Barrick Mining Q4 2025 Barrick Mining Corp Earnings Call | AllMind AI Earnings | AllMind AI
Q4 2025 Barrick Mining Corp Earnings Call
Speaker #1: Welcome, everyone, to BARRICK's fourth 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.
Operator: Welcome, everyone, to Barrick's Q4 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 Cleveland Rueckert, Head of Investor Relations. Please go ahead.
Speaker #1: I will now turn the call over to Cleve Rickert, Head of Investor Relations. Please go ahead.
Speaker #1: ahead.
Speaker #2: Thank
Speaker #2: you, Marietta, and good morning, everyone. We hope you've had an opportunity to review the press release we issued before the markets opened this morning.
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, Barrick's president and CEO, 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.
Speaker #2: This presentation deck is also now available to download on our website. Presenting our results today are Mark Hill, BARRICK's President and CEO, and Graham Shuttleworth, Senior EVP and CFO.
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 #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: This material website. I will now hand it over to Mark.
Speaker #3: Okay, thanks, Cleve, and thanks everyone for joining us for this call this morning.
Mark Bristow: Okay. Thanks, Cleve, and thanks, everyone, for joining us for this call this morning. Barrick finished the year in very good condition. We delivered on our 2025 operating plan, and this resulted in multiple financial records. We also completed the operational review we discussed last quarter and have taken a number of actions which I will touch on later. We achieved a resolution to the dispute in Mali, securing the release of our detained colleagues and resuming control of the asset. Record free cash flow allowed us to repurchase 1.5 billion of our shares as well as increasing our dividends. Turning to our performance in Q4, we built on last quarter's momentum and posted strong financial results. As I said, we logged several company records including adjusted earnings per share, cash flow, and importantly, shareholder returns.
Speaker #2: BARRICK finished the year in very good condition. We delivered on our 2025 operating plan, and this resulted in multiple financial records. We also completed the operational review we discussed last quarter and have taken a number of actions, which I will touch on later.
Speaker #2: We achieved a resolution to the dispute in Mali, securing the release of our detained colleagues and resuming control of the asset. Record-free cash flow allowed us to repurchase $1.5 billion of our shares, as well as increasing our dividends.
Speaker #2: Turning to our performance in Q4, we built on last quarter's momentum and posted strong financial results. As I said, we logged several company records, including adjusted earnings per share, cash flow, and importantly, shareholder returns.
Mark Bristow: Production increased from last quarter to the highest level of the year, which resulted in an 82% increase in EBITDA versus last year. We increased our base dividend by another 40% and adopted a new dividend policy. Cash flow for the quarter was up 96% from last year, and we logged a year-record annual cash returns to our shareholders. Fourmile continues to grow, and we're excited about advancing this 100% owned gold asset. Finally, consistent with the announcement we made in December and following rigorous analysis, the board has decided to move forward with preparations for an initial public offering of Barrick's North American gold assets aimed at maximizing the shareholder value. We are targeting to complete the IPO by late 2026 and will keep you updated on progress throughout the year.
Speaker #2: quarter to the highest level of the year, which Production increased from last resulted in 82% increase in year. We increased our base dividend by another 40% and adopted a new dividend policy.
Speaker #2: Cash flow for the quarter was up 96% from last year, and we logged a year record annual cash returns to our shareholders. Four Mile continues to grow, and we're excited about advancing this 100% owned gold asset asset.
Speaker #2: Finally, consistent with the announcement we made in December and following rigorous analysis, the board has decided to move forward with preparations for an initial public offering of BARRICK's North American Gold as an asset.
Speaker #2: Aimed at maximizing the shareholder value, we are targeting to complete the IPO by late 2026 and will keep you updated on progress throughout the year.
Speaker #2: Returning to safety and health, our operational and financial achievements were unfortunately, last year with four overshadowed, fatalities. Last quarter, I made that commitment to making sure safety was our top priority, and this continues to be the company's number one focus for 2026.
Mark Bristow: Returning to safety and health, our operational and financial achievements were overshadowed, unfortunately, last year with four fatalities. Last quarter, I made that commitment to making sure safety was our top priority, and this continues to be the company's number one focus for 2026. Clearly, there's more to be done because Q4 wasn't where we needed it to be. But our highest priority is that all our people go home safe and healthy at the end of each day, and I'll continue to work with myself and the exco team to achieve and maintain that goal going forward. Now, moving on to the operational highlights. Operationally, our business performed well in Q4, and importantly, we delivered on our guidance to steadily lift production throughout the year. Gold production was 5% higher than Q3, driven by a 25% increase at Carlin and quarter-on-quarter increases across the NGM site.
Speaker #2: Clearly, there's more to be done because Q4 wasn't where we needed it to be. But our highest priority is that all our people go home safe and healthy at the end of each day.
Speaker #2: And I'll continue to work with myself and the Exco team to achieve and maintain that goal going forward. And moving on to the operational highlights.
Speaker #2: Operationally, our business performed well in Q4, and importantly, we delivered on our guidance to steadily lift production throughout the year. Gold production was 5% higher than Q3, driven by a 25% increase at Carla.
Speaker #2: And quarter-on-quarter increases across the NGM site. Our processing facilities ran well, and PV throughput rose to another record high. Full-year gold production of 3.26 million ounces was in line with our guidance.
Mark Bristow: Our processing facilities ran well, and PV throughput rose to another record high. Full-year gold production of 3.26 million ounces was in line with our guidance. Copper production increased 13% from Q3, driven by higher throughput at Lumwana. Also, as I said before, we completed the operational review we discussed in the last quarter. So some important outcomes of that: we've now restructured our business units, putting PV in the North America region, which places all our key autoclave processing vessels under common leadership so that we can share best practices. Tim Cribb, previously overseeing Reko Diq, has moved to take over North America. Operational ownership, particularly Nevada, is back in the hands of the operator. The mine plans have been reviewed from the bottom up, and we're entering 2026 with high confidence in our guidance.
Speaker #2: Copper production increased 13% from Q3, driven by higher throughput at the miner. Also, as I said before, we completed the operational review we discussed in the last quarter.
Speaker #2: So some important outcomes of that. We've now restructured our business units, putting PV in North America region, which places all our key autoclave processing facilities under common leadership so that we can share best practices.
Speaker #2: Tim Crib, previously overseeing RecoDig, has moved to take over North America. Operational ownership, particularly Nevada, is back in the hands of the operator. The mine plans have been reviewed from the bottom up, and we're entering 2026 with high confidence in our guidance.
Speaker #2: I'll touch on this work a bit later, but now let me turn it over to Graham to discuss the financial highlights. Thanks, Graham.
Mark Bristow: I'll touch on this work a bit later, but now let me turn it over to Graham to discuss the financial highlight. Thanks, Graham.
Speaker #4: Thank you, Mark. As most of you will know, this is my last earnings call, and I must say it is a real pleasure to finish on such a high note.
Graham Shuttleworth: Thank you, Mark. As most of you will know, this is my last earnings call, and I must say it is a real pleasure to finish on such a high note. Q4 was a record quarter across almost every financial metric. The combination of our sequential increase in production and record-high gold prices added to our strong financial foundation and sets us up with a lot of flexibility going forward to continue delivering significant cash returns to shareholders. Shown here on the right, revenues increased 45% from Q3, driven by increased production, sales, and a 21% increase in our realized gold price. Net earnings nearly doubled from the prior quarter, and we reported record quarterly cash flow, free cash flow, earnings per share, and a record cash balance.
Speaker #4: Quarter four was a record quarter across almost every financial metric. The combination of our sequential increase in production and record high gold prices added to our strong financial foundation.
Speaker #4: And sets us up with a lot of flexibility going forward to continue delivering significant cash returns to shareholders. Shown here on the right, revenues increased 45% from Q3, driven by increased production and sales, and a 21% increase in our realized gold price.
Speaker #4: Net earnings nearly doubled from the prior quarter, and we reported record record cash balance. For the year, we reported $7.7 billion of cash flow from operations, and $3.9 billion of free cash flow up 71% and $194% from a year ago.
Graham Shuttleworth: For the year, we reported $7.7 billion of cash flow from operations and $3.9 billion of free cash flow, up 71% and 194% from a year ago, another company record. When you consider our gold sales volume declined 13% in 2025 with one of our key assets not operating for most of the year, those results are even more impressive, and we're excited about the year ahead. Attributable CapEx ended 2025 below the low end of our guidance as our engineering partners came on board and we refined our spending schedules, particularly at our biggest projects at Reko Diq and Lumwana. The graphs on the right-hand side of this slide highlight Barrick's financial value position. Our attributable EBITDA increased 53% versus the prior quarter on higher margins as the 21% increase in the gold price dropped to the bottom line.
Speaker #4: And another company record. When you consider our gold sales volume declined 13% in 2025, with one of our key assets not operating for most of the year, those results are even more impressive.
Speaker #4: And we're excited about the year ahead. A trivial CapEx ended 2025 below the low end of our guidance, as our engineering partners came on board and we refined our spending schedules, particularly at our biggest projects at RecoDig and the miner.
Speaker #4: The graphs on the right-hand side of this slide highlight BARRICK's financial value position. Our attributable EBITDA increased 53% versus the prior quarter, on higher margins as the 21% increase in the gold price dropped to the bottom line.
Speaker #4: Importantly, we steadily increased our attributable EBITDA margin through the year, demonstrating the operating leverage our business provides to the gold price. All of this enabled the highest annual history, with more to come.
Graham Shuttleworth: Importantly, we steadily increased our attributable EBITDA margin through the year, tracking the gold price higher and demonstrating the operating leverage our business provides to the gold price. All of this enabled the highest annual shareholder returns in Barrick's history, with more to come. We ended the year with a net cash position of $2 billion. Building on the capital allocation framework we highlighted last quarter, Barrick's balance sheet is in phenomenally good shape, and our future capital investment programs are well funded. Suffice to say, Barrick is generating significant excess cash flow in the present environment. As I mentioned earlier, we generated $7.7 billion in operating cash flow, of which we reinvested $3 billion back into the business and bought back 1.5 billion of our stock, reducing our share count by 3%.
Speaker #4: shareholder returns in BARRICK's We ended the year with a net cash position of $2 billion. Building on the capital allocation framework we highlighted last quarter, BARRICK's balance sheet is in a phenomenally good shape, and our future capital investment programs are well funded.
Speaker #4: Suffice to say, Barrick is generating significant excess cash flow in the present environment. As I mentioned earlier, we generated $7.7 billion in operating cash flow, of which we reinvested $3 billion back into the business and bought back $1.5 billion of our stock.
Speaker #4: Reducing our share count by 3%. You will recall that with our Q3 results, we increased the base dividend by 25% to $12.50 per quarter, but on the back of the strong annual results, the board has authorized a further 40% increase to $17.50 per quarter.
Graham Shuttleworth: You will recall that with our Q3 results, we increased the base dividend by 25% to $0.125 per quarter. But on the back of the strong annual results, the board has authorized a further 40% increase to $0.175 per quarter. In addition, the board has determined that it will target to pay out 50% of attributable free cash flow, incorporating a further discretionary component to reach the target. On this basis, the board has authorized a Q4 dividend payable in March of $0.42 per share, which is a 140% increase on the Q3 dividend. This new policy will replace the previous performance dividend policy. And at the same time, given the focus of cash returns to shareholders through increased dividends, the board has determined not to renew the annual share buyback program. I will now turn the call back over to Mark.
Speaker #4: In addition, the board has determined that it will target to pay out 50% of attributable free cash flow, incorporating a further discretionary component to reach the target.
Speaker #4: On this dividend payable in March of $0.42 per share, which is a $140% increase on the quarter three dividend. This new policy will replace the previous performance dividend policy, and at the same time, given the focus of cash returns to shareholders through increased dividends, the board has determined not to renew the annual share buyback program.
Speaker #4: I will now turn the call back over to Mark.
Speaker #2: Okay, thanks, Graham. So turning back to our operations and looking first at North America. Where we had strong performance, gold production increased 11% from last quarter, driven by a 25% quarter-on-quarter increase at Carlin.
Mark Bristow: Okay. Thanks, Graham. So turning back to our operations and looking first at North America, where we had a strong performance. Gold production increased 11% from last quarter, driven by a 25% quarter-on-quarter increase at Carlin. Phoenix production hit its guidance range for the year, while Cortez and Turquoise Ridge achieved the top ends of their ranges. Importantly, we did not high-grade the operation at the end of the year. We rather maintained focus on consistent discipline, delivery, and compliance to our plan. As a result, we are seeing a smoother transition from December into January. This has helped to achieve one of the best starts of the year since the NGM joint venture was established. The Carlin roaster had its highest January throughput in the last five years.
Speaker #2: production hit its guidance range for the year, Phoenix while Cortez and Turco achieved the top end of their ranges. Importantly, we did not high-grade the operation at the end of the year.
Speaker #2: We rather maintained focus on consistent, disciplined delivery and compliance to our plan. As a result, we are seeing a smoother transition from December into January.
Speaker #2: This has helped to achieve one of the best starts of the year since the NGM joint venture was established. The Carlin Roaster had its highest January throughput in the last five years.
Speaker #2: In fact, the new management team and the focus on operational discipline for processing and the team at Carlin has delivered its best 60 days since the formation of the joint venture.
Mark Bristow: In fact, the new management team and the focus on operational discipline, the processing team at Carlin has delivered its best 60 days since the formation of the joint venture. The underground mines at Carlin, Turquoise Ridge, and Goldrush have also had their best Januarys since the joint venture formation in terms of tons mined and developed. This performance is exactly what we wanted to achieve from the operational review we highlighted last quarter. The teams have rebuilt their plans from the bottom up based on achievable metrics. The mines implemented this disciplined approach to their operation, enabling delivery of a solid result in Q4 and now in January. It is also clear that we've experienced challenges attracting and retaining talent at NGM. As a result of that, we have looked at many employment conditions as part of the operational review.
Speaker #2: The underground mines at Carlin, Turquoise Ridge, and Goldrush have also had their best Januarys since the joint venture formation in terms of tonnes mined and developed.
Speaker #2: This performance is exactly what we wanted to achieve from the operational review we highlighted last quarter. The teams have rebuilt their plans from the bottom up based on achievable metrics, the mines implemented this disciplined approach to their operations, enabling delivery of a solid result in Q4 and now in January.
Speaker #2: It is also clear that we've experienced challenges attracting and retaining talent at NGM. As a result of that, we have looked at many employment conditions as part of the operational review.
Speaker #2: We will be adjusting the remuneration framework to help us attract and retain the best people, and importantly, we'll be to focus clearly on safety and number one, focus for the year, and then production costs and growth.
Mark Bristow: We'll be adjusting the enumeration framework to help attract and retain the best people. Importantly, we'll be simplifying the bonus structure at the operational level to focus clearly on safety, our number one focus for the year, and then production, costs, and growth. We also restructured the executive team both at the group level and in North America. We've added a Chief Technical Officer, Megan Tibbles, and an evaluation team. So this brings stronger operational experience into our senior leadership. PV had a better year with plant throughput up 12% and gold production up 8% from 2024. That said, the recoveries are not where we expected them to be. As we said last year, the main issue is the performance of the weathered stockpile.
Speaker #2: We also restructured the executive team, both at the group level and in North America. We've added a chief technical officer, Megan Tibbles, and an evaluation team.
Speaker #2: So this brings stronger operational experience into our senior leadership. PB had a better year with plant throughput up 12% and gold production up 8% from 2024.
Speaker #2: That said, the recoveries are not where we expected them to be. As we said last year, the main issue is the performance of the weathered stockpile.
Speaker #2: There is metallurgical inconsistency across those 90 million tonnes of stockpiles, and we are not getting the same result in the plant that we saw in the lab for the initial feasibility study.
Mark Bristow: There is metallurgical inconsistency across those 90 million tons of stockpiles, and we are not getting the same result in the plant that we saw in the lab for the initial feasibility study. We undertook extensive test work in 2025, and this will be reflected in the updated 43-101 report, which is due out next month. So although the lifetime on recovery rate is lower, we have been able to extend the life to 2048, maintaining the total overall amount of produced. Work on the new TSF is progressing well, and the housing project is well advanced with more than 600 homes constructed and over 300 families now resettled. So just briefly on Fourmile, which continues to demonstrate its potential as a world-class gold asset in Nevada, 2025 was a major de-risking year. We successfully delivered on our commitment to double Fourmile's resource at a higher grade.
Speaker #2: We undertook extensive test work in 2025, and this will be reflected in the updated 43101 report, which is due out next month. So although the life and mine recovery rate is lower, we have been able to extend the life to 2020/48, sorry, 2048, maintaining the total overall ounces produced.
Speaker #2: Work on the new TSF is progressing well, and the housing project is well advanced, with more than 600 homes constructed and over 300 families now resettled.
Speaker #2: So just briefly on FORMA, which continues to demonstrate its potential as a world-class gold asset in Nevada. 2025 year. We successfully delivered on was a major de-risking our commitment to double FORMA's resource at a higher grade.
Speaker #2: And as you can see from this updated model, there's a lot more to come. The next step will be working on the Bull and Hill declines, which will enable efficient resource conversion from underground access.
Mark Bristow: As you can see from this updated model, there's a lot more to come. The next step will be working on the Bull and Hill declines, which will enable efficient resource conversion from underground access. Moving down to South America and Asia Pacific region, which include Veladero and Porgera, this region also performed well against its plan in the quarter and the year. Veladero exceeded the top end of its 2025 guidance and beat its cost guidance by over $100 an ounce. Work is continuing at Veladero to expand the resource. In the same vein, Porgera achieved the top end of its guidance range while keeping costs within guidance, demonstrating strong operational flexibility. On Africa-Middle East region, they achieved their production guidance and point out for the seventh consecutive year. As I've said, we successfully resolved the dispute in Mali exit during the release of our incarcerated colleagues.
Speaker #2: So moving down to South America and Asia Pacific region, which includes Salvadero and Korga. This region also performed well against its plan in the quarter and the year.
Speaker #2: Salvadero exceeded the top end of its 2025 guidance and beat its cost guidance by over $100 an hour. Work is continuing at Salvadero to expand the result.
Speaker #2: In the same vein, Korga achieved the top end of its guidance range while keeping costs within guidance, demonstrating strong operational flexibility. So, on Africa, Middle East region, they achieved their production guidance and point out for the seventh consecutive year.
Speaker #2: And as I've said, we successfully resolved the disputing Mali securing the release of our incarcerated colleagues. At Kibali, the ARC discovery delivered significant progress in 2025 adding 3.5 million ounces to resources, including 1 million converted to reserve.
Mark Bristow: At Kibali, the Arc Discovery delivered significant progress in 2025, adding 3.5 million ounces to resources, including 1 million converted to reserve. Further drilling in 2026 is expected to continue to grow this high potential discovery. North Mara reported a strong finish to 2025 with production in the top half of its 2025 guidance range, and Bulyanhulu overcame grade dilution and dewatering challenges in Q4, ending the year within guidance. We regained operational control at Loulo-Gounkoto at the end of the year, and we are ramping up the most accretive areas of the mine. We expect production to steadily increase throughout the year. Lastly, copper. Lumwana finished the year on a high with production up 11% over Q3 thanks to high throughput, ending the year with a record high annual production.
Speaker #2: Further drilling in 2026 is expected to continue to grow this high potential discovery. North Mara reported a strong finish to 2025 with production in the top half of its 2025 guidance range.
Speaker #2: And Bull and Hulu overcame grade dilution and dewatering challenges in Q4, ending the year within guidance. So we regained operational control at Lulu Concorda at the end of the year, and we are ramping up the most accretive areas of the mine.
Speaker #2: We expect production to steadily increase throughout the year. And lastly, copper. So Lamina finished the year on a high with production up 11% over Q3 thanks to higher throughput.
Speaker #2: Ending the year with a record high annual production. C1 cash costs were up in the quarter due to the higher maintenance and interim power costs.
Mark Bristow: C1 Cash Costs were up in the quarter due to the higher maintenance and interim power costs. And the Super Pit expansion is tracking slightly ahead of schedule with good progress during the quarter on the mill building, which is on the project's critical path. Okay. So let's move over to guidance for 2026. So we expect our gold production to be in the range of 2.9 to 3.25 million ounces. Our 2025 gold production, as I said, was 3.26 million ounces. But to give you a like-for-like comparison, that's about 3 million ounces if we remove Tongon and Hemlo, which were sold at the end of the year. We expect Loulo-Gounkoto's ramp-up to be the main contributor to production increase in 2026, along with slightly higher production from PV. Carlin and Turquoise Ridge is rigged.
Speaker #2: And the Super Pit expansion is tracking slightly ahead of schedule, with good progress during the quarter on the mill building, which is on the project's critical path.
Speaker #2: Okay, so let's move over to guidance for 2026. So we expect our gold production to be in the range of 2.9 to 3.25 million ounces.
Speaker #2: production as I said was 3.26 million ounces. But to give you a life-for-life comparison, that's Our 2025 gold about 3 million ounces if we remove Tongon and Hemlow, which were sold at the end of the year.
Speaker #2: We expect Lulu Concorda's ramp-up to be the main contributor to production increase in 2026, along with slightly higher production from Turco's reached production is expected to be marginally PB.
Mark Bristow: Production is expected to be marginally lower due to the open pit sequencing and the grade in the mine plan. Across the year, we're expecting gold production to be split about 45% in the first half and 55% in the second. Higher production in Q3 and Q4 will come from the ramp-ups of Loulo-Gounkoto and Goldrush, and the timing of the shutdowns at NGM. For copper, we're guiding 190,000 to 220,000 tonnes, which compares to the annual production of 220,000 tonnes in 2025. Production is expected to be highest in Q2 and Q3, and lowest in Q1, mainly driven by grade at the miner. And looking a bit further ahead, we continue to expect production uplift in 2027 and again in 2028. So turning now to reserves and resources.
Speaker #2: lower due to the open pit sequencing and the grade in the mine Carlin and plan. Across the year, we're expecting gold production to be split about 45% in the first half and 55% in the second.
Speaker #2: Higher production in quarters three and four will come from the ramp-ups of Lulu, Concorda, and Gold Rush, and the timing of the shutdowns at NGM.
Speaker #2: For copper, we're guiding 190 to 220,000 tonnes, which compares to the annual production of 220,000 tonnes in 2025. Production is expected to be highest in quarters two and three and lowest in Q1, mainly driven by grade at the miner.
Speaker #2: And looking a bit further ahead, we continue to expect production uplift in 2027 and again in 2028. So, turning now to reserves and resources.
Speaker #2: For our 2025 gold price assumptions, we used $1,500 per ounce for reserves, and $2,000 per ounce for resources. Both are modestly higher than last year.
Mark Bristow: For our 2025 gold price assumptions, we used $1,500 per ounce for reserves and $2,000 per ounce for resources, both modestly higher than last year. For copper reserves, we used $3.25 per pound and sorry, for reserves and $4.50 for resources. Today, Barrick, we hold one of the largest reserve and resource bases in the industry. As of year-end, Barrick's attributable proven and probable gold reserves totaled 85 million ounces. On the resource side, attributable measured and indicated gold resources totaled 150 million ounces, with a further 43 million ounces of inferred resources. While there were declines as a result of divestitures, we continue to see strong organic growth across the asset in Nevada and at PV. Turning briefly to copper, attributable proven and probable reserves remain stable at 18 million tons.
Speaker #2: And for copper reserves, we used 3.25 per pound and, sorry, for reserves and 4.50 for resources. So today, BARRICK, we hold one of the largest reserve and resource bases in the industry.
Speaker #2: And as of year-end, Barrick's triple-proven and probable gold reserves totaled 85 million ounces. On the resource side, measured and indicated gold resources totaled 150 million ounces, with a further 43 million ounces of inferred resources.
Speaker #2: While there were declines as a result, we continue to see strong organic growth across the assets in Nevada and at PB. Turning briefly to copper, our total proven and probable reserves remain stable at 18 million tonnes.
Speaker #2: Copper resources increased, with measured and indicated resources of 24 million tonnes, and an additional 4 million-plus tonnes in the inferred category. Overall, our reserve and resource base continues to support long-life mine lives and a strong production outlook.
Mark Bristow: Copper resources increased with measured and indicated resources of 24 million tonnes and an additional 4 million+ tonnes in the inferred category. Overall, our reserve and resource base continues to support long mine lives and a strong production outlook. So just to wrap up, in 2025, we demonstrated disciplined execution, delivering our operating plan, strengthening our balance sheet, advancing our growth pipeline, and returning record cash to shareholders. Looking ahead, we enter 2026 with momentum, flexibility, and a clear plan forward. So just before we move to questions, I just want to acknowledge Graham and thank him for his leadership and significant contribution he has made to Barrick over the past seven years. Under Graham's stewardship, we strengthened our balance sheet, reinforced capital discipline, and delivered record financial performance and shareholder return.
Speaker #2: So just to wrap up, in 2025, we demonstrated disciplined execution delivering on our operating plan, strengthening our balance sheet, and advancing our growth pipeline, and returning record cash to shareholders.
Speaker #2: Looking ahead, we enter 2026 with momentum, flexibility, and a clear plan forward. So just before we move to questions, I just want to acknowledge Graham and thank him for his leadership and significant contribution he has made to BARRICK over the past seven years.
Speaker #2: Under Graham's reinforced capital discipline, and delivered record financial performance and shareholder return. So on behalf of everyone at BARRICK, I want to thank him for his commitment and wish him well in the future.
Mark Bristow: So on behalf of everyone at Barrick, I want to thank him for his commitment and wish him well in the future. Also, as announced, Helen Cai will be joining us as CFO on 1 March, and I look forward to working with Helen as we continue to execute our growth strategy and drive long-term value for the shareholders. So thank you, everyone, for your continued interest and support. And I will just remind you, I have just about the whole Exco team sitting around the table with me, so we should be able to manage any questions that you have. So I'll hand it back to the moderator. Thank you.
Speaker #2: Also, as announced, Helen Kai will be joining us as CFO on March 1st, and I look forward to working with Helen. As we continue to execute our growth strategy, and drive long-term value for the shareholders.
Speaker #2: So, thank you, everyone, for your continued interest and support. And I will just remind you, I have just about the whole EXCO team sitting around the table with me, so we should be able to manage any questions that you have.
Speaker #2: So I'll hand it back to the moderator. Thank you. 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.
Graham Shuttleworth: 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 Daniel Major at UBS. Daniel, your line is open. You may unmute and ask your question.
Speaker #2: Once prompted, please unmute yourself and go ahead. We'll now pause for a moment to queue. Our first question comes from Daniel Major at UBS Securities.
Speaker #2: Daniel, your line is open. You may unmute and ask your assemble the
Speaker #2: question. Hi, can you
[Analyst] (UBS): Hi. Can you hear me okay?
Speaker #4: Yeah, we can hear you. Hear me okay? You, Daniel.
Mark Bristow: Yeah. We can hear you, Daniel.
Speaker #3: Great, thanks. And just to Graham, good luck in the future. Yeah, my first question focuses—my first question's just around the IPO potential. And really, I guess it's a question at a strategic level: why do you believe a partial IPO of NGM and PV would unlock more value than a full separation of those assets from the remainder of the group?
[Analyst] (UBS): Great. Thanks. And just to Graham, good luck in the future. Yeah. My first question's just around the IPO potential. And really, I guess it's a question at a strategic level, why you believe a partial IPO of NGM and PV would unlock more value than a full separation of those assets from the remainder of the group. I mean, if we look at previous examples in the sector, conglomerate discounts exist due to complexity of organizations, and this won't dramatically reduce the complexity of Barrick.
Speaker #3: I mean, if we look at previous examples in the sector, conglomerate discounts exist due to complexity of organisations and this won't dramatically reduce the complexity of BARRICK.
Speaker #4: Okay, thanks, Daniel. I'm going to hand it over to Graham.
Mark Bristow: Okay. Thanks, Daniel. I'm going to hand it over to Graham.
Speaker #5: Thanks, Dan. Dan, I think, as you can imagine, the board and the team have gone through a lot of different permutations, and you'll recall we spoke about this last year as well when we first mentioned the opportunities that we were examining. They've done a lot of analysis and looked at different outcomes, different permutations, and at the end of the day, they feel that this is the best opportunity that's going to drive value uplift for shareholders.
Graham Shuttleworth: Thanks, Dan. Dan, I think, as you can imagine, the board and the team have gone through a lot of different permutations. You'll recall we spoke about this last year as well when we first mentioned the opportunities that we were examining. They've done a lot of analysis and looked at different outcomes, different permutations. At the end of the day, they feel that this is the best opportunity that's going to drive value uplift for shareholders. We believe that the current portfolio of assets in North America is substantially undervalued within Barrick. By doing the North American IPO, we'll be able to shine a light on that valuation, and that light will then translate into a re-rate for all Barrick shareholders. So that's the focus. That's the intention.
Speaker #5: We believe that the current portfolio of assets in North America is substantially undervalued within Barrick, and by doing the North American IPO, we'll be able to shine a light on that valuation, and that light will then translate into a re-rate for all Barrick shareholders.
Speaker #5: That's the focus, that's the sole intention, and at the end of the day, that was the view from the Board—that that was going to drive the most value of all of those options.
Graham Shuttleworth: At the end of the day, that was the view from the board, that that was going to drive the most value of all of those options.
Speaker #3: Okay, thanks. And then maybe a follow-up question then—what would be the intended proceeds from the IPO?
[Analyst] (UBS): Okay. Thanks. Then maybe a follow-up question on what would be the intended proceeds from the IPO?
Speaker #5: Thanks, Dan. Yeah.
Graham Shuttleworth: Thanks, Dan. Yeah. I think.
Speaker #3: said proceeds, sorry.
[Analyst] (UBS): Use of proceeds. Sorry.
Speaker #5: Again, we're in the middle of that process at the moment. There's still a lot of work that's going to have to be done between now and when we go live, and as we indicated, that's likely to be in the fourth quarter.
Graham Shuttleworth: Again, we're in the middle of that process at the moment. There's still a lot of work that's going to have to be done between now and when we go live. And as we indicated, that's likely to be in Q4. All of that will be determined as part of the preparation work for the IPO.
Speaker #5: All of that will be determined as part of the preparation work for the IPO.
Speaker #3: Okay, thanks. And then just maybe another follow-up on this, similar topic. Have you had a discussion with Newmont around the clauses in the JV agreement of pertaining to changes of ownership of the Nevada JV?
[Analyst] (UBS): Okay. Thanks. And then just maybe another follow-up on this similar topic. Have you had a discussion with Newmont around the clauses in the JV agreement pertaining to changes of ownership of the Nevada JV?
Speaker #5: Thanks, Dan. Yeah, I think, as you can imagine, we're very well aware of all of the legal contracts and documents that we have, and we would always honour and respect those contracts and documents.
Graham Shuttleworth: Thanks, Dan. Yeah. I think, as you can imagine, we're very well aware of all of the legal contracts and documents that we have, and we would always honor and respect those contracts and documents. We are comfortable with the progress that we're making, and we'll continue to progress down this road.
Speaker #5: We're comfortable with the progress that we're making, and we'll continue to progress down this road.
Speaker #3: Okay, great. Actually, if I could just get one more in, Graham—just what's the latest on the record financing?
[Analyst] (UBS): Okay. Great. Actually, if I could just go one more in, Graham, just what's the latest on the Reko Diq financing?
Speaker #5: Thanks, Dan. Yeah. I mean, as you saw in the press, the management are a little concerned about the security situation on the ground in Baluchistan, where there's been some escalation in security events there and, as you know, I've primarily focused on everything we do as a safety and security of our—to do a review of people.
Graham Shuttleworth: Thanks, Dan. Yeah. I mean, as you saw in the press release, the board and the management are a little concerned about the security situation on the ground in Baluchistan. There's been some escalation in security events there. And as you know, our primary focus on everything we do is the safety and security of our people. So they've asked us to do a review of that situation. And so clearly, as part of that review, we've indicated to the lending consortium that we need to complete that before we can close the financing. So we'll work through that, and then we'll take it forward after that.
Speaker #5: So they've asked us that situation, and so clearly, as part of that review, we've indicated to the lending consortium that we need to complete that before we can close the financing.
Speaker #5: So we'll work through that and then we'll take it forward after
Speaker #5: that. All right, thanks a lot
[Analyst] (UBS): All right. Thanks a lot. Thanks a lot and good luck.
Speaker #3: and thanks a lot and good luck.
Speaker #5: Thank you.
Graham Shuttleworth: Thank you.
Speaker #2: Our next question comes from Farhad Tariq at Jefferies. Farhad, your line is open. You may unmute and ask your question.
Graham Shuttleworth: Our next question comes from Fahad Tariq at Jefferies. Fahad, your line is open. You may unmute and ask your question.
Speaker #3: Great, thanks for taking my question. Mark, right at the outset, you mentioned that Nevada, you've done a comprehensive mine plan review from the bottom up.
[Analyst] (Bank of America): Great. Thanks for taking my question. Mark, right at the outset, you mentioned that in Nevada, you've done a comprehensive mine plan review from the bottom up. Can you maybe talk a little bit more about how that's changed and has been reflected in the updated guidance, and maybe particularly on Carlin? Thanks.
Speaker #3: Can you maybe talk a little bit more about how that's changed and has been reflected in the updated guidance? And maybe particularly on Carlin, thanks.
Speaker #4: Okay, sure. I'll give a bit of an introduction, and then I'll hand it actually over to Tim, the new COO. So look, we went back to the teams, and there had been some top-down numbers generated over the last 12 months.
Mark Bristow: Okay. Sure. I'll give a bit of an introduction, and then I'll hand it actually over to Tim, the new CLO. So look, we went back to the teams, and there had been some top-down numbers generated over the last 12 months. So we just asked the teams to go back and run the mine plans using current productivities that we are actually achieving, and then building in, obviously, upside for productivity improvements only if there was an actual plan and a target to get up to those productivities. So it wasn't just a, "Let's increase things by 10%." Unless there's an actual plan for that continuous improvement, then it was taken out. So it's why I said at the end, too, that we have a much higher confidence, and certainly in January, we're off to a good start of achieving our guidance.
Speaker #4: And so we just asked the teams to go back and run the mine plans using current productivities that we're actually achieving, and then building in, obviously, upside for productivity improvements only if there was an actual plan and a target to get up to those productivities.
Speaker #4: So it wasn't just a, "Let's increase things by 10%." Unless there's an actual plan for that continuous improvement, then it was taken out. So it's why I said at the end too that we have a much higher confidence and certainly in January, we're off to a good start.
Speaker #4: Of achieving our guidance, but I'll hand it over to Tim if you want to add anything to
Mark Bristow: But I'll hand it over to Tim if you want to add anything to that.
Speaker #4: that. Yeah, thanks, Mark.
Tim Cribb: Yeah. Thanks, Mark. I think, as Mark said, it's about that certainty in delivery of the plan. So you will see some reductions in some of the mines, like you've probably noticed in Carlin. So we do see some of them having a lower production, but we're much more confident in the delivery of that production. And I think, as Mark said and as he highlighted in the outset, that performance at the Carlin roaster, having a record throughput in the last 60 days since the joint venture was formed, that highlights when you can move to a planned maintenance structure, and we can cut out the interruptions and the reactive maintenance. Overall, we expect to get a better result. So I think that's at the core of why we reset these plans and built them on actual past performance.
Speaker #3: I think, as Mark said, it's about that certainty in delivery of the plan. So you will see some reductions in some of the mines, like you've probably noticed in Carlin.
Speaker #3: So, we do see some of them having a lower production, but we're much more confident in the delivery of that production. And I think, as Mark said and as he highlighted in the outset, that performance at the Carlin roaster—having a record throughput in the last 60 days since the joint venture was formed—that highlights when you can move to a planned maintenance structure and we can cut out the interruptions and the reactive maintenance. Overall, we expect to get a better result.
Speaker #3: So I think that's at the core of why we reset these plans and built them on actual past performance. Okay, great. And then just on record, because you were asked about it in the previous question, is it fair to assume that all options are on the table up to and including divesting the asset?
[Analyst] (Bank of America): Okay. Great. And then just on Reko Diq, because you were asked about it in the previous question, is it fair to assume that all options are on the table up to and including divesting the asset? Thanks.
Speaker #3: Thanks.
Speaker #4: Okay, I think it's too early to say that. I mean, we had the board meeting yesterday and they basically asked us to go back and review all areas.
Mark Bristow: Okay. I think it's too early to say that. I mean, we had the board meeting yesterday, and they basically asked us to go back and review the project across all areas. So we're in the first stages of that and working out what we're going to look at and what options we're going to look at. Do you want to add anything to that, Graham?
Speaker #4: So we're in the first stages of that and working out what we're going to look at and what options we're going to look at.
Speaker #4: Do you want to add anything to that, the project across Graham?
Speaker #3: Okay, great. Thank you.
[Analyst] (Bank of America): Okay. Great. Thank you.
Speaker #4: Thank you.
Mark Bristow: Thank you.
Speaker #2: Our next question comes from Lawson Winder at Bank of America. Lawson, your line is open. You may unmute and ask your question. Lawson, your line is open.
Graham Shuttleworth: Our next question comes from Lawson Winder at Bank of America. Lawson, your line is open. You may unmute and ask your question. Lawson, your line is open. Please unmute.
Speaker #2: Please
Speaker #2: unmute. Thank you very much, operator.
Graham Shuttleworth: Thank you very much, operator. And hello, Mark, and hello, Graham. Thank you for today's presentation. If I could ask one follow-up on Barrick North America, is the intention for Barrick North America to be domiciled in the United States?
Speaker #3: And hello, Mark, and hello, Graham. Thank you for today's presentation. If I could ask one follow-up on Barrick North America, is the intention for Barrick North America to be domiciled in the United States?
Speaker #5: Again, there's a lot of work going on on that project and as it's determined, we'll keep you
Graham Shuttleworth: Again, there's a lot of work going on that project. As it's determined, we'll keep you updated.
Speaker #3: On capital return, the new dividend policy is very
Graham Shuttleworth: On capital return, the new dividend policy is very clear and makes a lot of sense. How might share repurchases factor into capital return going forward?
Speaker #3: Clear, updated, and makes a lot of sense. How might share repurchases factor into capital return going forward?
Speaker #5: At the moment, Lawson, the board is very clear that they want to focus on dividends. I will say my experience of engaging with shareholders—this is an area where everybody has a strong opinion, and I know they're not going to please everyone because some people favor dividends and some favor buybacks. But for now, the board is very focused on dividends and hence the reason why they have not renewed the buyback approval.
Graham Shuttleworth: At the moment, Lawson, the board is very clear that they want to focus on dividends. I will say, from my experience of engaging with shareholders, this is an area where everybody has a strong opinion. I know you're never going to please everyone because, yes, some people favor dividends and some favor buybacks. But for now, the board is very focused on dividends, and hence the reason why they have not renewed the buyback approval.
Speaker #3: Okay, very clear. On Veladero, how would you describe that asset in terms of the importance to the overall portfolio? And would you go so far as to describe it as non-core?
Graham Shuttleworth: Okay. Very clear. On Veladero, how would you describe that asset in terms of the importance to the overall portfolio? And would you go so far as to describe it as non-core? And have you explored the saleability of that asset? And then if so, could Pascua-Lama potentially be packaged as some sort of sale with Veladero? Thank you.
Speaker #3: And have you explored the saleability of that asset? And then if so, could Pascualama potentially be packaged as some sort of sale with Veladero?
Speaker #3: Thank
Speaker #4: So Lawson, we haven't—Veladero is not a top performing asset in the last 12 months, and in fact, it's one of our non-core assets. So we haven't looked at divesting it.
Mark Bristow: So Lawson, we have no, Veladero is not non-core. In fact, it's one of our top performing assets in the last 12 months. So we haven't looked at divesting it, if that's what you're asking.
Speaker #4: That's what you're
Speaker #4: asking.
Speaker #3: Okay, great. Thank
Graham Shuttleworth: Okay. Great. Thank you very much, Mark. And thanks, Graham.
Speaker #3: Thank you very much, Mark. And thanks, Graham.
Speaker #2: Our next question comes from Anita Sony at CIBC World Markets. Your line is open. You may unmute and ask your question.
Graham Shuttleworth: Thanks. Our next question comes from Anita Soni at CIBC Capital Markets. Your line is open. You may unmute and ask your question.
Speaker #2: question. Everyone, thanks for taking my
[Analyst] (CIBC Capital Markets): Everyone, thanks for taking my question. So first question, Mark. Just moving to PV, I just want to understand what the guidance is based on in terms of grades, recoveries, given that, as you mentioned, the recovery rates are fairly low. I did see you have still some of the blending of stockpiles. Is the plan to take out the stockpiles or continue to forge on with the stockpiles blended in and try to fix the recovery rates with those stockpiles?
Speaker #6: So, the first question, Mark—just moving to PV—I just wanted to understand what the guidance is based on, in terms of grades and recoveries, given that, as you mentioned, the recovery rates are fairly low.
Speaker #6: I did see you have still some of the blending of stockpiles. Is the plan to take out the stockpiles or continue to forge on with the stockpiles blended in and try to fix a recovery rate if those stockpiles?
Speaker #4: Okay. Well, let me start off the answer and then again, I'll hand it over to Tim. But it's obviously the 90% was in the feasibility study.
Mark Bristow: Okay. Well, let me start off the answer, and then again, I'll hand it over to Tim. But obviously, the 90% was in the feasibility study. We're not going to achieve that. We're targeting 84, but to get to that 84, we're going to have to do the blending and a few other things right. So we're currently sitting, I think, Tim, around 75, 76. And so we'll then ramp up over the next years as we get more confidence in how we blend the stockpiles into the fresh material and when we can actually get up to that 84%. And there's also some projects we have to do as well. But Tim, you want to expand on that?
Speaker #4: We're not going to achieve that. We're targeting 84, but to get to the 84, we're going to have to do the blending in a few other things, right?
Speaker #4: So we're currently sitting, I think, Tim, around 75, 76. And so we'll then ramp up over the next years as we get more confidence in how we blend the stockpiles into the fresh material.
Speaker #4: And what—we can actually get up to that 84%. And there are also some projects we have to do as well. But Tim, you want to expand on that?
Speaker #3: Yeah, thanks, Mark. I think the key is to define the projects. We have Hatch working with us at the site on the key projects that we can look to deliver the improvement from 76% up to 84%.
Tim Cribb: Yeah. Thanks, Mark. I think the key is to define the projects. We have Hatch working with us at the site on the key projects that we can look to deliver the improvement from 76% to 84%. Those stockpiles do make a key portion of the feed over the coming 3 to 5 years. So it is important that we do optimize that and get the maximum recovery we can from that. The technical report, which is coming out at the end of February, that will obviously have a lot more detail on this. But for the Llama assumption, we have basically updated the full recovery model to incorporate this latest test work. So we've ran that through the life of the mine.
Speaker #3: Those stockpiles do make a key portion of the feed over the coming three to five years. So it is important that we do optimize that and get the maximum recovery we can from that.
Speaker #3: The technical report, which is coming out at the end of February, that will obviously have a lot more detail on this. But for the LOM assumption, we have basically updated the full recovery model to incorporate this latest test work.
Speaker #3: So, we've run that through the life of the mine.
[Analyst] (CIBC Capital Markets): Is there anything else that we're going to lose?
Speaker #5: Just to Is there anything?
Speaker #5: reiterate. Sorry, just to reiterate
Graham Shuttleworth: Just to reiterate. Sorry. Just to reiterate that the updated 43-101, which will obviously have all of this information, will be available at the end of February.
Speaker #3: The updated 43101, which will obviously have all of this information, will be available at the end of February.
Speaker #6: Right. And I guess the question that I had as a follow-up for that part of it was, do you expect to retain all of the ounces that you reported in the reserve resource statement at year-end?
[Analyst] (CIBC Capital Markets): Right. And I guess the question that I had as a follow-up for that part of it was, do you expect to retain all of the ounces that you reported in the reserve resource statement at year-end in that 43-101, or will that potentially take some of the ounces out?
Speaker #6: In that 43-101, or will that potentially take some of the ounces out?
Speaker #4: No, no. We expect to
Mark Bristow: No, no. We expect to maintain. Tim, correct?
Speaker #4: maintain 10, correct? Yeah. Yeah.
Graham Shuttleworth: Yeah.
Mark Bristow: Yeah.
Speaker #6: Okay. And then my second question was just with respect to the IPO. have an update at year-end on that. Sorry, it will be completed by year-end.
[Analyst] (CIBC Capital Markets): Okay. And then my second question was just with respect to the IPO. I know you're saying you'll have an update at year-end on that. Sorry. It will be completed by year-end. But could you give us an idea of what portion of Nevada Gold Mines and Fourmile North American assets, what portion of those assets do you intend to IPO? I've heard ranges between 10% to 15% and north of 30%, but I'm not sure what you guys are talking about.
Speaker #6: But could you give us an idea of what portion of the Nevada Gold Mines and Fourmile North American assets, what portion of those assets do you intend to IPO?
Speaker #6: I've heard ranges between 10% to 15%, and north of 30%, that I'm not—
Speaker #6: Sure, what you guys are doing, I think—
Mark Bristow: I think it's fair to say it'll be on the lower end of that and be a minority part of those assets.
Speaker #4: It's fair to say it'll be on the lower end of that and be a minority title. Hope those assets.
Speaker #6: So 10 to more along the lines of 10 to 15 percent?
[Analyst] (CIBC Capital Markets): So more along the lines of 10% to 15%?
Speaker #4: Sure.
Mark Bristow: Sure. Yes.
Speaker #4: Yes. Okay.
[Analyst] (CIBC Capital Markets): Okay. Thank you. That's it for my questions for now.
Speaker #6: Thank you. That's it for my questions for now.
Speaker #4: Thank
Mark Bristow: Thank you.
Speaker #2: Our next question comes from Bennett Moore at JPMorgan. Bennett, your line is open. You may unmute and ask your question.
Graham Shuttleworth: Our next question comes from Bennett Moore at J.P. Morgan. Bennett, your line is open. You may unmute and ask your question.
Speaker #2: question. Good morning.
[Analyst] (Bank of America): Good morning. Can you hear me all right?
Speaker #3: Can you hear me all
Speaker #3: right? Yes, we can hear you,
Mark Bristow: Yes. I can hear you, Bennett.
Speaker #3: Great. Thank Bennett. wanted to come to Molly, and since gaining control back there, what is the dialogue been with the government, and what did the state of the assets and is there any
[Analyst] (Bank of America): Great. Thank you for taking my questions. I wanted to come to Mali. Since gaining control back there, what has the dialogue been with the government, and what are the status of the assets, and is there any incremental investment required there?
Speaker #3: incremental investment required
Speaker #3: there? Okay.
Mark Bristow: Okay. Bennett, let me hand it over to Seth if he can give us an update too.
Speaker #4: Bennett, let me hand it over to Seth if you can give us an update too.
Speaker #7: Hi,
Seth: Hi, Bennett. The relationship has really had a reset, and the engagement so far has been really positive. We took control of the assets on 16 December. It was actually in much better shape than we expected. We started off feeding low-grade stockpiles. And at this point, we've now started up all three of the underground mines, and we are ramping up the open pit, which we expect to be doing that in the second half of this year. And so the focus is really on getting that ramp up in a safe manner so that we can achieve our historical run rates by the end of this year. And so you would have seen in our guidance that for Pueblo Viejo, this year, we are guiding between 260,000 and 290,000 ounces attributable.
Speaker #7: Bennett. The relationship is really out of reset. And the engagement so far has been really positive. We took control of the asset on the 16th of December.
Speaker #7: It was actually a much better expected. So we started off feeding low-grade stockpiles and at this point, we've now started up all three of the underground mines.
Speaker #7: And we are ramping up the open pit, which we expect of this year. And so the focus is really on getting that ramp up in a safe manner and so that we can achieve our historical run rates by the end of this year.
Speaker #7: And so you would have seen in our guidance that for Lula Boncoto, this year we are guiding between 260,000 and 290,000.
Speaker #7: ounces. Thanks
[Analyst] (Bank of America): Thanks for that. Now with the employees no longer detained and the work seemingly behind, just wanted to get your latest thoughts on a potential asset sale there. Have you seen any interest or dialogue from other parties?
Speaker #3: for that. And now with the employees no longer detained and the worst seemingly behind, just wanted to get your latest thoughts on a potential asset sell there if you've seen any interest or dialogue from other parties.
Speaker #7: No, I think at this point, the focus is really on ramping up that mine and restoring the relationship and everyone's really committed to do that.
Seth: No, I think at this point, the focus is really on ramping up that mine and restoring the relationship. Everyone's really committed to do that.
Speaker #3: All right. I'll get back in the queue.
Speaker #3: All right. I'll get back in the queue. Thank you. Thanks,
[Analyst] (Bank of America): All right. I'll get back in the queue. Thank you.
Mark Bristow: Thanks, Bennett.
Speaker #2: Our next question comes from Carrie Ben. McGrury at Canaccord Geniality. Carrie, your line is open. You may unmute and ask your
Graham Shuttleworth: Our next question comes from Carey MacRory at Canaccord Genuity. Carey, your line is open. You may unmute and ask your question.
Speaker #2: question. Hi, good
[Analyst] (Canaccord Genuity): Hey. Good morning, guys. Can you hear me?
Speaker #8: morning, guys. Can you hear me?
Speaker #4: Yeah, we can hear you, Carrie.
Mark Bristow: Yeah. We can hear you, Carey.
Speaker #8: Yeah. Just coming back to the IPO, just wondering about the timing. I mean, production in Nevada has come down pretty much consistently every year.
[Analyst] (Canaccord Genuity): Yeah. Just going back to the IPO, just wondering about the timing. I mean, production in Nevada has come down pretty much consistently every year. Looks like it'll be lower again this year. So just wondering why now and not when Nevada looks a bit more stabilized.
Speaker #8: Looks like it'll be lower again this year. So just wondering why now and not when Nevada looks a bit more
Speaker #8: stabilized. Okay.
Mark Bristow: Okay. So look, Carey, this is Mark Bristow. A lot of time in Nevada obviously over the last 4 months, as you can imagine. So I think Nevada is stabilized. And I think what we've demonstrated in a very short time, far quicker than I thought, that we have given control back to the general manager. We have a very strong team in Nevada like we've had for 20 years. And you've seen the performance in Q4, and January is even stronger. Again, as I said, I think the best January we've had in 5 years. So I'm completely comfortable that they're going to deliver this year every quarter, which you're going to see before we go to this IPO. And I think we're now in a position where we won't disappoint, and that production over time will actually grow.
Speaker #4: So look, Carrie, this is Marv. I spent a lot of time in Nevada up to the last four months, as you can imagine. So I think Nevada is stabilized.
Speaker #4: And I think what we've demonstrated in a very short time, far quicker than I thought, that we have given control back to the general manager.
Speaker #4: We have a very strong team in Nevada, like we've had for 20 years. And you've seen the performance in Q4 and January is even stronger again, as I said, I think the best January we've had in five years.
Speaker #4: So I'm completely comfortable they're going to deliver this year every quarter, which you're going to see before we go to this IPO. And I think we're now in a position where we won't disappoint and that production over time will actually grow.
Speaker #4: And again, Tim, anyone else, feel free to chime in if you've got anything.
Mark Bristow: And again, Tim, anyone else, feel free to chime in if you've got anything else.
Speaker #4: else. Okay.
Speaker #8: And maybe just on the 2027 outlook, if you can sort of walk through sort of the big what's moving from 2026 to 2027.
[Analyst] (Bank of America): Okay. Maybe just on the 2027 outlook, if you can sort of walk through sort of the big what's moving from 2026 to 2027?
Mark Bristow: Gracey.
[Company Representative] (Barrick): Is that, sorry, Carey, is that for the group or at NGM?
Speaker #5: Is that—sorry, Gary, is that for the group or at
Speaker #5: NGM? No, no, group Yeah.
[Analyst] (Bank of America): No, no. Group level.
Speaker #8: level.
[Company Representative] (Barrick): Yeah. So the biggest.
Speaker #8: So you're up against—yeah, go So the. ahead.
[Analyst] (Bank of America): You're roughly.
[Company Representative] (Barrick): Yeah. Go ahead.
Speaker #5: Yeah. So the biggest move is really our continued increase at Lula Boncoto. And a small increase at Nevada. And then an increase at PV.
Graham Shuttleworth: Yeah. So the biggest movers really are continued increase at Loulo-Gounkoto, a small increase at Nevada, and then an increase at PV. So those are the three key areas.
Speaker #5: So those are the three key areas.
Speaker #4: Okay. Okay. That's it for me. Thanks, guys. And congrats to Graham and all the best.
[Analyst] (Bank of America): Okay.
Mark Bristow: Okay. That's it for me. Thanks, guys. And congrats, Graham, and all the best.
Speaker #5: Thank you, Carrie.
Graham Shuttleworth: Thank you, Carey.
Speaker #2: Our next question comes from Josh Wolfson at RBC Capital Markets. Josh, your line is open. You may unmute and ask your
Graham Shuttleworth: Our next question comes from Josh Wolfson at RBC Capital Markets. Josh, your line is open. You may unmute and ask your question.
Speaker #5: Yeah. Thanks very much. I noticed the new guidance methodology doesn't include costs or CapEx indications for the next couple of years. The historical guidance of the company did indicate that there was a cost reduction over time.
Tim Cribb: Yeah. Thanks very much. I noticed the new guidance methodology doesn't include costs or CapEx indications for the next couple of years. The historical guidance of the company did indicate that there was a cost reduction over time. How should we think about costs going forward after 2026? Thank you.
Speaker #5: How should we think about costs going forward after 2026? Thank you.
Mark Bristow: Yeah. How do you want to address that?
Speaker #5: Yeah. Yeah, I mean, Josh, obviously, we didn't give you guidance. I'm not about to give you guidance.
Graham Shuttleworth: Yeah. I mean, Josh, obviously, we didn't give you guidance. I'm not about to give you guidance now. But I think broadly, I would say the flat would probably be a better way of thinking about it.
Speaker #1: Now .
Speaker #2: But I think , you know , broadly , I would say the flat would probably be a better , better way of thinking about it .
Speaker #3: Thank you . And then another question . Thank you . And then another question on the IPO . I'm wondering how is the company thinking about the management of NewCo and what sort of governance rights will bear ?
Tim Cribb: Thank you. And then another question on the IPO. I'm wondering, how is the company thinking about the management of NewCo and what sort of governance rights will Barrick have with the state, given it still will be controlling? And then sort of along those lines, how is the company ensuring that both Barrick shareholders will be aligned with the NewCo shareholders? Thank you.
Speaker #3: Have with the still will be controlling and then sort of along those lines , you know , how state , given is the company ensuring that both Barrick shareholders will be aligned with the NewCo shareholders ?
Mark Bristow: Well, Josh, I think it's too early to say. I mean, we're starting a 9-month process. As I said, we'll keep you updated as we move along, but I haven't got the answers to those questions at the moment.
Speaker #3: Thank you .
Speaker #4: Josh , I think it's too early to say . I mean , we're starting a nine month process . And as I said , we'll keep you updated as we move along .
Speaker #4: But I haven't got the answers to those, the moment questions at.
Tim Cribb: Thank you very much.
Mark Bristow: Thanks, Josh.
Speaker #3: Thank much .
Graham Shuttleworth: Our next question comes from Martin Pradier at Veritas. Martin, your line is open. You may unmute and ask your question.
Speaker #4: Thanks , Jeff .
Speaker #5: The question comes from Martin Pradier at Veritas. Martin, your line is open. You may unmute yourself and ask.
[Analyst] (Veritas): Thank you. My question is, if you can unpack a little bit the big cost increase from this year from the outlook compared to 2025, what are the big drivers, if you can provide some color? For gold and for copper, please.
Speaker #5: question . Thank you .
Speaker #6: My question is if you can unpack a little bit. The big cost increase from this year on from the outlook compared to 2025.
Speaker #6: What are the big drivers? If you can provide some color for gold and corporate, please.
Graham Shuttleworth: Thanks, Martin. Really, there's sort of three buckets, two of which are the most significant. The first one is the gold price assumption. So.
Speaker #2: Thanks , Martin . Really there's sort of three , three buckets , two of which are are the most significant . The first one is , is is the gold price assumption .
[Analyst] (Veritas): Hi. Can you hear me?
Graham Shuttleworth: Yeah, I can hear you. Can you hear me? Okay. Moderator, can you hear me?
Speaker #6: So can you hear for ?
Speaker #2: Yeah , I can hear you . you hear Can me ? Can . Moderator . me Can you hear ?
Graham Shuttleworth: Yes, we can hear you loud and clear. Martin, we can hear you as well.
Speaker #5: can hear Yes , we Our next clear . you loud and can hear you as well Martin . We .
Graham Shuttleworth: Martin, can you hear us? Looks like we've lost Martin.
Speaker #2: Martin , can you hear us ? Looks like we've lost Martin .
Graham Shuttleworth: We can move on to the next question. As a reminder, if you would like to ask a question, you can click on the raise hand button at the bottom of your screen. Our next question comes from John Tumazos at Very Independent Research. John, your line is open. You may unmute and ask your question.
Speaker #5: on to the next We can move question . As a reminder , if you would like to ask a question , you can click on the Raise hand button at the bottom of your screen .
Speaker #5: Our next question comes from John Tumazos . Very independent research . line is John , your open . You may unmute and ask your question .
[Analyst] (Very Independent Research): Thank you very much. Barrick sold 31 million ounces of gold resources for $2.55 billion or $82 an ounce. Will you sell any more gold? Is it because you don't have enough managers for all of your properties, or would you reverse course and buy gold to offset the gold you sold?
Speaker #7: Thank you very much , Derek . Sold 31,000,000oz of gold resources for 2.55 billion , or $82 an ounce . We'll use sell any more gold it because .
Speaker #7: You don't have enough managers for all of your properties? Or would you reverse course and buy gold to offset the gold you sold?
Graham Shuttleworth: So John, I think it's not a question of just selling gold for the sake of selling gold. It's really about focusing on a strategy. Our strategy has always been to focus on our Tier One, high-quality assets. And dispositions that we've made have been in respect of those assets that didn't fit that strategic filter. So we'll definitely continue to invest in gold going forward in line with our strategy. We definitely believe in gold, and the focus of this company going forward is very much around gold, but it's within the constraints of the strategy.
Speaker #2: Hey, John, I think it's not a question of just selling for the sake of selling, or focusing only on gold. It's really—
Speaker #2: Our to focus on our tier one , high quality strategy assets always been and dispositions that we've made have been in respect of those assets that didn't fit that strategic filter .
Speaker #2: So, yeah, we have to continue to invest in going forward. You know, in line with our strategy, definitely believe in.
Speaker #2: Gold and and the focus of this company going forward is very much around gold . But it's , you know , within the constraints of of the strategy .
Mark Bristow: You still there, John?
Speaker #4: You still there, John?
[Analyst] (Very Independent Research): Thank you.
Speaker #7: Thank
Speaker #8: .
Graham Shuttleworth: As a reminder, if you would like to ask a question, please click on the raise hand button at the bottom of the screen. This concludes our Q&A session. Back to Cleve for any closing remarks.
Speaker #5: As a reminder , if you would like to raise . would like to ask a If you question , please click on the raise button at the bottom of screen hand the .
Speaker #5: This concludes our Q&A session. Back to Cleave for any closing remarks.
[Analyst] (Canaccord Genuity): Great. Thank you, everyone, for joining us today. We look forward to speaking with you again on our Q1 results call in May. Please get in touch with us if you have any further follow-up questions. Good. Thanks again.
Speaker #7: Great .
Speaker #9: Thank you everyone for joining us today . We speaking with you again on our first quarter look forward to results call in May .
Speaker #9: Please get in touch with us if you have any further follow-up. Thanks again.
