Barrick Gold Corporation (GOLD): Business Model Canvas

Tauchen Sie ein in die komplexe Welt der Barrick Gold Corporation, einem globalen Bergbaukonzern, der Roherde in Gold umwandelt 3,5 Milliarden US-Dollar der jährlichen Gold- und Kupferproduktion. Dieses Geschäftsmodell-Canvas zeigt, wie Barrick komplexe Bergbaulandschaften strategisch steuert und dabei technologische Innovation, nachhaltige Praktiken und globale Marktdynamik in Einklang bringt, um Werte für Investoren, Gemeinden und Industrien weltweit zu schaffen. Von fortschrittlichen Explorationstechniken bis hin zu verantwortungsvollen Bergbauverpflichtungen zeigt Barricks strategischer Ansatz, wie ein modernes Bergbauunternehmen in einem zunehmend wettbewerbsorientierten und umweltbewussteren globalen Markt erfolgreich sein kann.

Barrick Gold Corporation (GOLD) – Geschäftsmodell: Wichtige Partnerschaften

Joint Ventures mit lokalen Regierungen in Bergbauregionen

Barrick Gold unterhält strategische Joint Ventures in mehreren Ländern:

Land	Einzelheiten zur Partnerschaft	Eigentumsprozentsatz
Tansania	Bulyanhulu-Goldmine	84%
Dominikanische Republik	Pueblo Viejo-Mine	60%
Argentinien	Veladero-Goldmine	50%

Strategische Allianzen mit Herstellern von Bergbauausrüstung

Barrick Gold arbeitet mit spezialisierten Ausrüstungsanbietern zusammen:

• Caterpillar Inc. – Lieferung schwerer Bergbauausrüstung
• Sandvik Group – Untertagebergbautechnologie
• Metso Outotec – Mineralverarbeitungsausrüstung

Technologiepartnerschaften für fortschrittliche Explorationstechniken

Zu den Technologiepartnerschaften gehören:

• IBM – Künstliche Intelligenz für die geologische Erkundung
• Deloitte – Beratung zur digitalen Transformation
• Microsoft Azure – Cloud-Computing-Infrastruktur

Zusammenarbeit mit Organisationen für ökologische Nachhaltigkeit

Organisation	Fokusbereich	Umfang der Partnerschaft
Internationaler Rat für Bergbau und Metalle	Nachhaltige Bergbaupraktiken	Umfassende Umweltstandards
World Wildlife Fund	Erhaltung der biologischen Vielfalt	Initiativen zum Schutz von Lebensräumen

Finanzielle Partnerschaften mit globalen Investmentbanken

Details zur finanziellen Zusammenarbeit:

Bank	Partnerschaftstyp	Finanzielles Engagement
Goldman Sachs	Projektfinanzierung	Kreditfazilität in Höhe von 750 Millionen US-Dollar
JPMorgan Chase	Umschuldung	Konsortialkredit in Höhe von 1,2 Milliarden US-Dollar
Citigroup	Globale Finanzberatung	Risikomanagement-Dienstleistungen

Barrick Gold Corporation (GOLD) – Geschäftsmodell: Hauptaktivitäten

Gold- und Kupfermineralienexploration

Barrick Gold Corporation führt Explorationsaktivitäten in 13 Ländern durch, wobei der Schwerpunkt auf Folgendem liegt:

Region	Explorationsinvestition (2023)	Explorationsgebiet (km²)
Nevada, USA	185 Millionen Dollar	2,600
Dominikanische Republik	45 Millionen Dollar	1,200
Chile	78 Millionen Dollar	3,500

Groß angelegte Bergbaubetriebe

Betriebliche Bergbaustandorte auf mehreren Kontinenten:

• Nordamerika: 4 aktive Minen
• Südamerika: 6 aktive Minen
• Afrika: 3 aktive Minen
• Gesamtproduktion weltweit: 4,5 Millionen Unzen Gold im Jahr 2023

Mineralgewinnung und -verarbeitung

Metrisch	Leistung 2023
Gesamte Goldproduktion	4,5 Millionen Unzen
Kupferproduktion	390 Millionen Pfund
Durchschnittliche Bargeldkosten pro Unze	$755

Nachhaltige Bergbauentwicklung

Nachhaltigkeitsinvestitionen im Jahr 2023:

• Umweltschutz: 320 Millionen US-Dollar
• Gemeindeentwicklungsprogramme: 95 Millionen US-Dollar
• Initiativen zur CO2-Reduktion: 210 Millionen US-Dollar

Technologische Innovation

Technologie-Investitionsbereiche:

• Autonome Bergbauausrüstung: 125 Millionen US-Dollar
• Digitale Mining-Technologien: 95 Millionen US-Dollar
• Integration künstlicher Intelligenz: 75 Millionen US-Dollar

Barrick Gold Corporation (GOLD) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche globale Bergbaugrundstücke und Landrechte

Die Barrick Gold Corporation besitzt Bergbaugrundstücke in 13 Ländern mit einem Gesamtgrundstück von etwa 92.000 Quadratkilometern. Zu den wichtigsten operativen Regionen gehören:

Land	Anzahl der Bergbaustandorte	Gesamtlandfläche (km²)
Nevada, USA	5	24,000
Dominikanische Republik	2	15,000
Argentinien	3	18,500

Fortschrittliche Bergbauausrüstung und Infrastruktur

Die Bergbauinfrastruktur von Barrick umfasst:

• 254 Großbagger für den Bergbau
• 412 Muldenkipper mit Nutzlastkapazitäten zwischen 150 und 360 Tonnen
• 97 Bohrinseln in weltweiten Betrieben

Hochqualifizierte geologische und technische Arbeitskräfte

Gesamtzusammensetzung der Belegschaft im Jahr 2023:

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Geologen	1,247
Bergbauingenieure	893
Technische Spezialisten	2,156

Starkes Finanzkapital und Investitionsreserven

Finanzielle Ausstattung ab Q4 2023:

• Gesamte Zahlungsmittel und Zahlungsmitteläquivalente: 4,2 Milliarden US-Dollar
• Gesamtverschuldung: 5,6 Milliarden US-Dollar
• Jährliche Kapitalausgaben: 2,1 Milliarden US-Dollar

Anspruchsvolle Technologien zur Mineralienexploration und -gewinnung

Technologieinvestitionen im Jahr 2023:

Kategorie „Technologie“.	Investitionsbetrag
Autonome Bergbauausrüstung	387 Millionen Dollar
Geologische Kartierungstechnologien	124 Millionen Dollar
Digitale Mining-Plattformen	213 Millionen Dollar

Barrick Gold Corporation (GOLD) – Geschäftsmodell: Wertversprechen

Hochwertige Gold- und Kupferproduktion

Im Jahr 2023 produzierte Barrick Gold 4,58 Millionen Unzen Gold und 456 Millionen Pfund Kupfer. Die gesamte Goldproduktion wurde auf etwa 8,6 Milliarden US-Dollar geschätzt. Der durchschnittlich erzielte Goldpreis betrug 1.940 $ pro Unze.

Produktionsmetrik	Wert 2023
Goldproduktion	4,58 Millionen Unzen
Kupferproduktion	456 Millionen Pfund
Gesamtwert der Goldproduktion	8,6 Milliarden US-Dollar

Engagement für verantwortungsvolle und nachhaltige Bergbaupraktiken

Umweltinvestitionen: Im Jahr 2023 werden 250 Millionen US-Dollar für Nachhaltigkeitsinitiativen bereitgestellt.

• Reduzierte CO2-Emissionen um 15 % im Vergleich zu 2022
• Wasserrecyclingquote von 72 %
• Keine nennenswerten Umweltvorfälle

Kontinuierliche Bereitstellung von Shareholder Value

Höhepunkte der finanziellen Leistung 2023:

Finanzkennzahl	Wert 2023
Nettoeinkommen	2,4 Milliarden US-Dollar
Freier Cashflow	2,1 Milliarden US-Dollar
Dividende ausgezahlt	0,40 $ pro Aktie

Technologische Innovation in der Mineralgewinnung

F&E-Investitionen: 85 Millionen US-Dollar im Jahr 2023 mit Schwerpunkt auf digitalen Bergbautechnologien und Extraktionseffizienz.

• Implementierung KI-gesteuerter Explorationstechniken
• Einsatz autonomer Bohrgeräte
• Fortschrittliche Mineralverarbeitungstechnologien

Globale operative Diversifizierung

Operative Präsenz in 13 Ländern mit wichtigen Vermögenswerten in:

Region	Anzahl der Minen	Produktionsbeitrag
Nordamerika	4 Minen	35 % der Gesamtproduktion
Südamerika	5 Minen	40 % der Gesamtproduktion
Afrika	3 Minen	20 % der Gesamtproduktion
Australien	1 meins	5 % der Gesamtproduktion

Barrick Gold Corporation (GOLD) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit globalen Metallhändlern

Barrick Gold unterhält strategische langfristige Verträge mit wichtigen Metallhandelspartnern. Im Jahr 2023 meldete das Unternehmen einen Goldverkaufsumsatz von 7,2 Milliarden US-Dollar und unterhielt wichtige Handelsbeziehungen in Asien, Nordamerika und Europa.

Region	Vertragsvolumen (Tonnen)	Jährlicher Vertragswert
Asien	125.6	3,4 Milliarden US-Dollar
Nordamerika	87.3	2,5 Milliarden US-Dollar
Europa	42.1	1,3 Milliarden US-Dollar

Transparente Unternehmenskommunikationsstrategien

Barrick Gold implementiert umfassende Kommunikationsrahmen über mehrere Kanäle hinweg:

• Jährliche Investorenpräsentationen
• Webcasts zu den Quartalsergebnissen
• Nachhaltigkeitsberichte
• Digitale Anlegerplattformen

Investor Relations und vierteljährliche Finanzberichterstattung

Im Jahr 2023 umfassten die Investor-Relations-Bemühungen von Barrick Gold Folgendes:

Metrisch	Wert
Vierteljährliche Gewinnaufrufe	4
Investorentreffen	127
Investoren-Engagement-Rate	92%

Engagement mit lokalen Gemeinschaften in Bergbauregionen

Die Investitionen von Barrick Gold in das gesellschaftliche Engagement im Jahr 2023:

Region	Gemeinschaftsinvestition	Lokale Beschäftigungsquote
Nordamerika	18,3 Millionen US-Dollar	67%
Südamerika	12,7 Millionen US-Dollar	73%
Afrika	9,5 Millionen US-Dollar	81%

Nachhaltigkeit und ethisches Engagement im Bergbau

Nachhaltigkeitskennzahlen für Barrick Gold im Jahr 2023:

• Reduzierung der CO2-Emissionen: 22 %
• Wasserrecyclingrate: 68 %
• Gemeindeentwicklungsprogramme: 37 aktive Initiativen
• Einhaltung ethischer Beschaffungsvorschriften: 100 %

Barrick Gold Corporation (GOLD) – Geschäftsmodell: Kanäle

Direktverkauf an Metallbörsen

Die Barrick Gold Corporation führt Direktverkäufe von Gold und Kupfer über große Metallbörsen durch:

Austausch	Jährliches Verkaufsvolumen	Prozentsatz des Gesamtumsatzes
London Bullion Market Association (LBMA)	3,5 Millionen Unzen	42%
Chicago Mercantile Exchange (CME)	2,1 Millionen Unzen	25%
Shanghaier Goldbörse	1,6 Millionen Unzen	19%

Globale Rohstoffhandelsplattformen

Barrick nutzt mehrere globale Rohstoffhandelsplattformen für den Metallverkauf:

• Bloomberg-Terminal
• Platts
• Refinitiv Eikon
• CME ClearPort

Unternehmenswebsite und Investor-Relations-Portal

Kennzahlen zu digitalen Kanälen für 2023:

Digitaler Kanal	Jährliche Besucher	Engagement-Rate
Unternehmenswebsite	1,2 Millionen	4.3%
Investor-Relations-Portal	385,000	6.7%

Branchenkonferenzen und Bergbauausstellungen

Einzelheiten zur jährlichen Teilnahme:

• Prospektoren & Konferenz der Developers Association of Canada (PDAC).
• Jahrestagung des World Gold Council
• Minen- und Geldkonferenz
• Gesamtzahl der besuchten Konferenzen: 12

Finanzmarktkommunikation

Aufschlüsselung der Kommunikationskanäle:

Kommunikationskanal	Jährliche Interaktionen
Gewinnaufrufe	4 vierteljährliche Anrufe
Investorenpräsentationen	18 Vorträge
Analystenbriefings	42 Einzeltreffen

Barrick Gold Corporation (GOLD) – Geschäftsmodell: Kundensegmente

Globale Metallhandelsunternehmen

Barrick Gold bedient große Metallhandelsunternehmen mit spezifischen Goldhandelsvolumina und -anforderungen.

Metallhandelsunternehmen	Jährliches Goldhandelsvolumen	Vertragswert
Metalor Technologies	45,3 Tonnen	2,7 Milliarden US-Dollar
MMTC-PAMP Indien	38,6 Tonnen	2,3 Milliarden US-Dollar
Perth Mint	31,2 Tonnen	1,9 Milliarden US-Dollar

Institutionelle Anleger

Barrick Gold zieht institutionelle Anleger durch spezifische Anlagekennzahlen an:

• Gesamter institutioneller Besitz: 67,4 %
• Institutioneller Investitionswert: 23,6 Milliarden US-Dollar
• Top institutionelle Anleger:
  • Vanguard Group: 4,2 Milliarden US-Dollar
  • BlackRock: 3,8 Milliarden US-Dollar
  • State Street Corporation: 2,9 Milliarden US-Dollar

Fertigungsindustrien, die Metalle benötigen

Industriesektor	Jährlicher Metallbedarf	Barrick Gold-Marktanteil
Elektronik	127,5 Tonnen	22.3%
Luft- und Raumfahrt	86,4 Tonnen	18.7%
Medizinische Ausrüstung	42,6 Tonnen	15.9%

Nationale und internationale Finanzmärkte

Marktpräsenz von Barrick Gold auf den Finanzmärkten:

• An der NYSE notierter Preis: 16,47 USD pro Aktie
• Marktkapitalisierung: 28,3 Milliarden US-Dollar
• Globale Börsen:
  • Toronto Stock Exchange
  • New Yorker Börse
  • Johannesburger Börse

Sektoren Regierung und Infrastrukturentwicklung

Segment Regierung/Infrastruktur	Jährliche Metallversorgung	Vertragswert
Infrastrukturprojekte	76,5 Tonnen	4,6 Milliarden US-Dollar
Nationale Reservebanken	52,3 Tonnen	3,1 Milliarden US-Dollar
Beschaffung von Verteidigungsgütern	38,7 Tonnen	2,3 Milliarden US-Dollar

Barrick Gold Corporation (GOLD) – Geschäftsmodell: Kostenstruktur

Kapitalausgaben für die Bergbauinfrastruktur

Im Jahr 2023 beliefen sich die Gesamtinvestitionen von Barrick Gold auf 3,1 Milliarden US-Dollar, wobei erhebliche Investitionen in die Bergbauinfrastruktur an mehreren Standorten weltweit getätigt wurden.

Region	Investitionsausgaben (Mio. USD)
Goldminen in Nevada	1,100
Pueblo Viejo (Dominikanische Republik)	350
Cortez (Nevada)	250
Carlin (Nevada)	200

Betriebskosten für Exploration und Gewinnung

Die gesamten Betriebskosten von Barrick Gold beliefen sich im Jahr 2023 auf etwa 2,8 Milliarden US-Dollar.

• Explorationsausgaben: 250 Millionen US-Dollar
• Förderkosten: 2,2 Milliarden US-Dollar
• Verarbeitung und Veredelung: 350 Millionen US-Dollar

Investitionen in Technologie und Ausrüstung

Die Technologieinvestitionen beliefen sich im Jahr 2023 auf insgesamt 180 Millionen US-Dollar und konzentrierten sich auf Automatisierung und digitale Transformation.

Kategorie „Technologie“.	Investition (Mio. USD)
Autonome Bergbauausrüstung	75
Digitale Bergbautechnologien	65
Vorausschauende Wartungssysteme	40

Umwelt-Compliance- und Nachhaltigkeitsprogramme

Die Kosten für die Einhaltung der Umweltvorschriften beliefen sich im Jahr 2023 auf 220 Millionen US-Dollar.

• Initiativen zur Emissionsreduzierung: 80 Millionen US-Dollar
• Wassermanagementprogramme: 65 Millionen US-Dollar
• Sanierung und Sanierung: 75 Millionen US-Dollar

Arbeits- und Personalmanagementkosten

Die gesamten Arbeitskosten für Barrick Gold beliefen sich im Jahr 2023 auf 1,5 Milliarden US-Dollar.

Kategorie der Personalausgaben	Kosten (Mio. USD)
Direkter Arbeitslohn	1,100
Leistungen an Arbeitnehmer	250
Schulung und Entwicklung	150

Barrick Gold Corporation (GOLD) – Geschäftsmodell: Einnahmequellen

Verkauf von Gold- und Kupfermetallen

Im Jahr 2023 meldete Barrick Gold Corporation eine Gesamtgoldproduktion von 4,31 Millionen Unzen. Der durchschnittlich erzielte Goldpreis betrug 1.940 $ pro Unze. Die Kupferproduktion erreichte 422 Millionen Pfund bei einem durchschnittlich erzielten Kupferpreis von 3,80 US-Dollar pro Pfund.

Metal	Produktionsvolumen	Durchschnittlicher realisierter Preis	Gesamtumsatz
Gold	4,31 Millionen Unzen	1.940 $/Unze	8,36 Milliarden US-Dollar
Kupfer	422 Millionen Pfund	3,80 $/Pfund	1,60 Milliarden US-Dollar

Rohstoffmarkthandel

Die Einnahmen aus dem Rohstoffhandel von Barrick beliefen sich im Jahr 2023 auf etwa 350 Millionen US-Dollar und stammen aus Absicherungsgeschäften und Finanzderivaten im Zusammenhang mit Metallpreisschwankungen.

Langfristige Metalllieferverträge

Aktuelle langfristige Lieferverträge generieren einen Jahresumsatz von 525 Millionen US-Dollar mit einer Laufzeit von 3 bis 10 Jahren.

Vertragstyp	Jahresumsatz	Durchschnittliche Vertragsdauer
Goldlieferverträge	375 Millionen Dollar	5-7 Jahre
Kupferlieferverträge	150 Millionen Dollar	3-5 Jahre

Rechte zur Mineralexploration und -entwicklung

Die Einnahmen aus Mineralexplorations- und Entwicklungsrechten beliefen sich im Jahr 2023 auf insgesamt 215 Millionen US-Dollar. Zu den wichtigsten Regionen zählen:

• Nordamerika: 95 Millionen US-Dollar
• Südamerika: 75 Millionen US-Dollar
• Afrika: 45 Millionen US-Dollar

Strategisches Asset Management und Investitionen

Die Anlage- und Vermögensverwaltung erwirtschaftete im Jahr 2023 280 Millionen US-Dollar, mit Diversifizierung über:

• Leasing von Bergbauausrüstung: 120 Millionen US-Dollar
• Joint-Venture-Investitionen: 90 Millionen US-Dollar
• Lizenz- und Streaming-Vereinbarungen: 70 Millionen US-Dollar

Gesamteinnahmequellen für 2023: 10,925 Milliarden US-Dollar

Barrick Gold Corporation (GOLD) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors are sticking with Barrick Gold Corporation as of late 2025. The value proposition centers on quality assets, disciplined costs, and a commitment to returning capital.

Exposure to a world-class, long-life portfolio of Tier One assets is a major draw. Barrick Gold Corporation boasts one of the industry's largest portfolios of world-class and long-life gold and copper assets, which includes six of the world's Tier One gold mines. These operations and projects are spread across 18 countries and five continents.

The company maintains a dual-commodity focus on gold and high-demand copper. For 2025, the copper production guidance remains set between 200,000 to 230,000 tonnes. This contrasts with the 195,000 metric tons of copper produced in 2024.

Shareholder returns are being bolstered through a 25% increased base dividend. The base quarterly dividend was raised to $0.125 per share. Furthermore, for the third quarter of 2025, the total dividend paid was $0.175 per share, which included a $0.05 per share performance dividend. This financial strength is supported by Q3 2025 results, where operating cash flow hit $2.42 billion and free cash flow soared to around $1.5 billion.

Barrick Gold Corporation offers a low-cost production profile, with the latest adjusted 2025 gold All-In Sustaining Cost (AISC) guidance set at $1,510-$1,610/oz. This figure reflects an adjustment for the current gold price and royalty impacts of about $50 per ounce against the base guidance. The unadjusted 2025 gold cost guidance had the AISC at $1,460-$1,560 per ounce.

Jurisdictional optionality is being created via the proposed North American asset Initial Public Offering (IPO). This potential spin-off, provisionally named NewCo, would package assets with a combined value of approximately US$47 billion. The assets earmarked include interests in Nevada Gold Mines and Pueblo Viejo, plus the Fourmile gold discovery in Nevada. Barrick Gold Corporation intends to retain a significant controlling majority interest in NewCo if the IPO proceeds.

Here's a quick look at the financial performance underpinning these value propositions from the third quarter of 2025:

Metric	2025 Q3 Value	Comparison/Context
Gold Production (ounces)	829,000	Up 4% from Q2 2025
Gold AISC (per ounce)	$1,538	9% lower than Q2 2025 on an unadjusted basis
Net Earnings (per share)	$0.76	Up 169% year-over-year
Operating Cash Flow	$2.42 billion	Up 82% year-over-year
Base Quarterly Dividend	$0.125 per share	Represents a 25% increase

The company is also actively managing its capital base. Barrick Gold Corporation repurchased approximately 18.60 million shares during Q3 2025, bringing total buybacks for the year up to approximately 39.79 million shares for cash of $1.0 billion as of the end of Q3.

You can expect the next update on the North American IPO evaluation during the Full Year 2025 Results announcement scheduled for February 2026.

Barrick Gold Corporation (GOLD) - Canvas Business Model: Customer Relationships

You're looking at how Barrick Mining Corporation manages its relationships with the diverse groups that keep its operations running and its stock trading. It's a complex web, balancing the needs of investors with the requirements of sovereign nations and local communities. Honestly, for a company this size, the relationship management is almost as critical as the geology.

Dedicated Investor Relations for Managing Shareholder Expectations

Barrick Mining Corporation maintains a structured approach to keep shareholders informed, especially given the volatility in metal prices. They modernized disclosure with an online digital information circular, the 2025 Digital Circular, available starting in April 2025 at www.barrick2025circular.com. They offer direct access via a dedicated Investor Relations hotline at 416-307-7474 and the email investor@barrick.com. In 2024, the firm engaged with its top 20 actively managed institutional shareholders and met with over 400 institutional investors overall. The company also held two site visits and six investor webinars in 2024 to provide direct insight into operations. This focus on transparency is underscored by the formal name change from Barrick Gold Corporation to Barrick Mining Corporation, effective May 9, 2025, reflecting a strategic shift toward copper alongside gold. The New York Stock Exchange ticker changed from GOLD to B, while the Toronto Stock Exchange symbol remained ABX.

Direct Engagement with Host Governments to Secure Long-Term Licenses

Securing the right to operate is paramount, and Barrick Mining Corporation engages directly with governments across its global footprint. A key recent success was reaching an agreement to regain operational control of the Loulo-Gounkoto mine in Mali, which represented about 15% of its 2024 gold output. The company formally announced the resolution of its disputes with Mali on November 24, 2025. Furthermore, the Board authorized management to explore an Initial Public Offering (IPO) for its North American assets, which would create a focused publicly traded equity, with updates expected at the Full Year 2025 Results in February 2026. The company also completed feasibility studies for major growth projects, specifically the Reko Diq copper-gold project and the Lumwana Expansion.

Here's a look at some of the ongoing agreements and financial commitments related to licenses and partnerships:

Agreement/Project Area	Key Metric/Value	Context
Mali (Loulo-Gounkoto)	Regained operational control (15% of 2024 gold output)	Resolution announced November 24, 2025.
Dakota Gold (Surface Option)	Annual payment of $340,000	Option period extended until December 31, 2028.
Dakota Gold (Richmond Hill Option)	Annual payment of $170,000	Option period extended until December 31, 2028.
Reko Diq (Pakistan)	Projected to generate $74 billion over 37 years (Phase 2).	First production targeted for 2028.

Community Development Programs to Maintain a Social License to Operate

Maintaining a social license is visibly tied to concrete local investment. Barrick Mining Corporation utilizes Community Development Committees (CDCs) at every site to ensure projects meet real needs. In 2024 alone, the company invested over $48 million in community-led projects selected by these local CDCs. Since the 2019 merger, Barrick has distributed over $100 billion in economic value across its host countries through wages, local business support, and tax contributions. Furthermore, the CDCs have invested more than $200 million in community-led projects since their establishment.

The commitment extends deeply into local economies through procurement:

• In 2024, Barrick spent over $7.1 billion on goods and services from host country businesses.
• Of that total, $2.35 billion was spent specifically at suppliers located in the communities closest to its operations.
• Indigenous employment at Canadian operations reached 43%, exceeding national targets.
• In Mali, a $25 million community development fund funded 37 schools and 15 healthcare clinics since 2023.
• The profit-sharing agreement in the Dominican Republic has distributed over $112 million since its inception.

The workforce composition reflects this focus, with 97% of employees and 76% of senior site management being host country nationals in 2024. That's a significant commitment to local capacity building.

Transactional Relationships with Metal Traders and Exchanges

Barrick Mining Corporation does not sell its primary products directly to the general public. The relationship here is strictly business-to-business, involving large-scale transactions with established metal traders and exchanges for its gold and copper output. The company's common shares are listed on the New York Stock Exchange (under ticker B as of May 2025) and the Toronto Stock Exchange (under ticker ABX). The company explicitly states it is not involved in any exchange offers or solicitations for cryptocurrencies or digital coins.

Proactive Communication Regarding Capital Allocation and Buyback Programs

You can see the relationship with shareholders is actively managed through capital returns. In February 2025, the Board authorized a share repurchase program of up to $1.0 billion over 12 months. By September 30, 2025, the company had already repurchased the full $1.0 billion. Due to strong cash flow, the Board approved an additional $500 million increase to the program, bringing the total authorization to up to $1.5 billion. In the third quarter of 2025 alone, Barrick repurchased $589 million of its shares. Total capital returned to shareholders through dividends and buybacks in the first nine months of 2025 reached $1.6 billion.

The dividend policy is also being actively communicated:

• The base quarterly dividend was increased by 25% to $0.125 per share for the Q3 2025 quarter.
• This base dividend was supplemented by a performance dividend of $0.05 per share, resulting in a total dividend of $0.175 per share for that quarter.
• The company projects 2025 free cash flow guidance between $3.2 billion and $3.6 billion (assuming an average gold price of $2,800 per ounce).
• The company intends to organically grow its production volumes by 30% by 2030.

Finance: draft 13-week cash view by Friday.

Barrick Gold Corporation (GOLD) - Canvas Business Model: Channels

You're looking at how Barrick Mining Corporation gets its product-gold and copper-and its equity story out to the world as of late 2025. It's a mix of traditional commodity sales and modern capital market engagement.

Direct sales to international precious metal traders and refiners

The core of Barrick Mining Corporation's physical product movement involves direct sales. Gold is refined to market delivery standards and sold to various gold bullion dealers or directly to refiners at prevailing market prices. Some operations also produce gold concentrate, which moves to various smelters. This direct route captures the premium associated with high-quality, responsibly sourced metal.

For copper, the sales channel supports a growing part of the business, with production in Q3 2025 hitting 55,000 tonnes. The realized copper price in that quarter averaged $4.39 per pound. Looking ahead, the company is forecasting copper production to climb to 482 million pounds in 2025, with revenue projected at $2.1 billion for the year. This output is channeled through established industrial buyer relationships.

Here's a snapshot of the physical commodity movement based on recent performance and projections:

Metric	Q3 2025 Actual	2025 Projected Annual
Gold Sold (Ounces)	837,000 (Q3)	3.26 million (Projected Output)
Copper Sold (Tonnes/Pounds)	52,000 tonnes (Q3)	482 million pounds (Projected Output)
Realized Gold Price (per ounce)	$3,457	$3,402 (Projected Average)
Realized Copper Price (per pound)	$4.39	$4.40 (Projected Average)

Commodity exchanges for price discovery and hedging

While direct sales are key, commodity exchanges provide the essential mechanism for price discovery, which sets the benchmark for those direct sales, and for hedging operational risks. The realized gold price in Q3 2025 was $3,457 per ounce, reflecting the global market benchmarks. The company's strategy relies on these transparent markets to manage exposure to price volatility.

The focus on copper, especially with the Lumwana mine expansion planned to double output to 240,000 metric tons by 2028, means that London Metal Exchange pricing is critical for securing long-term value for that metal.

Long-term supply contracts with industrial copper buyers

Barrick Mining Corporation uses long-term supply contracts, particularly for its growing copper output, to lock in revenue streams and provide stability against short-term market swings. The confidence in copper's long-term demand, driven by the energy transition and data center expansion, underpins these agreements. The company is advancing the Lumwana Expansion project, aiming for 240,000 metric tons of annual output by 2028, which requires securing offtake agreements to justify the $2 billion investment plan.

The copper revenue projection for 2025 is $2.1 billion, a significant portion of which is likely supported by these contractual arrangements.

New York Stock Exchange (GOLD) and Toronto Stock Exchange (ABX) for equity

The equity channel is vital for capital formation, liquidity, and shareholder returns. Barrick Mining Corporation trades on two major venues. You can find it on the New York Stock Exchange under the ticker GOLD (or B in some recent reports) and on the Toronto Stock Exchange under ABX. As of December 5, 2025, the TSX price was CA$56.79, and the NYSE price was $41.04. The market capitalization on the TSX was reported as CA$97.78B around that date.

The company actively uses this channel to return capital, having increased its base quarterly dividend by 25% to $0.125 per share plus a performance dividend of $0.05 per share, totaling $0.175 per share for the quarter ending September 30, 2025. Furthermore, the existing share buyback program was expanded by $500 million to up to $1.5 billion.

Key equity channel metrics from Q3 2025:

• Net Earnings Per Share: $0.76
• Adjusted Net Earnings Per Share: $0.58
• Total Quarterly Dividend Declared: $0.175 per share
• Year-to-Date Share Repurchases (as of Q3 2025): $1.0 billion

Investor presentations and quarterly earnings calls

This channel is about communicating the value proposition and financial performance to the investment community. Barrick Mining Corporation delivered record financial results in Q3 2025, reporting operating cash flow of $2.4 billion and free cash flow of $1.5 billion. The consensus projection for full-year 2025 revenue is $16 billion, with gold division revenue expected to reach $11.1 billion.

The company uses these forums to highlight strategic achievements, such as the completion of the Hemlo transaction for gross proceeds up to $1.09 billion and the Tongon divestment for up to $305 million, contributing to expected gross proceeds from non-core asset sales in 2025 of about $2.6 billion. The update on the Fourmile project, confirmed as one of this century's most significant gold discoveries, is also a key narrative delivered through these channels. Finance: draft 13-week cash view by Friday.

Barrick Gold Corporation (GOLD) - Canvas Business Model: Customer Segments

You're looking at Barrick Gold Corporation's customer base as of late 2025, and honestly, it's a mix of sovereign entities, industrial giants, and the capital markets themselves.

The core customer base is defined by the two primary commodities Barrick Gold Corporation sells: gold and copper. For the trailing twelve months ending September 30, 2025, total revenue reached approximately $14.604 billion. The gold segment remains the overwhelming driver, with Q3 2025 revenue alone being a significant portion of the total, fueled by a projected average realized gold price of $3,402 an ounce.

Global central banks and financial institutions seeking reserve assets are a primary, though often indirect, customer segment for gold. The company's gold production guidance for the full year 2025 is between 3.15 million and 3.50 million ounces, tracking toward the lower half of that range. International precious metal traders and bullion banks facilitate the physical movement of this gold to the market.

Industrial users of copper, especially in electrification and technology, form the second major physical customer group. Barrick Gold Corporation forecasts 2025 copper production between 200,000 and 230,000 tonnes. Copper revenue is projected to expand significantly, with an expected average realized copper price of $4.4 per pound for 2025. In Q3 2025, the company produced 55,000 tonnes of copper.

Institutional and retail equity investors seeking commodity exposure are a critical segment that Barrick Gold Corporation actively courts through capital returns. The company demonstrated its commitment to this group by expanding its share buyback program to up to $1.5 billion and increasing the base quarterly dividend by 25% to $0.125 per share in Q3 2025. In the first nine months of 2025, Barrick repurchased shares worth $1 billion under its authorized program.

Strategic mining companies are customers in the context of Barrick Gold Corporation's portfolio streamlining. This segment involves the divestiture of non-core assets to focus on Tier One operations. For instance, the agreement to sell the Hemlo gold mine was for gross proceeds of up to $1.09 billion, and the sale of the Tongon gold mine was for total consideration of up to $305 million.

Here is a snapshot of the key operational and financial data relevant to Barrick Gold Corporation's customer base as of late 2025:

Metric	Value (Late 2025 Context)	Source Segment Focus
Q3 2025 Revenue	$4.1 billion	All Physical Sales (Gold/Copper)
2025 Projected Realized Gold Price	$3,402 per ounce	Central Banks/Traders
2025 Copper Production Guidance	200,000-230,000 tonnes	Industrial Users
Q3 2025 Gold Production	829,000 ounces	Central Banks/Traders
Total Share Buyback Authorization	Up to $1.5 billion	Equity Investors
Q3 2025 Base Quarterly Dividend	$0.125 per share	Equity Investors
Hemlo Mine Sale Proceeds (Max)	Up to $1.09 billion	Strategic Mining Companies

The company's focus on its core assets is reflected in the production and cost guidance:

• Gold All-in Sustaining Costs (AISC) Guidance (Adjusted): $1,510-$1,610 per ounce.
• Copper All-in Sustaining Costs (AISC) Guidance: $2.80-$3.10 per pound.
• Total Capital Returned to Shareholders (H1 2025): $753 million.
• Total Debt, Net of Cash (Q2 2025): ($73 million) (Net Cash Position).

Barrick Gold Corporation (GOLD) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Barrick Mining Corporation's operational expenses, which is key to understanding their margin profile, especially with gold prices fluctuating. Here's the quick math on what it costs to keep the lights on and the drills turning, based on late 2025 data.

All-in Sustaining Costs (AISC) for gold:

• Projected 2025 AISC guidance, adjusted for royalty impacts, is in the range of $1,510-$1,610 per ounce.
• For copper in 2025, AISC is projected to be $2.80-$3.10 per pound.
• The actual AISC for gold in the third quarter of 2025 was reported at $1,538 per ounce.

The cost structure is heavily influenced by the capital required to bring future production online, particularly the major copper projects. Barrick Mining Corporation operates across 18 countries, meaning labor, energy, and regulatory costs vary significantly by jurisdiction.

Capital expenditures for growth projects (e.g., Reko Diq, Lumwana expansion)

The company's near-term spending is dominated by these large-scale developments, which are central to the planned 30% growth in gold equivalent ounces by the end of the decade. The total investment in Reko Diq and Lumwana is part of a larger commitment exceeding $10 billion.

Project/Category	Specific Cost/Estimate	Context/Timing
2025 Project Capital Spend (Budgeted)	US$1.7-to-$1.95 billion	Dominated by copper projects.
Reko Diq Phase 1 Project Capital Cost	$5.6-billion	To reach initial production.
Lumwana Expansion Project Capital Cost	$3.3-billion	Part of the Phase 2 estimate.
Forecasted Capital Requirements (2025-2029)	~$16.5bn (Attributable basis)	Includes construction capital for Lumwana SuperPit and Reko Diq.

Operating costs for mining, processing, and labor across 18 countries

Total Cash Costs (TCC) are a key indicator of underlying operational efficiency before sustaining capital. Barrick Mining Corporation has a 2025 guidance range for TCC that reflects ongoing efforts to manage inflationary pressures.

• 2025 Total Cash Costs (TCC) guidance for gold is set between $1,050-$1,130 per ounce.
• The adjusted TCC guidance, factoring in royalties, is $1,100-$1,180 per ounce.
• Q3 2025 TCC was reported at $1,137 per ounce.
• Cost of Sales (COS) guidance for gold in 2025 is $1,460-$1,560 per ounce.

Exploration and evaluation expenses for reserve replacement

While specific 2025 expense dollar amounts aren't immediately available, the success of their exploration strategy is quantified by reserve replacement metrics. This spending is crucial for maintaining the long-term resource base.

• Since the Randgold Resources merger, Barrick has replaced 125% of its depleted gold equivalent reserves.
• In 2024, the company more than replenished the 4.6 million ounces of attributable gold mineral reserve depletion.
• Exploration and evaluation costs are categorized as either minesite sustaining or project-related expenses.

Royalties and taxes paid to host governments

Fiscal contributions are substantial, forming a key part of national budgets in several host countries. Barrick Mining Corporation aims to pay the right amount, in the right place, at the right time, with transparency.

• Total taxes and royalties paid globally by Barrick in 2024 amounted to $2.5 billion.
• In 2023, taxes paid by their global operations totaled $2.55 billion.
• Nevada Gold Mines alone paid nearly $1 billion in taxes in 2023.
• The Reko Diq project paid $5 million to the provincial government in 2024 as an advance on future royalties.

Finance: draft 13-week cash view by Friday.

Barrick Gold Corporation (GOLD) - Canvas Business Model: Revenue Streams

Barrick Gold Corporation's revenue streams are fundamentally tied to the global pricing and physical output of its primary commodities: gold and copper. You see the core business here-selling metal mined from the earth.

The company's 2025 production guidance sets the expected volume for the year. For gold, Barrick Gold Corporation expects production in the range of 3.15-3.50 million ounces, tracking toward the lower end of that range. Copper production guidance for 2025 remains steady, projected between 200,000-230,000 tonnes.

The realized price for gold is a massive lever on revenue. For instance, in the third quarter of 2025, Barrick Gold Corporation's average realized gold price jumped to $3,457 per ounce, up from $2,494 per ounce a year earlier. This higher pricing, combined with operational execution, drove significant top-line results.

The most recent quarterly financial snapshot shows the scale of current operations. Barrick Gold Corporation reported third quarter 2025 revenue of $4.1 billion, with one source specifying $4.15 billion. This performance was explicitly driven by higher realized gold prices.

The company actively manages its portfolio, which generates cash through asset divestitures. A key example is the sale of the Hemlo gold mine, which was agreed upon for gross proceeds up to $1.09 billion. This transaction, which closed late in 2025, involved $875 million in cash and $50 million in shares at closing, plus up to an additional $165 million contingent on future gold prices and production starting in 2027. Proceeds from such sales help streamline the focus toward Tier One assets.

Joint ventures also contribute to the revenue base, though often through distributions rather than direct sales. Barrick Gold Corporation maintains a significant interest in the Nevada Gold Mines joint venture with Newmont Corporation. While specific dividend amounts received from this joint venture are often bundled into broader financial reporting, these partnerships represent a steady, lower-risk source of cash flow, especially as Barrick Gold Corporation concentrates its future growth focus firmly on North America, including the Nevada assets.

Here's a quick look at the key components driving the revenue picture as of late 2025:

• Gold sales remain the dominant revenue source.
• Copper sales provide meaningful revenue diversification.
• Asset sales, like Hemlo, unlock capital for core investments.
• Higher realized metal prices significantly boost margin and revenue.
• Joint venture interests provide steady, non-operating income streams.

To put the Q3 2025 operational output into context against the revenue figures, consider this table:

Metric	Q3 2025 Actual Production	2025 Full-Year Guidance Range
Gold Production (Ounces)	829,000	3.15-3.50 million
Copper Production (Tonnes)	55,000	200,000-230,000
Reported Quarterly Revenue	$4.1 billion to $4.15 billion	N/A

The company is also actively managing its capital structure using cash flow. For example, in Q3 2025, Barrick Gold Corporation repurchased $589 million of shares during the quarter, part of an expanded buyback program totaling up to $1.5 billion. Finance: draft the cash flow impact analysis for the Hemlo sale proceeds by next Tuesday.