Barrick Gold grows Q2 revenue on higher production
Mon Aug 11 2025
Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) delivered a strong second quarter earnings report, driven by sequential improvements in gold and copper production.
The company produced approximately 797,000 ounces of gold, up 5% from the prior quarter, and copper output surged 34% sequentially to 59,000 tonnes, representing a 37% increase year-over-year.
Revenue climbed 16% to $3.68 billion, slightly below the Street consensus of $3.73 billion, while adjusted net earnings per share of $0.47 modestly exceeded consensus estimates of $0.46.
“Q2 was another quarter where Barrick delivered on all fronts,” Barrick CEO Mark Bristow said in a statement. “We’re growing production, lowering costs and advancing the industry’s most exciting pipeline of gold and copper projects.”
Analysts at Jefferies highlighted Barrick’s steady progress, noting that the quarterly report showed no big surprises.
They highlighted that Barrick’s results were on track for 2025 guidance, with Lumwana mine tracking the top end of full-year guidance.
Although the adjusted EPS of $0.47 slightly beat the $0.46 consensus, it marginally missed Jefferies’ $0.48 estimate.
Barrick reported attributable EBITDA of $1.69 billion, which came in below Jefferies’ forecast of $1.76 billion, while EBITDA margins improved to 55% from 51% in the previous quarter.
All-in sustaining costs (AISC) for gold fell 5% quarter-over-quarter to $1,684 per ounce, slightly better than Jefferies’ estimate of $1,692.
On the copper side, production of 130 million pounds outpaced expectations, and cash costs were notably lower at $1.80 per pound, 14% below the analysts’ $2.09 per pound estimate.
Looking ahead, Barrick maintained its 2025 guidance for gold production between 3.15 and 3.50 million ounces and reiterated the expected sequential production pattern, with the lowest output in Q1 and highest in Q4.
“Gold production is expected to be the lowest in 1Q and the highest in 4Q. In other words, expect sequential improvement through the year,” Jefferies wrote.
The analysts upped their price target to $30, citing Barrick’s cash build, and repeated their ‘Buy’ rating on the miner.
Shares of Barrick traded down 3.3% at about $23 after its earnings, corresponding with a 2.6% drop in gold prices to about $3,400 per ounce.
Source: https://www.proactiveinvestors.co.uk/