Ladies and gentlemen, thank you for standing by. Welcome to the Barrick Gold Q2 Results Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. As a reminder, this conference is being recorded on August 6, 2015. I'll now turn the conference over to Ms. Susan Muir, Senior Director Investor Relations. Please go ahead.

Thank you, operator, and good morning everyone. Before we begin, I would like to point out we will be making forward-looking statements during the course of this presentation. For a complete discussion of the risks, uncertainties and factors which may lead to our actual results and performance being different from the estimates contained in our forward-looking statements, please refer to our latest year-end report or most recent AIF filing. With that, I would like to turn the call over our Co-President, Kelvin Dushnisky.

Thank you, Susan, and good morning to everyone on the call. Thank you for joining us. I'm here today with our Co-President, Jim Gowans and our Senior Executive Vice President and CFO, Shaun Usmar, as well as other members of the management team who will be available to answer your questions at the end of the call. Before we turn to our second quarter results, I'd like to highlight the steps we have taken to ensure that our business remains resilient in this volatile gold market. Long before the recent fall in gold prices, we completed detailed scenario planning to stress test our business at gold prices down to $900 per ounce. This identified a series of actions we can take if prices decline from current levels. The new capital allocation framework we put in place in early 2015 has led to lower capital costs as we cut or defer spending that does not meet our 15% hurdle rate. We are focused on strengthening our mine plants, reducing spending and improving productivity to maximize free cash flow from our operation. And we are also making cost reductions in other areas of the business, with deeper G&A savings expected this year and next. As a result of these actions, we generated positive free cash flow in the second quarter. Strengthening our balance sheet is a top priority, and we have made excellent progress on our debt reduction target. While these steps are generating positive results, we know there is more that we can do to ensure we continue to deliver free cash flow in a lower gold price environment. With that in mind, we are targeting $2 billion in reduced spending across the company by the end of 2016 to boost cash flow, with a hard focus on our operating costs.…

Thanks, Kelvin. With the drop in the gold price below $1,100 an ounce, there's a renewed focus on liquidity, which I'd like to address. As you can see, our near-term debt repayment schedule is quite modest, with less than $800 million due through 2017 currently, and that is improving. As Kelvin mentioned, we've already reduced our consolidated debt by approximately $250 million in the first half of 2015, and we also intend to redeem the outstanding $229 million principle amount of 2.9% notes due in 2016 with some of the proceeds from the sale of Cowal. The notes will be redeemed on September 9 this year, in accordance with their terms. At that point, we'll have less than $600 million due until the end of 2017. Once complete, we will also use the proceeds from the Porgera, Zaldivar and Pueblo Viejo transactions to retire debt. We're working through our debt repayment strategy, and we'll provide details at the appropriate time. There are a range of options we can pursue, including the tender process we used in 2013. We have a number of competing priorities in terms of realizing value, lengthening tenure, and ensuring we optimally reduce high interest charges. In terms of our liquidity, at the end of the second quarter ,we had $2.1 billion of cash and an additional $4 billion available on our undrawn credit facility. I'll just note that we have no financial covenants on our outstanding public debt, the vast majority of which is in bonds; it's not bank debt. Our undrawn credit facility only has one financial covenant, which is to maintain that the consolidated tangible net worth of $3 billion, and at the end of the second quarter, this covenant – well, our tangible net worth was $5.7 billion. Finally, as Kelvin noted, the…

Thanks, Shaun. We continue to expect our five core mines to produce about 60% of our total production this year at reduced averaged all-in sustaining cost of $700 an ounce to $750 an ounce, down from the $725 per ounce to $775 per ounce previously. The TCM circuit at Goldstrike began treating higher grade ore from Cortez in the second quarter. This ore had been stockpiled while we worked through some of the early issues with the associated Water Treatment Plant. These have now been solved with the installation of the ultra-fine filters and the ramp-up is proceeding in line with our expectations. The third quarter is expected to be stronger of the two remaining quarters on higher anticipated open pit grades from the Betsy Norris layback. At Cortez, we expect production in the second half to be fourth quarter weighted as the open pit transitions to higher-grade ore and as the TCM ramp-up at Goldstrike allows for additional processing of refractory ore from Cortez. At Pueblo Viejo we've encountered some carbonaceous, or we it call preg-robbing, ore from both the Moore and Montenegro pits, which impacted gold recoveries earlier in the quarter, but we've been able to manage through this material with some adjustments to the mine plan and optimized ore blending. We are expecting better production in the second half from higher grades and improved autoclave availability as maintenance was weighted more to the first half. Silver recoveries have improved substantially and are now in the 70% – or the 80% range. We made some adjustments to the quench vessels in June, have installed an additional pre-heater and are in the process of installing two new line-boiled tanks, which will improve residency time and reliability of the silver circuit and its recovery. We were also pleased to ship…

Thanks, Jim. To conclude, we'd like to leave you with three key points. First, our portfolio is performing very well. Adjusted for asset sales, we're on track to meet our production guidance, and we have lowered our 2015 all-in sustaining cost guidance. Second, the early actions we have taken have improved our cash flow and mitigated the impact of lower gold prices, and we continue to work systematically and aggressively to reduce costs across the company. And third, we have made excellent progress on debt reduction. Thus far, reducing debt by $2.7 billion, or 90% of our total debt reduction target for the year. So, in summary, we delivered solid results for the quarter and we continue to execute on our plans to maximize cash flow and improve returns. These actions are strengthening our portfolio and our flexibility in a lower gold price environment, and positioning us to deliver stronger margins when gold prices recover. That concludes our presentation. It was a little longer than usual, but we had an exciting quarter and lots to share with you, so we apologize for taking a little longer, and we appreciate your patience. We would now be happy to take any questions.

We'll now take questions from the telephone lines. And the first question is from Greg Barnes from TD Securities. Please go ahead.

Yes, thank you. Shaun, of the $200 million in CapEx reductions this year, a lot of it seems to have been deferred. How long can you defer it and how much of the $200 million is deferred?

Greg, look, thanks for the question. Look, as we go forward and say what we've seen is a history of quite a number of deferrals in capital, not just (36:51) in the sector. For us, I'd say at this point in time we are continuing to see opportunities for both reductions and deferrals, and our focus on these reductions is really on sustainability. So I can't give you an exact split right now, but I think the key thing for us is making sure that any deferrals or reductions ultimately don't impact the sustainability of the portfolio going forward.

Okay. And just a follow-up for Jim, the thiosulfate circuit at Goldstrike, wasn't much discussion about that in the news release. I was just wondering how that's going?

Thanks for the question. It's going quite well. Initially, when we talked, I think, in the first quarter, we talked about some of the problems we had at the water treatment plant. Those essentially are behind us and we have continued to ramp-up and have been able to start focusing in on the chemistry. It's been going quite well. We're getting pretty much the recoveries predicted for the grades fed in, and we've been able to run quite a variety of ores into the plant and gain knowledge on it. So I'm really pleased with the progress and it's ramping up on schedule or a little bit ahead.

Okay. Thank you.

Thank you. The next question is from Andrew Quail from Goldman Sachs. Please go ahead. Andrew C. Quail - Goldman Sachs & Co.: Morning, Kelvin, Jim and Shaun. Thanks very much for the update and congratulations on a very strong quarter and some good announcements. First question's on Cortex, just, obviously, real jump in grade. I think people expected some improvement but it was exceptional. Just, I mean, obviously, Jim, you touched on it's going to be fourth quarter weighted there. Can you give us some, I suppose it's going to be between sort of Q1 and Q2, the grade; but more so I suppose looking forward through to even 2016, are we sort of – is the grade that we see in Q3, Q4 this year more likely what we're going to see sort of going forward into 2016?

I don't think so, but I'm not too sure. We're looking at that right now. When we get the final pushback of the pit and started moving into the ore, we ended up getting higher grade ore than we initially anticipated. And so that turned out to be a very positive thing. But I think we go back to our normal reserve grades as we get into the pit. Andrew C. Quail - Goldman Sachs & Co.: Okay. So it's going to be somewhere in between obviously Q1 and Q2.

Yeah. Andrew C. Quail - Goldman Sachs & Co.: Yeah. And then I suppose my second question, because I only get two, is on Zaldivar. Can you guys just talk us through how, I mean, it's obviously fresh but the process there about maybe how you balance between sort of 50% and maybe selling 100%? I think people want to – if you can just talk us through your decision making there?

Sure, Andrew. It's Kelvin. Look, first of all, the starting point, it was a very robust process result of ours and that won't come as a surprise to you. We indicated early on we would sell up to 50% and very strong universe of bidders. But at the end of the day, our rational was we wanted to monetize that proportion of the asset, but we kept exposure to it. It's a great mine, very robust, and so we're very pleased with our partner in Antofagasta. We think that as operators, they'll bring a lot to the project based on their deep experience in Chile. They're well-known for running good projects. Zaldivar has operated very well in itself, and that's reflected in the price. But we just think that by staying involved and participating as Zaldivar continues is the right decision for us. Andrew C. Quail - Goldman Sachs & Co.: Okay. Thanks very much, guys.

Thanks, Andrew.

Thank you. Your next question is from John Bridges from JPMorgan. Please go ahead.

Hi. Morning Kelvin, Jim, Shaun. Well done. Congratulations on the streaming deal. I was just wondering on Lagunas, any indication as to what sort of price would be required for that? Or maybe a strip ratio so we could put some numbers to it?

Jim, can maybe add. It's early pre-feasibility, so we don't want to get too ahead of ourselves on that, but I think kind of ballpark numbers at this point, Jim, maybe $400 million to $500 million is...

Yeah. For capital.

Yeah.

Yeah. Okay. And then on PV, you're looking at the feasibility of the conversion. You need more land. Have you spoken with the Dominicans about accessing that, any sort of deal in the works there?

This is, John, in reflection to the tailings expansion. Look, we haven't yet. We've identified a number of areas where we could expand into though at PV. We've gone through this process before, so we're very comfortable that that's a process we will be able to manage well.

Okay. Thanks a lot, guys. Good luck.

You're welcome. Thank you.

Thank you. The next question is from Anita Soni from Credit Suisse. Please go ahead. Anita Soni - Credit Suisse Securities (Canada), Inc: Good morning, guys. My question is a follow-up on PV. With the tailings expansion, what would be conceptually the associated capital with that?

At this point, Anita, it's not definitive, but probably between $100 million and $150 million, that range. Anita Soni - Credit Suisse Securities (Canada), Inc: Okay. So about a buck a ton from the additional tonnage that you would add, right?

Yeah.

That's probably about right.

It's about right. Anita Soni - Credit Suisse Securities (Canada), Inc: And then on Lagunas Norte, with that extension there in the $400 million to $500 million and AIC, if I sort of the – what you're running right now at $600 per ounce to $650 per ounce, would the AIC go up with refractory ore? And secondly, could you envision that $500 million over an additional 2 million ounces, would that provide the sufficient IRR at $1,100 for you to go ahead with that?

Anita, this is a business case that we've actually just reviewed in the investment committee fairly recently and it was reviewed a couple of times with this in mind. Firstly, on the AIC, we're actually looking at AIC numbers, all-in sustaining cost numbers, more or less in line in the business case with what we have with the current operation with this capital. And a lot of that is really contingent on us being able to address our fixed cost structure and then go forward. So there's been a lot of work that's been done to do that. It will be a smaller operation but a profitable operation, which will exceed the goal rate that we've got. Anita Soni - Credit Suisse Securities (Canada), Inc: And from a total capital standpoint of pre-production outstanding?

Yes. Anita Soni - Credit Suisse Securities (Canada), Inc: All right. Thank you.

Thanks, Anita.

Thank you. The next question is from David Haughton from CIBC. Please go ahead.

Good morning, Kelvin, Jim and Shaun. Thank you for fielding all these questions. I'll just stick with PV again and the theme on the royalty. Do you need Dominican Republic approval for the royalty?

No, we don't.

Okay. So I presume then that any tax calculation would be based on spot for what goes to the DR government?

That's correct; and a stream, not a royalty. But I take your point, David.

Gotcha. And just one of the requirements there is a 70% recovery on the silver. I heard Jim say that you're hitting that already. It has been problematic in the ramp-up and I'm pleased that it's getting there. How confident are you of sustaining that plus 70%?

Quite confident. In fact when I was going through my speech I said 70% but then I corrected myself and it's actually – we've been running around in the 70% – or 80% to 82% in the last month. And so we will continue to improve that. I mentioned in the speech of adding retention tanks and added more heat recovery on our autoclaves to get the lime boil up so we could operate it at better recoveries. So I'm very, very confident.

Okay. And to your knowledge, did Royal Gold factor in any potential expansion in their assumption of what this royalty – or what this stream could be worth?

We don't believe so, David.

Okay. Great. Thank you very much.

Thank you.

Thank you. The next question is from Andrew Kaip from BMO Capital Markets. Please go ahead.

Good morning, Jim, Kelvin and Shaun. Look, my questions are targeting Lagunas Norte and the potential expansion at the sulfide resource. First of all, I'm wondering what is the sensitivity of the existing resource to metal prices? Given the grade, I would assume that it's not too sensitive but I'm wondering if you can shed some light on what the style of mineralization is and potential sensitivities.

Thanks for the question. It's not particularly sensitive. We do have some challenges a bit with recovery as we move into the, what we call the mixed ore and the final years, the couple years of our operation. And so that's why we've been pushing forward on the pre-feasibility for the sulfide processing.

All right. Is that resource open at depth? Can you give us an indication of potential to grow it over time?

Yes. It's Rob Krcmarov here. The mineralization is open at depth. Most of the mineralizations actually been drilled by diamond drilling and so we would expect that the grade might even increase when we switch to RC drilling. That's been the historic case. To your earlier question about the style, the style is the sulfide version of the oxide high sulfidation epithermal mineralization drilling. It's also a satellite deposit, I think it was called Santa Barbara is its new name. That's more of a low sulfidation style several kilometers away.

And is it more a structurally controlled or disseminated?

More disseminated.

Okay. Thank you. And then just regarding permitting or potential permitting, I mean, are you anticipating a longer permitting timeframe in Peru given the addition of autoclave and the requirements to permit that?

We're expecting – I think a fairly safe guess would be about three years. That's our estimate at this point. If you went back a few years, you would have done it more quickly but we're building in a little more time.

All right. Thank you very much.

You're welcome. Thanks, Andrew.

Thank you. The next question is from Tanya Jakusconek from Scotia Bank. Please go ahead.

Great. Good morning everyone. I have a couple of questions, one on Pueblo Viejo and then the other one just on your debt. I guess, for Shaun, if I could, I'll start with the debt. I understand that you're looking at your debt profile and which bonds to eliminate. Can you just let us know if there are any restriction or termination fees in terms of turning out any of your bonds?

Tanya, at this point, I mean, we've got the bulk of ours is publicly-traded debt. We've got make holds (48:34), which obviously need to (48:36) go further out to our expenses. And as we look at our overall strategy, as we referenced in the earlier comments, things like the 2013 tender offer are strategies that we're actually looking at here. So, no, we don't foresee considerable costs for us to be able to effect this liability management strategy of ours. But we have some time to finalize that between now and receiving the proceeds in the back end of the year (49:05).

Yeah, because you do have some of the notes, I think they're 2018, 2019.

Yeah, yeah.

Yeah. And those, I think there's one that is at a higher coupon rate, but -

Yeah.

... so there's no termination fees or restrictions in doing any of that?

Not that I'm aware of.

Okay. And then, coming on to Pueblo Viejo, and if you wanted to take it offline, just maybe on the accounting of how this stream is going to be accounted, because we're just trying to understand, under legal structure, is the stream going to go through Barbados sub? And then, how will it be accounted for?

Tanya, I'm going to ask my Controller, Mike Lepore, who's really been intimately involved in the development with this team, to provide a brief response. And we can actually take it offline, I think, if there's any more detailed questions.

Okay. Michael Lepore - Vice President & Controller: Hi, Tanya. Yeah, I'll just comment quickly on the accounting. The stream will be accounted for essentially as a deferred revenue transaction. So the upfront deposit will be recorded as deferred revenue, and then we'll bring it in to – recognize it as revenue and bring it in to earnings as we deliver the outputs (50:17) into the stream.

Okay. No, that's what we understood. Maybe we'll take it offline in terms of additional information on that.

Yeah. We can do that, Tanya.

Yeah. Okay.

Thanks, Tanya.

Thank you. The next question is from Kerry Smith from Haywood Securities. Please go ahead.

Thanks, operator. Maybe this is a question for Kelvin. For these other non-core assets that you've announced that you're going to put up for sale here in the short term, do you think that you'll wind up selling all those assets as a package, or do you think you'll get better value by selling them as separate assets? I'm just wondering how you're thinking about packaging them up and how it'll be marketed?

That's a good question, Kerry. Look, we think, at this point, we're open-minded. We'll see. We haven't started the process yet; but I promise you, when we get off this call, I'll go to my office and there's probably going to be a dozen calls and emails about it. We expect it'll be a robust process too. And we'll see. Wherever we can obtain the best value, we will. And at this point, we're open-minded to see how the process works.

Okay. And then the intention would be to try and have all that done by year-end? Would that be the timing?

Correct. Yes.

Okay. And then, Jim, just on the silver recovery at PV, what do you think your target recovery will be when you get the circuit running properly, and the new retention tanks added? Do you think you could get to 85% or 90% silver?

No, it's in the 80%s, in the mid-80%s, depending on the grade.

Okay. Okay. Great. Thank you.

Thanks, Kerry.

Thank you. The next question is from Phil Russo from Raymond James. Please go ahead.

Yeah, thanks. Morning, guys. Just on Lagunas Norte, just looks like it's going to be a smaller operation as you go ahead here. Just curious, why would you spend $500 million on an asset that looks like it's trending towards non-core? If the implication is a lower production profile here, I was curious of your comments there?

Look, so I'll provide an initial response and perhaps some of the other members may have a comment. But from our side, I guess the first question is really, just given the early stage of this, what's the way to maximize value for this particular operation? Whether it's core or non-core in the future and whether it's perhaps worth more in our portfolio or out, those are later considerations. I think the issue for us in the meantime is, is this – do we have optionality in this ore body which generates decent returns? And we've got work to do before we get to any sort of future capital investment decision. The key at this point is, there is additional life and have a robust case, which is worth taking forward.

Great. Thanks for that. Just one more quick one here, just on PV. The lower recoveries because of the carbonaceous ore, just, could you refresh my memory, just how prevalent that is in the mine plan?

It is in the – throughout the mine plan at the lower levels. The whole life-of-mine plan is developed by minimizing its impact, by blending it in. But we just went through kind of a higher part of it in the first quarter, that's what the challenge was.

Okay. Right. So it's just a blending issue, that you'll get better at over time here. This is just a higher area.

That's correct.

Okay. Great. Thanks.

Thank you.

Thank you. Your next question is from Brian MacArthur from UBS. Please go ahead.

Hi. Good morning. And we can take some of this offline if necessary. But I just want to confirm, on the royalty – or sorry, the streaming deal for PV, it says after-tax cash flow (54:17) Dominican Republic. So my cash flows basically go – I assume it's operating cash flow, it's not free cash flow, so the stripping thing goes back and forth. That has impacts. Then I pay taxes and then, without – then given – after I've done that, what's left over is where I start to get the royalty payment made? So if for some reason the Dominicans put a huge tax on this and you went to zero or something, there's nothing left over. That's how you're sharing the risk with Royal Gold? Is that the way to think about it?

That's correct, Brian.

Great. Thank you very much.

You're welcome. Thank you.

Thank you. The next question is from Chris Terry from Deutsche Bank. Please go ahead.

Hi, guys. Just a couple of questions on behalf of Jorge. In terms of the balance sheet, I guess you see a way through that $3 billion overall target. So just looking out to 2016, do you think the CapEx and the OpEx savings that you're targeting will be enough, or do you need to set another aggressive profile, in terms of debt reduction, in order to get a better share price performance? And then secondly, just on the overall mix of the sales that you've outlined, do you have a long-term strategy around copper, or are you just selling assets based on the return on invested capital parameter of 10% to 15% that you highlighted earlier?

Well, Chris, it's Kelvin. I'll start, then maybe the others may want to join in. In terms of debt reduction, we set an ambitious, aggressive target for 2015 which we thought was achievable, and as you indicated, we're 90% there. We've also been clear that that's not the end of the journey, and so we'll continue that into 2016. But we'll decide, as we finish on in 2015, what we do in 2016. In terms of continuing to bring down costs, however, I mean, we've also set very aggressive targets as we indicated for 2015 and 2016, which we're going to – and that's the philosophy you'll see from us going forward. We're going to set stretch aggressive targets and we're going to achieve them. So we set that and indicated (56:29) and 2016 we want to reduce spending by another $2 billion across the company. And we think that by doing that and with the debt reduction that we've already achieved and what will continue, we think that the share price should respond favorably. As far as copper, your question regarding copper, look, we've indicated our focus is gold. There's no question about that. The assets that we have in the portfolio, the copper assets we're going to continue to try and maximize value from them and – but as far as on a going forward basis, you'll see us focus on our core regions and we are gold focused and that's kind of the strategy as we outlined earlier in the year.

Yeah. Chris, I think the only thing perhaps just to perhaps amplify Kelvin's comments. As we've been focusing these divestments, we have found a number of opportunities that we've outlined to continue to boost cash flow even in these volatile environments. So I think that's the – focusing on our controllables, particularly over the next 18 months, and that target we put out there is a big objective for this business. And we'll continue to find and pursue opportunities to use cash flow. And as we do, we'll continue to see what we can do to improve our debt metrics.

Good. Thanks very much.

Thanks, Chris. Thank Jorge as well.

Thank you. The next question is from Tony Lesiak from Canaccord Genuity. Please go ahead.

Good morning. I'm interested in some more detail on the $1.4 billion in annual cost saving opportunities you've identified today. How much have you realized to date? Or what is the incremental from here?

Tony, I'll start with that. Look with us, this is a process which was actually triggered through some of the scenario planning that Jim spoke to earlier. So this was initiated some months ago. We continue to stretch both targets. And of the $1.4 billion so far with our internal forecast, we've already booked in about $900 million of that. Of course, we have to deliver those, but the core focus for us is on just seeing with each of the levers that our disposal to use (58:45) cash to see what we can do and also to try and prioritize doing that as soon as possible within 2015. I think the last part I would just highlight is also just overall focus on sustainability as we go about doing this. We want to make sure that these are not just very short-term focused, but indeed we do consider the portfolio beyond this horizon and make choices accordingly.

I mean what I'm really trying to get after here is looking for long-term run rates for, let's say, exploration, G&A, sustaining kind of OpEx numbers, any sort of additional color that you can provide on that?

Look, I think at this point, the first key takeaway is that we have cut a lot of costs and continue to boost cash in these declining price environments, and we're going to continue to do so. You've seen some of this coming through in revised guidance; and as we make progress, what we will do is continue to reflect this in the revised guidance. I think we've got the added dimension, our portfolio does continue to move. But as I've said, as we get through each quarter, we will continue to provide more concrete guidance and progress on this.

Okay. Just a final question on Pascua in terms of reducing holding costs, what are those costs right now? And finally, are you looking to sell equipment right now?

Tony, maybe I'll start in reverse order on that. Tony, yes, there are equipment and other items that we have been selling, in fact, and other things that we're continuing to sell. And if you have interested parties, be in contact with us, please.

Okay.

In terms of the – sorry, you had another question?

No.

No, no. That's good.

Okay.

All right. Thanks so much.

Thank you very much.

Thank you. There are no further questions registered at this time. I would like to turn the meeting by over to Mr. Dushnisky.

Well, thank you, operator. And thank you very much everybody for joining us on the call. We're pleased to have shared with you the results of the quarter, which we're very happy with. We're looking forward to updating you on the Q3 call. And that'll conclude the presentation. So thanks very much.

Thank you. The conference has now ended. Please disconnect your lines at this time. And thank you for your participation.