Q1 2026 Barrick Mining Corp Earnings Call

May 11, 2026

Speaker #1: Welcome, everyone, to Barrick Gold Corp Q4 2026 results presentation. At this time, all participants are in listen-only mode. As a reminder, this event is being recorded and a replay will be available on Barrick's website later today.

Speaker #1: I will now turn the call over to Cleveland Rueckert, Head of Industrial Relations. Please go ahead.

Operator: Welcome everyone to Barrick's Q1 2026 Results Presentation. At this time, all participants are in listen only mode. As a reminder, this event is being recorded and a replay will be available on Barrick's website later today. I will now turn the call over to Cleveland Rueckert, Head of Investor Relations. Please go ahead.

Speaker #2: Thank you, and good morning, everyone. We hope you've had an opportunity to review the press release we issued before the market opened this morning.

Speaker #2: This presentation deck is also now available to download on our website. Presenting our results today are Mark Hill, Barrick's President and CEO, and Helen Kai, Senior EVP and CFO.

Cleveland Rueckert: Thank you. Good morning, everyone. We hope you've had an opportunity to review the press release we issued before the markets opened this morning. This presentation deck is also now available to download on our website. Presenting our results today are Mark Bristow, Barrick's President and CEO, and Helen Cai, Senior EVP and CFO. Other members of Barrick's management team will be available after our prepared remarks for Q&A. Before we begin, please note that we will be making forward-looking statements. This slide includes a summary of the significant risks and factors that could affect Barrick's future performance and our ability to deliver on these forward-looking statements. This material is also available on our website. I will now hand it over to Mark.

Cleve Rueckert: Thank you. Good morning, everyone. We hope you've had an opportunity to review the press release we issued before the markets opened this morning. This presentation deck is also now available to download on our website. Presenting our results today are Mark Bristow, Barrick's President and CEO, and Helen Cai, Senior EVP and CFO. Other members of Barrick's management team will be available after our prepared remarks for Q&A. Before we begin, please note that we will be making forward-looking statements. This slide includes a summary of the significant risks and factors that could affect Barrick's future performance and our ability to deliver on these forward-looking statements. This material is also available on our website. I will now hand it over to Mark.

Speaker #2: Other members of BARRICK's management team will be available after our prepared remarks for Q&A. Before we begin, please note that we will be making forward-looking statements.

Speaker #2: This slide includes a summary of the significant risks and factors that could affect BARRICK's future performance and our ability to deliver on these forward-looking statements.

Speaker #2: This material is also available on our website. I will now hand it over to Mark.

Speaker #3: Thanks, Blake, and thank you all for joining us. We had a strong Q1, with excellent operating and financial results. Before I get to take all, I want to review the priority for 2026 that we set at the start of the year.

Speaker #3: These are our priorities: achieving reliable delivery of our portfolio. The first is obviously safety. Our safety performance has not been where it needs to be, and we're taking action to improve it.

Mark Bristow: Thanks, Cleve. Thank you all for joining us. We had a strong Q1 with excellent operating and financial results. Before I go into detail, I want to review the priorities for 2026 that we set at the start of the year. These are our priorities for achieving safe, consistent, reliable delivery across our portfolio. The first is obviously safety. Our safety performance has not been where it needs to be, and we're taking action to improve it. The second is operational delivery. We're on track to meet our production and cost guidance. The third is growth. We are advancing our key organic opportunities, including PV, Lumwana, and Fourmile. The fourth is the IPO of North American Gold Assets, which we believe will unlock significant value for our shareholders. In Q1, we made steady progress in all four of these areas.

Mark Hill: Thanks, Cleve. Thank you all for joining us. We had a strong Q1 with excellent operating and financial results. Before I go into detail, I want to review the priorities for 2026 that we set at the start of the year. These are our priorities for achieving safe, consistent, reliable delivery across our portfolio. The first is obviously safety. Our safety performance has not been where it needs to be, and we're taking action to improve it. The second is operational delivery. We're on track to meet our production and cost guidance. The third is growth. We are advancing our key organic opportunities, including PV, Lumwana, and Fourmile. The fourth is the IPO of North American Gold Assets, which we believe will unlock significant value for our shareholders. In Q1, we made steady progress in all four of these areas.

Speaker #3: The second is operational delivery. We're on track to meet our production and cost targets. The third is scope. We're advancing our key organic opportunities, including EV from one and four mile.

Speaker #3: And the fourth is the IPO of North American gold assets, which we believe will unlock significant value for our shareholders. In Q1, we made steady progress in all four of these areas.

Speaker #3: It was the second quarter in a row of improved delivery across the board. Most importantly, we improved safety. We performed well operationally, and we delivered gold production above guidance.

Speaker #3: Production increased 4% year over year. We also came in below guidance on our costs. Strong execution in the quarter allowed us to capture more of the higher gold price and deliver strong financial results.

Mark Bristow: It was the Q2 in a row of improved delivery across the board. Most importantly, we improved safety. We performed well operationally, and we delivered gold production above guidance. Production increased 4% year over year. We also came in below guidance on our costs. Strong execution in the Q2 allowed us to capture more of the higher gold price and deliver strong financial results. Attributable EBITDA doubled year over year at a much higher margin. Free cash flow increased 320% year over year to $1.6 billion. We ended the Q2 with $2.4 billion of net cash. We advanced our growth projects. Our 100% owned Fourmile project continued to progress. The Lumwana expansion advanced slightly ahead of schedule. We are reviewing Reko Diq as previously disclosed.

Mark Hill: It was the Q2 in a row of improved delivery across the board. Most importantly, we improved safety. We performed well operationally, and we delivered gold production above guidance. Production increased 4% year over year. We also came in below guidance on our costs. Strong execution in the Q2 allowed us to capture more of the higher gold price and deliver strong financial results. Attributable EBITDA doubled year over year at a much higher margin. Free cash flow increased 320% year over year to $1.6 billion. We ended the Q2 with $2.4 billion of net cash. We advanced our growth projects. Our 100% owned Fourmile project continued to progress. The Lumwana expansion advanced slightly ahead of schedule. We are reviewing Reko Diq as previously disclosed.

Speaker #3: The triple EBITDA doubled year over year, and much higher margin. Free cash flow increased 320% year over year to $1.6 billion. And we ended the quarter with $2.4 billion in net cash.

Speaker #3: We advanced our growth projects, our 100% owned four mile project, continued to progress. The mile expansion advanced slightly ahead of schedule, and we are reviewing record data as previously disclosed.

Speaker #3: Finally, we moved forward on the planned North American IPO, which we're on track to complete by the end of this year. Our North American assets have their own dedicated leadership team, which has been working together successfully.

Speaker #3: I would like now to spend some time reviewing our work on safety. We believe our safety performance and operational performance are linked. Businesses perform better overall when they manage risk, lead in the field, and follow critical controls.

Mark Bristow: Finally, we moved forward on the planned North American IPO, which are on track to complete by the end of this year. Our North American assets have their own dedicated leadership team, which has been working together successfully. I would like now to spend some time reviewing our work on safety. We believe our safety performance and operational performance are linked. Businesses perform better overall when they manage risk, have leaders in the field, and follow critical controls. Historically, Barrick focused on total recordable injuries. The company led the industry on that 1 metric, yet it did not adequately address the risks that can lead to serious injuries and fatalities. In Q4 of last year, we shifted our focus to identifying and eliminating the risks behind serious and fatal events. In Q1, we saw this change begin to work.

Mark Hill: Finally, we moved forward on the planned North American IPO, which are on track to complete by the end of this year. Our North American assets have their own dedicated leadership team, which has been working together successfully. I would like now to spend some time reviewing our work on safety. We believe our safety performance and operational performance are linked. Businesses perform better overall when they manage risk, have leaders in the field, and follow critical controls. Historically, Barrick focused on total recordable injuries. The company led the industry on that 1 metric, yet it did not adequately address the risks that can lead to serious injuries and fatalities. In Q4 of last year, we shifted our focus to identifying and eliminating the risks behind serious and fatal events. In Q1, we saw this change begin to work.

Speaker #3: Historically, BARRICK focused on total causal injuries. one metric, yet it did not adequately address the risks that can lead to serious injuries and fatalities.

Speaker #3: In Q4 of last year, we shifted our focus to identifying and eliminating the risks behind serious and fatal events. In Q1, we saw this change into work.

Speaker #3: There was a meaningful reduction in significant and high severity injuries, 63% of all injuries during the quarter were classified as minor. Our reported lost time injuries also declined.

Speaker #3: Our leaders, all of our executive committee, are spending more time in the field, focusing more on leading indicators—particularly critical control verification. To be clear, though, we are still not where we need to be and had too many near misses during the quarter.

Mark Bristow: There was a meaningful reduction in significant and high-severity injuries. 63% of all injuries during Q1 were classified as minor. Our reported lost time injuries also declined. Our leaders all the way up to our executive committee are spending more time in the field. They are focusing more on leading indicators, particularly critical control verifications. To be clear, though, we are still not where we need to be and had too many near misses during Q1. We still have work to do, we are making steady progress to fulfill our commitment to zero harm. It is now embedded in leadership behavior, operating routines, information, and decision-making at every level. Turning now to our Q1 highlights. Barrick produced 719,000 ounces of gold in Q1, above guidance and an increase of 4% from a year ago.

Mark Hill: There was a meaningful reduction in significant and high-severity injuries. 63% of all injuries during Q1 were classified as minor. Our reported lost time injuries also declined. Our leaders all the way up to our executive committee are spending more time in the field. They are focusing more on leading indicators, particularly critical control verifications. To be clear, though, we are still not where we need to be and had too many near misses during Q1. We still have work to do, we are making steady progress to fulfill our commitment to zero harm. It is now embedded in leadership behavior, operating routines, information, and decision-making at every level. Turning now to our Q1 highlights. Barrick produced 719,000 ounces of gold in Q1, above guidance and an increase of 4% from a year ago.

Speaker #3: We still have work to do, but we are making steady progress to fulfill our commitment to 0.5. It is now embedded in leadership behavior, operating routines, and decision-making at every level.

Speaker #3: Turning now to our Q1 highlights, the BARRICK produced 719,000 ounces of gold in the quarter, above guidance, and an increase of 4% from a year ago.

Speaker #3: There were three drivers: a 10% year-on-year increase in production in North America, along with strong performance at both Bellaera and Lulu Import. On the carpet side, we produced 49,000 tons, in line with the plan.

Speaker #3: We managed costs with discipline, our gold cost per ounce came in better than planned, reflecting solid cost control and efficiencies. Across both mining and processing, copper production increased 11% year over year, C1 cash loss were lower than our plan.

Mark Bristow: There were 3 drivers: a 10% year-on-year increase in production in North America, along with strong performance at both Veladero and Loulo-Gounkoto. On the copper side, we produced 49,000 tons in line with the plan. We managed costs with discipline. Our gold cost per ounce came in better than planned, reflecting solid cost control and efficiencies across both mining and processing. Copper production increased 11% year-over-year. C1 cash costs were lower than our plan. The combination of volume, cost discipline, and favorable realized pricing drove substantial increase in earnings and cash flow, which has meant that today we announced a quarterly dividend of $0.175 per share and a $3 billion share buyback. In Q1, we had strong performance across all our regions. North America continued to anchor our world-class portfolio. NGM and PV both registered year-over-year growth.

Mark Hill: There were 3 drivers: a 10% year-on-year increase in production in North America, along with strong performance at both Veladero and Loulo-Gounkoto. On the copper side, we produced 49,000 tons in line with the plan. We managed costs with discipline. Our gold cost per ounce came in better than planned, reflecting solid cost control and efficiencies across both mining and processing. Copper production increased 11% year-over-year. C1 cash costs were lower than our plan. The combination of volume, cost discipline, and favorable realized pricing drove substantial increase in earnings and cash flow, which has meant that today we announced a quarterly dividend of $0.175 per share and a $3 billion share buyback. In Q1, we had strong performance across all our regions. North America continued to anchor our world-class portfolio. NGM and PV both registered year-over-year growth.

Speaker #3: The combination of volume, cost discipline, and favorable realized pricing proves substantial increase in earnings and cash flow, which has meant that today we announced a quarterly dividend of $17.5 cents per share and a $3 billion share buyback.

Speaker #3: In Q1, we had strong performance across all our regions. North America continued to anchor our world-class portfolio. NGM and PV both registered year-over-year growth.

Speaker #3: Together, they accounted for 57% of our attributable EBITDA at a margin of nearly 70%. Our other regions also delivered strong gold production and meaningful attributable EBITDA at margins of 65%.

Speaker #3: Copper is performing well and is an important part of the growth driver for Barrick. Our portfolio provides near-term cash flow and longer-term organic growth.

Speaker #3: As I mentioned, NGM is on track and performing well. It was a core contributor to our operational and financial performance. The productivity improvements we highlighted last quarter continued through Q1.

Mark Bristow: Together, they accounted for 57% of our attributable EBITDA at a margin of nearly 70%. Our other regions also delivered strong gold production with meaningful attributable EBITDA at margins of 65%. Copper is performing well and is an important part of the growth driver for Barrick. Our portfolio provides near-term cash flow and longer-term organic growth. As I mentioned, NGM is on track and performing well. It was a core contributor to our operational and financial performance. The productivity improvements we highlighted last quarter continued through Q1. Carlin, Cortez, and Turquoise Ridge underground mines delivered their highest tonnages since the joint venture was formed. We are now on track to achieve record underground tons mined for this year. That is an important leading indicator that speaks to both mine productivity and the reliability of execution underground. Our processing plants performed equally well.

Mark Hill: Together, they accounted for 57% of our attributable EBITDA at a margin of nearly 70%. Our other regions also delivered strong gold production with meaningful attributable EBITDA at margins of 65%. Copper is performing well and is an important part of the growth driver for Barrick. Our portfolio provides near-term cash flow and longer-term organic growth. As I mentioned, NGM is on track and performing well. It was a core contributor to our operational and financial performance. The productivity improvements we highlighted last quarter continued through Q1. Carlin, Cortez, and Turquoise Ridge underground mines delivered their highest tonnages since the joint venture was formed. We are now on track to achieve record underground tons mined for this year. That is an important leading indicator that speaks to both mine productivity and the reliability of execution underground. Our processing plants performed equally well.

Speaker #3: Carolyn Cortez and Turquoise Reach Underground Mines delivered their highest hunting distance to joint venture as performed. We are now on track to achieve record underground tons a month for this year.

Speaker #3: That is an important leading indicator that speaks to both mining productivity and the reliability of execution underground. Our processing plants performed equally well. The Carolyn Roasters achieved their highest Q1 production since 2022; the same order quality achieved its highest quarterly throughput since 2021.

Speaker #3: And we achieved these increases in both volume and productivity, while continuing to improve safety. As I said, they work together. I also want to highlight that we remain in regular and constructive dialogue with Q1 and our NGM PV partner at NGM Performance.

Speaker #3: The timeline of the NGM four mile and the IPO, Lulu Import also had an excellent quarter. The ramp-up progressed ahead of schedule, both mining and processing outperformed the restart plan, which speaks to the strengths of both the asset and our execution.

Mark Bristow: The Carlin Roasters achieved their highest Q1 production since 2022. The Sage Autoclave achieved its highest quarterly throughput since 2021. We achieved these increases in both volume and productivity while continuing to improve safety. As I said, they work together. I also want to highlight that we remain in regular and constructive dialogue with Newmont, our NGM JV partner, about NGM performance, the timeline of the Fourmile, and the IPO. Loulo-Gounkoto also had an excellent quarter. The ramp-up progressed ahead of schedule. Both mining and processing outperformed our restart plan, which speaks to the strengths of both the asset and our execution. We are prioritizing the higher-grade underground ore that will contribute more in the near term. At the same time, we are preserving future optionality in our pits. The team reported zero safety and personal environmental incidents during the quarter.

Mark Hill: The Carlin Roasters achieved their highest Q1 production since 2022. The Sage Autoclave achieved its highest quarterly throughput since 2021. We achieved these increases in both volume and productivity while continuing to improve safety. As I said, they work together. I also want to highlight that we remain in regular and constructive dialogue with Newmont, our NGM JV partner, about NGM performance, the timeline of the Fourmile, and the IPO. Loulo-Gounkoto also had an excellent quarter. The ramp-up progressed ahead of schedule. Both mining and processing outperformed our restart plan, which speaks to the strengths of both the asset and our execution. We are prioritizing the higher-grade underground ore that will contribute more in the near term. At the same time, we are preserving future optionality in our pits. The team reported zero safety and personal environmental incidents during the quarter.

Speaker #3: We are prioritizing the high-grade underground ore that will contribute more in the near term. At the same time, we are preserving future optionality in our bids.

Speaker #3: The team reported zero safety and past environmental incidents during the quarter. Financially, Lulu Import made an earlier-than-expected contribution to Barrick's quarterly attributable EBITDA—already a meaningful result at this stage of the round.

Speaker #3: Turning to our organic growth pipeline, the minor is our copper growth project in Zambia. Once complete, the mill expansion will increase throughput from 27 to 52 million tons per year, increasing copper production by 100% from 117 to 240,000 tons annually.

Speaker #3: The project is on track to come in towards the lower end of the 2026 capital guidance and on track for the original budget of $2 billion.

Speaker #3: During the quarter, the initial lift of the mill building was completed, mill shells were delivered, and the first shipment of structural steel were on the way to site.

Mark Bristow: Financially, Loulo-Gounkoto made an earlier than expected contribution to Barrick's quarterly attributable EBITDA, already a meaningful result at this stage of the ramp-up. Turning to our organic growth pipeline, Lumwana is our copper growth project in Zambia. Once complete, the mill expansion will increase throughput from 27 to 52 million tons per year, increasing copper production by 100% from 117 to 240,000 tons annually. The project is on track to come in towards the lower end of the 2026 capital guidance and on track for the original budget of $2 billion. During the quarter, the initial lift of the mill building was completed, mill shells were delivered, and the first shipments of structural steel were on their way to site.

Mark Hill: Financially, Loulo-Gounkoto made an earlier than expected contribution to Barrick's quarterly attributable EBITDA, already a meaningful result at this stage of the ramp-up. Turning to our organic growth pipeline, Lumwana is our copper growth project in Zambia. Once complete, the mill expansion will increase throughput from 27 to 52 million tons per year, increasing copper production by 100% from 117 to 240,000 tons annually. The project is on track to come in towards the lower end of the 2026 capital guidance and on track for the original budget of $2 billion. During the quarter, the initial lift of the mill building was completed, mill shells were delivered, and the first shipments of structural steel were on their way to site.

Speaker #3: We expect to produce our first copper from the expansion by Q1 2028. Our four mile project in Nevada continues to demonstrate potential to become Tier 1 gold asset, drilling activity continues throughout the winter.

Speaker #3: We plan to expand drilling through 2026 and to complete the PFS studies by 2028. You can see the quality of the interception grade outside of the existing resource on the slide.

Speaker #3: Finally, we are on track to complete the proposed IPO of a North American gold asset by the end of 2026. As I said, the region has a dedicated team and has been working together very well for several months.

Speaker #3: They can focus completely on North America, without competing priorities that came from running broader multinational portfolios. We believe the focus should translate to further improvements in performance.

Mark Bristow: We expect to produce our first copper from the expansion by Q1 2028. Our Fourmile project in Nevada continued to demonstrate its potential to become a tier 1 gold asset. Drilling activity continued throughout the winter. We plan to expand drilling through 2026 and to complete the PFS studies by 2028. You can see the quality of the interception grade outside of the existing resource on the slide. Finally, we are on track to complete the proposed IPO of our North American gold assets by the end of 2026. As I said, the region has a dedicated team and has been working together very well for several months. They can focus completely on North America without the competing priorities that came from running broader multinational portfolio. We believe that the focus should translate to further improvements in performance.

Mark Hill: We expect to produce our first copper from the expansion by Q1 2028. Our Fourmile project in Nevada continued to demonstrate its potential to become a tier 1 gold asset. Drilling activity continued throughout the winter. We plan to expand drilling through 2026 and to complete the PFS studies by 2028. You can see the quality of the interception grade outside of the existing resource on the slide. Finally, we are on track to complete the proposed IPO of our North American gold assets by the end of 2026. As I said, the region has a dedicated team and has been working together very well for several months. They can focus completely on North America without the competing priorities that came from running broader multinational portfolio. We believe that the focus should translate to further improvements in performance.

Speaker #3: We will continue to update the market on the IPOs and make further progress. So I would now like to introduce Helen Kai, our CFO, who will review our financial performance.

Speaker #3: Helen, over to you.

Speaker #2: Thank you, Mark, and good morning, everyone. At a high level, this was a quarter in which strong production, efficient cost performance, and a supportive gold price environment combined to deliver outstanding financial results.

Speaker #2: We saw potential growth in earnings, significant margin expansion, and robust free cash flow generation, while also strengthening an already solid balance sheet. What is important is that these results were not driven by price alone.

Speaker #2: The higher gold price clearly helped, but it amplified improvements already occurring in the business. Better operating performance, cost discipline, portfolio optimization, and a stronger customer efficiency.

Mark Bristow: We will continue to update the market on the IPO as we make further progress. I would now like to introduce Helen Cai, our CFO, who will review our financial performance. Helen Cai, over to you.

Mark Hill: We will continue to update the market on the IPO as we make further progress. I would now like to introduce Helen Cai, our CFO, who will review our financial performance. Helen Cai, over to you.

Helen Cai: Thank you, Mark. Good morning, everyone. At a high level, this was a quarter in which strong production, disciplined cost performance, and a supportive gold price environment combined to deliver outstanding financial results. We saw substantial growth in earnings, significant margin expansion, and robust free cash flow generation, while also strengthening an already solid balance sheet. What is important is that these results were not driven by price alone. The higher gold price clearly helped, but it amplified improvements already occurring in the business. Better operating performance, cost discipline, portfolio optimization, and stronger capital efficiency. This is what gives these results real quality and durability. Turning to the numbers, gold production from continuing operations increased 4% year-over-year. Combined with the 66% increase in our realized gold price, that drove the very strong financial performance Mark already touched on.

Speaker #2: This is what gives these results real quality and durability. Turning to the numbers, gold production from continuing operations increased 4% year over year. Combined with the 66% increase in our realized gold price, that drove the very strong financial performance Mark already touched on.

Speaker #2: Adjusted net earnings rose 173% year on year, and attributable EBITDA increased 103%. Attributable free cash flow, which is the measure we use as the basis for our dividend policy, increased 195% year over year, to $1.2 billion in the quarter.

Speaker #2: These very strong results reflect both operational progress in the business and the leverage our portfolio has to higher quality prices when we execute well.

Speaker #2: We closed Q1 with $2.4 billion of net cash on the balance sheet, giving us flexibility to continue investing in our highest return opportunities. Taken together, I would describe the quarter as one of strong earnings quality with strong cash conversion.

Helen Cai: Adjusted net earnings rose 173% year on year, and attributable EBITDA increased 103%. Attributable free cash flow, which is the measure we use as the basis for our dividend policy, increased 195% year over year to $1.2 billion in the quarter. These very strong results reflect both the operational progress in the business and the leverage our portfolio has to higher commodity prices when we execute well. We closed Q1 with $2.4 billion of net cash on the balance sheet, giving us flexibility to continue investing in our highest return opportunities. Taken together, I would describe the quarter as one of strong earnings quality with strong cash conversion. Capital allocation is a major priority, particularly in an environment where the business is generating significant free cash flow.

Speaker #2: Capital allocation is a major priority particularly in an environment where the business is generating significant free cash flow. We have a clear framework for deploying capital to sustain and grow our business and provide returns to shareholders.

Speaker #2: Ensuring our balance sheet remains strong and flexible. This framework is designed to be sustainable through the cycle. Our first priority is balance sheet strength.

Speaker #2: With 2.4 billion of net cash and an underwhelming $3 billion revolving credit facility and no meaningful debt due until 2033, we are already in a favorable position.

Speaker #2: Our second priority is earnings accrual growth. We conclude sustaining and growth capital. Q1 and Q4 now are two clear examples where we are deploying capital into organic opportunities that we believe will generate superior returns.

Speaker #2: More broadly, we intend to identify similar earnings accrual opportunities in the future to strengthen our growth profile, while remaining disciplined in how and when we deploy capital.

Helen Cai: We have a clear framework for deploying capital to sustain and grow our business and provide returns to shareholders while ensuring our balance sheet remains strong and flexible. This framework is designed to be sustainable through the cycle. Our first priority is balance sheet strength. With $2.4 billion of net cash and an undrawn $3 billion revolving credit facility and no meaningful debt due until 2033, we are already in a favorable position. Our second priority is earnings accretive growth, which includes sustaining and growth capital. Lumwana and Fourmile are two clear examples where we are deploying capital into organic opportunities that we believe will generate superior returns. More broadly, we intend to identify similarly earnings accretive opportunities in the future to strengthen our growth profile while remaining disciplined in how and when we deploy capital.

Speaker #2: This is not only about growth for its own sake. It is about creating value over time. Our third priority is to return cash to shareholders.

Speaker #2: Our new dividend policy implemented last quarter provides for our quarterly base dividend of $0.705 per share, topped up at year-end to target a total payout of 50% of attributable free cash flow.

Speaker #2: This quarter, following solid execution, strong free cash flow, and the value in Barrick stock, the board also approved a due diligence share buyback authorization that further amplifies our total return to shareholders.

Speaker #2: Since 2021, Barrick has returned $7.9 billion to shareholders, including $697 million in Q1 2026 and $2.4 billion in 2025. Our capital allocation framework is disciplined, flexible, and designed to work throughout the cycle.

Helen Cai: This is not only about growth for its own sake. It is about creating value over time. Our third priority is returning cash to shareholders. Our new dividend policy, implemented last quarter, provides for a quarterly base dividend of $0.175 per share, topped up at year-end to target a total payout of 30% of attributable free cash flow. This quarter, following solid execution, strong free cash flow, and the value in Barrick stock, the board also approved a $3 billion share buyback authorization that further amplifies our total return to shareholders. Since 2021, Barrick has returned $7.9 billion to shareholders, including $697 million in Q1 2026 and $2.4 billion in 2025. Our capital allocation framework is disciplined, flexible, and designed to work throughout the cycle.

Speaker #2: It supports reinvestment in the business, advances growth, protects the balance sheet, and creates a clear pathway for returning excess cash to shareholders. With that, I will turn the call back over to Mark.

Speaker #3: Thank you, Helen. Our 2026 production cost goals remain unchanged. While the second quarter expects gold production to be in the range of 730 to 770,000 ounces, which is above Q1 and consistent with our plan.

Speaker #3: We also expect high production in the third and fourth quarters, which is typical for our business. For copper, we expect high production in the second half of the year. In the first half, we will continue to focus on controlling costs, capital intensity, and productivity.

Speaker #3: Based on what we see today, we remain confident in our ability to deliver our full-year commitments. So, to conclude, I want to reinforce our four priorities.

Speaker #3: All of which we have made steady progress on in Q1. We improved safety, although we do realize we still have a lot of work to do.

Speaker #3: We improved operational consistency and cost discipline, and delivered on guidance for Q1. We advanced PV, Lamana, and Fourmile on schedule and on budget. We advanced our North American IPO on schedule.

Helen Cai: It supports reinvestment in the business, advances growth, protects the balance sheet, and creates a clear pathway for returning excess cash to shareholders. With that, I will turn the call back over to Mark.

Speaker #3: And we are on track to execute successfully against all of these four priorities by year-end. So, Barrick historically has been criticized for not delivering on its commitments.

Mark Bristow: Thank you, Helen. Our 2026 production and cost guidance remain unchanged. For Q2, we expect gold production to be in the range of 730 to 770 thousand ounces, which is above Q1 and consistent with our plan. We also expect high production in Q3 and Q4, which is typical for our business. For copper, we expect high production in H2 of the year than H1. We'll continue to focus on controlling costs, capital intensity, and productivity. Based on what we see today, we remain confident in our ability to deliver our full year commitments. To conclude, I want to reinforce our four priorities, all of which we have made steady progress on in Q1. We improved safety, although we do realize we still have a lot of work to do.

Mark Hill: Thank you, Helen. Our 2026 production and cost guidance remain unchanged. For Q2, we expect gold production to be in the range of 730 to 770 thousand ounces, which is above Q1 and consistent with our plan. We also expect high production in Q3 and Q4, which is typical for our business. For copper, we expect high production in H2 of the year than H1. We'll continue to focus on controlling costs, capital intensity, and productivity. Based on what we see today, we remain confident in our ability to deliver our full year commitments. To conclude, I want to reinforce our four priorities, all of which we have made steady progress on in Q1. We improved safety, although we do realize we still have a lot of work to do.

Speaker #3: So, I just want to highlight this is the second quarter that we have delivered on all of our commitments to our shareholders. Our portfolio is performing with increased resilience, our strategic projects are advancing, our balance sheet is strong, and we're on track to achieve our 2026 guidance.

Speaker #3: I'll now hand back to the moderator for Q&A.

Speaker #2: Thank you for the Q&A session. We'll use the raise hand feature in Zoom. If you'd like to ask a question, click on the raise hand button at the bottom of your screen.

Speaker #2: Once prompted, please unmute yourself and go ahead. We'll now pause for a moment to assemble the queue. Our first question comes from Tanya Dukusin at Scotiabank.

Speaker #2: Your line is open. Please unmute and ask your question. Tanya, your line is open. Please unmute and ask your question. We will move on to the next question.

Mark Bristow: We improved operational consistency and cost discipline and delivered on guidance for Q1. We advanced PV, Lumwana, and Fourmile on schedule and on budget. We advanced our North American IPO on schedule, and we are on track to execute successfully against all of these four priorities by year-end. Barrick historically has been criticized for not delivering on its commitments. I just wanna highlight that this is the second quarter that we have delivered on all of our commitments to our shareholders. Our portfolio is performing with increased resilience, our strategic projects are advancing, our balance sheet is strong, and we are on track to achieve our 2026 guidance. I'll now hand back to the moderator for Q&A.

Mark Hill: We improved operational consistency and cost discipline and delivered on guidance for Q1. We advanced PV, Lumwana, and Fourmile on schedule and on budget. We advanced our North American IPO on schedule, and we are on track to execute successfully against all of these four priorities by year-end. Barrick historically has been criticized for not delivering on its commitments. I just wanna highlight that this is the second quarter that we have delivered on all of our commitments to our shareholders. Our portfolio is performing with increased resilience, our strategic projects are advancing, our balance sheet is strong, and we are on track to achieve our 2026 guidance. I'll now hand back to the moderator for Q&A.

Speaker #2: Tanya, please raise your hand if you would like to. Our next question comes from Daniel Major at UBS. Your line is open. Please unmute and ask your question.

Speaker #4: Hi, can you hear me okay? Hi, can you hear me? Great. Hi, Mark. Hi, Helen. Yeah, quick questions. Yeah, the first one, just for the record, you've pulled the guidance for the full year down to the lower end of the range in terms of CapEx.

Speaker #4: How should we be thinking about the kind of run rate of quarterly CapEx going through the balance of the year—is the first part of the question.

Cleveland Rueckert: Thank you. For the Q&A session, we'll use the raise hand feature in Zoom. If you'd like to ask a question, click on the raise hand button at the bottom of your screen. Once prompted, please unmute yourself and go ahead. We'll now pause for a moment to assemble the queue. Our first question comes from Tanya Jakuskonak at Scotiabank. Your line is open. Please unmute and ask your question. Tanya, your line is open. Please unmute and ask your question. We will move on to the next question. Tanya, please re-raise your hand if you would like to. Our next question comes from Daniel Major at UBS. Your line is open. Please unmute and ask your question.

Operator: Thank you. For the Q&A session, we'll use the raise hand feature in Zoom. If you'd like to ask a question, click on the raise hand button at the bottom of your screen. Once prompted, please unmute yourself and go ahead. We'll now pause for a moment to assemble the queue. Our first question comes from Tanya Jakuskonak at Scotiabank. Your line is open. Please unmute and ask your question. Tanya, your line is open. Please unmute and ask your question. We will move on to the next question. Tanya, please re-raise your hand if you would like to. Our next question comes from Daniel Major at UBS. Your line is open. Please unmute and ask your question.

Speaker #4: The second is, what is the estimated holding cost of the project on an annualized or a quarterly basis at care and maintenance? And I guess the third part is, what would you need to see to conclude that this is a project that you feel comfortable committing the remaining CapEx to build the project?

Speaker #3: Okay, thanks, Daniel. So, on record, because the budget is raising tax, we will be finishing some of those work that we've already started.

Speaker #3: So those contracts will continue on. Whilst we finish 12-month review. So the year's budget will still come in that range. The run rate when we are doing this review on top is about 20 million dollars a month.

Daniel Major: Hi, can you hear me okay?

Speaker #3: And that's probably a bit of a rough number at this stage, but we're still refining that. But you can assume it's around that number.

Mark Bristow: Yes, we can hear you.

Mark Hill: Yes, we can hear you.

Daniel Major: Can you hear me? Great. Hi, Mark. Hi, Helen. Yeah, a few questions. Yeah, the first one, just on Reko Diq. You've pulled the guidance for the full year, down to the lower end of the range in terms of CapEx. How should we be thinking about the kind of run rate of quarterly CapEx going through the balance of the year, is the first part of the question. The second is, what is the estimated holding cost of the project on an annualized or a quarterly basis at care maintenance? I guess the third part is, what would you need to see to conclude that this is a project that you feel comfortable committing the remaining CapEx to build the project?

Speaker #3: And a good question. What do we need to see? So, what we did is, when we went into this review, there were some things that we had to address, right?

Speaker #3: Now, we're having issues with the contractors on site, and we've had civil force majeure notices. So the first thing is, we have to understand the contracting strategy that we're going to make successful.

Speaker #3: Obviously, we can't continue on that, and that was due to some security concerns and what's going on in the region as well. So we're working on how we'll rectify that.

Speaker #3: With the tax and government, and our Chairman was just there actually yesterday, making progress on those discussions. And then, obviously, the other thing is I just want to rerun the capital and see where we are with that, and if there's been any large shifts in the capital.

Speaker #3: And once we get the answers to all that, I can make an informed decision. I know I've been precise and overly cautious, but I think on a project like this, it's important for all the shareholders, including ones in Pakistan, that we actually understand where we are so that we can be successful going forward.

Mark Bristow: Okay. Thanks, Daniel. On Reko Diq, look, the budget is staying tech. We will be finishing some of those works that we've already started. Those contracts will continue on whilst we do this 12-month review. The year's budget will still come in on that range. Look, the run rate when we are doing this review on top is about $20 million a month, that's probably a bit of a rough number at this stage, but we're still refining that. You can assume it's around that number. A good question, what do we need to see? What we did is when we went into this review, there were some things that we had to address right now. We're having issues with the contractors on site, we've had several force majeure notices.

Mark Hill: Okay. Thanks, Daniel. On Reko Diq, look, the budget is staying tech. We will be finishing some of those works that we've already started. Those contracts will continue on whilst we do this 12-month review. The year's budget will still come in on that range. Look, the run rate when we are doing this review on top is about $20 million a month, that's probably a bit of a rough number at this stage, but we're still refining that. You can assume it's around that number. A good question, what do we need to see? What we did is when we went into this review, there were some things that we had to address right now. We're having issues with the contractors on site, we've had several force majeure notices.

Speaker #3: So does that answer everything you wanted, Daniel?

Speaker #4: Yeah, I think so. So just, yeah, to clarify, if there's a situation beyond this year that you cannot commit to continuing, it would be about 20 million dollars a month just to hold it on care and maintenance.

Speaker #4: Is that correct?

Speaker #3: Yeah, that's approximately what the number would be.

Speaker #4: Yes. Okay.

Speaker #3: That would be through these contracts winding up.

Speaker #4: Yeah, okay. And my second question—maybe just for one panelist—is on the balance sheet and the distribution policy. So, nice to see you've added a buyback in, but there are a couple of elements to it.

Speaker #4: I'm assuming your 50% commitment to the dividend is independent of whether you do buybacks or not, or is that 50% a cash return commitment as the first part?

Mark Bristow: The first thing is, we have to understand the contracting strategy and how we're gonna make this successful, 'cause obviously we can't continue on that. That was due to some security concerns and what's going on in the region as well. We're working on how we'll rectify that with the Pakistan government. Our chairman was just there actually yesterday and making progress on those discussions. Obviously, the other thing is I just want to rerun the capital and see where we are with that and if there's been any large shifts in the capital. Once we get the answer to all that, I can make an informed decision.

Mark Hill: The first thing is, we have to understand the contracting strategy and how we're gonna make this successful, 'cause obviously we can't continue on that. That was due to some security concerns and what's going on in the region as well. We're working on how we'll rectify that with the Pakistan government. Our chairman was just there actually yesterday and making progress on those discussions. Obviously, the other thing is I just want to rerun the capital and see where we are with that and if there's been any large shifts in the capital. Once we get the answer to all that, I can make an informed decision.

Speaker #4: And then the second part, you've got 2.4 billion of cash on the balance sheet. What is the level at which you would be willing to commit 100% of free cash flow in capital returns?

Speaker #4: And what is the disadvantage of setting a net cash target?

Speaker #2: Thank you, Dan. Your first question—the 50% attributable free cash flow policy—was just introduced in Q4 last year. And we maintain that policy.

Mark Bristow: I know I've been criticized for being overly cautious, but I think on a project like this, it's important for all the shareholders, including the ones in Pakistan, that we actually understand where we are so that we can be successful going forward. Yeah, Does that answer everything you wanted, Daniel?

Mark Hill: I know I've been criticized for being overly cautious, but I think on a project like this, it's important for all the shareholders, including the ones in Pakistan, that we actually understand where we are so that we can be successful going forward. Yeah, Does that answer everything you wanted, Daniel?

Speaker #2: That means, at year-end, we will use attributable operating cash flow minus attributable CapEx to derive attributable free cash flow. Then, 50% of that will be used for the top-up dividend in the fourth quarter.

Speaker #2: So, that will not affect or be impacted by any of the buyback program that we just announced today. Is that clear on that, before I move to your second question?

Daniel Major: Yeah, I think so. Just, yeah, to clarify that. If there's a situation beyond this year that you cannot commit to continuing, it would be about $20 million a month just to hold it on care and maintenance. Is that correct?

Speaker #4: Yeah, that's clear. Thank you.

Speaker #2: Okay. So your second question is about setting up a target on the balance sheet. We had a balance sheet-based target before, and we moved to the free cash flow-based policy last quarter.

Mark Bristow: Yes. That's approximately about the number it takes.

Mark Hill: Yes. That's approximately about the number it takes.

Daniel Major: Yeah. Okay.

Mark Bristow: After we get through these contracts, we're winding up.

Mark Hill: After we get through these contracts, we're winding up.

Daniel Major: Yeah. Okay. My second question, maybe one for Helen, just on the balance sheet and the distribution policy. Nice to see you've added the buyback in, but a couple of elements to it. I'm assuming your 50% commitment to the dividend is independent of if you do buybacks or not, or is that 50% a cash return commitment? That's the first part. The second part, you've got $2 billion of cash on the balance sheet. What is the level at which you would be willing to commit 100% of free cash flow in capital returns? What is the disadvantage of setting a net cash target?

Speaker #2: So right now, we are taking just a flexible sense given the strong cash flow and strong balance sheet. We announced this 3 billion, and we will see the market window whenever appropriate will execute on our buyback program.

Speaker #4: Okay. Thank you.

Speaker #2: Yeah. Thank you.

Speaker #4: Yeah. I mean, in terms of $3 billion, should we look at that as something that, all else equal, is it an option, or is it kind of something we would expect you to be buying back stock through the year?

Speaker #4: If we're in the same kind of range as we are today?

Speaker #2: I think that decision is based on our strong balance sheet and cash flow generation as well as the value we see in various shares.

Helen Cai: Thank you, Dan. On your first question, the 60% attributable free cash flow policy was just introduced in Q4 last year, we maintained that policy. That means at year-end, we will use attributable operating cash flow minus attributable Capex to derive the attributable free cash flow. 50% of that will be used for top-up dividend in Q1. That will not affect or be impacted by any of the buyback program that we just announced today. Is that clear on that before I move to your second question?

Speaker #2: So we are launching this program to carry it on throughout the year.

Speaker #4: Okay. Thank you.

Speaker #2: Thank you.

Speaker #1: For our next question, we've returned to Tanya to disconnect from Scotiabank. Your line is open. Please unmute and ask your question.

Speaker #3: Hello?

Speaker #1: Tanya, your line is open. Please unmute and ask your question. All right, for now, we'll move forward. Our next question.

Daniel Major: Yeah, that's clear. Thank you.

Helen Cai: Okay. Your second question is about setting up a target on the balance sheet. We had a balance sheet-based target before, we moved to the free cash flow-based policy last quarter. Right now we are taking just a flexible stance given the strong cash flow and strong balance sheet. We announced this $3 billion, and we will see the market window. Whenever appropriate, we will execute our, you know, buyback program.

Speaker #3: Sorry, can I just stop right? Can I just say, Tanya, if you want to flip your questions, I don't know why we can't hear you, but if you want to flip into questions on email and I'll answer them at the end.

Speaker #1: Thank you. Our next question comes from Josh—excuse me—Wilson at RBC. Your line is open. Please unmute and ask your question.

Speaker #5: Yeah, thank you very much, operator. Just going into some of the operating details first off at NGMR, we sort of talked about a bunch of the factors that caused outperformance in the first quarter.

Daniel Major: Okay. Thank you.

Helen Cai: Does that answer? Yeah. Thank you.

Speaker #5: I'm wondering what the ability for the company to extend some of these deposit results into the second quarter and maybe the second half of the year and maybe embed within the second quarter guidance.

Daniel Major: Yeah. Maybe I mean, in terms of the $3 billion, should we look at that as something that, you know, all else equal, you would is it an option or is it kind of something we would expect you to be buying back stock, you know, through the year, if we're in the same kind of range as we are today?

Speaker #5: Is there any additional information on how NGM fits in there? Thank you.

Speaker #3: Okay. Thanks, Josh. Look, on the NGM performance, so there is a thing I want to highlight as we're discussing this about guidance. So you're remembering Q4 in the team said, "Look, we're going to try and not pull in all the inventory out of all the certs at the end of the year." So we didn't do that.

Helen Cai: I think that decision is based on our strong balance sheet and the cash flow generation as well as the value we see in Barrick shares. We are, you know, launching this program to carry it on throughout the year.

Speaker #3: We actually did just a boost in Q1. We didn't expect—or we didn't plan for us is the right way to put it. And the increases in performance, some of them were already built in.

Daniel Major: Okay. Thank you.

Helen Cai: Thank you.

Cleveland Rueckert: For our next question, we will return to Tanya Jakuskonak from Scotiabank. Your line is open. Please unmute and ask your question. All right. For now, we will move forward. Our next question comes.

Operator: For our next question, we will return to Tanya Jakuskonak from Scotiabank. Your line is open. Please unmute and ask your question. All right. For now, we will move forward. Our next question comes.

Speaker #3: So I mentioned the team have done a good job of realizing those. But it doesn't change the outlook for the year. And I don't know, Tim, if you want to make any other comments on that, but.

Speaker #4: No, I think you’ve covered it, Mark. It’s really that focus on operating discipline and performance to plan. And I do think if you can deliver on that, you do lead to delivering on efficiency improvements as it goes—as you said, the plans where it stands for the rest of the year.

Speaker #3: Okay. Happy with that.

Mark Bristow: Sorry, can I just operate? Can I say, Tanya, if you wanna flick your questions, I don't know why we can't hear you, but if you wanna flick us your questions on email and, I will answer them at the end.

Mark Hill: Sorry, can I just operate? Can I say, Tanya, if you wanna flick your questions, I don't know why we can't hear you, but if you wanna flick us your questions on email and, I will answer them at the end.

Speaker #5: Reasonably happy. I may have some follow-up questions with the team.

Speaker #3: Let me just say something else. Look, this process where we've given all the economy back to that region and we've had a focus on it, and we have a separate management team.

Cleveland Rueckert: Thank you. Our next question comes from Josh Wolfson at RBC. Your line is open. Please unmute and ask your question.

Operator: Thank you. Our next question comes from Josh Wolfson at RBC. Your line is open. Please unmute and ask your question.

Speaker #3: So, I will admit that the results have come quicker than I expected. So, if we'll just get through Q2 and just see where we're tracking after that.

Josh Wolfson: Yeah, thank you very much, operator. Just going into some of the operating details. First off, at NGM, you sort of talked about a bunch of the factors that caused outperformance in Q1. You know, I'm wondering what's the ability for the company to extend some of these positive results into Q2 and maybe the H2 of the year and maybe embedded within the Q2 guidance? Is there any additional information on how NGM fits in there? Thank you.

Speaker #5: I'm looking forward to that. On Lulo, you talked about the underground ramp-up going faster than expected. In light of some of the uncertainties in Mali and some of the news on contractor changes, I guess first, should we expect to see improvements in the asset into the second quarter?

Speaker #5: And then more broadly, what should our expectations be under this new operating plan for this asset on the steady, steady system?

Mark Bristow: Okay. Thanks, Josh. Look, on the NGM performance, there is a thing I wanna highlight because we're discussing this about guidance. You're remembering Q4 when the team said, Look, we're gonna try and not pull down all the inventory out of the haul circuits at the end of the year. We didn't do that, which actually did give us a boost in Q1 that we didn't expect or we didn't plan for, I suppose, is the right way to put it. The increases in performance, some of them were already built in. I mean, Tim and the team have done a good job of realizing those, but it doesn't change the outlook for the year. I don't know, Tim, if you wanna make any other comments on that.

Mark Hill: Okay. Thanks, Josh. Look, on the NGM performance, there is a thing I wanna highlight because we're discussing this about guidance. You're remembering Q4 when the team said, Look, we're gonna try and not pull down all the inventory out of the haul circuits at the end of the year. We didn't do that, which actually did give us a boost in Q1 that we didn't expect or we didn't plan for, I suppose, is the right way to put it. The increases in performance, some of them were already built in. I mean, Tim and the team have done a good job of realizing those, but it doesn't change the outlook for the year. I don't know, Tim, if you wanna make any other comments on that.

Speaker #3: Okay. Well, I'm going to—I'll just give you the high-level update. So, yes, you're right—it ramped up quicker than expected, and it will reach its full potential by the end of the year, as we planned.

Speaker #3: So that remains unchanged. And then once we get to steady state, you can expect 100%—I think 600-plus thousand ounces, whatever it was before we went into the care and maintenance stage.

Speaker #3: But look, it's progressing well. And I'm just going to hand over to Sally because we've got some other comments for Josh here.

Speaker #6: Yeah, maybe, Josh, on the look on contract change, we were aware that DGP was planning to exit. But it also tied into our strategy to replace it with a local contractor.

Speaker #6: So we expect to replace that contract by the end of the year and resume that part of the buying plan. As you say, our undergrounds have ramped up nicely.

[Company Representative] (Barrick): No, I think you covered it, Mark. It's really that focus on operating discipline and conformance to plan. I do think if you can deliver on that, you do lead to delivering on efficiency improvements as it goes. As you said, the plan's where it stands the rest of the year.

Tim Cribb: No, I think you covered it, Mark. It's really that focus on operating discipline and conformance to plan. I do think if you can deliver on that, you do lead to delivering on efficiency improvements as it goes. As you said, the plan's where it stands the rest of the year.

Speaker #6: Our other open bids are performing, so there's no impact to the plan. You will see a step up. And I think, just on the options, Lulo still remains a strong contributor to the bottom line.

Josh Wolfson: Go ahead.

Mark Bristow: Josh, you happy with that?

Mark Hill: Josh, you happy with that?

Josh Wolfson: Reasonably happy. I may have some follow-up questions with the team.

Speaker #6: It's a strong contributor to our production profile. And so but as we ramp this up, we'll, of course, we'll continue to assess the all the full range of the strategic alternatives on this asset.

Josh Wolfson: Reasonably happy. I may have some follow-up questions with the team.

Mark Bristow: Well, let me just say something else. Look, this process where we've given all the autonomy back to that region, and we've had a focus on it, and we have had separate management teams. I will admit that the results have come quicker than I expected. Let us get through Q2 and just see where we're tracking after that.

Mark Hill: Well, let me just say something else. Look, this process where we've given all the autonomy back to that region, and we've had a focus on it, and we have had separate management teams. I will admit that the results have come quicker than I expected. Let us get through Q2 and just see where we're tracking after that.

Speaker #3: Thanks, Sally.

Speaker #5: Thank you.

Speaker #1: As a reminder, we'd like to ask a question. Please click on the raise hand button at the bottom of your screen. Our next question comes from Bennett Moore with JP Morgan.

Speaker #1: Your line is open. Please unmute and ask your question.

Speaker #4: Hi. Good morning. Can you hear me all right?

Josh Wolfson: All right. Looking forward to that. On Loulo, you talked about the underground ramp up going faster than expected. You know, in light of some of the uncertainties in Mali and some of the news on contractor changes, I guess first, you know, should we expect to see improvements in the asset into Q2? Then, more broadly, I mean, what should our expectations be under this new operating plan for this asset on a steady state basis?

Speaker #3: Yeah, I can hear you better. Thanks.

Speaker #4: Great, thanks for taking questions, and on how income cuts on the new role. I wanted to start with the broader shift in strategy outlined in the recent shareholder letter as it relates to reducing high-risk exposure in those jurisdictions and targeted acquisitions.

Speaker #4: Could you speak a bit to your framework in both? How do you go about determining which assets might be suited for investment and vice versa for acquisitions and for the latter?

Speaker #4: Is there any preference between gold and copper?

Mark Bristow: Okay. Well, I'll just give you the high-level update. Yes, you're right. It ramped up quicker than expected. It will reach its full potential by the end of the year as we planned. That remains unchanged. Once we get to steady state, you can expect 100%, I think 600 plus thousand ounces, whatever it was before we went into the care and maintenance stage. Look, it's progressing well. I'm just gonna hand over to Seb, I know he's got some other comments for Josh.

Mark Hill: Okay. Well, I'll just give you the high-level update. Yes, you're right. It ramped up quicker than expected. It will reach its full potential by the end of the year as we planned. That remains unchanged. Once we get to steady state, you can expect 100%, I think 600 plus thousand ounces, whatever it was before we went into the care and maintenance stage. Look, it's progressing well. I'm just gonna hand over to Seb, I know he's got some other comments for Josh.

Speaker #3: Okay. I think on the de-risking, obviously, we're trying to focus our growth in more stable areas, right, where we have more certainty around the mining regime and the ability to operate without a lot of interference.

Speaker #3: So without going through that list of the countries, I mean, obviously, you can see what's happened in Africa recently, which countries, but obviously, not be ideal for investment.

Speaker #3: And then about, I suppose, non-core assets is what you meant by the second part of that question about.

[Company Representative] (Barrick): Yeah. Maybe Josh, on the contractor change, we were aware that DGP was planning to exit. It also tied into our strategy to replace it with a local contractor. We expect to replace that contract by the end of the year and resume that part of the open pit mine plan. As you say, our undergrounds have ramped up nicely, our other open pits are performing, so there's no impact to the plan, and you will see a step up. I think, just on the options, Loulo still remains a strong co-contributor to the bottom line. It's a strong contributor to our production profile.

Seb Bock: Yeah. Maybe Josh, on the contractor change, we were aware that DGP was planning to exit. It also tied into our strategy to replace it with a local contractor. We expect to replace that contract by the end of the year and resume that part of the open pit mine plan. As you say, our undergrounds have ramped up nicely, our other open pits are performing, so there's no impact to the plan, and you will see a step up. I think, just on the options, Loulo still remains a strong co-contributor to the bottom line. It's a strong contributor to our production profile.

Speaker #4: Yep.

Speaker #3: Okay. Non-core assets, I mean, things like cork only, we have a minority stake in it, 24%. And obviously, send a considerable amount of management time on it.

Speaker #3: So something like that would be considered non-core. At this stage, and that would from where we are now, that would be where I end it.

Speaker #4: All right. Thanks for that. And then I appreciate the sensitivity on diesel. I'm wondering if you could remind us which operations are most exposed, what inventory buffers look like so we can, I guess, get a better gauge for the cadence of potential impacts moving forward.

[Company Representative] (Barrick): As we ramp this up, we'll of course continue to assess the full range of the strategic alternatives on this asset.

Seb Bock: As we ramp this up, we'll of course continue to assess the full range of the strategic alternatives on this asset.

Speaker #3: Okay. I can't remember what we had in that, but the sensitivity, obviously, is $12 per ounce for every $10 move in the oil price.

Mark Bristow: Thanks, Seb.

Mark Hill: Thanks, Seb.

Speaker #3: As far as supply, we went through this a bit yesterday as well. So, as far as supply goes, we are well covered everywhere. So the supply is not going to be an issue.

[Company Representative] (Barrick): Thank you.

Seb Bock: Thank you.

Cleveland Rueckert: As a reminder, if you would like to ask a question, please click on the Raise Hand button at the bottom of your screen. Our next question comes from Bennett Moore with JPMorgan. Your line is open. Please unmute and ask your question.

Operator: As a reminder, if you would like to ask a question, please click on the Raise Hand button at the bottom of your screen. Our next question comes from Bennett Moore with JPMorgan. Your line is open. Please unmute and ask your question.

Speaker #3: It's just going to be a knock-on effect on the cost per ounce. So I think we're at no risk of running out of diesel.

Bennett Moore: Hi. Good morning. Can you hear me all right?

Speaker #3: That's what's the question.

Mark Bristow: Yeah, we can hear you, Bennett. Thanks.

Mark Hill: Yeah, we can hear you, Bennett. Thanks.

Speaker #4: Okay, much appreciated. Best of luck.

Bennett Moore: Great. Thanks for taking my questions. Helen, congrats on the new role. I wanted to start with the broader shift in strategy outlined in the recent shareholder letter as it relates to reducing high risk exposure in those jurisdictions and targeted acquisitions. Could you speak a bit to your framework on both? How do you go about determining which assets might be best suited for divestment and vice versa for acquisitions? For the latter, is there any preference between gold and copper?

Speaker #3: Thanks, Bennett.

Speaker #1: Our next question comes from Anita Soni at CIBC World Markets. Your line is open. Please unmute and ask your question.

Speaker #7: Hi. Can you hear me?

Speaker #3: Yeah, we can hear you, Anita. Thanks.

Speaker #7: Okay. Good. I don't know if I can figure out the unmute button. But a couple of questions. So firstly, have you experienced any issues with constant shipments coming out of Zambia at this point?

Speaker #7: In terms of port restrictions or things like that?

Mark Bristow: Okay. Bennett, I think on the de-risking, obviously, we're trying to focus our growth in more stable areas, right, where we have more certainty around the mining regime and the ability to operate without a lot of interference. Without going through the actual list of the countries, I mean, obviously there, you can see with what's happened in Africa recently, which countries would obviously not be ideal for investment. About, I suppose, non-core assets is what you meant by the second part of that question, Bennett?

Mark Hill: Okay. Bennett, I think on the de-risking, obviously, we're trying to focus our growth in more stable areas, right, where we have more certainty around the mining regime and the ability to operate without a lot of interference. Without going through the actual list of the countries, I mean, obviously there, you can see with what's happened in Africa recently, which countries would obviously not be ideal for investment. About, I suppose, non-core assets is what you meant by the second part of that question, Bennett?

Speaker #3: Not that I'm aware of. Can you answer that?

Speaker #6: No. Look, all of our concentrate, we smelt locally. So it hasn't been an issue. And I'm not aware of any issues with the product export from there.

Speaker #6: So, no, we haven't had problems.

Speaker #7: Yeah. Moving to PV. The tonnage there, I think I had only a 15-day shutdown, but that tonnage is barely low for the quarter. Could you just talk about the tonnage of the throughput rate of PV?

Speaker #3: Okay. Let me hand it over to Tim. Tim, can you answer it?

Bennett Moore: Yep.

Speaker #8: Yeah, Anita, I think the important thing about PV is that we updated the metallurgical model, and we shared that in the updated technical report.

Mark Bristow: Okay. non-core assets, I mean, things like Kabanga, I mean, we have a minority stake in it at 24%, and we obviously spend a considerable amount of management time on it. something like that would be considered non-core at this stage. That's From where we are now, that would be where I end it.

Mark Hill: Okay. non-core assets, I mean, things like Kabanga, I mean, we have a minority stake in it at 24%, and we obviously spend a considerable amount of management time on it. something like that would be considered non-core at this stage. That's From where we are now, that would be where I end it.

Speaker #8: Part of that work, and I mentioned the last quarter, we were working with Hatch on how we can further improve this. So in addition to the outages, which happened during the month, as well as some power interruptions, which the team experienced, there is also a body of work going on with Hatch and with our team around how we can further optimize this recovery going forward.

Bennett Moore: All right. Thanks for that. Appreciate the sensitivity on diesel. Wondering if you could remind us which operations are most exposed, what inventory buffers look like, so we can, I guess, get a better gauge for the cadence of potential impacts moving forward.

Speaker #8: So you're really seeing a combination of the power, the outage for the shutdown work, and this improvement program work together in that number. But as you can see, the recovery has come up from where it was a year ago, and I think we have some optimistic programs to try and lift ourselves further from where we're at on that recovery front.

Mark Bristow: Okay. I can't remember what we had in the deck, but the sensitivity obviously is $12 of grounds for every $10 move in the oil price. As far as supply, we went through this a bit yesterday as well. As far as supply goes, we are well covered everywhere. The supply is not gonna be an issue, it's just going to be the knock-on effect on the cost per ounce. We're at no risk of running out of diesel, if that answers the question.

Mark Hill: Okay. I can't remember what we had in the deck, but the sensitivity obviously is $12 of grounds for every $10 move in the oil price. As far as supply, we went through this a bit yesterday as well. As far as supply goes, we are well covered everywhere. The supply is not gonna be an issue, it's just going to be the knock-on effect on the cost per ounce. We're at no risk of running out of diesel, if that answers the question.

Speaker #7: Yeah. I mean, I was encouraged by the recovery rate at 74%, albeit the numbers have been reduced from what our prior expectations were. But with the throughput, the combination of throughput and the slightly higher rate, I was assuming that part of that could be part of the improved recovery could be attributed to both of those factors, right?

Speaker #7: Longer retention time, given the lower tonnage. So I guess—just, are you expecting throughput next quarter to be up from where you are? I mean, you're halfway through the quarter at this point.

Bennett Moore: Okay, much appreciated. Best of luck.

Mark Bristow: Thanks, Bennett.

Mark Hill: Thanks, Bennett.

Cleveland Rueckert: Our next question comes from Anita Soni at CIBC World Markets. Your line is open. Please unmute and ask your question.

Operator: Our next question comes from Anita Soni at CIBC World Markets. Your line is open. Please unmute and ask your question.

Speaker #7: So can you let us know how it's going with PV?

Anita Soni: Hi, can you hear me?

Speaker #8: Yes, the throughput continues to increase over the year. I mean, I think your observation is exactly correct. It's about understanding that so we can work out where we need to invest to either debottleneck the throughput or get the recovery at the throughput rate we run through.

Mark Bristow: Yeah, we can hear you, Anita. Thanks.

Mark Hill: Yeah, we can hear you, Anita. Thanks.

Anita Soni: That's good. Don't know if I can figure out the unmute button. A couple of questions. Firstly, have you experienced any issues with concentrate shipments coming out of Zambia at this point, like in terms of port restrictions or things like that?

Speaker #8: So I think it's a correct observation, and we continue to push throughput this quarter and into Q3 as well.

Speaker #7: Okay. And then just a quick question on the could you give us the key drivers of where you're seeing the production improve quarter over quarter from Q1 to Q2?

Mark Bristow: Not that I'm aware of. Seb, can you answer that?

Mark Hill: Not that I'm aware of. Seb, can you answer that?

[Company Representative] (Barrick): No. Look, all of our concentrate, we smelt locally, so it hasn't been an issue. I'm not aware of any issues with the product exports from there. No, we haven't had problems.

Seb Bock: No. Look, all of our concentrate, we smelt locally, so it hasn't been an issue. I'm not aware of any issues with the product exports from there. No, we haven't had problems.

Speaker #7: So we have an idea of which and what the driver is, which assets, and what's driving that—not every asset.

Anita Soni: Yeah. Moving to PV. The tonnage there, I think I had only like a 15-day shutdown, but that tonnage was fairly low for the quarter. Could you just talk about the tonnage of at least the throughput rate at PV?

Speaker #3: Okay.

Speaker #7: Yeah.

Speaker #8: No, no. So, we see—obviously—improvements across the board as we go into the third and fourth quarter. And Anita, a lot of that is just due to the fact, which I'm going to try and change, that we come to the maintenance and shutdown in the first half of the year to try and bolster the fourth quarter, which I'm sure we're not the only ones who do that.

Mark Bristow: Okay, let me hand it over to Tim. Tim, can you answer it?

Mark Hill: Okay, let me hand it over to Tim. Tim, can you answer it?

[Company Representative] (Barrick): Yeah. Thanks, Mark. Anita, I think the important thing at PV is that we updated the metallurgical model and we shared that in the updated technical report.

Tim Cribb: Yeah. Thanks, Mark. Anita, I think the important thing at PV is that we updated the metallurgical model and we shared that in the updated technical report.

Speaker #8: But as far as other changes—maybe down in the weeds a bit—let me just ask each of the COOs to give you an answer.

[Company Representative] (Barrick): Part of that work, and I mentioned it last quarter, is we're working with Hatch on how we can further improve this. In addition to the outage which happened during the month, as well as some power interruptions which the team experienced, there is also a body of work going on with Hatch and with our team around how we can further optimize this recovery going forward. You're really seeing a combination of the power, the outage for the shutdown work, and this improvement program work together in that number. As you can see, the recovery has come up from where it sat a year ago.

Tim Cribb: Part of that work, and I mentioned it last quarter, is we're working with Hatch on how we can further improve this. In addition to the outage which happened during the month, as well as some power interruptions which the team experienced, there is also a body of work going on with Hatch and with our team around how we can further optimize this recovery going forward. You're really seeing a combination of the power, the outage for the shutdown work, and this improvement program work together in that number. As you can see, the recovery has come up from where it sat a year ago.

Speaker #8: So, can we start with you, Seb? If there's obviously Lulu Concardo around, is there anything else, Anita, you should know?

Speaker #6: No, I think we'll see. Most of the sites, especially quality, we're also—you'll start seeing the production improve. There's been a lot of some maintenance work in this first quarter, so I think.

Speaker #6: But Lulu Concardo, for us really, as you say, is the key one.

Speaker #3: Okay. Tim?

Speaker #8: I think PV for us is that we keep continuing the Goldrush underground expansion. So, you see Cortez was up first quarter, and that's really the key driver there as we deliver that body of work.

[Company Representative] (Barrick): I think, you know, we have some, you know, optimistic programs to try and lift ourselves further from where we're at on that recovery front.

Tim Cribb: I think, you know, we have some, you know, optimistic programs to try and lift ourselves further from where we're at on that recovery front.

Speaker #3: Okay. And Gary Corbett is obviously improved.

Speaker #8: Exactly.

Speaker #3: So Corbett expressed a challenging first quarter due to some sort of one-off events, also behind maintenance. So we should see an uptick for Q2.

Anita Soni: Yeah. I mean, I was encouraged by the recovery rate at 74%. I mean, albeit the numbers have been reduced from what our prior expectations were. With the throughput, the combination of the throughput and the slightly higher grade, I was assuming that part of the improved recovery could be attributed to both those factors, right? Longer retention time, given the lower tonnage. I guess I'm just Like, are you expecting throughput next quarter to be up from where you are? I mean, you're halfway through the quarter at this point. Can you let us know how it's going at PV?

Speaker #3: And for the bearers, should be looking in mind so that no big change.

Speaker #8: Yeah. Validera made this so clear because we did pull some answers for it as you would have seen. Into Q1. So again, it's just we're just drawing down inventory on our pad.

Speaker #8: So, we'll have to pay for that in Q2 with Validera.

Speaker #7: Okay. And then my final question. So there was some press release, I guess, that came out April 28th—an update on the IPO process. I was intrigued by your comment about the commentary regarding bringing discussions of bringing formal in into the fold, I guess.

Mark Bristow: Yeah. Throughput continues to increase over the year. I mean, I think your observation is exactly correct. It's about understanding that so that we can work out where we needed to invest to either de-bottleneck the throughput or lift the recovery at the throughput rate we run through. I think it's a correct observation and we continue to push throughput this quarter and into Q3 as well.

Tim Cribb: Yeah. Throughput continues to increase over the year. I mean, I think your observation is exactly correct. It's about understanding that so that we can work out where we needed to invest to either de-bottleneck the throughput or lift the recovery at the throughput rate we run through. I think it's a correct observation and we continue to push throughput this quarter and into Q3 as well.

Speaker #7: And I'm not sure if it was said earlier than planned or not, or maybe I was just reading into that and hoping for that.

Speaker #7: But could you give some color on exactly how formal fits in? What is the nature of the discussions with Newmont at this stage?

Speaker #3: Sure. So last week, the relationship with Newmont has, well, completely changed. So one of the things we did offer Newmont is, "Look, come in and have a look at Formal Early." Because eventually, it has to come in the joint venture.

Anita Soni: Okay. Just a quick question on the key drivers of where you're seeing the production improve quarter over quarter from Q1 to Q2, so we have an idea of which, you know, and what the driver, like which assets and what's driving that? Not every asset.

Speaker #3: And Newmont will be part of that now. The trigger, as you point out, is not now. It's not till, I think, the feasibility into 2029 where we have to actually reach agreement.

Speaker #3: But they're seeing no reason not to give them full access to the data. And then we can have a discussion going forward about how we want to manage it.

Mark Bristow: Okay.

Mark Hill: Okay.

Anita Soni: The movers. Yeah.

Mark Bristow: No, no. We see obviously improvements across the board as we go into Q3 and Q4. Anita, a lot of that is just due to the fact, which I'm going to try and change this, where we punt all the maintenance and shutdowns into H1 to try and bolster Q4, which I'm sure we're not the only ones who do that. As far as other changes maybe down in the weeds a bit, let me just ask each of the COOs to give you an answer. Can we start with you, Seb, if there's obviously Loulo-Gounkoto ramp up. Is there anything else Anita should know?

Mark Hill: No, no. We see obviously improvements across the board as we go into Q3 and Q4. Anita, a lot of that is just due to the fact, which I'm going to try and change this, where we punt all the maintenance and shutdowns into H1 to try and bolster Q4, which I'm sure we're not the only ones who do that. As far as other changes maybe down in the weeds a bit, let me just ask each of the COOs to give you an answer. Can we start with you, Seb, if there's obviously Loulo-Gounkoto ramp up. Is there anything else Anita should know?

Speaker #3: They're still going through that data, so I really haven't got an update thus far.

Speaker #7: I guess I was wondering if there are any possibility of it coming into the fold earlier than the feasibility study. And you mentioned the PFS is due in or will be done in 2028.

Speaker #7: So I'm curious as to whether or not you can come to an agreement to bring it forward.

Speaker #3: Anita, if we can reach an agreement, I mean, we would bring it in for sure. I mean, that's not an easy question to answer because obviously, it's a PEA level who's comfortable on which parts of it.

Speaker #3: And we'll have that discussion. Like I said, though, it will be an open discussion. And we'll just see if we can bring it in early.

[Company Representative] (Barrick): No, I think, you'll see most of the sites, especially Kibali, we're also, you'll start seeing the production improve. There's been a lot of, you know, some maintenance work in this Q1. I think Loulo-Gounkoto for us really, as you say, is the key one.

Speaker #3: We will. And if we can't, we'll leave it to those with the current agreement.

Seb Bock: No, I think, you'll see most of the sites, especially Kibali, we're also, you'll start seeing the production improve. There's been a lot of, you know, some maintenance work in this Q1. I think Loulo-Gounkoto for us really, as you say, is the key one.

Speaker #7: Okay, I will stop there and hopefully try and get on and probably ask a question around the audit that you want to be doing.

Speaker #7: Thanks.

Speaker #8: Actually, operator, I have Tanya. I've got your actual email. So I'm not sure—do you want to try once more to see if you can actually ask the question?

Mark Bristow: Okay. Tim?

Mark Hill: Okay. Tim?

[Company Representative] (Barrick): The key for us is that we keep continuing the Goldrush underground expansion. You'll see Cortez was up for the quarter, and that's really the key driver there as we deliver that body of work.

Tim Cribb: The key for us is that we keep continuing the Goldrush underground expansion. You'll see Cortez was up for the quarter, and that's really the key driver there as we deliver that body of work.

Speaker #8: Otherwise, I'll read them out.

Speaker #9: Sure. Tanya, did you connect? You are allowed to speak now. Please go ahead and unmute yourself.

Mark Bristow: Okay. Gary, Bulyanhulu has obviously improved.

Mark Hill: Okay. Gary, Bulyanhulu has obviously improved.

[Company Representative] (Barrick): Exactly. Bulyanhulu experienced a challenging Q1 due to some sort of one-off events and also planned maintenance. We should see an uptick for Q2. Veladero should broadly in line, there's no big change.

Tim Cribb: Exactly. Bulyanhulu experienced a challenging Q1 due to some sort of one-off events and also planned maintenance. We should see an uptick for Q2. Veladero should broadly in line, there's no big change.

Speaker #7: Can you hear me now?

Speaker #8: I can hear you now. Thank goodness. I thought you were going to get a complex and.

Speaker #7: Oh, my goodness. Okay. Man, I feel like—what's his name? Tom Hanks—he goes, "Yes, Houston." Making contact here. Okay, all right. Thank you for taking the time and, first of all, I do want to say, Mark, congrats on improving the safety at Nevada Boulder, and I'm assuming that's the majority there.

Mark Bristow: Yeah, Veladero, and just so we're clear, because we did pull some ounces forward, as you would've seen, into Q1. Again, it's just, we're just drawing down inventory on the pad.

Mark Hill: Yeah, Veladero, and just so we're clear, because we did pull some ounces forward, as you would've seen, into Q1. Again, it's just, we're just drawing down inventory on the pad.

Mark Bristow: we'll have to pay for that in Q2 with Veladero.

Mark Hill: we'll have to pay for that in Q2 with Veladero.

Anita Soni: Okay. My final question. There was some, a press release I guess came out 28 April, update on the IPO process. I was intrigued by your comment about, or commentary about bringing discussions on bringing Four Mile in into the fold, I guess. I'm not sure if it said earlier than planned or not, or maybe I was just reading into that and hoping for that. Could you give some color on what exact, like how does Four Mile fit in? What are the nature of the discussions with Newmont at this stage?

Speaker #7: And one of my first questions on Nevada Boulder is, you've seen that increase in productivity. Have you also seen an improvement in the turnover?

Speaker #3: So that's a good question. The turnover hasn't changed as far as I am. I'm looking at Vassel, and they're nodding. So, I think—look, I think the—I'm just going to say, I think the morale and the excitement about NGM and where it's going is definitely evident on the ground.

Mark Bristow: Sure. Look, the relationship with Newmont has, well, completely changed. One of the things we did offer Newmont is look, come in and have a look at Fourmile early, because eventually it has to come in the joint venture, and Newmont will be part of that. Now, the trigger, as you point out, is not now. It's not till, I think, the feasibility in 2029, where we have to actually reach agreement. They're seeing no reason to not give them full access to the data, and then we can have a discussion going forward about how we wanna manage it. They're still going through that data, really haven't got an update past that.

Mark Hill: Sure. Look, the relationship with Newmont has, well, completely changed. One of the things we did offer Newmont is look, come in and have a look at Fourmile early, because eventually it has to come in the joint venture, and Newmont will be part of that. Now, the trigger, as you point out, is not now. It's not till, I think, the feasibility in 2029, where we have to actually reach agreement. They're seeing no reason to not give them full access to the data, and then we can have a discussion going forward about how we wanna manage it. They're still going through that data, really haven't got an update past that.

Speaker #3: I mean, I was there actually with Natasha last week, and we did a line out, and everyone seems focused. So I would hope that that turnover number starts to improve.

Speaker #3: But no, it hasn't yet.

Speaker #7: And in your mind, was it 12% to resell at 12%?

Speaker #3: Sorry, Tanya. I had trouble hearing you, so I thought it was 12. Or is it 12, or 14?

Speaker #9: 14%.

Speaker #3: 14%.

Speaker #7: Okay. Okay. Thank you for that. And just again, at Nevada Boulder Mines—and I know Anita asked about bringing Newmont in earlier for formal 160 included in stock.

Anita Soni: I guess I was wondering, is there any possibility of it coming into the fold earlier than the feasibility study? You mentioned the PFS is due in or it will be done in 2028. I'm curious as whether or not you can come to an agreement to bring it forward.

Speaker #7: Is there anything in your discussions with them? I know that you only have a PEA and they have a feasibility study. Because you need to have reserves, I guess, for US GAAP for them to kind of do any calculations.

Mark Bristow: Anita, if we can reach an agreement, I mean, we would bring it in for sure. I mean, that's not an easy question to answer because obviously it's a PEA level. Who's comfortable on which parts of it? We'll have that discussion. Like I said, though, it'll be an open discussion, and we'll just see. If we can bring it in early, we will. If we can't, we'll leave it as per the current agreement.

Mark Hill: Anita, if we can reach an agreement, I mean, we would bring it in for sure. I mean, that's not an easy question to answer because obviously it's a PEA level. Who's comfortable on which parts of it? We'll have that discussion. Like I said, though, it'll be an open discussion, and we'll just see. If we can bring it in early, we will. If we can't, we'll leave it as per the current agreement.

Speaker #7: But is there a way that this could be also brought in over a period of time? Is that an option as well?

Speaker #3: Actually, Tanya, I'm not sure. I think—sorry, and look, I don't want to speak on behalf of Newmont here, so I need to be careful.

Anita Soni: Okay. I will stop there. Hopefully Tanya can get on and probably ask a question around the, around the audit that Newmont is doing. Thanks.

Speaker #3: But like I said, they have all the information now, including all the financial model. And if we can bring in it earlier, I can't see how that is not advantageous to both of us.

Mark Bristow: Actually, operator, I have Tanya. I've got your actual email. I'm not sure. Do you wanna try once more to see if you can actually ask the question? Otherwise, I'll read them out.

Mark Hill: Actually, operator, I have Tanya. I've got your actual email. I'm not sure. Do you wanna try once more to see if you can actually ask the question? Otherwise, I'll read them out.

Speaker #3: But I really can't say much more than that. And I certainly can't speak to what they're thinking at this stage.

Speaker #7: Okay. Thank you for that. And if I could ask on this Mally, obviously, a lot of countries and country issues that are occurring there.

Cleveland Rueckert: Sure. Tanya Jakuskonak, you are allowed to speak now. Please go ahead and unmute yourself.

Operator: Sure. Tanya Jakuskonak, you are allowed to speak now. Please go ahead and unmute yourself.

Tanya Jakuskonak: Can you hear me now?

Tanya Jakusconek: Can you hear me now?

Speaker #7: And I keep getting asked on the impact to you and your operations supplies and other communities. Give us an update on anything, any impacts that are happening to you because of country issues versus your own how you're doing your line time.

Mark Bristow: I can hear you now. Thank goodness. I thought you were gonna get a complex-

Mark Hill: I can hear you now. Thank goodness. I thought you were gonna get a complex-

Tanya Jakuskonak: Oh, my God. It took me time here. Oh, my goodness. Okay. Man, I feel like that, what's his name? Tom Hanks goes, Yes, Houston, we've made contact here. Okay. All right. Thank you for trying to come. First of all, I do wanna say, Mark, congrats on improving the safety at Nevada Gold Mines, and I'm assuming that that's majority there. One of my first questions on Nevada Gold Mines is, you've seen that increase in productivity. Have you also seen an improvement in the turnover?

Tanya Jakusconek: Oh, my God. It took me time here. Oh, my goodness. Okay. Man, I feel like that, what's his name? Tom Hanks goes, Yes, Houston, we've made contact here. Okay. All right. Thank you for trying to come. First of all, I do wanna say, Mark, congrats on improving the safety at Nevada Gold Mines, and I'm assuming that that's majority there. One of my first questions on Nevada Gold Mines is, you've seen that increase in productivity. Have you also seen an improvement in the turnover?

Speaker #3: Sorry, Tanya. You're talking just specifically Mally, yes?

Speaker #7: Yes. Specifically Mally.

Speaker #3: Okay. Look, I'll start off, and then I'll go hand over to Seb. So obviously, we've had a good run, as you've seen. So we've been unimpeded in getting this thing up and running, which was a pleasant surprise.

Speaker #3: And the roadblocks, all the difficulties that Seb's facing, actually, we'll hand over to Seb and let him speak for himself if there's anything you want to highlight.

Mark Bristow: That's a good question. The turnover hasn't changed as far as I am. I'm looking at Vestel and Tim, they're nodding. I'm just gonna say, I think the morale and the excitement about NGM and where it's going is definitely evident on the ground. I mean, I was out actually with Natasha last week, and we went and did a line out, and everyone seems focused. I would hope that that turnover number, it starts to improve. No, it hasn't bit yet.

Mark Hill: That's a good question. The turnover hasn't changed as far as I am. I'm looking at Vestel and Tim, they're nodding. I'm just gonna say, I think the morale and the excitement about NGM and where it's going is definitely evident on the ground. I mean, I was out actually with Natasha last week, and we went and did a line out, and everyone seems focused. I would hope that that turnover number, it starts to improve. No, it hasn't bit yet.

Speaker #8: Look, Tanya, we haven't had any impact on our operations. Our supply chain's coming through Senegal. So it doesn't really impact us. The roadblocks that's into Bamako we've got at least five months of supplies on our key inventory holdings.

Speaker #8: And most of our contractors are local so really, and diesel's also not been an issue. We secured about three months of stock, which was strong pipeline.

Tanya Jakuskonak: Can you remind me, was it 12%? Was that 12%?

Tanya Jakusconek: Can you remind me, was it 12%? Was that 12%?

Speaker #8: So we're operating as normal at the moment, and there's been no impact.

Speaker #7: Okay. And then, Mark, if I could just ask my final question. On the IPO of the North American assets, can you just review with us the timeline of all of the documentation?

Mark Bristow: Sorry, Tanya, I have trouble hearing you. I thought it was 12, or is it 12% or 14%, Tim?

Mark Hill: Sorry, Tanya, I have trouble hearing you. I thought it was 12, or is it 12% or 14%, Tim?

[Company Representative] (Barrick): 14%.

Tim Cribb: 14%.

Mark Bristow: 14%.

Mark Hill: 14%.

Tanya Jakuskonak: Okay. Okay, thank you for that. Just again, at Nevada Gold Mines, and I know I need to ask on bringing new mines in earlier for Fourmile once it's included in stock. Is there anything in, you know, in your discussions with them, I know that you only have a PEA and, you know, they might have a feasibility study because you need to have reserves, I guess, for, you know, US GAAP for them to kind of do any calculations. Is there a way that this could be also brought in, you know, over a period of time? Is that an option as well?

Tanya Jakusconek: Okay. Okay, thank you for that. Just again, at Nevada Gold Mines, and I know I need to ask on bringing new mines in earlier for Fourmile once it's included in stock. Is there anything in, you know, in your discussions with them, I know that you only have a PEA and, you know, they might have a feasibility study because you need to have reserves, I guess, for, you know, US GAAP for them to kind of do any calculations. Is there a way that this could be also brought in, you know, over a period of time? Is that an option as well?

Speaker #7: First of all, all the documentation that is required—sort of the timeline that you need them all filed and available to the public—so that you can make your year-end deadline.

Speaker #7: So, if we don't have it by X date, when do we slip into 2027? So, I'm just trying to understand which documents we need.

Speaker #7: I think board of directors, financials, etc. And when do we get this in the market?

Speaker #8: Okay, Tanya. Look, obviously, I know the high-level timeline. But let me hand it over to George. He can probably give you a bit more granular detail.

Speaker #7: Thank you, Tanya. How are you?

Speaker #8: Sorry. So just in terms of answering your question, we need to file with the SEC, and we also file with TSX. So those I know. It's Australia, but my advisers told me they can't say much.

Mark Bristow: Actually, Tanya, I'm not sure. Sorry, I don't wanna speak on behalf of Newmont either here, so I need to be a bit careful. Like I said, they have all the information now, including all the financial models. If we can bring it in early, I can't see how that is not a benefit just to both of us. I really can't say much more than that, and I certainly can't speak to what they're thinking at this stage.

Mark Hill: Actually, Tanya, I'm not sure. Sorry, I don't wanna speak on behalf of Newmont either here, so I need to be a bit careful. Like I said, they have all the information now, including all the financial models. If we can bring it in early, I can't see how that is not a benefit just to both of us. I really can't say much more than that, and I certainly can't speak to what they're thinking at this stage.

Speaker #8: But effectively, what we're looking at is we'll public sometime late this summer. Which then allows us to access the market in the four weeks while we're confident that we can do this by year-end this year.

Speaker #8: So just to be clear, we've been working since the board gave us the approval at the last board meeting. We've been working on these documents—like you said, the financials, etc.

Tanya Jakuskonak: Okay. Thank you for that. If I could ask on just Mali, you know, obviously a lot of, country and country issues that are occurring there, and I keep getting asked on the impact to you and your operations, supplies and other. Can you just give us an update on anything, any impacts that are happening to you because of, you know, country or country issues versus your own, you know, how you're doing on time?

Tanya Jakusconek: Okay. Thank you for that. If I could ask on just Mali, you know, obviously a lot of, country and country issues that are occurring there, and I keep getting asked on the impact to you and your operations, supplies and other. Can you just give us an update on anything, any impacts that are happening to you because of, you know, country or country issues versus your own, you know, how you're doing on time?

Speaker #8: Those have all been done. And we're in the process of filing all of that. And like I said, it will be done by late summer.

Speaker #8: We'll have all the information. We'll be able to answer all the questions.

Speaker #7: And am I correct that you need three-year financials? You need to file technical reports on Nevada Boulder Mines for a mile and several vehicles again.

Speaker #7: Is that the function?

Speaker #8: That's correct. So the team has done the perimeters, obviously NGM, PV plus Fourmile. And that's what the financials will reflect.

Mark Bristow: Sorry, Tanya. This, you're talking just specifically Mali, yes?

Mark Hill: Sorry, Tanya. This, you're talking just specifically Mali, yes?

Tanya Jakuskonak: Yes. Just specifically Mali.

Tanya Jakusconek: Yes. Just specifically Mali.

Mark Bristow: Okay. Look, I'll start off, then I'm gonna hand over to Seb. Obviously we've had a good run, as you've seen. We've been unimpeded in getting this thing up and running, which was a pleasant surprise. The roadblocks or the difficulties that Seb's facing, actually, I'll hand over to Seb and let him speak for himself if there's anything he wants to highlight.

Mark Hill: Okay. Look, I'll start off, then I'm gonna hand over to Seb. Obviously we've had a good run, as you've seen. We've been unimpeded in getting this thing up and running, which was a pleasant surprise. The roadblocks or the difficulties that Seb's facing, actually, I'll hand over to Seb and let him speak for himself if there's anything he wants to highlight.

Speaker #7: Okay. Look forward to getting those documents. Thank you for taking my questions. And thank you for your patience.

Speaker #3: Thanks, Tanya. And I'll stay from you.

Speaker #9: Our next question comes from Martin Pradera at Veritas. Your line is open. Please unmute and ask your question.

Speaker #10: Can you hear me?

[Company Representative] (Barrick): Look, Tanya, we haven't had any impact on our operations. Our supply chain's coming through Senegal, so it doesn't really impact us, the roadblocks that's into Bamako. We've got at least 5 months of supplies on, you know, our key inventory holdings. Most of our contractors are local. Really, and diesel's also not been an issue. We've secured about 3 months of stock, which, with a strong pipeline. We are operating as normal at the moment, and there's been no impact.

Seb Bock: Look, Tanya, we haven't had any impact on our operations. Our supply chain's coming through Senegal, so it doesn't really impact us, the roadblocks that's into Bamako. We've got at least 5 months of supplies on, you know, our key inventory holdings. Most of our contractors are local. Really, and diesel's also not been an issue. We've secured about 3 months of stock, which, with a strong pipeline. We are operating as normal at the moment, and there's been no impact.

Speaker #3: Yeah, we can hear you, Mark.

Speaker #10: Perfect. Can you explain how the equity pickup in Kivali was 204 million in Q1? And this is similar to the equity pickup in the whole year 2025.

Speaker #3: I'm not sure I understand that question, Seb. Can you answer that?

Speaker #8: Sorry, just to repeat it, I didn't get it.

Speaker #10: So the.

Speaker #3: I'm sorry. Can you repeat it?

Speaker #10: Yeah. The equity pickup in first Q1 2026 for Kivali was $204 million, which is similar to the equity pickup that you had in the full year 2025.

Tanya Jakuskonak: Okay. Mark, if I could just ask my final question, just on the IPO of the North American assets. Can you just review with us the timeline of all of the documentations that are required, sort of the timeline that you need them all filed and available to the public before so that you can make your year-end deadline. If we don't have it by X, you know, date, do we slip into 2027? I'm just trying to understand documents that we need, I think Board of Directors, financials, et cetera, and when can we get this in the market?

Tanya Jakusconek: Okay. Mark, if I could just ask my final question, just on the IPO of the North American assets. Can you just review with us the timeline of all of the documentations that are required, sort of the timeline that you need them all filed and available to the public before so that you can make your year-end deadline. If we don't have it by X, you know, date, do we slip into 2027? I'm just trying to understand documents that we need, I think Board of Directors, financials, et cetera, and when can we get this in the market?

Speaker #10: So what happened? I mean, it's much higher than the same quarter last year. What happened there? Is there any extraordinary thing?

Speaker #3: I mean, there's nothing extraordinary. So I think what I would suggest is to send us an email so that we can understand exactly what you're pointing to.

Speaker #8: Sorry, George, do you want to comment?

Speaker #3: He's not on the line. Okay.

Speaker #8: Oh, sorry, Martin. Can we come back to you on that?

Speaker #3: Yeah, sure.

Speaker #10: And then Helen's got that. And just one minute, Martin.

Speaker #7: Yeah, so this is mainly the reversal of the super profit tax. That is our current answer to you. Is there anything more we'll follow up with you on?

Mark Bristow: Okay. Tanya, look, obviously I know the high-level timeline, but, let me hand it over to George, and he can probably give you a bit more granular detail.

Mark Hill: Okay. Tanya, look, obviously I know the high-level timeline, but, let me hand it over to George, and he can probably give you a bit more granular detail.

[Company Representative] (Barrick): Thanks, Tanya. How are you? Sorry. Just in terms of answering your question, we need to file with the SEC, we need to file with TSX. Those, you know, I know it's Australian, but our advisors tell me that I can't say much. Effectively what we're looking at is we'll be public sometime late in the summer, which then allows us to access the market in the fall, which is why we're confident that we can do this by year-end this year. Just to be clear, we've been working since the board gave us the approval at the last board meeting. We've been working on these documents, like you said, the financials, et cetera. Those have all been done, and we're in the process of filing all of that.

George Joannou: Thanks, Tanya. How are you? Sorry. Just in terms of answering your question, we need to file with the SEC, we need to file with TSX. Those, you know, I know it's Australian, but our advisors tell me that I can't say much. Effectively what we're looking at is we'll be public sometime late in the summer, which then allows us to access the market in the fall, which is why we're confident that we can do this by year-end this year. Just to be clear, we've been working since the board gave us the approval at the last board meeting. We've been working on these documents, like you said, the financials, et cetera. Those have all been done, and we're in the process of filing all of that.

Speaker #10: The reversal of what?

Speaker #7: Super profit tax.

Speaker #10: Super profit tax. Okay. And how big was that?

Speaker #3: I don't know, Martin. Look, can we follow up offline? I think that will be good.

Speaker #10: Maybe it's too detailed. That's fine. Thank you.

Speaker #8: I'll just update detail. I just don't know how to answer.

Speaker #9: Our next question comes from Stephen Green with TD Securities. Your line is open. Please unmute and ask your question.

Speaker #11: Yeah, good morning, everyone. Just a quick follow-up. I guess this one's for Helen. Regarding the NCIB, are there any restrictions in buying back shares once the IPO process is underway?

[Company Representative] (Barrick): Like I said, we'll be done by late summer. You'll have all the information. We'll be able to answer all the questions.

George Joannou: Like I said, we'll be done by late summer. You'll have all the information. We'll be able to answer all the questions.

Tanya Jakuskonak: Am I correct that you need 3-year financial, you need to file technical reports on Nevada Gold Mines, Fourmile, and several other holes again? Is that correct assumption?

Tanya Jakusconek: Am I correct that you need 3-year financial, you need to file technical reports on Nevada Gold Mines, Fourmile, and several other holes again? Is that correct assumption?

Speaker #7: Hi. Thank you for your question. Yes, there will be a period, according to all the regulations. Our buyback will be executed only when it's regulatory possible.

[Company Representative] (Barrick): That's correct. The team has done Like, the perimeter is obviously, you know, NGM, PV, plus Fourmile, and that's what the financials will reflect.

George Joannou: That's correct. The team has done Like, the perimeter is obviously, you know, NGM, PV, plus Fourmile, and that's what the financials will reflect.

Speaker #11: Okay. Great. Thank you.

Speaker #7: Thank you.

Tanya Jakuskonak: I look forward to getting those documents. Thank you for taking my questions, and thank you for your patience.

Tanya Jakusconek: I look forward to getting those documents. Thank you for taking my questions, and thank you for your patience.

Speaker #9: Our next question comes from Brian McArthur at Raymond James. Your line is open. Please unmute and ask your question. Brian, your line is open.

Mark Bristow: Thanks, Tanya. I'll take from here.

Mark Hill: Thanks, Tanya. I'll take from here.

Cleveland Rueckert: Our next question comes from Martin Pradera at Veritas. Your line is open. Please unmute and ask your question.

Cleve Rueckert: Our next question comes from Martin Pradera at Veritas. Your line is open. Please unmute and ask your question.

Speaker #9: Please go ahead and unmute and ask your question.

Martin Pradera: Can you hear me?

Martin Pradier: Can you hear me?

Mark Bristow: Yeah, we can hear you, Mart.

Mark Hill: Yeah, we can hear you, Mart.

Martin Pradera: Perfect. Can you explain how the equity pickup in Kibali was $204 million in Q1? This is similar to the equity pickup in the whole year 2025.

Martin Pradier: Perfect. Can you explain how the equity pickup in Kibali was $204 million in Q1? This is similar to the equity pickup in the whole year 2025.

Speaker #3: Yeah. Thanks for your operator. Thanks for you having the same problem again, Brian. You're welcome to email the question. We will answer it.

Speaker #8: Sorry. Hi, Mark. Can you hear me?

Speaker #3: I can hear you now, Brian. Yes.

Speaker #8: Sorry about that. I just have a hard time here too. I'm just following up on one of your earlier questions about non-core assets. You mentioned Fordrup.

Mark Bristow: I'm not sure I understand that question. Seb, can you answer that?

Mark Hill: I'm not sure I understand that question. Seb, can you answer that?

Speaker #8: But is there anything on the copper side, historically, with some discussion that over time has elevated? Might be potentially divested. Any comment on that at all, please?

Cleve Rueckert: Sorry, just repeat it. I didn't get that.

Seb Bock: Sorry, just repeat it. I didn't get that.

Martin Pradera: So the-

Martin Pradier: So the-

Mark Bristow: I'm sorry, can you repeat that?

Mark Hill: I'm sorry, can you repeat that?

Martin Pradera: Yeah. The equity pickup in Q1 2026 for Kibali was $204 million, which is similar to the equity pickup that you had in the full 2025. What happened? I mean, it's much higher than the same quarter last year. What happened there? Is there any extraordinary thing?

Martin Pradier: Yeah. The equity pickup in Q1 2026 for Kibali was $204 million, which is similar to the equity pickup that you had in the full 2025. What happened? I mean, it's much higher than the same quarter last year. What happened there? Is there any extraordinary thing?

Speaker #3: Yeah, so there's no Brian. Yes, there's no process or anything going on at the moment to divest Silicon, no.

Speaker #8: Thanks very much.

Speaker #3: Thanks, Brian.

Speaker #9: That concludes our Q&A session for today. Back to Cleveland for any closing remarks.

Speaker #8: Great. Thank you, everyone, for joining us today. We look forward to speaking with you again on our second quarter results call. August, as always, please get in touch with us again for further follow-up questions.

Cleve Rueckert: I mean, there's nothing extraordinary. I think, what I would suggest is to send us an email so that we can understand exactly what you're pointing to.

Seb Bock: I mean, there's nothing extraordinary. I think, what I would suggest is to send us an email so that we can understand exactly what you're pointing to.

Speaker #8: Thanks again.

Mark Bristow: Sorry, Bruce, did you wanna comment? He's not online. Okay. Sorry, Martin, can we come back to you on that?

Mark Hill: Sorry, Bruce, did you wanna comment? He's not online. Okay. Sorry, Martin, can we come back to you on that?

Martin Pradera: Yeah, sure.

Martin Pradier: Yeah, sure.

Mark Bristow: Hang on. I'm sorry. Helen's got something for that. Hang on just 1 minute, Martin.

Mark Hill: Hang on. I'm sorry. Helen's got something for that. Hang on just 1 minute, Martin.

Helen Cai: Yeah. This is mainly the reversal of the super profit tax. That is our current answer to you. If there's anything more, we'll follow up with you offline.

Martin Pradera: Yeah. The reversal of what?

Martin Pradier: Yeah. The reversal of what?

Helen Cai: super profit tax.

Martin Pradera: Okay. How big that was?

Martin Pradier: Okay. How big that was?

Mark Bristow: I don't know, Martin. Look, can we follow up offline?

Mark Hill: I don't know, Martin. Look, can we follow up offline?

Martin Pradera: Okay.

Martin Pradier: Okay.

Mark Bristow: We'll get you a quick.

Mark Hill: We'll get you a quick.

Martin Pradera: Fair enough. Fair enough. Maybe it's too detailed. That's fine. Thank you.

Martin Pradier: Fair enough. Fair enough. Maybe it's too detailed. That's fine. Thank you.

Mark Bristow: It's not too detailed, I just don't know the answer.

Mark Hill: It's not too detailed, I just don't know the answer.

Cleveland Rueckert: Our next question comes from Greg Barnes with TD Securities. Your line is open. Please unmute and ask your question.

Operator: Our next question comes from Greg Barnes with TD Securities. Your line is open. Please unmute and ask your question.

Greg Barnes: Yeah. Good morning, everyone. Just a quick follow-up. I guess this one's for Helen, regarding the NCIB. Are there any restrictions in buying back shares once the IPO process is underway?

Steven Green: Yeah. Good morning, everyone. Just a quick follow-up. I guess this one's for Helen, regarding the NCIB. Are there any restrictions in buying back shares once the IPO process is underway?

Helen Cai: Hi. Thank you for your question. Yes, there will be blackout period, according to all the regulations. Our buyback will be executed only when it is regulatory possible.

Greg Barnes: Okay, great. Thank you.

Steven Green: Okay, great. Thank you.

Helen Cai: Thank you.

Cleveland Rueckert: Our next question comes from Brian MacArthur at Raymond James. Your line is open. Please unmute and ask your question. Brian, your line is open. Please go ahead and unmute, and ask your question.

Operator: Our next question comes from Brian MacArthur at Raymond James. Your line is open. Please unmute and ask your question. Brian, your line is open. Please go ahead and unmute, and ask your question.

Mark Bristow: Brian, it seems we have the same problem again, Brian. You're welcome to email the question, and we will answer it.

Mark Hill: Brian, it seems we have the same problem again, Brian. You're welcome to email the question, and we will answer it.

Brian MacArthur: Sorry. Hi, Mark. Can you hear me?

Mark Bristow: I can hear you now, Brian. Yes.

Mark Hill: I can hear you now, Brian. Yes.

Brian MacArthur: Sorry about that. I'm just having a hard time here too. I'm just following up on one of your earlier questions about non-core assets. You mentioned Portora. Is there anything on the copper side historically with some discussion that over time Zaldívar might be potentially divested? Can you comment on that at all, please?

Mark Bristow: Yeah. There's no, Brian, yes, there's no process or anything going on at the moment to divest or sell the.

Mark Hill: Yeah. There's no, Brian, yes, there's no process or anything going on at the moment to divest or sell the.

Brian MacArthur: Thanks very much.

Mark Bristow: Thanks, Brian.

Mark Hill: Thanks, Brian.

Cleveland Rueckert: That concludes our Q&A session for today. Back to Clive for any closing remarks.

Operator: That concludes our Q&A session for today. Back to Clive for any closing remarks.

Cleve Rueckert: Great. Thank you everyone for joining us today. We look forward to speaking with you again on our Q2 results call in August. As always, please get in touch with us if you have any further follow-up questions. Thanks again.

Mark Bristow: Thank you. Cheers.

Mark Hill: Thank you. Cheers.