Barrick Reports Third Quarter 2025 Results

Core Insights - Barrick Mining Corporation reported record adjusted net earnings and significant increases in operating and free cash flow for Q3 2025, driven by higher gold production, lower costs, and strong commodity prices [1][2][7] Financial Highlights - Barrick generated $4.1 billion in revenue for Q3 2025, a 23% increase from $3.4 billion in Q3 2024 [7][20] - Net earnings reached $1.3 billion ($0.76 per share), up 61% from $811 million in Q2 2025 and 170% from $483 million in Q3 2024 [7][20] - Adjusted net earnings were $982 million ($0.58 per share), a 23% increase from $800 million in Q2 2025 and an 86% increase from $529 million in Q3 2024 [7][20] - Operating cash flow was $2.4 billion, up 82% from $1.3 billion in Q2 2025, while free cash flow reached $1.5 billion, a 274% increase from $395 million in Q2 2025 [5][7] Operational Highlights - Gold production increased by 4% to 829,000 ounces compared to Q2 2025, with a cost of sales of $1,562 per ounce and all-in sustaining costs of $1,538 per ounce [3][20] - Copper production was 55,000 tonnes, in line with expectations, with a cost of sales of $2.68 per pound [4][20] - AISC margins for gold were 19% higher than the previous quarter, reflecting improved operational efficiency [3] Shareholder Returns - The Board approved a 25% increase in the base quarterly dividend to $0.125 per share, along with a performance dividend of $0.05 per share, totaling $0.175 for the current quarter [11][12] - Year-to-date share repurchases amounted to $1 billion, with an expansion of the buyback program by $500 million to a total of $1.5 billion [12][20] Key Growth Projects - The Fourmile project in Nevada is highlighted as one of the most significant gold discoveries of the century, with ongoing drilling expected to potentially double the existing resource [9][10] - The Reko Diq project is on schedule, with construction activities accelerating and project financing nearing completion [10] Safety and Operational Review - The company emphasized a renewed focus on safety and operational performance following recent fatalities, with ongoing investigations into the incidents [6][2] - An operational review is underway to enhance performance and shareholder value, particularly at Tier One gold assets [2][6]