Ladies and gentlemen, thank you for standing by. This is the conference operator. Welcome to the Barrick 2020 Third Quarter Results Conference Call and Webcast. During this presentation, all participants are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded and a replay will be available on Barrick's website later today November 05, 2020. I would now like to turn the conference over to Mark Bristow, Chief Executive Officer. Please go ahead, sir.

Thank you very much, Tardia. And good morning and afternoon to everyone, and welcome to this presentation of our quarter three results. Two quarters now into the COVID-19 pandemic, it is clear how effectively our Barrick teams have continued to deal with the impact of the virus on our businesses. Our host country governments, our employees and the communities around our mines. As I trust, today’s results will show in the face of an unprecedented challenge we’ve been able to beat earnings consensus, reinforce our business planning and capitalize on the gold price to maintain an industry leading balance sheet. We did not have to change our core strategy to contend with the Corona virus. In fact, it was that strategy of a flat structure with nimble and knowledgeable on-site managers that directed the proactive implementation of a comprehensive range of defensive measures. Our partnership philosophy exported that response into our communities and our long relationship of trust and understanding with our host country stakeholders allowed us to make a significant contribution to our own campaigns and theirs, our host countries campaigns against the pandemic. I point you to the cautionary statement as shown on the screen; this is also available on our website. How you can see our Barrick’s engagement with its stakeholders continues to protect its people and support the sustainability of our businesses. We’ve been working with our host countries to find appropriate solutions to all the consequential effects of COVID-19. This cooperation has resulted amongst other things in the installation of point of care, PCR testing labs at each of our sites with the exception of those in North America where the regulatory environment requires alternative arrangements. In this slide you can see how our active and considered approach to the pandemic has paid dividends. At…

Thank you. We will now begin the question-and-answer session. [Operator Instructions] Our first question comes from Josh Wolfson of RBC. Please go ahead.

Thank you. Mark, it sounded like early on in the call you mentioned the four mile resource was roughly four million ounces. Just wanted to confirm was that something you expected to see at year-end and there is been a number of positive expiration updates across the connection you mentioned this quarter. Sofia this quarter that drill hole, Dorothy last quarter does that incorporate all those opportunities or is that just a short-term target?

What we pointed out was that's our mineral inventory at the moment to find on the drilling that we've done so far. By no means tries to indicate the potential of four mile. I think, the main progress that we made this last quarter was really connecting Goldrush with four mile in that sort of planar ore body that you see in Goldrush extended up into four mile and then as we move up further north in four mile, the mineralization moves to a much higher grade, more irregular shaped bridges host. But there is still a lot of work to do. At this stage we still framing the mineralization and the potential footprint of four mile and it's going to take some time to do that. The big question Josh comes at the end is do you continue to try to define the full potential through surface drilling or do you get an access that part of the ore bodies through development and then drilling from underground.

Got it. So it still sounds like early days but exploration is going well.

And I think the important thing too is that the team's starting to understand these bridges and we're getting a good understanding of the geometry so that we can build them with only a few intersections. So there's a lot of learning going on at the moment as far as the classic four-mile breccia hosted orebody that is concerned.

Thank you and for PV, could you remind us maybe the timelines or the steps needed for the tailings permitting so the next step I guess of unlocking the resources and reserves can come forward?

So we've got a number of scenarios on the tailing side. We're comfortable with our partners that the expansion makes good sense and we've committed to proceeding with that. The government is very pro this project, this PV is one of the, in fact it's by far the largest contributor to the commercial tax paid in the country and it has been for a very long time and with the COVID crisis now it's even more significant. But at the same time there is work to do and we need to complete the fatal floor investigations with across the footprint. We are working and engaging with the communities and other interested and affected parties and Josh these sort of processes you cannot drive them against the timeline. We don't have pressure to deliver this. We'd rather deliver it properly and in a way that has the support by the majority of the communities around the tailings facility.

Thanks for taking my questions.

Thanks Josh.

Our next question comes from Danielle Chigumira of Bernstein. Please go ahead.

Hi, thanks for taking my question. On the consulting between Turquoise Ridge and Twin Creeks and could you give us an idea of where that exploration drilling ranks in terms of all of the other and potential opportunities within the portfolio?

Danielle, it's been, I'm a geologist and it's been an absolutely fascinating last 18 months working with our exploration and mineral resource teams. As you know, the legacy Barrick team is quite geocentric and we've uncovered enormous opportunities within the Carlin tenders are referred in the presentation that certainly is a massive and it's sort of like the holy grail and expiration certainly in the Americas. And then your Cortez itself going back to the famous pipeline deposits and a similar sort of connection between pipeline and Robertson and we've got, we've talked about already the Goldrush and Cortez then you get to Turquoise Ridge, which the Turquoise Ridge underground mine is a amazing mineralization. And it's an ore body that had when we got there had very little understanding in fact, one of my first meetings with the team was, we don't really understand the controls of mineralization and you've seen in the numbers, Turquoise Ridge is a super high grade deposit and we've made a lot of progress in understanding it. And then, you've got the old ghetto that the early discoveries in the form of the ghetto Pittan and the Twin Creek side of things and traditionally there is been a fence, a farm fence separating the Newmont assets with the Barrick assets. And when you look at the two different geologies they're quite different. As we start unpacking them, we see similarities and of course, there is a connection somehow between the two because they're not far away. And so we've had a lot of and also simplistically people didn't challenge themselves on how do you fit the two together and so there has been some historical drilling. We have invested in additional boreholes in the last 12 months and now we're starting to see the…

Thanks. That's very useful and just changing text slightly and you mentioned the portfolio to environmental impacts of the energy storage facility at Kibali and could you give us any sense of the positive impact on unit cost?

Say that again. I didn't hear what you were saying.

Could you quantify the positive impact on unit costs at Kibali from the energy storage facility?

Yes. The energy storage facility it's an amazing piece of equipment. It's actually a very large battery about nine megawatts. It's new technology and what happens is traditionally we used our spinning reserve, our diesel generators, high speed generators to be able to supply the immediate demand when we hoisted, we turned on the shaft hoist motors or we turned on the big moles or whatever. With this facility, we can now switch off the gensets and during the period where the rivers are completely full. And so the hydro power station then keeps that battery full and it's a base load and then the battery behaves as a responsive provider of energy for those quick demands. And we've also identified a further benefits in that when we start up our grid it's a mini grid, it's a mine restricted grid, power grid, we use that facility to load the grid and so again that takes away the need to start up our high speed gensets and so the savings are significant and we're just into it now. The first thing we measured was, the impact on fuel as you've seen and we share that with you as well as green out gas emissions, but ultimately it hits the bottom line as far as power costs go. And I would just take you back, Kibali is only profitable because of the hydropower installations; three of them. Otherwise if we were to just rely on diesel, we would be a very marginal operation. And so any way we can harness that hydro power station and reduce the consumption of diesel hits the bottom line and we expect that to continue and we'll share that with you as we settle down this piece of equipment. And we've already seen Maritain been able to use this technology elsewhere across the group...

That's great. Thank you.

Our next question comes from Richard Hatch of Berenberg. Please go ahead.

Thanks. Good morning Mark and congrats on a good set of numbers. I've got two questions. First one, just looking at the Latam portfolio, can you just give us a bit more of an update on what's going on with Pascua-Lama? What you're doing? When the next sort of key milestones after that asset and where that might fit? You talked about Alturas and the 8 million ounce deposit there ore I mean where did where do you think Pascua-Lama sort of sits in the pecking order down there? And then the second one's just on Mali a few headlines coming out about the auditor general recommending a review of mining contracts. Can you just recap us on where you stand with your fiscal agreements in Mali? Thanks.

Yes. Thanks Rich. So Pascua is as is part of the Pascua-Lama project that essentially the mine infrastructure was largely constructed not fully about 70% of it but the ore body failed. And so when we looked at it during our due diligence, we recognized an opportunity and to give you an example about 50% of the data has not been captured in those models. So what we've done is, we've put in into Latam a full feasibility team one to focus in on Pascua and Lama and that same team brings a level of expertise to our evaluation team down in Alturas Del Carmen region, and so just dealing with Pascua first. We've now completed the full audit of all the infrastructure which is on the Argentinean side in Lama and the major ore body sits in the Chilean side in the form of Pascua and we've now reviewed all the data sets, all the borehole logs. We've gone back and selected certain borehole logs. We've created not only a geological model and an ore resource model, we've also in the process of constructing a geomet model, so putting the metallogy together because this is a very complex set of various ore bodies, many of them which are essentially silver in nature and predominantly silver. And now with that model in place as we start putting it all together of course, we are identifying gaps in the information be it metallurgical characteristics or styles of mineralization or just the sort of connection, the geological connection so we are now moving towards addressing some of those gaps with the intent, our target is to get to the back end of next year with a revised feasibility study. It might not be at a bankable level, but it certainly will be…

Mali just on the --

So we have I mean, we have done this before Rich. And I was there with the team just last week. We met with the new Prime Minister, the interim government and the interim leader of the government and his government minister of mines and finance in particular and again it was a breath of fresh air. The Prime Minister and his team want to make a difference. They see their responsibility as rebuilding that platform on which the elected government will be able to continue to build the economy. The minister of mines said to me, Mark our job here we know you've had lots of frustrations in the past. Our job is to work together and deliver real value and make a difference and really unlock the potential of mining in Mali. And Barrick is the biggest tax player in the country by a country mile and we've got a long history going back 23 years in the country. And the Auditor General which was referred to in the speech he's often around he comes and digs around in our business, tests us against our various conventions and again what I think some of the statements was taken out of context, but it's natural given the circumstances of the regime change that there is some distrust and so one would expect there to be some audits conducted against certainly any agreements or contracts whether it's mining or others during the final period of the previous regime. And I don't see that as it as being sinister at all. Certainly from my conversations it is not sinister. Very clearly the mining industry and the various conventions and Mali has always respected the legal right of investors to stability agreements. But at the same time the mining industry has contributed…

Thanks a lot Mark. Appreciate it and good chat speech.

Thank you Rich.

Our next question comes from Greg Barnes with TD Securities. Please of ahead.

Yes. Thanks. Mark in the MD&A that's a brief comment about potential changes to the minerals tax in Nevada. I guess there was some legislation or resolutions passed recently where is that going and what does it mean for you potentially?

Well, I think just to give you some background when I assumed the role in Barrick, one of my first stops with Catherine, our executive in charge of North America was to visit the Governor's office and we talked about tax and the stakeholder benefits and all this whole ongoing conversation of does Southern Nevada benefit from Northern Nevada activities and so on. And when COVID had immediately the first stop I had was back in Las Vegas to meet with the team from the Governor's office and we made offers of advancing some of our taxes to assist in this crisis like Barrick and Newman did back in the 2008 financial crisis. And so for that offer to be effective there had to be a special legislation assembly called and along with other various bits of legislation that needed to be addressed given the circumstances that we found ourselves in this current scenario. Out of that was a surprise move to try and motivate additional resolutions on changing the tax structure for the mining industry and the mining industry is protected by the constitution and it's one of the few industries apart from gaming that pays tax in Nevada. And so we had already reached out to the governor's office to say we need as Nevada business need to look at broadening the tax base and making sure that there was an easier way to plan the treasury because the collection of taxes and finding revenues for the ongoing management of Nevada as a state is quite complex and fraught with challenges. And so that and so there was a movement within the legislator to introduce some resolutions including one which stuck with the current tax structure but lifted the cap and we as you can imagine the industry…

Thanks Mark. That's helpful.

[Operator Instructions] Our next question comes from Howard Flinker of Flinker & Company. Please go ahead.

Hello Mark. Hello Graham. I'm confused by footnotes in the income statement. Last year you had write offs and it refers to footnotes 9b and 13 and 9a, I couldn't find them. The only 9 I saw was a two-line statement about Jabal Sayid.

Howard, at this stage of your life I thought your eyes would have deteriorated to a point where you can't read the fine print, but let me pass it on to Graham because you always catch us out with these little questions. Graham?

Well, I'm curious I'd like to understand and I'm too old to take these things to bed. So just please explain to me where I can find them.

Okay. Sure. 9b is on page 125 of the MD&A.

It's on the MD&A I see. I didn't bring that. Thank you. That contest. That is my confusion. And out of curiosity what does the battery cost? Is it millions of dollars? Is it few hundred thousand dollars?

Its millions of dollars Howie, because it's more than just a battery. It's the technology and the software that goes with it to be able to manage that interchange and to be able to bring that power on and off as it's needed instantaneously and then recharge, etcetera. So it's a large investment.

I see, okay. And of course that means that you don't have to start and stop your production that's probably an intangible benefit as well?

Well, the most important thing is that we don't have to keep what's called spinning reserves. So we don't have to keep generators running to be able to take that surge when we need it because we can get it from the battery. So that's the real critical benefit from it.

Okay. Thanks guys.

And Howie, with the way we did it is we did it in partnership with the suppliers. So it was and then once we prove it success and that then we pay for the full amount. So it's been a long development process to get to where we are.

Okay. Thanks.

Our next question comes from Cleveland Rueckert of UBS. Please go ahead. Our next question comes from Cleveland Rueckert of UBS. Please go ahead.

Hey can you guys hear me?

We can.

Sorry I don't know what happened the first time there. I just have one quick question for you and thanks for all the time it's on the cost side obviously there's been a lot of moving pieces this year. You talked about royalties. You talked about COVID costs. Oil has been kind of an offset. You're obviously trending towards the high end of the cost guidance. I'm just curious from a bigger picture what would it take to get to the lower end of that range and the cash cost for gold?

So the big one, the big driver is the gold price and royalties and royalty structures. Nevada has got quite a complex royalty structure, Hemlo particularly and then of course the whole of AME, Africa Middle East has got royalties and we budget our guidance on a $1,200 gold price, I think this year by just 2020 we use 1350. So that's one of the drivers. The other side of it is the mix in Nevada which because of Turquoise Ridge performing at a slightly lower level. So that has an impact on the mix on the overall. So you don't see that because the other operations have done particularly well, but with as we ramp up Turquoise Ridge that'll also help with the overall costs and then in this quarter as well as catching up on some of the capital that we didn't spend last quarter and so that in -- all in sustaining costs we have a different impact as we would in the total cash cost but it's not, we don't have anything that's really out of sync in our operations apart from those.

That's clear. Thanks for that Mark and then maybe one just quick follow-up on the dividend. I know you said a couple months ago, you were going to come back with a maybe more detailed dividend policy at the end of Q4. Do you have any sort of updated thoughts on how you're thinking about it? You're going to sort of stay on the $1,200 gold price sort of structure for the regular dividend or if there is any thoughts about special dividend or a buyback in the mix there?

So all I can say is that it's a very lively conversation at the moment as dividend conversations are always whether it was legacy Randgold or now with Barrick. I think the positive thing is that we are able to have that conversation which was not the case for a long time in Barrick as the Directors were pointing out to me yesterday. Our focus right now is at $0.09 we already do get to that $1,200 run rate where we can sustain our dividend over time. Graham is more than adequately shared the various options that we are debating on returning additional capital to our owners and we'll continue in debating that. But certainly for the medium term, we both Graham and I have always been fiscally conservative in the way we run our businesses. We are supported by the Board on this view and we're not out of the woods yet on this COVID challenge and we certainly don't have clear visibility of the full runway ahead of us. So we felt it was appropriate to deliver on our commitment to the market and ensure that we have continued to improve our dividends with the objective of it being sustainable. And then we've got time to reflect on exactly how and we've certainly got lots of inbounds from our various interested and affected parties but as you've seen today and as we behaved back in 2008, we didn't react just on everyone's women demand. We were very considered in how we manage in the short term right now I think a stronger balance sheet is better. It does two things. It protects you from any crisis. It certainly protects you from the capital markets should we get challenged with an unexpected event within the markets I'm talking about. And it continues to shore up the quality of our paper that's our share price and that's all good for this phase in the market and the gold price has moved very rapidly and I've always have been of the opinion when things move so rapidly it's wiser to be more considered than more reactive to the situation. And so that's the way we're going to manage this out to the our financial results next year. And so yes, and I think you've got a good idea of the various options we mulling over with our Board of Directors.

That's very clear. Thank you, Mark.

There are no more questions from the conference call.

All right thank you very much everyone. As normal, we are available should you need to reach out and get additional color on our results. We thank you for making the time. We look forward to doing this back face-to-face soon enough. And I would just point out too that we are now working furiously on our Investor Day planning and have you sent out the invites yet?

Yes. We have.

Okay. So we are setting it up for the 20th, I think we've positioned the presentations so that everyone can have an access to it without really just eating into your sleep time and we look forward to speaking to you then, unless we have a chance to speak before then. Thank you very much again for your time today.