Barrick Mining Corp (B) Q4 2025 Earnings Call Highlights: Record Cash Flow and Dividend Surge ...
Barrick Mining Corp (B) reports a robust quarter with record free cash flow, increased dividends, and significant production growth, despite facing operational challenges.
This article first appeared on GuruFocus. Free Cash Flow: Record free cash flow allowed for $1.5 billion in share repurchases and increased dividends. Adjusted Earnings Per Share: Achieved record levels. Cash Flow: Quarterly cash flow up 96% year-over-year; annual cash flow from operations at $7.7 billion, up 71% from the previous year. Revenue: Increased 45% from Q3, driven by higher production and a 21% increase in realized gold price. Net Earnings: Nearly doubled from the prior quarter. Gold Production: Full year production of 3.26 million ounces; Q4 production 5% higher than Q3. Copper Production: Increased 13% from Q3.
EBITDA: Attributable EBITDA increased 53% versus the prior quarter. Dividend: Base dividend increased by 40%; Q4 dividend of $0.42 per share, a 140% increase from Q3. Net Cash Position: Ended the year with $2 billion in net cash. Gold Reserves: Attributable proven and probable gold reserves totaled 85 million ounces. Copper Reserves: Attributable proven and probable reserves stable at 18 million tons. Warning! GuruFocus has detected 8 Warning Signs with ARES. High Yield Dividend Stocks in Gurus' Portfolio This Powerful Chart Made Peter Lynch 29% A Year For 13 Years How to calculate the intrinsic value of a stock?
Is B fairly valued? Test your thesis with our free DCF calculator. Release Date: February 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Barrick Mining Corp (NYSE:B) delivered on its 2025 operating plan, resulting in multiple financial records. The company achieved record free cash flow, allowing for a $1.5 billion share repurchase and an increased dividend. Production increased to the highest level of the year, with an 82% increase in Avatar compared to last year. Barrick Mining Corp (NYSE:B) increased its base dividend by 40% and adopted a new dividend policy.
The company resolved a dispute in Mali, securing the release of detained colleagues and resuming control of the asset. Negative Points The company experienced four fatalities at Port Hughes, highlighting ongoing safety challenges. Despite operational improvements, recoveries at PV were not as expected due to metallurgical inconsistencies. There are challenges in attracting and retaining talent at NGM, prompting a review of employment conditions. The company faces security concerns in Balochistan, affecting the Recaic financing process. Production in Nevada has been declining, raising questions about the timing of the planned IPO.
Q & A Highlights Q: Why does Barrick believe a partial IPO of its North American assets will unlock more value than a full separation? A: Graham Shuttleworth, CFO, explained that the board believes the current portfolio of North American assets is undervalued within Barrick. By conducting a North American IPO, they aim to highlight this valuation, which should lead to a re-rating for all Barrick shareholders. Story Continues Q: What are the intended proceeds from the IPO? A: Graham Shuttleworth stated that the specifics of the IPO, including proceeds, are still being determined as part of the preparation work, which is expected to be completed by the fourth quarter.
Q: Can you elaborate on the comprehensive mine plan review in Nevada and its impact on guidance? A: Mark Hill, CEO, mentioned that the mine plans were rebuilt using current productivity levels, with improvements only included if there was a concrete plan. This approach has increased confidence in achieving guidance, particularly at the Carlin Roaster, which has shown record throughput. Q: What is the status of the Reco Dee project, and are all options, including divestment, being considered? A: Mark Hill indicated that it is too early to say if divestment is an option. The board has asked for a comprehensive review of the project, and they are in the early stages of evaluating all potential options.
Q: How does Barrick plan to address the low recovery rates at PV, and will this affect the reserve resource statement? A: Mark Hill noted that they are targeting an 84% recovery rate through blending and other projects. The updated 43,101 report will provide more details, but they expect to maintain the reported ounces in the reserve resource statement. For the complete transcript of the earnings call, please refer to the full earnings call transcript. View Comments