Q3 2025 Barrick Mining Corp Earnings Call
Speaker #1: Results today are Mark Hill, Interim CEO and Group COO, and Graham Shuttleworth, Senior EVP and CFO. Other members of Barrick's management team will be available after our prepared remarks for Q&A.
Speaker #1: Simply every day, which is
Speaker #1: Following the maintenance we undertook in the first half of the year. At Carlin, Roaster Throughput was negatively impacted by some unplanned downtime at the end of the quarter.
Speaker #1: my
Speaker #1: Commitment. Obviously, safety needs to be the number one priority.
Speaker #1: focus at BARRICK. We are reviewing
Speaker #1: our safety culture and structures to ensure
Speaker #1: we embed the right principles at all
Speaker #1: Importantly, all NGM sites reported lower unit costs per ounce and North America's attributable EBITDA increased 19% from Q2. So, NGM is our most important asset and is the foundation of BARRICK, contributing more than half of our Q3 attributable reduction.
Speaker #1: achieve our goal of zero
Speaker #1: harm, so looking at the
Speaker #1: Before we begin, please note that we will be making forward-looking statements. This slide includes a summary of the significant risks and factors that could affect Barrick's future performance and our ability to deliver on these forward-looking statements.
Speaker #1: business performance in the quarter, gold
Speaker #1: production increased 4% over
Speaker #1: Q2, primarily driven by higher grades at Kibali, higher throughput at Cortez and Turquoise Ridge.
Speaker #1: This material is also available on our website. I will now hand it over to Mark.
Speaker #1: It is on track to achieve full-year production guidance and is central to delivering value to our shareholders. So, as most of you will know, we believe Four Mile is one of the most significant gold discoveries this century.
Speaker #1: And a record high throughput at Pueblo.
Speaker #1: Bay. We
Speaker #2: Okay. Thanks, Clay. And I appreciate everyone joining us this morning. So, as Clay pointed out on the interim CEO and group COO, and since taking on these roles, I've met with the teams and visited most of our key sites to review performance and assess what we can do differently at BARRICK, being a stronger emphasis on safety and operational performance.
Speaker #1: expect continued quarterly growth in Q4
Speaker #1: in line with our 2025 plan for a steady production increase throughout
Speaker #1: the
Speaker #1: year. Higher production volume helped drive our gold cost metrics per ounce lower
Speaker #1: We currently have 16 drill rigs on the site, and we're on track to double the existing resource this year. We've also increased Four Mile's exploration budget by a little over $10 million for the remainder of 2025.
Speaker #1: across the board, despite
Speaker #1: the pressure on our cash costs from
Speaker #1: royalties associated with the higher gold
Speaker #1: prices. Higher volumes on lower
Speaker #1: costs translated into
Speaker #2: The quality of our assets is undeniable, so we're undertaking a review of our operations from the bottom up to ensure we have the right teams and processes in place to safely—most importantly, and consistently—deliver value going forward.
Speaker #1: a 25% quarter-on-quarter
Speaker #1: increase in our attributable gold
Speaker #1: This slide highlights the opportunity the zone circled in red is our existing resource, the black dotted area is what we expect to convert to resources this year, and the region in green and beyond is all the upside.
Speaker #1: EBITDA.
Speaker #1: Demonstrating significant operating leverage from
Speaker #1: a 5% increase in the gold
Speaker #1: price. Copper was
Speaker #2: For about halfway through that review, and we'll provide more details at our full-year results in February. So, since assuming this interim CEO responsibility is becoming increasingly clear to me that the most significant opportunity is at our gold assets in North America.
Speaker #1: production was slightly down from Q2 on the back
Speaker #1: of a September shutdown in Romana, which
Speaker #1: So, looking ahead, we expect to have 20 drill rigs on the project next year, and we plan to commence the Bull and Hill decline development towards the end of 2026.
Speaker #1: was in line with our preventative maintenance.
Speaker #1: programs.
Speaker #1: We expect both gold and copper to deliver with
Speaker #1: their respective production guidance ranges for the year and on cost guidance after adjusting for the royalty impact from the
Speaker #1: This will allow us to proceed with the feasibility study. On the back of the recent drill results, we updated our Four Mile PA in September and highlight a rare combination of grade, scale, and exploration upside.
Speaker #1: higher gold
Speaker #2: Particularly through improved performance at NGM, coupled with our gold discovery at Fourmile. So, turning to our performance in Q3, we posted strong operational and financial results, and we logged several company records, including adjusted earnings per share and cash flow.
Speaker #1: prices. Now I'm going to hand it over
Speaker #1: to Graham to discuss our financial
Speaker #1: highlights. Thanks, Graham.
Speaker #2: Thanks, Mark. And good morning to
Speaker #2: everyone.
Speaker #1: So, advancing this project is obviously a key priority for the North America region and team, but also for BARRICK as a whole. We go forward.
Speaker #2: BARRICK's third quarter financial performance
Speaker #2: was exceptionally strong.
Speaker #2: Setting company records for
Speaker #2: operating cash flow, free cash
Speaker #2: flow, and adjusted net
Speaker #2: So, production increased from last quarter, and costs dropped, which combined with a higher gold price drove a significant increase in our free cash flow.
Speaker #2: Earnings. We continued to fund our...
Speaker #1: Turning to Latin America and the Asia Pacific region, gold production was in line with expectations compared to Q2, as planned. Valadero is performing well against its targets, with a typical winter seasonal decline, offsetting the record quarterly throughput at Pueblo Verde.
Speaker #2: growth projects with disciplined
Speaker #2: budgets resulting in cash flow more.
Speaker #2: than tripling from quarter
Speaker #2: two. We again ended the quarter
Speaker #2: We increased our base dividend by 25%. Dividends and buybacks combined in the quarter were a record quarterly cash return to shareholders. Asset sales support an expanded $1.5 billion U.S. buyback program.
Speaker #2: in a net cash position
Speaker #2: supporting an additional performance
Speaker #2: dividend and increase in our
Speaker #1: PV performed well in Q3 with processing throughput up 7% quarter on quarter, achieving record high throughput in Q3. With the highest quarterly production since 2022.
Speaker #2: base quarterly dividend and a
Speaker #2: significant increase in our share
Speaker #2: repurchases. Looking at
Speaker #2: And on top of all this, our updated PEA confirms that Fourmile is arguably this century's most significant gold discovery. So, to despite this very strong quarter for business, it was unfortunately overshadowed by three fatalities: one at Gold Rush, one at Bull and Hulu, and one at Kibali.
Speaker #2: how our performance has trended
Speaker #2: this year, the combination
Speaker #2: of a higher gold
Speaker #1: Our focus is now squarely on in driving improved recoveries going forward. So, all assets in the region are on track to meet their guidance for the year, including PV.
Speaker #2: price, production volume growth,
Speaker #2: and lower unit costs per
Speaker #2: ounce delivered higher margins
Speaker #2: and a 20%
Speaker #2: quarter-over-quarter increase in BARRICK's
Speaker #2: attributable
Speaker #2: EBITDA. This translated to a
Speaker #1: Moving to Africa and the Middle East, gold production showed the largest quarter-on-quarter increase of all the regions, rising 8% from Q2. This was supported by a 15% increase at Kibali, where higher open-pit mining volumes and grades uplifted Kibali's processing grade.
Speaker #2: 274%
Speaker #2: increase in free cash
Speaker #2: That was a result of an incident that we reported in Q2 this year. So, firstly, I would like to extend our sincere condolences to the families and loved ones of our three colleagues.
Speaker #2: flow enabling us to
Speaker #2: repurchase 598 million
Speaker #2: dollars of our stock, and
Speaker #2: we increased our base dividend by
Speaker #2: 25%. I'll
Speaker #1: As that operation heads into its expected strong Q4 delivery. Production at North Mara was up 3% from Q2, as both the underground and open pit exceeded expectations and Bull and Hulu was flat.
Speaker #2: And secondly, I want to highlight to everyone that we are conducting full investigation into these incidents, so that we can put systems in place to guarantee everyone goes home safely every
Speaker #2: discuss capital allocation more in a
Speaker #2: moment. As
Speaker #2: Mark highlighted, quarter three was
Speaker #2: a company record for cash returns to
Speaker #2: shareholders. We
Speaker #2: ended the quarter in a net
Speaker #2: cash position and at today's
Speaker #2: night, which is my
Speaker #2: commitment. Obviously,
Speaker #2: gold price we expect quarter
Speaker #1: Regional costs were down across the board, resulting in an impressive 65% quarter-on-quarter increase in attributable EBITDA. So, turning to copper, production declined slightly from Q2 due to a plant shutdown in line with the plan we shared for the miner in September.
Speaker #2: safety must be the number one focus; we are reviewing
Speaker #2: four will be even
Speaker #2: better. This is all before the Hamlo
Speaker #2: our safety to
Speaker #2: ensure we embed the right
Speaker #2: and Tongon asset sales
Speaker #2: which we expect to close before the end
Speaker #2: levels of the organization to achieve our
Speaker #2: of the
Speaker #2: year.
Speaker #2: goal of zero harm. So, looking at the
Speaker #2: Looking at our capital allocation
Speaker #2: framework, so far in
Speaker #2: 2025 we've
Speaker #2: generated 5 billion dollars in
Speaker #2: business
Speaker #2: quarter, gold production
Speaker #2: operating cash flow.
Speaker #2: over primarily driven
Speaker #2: We've reinvested more than 2
Speaker #2: by and a record high
Speaker #2: billion back into the business.
Speaker #2: We paid 596
Speaker #2: million in dividends and
Speaker #2: Throughput at Pearl of Air. We
Speaker #2: we exhausted our 1 billion
Speaker #2: expect continued quarterly
Speaker #2: repurchase
Speaker #2: authorisation. BARRICK has three
Speaker #2: growth in line with our
Speaker #2: plan throughout the
Speaker #2: capital allocation priorities
Speaker #2: above and beyond our long-term
Speaker #2: year. Higher
Speaker #2: operating plan.
Speaker #2: production, lower across the board. Despite
Speaker #2: First, we maintain a strong balance
Speaker #2: sheet keeping us in control
Speaker #2: the pressure on
Speaker #2: of our destiny through commodity
Speaker #2: our associated with the higher
Speaker #2: price cycles. We
Speaker #2: target zero to modest net
Speaker #2: gold prices, higher
Speaker #2: volumes, and
Speaker #2: debt. Second, we
Speaker #2: lower
Speaker #2: invest in accretive growth with a disciplined focus on cash generation and. invest in accretive growth disciplines focused on cash generation.
Speaker #2: 25% increase in our attributable
Speaker #2: gold EBITDA.
Speaker #2: Demonstrating significant
Speaker #2: operating
Speaker #2: increase in the gold price. Coupled with
Speaker #2: production with slight reductions from Q2 on the
Speaker #2: back of a shutdown
Speaker #2: in line
Speaker #2: with maintenance programs.
Speaker #2: We expect both gold
Speaker #2: and production
Speaker #2: to impact on the higher gold
Speaker #2: prices. Now, I'm going to hand it
Speaker #2: over to AM to discuss
Speaker #2: our financial highlights. Thanks, Graham.
Speaker #3: Thanks, Mark. And morning to everyone. Good
Speaker #3: morning to everyone.
Speaker #3: BARRICK's third quarter
Speaker #3: financial report is exceptionally
Speaker #3: strong. Company
Speaker #3: operating cash flow, free cash
Speaker #3: flow, and adjusted
Speaker #3: net earnings. We continue to fund
Speaker #3: our growth
Speaker #3: budgets resulting in cash
Speaker #3: flow more than tripling from
Speaker #3: quarter two. We again
Speaker #3: ended the quarter
Speaker #3: position supporting an
Speaker #3: additional performance dividend and increase in
Speaker #3: our base quarterly dividend and
Speaker #3: a significant
Speaker #3: share in our share repurchases. Looking
Speaker #3: at how our
Speaker #3: performance trended this year, the
Speaker #3: combination of higher gold
Speaker #3: price, production volume
Speaker #3: growth, and lower unit
Speaker #3: costs per hour delivered
Speaker #3: higher margins and a
Speaker #3: 20% over quarter in
Speaker #3: BARRICK's
Speaker #3: EBITDA. This
Speaker #3: translated to a 74%
Speaker #3: increase in free cash
Speaker #3: flow enabling us
Speaker #3: to buy purchase
Speaker #3: $598 million of our stock, and
Speaker #3: we increased
Speaker #3: our 25%. I'll
Speaker #3: discuss capital allocation
Speaker #3: more in a moment. As
Speaker #3: Mark highlighted, Q3 was
Speaker #3: a quarterly record
Speaker #3: cash return to shareholders. We
Speaker #3: ended the
Speaker #3: quarter in a net cash position and at
Speaker #3: today's gold
Speaker #3: price, that will be even
Speaker #3: better. This is all
Speaker #3: before assets
Speaker #3: sales which we expect to
Speaker #3: close before the end of the
Speaker #3: year.
Speaker #3: Looking at our
Speaker #3: capital allocation framework, so far in
Speaker #3: 2020, we've
Speaker #3: generated $1
Speaker #3: billion operating cash
Speaker #3: flow. We've
Speaker #3: reinvested more than $2 billion back into the
Speaker #3: business. We paid
Speaker #3: $590 million in dividends, and
Speaker #3: we exhausted our
Speaker #3: $1 billion
Speaker #3: authorization. BARRICK has three
Speaker #3: capital allocations
Speaker #3: above and beyond
Speaker #3: our long-term operating
Speaker #3: plan. First, we maintain a
Speaker #3: strong balance sheet, keeping us in
Speaker #3: control of our commodity
Speaker #3: price cycle. We
Speaker #3: target zero debt to
Speaker #3: modest net debt. Second, we
Mark Bristow: Following the maintenance we undertook in H1 of the year. At Carlin, roasted throughput was negatively impacted by some unplanned downtime at the end of Q3. Importantly, all NGM sites reported lower unit costs per ounce, and North America's attributable EBITDA increased 19% from Q2. NGM is our most important asset and is the foundation of Barrick, contributing more than half of our Q3 attributable reduction. It is on track to achieve full-year production guidance and is central to delivering value to our shareholders. As most of you will know, we believe Four Mile is one of the most significant gold discoveries this century. We currently have 16 drill rigs on the site, and we're on track to double the existing resource this year. We've also increased Four Mile's exploration budget by a little over $10 million for the remainder of 2025.
Mark Bristow: This slide highlights the opportunity. The zone circled in red is our existing resource. The black dotted area is what we expect to convert to resources this year, and the region in green and beyond is all the upside. Looking ahead, we expect to have 20 drill rigs on the project next year, and we plan to commence the Bullion Hill decline development towards the end of 2026. This will allow us to proceed with the feasibility study. On the back of the recent drill results, we updated our Four Mile PEA in September and highlights a rare combination of grade, scale, and exploration upside. Advancing this project is obviously a key priority for the North America region and team, but also for Barrick as a whole. You can go forward.
Mark Bristow: Turning to Latin America and Asia Pacific region, gold production was in line compared with Q2 as planned. Veladero is performing well against its targets with the typical winter seasonal decline offsetting the record quarterly throughput at Peñoles. PV performed well in Q3 with processing throughput up 7% quarter on quarter, achieving record high throughput in Q3 with the highest quarterly production since 2022. Our focus is now squarely on in driving improved recoveries going forward. All assets in the region are on track to meet their guidance for the year, including PV. Moving to Africa, Middle East, gold production showed the largest quarter-on-quarter increase of all the regions, rising 8% from Q2. On the back of a 15% increase at Kibali, higher open-pit mining volumes and grades uplifted Kibali's processing grade as that operation heads into its expected strong Q4 delivery.
Mark Bristow: Production at North Mara was up 3% from Q2, as both the underground and open pit exceeded expectations and Bulyanhulu was flat. Regional costs were down across the board, resulting in an impressive 65% quarter-on-quarter increase in attributable EBITDA. Turning to copper, production declined slightly from Q2 due to a plant shutdown in line with the plan we shared for Lumwana in September. We expect Q4 copper production to be similar to Q2, delivering annual results for our copper business within guidance. As we've discussed throughout this call, Barrick is in good position to deliver on our plans for the year. Shown here, gold production is tracking in the bottom half of its guidance range, and copper production is tracking to the midpoint. Also note that the gold production guidance includes Tongon and Hemlo, we expect to have these sales to conclude before the year-end.
Also note that the gold production guidance includes Tongan and Hemlo.
And we expect to have these sales to conclude before the year end.
Mark Bristow: After adjusting for the year-to-date higher gold price, our total cash costs and CapEx are also tracking within guidance. As you can see, copper costs are already within guidance, and we're expecting Lumwana to report a strong finish to the year. Before I close, I just want to emphasize that our near-term focus is on safety and operational performance. We'll adjust things internally as necessary to create value for our shareholders and deliver on our guidance. This company has a strong portfolio of assets with Nevada at its core. Nevada continues to deliver more than half of our production from a low-risk jurisdiction. We have long resource lives and continued opportunity to replace the reserves we mine. We have some of the best growth projects in the world currently in execution.
Also, after adjusting for the year-to-date higher gold price, our total cash costs in Q3 are also tracking within guidance.
As you can see, copper costs are already within guidance. And we're expecting Lana to report a strong finish to the
So before I close, I just want to emphasize that our near-term. Focus is on safety and operational performance.
We'll adjust things internally as necessary to create value for our shareholders and deliver on our guidance.
This company has a strong portfolio of assets with Nevada at its core. Nevada, continues to drive more than half of our production from a low, sorry, deliver more than half of our production from a low risk jurisdiction.
We have long resource lives and continued opportunities to replace the reserves. We might.
Mark Bristow: We have a strong balance sheet that's returning excess capital to the shareholders and funding our growth. We have an excellent global team of people who are empowered to deliver on our strategy. As we've progressed on our operational review, it is confirming to me that the value creation opportunity across the portfolio, especially the potential for North American gold assets in Nevada and Dominican Republic. As I've said, Nevada is the core of our company as it continued to deliver more than 50% of our production with extraordinary opportunity for growth at Four Mile. We will be unwavering in our focus to drive value creation in Nevada. Thank you everyone for your attention. I will now hand it back to the moderator for the Q&A session.
We have some of the best growth projects in the world currently in execution.
Strong balance sheet that's returning excess capital to shareholders and funding our growth.
And we have an excellent Global team of people who are empowered to deliver on our strategy.
As we've progressed on our operational review, it is confirming to me.
That the value creation operatunity across the portfolio. Especially the potential for North American Gold Assets in Nevada and Dominican Republic.
As I've said, Nevada is the core of our company, as it continued to deliver more than 50% of our production.
With an extraordinary opportunity for growth for Barrick.
We will be unwavering in our Focus to drive value Creation in Nevada.
So, thank you, everyone, for your attention. I'll now hand it back to the moderator for the Q&A session.
Operator: Thank you. For the Q&A session, we'll use the raise hand feature in Zoom. If you'd like to ask a question, click on the Raise Hand button at the bottom of your screen. Once prompted, please unmute yourself and go ahead. We'll now pause for a moment to assemble the queue. Our first question comes from Fahad Tariq at Jefferies. Fahad, your line is open. Please unmute and go ahead.
Thank you for the Q&A session. We'll use the raise hand feature in Zoom. If you'd like to ask a question, click on the raise hand button at the bottom of your screen. Once prompted, please unmute yourself and go ahead. We'll now pause for a moment to assemble the queue.
Fahad Tariq: Hi. Thanks for taking my question. On the bottom of operational review at Nevada Gold Mines specifically, can you just give us maybe a framework for what you're looking at or what the team is looking at? Specifically, what is incremental versus the recapitalization efforts that have already been completed, including the new fleet reinvestment in the roasters, autoclaves, and so on. A lot of work has already been done, maybe just provide what's incremental in this review.
Our first question comes from fajar. Tariq? At Jeffrey's for hard, your line is open. Please unmute and go ahead.
Mark Bristow: Okay. Thanks for the question. Look, the operational review is obviously we're trying to stabilize and make more consistency with our delivery through NGM. We've gone back and we're building those plans up from, right from the base again, and it's gonna incorporate obviously the mining efficiencies, utilization. It's also gonna, more importantly, include our maintenance approach, our planned maintenance. The expected outcome of it is that we don't have these unexpected surprises like we had at Carlin this quarter. We're just trying to stabilize the operations and make sure we have everything in place so that we can deliver quarter-on-quarter.
Hi, thanks for taking my question. Um, on the bottom up, operational review at Nevada, Gold, Mine specifically. Can you just give us maybe a framework for what, uh, you're looking at or what the team is looking at and and specifically, what is incremental versus, uh, the recapitalization efforts that have already been completed, including the new Fleet investment, reinvestment in the roasters autoclave and so on, a lot of work has already been done. So maybe just provide what's incremental in this review?
Okay, thanks for the question. So look, the operational review is obviously... We're trying to stabilize and make our delivery through NGM more consistent.
So we've gone back and we're building those plans up from right from the base again, and it's going to incorporate obviously the mining the mining efficiencies utilization. But it's also going to more importantly, include our maintenance approach our plan maintenance and the, the expected outcome of this. That we don't have these unexpected surprises. Like we had a call in this quarter. So we're just trying to stabilize the operations and make sure we have everything in place, so that we can deliver order on quarter.
Fahad Tariq: Okay. Maybe as a follow-up, just on the maintenance point. In the MD&A it mentions at Carlin, there was excessive scaling in the Gold Quarry roaster. Is that something that was not captured in the H1 maintenance? I believe both roasters had their annual shutdowns in the H1. Or did the buildup happen after that?
Okay. And then maybe as a follow-up um just on the maintenance point. So in the MPN it mentions that Carlin uh there was excessive scaling in the gold core gold Quarry roster. Is that something that was not captured in the first half maintenance, I believe both Roasters had their annual shutdowns in the first half.
Or did the build-up happen?
Mark Bristow: Okay. Look, Henri, maybe you're better positioned to answer that, please.
After that.
Henri Gonon: Yes, Mark, Henri Gonon at NGM. That buildup of the scaling happened after the shutdown at Gold Quarry. It was unforeseen, but it's been taken care of now.
Okay. Look, only maybe your better position to answer that please.
Mark Bristow: Thanks, Henri.
Yes, Mark. Are you going to NGM that build-up of the scaling that happened after the shutdown at Gold Quarry? It was unforeseen, but it's been taken care of now.
Fahad Tariq: Okay, great. Thank you.
Thanks. Sorry.
Mark Bristow: Thank you.
Okay, great. Thank you.
Operator: Our next question comes from Matthew Murphy at BMO Capital Markets. Your line is open. Please unmute yourself and ask your question.
Thank you.
Matthew Murphy: Hi, Mark, Graham, Cleave. Thanks for the presentation. Mark, congrats on the interim CEO role. Also interested in this operational review. How should we think about what the output of this review might be? Like, does this include a review of medium-term guidance, and can you be in a position in a few months to, you know, have a different view on that?
All right. Next question comes from Matthew Murphy at BMO Capital markets. Your line is open. Please unmute yourself and ask your question.
Hi. Uh, Mark, Graham cleave? Thanks for the presentation, Mark. Congrats on the, uh, interim CEO role. Um,
also interested, in this operational review, how should we think about what the output of this review might be like does this include um a review of medium-term guidance and and can you um
You know, position in a few months to, uh, you know, have a different view on that.
Mark Bristow: Okay. Thanks, Matthew. Well, look, the review is obviously, like I said, so that we can be more confident and we get more predictable outcomes from quarter to quarter. That will obviously feed into the budget next year, and we're not expecting any major changes on that at the moment. It is just to try and understand, you know, where there is opportunity. Even down to the things where we say we've replaced reserves every year. This review will also include, you know, looking at maybe stepping out and drilling and seeing if there's other opportunities that we can find within the portfolio around our current assets rather than just replacing reserves. Maybe a longer term goal, but also something we'd be looking at.
Okay, thanks, Matthew. Well, look, the review is obviously, like I said, so that we can be more confident and we get uh, more predictable outcomes from quarter to quarter.
And that will obviously feed into the budget, uh, next year. We're not expecting any, uh, major, um, changes on that at the moment.
Mark Bristow: The primary focus is to get the planned maintenance in place so that we can make sure we just consistently deliver on our quarterly guidance.
But it is just to try and understand, you know where there is opportunity. So even down to the things where we say we've replaced reserves every year, but this review will also include you know looking at maybe stepping out and Drilling and seeing if there's other opportunities that we can find within the portfolio, around our current assets rather than just replacing reserves. So maybe a longer term goal but also something we'll be looking at. But the primary focus is to get the plan maintenance.
In place so that we can make sure we just consistently deliver on our quarterly guidance.
Matthew Murphy: Okay. Thank you. One other follow-up. I noticed in the MD&A that some resequencing of Reko Diq CapEx. Just interested in what's happening there and when you might close the project financing.
Okay, thank you and then 1 other follow-up. I noticed in the um,
Mark Bristow: Okay, let me hand over to Graham for that, Matthew.
Close the project financing.
Graham Shuttleworth: Hey, Matt. We, we alluded to this even last quarter, but really it's just a product of the work that we've been doing with Fluor, who came on board in middle of the year as our EPCM contractor. They've been looking at, you know, the specific timing of when we place orders, and therefore the, you know, the follow-on impact of that is just on cash flow. Really what we've done is we've rescheduled some of the cash flow that we were expecting in 2025, and we've shifted it across 2026 and 2027. There's no impact on the overall project schedule or the total capital schedule. It remains consistent. It's just a timing issue as we move forward.
Graham Shuttleworth: In terms of the financing itself, we are very well advanced with the lenders. The sort of remaining piece of the puzzle is U.S. EXIM, which is an important part of the lender group. Unfortunately, with the US government shutdown, they haven't been able to sign on the dotted line. As soon as the shutdown lifts, we will be in a reengaging with them and we still expect to be able to sign that financing by the end of the year.
Okay, let me hand over to Graeme for that. Matthew. Hey, Matt, um, Matt, um, we we alluded to this even last quarter, but um, really, it's just a product of the work that we've been doing with, uh, fua who came on board, um, uh, you know, middle of the year as our epcm contractor. And they've been looking at, you know, the specific timing of of when we place orders um, and therefore the the, you know, the following impact of that is just on cash flow. So really what we've done is we've rescheduled some of the cash flow that we were expecting in 25 and we've shifted it across 26 and 27. Um so it it's there's no impact on the overall project schedule or the the total Capital schedule it's it remains consistent. It's just a timing timing issue. Um as we move forward, um, in terms of the um,
Uh, the financing itself. Um, we are very well Advanced with, uh, the lenders. Uh, the, the sort of remaining piece of the puzzle is, is, uh, us exam, which is an important part of the lender group. Um, unfortunately, with the US government shutdown, uh, they haven't been able to, um, sign on the dotted line. Uh, but as soon as the, the shutdown lifts, we will be in a re-engaging with them and we we still expect to be able to um sign that uh, financing by the end of the year.
Matthew Murphy: Okay. Thank you.
Operator: Our next question is from Daniel Major at UBS. Daniel, your line is open. You may unmute and ask your question.
Okay, thank you.
Our next question is from Daniel major at UBS. Daniel, your line is open. You may unmute and ask your question.
Daniel Major: Hi, Mark, Graham. Can you hear me okay?
Mark Bristow: Yep.
Hi, uh, Mark, Graham, can you hear me? Okay?
Daniel Major: Great. Thanks for the questions. Yeah, two questions. One on the portfolio. Great to see more progress and realizing particular value for Hemlo and Tongon. Is there any other potential areas of the portfolio following kind of senior management change, et cetera, that you see as opportunities and are there any processes ongoing for any other assets in the portfolio?
Yep.
Great, thanks for the questions. Um, so yeah, two questions. Um, one on the portfolio. Great to see um, more progress in realizing value for um, Hemlo and Tongon. Is there any? Um,
Other potential areas of the portfolio, following kind of senior management change, etc., that you see as opportunities. And is there any processes ongoing for any other assets in the portfolio?
Mark Bristow: Well, look, no, not at this stage. Like, as I said at the start, the focus is really on the Americas and NGM and PV and getting those up to where we need them and delivering on the Lumwana expansion and the Reko Diq construction. We haven't really focused on anything else at this point, but since September when I took over.
Well look no not at this stage. Like, as I said at the start, the focus is really on um,
The Americas and, uh, and NGM and PB and getting those, uh, up to where we need them, and delivering on the lam minor expansion and the Reco dick, uh, construction. So we haven't really focused on anything else at this point. But since September when I took over,
Daniel Major: Okay, thanks. Two questions on the NGM dynamic. Firstly, with respect to dialogue with the JV partner around Four Mile and potential exploration kind of at depth, if we look at your slide 11 to the right-hand side of the divide between the Nevada Gold Mines below Gold Rush and Four Mile. Has there been any update on kind of results within the JV in that zone recently? Has the dialogue, you know, between the two parties changed at all? Could that potentially result in, you know, discussions around staged vending for Four Mile?
Mark Bristow: Look, just to maybe talk to Four Mile for a minute. Obviously, as you're well aware, at some stage, that will end up in the joint venture with Newmont. I mean, Newmont are well aware of Four Mile, and they're well aware of all our current operations as our joint venture partner. That's not gonna be until we finish this drilling, get those declines in place and basically deliver a feasibility study, and then we will discuss how that earning your, is gonna work with Newmont. Then on the other question, I don't have any update on any more results.
Okay, thanks and then, um, maybe a 2 questions on the NGM uh, Dynamic firstly, um, with respect to dialogue with the JV partner around 4 Mile and potential. Um, expiration kind of a depth, if we look at your um, slide 11 to the right hand side of the Divide between the Nevada gold mines, um, below Gold Rush and 4 Mile. Um, has there been any update on kind of results within the JV, uh, in that zone recently and has the dialogue, you know, between the 2 parties changed at all and could that potentially result in in discussions around, uh, stage defending for 4 MI
Okay, so look, just to maybe talk a little formally for a minute. Now, obviously, as you're well aware, at some stage that will end up in the
In the joint venture with Newmont. I mean Newmont are well aware of 4 Mile and they're well aware of all their current operations.
as our joint venture partner, but
that's not going to be until we uh finish this Drilling, and get those deep lines in place and basically deliver a feasibility study, and then we will discuss how that in earning your
Graham Shuttleworth: Yeah, there's no material changes, Dan.
He's going to work with Newmont and then on the other question, I don't have any update on any more results. No material changes, Dan
Daniel Major: Okay. That's useful. Thanks. Then maybe one final one, just, I guess, directionally thinking about NGM into next year. Would you incrementally expect kind of significantly higher production or would it be a flatter profile at a high level next year? Obviously, I guess you'll give the guidance for the Q4.
okay, that's
Um that's useful. Thanks maybe 1 1 final 1 just um I guess directionally thinking about um
Mark Bristow: Yeah, we'll give the guidance with Q4. It'll be at this stage, based on what I've said, it'll be relatively flat, I would imagine.
NGM into uh, in into next year would you incrementally expect um kind of significantly higher production or would it be a flatter profile at a high level next year? Obviously, I guess you'll give the guidance with the Q4.
yeah, we'll give the guides with Q4 but uh, it'll be at this stage based on what I thought it would be relatively flat, I would imagine
Daniel Major: Okay. That's clear. Thanks a lot.
Mark Bristow: Thanks, Dan.
Okay, that's clear. Thanks a lot.
Thanks, Dan.
Operator: As a reminder, if you would like to ask a question, click on the Raise Hand button at the bottom of your screen. Our next question comes from Tanya Jakusconek at Scotia Capital. Tanya, your line is open. You may unmute yourself.
Our next question comes from Tanya just disconnect at Scotia Capital. Tenya, your line is open, you may unmute yourself.
Graham Shuttleworth: Tanya, we can't hear you.
De we can't hear you.
Tanya Jakusconek: You can't or you can?
Graham Shuttleworth: We can't, no.
Tanya Jakusconek: Okay, good. Oh, my God. Good. Thank you. Good morning, everyone. Thank you so much for taking my questions. I'm just going to circle back to the review, Mark, that you've been doing. You said you went to visit most of the operations and met with most of the team. It sounds as though the focus for you is just getting this predictability on the maintenance programs to really deliver, you know, quarter on quarter delivery. When you did all of this, and I know when you go around and you look at things, you know, did you have to make any management changes that we should be aware of?
but you can't, or you can we can now
Okay, good. Oh my God, good, thank you. Um, good morning, everyone. Thank you so much for taking my questions. Um, I'm just going to circle back to the review, Mark that, uh, you've been doing? You said you went to visit most of the operations and met with most of the team and it sounds as though the focus for you is just getting this predictability on the maintenance programs to, to, to Really deliver, um, you know, quarter on quarter delivery, um,
When you did all of this and I know when you go around and you look at things, you know, did you have to make any management changes that we should be aware of?
Mark Bristow: Thanks, Tanya. No. Look, at this stage, that's not what it's about. Like, I mean, the team in Nevada, which you're probably quite familiar with anyway, but look, we have a strong team, but there is obviously some gaps in the planned maintenance and things 'cause we can't keep having things, you know, go wrong unexpectedly like we had at Carlin. I don't think it's about necessarily people changes. It's just about getting those plans in place and making sure they're solid and we can rely on them going forward. Look, I just wanna bring that in.
Uh, thanks Danielle know, look at this stage. That's not what it's about. Like, I mean, the team in Nevada, which you're probably bought for me with anyway, but uh, look, we have a strong team, but there is obviously some gaps in the
Mark Bristow: The other reason I was obviously in Nevada is, I was there for the investigation into that fatality 'cause that's the other big priority that we've got to get on top of, which I'm sure you would agree, and put some changes in place to address that.
In the plan maintenance and things because we can't keep having things, you know, go wrong unexpectedly. Like we had a car and so I don't think it's about necessarily people changes. It's just about getting those plans in place and making sure they're they're solid and uh, we can rely on them going forward. And look, the other obvious, I just want to bring that in the other reason, I was obviously in Nevada.
Tanya Jakusconek: Yeah. I was just gonna ask, Mark, 'cause that's three fatalities is a lot. I was just wondering, like, as you looked and reviewed the asset bases, like are there significant changes to the procedures that need to be done? Is the, you know, higher turnover at Nevada Gold Mines, you know, obviously something that you're gonna focus on as well in terms of health and safety and improved productivity?
Is, um, I was there for the investigation, into that fatality, because that's the other big priority that we've got to get on top of which I'm sure you would agree and put some changes in place to address that.
Yeah, I was just going to ask Mark because that's 3 fatalities is a lot. Um, I was just wondering like as you looked and and, and reviewed your the asset bases like, are they significant changes to the procedures that need to be done? And is the, you know, higher turnover at Nevada, gold? Mines are, you know, obviously something that you're going to focus on as well in terms of health and safety and improved productivity.
Mark Bristow: Tanya, I don't think it is a gap in our processes and procedures and standards. I mean, we went through this, as you know, in Latin America in 2022 when we had that fatality at PV. Look, what I think it is, I think it's about culture. I think it's about leadership. I think most of those systems are in place, and I think they're solid. We're just gonna have to reset and get everyone on the same page that safety is the number one priority of this company. As you'd be aware, the minute we get safety in line, normally what you see is you see an uptick in production and overall just more efficient operations.
Yeah, so Tanya I don't think it is a gap in our processes and procedures and standards. I mean,
We went through this as you know, in Latin America in 2022 when we had that fatality at TV.
And look what I think it is. I think it's about culture. I think it's about leadership. I think most of those systems are in place and I think they're solid and, uh,
We're just going to have to reset and get everyone on the same page that safety is the number one priority of this company. As you may be aware, the minute we get safety in line, normally what you see is an uptick in production and overall just, uh.
Mark Bristow: Look, let me just hand it over to Grant for a minute as well because he's been deeply involved with this, if he's got any additional comments to that.
More efficient operations. But look, let me just hand it over to Grant from IN as well, because he's been deeply involved with this. If he's got any additional comments to that.
[Company Representative] (Barrick Mining): Yeah. Thanks, Mark. Thanks, Tanya. I think, you know, Mark has hit it on the head in terms of the leadership component and specifically when we talk about that, I think is the supervision in the workplace. We believe we need to get
No, thanks Mark and thanks Tanya. I think um, you know, Mark has has hit it on the head in terms of the the leadership component and specifically. When we talk about that I think is the
[Company Representative] (Barrick Mining): More face time with the people underground in the process from our supervisors. In some of the reviews and the investigations that we've obviously conducted, they've shown that perhaps some of the supervisors have been burdened with administrative tasks too. We need to get them back into the field. I think also on reflection, not only based on these fatalities that we've seen, but I think in the data that we've been collecting over the last while, the better part of 3 years now. I mean, you would have seen our total recordable injury frequency rates come down year on year. That's contrasted by, you know, the number of fatalities we've had in the last couple of years.
The supervision um in the workplace. Uh we we believe we need to get more FaceTime with the the people underground in the process from our supervisors and and in some of the reviews and the the investigations that we've obviously conducted has shown that perhaps some of the supervisors have been burdened with administrative tasks to. So we need to get them back into to the field.
I think also and on reflection, not only based on these, uh, fatalities that that we've seen, but I think in the data that we've been collecting over,
Uh, for the last while, the better part of three years now, I mean you would have seen our total recordable injury frequency rate come down year on year.
[Company Representative] (Barrick Mining): Clearly there's been a focus on the lagging indicators and driving that down from an injury perspective. We've missed something in terms of the hazard recognition, particularly on the fatal risks. I think more focus on the leading indicators is key for us. It is something we've recognized, and you may have remembered from some of the other presentations that we've put together that we have prioritized leading indicators. One of those programs is the critical control verifications that we would do, which really is engagement in the field with people conducting tasks that have a fatal risk associated with it. Although we've seen a great uptake across the group, in excess of 86,000 CCVs completed year to date.
Um, but that's, uh, contrasted by, you know, the the number of fatalities we've had in the last couple of years. And, and clearly there's been a focus on the lagging indicators and driving that down from a, an injury perspective. And and we've, we've missed something. In terms of the hazard recognition, particularly on the Fatal risks,
With it.
[Company Representative] (Barrick Mining): I think what we now have to focus on is the quality of those, so that we are ensuring that everyone is learning from them, that they're recognizing the hazards in the, in the workplace associated with those fatal risks. Then I think another aspect that we have highlighted and touched on and debated over the last while is, you know, I think, our safety team from a group perspective, although we firmly believe safety is a line function and must be incorporated at a site level. At a group level, we do need a few more resources to drive some of these initiatives and plans to focus on things like the leading indicators, the competency-based training that we've highlighted and getting the supervisors back into the field.
And although we've seen a great uptake across the group, uh, in excess of 38,000, 86,000 rather, um, uh, CCVs completed year to date.
I think what we now have to focus on is the quality of those. Um, so that we are ensuring that everyone is learning from them that they recognizing the hazards, um, in the in the workplace associated with those fatal risks. Um, and then I think another aspect that
[Company Representative] (Barrick Mining): I think in a nutshell, those are some of the focus areas, but we've obviously got a plan and, as Mark has mentioned, this is our number 1 focus for the team, the entire team.
Tanya Jakusconek: Yeah. It, it's good to hear, you know, focusing on the safety. Maybe one last question from me, Mark. It sounds as though you've hit the pause button on any potential asset sales. I know we, you know, previously had talked about maybe Mali was for sale. Has that paused as well?
That we have highlighted and, and touched on and debated over the last while is, and I think, um, our safety team from a group perspective, although we firmly believe, safety is a line function, and, and must be incorporated at a site level. Um, at a group level, we do need a few more resources to drive some of these initiatives and plans to focus on things like the leading indicators. The, uh, Competency Based training that we've, we've highlighted and getting the supervisors back into the field. So I think in a nutshell, those are some of the focus areas, but we've obviously got a plan and, and, um, as Mark has mentioned, this is our number 1, uh, Focus for the team, the entire team.
Mark Bristow: Well, look, I think Mali, my focus, Tanya, I don't know whether you've read some of the reports. My focus is on getting these 4 people out of jail. That's what I'm working through at the minute. I mean, they've been incarcerated now for what? 11 months. My focus is on that rather than anything else in Mali at the minute. If we get that achieved, then obviously we will look at restarting that operation. As you know, we still have people on site doing the care and maintenance. We could restart that operation. The focus is we have to get those people out of jail or my focus anyway.
Yeah, it's good to hear um, you know, focusing on the safety. Um maybe 1 last question for me. Mark. It sounds as though you've put the pause, you've hit the pause button on any potential asset sales. I know we, you know, previously had talked about maybe Molly was for sale, has that paused as well.
Well, look, I think Marley my focus tenure, um, I don't know whether you've read some of the reports but look, my focus is on getting these 4 people out of jail. So, um, that's what I'm working through at the minute. I mean, they've been incarcerated now for what 11 months. So,
My focus is on that rather than anything else in my at the minute. And if we get that achieved then obviously we will look at restarting that operation, as you know, we still have people on site doing the care and maintenance. So we we could restart that operation. But the focus is we have to get those people out of jail or my focus anyway.
Tanya Jakusconek: Yeah, we hope to get them out as well. Thank you.
Mark Bristow: Thanks, Tanya.
Yeah, we hope to get them out as well. Thank you.
Thanks t.
Operator: Our next question comes from Anita Soni at CIBC World Markets. Anita, your line is open. You may unmute and ask your question.
Our next question comes from Anita Sony at CIBC World Markets, Anita, your line is open. You may unmute and ask your question.
Anita Soni: Hi. Can you hear me?
Mark Bristow: Yep.
Hi, can you hear me?
Anita Soni: Okay. Okay. Thanks, Mark, Graham, and Henri. I'm gonna focus in on PV at first. Previously, Mark Bristow had talked about the degradation of the PV stockpiles. Could you give us an update on that? And if, you know, if you've made any progress there and what that could mean in terms of resequencing those stockpiles to be processed earlier.
Yep.
Okay.
Okay. Thanks Mark, Graham and on. Um, so I'm gonna focus in on TV at first. Um, so previously, Mark, uh, we're still had talked about, uh, the degradation of the PV stock piles. Um, could you give us an update on that? Um, and and if you know, if you've made any progress there and what that could mean
Mark Bristow: Well, Anita, yeah, thanks. Look, the recovery, as I said, is the focus, right? I think we've broken the back of throughput. You would have seen we've had record throughputs at PV now. It's all about recovery. Actually, I've got Hatch on site at the minute. They're doing an independent review for us as well. I think there's several moving parts and not being a metallurgist. What I can say to you, obviously, the handling of those stockpiles, as you pointed out, is absolutely critical. It's how we blend that feed going into the float circuit so that we can make sure that we don't get wild swings in our recovery throughout the day.
In terms of free sequencing, those stock piles to be processed earlier.
Well, I know just yeah thanks. Uh so look the
The recovery, as I said, is the focus, right? Because I think we've broken the back at 3 feet. You would have seen we've had record throughputs at TV now, so it's all about recovery. Actually, I've got Hatch on site at the minute; they're doing an independent review for us as well.
Mark Bristow: Look, there's a lot of things going on, and I think what we need to do is get real-time data back to the operators so that we can adjust the feed and better control what goes into the float circuit. I know that's probably not very specific for you, but that's sort of the situation we're in at the minute.
Anita Soni: Just so I understand, 'cause the second question was actually related to the recovery rates of PV, which seem to be undershooting what you had guided to earlier this year by about 5% or 6%. Are you processing any of these lower grade stockpiles right now, or is it just the, you know, the prior, like the prior targeted grades and, I guess, direct ore feed?
And I think there's several moving parts and not been a metallurgist for what I can say to you. Obviously the handling of those stock piles as you pointed out is absolutely critical. So it's how we blend that feed going into the float circuit, so that we can make sure that we don't get wild swings in our recovery throughout the day. So look, there's a, there's a lot of things going on and uh, I think what we need to do is get real-time data back to the operator, so that we can adjust the fees and better control, what goes into the float circuit. So, I know that's probably not, uh, very specific for you but that's sort of the, the situation we're in at the minute.
Can just so I understand because the second question was actually related to the the recovery rates of TV, which seem to be under shooting, what you had guided to earlier this year by about 65 or 6%. Are you processing any of these lower?
Mark Bristow: Well, it's a blend of fresh and stockpile material that we're putting through the plant now. As it always has been, it's a combined feedstock.
Anita Soni: All right. Maybe I'll get some more detail from you tonight at the dinner. The second question that I had was with respect to the collars. I must say I'm a bit surprised that you guys have put on collars. I think it's about. I realize it's only about 10% of the production, assuming, you know, prior estimates, but 10% of the production over that timeframe. Why did you guys put them on, and why not stay and leverage the gold price?
Grade stock piles right now or is it just the you know the prior um expected like the prior targeted grades and and um I guess direct or feed that well, it's a blend of fresh and stockpile material that we're putting through the plant now. So it's a as it always has been. It's a it's a combined feed St.
All right. Maybe I'll get some more detail for you tonight at the dinner and then um,
The second question that I had was, um, with respect to the colors.
Graham Shuttleworth: Hi, Tanya. It's Graham.
I must say, I'm a bit surprised that you guys, um, have put on callers. I think it's about it. I realize it's only about 10% of the production, assuming, you know, prior estimates, but 10% of the production over that time frame. But why did you guys put them on and why not stay on leverage the gold price?
Mark Bristow: Anita.
Graham Shuttleworth: Sorry, Anita. Sorry.
Anita Soni: Anita.
Graham Shuttleworth: Apologies.
Anita Soni: I'm gonna start calling you Mark Bristow or Tom Palmer. Which one's even better?
Mark Bristow: Good day.
Graham Shuttleworth: That's a toss-up.
Anita Soni: No offense to Tanya.
Apologies, I'm going to stop calling you Mark Bristow or Tom Palmer. Which one is better? That's a toss-up.
Um, no offense to Tom.
Graham Shuttleworth: Anita, yeah, thanks. The collar was put on at a time, early in Q3, at a time of record gold prices, associated with a potential strategic opportunity, which ultimately didn't close. I think it's important to realize that, as you point out, this is less than 10% of our production and, you know, the top of that collar is for over $4,300 per ounce. You know, at current record high gold prices, we're still fully exposed to these current record gold high gold prices. You know, to put it in perspective, even if the gold price were to go to $5,000 per ounce, we'd still have 99% exposure to the spot prices.
Um I need a yeah thanks. Um we
The color was put on at a time early in the third quarter, at a time of record gold prices.
Um, associated with a potential strategic opportunity.
Um, which ultimately didn't, uh, close?
Um, I think it's important to realize that, as you point out, this is less than 10% of our production.
And, um, you know, the top of that collar is, uh, 4 over 4,300 per ounce.
Graham Shuttleworth: It's a very small position. It shouldn't be read as a change in our strategy with respect to hedging. It was a product of a specific situation which ultimately didn't transpire, but we're comfortable that, you know, those positions are not gonna have a material impact on our financial results.
So, you know, at current uh, record high gold prices. We're still fully exposed, um, to these current record gold Hut, uh, gold prices and, uh, you know, to put it in perspective even if the gold price were to go to 5000 per ounce, we still have 99% exposure, uh, to the, um, to the to the spot prices. So it's a very small, uh, position. It's not something we intend to do going forward. It's not it doesn't, it shouldn't be read as a change in our strategy uh, with respect to um, uh hedging. It, it was, uh, a product of a specific uh, situation, which ultimately didn't transpire. But we we're comfortable uh, that, uh, you know those
Those positions are, are not going to have a material impact on our financial results.
Anita Soni: Now I'm intrigued. This strategic opportunity, was it acquisition or divestiture?
Graham Shuttleworth: I think if I was gonna tell you that, I would've told you that.
So now I'm intrigued. What is this, uh, strategic opportunity? Was it, uh, acquisition or development?
Anita Soni: All right. That didn't give me the answer. Okay. That's it for my questions. Thanks.
I think if I was going to tell you that, I would have told you that
All right.
Mark Bristow: Thanks, Anita.
Sydney. Sweeney answer, okay? Um that's it for my questions, thanks.
Operator: Our final question comes from John Toumazos at Very Independent Research. John, your line is open. You may unmute yourself and ask your question.
Thanks Anita.
Our final question comes from John to mazos at very independent research. John, your line is open, you may unmute yourself and ask your question.
John Toumazos: Thank you. Mark, in terms of the big picture, which of your corporate policies are different than your predecessor? Certainly, we're all on the same page for cost, safety, and maintenance, et cetera.
Mark, in terms of the big picture,
Which of your?
Corporate policies are different.
Uh,
Than your predecessor. Certainly we're all on the same page for cost and safety and maintenance, Etc.
Mark Bristow: Well, look, I don't think the strategy, John, has changed at all. I mean, you've obviously gathered my focus on where I see the most value is obviously in Nevada. We're gonna build out those two growth projects we have. The next thing is definitely shifting the focus to America. I've already started with that. Like, we're gonna spend more, a bigger portion of our exploration as well in Nevada and North America. I suppose it's a, it's not really a shift, but if you ask me where my attention's gonna be and maybe there is a little bit of a change, then it'll be, you know, all the focus we're gonna put into North America. 'Cause I do see a big opportunity there, and I do see that as the next big project and the next big growth area for Barrick.
Um, well look, I don't think the strategy John has changed at all. I mean, you've obviously gathered my focus on where I see the most value is obviously in Nevada. So we're going to build out those 2 growth projects we have. But then the next thing is definitely Shifting the focus to uh, to America. And I've already started with that like we're going to spend more a bigger of our expiration as well in Nevada and North America. So I suppose it's a, it's not really a shift but if you ask me where my attention is going to be and maybe there is a little bit of a change, then it'll be
You know, all the focus we're going to put into North America because I do see a big opportunity there, and I do see that as the next big project and the next big growth area for Barrick.
John Toumazos: Thank you.
Thank you.
Mark Bristow: Thanks, John.
Thanks John.
Operator: Thank you. That concludes our Q&A session for today. Back to Clive for any closing remarks.
[Company Representative] (Barrick Mining): Great. Thank you everyone for joining us today. We look forward to speaking with you again on our full-year results call in February. As always, please get in touch with us if you have any further follow-up questions. Thanks again very much.
Thank you, that concludes our Q&A session for today, back to cleave for any closing remarks.
Great, thank you, everyone, for joining us today. We look forward to speaking with you again on our full year results, call in February and as always, please get in touch with us if you have any further, follow-up questions. Thanks, again, very much.