Barrick Reports Third Quarter 2025 Results

Executive Summary

• Barrick Mining reported third-quarter 2025 financial results, highlighting record quarterly operating cash flow of $2.4 billion and free cash flow of $1.5 billion, driven by higher gold prices and increased production.
• The company announced a 25% increase in its base quarterly dividend to $0.125 per share, plus a performance dividend of $0.05 per share, totaling $0.175 per share for the current quarter.
• Share repurchases totaled $1 billion year-to-date, with the existing buyback program expanded by $500 million to a total capacity of $1.5 billion.

Key Details

• Financial Performance:
  • Revenue: $4.1 billion (up 23% from Q3 2024).
  • Net Earnings: $1.3 billion ($0.76 per share).
  • Adjusted Net Earnings: $982 million ($0.58 per share).
  • Operating Cash Flow: $2.4 billion (up 82% from Q2).
  • Free Cash Flow: $1.5 billion (up 274% from Q2).
  • Attributable EBITDA: $2.02 billion.
• Production Metrics:
  • Gold Production: 829,000 ounces (4% higher than Q2).
  • Copper Production: 55,000 tonnes (in line with plan, 7% lower than Q2).
  • Gold Cost of Sales (COS): $1,562 per ounce.
  • Gold Total Cash Costs (TCC): $1,137 per ounce.
  • Gold All-In Sustaining Costs (AISC): $1,538 per ounce.
  • Copper COS: $2.68 per pound.
  • Copper C1 Cash Costs: $1.96 per pound.
  • Copper AISC: $3.14 per pound.
• Dividends and Share Buybacks:
  • Base quarterly dividend increased by 25% to $0.125 per share.
  • Performance dividend of $0.05 per share added for the current quarter, bringing the total to $0.175 per share.
  • $589 million in shares repurchased during Q3.
  • Year-to-date buybacks total $1 billion.
  • Buyback program expanded by $500 million, bringing the total authorized amount to $1.5 billion (expiring February 2026).
• M&A / Asset Sales:
  • Agreement to sell Hemlo gold mine in Canada to Carcetti Capital Corp. for gross proceeds of up to $1.09 billion.
  • Agreement to sell interests in Tongon gold mine and exploration properties in Côte d’Ivoire to the Atlantic Group for total consideration of up to $305 million.
  • Both transactions expected to close in Q4 2025.
  • Total gross proceeds from non-core asset divestitures this year (including Donlin and Alturas) expected to generate approximately $2.6 billion.
• Project Updates:
  • Fourmile (Nevada): Updated Preliminary Economic Assessment (PEA) confirms it as one of this century’s most significant gold discoveries. Potential mine life >25 years, with approx. 600–750 koz annual production. Project capital estimated at $1.5–1.7 billion. LOM AISC estimated at $650–750/oz.
  • Reko Diq: On schedule, with construction accelerating and financing approaching completion.
  • Lumwana: Expansion advanced in procurement and construction, tracking slightly ahead of schedule.
  • Pueblo Viejo: More than 180 families moved into new community Nuevos Horizontes; tailings storage facility construction on track.
• Guidance:
  • Full-year 2025 gold production guidance remains 3.15–3.50 million ounces.
  • Full-year 2025 copper production guidance remains 200,000–230,000 tonnes.
  • Gold cost guidance based on $2,400/oz price assumption: COS $1,460–$1,560/oz, TCC $1,050–$1,130/oz, AISC $1,460–$1,560/oz.
• Management Changes:
  • Mark Hill appointed Group COO and Interim President and CEO on September 29, 2025, following the departure of Mark Bristow.

Notable Quotes

• “Higher gold production combined with lower costs and strong commodity prices drove record cash flow for Barrick in Q3... Given the confidence in ongoing cash flow generation and shareholder focus, the Board has approved a 25% increase in the base quarterly dividend.” — Mark Hill, Group COO and Interim President and CEO.
• “The Board is committed to conducting a thorough and deliberate process to ensure we assess world-class talent and identify the right leader for Barrick... Our ideal candidate will possess deep industry expertise, a clear vision for innovation and the ability to grow the business while delivering sustainable returns for our stakeholders.” — Brett Harvey, Chair of the Search Committee.