'll hand, you over back to the operator to manage manage questions and we'll be starting here in London.

With the first question.

Okay.

Daniel Major: Hi, Daniel Major from UBS. A couple of questions. First one, just on the guidance for this year, you've obviously indicated 3% or so below the bottom end of the range on production. Can you give us a steer on the cost trajectory in Q4 at a group level and where you expect to land for the year relative to the top end of the guidance?

Hi, Dan major from UBS.

A couple of questions first one.

Just on the guidance for this year, you've obviously indicated.

Three or so percent below the bottom end of the range on production can you give us a steer on.

On the.

Cost trajectory in Q4 on a group level and where you expect to land for the year relative to the top end of the guidance, Yes, I think so.

Mark Bristow: Yeah. The big driver in the growth that has been clipped back has been Pueblo Viejo expansion. That's still gonna grow significantly in Q4. Again, all the regions are growing, and we expect our forecast for Q4 will be better than Q3. With that will come an improved cost profile as well. That trend continues as we set out to do for the quarter. The impact is, in the actual expansion of PV, I'll just explain a bit to you because I think people would like to know. That is, we commissioned the largest flotation cells ever built. The OEM who supplied those flotation cells, we've used certainly my whole career. They underdesigned the gearboxes and the shafts. We've been able to retrofit and engineer a temporary solution.

The big driver in the growth that that has been kept back has been.

Pablo <unk> expansion.

That's still going to grow significantly in quarter, four so and and again the.

The all the regions are growing and we expect our forecast for quarter, four will be better than quarter, three and with that will come.

And improved cost profile as well so that trend continues as we set out to do for the quarter the impact is.

As in the actual expansion of P V and I'll just explain a bit to you because I think people would like to know and that is when.

When we commissioned.

The this is these we commissioned the largest.

Float cells ever bolt.

And the OEM, who supply that.

Float.

Float cells, we've used certainly my whole career.

And they are undesired under design, the gearboxes and the shaft. So.

We've been able to retrofit and and and and engineer a temporary solution. So those flow cells are now working but the supplier has agreed to.

Mark Bristow: Those flotation cells are now working, but the supplier has agreed to send us completely new assemblages by the end of this year, and they'll come in one at a time. By the end of the year, we'll have that problem properly put to bed. The engineered solutions might last us two to five years, but normally flotation cells will last decades, so we want to get it done properly. At the same time, a bit like what happened in Loulo a couple of years ago, the end of the very large conveyor belt failed right at the end. That's the feed to the run-of-crusher stockpile for the single-stage SAG mill. We are experienced in this because, as I pointed out, it happened with us before.

Send us completely new assemble assemblages.

By the end of this year and they'll come in and one of the top and so by the end of the year, we will have that.

Problem properly put to bed in the engineered solutions might last us two to five years.

But normally float cells were last decades, so we want to get it done properly.

And at the same time, a bit like what happened in Lula couple of years ago. The end of the the very large conveyor belts are filed.

Filed right at the end and and that's the feed to the run of.

The crushed ore stockpile for the single stage signal.

We are experienced in this because as I pointed out that happened with us before and so we've we jumped around in and.

Mark Bristow: We jumped around and installed a whole lot of mobile crushers to be able to manage that situation. Again, we have a series of conveyors that have arrived on site for our dolomite process upgrade. We're going to use those. We are actually, as I speak, installing them. We'll use those in the short-term period, so the next 4 odd months, while we reconstruct that piece of the conveyor belt. We are expecting that production will range between 70% and 75% of planned throughput, and we've now continuing with the ramp up now. This is a very complex flotation circuit. What we've effectively done, what we did with PV is that it had run into a part of the ore body, which is the rest of the ore body, 20 million ounces, which has got a grade of around 2.4 grams a ton.

We installed a whole lot of mobile crashes to be able to manage that situation.

And and again, we have a.

A series of conveyors that have arrived on site.

For a dollar mott process upgrade.

And we're going to use those we actually as I speak installing them.

And we'll use those and in the short term period. So the next four odd months.

While we reconstruct that a.

Piece of the conveyor belt.

And so we are expecting that production will will will range between 70 and 75% of <unk>.

Planned throughput and we've now continuing with the ramp up now and this is this is a very complex flotation circuit, what we've effectively done what we did with P. V is that it had run into a a.

Part of the ore body, which is the rest of the orebody 20 million ounces.

Which has got a grade of around 2.4 grams a tonne.

Mark Bristow: We needed to jack up the throughput. The way we did it, process experts, is we installed a very big float circuit in the front end of the plant and increased the whole combination part of that front end. What the float does is it concentrates the gold and more importantly, the sulfur, and we put in flash coolers into the autoclaves. Now we can go back from a 14 million tons front-end plant back to a 10 million tons rest of the process. We're putting in the same amount of gold. We drop the costs materially because there's not a lot of processing in that circuit. That unlocks the entire 20 million ounces. PV is a very low-cost producer. We produce our own power. It's a natural gas-fired power station. It's a very efficient operation all around. It's very compact.

And we needed to Jack up the throughput and so the way we did it.

Process experts.

We installed a very big float circuit in the front end of the plot and increase the whole combination part of that front end.

So then what the Florida does is it is it concentrates the gold and more importantly, the sulfur.

Which allows the and we put in a flash coolers into the auto saves.

And so now we can go back from a 14 million ton front end plant back to a 10 million tons rest of the process of putting in the same amount of gold we've dropped the costs materially because not a lot of processing.

In that circuit.

And that unlocks the entire 20 million ounces.

And PV is a very low cost producer, we produce our own power.

It's a natural gas fired power station and and it's and it's and it's a very efficient operation all round, it's very compact.

Mark Bristow: The mining is efficient and so we have a profile. It'll range between 800,000 and a million ounces out to beyond 2020 to 2040. That's really the impact in the short term this year. The big driver of the increase from this quarter to next quarter is still that project.

The the.

Mining is efficient and so and so we have a profile a little it will range between 800001 million ounces ought to be on 'twenty to 'twenty four T.

And that's really the impact in the short term this year, because and but the big.

Drive of the increase from this quarter to next quarter is still led project.

Daniel Major: Thank you. One more, if I might. Particularly prominent concerns in the industry around expropriation, nationalization elsewhere outside of your portfolio. If we go to Pakistan, obviously there's been a checkered history in this asset. Two questions. What gives you the confidence in the framework agreement that you're coming to now that a Cobre Panama situation is not going to occur down the line? The second is, in the Randgold days, you always talked to 20% IRR at USD 1,000. What's your hurdle rate against this backdrop for Reko Diq?

Thank you.

One more for me.

Particularly prominent concerns in the industry around expropriation nationalization elsewhere outside of your portfolio. If we go to Pakistan.

Obviously, there's been a checkered history in in this asset two questions will gives you the confidence.

In the framework agreement that you're coming to know that a cobre, Panama situations not going to cut down the line and the second is in the Wrangled days, you always talked to 20% IRR at a thousand what's your hurdle rate against this backdrop for rec are <expletive>.

Mark Bristow: Daniel, after 40 years, I think I understand my way around the mining industry. I would point out that when we did the merger with Randgold Resources, the Barrick portfolio, my recognition was the high nature of the quality of the assets. Every single asset had a problem. Argentina was in trouble. Tanzania, both mines were closed by the government in exactly what the reference of what you referencing. Porgera was ultimately canceled, the permit. Reko Diq had been nationalized. Nevada was an inefficient arrangement of assets because of Barrick and Newmont owning assets intertwined and which should have been managed together, which they are today. You go fast-forward to today and look back, we've dealt with all those issues. The last challenge, which is also an opportunity, is the Pascua Lama process. What we did do is fix Veladero.

So.

Daniel after 40 years.

I think I understand my way around the mining industry.

And I would point out that when we did the merger with Randgold.

The Barrick portfolio.

The my recognition was.

Car hire nature of the quality of the assets, but every single asset had a problem.

Argentina was in trouble.

Tanzania, both mines were closed by the government and the exactly what you referenced with what you are referencing.

Polo is ultimately cancelled the permit.

Richard there could be Nationalised. There was there was no Nevada was and was an inefficient arrangement of assets.

Because of.

Barrick and newmont owning assets in intertwined and which should've been manage together, which they are today.

And you look back you know you go fast forward to today I look back we've dealt with all those issues.

The last.

Challenge, which is also an opportunity as the pascua Lama process, but what we did do is fixed valid era.

Mark Bristow: It's not about your agreement, it's about your license to operate. You can pen any agreement in this modern world, whether it's in a developed country or an emerging market country, you can do that. If you don't, that's what I've said for many years, and you know this. I've said the most important stakeholder in a mining venture is your host country, not your shareholders. Because if you get it wrong, your shareholders end up with nothing. For me, it's been that for my whole career, very early on, that's how we built Randgold. Focus on your license to operate, make sure you share the benefits, the economic benefits with the host country and the people in that country. Employ locals, develop local management, then you'll be able to manage most crises.

So it creates and it's not about your agreement.

It's about your license to operate you can have you know you can pay in any agreement in this modern world, whether it's in a developed country or an emerging market country. You can do that if you don't and that's what I've said for many years and you know this.

I've said you know the most important stakeholder in our mining venture is your host country not your shareholders.

Because if you get it wrong youre shareholders end up with nothing.

And so for me and it's been that for my whole career very early on that is how we both royal gold.

Focus on your license to operate and make sure you sure the benefits the economic benefits.

With the host country, and and and the people in that country. So employee locals develop local management.

And then you'll be able to manage most crises.

Mark Bristow: If you don't have a social license, as we're witnessing for the umpteenth time, and it's not particular to just this last year, if you don't have a social license, you can have any agreement you like. It doesn't save the day. It doesn't mean it's all utopia. You've seen the work we've had to put in in Tanzania to get where we are, and today we're a preferred partner. We're the biggest contributor to the economy in the entire nation. That comes from accusations that we never gave anything. Mali, we've been through many challenges in Mali over the years. I think I've been through 16 different governments and three coups. We're still operating, and we have a very strong social license in Mali. Doesn't mean to say we don't have challenges.

But if you don't have a social license any as we are witnessing for the umpteenth time, and it's not particular to just this last year.

If you don't have a social license you could have any agreements you lock doesn't save save the day, So I think where we are.

And it doesn't mean, it's all Utopia, how you've seen the work we've had to put in in Tanzania to get where we are in today. We are a preferred partner with the biggest contributor to the economy in the entire nation.

And that comes from ACA.

Accusations that we never gave anything.

And and so Mali, we've been through many challenges and moly over the years.

Yeah, I think I've been through.

16 different.

Governments and <unk>.

Three crews.

We are still operating.

Have a very strong social license in Bali doesn't mean to say we don't have challenges.

Mark Bristow: I think there's a message to the industry that that is an important component of mining today. Mining today has got a lot of work to really establish its credentials to ensure that it can fulfill what the world needs from mining, because without mining, we will never have a world that's in good shape for future generations.

And I think there's a message to the industry that that is an important component of our of mining today and mining today has got a lot of work.

Two rarely.

Establish its credit credentials to ensure that it can fulfill what the world needs from mining because without mining we will never have.

A world that's in good shape for future generations.

Daniel Major: Thank you.

Thank you.

Yeah.

Yeah.

Okay.

Alain Spence: Alain Spence, BNP Paribas. Thanks for the presentation. I got two questions. I'll take them one at a time. The first one's on Carlin, the big drop in the open pit grade. That was the ore from Gold Quarry stopping, taking more from the stockpiles. How do we think about that through 2024 and the grade progression?

Alan Spence BNP Pare back soon and thanks for presentation I've got two questions I'll take them one at a time the first one son Carlin the big drop in the open pit grade that was.

The ore from goldstar, stopping taking more from the stockpiles, how do we think about that through 24 and the great progression.

Mark Bristow: Well, that's closed now. The big challenge in Carlin is Gold Strike. What I've done with Gold Strike is it's always been a filler in our production, management tried to make it a core business, it's not. We've put that in a separate category, and we'll manage that going forward. Leeville has done extremely well. The new remnant mining is a tough enterprise, as you know. There are parts of our remnant mining, the old sections of Carlin that still have a lot of new mining blocks. We've been able to get ahead of the phases and drill out a future for them, Gold Strike is not one of them. The open pits, we are transitioning from those open pits, the core focus for us, too, is expanding into the north through Leeville.

Well that's closed now and so it's about I mean, the big Big Challenge and calling us.

And goldstrike.

Done with goldstrike, because we've put it in.

It was it's always been a filler and our production and and and and management try to make it a core business and it's not and so we've got a.

Real we've put that in and are in a separate.

Separate category I will manage that going forward level has done extremely well in the new.

Remnant mining is a tough.

Enterprise as you know.

So there are parts of our remnant mining the old.

Sections of calling that are still have a lot of new mining blocks, we've been able to get ahead of the faces and drill out to a future for them, but goldstrike is not one of them and then the.

The open pits. We are we are transitioning from those open pits, but the the coal.

Our focus for us too is expanding into the north.

Through level and there's a lot of.

Mark Bristow: There's a lot of gold in Leeville, and we're drilling brownfield extensions right along that Carlin Trend today.

Golden level, and and weird drilling brownfield extensions, rather along that collyn trading today.

Alain Spence: Thank you. On the portfolio, just one operating asset in Canada. I know you've talked about wanting to have more there. I'm just interested in, since the transaction when you're taking over, why hasn't more been done there? Has it been the case that the opportunities you've looked at wouldn't compete on geology or valuation, or is it something else?

Thank you and then on the portfolio just one operating asset in Canada, I know you've talked about wanting to have more they're just interested in since the transaction when you lead your taking over.

Isn't more been done there hasn't been the case that the opportunities you've looked at when compete on geology or valuation or is it something else. So we've there's been a lot of M&A in Canada.

Mark Bristow: There's been a lot of M&A in Canada, as you know. We've participated in just about every one, and we've walked away from it. What we have done is built a very significant portfolio now, and we just referenced in the presentation the three key projects that we're taking now to drilling, and they're all in the right place. Our geological team there is as good as any of the teams we've got. I guess from everyone in Canada particularly, have this view that we deserve to do M&A or should do M&A. M&A is a part of a business that, we were talking about it the other day, and Kevin made a very good point. Assets at some place in the market will always offer value. In other stages of the market, they offer serious risk.

As you know and a lot of and we've participated in just about every one and we've walked away from it.

And what we have done is built a very significant portfolio now and we just referenced in the presentation. The three key.

Projects that we were taking now to drilling and they're all in the right place.

And our geological team is as good as any of the teams we brought.

And I you know.

I guess from you know everyone in Canada, particularly.

Have this.

The view that we.

Deserve to do M&A.

Or should do M&A.

And M&A is a part of our business that you know as the market. We were talking about the other day and Kevin was it made a very good point.

As Ed said some place in the market will always offer value.

But in other stages of the market their offices serious risk.

Mark Bristow: We saw that in 2011 when the entire mining industry blew its brains out. Every one of them. Even Glencore was selling assets to survive. The reason I'm here with the Randgold team and along with the Barrick team is because Barrick and the other big gold assets did the same. For us, we're business. It's all about business. We're not about being big for the sake of being big. We believe in relevance. There will be times when we have an opportunity to create value through acquisition. We started out the merger with three very aggressive acquisitions, all at market. There will be another time when we get another opportunity to do exactly the same. In the meantime, it's not a strategy to rely on M&A, and right now that's the mining industry because it's ex-growth.

And we've we saw that in 'twenty 11, when the entire mining industry Blewits brains out.

Every one of them, you know, even glencore or selling assets to survive.

And and the reason I'm here with the.

Randgold team and along with the Barrick team is because barrick and <unk> and the other big gold assets did they say.

So.

It's a for US where business was all about business, we're not about being big for the sake of being big we believe in relevance.

And and there will be times, when we have an opportunity to create value through.

Acquisition, and we started out the merger with three very aggressive acquisitions OLED market OLED market.

And there will be another time, when we get another opportunity to do exactly the same in the meantime, we just didn't rely you know it's not a strategy to rely on M&A and right now that's the mining industry, because it's ex growth.

Mark Bristow: Barrick is a standout. Despite the fact that we didn't do those M&A transactions, we can show you 30% growth. It hasn't cost us any money. It's just cost us effort. The gold portfolio has got a steady growth out to 2027, 2028, as we showed you in our Investor Day, this recent one in 12 September. The copper profile is significant. More importantly, we've got five years of actually planned replacement of gold. We've got our brownfields exploration drilling way ahead of the phase to be able to show that we will convert inventory to resources to reserves over that five years. Of course, as the years roll forward, we do more of that. We've got the new projects coming in.

And Barrick has a standout we have despite the fact that we didn't do those M&A transactions. We can show you a 30% growth hasn't cost us any money, it's just cost us effort.

And and the gold portfolio has got a steady growth at 227 28 as we showed you the adverse today. This recent 112th of September and the copper profile is significant and more importantly, we've.

We've got we've got five years of actually planned replacement of golf. So we've got a.

Our brownfields exploration drilling way ahead of the face to be able to show that we will convert.

Inventory to resources resources to reserves over that five years and of course as the years roll forward, we do more of that.

And then we've got the new projects coming in.

Mark Bristow: Lumwana is going to dump a whole lot of copper reserves, the Lumwana expansion, into our portfolio and Reko Diq, even more, and on top of that, about 15 million ounces of gold in our reserves. Not only are we replacing the reserves we mine in our current tier 1 assets, and I would point out our tier 1 assets are by definition rather than made up. That growth that we're talking about is new growth, and it's both gold and copper because Reko Diq is that classic asset you want as a gold miner. It's got copper in it, and it's got a lot of gold in it as well. Thank you.

Lamont, who is going to dump a whole lot of copper reserves, the lamont and expansion into our portfolio and Richard <expletive> you know, even more and in top of that about 15 million ounces of gold and a reserve. So those not only are we replacing.

The reserves you mined and our current tier one assets and I would point out our tier one assets are by definition.

Then made up.

And.

And that growth that we told me about his new growth and its both gold and copper because.

Richard there because that.

Classic asset you want as a gold miner Scott copper in it it's got a lot of gold in this as well.

Thank you.

Okay.

Yeah.

[Analyst]: Mark, lovely to have you back in London. Just on this chart with your growth from 2022 to 2029, can you just remind us the cost of that and how the capital spending comes over the next few years? I see we're sort of growing our debt levels from the low of a couple of years ago. What do you think peak debt might be in order for us to achieve this goal?

A mountain of lovely to have you back in London, just on this chart with your growth from 'twenty to 'twenty nine can you just remind us the cost of that and how the sort of capital spending comes over the next few years.

We're sort of growing our debt levels from the low of couple of years ago.

What do you think peaked at might be.

In order for us to achieve this goal.

Mark Bristow: Justin, as you know, we come here every year, by design to give this presentation in the LSE. If it wasn't for the stock exchange requiring us to do a full IPO to continue our listing in London, we'd be listed here. Just for apropos nothing. On the capital side, let's start with Lumwana. It's about $1.6 to $1.9 billion. We're still in with the feasibility study, but we'll be around there. We should at market, at consensus prices, it's about $800 million, Simon, that we would fund from Barrick. It's an easy project for us to do. The copper price is up or down, we'll put a bit more in or a bit less. If I take you back to Randgold, and we can talk about this a bit. Our gold assets are well stacked up and we've got long life assets now drilled out.

So Justin as you know we come here every year.

By design to two.

Do you have this presentation in the LLC.

If it wasn't for the stock exchange.

Acquiring us to do a full a P O two to continue our listing in London will be listed here.

So just.

Apropos nothing.

Uh huh.

On the capital side.

So.

Let's start with Lamont.

At 1.62 $1.9 billion.

Wheel.

We're still in the feasibility study that will be with around there.

And that's.

And that's we we should add at market at consensus prices, it's about $800 million sovereign debt, we would fund from Barrick.

And so that's you know it's a it's an easy project for us to do whatever you what does the copper prices up or down.

We'll put a bit more in orbit less.

But again.

That's a and if I take you back to Randgold. We've got written we can talk about this but we've got a gold assets are well staffed up and we've got long life assets now drilled out.

Mark Bristow: In the scenario that you find us today, remember when we built our gold mines out in Randgold in the early 2000s, gold price was not very high. As we built it, the gold price kept rising and we just delivered value for our owners. There's one good place to build copper mines and that's when the copper price is low and particularly right now because I don't think any of us believe that the copper price is going to stay at this level. We've got the gold strength to support that development. Reko Diq, it's about $5.5 billion for the first phase and three and a half for the second phase. That still needs refining because we are doing the work on it. We've got some big opportunities to reduce that first phase, $5.5 billion.

So and in the scenario that you find us today remember when we bolt gold or gold or gold mines out and Randgold in the early two thousands.

Golf process was not very high but as we bolt at the gold price Kip rising and we just.

Delivered value for our.

Owners.

And so it's a it is one good place to bolt copper mines and that's when the copper price is low and particularly right now because I don't think any of us believe that the copper price is going to stay at this level.

But we've got the gold strengths to support that.

That development and and also all our and then Rick Burdick.

It's about $5.5 billion.

For the first phase in three and a half for the second phase, but that's still needs refining because we are doing the work on it.

And we've got some.

Big opportunities to reduce that first phase $5.5 billion.

[Analyst]: That's on 100%.

Mark Bristow: That's on 100%. We also, as we've disclosed, working to project finance half of the first phase. For Barrick it's very affordable. If you look at whatever gold price you use and we have used a $3.75, $3 per pound copper price initially. Because of the gearing in the project finance, Reko Diq comfortably exceeds the 15% IRR. Again, that's a project that's easily managed. Gold Rush is a billion-dollar investment. It's a high-grade mine. It's, again, easy to fund. That's on 100% basis. The other big capital project is PV and that was a $2 billion project with a billion dollars into that. Those are the projects as they stand. I'll ask Graham to indicate to you the capital profile. You talk about debt. We don't really go into stacks of debt.

And that's on a 100% sorry, and then we all says as we've disclosed working.

To project finance half of the first phase.

For Barrick, it's very affordable if you looked at whatever gold price you use and we have used a 375.

$3.

Her pound copper price initially.

And and and.

Because of the gearing and.

And the project finance.

Rick Burdick comfortably exceeds the 15% IRR.

And so again, that's a project that's easily managed.

We have.

Gold Rush is a billion dollar investment.

It's a it's a high grade mine, it's easy again easy to fund that's on a 100% basis.

And the other big capital project is.

Is PV and that's that's was a 2 billion dollar project with $1 billion into that so those are the projects as they stand out I'll ask Graham to have a window to indicate to you the profile.

Our capital profile, but you talk about that we don't really go into depths of debt.

Mark Bristow: I would just point out everyone in the industry listen to people like you, not you because you never do it. Most fund managers asking for more and more dividends in an industry where it's capital intensive if you're growing it. You noticed we didn't do that. Although we distributed significant amounts of cash back to our shareholders, it was based on our P&L and our available cash not going into debt to pay dividends. Today we've paid down the debt to almost zero leverage. We've spent $7.5 billion plus into our business and we've dividended out around $6 billion all cash returns. That's significant value we've created. Now we've got these projects where they all pass our filter of 15%. We look at return on capital investors of around 10% and IRR of around 50% depending on the project.

Because I would just point out everyone in the industry listened to people like you not you because you'd have to do it but most fun manages asking for more and more dividends.

In an industry, where it's capital intensive if you're growing at and.

And you noticed we didn't do that although we distributed significant amounts of cash back to our shareholders. It was based on our P&L in a freak.

Bailable cash not going into debt to pay dividends. So today, we've we've paid down the debt to almost zero leverage we've.

We've spent $7.5 billion plus into our business and we've dividend now at around $6 billion you know what.

All cash returns that's significant value, we've created and we're not and now we've got these projects where they all pass our filter of 15%. We look at return on capital invested of around 10% and IRR of around 50, depending on the project.

Mark Bristow: Reko Diq is exceptional because we believe we can gear it, that it gives us that sort of return. You want to finish the question.

So.

But Rick Burdick is exceptional because we we believe we can gear. It that it gives us that sort of Richard So you want to.

<unk> finished my.

Graham Shuttleworth: Justin, as Mark has alluded to, we've got these two big capital projects that are on the horizon, and both of those are scheduled to really start ramping up in 2025. The sort of peak years from a capital point of view are 2025 and 2026. This year we'll spend around $2.5 billion on an attributable basis for our capital. Next year, we'll see a little bit more just as we start to spend some money on those sort of pre-fee, in advance of those feasibility studies being completed at the end of 2024. 2025, those are our peak years. Sorry, 2025 and 2026 are the sort of peak years. 2027, it starts to come back down again as those projects roll off.

Finish the question yeah. So.

So Justin I mean, as Mark has alluded to.

We've got these two big capital projects that are on the horizon and both of those are scheduled to really start.

Start ramping up in 2025, so the sort of peak years from a capital point of view on 2020, five and 'twenty 'twenty six.

So this year, we'll spend around two and a half billion donors, an attributable basis for our capital.

Next year, we will see a little bit more just as we start to spend some money on those sort of pre feed.

In advance of those feasibility studies being competed at the end of 'twenty 'twenty four then.

2025.

Those are our peak years and in 2020, sorry, 25, and 26 of the sort of peak years.

And then 2027 and it starts to come back down again as those projects.

Graham Shuttleworth: The key point that Mark's making, though, is even if we use commodity price assumptions below the current spot prices, so, if you use consensus prices which have a declining profile, we don't build debt through this period. The cash flow from our business funds all of that capital, so we don't have any debt build-up on that basis.

Roll off so the key point that box, making those even if we use commodity price assumptions below current spot prices.

So you know if you use consensus prices, which you have a declining profile.

We don't we don't build that through this period the cash flow from our business funds all of that capital. So we don't have any debt buildup on that basis.

Mark Bristow: Whichever way you cut it, Justin, you need to buy some more stock. Anybody else? Very good. Let's move to those on the call.

So whichever way you cut it Jeff.

Justin you need to buy some more stock.

[laughter].

Anybody else.

Yeah.

Okay.

Okay.

Very good.

Let's move to those on the call.

Operator: Thank you. We will now begin the telephone question and answer session. The first question comes from Lawson Winder with Bank of America Securities. Please go ahead.

Thank you we will now begin the telephone question and answer session.

Join the question queue via the phone you May Press Star then one on your telephone keypad.

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The first question comes from Lawson Winder with Bank of America Securities.

Please go ahead.

Okay.

Lawson Winder: Great, operator. Thank you very much. Hello, Mark. It's very nice to hear from you. I would like to ask about Donlin. In your project growth discussion in the MD&A, you mentioned exploring further partnership opportunities to unlock value. I just wanted to check, is that to suggest that Barrick is seeking a sale of a portion of its interest in Donlin?

A great operator, thank you very much Hello, Mark it's a very nice to hear from you.

<unk>.

I would like to ask about Donlin so in your project.

Growth discussion in the MD&A you mentioned a.

Exploring further partnership opportunities to unlock value.

And I just wanted to check is that to suggest that barrick is seeking a sale of a portion of its interest in donlin.

Mark Bristow: I'm not following you. I don't think we say that with reference to Donlin. I've shown you the slide, I don't know if you can see it, but if you go back to the North American exploration slide. Let me explain to you. When we closed the transaction, Donlin had a global resource. It didn't really have an ability to model where the gold department was. We've advanced our understanding of the ore body over the last couple of years, and we've also really gone into some details in the different phases, the different geological domains of the ore body and got to understand their variogram. We're now in a position where we are absolutely comfortable about the modeling and the ability to optimize our mining, mine plans.

I'm not following.

Can we say that with reference to donlin.

So if you're I've shown you. This slide I know if you can see it but if you go back to the.

North American exploration side.

What we are busy doing so let me explain to you when we when we close the transaction.

Darden had.

Our global resource.

It didn't really have an ability to.

To a model where the gold deportment to us.

And so we've.

Advanced our understanding of the ore body over the last couple of years and we've also really gone into some details in the different phases the different geological.

Domains of the ore body and got to understand they're very of grams and so we're not in a position where we are absolutely comfortable about the modeling and the ability to optimize the mining.

Our mine plans and that's we got a little bit more drilling to drill out some of the gaps.

Mark Bristow: We've got a little bit more drilling to drill out some of the gaps. The first bullet there is the continuation of our geology work, and we want to build in some measured resource. At the moment, we got most of the resource covered in a indicated category. We've done our preliminary mine plans and modeling and pit scheduling. With this, we can really go and start optimizing it, and that's the next step. At the same time, while we did that, we were able to collect more and more samples to continue with our metallurgical test work and processing trade-offs, and we got to build a lab scale testing facility to be able to simulate some of our metallurgical flow sheets.

But and so the first bullet is the continuation of our geology work.

Too and we want a bold and some measured resource at the moment, we got <unk>.

Most of the resource covered in the indicated category.

And this will be able to do now and we've done our preliminary mine plans and modeling and put schedule ing, but with US we can really go and start optimizing it and that's the next step.

And at the same time, while we did that we were able to collect more and more.

Samples to continue with our metallurgical test work and processing tradeoffs and we've got some.

We got a bull's eye.

A.

A lab scale.

Testing facility to be able to stimulate some of our metallurgical flow sheets and then.

Mark Bristow: The next one is, one of the big things that have changed in the last few years is the cost profile and the capital cost particularly. We need to refresh all the capital estimates for that design. Once we get a real handle on that, and it's not far away, we'll be able to do that. The important other aspect is because power cost, power generation, power strategy has all changed. There's work to be done there to make sure that we have that part of the project, which is a critical part of this project, well understood. We've still got some permitting to complete, particularly around the tailings storage facility. Then you start getting to the stage where you can actually understand at what gold price this project will be viable as an investment.

The next one is you know what are the big things that have changed.

And the last.

A few years is our the cost profile and the capital costs, particularly and so we.

We need to refresh all the capital estimates for that design. So once we get a real handle on that and when it's not far away or be able to do that and then and then the important aspect is because power power cost power generation power strategy has all changed.

And so there's work to be done there to make sure that we have.

That that part of the project, which is a critical part of this.

Project well understood.

And and we've still got some permitting to complete a particularly around the story tailing storage facility.

And then you start getting to the stage, where you can actually understand what what at what gold price. This project will.

<unk>.

Be viable as an investment and and for US you know, where we're a very focused.

Mark Bristow: For us, we're a very focused gold mining company that has an obsession about sustainability, and a big 32 to 36 million ounce resource is important in our portfolio. Certainly in my career, I've watched ore bodies go from unprofitable to significantly profitable over time. If you just go back to 1999, gold price was $260. Today, it's $2,000. If you look at the average grade of the industry, it's been declining materially as people can use higher gold prices to make money. That's the way we look at it. I can honestly say there hasn't been a day we've considered putting it out in the market for sale.

Gold mining company that has an obsession about sustainability and a big 32 to 36 million ounce resource is important in our portfolio.

And certainly in my career I've watched all bodies go from unprofitable to significantly profitable over time and if you just go back to 99.

Gulf process to 60 today, it's 2000.

And if you look at the average grade of the industry. It's it's been declining materially as people can use higher gold prices to make money. So.

That's and that's the way we look at it.

I can honestly say there hasn't been a day we've considered.

Putting it out in the market too.

For sale.

Lawson Winder: Okay. Thank you. Just on exploration, there is a discussion again of North Evil. It's great to see the exploration success there to date. I was just wondering, is there expected to be an additional maiden resource as of year-end 2023 for that Fallon-Miramar gap? Is there any expectation for any significant update on North Evil resource in any way for this year-end update? Thanks very much.

Okay.

Thank you and and then just on exploration.

There was a discussion again north evil. So it's great to see the exploration exploration success. There to date and I was just wondering is there expected to be in additional maiden resource as of year end 2023 for that Fallon Miramar gap and then is there any expectation for any significant update on north lethal.

<unk> in any way for this year and update thanks, very much yeah, I think we'll be updating our <unk>.

Mark Bristow: Yeah, I think we'll be updating our reserves and resources at the end of this year, as we always do. With that, we'll definitely point to some of these emerging projects. They're extensions, but they're material extensions. We'll make a decision. We'll share that with you when we get there. Our objective has always been to replace the ounces that we're mining. At the same time, we have guided that Nevada is on a 3-year rolling average, that we look to replace the reserves. Because a lot of the ore bodies are deep, we build the inventory and that's what we've been doing. You roll forward the resources, there will be a period where you've got enough of a pipeline to keep on an annual basis replacing the reserves.

Our reserves and resources at the end of this year as we always do and with that will come some will definitely pointing to some of these emerging projects they extensions, but they're material extensions and and so let's we'll make a decision.

I mean, we'll share that with you and we get there and you know the objective has always been to replace the ounces that were mining.

But at the same time, we have guided that.

Nevada is on a three year rolling average that we look to replace the reserves and so we pulled out because the lot of the ore bodies are deep we build the inventory then we we and that's what we've been doing you roll forward the resources and then there'll be a P.

I read where you've got enough of a pipeline to keep on an annual basis, replacing the reserves. So we're getting there as far as North America goes, but you're going to see a big resource or inventory and resource growth going forward.

Mark Bristow: We're getting there as far as North America goes, but you're going to see a big resource or inventory and resource growth going forward.

Lawson Winder: Fantastic. Thank you very much, Mark.

Patrick Thank you very much mark.

Mark Bristow: Okay.

Operator: The next question comes from Martin Pradier with Veritas Investment Research. Please go ahead.

The next question comes from Martin <unk> with Veritas investment research.

Go ahead.

Martin Pradier: Thank you. My question is on Pueblo Viejo. I saw the recovery rate decline from 89% in Q2 to 70% in Q3. I'm wondering what I should expect for Q4 and if this is all related with the cells that you were talking? The production in Pueblo Viejo was 79,000 ounces, if it will be materially higher in Q4, or we have to wait until Q1 for that?

Thank you. My question is on equivalent vehicle I saw the recovery rate declined from 89% in Q2 to 70% in Q3.

I'm wondering what I should expect for Q4.

And if this is all related with the cells that you were talking.

And.

The production improvement of vehicle was 17 9000 ounces if it would be materially higher in Q4 always have to wait until Q1 for that.

Mark Bristow: The recovery is purely a result of the ramp-up, as you feed these new processes or flow sheets, we've got to get everything balanced. We did that, and we've been using a lower quality stockpile ore on the commissioning side. As you can imagine, our intention is not to try and put as much gold as we can onto the tailings dam. We want to try and make it land in the gold room. We've used a lower quality, less sulfur-rich and lower grade ore to commission the mine, and that impacts on recovery. Slowly, we will ramp that up, and we're busy with that right now, the ramp-up. It was delayed because of those flotation cell challenges. As we do that and we settle the process down, so we will shift back to better ore and we'll return back to the design recovery rate.

So.

The recovery is purely a result of the ramp up and that's you know as you feed these new new processes or flow sheets, we've gotta get everything balanced and.

And we did that and we've been using.

Lower quality stockpile all.

On the commissioning side as you can imagine our intention is not to try and put as much gold as we can onto the tailings dam.

To try and make it land and the gold room. So.

So we've used a lot of quality.

Less sulfur rich and lower grade ore to commission, the mine and that impacts on recovery.

Slowly we will we will ramp that up and we're busy with that right now the ramp up it was delayed because of those flotation cell challenges.

And and as we do that and we settle the process down so we will shift back to better oil and will return back to.

The design and the recovery rate.

Mark Bristow: Notwithstanding that, we expect to have an improved Q4 relative to Q3 in production wise. We should start seeing the recoveries improve. Q3 will be the same. We expect to be fully back at full operations during Q1 next year, and towards the back end of Q1 next year. Notwithstanding that, as I pointed out, the design profile for Pueblo Viejo is above 800,000 ounces. Certainly, from what we see today, we will get to above 800,000 ounces in 2024. A softer start, but a strong finish for the year.

Notwithstanding that we expect to have an improved quarter for relative to quarter, three and production was and.

And we should start seeing the recoveries improve and then quarter three will be the same we expect to be fully back at full operations at the during quarter one next year.

<unk>.

And towards the back end of quarter, one next year, but notwithstanding that as I pointed out the design.

<unk> profile for.

Pueblo Viejo is above 800000 ounces and.

Certainly from what we see today, we will get to above 800000 ounces and 2024, so a softer start but a strong finish.

For the year.

Martin Pradier: Okay, thank you.

Okay. Thank you.

Operator: The next question comes from Tanya Jakusconek with Scotiabank. Please go ahead.

Question comes from Tanya you could connect with Scotiabank.

Go ahead.

Tanya Jakusconek: Great. Thank you so much for taking my questions, and good afternoon, everyone. Maybe just on Pueblo Viejo. I'm just still looking at your Investor Day presentation of November 2022 when you gave the production profile. For Pueblo Viejo in 2024, Mark, was supposed to be 1 million ounce a year for this asset. I'm just trying to understand from you, as we've had these delays and push-outs and so forth, should I be thinking of moving that 1 million ounce production profile down to, am I looking in the 900,000 ounce range and taking that differential and pushing it into 2025, where we had to get that down to about 900,000 ounces? I'm just trying to understand overall what 2024 looks like relative to what you provided for us in the Investor Day.

Great. Thank you so much for taking my questions and good afternoon, everyone.

Maybe just hum.

I'm just looking at your Investor day presentation.

In November 2022, when you gave the production profile for a long tailwind 'twenty 'twenty four mark.

Yeah, I'm sorry, this asset so I'm just trying to understand from you as we had the parade from push outs and so forth.

Should I be thinking of moving that 1 million ounce production profile down to you know am I looking at the 900000 ounce range and taking that.

I'm, Charlotte and pushing it into 2025, where we haven't got that down to about 900000 ounces. So I'm just trying to understand overall, what 2021 looks like relative to what you provided for us in one basket.

Mark Bristow: Tanya, you must have a very sharp ruler.

So tiny.

China, you must have a very sharp ruler.

[laughter], but.

Tanya Jakusconek: I do. I have a ruler just for that, indeed.

Yes, definitely yes. So that's correct. The situation. There is you know at this stage what we can say with certainly is certainty is we'll break the 800000 ounces.

Mark Bristow: That's correct. The situation here is, at this stage, what we can say with certainty is we'll break the 800,000 ounces. The ounces we don't make in next year will roll forward into the other years. That's correct. What we wanted to point out that despite the slower ramp-up, our job is to get this mine complete and running. We'll still beat the design, the long-term design production. Could it be significantly above 800,000 ounces? Yes. Would it be 1 million? No. It's somewhere between the two. We'll tidy that up, Tanya, with you when we speak to you in early February when we give the full guidance at that time.

The answer is we don't make and next year, we will roll forward into the other years. So that's correct, but what we wanted to point out that despite the slower ramp up our job is to get this mine complete and running.

We will still beat the design the long term design.

Production and you know it could it be significantly above 800000 ounces, yes would it be a million.

So it's somewhere between the two.

That's the way and we'll tidy that up Tania with you when we speak to you in early February when we give the full guidance at that time, but we just felt like this was one that you you need to be aware of.

Mark Bristow: But we just felt that-

Tanya Jakusconek: Yeah, I just wanna make-

Mark Bristow: This is one that you need to be aware of.

Tanya Jakusconek: Yeah, I just wanted to make sure that, when you provide guidance for next year in February, I don't have this million-ounce production profile.

Yeah, I just wanted to make sure that you know when you prefer.

Guidance for next year in February I don't have the 90 mountain production be off on that.

Mark Bristow: Yeah. That's why we've given you that guidance.

Why are we giving you that guidance.

Tanya Jakusconek: Yeah. I appreciate that. Thank you.

Yeah.

Okay. Thank you, okay should I be thinking has a pool.

Mark Bristow: Okay.

Tanya Jakusconek: Should I be thinking because of the revisions to the production profile for 2023 on lower production and higher costs, and then sort of this push out of Pueblo Viejo, should I be thinking that the capital returns should just mainly focus on dividends for the remaining part of this year and into next year versus share buybacks, even though your stock is relatively cheap? Should I be thinking of it that way?

Yeah.

So that production profile for 2023.

Lower production and higher cost and then sort of a pushout of platinum those young how should I be thinking that you.

You know the capital return chicken, mainly focus on dividend.

The remaining part of this year for next year for share buybacks, even though your stock.

Socket relatively cheap.

Mark Bristow: No, I don't think you should be thinking anything like that. Right now, we've got a dividend policy, and that is that as soon as we get net cash in the balance sheet at the end of the quarter, we'll pay an extra dividend, and it's very clear, our guidance. Tanya, we've been very loyal to that strategy, unlike any of our peers. At the same time, we can change that, because if we buy back stock, then it'll push the net cash position below zero, and we won't pay the dividend. We can do both. We can do one or the other. We can do both. We need to keep a strong balance sheet because right now, as I pointed out, we are independent of the market.

No I think I don't think it should be saying anything like that.

Right now we've got a dividend policy.

And that is.

The you know as soon as we get cash or net cash in the balance sheet.

At the end of the quarter, we'll pay an extra dividend in and it's very clear our guidance and Antonio we've been very loyal to that.

That strategy, unlike any of our peers.

At the same time, we can change that because if we buy back stock then it'll push the net cash position below zero and we won't pay the dividend. So we can do both you know we kept what we can do one or the other we can do both it's a it's exactly but we need to get some.

We know we need to keep a strong balance sheet because right now.

As I pointed out we are independent of the market.

Mark Bristow: I've been there before in these stages, and it's not in our interest to stress our balance sheet when, as you heard from Graham, we've got some significant capital ahead of us, and that capital delivers real returns. That's our focus. As we have always been our whole career. We worry about creating value from mining world-class ore bodies and not trying to buy our stock by paying more and more dividends on the back of increasing debt.

And so and I've been there before in these stages and its and its not in our interest to stress our balance sheet. When as you heard from Graham We've got some significant capital ahead of us and that capital delivers real returns.

And so that's that's our focus as we have.

He has been a whole career.

Yeah, we worry about.

Creating value from mining.

Hum.

World class ore bodies, and not trying to buy our stock by paying more and more dividends.

Ed.

On the back of increasing debt.

Tanya Jakusconek: Okay. Priority of dividend over share buyback is what I've taken from this.

Our priority.

The share buyback.

Mark Bristow: No, it's not.

No it's not it's.

Tanya Jakusconek: And-

Mark Bristow: It's either/or.

It's either oil.

Tanya Jakusconek: No? It's either/or.

Mark Bristow: Yeah.

Yeah.

Tanya Jakusconek: My final question, if I could. I just wanted to come back to the health and safety. I'm just trying to understand, Mark, what's going on with health and safety with these fatalities. We talked a little bit about it on another conference call last year. We had quite a number of fatalities and then another two. Can you just review with us, is it that procedures aren't being followed? Your procedures need to be updated? What exactly is occurring? I'm just trying to wrap my head around all of what I'm seeing.

Final question.

I just wanted to come back to the house.

Safety.

I'm, just trying to understand mark what's going on with health and safety fatalities.

We talked a little bit about it on another conference call last year, we had quite a number of fatalities from them and not there too.

Can you just review with US is that that teachers aren't being followed procedures needs to be upbeat about what exactly okay. I'm just trying to wrap my head around all of them you know what I'm, saying.

Mark Bristow: The one fatality still hasn't really been classified, the one in the United States. That still needs a bit of work before we can talk in too much detail. The fundamental aspect of this is operational excellence, Tanya. It's the requirement to get people to concentrate and to be properly qualified to do the job and be aware of what they need to do before they embark on any work. When you go through these stages, you've got to spend a lot of more time in making sure that we are training our people correctly and that they are able to deal with the challenges of work underground and work in a heavy industrial environment or heavy industry environment.

So.

The one fatality is still hasn't really been classified the one in the United States that still needs a bit of work before we can talk in too much detail.

The fundamental aspect of this is.

Operational excellence Tanya.

And when when when you get and it's the requirement to get people to concentrate and to be properly qualified to do the job and be aware of what they need to do before they embark on an on any work and we've we've when you.

Go through the stages, you got to spend a lot of more time in making sure that we are training our people correctly and that they are able to deal with the.

The challenges of work underground and working in a heavy industrial environment or heavy industry environment.

Mark Bristow: Like all accidents, there's some neglect in it, either not really doing a proper risk analysis before starting the work or that you overlook procedures and standards. It's easy for us to blame that, but there's more to it than this when you manage health and safety. Just like you see our environmental strategy is starting to work, it takes time in a big organization to really make sure that every person who comes in the gate and every person who works in this walks into a specific environment within that heavy industry is qualified to be there and is capable of working safely. That's our big focus right now.

And like all accidents.

It's.

There's some neglect in it either not rarely doing a proper risk analysis before starting the work all that you overlook procedures and standards.

And the question and it's easy for us to blame that but it's you know there's more to it than this when you manage a health.

The health and safety in it and just like you know you see are sustained.

Our environmental <unk>.

Strategy is starting to work it takes time and a big organization to really make sure that every person who comes in the gated every person who works at us walks into a specific environment within that heavy industry.

Industry is.

Is qualified to be there and is capable of working safely and that's a big focus right now.

Tanya Jakusconek: Okay, you've tightened your procedures, I'm assuming, in terms of.

Okay.

And your procedures I'm, assuming in terms of why not tightened our procedures we've introduced.

Mark Bristow: I've tightened our procedures. We've introduced training schools, proper training mines in Nevada, because in America you don't have this philosophy of a technical qualification, so we're doing it ourselves. We've partnered with the technical training institutions both in Northern and Southern Nevada. In Africa, we've revisited that induction and making sure that our technicians, like electricians, are kept current through our training programs.

Training schools proper training mines in Nevada, because a lot of and in America. You don't have this philosophy of.

A technical qualification so we doing it ourselves we've partnered with the technical training institutions, both in northern and Southern Nevada.

And then and in Africa, we've revisited that induction and and and making sure that our technicians lack electricians. All current are kept current.

And by through our training programs.

Tanya Jakusconek: Okay. We'll talk about this more when I see you in person.

Okay, we'll talk about this tomorrow when I see them.

Tanya Jakusconek: I'll leave it there and let someone else ask questions.

I'll leave it can let someone else ask question.

Mark Bristow: Thank you.

Thank you.

Operator: The next question comes from Mike Parkin with National Bank. Please go ahead.

The next question comes from Mike Parkin with National Bank.

Please go ahead.

Mike Parkin: Hi, guys. Thanks for taking my question. Just a little bit of looking for some additional color in 2024 for PV. With respect to downturns, will there be kind of major downturns to get the conveyor fixed and up and running, get the new gearboxes and drive shafts replaced with the more robust units on the leach tanks? Would that all kind of happen in Q1 or I would imagine that it's likely a bit of a back half weighted year for the asset. Just any kind of additional color you could provide would be fantastic.

Hi, guys. Thanks for taking my question, just a little bit of a looking for some additional color in 'twenty 'twenty four for PV.

With.

With respect to downturns will there be kind of major downturns to get bigger because they are fixed and up and running get the new gearboxes and drive shafts were pleased with the more robust units on the leach tanks and would that all kind of happened in Q1, or you know I I would imagine.

Likely a bit of a back half weighted year for the asset just any kind of additional color you could provide would be fantastic.

Mark Bristow: We can manage the downtimes in our current profile. All the leach tanks and the retrofits or the refitting of the new assemblages will happen before the end of the year. By that stage, we should be properly ramped up as far as process, flowsheet, that sort of thing. We've got a lower throughput in Q1, because we've engineered an interim solution which gets us 70% to 75% of the way to our full design throughput. That's independent of the current conveyor infrastructure. To fix that and erect the new extension will not be impacted by our. Certainly won't impact the operation. We'll switch over to the newly installed conveyor once it's all done and dismantle the temporary conveyor system that we've put in its place.

So we can manage that down times in our current profile.

And all the leach tanks, and the retrofits or the resetting of the new assemblages.

Will will happen before the end of the year and then.

And then where you know by that stage, we should be probably ramped up as far as process flow sheet that sort of thing and then we've got a lower throughput in the first quarter.

Because we we've.

Engineered an interim solution, which which gets us 70% to 75% of the way to a full design throughput.

And.

And that's independent of the current conveyor infrastructure. So we have to fix that and erected they the new extension.

Will not be impacted by a well and certainly won't impact the operation and then we'll switch over to the newly installed.

Conveyor once it's all done and and and disc.

Dismantle the temporary conveyor system that we've put in its place.

Mark Bristow: That's why we're confident that we'll crack the 800,000 ounces next year. If we get it done earlier and we get the ramp-up more efficient earlier, it all helps to the point that Tanya was talking about. We would get more, not less, above the 800,000-ounce forecast.

So that's why we are confident that will crack the 800000 ounces next year and if we get it done earlier than we can.

We get the ramp up more efficient earlier it all helps.

To the point that.

That Tanya was talking about we would get more not less.

Above the 800000 ounce.

Mike Parkin: Yep. A follow-up on that is just the work on the needed new tailings dam. Is that continuing to track well to plan from the May site tour, or is there any delays in terms of getting final sign-off on permits to get that work underway, or the relocation of some of the villagers, I believe, had to be moved out of the way? Is that all tracking to plan?

<unk> forecast.

A follow up on that is just the the work on the needed new tailings dam is that continuing to track.

Well to plan from the Mi State tour or is there any delays in terms of getting final sign off from the permits.

Get that work underway or relocation of.

Some of the villagers that I believe has to be moved out of the way is that all tracking to plan yeah, It's all tracking Japan and it's fully permitted.

Mark Bristow: Yeah, it's all tracking to plan and it's fully permitted. The work we've got to finish for the actual design is, we've got a couple more holes to finish on the main wall just to make sure that the Because the El Llagal Dam, which we're using now, is one of the most engineered tailings facilities in the world, and it survived seismic events. This is a very highly engineered dam. Foundations are critical in the way we engineer it, so we're busy with that work. The dam itself is permitted and we're far down the road on our consultation program with the community. As I pointed out in my presentation, we'll start moving people.

So the a.

The work we've got to finish for the actual design is.

We've got a couple more holes to finish on the main wall just to make sure that the because this is a.

The level of them illegal dam.

Which we're using now is one of the.

Most engineered tailings facilities in the world and it's survived.

Seismic events and so this is a very highly engineered dam and foundations are critical the way we engineer. It. So we're busy with that work and then but the per the dam itself is permitted and.

And we're far down the road on our consultant progress program with the.

On the community and as I pointed out in my presentation will start moving.

People.

Mark Bristow: These are people, some of them are effectively squatters on state land or on other people's owned land, but they have a right under the Dominican Republic law to that land because they've been living there for so long. What we're doing is building new village infrastructure, so proper communal-Village living and with the infrastructure and all the services as well. It's been relatively easy to find solutions and get the commitment to relocate. We're busy with that. As you know, we've done some of the biggest relocations in the world in Randgold, and they've all been successful.

And these are people some of them are are effectively squatters on state land on other people's own land, but they have a rot under the Dominican Republic law to that land because I've been living there for so long and what we are doing is building new village infrastructure.

So proper communal village living and with the infrastructure and all the services as well. So you know it's been relatively easy to.

Find solutions.

And and get the commitment to relocate and we're busy with that and as you know we've done some of the biggest relocations in the world and ran goes in.

And they've been all been successful.

Mike Parkin: Great. Thanks very much for that color.

Great. Thanks, very much for that color. Thank you.

Mark Bristow: Thank you.

Operator: The next question comes from Anita Soni with CIBC World Markets. Please go ahead.

As a reminder to join the question queue via the phone. Please press Star then one.

The next question comes from Anita Soni with CIBC World markets. Please go ahead.

Anita Soni: Good morning, Mark, and team, thanks for taking my question. First question is with regards to costs. I can see they came down this quarter and are trending more towards the guide that you put out at the beginning of the year. Can you talk about some of the areas where you've seen cost relief and any implications that has to the CapEx number going into next year?

Good morning, Mark and team and thanks for taking my question first question is with regards to costs I can see they came down this quarter and are trending more towards the the guide that you put out at the beginning of the year can.

Can you talk about some of the areas, where you've seen cost relief and any implications that has to be capex number going into next year.

Mark Bristow: Anita, nice to hear from you. We're forecasting another decline in costs, along with a further increase in production in Q4. The world is very dynamic, as you know. Oil and gas are one of the key drivers of our costs in many of our operations. I think that's a good trend. I would prefer if you let us guide you on the costs for next year when we give you the full guidance. That's really the trend at the moment. You're right, we are getting back towards the guided costs. We're not going to quite make it there because one of the drivers of the cost too, as Graham has said before, is the higher gold price on the royalties. $100 is $5 on the cost, Graham? Yeah. $100 is $5. Remember, we planned at $650. $1,650.

So anita.

Nice to hear from you.

I mean, they were forecasting another decline in costs.

Along with a further increase in production in 'twenty I mean in quota for the.

The World is very dynamic as U S.

As you know.

And oil.

Oil and gas so what are the key drivers of of our costs in many of our operations. So.

No I think that's a good trend.

I would I would.

Prefer view, let US guide you on the costs for next year when you when we give you the full guidance.

But that's really the trend at the moment.

And you're right you know we are getting back towards the God of course, we're not quite we're not gonna make it quite make it there because one of the drivers of the cost to as Graham has said before as is.

Is the higher gold price on the royalties.

So $100 is $5 on the cost growth.

So $100 is $5 above out and remember we planned at 650.

Mark Bristow: 1650, sorry. Yeah. 1650. Yeah.

16, 50, sorry, yeah.

Yeah.

Anita Soni: My second question is with respect to the softer years that you're going to see at Carlin and Cortez this year. Would it be safe to assume that, next year, I think you were guiding to Nevada Gold Mines being a little bit weaker in 2024 originally. With these kinds of delays in the production in 2023, could you see some of that pushed out into 2024, and maybe it's not as soft as you had previously guided?

Second question. So my second question is with respect to the you know the softer quarter for softer years that youre going to see at a at Carlin and Cortez. This year. So would it be safe to assume that you know next year. I think you were guiding to Nevada gold mines, I'm being a little bit weaker in 2024 originally but.

You know with these kinds of delays.

In the production and in 2023 could you see some of that pushed out into 2024 and maybe its not as soft as you had previously guided.

Mark Bristow: No, I think, our guidance for 2024 that we last spoke about, and again, we were saying, one of the things, just like I did in Argentina, we need to give this team a bit of a breather. It's really right at the edge all the time, and it's just not getting on top of things. That's the discussion you and Tanya and I and a couple of other analysts had when we were down together in PV. We're mindful of that, and we gave that indication of where things are going to land. I think right now that's where I'd like it to stay until we'll tidy it up next year when we talk to you in February.

No I think you know our guidance for 2024 that we last spoke about it in and you know again, we were saying one of the things just like I did in Argentina, we need to give this team a bit of a breather Israeli right at the edge all the time and it's just not getting on top of things and so that's the discussion you.

And Tanya and I and a couple of other analysts had when we were done together.

In P V and you know, we are mindful of that and and.

And we gave that indication of where things are going to land and I think right now that's where I'd like it to stay until but real tidy. It up next year when we talked to you in February.

Anita Soni: Okay. That's it for me and my questions.

Okay. That's it for me and my questions. Thank you Anita.

Mark Bristow: Thank you, Anita.

Operator: The next question comes from Jackie Przybylowski with BMO Capital Markets. Please go ahead.

Our next question comes from China.

Yeah, no capital market.

Go ahead.

Jackie Przybylowski: Thanks very much. Thanks for taking my question. I appreciate your time. My first question, I'm sure you've been asked this a lot, but maybe it'd be helpful to ask you on the call. You've said before that you'd be looking at copper assets. I know you've addressed this sort of indirectly today, but if you could just maybe be a bit more direct. When you were talking about buying Freeport, you said you would do it if you saw it at a distressed discount. That moment's obviously passed. You've also been linked in the media to potentially looking at buying First Quantum in the past. I think everybody would agree that it looks like the stock price is a bit of a distressed discount at the moment. Does that change your view on acquiring First Quantum at this point?

Thanks very much thanks for taking my question I appreciate your time.

My My first question I'm sure you've been asked this a lot, but maybe it'd be helpful to to ask you on the call.

You've said before that you'd be looking at copper assets I know you addressed it sort of indirectly today, but if you could just maybe the more direct when.

When you were talking about buying Freeport, you said you would do it if he started at a distress discount.

In that moment, obviously, Pat you've also been linked in the media to potentially looking at by first quantum in the past I.

I mean, I think everybody would agree that it looks like the stock prices at the end of it.

Distressed discount at the moment.

Does that change your view on on acquiring first quantum at this point.

Mark Bristow: Anita, right now, things are very fluid, as you can imagine. It must be a tough time for First Quantum. The press is not my investment banker. I think it'd just be ill-advised for me to comment on that question. I think First Quantum needs to focus on its challenges and none of us like to see that sort of event in our industry.

So I need a ride.

Things are very fluid as you can imagine it must be a tough.

Tom for first quantum.

The pressure is not my investment banker and and so no. It would be I think it'd just be well advised for me to comment on that question. Yeah. I think first quantum needs to focus on its challenges and and you know none of us like to see that sort of event in our industry.

Jackie Przybylowski: Absolutely. Thanks, Mark. It's Jackie, by the way.

Sorry.

Absolutely Thanks, Mike.

And it's Jackie by the way I, sorry, if I could ask one.

Mark Bristow: Sorry.

Jackie Przybylowski: That's okay. It was a tough question, so I understand the mistake. Maybe on Reko Diq. There's been a lot of talk, again, in the media about potential partners at Reko Diq, and I think I actually asked you guys this last quarter, but since then, there's been more talk about whether it's the Saudis or Egyptian individuals. Can you just reiterate how you expect the project to look from your side? You looking to retain your 50% stake in Reko Diq, would you entertain partners coming in terms of sharing the Barrick equity?

No that's okay.

So it was a tough question.

I understand that mistake.

[laughter] maybe.

Maybe on record tick.

Then there's been a lot of talk again in the media about potential partners at record taken I think I actually asked you guys. This last quarter, but since then there's been more talk about whether it's the saudis or Egyptian individual.

Can you just can you just reiterate how you expect the project to look from your side you yeah.

Are you looking to retain your 50% stake in regular Jake or would you entertain partners are coming in.

In terms of sharing the Barrick equity.

Mark Bristow: Jackie, what I can tell you is Agib was asked this question by a reporter off left field. Never spoken to him about it, and he's got about little or no chance, probably no chance of ever getting equity in Reko Diq and I think he knows that.

So Jackie.

Sure.

What I can tell you is I gave was asked this question by.

A report out of left field never spoken to them about it and he's got.

But little or no chance.

Probably no chance of ever getting equity in regular <expletive> and I think he knows that so.

Jackie Przybylowski: That's very clear.

Mark Bristow: That's no reflection on Agib. He's a great friend of mine, but we're not selling equity. It's not an equity sale, this. The conversation around Saudi and Pakistan and their equity is, as you know, Saudi was a big player in supporting the IMF rescue of Pakistan. It's a long-term friend, partner, and supporter of Pakistan. Those conversations are being held in some form, and we're there to support and we are, as you know, strong partners of Saudi Arabia, and we are very committed partners to Pakistan. We're there to help wherever we can, but we're definitely not meddling in any conversation. The one thing that is clear is our 50% is not for sale.

That's very clear and that has no reflection on our gateway is a great friend of mine, but you know we're not selling equity it's not an equity sale list.

The conversation around <unk>.

Saudi in Pakistan and their equity is.

As you know Saudi was a big player in supporting the IMF rescue.

Pakistan, It's a long term friend partner and supporter of Pakistan and those conversations.

All being held in some form but and.

And we there too to support and we are as you know strong partners of Saudi Arabia in Saudi Arabia, and we are very committed partners to Pakistan and Pakistan.

And and we're there to help wherever we can but we're definitely not meddling in any conversation.

And the one thing that is clear is.

Our 50% is not for sale.

Jackie Przybylowski: That's very helpful, Mark.

So that's very helpful. I think that will probably help if you ask me again next quarter I'll give you the same answer from us.

Mark Bristow: I think that will probably help.

Jackie Przybylowski: Thank you.

Mark Bristow: next quarter, I'll give you the same answer. Promise.

Jackie Przybylowski: I'll ask you to respond to the next media rumor. No, I appreciate it. Thank you very much for your color. Thank you.

[laughter].

I appreciate I appreciate it thank you very much for your color.

Operator: The next question comes from John Tumazos with John Tumazos Very Independent Research. Please go ahead.

The next question comes from John Tumazos, with John Tumazos, very independent research. Please go ahead.

John Tumazos: Mark, congratulations on everything. I hope I don't offend you, but I did a little spreadsheet comparing 56 companies. Some of them weren't gold companies.

Mark Congratulations on everything.

I don't offend you, but I did a little spreadsheet comparing 56 companies some of them more gold companies.

Mark Bristow: Yeah.

John Tumazos: Those 56 companies in the last 3 years bought back $73 billion worth of their stock.

Yeah.

Uh huh.

Those 56 companies in the last three years bought back $73 billion worth of stock.

Mark Bristow: Yep.

John Tumazos: Every steel, every forest products, and every fertilizer company I looked at bought back stock. The gold companies are different, Mark, so I don't compare you to gold companies.

Every still every forest products with every fertilizer company I worked at bought back stock. The gold companies are different marks I don't compare unicorn companies.

They're actually or five companies that bought back over $1 billion. So far this year.

John Tumazos: There actually are five companies that bought back over $1 billion so far this year. The biggest one was Vale that spent $14.25 billion on buybacks the last three years so far. Last year, Barrick bought back stock. This year, you're not. How do buybacks compare to expanding Lumwana, extending Pueblo Viejo, Reko Diq? Just walk us through how you make those choices.

And the biggest one.

With Vale.

Spent 14 quarter billion on buybacks for the last three years so far.

Last year Barrick bought back stock.

This year, you're not how do buybacks compare to.

Expanding on Juan.

Extending.

Oh.

Could you just walk us through how you make those choices.

Mark Bristow: John, that's a good question, and thank you for the compliment. Well, I think it was a compliment.

So John that's a good question and thank you for the compliment well I figured that was a compliment.

John Tumazos: Certainly. I compare you to real companies and not gold companies.

Certainly I compare you to real companies and not go with company. Thank you.

Mark Bristow: Yeah. Thank you. Again, as I pointed out earlier, one of the things, if you go back through my career, and most of my career has been with Graham, and we have a very clear outlook on how we manage a balance sheet, is that you need to have a capital allocation strategy and a policy. We've got one. We worked to one right out the blocks in 2019, then we built one and shared it with you 18 months ago. Today it stands at we pay a base dividend of $0.10 a quarter anytime because our long-term business strategy delivers that base dividend no matter what the gold price is or what the most foreseeable gold price or minimum gold price is. Once we get a net positive cash position, we add to that $0.10.

So again as I pointed out earlier, what other things if you go back through through my career in most of my career has been with Gram and we're very clear outlook on how we manage our balance sheet is that.

That you need to have a capital allocation strategy and our policy and we've got one we worked to one win right out of the blocks in 2019, and then we bolt one and share it with you.

18 months ago, and and today it stands at.

We don't we pay a base dividend of 10 cents a quarter.

Anytime because.

Our long term business strategy.

Delivers that base dividend no matter, what the gold process or what the most foreseeable golf Russell minimum gold prices.

And and then once we get a net positive cash position, we add to that 10 cents.

Mark Bristow: The way we can manage that is, we want that because we're in a growth phase. I've proven before and I am determined to prove it again, if you keep investing into profitable assets, ultimately you make more money than you need to reinvest in your future. That's what happened in Randgold after 10 years, and we had 13 years of growing dividends no matter what the gold price was. The way we can manage that buyback relative to dividend is when we see the trajectory going above net cash, we have a choice, buy back the stock or let it go past that point and then at the end of the quarter, if we've got net cash, it triggers our dividend policy. That as management, we can manage that and we never put the balance sheet at risk.

Now the way, we can manage that is and we want that because we're in a growth phase.

And you know I've I've proven before and I am determined to prove it again, if you keep investing.

Into profitable assets.

Ultimately you make more money than you need to reinvest in your future and that's what happened in Randgold. After 10 years, and we had 13 years of growing dividends no matter, what the gold price was.

And so.

The way, we can manage that.

A buyback relative to dividend is.

When we see that trajectory going.

Above net cash we have a choice.

Buy back the stock.

I'll, let it go past that point and and then at the end of the quarter. If we brought net cash we it triggers that our dividend policy. So that as management, we can manage that and we never put the balance sheet at risk and you know I've always said the one thing you need to know.

Mark Bristow: I've always said the one thing you need to know in mining is that when the market goes against you have no friends. When you ask for money at that time, you get slaughtered. All the stock buying will never help you. I've always worked to be independent of the market and shareholders like that. They might not like that in hot times. We've just been through a very hot time. Look how suddenly the base metal companies have started having to cut back on expenditure, reduce staff, defer capital, lots of things, because everyone thought that commodity prices continue to go up and up and never come down, and that's not the case. For us, that's the way we manage share buybacks. At the time, as you know, we had a lot of cash flow. We were able to choose.

In mining is that when the market goes against you you have no friends.

And when you ask for money at that time, you get slaughtered.

All of the stockpiling will never help you so.

So I've always worked to be independent of the market, that's and shareholders lock that they might not like that and tie in hot times, we've just been through a very hot tub, but look out suddenly.

The base metal companies have started having to cut back on expenditure reduced staff deferred capital lots of things because everyone thought that commodity prices continue to go up and up and never comes out and that's not the case so.

For us that's the way, we manage share buybacks and at the time as you know we had a lot of cash flow.

Mark Bristow: We had to balance our returns to our shareholders. We've done that. We also saw a significant weakness in our stock price, and more importantly, a relative weakness, relative to the rest of the gold industry, which itself is weak. We felt that taking some of that extra cash coming off our P&L and buying shares is the right thing to do. I've always felt as a mining industry, and Barrick is in a particular place, it's got a lot of outstanding shares, it's hard to make a dent on them, but we will continue to do that. When we have an opportunity and we got free cash, we'll buy the stock back. If it goes too low, we'll buy it back as well. I believe we passed that real tough part in rebuilding Barrick. We've set a solid foundation. We've built a strong team.

We were able to choose we had a balance our returns to our shareholders. We've done that but we also saw a significant weakness in our stock price and more importantly, a relative weakness.

Relative to the rest of the Golden industry, which itself is weak.

And so we felt that taking some of that extra cash coming off our P&L and buying shares is the right thing to do.

You know I I.

I've always felt as a mining industry and Barrick is in a particular place has got a lot of outstanding shares it's hard to make a dent on them, but we will continue to do that when we have an opportunity and we've got free cash we'll buy the stock back.

If it goes too low we'll buy back as well so but.

But it's not we passed that I believe we passed that real tough part in rebuilding Barrick, we've set a solid foundation. We've built a strong team. We know every going where we're not getting irrigate regret any of the decisions we've made because they've been well made.

Mark Bristow: We know where we're going. We're not going to regret any of the decisions we've made because they've been well made. We can afford our growth. There are not many mining companies that can show 30% organic growth ahead of them. I think we're well-positioned to benefit from the long-term bullish output put on copper. Right now, I can't see much downside risk on gold just because of the chaotic global environment we find ourselves in, whether it's the global economy or just the geopolitical risk and everything else that goes with it.

And we can afford to outgrowth and they've not many mining companies that can show, 30% organic growth ahead of them and I think we well positioned to benefit from the long term bullish output put on copper and right now I can't see much downside risk on golf.

Just because of.

The chaotic global environment, we find ourselves in whether it's the global economy or just the geopolitical risk and everything else that goes with it.

John Tumazos: Basically, the growth from Reko Diq is more valuable than buying back shares, in your opinion?

So basically the growth for Rico <expletive>.

More valuables and buying back shares in your opinion in the in the short term.

Mark Bristow: Yeah, in the short term. If you get caught in the market without money for a big project like Reko Diq, you hurt the overall long-term reserves. It's the choice of capital allocation. We are not going to issue new stock. We are not going to put our shareholders at risk at all in the next five years. We can see it. It's banked. Ultimately, our share price will go up naturally because we're going to show people we've got the discipline. People are still thinking we're going to do some crazy M&A transaction. That's not the case. We've demonstrated that should the opportunity arise to create value through acquisitions, we'll take it, even if we have to be aggressive. Right now we're in good shape and we don't have any regrets if you look back five years.

Because you know if you get caught in the market without money.

And for a big project like recur <expletive>.

When you you hurt the overall long term reserves and so that it's it's the choice of capital allocation and we we are not going to issue new stock we are not going to put our shareholders at risk at all in the next five years, we can see it it's banked and and ultimately.

Our share price will go up naturally.

Because we got to show people. We've got the discipline you know people are still thinking we're going to do some crazy M&A transaction, that's not the case.

We've demonstrated that should they should the opportunity arise to create value through acquisitions will take it you know even if it if we have to be aggressive.

But right now we've.

We were in good shape and we don't have any regrets if you look back five years.

John Tumazos: Mark, I know this wasn't on your watch, but from 1994 to 1998, the stock was much higher than today, and even through the dog years when the Swiss were selling out their gold reserves in 1998, 1999. I know all the gold stocks are cheap today. The market gives no credit for all your successes in Tanzania, PNG, Pakistan, et cetera. I guess we're just going to be patient and wait for the earnings to come in and for the market to recognize all the good things you're doing.

Mark I know this wasn't on your watch.

But from 94 to 98 stock was much higher than today.

And even through the dog years, when the Swiss were showing out their gold reserves 90 899.

And I know all of the gold stocks are cheap today the market gives no credit for all your successes in Tanzania.

PNG, Pakistan et cetera.

So I guess for just kind of be patient and wait for the earnings to come in and for the market to recognize all of the good things Youre doing.

Mark Bristow: Yeah, John, I don't have to lecture you on this. It takes one bad decision to damage a reputation. It takes years to rebuild it. We literally had to rebuild the Barrick portfolio, piece by piece, as I pointed out earlier in the presentation. The 1990s you're talking about, I've modeled Randgold on the 1990s Barrick, and that was a different company to what transpired in 2010, 2011, 2012, and 2013, where effectively the company wrote down $20 billion of investments, and they were all US dollar investments. On top of that, there was the equity issues. It was in a very stressed situation at the time of our merger.

I think doing not an empty lichy on this.

It takes one bad decision.

To damage our reputation it takes years to rebuild it and yeah, we literally had to rebuild the barrick portfolio I mean piece by piece.

As I pointed out earlier in the presentation. So and you know the nineties, you're talking about remember not all of them that I've muddled brand goals on the the nineties Barrick and that was a different company to what transpired in.

2010, 11, 12 and 13.

We're effectively the company wrote down.

$20 billion of.

The investments and they were all.

U S dollar investments there and on top of that there was the equity issues. So there was a bad was it in a very stressed situation.

At the time of our merger.

John Tumazos: Congratulations on all the good work you've done, Mark. Thank you.

Congratulations on all the good work you've done Mark. Thank you. So I mean from you John I'll take that as a real compliment.

Mark Bristow: Coming from you, John, I'll take that as a real compliment. Thank you.

Thank you.

Operator: There are currently no more questions from the conference call.

There are currently no more questions from the conference call.

Mark Bristow: Well, thank you very much, ladies and gentlemen, both on the call and here in London. It's great to be back in London. Nice to reinforce the fact that the weather hasn't changed one bit. I look forward to continuing to catch up with you virtually until we meet again in person in a year's time. Thank you very much.

Well, thank you very much ladies and gentlemen, both on the call and here in London, it's great to be back in London Nasty make sure tube.

To reinforce the fact that the weather hasn't changed one bit.

And I look forward to continuing to catch up with you virtually until we meet again in person in a year's time. Thank you very much.

Yeah.

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