TSX-listed Barrick Mining Corporation has reported a solid start to the financial year, with first-quarter earnings a share up 59% year-on-year, and says it is making significant headway on its long-term strategy and advancing its global portfolio of Tier 1 gold and copper assets.

The company's earnings a share increased to $0.27 for the three months ended March 31, while adjusted net earnings a share increased by 84% year-on-year to $0.35.

Operating cash flow of $1.2-billion was also up 59% year-on-year, while free cash flow of $375-million improved materially compared with the first quarter of 2024, driving net debt reduction of 5% over the quarter.

Barrick says the board again approved a quarterly dividend of $0.10 a share, while the company repurchased $143-million of its shares, consistent with its commitment to shareholder returns.

Additionally, gold production of 758 000 oz was at the top end of guidance. 

Copper production increased to 44 000 t on the back of improved costs.

The average realised gold price for the quarter of $2 898/oz, up 40% from the prior comparable quarter, supported stronger margins despite ongoing expansion work at Pueblo Viejo, in the Dominican Republic, and planned maintenance at Nevada Gold Mines, in the US – initiatives that Barrick says will position both mines for a stronger output next quarter and the rest of the year.

President and CEO Mark Bristow says that Barrick significantly advanced several key growth projects during the quarter under review.

“At Reko Diq, in Pakistan, and Lumwana, in Zambia, owner teams have been mobilised, long-lead items secured, and Fluor and Hatch appointed as engineering partners, respectively. These projects will materially grow Barrick’s copper and gold production and support our goal to organically grow our gold-equivalent ounces by 30% by the end of the decade.

“We also progressed with the Pueblo Viejo ramp-up and tailings expansion – critical to unlocking its full value – and transitioned Fourmile, in the US, to prefeasibility with 16 rigs now active, targeting high-confidence substantial resource additions,” he said.

Barrick’s global exploration teams continued to expand and advance the company’s pipeline of projects and opportunities, with drilling underway across high-potential targets in the Americas, Africa and Asia.

The company says a new discovery has emerged within the Reko Diq mining licence, further confirming the potential and world-class mineral endowment of the district.

In Canada, a key destination for the group, focused exploration is advancing multiple opportunities.

At the same time, Barrick’s $1-billion sale of its 50% interest in the Donlin gold project, in Alaska, realises immediate value and ensures it maintains a sharp focus on developing a future pipeline of the best Tier 1 assets, such as Fourmile.

Similarly, the company also continues to progress the planned divestments of its Tongon mine, in Côte d'Ivoire, and Hemlo, in Canada, in line with its strategy.

Bristow says the first quarter highlighted Barrick’s distinct approach to growth, one that avoids the pitfalls of industry short-termism in favour of long-term, internally funded value creation.

“We’ve built a global mining company with the financial strength, technical capacity and operational depth to grow organically. Our performance this quarter reflects delivery across all our strategic pillars: from reserve replacement and portfolio optimisation, to the ramp-up of world-class projects and reinvestment in exploration.

“While others pursue shortcuts through mergers and acquisitions, we continue to invest in our own future – by building and not just buying – thereby creating real value for our shareholders.

“With no need to raise new equity or increase debt to fund our growth, Barrick remains uniquely well positioned to maintain a strong balance sheet while delivering sustainable returns and long-term value for shareholders,” Bristow says.

Along with its “world-class” portfolio of six Tier 1 gold mines, Barrick says it is building a substantial copper business, which will be a meaningful contributor to growing production volumes in the coming years and beyond. Hence the decision to change the company’s name to Barrick Mining Corporation and its ticker symbol to ‘B’ on the NYSE.