Barrick Reports Solid Q1 Results and Progress on Strategic Growth Objectives

2025-05-07

TSXV - TSX Venture Exchange · Copper · Gold · Molybdenum · Silver · Lead · Zinc · Bismuth · Canada

First Quarter 2025 Results All amounts expressed in U.S. dollars unless otherwise indicated

TORONTO , May 07, 2025 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:GOLD 1 )(TSX:ABX) (“Barrick” or the “Company”) today reported a solid start to the financial year, making significant headway on its long-term strategy and advancing its global portfolio of Tier One 2 gold and copper assets.

Net earnings per share increased 59% year-on-year to $0.27 with adjusted net earnings per share 3 growing by 84% year-on-year to $0.35. Operating cash flow of $1.2 billion was also up 59% while free cash flow 4 of $375 million improved materially compared to Q1 2024, driving net debt reduction of 5% over the quarter. The Board again approved a quarterly dividend of $0.10 per share while the Company repurchased $143 million of its shares, consistent with its commitment to shareholder returns.

Gold production of 758,000 ounces 5 was at the top end of guidance with copper production increasing to 44,000 tonnes 5 year-over-year on improved costs. The average realized gold price 5,6 for the quarter of $2,898 per ounce, up 40% from the prior year, supported stronger margins despite ongoing expansion work at Pueblo Viejo and planned maintenance at Nevada Gold Mines—initiatives that will position both mines for a stronger output next quarter and the rest of the year. Full-year guidance for both gold and copper remains unchanged.

President and CEO Mark Bristow said that during the quarter, Barrick significantly advanced several key growth projects. “At Reko Diq and Lumwana, owner teams have been mobilized, long-lead items secured, and Fluor and Hatch appointed as engineering partners, respectively. These projects will materially grow Barrick’s copper and gold production and support our goal to organically grow our gold-equivalent ounces by 30% by the end of the decade. 7 We also progressed with the Pueblo Viejo ramp up and tailings expansion—critical to unlocking its full value—and transitioned Fourmile to prefeasibility with 16 rigs now active, targeting high-confidence substantial resource additions,” he said.

Barrick’s global exploration teams continued to expand and advance our pipeline of projects and opportunities, with drilling underway across high-potential targets in the Americas, Africa and Asia. A new discovery has emerged within the Reko Diq mining license, further confirming the potential and world-class mineral endowment of the district. In Canada, a key destination for the group, focused exploration is advancing multiple opportunities.

At the same time, Barrick’s $1 billion sale of its 50% interest in Donlin realizes immediate value and ensures we maintain a sharp focus on developing a future pipeline of the best Tier One 2 assets, such as Fourmile. Similarly, the Company also continues to progress the planned divestments of Tongon and Hemlo, in line with its strategy.

Bristow said the first quarter highlighted Barrick’s distinct approach to growth—one that avoids the pitfalls of industry short-termism in favor of long-term, internally funded value creation. “We’ve built a global mining company with the financial strength, technical capacity and operational depth to grow organically. Our performance this quarter reflects delivery across all our strategic pillars: from reserve replacement and portfolio optimization, to the ramp-up of world-class projects and reinvestment in exploration.”

“While others pursue shortcuts through M&A, we continue to invest in our own future—by building and not just buying—thereby creating real value for our shareholders. With no need to raise new equity or increase debt to fund our growth, Barrick remains uniquely well positioned to maintain a strong balance sheet while delivering sustainable returns and long-term value for shareholders,” Bristow said.

Along with its world-class portfolio of six Tier One 2 gold mines, Barrick is building a substantial copper business, which will be a meaningful contributor to growing production volumes in the coming years and beyond. Hence the decision to change the Company’s name to Barrick Mining Corporation and its ticker symbol to ‘ B ’ on the New York Stock Exchange. 1

Q1 2025 Results Presentation

Mark Bristow will host a live presentation of the results today at 11:00 AM ET, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

The Q1 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.

Key Performance Indicators

Best Assets…

Q1 gold production at the top end of 700-750koz guidance range with full year gold and copper production targets on track Costs per ounce expected to trend lower over rest of year driven by higher production Ongoing improvements at Nevada Gold Mines, including open pit unit costs for Carlin lowest in three years Canadian exploration teams advance a pipeline of opportunities with drilling in progress on most prospective target New discovery emerges within Reko Diq mining license

Key Growth Projects…

Pueblo Viejo throughput improvement projects completed successfully; ramp up remains on track to deliver on guidance Fourmile ramping up to 16 rigs running to define substantial extensions to mineral resources, in support of Bullion Hill decline development Reko Diq and Lumwana transition to execution with the appointment of Fluor and Hatch as engineering partners, respectively Exploration MoU signed with the Government of Zambia to further support investment in Lumwana and ground beyond its footprint Design and construction engineer appointed for new tailings storage facility at Pueblo Viejo and early works commenced

Leader in Sustainability…

57% and 44% decrease in LTIFR 8 and TRIFR 8 respectively when compared to same quarter last year Over 31,000 Critical Control Verification on our Fatal Risks completed globally All National Environmental Permits received for Reko Diq and the IFC disclosed completion of their independent review of the Environmental and Social Impact Assessment First new houses successfully handed over to families at host site for the Pueblo Viejo tailings storage facility resettlement project

Delivering Value…

$1 billion value unlocked in sale of stake in Donlin Gold Project Operating cash flow of $1.2 billion for the quarter—59% higher than Q1 2024 Free cash flow 4 of $375 million for the quarter driving net debt reduction of 5% over the quarter Net earnings per share of $0.27 and adjusted net earnings per share 3 of $0.35 cents for the quarter $0.10 per share quarterly dividend declared and another $143 million in share buybacks

Financial and Operating Highlights

| | Q1 2025 | Q4 2024 | Q1 2024 | | Financial Results ($ millions) | | | | | Net earnings 9 | 474 | 996 | 295 | | Adjusted net earnings 3 | 603 | 794 | 333 | | Attributable EBITDA 10 | 1,361 | 1,697 | 907 | | Net cash provided by operating activities | 1,212 | 1,392 | 760 | | Free cash flow 4 | 375 | 501 | 32 | | Net earnings per share | 0.27 | 0.57 | 0.17 | | Adjusted net earnings per share 3 | 0.35 | 0.46 | 0.19 | | Total attributable capital expenditures 11,12 | 631 | 758 | 572 | | Operating Results | | | | | Gold | | | | | Production 5 (thousands of ounces) | 758 | 1,080 | 940 | | Realized gold price 5,6 ($/oz) | 2,898 | 2,657 | 2,075 | | Gold COS 5,13 (Barrick’s share) ($/oz) | 1,629 | 1,428 | 1,425 | | Gold TCC 5,14 ($/oz) | 1,220 | 1,046 | 1,051 | | Gold AISC 5,14 ($/oz) | 1,775 | 1,451 | 1,474 | | Copper | | | | | Production 5 (thousands of tonnes) | 44 | 64 | 40 | | Realized copper price 5,6 ($/lb) | 4.51 | 3.96 | 3.86 | | Copper COS 5,13 (Barrick’s share) ($/lb) | 2.92 | 2.62 | 3.20 | | Copper C1 cash costs 5,15 ($/lb) | 2.25 | 2.04 | 2.40 | | Copper AISC 5,15 ($/lb) | 3.06 | 3.07 | 3.59 | | Financial Position ($ millions) | As at 3/31/25 | As at 12/31/24 | As at 3/31/24 | | Debt (current and long term) | 4,727 | 4,729 | 4,725 | | Cash and equivalents | 4,104 | 4,074 | 3,942 | | Debt, net of cash | 623 | 655 | 783 |

Barrick Reports Share Repurchases and Declares Q1 Dividend

Barrick today announced the declaration of a dividend of $0.10 per share for the first quarter of 2025. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022.

The Q1 2025 dividend will be paid on June 16, 2025 to shareholders of record at the close of business on May 30, 2025.

In addition to the quarterly dividend, Barrick repurchased approximately 7.69 million shares during Q1 under the share buyback program that was announced in February 2025.

“Our operating performance and growing margins have allowed us to provide significant returns to shareholders during the quarter through the combination of dividends and share buybacks at a compelling valuation. At the same time, Barrick’s balance sheet continues to be one of the strongest in the industry, ensuring we have the liquidity to invest in our significant growth projects,” said senior executive vice-president and chief financial officer Graham Shuttleworth.

Board Strengthened With Two New Directors

Barrick’s shareholders have elected Ben van Beurden and Pekka Vauramo to its board as Independent Directors at the Annual and Special Meeting of Shareholders on May 6.

Chairman John Thornton said the election of these two experienced business leaders reflected Barrick’s ongoing commitment to board renewal and diversity, aimed at ensuring the Company has the leadership required to navigate evolving industry dynamics.

“The addition of van Beurden, with his extensive international experience in the extractive industry and Vauramo who has significant global mining engineering experience will strengthen the board’s operational depth and strategic oversight as Barrick advances its plan to increase gold equivalent production by 30% by 2030. 7 Both bring exceptional leadership, a global perspective and deep industry knowledge, with expertise in sustainable business practices that will support our commitment to delivering long-term value to shareholders while maintaining our leadership in responsible mining,” Thornton said.

In 2024, Barrick's ESG & Nominating Committee undertook a comprehensive review of the Board's composition, identifying opportunities to enhance extractive industry and mining expertise along with global leadership experience to better align with the Company’s strategic objectives.

Ben van Beurden, former CEO of Shell, offers four decades of global experience in the energy sector. He is credited with leading Shell’s transition toward a more diversified and sustainable energy portfolio, alongside corporate simplification efforts that enhanced efficiency and shareholder value. He currently serves as Senior Advisor on energy transition investments at KKR and is the incoming chairman of Clariant.

Pekka Vauramo, former CEO of Metso and previously of Finnair, brings a strong track record in operational leadership and strategic transformation across the mining, logistics, and services sectors. At Metso, he led the merger with Outotec, forming a global leader in sustainable mineral and metal processing technologies. His background also includes senior roles at Sandvik, Cargotec, and Outokumpu, as well as extensive board experience.

Thornton added that the 10 board directors comprised an experienced team with a mosaic of skills, whose diversity of backgrounds, experiences and viewpoints effectively represented Barrick’s stakeholders globally.

Barrick Name Change Signals Intent to Lead In Gold and Copper

The proposed name change from Barrick Gold Corporation to Barrick Mining Corporation was approved at the Company’s Annual and Special Meeting of Shareholders, held on May 6, 2025.

In conjunction with this change, Barrick’s common shares listed on the New York Stock Exchange will now trade under the ticker symbol ‘ B ’ instead of ‘GOLD’, effective May 9, while the ticker symbol ‘ABX’ for its common shares listed on the Toronto Stock Exchange will remain unchanged.

Mark Bristow says Barrick’s vision is to be the world’s most valued gold and copper exploration, development and mining business. “Along with our world-class portfolio of six Tier One 2 gold mines, we are building a substantial copper business which will be a meaningful contributor to growing our production volumes in the coming years and beyond.”

“Our new name and our new stock symbol, ‘ B ’, better reflect Barrick’s current business and our mission to achieve sustainable and profitable gold and copper growth. Gold remains core to our foundation, and we will continue to explore for and develop new gold mines, including the expansion of Pueblo Viejo, the exciting Fourmile gold project in Nevada and exemplified by the Reko Diq project with its world class mix of both copper and gold,” Bristow said.

He said that following the merger with Randgold Resources five years ago, management had set out a new strategy to reposition the Company as the world’s most valued miner by owning long-life, sustainable Tier One 2 gold and copper assets, operated by the best people and delivering sector-leading returns.

“After the merger, Barrick quickly created its value foundation by combining its Nevada assets with Newmont’s, creating Nevada Gold Mines—the world’s largest gold mining complex. Barrick also focused its attention on re-energizing and consolidating its Tanzanian gold mines, invested in expanding Pueblo Viejo to reach its full potential and turned Kibali into one of the world’s greenest and most automated mines,” says Bristow.

At the same time, Barrick recognized the growing strategic importance of copper and is looking to turn the Lumwana mine into one of largest producers of the metal which, along with the undeveloped Reko Diq copper-gold deposit, will support a planned 30% growth in gold equivalent ounces by the end of the decade. 7

“Our strong balance sheet and cashflows from existing operations position us to confidently invest in our own future as well as navigate most commodity price scenarios. At the same time, they enable us to increase shareholder returns through enhanced share buybacks and dividends,” he said.

Successful Barrick Academy Scales Up Across All Regions

Barrick is scaling up the successful Barrick Leadership Academy across all its regions, marking a major milestone in the Company’s commitment to cultivating world-class frontline leadership.

Following its successful launch in the Africa & Middle East region at the now closed Buzwagi mine in Tanzania, where it has already trained more than 2,000 supervisors, the program is being expanded across the group with frontline leaders in every region—including Latin America and Asia Pacific—expected to have access to the Academy’s tailored development curriculum by the end of the year.

Representatives from Latin America and Asia Pacific attended sessions at the Buzwagi training center earlier this year, ahead of the regional launch planned for October 2025.

The program is being extended to Nevada Gold Mines with the first cohort launched in April 2025. Ultimately, 700 frontline leaders—including supervisors, general supervisors, and superintendents—will complete the training. Delivered through immersive, in-person workshops and follow-up coaching, the program is providing practical tools for people management and business optimization, including a Lean Management project component. Graduates present their final projects to members of NGM’s Senior Leadership Team.

The Barrick Academy provides a consistent leadership framework rooted in the Company’s DNA, equipping frontline leaders with practical tools to manage teams effectively, drive operational excellence, and align with key performance indicators. The training emphasizes adaptability, helping leaders respond to dynamic industry challenges and foster continuous improvement.

Human resources executive Darian Rich said, “The Barrick Academy is more than a leadership program, it’s a cornerstone of our strategy to build a high-performance culture across our operations. By investing in the development of our people and delivering consistent training across our global sites, we’re empowering our frontline leaders to drive results, innovation, and long-term success.”

Meanwhile, at its Reko Diq project, Barrick launched the International Graduate Development Program for Reko Diq in July 2023. Selected from thousands of applicants, Balochistan graduates are undertaking intensive on-the-job training at Barrick sites around the world, including Veladero in Argentina and Lumwana in Zambia. Nine graduates have successfully completed the first year, with 18 more recently selected to join the program.

This hands-on global exposure equips young professionals from Balochistan with practical skills and insights into world-class mining operations. Upon completion, participants will return to the Reko Diq project, where they are expected to play key roles in its development, support community upliftment, and help ensure that the mine’s leadership structure reflects the region it serves.

“From top executives to frontline supervisors, we believe great leadership drives great performance. That’s why we’ve made significant investments not only in developing technical capabilities but also in strengthening leadership at every level of the business. Through initiatives like the Barrick Academy and other global training programs, we are building a flat, agile organization equipped to respond to changing market dynamics, accelerate innovation, and create long-term value for all our stakeholders,” said Rich.

Recovering Value From Tailings

As part of a broader strategy to recover value from legacy tailings while improving environmental outcomes, Nevada Gold Mines is recovering sulphide concentrate from the copper and gold tailings at the Phoenix mine in Nevada, providing a valuable energy input for the roasters and autoclaves at NGM’s Carlin and Turquoise Ridge operations.

By removing sulphide from the tailings, the initiative reduces acid-generating water potential and enhances the long-term environmental profile of the Phoenix site when it comes to designing its closure—aligning with Barrick’s commitment to responsible mine closure and sustainable development.

Although Phoenix is still producing both gold and copper the repurposed flotation circuit and new filtration plant is designed to scavenge sulphide, along with residual gold concentrations from the final process tailings. At the same time, the sulphide concentrate being produced onsite helps reduce the need for imported sulphur prill—a key “fuel” component in the roasting process which leads to more efficient roaster performance.

Similarly in the pressure oxidation process, it also lowers the need for boilers to produce steam (to heat slurry) in the autoclaves. This cuts both energy use and processing costs, delivering operational efficiencies across the network explains the General Manager of Phoenix mine, Robert Tucker.

By producing sulphide concentrate on site, Barrick is avoiding the need to haul in sulphur from external sources, further reducing the project’s carbon footprint and associated logistics costs, says metallurgy, engineering and capital projects executive John Steele.

“We are currently producing approximately 400 tonnes of sulphide concentrate daily from Phoenix, with a target of reaching 1,000 tonnes per day by year-end. The program complements similar recovery efforts at Golden Sunlight in Montana—a closed site—highlighting Barrick’s strategy to maximize value from its closed operations by turning legacy materials into productive inputs,” Steele says.

Barrick’s approach to mine closure was integrated from the outset, aiming to deliver lasting, positive, and sustainable legacies for local communities while still getting value from the asset, he said.

Pueblo Viejo Resettlement Reaches Milestone

In a development undertaken to ‘best in class standards’, 18 Dominican families have been successfully resettled to a new model community called _Nuevos Horizontes _(New Horizons), paving the way for several hundred more.