Barrick Gold 2025 Q1 Earnings Strong Performance as Net Income Rises 60.4%
Thursday, May 8, 2025 12:21 am ET
54min read Barrick Gold (GOLD) reported its fiscal 2025 Q1 earnings on May 07th, 2025. Barrick Gold exceeded market expectations with a remarkable 60.4% increase in net income, driven by higher gold and copper prices, despite a drop in gold production. The company maintained its full-year guidance, projecting gold production between 3.15 million and 3.5 million ounces and copper production of 200,000 to 230,000 tonnes. Capital expenditures are expected to range from $3.1 billion to $3.6 billion, with all-in sustaining costs for gold anticipated between $1,460 and $1,560 per ounce.
Revenue
The total revenue for Barrick Gold in 2025 Q1 rose by 13.9% to $3.13 billion from $2.75 billion in 2024 Q1. The revenue from gold sales reached $2.77 billion, while spot market sales contributed $2.60 billion. Concentrate sales accounted for $149 million, with provisional pricing adjustments adding $16 million. Copper sales brought in $304 million, with $275 million from concentrate sales and $29 million from provisional pricing adjustments. Other sales totaled $60 million.
Earnings/Net Income
Barrick Gold's earnings per share increased by 58.8%, reaching $0.27 in 2025 Q1, up from $0.17 in 2024 Q1, highlighting continued earnings growth. The company reported a net income of $781 million in 2025 Q1, a significant rise from $487 million in 2024 Q1, underscoring its strong financial performance. The EPS growth is a positive indicator of the company's profitability.
Post-Earnings Price Action Review
The strategy of purchasing Barrick Gold (GOLD) shares after achieving quarter-over-quarter revenue parity and holding for 30 days has historically yielded a return of 7.41% over the past five years. This performance significantly underperformed the benchmark's return of 84.08%. The strategy's Sharpe ratio was notably low at 0.17, indicating suboptimal risk-adjusted returns. Furthermore, the strategy faced a maximum drawdown of -14.05%, highlighting its high-risk nature, which may deter risk-averse investors. Despite the positive earnings report and stock price growth, this strategy's historical returns suggest it may not be the most prudent choice for conservative investors.
CEO Commentary
Mark Bristow, President and CEO of Barrick Mining Corporation, expressed optimism regarding the company's performance, highlighting a notable 59% increase in earnings per share year-over-year. He emphasized that Barrick's strategic focus on organic growth is paying off, with significant advancements in key projects such as Reko Diq and Lumwana, which are expected to enhance gold and copper production. Bristow reinforced the commitment to sustainable, internally funded growth, stating, “While others pursue shortcuts through M&A, we continue to invest in our own future—by building and not just buying—thereby creating real value for our shareholders.”
Guidance
Barrick maintains its guidance for 2025, expecting attributable gold production between 3.15 million to 3.5 million ounces and copper production of 200,000 to 230,000 tonnes. The company anticipates capital expenditures in the range of $3.1 billion to $3.6 billion. Additionally, Barrick projects all-in sustaining costs for gold production to be between $1,460 and $1,560 per ounce.
Additional News
In recent developments, Barrick Mining Corporation has announced a name change from Barrick Gold Corporation, reflecting its broader focus on both gold and copper assets. The company has also been actively managing its portfolio, with plans to divest its Tongon mine in Côte d'Ivoire and its Hemlo operations in Canada, in line with its strategic focus on Tier 1 assets. Additionally, Barrick is spending $15 million monthly to maintain operations at its Loulo-Gounkoto mine in Mali, amid ongoing disputes with the Malian government over gold confiscation and tax compliance. These moves underscore Barrick's commitment to streamlining operations and optimizing asset value.
Revenue
The total revenue for Barrick Gold in 2025 Q1 rose by 13.9% to $3.13 billion from $2.75 billion in 2024 Q1. The revenue from gold sales reached $2.77 billion, while spot market sales contributed $2.60 billion. Concentrate sales accounted for $149 million, with provisional pricing adjustments adding $16 million. Copper sales brought in $304 million, with $275 million from concentrate sales and $29 million from provisional pricing adjustments. Other sales totaled $60 million.
Earnings/Net Income
Barrick Gold's earnings per share increased by 58.8%, reaching $0.27 in 2025 Q1, up from $0.17 in 2024 Q1, highlighting continued earnings growth. The company reported a net income of $781 million in 2025 Q1, a significant rise from $487 million in 2024 Q1, underscoring its strong financial performance. The EPS growth is a positive indicator of the company's profitability.
Post-Earnings Price Action Review
The strategy of purchasing Barrick Gold (GOLD) shares after achieving quarter-over-quarter revenue parity and holding for 30 days has historically yielded a return of 7.41% over the past five years. This performance significantly underperformed the benchmark's return of 84.08%. The strategy's Sharpe ratio was notably low at 0.17, indicating suboptimal risk-adjusted returns. Furthermore, the strategy faced a maximum drawdown of -14.05%, highlighting its high-risk nature, which may deter risk-averse investors. Despite the positive earnings report and stock price growth, this strategy's historical returns suggest it may not be the most prudent choice for conservative investors.
CEO Commentary
Mark Bristow, President and CEO of Barrick Mining Corporation, expressed optimism regarding the company's performance, highlighting a notable 59% increase in earnings per share year-over-year. He emphasized that Barrick's strategic focus on organic growth is paying off, with significant advancements in key projects such as Reko Diq and Lumwana, which are expected to enhance gold and copper production. Bristow reinforced the commitment to sustainable, internally funded growth, stating, “While others pursue shortcuts through M&A, we continue to invest in our own future—by building and not just buying—thereby creating real value for our shareholders.”
Guidance
Barrick maintains its guidance for 2025, expecting attributable gold production between 3.15 million to 3.5 million ounces and copper production of 200,000 to 230,000 tonnes. The company anticipates capital expenditures in the range of $3.1 billion to $3.6 billion. Additionally, Barrick projects all-in sustaining costs for gold production to be between $1,460 and $1,560 per ounce.
Additional News
In recent developments, Barrick Mining Corporation has announced a name change from Barrick Gold Corporation, reflecting its broader focus on both gold and copper assets. The company has also been actively managing its portfolio, with plans to divest its Tongon mine in Côte d'Ivoire and its Hemlo operations in Canada, in line with its strategic focus on Tier 1 assets. Additionally, Barrick is spending $15 million monthly to maintain operations at its Loulo-Gounkoto mine in Mali, amid ongoing disputes with the Malian government over gold confiscation and tax compliance. These moves underscore Barrick's commitment to streamlining operations and optimizing asset value.
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