Business
Barrick Reports Solid Q1 Results and Progress on Strategic Growth Objectives
First Quarter 2025 Results All amounts expressed in U.S. dollars unless otherwise indicated ...
About this update from Barrick Mining Corporation
[{"type":"text","content":"Barrick Reports Solid Q1 Results and Progress on Strategic Growth Objectives\n\n\n\n\n First Quarter 2025 Results\n \n\n All amounts expressed in U.S. dollars unless otherwise indicated\n \n\n TORONTO , May 07, 2025 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:GOLD\n \n 1\n \n )(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\n \n 2\n \n gold and copper assets.\n \n\n Net earnings per share increased 59% year-on-year to $0.27 with adjusted net earnings per share\n \n 3\n \n growing by 84% year-on-year to $0.35. Operating cash flow of $1.2 billion was also up 59% while free cash flow\n \n 4\n \n 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.\n \n\n Gold production of 758,000 ounces\n \n 5\n \n was at the top end of guidance with copper production increasing to 44,000 tonnes\n \n 5\n \n year-over-year on improved costs. The average realized gold price\n \n 5,6\n \n 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.\n \n\n 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.\n \n 7\n \n 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 reso...