Company Performance - Barrick's revenue totaled US$4.15 billion, an increase from US$3.37 billion year-over-year [1] - Barrick's adjusted earnings per share rose to 58 cents, compared to 30 cents per share a year ago [1] - MEG Energy reported net earnings of $159 million, down from $167 million in the same period last year [5][7] - Loblaw's profit attributable to common shareholders was $794 million, up from $777 million a year ago [9][13] - Manulife's net income attributed to shareholders was $1.8 billion, slightly down from $1.84 billion year-over-year [15] Production and Pricing - Barrick's gold production decreased to 829,000 ounces from 943,000 ounces a year ago, while the realized gold price increased to US$3,457 per ounce from US$2,494 per ounce [2] - Copper production for Barrick rose to 55,000 tonnes from 48,000 tonnes, with a realized copper price of US$4.39 per pound, up from US$4.27 per pound [2] - MEG Energy's production reached a record of 108,166 barrels per day, compared to 103,298 barrels per day in the prior-year quarter [6] Dividends and Corporate Changes - Barrick increased its quarterly base dividend to 12.5 cents per share from 10 cents, with an additional performance dividend of five cents per share, totaling 17.5 cents per share [3] - Barrick appointed Mark Hill as interim president and CEO following the departure of Mark Bristow, and is seeking a permanent replacement [3] Market Trends - Loblaw's food retail same-store sales increased by 2%, while drug retail same-store sales rose by 4%, with pharmacy and health-care same-store sales growth of 5.9% [11] - Manulife's core earnings in Asia and Canada reached record levels, with US$550 million in Asia and US$428 million in Canada [16]

Core Insights - U.S. Gold Corp. is participating in the 121 Mining Investment Conference in London on November 17-18, 2025, with key representatives attending for one-on-one meetings [1][2]. Company Overview - U.S. Gold Corp. is a publicly traded company focused on gold and copper exploration and development in the U.S. It has a portfolio that includes the CK Gold Project in Wyoming, which is an advanced-stage gold-copper deposit [3]. - The CK Gold Project has completed a Pre-Feasibility Study that demonstrates robust economics, positioning it for feasibility-level advancement in 2025 [2][3]. Project Details - The CK Gold Project is fully permitted and is expected to provide economic benefits, job creation, and essential metals for clean energy technologies [2]. - The project is seen as a near-term provider of domestic copper and gold production, highlighting its strategic importance [2].

Financial Data and Key Metrics Changes - Barrick reported record operating cash flow, free cash flow, and adjusted net earnings for Q3 2025, with free cash flow increasing by 274% quarter-over-quarter [10][11] - The company ended the quarter with a net cash position, allowing for a 25% increase in the base dividend and a significant share repurchase program totaling $598 million [10][11] - Attributable EBITDA increased by 20% quarter-over-quarter, driven by higher gold prices and production volume growth [10][11] Business Line Data and Key Metrics Changes - Gold production increased by 4% from Q2, with notable contributions from Kibali, Cortez, and Turquoise Ridge [8][13] - Copper production slightly declined due to a planned shutdown at Lumwana, but is expected to meet annual guidance [8][16] - North America's attributable EBITDA rose by 19% from Q2, with all sites reporting lower unit costs per ounce [13] Market Data and Key Metrics Changes - The gold price experienced a 5% increase, contributing to a 25% quarter-on-quarter increase in attributable gold EBITDA [8] - The company anticipates continued growth in both gold and copper production in Q4, aligning with its 2025 production guidance [9][17] Company Strategy and Development Direction - The company is focusing on enhancing operational performance and safety, particularly in its North American gold assets [4][5] - Barrick is prioritizing the Fourmile project, which is considered one of the most significant gold discoveries of the century, with plans to double the existing resource [14][19] - The company aims to maintain a strong balance sheet while investing in growth and returning excess cash to shareholders [11][12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety and operational performance, especially following three fatalities in the quarter [6][7] - The operational review aims to stabilize and improve consistency in production, with no major changes expected in medium-term guidance [31][32] - The company is optimistic about achieving its production guidance for both gold and copper, despite the challenges faced [17] Other Important Information - The company has increased its exploration budget for Fourmile by over $10 million for the remainder of 2025 [14] - Asset sales, including Hemlo and Tongon, are expected to close before the end of the year, further strengthening the company's financial position [11] Q&A Session Summary Question: Can you provide a framework for the operational review at Nevada Gold Mines? - The operational review focuses on stabilizing operations and improving maintenance approaches to avoid unexpected downtimes [22][23] Question: Is there any update on the maintenance issues at Carlin? - The scaling issue at Gold Quarry occurred post-maintenance shutdown and has been addressed [24][25] Question: What is the expected output of the operational review? - The review aims to provide more predictable outcomes and will inform next year's budget, but no major changes are anticipated [30][31] Question: Are there any other potential areas for asset sales? - Currently, the focus remains on North America and key growth projects, with no immediate plans for additional asset sales [39] Question: What changes in corporate policies can be expected under the new leadership? - The strategy remains consistent, with an increased focus on North America and Nevada as key growth areas [81]

Financial Data and Key Metrics Changes - Barrick reported record operating cash flow, free cash flow, and adjusted net earnings for Q3 2025, with free cash flow increasing by 274% quarter-over-quarter [10][11] - The company ended the quarter with a net cash position, allowing for a 25% increase in the base dividend and a significant share repurchase program totaling $598 million [10][11] - Attributable EBITDA increased by 20% quarter-over-quarter, driven by higher gold prices and production volume growth [10][11] Business Line Data and Key Metrics Changes - Gold production increased by 4% from Q2 2025, with notable contributions from Kibali, Cortez, and Pueblo Viejo [8][13] - Copper production slightly declined due to a planned shutdown at Lumwana, but is expected to meet annual guidance [8][16] - North America's attributable EBITDA rose by 19% from Q2, with all sites reporting lower unit costs per ounce [13] Market Data and Key Metrics Changes - The gold price experienced a 5% increase, contributing to higher margins and cash flow [10][11] - The company anticipates continued growth in gold production for Q4, aligning with its 2025 production plan [8][17] Company Strategy and Development Direction - The company is focusing on enhancing operational performance and safety, particularly in its North American gold assets [4][5] - Barrick is prioritizing the Fourmile project, which is considered one of the most significant gold discoveries of the century, with plans to double the existing resource [14][15] - The strategic focus is on North America, with an emphasis on Nevada as a core asset for future growth [18][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the strong operational and financial results but emphasized the need for improved safety measures following three fatalities [5][6][7] - The operational review aims to stabilize performance and ensure consistent delivery, with no major changes expected in medium-term guidance [31][32] - The company is committed to maintaining a strong balance sheet while returning excess cash to shareholders [11][12] Other Important Information - The company is conducting a full investigation into recent fatalities to enhance safety protocols [6][7] - Asset sales, including Hemlo and Tongon, are expected to close before year-end, contributing to cash flow [11][17] Q&A Session Summary Question: Can you provide a framework for the operational review at Nevada Gold Mines? - The review aims to stabilize operations and improve maintenance approaches to avoid unexpected downtimes [22][23] Question: Is there any update on the maintenance issues at Carlin? - The scaling issue at Gold Quarry occurred post-maintenance and has been addressed [24][25] Question: What is the expected output of the operational review? - The review will inform next year's budget but is not expected to lead to major changes in guidance [30][31] Question: Are there any other potential asset sales in the portfolio? - Currently, the focus is on North America and key growth projects, with no other asset sales being considered at this time [39] Question: What changes in corporate policies can be expected under the new leadership? - The strategy remains consistent, with a heightened focus on North America and Nevada for growth opportunities [81]

Financial Data and Key Metrics Changes - Barrick reported strong operational and financial results for Q3 2025, achieving records in adjusted earnings per share and cash flow, with a 274% increase in free cash flow compared to Q2 [4][8] - The company ended the quarter with a net cash position, allowing for a 25% increase in the base dividend and a record cash return to shareholders [8][10] - Operating cash flow more than tripled from Q2, driven by higher gold prices, increased production volume, and lower unit costs per ounce, resulting in a 20% quarter-over-quarter increase in attributable EBITDA [8][9] Business Line Data and Key Metrics Changes - Gold production increased by 4% from Q2, primarily due to higher grades at Kibali and increased throughput at Cortez and Turquoise Ridge [6][11] - Copper production slightly declined due to a planned shutdown at Lumwana, but is expected to meet annual guidance [6][15] - North America's attributable EBITDA increased by 19% from Q2, with all sites reporting lower unit costs per ounce [11] Market Data and Key Metrics Changes - The gold price experienced a 5% increase, contributing to higher margins and a significant rise in free cash flow [6][8] - The company expects both gold and copper production to remain within their respective guidance ranges for the year, despite the impact of higher gold prices on cash costs [7][16] Company Strategy and Development Direction - The company is focusing on improving operational performance and safety, particularly in its North American gold assets, which are seen as the most significant opportunity for growth [4][17] - Barrick plans to increase exploration efforts in North America, particularly at the Fourmile project, which is considered one of the most significant gold discoveries of the century [12][18] - The company aims to maintain a strong balance sheet while returning excess cash to shareholders through dividends and buybacks [9][10] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety and operational performance, committing to a thorough review of operations to ensure consistent delivery of value [5][16] - The company is optimistic about continued production growth in Q4, aligning with its 2025 production plan [6][16] - Management acknowledged the recent fatalities and is conducting a full investigation to enhance safety measures and culture within the organization [5][53] Other Important Information - The company has authorized a $500 million increase to its existing share repurchase program, reflecting confidence in its business [10] - Barrick's capital allocation priorities include maintaining a strong balance sheet, investing in growth, and returning excess cash to shareholders [9][10] Q&A Session Summary Question: Can you provide a framework for the operational review at Nevada Gold Mines? - The operational review aims to stabilize and improve consistency in delivery, focusing on mining efficiencies and planned maintenance to avoid unexpected issues [20][21] Question: Will the operational review include a review of medium-term guidance? - The review will help ensure predictable outcomes and will inform the budget for the next year, but no major changes are expected at this stage [28][29] Question: What is the status of the asset sales in Mali? - The focus is currently on resolving the situation regarding personnel in Mali, with asset sales on hold until that is addressed [60] Question: What changes in corporate policies can be expected under the new leadership? - The strategy remains consistent, with a heightened focus on North America and Nevada as key growth areas [82]

Core Viewpoint - Barrick Mining announced an increase in its dividend and an expansion of its share buyback program following a quarterly profit that exceeded estimates [1] Group 1: Financial Performance - The company reported an adjusted quarterly profit that surpassed estimates [1] Group 2: Corporate Actions - Barrick Mining increased its dividend [1] - The company expanded its share buyback program [1]

Core Insights - Barrick Gold reported a net income of $982 million, indicating a strong financial performance in the recent quarter [1][2]. Financial Performance - The reported net income of $982 million reflects significant profitability for Barrick Gold, showcasing its operational efficiency and market positioning [1][2]. Industry Context - The performance of Barrick Gold is indicative of broader trends in the gold mining industry, where companies are focusing on cost management and maximizing shareholder value amidst fluctuating gold prices [1][2].

Financial Performance - Net earnings per share increased by 171% year-on-year to $0.76[13] - Attributable EBITDA increased by 57% year-on-year to $2.02 billion[13] - Free cash flow increased significantly by 233% year-on-year to $1.5 billion[13] - Operating cash flow increased by 105% year-on-year to $2.4 billion[13] - Revenues increased 13% from Q2 2025 and 23% from Q3 2024, reaching $4.1 billion[24] Production and Costs - Gold production was 829,000 ounces in Q3 2025, a 4% increase compared to Q2 2025 but a 12% decrease compared to Q3 2024[20] - Gold AISC decreased by 9% from Q2 2025 to $1,538/oz[20] - Copper production was 55,000 tonnes in Q3 2025, a 7% decrease compared to Q2 2025 but a 15% increase compared to Q3 2024[20] - Copper AISC increased by 8% from Q2 2025 to $3.14/lb[20] Capital Allocation - The quarterly dividend was $0.175 per share[13] - Share buybacks in Q3 2025 amounted to $589 million[13] - Non-core asset sales year-to-date reached $2.6 billion[13]

Core Viewpoint - Barrick Gold Corporation has increased its quarterly dividend and expanded its stock buyback program following a record rise in gold prices [1] Group 1: Dividend and Buyback - The company raised its quarterly dividend by 25% to $0.125 per share [1] - An additional performance dividend of $0.05 per share was approved for the previous three-month period [1] - The board authorized an additional $500 million for stock buybacks, following $1 billion in buybacks already executed this year [1] Group 2: Financial Performance - Barrick produced 829,000 ounces of gold in the third quarter [1] - The company generated a record $1.5 billion in free cash flow [1]

Barrick boosted its quarterly dividend and expanded a share buyback program after gold’s record-breaking rally https://t.co/WNxjiGYwJI ...