Highlights

  • Barrick’s Q4 2025 gold production reached 871,000 ounces, 5% higher than Q3.
  • Quarterly dividend rose 140% to USD 0.42 per share, reflecting new payout policy.
  • Full-year 2025 revenue totaled USD 16.96B, with free cash flow up 194% YoY.

Barrick Mining Corporation (TSE:ABX) reported Q4 2025 revenue of USD 6.00B, with operating cash flow of USD 2.73B and free cash flow of USD 1.62B, up 13% and 9% over Q3, respectively. Gold production in Q4 reached 871,000 ounces, a 5% increase from Q3, while copper production rose 13% to 62,000 tonnes.

Quarterly net earnings were USD 2.41B, or USD 1.43 per share, compared to USD 1.30B (USD 0.76 per share) in Q3. Adjusted net earnings stood at USD 1.75B (USD 1.04 per share), marking 79% growth from the previous quarter.

Full-Year 2025 Financial Overview
For the full year, Barrick posted revenues of USD 16.96B, a 31% increase over 2024. Operating cash flow rose 71% to USD 7.69B, while free cash flow more than doubled to USD 3.87B. Full-year net earnings were USD 4.99B (USD 2.93 per share), with adjusted net earnings at USD 4.14B (USD 2.42 per share), reflecting increases of 140% and 92%, respectively, over 2024.

Gold production for 2025 totaled 3.26M ounces, while copper output was 220,000 tonnes, in line with guidance. Cost of sales per ounce of gold was USD 1,697, and all-in sustaining costs were USD 1,637 per ounce. Copper cost of sales was USD 2.91 per pound, with AISC at USD 3.20 per pound.

Dividend and Shareholder Returns
Barrick approved a quarterly dividend of USD 0.42 per share, a 140% increase from Q3, and introduced a new dividend policy targeting 50% of attributable free cash flow annually. Full-year share repurchases totaled USD 1.50B, representing 3% of issued shares. Combined shareholder returns, including dividends and buybacks, amounted to USD 2.39B in 2025.

Key Projects and Resources
The Fourmile project in Nevada doubled its gold resource, with indicated resources of 2.6M ounces and inferred resources of 13M ounces. 2026 drilling spend at Fourmile is expected to rise to USD 150–160M. Expansion projects at Lumwana and Pueblo Viejo are progressing, with community relocation and tailings facility development on track.

As of December 31, 2025, Barrick held 85M ounces of proven and probable gold reserves, and 18M tonnes of copper reserves. Measured and indicated gold resources stood at 150M ounces, with inferred resources of 43M ounces.

2026 Guidance
Barrick expects 2026 gold production of 2.90–3.25M ounces and copper output of 190,000–220,000 tonnes. Gold cost guidance includes COS of USD 1,870–2,070 per ounce, TCC of USD 1,330–1,470 per ounce, and AISC of USD 1,760–1,950 per ounce. Copper costs are projected with COS USD 3.05–3.35 per pound, C1 cash costs USD 2.20–2.45 per pound, and AISC USD 3.45–3.75 per pound.

North America Gold IPO
Barrick’s Board authorized preparations for an IPO of its North American gold assets (NewCo), including interests in Nevada Gold Mines, Pueblo Viejo, and the Fourmile discovery. The IPO aims to maximize shareholder value, with Barrick retaining majority ownership. Completion is expected by late 2026, subject to market and regulatory conditions.

Share Performance
Barrick Mining Corp closed at CAD 65.74 on February 4, up CAD 0.89 (+1.37%) from the previous trading day.

Barrick Mining Corp (TSE: ABX) delivered record cash flows and shareholder returns in 2025, supported by steady gold and copper production, higher dividends, and strategic asset management. Market participants are monitoring the North America IPO and 2026 operational plans for potential impacts on shareholder value.

FAQs

Q1. What is Barrick’s Q4 2025 gold production?
Gold output was 871,000 ounces, 5% higher than Q3 2025.

Q2. How much did Barrick return to shareholders in 2025?
Total shareholder returns, including dividends and buybacks, reached USD 2.39B.

Q3. What is the 2026 gold production guidance?
Barrick expects gold production of 2.90–3.25M ounces and copper output of 190,000–220,000 tonnes.