NioCorp Developments Ltd. press release

Barrick Reports Third Quarter 2025 Results

2025-11-10

NASDAQ - Nasdaq Stock Market · Niobium · Scandium · Titanium · Rare Earth Elements · United States · Corporate Finance

Delivering record adjusted net earnings, operating and free cash flow

Q3 gold production 4% higher than Q2 at 829,000 ounces, copper production in line with plan at 55,000 tonnes Record quarterly operating cash flow and free cash flow 1 of $2.4 billion and $1.5 billion—up 82% and 274%, respectively, over Q2 $0.76 net earnings per share, $0.58 adjusted net earnings per share 1 Increased base quarterly dividend 25% to $0.125 per share plus a performance dividend of $0.05 per share to total $0.175 per share dividend for current quarter Repurchased $1 billion of shares YTD, with existing buyback program expanded by $500 million to up to $1.5 billion On track to deliver full year gold and copper production and AISC 1 guidance Updated preliminary economic assessment (“PEA”) confirms Fourmile as one of this century’s most significant gold discoveries 2

All amounts expressed in U.S. dollars

TORONTO, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today reported third quarter operating and financial results for the period ending September 30, 2025. Barrick produced 829,000 ounces of gold and 55,000 tonnes of copper in the quarter and the Company generated $4.1 billion in revenue, as well as a record $2.4 billion in operating cash flow and $1.5 billion in free cash flow. 1 Net earnings per share of $0.76 and adjusted net earnings per share 1 of $0.58 increased 62% and 23%, respectively, from Q2.

_“Higher gold production combined with lower costs and strong commodity prices drove record cash flow for Barrick in Q3,” _said Mark Hill, Group Chief Operating Officer and Interim President and Chief Executive Officer. “This allowed us to significantly increase share repurchases while also making progress on our key growth projects, maintaining our industry-leading balance sheet. Given the confidence in ongoing cash flow generation and shareholder focus, the Board has approved a 25% increase in the base quarterly dividend. Our portfolio of world-class assets continues to grow, as demonstrated by the generational gold discovery at Fourmile in Nevada.”

Mark Hill continued, “Since assuming interim CEO responsibilities at the end of September, I have met with our teams across the globe to review performance and assess what we can do differently at Barrick, putting a stronger emphasis on safety and operational performance. The quality of our portfolio is undeniable and the opportunity in front of the Barrick team is significant. We are singularly focused on driving improved performance and shareholder value, particularly at our Tier One 6 gold assets in Nevada and the Dominican Republic. To this end, we have begun an operational review from the bottom up to ensure we are completely focused on delivering results safely and consistently going forward and we will provide an update with our year-end results.”

Operational Highlights

Gold production in Q3 was 4% higher than Q2 at 829,000 ounces, with cost of sales (“COS”) 3 of $1,562 per ounce, total cash costs (“TCC”) 1 of $1,137 per ounce and all-in sustaining costs (“AISC”) 1 of $1,538 per ounce. Gold COS 3 and AISC 1 were 6% and 9% lower than Q2, respectively, with AISC margins 4 19% higher. Cortez and Turquoise Ridge performed well, increasing production 15% and 13% over Q2, respectively. Pueblo Viejo achieved record-high throughput in Q3 with the highest quarterly production since 2022. Unplanned downtime at the Goldstrike roaster near the end of the quarter delayed some of Carlin’s processing volume and production from Q3 into Q4.

Copper production in Q3 was 7% lower than Q2 at 55,000 tonnes, in-line with plan, with COS 5 of $2.68 per pound, C1 cash costs 1 of $1.96 per pound and AISC 1 of $3.14 per pound. Copper production year-to-date is 21% higher than the first nine months of 2024, driven by a 42% increase at Lumwana. Copper COS 5 and AISC 1 were 14% and 16% lower year-to-date than the first nine months of 2024, respectively, with AISC margins 4 128% higher.

After nearly twelve months fatality free, unfortunately three of our colleagues lost their lives in recent months. A previously recorded lost-time injury at Kibali was reclassified as a fatality after an employee sadly succumbed to injuries. On September 29th, an employee at the Goldrush Underground mine in Nevada sustained fatal injuries. On October 21st, an employee sustained fatal injuries at the Bulyanhulu mine in Tanzania. Our thoughts are with the families, friends and colleagues of these team members who passed away. Safety remains Barrick’s highest priority, and we are conducting full investigations into these incidents in cooperation with the relevant authorities. We remain unequivocally committed to our safety vision of ‘Every person going home safe and healthy every day.’

Financial Highlights

Barrick achieved record quarterly operating cash flow and free cash flow 1 of $2.4 billion and $1.5 billion—up 82% and 274%, respectively—compared to operating cash flow of $1.3 billion and free cash flow 1 of $0.4 billion in the prior quarter. This significant increase was primarily due to higher realized gold prices 1 , increased gold sales volume and lower total cash costs 1 per ounce. In Q3 2025, Barrick achieved net earnings of $1.3 billion ($0.76 per share) and adjusted net earnings 1 of $982 million ($0.58 per share—another record) compared to net earnings of $483 million ($0.28 per share) and adjusted net earnings 1 of $529 million ($0.30 per share) in the same prior-year period. Notably, our Q3 net earnings and adjusted net earnings include a $0.04 per share after tax share-based compensation expense due to our higher share price. Revenues of $4.1 billion in Q3 2025 increased 23% from $3.4 billion in Q3 2024.

Non-core asset sales also continued during the quarter, underscoring our disciplined focus on our Tier One 6 gold and copper portfolio. On September 10, Barrick announced an agreement to sell the Hemlo gold mine in Canada to Carcetti Capital Corp. for gross proceeds of up to $1.09 billion. Subsequently, on October 6, Barrick announced an agreement to sell its interests in the Tongon gold mine and certain exploration properties in Côte d’lvoire to the Atlantic Group for total consideration of up to $305 million. Both transactions are expected to close in the fourth quarter of 2025. Together with the sales of Donlin and Alturas, total gross proceeds from non-core assets divested this year are expected to generate approximately $2.6 billion in value.

Key Growth Projects

Updated studies completed during the quarter reaffirm the 100%-owned Fourmile project in Nevada as one of this century’s most significant gold discoveries. 2 A new PEA, supported by the 2024 mineral resource estimate and ongoing 2025 evaluation results, underscores Fourmile’s rare combination of grade, scale, and exploration upside, confirming its potential to become one of the world’s most valuable gold mines. The current drilling program—the largest undertaken to date—supports a potential doubling of the existing resource in 2025. Meanwhile, planned access via the Bullion Hill Decline is progressing as expected, with permitting and engineering activities on track.

The Reko Diq project remains on schedule, with onsite construction activities accelerating and project financing approaching completion. The Lumwana expansion has advanced in both procurement and construction and continues to track slightly ahead of schedule. There was also significant progress at Pueblo Viejo, where more than 180 families have now moved into the new community _Nuevos Horizontes _(‘ _New Horizons _’), and the tailings storage facility construction is on track to support the expansion.

Quarterly Dividend and Share Buybacks

Given confidence in ongoing cash flow generation and shareholder focus, the Board approved a 25% increase in the quarterly base dividend to $0.125 per share. For the current quarter, the Board approved a $0.175 per share dividend, consisting of the higher $0.125 per share base dividend and including a further $0.05 performance dividend. The enhancement to Barrick’s dividend for the current quarter is aligned with Barrick’s intention to provide shareholders with an attractive cash yield over time.

During the quarter, the Company repurchased $589 million of its shares, with year-to-date buybacks now totaling $1 billion. In light of exceptionally strong cash flow, the Board authorized a $500 million increase to the previously approved $1 billion share buyback program, expiring in February 2026. Total capital returned to shareholders in the first nine months of 2025 amounts to $1.6 billion.

Full Year 2025 Guidance

Full-year 2025 guidance remains unchanged. We continue to expect gold production of 3.15–3.50 million ounces, tracking in the lower half of the range, with quarterly production highest in Q4. Following the agreed sales of Hemlo and Tongon, we expect a portion of the production for the fourth quarter from these assets will be excluded. Gold cost guidance, including COS 3 of $1,460–$1,560 per ounce, TCC 1 of $1,050–$1,130 per ounce and ASIC 1 of $1,460–$1,560 per ounce, is based on a gold price assumption of $2,400 per ounce. Adjusting for the current gold price and the impact on royalties on our costs of approximately $50 per ounce, we are on track to achieve our 2025 gold cost guidance, with the impact as follows: COS 3 per ounce of $1,510–$1,610, TCC 1 per ounce of $1,100–$1,180 and AISC 1 per ounce of $1,510–$1,610.

Full-year copper production guidance remains 200,000–230,000 tonnes at copper COS 5 of $2.50–$2.80 per pound, C1 cash costs 1 of $1.80–$2.10 per pound and AISC 1 of $2.80–$3.10 per pound.

Interim CEO Appointment

On September 29, Mark Hill was appointed Group COO and Interim President and CEO following the departure of Mark Bristow. Mr. Hill was previously COO of Barrick’s LATAM and Asia Pacific region and is a seasoned mining executive with 30 years of experience in strategy, corporate development and leading major projects across the world.

The Search Committee of the Board, chaired by Brett Harvey, is working with a leading executive search firm to identify a permanent 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,” _said Mr. Harvey. “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. Throughout this transition, our experienced management team remains focused on executing our strategic priorities and maintaining the momentum of the business.”

Presentation and Webcast

The management team will host a webcast to discuss the results today at 11:00 AM ET followed by a question-and-answer session with analysts. The presentation materials will be available on Barrick’s website and a recording of the webcast will be available for replay later in the day.

About Barrick Mining Corporation

Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry—including six of the world’s Tier One gold mines—Barrick’s operations and projects span 18 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.

Financial and Operating Highlights

| | For the three months ended | | For the nine months ended | | | | | | | | | | | | | | | | | | 9/30/25 | 6/30/25 | % Change | | 9/30/24 | % Change | | 9/30/25 | 9/30/24 | % Change | | | | | | | | | | Financial Results ($ millions) | | | | | | | | | | | | | | | | | | | | Revenues | 4,148 | | 3,681 | | 13 | % | | 3,368 | | 23 | % | | 10,959 | | 9,277 | | 18 | % | | Cost of sales | 1,890 | | 1,878 | | 1 | % | | 2,051 | | (8)% | | 5,553 | | 5,966 | | (7)% | | | | Net earnings a | 1,302 | | 811 | | 61 | % | | 483 | | 170 | % | | 2,587 | | 1,148 | | 125 | % | | Adjusted net earnings b | 982 | | 800 | | 23 | % | | 529 | | 86 | % | | 2,385 | | 1,419 | | 68 | % | | Attributable EBITDA b | 2,022 | | 1,690 | | 20 | % | | 1,292 | | 57 | % | | 5,073 | | 3,488 | | 45 | % | | Attributable EBITDA margin b | 59 % | | 55% | | 7 | % | | 46% | | 28 | % | | 56 % | | 45% | | 24 | % | | Minesite sustaining capital expenditures b,c | 395 | | 479 | | (18)% | | 511 | | (23)% | | 1,438 | | 1,692 | | (15)% | | | | | Project capital expenditures b,c | 532 | | 439 | | 21 | % | | 221 | | 141 | % | | 1,240 | | 562 | | 121 | % | | Total consolidated capital expenditures c,d | 943 | | 934 | | 1 | % | | 736 | | 28 | % | | 2,714 | | 2,283 | | 19 | % | | Total attributable capital expenditures e | 757 | | 717 | | 6 | % | | 583 | | 30 | % | | 2,105 | | 1,849 | | 14 | % | | Net cash provided by operating activities | 2,422 | | 1,329 | | 82 | % | | 1,180 | | 105 | % | | 4,963 | | 3,099 | | 60 | % | | Net cash provided by operating activities margin f | 58 % | | 36% | | 61 | % | | 35% | | 66 | % | | 45 % | | 33% | | 36 | % | | Free cash flow b | 1,479 | | 395 | | 274 | % | | 444 | | 233 | % | | 2,249 | | 816 | | 176 | % | | Net earnings per share (basic and diluted) | 0.76 | | 0.47 | | 62 | % | | 0.28 | | 171 | % | | 1.51 | | 0.65 | | 132 | % | | Adjusted net earnings (basic) b per share | 0.58 | | 0.47 | | 23 | % | | 0.30 | | 93 | % | | 1.39 | | 0.81 | | 72 | % | | Weighted average diluted common shares (millions of shares) | 1,703 | | 1,716 | | (1)% | | 1,752 | | (3)% | | 1,715 | | 1,754 | | (2)% | | | | | Debt (current and long-term) | 4,714 | | 4,729 | | 0 | % | | 4,725 | | 0 | % | | 4,714 | | 4,725 | | 0 | % | | Cash and equivalents | 5,037 | | 4,802 | | 5 | % | | 4,225 | | 19 | % | | 5,037 | | 4,225 | | 19 | % | | Debt, net of cash | (323 | ) | (73 | ) | 342 | % | | 500 | | (165)% | | (323 | ) | 500 | | (165)% | | |

1. Net earnings represents net earnings attributable to the equity holders of the Company. 2. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release. 3. Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of all-in sustaining costs. 4. Total consolidated capital expenditures also includes capitalized interest of $16 million and $36 million for Q3 2025 and YTD 2025, respectively (Q2 2025: $16 million; Q3 2024: $4 million; YTD 2024: $29 million). 5. These amounts are presented on the same basis as our guidance. 6. Represents net cash provided by operating activities divided by revenue.

| | For the three months ended | | For the nine months ended | | | | | | | | | | | | | 9/30/25 | 6/30/25 | % Change | | 9/30/24 | % Change | | 9/30/25 | 9/30/24 | % Change | | | | | Operating Results | | | | | | | | | | | | | | | Gold | | | | | | | | | | | | | | | Gold production (thousands of ounces) a | 829 | 797 | 4 | % | | 943 | (12)% | | 2,384 | 2,831 | (16)% | | | | Gold sold (thousands of ounces) a | 837 | 770 | 9 | % | | 967 | (13)% | | 2,358 | 2,833 | (17)% | | | | Market gold price ($/oz) | 3,457 | 3,280 | 5 | % | | 2,474 | 40 | % | | 3,201 | 2,296 | 39 | % | | Realized gold price a,b ($/oz) | 3,457 | 3,295 | 5 | % | | 2,494 | 39 | % | | 3,226 | 2,309 | 40 | % | | Gold COS (Barrick’s share) a,c ($/oz) | 1,562 | 1,654 | (6)% | | 1,472 | 6 | % | | 1,613 | 1,447 | 11 | % | | | Gold TCC a,b ($/oz) | 1,137 | 1,239 | (8)% | | 1,104 | 3 | % | | 1,197 | 1,072 | 12 | % | | | Gold AISC a,b ($/oz) | 1,538 | 1,684 | (9)% | | 1,507 | 2 | % | | 1,660 | 1,495 | 11 | % | | | Revenue ($ millions) a | 2,943 | 2,575 | 14 | % | | 2,453 | 20 | % | | 7,733 | 6,673 | 16 | % | | Attributable EBITDA ($ millions) b | 1,777 | 1,424 | 25 | % | | 1,169 | 52 | % | | 4,333 | 3,155 | 37 | % | | Copper | | | | | | | | | | | | | | | Copper production (thousands of tonnes) a | 55 | 59 | (7)% | | 48 | 15 | % | | 158 | 131 | 21 | % | | | Copper sold (thousands of tonnes) a | 52 | 54 | (4)% | | 42 | 24 | % | | 157 | 123 | 28 | % | | | Market copper price ($/lb) | 4.44 | 4.32 | 3 | % | | 4.18 | 6 | % | | 4.33 | 4.14 | 5 | % | | Realized copper price a,b ($/lb) | 4.39 | 4.36 | 1 | % | | 4.27 | 3 | % | | 4.42 | 4.23 | 4 | % | | Copper COS (Barrick’s share) a,d ($/lb) | 2.68 | 2.56 | 5 | % | | 3.23 | (17)% | | 2.72 | 3.16 | (14)% | | | | Copper C1 cash costs a,b ($/lb) | 1.96 | 1.80 | 9 | % | | 2.49 | (21)% | | 2.00 | 2.35 | (15)% | | | | Copper AISC a,b ($/lb) | 3.14 | 2.90 | 8 | % | | 3.57 | (12)% | | 3.03 | 3.62 | (16)% | | | | Revenue ($ millions) a | 472 | 484 | (2)% | | 357 | 32 | % | | 1,430 | 1,048 | 36 | % | | | Attributable EBITDA ($ millions) b | 245 | 266 | (8)% | | 123 | 99 | % | | 740 | 333 | 122 | % | |

1. On an attributable basis. 2. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release. 3. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). 4. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

Regional Summary a and 2025 Guidance b

| | For the three months ended | | For the nine months ended | | 2025 Guidance | | | | | | 9/30/25 | 6/30/25 | 9/30/24 | | 9/30/25 | 9/30/24 | | | | Gold | | | | | | | | | | North America | | | | | | | | | | Gold produced (000s oz) | 429 | 413 | 415 | | 1,222 | 1,310 | | 1,680 - 1,860 | | Gold sold (000s oz) | 435 | 408 | 415 | | 1,227 | 1,316 | | | | COS ($/oz) d | 1,596 | 1,697 | 1,579 | | 1,647 | 1,503 | | 1,470 - 1,570 | | TCC ($/oz) c | 1,204 | 1,334 | 1,234 | | 1,274 | 1,157 | | 1,080 - 1,160 | | AISC ($/oz) c | 1,512 | 1,751 | 1,661 | | 1,706 | 1,616 | | 1,480 - 1,580 | | Revenue ($ millions) | 1,516 | 1,365 | 1,060 | | 4,007 | 3,106 | | | | Attributable EBITDA ($ millions) c | 834 | 700 | 425 | | 2,077 | 1,292 | | | | Latin America & Asia Pacific | | | | | | | | | | Gold produced (000s oz) | 180 | 180 | 173 | | 526 | 462 | | 630 - 730 | | Gold sold (000s oz) | 176 | 184 | 193 | | 525 | 467 | | | | COS ($/oz) d | 1,446 | 1,494 | 1,375 | | 1,492 | 1,424 | | 1,490 - 1,590 | | TCC ($/oz) c | 930 | 990 | 959 | | 982 | 975 | | 940 - 1,020 | | AISC ($/oz) c | 1,327 | 1,440 | 1,286 | | 1,423 | 1,345 | | 1,430 - 1,530 | | Revenue ($ millions) | 620 | 611 | 487 | | 1,723 | 1,115 | | | | Attributable EBITDA ($ millions) c | 441 | 420 | 290 | | 1,144 | 620 | | | | Africa & Middle East | | | | | | | | | | Gold produced (000s oz) | 220 | 204 | 355 | | 636 | 1,059 | | 820 - 910 | | Gold sold (000s oz) | 226 | 178 | 359 | | 606 | 1,050 | | | | COS ($/oz) d | 1,587 | 1,718 | 1,404 | | 1,643 | 1,386 | | 1,420 - 1,520 | | TCC ($/oz) c | 1,170 | 1,277 | 1,037 | | 1,226 | 1,016 | | 1,060 - 1,140 | | AISC ($/oz) c | 1,424 | 1,577 | 1,328 | | 1,528 | 1,317 | | 1,360 - 1,460 | | Revenue ($ millions) | 807 | 599 | 906 | | 2,003 | 2,452 | | | | Attributable EBITDA ($ millions) c | 502 | 304 | 454 | | 1,112 | 1,243 | | | | Total Gold | | | | | | | | | | Gold produced (000s oz) | 829 | 797 | 943 | | 2,384 | 2,831 | | 3,150 - 3,500 | | Gold sold (000s oz) | 837 | 770 | 967 | | 2,358 | 2,833 | | | | COS ($/oz) d | 1,562 | 1,654 | 1,472 | | 1,613 | 1,447 | | 1,460 - 1,560 | | TCC ($/oz) c | 1,137 | 1,239 | 1,104 | | 1,197 | 1,072 | | 1,050 - 1,130 | | AISC ($/oz) c | 1,538 | 1,684 | 1,507 | | 1,660 | 1,495 | | 1,460 - 1,560 | | Revenue ($ millions) | 2,943 | 2,575 | 2,453 | | 7,733 | 6,673 | | | | Attributable EBITDA ($ millions) c | 1,777 | 1,424 | 1,169 | | 4,333 | 3,155 | | | | Total Copper | | | | | | | | | | Copper produced (kt) | 55 | 59 | 48 | | 158 | 131 | | 200 - 230 | | Copper sold (kt) | 52 | 54 | 42 | | 157 | 123 | | | | COS ($/lb) e | 2.68 | 2.56 | 3.23 | | 2.72 | 3.16 | | 2.50 - 2.80 | | C1 cash costs ($/lb) c | 1.96 | 1.80 | 2.49 | | 2.00 | 2.35 | | 1.80 - 2.10 | | AISC ($/lb) c | 3.14 | 2.90 | 3.57 | | 3.03 | 3.62 | | 2.80 - 3.10 | | Revenue ($ millions) | 472 | 484 | 357 | | 1,430 | 1,048 | | | | Attributable EBITDA ($ millions) c | 245 | 266 | 123 | | 740 | 333 | | |