Barrick Mining (TSX: ABX) reported Q3 2025 revenue of $4.15 billion, up 23% year over year from $3.37 billion, driven by higher prices despite lower output.
Segment revenue reflected stronger realized prices and higher sequential gold sales: gold revenue was $2.94 billion, up 20% year over year, while copper revenue was $472 million, up 32% year over year. Cost of sales was $1.89 billion, down 8% year over year.
Realized gold price averaged $3,457 per ounce, up 39% year over year, while total cash costs for gold were $1,137 per ounce, up 3% year over year. Gold AISC was $1,538 per ounce, up 2% year over year as AISC margin per ounce expanded to $1,919 from $987 a year earlier.
Realized copper price was $4.39 per pound, up 3% year over year. Copper C1 cash costs were $1.96 per pound, down 21% year over year, with copper AISC at $3.14 per pound, down 12% year over year.
Net earnings rose 170% to $1.30 billion from $483 million and earnings per share increased by 171% to $0.76. Adjusted net earnings were $982 million, up 86% from $529 million a year ago.
Attributable EBITDA reached $2.022 billion, up 57% year over year, with an attributable EBITDA margin of 59% versus 46% a year ago.
Operating cash flow was a record $2.42 billion, up 105% year over year, for a 58% OCF margin versus 35% a year ago. Free cash flow rose to $1.48 billion from $444 million a year ago, a jump of 233%.
Total consolidated capital expenditures were $943 million, up 28% year over year. Spending mix shifted toward growth: project capex rose to $532 million, up 141% year over year, while minesite sustaining capex decreased to $395 million, down 23% year over year.
Cash and equivalents ended the quarter at $5.04 billion, up 19% year over year from $4.23 bullion. Net cash improved to $323 million from net debt of $500 million a year ago.
Gold production was 829,000 ounces, down 12% year over year, while gold sold was 837,000 ounces, down 13% year over year. Copper production was 55,000 tonnes, up 15% year over year, while copper sold was 52,000 tonnes, up 24% year over year.
Management cited strong performances at Cortez and Turquoise Ridge, with production up 15% and 13% quarter over quarter, respectively. Pueblo Viejo delivered record-high throughput and its strongest quarterly production since 2022. Unplanned downtime at the Goldstrike roaster late in the quarter delayed some Carlin processing into Q4.
The company reported three fatalities across its operations in recent months and said full investigations are underway with authorities.
“Higher gold production combined with lower costs and strong commodity prices drove record cash flow for Barrick in Q3,” said Interim President and CEO Mark Hill, adding that the team has begun a bottom-up operational review to “deliver results safely and consistently going forward.”
Barrick announced agreements to sell the Hemlo mine for up to $1.09 billion and its Tongon interests and Côte d’Ivoire exploration properties for up to $305 million, both expected to close in Q4. Together with previously announced divestments, gross proceeds from non-core asset sales in 2025 are expected to total about $2.6 billion.
The firm repurchased $589 million of shares in Q3, bringing year-to-date repurchases to $1.0 billion. The board increased the base quarterly dividend by 25% to $0.125 per share and declared $0.175 per share for the current quarter including a $0.05 performance dividend. The board also authorized a $500 million increase to the existing $1.0 billion buyback program, which now totals $1.5 billion through February 2026. Year-to-date capital returned to shareholders is $1.6 billion.
Full-year 2025 guidance is unchanged: gold production of 3.15 to 3.50 million ounces, tracking toward the lower half of the range with the highest production quarter expected to be Q4. Gold cost guidance is also on track with realized-price-driven royalty impacts incorporated; and the copper production guidance of 200,000 to 230,000 tonnes with cost guidance remain intact.
This is the first earnings release following Mark Bristow’s exit from the company. Bristow was the firm’s CEO, a title he held for seven years since their merger with Randgold in 2019.
Barrick Mining last traded at $46.44 on the TSX.
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