Thank you for your patience. Welcome to the Barrick 2020 Fourth Quarter Results Conference Call. Participants are currently in listen-only mode. After the presentation, we will have a question-and-answer session. This call is being recorded, and a replay will be available on Barrick's website later today, February 18, 2021. I will now hand it over to Mark Bristow, Chief Executive Officer. Please proceed.

Thank you very much. Good morning, good afternoon, ladies and gentlemen, and welcome to our presentation of Barrick's 2020 and fourth quarter results. The past year has been marked by achievements and growth despite unprecedented challenges. We met our production guidance while also progressing key projects, including the Pueblo Viejo expansion, the Turquoise Ridge development, the Goldrush exploration declines, and the underground mine at Gounkoto. Our focus on understanding our orebodies has allowed us to optimize our mine plans effectively. We generated $1.5 billion from the sale of non-core assets and aligned our portfolio with our strategic emphasis on tier 1 mines. Operating tier 1 assets globally requires some of our operations to be in regions with geopolitical challenges. Besides coping with the coronavirus pandemic, we faced challenges such as the financial crisis in Argentina, a coup in Mali, significant political changes in the DRC, and the closure of Porgera in Papua New Guinea. Barrick has proven its ability to manage risks across diverse assets, demonstrating strong leadership capable of running a complex business and seizing new opportunities. For those who need more time to review, a cautionary statement is available on our website. A key aspect of our performance last year was the success of our ESG strategy, driven by a long-established partnership philosophy and solid relationships with stakeholders, from investors to host communities. This was evident in Barrick's effective COVID containment programs that mitigated the pandemic's impact on our operations and allowed us to support our host countries. While the environmental aspect of ESG has garnered much attention, its social dimension is equally important. I believe addressing poverty, one of humanity's greatest challenges, deserves more focus. The most impoverished individuals are in the poorest countries, and alleviating their struggle requires collaboration beyond financial aid. We must also recognize the severe environmental challenges we face. Barrick has a definitive roadmap for reducing greenhouse gas emissions grounded in climate science and operational realities, not just aspirations. Our targets are continuously reviewed, and all operations have practical plans for transitioning to cleaner energy sources and improved water management. This is our health and safety scorecard for 2020. It shows significant improvements, with a marked decrease in lost time and total recordable injuries. Unfortunately, our otherwise strong safety record was marred by a tragic fatality at Kibali in November 2020. However, there were no high-severity environmental incidents across the group, and medium-severity events declined. Our efforts to reduce emissions and enhance water usage and recycling rates are evident. The water we return has improved compared to what we initially received. For example, in North Mara, we prioritized implementing a water management plan. Our social license to operate depends on the goodwill of host communities and aligns closely with our partnership philosophy. In 2020, we established functional community development committees at all operational sites, which played critical roles in deciding how to invest over $26 million in quality-of-life projects. Last year, we set specific objectives and achieved them all. We met our production targets, executed our business plans, and capitalized on the higher gold and copper prices, resulting in an annual record free cash flow of $3.4 billion, a 27% rise attributed to gold prices, and achieved our goal of zero net debt by year-end. It's notable that, just a decade ago, Barrick carried a debt load exceeding $13 billion. Our quarterly dividend has tripled since the merger with Randgold, and we are now proposing a capital return to shareholders of $750 million, to be distributed in three installments this year, derived from sales of our stake in Kalgoorlie and other non-core assets in line with our policy of returning surplus funds to shareholders. Our strong operating results were fueled by another solid performance from Pueblo Viejo in the Dominican Republic, a successful ramp-up of Bulyanhulu in Tanzania, and continued enhancements at the Turquoise Ridge complex in Nevada. Production was at the midpoint of guidance, with total cash costs and all-in sustaining costs falling within expectations, despite increased royalties from the higher gold prices. The remarkable free cash flow and achievement of zero net debt stand out, as do the substantial returns provided to our shareholders. It is also worth noting that Moody's upgraded our credit rating to Baa1, reflecting our solid standing in the gold sector. I believe the consolidation of the gold industry is ongoing, and Barrick is well-positioned to play a significant role in future developments. Turning our attention to North America, we have a five-year outlook for this region. We are enhancing our orebody knowledge, deepening production profiles, and managing all-in sustaining costs, aligning with our November Investor Day presentations where some capital is shifted from 2020 into 2021 and 2022. In Nevada, key areas for near- to medium-term improvements include North Leeville, Fourmile, Goldrush, and the Ren project at Goldstrike. Significant new discoveries are anticipated in areas between Turquoise Ridge and Twin Creeks, Pipeline and Robertson, and at the Cortez complex in Carlin Basin. Our team is optimistic about North Leeville, focusing on refining the geological model and drilling to expedite ounces into the Carlin mining plan. We have confirmed high-grade areas above average reserves at Leeville, and drilling continues to extend the Turf orebody. The Carlin complex met its production guidance midpoint in 2020 while maintaining cost efficiencies. This year and next, we will invest significantly in the future, enhancing ounces through exploration and improving processing options to lower costs. Similarly, the Cortez complex presents tremendous growth opportunities, with Goldrush and Fourmile illustrating our strategy of understanding geological frameworks before launching exploration efforts. At Fourmile, we have confidently declared an indicated resource of nearly 0.5 million ounces, bolstered by an increase in inferred resources to 2.3 million ounces, thanks to ongoing development efforts. Pipeline Crossroads remains an extensive legacy deposit, and we are progressing the Robertson deposit's feasibility work and assessing the potential between the two deposits. Cortez exceeded its production guidance last year, and Goldrush is poised to expose its first ore in the first half of this year, with the anticipated government decision now expected in early 2022. Despite this adjustment, we are focusing on understanding the orebody better while completing the underground feasibility study for Goldrush. We are also evaluating options for reducing cost and timelines for drilling at Fourmile through underground access from Goldrush. Once operational, Goldrush and Fourmile will enhance the Cortez complex's annual output and maintain its tier 1 status for years. The Turquoise Ridge project, known for its high grades, was initially developed without a robust geological model, presenting a significant opportunity for improvement. With two large deposits along an eight-kilometer trend and previously underappreciated geological potential, we have initiated projects to develop new targets in this area. Although the complex faced challenges and fell short of production guidance last year, we noted a strong recovery in the fourth quarter, with ongoing optimization expected to yield further improvements this year, including ramped-up underground development. The construction of a third shaft is on schedule and within budget, set for commissioning by late 2022. In Canada, Hemlo has transformed from survival mode to a prospective tier 2 mine. Initial doubts about its profitability have been alleviated through geological analysis that has unveiled numerous opportunities for efficient underground operations and reserve extensions. Hemlo exceeded its production guidance last year, and a new portal development will create additional mining flexibility, with operations anticipated to start in the latter half of this year. Latin America presents various challenges tied to legacy issues affecting our social license to operate, but it is rich in opportunities. I visited the region four times last year alongside Mark Hill to oversee progress, engage with governments, and meet community leaders. We are addressing operational issues and advancing toward reasonable resolutions in Papua New Guinea regarding Porgera, which has been excluded from our guidance until an agreement is reached. Our production forecast for Veladero has been adjusted due to the transition to the new phase six to ten projects, recently finalized with the government. We are working to expand our footprint in South America and announced the sale of Lagunas Norte in Peru as part of our portfolio rationalization. At Pueblo Viejo, we have identified new targets, with an exciting development occurring south of the Moore pits. The Pueblo Grande project, adjacent to the PV tenements, has secured land vital for the expansion. Pueblo Viejo achieved remarkable throughput in the second half of 2020, hitting production guidance while planning to process more stockpiled material this year. The slight reduction in production guidance compared to 2020 aligns with our November Investor Day forecasts, and the team is collaborating with the new government to acquire land necessary for a new tailings storage facility, with associated studies due to complete this year. In the Veladero area, drilling is underway to explore geological links and metallurgical characteristics. There are still opportunities to expand both Lama and Veladero's resource and reserve bases. The pandemic impacted Veladero's production but is now transitioning to the new facility, which is on schedule, thus enabling improved performance in the second half of the year. The connection to Chile's power grid is anticipated to finalize by year-end, lowering operational costs. In Papua New Guinea, discussions with the government are ongoing to find a way forward for reopening Porgera, which has remained in maintenance since the government declined to renew its mining lease in April 2020. If discussions progress positively, we expect Porgera to reopen this year, but for now, we have removed it from Barrick's 2021 guidance. The Africa and Middle East region has driven Barrick's post-merger restructuring and revitalization. The five-year plan remains steady, with reducing costs and capital expenditures, and we see multiple opportunities to enhance performance further. Our primary goal in this region is to extend the life of mine for Tongon or replace its production after 2023. The Loulo district in Mali continues to generate new ounces, and despite political unrest, the complexity exceeded production guidance thanks to strong in-country partnerships and agile management. The addition of a third underground mine beneath the profitable Gounkoto pit is set to yield initial ore development by the second quarter, with a potential fourth mine at Loulo 3 in progress. Our exploration efforts are advancing across Senegal through our Bambadji joint venture. Côte d'Ivoire's brownfields exploration has extended Tongon's life, identifying 11 follow-up targets for further potential. Despite its challenges, Tongon remains profitable and exceeded production expectations for the first time last year. Kibali's resource growth continues as we adapt to significant open-pit discoveries that offer processing flexibility. The updated plan anticipates annual gold production of over 750,000 ounces, sustained throughout the current plan timeline. Kibali performed near the upper end of its guidance range in 2020, maintaining costs within set limits and showcasing its status as an automated industry leader. In Tanzania, we've made significant strides since assuming control of Acacia mines. North Mara's exploration efforts are revealing exceptional potential, leading to increased mineral reserves. Operationally, North Mara has shown marked improvement, hitting upper guidance levels. Investments in an oxygen plant and cyclone cluster upgrades will enhance recovery rates. We believe that optimizing North Mara and Bulyanhulu will yield another tier 1 complex in our portfolio. Bulyanhulu's exploration is yielding positive results, with its sizeable resource base, while the ramp-up of underground mining and processing is on track for 2022, alongside an optimized mine plan feasibility study. Buzwagi will enter care and maintenance for closure in the third quarter. Our focus over the past two years has been on enhancing our knowledge of Barrick's legacy orebodies, allowing for life-of-mine optimizations and new operating strategies. The total resources grew in 2020, with reserves replacing 76% net of depletion, highlighting our emphasis on orebody quality. Our commitment to strategic portfolio clean-up aligns with attracting top talent to develop and mine the best assets for sustainable results. Our 10-year guidance is crucial for managing sustainable profitability strategies. 2021 production will be impacted by Porgera's ongoing closure and Veladero's heap leach transition, but significant opportunities lay ahead, and we remain hopeful about the resolution at Porgera. The five-year outlook for copper is encouraging, with positive trends. Our copper portfolio contributed significantly to the past year’s results. Although Zaldivar's chloride leach project faced COVID-related delays, both Lumwana and Jabal Sayid performed exceptionally well, exceeding guidance. We see substantial exploration potential for resource and reserve growth at Lumwana, which has transformed from its previous challenges to become a long-life asset capable of generating substantial free cash flow. Barrick's foundational goal has been to build a business capable of delivering outstanding returns. Over two years, we've made significant progress, tripling the dividend, achieving record cash flows, and alleviating our debt burden. These accomplishments stem from a solid asset base, a well-structured corporate framework, and a proactive leadership team. We have encountered challenges, yet we have capitalized on new opportunities for sustainable profitability. As we conclude, I believe our share price still holds significant value and has outperformed over the past 30 months. Shareholders in either Randgold or Barrick at the time of the merger have gained approximately 30% ahead of the GDX. Importantly, we are embarking on an exciting and value-creating journey. Thank you all for your attention. I have several executives on the call ready to assist with questions, so we can now return to the operator for the Q&A session.

Thank you. We’ll now start the question-and-answer session. Our first question comes from Josh Wolfson of RBC Capital Markets. Please proceed.

Good morning. Mark, I noticed there are a couple of headlines today on the topic of M&A and consolidation and the company sort of reiterating its interest in being part of those discussions as well as some views on copper. Could you sort of I guess, update us with what the views are more specifically in terms of Barrick's own copper portfolio, and then maybe how you look at these opportunities in the context of the market today with there being a pretty material difference in how copper prices have performed versus gold?

Hi, Josh. So I think the best way for me to answer that question, which is pretty broad, is to take you back to 2008, 2009, 2010, and 2011. We're in a very similar place today, and it was a transformational period for Randgold Resources at that time, an increasing gold price. Notwithstanding that, we did execute a very critical deal right in the middle of a major bull market in acquiring Moto, which ultimately led to the Kibali mine of today. At the same time, we had a big capital program. We were building out on Tongon as well. And so we used that opportunity not only to expand our business but also to pay down our debt. You've seen the same focus this time around. We've brought the debt down. We have no net debt now. We've started a dividend policy already before the gold price started moving. This has allowed us to return more to our shareholders as we did in 2009, 2010; in fact, it started in 2008, a 13-year successive increase in the dividends we paid, despite the ups and downs of the gold price. Barrick is at that point. We've committed to returning about a 3.6% yield on the share price of a couple of days ago with the proposed $750 million capital return that we shared with you today. At the same time, we're not putting the company into any sort of debt, our net debt is non-existent. We've got lots of liquidity. We've built out our exploration teams in all three regions, very solid leadership. I think we've demonstrated that our mineral resource management and planning capabilities are now well entrenched. Our executive teams led by Catherine, Mark, and Willem can all take on an extra asset or, in the case of Latin and Asia Pacific, probably more than one, Mark would say. So we're well positioned. We've got the strongest balance sheet in the industry. It's still growing. Now it's about ensuring that we deliver that value to our shareholders in a proper and considered basis. And again, the question I would ask is, in this bull market that we find ourselves in, where everyone's clamoring for more and more money to be returned to shareholders, very few people are investing in their own future; everyone is harvesting. This is a cyclical business. We're up there near the top of the cycle, and managing this requires some conservatism and considered decisions. We have good memories, particularly Graham and I and the other executives in my team. There are also plenty of businesses—whether that's copper or gold—that, just three years ago, were on the watch list for acquisitions. There are so many options available at this stage. The discussions between Barrick and Randgold started in late 2015 and took some time to find a deal that delivered real benefits for the owners of both companies. So, we are not rushing into any decisions. As you see in the market today, every time you wake up, there seems to be a different opinion on where the markets are going to go and what's going to happen to gold and where one should invest their money. We believe that the short or mid-term outlook in global markets is unclear. The technical support for a stronger gold price is still well embedded in the market, and we certainly haven't seen the consequences of this unprecedented quantitative easing we witnessed in the last nine months—it's orders of magnitude more than what we saw during our previous five-year plan. Regarding growth, the best way to grow in times like this is organically. One of the things I hope to communicate in this presentation is that every single core asset in Barrick has real upside potential. Of course, there are further consolidation opportunities, and we believe that the challenge in those transactions will be not only commercial but also about creating a more aligned, modern structure that instills confidence in the target owners. I started with a discussion of our ESG strategy, which I believe will eventually become a key driver in the ability to conduct transactions moving forward. So, that covers the gold side, which is our core business. On the copper side, again, we've proven our capability in managing and delivering real value within that segment. Lumwana has a long history of poor performance. We've managed to rebuild it and position it for future success. We've stated that our copper focus prioritizes opportunities where both copper and gold come together in geological formations, and we focus on locations in countries where we have a competitive advantage over traditional copper mines. We see significant opportunities in the central African copper province, as well as potential for copper in South America related to gold/copper porphyries. Our exploration teams are also looking for opportunities in Asia Pacific where that geological association is evident. Our approach is cautious; we will thoroughly assess any new acquisitions to ensure they align with our strategy.

Great. Thank you very much.

Our next question comes from Mike Parkin of National Bank. Please go ahead.

Hey guys, thanks for taking my question. One I had was—we're seeing quite a cold snap coming down through the U.S. I was wondering if there's been any negative impact to the Nevada gold mines operations due to that cold, or is it anything that you would expect to perhaps drive a bit of a soft Q1? Or is it something that would probably bounce back with the resumption of kind of normal temperatures?

Mike, I would just say that where our operations are located in Nevada, it's always quite cold this time of year, regardless of whether there are cold snaps. We don't notice the cold snap. It is simply cold. We look forward to the odd sunny day. It's somewhat similar to West Africa during the rainy season when you can have a meter of rainfall dumped over a short period. We don't see it appropriate to use the weather as an excuse for not operating our mines. Our teams are well-equipped to manage weather conditions in northern Nevada, just as we are in the Andes in South America. So you definitely won't see anyone using weather as an excuse for performance issues.

Okay. And one last question on COVID. Do you see any potential to implement a company-sponsored vaccine clinic to get vaccines to your employees at a faster rate than government programs? Or are you looking at it to just leave it with the governments of your respective host countries and go that route?

What we can do is partner with our host countries and, in Nevada, our host state in combating COVID and its impact. At our two operations, we now have COVID partnership-led PCR laboratories which support our protocols and allow us to turn around accurate tests in a couple of hours. That's been very helpful. We now have two more laboratories that we are rolling out, one in Tanzania and one in Zambia. We’ve recently set up a lab in Hemlo, as well, or in the town of Marathon. In all our countries, we are part of the COVID task force. Our senior executives are included in the vaccine logistics and management structures in our various regions and host countries. Catherine is heavily involved in initiatives in Canada, as well as in Nevada, as is Greg in Northern Nevada. In Africa, we’re part of the whole African union initiative to source and support vaccine rollout. It’s more complicated there, but we've seen some movement recently, with the first Johnson & Johnson vaccines arriving in South Africa. We're optimistic about managing the distribution of vaccines across the countries in which we operate in Africa. In South America, we are collaborating with the Dominican Republic to set purchasing and distribution structures for vaccines. We have a very strong relationship there and have worked extremely well together. The Dominican Republic being a holiday destination got hit very hard in the early days of COVID. We're also working with the Argentinian government on sourcing vaccines. It's clear that the emerging and developing world are slightly behind in the vaccine rollout compared to developed economies. It's critical that we manage a global solution for vaccination. Therefore, we are part of it. At this stage, private enterprises cannot independently purchase vaccines, but we are partnering with our host countries. In Nevada, for instance, we're discussing rolling out some vaccines to critical support staff within the mining industry as well as other industries. It’s a collaborative initiative, and I'm immensely proud of the partnerships we've built across all 13 of our host countries. I'm optimistic about bringing this pandemic under control in the medium term. It will not happen as quickly as everyone would have liked, so it is crucial that we all continue to exercise discipline and respect protocols surrounding social distancing until we achieve herd immunity in our populations.

Thanks, Mark. And all the best in the negotiations with Porgera.

Thanks, Mike.

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

Right. Thank you. My first question is on your climate targets. They seem significantly more ambitious than those set at the Investor Day. Could you give us any color on specific projects or specific actions that you're planning, which will lead to those higher reductions in greenhouse gases?

So Danielle, we are ambitious. We are very clear that our target is to achieve a 30% reduction by 2030. I think the net-zero target out to 2050 is a bit academic at the moment because I don't think—there's certainly no gold mining company out there operating with a 2050 plan. But what's important is that my team and I have always been absolutely clear that we manage our business on tangible plans. So there's a target. Everyone's been under pressure to accept that they’re targeting X, Y, and Z. But that doesn't mean anything if you don’t have a real plan against which you can measure. We started out with a plan to deliver a 10% reduction last year in our 2019 sustainability report. We've now increased that to a 15% reduction. We have a serious plan. Every single one of our operations has got a greenhouse gas strategy in place. For instance, in Veladero, where we're connecting to the Chilean power grid, which has a more sustainable power component than any other power source available, that will significantly reduce emissions while also materially dropping our costs in Veladero. In the Dominican Republic, we are the leaders in our industry with the conversion from heavy fuel to natural gas, driving big turbines that are very efficient with low emissions, applicable not only to our operations but also beneficial for the nation. In Nevada, we jointly bought out Newmont's coal power station. We're already well underway converting that to natural gas, while we are permitting a 200-megawatt solar power station linked to the natural gas facility, and we have a second one planned too. In Kibali, our youngest mine, we built it leveraging hydropower installations and have just incorporated a large battery system. We've learned to create a mini-grid in a remote area like the DRC jungle. That battery technology has proven invaluable, and we're exploring how to arrange our grid, utilizing the battery to maintain it along with the hydropower to keep it charged. Kibali uniquely has a big hoist, drawing substantial power from the grid, but what we've learned there is something we are also applying to our other sites, such as Loulo-Gounkoto. We're looking at adding battery technology in the future, which can dramatically reduce reliance on diesel and heavy fuel. I could elaborate on numerous opportunities across our portfolio. But the key takeaway is that one cannot just announce a reduction plan without backing it up with an actionable roadmap. Barrick represents that commitment, ensuring all our senior executives are aligned with our ESG objectives and stakeholder commitments. I hope that answers your question.

Yes. That’s very useful color. Thank you. Just one more for me. On Tanzania you talked about making North Mara plus Buly a tier 1 mine, and I'm trying to conceptualize how that happens. Is it the case that some of the geological upside results in a different way of operating those mines, like in a broader complex? How should I be thinking about that?

The 300,000 ounces from North Mara, and more than 250,000 ounces from Bulyanhulu combine to 550,000 ounces. If North Mara is a moderate-grade mine and Bulyanhulu is a high-grade mine, driving the cost down to the bottom half of the cost curve unites them into a tier 1 complex in the country. They both have significantly more than a 10-year life, so that's our focus. North Mara has some work to do to reach the low end of that cost curve, but we'll get it there, given the upside potential. Bulyanhulu will be aided significantly by the grade of that ore.

Our next question comes from Mike Jalonen of Bank of America. Please go ahead.

Hi, Mike. I hope all is well and you're not facing a cold snap in Port Moresby. I have a question regarding Hemlo. I'm intrigued by the steady-state 1.9 million tonnes per annum production. How much tonnage will come from each of the mining fronts to get to that production level? And what will that mean for mine production?

Right now, Mike, there's no chance of a cold snap here in Port Moresby, I can assure you; buckets of rain, yes. The outlook for Hemlo this year is about 210,000 ounces, and the plan is to increase that to around 250,000 ounces from underground. That extra access in the upper C Zone is crucial for achieving that goal. You can work the math backward, but essentially, we’re focused on reaching that 250,000-ounce production level. As we improve the infrastructure and hoisting systems, one of the significant challenges is the logistics of moving waste out of the mine, which affects our ore movement capabilities. Current constraints necessitate long-haul open-stope mining, advancing backfill, and remnant mining in the near term. We also need to drill and build the reserve base to support a Canadian gold mine producing over 250,000 ounces for more than a decade.

Okay. Well, thank you, and good luck there.

You know that mine well, don't you, Mike?

Saw it in 1988 with Corona.

Our next question comes from Anita Soni of CIBC World Markets. Please go ahead.

Good morning. My question is regarding reserve replacement. I saw some strong reserve replacement at pretty good grades. However, I wanted to ask about the areas that lagged a little bit, particularly at Nevada Gold Mines. You have mentioned that it's going to take a few years to fully see results to get it back up to where you're at in Africa in terms of reserve replacement. Could you give us a bit of color on the plan moving forward in the next year or two regarding those grades and ounces?

Yes. So, Anita, I'm not certain about the areas you're concerned about because if you look at North America, we went from 31 million ounces in 2019, which represents reserves at 2.68 grams per tonne, to 29 million ounces at 2.8 grams per tonne. If you look at Africa, of course, we've seen significant growth significantly tied to our Loulo-Gounkoto and Kibali and North Mara replacements. Tongon is a tougher asset since it's in decline, and Bulyanhulu will experience substantial growth as we finalize the underground feasibility study. North America is in a solid position—first of all, you've got to build the resource profile, and we're particularly disciplined on the grade. We’ve been doing that and I'm hopeful, Anita, that you noticed in my presentation I alluded to further resource expansions. The conventional flow involves building inventory, transitioning from inferred resources, and eventually developing measured and indicated resources that result in reserve growth. That will take time, but I want to emphasize that 76% replacement now, with over 100% replacement in the resource category is promising for all our assets to deliver reserve replacements over time. Allow me to walk you through some specifics: PV is exhibiting significant reserve growth; Veladero was limited by drilling which we couldn’t execute on in 2020 due to COVID constraints, but we've rolled this drilling into this year, and I expect significant progress. We've identified significant upside potential at North Leeville. We're busy drilling out Rita K. The lower part of Rita K is now incorporated into the mine plan and reserves while we are still addressing the water table in the upper part to guarantee accessibility. Similarly, Ren has some components in the mine plans, while further work is pending for both Turquoise Ridge underground and Twin Creeks. In Cortez, as we complete the feasibility study for Goldrush, significant ounces will integrate into that complex. I'm quite comfortable with our geological understanding and our operational strategies to convert reserves in a timely manner. Just as an aside, we even added ounces in Porgera just prior to its closure, reflecting the upside potential associated with our tier 1 assets. I hope this provides some assurance for you.

Yes. No, I did notice the grades were maintained or if not improved at most of the assets. I just wanted to touch on Long Canyon, Phoenix, Carlin, and Turquoise, which didn’t quite match pace with the rest of the assets, but thank you for the clarification.

If you’re worried about Long Canyon, remember we've stalled Long Canyon as we recut our permitting process. That’s crucial for expanding the life of the mine, which also directly impacts our reserves. Currently, without a permit, it is not reflected in the reserve metrics for Long Canyon.

Okay. And my final question pertains to industry consolidation in the gold space. I just wanted to understand what precisely it is that catches your eye among the assets presently available, and if you could provide some parameters on what you are looking for and how those considerations weigh against your internal projects.

The best way is to rewind to early 2017, 2018. A lot of the companies on your radar faced significant stress. Now, with a higher gold price, all seems utopic. However, this does not change our industry's long-term profitability. We observe many single-asset companies that struggle to fulfill their feasibility studies, yet are multiplying in value due to a higher gold price. The industry currently reflects an optimistic posture; both fund managers pressuring for cash returns and management teams leveraging COVID and increased pricing to stifle discussions about consolidation. However, this environment won't last forever. As the market has softened around gold, it’s crucial Barrick maintains its financial and managerial resilience to seize opportunities as they arise. Our evidence for this is the Moto acquisition made in 2009 amidst a financial crisis, successfully yielding immense value over time. Our evaluation criteria for opportunities is clear: we assess tier 1 assets, which are plus 500,000 ounces at the bottom half of the cost curve, and tier 2 assets, which are above 250,000 ounces, also within the bottom half of the cost curve, with at least 10-year life-of-mine potential. We recognize that in times of flux like today, growth can be achieved organically. I emphasized throughout my presentation that every core asset within Barrick exhibits credible upside potential. While we remain alert to other consolidation prospects, our priority will always be to successfully execute our organic growth strategies as they come to fruition.

Okay. Thank you for your consideration and congratulations on maintaining cost control. Those are impressive results considering the past year and outlook for the year ahead. Thank you.

Thank you. I appreciate that coming from you.

Our next question comes from Matthew Murphy of Barclays. Please go ahead.

Hi there. Just wondering if you're still expecting to formalize a dividend payout policy this year. I thought it might have come with this quarter, or is it something you're looking to do early this year?

Matt, yes, yes. I think it's important—and I touched on this in another answer—that there was considerable debate at the Board and among our executive team on how to manage this. Referencing back to 2008, 2009, and 2010, the strategy involved returning capital to shareholders—our dividend exercises were very similar this time. We have no visibility on short- to medium-term market dynamics or economic conditions. Of course, we’ve realized attractive gains from non-core asset sales, and it makes logical sense to return asset realizations to shareholders, which has been a priority throughout my career. We've leveraged generated cash to drive down net debt and fortify our independence from capital markets allowing self-sufficient operations without disruptions. This endeavor continues into the year as we aim to maintain our cash position robust if the gold price holds above $1,700. This unprecedented scenario is dynamic, and I am very confident that current analyst predictions for the next 12 months could prove inaccurate. The Board and management team ultimately concurred that our best course of action is to manage this return as a significant one. When added to our $0.09 quarterly dividend, that will yield approximately 3.6% at the current share price, and we’ll reassess next year when we hope to have clearer conditions.

Okay. Thank you.

There are no more questions from the conference call. This concludes today's conference.

Thank you very much. I'd like to express my gratitude for everyone making time to join us. I'm very pleased that we got through this presentation. There has been an exceptional amount of work put into communicating this information, and everyone was genuinely concerned about maintaining our communication throughout this process. I appreciate all the effort. Thank you for joining us; we’ll speak to you soon.

This concludes today's conference call. Should you have additional questions, please contact the Barrick Investor Relations department. You may now disconnect your lines. Thank you for participating and have a pleasant day.