Barrick Mining Corp. Q1 FY2025 earnings call

• Rebranded to Barrick Mining Corporation with ticker change to B, reflecting focus on long-life gold assets and growing copper. - Production was up at the top of guidance, maintained dividend at $0.10 per share, reduced debt, and continued share buyback. - Announced $1 billion sale of Donlin to focus on Tier 1 assets. - Growth projects: Pueblo Viejo ramping up, Fourmile in prefeasibility, Lumwana and Reko Diq in construction, new discovery at Reko Diq. - Sustainability: Over 31,000 critical control verifications, improved injury rates, no Class 1/2 environmental incidents, water use efficiency above 80%, progress on resettlement and permits at various sites.

Barrick's segment performance across regions: In North America, Nevada Gold Mines had lower production due to planned maintenance but is seeing efficiency gains from new equipment and optimization. Fourmile is in prefeasibility with high grades and proximity to infrastructure. In Latin America and Asia Pacific, Pueblo Viejo had upgrades and is ramping up towards over 800,000 ounces per year, Reko Diq moved to construction phase, Lumwana transitioned to construction of its expansion. In Africa and Middle East, Loulo-Gounkoto in Mali remains suspended but efforts continue for resolution, Lumwana's expansion is ongoing, Kibali is exploring new geology with potential brownfields growth. Revenue contribution details weren't explicitly given in absolute percentages but focus is on long-life gold assets and growing copper business.

• Production forecast improvements throughout the year. - Maintained dividend at $0.10 per share. - Growth capital expected to increase as major construction projects ramp up. - Target to produce over 800,000 ounces annually at Pueblo Viejo once ramp-up is complete. - Expect improvements in Nevada Gold Mines' performance post-major maintenance in Q2 and better second half.

• Jurisdictional challenges in Mali with Loulo-Gounkoto suspended and ongoing negotiations. - Potential operational issues in various mines due to planned maintenance, lower grades, and complex geology in some regions. - Market perception and valuation gaps between jurisdictional risk regions as discussed in Q&A.

Q: Talked about rationale for Donlin sale competing with Fourmile, any correlation between Donlin and Fourmile valuation?

A: No correlation, Donlin was out of development plans, focus on Tier 1 assets, value set by NovaGold.

Q: On Kibali's new geology, how about processing changes?

A: Kibali has good flow sheet, ARK target is similar geological setting but new, no change in metallurgy needed.

Q: On gold-related M&A and copper M&A cyclical advantage?

A: Gold price drivers, copper supply side needs higher price to unlock, similar to Randgold's bet on gold in 2009-2013.

Q: Board succession planning?

A: Board has oversight, succession plan is 12-month rolling, deep into organization, not a surprise.

Q: PV performance post first quarter?

A: Throughput improved in April, on track to meet planned installation targets, expecting recovery improvements.

Q: Mali status and care and maintenance cost?

A: Not in full care and maintenance, holding cost around $15M/month, could halve in full care and maintenance.

Q: Portfolio separation by jurisdictional risk?

A: No, valuation in lower jurisdictions is due to short-term cash flows, long-term value comes from life-of-mine and reserve replacement.

Q: Intended use of Donlin proceeds?

A: Use for balance sheet management, including share buybacks and potential special dividend.

Q: Pascua-Lama and succession planning?

A: Pascua-Lama in process of drilling permits, succession plan is structured.

Q: Mali arbitration and next steps?

A: In World Bank exit program, engaged in negotiations, need lasting solution with due process.

Q: Cost structure vs Agnico?

A: Differences due to currency depreciation, inflation, and organic reserve replacement, costs expected to come down with production increase.

Q: Organizational benefits of divesting noncore assets?

A: Frees executive time, focuses on quality portfolio, keeps exploration budget focused on high-quality targets.