Barrick Mining Corporation Q2 Earnings Call: Sector Perform Maintained, Strong Financials, Dividend Lifted

Barrick Mining has reported a $1 billion charge on its Mali mine and lifted its dividend despite a loss. The company's Q2 profit topped estimates, and its production is on track for the year. National Bank of Canada maintains a Sector Perform rating for Barrick, citing geopolitical risk and discounting Mali operations from its target. CIBC upgraded Barrick Mining to Outperformer from Neutral with a price target of $30.

Barrick Mining (NYSE: B), one of the world's largest gold mining companies, reported its Q2 earnings on Monday, July 1, 2025. Despite a $1 billion charge related to its Loulo-Gounkoto operations in Mali, the company's Q2 net income jumped to $811 million, or $0.47 per share, from $370 million, or $0.21 per share, in the year-ago quarter. Revenues rose 16% to $3.68 billion, driven by record-high gold prices and a $745 million gain from the sale of the company's 50% stake in the Donlin gold project in Alaska to Novagold Resources and John Paulson's Paulson Advisers.

The company's average realized gold price surged to $3,295 per ounce in the quarter, but Q2 gold production fell 16% year-over-year to 797,000 ounces, primarily due to the suspension of operations in Mali. Copper output, however, soared 37% year-over-year to 59,000 metric tons. Barrick's CEO, Mark Bristow, highlighted the promise of its Fourmile project, which is poised to double its mineral resource in 2025.

Despite the Mali mine charge, Barrick's board approved a $0.15 per share dividend for the latest quarter, including a $0.05 per share performance dividend. The company expects H2 to show improved output and full-year gold production to hit a target of 3.15 million to 3.5 million ounces, excluding production from Loulo-Gounkoto. FY 2025 copper production is forecast at the top end of guidance of 200,000 to 230,000 metric tons, thanks to increased mining rates at the Lumwana mine in Zambia.

National Bank of Canada continues to rate Barrick as Sector Perform, citing heightened geopolitical risk and discounting Mali operations from its target. CIBC, however, upgraded Barrick Mining to Outperformer from Neutral with a price target of $30. Analysts' opinions are mixed, with a moderate buy rating consensus. The average price target is C$39.19, representing a 21.62% upside from the last price of C$32.22 [3].

References:
[1] https://seekingalpha.com/news/4483340-barrick-sharply-lower-after-posting-1b-charge-on-mali-mine
[2] https://www.marketscreener.com/news/barrick-brief-national-bank-continues-to-rate-barrick-sector-perform-for-its-heightened-geopolitic-ce7c5ed2de8ef521
[3] https://www.tipranks.com/stocks/tse:abx/forecast