Barrick Gold Q4: Higher Realized Gold Prices, Revenue Miss, New Stock Buyback And More

Barrick Gold Corp GOLD shares are trading slightly higher after it reported fourth-quarter revenue of $3.645 billion, up 8% quarter over quarter, missing the consensus of $3.978 billion.

Gold production stood at 1,080 thousand ounces (+15% Q/Q), and gold sales were 965 thousand ounces (flat Q/Q).

The average realized gold price rose 7% Q/Q to $2,657 per ounce, and all-in-sustaining costs (AISC) fell 4% Q/Q to $1,451 per ounce in the quarter.

Copper production surged 33% Q/Q to 64 thousand tonnes, and the average realized copper price declined 7% Q/Q to $3.96 per pound.

Adjusted EPS of 46 cents beat the consensus of 41 cents.

At the end of the year, cash and cash equivalents stood at $4.07 billion, and debt was $4.73 billion.

Capital expenditure increased 21% Q/Q to $891 million, and operating cash flow stood at $1.39 billion.

President and chief executive Mark Bristow said, “During the fourth quarter, we made steady progress in ramping up operations at Pueblo Viejo, improving recovery, despite lower production on the back of a slight decrease in grade.”

“At Veladero and Nevada Gold Mines, we boosted production and we closed the gaps at Kibali while strengthening the management team there. Additionally, we completed two major feasibility studies to advance the transformational Lumwana and Reko Diq projects, and also significantly increased our reserves and resources.”

“While ongoing issues in Mali remain an investor concern, which have overly weighed on the share price, Barrick’s fundamental value proposition has never been stronger.”

Barrick declared a fourth-quarter dividend per share of 10 cents, payable on March 17, to shareholders of record as of February 28, 2025.

Barrick repurchased 28.675 million shares during the year. The company’s Board of Directors approved a new share repurchase program of up to $1.0 billion.

As part of this move, Barrick had discontinued the share repurchase program announced on February 14, 2024, under which it had repurchased $498 million in common shares.

FY25 Outlook: The company expects attributable gold production in the range of 3.15–3.5 million ounces (excluding production from temporarily suspended Loulo-Gounkoto) and AISC in the range of 1,460 – 1,560 per ounce.

For 2025, attributable capital expenditure is expected to be $3.100 billion – $3.600 billion.

The company sees attributable copper production of 200,000–230,000 tonnes in 2025, led by higher production at Lumwana.

Investors can gain exposure to the stock via Sprott Gold Miners ETF SGDM and VanEck Gold Miners ETF GDX.

Price Action: GOLD shares are up 0.23% at $17.11 premarket at the last check Wednesday.

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