Q3 2025 Barrick Mining Corp Earnings Call
Welcome everyone to Barrick's third quarter 2025 results presentation. At this time, all participants are in listen only mode.
As a reminder, this event is being recorded and a replay will be available on barrick's website later today I.
I will now turn the call over to Cleve Rickard head of Investor Relations. Please go ahead.
Thank you Mariano and good morning, everyone. We.
We hope you've had an opportunity to review the press release, we issued before the markets opened this morning.
Presentation deck is also now available to download on our website.
Presenting our results today are Mark Hill interim CEO and group.
And Graham Shuttleworth, senior EVP and CFO.
Other members of <unk> management team will be available after our prepared remarks for Q&A.
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. This material is also available on our website.
Speaker #1: Throughput at PWA. We expect continued quarterly growth in Q4 in line with our 2025 plan for a steady production increase throughout the year.
Speaker #1: And TOCO's reach. Cortez saw a significant increase in leach pad production in line with the mine plan. TOCO's ridge production was driven by increased throughput at the Sage autoclave following the maintenance we undertook in the first half of the year.
Speaker #1: Welcome, everyone, to Barrick's third quarter 2025 results presentation. At this time, all participants are in listen-only mode. As a reminder, this event is being recorded, and a replay will be available on Barrick's website later today.
Speaker #1: Higher production volume helped drive
Speaker #1: Our gold cost metrics per ounce are lower.
I will now hand, it over to Mark.
Speaker #1: At Carlin, roaster throughput was negatively impacted by some unplanned downtime at the end of the quarter. Importantly, all NGM sites reported lower unit costs per ounce and North America's attributable EBITDA increased 19% from Q2.
Speaker #1: across the board, despite the
Okay. Thanks, Clay and I appreciate everyone joining us this morning.
Speaker #1: pressure on our cash costs from royalties
Speaker #1: associated with the higher gold
Speaker #1: prices. Higher volumes on lower
So as clay pointed out on the interim CEO and groups.
Speaker #1: I will now turn the call over to Cleve Rickert, Head of Investor Relations. Please go ahead.
Speaker #1: costs translated into a
Speaker #1: 25% quarter-on-quarter
And since taking on these roles I've met with the teams and visited most of our K sides to review.
Speaker #1: increase in our attributable gold
Speaker #2: Thank you, Marianna, and good morning, everyone. We hope you've had an opportunity to review the press release we issued before the markets opened this morning.
Speaker #1: EBITDA.
Speaker #1: Demonstrating significant operating leverage from
Performance and assess what we can do differently at very.
Speaker #1: So, 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.
Speaker #1: a 5% increase in the gold
Speaker #1: price.
A stronger emphasis on safety and operational performance.
Speaker #2: This presentation deck is also now available to download on our website. Presenting our results today are Mark Hill, Interim CEO and Group COO, and Graham Shuttleworth, Senior EVP and CFO.
Speaker #1: Coupled with production
Speaker #1: was slightly down from Q2 on the back
The quality of our assets is under novel So are 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: of a September shutdown in Rwanda, which was
Speaker #1: In line with our preventative maintenance.
Speaker #1: We
Speaker #1: expect both gold and copper to deliver with of September shutdown in Lima, which
Speaker #1: their respective production guidance ranges for
Speaker #1: the year and on cost guidance after
Speaker #2: Other members of BARRICK's management team will be available after our prepared remarks for Q&A. Before we begin, please note that we will be making forward-looking statements.
Speaker #1: So, 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.
Speaker #1: adjusting for the royalty impact from the higher
We're about halfway through that review and will provide more titles at full year results in February.
Speaker #1: gold
Speaker #1: prices. Now I'm going to hand it over
Speaker #1: to Graham to discuss our financial
So since assuming this interim CEO responsibilities become increasingly clear to me that the most significant opportunities there that gold assets in North America.
Speaker #1: highlights. Thanks, Graham.
Speaker #2: Thanks, Mark. And good morning to
Speaker #2: 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 #2: everyone.
Speaker #1: We've also increased Four Mile's exploration budget by a little over $10 million for the remainder of 2025. 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 #2: BARRICK's third quarter financial performance
Speaker #2: was exceptionally strong.
Particularly through improved performance at and Jam, coupled with a gold discovery at Pall Mall.
Speaker #2: Setting company records for operating
Speaker #2: This material is also available on our website. I will now hand it over to Mark.
Speaker #2: cash flow, free cash
Speaker #2: flow, and adjusted net
Speaker #2: earnings. We continued to fund our
So turning to our performance in Q3, we posted strong operational and financial results.
Speaker #3: Okay. Thanks, Cleve. And I appreciate everyone joining us this morning. So, as Cleve 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 #2: growth projects with disciplined
Speaker #2: budgets resulting in cash flow more
Speaker #2: than tripling from quarter
And we launched several company records included adjusted earnings per share and cash flow.
Speaker #2: We again ended the quarter.
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 #2: supporting an additional performance dividend and increase in our base quarterly dividend and a significant increase in our share repurchases. Looking at how our performance has trended
So our production increased from last quarter and costs drop, which combined with a higher gold price drove a significant increase in our free cash flow.
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.
We increased that by its dividend by 25%.
Speaker #3: 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 #2: this year, the combination
Dividends and buybacks combined in the quarter were a record quarterly cash return to shareholders.
Speaker #2: of a higher gold
Speaker #2: price, production volume growth,
Speaker #2: and lower unit costs per ounce delivered higher margins
Asset sales support and expanded one five being use buyback program.
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: and a 20%
Speaker #2: quarter-over-quarter increase in BARRICK's
Speaker #3: 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.
And on top of all this our updated pay I confirmed at full mile is arguably the centuries my significant sell discovery.
Speaker #2: attributable
Speaker #2: EBITDA. This translated to a
Speaker #2: 274%
Speaker #2: increase in free cash
Speaker #1: So, turning to Latin America and Asia Pacific region, gold production was in line compared with 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: flow enabling us to
Speaker #2: repurchase 598 million dollars of our stock, and we increased our base dividend by 25%. I'll discuss capital allocation more in a moment. As Mark highlighted, quarter three was a company record for cash returns to
So it's a bot. Despite this very strong quarter for business. It was unfortunately overshadowed by three fatalities, one a gold rush want to pull in Hulu and monarch Kibali.
Speaker #3: Particularly through improved performance at NGM, coupled with our gold discovery at Fourmile. 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.
That was a result of an incident that we reported in Q2 this year.
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.
So firstly I would like to extend our sincere condolences to the families and loved ones of our three colleagues.
Speaker #2: shareholders. We
Speaker #2: ended the quarter in a net cash
Speaker #2: position and at today's discuss capital allocation more in a
Speaker #2: gold price, we expect quarter
And secondly, I wanted to highlight to everyone that we are conducting full investigation into these incidents.
Speaker #3: 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 #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: four will be even
Speaker #2: better. This is all before the HAMLO
Speaker #2: and TONGAN asset sales which
So that we can put systems in place to guarantee everyone guys fine safely every day, which is my commitment.
Speaker #2: we expect to close before the end
Speaker #2: of the
Speaker #2: year.
Speaker #3: 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 US buyback program, and on top of all this, our updated PEA confirms that Fourmile is arguably this century's most significant gold discovery.
Speaker #2: Looking at our capital allocation
Obviously safety needs to be the number one focus at Barrick, we are reviewing our safety culture and structures to ensure we embed the right principles at all levels of the organization to achieve our goal of zero harm.
Speaker #1: 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.
Speaker #2: framework, so far in
Speaker #2: 2025, we've
Speaker #2: generated 5 billion dollars in
Speaker #2: operating cash flow.
Speaker #2: We've reinvested more than 2
Speaker #2: billion back into the business.
Speaker #2: We paid 596
Speaker #2: million in dividends, and
Okay.
Speaker #2: we exhausted our 1 billion
So looking at the business performance in the quarter gold production increased 4% over Q2, probably driven by higher grades at Kibali higher throughput at Cortez and turquoise Ridge and a record high throughput at Pueblo Viejo.
Speaker #2: repurchase
Speaker #2: authorization. BARRICK has three
Speaker #1: Production at North Mara was up 3% from Q2, as both the underground and open pit operations exceeded expectations, while Bull and Hulu remained flat. Regional costs were down across the board, resulting in an impressive 65% quarter-on-quarter increase in attributable EBITDA.
Speaker #2: capital allocation priorities
Speaker #3: 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: above and beyond our long-term operating plan.
Speaker #2: First, we maintain a strong balance
Speaker #2: sheet keeping us in control
Speaker #2: of our destiny through commodity
We expect continued quarterly growth in Q4 in line with that 2025 planned for a steady production increased throughout the year.
Speaker #3: 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: price cycles. We
Speaker #2: target zero to modest net debt. Second, we invest in accretive growth with a disciplined focus on cash generation and sustained value creation.
Speaker #1: 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.
Higher production volume helped drive at gold cost metrics per ounce lower across the board.
Speaker #3: 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 day, which is my commitment.
Despite the pressure on our cash costs from royalties associated with the higher gold prices.
Speaker #1: We expect Q4 copper production to be similar to Q2, delivering annual results for our copper business within guidance. So, as we've discussed throughout this call, BARRICK is in good position to deliver on our plans for the year.
Higher volumes on lower costs translate translated into a 25% quarter on quarter increase in our attributable gold EBITDA.
Speaker #3: Obviously, safety needs to be the number one focus at BARRICK. We are reviewing our safety culture and structures to ensure we embed the right principles at all levels of the organization, to achieve our goal of zero harm.
Demonstrating significant operating leverage from a 5% increase in the gold price.
Speaker #1: 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.
Coupled with <unk>.
Copper production was slightly down from Q2 on the back of a September shutdown on Romana, which was in line with our preventative maintenance programs.
We expect both gold and copper to live with their respective production guidance ranges for the year and on cost guidance after adjusting for the royalty impact from the higher gold prices.
Speaker #3: So, looking at the business performance in the quarter, gold production increased 4% over Q2, primarily driven by higher grades at Kibali, higher throughput at Cortez and Turquoise Ridge, and
Now I'm going to hand, it over to the to Graeme to discuss our financial highlights. Thanks Bill.
Speaker #3: a record high throughput at
Speaker #3: Olivia, we expect continued forward growth in Q4.
Thanks, Mark and good morning to everyone.
Speaker #3: in line with our 2025 plan for
Barrick third quarter financial performance was exceptionally strong setting company records for operating cash flow free cash flow and adjusted net earnings.
Speaker #3: a steady production increase
Speaker #3: throughout the year.
Speaker #3: Higher production volume, health drive
Speaker #3: of our gold cost metric around lower.
Speaker #3: across the board, despite
We continued to fund our growth projects with disciplined budgets, resulting in cash flow more than tripling from quarter two.
Speaker #3: the pressure on our cash flow from royalties associated with higher gold.
Speaker #3: prices. Higher volume and lower
Speaker #3: costs translated to a
We again ended the quarter in a net cash position supporting an additional performance dividend an increase in our base quarterly dividend and a significant increase in our share repurchases.
Speaker #3: 25% quarter-on-quarter
Speaker #3: increase in our attributable gold
Speaker #3: EBITDA.
Speaker #3: Demonstrating significant operating leverage from
Speaker #3: a 5% increase in gold
Speaker #3: price.
Speaker #3: Coupled with
Speaker #3: Production was slightly down from Q2, on the back of programs.
Looking at how our performance has trended this year.
Speaker #3: was in line with our revenue makeup
The combination of a higher gold price production volume growth and lower unit cost per ounce delivered higher margins and a 20% quarter over quarter increase in barrick's attributable EBITDA.
Speaker #3: progress.
Speaker #3: We. If gold and copper had lived with
Speaker #3: their respective production guide ranges for
Speaker #3: the year and on cost guidance after.
Speaker #3: adjusting for the royalty impact from the higher
Speaker #3: gold prices.
Speaker #3: Now, I'm going to hand it over to
This translated to a 274% increase in free cash flow.
Speaker #3: Graham to discuss our financial
Speaker #3: highlights. Thanks, Graham.
Speaker #4: Thanks, Mark. And good morning to
Speaker #4: everyone. BARRICK's third quarter financial
Enabling us to repurchase $598 million of our stock.
Speaker #4: performance was exceptionally strong.
And we increased our base dividend by 25%.
Speaker #4: Setting company records for
Speaker #4: operating cash flow, free cash
I'll discuss capital allocation more in a moment.
Speaker #4: flow, and adjusted net
Speaker #4: earnings. We continue to fund our
As Mark highlighted quarter, three was a company record for cash returns to shareholders.
Speaker #4: gold projects with disciplined
Speaker #4: budgets, resulting in cash flow more
Speaker #4: than tripling from
Speaker #4: than tripling from Q2. We're then ending the quarter in a net cash position
We ended the quarter in a net cash position.
Speaker #4: in a net cash position,
And at today's gold price, we expect quarter four will be even better.
Speaker #4: supporting an additional performance dividend and increasing our
This is all before the hemlo and tongue on asset sales, which we expect to close before the end of the year.
Speaker #4: base quarterly dividend and a
Speaker #4: significant increase in our share
Speaker #4: repurchases. Looking at how our performance trended
Looking at our capital allocation framework, so far in 2025, we generated <unk> $5 billion in operating cash flow.
Speaker #4: this year, the combination
Speaker #4: of a higher gold
Speaker #4: price, production volume growth,
Speaker #4: and lower unit costs per
Speaker #4: ounce delivered high margins
We've reinvested more than 2 billion back into the business.
Speaker #4: and a 20%
Speaker #4: quarter-over-quarter increase in BARRICK's
We paid $596 million in dividends and we exhausted our 1 billion repurchase authorization.
Speaker #4: Attributable EBITDA translated to a 274% increase in free cash flow, enabling us to repurchase $598 million of our stock, and
Eric has three capital allocation priorities above and beyond our long term operating plan.
Speaker #4: We increased our base dividend by 25%. I'll...
First we maintain a strong balance sheet, keeping us in control of our destiny through commodity price cycles.
Speaker #4: moment. As
Speaker #4: Mark highlighted, Q3 was
We target zero to modest net debt.
Speaker #4: a company record for cash return to
Second we invest in accretive growth with a disciplined focus on cash generation and sustained value creation.
Speaker #4: shareholders. We
Speaker #4: ended the quarter in a net cash
Speaker #4: position and today's
Speaker #4: gold price we expect
Speaker #4: Q4 will be even better.
And third we return excess cash to shareholders balancing dividends and buybacks, depending on our share price and valuation.
Speaker #4: This is all before the hello and tongue-on asset sales
Speaker #4: which we expect to close before the end.
Speaker #4: of the
Speaker #4: year.
Given the confidence in our business, we are increasing our base quarterly dividend by 25% to 12 and a half cents per share.
Speaker #4: Looking at our capital allocation
Speaker #4: framework, so far in
Speaker #4: 2025, we've
Speaker #4: generated 5 billion dollars in
For the quarter. The board has approved a 17 and a half.
Speaker #4: operating cash flow.
Speaker #4: We've reinvested more than 2
Speaker #4: billion back into the business. We paid 596
Per share quarterly dividend.
<unk> of the higher base dividend and including a further five cent per share performance triptans.
Speaker #4: million in dividends, and we
Speaker #4: resourced our 1 billion repurchase
Speaker #4: authorization. BARRICK has three
Additionally, given strength in operating cash flow and the cash from noncore asset sales expected in the fourth quarter.
Speaker #4: capital allocation priorities
Speaker #4: above and beyond our long-term
Speaker #4: operating plan.
The board has authorized a $500 million increase to our existing share repurchase program, which we expect to execute on further in quarter four.
Speaker #4: First, we maintain a strong balance
Let me now turn the call back over to Mark for more detail on our regional performance in the quarter.
Okay. Thanks, Graham So starting with North America Barrick's value Foundation gold production increased 4% from Q to Q2.
Driven by improved performance at Cortez and Turquoise Ridge co.
<unk> saw a significant increase in <unk> production in line with the mine plan.
Serco has reached production was driven by increased throughput at the site or the client 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.
Importantly, all MGM sorts reported lower unit cost per ounce and North America's attributable EBITDA increased 19% from Q2.
So MGM is our most important asset and is a foundation of Barrick contributing more than half of air Q3 attributable production.
It is on track to achieve full year production guidance and is central to delivering value to our shareholders.
Okay.
So as most of you will know we believe four mall is one of the most significant gold discoveries with 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 malls exploration budget by a little over $10 million for the remainder of 2025.
Anita Soni: Welcome, everyone, to Barrick's Q3 2025 results presentation. At this time, all participants are in listen-only mode. As a reminder, this event is being recorded, and a replay will be available on Barrick's website later today. I will now turn the call over to Cleve Rickert, Head of Investor Relations. Please go ahead.
This slide highlights the opportunity design circled in Red is our existing resource.
<unk> ordered area is what we expect to convert to resources this year.
Cleveland Rueckert: Thank you, Mariana, and good morning, everyone. We hope you've had an opportunity to review the press release we issued before the markets opened this morning. This presentation deck is also now available to download on our website. Presenting our 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. 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. This material is also available on our website. I will now hand it over to Mark.
And the region in grain and beyond these all the upside.
So looking ahead, we expect to have 2020 drill rigs on the project next year and we plan to commence a bowling hill baked on 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 therefore them all pay out in September and highlights a rare combination of great scale and exploration upside.
So advancing this project is obviously a key priority for the North America region maintained but also for Barrick as a whole.
So turning to Latin America, and Asia Pacific Region Gold production was in line compared with Q2 as plan.
<unk> is performing malignancy targets with a typical winter seasonal decline offsetting the record quarterly throughput at pebble there.
Mark Hill: Okay, thanks, Cleve, and I appreciate everyone joining us this morning. As Cleve pointed out, I'm 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. 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. We're about halfway through that review, and we'll provide more details at our full-year results in February.
<unk> performed well in Q3 with processing throughput up 7% quarter on quarter.
Shaving record higher throughput in Q3.
With the highest quarterly production since 2022.
Our focus is now squarely on driving improved recoveries going forward.
So all assets in the region are on track to meet that go on for years, including pay rates.
Moving to Africa Middle East Gulf production showed the largest quarter on quarter increase of all the regions rising 8% from Q2 on.
On the back of a 15% increase at Kibali IRI open pit mining volumes and grades uplifted Kabbalah These processing right.
Mark Hill: Since assuming this Interim CEO responsibility, it has become increasingly clear to me that the most significant opportunity is at our gold assets in North America, particularly through improved performance at NGM, coupled with our gold discovery at Fourmile. 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. Production increased from last quarter and costs dropped, which, combined with a higher gold price, drove a significant increase in our free cash flow. 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 buyback program. On top of all this, our updated PA confirms that Fourmile is arguably this century's most significant gold discovery.
As that operation hedging towards the expected strong Q4 delivery.
Production at North Mara was up 3% from Q2 as both the underground and open pit exceeded expectations and Bolan Hulu was flat.
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 Fuller monitor in September.
We expect Q4 copper production to be similar to Q2, delivering annual results for our copper business within guidance.
So as we have discussed throughout this call Barrick is in good position to deliver on our plans for the year showing 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 <unk> and Hamlin and.
And we expect to have these sales to conclude before the year end.
Mark Hill: Despite this very strong quarter for business, it was unfortunately overshadowed by three fatalities: one at Goldrush, one at Bulyanhulu, and one at Kibali. That was a result of an incident that we reported in Q2 this year. Firstly, I would like to extend our sincere condolences to the families and loved ones of our three colleagues. Secondly, I want to highlight to everyone that we are conducting a full investigation into these incidents so that we can put systems in place to guarantee everyone goes home safely every day, which is my commitment. Obviously, safety needs to be the number one focus at Barrick. We are reviewing our safety culture and structures to ensure we embed the right principles at all levels of the organization to achieve our goal of zero harm.
Also after adjusting for the year to date higher gold price at total cash costs and basics are also tracking within guidance.
As you can say copper costs are already within go on some are expecting the monitor report a strong finish to the year.
So before I close I, just want to emphasize that our near term focus is on safety and operational performance.
We will adjust things internally is necessary to create value for our shareholders and deliver on that guidance.
This company has a strong portfolio of assets with Nevada at its core Nevada continues to draw more than half of our production from our low sorry to deliver more than half of our production from our low risk jurisdiction.
We have long resource lives and continued opportunities to replace reserves remodel.
We have some of the best growth projects in the World currently in execution.
Mark Hill: Looking at the business performance in the quarter, gold production increased 4% over Q2, primarily driven by higher grades at Kibali, higher throughput at Cortez and Turquoise Ridge, and a record high throughput at Pueblo Viejo. We expect continued quarterly growth in Q4 in line with our 2025 plan for a steady production increase throughout the year. Higher production volume helped drive our gold cost metrics per ounce lower across the board, despite the pressure on our cash costs from royalties associated with the higher gold prices. Higher volumes on lower costs translated into a 25% quarter-on-quarter increase in our attributable gold EBITDA, demonstrating significant operating leverage from a 5% increase in the gold price. Copper production was slightly down from Q2 on the back of a September shutdown in Lumwana, which was in line with our preventative maintenance programs.
We have a strong balance sheet, that's returning excess capital to shareholders and funding our growth.
Also after adjusting for the year to date higher gold price at total cash costs and <unk> are also tracking within guidance.
And we have an excellent global team of people, who are empowered to deliver on our strategy.
As we progress on our operational review it is confirming to me.
As you can say copper costs are already within guidance and we're expecting the mana to report a strong finish to the.
That the value creation opportunity across the portfolio, especially the potential for North American gold assets in Nevada in Dominican Republic.
So before I close I, just want to emphasize that our near term focus is on safety and operational performance.
As I've said, Nevada is a core of our company as it continued to deliver more than 50% of our production.
We will adjust things internally is necessary to create value for our shareholders and deliver on that guidance.
With no extraordinary opportunity for growth at Pall Mall.
We will be unwavering in our focus to drive value creation in Nevada.
This company has a strong portfolio of assets with Nevada at its core Nevada continues to draw more than half of our production from our low sorry to deliver more than half of our production from our low risk jurisdiction.
But thank you everyone for your attention I will now hand, it back to the moderator for the Q&A session.
Thank you for the Q&A session, we'll use the Raytheon feature and Jim if you'd like to ask a question click on the right hand button at the bottom of your screen. Once prompted please on mute yourself and go home.
We have long resource lives and continued opportunities to replace reserves we mined.
We have some of the best growth projects in the World currently in execution.
Mark Hill: We expect both gold and copper to deliver within their respective production guidance ranges for the year and on cost guidance after adjusting for the royalty impact from the higher gold prices. Now, I'm going to hand it over to Graham to discuss our financial highlights. Thanks, Graham.
We have a strong balance sheet, that's returning excess capital to shareholders and funding our growth.
I'll pause for a moment to assemble the queue.
And we have an excellent global team with people, who are empowered to deliver on our strategy.
Our first question comes from Fahad two week at Jefferies.
As we progress on our operational review is confirming to me.
Your line is open please on mute and go ahead.
Graham Shuttleworth: Thanks, Mark, and good morning to everyone. Barrick's Q3 financial performance was exceptionally strong, setting company records for operating cash flow, free cash flow, and adjusted net earnings. We continued to fund our growth projects with disciplined budgets, resulting in cash flow more than tripling from Q2. We again ended the quarter in a net cash position, supporting an additional performance dividend, an increase in our base quarterly dividend, and a significant increase in our share repurchases. Looking at how our performance has trended this year, the combination of a higher gold price, production volume growth, and lower unit costs per ounce delivered higher margins and a 20% quarter-over-quarter increase in Barrick's attributable EBITDA. This translated to a 274% increase in free cash flow, enabling us to repurchase $598 million of our stock, and we increased our base dividend by 25%. I'll discuss capital allocation more in a moment.
Hi, Thanks for taking my question on the bottom up operational review at Nevada, Goldmine, specifically can you just give us maybe a framework for what.
That's the value creation opportunity across the portfolio, especially the potential for North American gold assets in Nevada in Dominican Republic.
Youre looking at or what the team is looking at and specifically what is incremental versus the.
As I've said, Nevada is a core of our company as it continued to deliver more than 50% of our production.
The recapitalization efforts that have already been completed including the new fleet investment and reinvestment in the roasters autoclave.
With a known extraordinary opportunity for growth at Pall Mall.
We will be unwavering in our focus to drive value creation in Nevada.
So on a lot of work has already been done so maybe just provide.
Thank you everyone for your attention I'll now hand, it back to the moderator for the Q&A session.
What's incremental in this review.
Okay. Thanks for the question. So look the operational review is obviously.
Thank you for the Q&A session, we'll use the raise hand feature and Jim if you'd like to ask a question click on the right hand button at the bottom of your screen. Once prompted please on mute yourself and go ahead.
Trying to stabilize and May balk consistence with our delivery through MGM. So we've gone back and we are building those plans up from Rob from the base again, and it's going to incorporate obviously the mining the mining efficiencies utilization, but it's also more importantly include maintenance approach a planned maintenance.
I'll pause for a moment to assemble the queue.
Our first question comes from Fahad two week at Jefferies.
And the expected outcome of is that we don't have these unexpected surprises like we had a call on this quarter. So we're just trying to stabilize the operations and make sure we have everything in place so that we can deliver on.
Your line is open please on mute and go ahead.
Hi, Thanks for taking my question on the bottom up operational review at Nevada, Goldmine, specifically can you just give us maybe a framework for what.
On quarter.
You're looking at or what the team is looking at and specifically what is incremental versus.
Okay, and then maybe as a follow up just on the maintenance of point. So in the MD&A mentions at Carlin, there was excessive scaling and the Goldcorp gold quarry roaster is that something that was not captured in the first half maintenance I believe both grocers had their annual shutdowns in the first half.
Graham Shuttleworth: As Mark highlighted, Q3 was a company record for cash returns to shareholders. We ended the quarter in a net cash position, and at today's gold price, we expect Q4 will be even better. This is all before the Hemlo and Tongon asset sales, which we expect to close before the end of the year. Looking at our capital allocation framework, so far in 2025, we've generated $5 billion in operating cash flow. We've reinvested more than $2 billion back into the business. We paid $596 million in dividends, and we exhausted our $1 billion repurchase authorization. Barrick has three capital allocation priorities above and beyond our long-term operating plan. First, we maintain a strong balance sheet, keeping us in control of our destiny through commodity price cycles. We target zero to modest net debt.
The recapitalization efforts that have already been completed including the new fleet investment and reinvestment in the roaster is autoclave.
And so on a lot of work has already been done so maybe just provide.
What's incremental in this review.
Or did the buildup happened.
Okay. Thanks for the question. So look the operational review is obviously, what we're trying to stabilize and may bulk consistence with that delivery through NGL, so, but going back and they are building nice plans up from Rob from the base again, and it's kind of incorporate obviously the mining the mining efficiencies utilization.
After that.
Okay look Henri maybe you're a better position to answer that place.
It's Marc Hedrick.
And Jim that buildup of the scaling happened after the shutdown at gold quarry and it was and.
Foreseen, but it's been taken care of them.
Thanks, Eric.
But it's also going on more importantly include maintenance approach a planned maintenance and the expected outcome of is 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 on.
Okay, great. Thank you.
Thank you.
Our next question comes from Matthew Murphy at BMO Capital markets. Your line is open please UN mute yourself and ask your question.
Hi, Mark Graham cleaved, thanks for the presentation Mark Congrats on the interim CEO role.
On quarter.
Okay, and then maybe as a follow up just on the maintenance of point. So in the MD&A mentions at Carlin, there was excessive scaling and the Goldcorp gold quarry roaster is that something that was not captured in the first half maintenance I believe both roasters had their annual shutdowns in the first half.
Also interested in this operational review how should we think about what the output of this review might be.
Graham Shuttleworth: Second, we invest in accretive growth with a disciplined focus on cash generation and sustained value creation. Third, we return excess cash to shareholders, balancing dividends and buybacks depending on our share price and valuation. Given the confidence in our business, we are increasing our base quarterly dividend by 25% to $12.50 per share. For the quarter, the board has approved a $17.50 per share quarterly dividend, consisting of the higher base dividend and including a further $0.05 per share performance dividend. Additionally, given strength in operating cash flow and the cash from non-core asset sales expected in the fourth quarter, the board has authorized a $500 million increase to our existing share repurchase program, which we expect to execute on further in Q4. Let me now turn the call back over to Mark for more detail on our regional performance in the quarter.
Does this include a review of medium term guidance in and can you.
Position in a few months to have.
Or did the buildup happened.
After that.
I have a different view on that.
Okay look Henri maybe you're a better position to answer that place.
Okay. Thanks, Matthew will look the review is obviously like I said, so that we can be more competent and we get a more predictable outcomes from quarter to quarter and that will obviously feed into the budget next year and we're not expecting any major.
It's mark.
Morning.
Jim that buildup of the scaling happened after the shutdown at gold quarry than it was in.
Foreseen, but it's been taken care of now.
Changes on that at the moment.
Thanks, Eric.
But it is just to try and understand you know.
Okay, great. Thank you.
Thank you.
Where there is opportunity so even down to the things, where we say we have replace reserves every year, but this review will also include looking at maybe stepping out and drilling and saying if there's other opportunities. If we can find within the portfolio around at current assets rather than just replacing reserves. So it may be a longer term goal, but also is something we'd be looking at but the <unk>.
Our next question comes from Matthew Murphy at BMO Capital markets. Your line is open.
Ask your question.
Hi, I'm Mark Graham cleaved, thanks for the presentation Mark Congrats on the interim CEO role.
My focus is to get the planned maintenance.
Also interested in this operational review how should we think about what the output of this review might be.
In place so that we can make sure we just consistently deliver on our quarterly guidance.
Like does this include.
Okay. Thank you and then one other follow up I noticed in the.
A review of medium term guidance and.
And can you.
M. DNA that are some re sequencing of record the capex and just interested in what's happening there and when you might close the project financing.
You're in a position in a few months to have a different view on that.
Mark Hill: Thanks, Graham. Starting with North America, Barrick's Fairview Foundation, gold production increased 4% from Q2, driven by improved performance at Cortez and Turquoise Ridge. Cortez saw a significant increase in leach pad production in line with the mine plan. Turquoise Ridge production was driven by increased throughput at the Sage autoclave 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. 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.
Okay. Thanks, Matthew will look the review is obviously like I said, so that we can be more confident and we get a more predictable outcomes from quarter to quarter and that will obviously feed into the budget next year and we're not expecting any major chain.
Okay, Let me hand over to Graham for that method Hi, Matt.
Match, and we alluded to this even last quarter that really it's just a product of the work that we've been doing with Fluor, who came on board.
Changes on that at the moment.
But it is just to try and understand.
In the middle of the year as our PCM contractor and they've been looking at the specific timing of when we place orders and and therefore, the <unk> the <unk>.
Where there is opportunity so even down to the things, where we say wave replace reserves every year that this review will also include looking at maybe stepping out and drilling and saying if there's other opportunities that we can fund within our portfolio around our current assets rather than just replacing reserves. So it might be a longer term goal, but also is something we'd be looking at but the pro.
Flow on impact of that is just on cash flow. So really what we've done is we've reshaped yield some of the cash flow that we were expecting in 'twenty five and we shifted it across 26 and 27.
So it's there's no impact on the overall project schedule that the total capital schedule. It's it remains consistent it's just a timing timing issue and as we move forward.
My focus is to get the planned maintenance.
In place so that we can make sure we just consistently deliver on our quarterly guidance.
Okay. Thank you and then one other follow up I noticed in the EM.
In terms of the.
M. DNA that are some refinancing of record Capex and just interested in what's happening there and when you might close the project financing.
The financing itself and.
We are very well advanced with.
Mark Hill: As most of you will know, we believe Fourmile 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 Fourmile's exploration budget by a little over $10 million for the remainder of 2025. 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 Bull & Hule decline development towards the end of 2026. This will allow us to proceed with the feasibility study.
The lenders.
The remaining piece of the puzzle is.
Okay, let me hand over to grind to that method.
Is a U S section, which is an important part of the lender group and unfortunately with the U S government shutdown.
And match and we alluded to this even last quarter that and really it's just a product of the work that we've been doing with Fluor, who came on board.
They haven't been able to see.
Sign on the dotted line.
But as soon as the shutdown lifts, we will be in a re engaging with them and we still expect to be able to.
In the middle of the year as our PCM contractor and they've been looking at the specific timing of when we place orders and and therefore the.
Sonn that financing by the end of the year.
The follow on impact of that is just on cash flow. So really what we've done is we've reshaped yield.
Okay. Thank you.
Our next question is from Daniel Major UBS. Daniel Your line is open you may ask your question.
Some of the cash flow that we were expecting in 'twenty, five and we shifted it across 26 and 27 and.
So it's there's no impact on the overall project schedule that the total capital schedule. It's it remains consistent it's just a timing timing issue and as we move forward.
Hi.
Graham can you hear me okay, yes.
Yep.
Great. Thanks for the questions. So two questions.
Mark Hill: On the back of the recent drill results, we updated our formal PA 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. 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 a typical winter seasonal decline, offsetting the record quarterly throughput at Pueblo Viejo. 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 driving improved recoveries going forward. All assets in the region are on track to meet their guidance for the year, including PV.
One on the portfolio great to see.
In terms of the.
<unk> progress in realizing good value for.
The financing itself and.
We are very well advanced with.
Hemlo and tongue on is there any.
The lenders.
The remaining piece of the puzzle is.
Other potential areas of the portfolio following kind of senior management change et cetera.
Is U S section, which is an important part of the lender group and unfortunately with the U S government shutdown.
You see as opportunities in there was there any price. This is ongoing for any other assets in the portfolio.
They haven't been able to.
Sign on the dotted line.
Okay.
Well look no not at this stage look as I've said at the start the focus is really on.
But as soon as the shutdown lifts, we will be re engaging with them and we still expect to be able to.
The Americas, and and MGM and payback and getting those up to where we need them and delivering on the la monitor expansion in the Rec I do.
So on that financing by the end of the year.
Okay. Thank you.
Our next question is from Daniel Major UBS. Daniel Your line is open you may ask your question.
<unk>. So we haven't really focused on anything else at this point, but since September went out with that.
Okay. Thanks, and then.
Hi.
Maybe.
Graham can you hear me okay.
Two questions on that Jim.
Yeah.
Dynamic firstly.
Great. Thanks for the questions. So two questions.
With respect to dialogue with the JV partner around four mile and potential exploration kind of at depth. If we look at your.
Mark Hill: 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. 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 with Bulyanhulu and North Mara in September. We expect Q4 copper production to be similar to Q2, delivering annual results for our copper business within guidance.
One on the portfolio great to see.
More progress and realizing good value for them.
Slide 11 to the right hand side of the divide between the Nevada Gold mines.
Hemlo and tone on is there any.
Other potential areas of the portfolio following kind of senior management change et cetera.
Epaulet gold rush and full mile.
Has there been any update on kind of results within the JV.
You see as opportunities in there was there any price. This is ongoing for any other assets in the portfolio.
And not saying recently and has the dialogue between the two.
Okay.
Well look no not at this stage like as I said at the start the focus is really on.
He has changed at all and could that potentially result in discussions around the stage depend in full a full mile.
The Americas, and and MGM and payback and getting those up to where we need them and delivering on the la monitoring expansion and the Ric I do.
Okay. So look just to maybe talk to full mile per minute now obviously as you are well aware at some stage that will end up in the.
Construction. So we haven't really focused on anything else at this point, but since September went out with that.
And the joint venture with Newmont, I mean, newmont are well aware of Pall mall, and they're well aware of all that current operations.
Okay. Thanks, and then.
Maybe.
As a joint venture partner, but.
Two questions on that Jim.
That's not going to be until we finish drilling and get those day plans in place and basically deliver a feasibility study and then we will discuss how that Ernie ill.
Dynamic firstly.
With respect to dialogue with the JV partner around four mile and potential exploration kind of at that if we look at your.
Mark Hill: 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, and we expect to have these sales to conclude before the year end. Also, after adjusting for the year to date higher gold price, our total cash costs in day six 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.
He's going to work with Newmont and then on the other question I don't have any update on any more results.
Slide 11 to the right hand side of the divide between the Nevada Gold mines.
No material changes Dan.
<unk> epilepsy gold rush and full mile.
Okay. That's some.
Has there been any update on kind of results within the JV.
That's useful things that maybe one and one final one just like.
I guess directionally thinking about that.
And not saying recently and has the dialogue between the two.
G M into in into next year.
He has changed at all and could that potentially result in discussions around the stage depend in full a full mile.
Would you incrementally expect.
<unk> kind of significantly higher production or would that be a flatter profile at a high level next year, obviously, I guess youll get the guidance for the Q4.
Okay. So look just to maybe talk to pull them off for a minute now obviously as you are well aware at some stage that will end up in the in.
And we will give the gods with Q4, but it'll be at this stage based on what I felt it would be relatively flat I would imagine.
In the joint venture with Newmont, I mean, newmont are well aware of formal and they're well aware of all that current operations.
Okay. That's clear thanks a lot.
Thanks, Dan.
Mark Hill: 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. We have a strong balance sheet that's returning excess capital to the 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 the value creation opportunity across the portfolio, especially the potential for North American gold assets in Nevada and Dominican Republic.
As a joint venture partner, but.
As a reminder, if you would like to ask a question click on the right hand button at the bottom of your screen.
That's not going to be until we finish drilling and get those stakes aren't in place and basically deliver a feasibility study and then we will discuss how that Ernie ill.
Next question comes from Tanya just disconnect at Scotia Capital tenure. Your line is open you may mute yourself.
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.
Yeah.
Okay. That's some.
Danielle we can't hear you.
That's helpful. Thanks, and then maybe one final one just.
You can't are you can we can now.
I guess directionally thinking about.
Okay. Good Oh my God. Thank you.
G M into.
In into next year would you incrementally expects.
Good morning, everyone. Thank you so much for taking my question.
I'm just going to circle back to the review Mark that that you've been doing you said you went to work at most of the operations aren't met with most of the team and it sounds as though the focus for you is just getting this predictability on the maintenance program Sir.
Kind of significantly higher production or would that be a flatter profile at a high level next year, obviously, I guess youll get the guidance for the Q4.
Mark Hill: As I've said, Nevada is the core of our company as it continues to deliver more than 50% of our production, with an extraordinary opportunity for growth at Fourmile. We will be unwavering in our focus to drive value creation in Nevada. Thank you everyone for your attention. I'll now hand it back to the moderator for the Q&A session.
Yeah, we'll give the gods with Q4, but it'll be at this stage based on what I felt it would be relatively flat I would imagine.
Okay, that's clear thanks Hello.
To really deliver them in a quarter on quarter delivery.
Thanks, Dan.
When you did all of this and right now 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.
As a reminder, if you would like to ask a question click on the right hand button at the bottom of your screen.
Next question comes from Tanya just disconnect at Scotia Capital tenure. Your line is open you may mute yourself.
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.
Thanks, Dan and I look at this stage, that's not what it's about maintaining Nevada, which youre probably bought familiar with anyway, but look we have a strong team, but there is obviously some gaps in the in the planned maintenance and things because we can't keep having things go wrong unexpectedly look we had a column. So I don't think it's a bad.
Yeah.
Tanya we can't hear you.
You can't are you can we can now.
Necessarily people changes it just about getting those plans in place and making sure that they are solid and we can rely on them going forward and look the other obvious but I just wanted to bring that in the other region, though it was obviously in Nevada.
Okay. Good Oh my God good thank you.
Good morning, everyone. Thank you so much for taking my question.
Fahad Tariq: Hi, thanks for taking my question. On the bottom-up 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, investment, reinvestment in the roasters, autoclaves, and so on? A lot of work has already been done, so maybe just provide what's incremental in this review.
I'm just going to circle back to the review Mark that that.
Is that.
You've been doing you said you went to us that 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 program Sir.
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.
<unk> put some changes in place to address that.
Yeah, I was just going to ask Mark because that's three fatalities has a lot I was just wondering back as you looked at and reviewed the asset basis like I made significant changes to the procedures that need to be done.
Really deliver them in a quarter on quarter delivery.
<unk>.
When you did all of this and right now when you go around and you look at things.
Did you have to make any management changes that we should be aware of.
Mark Hill: Okay, thanks for the question. Look, the operational review is obviously—we're trying to stabilize and make more consistent our delivery through NGM. We've gone back and we're building those plans up 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 planned maintenance. The expected outcome of this 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.
You know higher turnover in Nevada gold mines.
Thanks, Dan and I look at this stage, that's not what it's about maintaining Nevada, which you'll probably bought familiar with anyway, but look we have a strong team, but there is obviously some gaps in the in the planned maintenance and things because we can't keep having things go wrong unexpected. Good luck, we had a column. So I don't think it's a bad.
Obviously, something that isn't a focus on as well in terms of how conflicted and improved productivity.
So Daniel I don't think it is a.
In our processes and procedures and standards I mean.
We went through this as you know in Latin America in 2022, and we had that fatality at P V.
Necessarily people changes it just about getting those plans in place and making sure that they are solid and we can rely on them going forward and look the other obvious but I just wanted to bring that in the other reason that I was obviously in Nevada.
And look what I think it is I think it's a bad culture I think it's about latest ship I think most of those systems are in place and I think they're solid.
Is zephyr 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.
We're just going to have to reset and get everyone. On the same page that safety is our number one priority of this company.
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 first half maintenance? I believe both roasters had their annual shutdowns in the first half, or did the build-up happen after that?
And as you'd be aware the minute, we get safety in line normally what you say as you say an uptick in production and overall just.
And put some changes in place to address that.
Yeah, I was just going to ask Mark is that three fatalities has a lot I was just wondering like as you looked at and reviewed the asset bases like Oh.
More efficient operations, but look let me just I'll hand, it over to grant for a minute as well because he's been deeply involved with this but he's got any additional comments to that.
Are they significant changes to the procedures that need to be done and is the higher turnover in Nevada gold mines that you know, obviously something that isn't a focus on as well in terms of how can safety and improved productivity.
Mark Hill: Okay, look, Cleve, maybe you're better positioned to answer that, please.
Thanks, Mark and thanks, Tony I think.
Markets hit hit it on the head in terms of the leadership component and specifically when we talk about that I think is the.
Ari Gunyon: Yes, Mark, Ari Gunyon at NGM. That build-up of the scaling happened after the shutdown at Gold Quarry, and it was unforeseen, but it's been taken care of now.
So Tanya at I think it is a gap in our processes and procedures and standards I mean.
The supervision.
In the workplace.
Mark Hill: Thanks, Ari.
We.
We believe we need to get more face time with the people underground in the process from our supervisors and in some of the reviews and the investigations that we've obviously conducted.
Fahad Tariq: Okay, great. Thank you.
We went through this as you know in Latin America in 2022, and we had the fatality at P V.
Mark Hill: 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.
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.
Sharon that perhaps some of the supervisors have been burdened with administrative task too so we need to get them back into the field.
Matthew Murphy: Hi, Mark, Graham, Cleve. 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? Does this include a review of medium-term guidance, and can you be in a position in a few months to have a different view on that?
And.
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 and as you'd be aware the minute, we get safety inline normally what you say as you say an uptick in production in April just.
I think also in Unreflecting not only based on these fatalities that we've seen but I think in the data that we have been collecting of AR.
The lost while the better part of three years now.
More efficient operations, but look let me just I'll 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.
You would've seen Oh total recordable injury frequency rate come down year on year.
Yeah, Thanks, Mark and thanks, Tanya I think.
But that's a contrasted by you know the number of fatalities. We had in the last couple of years and clearly there's been a focus on the lagging indicators and driving that down from an injury perspective, and we've we've missed something in terms of the hazard recognition, particularly on the factual right.
Mark Hill: 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 where there is opportunity. Even down to the things where we say we've replaced reserves every year, this review will also include 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. 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.
Markets have hit it on the head in terms of the leadership component and specifically when we talk about that I think is the.
The supervision.
In the workplace.
We.
We believe we need to get more face time with the people underground in the process from our supervisors and in some of the reviews and the investigations that we've obviously conducted the Cheyenne that perhaps some of the supervisors had been burdened with administrative task too so we need to get them back into the.
And I think more focused on the leading indicators is key for US. It is something we've recognized and you may have remembered from some of the the other presentations that we've put together that we have prioritized leading indicators and one of those programs is the critical control Verifications that we would do which rarely is engagement in the.
<unk>.
I think also on reflection not only based on these fatality is that that we've seen but I think in the data that we have been collecting of AR.
With people conducting tasks that have a fatal risk associated with it.
And although we've seen a great uptake across the group.
Matthew Murphy: Thank you. One other follow-up. I noticed in the MD&A that some re-sequencing of record capex, and just interested in what's happening there and when you might close the project financing.
The lost while the better part of three years now.
In excess of that 38080 6000 draw that.
I mean, you would've seen Oh total recordable injury frequency rate come down year on yeah.
C C V's completed year to date.
But that's a contrasted by you know the number of fatalities. We had in the last couple of years in and clearly there's been a focus on the lagging indicators and driving that down from a an injury perspective, and we've we've missed something in terms of the hazard recognition, particularly on the factual.
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 recognizing the hazards.
Mark Hill: Okay, let me hand over to Graham for that, Matthew.
Graham Shuttleworth: Hey, Matt. Matt, 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 the middle of the year as our EPCM contractor. They've been looking at the specific timing of when we place orders, and therefore 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. In terms of the financing itself, we are very well advanced with the lenders.
In the workplace associated with those fatal risks.
And then I think another aspect that.
We have highlighted and touched on and debated over the last wireless I think.
The risks and I think more focused on the leading indicators is key for us and it's something we've recognized and you may have remembered from some of the the other presentations that we've put together that we have prioritized leading indicators and one of those programs is the critical control Verifications that we would do which rarely is engagement.
Our safety team from a group perspective, although we firmly believe safety is aligned 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.
In the field with people conducting tasks that have a fatal risk associated with it.
Competency based training that.
We've highlighted in getting the supervisors back into the field. So I think in a nutshell as with some of the focus areas that we've obviously got a plan and as Mark has mentioned this is.
And although we've seen a great uptake across the group.
<unk> in excess of that 38.
86000 draw that.
C C V's completed year to date.
Number one.
Focus for the team the entirety.
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 recognizing the hazards.
Graham Shuttleworth: The sort of remaining piece of the puzzle is US Exxon, 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 re-engaging with them, and we still expect to be able to sign that financing by the end of the year.
Yeah, it's good to hear now focusing on the safety and maybe one last question can be mark it sounds as though he is.
In the workplace associated with those fatal risks.
Pause I have hit the pause button on any potential asset sales I know, we you know.
And then I think another aspect that.
Previously you had talked about maybe Mali was for sale it has that paused as well.
We have highlighted and touched on and debated over the last wireless I think.
Well look I think Molly Moss like his tenure.
Our safety team from a group perspective, although we firmly believe safety is aligned function and must be incorporated at a site level.
I don't know if you read some of the reports, but look my focus is on getting these four people out of jail. So.
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.
That's what I'm working through at the minute Amendment painting costs right now for about 11 months. So.
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.
My focus is on that rather than anything else in Mali at the minute and if we get that a change then obviously, we will look at restarting that operation as you know we still have people on site during the care and maintenance. So we could restart that operation, but the focus is we have to get those people out of jail or modified this anyway.
Daniel Major: Hi, Mark, Graham. Can you hear me okay?
Competency based training that.
Matthew Murphy: Yep.
We've highlighted in getting the supervisors back into the field. So I think in a nutshell is with some of the focus areas that we've obviously got a plan and as Mark has mentioned this is.
Daniel Major: Great, thanks for the questions. Yeah, two questions. One on the portfolio grade to see more progress and realizing significant value for Hemlo and Tongon. Is there any 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?
Yeah, we hope to get them out as well thank you.
Number one.
10.
Focus for the team the entirety.
Our next question comes from Anita Soni at CIBC World markets. When you say your line is open.
Yeah, it's good to hear yeah.
Focusing on the safety and maybe one last question for me Mark It sounds as though you've put the pause.
And ask your question.
Hi can you hear me.
Yeah.
Hit the pause button on any potential asset sales I know, we you know previously.
Okay.
I think that Mark Graham and only and so I'm going to focus in on TV at first until I.
Mark Hill: Well, look, not at this stage. Like I said at the start, the focus is really on the Americas, NGM, and PV, and getting those up to where we need them, and delivering on the Lumwana expansion and the Reko Diq construction. We have not really focused on anything else at this point, but since September when I took over.
Previously you had talked about maybe Mali was for sale it has that paused as well.
Previously Mark Bristow had talked about the degradation of the PD stockpiled.
Well look I think Molly Moss like his tenure.
I don't know if you read some of the reports, but look my focus is on getting these four people out of jail. So.
Could you give us an update on that and <unk>.
If you've made any progress there and what that could mean.
That's what I'm working through at the minute I mean, they're buying in cost right now for about 11 months. So.
In terms of our sequencing on stockpile SEBI perfect earlier Mollinedo yeah. Thanks.
My focus is on that rather than anything else in Mali at the minute and if we get that a change then obviously, we will look at restarting that operation as you know we still have people on site during the care and maintenance. So we could restart that operation, but the focus is we have to get those people out of jail or modified this anyway.
Daniel Major: Okay, thanks. Maybe a few questions on the NGM dynamic. Firstly, with respect to dialogue with the JV partner around Fourmile 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 Goldrush and Fourmile, has there been any update on kind of results within the JV in that zone recently? Has the dialogue between the two parties changed at all? Could that potentially result in discussions around staged vending for Fourmile?
So look the.
The recovery as I say it is the focus right because I think we've broken the back of throughput you were the same we've had regulatory puts at Peabody now. So it's all about recovery actually I've got hatch on sort at the minute. They are doing a an independent review for us as well.
Yeah, we hope to get them out as well thank you.
And I think there are several moving parts and not paying a metallurgist, but what I can say to you obviously the handling of those stockpiles as you pointed out is absolutely critical so.
10.
Our next question comes from Anita Soni at CIBC World markets. When you pay your line is open you mean on you and ask your question.
It's how we blend that feed going into the flight circuit. So that we can make sure that we don't get a wild swings in our recovery throughout the day so.
Hi can you hear me.
Yep.
Okay.
There's a there's a lot of things going on and.
I think mark Graham and only and so I'm going to focus in on TV at first.
I think what we need to do is get real time data back to the operator, so that we can adjust that they and better control what goes into the flight tickets. So I know, that's probably not a very specific for you, but that's sort of the situation. We're in at the minute.
Previously Mark Bristol had talked about and the degradation of the PD stockpiled them could you give us an update on that and <unk>.
Mark Hill: Okay, just to maybe talk to Fourmile for a minute now, obviously, as you are well aware, at some stage that will end up in the joint venture with Newmont. I mean, Newmont are well aware of Fourmile, and they're well aware of all our current operations as our joint venture partner. That's not going to 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 is going to work with Newmont. On the other question, I don't have any update on any more results that we've asked.
If you've made any progress there and what that could mean.
It kind of just so I understand because the second question was actually related to the recovery rate of P. D. But you seem to be under shooting what you had guided to earlier this year.
In terms of our sequencing on stockpiles to be perfect earlier.
Yeah. Thanks.
So look the the.
Here by about five or 6% are you producing any of these lower grades.
The recovery as I said is the focus right because I think what broken the back of throughput you were the same we've had regulatory puts it right now so it's all about recovery actually I've got hatch onsite at the minute, they're doing an independent review for us as well and I think there are several moving parts and not paying a metallurgist, but what I can say to you obviously the handling of those stockpiles as.
Grade stockpiled right now.
The prior.
Like the private targeted grades and I guess direct RFP that volatile blender, a fresh and stockpile material that we're putting through the plant NASA as it always has been it's a it's a combined faithful.
As you pointed out is absolutely critical so.
Graham Shuttleworth: Yeah, no material changes, Dan.
Alright, maybe I'll get some more detail for me Tonight at dinner and then.
It's how we blend that feed going into the flight circuit. So that we can make sure that we don't get a wild swings in our recovery throughout the day. So look there's all there's a lot of things going on and.
Daniel Major: Okay, that's useful. Thanks. 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.
The second question that I had was with respect to the colors.
Unless I'm a bit surprised that you guys have put on colors I think because I realize it's only about 10% of the production seeming.
I think what we need to do is get real time data back to the operator, so that we can adjust that they and better control what goes into the flight tickets. So I know that's probably not.
Prior estimates.
10% of the production over that timeframe, but why did you guys put the mine in why not stay unlevered cycle right.
Very specific for you, but that's sort of.
The situation we're in at the minute.
Mark Hill: Yeah, we'll give the guidance with Q4, but it'll be, at this stage, based on what I've got, it'll be relatively flat, I would imagine.
Hi, Tanya, it's Graham and sorry.
It kind of just so I understand because the second question was actually related to the recovery rate for PV, but you seem to be under shooting what you had guided to earlier this year by about five or 6% are you processing any of these lower.
Sorry Anita.
Apologize that hiring and Microsoft.
Our Tom Palmer.
Daniel Major: Okay, that's clear. Thanks a lot.
Even better.
Mark Hill: Thanks, Dan.
Dennis that's a that's a toss up.
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 Zaluski at Scotia Capital. Tanya, your line is open. You may unmute yourself.
No offense to Tania.
<unk> stockpiles right now or is it just the you know the prior expect like the private targeted grades in and I guess direct ore feed that volatile blend of fresh and stockpile material that we're putting through the plant NASA as it always has been it's a it's a combined faithful.
Yes. Thanks.
We did that.
Color was put on at a time and early in the third quarter.
I'm a record gold prices.
Associated with a potential strategic opportunity.
Which ultimately didn't close.
Alright, maybe I'll get some more detail for you Tonight for dinner and then.
I think it's important to realize that as you as you point out and this is less than 10% of our production.
Matthew Murphy: Tanya, we can't hear you.
Second question that I had was with respect to the colors.
Operator: You can't or you can?
Matthew Murphy: We can now.
Unless I'm a bit surprised that you guys have put on colors I think because I realize it's only about 10% of the production seeming prior.
And.
Operator: 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, and it sounds as though the focus for you is just getting this predictability on the maintenance programs to really deliver quarter on quarter delivery. When you did all of this, and I know when you go around and you look at things, did you have to make any management changes that we should be aware of?
At the top of that color as a floor.
Over $4300 per ounce.
So at current record high gold prices, we're still fully exposed.
Prior estimate, but 10% of the production over that timeframe, but why did you guys put the mine in why not stay on leverage to the gold price.
To these current record cold Hot.
Gold prices and to put it in perspective, even if the gold price were to go to $5000 per ounce, we'd still have 19, 9% exposure.
Hi, Tanya it's Graham.
Sorry, I need it.
Apologize that hiring and Mark Bristow.
[laughter], where Tom Palmer, we're trying to get at.
To the to the to the spot prices. So it's a very small 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.
It is getting better.
Dennis.
It's a toss up.
No offense to China.
Yes. Thanks.
We did that.
With respect to them.
Color was put on at a time and early in the third quarter.
Hedging it was.
Mark Hill: Thanks, Tanya. No, look, at this stage, that's not what it's about. I mean, the team in Nevada, which you're probably quite familiar with anyway, but look, we have a strong team, but there are obviously some gaps in the planned maintenance and things because we can't keep having things 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. The other obvious—I just want to bring that in—the other reason I was obviously in Nevada is 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.
Product or a specific situation, which ultimately didn't transpire, but we were comfortable.
Tom a record gold prices.
Associated with a potential strategic opportunity.
That.
Those positions are not going to have a material impact on our financial results.
Which ultimately didn't close.
Okay. So now I'm intrigued about the strategic opportunity with an acquisition or divestiture I think if I was going to tell you that I would've told you that.
I think it's important to realize that as you as you point out and this is a less than 10% of our production.
And.
Alright.
At the top of that caller is.
Did you see any answer okay. That's it for my questions.
Over $4300 per ounce.
Thanks Haneda.
At current record high gold prices, we're still fully exposed.
Our final question comes from John Tumazos, very independent research John Your line is open you may on mute yourself and ask your question.
To these current record gold had a gold prices and to put it in perspective, even if the gold price were to go to $5000 per ounce, we'd still have 19, 9% exposure.
Yeah.
Thank you Mark in terms of the big picture, which of your <unk>.
Operator: Yeah, I was just going to ask, Mark, because three fatalities is a lot. I was just wondering, as you looked and reviewed the asset bases, are there significant changes to the procedures that need to be done? Is the higher turnover at Nevada Gold Mines obviously something that you're going to focus on as well in terms of health and safety, and improved productivity?
To the to the to the spot prices. So it's a very small 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.
Corporate policies are different.
Right.
Then your predecessor, certainly we're all on the same page for cost and safety and maintenance et cetera.
With respect to them.
Hedging it was.
Well the strategy has changed at all our main.
Product or a specific situation, which ultimately didn't transpire, but we were comfortable.
Obviously, you gathered must focus of where I see the most value is obviously in Nevada. So we're going to build at those two growth projects. We have but then the next thing is definitely shifting the focus to.
That.
Those positions are not going to have a material impact on our financial results.
Mark Hill: Tanya, I don't think it is a gap in our processes, procedures, and standards. I mean, we went through this, as you know, in Latin America in 2022, and 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 going to 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.
Okay. So now I'm intrigued about this strategic opportunity with it acquisition or divestiture.
So America <unk>.
If I was going to tell you that I would have told you that.
And have already started with that look we're going to spend more a big of a portion of our exploration as well in Nevada, and North America. So.
Alright.
Did you see any answer okay, and that's it for my questions. Thanks.
Thanks Haneda.
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.
Our final question comes from John Tumazos, very independent research John Your line is open you may on mute yourself and ask your question.
All of focus we're going to put into North America, because I do say, a big opportunity there and I do see that as the next big project in the next big growth area for Barrick.
Yeah.
Thank you Mark in terms of the big picture, which of your <unk>.
Corporate policies are different.
Thank you.
Mark Hill: Let me just hand it over to Graham for a minute as well because he's been deeply involved with this if he's got any additional comments to that.
Thanks, Sean.
Okay.
Then your predecessor, certainly we're all on the same page for cost and safety and maintenance et cetera.
Thank you that concludes our Q&A session for today tactically for any closing remarks.
Ari Gunyon: Yeah, thanks, Mark, and thanks, Tanya. I think Mark has hit it on the head in terms of the leadership component, and specifically when we talk about that, I think it is the supervision in the workplace. We believe we need to get 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, so we need to get them back into the field.
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.
Well look I don't think the strategy John has changed at all I mean, you've obviously gathered more focus of where I see the most value is obviously in Nevada. So we're going to build at those two growth projects. We have but then the next thing is definitely shifting the focus to a sea of America and <unk>.
Already started with that like we're going to spend more a big of a where exploration as well in Nevada and North America. So.
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 there and it'll be you know.
All of focus we're going to put into North America, because I do say, a big opportunity there and I do see that as the next big project in the next big growth area for Barrick.
Ari Gunyon: 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, well, the better part of three years now, I mean, you would have seen our total recordable injury frequency rate come down year on year. That's contrasted by the number of fatalities we've had in the last couple of years. Clearly, there's been a focus on the lagging indicators and driving that down from an injury perspective, and 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 put together that we have prioritized leading indicators.
Thank you.
Thanks, Sean.
Thank you that concludes our Q&A session for today back to <unk> 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.
Oh.
Ari Gunyon: One of those programs was 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, rather, CCVs completed year to date, 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 workplace associated with those fatal risks.
Ari Gunyon: I think another aspect that we have highlighted, touched on, and debated over the last while is that 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. 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 one focus for the team, the entire team.
Operator: Yeah, it's good to hear focusing on the safety. Maybe one last question for me, Mark. It sounds as though you've hit the pause button on any potential asset sales. I know we previously had talked about maybe Mali was for sale. Has that paused as well?
Mark Hill: Well, look, I think Mali, my focus, Tanya, I don't know whether you've read some of the reports, but look, my focus is on getting these four 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, so we could restart that operation. The focus is we have to get those people out of jail, or my focus anyway.
Operator: Yeah, we hope to get them out as well. Thank you.
Mark Hill: Thanks, Tanya.
Operator: Our next question comes from Anita Soni at CIBC World Markets. Anita, your line is open. You may unmute and ask your question.
Anita Soni: Hi, can you hear me?
Mark Hill: Yep.
Anita Soni: Okay, thanks, Mark, Graham, and Henri. I'm going to 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, if you've made any progress there, and what that could mean in terms of re-sequencing those stockpiles to be processed earlier?
Mark Hill: Well, Anita, yeah, thanks. Look, the recovery, as I said, is the focus, right? I think we've broken the backup 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.
Mark Hill: 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, because the second question was actually related to the recovery rates of PV, which seemed 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 prior targeted grades, and, I guess, direct ore feed that?
Mark Hill: 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 feed stock.
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 prior estimates, but 10% of the production over that time frame. Why did you guys put them on, and why not stay on leverage the gold price?
Matthew Murphy: Hi, Tanya. It's Graham. Sorry, Anita. Sorry.
Anita Soni: Anita.
Matthew Murphy: Apologies.
Anita Soni: I'm going to stop calling you Mark Bristow or Tom Palmer. Which one's even better?
Matthew Murphy: Good dinner. That's a toss-up.
Anita Soni: No offense to Tanya.
Matthew Murphy: Anita, yeah, thanks. The collar was put on at a time early in the third quarter, 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 the top of that collar is over $4,300 per ounce. At current record high gold prices, we're still fully exposed to these current record gold prices. 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. It's a very small position. It's not something we intend to do going forward. It shouldn't be read as a change in our strategy with respect to hedging.
Matthew Murphy: It was a product of a specific situation, which ultimately did not transpire, but we're comfortable that those positions 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?
Matthew Murphy: I think if I was going to tell you that, I would have told you that.
Anita Soni: All right. It's been a sweet answer. Okay, that's it for my questions. Thanks.
Mark Hill: Thanks, Anita.
Operator: Our final question comes from John Tomasos at Very Independent Research. John, your line is open. You may unmute yourself and ask your question.
Ari Gunyon: 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, etc.
Mark Hill: Well, look, I don't think the strategy, John, has changed at all. I mean, you've obviously gathered my focus or where I see the most value is obviously in Nevada. We're going to build out those two growth projects we have. The next thing is definitely shifting the focus to America. I've already started with that. We're going to spend a bigger proportion of our exploration as well in Nevada and North America. I suppose it's not really a shift, but if you ask me where my attention's going to be and maybe there is a little bit of a change, then it'll be 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.
Ari Gunyon: Thank you.
Mark Hill: Thanks, John.
Operator: Thank you. That concludes our Q&A session for today. Back to Cleve Rickert for any closing remarks.
Graham Shuttleworth: 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.