Barrick Mining Corporation reports strong Q1 2025 results, reinforces long-term growth strategy

Barrick reaffirmed its commitment to shareholder value, maintaining a quarterly dividend of $0.10 per share and executing $143 million in share buybacks during the quarter.

Barrick Mining Corporation (NYSE: B)(TSX: ABX), formerly Barrick Gold Corporation, today announced robust financial and operational results for the first quarter of 2025, highlighting a 59% increase in net earnings per share and continued progress on its long-term strategy to expand its Tier One gold and copper portfolio.

The company reported net earnings per share of $0.27, up 59% year-over-year, while adjusted net earnings per share rose 84% to $0.35. Operating cash flow reached $1.2 billion, also up 59% from Q1 2024, and free cash flow climbed to $375 million, supporting a 5% reduction in net debt over the quarter.

Barrick reaffirmed its commitment to shareholder value, maintaining a quarterly dividend of $0.10 per share and executing $143 million in share buybacks during the quarter.

Solid gold and copper output

The company produced 758,000 ounces of gold, reaching the upper end of guidance, and 44,000 tonnes of copper, marking a year-over-year increase amid improved cost performance. The average realized gold price was $2,898 per ounce, 40% higher than the same period last year. These results were achieved despite ongoing expansion activities at Pueblo Viejo and scheduled maintenance at Nevada Gold Mines, which are expected to support stronger production in upcoming quarters. Full-year guidance for gold and copper remains unchanged.

Advancing major growth projects

President and CEO Mark Bristow emphasized significant progress on Barrick’s key growth projects:

“At Reko Diq and Lumwana, owner teams have been deployed, critical equipment has been secured, and engineering partners Fluor and Hatch are now engaged. These projects will substantially boost our copper and gold output, aligning with our goal to increase gold-equivalent ounces by 30% by 2030.”

Bristow also highlighted the advancement of the Pueblo Viejo ramp-up and tailings storage expansion, the transition of Fourmile to prefeasibility, and the addition of 16 active rigs aiming to expand high-confidence resources.

Expanding the global exploration pipeline

Barrick’s exploration programs remain active across the Americas, Africa, and Asia, with new drill targets and discoveries. A notable highlight is a new mineral discovery within the Reko Diq mining license, reinforcing the district's world-class potential. Exploration activities in Canada are also gaining momentum, strengthening Barrick’s footprint in key jurisdictions.

Portfolio optimization and strategic divestments

Barrick also announced the sale of its 50% stake in the Donlin project for $1 billion, delivering immediate value while maintaining focus on top-tier growth opportunities like Fourmile. The company is also advancing plans to divest its Tongon and Hemlo operations, in line with its strategy to concentrate on high-margin Tier One assets.

Organic growth over M&A

“Our Q1 performance reflects disciplined execution across all fronts—from replacing reserves and optimizing our portfolio to advancing world-class developments and expanding exploration,” said Bristow.

“While others rely on mergers and acquisitions, Barrick builds its future. We are growing organically, funding our projects internally, and delivering real value without increasing debt or issuing new equity.”

Strengthening copper strategy and rebranding

In alignment with its broader mining strategy, Barrick recently changed its name to Barrick Mining Corporation and adopted a new ticker symbol ‘B’ on the NYSE. This rebranding reflects the company’s commitment to developing a robust copper business, which is set to become a significant contributor to future production and long-term value creation.