Barrick Builds Momentum in Q2 With Higher Production, Stronger Cash Flows and Key Growth Projects on Track

Rhea-AI Summary

Barrick Mining (NYSE:B) reported strong Q2 2025 results with significant improvements across key metrics. Net earnings per share reached $0.47, while operating cash flow for H1 2025 increased 32% year-over-year to $2.5 billion. Free cash flow surged 107% to $770 million.

Production showed notable growth with Q2 gold output up 5% and copper production rising 34% compared to Q1. Nevada Gold Mines led with an 11% production increase, while Pueblo Viejo saw a 28% boost. The company declared a $0.15 dividend and repurchased $268 million in shares during Q2.

Key growth projects remain on track, including Reko Diq's development and Fourmile's exploration program, which could potentially double existing resources by year-end. The company maintains strong sustainability performance with a 50% reduction in lost time injuries and continues advancing responsible closure initiatives.

Positive

• Operating cash flow increased 32% YoY to $2.5 billion in H1 2025
• Free cash flow surged 107% YoY to $770 million in H1 2025
• Q2 gold production up 5% and copper production up 34% from Q1
• Returned $753 million to shareholders in H1 through dividends and buybacks
• On track to replace over 80% of mined gold in 2025
• 50% reduction in Lost Time Injuries compared to H1 2024

Negative

• Gold Cost of Sales per ounce increased 2% quarter-over-quarter to $1,654
• Gold Total Cash Costs rose 2% quarter-over-quarter to $1,239 per ounce
• Net debt position of $73 million despite strong cash flows

Insights

Financial Mining Analyst

Barrick delivered strong Q2 with increased gold/copper production, growing free cash flow, and advancing Tier One projects while returning more capital to shareholders.

Barrick Mining Corporation demonstrated significant operational momentum in Q2 2025, with gold production increasing 5% and copper production surging 34% quarter-over-quarter. The company's financial metrics were equally impressive, with net earnings per share at $0.47 and operating cash flow for H1 reaching $2.5 billion - up 32% year-over-year. Free cash flow showed remarkable growth at $770 million for H1, representing a 107% increase compared to the prior-year period.

The production improvements were driven by Nevada Gold Mines, which saw an 11% quarter-on-quarter increase, and Pueblo Viejo, which delivered a 28% production increase. These operational improvements position Barrick to achieve its full-year guidance, with copper production now tracking toward the upper end of guidance.

Barrick's capital allocation strategy continues to prioritize shareholder returns, with a $0.15 per share dividend declared (including a $0.05 performance dividend) and $268 million in share buybacks during Q2. This brings total buybacks to $411 million for H1 and $860 million over the past 12 months. Total capital returned to shareholders for H1 amounted to $753 million.

The company's growth pipeline remains robust, with significant progress at key projects. The Fourmile drill program has completed 34 kilometers of drilling this year, with results supporting potential to double existing resources at similar high grades. Reko Diq development remains on track with construction ramping up, while brownfields extension drilling at North Mara has identified promising down-plunge extensions. Notably, the Lumwana expansion project is ahead of schedule and appears self-funding at current copper prices.

From a cost perspective, gold cost of sales per ounce increased slightly by 2% quarter-over-quarter, while all-in sustaining costs (AISC) declined by 5%. Copper C1 cash costs improved significantly, decreasing 20% from Q1, with copper AISC declining 5%.

Barrick's balance sheet strengthened further, achieving net cash position of $73 million as of June 30, 2025, compared to net debt of $623 million at the end of Q1 - a dramatic 112% improvement in a single quarter.

LONDON, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) delivered a strong performance in the second quarter, increasing gold and copper production, growing free cash flow¹ and advancing its pipeline of Tier One² projects — all while returning more capital to shareholders. The performance builds on the first quarter’s positive start to the year and positions the Company for an even stronger second half.

Net earnings per share rose to $0.47 for the quarter, with adjusted net earnings per share¹ also at $0.47. Operating cash flow for the first half of the year was $2.5 billion, 32% higher than the prior-year period, while free cash flow¹ totaled $770 million, up 107% on the prior-year period, supported by stronger commodity prices.

Production improved across the board, with Q2 gold output up 5% and copper production increasing by 34% compared to Q1, supported by a strong contribution from Lumwana. Nevada Gold Mines led the group’s gold performance, with production increasing 11% quarter-on-quarter. Pueblo Viejo also delivered a 28% production increase, underpinned by higher throughput and continued progress on the expansion. Gold and copper production was in line with guidance, with copper now tracking towards the upper end of the full-year range.

The Board approved a $0.15 per share dividend, which includes a $0.05 performance dividend.³ During the quarter, the Company also repurchased $268 million of its shares, bringing total buybacks for the first half of the year to $411 million, and $860 million over the past 12 months. Total capital returned to shareholders for the first half amounted to $753 million.

“Q2 was another quarter where Barrick delivered on all fronts. We’re growing production, lowering costs and advancing the industry’s most exciting pipeline of gold and copper projects. From the ramp-up at Goldrush to the progress at Pueblo Viejo, Lumwana and Reko Diq, not to mention the transformational potential of Fourmile, we’re demonstrating the strength and depth of our portfolio,” said president and chief executive Mark Bristow.

Bristow said that Reko Diq’s development remained on track with onsite construction ramping up. Meanwhile, Fourmile’s drill program has already logged 34 kilometers of drilling this year, with results supporting the potential to double existing resources by year end, and at similar high grades.

In addition, Barrick continued to strengthen its long-term growth foundation through reserve replacement and exploration. Drill testing of new greenfields prospects progressed across Canada, Nevada, Peru and Tanzania, while Kibali returned excellent results from brownfields programs. The Company remains on course to replace more than 80% of the gold it mines this year, with a rolling three-year average of more than 500% replacement of gold equivalent ounces⁷, reinforcing its consistent track record of organic growth through the drill bit.

On the sustainability front, performance continued to improve. Lost time injuries⁵ were down 50% year-to-date, while total injuries declined 37%. Barrick also signed a community resettlement agreement at Pueblo Viejo and 402 new houses have now been completed at the new model village Nuevos Horizontes.

The Company further advanced its commitment to responsible closure, safely decommissioning two additional legacy tailings storage facilities during the quarter, bringing the total to nine across the Group, further reducing long-term environmental liabilities.

With active projects and partnerships, Barrick continues to unlock value across a globally diverse portfolio. The Company’s strong balance sheet, proven exploration teams and world-class project pipeline position it uniquely to thrive in a world increasingly focused on supply security, sustainability and long-term asset quality.

“Across the business, we’re seeing the benefits of consistent delivery and disciplined execution. While the market hasn’t fully recognized the value we have and are creating, our performance and growth are clear. This remains a company built for sustainable value creation — and one that continues to offer a peerless investment case in the gold and copper space,” Bristow said.

Q2 2025 Results Presentation
Mark Bristow will host a webcast to discuss the results today at 11:00 AM EDT / 15:00 UTC followed by a question-and-answer session with analysts. The presentation materials will be available on Barrick’s website and the webinar will remain online for later viewing.

Key Performance Indicators

Best Assets

• Q2 gold production 5% higher than Q1; in-line with full year guidance
• Gold COS/oz⁴ increases 2% while AISC¹ declines by 5% q/q
• Nevada Gold Mines production increases 11% from Q1 driven by operational improvements
• Pueblo Viejo production increases 28% from Q1 driven by increased throughput and debottlenecking activities, supporting delivery of full year guidance
• Q2 copper production 34% higher than Q1, on improved mining rates at Lumwana — tracking towards the top end of the guidance range
• Drill testing of new greenfields prospects in Canada, Nevada, Peru and Tanzania continues; other results highlight further potential in north-east Nevada and Kibali

Key Growth Projects

• Fourmile drill program logs 34 kilometers drilled; results support potential to double existing mineral resources by year end
• Reko Diq development continues to advance, with onsite construction ramping up, and remains on schedule
• Brownfields extension drilling at North Mara successfully identifies down plunge extensions of Gena, with results expected to support growth above depletion replacement
• Lumwana expansion project early works ahead of schedule; long lead equipment manufacturing progressing well — at current copper prices, project is self-funding

Leader in Sustainability

• 50% reduction in Lost Time Injuries⁵ compared to the first half of 2024
• Significant increase in completion of Critical Control Verifications of Fatal Risks — 70,000 completed for the first half of 2025
• Two additional Tailings Storage Facilities brought into safe closure in Q2, bringing the total to nine for the Group
• Pueblo Viejo resettlement agreement reached with community — 402 new houses constructed
• United Nations Global Compact (UNGC) Communication on Progress (CoP) submitted demonstrating alignment to the ten principles as a member for 20 years
• First cohort of the Reko Diq graduates complete 18-month development program at Veladero mine

Delivering Value

• Operating cash flow of $2.5 billion for H1 — 32% higher than the prior-year period
• Free cash flow¹ of $770 million for H1 — 107% higher than the prior-year period, with stronger commodity prices being delivered to the bottom line
• Donlin interest sold for $1 billion
• Net earnings per share of $0.47 and adjusted net earnings per share¹ of $0.47 for the quarter
• $0.15 per share dividend³ declared including performance dividend reflecting net cash of $73 million⁶
• Repurchased $268 million in shares for Q2 bringing the total for H1 to $411 million and $860 million over the last 12 months

 

Regional Summary^a and 2025 Guidance^b

	For the three months ended					For the six months ended					2025 Guidance
	6/30/25		3/31/25	6/30/24		6/30/25		6/30/24
Gold
North America
Gold produced (000s oz)	413		380	438		793		895			1,680 - 1,860
Gold sold (000s oz)	408		384	439		792		901
COS ($/oz)	1,697		1,652	1,482		1,675		1,468			1,470 - 1,570
TCC ($/oz)c	1,334		1,288	1,129		1,312		1,121			1,080 - 1,160
AISC ($/oz)c	1,751		1,878	1,638		1,812		1,595			1,480 - 1,580
Revenue ($ millions)	1,365		1,126	1,064		2,491		2,047
Net earnings ($ millions)	998		190	277		1,188		469
EBITDA ($ millions)c	700		543	471		1,243		867
Latin America & Asia Pacific
Gold produced (000s oz)	180		166	147		346		289			630 - 730
Gold sold (000s oz)	184		165	159		349		274
COS ($/oz)	1,494		1,539	1,441		1,515		1,458			1,490 - 1,590
TCC ($/oz)c	990		1,027	977		1,008		986			940 - 1,020
AISC ($/oz)c	1,440		1,505	1,348		1,471		1,386			1,430 - 1,530
Revenue ($ millions)	611		492	381		1,103		627
Net earnings ($ millions)	169		89	39		258		27
EBITDA ($ millions)c	420		283	242		703		330
Africa & Middle East
Gold produced (000s oz)	204		212	363		416		704			820 - 910
Gold sold (000s oz)	178		202	358		380		691
COS ($/oz)	1,718		1,639	1,389		1,676		1,376			1,420 - 1,520
TCC ($/oz)c	1,277		1,244	1,019		1,260		1,004			1,060 - 1,140
AISC ($/oz)c	1,577		1,602	1,330		1,591		1,312			1,360 - 1,460
Revenue ($ millions)	599		597	847		1196		1,546
Net earnings ($ millions)	(470	)	101	202		(369	)	319
EBITDA ($ millions)c	304		306	459		610		789
Total Gold
Gold produced (000s oz)	797		758	948		1,555		1,888			3,150 - 3,500
Gold sold (000s oz)	770		751	956		1,521		1,866
COS ($/oz)d	1,654		1,629	1,441		1,641		1,433			1,460 - 1,560
TCC ($/oz)c	1,239		1,220	1,059		1,229		1,055			1,050 - 1,130
AISC ($/oz)c	1,684		1,775	1,498		1,728		1,489			1,460 - 1,560
Revenue ($ millions)	2,575		2,215	2,292		4,790		4,220
Net earnings ($ millions)	697		380	518		1,077		815
EBITDA ($ millions)c	1,424		1,132	1,172		2,556		1,986
Total Copper
Copper produced (kt)	59		44	43		103		83			200 - 230
Copper sold (kt)	54		51	42		105		81
COS ($/lb)e	2.56		2.92	3.05		2.74		3.12			2.50 - 2.80
C1 cash costs ($/lb)c	1.80		2.25	2.18		2.02		2.28			1.80 - 2.10
AISC ($/lb)c	2.90		3.06	3.67		2.98		3.64			2.80 - 3.10
Revenue ($ millions)	484		474	387		958		691
Net earnings ($ millions)	114		94	(148	)	208		(150	)
EBITDA ($ millions)c	266		229	117		495		210

1. On an attributable basis.
2. See “Outlook Assumptions and Economic Sensitivity Analysis” in the endnotes to this press release.
3. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release.
4. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).
5. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

Financial and Operating Highlights

	For the three months ended										For the six months ended
	6/30/25		3/31/25		% Change		6/30/24		% Change		6/30/25		6/30/24		% Change
Financial Results ($ millions)
Revenues	3,681		3,130		18%		3,162		16%		6,811		5,909		15%
Cost of sales	1,878		1,785		5%		1,979		(5)%		3,663		3,915		(6)%
Net earningsa	811		474		71%		370		119%		1,285		665		93%
Adjusted net earningsb	800		603		33%		557		44%		1,403		890		58%
Attributable EBITDAb	1,690		1,361		24%		1,289		31%		3,051		2,196		39%
Attributable EBITDA marginb	55	%	51	%	8%		48	%	15%		53	%	45	%	18%
Minesite sustaining capital expendituresb,c	479		564		(15)%		631		(24)%		1,043		1,181		(12)%
Project capital expendituresb,c	439		269		63%		176		149%		708		341		108%
Total consolidated capital expendituresc,d	934		837		12%		819		14%		1,771		1,547		14%
Total attributable capital expenditurese	717		631		14%		694		3%		1,348		1,266		6%
Net cash provided by operating activities	1,329		1,212		10%		1,159		15%		2,541		1,919		32%
Net cash provided by operating activities marginf	36	%	39	%	(8)%		37	%	(3)%		37	%	32	%	16%
Free cash flowb	395		375		5%		340		16%		770		372		107%
Net earnings per share (basic and diluted)	0.47		0.27		74%		0.21		124%		0.75		0.38		97%
Adjusted net earnings (basic)b per share	0.47		0.35		34%		0.32		47%		0.82		0.51		61%
Weighted average diluted common shares (millions of shares)	1,716		1,725		(1)%		1,755		(2)%		1,721		1,755		(2)%
Operating Results
Gold production (thousands of ounces)g	797		758		5%		948		(16)%		1,555		1,888		(18)%
Gold sold (thousands of ounces)g	770		751		3%		956		(19)%		1,521		1,866		(18)%
Market gold price ($/oz)	3,280		2,860		15%		2,338		40%		3,067		2,203		39%
Realized gold priceb,g ($/oz)	3,295		2,898		14%		2,344		41%		3,099		2,213		40%
Gold COS (Barrick’s share)g,h ($/oz)	1,654		1,629		2%		1,441		15%		1,641		1,433		15%
Gold TCCb,g ($/oz)	1,239		1,220		2%		1,059		17%		1,229		1,055		16%
Gold AISCb,g ($/oz)	1,684		1,775		(5)%		1,498		12%		1,728		1,489		16%
Copper production (thousands of tonnes)g	59		44		34%		43		37%		103		83		24%
Copper sold (thousands of tonnes)g	54		51		6%		42		29%		105		81		30%
Market copper price ($/lb)	4.32		4.24		2%		4.42		(2)%		4.28		4.12		4%
Realized copper priceb,g ($/lb)	4.36		4.51		(3)%		4.53		(4)%		4.43		4.21		5%
Copper COS (Barrick’s share)g,i ($/lb)	2.56		2.92		(12)%		3.05		(16)%		2.74		3.12		(12)%
Copper C1 cash costsb,g ($/lb)	1.80		2.25		(20)%		2.18		(17)%		2.02		2.28		(11)%
Copper AISCb,g ($/lb)	2.90		3.06		(5)%		3.67		(21)%		2.98		3.64		(18)%
	As at 6/30/25		As at 3/31/25		% Change		As at 6/30/24		% Change
Financial Position ($ millions)
Debt (current and long-term)	4,729		4,727		0%		4,724		0%
Cash and equivalents	4,802		4,104		17%		4,036		19%
Debt, net of cash	(73	)	623		(112)%		688		(111)%

1. Net earnings represents net earnings attributable to the equity holders of the Company.
2. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release.
3. Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of all-in sustaining costs.
4. Total consolidated capital expenditures also includes capitalized interest of $16 million and $20 million for Q2 2025 and YTD 2025, respectively (Q1 2025: $4 million; Q2 2024: $12 million; YTD 2024: $25 million).
5. These amounts are presented on the same basis as our guidance.
6. Represents net cash provided by operating activities divided by revenue.
7. On an attributable basis.
8. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).
9. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
   
   

Consolidated Statements of Income

Barrick Mining Corporation (formerly Barrick Gold Corporation) (in millions of United States dollars, except per share data) (Unaudited)	Three months ended June 30,						Six months ended June 30,
		2025			2024			2025			2024
Revenue (notes 5 and 6)	$	3,681		$	3,162		$	6,811		$	5,909
Costs and expenses (income)
Cost of sales (notes 5 and 7)		1,878			1,979			3,663			3,915
General and administrative expenses		39			32			81			60
Exploration, evaluation and project expenses		82			97			136			192
Impairment charges (note 9b)		—			1			4			18
(Gain) loss on currency translation		(2	)		5			—			17
Closed mine rehabilitation		(8	)		(9	)		11			(11	)
Income from equity investees (note 12)		(77	)		(115	)		(144	)		(163	)
Other expense (note 9a)		353			80			523			97
Income before finance costs and income taxes	$	1,416		$	1,092		$	2,537		$	1,784
Finance costs, net		(58	)		(51	)		(120	)		(82	)
Income before income taxes	$	1,358		$	1,041		$	2,417		$	1,702
Income tax expense (note 10)		(102	)		(407	)		(380	)		(581	)
Net income	$	1,256		$	634		$	2,037		$	1,121
Attributable to:
Equity holders of Barrick Mining Corporation	$	811		$	370		$	1,285		$	665
Non-controlling interests (note 15)	$	445		$	264		$	752		$	456
Earnings per share attributable to the equity holders of Barrick Mining Corporation (note 8)
Net income
Basic	$	0.47		$	0.21		$	0.75		$	0.38
Diluted	$	0.47		$	0.21		$	0.75		$	0.38

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Comprehensive Income

Barrick Mining Corporation (formerly Barrick Gold Corporation) (in millions of United States dollars) (Unaudited)	Three months ended June 30,						Six months ended June 30,
		2025			2024			2025			2024
Net income	$	1,256		$	634		$	2,037		$	1,121
Other comprehensive income (loss), net of taxes
Items that may be reclassified subsequently to profit or loss:
Unrealized gains on derivatives designated as cash flow hedges, net of tax $nil, $nil, $nil and $nil		—			—			—			1
Items that will not be reclassified to profit or loss:
Actuarial loss on post employment benefit obligations, net of tax $nil, $nil, $nil and $nil		(1	)		—			(2	)		—
Net change on equity investments, net of tax $(1), $1, $(1) and $1		12			8			17			9
Total other comprehensive income		11			8			15			10
Total comprehensive income	$	1,267		$	642		$	2,052		$	1,131
Attributable to:
Equity holders of Barrick Mining Corporation	$	822		$	378		$	1,300		$	675
Non-controlling interests	$	445		$	264		$	752		$	456

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Cash Flow

Barrick Mining Corporation (formerly Barrick Gold Corporation)  (in millions of United States dollars) (Unaudited)	Three months ended June 30,						Six months ended June 30,
		2025			2024			2025			2024
OPERATING ACTIVITIES
Net income	$	1,256		$	634		$	2,037		$	1,121
Adjustments for the following items:
Depreciation		436			480			847			954
Finance costs, net		58			51			120			82
Impairment charges (note 9b)		—			1			4			18
Income tax expense (note 10)		102			407			380			581
Income from equity investees (note 12)		(77	)		(115	)		(144	)		(163	)
Gain on sale of non-current assets (note 9a)		(745	)		(5	)		(745	)		(6	)
Loulo-Gounkoto loss of control (note 9a and 16)		1,035			—			1,035			—
(Gain) loss on currency translation		(2	)		5			—			17
Change in working capital (note 11)		(129	)		112			(234	)		(129	)
Other operating activities (note 11)		(103	)		(29	)		(112	)		(99	)
Operating cash flows before interest and income taxes		1,831			1,541			3,188			2,376
Interest paid		(114	)		(131	)		(139	)		(158	)
Interest received		37			50			83			118
Income taxes paid1		(425	)		(301	)		(591	)		(417	)
Net cash provided by operating activities		1,329			1,159			2,541			1,919
INVESTING ACTIVITIES
Property, plant and equipment
Capital expenditures (note 5)		(934	)		(819	)		(1,771	)		(1,547	)
Sales proceeds		2			7			2			7
Divestitures (note 4)		999			—			999			—
Income taxes paid on divestitures		(87	)		—			(87	)		—
Investment sales		—			33			—			33
Funding of equity method investments (note 12)		—			(11	)		—			(55	)
Dividends received from equity method investments (note 12)		53			42			91			89
Shareholder loan repayments from equity method investments		53			45			113			90
Net cash provided by (used in) investing activities		86			(703	)		(653	)		(1,383	)
FINANCING ACTIVITIES
Lease repayments		(14	)		(4	)		(17	)		(7	)
Debt repayments		(2	)		—			(2	)		—
Dividends		(170	)		(175	)		(342	)		(350	)
Share buyback program (note 14)		(268	)		(49	)		(411	)		(49	)
Funding from Reko Diq non-controlling interests (note 15)		44			30			127			52
Disbursements to non-controlling interests (note 15)		(324	)		(169	)		(532	)		(290	)
Pueblo Viejo JV partner shareholder loan		13			5			17			(2	)
Net cash used in financing activities		(721	)		(362	)		(1,160	)		(646	)
Effect of exchange rate changes on cash and equivalents		—			—			—			(2	)
Net increase (decrease) in cash and equivalents		694			94			728			(112	)
Cash and equivalents at the beginning of period		4,108			3,942			4,074			4,148
Cash and equivalents at the end of period	$	4,802		$	4,036			4,802			4,036

1. Income taxes paid excludes $58 million (Q2 2024: $12 million) for Q2 2025 and $75 million (YTD 2024: $29 million) for YTD 2025 of income taxes payable that were settled against offsetting value added tax (“VAT”) receivables.
   
   

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.

Consolidated Balance Sheets

Barrick Mining Corporation (formerly Barrick Gold Corporation)	As at June 30,			As at December 31,
(in millions of United States dollars) (Unaudited)		2025			2024
ASSETS
Current assets
Cash and equivalents	$	4,802		$	4,074
Accounts receivable		910			763
Inventories		1,748			1,942
Other current assets		689			853
Total current assets	$	8,149		$	7,632
Non-current assets
Non-current portion of inventory		2,648			2,783
Equity in investees (note 12)		4,147			4,112
Property, plant and equipment		25,965			28,559
Intangible assets		148			148
Goodwill		3,097			3,097
Other assets		3,133			1,295
Total assets	$	47,287		$	47,626
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	1,464		$	1,613
Debt		73			24
Current income tax liabilities		505			545
Other current liabilities		493			460
Total current liabilities	$	2,535		$	2,642
Non-current liabilities
Debt		4,656			4,705
Provisions		1,942			1,962
Deferred income tax liabilities		3,544			3,887
Other liabilities		1,186			1,174
Total liabilities	$	13,863		$	14,370
Equity
Capital stock (note 14)	$	27,323		$	27,661
Deficit		(4,328	)		(5,269	)
Accumulated other comprehensive income		48			33
Other		1,786			1,865
Total equity attributable to Barrick Mining Corporation shareholders	$	24,829		$	24,290
Non-controlling interests (note 15)		8,595			8,966
Total equity	$	33,424		$	33,256
Contingencies and commitments (notes 5 and 17)
Total liabilities and equity	$	47,287		$	47,626

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Changes in Equity

Barrick Mining Corporation (formerly Barrick Gold Corporation)			Attributable to equity holders of the company
(in millions of United States dollars) (Unaudited)	Common Shares (in thousands)		Capital stock		Retained earnings (deficit)		Accumulated other comprehensive income (loss)1	Other2			Total equity attributable to shareholders		Non-controlling interests		Total equity
At January 1, 2025	1,727,100		$27,661		($5,269	)	$33	$1,865			$24,290		$8,966		$33,256
Net income	—		—		1,285		—		—		1,285		752		2,037
Total other comprehensive income	—		—		—		15		—		15		—		15
Total comprehensive income	—		—		1,285		15		—		1,300		752		2,052
Transactions with owners
Dividends	—		—		(342	)	—		—		(342	)	—		(342	)
Loulo-Gounkoto loss of control (note 16)	—		—		—		—		—		—		(686	)	(686	)
Funding from non-controlling interests (note 14)	—		—		—		—		—		—		127		127
Disbursements to non-controlling interests (note 14)	—		—		—		—		—		—		(564	)	(564	)
Dividend reinvestment plan (note 13)	86		2		(2	)	—		—		—		—		—
Share buyback program (note 13)	(21,192	)	(340	)	—		—		(79	)	(419	)	—		(419	)
Total transactions with owners	(21,106	)	(338	)	(344	)	—		(79	)	(761	)	(1,123	)	(1,884	)
At June 30, 2025	1,705,994		$27,323		($4,328	)	$48	$1,786			$24,829		$8,595		$33,424
At January 1, 2024	1,755,570		$28,117		($6,713	)	$24	$1,913			$23,341		$8,661		$32,002
Net income	—		—		665		—		—		665		456		1,121
Total other comprehensive income	—		—		—		10		—		10		—		10
Total comprehensive income	—		—		665		10		—		675		456		1,131
Transactions with owners
Dividends	—		—		(350	)	—		—		(350	)	—		(350	)
Funding from non-controlling interests	—		—		—		—		—		—		52		52
Disbursements to non-controlling interests	—		—		—		—		—		—		(290	)	(290	)
Dividend reinvestment plan	114		2		(2	)	—		—		—		—		—
Share buyback program	(2,950	)	(48	)	—		—		(2	)	(50	)	—		(50	)
Total transactions with owners	(2,836	)	(46	)	(352	)	—		(2	)	(400	)	(238	)	(638	)
At June 30, 2024	1,752,734		$28,071		($6,400	)	$34	$1,911			$23,616		$8,879		$32,495

1. Includes cumulative translation losses at June 30, 2025: $95 million (December 31, 2024: $95 million; June 30, 2024: $95 million).
2. Includes additional paid-in capital as at June 30, 2025: $1,748 million (December 31, 2024: $1,827 million; June 30, 2024: $1,873 million).

The notes to these unaudited condensed interim financial statements, which are contained in the Second Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.

About Barrick Mining Corporation

Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry — including six of the world’s Tier One gold mines — Barrick’s operations and projects span 18 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.

Enquiries

Investor and Media Relations
Kathy du Plessis
+44 207 557 7738
Email: barrick@dpapr.com

Technical Information

The scientific and technical information contained in this press release has been reviewed and approved by Tricia Evans, BSc, SMERM, Mineral Resource Manager: North America; Mark Roux, BSc (Hons), P. Grad. Cert. (Geostatistics), Pr. Sci. Nat, Resource Geology Lead – North America; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology - Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration — each a “Qualified Person” as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2024.

Endnotes

Endnote 1 – Non-GAAP Financial Measures

Adjusted Net Earnings and Adjusted Net Earnings per Share

“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments; acquisition/disposition gains/losses; foreign currency translation gains/losses; significant tax adjustments; other items that are not indicative of the underlying operating performance of our core mining business; and tax effect and non-controlling interest of the above items. Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and does not have any standardized definition under IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”) and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share

($ millions, except per share amounts in dollars)	For the three months ended						For the six months ended
	6/30/25		3/31/25		6/30/24		6/30/25		6/30/24
Net earnings attributable to equity holders of the Company	811		474		370		1,285		665
Impairment charges related to intangibles, goodwill, property, plant and equipment, and investmentsa	0		4		1		4		18
Acquisition/disposition losses (gains)b	289		0		(5	)	289		(6	)
Loss on currency translation	(2	)	2		5		0		17
Significant tax adjustmentsc	(35	)	(15	)	137		(50	)	166
Other expense adjustmentsd	44		173		48		217		39
Non-controlling interest	(4	)	(11	)	0		(15	)	(4	)
Tax effecte	(303	)	(24	)	1		(327	)	(5	)
Adjusted net earnings	800		603		557		1,403		890
Net earnings per sharef	0.47		0.27		0.21		0.75		0.38
Adjusted net earnings per sharef	0.47		0.35		0.32		0.82		0.51

1. There were no significant impairment charges or reversals in the current period or prior periods.
2. Acquisition/disposition (losses) gains for Q2 2025 and YTD 2025 mainly relate to the net loss of $1,035 million on the deconsolidation of Loulo-Gounkoto following the change of control after it was placed under a temporary provisional administration on June 16, 2025 (refer to page 8 of Barrick’s Q2 2025 MD&A for further details), partially offset by the recognition of our investment in Loulo-Gounkoto. This was offset by a gain of $745 million on the sale of our 50% interest in the Donlin Gold project.
3. For Q2 2025 and YTD 2025, significant tax adjustments include the re-measurement of deferred tax balances and adjustments in respect of prior years. For Q2 2024 and YTD 2024, significant tax adjustments include the proposed settlement of the Zaldívar Tax Assessments in Chile. Significant tax adjustments for YTD 2024 also include the de-recognition of deferred tax assets, and adjustments in respect of prior years and the re-measurement of deferred tax balances.
4. Other expense adjustments for the 2025 periods mainly relate to reduced operation costs at Loulo-Gounkoto. Q1 2025 and YTD 2025 also include the signing of agreements to settle legacy legal matters in the Philippines related to Placer Dome Inc. Other adjustments in Q2 2024 and YTD 2024 mainly relate to the interest and penalties recognized following the settlement of the Zaldívar Tax Assessments in Chile.
5. Tax effect for Q2 2025 and YTD 2025 primarily relates to acquisition/disposition losses (gains).
6. Calculated using weighted average number of shares outstanding under the basic method of earnings per share.

Free Cash Flow

“Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently. Further details on this non-GAAP financial performance measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

($ millions)	For the three months ended						For the six months ended
	6/30/25		3/31/25		6/30/24		6/30/25		6/30/24
Net cash provided by operating activities	1,329		1,212		1,159		2,541		1,919
Capital expenditures	(934	)	(837	)	(819	)	(1,771	)	(1,547	)
Consolidated free cash flow	395		375		340		770		372
Free cash flow applicable to equity investees	66		156		110		222		173
Non-controlling interests	(437	)	(120	)	(166	)	(557	)	(265	)
Attributable free cash flow	24		411		284		435		280

Capital Expenditures

These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs per ounce. Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS measure.

Reconciliation of the Classification of Capital Expenditures

($ millions)	For the three months ended			For the six months ended
	6/30/25	3/31/25	6/30/24	6/30/25	6/30/24
Minesite sustaining capital expenditures	479	564	631	1,043	1,181
Project capital expenditures	439	269	176	708	341
Capitalized interest	16	4	12	20	25
Total consolidated capital expenditures	934	837	819	1,771	1,547

Total cash costs per ounce and All-in sustaining costs per ounce

“Total cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures which are calculated based on the definition published by the World Gold Council (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, the “WGC”). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and their ability to generate positive cash flow, both on an individual site basis and an overall company basis. “Total cash costs” per ounce start with our cost of sales related to gold production and removes depreciation, the noncontrolling interest of cost of sales and includes by-product credits. “All-in sustaining costs” per ounce start with “Total cash costs” per ounce and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels. These definitions recognize that there are different costs associated with the life-cycle of a mine, and that it is therefore appropriate to distinguish between sustaining and non-sustaining costs. Barrick believes that the use of “Total cash costs” per ounce and “All-in sustaining costs” per ounce will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

Reconciliation of Gold Cost of Sales to Total cash costs and All-in sustaining costs, including on a per ounce basis

($ millions, except per oz information in dollars)		For the three months ended						For the six months ended
	Footnote	6/30/25		3/31/25		6/30/24		6/30/25		6/30/24
COS applicable to gold production		1,676		1,568		1,799		3,244		3,560
Depreciation		(359	)	(342	)	(401	)	(701	)	(808	)
Total cash costs applicable to equity method investments		101		109		77		210		133
By-product credits		(64	)	(60	)	(75	)	(124	)	(131	)
Non-recurring items	a	0		0		0		0		0
Other	b	11		5		5		16		7
Non-controlling interests	c	(411	)	(364	)	(393	)	(775	)	(793	)
Total cash costs		954		916		1,012		1,870		1,968
General & administrative costs		39		42		32		81		60
Minesite exploration and evaluation costs	d	7		5		6		12		19
Minesite sustaining capital expenditures	e	479		564		631		1,043		1,181
Sustaining leases		7		8		9		15		15
Rehabilitation - accretion and amortization (operating sites)	f	16		17		20		33		37
Non-controlling interest, copper operations and other	g	(208	)	(217	)	(278	)	(425	)	(502	)
All-in sustaining costs		1,294		1,335		1,432		2,629		2,778
Ounces sold - attributable basis (koz)	h	770		751		956		1,521		1,866
COS/oz	i,j	1,654		1,629		1,441		1,641		1,433
TCC/oz	j	1,239		1,220		1,059		1,229		1,055
TCC/oz (on a co-product basis)	j,k	1,292		1,273		1,112		1,282		1,103
AISC/oz	j	1,684		1,775		1,498		1,728		1,489
AISC/oz (on a co-product basis)	j,k	1,737		1,828		1,551		1,781		1,537

a.	Non-recurring items - These costs are not indicative of our cost of production and have been excluded from the calculation of TCC.
b.	Other - Other adjustments mainly relate to treatment and refinement charges.
c.	Non-controlling interests - Non-controlling interests include non-controlling interests related to gold production of $540 million and $1,027 million for Q2 2025 and YTD 2025, respectively, (Q1 2025: $487 million; Q2 2024: $532 million; YTD 2024: $1,074 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu. Refer to Note 5 to the Financial Statements for further information.
d.	Exploration and evaluation costs - Exploration, evaluation and project expenses are presented as minesite sustaining if they support current mine operations and project if they relate to future projects. Refer to page 37 of Barrick’s Q2 2025 MD&A.
e.	Capital expenditures - Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures.
f.	Rehabilitation—accretion and amortization - Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.
g.	Non-controlling interest and copper operations - Removes general and administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. The impact is summarized as the following:

($ millions)	For the three months ended						For the six months ended
Non-controlling interest, copper operations and other	6/30/25		3/31/25		6/30/24		6/30/25		6/30/24
General & administrative costs	(6	)	(6	)	(6	)	(12	)	(10	)
Minesite exploration and evaluation expenses	(3	)	0		(4	)	(3	)	(6	)
Rehabilitation - accretion and amortization (operating sites)	(6	)	(5	)	(6	)	(11	)	(11	)
Minesite sustaining capital expenditures	(193	)	(206	)	(262	)	(399	)	(475	)
All-in sustaining costs total	(208	)	(217	)	(278	)	(425	)	(502	)

 

h.	Ounces sold - attributable basis - Excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.
i.	COS/oz - Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).
j.	Per ounce figures - COS/oz, TCC/oz and AISC/oz may not calculate based on amounts presented in this table due to rounding.
k.	Co-product costs/oz TCC/oz and AISC/oz presented on a co-product basis removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:

 

($ millions)	For the three months ended						For the six months ended
	6/30/25		3/31/25		6/30/24		6/30/25		6/30/24
By-product credits	64		60		75		124		131
Non-controlling interest	(23	)	(20	)	(24	)	(43	)	(42	)
By-product credits (net of non-controlling interest)	41		40		51		81		89

C1 cash costs per pound and All-in sustaining costs per pound

“C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures related to our copper mine operations. We believe that “C1 cash costs” per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. “C1 cash costs” per pound excludes royalties and non-routine charges as they are not direct production costs. “All-in sustaining costs” per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. “All-in sustaining costs” per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis

($ millions, except per lb information in dollars)	For the three months ended						For the six months ended
	6/30/25		3/31/25		6/30/24		6/30/25		6/30/24
Cost of sales	193		208		172		401		340
Depreciation/amortization	(68	)	(60	)	(71	)	(128	)	(131	)
Treatment and refinement charges	40		42		38		82		72
C1 cash costs applicable to equity method investments	84		90		84		174		166
Less: royalties	(25	)	(21	)	(16	)	(46	)	(28	)
By-product credits	(12	)	(5	)	(6	)	(17	)	(11	)
C1 cash costs	212		254		201		466		408
General & administrative costs	8		8		5		16		9
Rehabilitation - accretion and amortization	3		1		2		4		4
Royalties	25		21		16		46		28
Minesite exploration and evaluation costs	1		2		1		3		1
Minesite sustaining capital expenditures	90		57		111		147		194
Sustaining leases	2		3		4		5		5
All-in sustaining costs	341		346		340		687		649
Tonnes sold - attributable basis (Kt)	54		51		42		105		81
Pounds sold - attributable basis (Mlb)	118		113		93		231		179
COS/lba,b	2.56		2.92		3.05		2.74		3.12
C1 cash costs/lba	1.80		2.25		2.18		2.02		2.28
AISC/lba	2.90		3.06		3.67		2.98		3.64

1. COS/lb, C1 cash costs/lb and AISC/lb may not calculate based on amounts presented in this table due to rounding.
2. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

EBITDA, Adjusted EBITDA, Attributable EBITDA, Attributable EBITDA Margin and Net Leverage

EBITDA is a non-GAAP financial performance measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; and other expense adjustments. We also remove the impact of the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. We believe these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our full business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and not necessarily reflective of the underlying operating results for the periods presented. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business and which is aligned with how we present our forward looking guidance on gold ounces and copper pounds produced. Attributable EBITDA margin is calculated as attributable EBITDA divided by revenues - as adjusted. We believe this ratio will assist analysts, investors and other stakeholders of Barrick to better understand the relationship between revenues and EBITDA or operating profit. Starting with the Q2 2024 MD&A, we are presenting net leverage as a non-GAAP ratio and is calculated as debt, net of cash divided by the sum of adjusted EBITDA of the last four consecutive quarters. We believe this ratio will assist analysts, investors and other stakeholders of Barrick in monitoring our leverage and evaluating our balance sheet. EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA

($ millions)	For the three months ended						For the six months ended
	6/30/25		3/31/25		6/30/24		6/30/25		6/30/24
Net earnings	1,256		781		634		2,037		1,121
Income tax expense	102		278		407		380		581
Finance costs, neta	36		39		28		75		38
Depreciation	436		411		480		847		954
EBITDA	1,830		1,509		1,549		3,339		2,694
Impairment charges of non-current assetsb	0		4		1		4		18
Acquisition/disposition losses (gains)c	289		0		(5	)	289		(6	)
Loss on currency translation	(2	)	2		5		0		17
Other expense adjustmentsd	44		173		48		217		39
Income tax expense, net finance costsa and depreciation from equity investees	156		141		119		297		221
Adjusted EBITDA	2,317		1,829		1,717		4,146		2,983
Non-controlling Interests	(627	)	(468	)	(428	)	(1,095	)	(787	)
Attributable EBITDA	1,690		1,361		1,289		3,051		2,196
Revenues - as adjustede	3,050		2,685		2,658		5,735		4,880
Attributable EBITDA marginf	55	%	51	%	48	%	53	%	45	%
	As at 6/30/25		As at 12/31/24		As at 6/30/24		As at 6/30/25		As at 12/31/24
Net leverageg	0.0:1		0.1:1		0.1:1		0.0:1		0.0:1

1. Finance costs exclude accretion.
2. There were no significant impairment charges or reversals in the current period or prior periods.
3. Acquisition/disposition (losses) gains for Q2 2025 and YTD 2025 mainly relate to a net loss of $1,035 million on the deconsolidation of Loulo-Gounkoto following the change of control after it was placed under a temporary provisional administration on June 16, 2025 (refer to page 8 of Barrick’s Q2 2025 MD&A for further details) was partially offset by the recognition of our investment in Loulo-Gounkoto. This was offset by a gain of $745 million on the sale of our 50% interest in the Donlin Gold project.
4. Other expense adjustments for the 2025 periods mainly relate to reduced operation costs at Loulo-Gounkoto. Q1 2025 and YTD 2025 also include the signing of agreements to settle legacy legal matters in the Philippines related to Placer Dome Inc. Other adjustments in Q2 2024 and YTD 2024 mainly relate to the interest and penalties recognized following the settlement of the Zaldívar Tax Assessments in Chile.
5. Refer to Reconciliation of Sales to Realized Price per oz/pound on page 59 of Barrick’s Q2 2025 MD&A.
6. Represents attributable EBITDA divided by revenues - as adjusted.
7. Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.
   
   

Realized Price

“Realized price” is a non-GAAP financial performance measure which excludes from sales: treatment and refining charges; and cumulative catch-up adjustment to revenue relating to our streaming arrangements. We believe this provides investors and analysts with a more accurate measure with which to compare to market gold and copper prices and to assess our gold and copper sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our company’s past performance and is a better indicator of its expected performance in future periods. The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles realized prices to the most directly comparable IFRS measure. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

Reconciliation of Sales to Realized Price per ounce/pound

($ millions, except per oz/lb information in dollars)	Gold						Copper			Gold				Copper
	For the three months ended									For the six months ended
	6/30/25		3/31/25		6/30/24		6/30/25	3/31/25	6/30/24	6/30/25		6/30/24		6/30/25	6/30/24
Sales	3,280		2,766		2,868		337	304	219	6,046		5,396		641	382
Sales applicable to non-controlling interests	(1,054	)	(848	)	(850	)	0	0	0	(1,902	)	(1,645	)	0	0
Sales applicable to equity method investmentsa,b	306		252		217		135	164	161	558		368		299	297
Sales applicable to sites in closure or care and maintenancec	(1	)	(1	)	(3	)	0	0	0	(2	)	(5	)	0	0
Treatment and refinement charges	7		6		8		40	42	38	13		15		82	72
Other	0		0		0		0	0	0	0		0		0	0
Revenues – as adjusted	2,538		2,175		2,240		512	510	418	4,713		4,129		1,022	751
Ounces/pounds sold (koz/Mlb)c	770		751		956		118	113	93	1,521		1,866		231	179
Realized gold/copper price per oz/lbd	3,295		2,898		2,344		4.36	4.51	4.53	3,099		2,213		4.43	4.21

1. Represents sales of $226 million and $417 million, respectively, for Q2 2025 and YTD 2025 (Q1 2025: $191 million; Q2 2024: $189 million; YTD 2024: $340 million) applicable to our 45% equity method investment in Kibali and $80 million and $141 million, respectively (Q1 2025: $61 million; Q2 2024: $28 million; YTD 2024: $28 million) applicable to our 24.5% equity method investment in Porgera for gold. Represents sales of $71 million and $166 million, respectively, for Q2 2025 and YTD 2025 (Q1 2025: $95 million; Q2 2024: $89 million; YTD 2024: $169 million) applicable to our 50% equity method investment in Zaldívar and $65 million and $137 million, respectively (Q1 2025: $72 million; Q2 2024: $79 million; YTD 2024: $141 million), applicable to our 50% equity method investment in Jabal Sayid for copper.
2. Sales applicable to equity method investments are net of treatment and refinement charges.
3. On an attributable basis. Excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.
4. Realized price per oz/lb may not calculate based on amounts presented in this table due to rounding.

Endnote 2

A Tier One Gold Asset is an asset with a $1,400/oz reserve with potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and with costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset/Project is an asset with a $3.00/lb reserve with potential for +5Mt contained copper in support at least 20 years life, annual production of at least 200ktpa, with costs per pound in the lower half of the industry cost curve. Tier One Assets must be located in a world-class geological district with potential for organic reserve growth and long-term geologically driven addition.

Endnote 3

Including a $0.05/sh performance dividend reflecting net cash of $73 million.

Endnote 4

On an attributable basis. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).

Endnote 5

Total reportable incident frequency rate ("TRIFR") is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries. Lost time injury frequency rate ("LTIFR") is a ratio calculated as follows: number of lost time injuries x 1,000,000 hours divided by the total number of hours worked.

Endnote 6

Net cash of $73 million is calculated as cash and equivalents ($4,802 million) less debt ($4,729 million).

Endnote 7

Reserve replacement percentage is calculated from the cumulative net change in reserves divided by the cumulative depletion in reserves, as shown in the tables below:

Year	Attributable P&P Gold (Moz)	Attributable Gold Acquisition & Divestments (Moz)	Attributable Gold Depletion (Moz)	Attributable Gold Net Change (Moz)	Reported Reserve Price USD/oz for GEO conversion
2019a	71	-	-	-	-
2020b	68	(2.2)	(5.5)	4.2	$1,200
2021c	69	(0.91)	(5.4)	8.1	$1,200
2022d	76	-	(4.8)	12	$1,300
2023e	77	-	(4.6)	5	$1,300
2024f	89	-	(4.6)	17	$1,400
2019 – 2024 Total	N/A	(3.1)	(25)	46	N/A

Year	Attributable P&P Copper (Mlb)	Attributable Copper Acquisition & Divestments (Moz)	Attributable Copper Depletion (Moz)	Attributable Copper Net Change (Moz)	Reported Reserve Price USD/lb for GEO conversion
2019a	13,494	-	-	-	-
2020b	12,691	-	(834)	31	$2.75
2021c	12,233	-	(636)	178	$2.75
2022d	12,252	-	(623)	642	$3.00
2023e	12,391	-	(589)	728	$3.00
2024f	40,201	-	(731)	28,542	$3.00
2019 – 2024 Total	N/A	-	(3,413)	30,121	N/A

Attributable Proven and Probable organic gold equivalent reserve additions calculated from the cumulative net change in reserves from year-end 2020 to 2024 using reserve prices for gold equivalent ounce (GEO) conversion as shown in the tables above to result in the Attributable Net Change GEO tabulated below:

Year	Attributable P&P GEO	Attributable Acquisition & Divestments GEO	Attributable Depletion GEO	Attributable Net Change GEO (using reported reserve prices)
2019a	-	-	-	-
2020b	97	(2.2)	(7.4)	4.2
2021c	97	(0.91)	(6.9)	8.5
2022d	104	-	(6.3)	13
2023e	105	-	(6.0)	6.7
2024f	176	-	(6.1)	79
2019 – 2024 Total	N/A	(3.1)	(33)	111

Totals may not appear to sum correctly due to rounding.

Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz in proven and probable gold reserves from December 31, 2019 to December 31, 2020, as a result of the divestiture of Barrick's Massawa gold project effective March 4, 2020; and a decrease of 0.91 Moz in proven and probable gold reserves from December 31, 2020 to December 31, 2021, as a result of the change in Barrick's ownership interest in Porgera from 47.5% to 24.5% and the net impact of the asset exchange of Lone Tree to i-80 Gold for the remaining 50% of South Arturo that Nevada Gold Mines did not already own.

All estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities.

Estimates of proven and probable reserves

The estimates below are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities.

1. Estimates as of December 31, 2019, unless otherwise noted, Proven reserves of 280 million tonnes grading 2.42 g/t, representing 22 million ounces of gold and 420 million tonnes grading 0.4%, representing 3,700 million pounds of copper (which is equal to 1.7 million tonnes of copper). Probable reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold and 1,200 million tonnes grading 0.38%, representing 9,800 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding.
2. Estimates as of December 31, 2020, unless otherwise noted: Proven reserves of 280 million tonnes grading 2.37g/t, representing 21 million ounces of gold, and 350 million tonnes grading 0.39%, representing 3,000 million pounds of copper (which is equal to 1.4 million tonnes of copper). Probable reserves of 990 million tonnes grading 1.46g/t, representing 47 million ounces of gold, and 1,100 million tonnes grading 0.39%, representing 9,700 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding.
3. Estimates as of December 31, 2021, unless otherwise noted, Proven mineral reserves of 240 million tonnes grading 2.20g/t, representing 17 million ounces of gold and 380 million tonnes grading 0.41%, representing 3,400 million pounds of copper (which is equal to 1.6 million tonnes of copper), and probable reserves of 1,000 million tonnes grading 1.60g/t, representing 53 million ounces of gold and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding.
4. Estimates as of December 31, 2022, unless otherwise noted. Proven mineral reserves of 260 million tonnes grading 2.26g/t, representing 19 million ounces of gold and 390 million tonnes grading 0.40%, representing 3,500 million pounds of copper (which is equal to 1.6 million tonnes of copper), and probable reserves of 1,200 million tonnes grading 1.53g/t, representing 57 million ounces of gold and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding.
5. Estimates are as of December 31, 2023, unless otherwise noted. Proven mineral reserves of 250 million tonnes grading 1.85g/t, representing 15 million ounces of gold, and 320 million tonnes grading 0.41%, representing 1.3 million tonnes of copper. Probable reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million ounces of gold, and 1,100 million tonnes grading 0.38%, representing 4.3 million tonnes of copper.
6. Estimates are as of December 31, 2024, unless otherwise noted. Proven mineral reserves of 270 million tonnes grading 1.75g/t, representing 15 million ounces of gold, and 380 million tonnes grading 0.42%, representing 1.6 million tonnes of copper. Probable reserves of 2,500 million tonnes grading 0.90g/t, representing 74 million ounces of gold, and 3,600 million tonnes grading 0.46%, representing 17 million tonnes of copper.

Endnote 8 – Outlook Assumptions and Economic Sensitivity Analysis

	2025 guidance assumption	Hypothetical change	Consolidated impact on EBITDA (millions)	Attributable impact on EBITDA (millions)	Attributable impact on TCC and AISC
Gold price sensitivity	$2,400/oz	+/- $100/oz	+/- $450	+/- $320	+/- $5/oz
Copper price sensitivity	$4.00/lb	+/- $0.25/lb	+/- $120	+/- $120	+/- $0.01/lb

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “plan”, “commitment”, “ramp up”, “guidance”, “project”, “progress”, “invest”, “continue”, “progress”, “develop”, “on track”, “ongoing”, “estimate”, “growth”, “potential”, “future”, “extend”, “will”, “could”, “would”, “should”, “may” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; the ability for Fourmile to double its mineral resource in 2025; expected benefits from the sale of Barrick’s 50% interest in Donlin; mine life and production rates, including anticipated production growth from Barrick’s organic project pipeline; Barrick’s global exploration strategy and planned exploration activities; Barrick’s copper strategy; our plans, and expected timing, completion and benefits of our growth projects, including the ramp up at Goldrush and the progress at Pueblo Viejo, Lumwana and Reko Diq; potential mineralization and metal or mineral recoveries; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including local community relations, planned resettlement activities at Pueblo Viejo, economic contributions and education, employment and procurement initiatives, tailings management, climate change and biodiversity initiatives; Barrick’s performance dividend policy and share buyback program; and expectations regarding future price assumptions, financial performance and other outlook or guidance.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, including the status of value added tax refunds received in Chile in connection with the Pascua-Lama Project; expropriation or nationalization of property and political or economic developments in Canada, the United States, Mali or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas (“GHG”) emission levels, energy efficiency and reporting of risks; the Company’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which require reliance on entities within Barrick’s value chain, but outside of the Company’s direct control, to achieve such targets within the specified timeframes; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick’s existing operations and material growth projects; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets.

In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/ Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

FAQ

What were Barrick's (NYSE:B) key financial results for Q2 2025?

Barrick reported net earnings of $0.47 per share, operating cash flow of $2.5 billion for H1 2025 (up 32% YoY), and free cash flow of $770 million (up 107% YoY).

How much did Barrick's gold and copper production increase in Q2 2025?

Gold production increased 5% quarter-over-quarter, while copper production rose 34% compared to Q1. Nevada Gold Mines saw an 11% production increase.

What capital return did Barrick (NYSE:B) provide to shareholders in Q2 2025?

Barrick declared a $0.15 per share dividend and repurchased $268 million in shares during Q2, bringing total capital returns to shareholders for H1 2025 to $753 million.

What were Barrick's production costs in Q2 2025?

Gold Cost of Sales was $1,654 per ounce (up 2% q/q), while Total Cash Costs were $1,239 per ounce (up 2% q/q). All-in Sustaining Costs decreased 5% to $1,684 per ounce.

How is Barrick's project pipeline progressing in 2025?

Reko Diq development remains on track with construction ramping up, while Fourmile's exploration program could potentially double existing resources by year-end. The company is also advancing expansions at Pueblo Viejo and Lumwana.