Barrick Mining reported a 61% year-on-year increase in net earnings, reaching $474 million in the first quarter of 2025, up from $295 million the previous year, driven by elevated gold prices. The average realized gold price was $2,898 per ounce, a 40% rise from the prior year. Operating cash flow grew by 59% to $1.2 billion, and free cash flow improved to $375 million, enabling a 5% reduction in net debt.

Gold production reached 758,000oz, at the top end of the guidance range.

Gold production for the quarter totaled 758,000 ounces, meeting the upper end of guidance, while copper production increased to 44,000 tonnes. The company maintained its full-year guidance for both gold and copper. Barrick advanced its global portfolio, focusing on Tier 1 gold and copper assets, with exploration efforts spanning the Americas, Africa, and Asia. A new discovery within the Reko Diq mining license in Pakistan underscores the region’s potential.

Barrick president and CEO Mark Bristow stated: “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.”

In Canada, Barrick is pursuing multiple exploration opportunities, while in the Dominican Republic, the Pueblo Viejo project is progressing with a ramp-up and tailings expansion to maximize its value. The Fourmile project has transitioned to prefeasibility, with 16 rigs active to expand resources. Barrick also completed a $1 billion sale of its 50% stake in the Donlin gold project, redirecting focus to high-priority assets like Fourmile, and is advancing divestments of the Tongon and Hemlo mines.

The company is strengthening its copper business, expecting significant contributions to future production. Reflecting its strategic evolution, Barrick announced a name change to Barrick Mining Corporation and a new ticker symbol, ‘B,’ on the New York Stock Exchange.

In Mali, Barrick faces operational challenges at its Loulo-Gounkoto complex, where activities are temporarily suspended. Bristow noted: “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 resource additions.” The company spends $15 million monthly to maintain the Mali mine and has excluded it from 2025 guidance but included it from 2026, anticipating resolution.

Barrick’s focus on high-value assets and operational efficiency positions it to enhance production and support sustainable growth in the global mining sector.