Energy Fuels Inc. press release
Barrick Builds Momentum in Q2 With Higher Production, Stronger Cash Flows and Key Growth Projects on Track
NYSE - New York Stock Exchange · Uranium · Vanadium · Rare Earth Elements · Titanium · Zirconium · United States
LONDON, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) delivered a strong performance in the second quarter, increasing gold and copper production, growing free cash flow 1 and advancing its pipeline of Tier One 2 projects — all while returning more capital to shareholders. The performance builds on the first quarter’s positive start to the year and positions the Company for an even stronger second half.
Net earnings per share rose to $0.47 for the quarter, with adjusted net earnings per share 1 also at $0.47. Operating cash flow for the first half of the year was $2.5 billion, 32% higher than the prior-year period, while free cash flow 1 totaled $770 million, up 107% on the prior-year period, supported by stronger commodity prices.
Production improved across the board, with Q2 gold output up 5% and copper production increasing by 34% compared to Q1, supported by a strong contribution from Lumwana. Nevada Gold Mines led the group’s gold performance, with production increasing 11% quarter-on-quarter. Pueblo Viejo also delivered a 28% production increase, underpinned by higher throughput and continued progress on the expansion. Gold and copper production was in line with guidance, with copper now tracking towards the upper end of the full-year range.
The Board approved a $0.15 per share dividend, which includes a $0.05 performance dividend. 3 During the quarter, the Company also repurchased $268 million of its shares, bringing total buybacks for the first half of the year to $411 million, and $860 million over the past 12 months. Total capital returned to shareholders for the first half amounted to $753 million.
“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. From the ramp-up at Goldrush to the progress at Pueblo Viejo, Lumwana and Reko Diq, not to mention the transformational potential of Fourmile, we’re demonstrating the strength and depth of our portfolio,” said president and chief executive Mark Bristow.
Bristow said that Reko Diq’s development remained on track with onsite construction ramping up. Meanwhile, Fourmile’s drill program has already logged 34 kilometers of drilling this year, with results supporting the potential to double existing resources by year end, and at similar high grades.
In addition, Barrick continued to strengthen its long-term growth foundation through reserve replacement and exploration. Drill testing of new greenfields prospects progressed across Canada, Nevada, Peru and Tanzania, while Kibali returned excellent results from brownfields programs. The Company remains on course to replace more than 80% of the gold it mines this year, with a rolling three-year average of more than 500% replacement of gold equivalent ounces 7 , reinforcing its consistent track record of organic growth through the drill bit.
On the sustainability front, performance continued to improve. Lost time injuries 5 were down 50% year-to-date, while total injuries declined 37%. Barrick also signed a community resettlement agreement at Pueblo Viejo and 402 new houses have now been completed at the new model village Nuevos Horizontes .
The Company further advanced its commitment to responsible closure, safely decommissioning two additional legacy tailings storage facilities during the quarter, bringing the total to nine across the Group, further reducing long-term environmental liabilities.
With active projects and partnerships, Barrick continues to unlock value across a globally diverse portfolio. The Company’s strong balance sheet, proven exploration teams and world-class project pipeline position it uniquely to thrive in a world increasingly focused on supply security, sustainability and long-term asset quality.
“Across the business, we’re seeing the benefits of consistent delivery and disciplined execution. While the market hasn’t fully recognized the value we have and are creating, our performance and growth are clear. This remains a company built for sustainable value creation — and one that continues to offer a peerless investment case in the gold and copper space,” Bristow said.
Q2 2025 Results Presentation Mark Bristow will host a webcast to discuss the results today at 11:00 AM EDT / 15:00 UTC followed by a question-and-answer session with analysts. The presentation materials will be available on Barrick’s website and the webinar will remain online for later viewing.
Key Performance Indicators
Best Assets
Q2 gold production 5% higher than Q1; in-line with full year guidance Gold COS/oz 4 increases 2% while AISC 1 declines by 5% q/q Nevada Gold Mines production increases 11% from Q1 driven by operational improvements Pueblo Viejo production increases 28% from Q1 driven by increased throughput and debottlenecking activities, supporting delivery of full year guidance Q2 copper production 34% higher than Q1, on improved mining rates at Lumwana — tracking towards the top end of the guidance range Drill testing of new greenfields prospects in Canada, Nevada, Peru and Tanzania continues; other results highlight further potential in north-east Nevada and Kibali
Key Growth Projects
Fourmile drill program logs 34 kilometers drilled; results support potential to double existing mineral resources by year end Reko Diq development continues to advance, with onsite construction ramping up, and remains on schedule Brownfields extension drilling at North Mara successfully identifies down plunge extensions of Gena, with results expected to support growth above depletion replacement Lumwana expansion project early works ahead of schedule; long lead equipment manufacturing progressing well — at current copper prices, project is self-funding
Leader in Sustainability
50% reduction in Lost Time Injuries 5 compared to the first half of 2024 Significant increase in completion of Critical Control Verifications of Fatal Risks — 70,000 completed for the first half of 2025 Two additional Tailings Storage Facilities brought into safe closure in Q2, bringing the total to nine for the Group Pueblo Viejo resettlement agreement reached with community — 402 new houses constructed United Nations Global Compact (UNGC) Communication on Progress (CoP) submitted demonstrating alignment to the ten principles as a member for 20 years First cohort of the Reko Diq graduates complete 18-month development program at Veladero mine
Delivering Value
Operating cash flow of $2.5 billion for H1 — 32% higher than the prior-year period Free cash flow 1 of $770 million for H1 — 107% higher than the prior-year period, with stronger commodity prices being delivered to the bottom line Donlin interest sold for $1 billion Net earnings per share of $0.47 and adjusted net earnings per share 1 of $0.47 for the quarter $0.15 per share dividend 3 declared including performance dividend reflecting net cash of $73 million 6 Repurchased $268 million in shares for Q2 bringing the total for H1 to $411 million and $860 million over the last 12 months
Regional Summary a and 2025 Guidance b
| | For the three months ended | | For the six months ended | | | 2025 Guidance | | | | | | | | 6/30/25 | | 3/31/25 | 6/30/24 | | 6/30/25 | | 6/30/24 | | | | | Gold | | | | | | | | | | | | | North America | | | | | | | | | | | | | Gold produced (000s oz) | 413 | | 380 | 438 | | 793 | | 895 | | | 1,680 - 1,860 | | Gold sold (000s oz) | 408 | | 384 | 439 | | 792 | | 901 | | | | | COS ($/oz) | 1,697 | | 1,652 | 1,482 | | 1,675 | | 1,468 | | | 1,470 - 1,570 | | TCC ($/oz) c | 1,334 | | 1,288 | 1,129 | | 1,312 | | 1,121 | | | 1,080 - 1,160 | | AISC ($/oz) c | 1,751 | | 1,878 | 1,638 | | 1,812 | | 1,595 | | | 1,480 - 1,580 | | Revenue ($ millions) | 1,365 | | 1,126 | 1,064 | | 2,491 | | 2,047 | | | | | Net earnings ($ millions) | 998 | | 190 | 277 | | 1,188 | | 469 | | | | | EBITDA ($ millions) c | 700 | | 543 | 471 | | 1,243 | | 867 | | | | | Latin America & Asia Pacific | | | | | | | | | | | | | Gold produced (000s oz) | 180 | | 166 | 147 | | 346 | | 289 | | | 630 - 730 | | Gold sold (000s oz) | 184 | | 165 | 159 | | 349 | | 274 | | | | | COS ($/oz) | 1,494 | | 1,539 | 1,441 | | 1,515 | | 1,458 | | | 1,490 - 1,590 | | TCC ($/oz) c | 990 | | 1,027 | 977 | | 1,008 | | 986 | | | 940 - 1,020 | | AISC ($/oz) c | 1,440 | | 1,505 | 1,348 | | 1,471 | | 1,386 | | | 1,430 - 1,530 | | Revenue ($ millions) | 611 | | 492 | 381 | | 1,103 | | 627 | | | | | Net earnings ($ millions) | 169 | | 89 | 39 | | 258 | | 27 | | | | | EBITDA ($ millions) c | 420 | | 283 | 242 | | 703 | | 330 | | | | | Africa & Middle East | | | | | | | | | | | | | Gold produced (000s oz) | 204 | | 212 | 363 | | 416 | | 704 | | | 820 - 910 | | Gold sold (000s oz) | 178 | | 202 | 358 | | 380 | | 691 | | | | | COS ($/oz) | 1,718 | | 1,639 | 1,389 | | 1,676 | | 1,376 | | | 1,420 - 1,520 | | TCC ($/oz) c | 1,277 | | 1,244 | 1,019 | | 1,260 | | 1,004 | | | 1,060 - 1,140 | | AISC ($/oz) c | 1,577 | | 1,602 | 1,330 | | 1,591 | | 1,312 | | | 1,360 - 1,460 | | Revenue ($ millions) | 599 | | 597 | 847 | | 1196 | | 1,546 | | | | | Net earnings ($ millions) | (470 | ) | 101 | 202 | | (369 | ) | 319 | | | | | EBITDA ($ millions) c | 304 | | 306 | 459 | | 610 | | 789 | | | | | Total Gold | | | | | | | | | | | | | Gold produced (000s oz) | 797 | | 758 | 948 | | 1,555 | | 1,888 | | | 3,150 - 3,500 | | Gold sold (000s oz) | 770 | | 751 | 956 | | 1,521 | | 1,866 | | | | | COS ($/oz) d | 1,654 | | 1,629 | 1,441 | | 1,641 | | 1,433 | | | 1,460 - 1,560 | | TCC ($/oz) c | 1,239 | | 1,220 | 1,059 | | 1,229 | | 1,055 | | | 1,050 - 1,130 | | AISC ($/oz) c | 1,684 | | 1,775 | 1,498 | | 1,728 | | 1,489 | | | 1,460 - 1,560 | | Revenue ($ millions) | 2,575 | | 2,215 | 2,292 | | 4,790 | | 4,220 | | | | | Net earnings ($ millions) | 697 | | 380 | 518 | | 1,077 | | 815 | | | | | EBITDA ($ millions) c | 1,424 | | 1,132 | 1,172 | | 2,556 | | 1,986 | | | | | Total Copper | | | | | | | | | | | | | Copper produced (kt) | 59 | | 44 | 43 | | 103 | | 83 | | | 200 - 230 | | Copper sold (kt) | 54 | | 51 | 42 | | 105 | | 81 | | | | | COS ($/lb) e | 2.56 | | 2.92 | 3.05 | | 2.74 | | 3.12 | | | 2.50 - 2.80 | | C1 cash costs ($/lb) c | 1.80 | | 2.25 | 2.18 | | 2.02 | | 2.28 | | | 1.80 - 2.10 | | AISC ($/lb) c | 2.90 | | 3.06 | 3.67 | | 2.98 | | 3.64 | | | 2.80 - 3.10 | | Revenue ($ millions) | 484 | | 474 | 387 | | 958 | | 691 | | | | | Net earnings ($ millions) | 114 | | 94 | (148 | ) | 208 | | (150 | ) | | | | EBITDA ($ millions) c | 266 | | 229 | 117 | | 495 | | 210 | | | |
1. On an attributable basis. 2. See “Outlook Assumptions and Economic Sensitivity Analysis” in the endnotes to this press release. 3. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release. 4. 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). 5. 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).
Financial and Operating Highlights
| | For the three months ended | | For the six months ended | | | | | | | | | | | | | | | 6/30/25 | | 3/31/25 | | % Change | | 6/30/24 | | % Change | | 6/30/25 | | 6/30/24 | | % Change | | Financial Results ($ millions) | | | | | | | | | | | | | | | | | Revenues | 3,681 | | 3,130 | | 18% | | 3,162 | | 16% | | 6,811 | | 5,909 | | 15% | | Cost of sales | 1,878 | | 1,785 | | 5% | | 1,979 | | (5)% | | 3,663 | | 3,915 | | (6)% | | Net earnings a | 811 | | 474 | | 71% | | 370 | | 119% | | 1,285 | | 665 | | 93% | | Adjusted net earnings b | 800 | | 603 | | 33% | | 557 | | 44% | | 1,403 | | 890 | | 58% | | Attributable EBITDA b | 1,690 | | 1,361 | | 24% | | 1,289 | | 31% | | 3,051 | | 2,196 | | 39% | | Attributable EBITDA margin b | 55 | % | 51 | % | 8% | | 48 | % | 15% | | 53 | % | 45 | % | 18% | | Minesite sustaining capital expenditures b,c | 479 | | 564 | | (15)% | | 631 | | (24)% | | 1,043 | | 1,181 | | (12)% | | Project capital expenditures b,c | 439 | | 269 | | 63% | | 176 | | 149% | | 708 | | 341 | | 108% | | Total consolidated capital expenditures c,d | 934 | | 837 | | 12% | | 819 | | 14% | | 1,771 | | 1,547 | | 14% | | Total attributable capital expenditures e | 717 | | 631 | | 14% | | 694 | | 3% | | 1,348 | | 1,266 | | 6% | | Net cash provided by operating activities | 1,329 | | 1,212 | | 10% | | 1,159 | | 15% | | 2,541 | | 1,919 | | 32% | | Net cash provided by operating activities margin f | 36 | % | 39 | % | (8)% | | 37 | % | (3)% | | 37 | % | 32 | % | 16% | | Free cash flow b | 395 | | 375 | | 5% | | 340 | | 16% | | 770 | | 372 | | 107% | | Net earnings per share (basic and diluted) | 0.47 | | 0.27 | | 74% | | 0.21 | | 124% | | 0.75 | | 0.38 | | 97% | | Adjusted net earnings (basic) b per share | 0.47 | | 0.35 | | 34% | | 0.32 | | 47% | | 0.82 | | 0.51 | | 61% | | Weighted average diluted common shares (millions of shares) | 1,716 | | 1,725 | | (1)% | | 1,755 | | (2)% | | 1,721 | | 1,755 | | (2)% | | Operating Results | | | | | | | | | | | | | | | | | Gold production (thousands of ounces) g | 797 | | 758 | | 5% | | 948 | | (16)% | | 1,555 | | 1,888 | | (18)% | | Gold sold (thousands of ounces) g | 770 | | 751 | | 3% | | 956 | | (19)% | | 1,521 | | 1,866 | | (18)% | | Market gold price ($/oz) | 3,280 | | 2,860 | | 15% | | 2,338 | | 40% | | 3,067 | | 2,203 | | 39% | | Realized gold price b,g ($/oz) | 3,295 | | 2,898 | | 14% | | 2,344 | | 41% | | 3,099 | | 2,213 | | 40% | | Gold COS (Barrick’s share) g,h ($/oz) | 1,654 | | 1,629 | | 2% | | 1,441 | | 15% | | 1,641 | | 1,433 | | 15% | | Gold TCC b,g ($/oz) | 1,239 | | 1,220 | | 2% | | 1,059 | | 17% | | 1,229 | | 1,055 | | 16% | | Gold AISC b,g ($/oz) | 1,684 | | 1,775 | | (5)% | | 1,498 | | 12% | | 1,728 | | 1,489 | | 16% | | Copper production (thousands of tonnes) g | 59 | | 44 | | 34% | | 43 | | 37% | | 103 | | 83 | | 24% | | Copper sold (thousands of tonnes) g | 54 | | 51 | | 6% | | 42 | | 29% | | 105 | | 81 | | 30% | | Market copper price ($/lb) | 4.32 | | 4.24 | | 2% | | 4.42 | | (2)% | | 4.28 | | 4.12 | | 4% | | Realized copper price b,g ($/lb) | 4.36 | | 4.51 | | (3)% | | 4.53 | | (4)% | | 4.43 | | 4.21 | | 5% | | Copper COS (Barrick’s share) g,i ($/lb) | 2.56 | | 2.92 | | (12)% | | 3.05 | | (16)% | | 2.74 | | 3.12 | | (12)% | | Copper C1 cash costs b,g ($/lb) | 1.80 | | 2.25 | | (20)% | | 2.18 | | (17)% | | 2.02 | | 2.28 | | (11)% | | Copper AISC b,g ($/lb) | 2.90 | | 3.06 | | (5)% | | 3.67 | | (21)% | | 2.98 | | 3.64 | | (18)% | | | As at 6/30/25 | | As at 3/31/25 | | % Change | | As at 6/30/24 | | % Change | | | | | | | | Financial Position ($ millions) | | | | | | | | | | | | | | | | | Debt (current and long-term) | 4,729 | | 4,727 | | 0% | | 4,724 | | 0% | | | | | | | | Cash and equivalents | 4,802 | | 4,104 | | 17% | | 4,036 | | 19% | | | | | | | | Debt, net of cash | (73 | ) | 623 | | (112)% | | 688 | | (111)% | | | | | | |
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 $20 million for Q2 2025 and YTD 2025, respectively (Q1 2025: $4 million; Q2 2024: $12 million; YTD 2024: $25 million). 5. These amounts are presented on the same basis as our guidance. 6. Represents net cash provided by operating activities divided by revenue. 7. On an attributable basis. 8. 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). 9. 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).
Consolidated Statements of Income
| Barrick Mining Corporation (formerly Barrick Gold Corporation) (in millions of United States dollars, except per share data) (Unaudited) | Three months ended June 30, | | Six months ended June 30, | | | | | | | | | | | | | 2025 | | | 2024 | | | 2025 | | | 2024 | | | Revenue (notes 5 and 6) | $ | 3,681 | | $ | 3,162 | | $ | 6,811 | | $ | 5,909 | | | Costs and expenses (income) | | | | | | | | | | | | | | Cost of sales (notes 5 and 7) | | 1,878 | | | 1,979 | | | 3,663 | | | 3,915 | | | General and administrative expenses | | 39 | | | 32 | | | 81 | | | 60 | | | Exploration, evaluation and project expenses | | 82 | | | 97 | | | 136 | | | 192 | | | Impairment charges (note 9b) | | — | | | 1 | | | 4 | | | 18 | | | (Gain) loss on currency translation | | (2 | ) | | 5 | | | — | | | 17 | | | Closed mine rehabilitation | | (8 | ) | | (9 | ) | | 11 | | | (11 | ) | | Income from equity investees (note 12) | | (77 | ) | | (115 | ) | | (144 | ) | | (163 | ) | | Other expense (note 9a) | | 353 | | | 80 | | | 523 | | | 97 | | | Income before finance costs and income taxes | $ | 1,416 | | $ | 1,092 | | $ | 2,537 | | $ | 1,784 | | | Finance costs, net | | (58 | ) | | (51 | ) | | (120 | ) | | (82 | ) | | Income before income taxes | $ | 1,358 | | $ | 1,041 | | $ | 2,417 | | $ | 1,702 | | | Income tax expense (note 10) | | (102 | ) | | (407 | ) | | (380 | ) | | (581 | ) | | Net income | $ | 1,256 | | $ | 634 | | $ | 2,037 | | $ | 1,121 | | | Attributable to: | | | | | | | | | | | | | | Equity holders of Barrick Mining Corporation | $ | 811 | | $ | 370 | | $ | 1,285 | | $ | 665 | | | Non-controlling interests (note 15) | $ | 445 | | $ | 264 | | $ | 752 | | $ | 456 | | | | | | | | | | | | | | | | | Earnings per share attributable to the equity holders of Barrick Mining Corporation (note 8) | | | | | | | | | | | | | | Net income | | | | | | | | | | | | | | Basic | $ | 0.47 | | $ | 0.21 | | $ | 0.75 | | $ | 0.38 | | | Diluted | $ | 0.47 | | $ | 0.21 | | $ | 0.75 | | $ | 0.38 | |
The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.
Consolidated Statements of Comprehensive Income
| Barrick Mining Corporation (formerly Barrick Gold Corporation) (in millions of United States dollars) (Unaudited) | Three months ended June 30, | | Six months ended June 30, | | | | | | | | | | | | | 2025 | | | 2024 | | | 2025 | | | 2024 | | | Net income | $ | 1,256 | | $ | 634 | | $ | 2,037 | | $ | 1,121 | | | Other comprehensive income (loss), net of taxes | | | | | | | | | | | | | | Items that may be reclassified subsequently to profit or loss: | | | | | | | | | | | | | | Unrealized gains on derivatives designated as cash flow hedges, net of tax $nil, $nil, $nil and $nil | | — | | | — | | | — | | | 1 | | | Items that will not be reclassified to profit or loss: | | | | | | | | | | | | | | Actuarial loss on post employment benefit obligations, net of tax $nil, $nil, $nil and $nil | | (1 | ) | | — | | | (2 | ) | | — | | | Net change on equity investments, net of tax $(1), $1, $(1) and $1 | | 12 | | | 8 | | | 17 | | | 9 | | | Total other comprehensive income | | 11 | | | 8 | | | 15 | | | 10 | | | Total comprehensive income | $ | 1,267 | | $ | 642 | | $ | 2,052 | | $ | 1,131 | | | Attributable to: | | | | | | | | | | | | | | Equity holders of Barrick Mining Corporation | $ | 822 | | $ | 378 | | $ | 1,300 | | $ | 675 | | | Non-controlling interests | $ | 445 | | $ | 264 | | $ | 752 | | $ | 456 | |
The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.