Barrick Mining Corporation ( B ) reported third-quarter results, posting a 4% increase in gold production quarter-over-quarter and record operating and free cash flow. The company produced 829,000 ounces of gold and 55,000 tons of copper. Quarterly revenue came in at $4.15 billion, rising 23% year over year and roughly in line with the $4.16 billion consensus.

“Higher gold production combined with lower costs and strong commodity prices drove record cash flow for Barrick in Q3,” said Mark Hill, Group Chief Operating Officer and Interim President and Chief Executive Officer.

“This allowed us to significantly increase share repurchases while also making progress on our key growth projects, maintaining our industry-leading balance sheet. Given the confidence in ongoing cash flow generation and shareholder focus, the Board has approved a 25% increase in the base quarterly dividend.”

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Operating cash flow rose 82% from the previous quarter to $2.4 billion, while free cash flow surged 274% to $1.5 billion. Net earnings were $1.3 billion (76 cents per share), with record adjusted net earnings of $982 million (58 cents per share).

Dividends, Repurchases, and Guidance

The Board approved a quarterly dividend of 17.5 cents per share, including a 12.5 cents base dividend and a 5 cents performance dividend. Barrick repurchased $589 million of its shares during the quarter, bringing year-to-date buybacks to $1 billion. With an additional $500 million, the buyback program now totals up to $1.5 billion through February 2026.

Barrick confirmed it remains on track to meet full-year 2025 production and cost guidance for both gold and copper.

Operational Highlights

Gold’s cost of sales averaged $1,562 per ounce, total cash costs were $1,137, and all-in sustaining costs (AISC) were $1,538 per ounce. Costs declined quarter-over-quarter, while AISC margins rose 19%. Key contributors included higher output from Cortez and Turquoise Ridge, as well as a record throughput at Pueblo Viejo.

Copper’s output was slightly below the second quarter but within plan. Year-to-date production remains 21% higher than in 2024, with strong performance from Lumwana. Cash costs were $1.96 per pound, and AISC was $3.14, reflecting efficiency gains and favorable pricing.

Growth Projects and Outlook

Barrick continues to expand its growth pipeline. Updated assessments reaffirm the Fourmile project in Nevada as one of the most significant gold discoveries of the century, with resource expansion drilling underway.

The Reko Diq copper-gold project in Pakistan remains on schedule, with construction progressing at an accelerated pace and financing nearing completion.

Leadership Transition

Following the departure of Mark Bristow, Mark Hill assumed interim leadership. The Board’s Search Committee, chaired by Brett Harvey, is in a global search for a permanent President and CEO.

“The Board is committed to conducting a thorough and deliberate process to ensure we assess world-class talent and identify the right leader for Barrick,” said Harvey. “Throughout this transition, our experienced management team remains focused on executing our strategic priorities and maintaining the momentum of the business.”

Barrick will host a webcast at 11:00 AM ET today to discuss the results.

Price Action: B shares were trading higher by 4.65% to $34.63 premarket at last check Monday.

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