Barrick posts record cash flow, hikes dividend in Q4 as board moves ahead with North American IPO

Barrick Mining Corp. capped off 2025 with sharply higher earnings and a major reset of its capital return strategy, as the company’s board approved preparations for an initial public offering of its North American gold assets.

The senior gold producer reported fourth-quarter operating cash flow of $2.73 billion and free cash flow of $1.62 billion, both quarterly records and up 13% and 9%, respectively, from the third quarter.

Meanwhile, net earnings surged to $2.41 billion, or $1.43 per share, while adjusted earnings came in at $1.04 per share, reflecting the strongest quarterly profitability in the company’s history. The company’s earnings significantly beat analyst expectations.

Fourth-quarter gold production rose 5% from the previous quarter to 871,000 ounces, and copper output climbed 13% to 62,000 tonnes. Despite a strong end to the year, gold production totaled 3.26 million ounces in 2025, down from the prior year but in line with guidance; however, copper output increased 13% to 220,000 tonnes.

Barrick said higher realized commodity prices helped offset rising costs, including higher royalties and inflationary pressures on consumables. All-in sustaining costs for gold averaged $1,637 per ounce in 2025, modestly above guidance, while copper all-in sustaining costs declined 7% year over year to $3.20 per pound.

With its significant cash flow, Barrick unveiled a new dividend framework targeting a total annual payout of 50% of attributable free cash flow. The policy includes a fixed base quarterly dividend of $0.175 per share, along with a performance-based year-end top-up.

Under the new framework, the company declared a $0.42 per share dividend for the fourth quarter, a 140% increase from the prior quarter. Barrick returned a total of $2.39 billion to shareholders in 2025, including $1.5 billion in share buybacks, representing roughly 3% of shares outstanding.

Chief executive Mark Hill said the company’s financial performance allowed shareholders to participate more directly in its results.

“We reported record quarterly cash flow, delivered on our gold and copper production guidance, and successfully executed our 2025 operating plan,” Hill said in a statement.

Beyond the headline numbers, Barrick also announced that its board has decided to proceed with preparations for an IPO of its North American gold business, following a review initiated in late 2025.

The proposed entity, referred to as NewCo, would hold Barrick’s interests in Nevada Gold Mines, Pueblo Viejo, and the Fourmile gold discovery in Nevada. Barrick intends to retain a controlling stake following the IPO, which is expected to be completed in late 2026, subject to market and regulatory conditions.

Management said the move is designed to unlock value while allowing Barrick to maintain exposure to its flagship North American assets.

Looking ahead, the company guided for 2026 gold production of 2.90 to 3.25 million ounces and copper production of 190,000 to 220,000 tonnes. Cost guidance reflects higher assumed commodity prices, with gold costs based on a $4,500 per ounce price assumption and copper on $5.50 per pound.