B — Barrick Mining Corporation

Barrick Gold Corporation Q4 2025 Earnings Call Summary

1. Key Financial Results and Metrics:

• Record Financial Performance: Barrick reported record quarterly results, with adjusted earnings per share and cash flow at all-time highs.
• Revenue Growth: Revenues increased by 45% from Q3, driven by higher production and a 21% rise in realized gold prices.
• Net Earnings: Nearly doubled from the prior quarter.
• Free Cash Flow: Reached $3.9 billion for the year, up 194% year-over-year.
• Dividends: Increased base dividend by 40% to $0.175 per share, with a special Q4 dividend of $0.42, a 140% increase from Q3.
• Net Cash Position: Ended the year with a net cash position of $2 billion.

2. Strategic Updates and Business Highlights:

• Operational Review Completion: Restructured business units, enhancing operational efficiency, particularly in North America.
• IPO Plans: Announced preparations for an IPO of Barrick's North American gold assets, targeting completion by late 2026 to maximize shareholder value.
• Production Increases: Gold production rose 5% from Q3, with a full-year total of 3.26 million ounces, in line with guidance.
• Safety Commitment: Despite operational successes, the company faced four fatalities in 2025, emphasizing a renewed focus on safety.

3. Forward Guidance and Outlook:

• 2026 Production Guidance: Expected gold production between 2.9 million to 3.25 million ounces, with contributions from Loulo-Gounkoto and PV.
• Copper Production: Projected at 190,000 to 220,000 tonnes, down from 220,000 tonnes in 2025.
• Long-term Outlook: Anticipates production increases in 2027 and 2028, supported by strong reserves and resources.

4. Bad News, Challenges, or Points of Concern:

• Fatalities: Four fatalities in 2025 overshadowed operational achievements, highlighting ongoing safety concerns.
• Operational Challenges: Difficulty in attracting and retaining talent in Nevada, prompting a review of employment conditions and remuneration.
• Reko Diq Security Concerns: Escalating security issues in Balochistan have delayed financing discussions for the Reko Diq project.
• Production Declines: Despite strong Q4 results, gold production guidance for 2026 suggests a potential decline compared to 2025.

5. Notable Q&A Insights:

• IPO Strategy: Management believes a partial IPO of North American assets will unlock more value than a full separation, aiming to highlight undervalued assets.
• Reassurance on Production: Management expressed confidence in achieving production targets for 2026, citing recent operational improvements.
• Veladero Asset Status: Veladero is considered a core asset, with no current plans for divestiture despite inquiries.
• Management Transition: Graham Shuttleworth announced his departure as CFO, with Helen Cai set to take over in March.

Overall, Barrick Gold Corporation closed 2025 on a strong financial note while navigating operational challenges and maintaining a focus on safety and strategic growth initiatives.