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Mar 31
Barrick Q1 2025 Earnings Report
Barrick delivered a solid Q1 2025 with higher margins, strong gold and copper production, and reaffirmed full-year guidance.
Key Takeaways
Barrick reported Q1 2025 revenue of $3.13B, EPS of $0.27 (adjusted EPS $0.35), and net income of $474M. Operating income reached $1.121B, driven by strong realized gold and copper prices, with free cash flow of $375M and robust liquidity of $4.1B in cash. Gold production was 758,000 oz and copper production 44,000 tonnes.
Revenue grew to $3.13B, supported by higher gold and copper prices.
Gold production of 758,000 oz was at the top end of guidance; copper production increased to 44,000 tonnes.
Operating cash flow reached $1.2B with free cash flow of $375M, enabling debt reduction and shareholder returns.
Full-year gold and copper guidance maintained, with costs expected to trend lower as production rises.
Barrick
Barrick
Barrick Revenue by Segment
Revenue by Segment
Gold Revenue
CapyFin.comCopper Revenue
CapyFin.com Forward Guidance
Barrick reaffirmed its 2025 gold and copper production guidance, expecting lower unit costs as volumes increase and major projects ramp up.
Positive Outlook
- Full-year gold and copper production guidance reiterated.
- Costs per ounce expected to decline as production rises.
- Pueblo Viejo throughput improvements completed; ramp-up on track.
- Reko Diq and Lumwana projects advanced with EPCM partners appointed.
- Strong exploration pipeline with new discovery at Reko Diq.
Challenges Ahead
- Gold AISC elevated at $1,775/oz due to planned maintenance and ramp-up costs.
- Higher Nevada Gold Mines costs in Q1.
- Pueblo Viejo unit costs increased during ramp-up phase.
- Copper C1 cash costs rose versus Q4 2024.
- Loulo-Gounkoto mine excluded from 2025 guidance due to suspension.
Revenue & Expenses
Visualization of income flow from segment revenue to net income