Barrick Mining Corporation (B) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Presenting our results today are Mark Hill, Barrick's President and CEO, and Graham Shuttleworth, Senior EVP and CFO. Other members of Barrick's management team will be available after our prepared remarks for Q&A. Before we begin, please note that we will be making forward-looking statements. This slide includes a summary of the significant risks and factors that could affect Barrick's future performance. Turning to our performance in Q4, we built on last quarter's momentum and posted strong financial results. As I said, we logged several company records, included adjusted earnings per share, cash flow, and importantly, shareholder returns. Production increased from last quarter to the highest level of the year, which resulted in an 82% increase in EBITDA versus last year. We increased our base dividend by another 40% and adopted a new dividend policy. Cash flow for the quarter was up 96% from last year and we logged a year of record annual cash returns to our shareholders. 4Mile continues to grow and we're excited about advancing this 100% owned gold asset. Finally, consistent with the announcement we made in December and following rigorous analysis, the Board has decided to move forward with preparations for an initial public offering of Barrick's North American Gold as assets, aimed at maximising the shareholder value. We are targeting to complete the IPO by late 2036 and will keep you updated on progress throughout the year. Returning to safety and health, our operational and financial achievements were overshadowed, unfortunately, last year with four fatalities. Last quarter, I made that commitment to making sure safety was our top priority, and this continues to be the company's number one focus for 2026. Clearly, there's more to be done because Q4 wasn't wher...