The company produced 829,000 ounces of gold and 55,000 tonnes of copper during the quarter, generating $4.1 billion in revenue, a record $2.4 billion in operating cash flow
Toronto. Barrick Mining Corporation has reported record operating and financial results for the third quarter ending September 30, 2025, supported by higher gold output, strong commodity prices, and lower production costs.
The company produced 829,000 ounces of gold and 55,000 tonnes of copper during the quarter, generating $4.1 billion in revenue, a record $2.4 billion in operating cash flow, and $1.5 billion in free cash flow.
Net earnings rose to $1.3 billion, or $0.76 per share, up 62 percent from the previous quarter, while adjusted net earnings increased to $982 million, or $0.58 per share.
Group Chief Operating Officer and Interim President and Chief Executive Officer Mark Hill said the strong performance allowed Barrick to increase shareholder returns and continue funding key growth projects.
“Higher gold production combined with lower costs and strong commodity prices drove record cash flow for Barrick in Q3,” he said. “Given our confidence in ongoing cash flow generation, the Board has approved a 25 percent increase in the base quarterly dividend.”
The Board declared a $0.175 per share dividend, including a $0.05 performance dividend, and authorised an additional $500 million share buyback, bringing the total repurchase programme to $1.5 billion through February 2026.
Gold production rose 4 percent from the second quarter to 829,000 ounces, while all-in sustaining costs dropped 9 percent to $1,538 per ounce.
Copper production, at 55,000 tonnes, was 7 percent lower quarter-on-quarter, in line with expectations. Cortez and Turquoise Ridge mines recorded production increases of 15 and 13 percent, respectively, while the Pueblo Viejo mine in the Dominican Republic achieved its highest quarterly output since 2022.
Barrick also reported three fatalities during the quarter, including one at Tanzania’s Bulyanhulu mine, saying investigations were underway and reaffirming its commitment to “every person going home safe and healthy every day.”
The company advanced several strategic projects, including the Fourmile gold discovery in Nevada, described as one of the most significant finds of this century. Updated studies confirmed its “rare combination of grade, scale, and exploration potential.”
Barrick’s Reko Diq copper-gold project in Pakistan and the Lumwana expansion in Zambia both remain on schedule, with construction accelerating.
Meanwhile, Barrick continued to streamline its portfolio, agreeing to sell the Hemlo mine in Canada and its interests in Tongon, Côte d’Ivoire, for a combined $1.4 billion, expected to close in the fourth quarter.
Barrick reaffirmed its 2025 production guidance, expecting gold output between 3.15 and 3.50 million ounces and copper production between 200,000 and 230,000 tonnes.
Hill, who assumed the interim CEO role following the departure of Mark Bristow in September, said he had begun an operational review to strengthen safety, efficiency, and shareholder value.
“The quality of our portfolio is undeniable and the opportunity in front of the Barrick team is significant,” he said. “We are focused on driving improved performance, particularly at our Tier One assets in Nevada and the Dominican Republic.”
The Board, chaired by Brett Harvey, has launched a global search for a new CEO, promising a “thorough and deliberate” process to identify a leader capable of sustaining Barrick’s growth momentum.
