Barrick Gold Reports Historic Quarterly Performance and Unveils Major Strategic Initiatives

Barrick Gold Corporation has announced its most profitable quarter on record for the final three months of 2025, prompting a substantial dividend increase and revealing plans for a significant corporate restructuring. The company's management is moving forward with a strategic initial public offering (IPO) for its North American gold assets, targeted for completion by the end of 2026.

The mining giant released its fourth-quarter 2025 figures on Thursday, showcasing a period of exceptional financial strength. The results were highlighted by a surge in profitability and robust cash generation.

• Q4 2025 Revenue: $6.00 billion (+65% year-over-year)
• Operating Cash Flow: $2.73 billion (+13% versus the previous quarter)
• Free Cash Flow: $1.62 billion (+9% versus the previous quarter)
• Diluted Earnings Per Share: $1.43 (the highest quarterly result in company history)
• Adjusted Earnings Per Share: $1.04 (surpassing the Wall Street consensus estimate of $0.90, as reported by Reuters)

This performance indicates that Barrick not only generated higher earnings but also converted those earnings into significant operational cash.

Operational Drivers and Production Metrics

Strong operational execution supported the financial outcomes. Gold production for the quarter reached 871,000 ounces, marking a 5% increase from the third quarter. Copper output stood at 62,000 tonnes.

For the full year, Barrick achieved production of 3.26 million ounces of gold and 220,000 tonnes of copper, meeting the guidance provided at the beginning of the year. Key operational contributions came from assets in Nevada, where production at the Carlin complex rose by 25% quarter-over-quarter. The Pueblo Viejo operation also set a new throughput record.

Enhanced Capital Return to Shareholders

In response to the record results, Barrick's board has declared a quarterly dividend of $0.42 per share for Q4 2025. This represents a dramatic 140% increase compared to the dividend paid in the third quarter. The payment will be distributed on March 16, 2026, to shareholders of record as of February 27, 2026.

Concurrently, the company is instituting a new, formalized capital return framework. Going forward, total shareholder distributions are intended to reach 50% of attributable free cash flow. This framework includes a 40% increase in the base dividend to $0.175 per share per quarter, supplemented by a performance-linked top-up payment at year-end.

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Share buybacks also continued throughout 2025. Barrick repurchased a total of 51.90 million shares (approximately 3.0% of outstanding shares) for $1.5 billion. In the fourth quarter alone, $500 million was used to buy back 12.11 million shares.

Strategic Move: North American Assets IPO

In a major strategic development, Barrick's board has directed management to advance preparations for a separate public listing of its North American gold portfolio. The company aims to complete this transaction by the end of 2026.

The new entity is expected to comprise:
- Barrick's joint venture interests in Nevada Gold Mines
- The Pueblo Viejo mine in the Dominican Republic
- The wholly-owned Fourmile gold discovery in Nevada

Following the IPO, Barrick intends to retain a significant majority stake in the business. Analysts cited by Reuters estimate the North American assets could be valued at approximately $42 billion. During the post-earnings conference call, CEO Mark Hill indicated that 10–15% of the assets are planned to be floated in the offering.

Guidance and Leadership Confirmation

Looking ahead to 2026, Barrick provided production and cost guidance. The company forecasts gold production of 2.90–3.25 million ounces with an all-in sustaining cost (AISC) of $1,760–$1,950 per ounce (total cash costs: $1,330–$1,470 per ounce). Copper production is expected to be between 190,000–220,000 tonnes (copper AISC: $3.45–$3.75 per pound). This guidance is based on an assumed gold price of $4,500 per ounce.

In a separate announcement, Barrick confirmed the appointment of Mark Hill as President and Chief Executive Officer. Hill had been serving in an interim capacity since September 2025, following the resignation of Mark Bristow.