Barrick Mining Corporation (NYSE:B)(TSX:ABX) has released its third-quarter 2025 results, showcasing a remarkable performance with record-breaking adjusted net earnings, operating cash flow, and free cash flow. The company’s gold production increased by 4% compared to the previous quarter, reaching 829,000 ounces, while copper production remained on track at 55,000 tonnes. Barrick’s financial prowess is evident in its record-high operating cash flow of $2.4 billion and free cash flow of $1.5 billion, representing an impressive 82% and 274% growth, respectively, over the second quarter.
The company’s net earnings per share rose to $0.76, with adjusted net earnings per share reaching $0.58, marking a 62% and 23% increase, respectively, from the previous quarter. Barrick’s strong performance has enabled it to increase its base quarterly dividend by 25% to $0.125 per share, plus a performance dividend of $0.05 per share, totaling $0.175 per share for the current quarter. The company has also repurchased $1 billion of its shares year-to-date, with an additional $500 million expansion to its existing buyback program, bringing the total to up to $1.5 billion.
Barrick’s operational highlights include a 4% increase in gold production in Q3 compared to Q2, with a cost of sales (COS) of $1,562 per ounce, total cash costs (TCC) of $1,137 per ounce, and all-in sustaining costs (AISC) of $1,538 per ounce. The company’s gold COS and AISC were 6% and 9% lower than Q2, respectively, with AISC margins 19% higher. Cortez and Turquoise Ridge performed exceptionally well, increasing production by 15% and 13%, respectively, over Q2. Pueblo Viejo achieved a record-high throughput in Q3, with the highest quarterly production since 2022. However, unplanned downtime at the Goldstrike roaster delayed some of Carlin’s processing volume and production from Q3 into Q4.
Copper production in Q3 was 7% lower than Q2, in line with the plan, with COS of $2.68 per pound, C1 cash costs of $1.96 per pound, and AISC of $3.14 per pound. Copper production year-to-date is 21% higher than the first nine months of 2024, driven by a 42% increase at Lumwana. Copper COS and AISC were 14% and 16% lower year-to-date than the first nine months of 2024, respectively, with AISC margins 128% higher.
Tragically, three colleagues lost their lives in recent months, emphasizing the importance of safety in the mining industry. Barrick remains committed to its safety vision of ‘Every person going home safe and healthy every day,’ conducting full investigations into these incidents in cooperation with the relevant authorities.
Barrick’s financial highlights include a record-high operating cash flow of $2.4 billion and free cash flow of $1.5 billion, representing an 82% and 274% increase, respectively, compared to the previous quarter. This significant growth was primarily due to higher realized gold prices, increased gold sales volume, and lower total cash costs per ounce. In Q3 2025, Barrick achieved net earnings of $1.3 billion ($0.76 per share) and adjusted net earnings of $982 million ($0.58 per share), a record-high. Notably, Q3 net earnings and adjusted net earnings include a $0.04 per share after-tax share-based compensation expense due to the company’s higher share price. Revenues of $4.1 billion in Q3 2025 increased by 23% from Q3 2024.
Barrick’s disciplined focus on its Tier One gold and copper portfolio is evident in its non-core asset sales, including the Hemlo gold mine in Canada and the Tongon gold mine in Côte d’Ivoire. These transactions are expected to generate approximately $2.6 billion in value from non-core assets divested this year. The company’s key growth projects, such as the 100%-owned Fourmile project in Nevada, are reaffirmed as one of this century’s most significant gold discoveries. The current drilling program supports a potential doubling of the existing resource in 2025, with planned access via the Bullion Hill Decline progressing as expected.
The Reko Diq project remains on schedule, with onsite construction activities accelerating and project financing nearing completion. The Lumwana expansion has advanced in both procurement and construction, tracking slightly ahead of schedule. Significant progress has been made at Pueblo Viejo, where more than 180 families have moved into the new community Nuevos Horizontes, and the tailings storage facility construction is on track to support the expansion.
Barrick’s quarterly dividend and share buybacks reflect the company’s confidence in its ongoing cash flow generation and shareholder focus. The Board approved a 25% increase in the quarterly base dividend to $0.125 per share for the current quarter, totaling $0.175 per share, including a further $0.05 performance dividend. This enhancement aligns with Barrick’s intention to provide shareholders with an attractive cash yield over time.
During the quarter, Barrick repurchased $589 million of its shares, with year-to-date buybacks totaling $1 billion. The Board authorized a $500 million increase to the previously approved $1 billion share buyback program, expiring in February 2026. Total capital returned to shareholders in the first nine months of 2025 amounts to $1.6 billion.
Barrick’s full-year 2025 guidance remains unchanged, with gold production expected to range between 3.15 and 3.50 million ounces, tracking in the lower half of the range, with quarterly production highest in Q4. Gold cost guidance, including COS of $1,460-$1,560 per ounce, TCC of $1,050-$1,130 per ounce, and ASIC of $1,460-$1,560 per ounce, is based on a gold price assumption of $2,400 per ounce. Adjusting for the current gold price and the impact on royalties on costs, Barrick is on track to achieve its 2025 gold cost guidance.
Full-year copper production guidance remains unchanged at 200,000-230,000 tonnes, with copper COS of $2.50-$2.80 per pound, C1 cash costs of $1.80-$2.10 per pound, and AISC of $2.80-$3.10 per pound.
Barrick’s interim CEO appointment, Mark Hill, brings 30 years of experience in strategy, corporate development, and leading major projects across the world. The Board’s Search Committee, chaired by Brett Harvey, is working with a leading executive search firm to identify a permanent President and CEO.
The Board is committed to a thorough and deliberate process to ensure the assessment of world-class talent and the identification of the right leader for Barrick. The ideal candidate will possess deep industry expertise, a clear vision for innovation, and the ability to grow the business while delivering sustainable returns for stakeholders. Throughout this transition, Barrick’s experienced management team remains focused on executing strategic priorities and maintaining the momentum of the business.
Barrick’s management team will host a webcast to discuss the results, followed by a question-and-answer session with analysts. The presentation materials will be available on Barrick’s website, and a recording of the webcast will be available for replay later in the day.
Barrick is a leading global mining, exploration, and development company with one of the largest portfolios of world-class and long-life gold and copper assets in the industry. The company’s operations and projects span 18 countries and five continents, and it is also the largest gold producer in the United States. Barrick creates real, long-term value for all stakeholders through responsible mining, strong partnerships, and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.
Controversial Interpretation: Some analysts argue that Barrick’s impressive financial performance may be unsustainable, given the volatile nature of the mining industry and the potential for commodity prices to decline. They question whether the company’s growth strategy is overly reliant on high commodity prices and whether it has adequately prepared for potential downturns. This interpretation challenges the notion that Barrick’s current success guarantees long-term sustainability, sparking a debate about the company’s resilience and risk management strategies.
Comment Hook: What do you think about Barrick’s performance and its growth strategy? Do you agree with the controversial interpretation, or do you have a different perspective? Share your thoughts in the comments below, and let’s engage in a constructive dialogue about Barrick’s future prospects.