Barrick Mining (TSX: ABX) reported Q2 2025 revenue of $3.68 billion, up 16% year over year from $3.16 billion, as stronger commodity prices offset lower gold volumes. Realized gold price increased 41% year over year to $3,295 per ounce, while realized copper prices decreased 4% year over year to $4.36 per pound.
Cost of sales fell 5% year over year to $1.88 billion. This led to net earnings coming in at $811 million from $370 million a year ago. This translated to $0.47 EPS, up from $0.21 last year. Adjusted net earnings were $800 million versus $557 million a year ago, putting adjusted EPS also at $0.47, up from $0.32. Attributable EBITDA rose to $1.69 billion from $1.29 billion a year ago, with the margin improving to 55% from 48% last year.
Operating cash flow was $1.33 billion, up 15% year over year, despite a working capital outflow and higher cash taxes. Consolidated free cash flow came in at $395 million, up 16% year over year. However, attributable free cash flow plunged to $24 million from $284 million a year ago, hit by $437 million of non-controlling interest distributions this quarter.
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Total consolidated capex rose 14% to $934 million, with mine site sustaining capex 24% lower at $479 million and project capex up 149% to $439 million. Investing cash flow was a $86 million inflow versus a $703 million outflow last year, aided by $999 million of divestiture proceeds. Financing cash flow was a $721 million outflow, reflecting $268 million of share repurchases, $170 million in dividends, and $324 million distributed to non-controlling interests. In total, the company recorded $694 million in cash inflow, up from last year’s $94 million.
The balance sheet moved to net cash of $73 million from net debt of $688 million a year ago, as cash and equivalents increased to $4.80 billion.
The board declared a $0.15 per share dividend, including a $0.05 performance dividend, and total capital returned in H1 reached $753 million.
Gold production was 797,000 ounces, down 16% year over year, while gold sales totaled 770,000 ounces, also down 19%. Copper production climbed 37% to 59,000 tonnes, with 54,000 tonnes sold, up 29% year over year.
Gold unit costs moved higher year over year: cost of sales per ounce rose 15% to $1,654 and TCC by 17% to $1,239 per ounce, and AISC rose 12% to $1,684 per ounce, hitting beyond the top endpoint of the guided $1,460–$1,560 per ounce. Copper unit costs improved sharply: C1 cash costs fell 17% to $1.80 per pound and AISC was down 21% to $2.90 per pound.
Regionally, North America led with revenue of $1.37 billion, up 28% year over year, while Latin America & Asia Pacific posted revenue of $611 million, up 60% year over year. Meanwhile, Africa & Middle East revenue fell 29% to $599 million and swung to a $470 million net loss from a $202 million profit last year.
Management reiterated that gold (3.15–3.5 million ounces) and copper production remain in line with guidance, with copper tracking toward the top end of the 200,000–230,000 tonne range.
Barrick Mining last traded at $32.22 on the TSX.
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