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]

Core Points - HEI Civil's Colorado Division received the 2024 William H. Feather Safety Award from the National Utility Contractors Association for achieving over 1,000,000 manhours worked without a recordable incident, highlighting the company's commitment to safety [1][2] - The award recognizes companies that demonstrate a high commitment to maintaining a safe work environment, with HEI Civil's achievement reflecting the effectiveness of its safety programs and the dedication of its team members [2] - Luis Uresti, HEI Civil's Colorado Safety Manager, emphasized that the award validates the company's efforts to foster an industry-leading safety culture and showcases the team's commitment to safety in every project [3] Company Overview - Founded in 1973, HEI Civil is a prominent heavy civil construction general contractor operating in Colorado, Texas, and North Carolina, focusing on infrastructure development [4] - The company is driven by its mission to attract and build the best people, teams, and projects, delivering exceptional results through its core values of GRIT: growth, raising the bar, integrity, and teamwork [4] - HEI Civil maintains a steadfast focus on safety, quality, client service, equipment, and production, executing complex heavy civil projects essential for community development [4]

Financial Data and Key Metrics Changes - The company reported a record gross profit of nearly $77 million for the year, an increase of 86% from 2023 [4] - Net attributable profit was just under $19 million, compared to a loss of $4 million in the previous year, reflecting stronger operating cash flow of nearly $42 million compared to just less than $15 million in the previous year [4][5] - The average realized gold price in Q4 was just over $2,600, compared to just under $1,900 in the comparable quarter of the previous year [20] Business Line Data and Key Metrics Changes - Production at Blanket was within guidance, ending the year with 76,656 ounces, a 1.6% improvement compared to 2023 [24] - Production costs at Blanket remained broadly the same at about $19 million, with gross profit increasing to $20 million compared to $11 million in the previous quarter [36] - Bilboes continued to incur losses but is now on care and maintenance, with minimal impact on overall performance [52] Market Data and Key Metrics Changes - The company experienced a significant increase in revenue due to higher gold prices, contributing to the substantial increase in gross profit [20] - The local currency, the ZiG, stabilized in Q4, leading to reduced foreign exchange losses compared to earlier in the year [46] Company Strategy and Development Direction - The company plans to extend the timeline for the feasibility study for Bilboes to optimize project economics and explore new development options [6][62] - There is a focus on maintaining stable production at Blanket and investigating near-term growth opportunities across the portfolio, including Blanket, Bilboes, and Motapa [78] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stability of the ZiG and improvements in cash generation, indicating a positive outlook for Q1 2025 [142] - The company is focused on reducing costs, particularly in labor and electricity, to improve overall profitability [41][130] Other Important Information - The company declared a dividend of $0.14 for the quarter, totaling $0.56 for the year [7][21] - Significant changes to the Board and management have occurred, contributing to improved operational performance [8] Q&A Session Summary Question: What is the status of the solar power project, the sale of that asset? - The company expects to provide an update sometime this week [85] Question: What is the reliability of production targets from the mine? - The target is to pull out 800,000 tonnes from the shaft, which is considered stable [86][87] Question: What is the timeline for developing a reliable reserve at Motapa? - The company will take as long as necessary to ensure the best project outcome, considering the potential integration of Motapa into the feasibility study [88][90] Question: Will the tailings dam strategy change based on concentrate sales? - Yes, if permanent permission to export concentrate is granted, it could affect the tailings facility setup [93][94] Question: Is the bank debt down to about $2 million? - The company has more cash than debt, but the strategy is to maintain debt in-country and cash out of the country [102] Question: What is the effective tax rate for the company? - The effective tax rate remains high due to structural inefficiencies, with a commercial tax rate in Zimbabwe around 24% [105][107] Question: Are there plans for more retirement expenses in 2025? - Future retirement expenses will be minimal compared to 2024, as the policy will only affect a few individuals each year [118] Question: What are the greatest cost risks for 2025? - The most unpredictable cost risk is electricity, particularly if the grid collapses [130]