Canada · Delayed Price · Currency is CAD Barrick Mining Earnings Call Transcripts
Fiscal Year 2026
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Four strategic pillars—safety, operational delivery, growth, and a North American IPO—are driving a turnaround, with notable safety improvements and four consecutive quarters of meeting guidance. North America is targeting 3 million ounces annually, while global operations focus on disciplined growth, major expansions, and strong stakeholder partnerships.
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Q2 saw net earnings rise 50% year-over-year to $1.2B, with gold production 3% above guidance and strong EBITDA margins. A $4B agreement with Newmont integrated key assets and resolved disputes, while the North American IPO remains on track for year-end, with most proceeds to be returned to shareholders.
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Q1 saw gold production and financial results exceed guidance, with EBITDA and free cash flow surging year-over-year. Key growth projects advanced on schedule, safety improved, and a $3B buyback and $0.175/share dividend were announced.
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Shareholders heard updates on record financial performance, strategic initiatives, and governance. All board nominees, auditor appointment, and executive compensation approach were approved by strong majorities. Key stakeholder questions on environmental and community issues were addressed.
Fiscal Year 2025
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Achieved record financial results in 2025, including strong Q4 performance, record cash flow, and increased dividends. Guidance for 2026 anticipates stable gold and copper production, with a focus on operational discipline and a planned IPO of North American assets.
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Q3 saw record financial results, driven by higher gold production, lower costs, and strong gold prices, enabling increased dividends and buybacks. Operational focus remains on safety, maintenance, and growth in North America, with asset sales and project financing progressing as planned.
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Record gold prices and sector volatility have increased investor interest. The portfolio is delivering strong results, with major projects like Fourmile and Reko Diq advancing and reserves per share growing significantly. Sustainable returns and disciplined growth underpin a compelling long-term investment case.
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Q2 saw strong production, record adjusted EPS, and robust cash flow, with key assets outperforming and a net cash position maintained. Portfolio optimization continued with asset sales, while organic growth and disciplined capital returns remain central.
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Sustainability is deeply integrated, with strong progress in safety, community investment, and environmental performance. Key projects advance, while new targets and tools drive climate, biodiversity, and human rights initiatives. Ongoing challenges in Mali and PNG are addressed through engagement and transparency.
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Q1 2025 saw strong production, robust cash flow, and continued portfolio optimization, including the Donlin sale and major project advancements. Guidance remains on track, with improved performance expected in the second half and a disciplined approach to capital allocation and sustainability.
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The meeting highlighted strong financial results, major project milestones, and a strategic shift toward copper. All board proposals, including a corporate name change, were approved by large margins. No shareholder questions were raised during the session.
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A $1 billion partnership will see Paulson and NOVAGOLD acquire full control of Donlin Gold, aiming to rapidly advance one of the world’s largest undeveloped gold projects. The deal leverages strong local support, robust permitting, and experienced management, with a two-year feasibility study planned.
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NovaGold and Paulson are acquiring 50% of Donlin Gold from Barrick, with a $1 billion transaction that will see NovaGold hold 60% and Paulson 40%. The partners will immediately launch a two-year, $80 million feasibility study, targeting resource expansion and value creation in a supportive Alaskan jurisdiction.
Fiscal Year 2024
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Reported record net earnings, 30% EBITDA growth, and 50% higher adjusted EPS year-over-year. Strong cash flow enabled $500M in buybacks and $700M in dividends, with major project approvals at Reko Diq and Lumwana. Mali operations face temporary suspension, but long-term growth and funding remain robust.
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A 30% increase in gold equivalent production is forecast by 2030, driven by organic growth, major copper and gold projects, and disciplined capital allocation. Sustainability, stakeholder engagement, and exploration underpin long-term value, with significant investments in Nevada, Latin America, Africa, and new frontiers like Peru and Pakistan.
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Q3 saw strong earnings growth, robust free cash flow, and reduced net debt, with gold and copper production on track to meet guidance. Major projects like Pueblo Viejo and Nevada Gold Mines are ramping up, while proactive cost and risk management support long-term value.
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Lumwana Super Pit expansion will double mine life, boost annual copper output to 240,000 tons, and deliver strong margins with a $2 billion investment. The project features low technical risk, robust ESG initiatives, and is on track for commissioning in 2027, with final feasibility results due year-end.
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Q2 2024 saw higher production, margins, and free cash flow, with EBITDA margin at 48% and adjusted EPS up 68% quarter-on-quarter. Major growth projects are advancing, and the company expects higher output in H2 2024, supported by a strong balance sheet and ongoing capital returns.
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Sustainability is fully integrated across operations, with strong progress in safety, emissions reduction, community development, and biodiversity management. Local workforce representation and gender inclusion are prioritized, while transparency and stakeholder engagement remain central to addressing challenges and driving continuous improvement.