06:30 AM EST, 11/07/2024 (MT Newswires) -- Barrick Gold ( GOLD ) was at last look down less than 1% early on Thursday in US premarket -- after falling as much as 1.5% -- after missing the consensus third-quarter adjusted earnings forecast due to "ongoing challenges".

But the company said it "made significant progress on many fronts" in the third quarter to keep its annual production and cost guidance within reach on the back of the strong performance anticipated in the fourth quarter.

The company reported adjusted net earnings per share of US$0.30, higher than $0.24 a year earlier but lower than a consensus forecast at Capital IQ of $0.32.

It said gold production was in line with that of the previous quarter while copper production was up 12% quarter-on-quarter. The company said it was "on track for a materially improved Q4, driven by the continuing ramp-up of the Pueblo Viejo plant expansion, increased throughput at Nevada Gold Mines and higher grades at Kibali".

It added improved margins across the gold operations reflected the higher gold price and cost discipline. Net earnings per share rose by 33% year on year, operating cash flow totaled $1.18 billion and free cash flow of $444 million was up 31% quarter on quarter. Debt net of cash was reduced by 27% quarter on quarter.

Barrick also said it would pay a dividend of $0.10 per share for the third quarter. The dividend is consistent with the company's Performance Dividend Policy announced at the start of 2022. The Q3 2024 dividend will be paid on December 16 to shareholders of record at the close of business on November 29.

Barrick also repurchased an additional 4.725 million shares during the third quarter under the $1 billion share buyback program that was announced in February 2024, bringing the total repurchases during the year to 7.675 million shares.

President and Chief Executive Mark Bristow said the company plans to replace mineral reserves net of depletion in 2024 by a significant margin, driven by the contributions from the Reko Diq copper-gold project and the Lumwana Super Pit expansion project. He added the feasibility studies for both projects are on track for completion by the year-end, and long lead items are being ordered and key project team members are being recruited.

"The Fourmile project in Nevada continues to show exciting value potential, and significant new satellite orebody opportunities have been highlighted at Loulo and Kibali. In addition, our exploration teams are working on very promising new prospects across our portfolio," he said.

Bristow noted that over the last five years the company has reduced its closure liabilities by more than $1 billion through the continuous review and optimization of closure projects. In addition, in 2023 two Tailings Storage Facilities conformed to the Safe Closure requirements as per the Global Industry Standard on Tailings Management with a further five expected to conform by the end of this year.

Barrick's shares fell 1.5% on the TSX yesterday.