CA - Barrick Gold Corporation (GOLD) Q1 2025 Earnings Call Transcript
2025-05-07 17:44:14 ET
Barrick Gold Corporation (GOLD)
Q1 2025 Earnings Conference Call
May 7, 2025, 11:00 AM ET
Company Participants
Mark Bristow - President and Chief Executive Officer
Henri Gonin - Managing Director, Nevada Gold Mines
Graham Shuttleworth - Senior Executive Vice President, Chief Financial Officer
Conference Call Participants
Ralph Profiti - Stifel
Brian MacArthur - Raymond James
Josh Wolfson - RBC Capital Markets
Daniel Major - UBS
Lawson Winder - Bank of America Securities
Tanya Jakusconek - Scotiabank
Joshua Rales - RFI Associates
John Tumazos - John Tumazos Very Independent Research
Presentation
Operator
Ladies and gentlemen, thank you for standing-by. This is the event operator. Welcome to Barrick's Results Presentation for the First Quarter of 2025. [Operator Instructions] As a reminder, this event is being recorded and a replay will be available on Barrick's website later today, May 7, 2025.
I would now like to turn you over to Mark Bristow, President and CEO of Barrick. Please go ahead, sir.
Mark Bristow
Thank you very much, and good morning, ladies and gentlemen, and particularly the folks that have made an effort to get here this morning. Thank you for joining us today. There's a lot happening, as you are well aware, in the world right now, volatility, instability, and shifting global priorities. Our philosophy at Barrick has never been to manage our business for the short-term, while we are always ready to take advantage of high gold prices, we remain focused on building a business that can deliver sustainable profitability over the long term through the cycles, through challenges, and through change.
Just over six years ago, we set out to reposition and rebuild Barrick as the world's most valued gold and copper mining company, one that creates real long-term value, not just for investors, but for every stakeholder we work with.
This past quarter was another busy one. As we continued on that journey. You'll see today how we've progressed across every part of the business, from operations and growth to sustainability and exploration. As part of this journey, we've also taken the step to change our name to Barrick Mining Corporation and our ticker on the New York Stock Exchange to the single letter B. It's a symbolic but important shift that reflects our strategic focus on a portfolio of long-life gold assets supported by a growing copper business. Before we begin, as usual, I'd like to draw your attention to the customary cautionary statement regarding forward-looking information. You can find the full details on our website, which you can review at your leisure, if you shall wish.
Moving now to the Group highlights. I'm pleased to show you another positive set of results with all the arrows once again pointing in the right direction. Production was up at the top of the guidance. And we continue to forecast improvements throughout the year. We have maintained the dividend at $0.10 per share, reduced debt, and continued with our share buyback program.
We've also announced the $1 billion sale of Donlin, the first step in rationalizing our portfolio to focus squarely on our Tier-1 assets. And across the business, our growth projects continue to gain momentum with Pueblo Viejo ramping up, Fourmile moving to pre-feasibility, Lumwana and Reko Diq moving to construction, and a new discovery already within the Reko Diq mining lease.
Turning to our operational results. During the quarter, we completed significant projects at Pueblo Viejo, Nevada Gold Mines, and Lumwana, positioning us well for the rest of the year and beyond. Copper had a great quarter, and we remain on track to meet our full year production targets for both gold and copper....
Barrick Gold Corporation (GOLD) Q1 2025 Earnings Call Transcript