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Earnings

Barrick Builds Momentum in Q2 With Higher Production, Stronger Cash Flows and Key Growth Projects on Track

By The Northwire Desk — AI Analysis Aug 11, 2025 · 06:00 ABX · 32.22 Barrick Mining Corporation
ABX · Price

Executive Summary

  • Barrick reported Q2 2025 net earnings of $0.47 per share (adjusted $0.47) and a 107% increase in free cash flow to $770 million for the first half, driven by higher gold (+5%) and copper (+34%) production.
  • The Board declared a $0.15 per‑share dividend (including a $0.05 performance component) and repurchased $268 million of shares in Q2, bringing total buybacks to $411 million for H1.
  • Key projects progressed: Reko Diq construction ramp‑up, Fourmile drill program logged 34 km supporting a potential resource double by year‑end, Lumwana expansion on schedule, and Pueblo Viejo community resettlement agreement completed.

Key Details

  • Financial Performance
  • Revenue Q2 2025: $3.681 billion (up 18% YoY).
  • Operating cash flow H1 2025: $2.5 billion (+32% YoY).
  • Free cash flow H1 2025: $770 million (+107% YoY).
  • Net earnings Q2 2025: $811 million; adjusted net earnings $800 million.

  • Attributable EBITDA Q2 2025: $1.69 billion; margin 55%.

  • Production Metrics

  • Gold produced Q2 2025: 797 k oz (5% increase QoQ, in‑line with guidance).
  • Copper produced Q2 2025: 59 kt (34% increase QoQ, tracking toward top of guidance range).

  • Nevada Gold Mines gold output up 11% QoQ; Pueblo Viejo gold up 28% QoQ.

  • Cost & Margin Highlights

  • Gold COS/oz: $1.654 (up 2% QoQ).
  • Gold AISC/oz: $1.684 (down 5% QoQ).
  • Copper C1 cash cost/lb: $1.80 (down 20% QoQ).

  • Copper AISC/lb: $2.90 (down 5% QoQ).

  • Capital Expenditures

  • Minesite sustaining capex Q2 2025: $479 million (‑15% YoY).

  • Project capex Q2 2025: $439 million (+63% YoY), reflecting acceleration of growth projects.

  • Shareholder Returns

  • Dividend declared: $0.15 per share ($0.05 performance dividend).
  • Share repurchases Q2 2025: $268 million; total H1 buybacks $411 million, $860 million over past 12 months.

  • Total capital returned to shareholders H1 2025: $753 million.

  • Project & Exploration Updates

  • Reko Diq (Pakistan): On‑site construction ramping up; schedule on track.
  • Fourmile (Nevada): 34 km drilled in 2025; results support potential to double existing resources by year‑end at high grades.
  • Lumwana (Zambia) Expansion: Early works ahead of schedule; long‑lead equipment manufacturing progressing; project self‑funding at current copper prices.
  • Pueblo Viejo (Dominican Republic): Community resettlement agreement signed; 402 new houses completed in model village “Nuevos Horizontes”.

  • Exploration: Greenfield drilling continued across Canada, Nevada, Peru, Tanzania; brownfield results strong at Kibali.

  • Sustainability & Safety

  • Lost‑time injuries down 50% YTD; total injuries down 37%.
  • Two additional legacy tailings storage facilities safely decommissioned (total nine).

Notable Quotes

“Q2 was another quarter where Barrick delivered on all fronts. We’re growing production, lowering costs and advancing the industry’s most exciting pipeline of gold and copper projects.” – Mark Bristow, President & CEO

Read the original news release →

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