Barrick Reports Solid Q1 Results and Progress on Strategic Growth Objectives 2025 RESULTSQ1 First Quarter 2025 Results
Barrick Reports Solid Q1 Results and
Progress on Strategic Growth Objectives
2025 RESULTSQ1
First Quarter 2025 Results
All amounts expressed in U.S. dollars unless otherwise indicated
Toronto, May 7, 2025 – Barrick Mining Corpora tion
(NYSE:GOLD1)(TSX:ABX) (“Barrick” or the “Company”) 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 gold and copper assets.
Net earnings per share increased 59% year-on-year to $0.27
with adjusted net earnings per share3 growing by 84% year-on-
year to $0.35. Operating cash flow of $1.2 billion was also up
59% while free cash flow 4 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 million
of its shares, consistent with its commitment to shareholder
returns.
Gold production of 758,000 ounces 5 was at the top end of
guidance with copper production increasing to 44,000 tonnes 5
year-over-year on improved costs. The average realized gold
price5,6 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—initiatives 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.
President and CEO Mark Bristow said that during the quarter,
Barrick significantly advanced several key growth projects. “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.7 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,” he said.
Full year gold and copper
guidance maintained
Costs per ounce expected to
trend lower during the year
Continued on page 3
$143 million in share buybacks;
$0.10 per share dividend
Q1 net EPS $0.27
Q1 adjusted net EPS3 $0.35
59% increase in operating
cash flow to $1.2 billion
compared to Q1 2024
Key Performance Indicators
Best Assets…
▪ Q1 gold production at the top end of 700-750koz guidance range with full year gold and copper
production targets on track
▪ Costs per ounce expected to trend lower over rest of year driven by higher production
▪ Ongoing improvements at Nevada Gold Mines, including open pit unit costs for Carlin lowest in
three years
▪ Canadian exploration teams advance a pipeline of opportunities with drilling in progress on most
prospective target
▪ New discovery emerges within Reko Diq mining license
Key Growth Projects…
▪ Pueblo Viejo throughput improvement projects completed successfully; ramp up remains on track to
deliver on guidance
▪ Fourmile ramping up to 16 rigs running to define substantial extensions to mineral resources, in
support of Bullion Hill decline development
▪ Reko Diq and Lumwana transition to execution with the appointment of Fluor and Hatch as
engineering partners, respectively
▪ Exploration MoU signed with the Government of Zambia to further support investment in Lumwana
and ground beyond its footprint
▪ Design and construction engineer appointed for new tailings storage facility at Pueblo Viejo and
early works commenced
Leader in Sustainability…
▪ 57% and 44% decrease in LTIFR8 and TRIFR8 respectively when compared to same quarter last
year
▪ Over 31,000 Critical Control Verification on our Fatal Risks completed globally
▪ All National Environmental Permits received for Reko Diq and the IFC disclosed completion of their
independent review of the Environmental and Social Impact Assessment
▪ First new houses successfully handed over to families at host site for the Pueblo Viejo tailings
storage facility resettlement project
Delivering Value…
▪ $1 billion value unlocked in sale of stake in Donlin Gold Project
▪ Operating cash flow of $1.2 billion for the quarter— 59% higher than Q1 2024
▪ Free cash flow4 of $375 million for the quarter driving net debt reduction of 5% over the quarter
▪ Net earnings per share of $0.27 and adjusted net earnings per share3 of $0.35 cents for the quarter
▪ $0.10 per share quarterly dividend declared and another $143 million in share buybacks
BARRICK FIRST QUARTER 2025 2 PRESS RELEASE
Financial and Operating Highlights
Q1 2025 Q4 2024 Q1 2024
Financial Results ($ millions)
Net earnings9 474 996 295
Adjusted net earnings3 603 794 333
Attributable EBITDA10 1,361 1,697 907
Net cash provided by operating
activities 1,212 1,392 760
Free cash flow4 375 501 32
Net earnings per share 0.27 0.57 0.17
Adjusted net earnings
per share3 0.35 0.46 0.19
Total attributable capital
expenditures11,12 631 758 572
Operating Results
Gold
Production5 (thousands of ounces) 758 1,080 940
Realized gold price5,6 ($/oz) 2,898 2,657 2,075
Gold COS5,13 (Barrick’s share)
($/oz) 1,629 1,428 1,425
Gold TCC5,14 ($/oz) 1,220 1,046 1,051
Gold AISC5,14 ($/oz) 1,775 1,451 1,474
Copper
Production5 (thousands of tonnes) 44 64 40
Realized copper price5,6 ($/lb) 4.51 3.96 3.86
Copper COS5,13 (Barrick’s share)
($/lb) 2.92 2.62 3.20
Copper C1 cash costs5,15 ($/lb) 2.25 2.04 2.40
Copper AISC5,15 ($/lb) 3.06 3.07 3.59
Financial Position ($ millions) As at
3/31/25
As at
12/31/24
As at
3/31/24
Debt (current and long term) 4,727 4,729 4,725
Cash and equivalents 4,104 4,074 3,942
Debt, net of cash 623 655 783
Continued from page 1
Barrick’s 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.
At the same time, Barrick’s $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 One 2 assets, such as Fourmile.
Similarly, the Company also continues to progress the
planned divestments of Tongon and Hemlo, in line with
its strategy.
Bristow said the first quarter highlighted Barrick’s
distinct approach to growth—one that avoids the pitfalls
of industry short-termism in favor of long-term, internally
funded value creation. “We’ve 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.”
“While others pursue shortcuts through M&A, we
continue to invest in our own future—by building and not
just buying—thereby 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,” Bristow said.
Along with its world-class portfolio of six Tier One 2 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’s name to
Barrick Mining Corporation and its ticker symbol to ‘ B’
on the New York Stock Exchange.1
Q1 2025 Results Presentation
Mark Bristow will host a live presentation 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.
The Q1 presentation materials will be available on
Barrick’s website at www.barrick.com and the webinar
will remain on the website for later viewing.
BARRICK FIRST QUARTER 2025 3 PRESS RELEASE
Barrick Reports Share Repurchases
and Declares Q1 Dividend
Barrick today announced the declaration of a
dividend of $0.10 per share for the first quarter of
2025. The dividend is consistent with the
Company’s Performance Dividend Policy
announced at the start of 2022.
The Q1 2025 dividend will be paid on June 16, 2025 to
shareholders of record at the close of business on May
30, 2025.
In addition to the quarterly dividend, Barrick
repurchased approximately 7.69 million shares during
Q1 under the share buyback program that was
announced in February 2025.
“Our operating performance and growing margins have
allowed us to provide significant returns to
shareholders during the quarter through the
combination of dividends and share buybacks at a
compelling valuation. At the same time, Barrick’s
balance sheet continues to be one of the strongest in
the industry, ensuring we have the liquidity to invest in
our significant growth projects,” said senior executive
vice-president and chief financial officer Graham
Shuttleworth.
Board Strengthened With Two New Directors
Barrick’s shareholders have elected Ben van
Beurden and Pekka Vauramo to its board as
Independent Directors at the Annual and Special
Meeting of Shareholders on May 6.
Chairman John Thornton said the election of these two
experienced business leaders reflected Barrick’s
ongoing commitment to board renewal and diversity,
aimed at ensuring the Company has the leadership
required to navigate evolving industry dynamics.
“The addition of van Beurden, with his extensive
international experience in the extractive industry and
Vauramo who has significant global mining engineering
experience will strengthen the board’s operational
depth and strategic oversight as Barrick advances its
plan to increase gold equivalent production by 30% by
2030.7 Both bring exceptional leadership, a global
perspective and deep industry knowledge, with
expertise in sustainable business practices that will
support our commitment to delivering long-term value
to shareholders while maintaining our leadership in
responsible mining,” Thornton said.
In 2024, Barrick's ESG & Nominating Committee
undertook a comprehensive review of the Board's
composition, identifying opportunities to enhance
extractive industry and mining expertise along with
global leadership experience to better align with the
Company’s strategic objectives.
Ben van Beurden, former CEO of Shell, offers four
decades of global experience in the energy sector. He
is credited with leading Shell’s transition toward a more
diversified and sustainable energy portfolio, alongside
corporate simplification efforts that enhanced efficiency
and shareholder value. He currently serves as Senior
Advisor on energy transition investments at KKR and is
the incoming chairman of Clariant.
Pekka Vauramo, former CEO of Metso and previously
of Finnair, brings a strong track record in operational
leadership and strategic transformation across the
mining, logistics, and services sectors. At Metso, he led
the merger with Outotec, forming a global leader in
sustainable mineral and metal processing technologies.
His background also includes senior roles at Sandvik,
Cargotec, and Outokumpu, as well as extensive board
experience.
Thornton added that the 10 board directors comprised
an experienced team with a mosaic of skills, whose
diversity of backgrounds, experiences and viewpoints
effectively represented Barrick’s stakeholders globally.
BARRICK FIRST QUARTER 2025 4 PRESS RELEASE
Ben van Beurden Pekka Vauramo
Barrick Name Change Signals
Intent to Lead In Gold and Copper
The proposed name change from Barrick Gold
Corporation to Barrick Mining Corporation was
approved at the Company’s Annual and Special
Meeting of Shareholders, held on May 6, 2025.
In conjunction with this change, Barrick’s common
shares listed on the New York Stock Exchange will now
trade under the ticker symbol ‘ B’ instead of ‘GOLD’,
effective May 9, while the ticker symbol ‘ABX’ for its
common shares listed on the Toronto Stock Exchange
will remain unchanged.
Mark Bristow says Barrick’s vision is to be the world’s
most valued gold and copper exploration, development
and mining business. “Along with our world-class
portfolio of six Tier One 2 gold mines, we are building a
substantial copper business which will be a meaningful
contributor to growing our production volumes in the
coming years and beyond.”
“Our new name and our new stock symbol, ‘ B’, better
reflect Barrick’s current business and our mission to
achieve sustainable and profitable gold and copper
growth. Gold remains core to our foundation, and we
will continue to explore for and develop new gold
mines, including the expansion of Pueblo Viejo, the
exciting Fourmile gold project in Nevada and
exemplified by the Reko Diq project with its world class
mix of both copper and gold,” Bristow said.
He said that following the merger with Randgold
Resources five years ago, management had set out a
new strategy to reposition the Company as the world’s
most valued miner by owning long-life, sustainable Tier
One2 gold and copper assets, operated by the best
people and delivering sector-leading returns.
“After the merger, Barrick quickly created its value
foundation by combining its Nevada assets with
Newmont’s, creating Nevada Gold Mines—the world’s
largest gold mining complex. Barrick also focused its
attention on re-energizing and consolidating its
Tanzanian gold mines, invested in expanding Pueblo
Viejo to reach its full potential and turned Kibali into
one of the world’s greenest and most automated
mines,” says Bristow.
At the same time, Barrick recognized the growing
strategic importance of copper and is looking to turn
the Lumwana mine into one of largest producers of the
metal which, along with the undeveloped Reko Diq
copper-gold deposit, will support a planned 30% growth
in gold equivalent ounces by the end of the decade.7
“Our strong balance sheet and cashflows from existing
operations position us to confidently invest in our own
future as well as navigate most commodity price
scenarios. At the same time, they enable us to increase
shareholder returns through enhanced share buybacks
and dividends,” he said.
BARRICK FIRST QUARTER 2025 5 PRESS RELEASE
Successful Barrick Academy
Scales Up Across All Regions
Barrick is scaling up the successful Barrick
Leadership Academy across all its regions,
marking a major milestone in the Company’s
commitment to cultivating world-class frontline
leadership.
Following its successful launch in the Africa & Middle
East region at the now closed Buzwagi mine in
Tanzania, where it has already trained more than 2,000
supervisors, the program is being expanded across the
group with frontline leaders in every region—including
Latin America and Asia Pacific—expected to have
access to the Academy’s tailored development
curriculum by the end of the year.
Representatives from Latin America and Asia Pacific
attended sessions at the Buzwagi training center earlier
this year, ahead of the regional launch planned for
October 2025.
The program is being extended to Nevada Gold Mines
with the first cohort launched in April 2025. Ultimately,
700 frontline leaders—including supervisors, general
supervisors, and superintendents—will complete the
training. Delivered through immersive, in-person
workshops and follow-up coaching, the program is
providing practical tools for people management and
business optimization, including a Lean Management
project component. Graduates present their final
projects to members of NGM’s Senior Leadership
Team.
The Barrick Academy provides a consistent leadership
framework rooted in the Company’s DNA, equipping
frontline leaders with practical tools to manage teams
effectively, drive operational excellence, and align with
key performance indicators. The training emphasizes
adaptability, helping leaders respond to dynamic
industry challenges and foster continuous
improvement.
Human resources executive Darian Rich said, “The
Barrick Academy is more than a leadership program,
it’s a cornerstone of our strategy to build a high-
performance culture across our operations. By
investing in the development of our people and
delivering consistent training across our global sites,
we’re empowering our frontline leaders to drive results,
innovation, and long-term success.”
Meanwhile, at its Reko Diq project, Barrick launched
the International Graduate Development Program for
Reko Diq in July 2023. Selected from thousands of
applicants, Balochistan graduates are undertaking
intensive on-the-job training at Barrick sites around the
world, including Veladero in Argentina and Lumwana in
Zambia. Nine graduates have successfully completed
the first year, with 18 more recently selected to join the
program.
This hands-on global exposure equips young
professionals from Balochistan with practical skills and
insights into world-class mining operations. Upon
completion, participants will return to the Reko Diq
project, where they are expected to play key roles in its
development, support community upliftment, and help
ensure that the mine’s leadership structure reflects the
region it serves.
“From top executives to frontline supervisors, we
believe great leadership drives great performance.
That’s why we’ve made significant investments not only
in developing technical capabilities but also in
strengthening leadership at every level of the business.
Through initiatives like the Barrick Academy and other
global training programs, we are building a flat, agile
organization equipped to respond to changing market
dynamics, accelerate innovation, and create long-term
value for all our stakeholders,” said Rich.
BARRICK FIRST QUARTER 2025 6 PRESS RELEASE
Recovering Value From Tailings
As part of a broader strategy to recover value from
legacy tailings while improving environmental
outcomes, Nevada Gold Mines is recovering
sulphide concentrate from the copper and gold
tailings at the Phoenix mine in Nevada, providing a
valuable energy input for the roasters and
autoclaves at NGM’s Carlin and Turquoise Ridge
operations.
By removing sulphide from the tailings, the initiative
reduces acid-generating water potential and enhances
the long-term environmental profile of the Phoenix site
when it comes to designing its closure—aligning with
Barrick’s commitment to responsible mine closure and
sustainable development.
Although Phoenix is still producing both gold and
copper the repurposed flotation circuit and new filtration
plant is designed to scavenge sulphide, along with
residual gold concentrations from the final process
tailings. At the same time, the sulphide concentrate
being produced onsite helps reduce the need for
imported sulphur prill—a key “fuel” component in the
roasting process which leads to more efficient roaster
performance.
Similarly in the pressure oxidation process, it also
lowers the need for boilers to produce steam (to heat
slurry) in the autoclaves. This cuts both energy use and
processing costs, delivering operational efficiencies
across the network explains the General Manager of
Phoenix mine, Robert Tucker.
By producing sulphide concentrate on site, Barrick is
avoiding the need to haul in sulphur from external
sources, further reducing the project’s carbon footprint
and associated logistics costs, says metallurgy,
engineering and capital projects executive John Steele.
“We are currently producing approximately 400 tonnes
of sulphide concentrate daily from Phoenix, with a
target of reaching 1,000 tonnes per day by year-end.
The program complements similar recovery efforts at
Golden Sunlight in Montana—a closed site—
highlighting Barrick’s strategy to maximize value from
its closed operations by turning legacy materials into
productive inputs,” Steele says.
Barrick’s approach to mine closure was integrated from
the outset, aiming to deliver lasting, positive, and
sustainable legacies for local communities while still
getting value from the asset, he said.
BARRICK FIRST QUARTER 2025 7 PRESS RELEASE
The Phoenix mine in Nevada.
Pueblo Viejo Resettlement
Reaches Milestone
In a development undertaken to ‘best in class
standards’, 18 Dominican families have been
successfully resettled to a new model community
called Nuevos Horizontes (New Horizons), paving
the way for several hundred more.
This marks a critical milestone in the broader
resettlement program to enable the development of the
El Naranjo Tailings Storage Facility (“TSF”), essential to
the continued expansion of Barrick’s Pueblo Viejo
mine.
Pueblo Viejo is one of the world’s top 10 gold mines
and a cornerstone of Barrick’s global gold portfolio.
Since 2019, Barrick has been repositioning the asset to
realize its full potential of producing 800,000 ounces of
gold a year (100% basis) over a 20-year mine life 16 and
unlocking approximately 13.9 million ounces of gold
reserves with the Expansion Project based on a gold
price of $1,400 per ounce.17
Group sustainability executive Grant Beringer said the
selection of El Naranjo as the site for the new TSF
followed an extensive technical and stakeholder
engagement process that began in 2021 and involved
more than 3,000 community engagements. The
resettlement itself was progressing in accordance with
both Dominican law and the International Finance
Corporation’s Performance Standards 5.
“The goal is to ensure that all resettled households are
demonstrably better off, with improved access to
infrastructure, services and importantly sustainable
livelihoods. A total of 220 houses have been
constructed at the new site, with more than 500
expected to be completed by year-end. To date, 128
families have accepted their resettlement packages
and have been assigned homes for relocation in 2025,”
Beringer said.
Replacement of community assets—including schools,
churches, and public facilities—is being carried out on
a like-for-like basis, with guaranteed access to
municipal services. Additional community
improvements include a potable water treatment plant,
sewage infrastructure, paved roads and dedicated
spaces for business and recreation.
Beringer said, “The expansion project and associated
resettlement program reflect Barrick’s long-term
commitment to responsible development. The creation
of the El Naranjo TSF is a key step in unlocking Pueblo
Viejo’s full value, and we are doing so in a way that
places people at the center of our approach. This isn’t
just a resettlement—it’s a transformation, and it’s being
delivered to world-class standards.”
Pueblo Viejo remained a significant economic engine
for the Dominican Republic, contributing approximately
$1.3 million per day in taxes and accounting for 38% of
national goods exported (on a 100% basis). In 2024,
the mine spent $574 million nationally and $48 million
locally (on a 100% basis) on procurement, and
employs nearly 3,000 Dominicans, excluding
contractors, Beringer said.
BARRICK FIRST QUARTER 2025 8 PRESS RELEASE
The Nuevos Horizontes (New Horizons) community.