Q4 2024 Barrick Gold Corp Earnings Call

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

Event Operator: The event operator, welcome Chip Bergh results presentation for the fourth quarter of 2024.

Event Operator: Following today's presentation, a question and answer session will be conducted if you have a question and are joining via that by telephone. Please press Star then one on your telephone keypad.

Event Operator: You will hear a tone acknowledging your request.

Event Operator: You will also be taking questions from the room.

Event Operator: As a reminder, this event is being recorded and a replay will be available on barrick's website. Later today February 12 2025.

Speaker Change: I'd now like to turn you over to Mark Doak, President and CEO Eric. Please go ahead Sir.

Event Operator: Thank you very much and.

Speaker Change: Very good morning, and good afternoon to everyone here today and for that is that all Nicole.

Event Operator: Thank you for joining us today.

Event Operator: As you know that Barrick, we are focused on delivering.

Event Operator: Sustainable long term.

Event Operator: Value by owning the best gold and copper assets managed by the best people.

Event Operator: Every quarter, we're getting closer to achieving our goal.

Event Operator: With gold becoming more important.

Event Operator: Safe Haven, and a G a politically uncertain world and copper being a strategic because gold is precious.

Event Operator: I plan to show you, how we are adding value and building capacity in both metals.

Event Operator: Without taking an extensive amount of data on all issuing new shares needless to say, it's an exciting time to be a golden copper miner.

Event Operator: With more upside in the copper commodity bras.

Event Operator: But in my opinion anyway.

Event Operator: It's been a tranche formative year for Barrick.

Event Operator: One way we have invested heavily.

Event Operator: And our people and assets.

Event Operator: And we feel that we've reached a pivotal point.

Event Operator: That will add impetus to our strong growth trajectory.

Event Operator: Bubble is yeah.

Event Operator: Unwavering commitment to say sustainability, enabling a vision that I need to be the best gold and copper producer in the world.

Event Operator: But also one that people want yard.

Event Operator: This is a customary cautionary notice regarding forward looking statements.

Event Operator: But you can read at your leisure Oh, Theyre all website.

Event Operator: So moving to a group highlights.

It's great to see all the arrows once again pointing in the right direction.

Event Operator: We saw EBIDTA increased 30% and EBITA margins growth both quarter on quarter and for the year.

Event Operator: Also thanks to our strong performance in the last quarter.

Event Operator: As we pointed out in disgust when we last met.

Event Operator: We met our 2020 full guidance.

Event Operator: Adjusted net earnings per share grew 50% year on year to $1 26.

Event Operator: Quarterly dividend was maintained at 10 cents per share.

And we repurchased an additional $354 million of our own shares and quota for taking the total for the.

Event Operator: Almost 500 million.

Event Operator: We also continued our exceptional track record and reserve replacement for both gold and copper.

Event Operator: Substantial new reserves from Nevada, and Richard <expletive>.

Event Operator: That's 12 in addition to the replacement 12.7 million ounces of gold and 13 million tonnes of copper gold reserves from those two projects, which just to put it in perspective is on a gold equivalent basis equaled to 73 million ounces of gold.

Event Operator: <unk>.

Event Operator: Okay.

Event Operator: Quarter on quarter gold production from all bonds increased 15%.

Event Operator: And the three pits and with a 3% reduction in cost of sales and 5% decrease in total cash costs.

Event Operator: Driven by our focus on cost efficiencies.

Event Operator: Nevada played a key role in this performance with a significant throughput and production boost as it delivered on got it.

Event Operator: On the copper side Lamar not posted a quarterly production record.

Event Operator: And on the group's attributable basis, we achieved production garden this guidance for both copper and gold.

Event Operator: Turning to the financial results.

Event Operator: Some of which I've already touched on we achieved the highest net earnings in a decade.

Event Operator: Alright, and cash flow for the quarter was up 18% to one $4 billion, taking the total for the year two full point 5 billion the highest we've achieved since 2020.

Event Operator: This strong performance led to 104% increase in full year free cash flow to $1.3 billion for 'twenty 'twenty four.

Event Operator: Strong cash flow supported 500 million of share buybacks on top of $700 million in dividends, which kept net debt and land at just over $650 million.

Event Operator: Safety.

Event Operator: In our journey to zero remain a top priority.

Event Operator: Unfortunately, as we have already reported we had three fatalities in 'twenty 'twenty, four which is unacceptable.

Event Operator: We ended the quarter with significant improvement on the lagging indicators when compared to the same period last year or the previous year, what was particularly encouraging was the increase in critical control verifications conducted at the sites.

Event Operator: As well as a number of actions closed out of the high potential incidents.

Event Operator: Both of which represented alpha cause on leading indicators too.

Event Operator: This improved performance meant that we achieved our improvement goals for the group.

Event Operator: Additionally, there was no class one environmental incidents and we again achieved an industry, leading water use efficiency rate of 85%.

Event Operator: We continue to integrate our holistic mine closure strategy across the group and drive long term value creation, most notably we exceeded our group concurrent rehabilitation target for the second consecutive year and put seven of our old Tyler.

Event Operator: <unk> storage facilities and to save closure and we are targeting a further five this year.

Event Operator: As usual, we'll start our operational review with North America, which to remind you accounts for 47% of our total attributable gold production.

Event Operator: And as Barrick's value Foundation.

Event Operator: The new leadership team has settled in well.

Event Operator: Focusing on the key metrics, we identified for improvement in Nevada, including efficiencies agility profitability and growth.

Event Operator: This we've identified several growth opportunities, including both brownfields and the new full mile project, which we will discuss further later.

Event Operator: Moving to the summary of the results the numbers speak for themselves.

Event Operator: We anticipated we saw an improvement in production and costs driven by a strong quarter for performance across the complex and particularly from a three tier one assets.

Event Operator: This along with the higher gold prices supported a solid set of financial results for both the quarter and the.

Event Operator: And as mentioned full mall is one of the most exciting new gold's opportunities. The team has done excellent work to move that project to pre feasibility study.

Event Operator: We allocate we are allocating $78 million for the 2025 year to begin the <unk>.

Event Operator: Pre feasibility study work, which we all expect which we expect will take about three years to complete.

Event Operator: In terms of mineral resources. It has been a significant improvement in the 'twenty 'twenty four economic assessment as we highlighted at our November capital markets day.

Event Operator: This project is essentially an extension of gold rush with much larger ore bodies and nearly double the great lakes.

Event Operator: Making it a highly promising opportunity.

Event Operator: We will continue to share updates on this project as we move forward with the pre feasibility study throughout the year.

Event Operator: In addition to four mile we are continuing to expand our significant brownfield portfolio in Nevada.

Event Operator: At calling the great leavell aerial hold substantial potential for further discovery and depletion replacement work.

Event Operator: At Cortez, we have the handset and extension within the Cortez Hills underground mine.

Event Operator: Which remains open in all directions.

Event Operator: We're also advancing Greenfields work with drilling at Swift and then the call in basin near the gold quarry deposit cut.

Event Operator: Serving large called an alteration systems undercover.

Event Operator: And then turquoise ridge, we're upgrading the model and have recently defined several new near mine targets to be tested in the coming months.

Event Operator: Looking at North America as a whole we're continuing our work in Canada fucking on focusing on southern superior with drilling progressing at both the Norris and Petrus.

Event Operator: The projects, we're also expanding off footprint in priority belts across western United States for both gold and copper assets, which includes the ongoing consolidation of an exciting portfolio in western Nevada.

Event Operator: Moving now to Latin America, and Asia Pacific Region.

Event Operator: Which accounts for 17% of our gold production and 21% of our copper production in both two key growth stories.

Event Operator: The popular via her.

Event Operator: Pension is making good progress.

Event Operator: And the bankable feasibility study at rig count, which is now complete and received conditional approval from the board to proceed yesterday.

Event Operator: It's also worth highlighting the performance at Valent era, which delivered its best production results in the last five years.

Event Operator: Gold production at Pueblo Viejo remained relatively stable with an improvement throughout the year and recovery rates, reaching 80% by year end as forecast.

Event Operator: Pablo Vera is making good progress towards its goal of becoming a low cost long life.

Event Operator: Plus 800000 ounce gold producer.

Event Operator: Ongoing work includes 35 days of planned downtime this quarter for.

Event Operator: For throughput improvement projects with additional shutdowns expected in quarter four to further improve recoveries.

Event Operator: We're also advancing the L. A in the range of tailings storage facility and important infrastructure project to support the mines life extension.

Event Operator: Looking ahead.

Event Operator: And as you try and yeah, we are focusing our step up improvement in throughput and recovery on the back of those glass plant improvements and upgrades are referred to in the previous slide we expect to be in the mid 600000 ounces for this year with a target of <unk>.

Event Operator: Seeding 800000 ounces next year.

Event Operator: And on this slide you can see some updates as we move forward without ongoing resettlement, although affected households for the development of the state tailings storage facility.

Event Operator: This settlement, which aligns to the international best practices and standards will ensure that that is affected by the project has the same if not better living conditions, and we believe it will be better with clean running water and electricity supply to each house at the host sought.

Event Operator: This all along with a lot livelihood restoration plan and access to education facilities allow the families being resettled to build a better future together.

Event Operator: The first families will be relocated in the next few weeks.

Event Operator: On the exploration front, we've refocused our entire portfolio across Latam and Asia Pacific Todd.

Event Operator: Targeting a series of new tier one level opportunities in the region.

Event Operator: Most advanced projects saw in Peru.

Event Operator: Labor Layla, we where we are drilling multiple targets and Colorado, PA, which is a poultry project that is currently progressing through permitting.

Event Operator: Additionally, we are actively evaluating our first set of early stage properties in Ecuador within.

Event Operator: With six prospects currently under review all of which are promising.

Event Operator: Regular <expletive> I must say just gets more exciting day by day with.

Event Operator: With the feasibility study now completed our focus has shifted to the early works.

Event Operator: <unk> startup and wrapping up the funding.

Event Operator: The project is structured in two phases.

Event Operator: With a total estimated budget for the phase one of the approximately $5.6 billion to $6 billion as shown in the graph on the bottom right there.

Event Operator: This mine is to become one of the lowest cost copper producers in the world sitting well below $1 per pound after gold credits.

Event Operator: Free cash flow is estimated at around $74 billion over 36 years, excluding taxes payable to the government of Pakistan and Balochi start.

Event Operator: And further details are outlined in the table on the left of this slide and we expect to publish the full 43 101 report next.

Event Operator: Next week I think solving.

Event Operator: Our limited recourse project financing discussions.

Event Operator: With the potential lending group comprised of multilateral export credit and import finance agencies are well advanced and we are targeting to saw and this early in the third quarter subject to the financing.

Event Operator: And yesterday, our board has as a conditionally approved to go ahead of the project with first production production targeted by the end of 'twenty 'twenty eight.

Event Operator: Just as a reminder.

Event Operator: It's worth pointing out that the bankable feasibility study focuses only on full porphyry deposits.

Event Operator: Three of which are part of what we call the western pull freeze along with the 10 Gilles deposits as shown on this slide.

Event Operator: Important to note that the current bankable feasibility study is based solely on reserves associated with these full poll freeze.

Event Operator: But there is significant potential beyond that in total they all 14 identified palfrey bodies within the mining and exploration license one Barack addict bonding company.

Event Operator: Our geologists as we speak are currently actively evaluating these other bodies, which will certainly influence future life of mine plans and reserve and resource estimates.

Event Operator: There's a substantial upside and while the feasibility study assumes 36 year mine life based on reserves all indications suggest the Leiden could still be operating through the rest of this century.

Event Operator: Moving to Africa.

Event Operator: And the middle East.

Event Operator: These regions contributed 38% of our attributable gold production and 79% of our copper in 'twenty 'twenty four.

Speaker Change: Like Rico <expletive>.

Speaker Change: Super pit to expansion at Nevada is close to being fully permitted in the feasibility study is now complete.

Speaker Change: We've appointed our engineering partners and finalize the environmental and social impact studies for which we now have received the permit.

Speaker Change: We are also on track with early works design and long lead item fabrication.

Speaker Change: This highlights the big advantage of emerging markets, where large expansions and new projects can be completed much more quickly than in the developed world, but that's exactly the same standard.

Speaker Change: In addition to the work at the border last week, we saw in <unk> and then they're out in terms of understanding with the Zambian government.

Speaker Change: That'd be in governments industrial resources limited.

Speaker Change: Forming a strategic partnership to drive mining and exploration in Zambia.

Speaker Change: This collaboration aligns with Zambia's vision to increase annual copper production.

Speaker Change: 13 million tons in the coming decades.

Speaker Change: Starting with new log on Qatar.

Speaker Change: As part of the challenges we are currently experiencing in Mali.

Speaker Change: <unk> increased by 18% in the fourth quarter by 8% in the fourth quarter and exceeded guidance for the.

Speaker Change: Gold sales were down significantly due to the restrictions placed on exports by the body and government.

Speaker Change: As you know in addition to export restrictions, we face the unjust and cost duration of some of our team members, which is a difficult situation to navigate.

Speaker Change: We are actively engaged with the administration to secure their release.

Speaker Change: And on a sustainable solution moving forward, so that we can restart the mine.

This situation has led us to file for exit arbitration to assert our rights but.

Speaker Change: At the same time as usual, we remain engaged and are hoping to continue to make progress.

Speaker Change: Albeit slowly.

Speaker Change: Our goal remains to reach a lasting solution that brings benefits to Bali, while ensuring fairness and supporting the long term viability of this world class operation there.

Speaker Change: As being crucial to the country's economy as well as all other stakeholders.

Speaker Change: I thought it would be worth putting a few points into perspective as at times, there's been a lot of misinformation about the benefits that Bali has received from the development of these assets.

Speaker Change: Since 2005, we have contributed more than 3.2 billion U S dollars to Somalia, and treasury in the form of dividends royalties and taxes.

Speaker Change: More recently in the past two years alone we contributed $400 million in 'twenty two 'twenty three.

Speaker Change: In cash to the Mali, and Treasury and $460 million in 'twenty 'twenty fall to that same treasury.

Speaker Change: The demand not being forced into temporary suspension.

Speaker Change: We're on track to contribute more than $550 million in 2025 at current gold prices.

Speaker Change: Beyond the financial contributions I'll focus has always been on long term growth to sustain those benefits for Molly and its people.

Speaker Change: Since 2005.

Speaker Change: We have produced nearly 10.5 million ounces of gold and have added more than 15 million ounces to reserves.

Speaker Change: Seeding the lines loss.

Speaker Change: To extending the lives lost 220 41.

Speaker Change: But more importantly, we have Bolton developed local talent.

Speaker Change: Today Marlins operating across our global business, including in Nevada, and the expertise is a key reason why these assets continue to succeed.

Speaker Change: The talent take stands beyond out workforce.

Speaker Change: We have helped develop valliant businesses.

Speaker Change: We have pioneered drugs in the mining sector, some of which have expanded beyond Molly as a country.

Speaker Change: From a specialized mining contractors to fuel and consumable suppliers.

Speaker Change: Economic multiplier effect of lighting is a men's creating opportunities to go far beyond the mine itself.

Speaker Change: Now crossing over to the DRC Kibali the biggest gold mine in Africa and.

Speaker Change: And one of the most automated in the world had a much improved quarter as we work to address some operational challenges that plagued demand for most of the trade G to a default calendar year.

Speaker Change: While it took longer than expected.

Speaker Change: Those issues are now behind us.

Speaker Change: He is a great mine low cost with a long life and significant opportunities within its mining lease.

Speaker Change: Production increased quarter on quarter in sustaining costs were well controlled.

We're confident that Kibali all show significant improvement across the board during 2025.

Speaker Change: The new solar plants and battery storage system, a plan for commissioning at the end of quarter. Two of this year and this will see an increase in the availability of renewable energy from 81% to 85%.

Speaker Change: And six months of the AR will.

Speaker Change: Generate electricity with zero carbon emissions.

Speaker Change: In Tanzania, North Laura was a standout performer.

Speaker Change: Across all metrics, serving as a great example of what can be achieved when the right management team is in place and operating to our standards.

Speaker Change: Production was up 20% quarter on quarter on the back of higher grades and higher throughput.

Speaker Change: At Bouillon, Hulu, we've seen significant improvements.

Speaker Change: We continue to increase the scale of the operation.

Speaker Change: North borrowers life of mine has been sustained beyond 10 years, and bully and who lose life is well over 20 years.

Speaker Change: Real dov into exploration details.

Speaker Change: A little later.

Speaker Change: In Zambia.

Speaker Change: Ala Moana copper mine delivered a stellar performance.

Speaker Change: Record quarterly production brought to mind back into gardens, and delivered a significant improvement in costs, ensuring a successful end to 'twenty 'twenty four.

Speaker Change: Many of the feasibility study assumptions for the Super pit expansion.

Speaker Change: Have not been proven in the operation.

Speaker Change: The details of which are summarized on the next slide.

Speaker Change: The image on the left shows the Super pit alongside a summary of the feasibility study results on the rot.

Speaker Change: This is a standout project and it is important to put it into perspective.

Speaker Change: When Barrick acquired the mine in 'twenty 11.

Speaker Change: It was unprofitable and resulted in a $5 billion write down.

Speaker Change: In the past five years.

Speaker Change: Focus on cost discipline and exploration has added significantly to reserves extending the life of mine by more than 20 years.

Speaker Change: Today, the line is sustainably profitable and a pillar of our copper growth strategy.

Speaker Change: With the Super pit expansion feasibility study completed.

Speaker Change: We are now moving forward with the project development following approval from the board as I explained earlier.

Speaker Change: The feasibility study clearly supports the value of this investment.

Speaker Change: Importantly, we can fund the Super pit expansion as well as a share of Rick addicts development through our current and forecast cash for facilities.

Speaker Change: Without needing to issue any new shares or take on additional debt in fact as I pointed out in the introduction, we are reducing our outstanding share count by buying back our own shares.

Speaker Change: I've already touched on the exploration opportunities in North and South America.

Speaker Change: And we continue to make significant progress in Africa, and the middle East regions as well.

Speaker Change: The region remains a consistent leader not only in meeting its gardens, but also replacing the reserves, we mined both in gold and copper.

Speaker Change: We are actively investing in our future.

Speaker Change: Focusing on material brownfields opportunities and the Ark.

Speaker Change: Target area is it just a waste of the K C D deposit in Kibali, while also pursuing new tier one assets.

Speaker Change: Greenfield footprint, so I, expanding especially in Tanzania, San Diego and new frontiers.

Speaker Change: Ray ban and Nubian shield.

Speaker Change: The recently signed Mou with Zambia also underscores our focus on expanding in the Central African copper belt.

Speaker Change: As I've always said what truly sets barrick apart from the rest of the industry is.

Speaker Change: Our ability to replace what we mine.

Speaker Change: Since 2019, we have replaced more than 180%.

Speaker Change: The company's gold reserves depleted.

Speaker Change: Notably in 'twenty 'twenty four we replaced a 4.6 million ounces of annual depletion at better grades beef.

Speaker Change: Before the addition of the rig count <expletive> Reserve base.

Speaker Change: This replacement was driven by the usual strong performance in Africa, and Middle East with additional significant growth.

Speaker Change: In Pueblo Viejo, as the result of pit Bush Beck's and <unk>.

Speaker Change: Locked by the additional T S F capacity.

Speaker Change: And then you know radio.

Speaker Change: <unk> facility.

Speaker Change: The conversion of copper gold resources and rig codex.

Speaker Change: Nearly 13 million ounces of gold reserves at 0.28 grams, a ton on a 50% attributable basis.

Speaker Change: Positioning barrick to capitalize.

On the copper fundamentals.

Speaker Change: We look to recur <expletive> feasibility study, which added $7 3 million tonnes of copper at.

Speaker Change: 0.48%.

Speaker Change: Attributable copper reserves.

Speaker Change: The Lamont Super pit expansion feasibility study added 5.5 more million tonnes of copper reserves, resulting in a total project copper reserve of 8.3 million tonnes at 0.52%.

Speaker Change: This represents an addition of more than 20 million tonnes of copper reserves on a 100% basis.

Speaker Change: 2023 and these reserves were calculated at $3 a pound.

Speaker Change: These results from their respective feasibility studies.

Speaker Change: The way to position Barrick on the global stage of major copper producers alongside our existing we'll claw clause gold portfolio.

Our consistent focus on asset quality, which through our integrated mineral resource management and exploration strategy.

Speaker Change: Tables us to replace what we mine.

Speaker Change: Since the merger in 2019, we've added 111 million gold equivalent ounces.

Speaker Change: To Barrick's reserve base.

Speaker Change: All at a cost of just $10 per equivalent ounce.

Speaker Change: Not only replacing what we have learned.

Speaker Change: But delivering.

Speaker Change: Substantial value.

Speaker Change: As highlighted in the slide when you compare this to the cost of recent M&A transactions in the industry.

Speaker Change: The value we have created through doing this.

Speaker Change: It is abundantly clear.

Speaker Change: And ladies and gentlemen.

Speaker Change: It's on the back of this organic growth that we can forecast.

Speaker Change: A plus 30% growth in gold equivalent ounces out to the end of the decade.

Speaker Change: As already highlighted we are moving ahead with two key growth projects, which will see capital increase over the next three years before coming back to more normal levels.

Speaker Change: And then as production increases so too we expect costs to reduce as shown in this slide.

Speaker Change: And as I shared with you last year at our Investor Day in November the value opportunity at Barrick only continues to increase.

Speaker Change: The slide shows consensus net asset values with market multiples applaud.

Speaker Change: Including a modest one time is a multi bar for copper assets.

Speaker Change: You can see that the value for Nevada, and the copper business together.

Speaker Change: Seeds barrick's market capitalization.

Speaker Change: That means there's an implied negative value.

Speaker Change: For the rest of barrick's tier one tier two and other strategic assets.

Speaker Change: I can also tell you that these consensus values are significantly lower than our own internal valuations.

Speaker Change: Something we expect to shift when.

Speaker Change: When we published the technical studies for a little more on and Richard <expletive> later this month.

Speaker Change: No matter, how you analyze the portfolio the current share price does not come close to reflecting the fair value of our asset base and our prospects.

Speaker Change: You'll also see our view reflected in our buyback activity this quarter, which you can expect to continue.

Speaker Change: So to recap.

Speaker Change: Where barrick is headed today.

Speaker Change: I outlined earlier that we are targeting 30% growth on a gold equivalent ounce basis.

Speaker Change: Towards the end of the decade.

Speaker Change: Bolt on to our current reserves.

Speaker Change: As I've shown you today.

Speaker Change: We will continue to replace and add to those reserves and resources for further supporting our growth.

Speaker Change: What's more we have the balance sheet strength to fund our growth and continue to invest in our own future without relying on the market.

Speaker Change: By any measure.

Speaker Change: Eric today presents a standout value opportunity.

Event Operator: And with that ladies and gentlemen, thank.

Event Operator: Thank you for listening and we I'll be happy to take questions.

Speaker Change: Hi, good morning, Mark.

Mark Doak: Huh, Yeah, you're right up the block right out of the block first question.

Speaker Change: The reduction in Capex. So you trimmed capex I think at the November Investor Day, It was around $4 billion or 3.9, or so and I believe it was about 1.5 and the copper side and 2.4 on the gold side.

Mark Doak:

Mark Doak: And now it's 3.1 to 3.6 some of that flu I assume because it's not there's no capital for Lulu and what's the other but where does the other trimmed come from.

Speaker Change: Hi, I need it it's grim.

Speaker Change: The vast majority of it relates to Lula, because obviously, we've excluded the production from our guidance and we've executed that capital as well.

Speaker Change: Some other small changes in Nevada, but really it's all about.

Speaker Change: Secondly, and what are the standby constant Lulu and where is that running through in the financials.

Speaker Change: So right now we've taken out.

Speaker Change: The gold in the circuit that weekend and so.

Speaker Change:

Speaker Change: We're in a very much a breakeven place today. We are engaged we we expected that we will continue to make progress in our conversations and then I'll just put this slide up. This is just an indication that if we start up.

Speaker Change: Early in March that's the sort of hach.

Speaker Change: The.

Speaker Change: Ball is all attributable portion of production and so it's at that point.

Speaker Change: And as we've disclosed in the MD&A right now we're not guiding for Lula, let's get it done and sorted we have we have reallocated a lot of our experienced operators to other operations to ensure that they are active in and and contributing to the to the company.

Speaker Change: And we've got quite a big stuff on a.

Care and maintenance, because there's a temporary care and maintenance process, it's not a full care and maintenance our.

Speaker Change: Plan yet.

Speaker Change: And we expect to be able to bring that line up in and back into production very quickly and and really in each of them for us.

Speaker Change: Brito, you've seen me I've been reluctant to get involved in that.

Speaker Change: Blake a negotiation with the body authorities, we all we'd prefer to keep that at the level of you know.

Speaker Change: <unk> invested to principal and and we'll keep you posted as we go Okay. And then so that would mean that the the next question was the 20 the outlook 2027 to three to 2029 seems that Louis starts right. That's correct. Okay. And then my final thing just to point out is when you look at Barrick.

Speaker Change: It's I mean, it would not be a good thing to lose lula not for anyone's sake, and particularly not for bodies, but equally for US we are long standing partners in Bali.

Speaker Change: Every one of our operations are independently viable.

Speaker Change: And barrick's balance sheet is very solid and and so with or without Lula will not change.

All our long term plan, our five year plan as you see yeah, and it'll just be slightly smaller, but fundamentally we can easily support the the projects and the capital commitments during that period.

Speaker Change: That's a very important point to do under school.

Speaker Change: And then my final question is with respect to the P. D. Relocation efforts. There's been a couple of press releases that you guys have put out in the last two months I'm talking about issues with I guess some commission that is representing planes to be representing families and is hampering. The process could you tell me how many families are yet to be relocated.

Speaker Change: And what are the timeline for construction for that Dan is again and when do you need that capacity. So it's 2029.

I believe 2020 non.

Speaker Change: Completion.

Speaker Change:

Speaker Change: We are right in the middle of.

Speaker Change: Consulting and in flight. So we finalized the reimbursements and then there's a lot of.

Speaker Change: Negotiation around individual plants, particularly for those people that have like a club blogs et cetera, and those are the the.

Speaker Change: It's quite important that the commission we referred to are really represents themselves and there it's a selfish.

Speaker Change: A group of people try to hold the rest of the communities to rent them and we are engaged with that as we do is as we follow the IFC relocation.

Speaker Change: Procedures, which are almost identical to the world Bank procedures, and and we are working with them in the government and and the communities themselves. What happened is that the commission tried too.

Speaker Change: Motivate people to block all access.

Speaker Change: Access to areas too that we need to do test work tastes drilling on on the foundation of the actual start of World War.

Speaker Change: And so we are with the help of the government mobilize the security forces to let us give us access. These are public road access as the end and once we work through.

Speaker Change: I mean, we were rarely welcome bother communities and we were able to continue the test work and we back end doing the testing they have been for a couple of weeks ago. So it is a process I mean these things all you know that you get people to exploit the opportunity there are people that want to get a head end.

Speaker Change: You know as you know we've done a lot of this and that and we're very mindful as families and their loved styles and.

Speaker Change: There are it is older ships and and and so and what we found is once we start moving the people.

Into the new items that I'll show, you then things get them into about the AR that were still in that stage of.

Speaker Change: Our what we call a valuation so we sit as each household we worked through the house. They all the assets. We are assessing the value of that and then agree on on the not only the house itself we've got different.

Speaker Change: Sars how homes that we've already built and are continuing to build.

Speaker Change: But also the other things that lock.

Speaker Change: Plants and.

Speaker Change: Other infrastructure that are not necessarily duplicated and they knew you hubs and that's what we are busy with at the web. So I I don't actually I Couldnt tell you exactly the St. Jude yet, it's still quite a way to go but we're in that process now.

Speaker Change: Oh, Brian Macarthur Raymond James Mark I, just want to go back to the formal you've talked about you know better grade better mining conditions, but there's also discussion about the processing facilities.

Speaker Change: Hum.

Speaker Change: I'm kind of curious whether you'd comic yet it talks about flexibility going to the roasters or the auto claims how much you see potentially going each way at the moment I get it there's a lot more work to be done second question I'm just kind of curious why there was a three year PFS that probably looks like a pretty detailed PFS and he may have something to do.

Speaker Change: With what were discussion first and three if you can just comment again about how the vending with Newmont works. Thanks very much. So the the joint venture I think we've explained there's quite a few jobs.

Speaker Change: It provides for us to be able to.

Speaker Change: Put the infected it it doesn't give us the opportunity it gives us the obligation to put this project into the joint venture on a predetermined.

Speaker Change: Valuation, but a full evaluation of market evaluation, not a bankable feasibility study evaluation.

Speaker Change: And and so no debt and a net basis, we are continuing towards that so its etc.

Speaker Change: Uhm lost last year, we did the preliminary valuation trying to get a feel of the Sars and not just stuck the slot up and what you can see is it's the continuation of the system that defines gold rush the differences you moving towards that big Pink.

Speaker Change: Intrusive so the Roc becomes most is to let's say five more brittle and so the mineralized fluids.

Speaker Change: Raking it.

Speaker Change: And and one that's much more competent geo technically and to the ore bodies are bigger.

Speaker Change: And they are higher grade because most of them are break chest style ore bodies.

Speaker Change: And there the the so far the if you just look at the different numbers.

Speaker Change: Six grams, and nearly 12 grams so.

Speaker Change: So if you take what we showed you this at the Investor Day, If you just take.

Speaker Change: The gold rush valuation model.

Speaker Change: And use everything including the cost of mining and development in processing and you just put the grade and it's an exceptional value.

Speaker Change: And of course.

Speaker Change: The unit cost of money will come down because these are much higher than our biggest stuffs.

Speaker Change: So we understand the potential value.

Speaker Change: If you take full mall and you stick it into Nevada today, you change the full valuation of Nevada immediately.

Speaker Change: So you know there's every bit of motivation for us to get this.

Speaker Change: As it and do the Nevada.

Speaker Change: This model.

Speaker Change: At the same time, there's a there's a requirement under the the joint venture Jude.

Speaker Change: To complete a feasibility study so the decision. We've made is to continue the evaluation Oh. So the next step is pre feasibility study level and with that will come.

Speaker Change: We've already done the preliminary work on Jay I would take to get access from polygon.

Speaker Change: Boolean Hill, which then brings in a new access into not only for awhile, but it'll enhance the entire logistical cost of moving or even in gold rush.

Speaker Change: And and so that's the next step and then.

Speaker Change: And then for me.

Speaker Change: It's about how do we deal with our partners and our Nevada gold mines to ensure that.

Speaker Change: And that we get this thing.

Speaker Change: Recognized as on its value and also start benefiting that farm that because I've got no doubt that certainly the shareholders, we talk to our shareholders.

Speaker Change: Who many of which are also newborn shareholders.

Speaker Change: You can see the the opportunity here. So I know I think it's beholden or not says as manager is to find a solution that will unlock value sooner rather than later for all our stakeholders and that's really where all of that stuff in that conversation.

Lawson Winder: Lawson Winder from Bank of America Securities Mark Thanks for the presentation today and nice to see you.

Speaker Change: I'd like to come back to Molly if you wouldn't mind and.

Speaker Change: Note that AR in Q4, you guys paid out over $100 million and then $249 million in 2024 roughly.

Speaker Change: In order to continue to advance negotiations.

Speaker Change: Conceptually.

Speaker Change: Is that a payment that you would continue to have to make and then without revealing barrick's position on this I understand the sensitivity of negotiation, but.

Speaker Change: Can you give us a sense of what the Molly and government is hoping to achieve.

Speaker Change: So I'm not sure you got the numbers right.

Speaker Change: Besides that again, we paid out well there was an other expense number and it was so for the full year 2024, it was $249 million.

Speaker Change: And the note in the MD&A, you said that that was largely.

Speaker Change: No.

Speaker Change: That largely consisted of payments to the Malian government to advanced negotiations.

Speaker Change: I don't know what proportion of that was but I mean more than 50% I guess right.

Speaker Change: Jim.

Speaker Change: The payment we made to the Marlin government, which was made in the beginning of October at the time and if we were.

Speaker Change: I'm in a position where we thought we had agreed.

Speaker Change: White food was $84 million. So that's the amount that we paid and.

Speaker Change: That was really a one off payment because as I pointed out we were at a stage, where we believed we had an agreement will be subsequently that.

Speaker Change: It didn't transpire that way so that's the only payment we've made.

Speaker Change: Okay. So let me just.

Speaker Change: If I can frame it a little bit so.

Speaker Change: Oh they are.

Speaker Change: Few of our employees who are advising.

Speaker Change: The government too.

Speaker Change: And in the online to go.

Speaker Change: I have conflicts of interests in many different aspects.

Speaker Change: But they are basically the fundamentals all that claiming that the mining industry yet.

Speaker Change: They are.

Speaker Change: Not fulfills its obligations and and that had taken out more than what Molly has it taken out and as I pointed out earlier.

Speaker Change: We have we have not done that and so our approach to this is if we're going to find a solution and they're all accusations we accept that they just can't round the table because we can deal with that and and we as you know we are very open and very transparent about what we pay and what we shared what we take out.

Speaker Change: And the reason that the.

Speaker Change: The waiting is towards the Mali government and it has been for a while is because we.

Speaker Change: As investors, we are constantly investing in extending the life of mine, but ultimately it evens out over time and so if you change the rules mid way through the game you really compromise you know lots of things in it.

Speaker Change: And not only returns for us now.

Speaker Change: As you have risk that investment, but also for money because you shorten the life very quickly because Jay you know, adding a whole lot of royalties.

Speaker Change: Jackup the costs and it's a net basis said, we've continued to engage with the Marlins, and said and and and we strongly recommend that they have recommended to them that we sit around with experts.

Speaker Change: Have to be even.

Speaker Change: Barrick are experts, we can get external third party S experts to review the facts and then on that basis, we can find a way forward and.

Speaker Change: And it's worth sharing with you that you know in order to cover the leadership in Barrick, Tanzania was closed people in jail.

Speaker Change: There were lots of accusations and all sorts of funds not the southern block.

Speaker Change: Same with Pakistan and and soon after that happened you Guinea.

Speaker Change: And today, we have you know we are the I mean, Tanzania is a go to place and.

Speaker Change: And it's a great example of real partnerships and we the biggest contributor to the Treasury Board country mall in that country.

Speaker Change: And in Pakistan, We've just talked about the partnership that we've now announced and we're moving towards a development and and again the benefits too.

Speaker Change: US as investors and the provincial government and people of luxury starting in <unk> as well as the federal government are enormous and so.

Speaker Change: So there's a way to fund it because if you get down to the numbers. That's what business is all about.

Speaker Change: And so that's our focus because.

Speaker Change: Otherwise what happens is.

Speaker Change: If you just.

Speaker Change: Load up the cost to them.

Speaker Change: This better than anyone.

Jordan: Jordan the laugh.

Jordan: And then then the optimization of that ore body you leave a lot of great in the ground that's never going to go back no one's going to go back and mine.

Jordan: And ultimately it's the people of Mali that debt.

Jordan: Luiz.

Jordan: You know the investors will move on to another country. Another project another opportunity so.

Jordan: So we and we as you know they have a long history in Mali.

Jordan: And whichever way you cut it the the the.

Jordan: The gross the net benefits to Molly you have been in excess of the benefits that we've taken out of that country, because we've continued to reinvest.

Jordan: And it's on that basis that we are engaged.

Jordan: And we are absolutely clear that if we get down.

Jordan: To have an honest open conversation.

Jordan: With people that all giving sound advice and are not conflicted.

Jordan: Motivated by the things than just getting what's good for Bally will find a solution.

Jordan: And that engagement is ongoing.

Speaker Change: Okay. Thank you very much for that color and then if I could there was a news reported of a potential sale of your 50% interest in Zaldivar I would assume that it's not one of your strategic assets. When you look across the portfolio or are there other assets that you would suggest may not be.

Jordan: Strategic at this point today.

Jordan: So the zelle de la is very fun.

Jordan: Huge focus of ours at the moment, because its about getting the permitting in place and making sure that that line can continue to operate and so we haven't made any.

Jordan: <unk> decision or engaged in anything.

Jordan:

Jordan: As far as getting rid of that asset.

Jordan: At the same time to your point it is not a core asset because.

Jordan: We don't operate it and that's one of our key focuses is that we are not passive investors.

Jordan: But a big focus at the moment and now work with end of Augusta is to get that out of myself being spent a lot of time in Chile dealing with all the legacy issues of which.

Jordan: Most of them all to all behind Us and and this extension of the mining license is important for us at Zaldivar.

Jordan:

Jordan: And they will.

Jordan: At a point in time I mean, it's a valuable asset as noted as if that would it would be difficult to break into accounts. It's also an asset that sort of shares of common sidewall with escondida. So.

Jordan: That's.

Jordan: So there's lots of options.

Jordan: Once we get them to consider it.

Jordan: I'm talking about and as you know we are in the process.

Jordan: We have been working with the.

Jordan: The government of God of war, and and progressing that that sale.

Jordan: Yeah, you know that they are the.

Jordan: None core assets within our portfolio that will continue to.

Jordan:

Jordan: Get our focus.

Jordan: Because particularly as we ramp up these two big projects.

Jordan: It really does if you know the one thing you'll see when you look at the 43 101.

Jordan: And even when you do the math on the numbers, we've shared with you the.

Jordan: Cash flows out of these big a couple of months, particularly with the gold credits.

Jordan: Are enormous there.

Jordan: Become our biggest generator of cash until it reminds me of that absolute.

Jordan: Clarity of we stick to tier one assets.

Jordan:

Jordan: Some of the assets that we have them in our portfolio might have a strategic data in H M. B a tableau in Canada.

Jordan: And you know we've been working really hard to do to Bowl day.

Jordan: Real T O one opportunity or tier two opportunity in Canada, we continue to do that every day.

Jordan: You have a valid area, we had an extra three years life and again, that's been a very well run operation through a very dynamic.

Jordan: Peso crisis in Argentina over the last six years.

Jordan: And it always had a very good year last year. The team has managed access it exceptionally well and and you know it's it's delivered enormous returns to its to shareholders. It also is integrated into the Lama and pass club properties across the national borders.

Jordan: That's again, a strategic challenge of how do you manage that if you wanted to really look at it differently or bring it to account in another way at the same time, we have a strong partnership with.

Jordan:

Jordan: With the Chinese and and and you know I think it would be group. It is a new way of sharing more of that.

Going forward. So we haven't got to a point, where we clear about how we would manage that within our portfolio, but we certainly thinking about it.

Jordan: Same goes with PNG, you know, there's more work to do but they all do well to get PNG properly packaged. It's also extremely it's at that point now if we can continue to deliver on that.

Jordan: The progress that has been made since we ramped it up.

Jordan: It's a very big cash generator relative to the equity portion that we added because we sweep everything until we get a close your money back and all that sort of stuff and so we've re cut the profile of tapping new Papua New Guinea focused in on.

Jordan: I'm, making sure that we.

Jordan: You know, we we look at getting back some of our investments are in and it is a priority.

Jordan: Without damaging the long term viability of the asset.

Jordan: Well one thing I can assure you is that the Papua New Guinean government has aligned with us on that strategy because that also could do with a bit of return from that but and again that are in the fullness of time you know is it a place we wanted to continue to be as we grow out the.

Jordan: Sort of World class businesses in places, where we are we know we can get the money out and we don't have to deal with some of the social issues that you have to deal with it and you're getting.

Jordan: So that's the way we are we definitely thinking about it we.

Jordan: We haven't made clear.

Jordan: Decisions on anything but.

Jordan: Although it is definitely one that.

Jordan: We're doing at this stage.

Jordan: And I know I'd, just reinforce you know the one thing.

Jordan: When when we started out in 'twenty non gene.

Jordan: I mean, the Barrick as it was in was it was a challenging business to run that many.

Jordan: Many many scorpions every time you picked up a kind of a rock there was a scorpion.

Jordan: Today, all of our assets are extremely viable.

Jordan: And.

Jordan: And and.

Jordan: Have positive cash flows.

Jordan: So and this is the time you know a good strategy. We said we would deliver these two big projects we've done it P.

Jordan: P V is a big big value creator and an in Barrick and and and again, you've seen me Oh don't hesitate to clean up the portfolio at the appropriate time and the best time is when you have higher commodity prices.

Jordan: Sydney.

Jordan: We'll continue to keep ourselves very focused.

Jordan: And.

Jordan: And and and and stick to our.

Jordan: Our strategy of having tier one assets.

Jordan: We exhausted here in the room.

Speaker Change: Thank you.

Martin Pradier: Martin Pradier from Burritos <unk>. My question is are you still being salaries being Lulu too to the employees, who how is that work as well.

Speaker Change: Great.

Speaker Change: And B.

Speaker Change: What is the cost for the company you know if you know you're paying salaries and you have no production basically.

Speaker Change: But as I said at the moment, we haven't really there's still that because its a temporary closure.

Speaker Change: And what we have done is taken out the gold.

Speaker Change: Out of the circuit, so we have produced goals.

Speaker Change: So to be able to fill that so good when we restart again and we've put everything on Oh, no, it's sort of running maintenance, so proper cambria care and maintenance.

Speaker Change: And Theres no big net cost at this stage if it was all too to restart and get going.

Speaker Change:

Speaker Change: We caught continue with this for for long, but certainly we can go for a couple of weeks or months, but Huawei, you try and get.

Speaker Change: Closure with the Mali and government at that point, we would have to make a different decision, we havent made that shift.

Speaker Change: Graham do you want to add to that.

Speaker Change: No I mean, the only thing I would change.

Speaker Change: If you.

Speaker Change: If you look at a pool ground as a proxy for.

Speaker Change: If we do go to a care and maintenance environment.

Speaker Change: The sort of historical run rate there was about $10 million a month.

Speaker Change: Holding costs. So you know that's that's a reference point, if you're looking for something.

Speaker Change: Okay.

Speaker Change: And one other question the cost to build it.

Speaker Change: Who was 14% higher.

Speaker Change: Despite production falling only 5%.

Speaker Change: Everything compared to the previous drilling about all in sustaining cost.

Speaker Change: I think it was the cost.

Speaker Change: We reported close to me.

Speaker Change: And I Wonder why.

Speaker Change: So.

Speaker Change: What what we had the big driver in the costs and PV in quarter four was that we pay.

Speaker Change: The mine plan, we had low grade.

Speaker Change: And so that impacts the unit costs and and we our focus was to get we were focused on throughput.

Speaker Change: Throughput and recovery during that period, we gotta go down not a fix that they can and upgrades.

Speaker Change: Great Yeah, a number of a disarming facilities thickness.

Speaker Change: And we need that to do.

Lift again, the throughput right and Duval to deal with the recovery improved recovery and we and we've we showed in the slide.

Speaker Change: Uh huh.

Speaker Change: Uh huh.

Speaker Change: <unk>.

Speaker Change: The schedule there is.

Speaker Change: How are we planning to move.

Speaker Change: Joe We will as I said, we were targeting middle six hundreds.

Speaker Change: And then next year, we'll go above 800, and we should stay there and and and even after that Theres still ultimately we get to.

Speaker Change: Just on 90% recoveries, but its out there were a couple of years as we settled and now plan anyway.

Speaker Change: But the big Big Big the the big sort of fixes all in this quarter, we down 435 days and then went down again in quarter four and after that we're pretty much addressed the big equipment.

Speaker Change: Cut downs too to fix and tie in some additional equipment.

Speaker Change: Yeah, I mean, the key thing there is that the grades were significantly lower quarter on quarter and that was really the big trough.

Speaker Change: Yeah.

Speaker Change: So we move to.

Speaker Change: The virtual platform.

Speaker Change: Thank you.

Event Operator: She joined the question queue. You May Press Star then one on your telephone keypad, you'll hear a tone acknowledging your request if you're using a speakerphone. Please pick up your handset before pressing any keys to withdraw your question. Please press Star then two.

Event Operator: Our first question is from Josh Wilson with RBC capital markets. Please go ahead.

Josh Wilson: Yeah, Thanks for taking my questions.

Speaker Change: Looking at the production guidance for both 2025 and also over the five year.

Speaker Change: Outlook the numbers have changed versus what was issued in.

Speaker Change: November even if we adjust for the impact of our moly in there I'm wondering is there any sort of fundamental changes in how the assets are being evaluated or its just maybe reflecting some conservatism versus what the prior November budget wise. Thanks.

Hey, Josh it's scram, yeah. So I think it's important to recognize that you know when we shared with you then.

Speaker Change: Crops in November I'm, you know we gave you.

Graphs never very.

Speaker Change: They're very small scale, so they don't really meant to be.

Speaker Change: Precise information to give you sort of directional information in terms of where the production is growing.

Speaker Change: And the overall impact of that production on costs.

Speaker Change: Capital et cetera. So you know we do revise these from time to time and and you know when you look at this one there are some small changes.

Speaker Change: Some of the changes that have taken place in that business from.

Speaker Change: November to now.

Speaker Change: Some of the impacts of.

You know for example, the.

Speaker Change: So down in Luna and some of the changes that we've seen across the rest of the portfolio. So yeah. I don't think you should get too too focused on the granularity of the graph.

Speaker Change: It's really about the direction.

Speaker Change: Gosh wondering if you'd tell us that we've already got it and so then you start trying to.

Speaker Change: Let's pick about the exact number so I.

Speaker Change: I think we've we've looked at our guidance very carefully and and made sure that we're you know we're focused on.

Speaker Change: Range that we can deliver on and and will work from there going forward, but I think two grams point, the direction of travel and and and the fact that we're saying you know the the gross out to 'twenty two a non as a minimum of 30% is.

Speaker Change: The takeaway here and when you look at the cash flow impacts of that to view model them, you'll see what it means and and so as you know we've had this conversation for most of your career you are not and that is yes.

Speaker Change: Growing cash flow is a key part of what I've always being able to do and.

Speaker Change: Production is important but it's ultimately the value you get from those growth opportunities and we're very motivated with this and I think the other thing I would add.

Speaker Change: Is.

Speaker Change: When you look at the quality of our people you know we took board over a period of two days through these feasibility studies with two separate teams that have been working on these studies for a number of years now and you know we've got a quality group of people quad.

Speaker Change: All of building out these.

Speaker Change: Big expansion projects and and ultimately that's the new generation of leadership in Barrick, because that will come out of that along with all.

Speaker Change: Our corporate team of subject matter experts.

Speaker Change: So it's an exciting time in and definitely everyone feels that we have the ability.

Speaker Change: And the financial capacity to deliver these expansions.

Okay.

Speaker Change: One more question if I can add just on record geek.

Speaker Change: Similarly, theres been a number of articles that have continued in the press about possible buyers for a portion of the assets. It sounds like that deal has progressed a bit lower than maybe what we thought a year ago I'm wondering.

Speaker Change: Is there any kind of status updates.

Speaker Change: Barrick at least can issue and then.

Speaker Change: From the other perspective, if there isn't a deal that's announced for your partners in country.

Speaker Change: The outlook for Pakistan to fund their portion of it.

Speaker Change: Thanks.

Speaker Change: So with the current funding.

Speaker Change: Our lending group our progress.

Speaker Change: No no.

Speaker Change: No.

Speaker Change: Way that Pakistan would not be able to fund its its shay and it has been.

Speaker Change: Up until now funding as chair as well and and they said we don't have any there's no. We don't underwrite to any part of the Pakistan investments and so absolutely.

Speaker Change: There's no risk of that in my mind and in and the lenders mine as well because that's been one of the focuses that they had on the ability for the Pakistan sort of the.

Speaker Change: Equity to be able to fund this year.

Speaker Change: I think that the.

Speaker Change: The.

Speaker Change: The significance of an investment from Saudi Arabia is not lost on us and not lost on anyone.

Speaker Change: And and again as you know we are very strong partners in Saudi with.

Speaker Change: The Saudis and are equally strong partners with the Pakistani and Pakistan and and so we were always there to help them facilitate but were mindful that this is a ongoing discussion between Pakistan and Saudi Arabia, and I'm, absolutely sure that they will come.

Some sort of.

Speaker Change: Range or in some time.

Speaker Change: Thank you.

Speaker Change: Okay.

Event Operator: Our next question is from Tanya Chico disconnect with Scotia Bank. Please go ahead.

Speaker Change: Alright, great.

Speaker Change: Everybody. Thank you so much.

My question.

Speaker Change: Total too.

Speaker Change: Graham.

Speaker Change: Hi, Mark.

Speaker Change: Financial one gram.

Speaker Change: Are you asking about taking the write down.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: We're going to be honest, because given there has been historically poor ground with vapor can operate on care and maintenance.

Speaker Change: On care maintenance for awhile before.

Speaker Change: It looks like the carrying value.

Speaker Change: My question is that.

Speaker Change: Number one.

Speaker Change: Organic change Andrew.

Speaker Change: Well and does that mean every quarter.

Speaker Change: It is an up and running and we are going to be it would be.

Speaker Change: <unk>.

Tania: Thanks, Tania and.

Speaker Change: Uh huh.

Speaker Change: It doesn't mean, we will be reviewing it every quarter we.

Speaker Change: We were under the accounting rules, we were required to look for food signs of impairment and obviously the engagement that we've had ongoing in Mali.

Speaker Change: The trigger for that and on the back of that we we looked at our holding value and in the.

Speaker Change: You know the potential outcomes in the future which of course home multiple.

Speaker Change: You know we have to make some assessments around that and based on that we we considered that the the goodwill that we had previously written up against this asset when Barrick acquired it and the Wrangled transaction was no longer appropriate and so it was on that basis that we've we've written it down but we know.

Speaker Change: We don't expect to have to do that on an ongoing basis.

Speaker Change: If there was a material change in the circumstances.

Speaker Change: Which then had an impact on.

Speaker Change: The potential future cash flows we would assess it at that point, but.

Speaker Change: That's not what we expect going forward.

Speaker Change: With reference to your comment about program.

Speaker Change: It's really a it's all about what the holding cost one so in the case of program.

Speaker Change: Holding cost notebooks were extremely low and therefore, even though we.

Speaker Change: You know had situations with which might've caused us to look at whether there was an impairment because all the the continental book was very alert it never got to that point.

Speaker Change: Okay Alright.

Speaker Change: I second.

Speaker Change: Financials.

Speaker Change: A follow up on.

Speaker Change: Neither.

Speaker Change: All right.

Speaker Change: I appreciate that.

Speaker Change: Alright.

Speaker Change: Right.

Speaker Change: Or directional.

Speaker Change: I am coming back to the capital because directionally.

Speaker Change: That was provided at the Investor day, they showed 2020.

Speaker Change: Peaking at about 4.2 ish range on capital and then guiding to a decline in 'twenty or 'twenty 2020 nine.

Speaker Change: Yeah.

Speaker Change: So again, some capital outlay flattish like 'twenty six 'twenty seven minutes.

Speaker Change: Capital.

Speaker Change: It would be more than just the rule of thumb.

Speaker Change: Because that was about 300 million.

Speaker Change: So just trying to understand why.

Speaker Change: Get round.

Speaker Change: Hi.

Speaker Change: Okay.

Speaker Change: So Tony I, just just to be clear when I answer the need is.

Speaker Change: Question was really in the context of our specific guidance for 2025.

With reference to your question, which is really about the longer term outlook. Yes, there have been changes in the sequencing of the timing of capital at those feasibility studies as we've got more details on the exact timing of the spend so yes, there's some shifting between 26 27 and <unk>.

Speaker Change: H, but as you would've seen in terms of the gross numbers that we previously gave guidance on for both a little more on a project and the record date project. Those total numbers haven't changed so it's really just the timing of the spend and as we incurred over the over the period of the projects.

Speaker Change: Yeah.

Speaker Change: 20.

Speaker Change: Thanks, Jim.

Speaker Change: Why is that.

Speaker Change: No no.

Speaker Change: I felt we were running at about 300 million that we can take it offline.

Speaker Change: Right right.

Mark Doak: Technical questions, if I can ask mark.

Speaker Change: I wanted to come back to you Jeff.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Program I, just remember from the mine tour.

Speaker Change: That kind of a tailings dam.

Yeah.

Speaker Change: Relocation broken out 1500 people or thereabouts.

Speaker Change: That should be done over a period can you just.

Speaker Change: Confirm that yeah.

Speaker Change: Okay.

Speaker Change: Need all of them to be gone I, just don't remember.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: So.

Speaker Change: There's.

Speaker Change: I'm, telling you we've spent a lot of time building in flexibility and the focus is the thought to a wall and they start their job and so that's a so we can manage that and also we've looked at different tax spaces into the area, but into the be able to start the construction.

Speaker Change: Of the starter wall and then looking at the bigger projects. So.

Speaker Change: Again, we are managing.

Speaker Change: This is a social program as you know we've done many of these before and do you need to and so we built in some flexibility by just the approach that we've taken on on the phases that we will end and the key for us. However.

Speaker Change: Is to get the geotechnical drilling done so that we can build the.

Speaker Change: Talk to them and the foundations for the mine.

Speaker Change: Walls. Because this is remember this is a highly sought to make area. So the construction of this data because of because of the highly engineered a construction and in jubail to do it and ensure that it's it meets all the criteria for that setting.

Speaker Change: We needed to do that.

And a lot more geotechnical work than one would do for him to stand a tailings dam.

Speaker Change: Mike on the critical path.

Speaker Change: A critical.

Speaker Change: Our relocation.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: We've got we've got.

At until 'twenty eight 'twenty nine.

Speaker Change: To to be able to have the starter dam functioning.

Speaker Change: Our our.

Speaker Change: The plan was to be quite well advanced with the main Dan do you want to add to that no.

Speaker Change: As just said we got towards the end of 2020 and I know, there's still additional work ongoing which has got some flexibility going into 2013.

Speaker Change: Obviously, our priority is to get them.

Speaker Change: Tom Geotechnical work done as you'd pointed out okay, and then and then just pull that Tanya we have extended.

Speaker Change: Yeah, Doug I'll, Oh look all of them, which is the current dam so with another lift so we have built some flexibility into that.

Speaker Change: Okay.

I'm sorry.

Speaker Change: 2030 years.

Speaker Change: That's that's pretty fair, but as you know this.

Speaker Change: This is this is so so.

Speaker Change: I mean, it was just pointed out we get a bowl of his dad, because otherwise why we deal has worked so.

And just on that.

Speaker Change: Is there any.

Speaker Change: Okay.

Speaker Change: And because of that.

Speaker Change: Hi, there.

Speaker Change: Right now they estimated capital is that what you're asking you're breaking up but I mean, we're very comfortable with the current outlook on on our estimates for the completion of this whole expansion.

Speaker Change: Okay.

Speaker Change: And then my final question I guess winding it down.

Speaker Change: Okay.

Speaker Change: Just wanted to ask about kind of Mark you mentioned that you're happy.

Speaker Change: Are you happy obligation.

Speaker Change: Cherokee a mere four miles into the joint venture once you have that feasibility study.

Speaker Change: And you know you know.

Speaker Change: Near my decides they do not want if I can.

Speaker Change: For MA for some reason is.

Speaker Change: Is that a unilateral right you have to be able to disgrace material from the joint venture.

Speaker Change: Hum.

Speaker Change: Yeah.

Speaker Change: Right.

Speaker Change: So they have the obligation to take it into its a potent coal and it's an automatic ones. So if it meets the criteria is as laid out in the in.

Speaker Change: And the joint venture agreement, we have the right to put it in our obligation and they have the obligation to accept it and.

Speaker Change: And settle the payment.

Speaker Change: In cash or dilutes, that's the option.

Speaker Change: It's very clear.

Speaker Change: Of course, there's always opportunities for us to jointly agree on a different way of.

Ah you know, bringing it into the.

Speaker Change: Joint venture, but without a doubt.

Speaker Change: Walmart as real value in.

Speaker Change: To all our shareholders and Nevada goldmine.

Speaker Change: Mhm, Okay, great. Thank you.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: The next question is from Daniel Major with UBS. Please go ahead.

Daniel Major: Hi, Mark Graham can you hear me okay.

Speaker Change: Daniel.

Speaker Change: Hi.

Speaker Change: Yeah.

Speaker Change: Great. Thanks, So a question so.

Speaker Change: A couple the first one on the buyback Mark Hughes.

Speaker Change: <unk> intend to continue buying back stock you bought back quite a lot in the fourth quarter.

Can you give us any steer on how we should expect that the kind of run rate is there a target or is it very much kind of share price dependent.

Speaker Change: Or we should be thinking about the quantum of the buyback in subsequent quarters.

Speaker Change: Yeah.

Speaker Change: So.

Speaker Change: We look at this and last quarter.

Speaker Change: We are managing a big capital program, our cash flow, we've got higher commodity prices.

Speaker Change: Our revenues.

Speaker Change: And very clearly we have absolutely no.

Speaker Change: Hesitation to buy back a share when our weighted said sort of these love.

Speaker Change: Process and and we'll continue to do that at the same time as you know both grab and I am sure it is but.

Speaker Change: This is through many challenging times and the one thing you don't want to be is beholden to the market as you go into a big capital program and we're mindful of that we are we have all the.

Facilities to build is ensure that we get to where we want to get too and we'll make sure that we balance that are carefully but as we've demonstrated in the run rate as you pointed out that in full.

Speaker Change: For quarter, four was well over $1 billion a year so.

Speaker Change: And and and and we will.

Speaker Change: We we look at this every day.

Speaker Change: And we'll make the decisions on a daily basis, and that's what we do.

Speaker Change: Okay. Thanks.

Speaker Change: And the next one.

Speaker Change: On your Capex guidance looking at the 1.7 to 1.9 of project Capex can you give us a breakdown of how much of that is going to loom, one and <unk> approximately.

Speaker Change: I'm sure you can answer that.

Speaker Change: Yeah, and you got another question, while you got to hit her answer.

Speaker Change: Yeah I could go for one more so yeah appreciate that Molly.

Speaker Change: Situation, you can't comment on too much specifics, but you made it very clear that the outcome wouldn't impact the gross trajectory as a business can you just kind of clarify also what it would have any impact on the project pipeline funding decisions around <unk>.

Projects, if you don't have that cash flow available to be distribute within the group.

Speaker Change: In it for an extended period.

Speaker Change: So we have we're very comfortable with where we are we'll be able to manage it.

Speaker Change: Okay. Thanks, Yeah every day, we have days like today with a golf brass and copper brass we're building a.

Speaker Change: A cushion in the funding structure, so that we have.

Speaker Change: <unk> had a long time and that the last three months.

Speaker Change: Graham.

Speaker Change: Graham on that Dan just.

Speaker Change: Just to come back to your question then.

Speaker Change: And as you'll see from the MD&A, where we're getting a prop.

Speaker Change: Similarly, $2 billion of spending on record take on 100% basis, So I'll share of that would be just over half.

Speaker Change: And on pneumonia, we got in <unk> 6 billion in capital spend for 2025.

Speaker Change: I think I would add.

Speaker Change: That, particularly Oh and in both cases, but in Nevada.

Speaker Change: Because it's got one.

Speaker Change: Circuit, we're already running.

Speaker Change: And that is supports that the financing and so the higher copper prices really do live bring down the road.

Speaker Change: Exposure that Barrick has to support.

Speaker Change: That expansion. So you are right now with that olive garden on copper and and and two.

Speaker Change: Journal revenue generation capacity days these projects, all becoming more affordable by the day as we collect.

Speaker Change: Cumulated and that's why it's important for us to manage that net debt position.

Speaker Change: As we.

Speaker Change: As we go.

Speaker Change: As we.

Speaker Change: Go towards these big capital Yes.

Speaker Change: Thanks.

Speaker Change: We followed up on that Graeme will either mark is going to be clear that you.

Speaker Change: You would expect to have a crazy minority contributions to the <unk> capital as you spend them that show up in the P&L.

Speaker Change: It's a cashless that.

Speaker Change: Yeah, So from an accounting point of view and we're going to be consolidating that asset. So yes, you can see it from that point of view, but from a.

Speaker Change: From a cash point of view.

Speaker Change: Ending.

Speaker Change: Effectively 55% of the project and because there's a 10% free carried interest to our.

Speaker Change: Oh 50 over 90 is about 55, so that's what we found from a cash point of view.

Speaker Change: Great. Thanks, a lot.

Speaker Change: Correct.

Speaker Change: Thanks Ted.

Event Operator: The next question is from John Tumazos with John Tumazos very independent research. Please go ahead.

John Tumazos: Thank you for taking my question Mark.

Event Operator: Mark.

Event Operator: I'm looking at.

Event Operator: One is to try to convince them.

Speaker Change: Nico or Alamos schooled shareholder.

Event Operator: By Barry consent.

Event Operator: And it's not necessary to tell the shareholders should your good managers because they know that.

And they know that you build good months.

Event Operator: There are politically risk averse people.

Event Operator: And.

Event Operator: I was thinking of three tactics.

Event Operator: Minor repairs in your strategy.

Event Operator: The my.

Event Operator: How someone to buys at Barrick shares instead of the Agnico shirts, and let me just see if any of these three minor changes appeal to you.

Event Operator: One.

Event Operator: It would be if you asked your exploration department.

Event Operator: To acquire a couple sub 1 billion dollar extra.

Event Operator: Exploration and development projects with large resources.

Event Operator: The shift of part of your resource base to Canada.

Event Operator: And the premiums of course are smaller.

Event Operator: For these development companies.

Event Operator: The.

Event Operator: Need financing.

Event Operator: Second tactic would be a few advanced.

Event Operator: Donlin Creek in Alaska.

Event Operator: Which is in the U S is this a slower return project and a safer place.

Event Operator: A third tactic.

Event Operator: Would be if you had a corporate policy.

Event Operator: Investing every penny of North American cash flow in North America, plus half of the cash flow from outside North America into North America.

Event Operator: I try to.

Event Operator: Comfort to investors, who are afraid of political risk in foreign countries.

Mark: Did any of those things makes sense to you Mark.

John Tumazos: I guess, John things for that advice.

Mark: It's.

Mark: I think partially theres a bit of.

Common sense in any one.

Mark: I think the one point is that the that the world's changed maybe that was appropriate.

Mark: A year ago, but.

Mark: You know I think AR is up.

Mark: Very uncertain.

Environment that is developed around.

Mark:

Mark: Both Canada and the United States.

Mark: And you know again, we're very invested in the United States and we are.

Mark: Heavily invested in.

Mark: Exploration and pursuing new opportunities both in the United States and Canada, just as we are in all the other highly perspective, our regions and so again, what I think what will eventually drive us.

Mark: Drive those investors are two in and invest in US is that you know we've demonstrated that we are a safe pair of hands with a.

Mark: All shareholders investments, we haven't asked them for anything for a very long time, and we've never diluted them and today. If you look at where we are compared to where we were in 'twenty not gene. We all a lot better off than a whole lot more valuable and we have done nothing to destroy that value.

Mark: So.

Speaker Change: You know as you know John go back to 2011 in Randgold.

Speaker Change: And all the M&A activity and in the fact that we focused on just being a little bit more conservative.

Speaker Change: And diligent in the way we invested.

Speaker Change: Hailed as a cash.

Speaker Change: We separated us from the investors and a lot of people migrated from that is highly valued assets or equities into the red and gold stock and made it the best performing goldstock ever.

Speaker Change: But you know I think we set out to build something and Barrick, we would not.

Speaker Change:

Speaker Change:

Speaker Change: We were completely aware of the challenges we had we would prepare for the IND.

Speaker Change: Flash and then Covid and.

Speaker Change: And the the sort of dynamic will that we've sort of entered into in the last couple of years and and everything has just been put on steroids and in in the last year.

Speaker Change: Yeah.

Speaker Change: 28 days.

And so you know I think there's a big question Mark every way about.

Speaker Change: Where it would be and what to look for and what's been good for me has always focused in on on projects that.

Speaker Change: Make money.

Speaker Change: In spite of the market.

Speaker Change: And in both our Nevada and.

Rick Burdick: Rick Burdick N P V blah blah vehicle.

Speaker Change: Full mile all assets that don't make money.

Speaker Change: Regardless and so as the market gets their head around the fact that we still very clear and and on top of that there's no other gold company, where the shell the the management own as much as what the management and very good. So we are very motivated.

Speaker Change: To deliver against that plan and and.

Speaker Change: And you know, we I mean, just to get back to your three points.

Speaker Change: In the fall, we would exercise any one of those not necessarily exactly are you explained it but there is each one of those ideas have a habit.

Speaker Change: An option that we've already discussed in our team.

Speaker Change: Thank you.

Speaker Change: The next question is from Joshua Gale with Rsi Associates. Please go ahead.

Joshua Gale: Hi, Good afternoon I wanted to thank you you and your team Mark for your long term commitment and acquiring reserves.

Joshua Gale: A very low cost without diluting shareholders and so I'm a long term investor.

Joshua Gale: I wanted to kind of.

Joshua Gale: Yeah.

Joshua Gale: Continue on what Mr. Tumazos was saying.

Joshua Gale: In the sense that.

Joshua Gale: Ah the generalist investor has been pretty absent with gold mining stocks in the last few years, even as the gold price has risen because it.

Joshua Gale: It wasn't it wasn't being realized at the bottom line due to higher costs.

Joshua Gale: In some cases lower production.

Joshua Gale: Appears that.

Joshua Gale: Your costs are stabilizing on the labor front and on inputs like oil and I wanted to ask you to do you see that continuing which is enabling the margins to really explode higher and it would seem to me at some point the generalist investor is gonna be awakened.

Joshua Gale: By these very rapidly increasing margins gold is up almost $900 since the beginning of last year and you have all these tens of millions of dollars of reserves in the tens of millions of ounces of reserves in the ground that you've acquired such a low cost it seems like.

Joshua Gale: You're in the catbird seat, even with everybody focusing on Mali, which is like the tail wagging the dog as far as I'm concerned when I walk us long term.

Josh Wilson: Yeah. Thanks, Josh I mean, it's like you know how you share exactly what I think so.

Joshua Gale: The point here is.

Joshua Gale: Is that.

Joshua Gale:

Joshua Gale: When you win them when we look at allocating I know, let me start on the cost side first first of all if if if you you need to start looking at the cash cost <unk> cost and then the Orleans sustaining costs and there's still quite a big Delta, which we shared at the Investor day, So we'll bring that down.

Joshua Gale: As we address some of the ongoing sustainability investments or sustainable investments into our projects, particularly in Nevada.

Joshua Gale: But that is definitely starting to manage that and we starting to forecast that decline in in that extra.

Joshua Gale: Capital sustaining capital requirement to fixed assets.

Joshua Gale: Yeah.

Joshua Gale: And I would just add that the success of being able to roll forward. Your 10 year plans always comes with an extra sustainable capital because you've now got more requirement to put in.

Additional maintenance capital because you've got a big old body and a longer life.

Joshua Gale: And some times and getting back to your second point, you know I've been in this industry I think longer than you even and.

Joshua Gale: And the one thing as you go through these periods, where the equity becomes very focused on trade and the gold equities have rarely been about short term trades and we've now started seeing some of the longer term investors come back into the stock certainly all our big investors.

Joshua Gale: Every.

Joshua Gale: You know growing their positions and outrageous to again.

Joshua Gale: And and and we've got a really spend more time accessing those.

Joshua Gale: The 10 pools of capital, which Investor team Investor Relations team is focused on.

Joshua Gale: And it's you know and and and a lot of the real focus has been on the physical because of this obsession and correctly so of the high risk nature of the global economy, and the geopolitical situation across the world, including Canada.

Joshua Gale: At and North America. So it is a very dynamic place and so in my experiences to survive and dynamics like that because I grew in geopolitically very dynamic I grew up in a sort of.

Joshua Gale: Our market.

Joshua Gale: Please make sure that your assets all bulletproof as far as viability guys. So and we've definitely got that so I think we're in very good shape and and I and again, it's our job to be able to explain to people. When you buy our stock are you have to buy it from another owner because we definitely don't.

Joshua Gale: You it because we're also buy it in the market. So that in itself is a story of you know, who we are and Barrick and how all our outlook for our business and ensuring that we continue to create value for our shareholders and that's it.

Speaker Change: And we're starting to get our head around that and what's the growth now and the decisions are made we can we can really look on a little harder on how we can work to Jordan's point to unlock that value and then we will do that.

Joshua Gale: Thank you.

Joshua Gale: Yeah.

Joshua Gale: There are no more questions from the conference call.

Joshua Gale: Alright, well, thank you, ladies and gentlemen for your time, and those who founded and and again as usual our team is all available.

Joshua Gale: You reach out to any of us are or to our website will be available to take our questions and for those shareholders on the call, we'll probably be speaking to you in the next day or two so again chat to you soon thank you again for your time.

Joshua Gale: This concludes today's event.

Event Operator: Should you have additional questions. Please contact the Barrick Investor Relations Department you may disconnect. Your lines. Thank you for participating and have a pleasant day.

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