Barrick Gold Corp T.ABX

BMO NYSE

[Dibah420]

February 28, 2022 | 11:50 ET~

Barrick Gold GOLD-NYSE ABX-TSX Rating Outperform
Price: Feb-25 $22.56 Target $26.00 Total Rtn 17%
Highlights From the 2022 BMO Global Metals & Mining Conference Bottom Line:

Mark Bristow, President & Chief Executive Officer of Barrick Gold, presented at the 2022 BMO Global Metals & Mining Conference. Key Points
• Mr. Bristow discussed the company’s strategy over the last couple of years and highlighted recent success on several key performance indicators, including the third consecutive year of delivering on gold and copper production guidance, the replacement of reserves net of depletion, and material increases in shareholder returns.
• Barrick delivered a strong 2021 with gold production of 4.44 Moz, anchored by strong performances from Nevada Gold Mines, which achieved the highest quarterly production since its formation in 2019.
Copper production was 415 Mlb in 2021, driven by strong Q4 results at Lumwana and Jabal Sayid.
• Mr. Bristow touched upon the company’s financials, where Barrick generated US$1.9 billion in free cash flow in 2021 and achieved zero net debt at the end of 2021.
The company returned US$1.4 billion in cash to shareholders in 2021 and has announced a US$1 billion buyback program for 2022.
• Mr. Bristow highlighted Barrick’s five-year production and cost plan supported by six tier-1 mines, with production maintained at ~5 Moz coupled with declining gold capital expenditures and all-in sustaining costs.
• Mr. Bristow noted Barrick's leverage to rising commodity prices. For every US$100/oz increase in the gold price, the company's attributable free cash flow grows by US$1.5 billion.
For every US$0.50/lb increase in the copper price, the company's attributable free cash flow grows by US$0.8 billion.
• Mr. Bristow moved to the importance of ESG and how it remains one of the company's top areas of consideration as investors incorporate these factors into their investment decisions. Metals & Mining Jackie Przybylowski, P.Eng., CFA Analyst [e-mail] [phone] Emma Williams Associate [e-mail] [phone] Denis Lantsov