Barrick Mining Corporation (NYSE:GOLD1)(TSX:ABX) has kicked off the financial year with exceptional growth, strengthening its position as a global leader in gold and copper production.
The company’s net earnings per share surged 59% year-over-year to $0.27, while adjusted net earnings per share climbed 84% to $0.35, reinforcing its strong financial performance.
Operating cash flow reached $1.2 billion, up 59%, while free cash flow of $375 million enabled a 5% reduction in net debt a testament to its disciplined capital allocation strategy.
Gold production stood at 758,000 ounces, hitting the upper end of guidance, while copper output rose to 44,000 tonnes year-over-year, supported by cost improvements.
The company’s average realized gold price soared to $2,898 per ounce, marking a 40% increase from the previous year, strengthening its profit margins despite expansion projects at Pueblo Viejo and Nevada Gold Mines.
CEO Perspective on Strategic Growth
Mark Bristow, President & CEO, Barrick Mining Corporation: “During the quarter, Barrick made significant progress across its key growth projects, further strengthening its position as an industry leader. Our strategic investments in Reko Diq and Lumwana will expand our copper and gold production, supporting our objective to organically grow our gold-equivalent output by 30% by the end of the decade.”
“While others rely on mergers and acquisitions, we remain focused on building and developing our own assets ensuring sustainable growth without additional debt or new equity issuance.”
Advancing Tier One Gold & Copper Projects
Barrick accelerated several major projects to expand its gold and copper portfolio:
- Reko Diq & Lumwana: Mobilization of owner teams, securing of long-lead items, and appointment of Fluor and Hatch as engineering partners.
- Pueblo Viejo: Ramp-up and tailings expansion moving forward, ensuring long-term value unlock.
- Fourmile: Transitioned to prefeasibility, with 16 rigs actively drilling, targeting high-confidence resource expansion.
At the same time, Barrick divested its 50% stake in the Donlin Gold Project for $1 billion, focusing on Tier One assets like Fourmile while progressing with the planned divestment of Tongon and Hemlo.
Financial Strength and Sustainable Shareholder Returns
Barrick reinforced its commitment to shareholder value, declaring a quarterly dividend of $0.10 per share while repurchasing $143 million in shares.
The company’s robust balance sheet provides ample liquidity to invest in future growth without raising new equity or increasing debt, a distinguishing factor in the mining sector.
Graham Shuttleworth, Senior Executive VP & CFO, Barrick: “Our strong operating performance and growing margins allowed us to deliver significant returns to shareholders. At the same time, our balance sheet remains one of the strongest in the industry, ensuring we have the financial flexibility to fund our growth projects.”
Impact on Global Market & Future Outlook
With gold and copper playing an essential role in technology, infrastructure, and sustainable energy, Barrick’s growth bolsters global supply chains, ensuring stable production amid rising demand.
The company’s disciplined growth strategy positions it as a key player in the evolving critical minerals landscape.
Additionally, Barrick’s $1 billion divestment strategy strengthens its focus on world-class assets, unlocking value while reinforcing its long-term sustainability commitments.
Looking ahead, Barrick remains on track to achieve its full-year production targets, positioning itself for another strong year of operational and financial performance.
Barrick Mining Corporation continues to redefine excellence in gold and copper mining, creating enduring value for shareholders, industry stakeholders, and the global market.
Read Also:Barrick Gold Rebrands as Barrick Mining Corporation: A Bold Move for Sustainable Growth – Jaina News
Barrick Sells $1 Billion Stake in Donlin Gold – Jaina News
Barrick’s Bold Move: Driving Growth and Industry Impact – Jaina News
