Barrick Mining Corporation

Welcome to Bearwick's second 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 Bearwick's website later today. I will now turn the call over to Emily Cheng, Vice President of Investor Relations. Please go ahead.

Thank you and good morning everyone. We hope you've had an opportunity to review the press releases issued before the markets opened this morning. The presentation deck we'll review is also 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 there will be 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 those forward-looking statements. This material is also available on our website. With that, I'll turn it over to Mark.

Okay, thanks, Emily, and good morning, everyone. So for those who don't know Emily, she is our new Vice President of Investor Relations and joins us from US Steel. So before we share our full quarterly results, I want to begin with the agreement with Newmont we announced today. And actually, I want to go off script straight away to make the lawyers nervous here. So I want to clarify a few misconceptions here. So firstly, the total value of that package is approximately $4 billion. So obviously it in includes the proportion of formal, but it also includes contribution of Newmont's properties, Mark and Fiberline, which I think it's around 6.4 million ounces as well. It is also the cost of resolving historical disputes and litigation between the joint venture partners. And it also reduces the friction costs of the planned IPO, which will unlock even greater value for the shareholders beyond the cash proceeds from the transaction. and as we've said, they will be likely returned to the shareholders. So moving on, we've reached this agreement after four months of negotiations, so it now enables us to focus on delivering value through safely and consistently producing ounces. And our interests now are completely aligned as joint venture partners, which is critical. And I did want to actually thank our counterparts at Newmont, Natasha and her team, and of course, everyone on the Barrick team for the enormous amount of effort and work that's gone into this over the last four months to reach this agreement. So before I get into the results, there's also a couple of other things I would like to highlight, which I think are the key strengths that have come out of Barrick over the last nine months. So first, our leadership team. So over the last 10 months, we've improved the operational performance across the entire business. and that's thanks to the strength of our operating site teams, to our GMs and everyone right down through to the mining front. So we've also strengthened our relationship with Newmont, as we just said, positioning us well to grow and develop NGM further, which is also critical. Second, with the IPO, we're building the only major American pure gold company with high quality, Long Life Assets. This is exactly what investors, including some of the world's fastest growing source of capital, are looking for. And third, outside of North America, the rest of the world portfolio, which has a significant growth profile, also has a distinctive advantage in our ability to work with our Chinese partners, including, as you know, our joint mine ownership and co-investment. And this enables us greater efficiency and supply chain strength, which has helped us control our costs. and partnerships that improve outcomes and reduce our risk. So with this context, let me turn to our results for the quarter. As I said, we've had our third quarter in a row with excellent operating and financial results. We delivered on all four of our priorities for the year. The same priorities outlined at the start of the year. We continue to improve our safety performance. I'll get to that a bit later, but there's obviously still more work to be done there. We delivered our Gold Production Above Guidance and met our Cost Guidance. We advanced our Growth Projects, 4 Mile to the Miner and the PB Expansion which remain on time and on budget. Not often you hear that in the mining industry. We continue to review RecoDig and commence the Flow Donor Development on the 1st of July as previously disclosed. and our delivering on production and meeting our cost guidance also allowed us to deliver strong financial results which Helen will discuss a bit later. And finally, we achieved major milestones in the preparation of our IPO of our North American Gold Accent, which is on track to be completed by the end of the year. So let me move to safety, which is still our number one priority. And our goal is that everyone obviously goes home safe and healthy every day. So we saw a reduction quarter on quarter in our frequency rate between that from 0.92 to 0.77. But disappointingly, we still had six LTIs. So there's still a lot of work to do. It's completely unacceptable and we need to focus on our safety until we get to our target zero harm. So all of our leaders, all the way up to the executive committee, including myself, are spending more time in the field and at the mine site. They're doing more critical control verification and fixing more risks on the spot. On top of that, we've also invested over $90 million this year in technology to improve safety. This includes up to our automation of mining equipment, right down to vehicle dash cams, safety reporting software and AI analytics. And we're also working hard to enter out as many safety hazards as possible. So turning to our Q2 highlights, actually before I start on the Q2 highlights, one other thing I'd like to clarify is our earnings with 82 cents, adjusted earnings, 82 cents per share is in line with the Bloomberg consensus. There's some media out there this morning that says it's not, that we missed, but I'm not sure what the source of that is. Barrick produced 796,000 ounces of gold in the quarter, which was 3% above guidance and 11% over Q1. The main drivers of that were we progressed the ramp up of Luluk and Kotter ahead of schedule, PV ramped up faster than expected after the maintenance shutdown in Q1, and we mined record tonnes underground at Cortez and continued the ramp up at Goldrush. On the copper side, we produced 56,000 tonnes. We managed costs well and our gold costs, as I said, were within God. Our earnings nearly doubled year over year and we more than doubled quarterly shareholder return to $1.5 billion. and the strong performance for Q2 is obviously across all of our regions though North America continue to anchor our world-class portfolio. NGM and PB both registered year-over-year revenue growth. Together they accounted for 53% of our total attributable adjusted EBITDA at a margin of 61%. Our other regions also delivered strong gold production with meaningful attributable EBITDA at margins of 59%. COPPA continued to perform well and delivered comparable margins throughout the whole treatment. So moving on to growth, as I said, our growth project advanced on February during the quarter. So four-mile we ramped up the drilling to 20 active rigs and we plan to complete the PFS by the end of 2028. At Lemwina we made good progress on the mill expansion which will double the copper production. We expect the project's 2026 capex to come in at the lower end of guidance and the project remains on budget. We're on track to produce our first copper from the expansion by the end of Q1 in 2028. The PV expansion also advanced on schedule. We've made progress on permitting and construction across the tailings facility, haul roads and water treatment plants. and we're also very pleased to report that we now have 90% of resettlement packages being accepted. We continue to review RECODIG previously disclosed and we've decided we won't start building the plant this year. So we've reduced our expected 2026 attributable capex. It was six to 700 million and is now 450 to 500 million. So the lowest spend on the mining record has reduced group guidance for 2026 total attributable capex to 3.8 to 4.2 billion. So back to the IPO of our North American assets. So as I said, this entity will be a high quality pure gold play company, which assets are located exclusively in low risk jurisdiction. and what I'm pleased to share is the board has selected me to lead the new company as a CEO upon launch. We've completed all operating and separation agreements between Barrick and the new company and we remain on track to complete the IPO by the end of the year. And we expect the vast majority of net proceeds raised to be returned to shareholders. I know several people have asked me in the pub. So I'll now turn it over to Helen Cai, our CFO, who will review our financial performance.