Barrick Mining (TSX: ABX) saw Q4 2025 revenue rise to $6.00 billion, up 45% from $4.15 billion in Q3, while cost of sales also increased to $2.71 billion, up 43% from $1.89 billion.
Net earnings attributable were $2.41 billion ($1.43 per share), up 85% from $1.30 billion ($0.76 per share) in Q3. Adjusted net earnings were $1.75 billion ($1.04 per share), up 79% from $982.0 million ($0.58 per share) last quarter.
Full-year revenue was $16.96 billion, up 31% from $12.92 billion in 2024. Net earnings attributable rose to $4.99 billion ($2.93 per share), up 133% from $2,14 billion ($1.22 per share), while adjusted net earnings increased to $4.14 billion ($2.42 per share), up 87% from $2.21 billion ($1.26 per share).
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Operating cash flow for the quarter was $2.73 billion, up 13% from $2.42 billion last quarter, and free cash flow was $1.62 billion, up 9% from $1.48 billion. However, attributable free cash flow fell to $1.06 billion from $1.15 billion, reflecting $731.0 million of non-controlling interests versus $516.0 million in Q3.
For 2025, operating cash flow increased to $7.69 billion, up 71% from $4.49 billion, and free cash flow rose to $3.87 billion, up 194% from $1.32 billion. Attributable free cash flow was $2.84 billion, up 160% from $1.09 billion.
Cash and equivalents ended 2025 at $6.71 billion, up 65% from $4.07 billion. Net debt turned into net cash at $(2.00) billion versus $655.0 million in 2024, and net leverage was -0.2x versus 0.1x.
Q4 capex totaled $1.11 billion, up 17% from $943.0 million, including minesite sustaining capex of $458.0 million, up 16%, and project capex of $630.0 million, up 18%. For 2025, total consolidated capex was $3.82 billion, up 20% from $3.17 billion, with project capex up 102% to $1.87 billion.
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For Q4, gold production was 871,000 ounces, up 5% from 829,000 ounces, with realized gold price at $4,177 per ounce, up 21% from $3,457. Gold unit costs moved higher, with COS at $1,904 per ounce, up 22% from $1,562, total cast costs at $1,205, up 6% from $1,137, and AISC at $1,581, up 3% from $1,538.
Full-year gold production was 3.26 million ounces, down 17% from 3.91 million ounces in 2024, while realized gold price rose to $3,501 per ounce, up 46% from $2,397. Full-year gold COS was $1,697 per ounce, up 18% from $1,442, TCC was $1,199, up 13% from $1,065, and AISC was $1,637, up 10% from $1,484, with higher royalties tied to higher realized prices and higher consumable costs cited as pressures.
Copper production was 62,000 tonnes in Q4, up 13% from 55,000 tonnes, with realized copper price at $5.42 per pound, up 23% from $4.39. Copper COS was $3.37 per pound, up 26% from $2.68, C1 cash costs were $2.45, up 25% from $1.96, and AISC was $3.61, up 15% from $3.14.
Full-year copper production rose to 220,000 tonnes, up 13% from 195,000 tonnes, while full-year copper COS fell 3% to $2.91 per pound, C1 cash costs fell 5% to $2.14, and AISC fell 7% to $3.20.
Gold production is guided in 2026 to 2.90 million to 3.25 million ounces, with gold COS of $1,870 to $2,070 per ounce, TCC of $1,330 to $1,470, and AISC of $1,760 to $1,950, using a gold price assumption of $4,500 per ounce. Meanwhile, copper production guidance is 190,000 to 220,000 tonnes, with copper COS of $3.05 to $3.35 per pound, C1 cash costs of $2.20 to $2.45, and AISC of $3.45 to $3.75, using a copper price assumption of $5.50 per pound.
On growth, Fourmile’s declared resource doubled for the second consecutive year to 2.6 million ounces indicated and 13.0 million ounces inferred, with 2026 drilling spend guided at $150.0 million to $160.0 million versus $91.0 million in 2025 and decline development targeted to begin in Q4 2026.
The board also authorized preparations for a late-2026 IPO of a North America gold entity holding Nevada Gold Mines, Pueblo Viejo, and Fourmile, with Barrick expecting to retain a significant controlling interest.
Barrick approved a $0.42 per share quarterly dividend, up 140% from Q3, and set a policy targeting 50% of attributable free cash flow annually via a $0.175 per share base dividend plus a year-end performance top-up.
Q4 buybacks were $500.0 million and full-year buybacks were $1.50 billion, contributing to $2.39 billion returned to shareholders in 2025. Non-core asset sale proceeds totaled $2.60 billion in 2025, including the Q4 closings of Hemlo and Tongon.
Barrick Mining last traded at $65.74 on the TSX.
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