Barrick Mining Corp. Q3 FY2024 earnings call

• Safety: Journey to zero impacted by a fatality at Kobali, but four lost-time injury-free months and decreasing injury rates are encouraging. - Mine closure liabilities: Methodically moving to non-operating tailings storage facilities, reduced closure liabilities by over $1 billion (36% reduction). - North American operations: Substantial investment in Nevada mines, Gold Quarry Roaster expansion completed, New Goldrush mine ramping up. Fourmile project: World-class asset with potential, drill testing ongoing. - Latin America and Asia Pacific: Pueblo Viejo plant ramp-up, Porgera production increase despite challenges, Reko Diq copper-gold project on track for feasibility study by end of 2024. - African and Middle East: Lumwana and Loulo-Gounkoto as cash generators, Kibali's renewable energy initiatives, ongoing negotiations in Mali regarding benefit sharing.

Gold operations: Higher performance driven by higher gold price and cost discipline. Gold production in line with previous quarter; cost per ounce increased due to planned maintenance and royalties, partially offset by sustaining capital. Copper production up 12% quarter on quarter, costs reduced. Pueblo Viejo: Plant ramp-up, 23% quarterly production increase, unit costs reduced, targeting annual average gold production over 800,000 ounces to 2040. Porgera: 64% quarter-on-quarter production increase in Q3 despite challenges. Lumwana: Cash generator, feasibility study scheduled for completion by end of year. Loulo-Gounkoto: Production up 5% quarter on quarter, expected full-year production at top end of guidance range. Revenue contribution details not explicitly provided in the transcript to calculate percentages.

• Production guidance within range but at lower end. - PV ramping up into next year, focus on cost control rather than production. - Update on investor day on 22nd November with detailed plans. - Expect all-in sustaining costs to come down through various investments and optimizations. - Guidance on costs rather than production in some segments like LATAM.

• Safety: Fatality at Kobali impacted safety journey. - Operational: Pueblo Viejo commissioning plagued by equipment failures and conveyor collapse. Nevada Gold Mines facing challenges with Gold Quarry pit sidewall failure. - Negotiations: Uncertainty in Mali regarding benefit sharing with the transitional government affecting the complex's sustainability.

Q: Dan Major from UBS asked about production guidance, sustaining CapEx, and outlook for 2025.

A: Mark Bristow discussed Nevada's Gold Quarry pit issues, focus on margins over production, investor day details, and cost control in PV and Turquoise Ridge.

Q: Alan Spence from BNP Paribas asked about CapEx guidance, reserve replenishment, and environmental rehab.

A: Graham Shuttleworth and Mark Bristow talked about CapEx guidance, reserve replenishment in different regions, and progress in environmental rehab and mine closure engineering.

Q: Lawson Winder from Bank of America Securities asked about 2025 CapEx, Fourmile resource estimate, and gold price assumption.

A: Mark Bristow and Simon Jimenez mentioned investor day details, Fourmile resource update completion, and gold price assumption of around $1,400.

Q: Anita Soni from CIBC World Markets asked about Nevada Gold Mines grade, Turquoise Ridge struggles, and inflationary pressures.

A: Mark Bristow discussed grade uptick expectations, Turquoise Ridge challenges (backfill infrastructure, process reliability), and cost management strategies.

Q: Tanya Jakusconek from Scotiabank asked about Pueblo Viejo nameplate capacity, Nevada Gold Mines volume, Mali contract, and wage inflation.

A: Mark Bristow and Graham Shuttleworth addressed Pueblo Viejo recovery timeline, Nevada Gold Mines volume constraints, Mali negotiations, and wage inflation range expectations.