Barrick Mining Posts $1.2 Billion Free Cash Flow in Q3

Barrick Mining (NYSE:B) generated $1.2 billion in free cash flow in the third quarter on gold production of 816,000 ounces, up year-on-year, while adjusted net earnings climbed 41% to $0.82 per share. President and CEO Mark Hill delivered the figures on the earnings call, alongside consolidated adjusted EBITDA (operating profit before depreciation and other items) of $3.5 billion. The company also produced 50,000 tons of copper and kept its full-year production and cost guidance intact.

What drove the quarter?

The ramp-up of Goldrush Underground in Nevada and stronger output at Loulo-Gounkoto more than offset weather disruptions at Veladero and Porgera, Hill said. North American operations produced nearly 500,000 ounces of gold, including record throughput at the Gold Quarry Roaster and record tons mined at Turquoise Ridge Underground.

Barrick International produced 319,000 ounces, up 6% from the second quarter, CEO Seb Bock said. Loulo-Gounkoto output rose 16% on higher throughput and grade, and Kibali production increased 20% as its underground delivered more higher-grade ore. Severe winter storms repeatedly suspended operations at Veladero, while drought-related water shortages limited plant rates at Porgera; Bock said those conditions continued into early fourth quarter.

What happens to costs and guidance?

Hill expects fourth-quarter gold production slightly above the third quarter, and copper output to rise as Barrick processes stockpiled material at Lumwana. Full-year production should land around the midpoint of guidance or slightly above, though Hill cautioned analysts against extrapolating that into 2027. The company plans to publish 2027 guidance next year.

Gold costs should stay within full-year guidance despite fuel, consumables and foreign-exchange pressure in Africa. Copper costs will likely sit near the top of the range, Bock said, citing diesel prices, currency appreciation, higher royalties and additional waste stripping.

Pueblo Viejo ran softer on planned autoclave maintenance. Chief Operating Officer Tim Cribb said a gold recovery rate in the low- to mid-80% range remains a useful longer-term guide, with updated interim figures expected in technical reports accompanying the IPO filing.

When does the North American IPO land?

Hill said Barrick expects to complete the listing of its North American gold assets by year-end or early next year, subject to market conditions and regulatory review. The company plans to file an S-1 registration statement and accompanying technical reports this month; timing depends partly on feedback from the Securities and Exchange Commission.

Across Nevada Gold Mines (NGM), Barrick is evaluating additional processing capacity and rail infrastructure, with any potential improvements viewed as coming after 2030. An engineering study for a possible roaster is in early stages. At Fourmile, the company is revisiting engineering and examining access from Goldrush after management changes under NGM; Cribb said permitting adjustments affected spending timing, with details due in the IPO filings.

Where do the growth projects stand?

• Pueblo Viejo tailings: 99% of resettlement packages accepted and more than 97% of families resettled; construction on schedule and on budget, most permits received.
• Lumwana, Zambia: first production still targeted for the end of Q1 2028; $795 million spent so far against a $2 billion total capital target, with annual production expected at 240,000 tons and a mine life beyond 30 years.
• Reko Diq: under review, with a clearer update promised by mid-next year and 2026 spending near the current run rate.

What about cash returns?

CFO Helen Cai said Barrick ended the quarter with $0.9 billion in net cash, an undrawn $3 billion revolving credit facility and no meaningful debt due until 2033. The company completed $0.8 billion of buybacks in the quarter and has returned $3.2 billion to shareholders this year.

The dividend policy sets a quarterly base of $0.175 per share, with a year-end top-up targeting total dividends of 50% of attributable free cash flow. Cai said any additional proceeds from Fourmile transactions and the IPO would be considered separately, subject to a final board decision. A tidy quarter, then, with the IPO clock as the real story.