Barrick(US:GOLD) Hua Er Jie Jian Wen·2025-05-07 13:43Core Viewpoint - Barrick Gold's Q1 performance exceeded expectations, driven by strong gold prices, despite a decrease in gold production [1][4]. Financial Performance - Net earnings for Q1 2025 reached $474 million, up 60.68% from $295 million in Q1 2024 [4]. - Adjusted net earnings increased by 81.08% to $603 million compared to $333 million in the same period last year [4]. - Average realized gold price was $2,898 per ounce, a 40% increase year-over-year [1][3]. - Operating cash flow was $1.2 billion, a 59% increase from the previous year [4]. - Free cash flow improved significantly to $375 million [4]. Production Metrics - Gold production for the quarter was 758,000 ounces, down 19.36% from 940,000 ounces in Q1 2024 [2][3]. - Copper production rose to 44,000 tonnes, showing growth compared to 40,000 tonnes in the previous year [3]. Cost and Pricing - Gold cost of sales (Barrick's share) was $1,629 per ounce, while total cash costs were $1,220 per ounce [2]. - Average realized copper price was $4.51 per pound, up from $3.86 in Q1 2024 [2]. Strategic Initiatives - The company is advancing key growth projects, including Reko Diq and Lumwana, with engineering partners Fluor and Hatch [5]. - Barrick is actively expanding the Pueblo Viejo project and conducting pre-feasibility studies for the Fourmile project [5]. - The company is transitioning towards copper mining, indicated by the removal of "gold" from its name and plans to sell a 50% stake in an Alaskan mining project for $1 billion [5].