Record Free Cash Flow and Dividend Hike Highlight Barrick's Strong Third Quarter Performance

Free Cash Flow Reaches Record Levels on Strong Gold Production and Cost Discipline

Barrick Mining Corporation reported a standout third quarter for 2025, posting record operating cash flow of $2.42 billion and free cash flow of $1.48 billion. This performance represents an 82% increase in operating cash flow and a remarkable 274% jump in free cash flow versus the previous quarter, reflecting higher gold production, increased sales, and tight control over operating costs. Gold output climbed 4% sequentially to 829,000 ounces, while copper production was in line with plan at 55,000 tonnes.

Notably, all-in sustaining costs (AISC) for gold fell by 9% from Q2 to $1,538 per ounce, and AISC margin expanded by 19%, as realized gold prices surged 5% to $3,457 per ounce. Meanwhile, copper costs per pound also remained competitive and within guidance, supporting the company's multi-commodity growth strategy.

Dividend Raised 25% Amidst Expanded Share Buyback Program

Demonstrating confidence in its financial trajectory, Barrick’s board approved a 25% boost in its quarterly base dividend, raising it to $0.125 per share and supplementing it with a $0.05 performance dividend—totaling $0.175 per share for the current quarter. In parallel, Barrick returned $589 million to shareholders through buybacks during Q3 and expanded its buyback program by $500 million, now totaling up to $1.5 billion through early 2026.

Total capital returned to shareholders in the first nine months of 2025 has reached $1.6 billion, as Barrick capitalizes on robust cash flow and an industry-leading balance sheet.

Operational Strength: Lower Gold Costs and Steady Production Drive Margins

Barrick delivered solid performance at its key operations, with notable production growth at Cortez (+15%) and Turquoise Ridge (+13%) compared to Q2. Pueblo Viejo delivered record throughput and its highest quarterly production since 2022, though some Goldstrike output was delayed into Q4 by unplanned maintenance.

Despite some operational setbacks, overall gold production guidance for 2025 remains on track, with cost guidance reaffirmed even after asset sales are factored in. The combination of higher commodity prices, efficiency improvements, and ongoing discipline is enabling Barrick to fund both growth and capital returns.

Strategic Moves: Portfolio Optimization and World-Class Asset Development

Barrick made significant progress in optimizing its asset base, including the sale of Hemlo and Tongon for a combined potential value of $1.4 billion, contributing to an expected $2.6 billion in proceeds from non-core asset sales in 2025. These moves allow Barrick to sharpen its focus on its top-tier gold and copper operations and accelerate development of new opportunities.

The updated preliminary economic assessment of Fourmile in Nevada stands out as a highlight, reaffirming it as one of the century's most significant new gold discoveries. The project boasts a mine life exceeding 25 years, expected average annual production of 600,000–750,000 ounces, and industry-leading cost metrics (LOM AISC: $650–750/oz). Meanwhile, the Reko Diq copper-gold project and the Lumwana expansion continue to advance on schedule, strengthening Barrick’s long-term growth platform.

Financial Position Remains Robust, Supporting Investment and Returns

Barrick exited the quarter with $5.04 billion in cash and equivalents against total debt of $4.71 billion, maintaining a net leverage ratio of 0.0:1. This solid position enables continued investment in key projects while upholding an attractive capital return policy. The company remains committed to disciplined capital allocation and operational improvement, particularly as interim CEO Mark Hill launches a comprehensive performance review following his recent appointment.

Takeaway: Barrick Focuses on Shareholder Value Amid Robust Growth Prospects

Barrick’s Q3 2025 results showcase the company’s ability to convert strong operational performance and disciplined management into meaningful cash generation and increased shareholder returns. As it continues to streamline its portfolio and invest in world-class discoveries like Fourmile and Reko Diq, investors have a rare combination of sector-leading returns, cost control, and resource growth to watch. The board’s commitment to dividend growth and expanded buybacks signals ongoing confidence in Barrick’s cash flow durability and long-term growth trajectory.

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