Financial Data and Key Metrics Changes - Barrick achieved record financial results in Q4 2025, with revenues increasing by 45% from Q3, driven by higher production and a 21% increase in realized gold prices [10] - Net earnings nearly doubled from the prior quarter, and the company reported record quarterly cash flow, free cash flow, earnings per share, and cash balance [10][11] - For the year, cash flow from operations reached $7.7 billion and free cash flow was $3.9 billion, up 71% and 194% year-over-year, respectively [11][12] - The company ended the year with a net cash position of $2 billion, indicating a strong balance sheet [12] Business Line Data and Key Metrics Changes - Gold production increased by 5% from Q3, with a full-year total of 3.26 million ounces, aligning with guidance [8][23] - Copper production rose by 13% from Q3, driven by higher throughput at Lumwana [8] - The operational review led to a restructuring of business units, enhancing operational efficiency [8] Market Data and Key Metrics Changes - The gold price increased by 21%, contributing to higher margins and cash flow [10][12] - The company anticipates gold production in 2026 to be between 2.9-3.25 million ounces, with a focus on ramping up production at Loulo-Gounkoto [23] Company Strategy and Development Direction - Barrick plans to proceed with an IPO of its North American gold assets, targeting completion by late 2026 to maximize shareholder value [5][26] - The company is focused on safety as its top priority for 2026, following operational achievements overshadowed by fatalities in the previous year [6][7] - The management team has been restructured to enhance operational experience and efficiency [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2026, citing a strong start to the year and improved operational discipline [16][17] - The company is committed to maintaining a focus on high-quality assets and strategic growth, particularly in North America [33][103] Other Important Information - The board has authorized a new dividend policy, increasing the base dividend by 40% to $0.175 per quarter, with a target to pay out 50% of attributable free cash flow [13][14] - The company has successfully resolved disputes in Mali, regaining operational control and ramping up production [21][76] Q&A Session Summary Question: Can you discuss the strategic rationale behind the IPO of NGM and PV? - Management believes a partial IPO will unlock more value than a full separation, as the North American assets are undervalued within Barrick [31][34] Question: What are the intended proceeds from the IPO? - The specifics of the use of proceeds will be determined as part of the preparation work for the IPO [36] Question: Can you provide an update on the Reko Diq financing? - Management is reviewing the security situation in Balochistan before proceeding with financing [40] Question: How has the mine plan review impacted guidance, particularly for Carlin? - The review has led to more realistic production targets based on actual performance, with a focus on achieving consistent delivery [44][46] Question: Is Veladero considered a non-core asset? - Veladero is not non-core and has been one of the top-performing assets in the last year [57] Question: What is the expected recovery rate at PV? - The target recovery rate is 84%, with ongoing efforts to optimize stockpile blending [62][64] Question: Will Barrick sell more gold assets in the future? - The focus remains on high-quality assets, and any dispositions will align with the strategic filter [103]

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]