Barrick Mining Q4 2025 Barrick Mining Corp Earnings Call | AllMind AI Earnings | AllMind AI
Q4 2025 Barrick Mining Corp Earnings Call
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 Cleve Rueckert, Head of Investor Relations. Please go ahead.
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 Cleve Rueckert, Head of Investor Relations. Please go ahead.
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.
Speaker #1: I will now turn the call over to Cleveland Rueckert, Head of Investor Relations. Please go ahead.
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.
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.
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 is also available on our website. I will now hand it over to Mark.
Speaker #3: Okay, thanks, Clay, and thanks everyone for joining us for this call this morning. BARRICK finished a year in very good condition. We delivered on our 2025 operating plan, and this resulted in multiple financial records.
Mark Hill: 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 retained 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.
Mark Hill: 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 retained 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 #3: 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.
Speaker #3: 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 I said, we logged several company records, including adjusted earnings per share, cash flow, and importantly, shareholder returns.
Speaker #3: Production increased from last quarter to the highest level of the year, which resulted in 82% increase in EBITDA versus last year. We increased our base dividend by another 40% and adopted a new dividend policy.
Mark Hill: Production increased from last quarter to the highest level of the year, which resulted in 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 of 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 we'll keep you updated on progress throughout the year.
Mark Hill: Production increased from last quarter to the highest level of the year, which resulted in 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 of 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 we'll keep you updated on progress throughout the year.
Speaker #3: 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.
Speaker #3: 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 #3: 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 #3: 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.
Mark Hill: Returning to safety and health, our operational and financial achievements were overshadowed, unfortunately, last year with 4 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.
Mark Hill: Returning to safety and health, our operational and financial achievements were overshadowed, unfortunately, last year with 4 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.
Speaker #3: 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.
Speaker #3: 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.
Speaker #3: So moving on to the operational highlights. Operationally, our business performed well in Q4, and importantly, we delivered on our guidance to steadily year. Gold production was 5% higher than Q3, driven by a 25% increase at Carla, and quarter-on-quarter increases across the end-to-end site.
Mark Hill: Gold production was 5% higher than Q3, driven by a 25% increase at Carlin, and quarter-over-quarter increases across the NGM site. Our processing facilities ran well, and PV's 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 high 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 North America region, which places all our key autoclave processing facilities 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 hand of the operator.
Mark Hill: Gold production was 5% higher than Q3, driven by a 25% increase at Carlin, and quarter-over-quarter increases across the NGM site. Our processing facilities ran well, and PV's 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 high 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 North America region, which places all our key autoclave processing facilities 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 hand of the operator.
Speaker #3: Facilities ran well, and PV throughput in our processing rose to another record high. Full-year gold production of 3.26 million ounces was in line with our guidance.
Speaker #3: Copper production increased 13% from Q3, driven by higher throughput over liner. Also, as I said before, we completed the operational review we discussed in the last quarter.
Speaker #3: 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 #3: 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.
Mark Hill: The mine plans have been reviewed from the bottom up, and we're entering 2026 with high confidence in our guidance. 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.
Mark Hill: The mine plans have been reviewed from the bottom up, and we're entering 2026 with high confidence in our guidance. 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 #3: 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.
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 and sales, and a 21% increase in our realized gold price.
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 and sales, and a 21% increase in our realized gold price.
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 quarter three, 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 quarterly cash flow, free cash flow, earnings per share, and a record cash balance.
Graham Shuttleworth: 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. 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, 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, 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.
Graham Shuttleworth: 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. 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, 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, 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.
Speaker #4: 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.
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. Our 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 Lamuana.
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.
Graham Shuttleworth: 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 a 21% increase in the gold price dropped to the bottom line. 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.
Graham Shuttleworth: 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 a 21% increase in the gold price dropped to the bottom line. 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.
Speaker #4: 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.
Speaker #4: 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.
Speaker #4: 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.
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 brought back $1.5 billion of our stock.
Graham Shuttleworth: 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%. 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.
Graham Shuttleworth: 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%. 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.
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.
Speaker #4: In addition, the board has determined that it will 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 quarter three dividend.
Graham Shuttleworth: 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.
Graham Shuttleworth: 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: 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
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 Hill: 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 end of their ranges. Importantly, we did not high-grade the operation at the end of the year. 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. This has helped to achieve one of the best starts to the year since the NGM joint venture was established. The Carlin Roaster had its highest January throughput in the last 5 years.
Mark Hill: 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 end of their ranges. Importantly, we did not high-grade the operation at the end of the year. 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. This has helped to achieve one of the best starts to the year since the NGM joint venture was established. The Carlin Roaster had its highest January throughput in the last 5 years.
Speaker #2: production hit its guidance range for the year, Phoenix while Cortez and Turco has reached achieved the top end of their ranges. Importantly, we did not hydrate 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 Roester 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 Hill: In fact, the new management team and the focus on operational discipline, the processing and 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 January 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.
Mark Hill: In fact, the new management team and the focus on operational discipline, the processing and 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 January 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, Turco's Ridge and Gold Rush 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.
Speaker #2: The mines implemented this disciplined approach to their operations, 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.
Speaker #2: As a result of that, we have looked at many employment conditions as part of the operational review. We will be adjusting the remuneration 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 as the number one focus for the year, and then production costs and growth.
Mark Hill: We'll be adjusting the remuneration framework to help attract and retain the best people, and 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. PB 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.
Mark Hill: We'll be adjusting the remuneration framework to help attract and retain the best people, and 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. PB 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 Hill: There is metallurgical inconsistency across those 90 million tons of stockpiles, and we are not getting the same results 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 life of mine recovery rate is lower, we have been able to extend the life to 2028, or 2048, maintaining the total overall ounces 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.
Mark Hill: There is metallurgical inconsistency across those 90 million tons of stockpiles, and we are not getting the same results 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 life of mine recovery rate is lower, we have been able to extend the life to 2028, or 2048, maintaining the total overall ounces 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.
Speaker #2: 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 life-of-mine recovery rate is lower, we have been able to extend the life to 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 formal, 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 formal's resource at a higher grade.
Mark Hill: We successfully delivered on our commitment to double Fourmile's resource at a higher grade, and as you can see from this updated model, there's a lot more to come. The next step will be working on the Bullion Hill declines, which will enable efficient resource conversion from underground access. So moving down to South America and Asia Pacific region, which includes 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 result. In the same vein, Porgera achieved the top end of its guidance range while keeping costs within guidance, demonstrating strong operational flexibility.
Mark Hill: We successfully delivered on our commitment to double Fourmile's resource at a higher grade, and as you can see from this updated model, there's a lot more to come. The next step will be working on the Bullion Hill declines, which will enable efficient resource conversion from underground access. So moving down to South America and Asia Pacific region, which includes 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 result. In the same vein, Porgera achieved the top end of its guidance range while keeping costs within guidance, demonstrating strong operational flexibility.
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.
Speaker #2: So, moving down to South America and the Asia Pacific region, which includes Philadelphia and Korga. This region also performed well against its plan in the quarter and the year.
Speaker #2: Philadelphia exceeded the top end of its 2025 guidance and beat its cost guidance by over $100 an hour. Work is continuing at Philadelphia to expand the result.
Speaker #2: In the same vein, Korg 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.
Mark Hill: So on Africa and Middle East region, they achieved their production guidance, and point out for the seventh consecutive year, and as I've said, we successfully resolved the dispute in Mali, securing the release of our incarcerated colleagues. At Kibali, the Arc discovery delivered significant progress in 2025 and 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 guide. So 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.
Mark Hill: So on Africa and Middle East region, they achieved their production guidance, and point out for the seventh consecutive year, and as I've said, we successfully resolved the dispute in Mali, securing the release of our incarcerated colleagues. At Kibali, the Arc discovery delivered significant progress in 2025 and 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 guide. So 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.
Speaker #2: And as I've said, we successfully resolved the disputed mileage during the release of our incarcerated colleagues. At Kibali, the art discovery delivered significant progress in 2025, adding 3.5 million ounces to resources, including 1 million converted to reserve.
Speaker #2: Further drilling in 2026 is expected to continue to grow this high potential discovery. In 2025, with production in the top half, North Mara reported a strong finish to its 2025 guidance range.
Speaker #2: And Bull and Hulu overcame great 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 high throughput.
Mark Hill: And lastly, copper. So Lumwana finished the year on a high, with production up 11% over Q3, thanks to higher throughput, 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, 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 was sold at the end of the year.
Mark Hill: And lastly, copper. So Lumwana finished the year on a high, with production up 11% over Q3, thanks to higher throughput, 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, 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 was sold at the end of the year.
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.
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: 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 Hemlow, which was sold at the end of the year.
Speaker #2: We expect Lulu Concorda's ramp up to be the main contributor to the production increase in 2026, along with slightly higher production from PB. Carlin and Turco's rich production is expected to be marginally lower due to the open pit sequencing and the grade in the mine plant.
Mark Hill: 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 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 North Mara. For copper, we're guiding 190 to 220 thousand tons, which compares to the annual production of 220 thousand tons in 2025. Production is expected to be highest in Q2 and Q3, and lowest in Q1, mainly driven by grade at the mine.
Mark Hill: 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 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 North Mara. For copper, we're guiding 190 to 220 thousand tons, which compares to the annual production of 220 thousand tons in 2025. Production is expected to be highest in Q2 and Q3, and lowest in Q1, mainly driven by grade at the mine.
Speaker #2: 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 quarters three and four will come from the ramp up of Lulu Concorda and Gold Rush, and the timing of the shutdowns at NGM.
Speaker #2: 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 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.
Mark Hill: 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. 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. And for copper reserves, we used $3.25 per pound, and—sorry, for reserves, and $4.50 for resources. So today, Barrick, we hold the one of the largest reserve and resource bases in the industry, and 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 resource.
Mark Hill: 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. 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. And for copper reserves, we used $3.25 per pound, and—sorry, for reserves, and $4.50 for resources. So today, Barrick, we hold the one of the largest reserve and resource bases in the industry, and 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 resource.
Speaker #2: For our 2025 gold price assumptions, we used 1,500 dollars per ounce for reserves. And $2,000 per ounce for resources. Both modestly higher than last year.
Speaker #2: And $3.25 per pound, 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 a triple 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 incurred there were declines as a result of divestitures, we continue to see strong organic growth across the assets in Nevada and at PB.
Mark Hill: While there were declines as a result of divestitures, we continue to see strong organic growth across the assets in Nevada and at PV. Turning briefly to copper, attributable, proven, and probable reserves remain stable at 18 million tons. Copper resources increased, with measured and indicated resources of 24 million tons and an additional 4 million-plus tons 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 on 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.
Mark Hill: While there were declines as a result of divestitures, we continue to see strong organic growth across the assets in Nevada and at PV. Turning briefly to copper, attributable, proven, and probable reserves remain stable at 18 million tons. Copper resources increased, with measured and indicated resources of 24 million tons and an additional 4 million-plus tons 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 on 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.
Speaker #2: Copper attributable proven and probable reserves, turning briefly, remain stable at 18 million tonnes. Copper resources increased, with measured and indicated resources of 24 million tonnes.
Speaker #2: And an additional 4 million-plus tonnes in the incurred category. Overall, our reserve and resource base continues to support long mine lives and strong production output.
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.
Speaker #2: 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.
Mark Hill: 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. So on behalf of everyone at Barrick, I want to thank him for his commitment and wish him well in his 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.
Mark Hill: 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. So on behalf of everyone at Barrick, I want to thank him for his commitment and wish him well in his 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.
Speaker #2: Under Graham's stewardship, we strengthened our balance sheet, 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.
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 shareholders.
Speaker #2: So thank you, everyone, for your contingent interest and support. And I will just remind you, I have just about the whole exco team sitting around the table with me.
Mark Hill: I will just remind you, I have just about the whole ExCo team sitting around a table with me, so, we should be able to manage any questions that you have. I'll hand it back to the moderator. Thank you.
Mark Hill: I will just remind you, I have just about the whole ExCo team sitting around a table with me, so, we should be able to manage any questions that you have. I'll hand it back to the moderator. Thank you.
Speaker #2: So we should be able to manage any questions that you have. 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.
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 Daniel Major at UBS Securities. Daniel, your line is open. You may unmute and ask your question.
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 Daniel Major at UBS Securities. Daniel, your line is open. You may unmute and ask your question.
Speaker #2: 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.
Speaker #2: We'll now pause for a moment to assemble the queue. Our first question comes from Daniel Major at UBS Securities. Daniel, your line is open.
Speaker #2: You may
Speaker #2: question. Hi, can you hear me
Daniel Major: Hi, can you hear me okay?
Daniel Major: Hi, can you hear me okay?
Speaker #4: Yeah, we can hear you, okay?
Speaker #4: Daniel. Great, thanks.
Mark Hill: Yeah, we can hear you, Daniel.
Mark Hill: Yeah, we can hear you, Daniel.
Speaker #3: And Mr. Graham, good luck in the
Daniel Major: Great, thanks. Just Graham, good luck, good luck in the future. My first question is just around the, the IPO potential. And really, I guess it's a question on 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, the remainder of the group. I mean, if we look at previous examples in the sector, you know, conglomerate discounts exist due to complexity of organizations, and this won't dramatically reduce the complexity of Barrick.
Daniel Major: Great, thanks. Just Graham, good luck, good luck in the future. My first question is just around the, the IPO potential. And really, I guess it's a question on 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, the remainder of the group. I mean, if we look at previous examples in the sector, you know, conglomerate discounts exist due to complexity of organizations, and this won't dramatically reduce the complexity of Barrick.
Speaker #3: future.
Speaker #4: Yeah, my first
Speaker #4: question focuses my first question just around the IPO potential. And really, I guess it's a question of strategic level, why you believe and partial IPO of NGM and PV would unlock more value than a full separation of those assets from the remainder of the group.
Speaker #4: 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 Hill: Okay, thanks, Daniel. I'm gonna hand it over to Graham.
Mark Hill: Okay, thanks, Daniel. I'm gonna 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 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.
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. And, you know, 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 gonna drive value uplift for shareholders. You know, we believe it 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 shine a light on that valuation and that light will then translate into a re-rate for all Barrick 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. And, you know, 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 gonna drive value uplift for shareholders. You know, we believe it 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 shine a light on that valuation and that light will then translate into a re-rate for all Barrick shareholders.
Speaker #5: And 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 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: So that's the focus. That's the 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: So that's the focus, that's the intention, and at the end of the day, we, you know, that was the view from the board, that that was gonna drive the most value of all of those options.
Graham Shuttleworth: So that's the focus, that's the intention, and at the end of the day, we, you know, that was the view from the board, that that was gonna drive the most value of all of those options.
Speaker #3: Okay, thanks. And then maybe a follow-up question then. On what would be the intended proceeds from the IPO? Intended proceeds,
Daniel Major: Okay, thanks. And then maybe a follow-up question then, on what would be the intended proceeds from, yeah, from the IPO?
Daniel Major: Okay, thanks. And then maybe a follow-up question then, on what would be the intended proceeds from, yeah, from the IPO?
Speaker #5: Thanks, Dan. Yeah.
Graham Shuttleworth: Thanks, Dan. Yeah, I think-
Graham Shuttleworth: Thanks, Dan. Yeah, I think-
Speaker #5: Again, we're sorry. 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.
Daniel Major: Use of proceeds, sorry.
Daniel Major: Use of proceeds, sorry.
Graham Shuttleworth: Again, you know, we're in the middle of that process at the moment. There's still a lot of work that's gonna 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.
Graham Shuttleworth: Again, you know, we're in the middle of that process at the moment. There's still a lot of work that's gonna 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, topic. Have you had a discussion the clauses in the JV agreement with Newmont around of pertaining to changes of ownership of the Nevada JV?
Daniel Major: 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?
Daniel Major: 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?
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, you know, we're very well aware of all of the legal contracts and documents that we have. We would always honor and respect those contracts and documents. You know, we're comfortable with the progress that we're making, and we'll continue to progress down this road.
Graham Shuttleworth: Thanks, Dan. Yeah, I think as you can imagine, you know, we're very well aware of all of the legal contracts and documents that we have. We would always honor and respect those contracts and documents. You know, we're 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?
Daniel Major: Okay, great. Actually, if I could just get one more in, Graham, just what's the latest on the Reko Diq financing?
Daniel Major: Okay, great. Actually, if I could just get 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 board and the release, management are a little concerned about the security situation on the ground in Baluchistan where there's been some escalation in security events there.
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 Balochistan. 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, you know, we've indicated to the lending consortium that, you know, 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.
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 Balochistan. 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, you know, we've indicated to the lending consortium that, you know, 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: And as you know, I've primarily focused on everything we do as a safety and security of our people. So they've asked us to do a review of that situation.
Speaker #5: 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
Speaker #3: right. Thanks a lot. And thanks a lot. And good luck.
Daniel Major: All right. Thanks a lot, and thanks a lot, and good luck.
Daniel Major: All right. Thanks a lot, and thanks a lot, and good luck.
Speaker #5: Thank you.
Graham Shuttleworth: 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
Operator: Our next question comes from Fahad Tariq at Jefferies. Fahad, your line is open. You may unmute and ask your question.
Operator: Our next question comes from Fahad Tariq at Jefferies. Fahad, your line is open. You may unmute and ask your question.
Speaker #2: question. Great.
Speaker #3: 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.
Mark Hill: Great, thanks for taking my question. Mark, right at the outset, you mentioned that at Nevada, you've done a comprehensive mine plan review from the bottom up. Can you maybe just talk a little bit more about how that's changed and, and has been reflected in the updated guidance, and maybe particularly on Carlin? Thanks. 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.
Fahad Tariq: Great, thanks for taking my question. Mark, right at the outset, you mentioned that at Nevada, you've done a comprehensive mine plan review from the bottom up. Can you maybe just talk a little bit more about how that's changed and, and has been reflected in the updated guidance, and maybe particularly on Carlin? Thanks. 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.
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.
Speaker #4: Okay, sure. I'll give a bit of an introduction, and then I'll hand it actually over to Tim. And you see, so look, we went back to the teams, and there had been some top-down numbers generated over the last 12 months.
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.
Mark Hill: And so we just asked the teams to go back and run the mine plans using, you know, 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. But I'll hand over to Tim, if you want to add anything to that.
Mark Hill: And so we just asked the teams to go back and run the mine plans using, you know, 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. But I'll hand over to Tim, if you want to add anything to that.
Speaker #4: So it wasn't just a, 'let's increase things by 10%.' And let's say there's an actual plan for that continuous improvement—then it was taken out.
Speaker #4: 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 over to Tim if you want to add anything to that.
Speaker #3: 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 have probably noticed in Carlin.
Tim Cribb: Yeah. Thanks, Mark. I think, you know, as Mark said, it's about that certainty in delivery of the plan. So you will see some reductions in some of the, the mines, like you have 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.
Graham Shuttleworth: Yeah. Thanks, Mark. I think, you know, as Mark said, it's about that certainty in delivery of the plan. So you will see some reductions in some of the, the mines, like you have 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.
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 Roester, 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?
Tim Cribb: I think, you know, that's at the core of why we reset these plans and built them on actual past performance.
Graham Shuttleworth: I think, you know, that's at the core of why we reset these plans and built them on actual past performance.
Fahad Tariq: Okay, great. And then just on Reko Diq, because you were asked about in the previous question. Is it fair to assume that all options are on the table, up to and including divesting the asset? Thanks.
Fahad Tariq: Okay, great. And then just on Reko Diq, because you were asked about 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 the project across all areas.
Mark Hill: Look, 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, you know, the project across all areas. So we're in the, you know, the first stages of that and working out what we're gonna look at and what options we're gonna look at. You want to add anything to that, Graham?
Mark Hill: Look, 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, you know, the project across all areas. So we're in the, you know, the first stages of that and working out what we're gonna look at and what options we're gonna look at. 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, Graham?
Speaker #3: Okay, great. Thank you.
Speaker #4: Thank you.
Fahad Tariq: Okay, great. Thank you.
Fahad Tariq: Okay, great. Thank you.
Mark Hill: Thank you.
Mark Hill: 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.
Operator: 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.
Operator: 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.
Lawson Winder: 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?
Lawson Winder: 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 #6: intention for Barrick North America to be domiciled in the United States?
Speaker #5: Again, there's a lot of work going on in that project, and as it's determined, we'll keep you updated.
Graham Shuttleworth: Again, there's a lot of work going on that project, and as it's determined, we'll keep you updated.
Graham Shuttleworth: Again, there's a lot of work going on that project, and as it's determined, we'll keep you updated.
Speaker #6: On capital return, the new dividend policy is very clear and it makes a lot of sense. How might share repurchases factor into capital return going
Lawson Winder: On capital return, the new dividend policy is very clear, and it makes a lot of sense. How might share repurchases factor into capital return going forward?
Lawson Winder: On capital return, the new dividend policy is very clear, and it makes a lot of sense. How might share repurchases factor into capital return going forward?
Speaker #6: forward? At the moment,
Speaker #5: 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 you're never going to please everyone.
Graham Shuttleworth: At the moment, Lawson, the board is very clear that they want to focus on dividends. You know, I will say, you know, my experience of engaging with shareholders, you know, this is an area where everybody has a strong opinion, and 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.
Graham Shuttleworth: At the moment, Lawson, the board is very clear that they want to focus on dividends. You know, I will say, you know, my experience of engaging with shareholders, you know, this is an area where everybody has a strong opinion, and 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 #5: But because some people favor dividends and some favor very focused on dividends and hence the reason why they have not renewed the buyback approval.
Speaker #6: Okay, very clear. On Villadero, 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?
Lawson Winder: 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.
Lawson Winder: 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 #6: And have you explored the saleability of that asset? And then if so, could Pascualama potentially be packaged as some sort of sale with Villadero?
Speaker #6: Thank you.
Speaker #4: Sorry, Lawson, we haven't Villadero is not non-core. And in fact, it's one of our top performing assets in the last 12 months. So we haven't looked at divesting it.
Mark Hill: So Lawson, we haven't. No, Veladero is not non-core, and in fact, it's one of our top producing performing assets in the last 12 months, so we haven't looked at divesting, if that's what you're asking.
Mark Hill: So Lawson, we haven't. No, Veladero is not non-core, and in fact, it's one of our top producing performing assets in the last 12 months, so we haven't looked at divesting, if that's what you're asking.
Speaker #4: That's what you're asking.
Speaker #6: Okay, great. Thank you very much, Mark. And thanks,
Lawson Winder: Okay, great. Thank you very much, Mark, and thanks, Graham.
Lawson Winder: Okay, great. Thank you very much, Mark, and thanks, Graham.
Speaker #6: Graham. Our next question comes from Anita
Speaker #2: Sony at CIBC World Markets. Your line is open. You may unmute and ask your
Operator: Our next question comes from Anita Soni at CIBC World Markets. Your line is open. You may unmute and ask your question.
Operator: Our next question comes from Anita Soni at CIBC World Markets. Your line is open. You may unmute and ask your question.
Speaker #2: question.
Speaker #7: Hey, everyone. Thanks for
Speaker #7: taking my question. So the 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 you're, as you mentioned, the recovery rates are fairly low.
Tim Cribb: Everyone, thanks for taking my question. So first question, Mark. Just moving to PV, I just wanted to understand what the guidance is based on in terms of, grades, recoveries, given that your, as you mentioned, the grade, the recovery rates are fairly low. I did see you have, you know, still some of the blending of stockpiles. Is the plan to take out the stockpiles or continue to, you know, forge on with the stockpiles blended in and try to fix the recovery rates with those in, with the those stockpiles?
Anita Soni: Everyone, thanks for taking my question. So first question, Mark. Just moving to PV, I just wanted to understand what the guidance is based on in terms of, grades, recoveries, given that your, as you mentioned, the grade, the recovery rates are fairly low. I did see you have, you know, still some of the blending of stockpiles. Is the plan to take out the stockpiles or continue to, you know, forge on with the stockpiles blended in and try to fix the recovery rates with those in, with the those stockpiles?
Speaker #7: 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 if those stockpiles?
Speaker #4: Okay. Well, let me start off the answer, and again, I'll hand it over to Tim. But obviously, the 90% was in the feasibility study.
Mark Hill: Okay, so 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. We're not going to achieve that. We're targeting 84, but the-- to get to the 84, you know, 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 what we-- 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?
Mark Hill: Okay, so 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. We're not going to achieve that. We're targeting 84, but the-- to get to the 84, you know, 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 what we-- 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's also some projects we have to do as well. But Tim, you want to expand on that?
Speaker #6: 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 up 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 LOM 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.
Graham Shuttleworth: 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%. 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 LOM 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 #6: 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 #6: The technical report, which is coming out at the end of February, 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 #6: So we've run that through the life of the...
Speaker #6: mine.
Speaker #7: Is there anything? Just to
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.
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 #6: Sorry, just to reiterate, the updated 43101—which will obviously have all of this information—will be available at the end of...
Speaker #6: February. Right.
Speaker #7: 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?
Anita Soni: 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?
Anita Soni: 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 #7: In that 43101, or will that potentially take some of the ounces out?
Speaker #4: No, no. We expect to maintain 10, correct?
Mark Hill: No, no, we expect to maintain, Tim, correct?
Mark Hill: No, no, we expect to maintain, Tim, correct?
Speaker #4: Yeah. Yeah.
Speaker #7: Okay. And then my second question was just with respect to the IPO. I know you're that. Sorry, it will be completed by year-end. But could you give us an idea the Nevada gold mines and four-mile North American assets, what portion of those assets do you intend to IPO?
Speaker #7: Okay. And then my second question was just with respect to the IPO. I know you’re — that, sorry, it will be completed by year-end. But could you give us an idea — the Nevada Gold Mines and Fourmile North American assets, what portion of those assets do you intend to — of what portion, between 10 to 15 percent and north of 30 percent, I’m not sure what you guys are doing.
Graham Shuttleworth: Yeah.
Graham Shuttleworth: Yeah.
Mark Hill: Yeah.
Mark Hill: Yeah.
Anita Soni: Okay. And then my second question was just with respect to the IPO. I know you, you know, you're saying you'll have an update at year-end on that, or sorry, it will be completed by year-end, 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? I've heard ranges between 10% to 15% and north of 30%, but I'm not sure what you guys are doing.
Anita Soni: Okay. And then my second question was just with respect to the IPO. I know you, you know, you're saying you'll have an update at year-end on that, or sorry, it will be completed by year-end, 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? I've heard ranges between 10% to 15% and north of 30%, but I'm not sure what you guys are doing.
Speaker #4: I think it's fair to say it'll be on the lower end of that—the minority title. Hope that's
Mark Hill: I think it's fair to say it'll be on the lower end of that and be a minority part of those assets.
Mark Hill: 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: accurate.
Speaker #7: So, 10 to more along the lines of 10 to 15.
Anita Soni: So more along the lines of 10 to 15%?
Anita Soni: So more along the lines of 10 to 15%?
Speaker #4: Sure. percent? Yes.
Speaker #7: Okay. Thank you. That’s it for my questions for now.
Mark Hill: Sure. Yes.
Mark Hill: Sure. Yes.
Speaker #4: Thank
Anita Soni: Okay. Thank you. That's it for my questions for now.
Anita Soni: Okay. Thank you. That's it for my questions for now.
Speaker #4: you. Our next
Mark Hill: Thank you.
Mark Hill: Thank you.
Speaker #2: question comes from Bennett Moore at JP Morgan. Bennett, your line is open. You may unmute and ask your question.
Speaker #2: The question comes from Bennett Moore at J.P. Morgan. Bennett, your line is open. You may unmute and ask your question.
Operator: Our next question comes from Bennett Moore at J.P. Morgan. Bennett, your line is open. You may unmute and ask your question.
Operator: Our next question comes from Bennett Moore at J.P. Morgan. Bennett, your line is open. You may unmute and ask your question.
Speaker #8: all right? Yes, we can hear
Bennett Moore: Good morning. Can you hear me all right?
Bennett Moore: Good morning. Can you hear me all right?
Speaker #4: you, Bennett.
Mark Hill: Yes, we can hear you, Bennett.
Mark Hill: Yes, we can hear you, Bennett.
Speaker #8: Great. Thank you for taking my questions. I wanted to come to Molly. And since gaining control back there, what is the dialogue been with the government?
Bennett Moore: Great. Thank you for taking my questions. I wanted to come to Mali, and since gaining control back there, what has the dialogue been with the government, and what is the state of the assets, and is there any incremental investment required there?
Bennett Moore: Great. Thank you for taking my questions. I wanted to come to Mali, and since gaining control back there, what has the dialogue been with the government, and what is the state of the assets, and is there any incremental investment required there?
Speaker #8: And what did the state of the assets and is there any incremental investment required there?
Speaker #4: Okay, Bennett, let me hand it over to Seth if you can give us an update here.
Mark Hill: Okay, Bennett, let me hand it over to Seb, so he can give us an update too.
Mark Hill: Okay, Bennett, let me hand it over to Seb, so he can give us an update too.
Speaker #5: Hi, Bennett. The relationship is reset. And the engagement so far has been really positive. We took control of the asset on the 16th of December.
[Company Representative] (Barrick): Hi, Bennett. The relationship is really at a reset, and the engagement so far has been really positive. We took control of the asset on 16 December. It was actually in much better shape than we expected. So 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. 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.
Sebastiaan Bock: Hi, Bennett. The relationship is really at a reset, and the engagement so far has been really positive. We took control of the asset on 16 December. It was actually in much better shape than we expected. So 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. 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 #5: It was actually a much better shape than we 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 #5: And we are ramping up the open pit, which we expect to be doing in the second half of this year. So the focus is really on getting that ramp-up done in a safe manner, so that we can achieve our historical run rates by the end of this year.
Speaker #5: And so you would have seen in our guidance that for Ludovincotto, this year we are guiding between 260 and 290,000 ounces.
[Company Representative] (Barrick): You would have seen in our guidance that for Loulo-Gounkoto this year, we are guiding between 260,000 and 290,000 ounces for this year.
Sebastiaan Bock: You would have seen in our guidance that for Loulo-Gounkoto this year, we are guiding between 260,000 and 290,000 ounces for this year.
Speaker #8: Thanks for that. And now, with the employees no longer detained and the work seemingly behind, I just wanted to get your latest thoughts on a potential asset sale there, if you've seen any interest or dialogue from others.
Bennett Moore: Thanks for that. And you know, now with the employees no longer detained and the worst seemingly behind, just wanted to get your latest thoughts on a potential asset sale there, if you, you know, seen any interest or dialogue from other parties?
Bennett Moore: Thanks for that. And you know, now with the employees no longer detained and the worst seemingly behind, just wanted to get your latest thoughts on a potential asset sale there, if you, you know, seen any interest or dialogue from other parties?
Speaker #8: Parties. No, I think at this point, the
Speaker #5: Focus is really on ramping up that mine and restoring the relationship, and everyone's really committed to do.
[Company Representative] (Barrick): No, I think at this point, the focus is really on ramping up that mine and restoring the relationship, and, you know, everyone's really committed to do that.
Sebastiaan Bock: No, I think at this point, the focus is really on ramping up that mine and restoring the relationship, and, you know, everyone's really committed to do that.
Speaker #5: that.
Speaker #5: that.
Speaker #8: All right. I'll get back in the queue.
Speaker #4: Thanks, Thank you. Bennett.
Bennett Moore: Okay. I'll get back in the queue. Thank you.
Bennett Moore: Okay. I'll get back in the queue. Thank you.
Speaker #2: Carrie McGrury at Canaccord Annuity. Carrie, your line is open. You may unmute and ask your question.
Operator: Our next question comes from Carey MacRury at Canaccord Genuity. Kerry, your line is open. You may unmute and ask your question.
Operator: Our next question comes from Carey MacRury at Canaccord Genuity. Kerry, your line is open. You may unmute and ask your question.
Speaker #6: Hi, good morning guys. Can you hear me?
Speaker #4: Yeah, we can hear you, Carrie.
Anita Soni: Hi, good morning, guys. Can you hear me?
Carey MacRury: Hi, good morning, guys. Can you hear me?
Speaker #6: Yeah. Just going back to the IPO, production in Nevada has come down pretty much just wondering about the timing. I mean, consistently every year.
Mark Hill: Yeah, we can hear you, Carey.
Mark Hill: Yeah, we can hear you, Carey.
Anita Soni: 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, you know, when Nevada looks a bit more stabilized?
Carey MacRury: 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, you know, when Nevada looks a bit more stabilized?
Speaker #6: Looks like it'll be lower again this year, so just wondering, why now and not when Nevada looks a bit more—
Speaker #6: stabilized. Okay.
Speaker #4: So
Speaker #1: carry , this is Marvel . spent a lot of time in Look , Nevada . Obviously , I over the last four months .
Mark Hill: Okay, so look, Kerry, this is Mark. I've spent a lot of time in Nevada over the last four 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 it's the best, January we've had in 5 years. So I'm completely comfortable they're gonna deliver this year, every quarter, which you're gonna 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.
Mark Hill: Okay, so look, Kerry, this is Mark. I've spent a lot of time in Nevada over the last four 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 it's the best, January we've had in 5 years. So I'm completely comfortable they're gonna deliver this year, every quarter, which you're gonna 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 #1: can imagine . As you So I think Nevada is 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 .
Speaker #1: We have a very strong Nevada , like we've had for 20 years . you've seen Q4 the performance And in and January stronger .
Speaker #1: is even Again , as I said , I think best January we've the had in five years . So I completely comfortable they're going to deliver this year every quarter , which you're going to see before we go to this IPO .
Speaker #1: I think, and we're now in a position where we won't disappoint. And that production, over time, will actually grow. And again, to anyone else, if you've got a feel, chime in if there's anything else.
Mark Hill: Again, Tim, anyone else, feel free to chime in if you've got anything else.
Mark Hill: Again, Tim, anyone else, feel free to chime in if you've got anything else.
Speaker #2: Okay . And maybe just on the 2027 outlook , if you just sort of walk through sort of the big , you know , what's moving from 2026 to 2027 .
Anita Soni: Okay. And maybe just on the 2027 outlook, if you can just sort of walk through sort of the big, you know, what's moving from 2026 to 2027?
Carey MacRury: Okay. And maybe just on the 2027 outlook, if you can just sort of walk through sort of the big, you know, what's moving from 2026 to 2027?
Speaker #3: As you .
Mark Hill: I see.
Mark Hill: I see.
Speaker #4: Is that Gary? Is that for the group, or at—sorry, MGM?
Graham Shuttleworth: Okay. Is that, sorry, Carey, is that for the group or at NGM?
Graham Shuttleworth: Okay. Is that, sorry, Carey, is that for the group or at NGM?
Speaker #2: No , no group level
Anita Soni: No, no, group level.
Carey MacRury: No, no, group level.
Speaker #4: So the so your .
Graham Shuttleworth: Yeah, so the, the-
Graham Shuttleworth: Yeah, so the, the-
Anita Soni: So you're up against-
Carey MacRury: So you're up against-
Speaker #2: Yeah .
Graham Shuttleworth: Yeah.
Graham Shuttleworth: Yeah.
Anita Soni: Yeah.
Carey MacRury: Yeah.
Speaker #4: The biggest
Speaker #4: The biggest movers really are . Yeah . continued at Logan cutter increase and a and small increase to Nevada and and then an increase at PV .
Graham Shuttleworth: So the biggest movers really are the continued increase at Loulo-Gounkoto and a small increase at Nevada and then an increase at PV. So those are the three key areas.
Graham Shuttleworth: So the biggest movers really are the continued increase at Loulo-Gounkoto and a small increase at Nevada and then an increase at PV. So those are the three key areas.
Speaker #4: So those are the three key areas
Speaker #3: Right .
Speaker #2: That's it for me . Okay . Thanks guys . And congrats Graham . And all the best .
Anita Soni: Okay. Okay, that's it for me. Thanks, guys, and congrats, Graham, and all the best.
Carey MacRury: Okay. Okay, that's it for me. Thanks, guys, and congrats, Graham, and all the best.
Speaker #4: Thank you .
Speaker #3: Okay .
Graham Shuttleworth: Thank you, Carey.
Graham Shuttleworth: Thank you, Carey.
Speaker #5: Our next question comes from Josh Wolfson RBC Capital at Markets . Josh your line is open . You may unmute and ask your question .
Operator: Our next question comes from Josh Wolfson at RBC Capital Markets. Josh, your line is open. You may unmute and ask your question.
Operator: Our next question comes from Josh Wolfson at RBC Capital Markets. Josh, your line is open. You may unmute and ask your question.
Speaker #6: Thanks very Yeah . much . I noticed the new guidance methodology doesn't include or CapEx indications for the next couple of years . You know , the historical guidance of the company did indicate that there a cost reduction over time was .
Josh Wolfson: Yeah, thanks very much. I noticed the new guidance methodology doesn't include costs or CapEx indications for the next couple of years. You know, the historical guidance of the company did indicate that there was a cost reduction over time. How should we think, how should we think about costs going forward after 2026? Thank you.
Josh Wolfson: Yeah, thanks very much. I noticed the new guidance methodology doesn't include costs or CapEx indications for the next couple of years. You know, the historical guidance of the company did indicate that there was a cost reduction over time. How should we think, how should we think about costs going forward after 2026? Thank you.
Speaker #6: How should we how think should we about costs going forward after 2026 ? you Thank .
Speaker #1: You want to address that?
Mark Hill: You want to address that?
Mark Hill: You want to address that?
Speaker #4: Yeah . I mean , Josh , obviously we didn't give guidance . you we I'm not about to give you guidance now , but I think , you know , broadly I would say the would flat probably be a better , better way of thinking about .
Graham Shuttleworth: Yeah, I mean, Josh, obviously we didn't give you guidance, so I'm not about to give you guidance now. But I think, you know, broadly, I would say the, yeah, flat would probably be a better way of thinking about it.
Graham Shuttleworth: Yeah, I mean, Josh, obviously we didn't give you guidance, so I'm not about to give you guidance now. But I think, you know, broadly, I would say the, yeah, flat would probably be a better way of thinking about it.
Speaker #3: It .
Speaker #6: Thank And you . 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 have with the state , given it still will be controlling then sort of along those and know , how is the company ensuring that both Barrick shareholders will be with the NewCo shareholders ?
Josh Wolfson: Thank you. And then, another question on the IPO. I'm wondering, how is the company thinking about, the management of NewCo, and, and what sort of governance rights will Barrick have with, the stake, given it still will be controlling? And then sort of along those lines, you know, how is the company ensuring that both Barrick, shareholders will be aligned with the NewCo shareholders? Thank you.
Josh Wolfson: Thank you. And then, another question on the IPO. I'm wondering, how is the company thinking about, the management of NewCo, and, and what sort of governance rights will Barrick have with, the stake, given it still will be controlling? And then sort of along those lines, you know, how is the company ensuring that both Barrick, shareholders will be aligned with the NewCo shareholders? Thank you.
Speaker #3: Thank you .
Speaker #1: Josh , I think it's too early to say . I mean , we're starting a nine month process . said , we'll keep you updated And as I as we move along .
Mark Hill: Well, look, Josh, I think it's too early to say. I mean, we're starting a 9-month process, and 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.
Mark Hill: Well, look, Josh, I think it's too early to say. I mean, we're starting a 9-month process, and 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 #1: I haven't got the answers to those questions at the moment .
Speaker #6: Thank you
Speaker #6: very .
Speaker #3: Much
Josh Wolfson: Thank you very much.
Josh Wolfson: Thank you very much.
Speaker #3: .
Speaker #3: Jeff Thanks .
Mark Hill: Thanks, Josh.
Mark Hill: Thanks, Josh.
Speaker #5: Our question . Veritas . You may Martin , ask your your line is question . unmute and
Speaker #5: Comes from Martin Pradier at Next.
Operator: Our next question comes from Martin Pradier at Veritas. Martin, your line is open. You may unmute and ask your question.
Operator: Our next question comes from Martin Pradier at Veritas. Martin, your line is open. You may unmute and ask your question.
Speaker #3: you . Thank
Martin Pradier: Thank you. My question is, if you can unpack a little bit the big cost increase from this year, you know, on, from the outlook compared to 2025. What are the big drivers? If you can provide some, some color for gold and, and for copper, please.
Martin Pradier: Thank you. My question is, if you can unpack a little bit the big cost increase from this year, you know, on, from the outlook compared to 2025. What are the big drivers? If you can provide some, some color for gold and, and for copper, please.
Speaker #7: My question is if you open . could unpack a little bit the big cost increase from this on year from the outlook compared to 2025 , what are the big drivers ?
Speaker #7: If you can provide some some color for gold and for copper , please .
Speaker #4: Thanks , Martin . Really there's sort of , three , three buckets , two of which most are significant . are the The first one is is is the gold price assumption .
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-
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 #7: So when you .
Speaker #3: me Hear .
Martin Pradier: Sorry, can you hear me?
Martin Pradier: Sorry, can you hear me?
Speaker #4: Yeah, I can hear you. Can you hear me? Can— Moderator, can you hear?
Graham Shuttleworth: Yeah, I can hear you. Can you hear me? Okay, moderator, can you hear me?
Graham Shuttleworth: Yeah, I can hear you. Can you hear me? Okay, moderator, can you hear me?
Speaker #3: Me ?
Speaker #5: Yes, we can hear you, and it's clear. Martin, we can hear you well.
Operator: Yes, we can hear you loud and clear. Martin, we can hear you as well.
Operator: Yes, we can hear you loud and clear. Martin, we can hear you as well.
Speaker #4: can you Martin , hear ? Looks like we've lost Martin .
Graham Shuttleworth: Martin, can you hear us? Looks like we've lost Martin.
Graham Shuttleworth: Martin, can you hear us? Looks like we've lost Martin.
Speaker #5: We can move on to the question. As a reminder, to ask a question next, you can click on the Raise Hand button at the bottom of your screen.
Operator: 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.
Operator: 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: Our next question comes from John Tumazos . independent research . John , your Very line is open . You may and ask your question unmute .
Speaker #8: Thank you very much . Barrick Gold
John Tumazos: 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?
John Tumazos: 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 #8: 31,000,000oz of gold for 2.55 billion , $82 an or ounce you as . We'll use sell any more gold ? Is it because you don't have enough for all of your properties managers ?
Speaker #8: Or would you reverse course and buy gold to offset the gold you sold?
Speaker #4: Hey , 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 .
Graham Shuttleworth: Hey, 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, you know, we'll definitely continue to invest in gold going forward, you know, in line with our strategy. We definitely believe in gold and and the focus of this company going forward is very much around gold. But it's, you know, within the constraints of the strategy.
Graham Shuttleworth: Hey, 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, you know, we'll definitely continue to invest in gold going forward, you know, in line with our strategy. We definitely believe in gold and and the focus of this company going forward is very much around gold. But it's, you know, within the constraints of the strategy.
Speaker #4: Our strategy has focused on our tier one, quality high. It's always been to asset dispositions that we've made have been in respect of those assets that didn't fit that strategic filter.
Speaker #4: So yeah , we'll definitely invest in gold going forward continue to . in line You know , with our strategy . We definitely believe in gold and and the focus of this company going forward is very much around gold .
Speaker #4: But it's , you know , within the constraints of of the strategy .
Speaker #1: You still there .
Speaker #3: John ? Thank you .
Mark Hill: You still there, John?
Mark Hill: You still there, John?
John Tumazos: Thank you.
John Tumazos: Thank you.
Speaker #5: As a reminder, if you would like to raise, if you would like to ask a question, please click on the button at the bottom of the screen.
Operator: As a reminder, if you would like to raise... 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.
Operator: As a reminder, if you would like to raise... 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: This concludes our Q&A Back to cleave for closing remarks any .
Speaker #9: you Great . Thank
Speaker #9: everyone for joining us today . session . We look you again on our speaking with May . first quarter results Please get in touch with have us if you further follow up questions .
Josh Wolfson: Great. Thank you everyone for joining us today. We look forward to speaking with you again on our first quarter results call in May. Please get in touch with us if you have any further follow-up questions. Good. Thanks again.
Cleveland Rueckert: Great. Thank you everyone for joining us today. We look forward to speaking with you again on our first quarter results call in May. Please get in touch with us if you have any further follow-up questions. Good. Thanks again.
