Barrick Mining Corporation

Welcome everyone to Barrick's first quarter 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 Cleve Rickert, Head of Investor Relations. Please go ahead.

Thank you and 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 Hill, 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.

Thanks, Dave, and 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 are on track to meet our production and cost values. The third is growth. We are advancing our key organic opportunities, including PV, Lemwana and Formol. 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. 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. 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. The Tribunal EBITDA doubled year-over-year at a much higher margin. Free cash flow increased 320% year-over-year to $1.6 billion, and we ended the quarter with $2.4 billion of net cash. We advanced our growth projects. Our 100% owned formal project continued to progress. The more minor expansion advanced slightly ahead of schedule, and we are reviewing RECODIC as previously disclosed. Finally, we move 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. Okay, I'd 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 one 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. 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. 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 the court. We still have work to do, but we are making steady progress to fulfil our commitment to zero harm. It is now embedded in leadership behaviour, operating routines and decision making at every level. Turning now to our Q1 highlights. So Barrick produced 719,000 ounces of gold in the quarter, above guidance, and an increase of 4% from a year ago. There were three drivers, a 10% year-on-year increase in production in North America, along with strong performance of both Valadera and Lulu Concorda. On the copper side, we produced 49,000 tonnes 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 process. Copper production increased 11 cent year over year. C1 cash costs were lower than our plan. The combination of volume, cost discipline and favourable realised pricing drove a 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 PB, both registered year-over-year growth. 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 it is an important part of the growth driver for Barrett. Our portfolio provides near-term cash flow and longer-term organic growth. So as I mentioned, NGDM is on track and performing well. It was a core contributor to our operational and financial performance. The productivity improvements we highlighted last quarter continue through Q1. Carlin, Cortes and Turquoise Beach underground mines delivered their highest tonnages since the joint venture was formed. We are now on track to achieve record underground tonnes mined for this year. That is an important leading indicator that speaks to both mine productivity and the reliability of Execution Underground. Our processing plans performed equally well. The Carl and Roasters achieved their highest Q1 production since 2022. The Sage Autoclave achieved its highest quarterly throughput since 2021. 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 Newmont, our MGM JV partner, about MGM performance. The timeline of them ended a four mile and the IPO. Lulu Concotta 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. We are prioritising the higher grade underground ore that will contribute more in the near term. At the same time, we are preserving future optionality in the overpits. The team reported zero safety and past on environmental incidents during the quarter. Financially, Lulu Concutta made an earlier than expected contribution to Barrett's quarterly attributable EBITDA, already a meaningful result at this stage of the roundup. Turning to our organic growth pipeline, Lumana is our copper growth project in Zambia. Once complete, the mill expansion will increase throughput from 27 to 52 million tonnes per year, increasing copper production by 100% from 117 to 240,000 tonnes 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. We expect to produce our first copper from the expansion by Q1, 2028. Our four mile project in Nevada continued to demonstrate its potential to become a tier one 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. We will continue to update the market on the IPO as we make further progress. So I would now like to introduce Helen Cai, our CFO, who will review our financial performance. Helen, over to you.