Barrick Mining (ABX) Q1 2025 earnings summary

Executive summary

• Net earnings per share rose 59% year-over-year to $0.27; adjusted net EPS up 84% to $0.35.

• Operating cash flow increased 59% to $1.21 billion; free cash flow reached $375 million, supporting a 5% net debt reduction.

• Gold production of 758,000 ounces was at the top end of guidance; copper output grew to 44,000 tonnes year-over-year.

• Maintained quarterly dividend at $0.10 per share and executed $143 million in share buybacks.

• Advanced major growth projects: Pueblo Viejo ramp-up, Fourmile feasibility, La Molina, and Reko Diq/Lumwana construction.

Financial highlights

• Revenue grew 14% year-over-year to $3.13 billion; net earnings reached $474 million, up 61%.

• Adjusted net earnings were $603 million, up 81% year-over-year.

• Attributable EBITDA rose 50% to $1.36 billion; EBITDA margin improved to 51%.

• Realized gold price: $2,898/oz, up 40% year-over-year; copper realized price: $4.51/lb, up 17%.

• Capital expenditures totaled $837 million; $631 million attributable.

Outlook and guidance

• Full-year gold and copper production guidance maintained; costs per ounce expected to trend lower.

• 2025 gold production guidance: 3,150–3,500 koz; copper: 200–230 kt.

• Pueblo Viejo targeting over 800,000 ounces annual production by 2026.

• Lumwana expansion to double production by 2028; Reko Diq construction underway with first production targeted for end of 2028.

• Five-year outlook projects 30% growth in gold-equivalent ounces by decade's end.