Elliott Investment Management has acquired a substantial stake in Barrick Mining, reported Reuters, citing sources familiar with the matter. The development comes as Barrick faces operational challenges and rising expenses, with Elliott’s stake estimated to be worth at least $700m (C$980.03m). Over the past year, Barrick has faced setbacks including the loss of control over a key gold mine in Mali, resulting in a $1bn write-off. This occurred alongside the departure of CEO Mark Bristow after nearly seve ...

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Core Insights - Pan Global Resources Inc. announced positive results from continuous twin saw-cut channel sampling at the Cañada Honda target within the Escacena Project, indicating significant mineralization and supporting further exploration efforts in 2026 [1][2][3] Exploration Results - A continuous 26-meter interval graded 1.14 grams per tonne (g/t) gold, confirming substantial near-surface gold mineralization at Cañada Honda [2][5] - The results indicate a wide zone of near-surface gold mineralization extending 150 meters up-dip from the nearest drill hole and 450 meters in dip extent, with potential for larger copper-gold systems [4][5] Project Expansion - The Escacena Project area has expanded from 5,760 hectares to over 10,000 hectares, with additional mineral rights awarded in September 2025 [8] - The company is also progressing on a maiden mineral resource for the La Romana deposit, expected to be delivered by year-end 2025 [3] Future Plans - The 2026 exploration program is anticipated to be one of the most exciting to date, with plans for additional geochemical sampling and drilling to test for potential expansion of mineralization [3][12] - Ongoing drill programs at the Escacena and Cármenes Projects are currently in progress, with assay results pending [7]

Group 1 - HHLR Advisors Ltd. initiated positions in Baidu and Barrick Gold in the third quarter [1] - The firm increased its holdings in Alibaba and Pinduoduo [1] - HHLR has significant positions in Pinduoduo, Alibaba, and Futu [1]

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]