Barrick Increases Share Buyback Program

Executive Summary

• Barrick’s Board approved a $500 million increase to its existing share repurchase program, adding to the $1.0 billion already authorized and fully utilized as of September 30 2025.
• The additional authorization provides flexibility for further buybacks during the remaining term of the current program, with the size and scope of any 2026 program to be considered at the February 2026 board meeting.
• The increase reflects Barrick’s strong cash‑flow generation and confidence that its shares may trade below intrinsic value, supporting continued shareholder returns.

Key Details

• Original Authorization (Feb 2025): Up to $1.0 billion of common shares over 12 months at prevailing market prices.
• Utilization to Date: $1.0 billion repurchased by September 30 2025, fully exhausting the original authorization.
• New Increase: Additional $500 million authorized for potential further repurchases under the existing program’s remaining term.
• Program Mechanics: Repurchases may be executed on U.S. exchanges (e.g., NYSE) via open‑market purchases or other methods permitted by SEC rules.
• Decision Factors: Timing and volume of future buybacks will depend on financial performance, cash availability, capital investment opportunities, other shareholder return options, and debt reduction considerations.
• Flexibility Clause: The program does not obligate Barrick to purchase any specific number of shares and may be suspended or discontinued at management’s discretion.
• Future Outlook: Board will evaluate the size and scope of a potential 2026 share repurchase program at its February 2026 meeting.

Notable Quotes

(No direct quotes were provided in the release.)