{"id":847844,"date":"2025-05-07T06:03:37","date_gmt":"2025-05-07T10:03:37","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/barrick-reports-solid-q1-results-and-progress-on-strategic-growth-objectives\/"},"modified":"2025-05-07T06:03:37","modified_gmt":"2025-05-07T10:03:37","slug":"barrick-reports-solid-q1-results-and-progress-on-strategic-growth-objectives","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/barrick-reports-solid-q1-results-and-progress-on-strategic-growth-objectives\/","title":{"rendered":"Barrick Reports Solid Q1 Results and Progress on Strategic Growth Objectives"},"content":{"rendered":"
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\n First Quarter 2025 Results
<\/strong>All amounts expressed in U.S. dollars unless otherwise indicated<\/p>\n

TORONTO , May 07, 2025 (GLOBE NEWSWIRE) — Barrick Mining Corporation (NYSE:GOLD1<\/sup>)(TSX:ABX) (\u201cBarrick\u201d or the \u201cCompany\u201d) today reported a solid start to the financial year, making significant headway on its long-term strategy and advancing its global portfolio of Tier One2<\/sup> gold and copper assets.<\/p>\n

Net earnings per share increased 59% year-on-year to $0.27 with adjusted net earnings per share3<\/sup> growing by 84% year-on-year to $0.35. Operating cash flow of $1.2 billion was also up 59% while free cash flow4<\/sup> 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\u00a0million of its shares, consistent with its commitment to shareholder returns.<\/p>\n

Gold production of 758,000 ounces5<\/sup> was at the top end of guidance with copper production increasing to 44,000 tonnes5<\/sup> year-over-year on improved costs. The average realized gold price5,6<\/sup> 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\u2014initiatives 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.<\/p>\n

President and CEO Mark Bristow said that during the quarter, Barrick significantly advanced several key growth projects. \u201cAt 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\u2019s copper and gold production and support our goal to organically grow our gold-equivalent ounces by 30% by the end of the decade.7<\/sup> We also progressed with the Pueblo Viejo ramp up and tailings expansion\u2014critical to unlocking its full value\u2014and transitioned Fourmile to prefeasibility with 16 rigs now active, targeting high-confidence substantial resource additions,\u201d he said.<\/p>\n

Barrick\u2019s global exploration teams continued to expand and advance our pipeline of projects and opportunities, with drilling underway across high-potential targets in the Americas, Africa and Asia. A new discovery has emerged within the Reko Diq mining license, further confirming the potential and world-class mineral endowment of the district. In Canada, a key destination for the group, focused exploration is advancing multiple opportunities.<\/p>\n

At the same time, Barrick\u2019s $1 billion sale of its 50% interest in Donlin realizes immediate value and ensures we maintain a sharp focus on developing a future pipeline of the best Tier One2<\/sup> assets, such as Fourmile. Similarly, the Company also continues to progress the planned divestments of Tongon and Hemlo, in line with its strategy.<\/p>\n

Bristow said the first quarter highlighted Barrick\u2019s distinct approach to growth\u2014one that avoids the pitfalls of industry short-termism in favor of long-term, internally funded value creation. \u201cWe\u2019ve built a global mining company with the financial strength, technical capacity and operational depth to grow organically. Our performance this quarter reflects delivery across all our strategic pillars: from reserve replacement and portfolio optimization, to the ramp-up of world-class projects and reinvestment in exploration.\u201d<\/p>\n

\u201cWhile others pursue shortcuts through M&A, we continue to invest in our own future\u2014by building and not just buying\u2014thereby creating real value for our shareholders. With no need to raise new equity or increase debt to fund our growth, Barrick remains uniquely well positioned to maintain a strong balance sheet while delivering sustainable returns and long-term value for shareholders,\u201d Bristow said.<\/p>\n

Along with its world-class portfolio of six Tier One2<\/sup> gold mines, Barrick is building a substantial copper business, which will be a meaningful contributor to growing production volumes in the coming years and beyond. Hence the decision to change the Company\u2019s name to Barrick Mining Corporation and its ticker symbol to \u2018B<\/strong>\u2019 on the New York Stock Exchange.1<\/sup><\/p>\n

\n Q1 2025 Results Presentation<\/strong>\n <\/p>\n

Mark Bristow will host a live presentation<\/u><\/a> of the results today at 11:00 AM ET, with an interactive webinar linked to a conference call. Participants will be able to ask questions.<\/p>\n

The Q1 presentation materials will be available on Barrick\u2019s website at www.barrick.com<\/u><\/a> and the webinar will remain on the website for later viewing.<\/p>\n

\n Key Performance Indicators<\/strong>\n <\/p>\n

\n Best Assets\u2026 <\/strong>\n <\/p>\n