Barrick Mining Corporation (B) Q2 2025 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call indicates strong financial performance with disciplined cost management and operational improvements. The company is actively managing divestments and strategic projects, with a focus on Tier 1 assets. The Q&A reveals a $1 billion buyback strategy, positive production outlook for key mines, and strategic partnerships. However, some management responses lacked clarity, which could introduce uncertainty. Given the market cap of approximately $2.1 billion, the positive elements outweigh the negatives, suggesting a likely stock price increase in the range of 2% to 8%.
Key Financial Performance
Earnings per share Adjusted earnings per share at $0.47, more than doubled versus last year, the highest since 2013. This improvement was driven by improved operating performance and a stronger gold price.
Net cash provided by operating activities Came in at $1.33 billion, up 35% from last quarter (excluding interest and income taxes). This was supported by the gold price and disciplined capital allocation.
Free cash flow Improved, supported by the gold price and disciplined capital allocation.
Attributable EBITDA Growth reflects stronger margins.
Gold production Increased year-over-year and quarter-on-quarter, with a reduction in all-in sustaining costs. This was driven by higher volumes at Carlin and a reduction in sustaining capital.
Copper production Year-on-year and quarter-on-quarter improvement, with production volumes up and unit costs coming down.
Dividends and share buybacks $753 million returned to shareholders in the first half of the year through dividends and share buybacks, excluding the performance dividend declared for Q3.
Lost Time injuries Achieved a 50% decrease year-to-date compared to the same period last year, reflecting stronger frontline engagement and effective risk management.
Total Injuries Achieved a 37% decrease year-to-date compared to the same period last year, reflecting stronger frontline engagement and effective risk management.
Lumwana copper production Increased from 25,000 tonnes in Q2 2024 to 44,000 tonnes in Q2 2025, with a commensurate drop in unit costs and all-in sustaining costs. This was due to disciplined cost management and operational improvements.
You have reached the limit. Sign up to access full content
Get started
Operating Highlights
Goldrush Ramp-up: The ramp-up at Goldrush is gaining momentum, moving towards nameplate capacity.
Fourmile Discovery: Fourmile is emerging as a generational asset with significant high-grade orebody extensions, potentially doubling the current resource.
Pueblo Viejo Plant Expansion: Progress on plant expansion is supporting improved throughput and production.
Lumwana Super Pit Expansion: The expansion project is on track, expected to deliver 240,000 tonnes of copper per year with a 30+ year mine life.
Sale of Donlin Gold Project: Completed the sale of interest in the Donlin Gold project for $1 billion, sharpening the growth pipeline.
Reko Diq Project: Advancing this world-class project with early works underway and project financing progressing.
Zaldivar Mining Permit: Secured a new mining permit extending operations to at least 2051.
Improved Production and Costs: Production improved across the portfolio with reduced all-in sustaining costs, particularly in copper and gold.
Safety Improvements: Achieved a 50% decrease in Lost Time injuries and a 37% decrease in Total Injuries year-to-date.
Nevada Gold Mines Transition: Transitioning to a predominantly underground operation, with cost improvements expected by year-end.
Capital Allocation Discipline: Focused on disciplined capital allocation, returning $753 million to shareholders in the first half of the year.
Exploration and Reserve Replacement: Advancing exploration in multiple regions, replacing reserves, and targeting 30% organic growth by 2029.
You have reached the limit. Sign up to access full content
Get started
Risk or Challenges
Market Conditions: The global environment remains uncertain and uneven, which could impact operations and financial performance.
Regulatory Hurdles: In Tanzania, new legislation requires 20% of production to be reserved for in-country trading, which could affect gold sales and operational flexibility.
Strategic Execution Risks: The transition to predominantly underground operations at Nevada Gold Mines involves operational challenges, including the shift from contractors to in-house teams.
Supply Chain Disruptions: Construction of new tailings storage facilities and other infrastructure projects may face delays or cost overruns.
Economic Uncertainties: Fluctuations in gold and copper prices could impact revenue and profitability.
Operational Risks: The ramp-up at Goldrush and other projects may face delays or fail to meet production targets.
Geopolitical Risks: In Mali, ongoing arbitration and disputes over the Loulo-Gounkoto mine could disrupt operations and financial outcomes.
You have reached the limit. Sign up to access full content
Get started
Guidance & Outlook
Gold Production: Production is expected to increase in the second half of 2025, with further cost improvements anticipated by the end of the year. The ramp-up at Goldrush is progressing as planned, and Fourmile is emerging as a significant high-grade gold discovery with potential to double its current resource or more.
Copper Production: The Lumwana super pit expansion is on track, with production expected to reach 240,000 tonnes of copper per year, supported by a 52 million tonne per annum processing plant and a mine life of over 30 years. All-in sustaining costs are targeted to be under $3 per pound.
Pueblo Viejo Operations: Throughput is expected to reach 12.8 million tonnes per annum by 2026, with continued optimization of the Life of Mine and increased plant throughput in the second half of 2025.
Reko Diq Project: The project remains on track with early works underway and project financing expected to be completed in 2025. It represents a significant long-term value opportunity.
Exploration and Resource Expansion: Significant exploration activities are ongoing in regions such as Nevada, Latin America, and Africa, with promising results that could extend mine lives and add new resources.
Capital Allocation and Shareholder Returns: The company plans to continue disciplined capital allocation, with $753 million already returned to shareholders in the first half of 2025. A performance dividend is planned for Q3 2025.
You have reached the limit. Sign up to access full content
Get started
Shareholder Return Plan
Dividend per share: $0.15 per share, which includes a $0.05 performance top-up
Total dividends returned to shareholders in H1 2025: $753 million, including dividends and share buybacks
Share buyback program: Continued buying back shares in H1 2025, contributing to the $753 million returned to shareholders
You have reached the limit. Sign up to access full content
Get started
Key Q&A
Q:Can you provide timelines and key milestones for the arbitration process regarding Loulo-Gounkoto?
A:The tribunal has been appointed, and both parties have nominated their members. An independent President has been constituted. The first application for interim relief measures has been presented, focusing on asset protection. Efforts include treaty programs between Canada and Mali, in-country legal counsel, and third-party mediation. Updates are provided on the company's website.
Q:What is the status of divestments for Hemlo, Tongon, Zaldivar, and Porgera?
A:The company is focusing on completing current divestments before addressing others. Hemlo was previously for sale but has been reestablished as a viable operation. The company has added 110 million ounces of gold equivalent reserves in the last six years and is rationalizing its portfolio to focus on Tier 1 long-life assets.
Q:How does the growing scale of Fourmile impact the scope and timeline of the operation?
A:The company aims to have a scoping position for the project by the end of the year, followed by a decision on prefeasibility or feasibility. Fourmile is seen as a valuable asset within Nevada Gold Mines, potentially replacing feed in the roasters at 3-4x the grade, increasing life, and reducing costs.
Q:What is the accounting status of Loulo-Gounkoto on the balance sheet?
A:The assets have been deconsolidated and written off due to loss of control. A valuation of the investment was conducted, resulting in a $1 billion pre-tax loss ($600 million after tax). This was offset by a $750 million gain ($600 million after tax) from the sale of the Donlin asset.
Q:Can you provide details on the Jabal Sayid project in Saudi Arabia?
A:Jabal Sayid is a small, high-grade underground copper mine with a 10-year life. It is a low-cost producer, owned 50-50 by Ma'aden and Barrick, with Barrick as the operator. The partnership is expanding to explore the Arabian Shield, which is prospective for gold and copper.
Q:What is the electricity situation in Zambia for Lumwana?
A:The company has managed power shortages by wheeling power through the grid from neighboring countries and addressing synchronization issues in the Zambian power grid. Investments in technology and partnerships with First Quantum and ZESCO aim to unlock 500 megawatts of power and support expansion plans.
Q:What is the outlook for Pueblo Viejo and Nevada Gold Mines in the second half of the year?
A:Pueblo Viejo is focused on improving throughput and managing stockpile blends. Nevada Gold Mines expects improved production and lower unit costs, supported by completed maintenance and retrofitting. The company is guiding sequentially better quarters for the second half of the year.
Q:What are the stockpile details for Pueblo Viejo and Turquoise Ridge?
A:Pueblo Viejo has 97 million tonnes at 2.45 grams per tonne, with portions as high as 2.7 grams. Turquoise Ridge has 26 million tonnes at 2.26 grams per tonne. Stockpile management is crucial for blending and optimizing recoveries.
Q:What is the status of Porgera's ramp-up and future outlook?
A:Porgera has been reoptimized to focus on cash flow and recouping investments made during care and maintenance. It remains a significant contributor to Papua New Guinea's treasury. Production in the second half of the year is expected to be slightly higher than the first half.
Q:What is the company's approach to capital allocation and buybacks?
A:The company is committed to a $1 billion buyback strategy, with $411 million completed year-to-date. Capital allocation is disciplined, balancing buybacks, dividends, and funding for future growth. Proceeds from non-core asset sales may also support buybacks and shareholder returns.
Q:What is the status of the Tanzanian gold sales agreement?
A:The company is finalizing agreements with the Tanzanian government to sell gold at market-related prices through the Central Bank. This includes agreements on check assays and export duties, with a 3% benefit for selling internally.
Q:What is the progress on the Tongon divestment?
A:The company does not disclose details of ongoing divestment processes until they are closed. Engagements with host countries are part of the process, but no specific timeline or participants are disclosed.
Q:Review of Unclear Management Responses
A:Management avoided providing direct answers or clarity on the following: 1. Specific timelines for the arbitration process regarding Loulo-Gounkoto. 2. Details on the fit of Zaldivar and Porgera in the portfolio. 3. Exact production and cost details for Nevada Gold Mines and Pueblo Viejo in the second half of the year. 4. Specific progress and timeline for the Tongon divestment.
You have reached the limit. Sign up to access full content
Get started
Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Advisory Director
Anita Soni
BMO Capital
Bank Research
Barrick Results
Barrick opportunity
Barrick sir
Barrick website
CEO Barrick
CEO Member
CFO Anita
CIBC Capital
Capital Markets
Dennis President
Diq progress
Director Graham
Division Edward
Division Martin
Division Tumazos
EPCM engineering
ET Barrick
EVP CFO
Edward Major
Equity Research
Fluor EPCM
Gounkoto value
Investment
Markets Research
Research Division
world class
B Transcript
Barrick Mining Corporation (ABX:CA) Q1 2026 Earnings Call Transcript
Positive5-11
The earnings call summary indicates strong financial performance with increased revenue, net income, and gold production. The decrease in all-in sustaining costs and improved free cash flow further support a positive outlook. Despite the lack of discussion on strategic initiatives or risks, the financial metrics and increased dividend suggest a favorable market reaction. Given the market cap of approximately $2.1 billion, this positive sentiment is likely to result in a stock price increase of 2% to 8% over the next two weeks.
Barrick Mining Corporation (ABX:CA) Q4 2025 Earnings Call Transcript
Positive2-5
The earnings call highlights strong financial performance with increased gold and copper production, a significant dividend hike, and a robust net cash position. The strategic IPO plan for North American assets aims to unlock value, although some uncertainties remain. Management's optimistic outlook and focus on shareholder returns, despite vague responses in the Q&A, are positive indicators. Considering the company's market cap, these factors suggest a likely positive stock price movement in the short term.
Barrick Mining Corporation (ABX:CA) Q3 2025 Earnings Call Transcript
Positive11-10
The earnings call highlights strong financial performance, including record operating and free cash flow, substantial dividend increases, and significant share repurchases. Despite a slight dip in copper production, gold production increased, supported by higher prices. The Q&A provided clarity on operational improvements and strategic focus, with no significant negative concerns raised. The company's market cap suggests a moderate reaction, and the overall sentiment is positive, likely resulting in a stock price increase of 2% to 8%.
Barrick Mining Corporation (B) Q2 2025 Earnings Call Transcript
Positive8-11
The earnings call indicates strong financial performance with disciplined cost management and operational improvements. The company is actively managing divestments and strategic projects, with a focus on Tier 1 assets. The Q&A reveals a $1 billion buyback strategy, positive production outlook for key mines, and strategic partnerships. However, some management responses lacked clarity, which could introduce uncertainty. Given the market cap of approximately $2.1 billion, the positive elements outweigh the negatives, suggesting a likely stock price increase in the range of 2% to 8%.
B Report
Frequently Asked Questions
Where does this earnings call transcript come from?
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
How soon is the transcript available after the earnings call ends?
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
Is the transcript edited or altered in any way?
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
Why do some answers appear as “Unclear” or “Inaudible”?
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
Who creates the AI Summary and Key Q&A highlights shown above the transcript?
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
