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Formerly Barrick Gold, Barrick Mining Corporation (TSX: B) has reported a robust start to the financial year, with Q1 earnings per share climbing 59% year-on-year. The miner continues to make significant strides toward its long-term strategic objectives, bolstered by strong performance across its portfolio of Tier 1 gold and copper assets.
Adjusted net earnings per share rose by 84% to $0.35, while operating cash flow surged 59% to $1.2 billion. Free cash flow reached $375 million, supporting a 5% reduction in net debt. The company declared a quarterly dividend of $0.10 per share and repurchased $143 million in shares, reaffirming its commitment to shareholder returns.
Gold production reached 758,000 oz, hitting the upper end of guidance, while copper output increased to 44,000 t, supported by improved cost structures. A 40% year-on-year increase in the average realised gold price ($2,898/oz) helped offset ongoing investments in expansion projects at Pueblo Viejo (Dominican Republic) and maintenance at Nevada Gold Mines (US).
President and Chief Executive Officer Mark Bristow highlighted progress at the Reko Diq and Lumwana projects in Pakistan and Zambia, respectively. “With owner teams mobilised and engineering partners secured Fluor for Reko Diq and Hatch for Lumwana, these projects are key to growing our gold-equivalent output by 30% before decade’s end,” said Bristow.
Exploration efforts continued globally, with new discoveries reported at Reko Diq and advanced drilling programmes across the Americas, Africa and Asia. The company’s sale of its 50% stake in Alaska’s Donlin gold project and the ongoing divestments of Tongon (Côte d’Ivoire) and Hemlo (Canada) reflect its sharpened focus on high-impact assets like Fourmile (US), now in pre-feasibility.
Bristow added, “Our Q1 results demonstrate disciplined, organic growth. While others pursue quick fixes through M&A, we’re investing in our own pipeline, strengthening our portfolio and building long-term value without raising equity or debt.” The company’s rebrand to Barrick Mining Corporation and ticker change to ‘B’ on the NYSE underscore its growing copper ambitions. With six Tier 1 gold mines and a rising copper footprint, Barrick is positioning itself as a global mining powerhouse.
