Investment Rating - The industry is rated as "Recommended" [5] Core Insights - In Q2 2025, lithium sales volume increased by 2% year-on-year to 53,100 tons, while the average price decreased by 34% year-on-year to $8,384 per ton [1] - The company expects significant increases in lithium sales volume in the second half of 2025, with an updated annual sales guidance of approximately 20,000 tons LCE [11][12] Summary by Sections Lithium Business - Q2 2025 lithium sales volume was 53,100 tons, a 2% increase year-on-year but a 3% decrease quarter-on-quarter [1] - Average realized price for lithium was $8,384 per ton, down 34% year-on-year and 8% quarter-on-quarter [1] - Unit sales cost for lithium was $7,112 per ton, down 24% year-on-year and nearly flat quarter-on-quarter [1] - Unit gross profit for lithium was $1,272 per ton, down 62% year-on-year and 38% quarter-on-quarter [1] Specialty Plant Nutrition (SNP) - Q2 2025 SNP sales volume was 264,800 tons, a 1% decrease year-on-year and a 22% increase quarter-on-quarter [2] - Average realized price for SNP was $983 per ton, up 1% year-on-year and quarter-on-quarter [2] - Unit sales cost for SNP was $856 per ton, up 7% year-on-year and 6% quarter-on-quarter [2] - Unit gross profit for SNP was $127 per ton, down 28% year-on-year and 26% quarter-on-quarter [2] Iodine and Derivatives - Q2 2025 iodine and derivatives sales volume was 3,800 tons, a 7% decrease year-on-year and a 6% increase quarter-on-quarter [3] - Average realized price for iodine was $71,395 per ton, up 9% year-on-year and 1% quarter-on-quarter [3] - Unit sales cost for iodine was $33,724 per ton, up 11% year-on-year and 6% quarter-on-quarter [3] - Unit gross profit for iodine was $37,671 per ton, up 7% year-on-year but down 3% quarter-on-quarter [3] Potash - Q2 2025 potash sales volume was 85,300 tons, a 55% decrease year-on-year and a 15% decrease quarter-on-quarter [4] - Average realized price for potash was $474 per ton, up 23% year-on-year and 12% quarter-on-quarter [4] - Unit sales cost for potash was $433 per ton, up 25% year-on-year and 16% quarter-on-quarter [4] - Unit gross profit for potash was $41 per ton, up 1% year-on-year but down 15% quarter-on-quarter [4] Financial Performance - In Q2 2025, total revenue was $1.0427 billion, a 19% decrease year-on-year but a 1% increase quarter-on-quarter [6] - Sales cost was $789.1 million, down 13% year-on-year and up 8% quarter-on-quarter [6] - Gross profit was $253.6 million, down 34% year-on-year and 17% quarter-on-quarter [6] - Pre-tax profit was $147 million, down 49% year-on-year and 31% quarter-on-quarter [6][7] - Net income after tax was $88.4 million, down 59% year-on-year and 36% quarter-on-quarter [7]

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q2 2025, Barrick produced 797,000 ounces (24.79 tons) of gold, a 5% increase quarter-over-quarter but a 16% decrease year-over-year. Gold sales were 770,000 ounces (23.95 tons), up 3% quarter-over-quarter but down 19% year-over-year [1][2] - Copper production reached 59,000 tons in Q2 2025, marking a 34% increase quarter-over-quarter and a 37% increase year-over-year. Copper sales were 54,000 tons, up 6% quarter-over-quarter and 29% year-over-year [3][4] - The average realized gold price in Q2 2025 was $3,295 per ounce, a 14% increase quarter-over-quarter and a 41% increase year-over-year [2][7] - The average realized copper price was $4.36 per pound, reflecting a 3% decrease quarter-over-quarter and a 4% decrease year-over-year [4][6] Financial Performance - Total revenue for Q2 2025 was $3.681 billion, an 18% increase quarter-over-quarter and a 16% increase year-over-year [7][20] - Net profit for Q2 2025 was $811 million, a 71% increase quarter-over-quarter and a 119% increase year-over-year [7][20] - Adjusted net profit for Q2 2025 was $800 million, up 33% quarter-over-quarter and 44% year-over-year [7][20] - Operating cash flow for Q2 2025 was $1.329 billion, a 10% increase quarter-over-quarter and a 15% increase year-over-year [8][20] Key Business Developments - Barrick is involved in a dispute regarding mining conventions with the Malian government concerning the Loulo-Gounkoto complex, which has led to temporary operational halts [10] - The company completed the sale of its 50% interest in the Donlin gold project for $1 billion, recognizing $745 million in sales proceeds in Q2 2025 [11] - Barrick announced the sale of the Alturas project in Chile, receiving an upfront cash payment of $50 million [12] - A new stock buyback program was authorized, with $268 million of shares repurchased in Q2 2025 [13] 2025 Guidance - Barrick expects gold production in 2025 to be between 3.15 million and 3.50 million ounces, with cost guidance for gold remaining unchanged [16][22] - Copper production is projected to be between 200,000 and 230,000 tons, with cost metrics also provided [18][22]