Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) topped Wall Street estimates for first-quarter profit on Wednesday, powered by a rally in gold prices and strong production from its flagship assets.
The Canadian miner also reaffirmed its full-year gold and copper production outlook, citing lower expected costs for the remainder of 2025.
The world’s second-largest gold producer posted adjusted earnings of $0.35 per share, up 84% from a year earlier and ahead of analysts’ expectations.
Net income rose to $474 million, while revenue climbed to $3.13 billion. Operating cash flow surged 59% year-over-year to $1.2 billion.
“Barrick is firing on all cylinders,” CEO Mark Bristow said in a statement. “Our strategic growth objectives are on track, and our best assets continue to deliver.”
Gold production for the quarter came in at the top end of the company’s 700,000 to 750,000-ounce guidance range. Costs per ounce are expected to trend lower throughout the year, helped by increased production and efficiency gains, particularly at Nevada Gold Mines, where unit costs at the Carlin open pit hit a three-year low.
The company said exploration drilling is progressing across key targets in Canada, and a new discovery has been identified within the Reko Diq mining license area in Pakistan, where Barrick is developing one of the world’s largest undeveloped copper-gold projects.
Despite ongoing inflationary pressures in the mining sector, Barrick reiterated its full-year gold and copper production guidance.
Shares of Barrick were down around 0.8% in Toronto and 0.3% in New York on Wednesday morning.