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• Dividend: Maintained at $0.10 per share.

• Debt Reduction: Continued reduction in debt levels.

• Share Buyback Program: Ongoing share repurchase activities.

• Sale of Donlin: Announced $1 billion sale as part of portfolio rationalization.

• Operating Cash Flow: Significant growth year-on-year.

• Free Cash Flow: Notable increase supported by higher gold prices.

• Earnings: Significant growth year-on-year.

• Realized Gold Price: Conservative compared to current spot prices.

• Production Targets: On track for full-year gold and copper production targets.

• Capital Expenditure: Growth capital expected to increase as major projects ramp up.

• Environmental and Safety Metrics: Improvements in lost time injury frequency rate and total recordable injury frequency rate; no Class 1 or 2 environmental incidents.

• Water Use Efficiency: Remains above 80%.

• Reko Diq Investment: Total Phase 1 and 2 investment expected around $10 billion; Barrick's equity contribution estimated between $1.4 billion and $1.7 billion for Phase 1.

• Reserve Replacement: Added 111 million gold equivalent ounces of reserves at a cost of $10 per ounce.

• Warning! GuruFocus has detected 3 Warning Signs with TNEYF.

Release Date: May 07, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Barrick Gold Corp (NYSE:GOLD) reported production at the top of guidance, with expectations for continued improvements throughout the year.

• The company maintained its dividend at $0.10 per share, reduced debt, and continued its share buyback program.

• Significant progress was made on growth projects, including Pueblo Viejo ramping up, Fourmile moving to prefeasibility, and Reko Diq moving to construction.

• Barrick Gold Corp (NYSE:GOLD) achieved significant growth in operating cash flow, free cash flow, and earnings, supported by higher gold prices.

• The company reported improvements in sustainability metrics, including a reduction in Class 3 environmental events and high water use efficiency above 80%.

Negative Points

• Production at Nevada Gold Mines was lower due to planned maintenance, impacting short-term output.

• The Loulo-Gounkoto operation in Mali remains suspended, posing ongoing challenges and financial impacts.

• The company faces geopolitical risks and challenges in regions like Mali, affecting operations and negotiations.

• Barrick Gold Corp (NYSE:GOLD) is dealing with high costs associated with maintaining and expanding its operations, impacting overall cost structure.

• There is uncertainty around the potential impact of global economic conditions and volatility on gold and copper prices.