TORONTO — Barrick Mining delivered a robust first-quarter performance, with earnings per share (EPS) up 59% year-on-year, reinforcing the miner’s long-term strategy centered around Tier 1 gold and copper production.
EPS for the period ending March 31 rose to $0.27, compared to $0.17 last year. Adjusted EPS climbed 84% to $0.35, driven by higher commodity prices, disciplined cost controls, and operational execution. The company reported $1.2 billion in operating cash flow and $375 million in free cash flow, facilitating a 5% net debt reduction.
Barrick Mining Delivers Strong Gold and Copper Volumes
Production at Barrick Mining remained solid, with 758,000 ounces of gold produced—at the top end of guidance. Copper output increased to 44,000 tonnes, driven by cost improvements and optimized operations.
The average realized gold price of $2,898/oz—up 40% from the prior year—boosted margins despite expansion-related downtime at Pueblo Viejo in the Dominican Republic and scheduled maintenance at Nevada Gold Mines. These efforts, the company said, will drive higher production in the latter half of the year.
Tier 1 Projects Signal Strategic Growth for Barrick
President and CEO Mark Bristow emphasized strategic advances at cornerstone assets including Reko Diq in Pakistan and Lumwana in Zambia, where engineering partnerships with Fluor and Hatch have been secured. Owner teams have mobilized, and long-lead procurement is underway.
“These projects will materially grow Barrick’s copper and gold output and support our goal to organically increase gold-equivalent ounces by 30% by 2030,” Bristow noted.
The company also advanced its Pueblo Viejo ramp-up and tailings expansion while transitioning the Fourmile project in the U.S. to prefeasibility, with 16 active rigs targeting substantial new resources.
Barrick’s Exploration Pipeline Expands Across Continents
Barrick’s exploration teams drilled aggressively across Africa, the Americas, and Asia, reflecting a disciplined push to expand its Tier 1 pipeline. A new discovery within the Reko Diq licence area further validates the geological potential of the region.
In Canada, targeted drilling is progressing at multiple sites. Meanwhile, Barrick completed the $1 billion sale of its 50% stake in the Donlin project in Alaska, realigning capital toward higher-return opportunities.
The firm also continues its strategic exit from non-core assets, including the Tongon mine in Côte d’Ivoire and Hemlo in Canada.
Capital Discipline Underscores Barrick’s Long-Term Strategy
Unlike peers pursuing inorganic growth, Barrick is doubling down on organic investment, Bristow said. “We’ve built a global mining company with the financial strength and technical depth to grow without diluting shareholders or raising debt,” he added.
The company repurchased $143 million in shares during the quarter and reaffirmed its $0.10/share quarterly dividend, reflecting a commitment to disciplined capital allocation.
Rebranding to Reflect Dual Gold-Copper Focus
Reflecting its broader portfolio ambitions, Barrick formally adopted the name Barrick Mining Corporation and transitioned to a new ticker symbol—‘B’—on the New York Stock Exchange.
The rebrand signals a clear intent: to cement its leadership not only in gold but also in the global copper market. With six Tier 1 gold mines and expanding copper projects, Barrick Mining believes it is uniquely positioned to deliver sustainable, internally funded growth.
