Barrick Mining Corporation (NYSE:B) posted strong second-quarter 2025 earnings, reporting net earnings per share of 47 cents alongside solid operational and financial gains. Higher gold prices helped the firm achieve strong cash flows, while copper remained a growth driver.
"Q2 was another quarter where Barrick delivered on all fronts. We're growing production, lowering costs and advancing the industry's most exciting pipeline of gold and copper projects," said President and Chief Executive Mark Bristow.
"From the ramp-up at Goldrush to the progress at Pueblo Viejo, Lumwana and Reko Diq, not to mention the transformational potential of Fourmile, we're demonstrating the strength and depth of our portfolio," he added.
In the second quarter, Barrick achieved an attributable production of 797,000 ounces of gold and 59,000 metric tons of copper. Gold guidance for 2025 sits between 3.15 and 3.50 million ounces, while the copper is anticipated between 200,000 and 230,000 metric tons.
Operating cash flow for the first half of 2025 rose 32% year-over-year to $2.5 billion, while free cash flow surged 107% to $770 million, driven by higher realized gold prices and increased sales volumes. Second-quarter gold production climbed 5% from the prior quarter, with Nevada Gold Mines achieving an 11% higher output. Pueblo Viejo delivered a 28% boost, as ongoing expansion work accelerated. Copper production rose an impressive 34%, largely due to improved mining rates at Lumwana, which is now tracking toward the upper end of its full-year guidance range.
The board declared a 15 cents per share dividend for the quarter, which includes a 5 cents performance dividend linked to the company's net cash position of $73 million. In addition to dividends, Barrick repurchased $268 million in shares during the second quarter, bringing first-half buybacks to $411 million and total shareholder returns for the period to $753 million. Over the past 12 months, buybacks have totaled $860 million, showing the company's commitment to capital returns.
Still, costs ticked marginally higher, with the gold cost of sales per ounce up 2% quarter-on-quarter. The company continues to focus on reserve replenishment, on track to replace over 80% of the gold mined this year. Exploration remains a core strategy, with Fourmile's drill program logging 34 kilometers so far in 2025 and delivering results that support the potential to double existing mineral resources by year-end.
Meanwhile, the Reko Diq copper-gold project in Pakistan remains on schedule, with on-site construction ramping up. At Lumwana, expansion work is ahead of plan and is expected to be self-funded at current copper prices. Barrick's exploration pipeline also includes greenfield programs in Canada, Nevada, Peru, and Tanzania, along with promising brownfield extensions at North Mara and Kibali.
"Across the business, we're seeing the benefits of consistent delivery and disciplined execution," Bristow said. "This remains a company built for sustainable value creation, and one that continues to offer a peerless investment case in the gold and copper space."
Bristow will host a conference call with industry analysts to discuss the results today at 11:AM EDT / 15:00 UTC.
Price Action: B shares were trading lower by 2.90% to $22.75 premarket at last check Monday.
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