Barrick Mining (NYSE: B; TSX: ABX) raised its base dividend 25% to $0.125 and expanded its buyback by $500M after record Q3 cash flow; shares rose premarket.
TORONTO — Barrick Mining Corporation (NYSE: B; TSX: ABX) unveiled a bigger shareholder‑returns package on Monday, increasing its base quarterly dividend by 25% and authorizing an additional $500 million for share repurchases after delivering record operating and free cash flow in the third quarter of 2025. The stock traded about 3%–4% higher premarket following the release. [1]
What happened
Barrick reported Q3 net earnings of $1.3 billion ($0.76 per share) and adjusted EPS of $0.58, with revenue of $4.1 billion. Gold production was 829,000 ounces (up 4% vs. Q2; down vs. 943,000 a year earlier), and copper production came in at 55,000 tonnes. Management cited stronger realized gold prices and lower sequential costs for the cash‑flow surge. [2]
“Higher gold production, lower costs and strong prices drove record cash flow,” interim CEO Mark Hill said, outlining a continued focus on operational performance and safety. [3]
Shareholder returns: dividend and buyback
- Dividend: Base quarterly dividend lifted to $0.125 per share. For Q3 specifically, Barrick declared a total dividend of $0.175 per share, including a $0.05 performance dividend under its tiered policy (payable Dec. 15, 2025 to shareholders of record Nov. 28, 2025). [4]
- Buyback: Board approved a $500 million increase to the existing program (originally authorized for up to $1.0B in Feb. 2025). Barrick repurchased ~$589 million in Q3 and $1.0B year‑to‑date through Sept. 30. [5]
Q3 by the numbers
- Operating cash flow:$2.4B (record)
- Free cash flow:$1.5B (record)
- Realized gold price:$3,457/oz
- All‑in sustaining costs (AISC):$1,538/oz
- Gold production:829k oz; Copper:55k tonnes
- Adjusted EPS:$0.58
These metrics underscore a wide margin between realized gold prices and AISC, even as year‑on‑year production dipped. [6]
Stock reaction
U.S.‑listed shares of Barrick rose nearly 4% in premarket trading after the beat and capital returns update, according to early market indications. [7]
Why it matters
A historic rally in bullion has been a tailwind for senior producers. In Q3, gold prices averaged about $3,575/oz, up 16% quarter‑over‑quarter and 43% year‑over‑year, bolstering realized pricing and cash generation across the sector—and at Barrick in particular. [8]
Operations and guidance
- Guidance: Barrick reiterated full‑year 2025 production and cost guidance, expecting gold output in the lower half of its 3.15–3.50 Moz range with the strongest quarter ahead in Q4. Copper guidance remains 200–230 kt. [9]
- Project pipeline: The updated study for Fourmile in Nevada “reaffirms” it as a standout discovery this century, while Reko Diq and the Lumwana expansion continue to advance. [10]
- Context: Barrick continues to navigate disputes in Mali, where operations have been disrupted this year, contributing to production variability; arbitration developments and site ramp‑ups remain a watch item. [11]
What to watch next
- Q4 production cadence: Management flagged the strongest quarterly output in Q4, which—paired with elevated gold—could support further cash returns. [12]
- Performance‑dividend tiers: With net‑cash thresholds tied to the performance dividend, balance‑sheet trajectory will influence payouts in coming quarters. [13]
- Buyback pace: After adding $500M to the authorization, investors will watch repurchase velocity into year‑end and any signals on a 2026 program in February. [14]
Key takeaways
- Beat and raise (returns): Adjusted EPS $0.58 topped consensus; Barrick simultaneously hiked the dividend and expanded buybacks. [15]
- Cash machine: Record $2.4B OCF and $1.5B FCF came from higher realized prices and lower sequential unit costs, despite lower YoY gold volumes. [16]
- Shares up premarket: Stock moved ~3%–4% higher on the news. [17]
Disclosure: This article is for informational purposes only and does not constitute investment advice.
Source notes
- Barrick Q3 results press release (earnings, cash flow, production, guidance, Mark Hill comments). [18]
- Dividend details and performance‑dividend policy tiers. [19]
- Buyback expansion and program mechanics. [20]
- Pre‑market stock move, realized gold price, AISC, and production context; sector gold price backdrop. [21]
References
1. www.barrick.com, 2. www.barrick.com, 3. www.barrick.com, 4. www.barrick.com, 5. www.barrick.com, 6. www.barrick.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.barrick.com, 10. www.barrick.com, 11. www.reuters.com, 12. www.barrick.com, 13. www.barrick.com, 14. www.barrick.com, 15. www.reuters.com, 16. www.barrick.com, 17. www.reuters.com, 18. www.barrick.com, 19. www.barrick.com, 20. www.barrick.com, 21. www.reuters.com
