Barrick Mining Corporation (ABX) Earnings Call Transcript & Summary

Good morning, and afternoon, everyone, and welcome to our 2020 Investor Day presentation. For those who know the team well, you will recall that we traditionally host an Investor Day every 2 years with the last 1 held right before the completion of the Barrick and Randgold merger. Of course, much has happened since then. Some of it planned and deliberate like the integration of Mineral Resource Management and exploration as a core driver of our business or the resolution of the legacy Acacia disputes. Others were not planned, such as record-high gold prices or an international pandemic of unprecedented proportions. But despite all the different opportunities and challenges we have faced, I trust that we will today see that business we have got is both resilient and has consistently delivered on the promises that you would expect a merger of Barrick and Randgold would bring to our owners, stakeholders and the mining industry as a whole. We are all committed to keep these promises as we move forward, and the team is as excited as ever for the road ahead. As I trust today's presentation will show, our focus is clear, to be the world's most valued gold mining business by finding, developing and owning the best assets, with the best people, to deliver sustainable returns for our owners and partners. We have a full team here today and all ready to share the progress we have made at Barrick and provide you with a view of the future. As a housekeeping matter, we have scheduled 2 comfort breaks during the presentation as can be seen on the agenda slide: Rob Krcmarov will kick off starting with an overview of our exploration strategy across our global portfolio; Rod Quick, our ML -- MRM and Evaluation Executive, will then give a summary of the role his function place at Barrick as well as the projects that he oversees in order to ensure we deliver on our 10-year plan; Catherine, Mark and Willem will then provide an operational overview of each of their regions, focusing on the opportunities as well as how we mitigate some of the risks for each of the assets; Graham will then bring this regional focus together and an outlook for the group, while highlighting the backbone functions of the business that are key to achieving our outlook. As many of you know, we [ test ] with finding and managing and advancing our talent at Barrick, Darian will share with you how we intend to attract and secure the best people to achieve our vision of becoming the world's most valued gold mining business. And finally, before handing back to me for closing remarks and Q&A, Grant will demonstrate how our business only comes together due to our industry-leading sustainability vision. I'll point you to the quarterly statements as shown on the screen. This is also available on our website for further review should you need to. While I was at Randgold and working with John Thornton on the merger with Barrick, I saw an enormous opportunity to add value for stakeholders of both companies and change the way mining companies traditionally carried out strategic initiatives. Since the first of January last year, we drove the creation of the Nevada Gold Mines Joint Venture, tearing down the fences and unifying mines that should have been operating as 1 complex decades ago. We did resolve the legacy dispute between Acacia and the Government of Tanzania, which paralyzed the potential of mines like North Mara and Bulyanhulu that are now viewed together as a potential Tier 1 complex. I've previously spoken about I believe that the industry needs further consolidation, and that in the case of Massawa, we identified an opportunity where an asset we own might be better suited in combination with others. To that end, we sold our Massawa to Teranga, who then quickly put this asset into production together with their Sabodala operation. Further validation of our consolidation strategy was evidenced with the announced merger of Endeavour and Teranga, creating a new and exciting West African gold mining leader, and we are pleased to have been able to play our part in this transaction. Of course, Massawa was not the only asset we brought to the chart. In line with our strategy and our commitment to the market, in total, we have generated over $1.5 billion of value for our shareholders from noncore asset sales, including the sale or closure of assets, which reduced our liabilities and allowed for new operators to create further value opportunities. Tier 1 assets do not recognize political boundaries and to be a world class company, you need to be global. While we may not operate assets in every area of geological significance, we do have 1 of the largest concentrations of Tier 1 assets in the industry, and of course, we are always hunting for more. This approach to focusing on asset quality is a key differentiating factor in our business model. This slide gives a better picture of our Tier 1 asset portfolio, and we see opportunity to further extend our existing Tier 1 mines or [ typically ] develop more Tier 1 assets from the portfolio. The opportunity is across all 3 regions, such as the development of Goldrush and Fourmile in North America, which will secure Cortez's Tier 1 status well into the future. In Africa, we are working on a combined complex in Tanzania as we continue to optimize North Mara and ramp up Bulyanhulu. And in LATAM at Porgera where this mine has all these ingredients to be a Tier 1 asset. Our team has done an excellent job and pushed forward across the key indicators that we established for ourselves. I won't spend too much time going over this slide, but everyone now on the call today had a role to play in delivering on these targets, and the team will touch on some specific points as they present their sections. Importantly, Darian's presentation will demonstrate how we will continue to invest in our most important assets, our people, to deliver on these targets as we mold Barrick into a modern mining company for the future. Pictures say 1,000 words and these reflect our performance to date. Graham will touch on these charts that show the massive step change and improvement in our financial indicators, including our dividends. The numbers are product of the strategy we articulated when we put the merger together in 2018 and which we shared with you at the same time, same event 2 years ago. Whilst the strategy is clearly important, it's the execution which is key, and I am pleased to be able to share with you today what has been achieved as well as where we are going. To close off my opening remarks, I'm aided by usual comparison of Barrick's share price performance versus the gold price and the GDX. This clearly continues to show that a combination of the best people with the best assets will deliver the best returns. And whilst we are pleased with our performance to date, you will see today, we are not resting on our laurels and still believe there's more to deliver. And with that, I will pass you on to Rob K, that's Rob Krcmarov, the [ Head ] of Exploration and Growth.

Thank you, Mark, and hello, everyone. I'm Rob Krcmarov, and I'm the executive responsible for making sure that exploration delivers value to our business. I've been with Barrick for 33 years, of which the last 15 has been as Head of Exploration. And I'm pleased today to be sharing with you our exploration strategy and some of the exciting projects in our portfolio. Our exploration strategy has multiple elements that all need to be in balance to deliver on the group's business plan and for growth and long-term sustainability. The first element is making sure that we feed projects of a short- to medium-term nature that could help improve mine plans and address or smooth out variability in the production profile, and that's what's termed as brownfield exploration. And so we work quite closely with the Rod's MRM teams to deliver that. Secondly, there's a hunt for the next addition to Barrick's Tier 1 portfolio. So while brownfields exploration optimizes our existing assets, a new Tier 1 discovery represents pure growth. And so Lagunas, Veladero and Gounkoto, they're prime examples, and there are many more. Then there's also the optimization of the value of major undeveloped projects like Donlin, Alturas and Pascua-Lama, and our teams are working to bring them to account. And if they don't meet our criteria, we can still realize considerable value like we did with Massawa and ongoing exploration and geology refinements are critical to that. So looking at the chart on the right, both Barrick and Randgold have built deep value through exploration discoveries. Both as new greenfields discoveries, which I just spoke about as well as adding serious value through exploration following acquisitions. And historically, we've done well at this with Goldstrike, Pierina, Loulo, Kibali, among others, all really outstanding examples of geology-led acquisitions and then subsequently, piling on the ounces, and that's represented by the gold bars, which sit to the right of silver bars. Short and long-term integrated planning, it makes sense for running any sort of business and yet it's done quite poorly in the mining industry. And to be done really properly, it's got to involve all disciplines and be done collaboratively. And since the merger and with Mark's insistence, it's been a very strong focus for us. And I'm 100% convinced that it's a really unique source of competitive advantage. The introduction of an integrated exploration MRM function at every -- at the strategic level of every mine is really groundbreaking for our company. And Rod Quick will talk about that as will all the CROs. So now we have fully functioning geology and exploration functions at all of our mines. We're seeing good integration of exploration MRM. We've moved to short interval control on our orebodies, and we can measure their performance through reconciliation with refreshed exploration leaders and are starting to bring them into the business rather than as a stand-alone function, just simply trying to find gold. And 3D models have been built or improved at every single site. And so if we're focused on the real Tier 1s, you have to go where the gold is. And so that means going to some potentially tough jurisdictions and so if you're going to do that, you'd better learn how to manage and mitigate the risks. And I have to say that there's no one in the industry who considers and manages risks better than Mark. I think his efforts to persevere and renegotiate positive outcomes in Tanzania and Porgera, for example, they're clearly testament to that. And it's by engaging with the governments and respecting them as partners and owners of the orebodies who deserve an economic benefit that we can unlock prospective new Tier 1 opportunities where others perhaps fear to tread. And the large yellow dots on this slide represent 10 million-ounce deposits, and you can clearly see that we're already in some of the world's most prolific districts. Moving on to the Cortez District. In the last 30 years, the Cortez District has emerged as one of the most prolific gold camps on the planet following major discoveries at Pipeline, Cortez Hills, Goldrush and more recently Fourmile. And in fact, there's been over 25 million ounces mined to date. And in this district, there's a real diversity of deposit styles, host rocks, grades, and so who knows what the next one is going to look like, but we're sure that there's much more to be found. And you can see some of our focus areas are in the yellow circles there. Looking at the Fourmile area in the panel on the right, you can see successive year-on-year growth represented by the different shades of blue. And a little over 12 months ago, we got some fantastic results from yet another part, Dorothy, which is shown at the top of the slide. And so while resource estimation is underway, we've already got a significant total inventory, which we've included a little over 3 million ounces in the mine plan. So we're well on our way to approaching 20 million ounces from this Greater Goldrush area, and that will likely see us producing for decades to come. And there's already sufficient high-grade inventory there to be confident that Fourmile will be mined. And in fact, our mine planning software drives the plan and the schedule towards Fourmile to production later this decade. But I guess what really excites me as an exploration geologist is that there's more to come. The style of mineralization is changing in character yet again as we head north, but it's definitely not closed. And you can maybe see the small red dots around Sophia and Dorothy, which represent mineralization in drilling above the Goldrush cutoff grade. There's no shortage of opportunities on the richly endowed Carlin Trend. And since the formation of NGM, our combined teams have integrated the databases and continue to further develop understanding of the geological architecture, and the controls to mineralization. And so with this more complete picture, we've been able to cut through some of the geological dogma and to identify the next-generation of exciting targets. And here, you can see we've got a combination of targets, where we have both strong expansion potential, such as Leeville and along the post-genesis fault corridor as well as opening up large areas of new prospectivity like in the Carlin Basin, where we've recently drilled a hole that had some encouraging signs of mineralization, 5 kilometers from the gold quarry pit with not a single hole around it. And so that's opened up a huge area of prospectivity. And in fact, we just completed staking over 6,000 acres of land to secure all of that area. So by way of example, the area to the west of Leeville, that was previously designated as a no-go zone, and that's mainly because there's a hydraulic gradient and that was quite high. And I guess, more importantly, it was thought to be less prospective anyway. And so the geological work that the teams have done this year was able to demonstrate that the basin-bounding fault previously thought to be inconsequential with respect to mineralization is clearly an active and important player in channeling the mineralization and in fact, our first hole intersected over 20 meters are over an ounce per tonne, and that's shown here on the top of the slide. The second follow-up hole was offset by 100 meters. And while we haven't got assays back yet, it also looks really strongly mineralized. And so it's looking like there is a high-grade area developing out there. And moreover, some of the recent drilling has more accurately defined the position of the basin-bounding fault further west than thought. And so what this does is it expands that area of high potential host rocks near this important ore-controlling fault. So this is a really great area to be exploring in, and it will be one of the focal areas for the rest of this year and going forward. At Turquoise Ridge, there are 2 huge deposits at either end of an 8-kilometer trend, both with poor geological understanding until recently, and an awful lot of potentially prospective ground in between, which we know very little about. So since forming NGM, we have rediscovered or recovered lost data, I guess. And we've combined that with re-logging and mapping and integrating infrastructural models. We've generated new targets in what was once thought to be a maturing district. So on the TR side, some excellent geological work has identified the ore controls and our understanding on the Twin Creek's side is just starting to unravel the controls there. And some of the large new areas of interest are starting to emerge, and they're shown in those yellow circles there. At Hemlo, there's been more than 22 million ounces produced from what at one time was 3 separate mines. And the vast majority of production is now from subvertical shoots under the Williams pit. And yet, the recent compilation work has identified numerous areas in the dormant or legacy mines, which we consider to have good potential resource upside and we'll look to test going forward. 2020 drilling under the Williams pit has already demonstrated growth potential, but that's likely to be well into future mine plans. But so what's more interesting is that the large area to the West, there are some shallow holes represented by the colored dots, so red's about 3 grams per tonne as well as a few deeper holes with mineralization. This year, we did some geophysics, and cut a series of trenches up to 1.5 kilometers west of the mining area and established a mineralization system does indeed extend out here and actually changes in character. So we'll use this information to target the huge white space to the west and test that next year. The other significant development out here is that we've recently consolidated a much expanded property package to the east and northeast of Hemlo, and that doubles our land holdings in the district. In LATAM, we've reestablished a world-class exploration team and broadened their growth mandate. For example, we've assembled a portfolio in Salta province, Argentina with state new ground in Northern Peru to explore the Jurassic belt. We're currently negotiating on prospective properties in the Guyana Shield as well as we'll see in the next slide, started to assemble an exploration portfolio in the Dominican Republic outside of the PV joint venture. At Veladero, we're looking for higher grade oxide mineralization to displace the low-grade ounces in current life of mine plan. We've made great progress in the Dominican with our expanded mandate to seek more opportunities. We've initiated an active exploration presence in the country, and that's both at the Pueblo Viejo joint venture and also as Barrick elsewhere in the country. We've established an active in-country team and secured a key property that will enable our PV expansion project as well as acquired and turned over some new 100% Barrick properties elsewhere in the island, and we have more applications underway. At PV, we've also updated the geological model and supplemented it with an integrated structural model that has enabled us to identify new satellite targets. At the northern end of the El Indio belt is the massive Pascua-Lama Veladero complex, and at the southern end is Alturas, which is a multi-million ounce oxide resource, and these are geologically characterized as high-sulfidation gold/silver deposits. In the middle is the El Indio cluster mines, which is another large zone of alteration, but it's a different style. And throughout much of El Indio's 17-year mine life, it produced over 200,000 ounces per annum at over 7 grams per tonne, and it made a bundle of free cash flow. In the Greater El Indio mine area, we've identified the potential for a Tier 1 cap, and that comprises 4 targets with multimillion ounce potential in a 15-kilometer radius. And further out beyond the known El Indio deposits, we've also added 13 new targets to our resource triangle in this region. Elsewhere, updated geology and resource models have been delivered for the Argentine side of the Alturas project, where the benefits of a potential startup here is being investigated. And so this plus 8 million-ounce project has significant value and the focus now is to deliver an updated preliminary economic assessment. On the Bambadji property in Senegal, we've been pursuing a series of auger anomalies. And following up with RC drilling. And -- I'm sorry, I just lost my screen here. Okay. We've been -- yes. So we've been following up our auger anomalies with RC and diamond drilling and getting some really good results, which you can see on the slide there. The -- we're seeing some large extensive albitite alteration zones. And I've highlighted the Kabewest anomaly in the left panel, where we're currently following up a 5-kilometer anomaly, and we've drilled 3 fences. And the first 3 fences indicate that there's a robust bedrock source of this mineralization, and the actual intercepts shown in the red dots include highlights of 30 meters at 2.45 grams and 43 meters at 1.16 grams, and that was to the end of the hole, and that's amongst other intercepts. In addition, shown in orange dots are where the geologists have noted wide zones of alteration and brecciation, where they suspect will be mineralized. It's currently open in all directions, and the team is really very excited with early indications of the potential. And the other thing to note is that the host rocks to the east are generally sedimentary rocks, and that's bought us the exploration of the district. We're now getting signs that the volcanic rocks to the west are also prospective, and this opens up a whole new search base of prospective new rocks. Further east, the Loulo-Gounkoto properties continue to yield strong results, which position us well for significant mine life extensions. And actually, despite already yielding multiple multimillion ounce discoveries, I think there's a lot more to come, and we're barely scratching the surface here. We've redeployed our efforts to developing a geological framework within which to target controls to mineralization to seek Boulder extensions and leaving the incremental extensions of high-grade shoots to the MRM team. Initial scout drilling on the greater than 4-kilometer-long Yalea Ridge has confirmed open pit potential, as well as the overall fertility of the structural corridor with all holes to date intersecting mineralization. The overall robustness of the system in the sector today is extremely encouraging given that we're yet to drill the most prospective part of this ridge structure and scout drilling has also expanded the Gounkoto South Faraba mineralized footprint for more than 3 kilometers zone of strongly anomalous geochemistry. And the anomalies are actually located along a major structural feature, and I think that enhances the potential. It gives us good context. The Yalea structural corridor is continuously an anomalous trend, which extends for more than 12 kilometers and hosts the Loulo 2 and 3 deposits and has artisanal mining along its entire length. This long section slide shows all the drill holes with intercepts above the Yalea underground cutoff grade. And as you can see, the entire structural corridor lights up and the other striking thing to note is that other than the Yalea orebody, where we continue to find robust high-grade extensions, we've only scratched the surface as such an extensive mineralized system. And you can see the lack of near-surface drilling at Yalea South and under Loulo 4. We're looking forward to drilling some deeper framework along the Yalea South in the coming months. And if we can demonstrate favorable signs of mineralization and be able to put it in some sort of geological context to determine the full potential, then we'll drill for resource definition. Another example is Loulo 3 where drilling and modeling confirms an open-end to shoot. And that's got more than 1 million ounces potential. And that's demonstrated by some of the strong intercepts outside of the closed-space drilling areas. The same stratigraphy as at Loulo 3 has been identified at Loulo 4 and at Loulo 2, 3 and with IP geophysics that's starting soon ahead of the drilling, this is a -- really a very exciting target. The next slide zooms into the left-hand side of this slide. And looking at the high-grade Yalea transfer zone, expansion drilling 500 meters beyond the 2019 block model continue to confirm thick intervals of high-grade mineralization and that's associated with a newly identified limestone unit. The results potentially auger well for large underground stopes and a continuation of this exceptional zone. So a hole is currently underway to test for an additional 180-meter extension. And you can see the lack of near-surface drilling to the south, which we intend addressing in 2021 with our framework drilling. Kibali is again on track to grow its mineral reserves and mineral depletion, and its exploration pipeline is laying the foundation for another year of growth and a steady 10-year plan. The KZ trend remains prospective for a good balance between open pit and underground ounces. And we continue to explore and define the full extent of the main KCD mine area for additional underground extensions. We're looking down plunge and also well to the east, where we're looking for additional upside opportunities along this northeast trending structural corridor. We're also looking at the shallow open pit potential, just a mere 200 meters east of Ikamva. On the Tanzanian side of the Craton, our focus on quality geological work is already identifying. And in fact, it's demonstrating plenty of upside. And in the next presentation, Rod is going to discuss our excellent progress at North Mara and Bulyanhulu. So just to recap, we've got a rich and proud history of generating value from successful exploration. Our strategy has delivered results, and we're always looking to deliver value to our owners and I'm super and excited about the potential in all of the regions that we operate in. And I can't wait to talk to you about our next discovery. So with that, I'll now hand it over to Rod Quick.

Thanks, Rob, and good morning, afternoon, everyone. For those that don't know me, I'm Rod Quick, the Barrick executive for mineral resource management and evaluation. I've got over 25 years experience in the gold industry, having spent time in exploration, mineral resource management and the evaluation disciplines. I'm responsible for the MRM functions in the group, the evaluation of projects from scopings all the way through to feasibilities as well as being the lead content person for resource and reserve sign-offs. It is my responsibility to ensure our projects pass our strategic filters and that we manage the conversion of our orebodies into profits. Our MRM strategy prescribes that our geologists own the orebodies. And by this, with mean the geological managers on the operations are key executives on the mines we operate. They report directly into the general manager of the mine and have a functional reporting line to the regional MRM executive. With this empowerment, however, comes an accountability for the understanding and the delivery of the orebodies. This approach is heavily focused on our understanding of the geology and the controls to mineralization. The Mineral Resource Manager is responsible for building a sustainable business plan for his or her operation, and thus, responsible for the replenishment of reserves and all of the associated feasibility work. They're the gatekeepers between exploration and operations, there to ensure that our reserves pass our filters and that we don't get seduced into production at any cost. During feasibility and evaluation, the MRM is responsible to mitigate the technical risks and ensure that the mine plans are optimal. This is best done through orebody knowledge. Having a thorough understanding of the orebody is critical to make the correct investment decisions since the geological model be it the geo characteristics of that model, be it the geotechnical, geohydrological or metallurgical aspects need to drive the mine design. Our resource triangle is the core business management system used by exploration and resource geologists. My team is responsible for the top 3 tiers, which take our targets from inferred resources through to producing mines. Once Rob's team has identified an inferred target, we will complete a scoping study to further guide drilling and resource definition. If it passes our filters, further work will be conducted, to progress the resources into indicated and measured resources and the completion of a pre-feasibility study to report the initial reserves. Development decisions are taken with the completion of full feasibilities. We've always said, thank the orebody before you build the mine. Once we have confidence in the orebody, the other aspects of a technical feasibility becomes simpler to manage. Too often, a feasibility is rushed out only to find that the metallurgical samples are not representative of the final orebody interpretation, or the mine design is not optimal. The value curve of a typical mining project is a simple and well-documented model, moving through the phases of exploration, discovery, feasibility and development, followed it -- followed by production. Different players in the industry position themselves at different locations along the curve. We encompass the full spectrum from finding deposits all the way through to production. Discovery and development is to where the real value is generated in our industry. And once we are in construction and in production, it's all about value destruction mitigation. Every KPI that is not meant, erodes [ steady ]. We had higher capital during the build, additional dilution or lower recovery during the ops. The next real opportunity for value generation is achieved through adding additional quality reserves, and this is the reason for our focus on quality assets. Those assets that have the geological critical mass and capacity that will allow us to extend life and reserves and fully swept the capital invested. Our 5- and 10-year plans are constantly being updated. And as our various feasibility and mine optimizations come to fruition, we are able to extend and further optimize our life of mine plans. The link between our mine plans, MRM and exploration is a critical relationship that needs to remain dynamic and adjust to the specific needs of each plan. MRM focuses on the operational integrity of the first 5-year plan, making sure that the ounces are banked and all the geological aspects, be it grade, geotech, metallurgy, are understood well ahead of mining. This ensures that we can deliver on our operational plans. At the same time, exploration are looking at the 11 to 20-year period. And making sure that we have plans in place to identify the ore that can replenish the depletion over the longer term. Over that transition period, that is in the 6- to 10-year period, there's an integrated approach where we encounter an operation where the geological fundamentals are lacking, we mobilize exploration, MRM and all the key geological experts from the group to site and complete a total reload and reinterpretation. Once this is set up and the controls to mineralization are understood, exploration can then step back and focus on the longer-term growth. This interactive system allows for MRM and exploration teams to refine their strategy based on the requirements of each mine or region. Our strategic focus have been developed off the back of our mission statement, which is to strive to be the world's most valued gold mining business by finding, developing and owning the best assets with the best people to deliver sustainable returns for our owners and partners. And to remain true to this mission, we need to keep true to our investment filters, which are presented in this slide. Projects need to be applied principally to gold and be within one of the world-class gold districts of the world. We see copper as a strategic commodity of the future. And since it's often geologically occurs together with gold, we would also be attracted to a world-class copper-gold asset that passes our investment filters or a copper asset that would enhance our strategic partnering network in a particular region. We require the right to mine and to be able to repatriate our profits, while the project needs to fit our values as a company. We are also always looking for active management participation. With regard to our financial filters, we have separated projects into 2 tiers. Tier 1 projects have -- need to have a reserve potential that can deliver a plus 10 years at plus 500,000 ounce per year, with costs in the lower half of the industry curve, delivering an IRR of 15% at a determined long-term gold price. Tier 2 projects have a reserve potential to deliver 10 years -- at least 10 years at plus 250,000 ounces per year with cost in the lower half of the industry again, delivering an IRR of 20% at the same long-term gold price. Our current long-term gold price used for tier valuation, capital allocation and reserves is set at $1,200 per ounce, which we will review again once the world is through the COVID pandemic, and we have a better understanding of what the new normal will be. Mineral resources continue to be declared at $1,500 an ounce, but our mine plans for the coming year have looked at opportunities to capitalize in the short-term on the current high spot gold prices. I will now turn to some of our key value-driving assets and projects, where we are busy with much of what I've just discussed above. On picking up North Mara in Tanzania, we found a very good asset in very poor shape. The Gokona orebody, an underground mine, was being mined without any sound geological model. Interpreted horizontal faults were used to explain offsets to very high grade mineralization. But they did not offset lithologies, capture all lithological phrases like for volcanic tuff combine a number of different lithologies together. And the result was an underground mine where the orebody was often intersected out of plan when a development drive across it. 360-degree drilling was a standard approach to grade control since ore could or simply be anywhere. The block model nearly joins basically associate grades with no geological controls. It was a classic case of how -- not how to do things. And thirdly, it was not an uncommon occurrence in our industry. Our approach was to send in a skilled team of seasoned geologists, together with a team of exploration and MRM geologists, who relogged 70 kilometers of core in 2 months and produced a 3D model for the Gokona deposit depicted in the middle of the slide. This new interpretation highlighted that the mineralized horizons are hosted in the sedimentary and andesitic porphyry package capped by the -- in the hanging ore by the [ metric ] shifts and in the footwall by the volcanic intercept. And the highest grades were hosted on the volcanic intercept context and in andesitic porphyry units within the central package. With this vital geological framework understood, drilling could now focus on the mineralized loads within the central package. Projections could be made and be tested with confidence. It's a dynamic model that is continually updated with new data, and the interpretation has to be -- has been extended to cover Guyana to the immediate east. The key to the subsequent drill success has been to -- that we've been drill testing a model as opposed to simply drilling lots of meters in different directions. Furthermore, we have also ensured that the behavior of the mineralization is captured in the estimation process and that the block model estimate trends mimic that of the observed geological trends. This leads to a more robust and deliverable resource model. Staying in Tanzania, but moving to Bulyanhulu, the Bulyanhulu orebody is geologically simpler. And thus, we're able to move faster with regards to getting the basics correct. In parallel with the start-up of the underground mine, we are also busy with the total reoptimization of the underground operation. Starting with the confirmation of the geological model at depth. The deep west extensions are the long-term future of this mine and will dictate the capital options and allocations required. We thus commenced as early as possible with a deep drill program from surface to test and confirm the orebody in the deep west block. And as reported in our recent quarterly, the first 7 intersections have returned an average true width of 3.7 meters at over 25 grams a tonne. With further intersections completed since the quarter end, having intersected similar-looking material. The pleasing aspect of this drilling is the minable widths being intersected and confirmation that the principal shoots are open with depth and to the west. With the geological risk now reduced, our tension has turned to the extractability of the orebody. Since mining at these depths is possible, but it does require foresight and the appropriate planning. And to this end, geological stress modeling is being undertaken on different mining sequences to best deal with and minimize the induced mining stresses that will be faced at these depths. Metallurgical test work is also underway with this material, which will be incorporated into an updated mine plan and feasibility study on track to be completed next year. The next 2 slides cover reserve replacement at Loulo-Gounkoto -- at the Loulo-Gounkoto complex as well as the Kibali mine in the DRC, our 2 Tier 1 assets in the AME region. Reserve and resource replacement at these 2 assets has been strong of late, and we expect another year of more than replacing reserve depletion at both assets. So actually growing reserves while at peak production. This help comes off the back of many years of geological understanding and interrogation that has only really got started with many of the legacy Barrick sites, which I'll discuss later. Getting to this sort of position takes time. For starters, you require a high-quality asset, combined with high-quality people who understand the deposits and use that knowledge to specifically drive mineral resource growth and then reserve conversion. This graph represents the annual reserve numbers in bars and the cumulative gold production as the gold line. What the bars highlight is that there's never a simple continued linear growth in reserves. There is broadly and understandably our peak in reserves post feasibility when the initial orebody is drilled out, but once mining starts to deplete that reserve, the reserve profile starts to climb. And in the case of Loulo-Gounkoto in 2012-15 period is a classic example. When the high-grade purple patch of the Yalea underground and the high-grade portions of Gounkoto open pit were feeding the plant. The challenge for our MRM teams is to then stabilize this reserve depletion, reverse the trend and start growing the reserves. We started in 2019 and will continue into 2020. This is only possible with a professional team that understands the orebody. A similar profile, although over a shorter lifespan is presented at Kibali, where the reserves peaked in 2013 post the feasibility and then were depleted as we access the open pits and ramped up the large underground mine to full production. It is thus really pleasing to again see us to reverse this trend in 2019, and we expect to, again, more than replace depletion in 2020. Now moving across to Pueblo Viejo. It's amazing to believe that looking through my 2018 Investor Day presentation, I had no mention of the PV expansion project, other to say that it was in pre-feasibility level. A lot has changed in 24 months. As usual, we started with the geology, updated the geological model, which confirmed the lithological alteration and structural controls of a classic high-sulfidation gold system. All drilling was incorporated into a dynamic model, and a rolling block model was updated and implemented so that as we progress the technical study, we are always working with the latest resource model. We have also focused on the estimation of sulfur levels. The plant expansion is all about dealing with the higher sulfur levels that arrive at the plant with a higher throughput and with the geology banked, we could aggressively focus on this challenge and the pre-feasibility study progressed rapidly through the options. We started out looking at leach pad oxidation of the sulfides. We then looked at a flotation fine grind tank oxidation option to deal with the sulfur. And finally, we settled on the upgrading of the current autoclaves to handle their decimal steam created from a higher sulfide feed as the preferred option and have taken this through to feasibility design. The design will enable us to increase throughput and maintain a minimum average annual gold production of some 800,000 ounces per year after '22 for many years to come. Our focus is now on the ESIA and the permitting of the expanded TSF facility, which will then allow us to update the reserve and fully complete the full document project documentation. Moving across to North America. Goldrush in Nevada is another one of our key growth projects, where we are busy with an updated underground feasibility, which is due for completion at the end of March '21. As we have progressed the feasibility, the understanding of the geological model, styles of -- and styles of mineralization have improved. The resource potential has grown substantially, particularly with the good drill results in the Fourmile deposit immediately north of Goldrush. And thus, we are looking at the bigger picture of a combined Goldrush-Fourmile project. The geological confidence, however, required to bank a Fourmile-style mineralization requires more drilling than is practically possible from the surfaced. There's no doubt there are multimillion ounces in Fourmile. The problem is that is when you're hitting intersections of 2-ounce per tonne over appreciable widths, getting the morphology correct of the mineralization requires a substantial amount of drilling from multiple angles. Small areas in ore volume make for big differences in ounces at these high grades. Our optimization work has also shown some geological similarities of the KB mineralization, which sits in immediate -- sits immediately east of Red Hill in Goldrush to that of the Fourmile high-grade-style mineralization. While unconstrained soft optimization runs schedule inferred ounces at Fourmile mile, KB and Meadows in the south of Goldrush, ahead of other areas in Goldrush. What all this means is there's a -- there is massive value in optimizing the entire package that is not going to be able to be included in a feasibility for next year. We need to complete the feasibility to enable us to increase the declared reserves for Goldrush, but there's a much bigger story unfolding here. Staying in Nevada, but moving to Turquoise Ridge, we have an underground mine that is a massive opportunity, but it's currently infrastructure bottlenecked. Under its previous life, TR underground was set up as a low tonnage high-grade mine. And with the restructuring of the JV and removing Toll Milling Agreements, the cutoff grade suddenly dropped, and it now makes sense for us to feed as much of TR underground ore through the stage auger [ grade ] as possible. We need to get the mine redesigned to do that. And this will take a bit of time. We have started with the remodeling of the orebody because historically, only the super high-grade central portions of the orebody were modeled based principally on a grade-envelope approach, and we spent a lot of time this year and made significant progress in constructing a geological model that incorporates the subtle sedimentary changes in the lithologies as well as alterations, structure, geochem and gold assays to build a robust geologically driven orebody. I'm confident, as we have shown elsewhere, that this will increase our ability to mine the full orebody and design a [ development ] plan. Our first geologically driven updated grade control block model is expected at the end of this month, and this will then be expanded to the remainder of the month. And together with building geotechnical rock mass models and integrating these to develop a more efficient mine design that can deliver higher ounces than are currently in our plan. In conclusion, our next 10-year attributable production profile has us producing just under 5 million ounces per year after 2030, all profitable at $1,200 an ounce. And these only include operational mines and projects, which are covered by our current growth capital commitments, after which the plan is supported by sustaining capital. And thus, it contains none of the large opportunities that exist in our portfolio in the likes of Pascua-Lama or an Alturas or a Donlin. Any new discovery from Rob's team or an M&A opportunity from Kevin's only add to this profile. The plan shows strong growth up to 5 million ounces in 2023, which is our target date for the ramp-up of Pueblo Viejo and Goldrush, together with the final year of the Tongon open pit and high-grade delivery from the crossroads pit. All our Tier 1 assets performed through to 2030 and the challenge we have set ourselves in AME is to create a Tanzanian complex from the North Mara and Buly are deposits that delivers Tier 1 credentials. Tongon will need to be replaced, and the AME team are looking at various alternatives from extending Tongon with incremental haulage ounces as well as new opportunities to replace Tongon. The LATAM portfolio is stable at around 1 million ounces a year for the full 10-year period. And we believe that this profile clearly differentiates us from our peers in the industry. We have stuck to our guns on quality over production, which has enabled us to massively reduce our debt, significantly grow our cash and have a sustainably profitable 10-year business plan at $1,200 an ounce. Thanks for your attention. I'll now pass you on to Catherine Raw, the CEO of North America.

Thank you, Rod. I'm Catherine Raw, Chief Operating Officer for North America. I was the CFO of Barrick prior to the merger with Randgold. And before joining the company was at BlackRock in London, co-managing the world's largest mining equity funds amongst other things. Here, I review what I outlined in -- as the strategic priorities for North America back in November 2018. And against that, what we have achieved to date. At the time, I highlighted the district potential of Nevada and how our assets were positioned relative to those around us, specifically Newmont. The purpose of that slide, even then was to illustrate the strategic rationale for combining these assets into 1 single entity. And that's exactly what we did. On July 1, 2019, Nevada Gold Mines was formed with Barrick majority owner at 61.5%, and importantly, the operator of the joint venture. Orebody knowledge is the foundations then that separates good mining companies from the rest. As Rod and Rob have so clearly illustrated, this is fundamental to Barrick's DNA. From the very outset of the merger between Barrick and Randgold, we sought to reestablish that DNA at our operations. And orebody knowledge was where we started with Grigore heading up mineral resource management in North America and with the help of Rod, building a culture of MRM at our operations. Operational delivery and project execution are often taken for granted, but delivering consistently and living up to our promises in every aspect of our business, whether it's the safety of our people, the environment or our partnerships with the communities within which we operate, these are all signs that the business run well, a team that communicates in a clear strategy against which we can hold ourselves accountable. There's been no better illustration of this than 2020, where despite all of the challenges COVID-19 has thrown at us, we've delivered record-breaking margins and are on target to meet 2020 production guidance. The region now has a solid production profile over the next 10 years, and we're confident that we have the pipeline to roll that forward for years to come. In addition, we're unlocking value elsewhere, whether it's at Donlin or in our Acacia portfolio. And whilst but not least, overhead reductions. Given the journey we've all been on to get here, we remain vigilantly obsessive about keeping that overhead lean. And when we look to the next 2 years, the strategic priorities remain the same, but now instead of on Nevada consolidation, we're turning our eyes further afield to other opportunities in the region. Our 5-year production outlook has North America delivering over 2.4 million ounces for all but 1 year in 2022. The major change versus the plan shown to the market in our Q4 results has been a pause on Long Canyon permitting that impacts production in '22 and '23 as well as changes to Turquoise Ridge underground ramp up. Sustaining capital remains at or around current levels for the next 2 years as we invest in infrastructure and drilling to extend the life of our assets. This has impacted ASIC, which we expect to stay above the $900 an ounce level before dropping down to close to $800 an ounce by 2025 as capital reduces and production increases. Growth capital is driven by Goldrush, Turquoise Ridge's 3rd shaft and the Cortez complex. So now for the detail. The formation of Nevada Gold Mines and the combination of Barrick and Newmont's Nevada operations into 1 single entity is a feat that few believe would ever actually happen. Greg Walker & the team have worked tirelessly to deliver on the plan we laid out to the market, creating a flat management structure divided into 5 operations. 3 complexes, Carlin, Cortez and Turquoise Ridge as well as Phoenix, Lone Tree and Long Canyon with new leadership teams at all operations. In less than 18 months, we've integrated exploration, mineral resource management, planning, processing and supply chain, all operating on 1 state-of-the-art ERP system. This gives us the platform from which we can unlock value for many years to come. The formation of NGM also created a world-class reserve and resource base. In 2019, we were able to replace depletion and increase reserve grades towards more than double the industry average. Not only that, but we increased measured and indicated as well as inferred resources, creating a pipeline for future reserve replacement. While we came strongly out of the gate in 2019, the hard work is now underway with the painstaking development of detailed and dynamic geological models for all our assets, and we would expect it to take the next 2 to 3 years for the benefits of that better understanding to really come through. An example though that we highlighted in our Q3 results of how the formation of NGM and the follow-up MRM programs are already unlocking value is in the north post area of Carlin, where we began mining in September and which has added 200,000 ounces of reserves through removing the artificial barriers or fences, as Mark calls them, created by the separate ownership and which has allowed us to change the mining method, thereby dropping costs and making it economic. Nevada Gold Mines as a whole is expected to deliver comfortably within our 2020 production guidance with slightly higher costs, primarily as a result of higher royalties. '21 and '22 are years of investment in the future of NGM to create value and extend life. Relative to our previous 5-year guidance, we've included additional drilling programs and associated development to increase orebody knowledge and grow ounces in new areas. Investments in processing to lower costs as well as the development of the sole facility at the TS Power plant to provide both a hedge to gas prices on the back of the TS plant's conversion from [indiscernible] gas as well as to further reduce greenhouse gas emissions. The production dip in '22 is driven by, as I already said, the rephasing of Long Canyon, the Turquoise Ridge complex as well as sequencing at Cortez. And stepping back and looking at the 5 years, investments at Carlin, Cortez, Goldrush and Fourmile helped to secure Nevada Gold Mine's production profile well out beyond 10 years and increased value. I'd like to emphasize that these are brownfields investments with low execution risk and high returns. Carlin is on track to deliver on 2020 guidance for both production and costs. Production in '21 and '22 is impacted by a decrease in autoclave balances as a result of lower tonnes processed with lower recovery due to the change in ore type processed as well as the conversion of the autoclave from the disulfide resting in leach circuit to carbon and leach in 2022. It's also impacted by the closure of the gold quarry concentrator or mill 5 originally slated for 2019. But through the merger, we've been able to extend its life by 2 years out to 2021. Higher capital expenditures in '21 and '22, which lift NGM's capital and ASIC overall in those years, are broadly driven by 3 areas of investment: underground development, dewatering and drilling to increase orebody knowledge and grow ounces in deposits such as North Leeville, Ren and Rita K; processing improvements, primarily at the gold quarry roaster or mill 6 to remove bottlenecks and lower processing costs as well as the above-mentioned conversion of the Goldstrike autoclave in '22 that allows us to process stockpiles from Carlin South that were otherwise at the back of the queue of the roasters; and the sequencing of open pit waste tonnes, which are required for tailing storage facility construction to allow us to continue to produce at current levels further out into the future. Additional ounces from both Carlin underground as well as open pit operations will help secure the long-term production profile beyond 2025. These are coming from updated mining cost assumptions, which, in turn, allows to lower our cut upgrade assumptions. And there's still significant underground upside potential for further ounce addition once new areas of access and drilling can take place from underground. Cortez is on track to exceed 2020 production guidance with costs at the lower end of guidance. When you look at the 5-year production, its profile is impacted by the sequencing of the open pits, particularly crossroads affecting grades in the timing of refractory processing. Robertson is now assumed within the 5-year plan with first incremental production in 2025 and its first full year of production outside of the 5-year window in 2026. Sustaining capital is going to remain at around current levels after 2024, driven by open pit stripping. Growth capital included in the 5-year plan covers deep south or haulage to Carlin processing and Robertson stripping. We're targeting additional ounces through drilling programs at Robertson and Cortez Hills underground with earlier stage generative exploration work focusing on the pipeline Robertson corridor. Rod has already touched on Goldrush, so I'll do my best to run through what he didn't cover. Contracted development is now complete on the exploration decline, and we've successfully transitioned to Cortez operational management in November. First door is on target to be exposed in the first half of '21 as part of ongoing exploration and development activities to provide information for the feasibility study and ongoing modeling. Once we receive the record of decision, we'll move forward with the construction of infrastructure to allow us to ramp up production. Over 2020, we've optimized mining methods as well as the design, which has given us greater flexibility, lowered unit rates, which in turn has allowed us to reduce the cut-off grade, thereby maximizing our exploitation of the orebody and bringing more ounces into the plan. Going forward, we would expect to grow reserves through geotechnical analysis and further underground drilling at the Goldrush orebody. We're also looking at unlocking further value by bringing forward Fourmile ounces upon inclusion into the joint venture. The Turquoise Ridge complex has had a challenging year and is tracking below 2020 production guidance with the Turquoise return to ground ramp up behind the plan. We recognized early in the year that we did not have the right leadership in place to drive the culture change required to deliver the ramp-up. And by the middle of the year, we now have a GM -- a new GM and a new Head of Turquoise, which is underground in place. The underground needs to debottleneck the current constraint, which is loading and trucking to deliver more tonnes to the shaft. Improvement in optimization plans are underway, and this includes a partnership with Sandvik to test 4 electric zone 50 trucks, and their press release came out yesterday. We saw month-on-month improvements in third quarter and further tonnage increases so far this quarter, and we expect this to continue into 2021. When you look at the 5-year profile, lower production in '22 results from a drop in the overall grade at the Turquoise Ridge Complex as a result of the reduction in ounces from the Twin Creeks mega open pit and Vista underground, which are replaced with lower grade stockpiles. Third shelf construction at TR underground remains on schedule and on budget, with commissioning expected in late 2022, and that predominantly drives increasing ounces from '23 onwards. Looking at the life of mine plan, the removal of the Toll Milling Agreement with Newmont, as Rod has said, has resulted in lower processing costs, which is, in turn, allowed us to lower cut-off grade, adding resources to the life of mine and unlocking significant value. Phoenix is on track to meet or exceed production guidance with low costs aided by higher byproduct credits in 2020. At Lone Tree, we're bringing in additional ounces into the 5-year plan from the Brooks and Battle Mountain deposits, which will be processed at the existing heat leach facility. Open pit reserve and block model updates, along with design changes, have extended the mine life by 2 years out to 2032. Given the Phoenix mill is now at full capacity throughout the life, we're looking at options to increase production through gravity as well as heat leach. Long Canyon has delivered exceptional margins in 2020 and is expected to exceed production guidance at the lower end of the cost range. '21 production is expected to be slightly above 2020 with another year of exceptional margins at gold prices today at current levels. We have paused the federal need for permitting process to review the planned Phase II open pit mine life extension, which includes a review of the groundwater model and water management strategy, given we identified gaps in the previous analysis. On current working assumptions, we have first ore in 2025 with the completion of surface operations in 2028 and residual leaching expected to carry on for another couple of years. Having said that, we're also reviewing alternatives to access the ore body underground, which could change these working assumptions. Having established Nevada Gold Mines as a self-contained Nevada company, I wanted to take this opportunity to highlight the contribution NGM has already made to the state of Nevada. Our total economic contribution is more than just the taxes we pay, and this triangle helps to shed light on just how much NGM contributed in just the first 12 months of operating. In addition, with the onset of COVID and as a partner to the state, we recognized we needed to step up and provide COVID support, which is total just over $12 million year-to-date. This includes the launch of the IAT fund, providing COVID relief to small businesses along the IAT corridor in July with a $5 million investment from NGM as well as being the largest single donor to the state's COVID-19 task force set up by the governor's office, of which we're a member. Other state-wide initiatives I want to highlight focus on education with a $2.2 million partnership with Nevada's Department of Education and Discovery Education to deliver a virtual learning platform for all scholars in the state. We saw psychology interns from UNLV and UNR and maintenance training for interns from Great Basin College out of Elko, and we're in the process of setting up a similar program out of the College of Southern Nevada. And as I mentioned earlier, we are converting the TS Power Plant inherited for Newmont from coal to gas, which will reduce greenhouse gas emissions as well as developing a 100-megawatt solar facility with the potential to double capacity as we permit for a full 200 megawatts. As Rod has already touched on, our understanding of the Hemlo has improved significantly over the last couple of years. New MRM and exploration teams working together have developed an improved understanding of what is controlling mineralization, and that has resulted in an increase of underground grade by 21% year-to-date as we are better able to capture the higher grades in our sloping. We have embarked on a multi-phase drilling program targeting the upper seas and western sea zones deeps that add resources by 2022 that could establish Hemlo as a Tier 2 mine. At the same time, we've taken a broader look along strike to identify remnant mining opportunities in the historic Golden Giant and David Bernhardt, and we'll also be drilling at depth where the ore body remains open. Moving to operational performance. For 2020, Hemlo is expected to deliver at the upper end of guidance, albeit with high cost due to higher royalties, both the result of higher gold prices but also through greater production from royalty-bearing ounces. It's been a challenging year for Hemlo, and Adam and the team have done a great job adjusting and adapting to the ever-changing situation. Barminco had been expected to mobilize underground in March. We're unable to do so because of the travel and visa restrictions resulting from COVID. This delayed the ramp-up from the underground. While we worked in the background with Barminco to get the visas and travel permissions, Adam and team debottleneck-ed the process plant, put forward open pit ounces, and along with the benefit of higher grades previously mentioned, have delivered a strong result without a significant impact on future production. Barminco are now finally fully mobilized, and the underground ramp-up is progressing. 2021 production is expected to be in line with 2020 with the closure of the open pit, the new portal access to the upper sea zone, providing a third mining front, increasing flexibility and allow for the ramp-up of the underground from 1.1 million tonnes of ore in 2020 to a steady state of 1.9 million tonnes per annum from 2022 onwards. Our planned drilling, as previously highlighted, has the potential to add resources to extend the mine life out past 2030. And regionally, as you'll see from the press releases this morning, the acquisition of Hemlo East and adjacent properties expand prospective ground along strike, and we have established a preliminary foothold in the eastern part of the [indiscernible] area. With the merger of Barrick and Randgold, it created an opportunity to reassess, along with our partners, NovaGold, how to tackle the risks associated with Donlin Gold project, which is undoubtedly one of only a handful of gold deposits with the potential to deliver production over multiple gold price cycles yet to be exploited. We believe there are 3 areas that need to be understood and risk mitigated in order to improve returns and assets value, and ultimately, to enable the project to be developed. These are the geology, the execution risk for delivering the project given its scale and location and the funding or capital risk associated with it. Our first priority has been to improve our understanding of the geology by closing gaps identified in the previous geological model. In 2019, several steps were taken to improve the model and a 23,000-meter diamond drill program was completed this year to validate that model, determine ore controls and extend shallow high grade mineralization, all with the ultimate goal of increasing our confidence as we move this project towards feasibility. This slide shows a cross-section looking northeast through the ACMA area of the deposit and illustrates how the geologic interpretation to change with the new information received so far in the 2020 drilling. You can see the lithological model so far correlates well, and there is potential upside in the identified mineralized structures highlighted in purple. Based on the assays received to date, the mineralized structures have proven to be more abundant and higher grade than previously recognized. Over the winter, we'll incorporate this new information to further refine the model, which will probably require further drilling program in '21 to validate. The final model will be used to update our resource estimate, which currently stands at 39 million ounces of measured and indicated resources at over 2.2 grams a tonne. And finally, for our closure assets, Barrick's continuous focus has been to unlock value, mitigate risk and reduce liability. Barrick's new closure standards key objectives developed by Graham who'll speak more later, a defined passive solutions for long-term water management to prepare sites for beneficial terms of use and possible divestiture and to ensure that tailings storage facilities meet or exceed international safety standards. We are delivering against that strategy with divestments in 2020, generating close to $76 million of value with further upside from the royalties retained. We're moving ahead with the Golden Sunlight tailings reprocessing project, which will convert sulfide tailings into up to 200,000 tonnes of sulfide concentrate per year and supply NGM with sulfide feed source for its refractory ore processing while using the leftover benign materials as a pit backfill. It not only reduces Barrick's environmental liabilities, it cuts closure costs at Golden Sunlight whilst also creating more value for Nevada Gold Mines. In addition, we're reviewing all our tailings storage facilities both existing and closed sites against the ICMM Global Tailings Standard and ensuring each facility has its own risk mitigation plan whilst also developing alternatives to active water treatment per the company's new closure standard. And with that, we'll go to a short break, returning at 10:30 a.m. Eastern, so in 15 minutes' time, and we'll come back for Mark Hill, COO of Latin America and Asia Pacific. Thank you. [Break]

Okay. That's gone fast. So I'll get started. So I'll just introduce myself. I'm Mark Hill, the Chief Operating Officer of the LatAm and Pacific. My background, I'm a mining engineer, started my career in Australia and then Big Ben and then spent several years in [indiscernible] in the early '90s as a Chief Engineer. Before working in East and West Africa, mainly in operations, later in projects as well. And then in 2005, I moved to Barrick in Canada working in the projects and evaluations group. I was there for approximately 7 years and left to join a private equity firm for 4 years and returned back to Barrick in late 2016. And I took a role as Chief Operating Officer post the Randgold merger with Barrick. So as everyone said, it's been approximately 2 years since we last spoke, and it's a good opportunity to give an update on what we said last time with our strategic goals and what we've achieved against those. So I'll start out with sustainability. So historically, in this region, we performed quite bad on the sustainability front. But with a renewed focus and a strengthened team over the last 12 months, our performance has improved significantly. We've seen a greater than 50% reduction in total recordable incidents, and we've had no class 1 environmental incidents across the region. We have also seen significant reductions in greenhouse gas emissions, and this is going to continue to fall over the next 12 months. But probably the biggest and most significant shift in LatAm especially is our renewed relationships with our government communities. So due to the efforts of our various country managers and the support of our CEO, we have now renewed our social license in all countries, and we have a particularly strong relationship in Argentina and Dominican Republic Group, and we continue to work on our relationships and strengthen them in Fiji and Chile. So moving to MRM. In 2019, we established MRM teams at all sites and reempowered the regional exploration teams. These teams in 2020 have updated our understanding of baseline geology for all of our deposits and mines and corrected resource models in line with best practices, tying mineralization, metallurgical and geotechnical trials to the underlying geology. So this detailed understanding, it allowed us to optimize all our life of mine plans and produce an accurate rolling forecast that we've implemented across the business. Also, one of the areas we highlighted 2 years ago was growth, which is a key focus area for this region, and we've made some solid progress, and particularly in the brownfields area. And now all of our mines, we have extended the lives, and we've successfully increased the life-of-mine ounces across the whole region by approximately 8 million ounces since we last spoke. We've also got major projects underway. So construction at the PV expansion, the Veladero Phase 6 expansion and in Zaldívar the CuproChlor project. So all of these projects are aimed at increasing annual production, lowering the operating costs and extending the mine life. The funding is in place for all of these projects. Also under the direction of Leandro and Rob tied to Exploration Group, as you heard earlier, we have replenished the resource triangle and are busy with the drilling programs in the region part. So moving on to regional optimization. So it was very clear 2 years ago that we needed to optimize not only the asset portfolio but many other areas of the business. And in the last 18 months, we've dealt with the noncore assets like KCGM, Lagunas Norte and Pierina. And as part of the optimization, we've also rightsized our country offices. So we've reduced the headcount by approximately 50%, and the majority of those positions were moved back to the mine sites, enabling the mines to run their own business. And this change has obviously helped us in this recent pandemic go manage to maintain our operations through this period. Of the people remaining in the country offices, much proportion are actually exploration and projects staff working on the regional growth opportunities. So not a traditional overhead. The other thing we were working on was obviously the liabilities in the region. Whilst growth was a priority for the region, there's also a need to deal with these legacy liabilities. So to this end, we are green in near the closure plants in Peru, which has resulted in a greater than 20% reduction in costs. And we've lowered the holding cost at Pascua-Lama by over 50%. We've also simplified the corporate and tax structures across the region. And the sales processes for additional noncore strategic assets continue. So looking forward, what we will be focused on? So we're obviously going to maintain our focus on sustainability. We want to further improve our safety record and our environmental performance and continue to strengthen our social license. We want to continue to optimize our Tier 2 assets and drive them to Tier 1 status, and we'll talk about that a little later. And we want to focus on the growth opportunity, including project execution, which is critical for us in the next 2 years, and the greenfields and brownfields exploration. And we'll also continue to optimize the portfolio, dealing with the nonstrategic assets, reviewing the short-term opportunities that may be unlocked by this higher gold price environment, particularly in Peru. Okay. So on the screen now is our 5-year outlook. So it shows a modest growth, assuming that we get the progress and all renewed. The region is basically rebaselined in 2021 with significant growth capital being spent at Veladero-Zaldívar PV, and that leads to unlock a greater than 1 million-ounce production region with a declining cost -- C1 cost profile. So what is not pictured here is that this is maintained for over 10 years, ensuring longevity in the region, and it provides us a good base for further exploration and greenfield success. So moving to PV. Rod spoke about PV [indiscernible], but I just want to highlight that obviously PV remains one of the Premier Tier 1 gold mines in the world and will continue to out beyond 2040 with the plant expansion project and their sourcing of additional tailings capacity. So the key to unlocking these additional resources is securing the additional tailings capacity, and our in-country management team is fully engaged with the government and the communities to progress this project. So when we've completed the expansion, it will mean we have 800,000 ounces for greater than 15 years on a 100% basis. Some of the early years will be over 1 million ounces at a 100% basis. So PV will remain a world-class operation well into the future. Also, the MRM team has done a significant amount of work to drill and model, not only the pit pet resources but also the limestone reserves and the stockpile models, which are a critical part of managing the operation. And historically, they have been responsible for unseen fluctuations in our profile in grade and ore mining. So this work is now complete, so we have a high confidence mine and processing plant going into the future post this expansion project. So I've put in the process flow sheet here just to give everyone a high level indication. So the expansion project has been optimized as several times as Rod already has spoke about and now consists of new and additional projects, more grinding capacity, a flotation plant and an expanded O2 plant. So this allows us to increase throughput from approximately 8.5 million tonne per annum to 14 million tonnes per annum by 2024. And as we said, it has evolved through several iterations to come to what we think is the optimal solution on a capital and operating cost, therefore. Under the new flow sheet, although we're now a lot more challenged, the autoclaves are still spreading the same tonnage but will have more gold contained and more sulfur. The flotation tail will bypass the autoclaves now and will go straight to the CIL circuit, a new CIL circuit with details prior to disposal. The changes in the autoclaves is we are obviously feeding high sulfur grades which we need to oxidize, hence the bigger oxygen plant, and we have to manage the additional heap that this oxidization reaction generates. We need to remove this steam and then slow it from the autoclaves, fill the streams and recycle them to mange the heat level. So basically going forward at PV, the heat management aspect will be a major bottleneck in the -- or the limiting factor in the circuit. So moving to Argentina and to Veladero. So Veladero was the only asset in the region that was significantly affected by the COVID pandemic. The restrictions in the social distancing requirements in the country resulted in a 50% reduction of on-site workforce while we modified the cap to comply with these new requirements. So during that period, we obviously want to maintain production and environmental compliance. And the project change working on the Phase 6 expansion and the power line from Chile were demobilized, which meant that we missed the summer construction season to complete the early works, the liner works, that would have allowed us to continue the construction over winter. So as we've said, we began remobilizing these project teams in September, and the revised date for the Phase 6 pad commissioning is now second quarter in 2021. So previously, if you recall, that was the end of 2020 is going to be completed. What this has meant is that due to the fact that the pad will reach its -- the current pad will reach capacity by the end of 2020, there will be a 5- to 6-month period where stacking and leaching will be restricted. The impact of this on 2021 is to drop the ounces from greater than 500,000 ounces to less than 400,000 ounces on a 100% basis. But during this period, we'll be -- the mining plate will be focused on the waste stripping, and we'll advance out waste, which will provide us some additional flexibility when stacking resumes in the mid-year. As stated previously, the life of mine for Veladero has been extended to greater than 10 years through the combined efforts of our MRM expansion drill programs and the mine planning reoptimization. The MRM drilling is still ongoing, testing further expansion opportunities for the Veladero pit, while the exploration programs have been advanced at the nearby satellites in the Veladero and Pascua-Lama tanks. This is to confirm the target size, the metallurgy characteristics, so we can make a decision of their potential fee for the Veladero. If so, these targets have potential to extend the life even further, add incremental ounces to the annual production and more importantly, bring forward some higher quality ounces, offsetting some of the lower grades towards the end of the current Veladero life of mine, which [indiscernible] the slide, which is how we get Veladero to a Tier 1 asset. So it already ticks 2 of the boxes. It has a 10 year life, a greater than 10 year life, which we expect to extend further. We produce more than 500,000 ounces per annum. So the third pillar of a Tier 1 asset is obviously the cost structure. So we're working on that on that to lower the overall cost. We're currently with the group project, which will not only lower operating costs but importantly provide a stable, long term, low cost, low carbon power supply that would allow us to continue to pursue further cost reduction initiatives such as pit electrification and the ore conveyer projects. And as stated on the previous slide, the MRM and exploration programs are targeting higher grade ores, which also drive down the costs. So moving on to Papa New Guinea and Porgera. As you're all aware, the SML at Porgera was not extended in April 2020. And since then, the mine is placed on care and maintenance. The majority of the staff have been laid off. I think we have 600-odd staff left on care and maintenance and security. Barrick still believes that our [indiscernible] will be a Tier 1 asset or has potential to be with the possibility of extending the mine life to beyond 20 years based on the drilling program we commenced in 2020. The future production profile is also consistent with a Tier 1 asset with a production level well above 500,000 ounces per annum. So Mark Bristow made 2 trips to PNG in the last 6 weeks to negotiate a way forward for Porgera directly with the Prime Minister. A Barrick team, including myself, remain important mostly for over a month between the 2 visits to continue negotiations with the government. So we made significant progress before a sudden problem or challenge on November 13, which has scrambled the politics, and this is going to take some time to settle down. That said, we are still confident in the regime and an agreement can be reached given the positive statements from all stakeholders and all sides that it is critical to get forward or restarted. So moving on to Zaldivar in Chile. We've started construction of the secondary sulfide leaching project, which will increase the copper recovery of the secondary sulfide ore by approximately 10%, the new infrastructure and modifications to the existing sulfide extraction. Processing cost approximately USD 189 million, and it will reduce our operating costs by greater than 10%. The project will also add an additional 309,000 tonnes of copper production over the life of mine. The status of the project, currently, the engineering is 100% fabrication, 80% complete. And construction has only just started and is approximately 5% complete. The construction and conditioning will be to our Q1 2022. So moving to Peru. As I said earlier, the focus has been at Pierina and Lagunas on reengineering of the closure plants. So this is result in significant cost reductions, and also we've optimized the residual leaching that has produced an additional 15,000 ounces year-to-date. This takes a total residual production to 80,000 ounces year-to-date, end of October. So that makes a significant contribution of the high metal prices to offset the concurrent closure activities that are recurring. Additionally, at Lagunas, we have commenced a sales process. Whilst the [indiscernible] and PMR projects did not meet Barrick's investment criteria, we are confident that Lagunas' large mineral resource base totaling some 4.3 million ounces in M&I will prove attractive to other industry players. Considering the elevated gold price environment that we're in, the MRM team continues to look for short-term opportunities such as leaching restart option, stockpile reprocessing and enhancements in the leaching operation, all and obviously with a view to try and reduce the cost further. Prior to commencing the sales process, both MRM and Exploration were active in our review and design of conceptual drill programs to target additional leach ore and the testing of the full -- sulfide full potential. This is now being placed on a temporary suspension of the way the outcome of the sales process. So moving on to the projects. So in Chile, the team have been working on 2 projects, Pascua-Lama and Alturas. Pascua-Lama, the focus has been on developing a better understanding of the geological drivers and the geometallurgy of the deposit. We already know that the resource size is world-class. The objective is to have a better definition of metallurgical domains and different treatment routes to the ore gap. The split in these different treatments will significantly impact the overall economics of this project. We have also identified some gaps in the geology. And we've just started a drill program this month, 9,000 meters, which is obviously aimed at closing that gap and giving us a better understanding. The goal is by the end of next year, so the end of 2021, to have brought the project to account and understand where it sits in the Barrick portfolio and taking a decision on its future. In parallel, we are working on the environmental and legal side of the Chilean half of the project. In September this year, the long-running sanctions process came to an end with the final appeal largely upholding an earlier decision of the regulator with respect to clines and the closure of the old projects. This enables us to go ahead with the planned closure process for the Chilean side of the project, which will take some time, and we've established a working table with the relevant government authorities to ensure the process is executed smoothly and with the cooperation of all the parties. The option exists for us to initiate a new permitting process, and this will depend on the results of the technical valuations that I was speaking about previously. So moving on to Alturas-Del Carmen, so 75 kilometers south of Pascua-Lama. The project like Pascua-Lama spreads across the Chile-Argentine border. It has a resource of over 8 million ounces of gold and amenable to heat leach. This result definitely has the potential to be moved into a Tier 1 or Tier 2 project. With the significant exploration program already carried out, now turning our attention to filling in the geological model gaps. And as we have been in the capacity [indiscernible], and we'll be initiating a 7,000 meter drilling program over this summer season. The objective is to strengthen our current understanding of the fundamental geology and metallurgical characteristics of deposit. And like Pascua-Lama, we'll reach a decision point at the end of 2021 and whether we want to push it forward with the development and [indiscernible] of the project. So clearly, this project is a 50% JV with Newmont, recently completed an updated scoping study in order to reevaluate after the drilling programs of 2018 and 2019. So the preferred scenario out of that study is a open pit mine with 150 tonnes per day processing facility combined with an oxide leaching during the first 10 years of production. So the life mine spans more than 40 years, producing some 17 million ounces of gold and almost 29 million ounces of gold equivalent, considering a silver and copper byproducts. The study indicates a double-digit return after tax on the IRR basis at $1,200. So the project is currently completing geometallurgical studies, and a drilling program to increase the size that meet requirements of the aquifer will be the next. So the next phase of the study plan for 2021 and [indiscernible] will refine the current study to a PFS level. So that's all I had for LatAm and Asia Pacific. So with that, I'm going to hand it over to Willem at AME. Thank you.