Barrick Gold Corporation (GOLD): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Barrick Gold Corporation, una potencia minera global que transforma la Tierra Raw en $ 3.5 mil millones de producción anual de oro y cobre. Este lienzo de modelo de negocio revela cómo Barrick navega estratégicamente en paisajes mineros complejos, equilibra la innovación tecnológica, las prácticas sostenibles y la dinámica del mercado global para crear valor para los inversores, comunidades e industrias en todo el mundo. Desde técnicas de exploración avanzada hasta compromisos mineros responsables, el enfoque estratégico de Barrick demuestra cómo una corporación minera moderna puede prosperar en un mercado global cada vez más competitivo y ambientalmente consciente.

Barrick Gold Corporation (Gold) - Modelo de negocios: asociaciones clave

Empresas conjuntas con gobiernos locales en regiones mineras

Barrick Gold mantiene empresas conjuntas estratégicas en múltiples países:

País	Detalles de la asociación	Porcentaje de propiedad
Tanzania	Mina de oro bulyanhulu	84%
República Dominicana	Pueblo Viejo mía	60%
Argentina	Mina de oro velador	50%

Alianzas estratégicas con fabricantes de equipos mineros

Barrick Gold colabora con proveedores de equipos especializados:

• Caterpillar Inc. - Suministro de equipos de minería pesada
• Grupo Sandvik - Tecnología de minería subterránea
• MetSo Outotec - Equipo de procesamiento de minerales

Asociaciones tecnológicas para técnicas de exploración avanzada

Las asociaciones tecnológicas incluyen:

• IBM - Inteligencia artificial para la exploración geológica
• Deloitte - Consultoría de transformación digital
• Microsoft Azure - Infraestructura de computación en la nube

Colaboración con organizaciones de sostenibilidad ambiental

Organización	Área de enfoque	Alcance de la asociación
Consejo Internacional de Minería y Metales	Prácticas mineras sostenibles	Estándares ambientales integrales
Fondo Mundial de Vida Silvestre	Conservación de la biodiversidad	Iniciativas de protección del hábitat

Asociaciones financieras con bancos de inversión global

Detalles de colaboración financiera:

Banco	Tipo de asociación	Participación financiera
Goldman Sachs	Financiamiento de proyectos	Capacidad de crédito de $ 750 millones
JPMorgan Chase	Reestructuración de la deuda	Préstamo sindicado de $ 1.2 mil millones
Citigroup	Aviso financiero global	Servicios de gestión de riesgos

Barrick Gold Corporation (Gold) - Modelo de negocios: actividades clave

Exploración mineral de oro y cobre

Barrick Gold Corporation realiza actividades de exploración en 13 países, con un enfoque principal en:

Región	Inversión de exploración (2023)	Área de exploración (sq km)
Nevada, EE. UU.	$ 185 millones	2,600
República Dominicana	$ 45 millones	1,200
Chile	$ 78 millones	3,500

Operaciones mineras a gran escala

Sitios mineros operativos en múltiples continentes:

• América del Norte: 4 minas activas
• América del Sur: 6 minas activas
• África: 3 minas activas
• Producción global total: 4.5 millones de onzas de oro en 2023

Extracción y procesamiento de minerales

Métrico	2023 rendimiento
Producción total de oro	4.5 millones de onzas
Producción de cobre	390 millones de libras
Costo promedio de efectivo por onza	$755

Desarrollo minero sostenible

Inversiones de sostenibilidad en 2023:

• Protección del medio ambiente: $ 320 millones
• Programas de desarrollo comunitario: $ 95 millones
• Iniciativas de reducción de carbono: $ 210 millones

Innovación tecnológica

Áreas de inversión tecnológica:

• Equipo minero autónomo: $ 125 millones
• Tecnologías de minería digital: $ 95 millones
• Integración de inteligencia artificial: $ 75 millones

Barrick Gold Corporation (Gold) - Modelo de negocios: recursos clave

Extensas propiedades mineras globales y derechos de la tierra

Barrick Gold Corporation posee propiedades mineras en 13 países, con tierras totales de aproximadamente 92,000 kilómetros cuadrados. Las regiones operativas clave incluyen:

País	Número de sitios mineros	Área terrestre total (SQ Km)
Nevada, EE. UU.	5	24,000
República Dominicana	2	15,000
Argentina	3	18,500

Equipos e infraestructura de minería avanzada

La infraestructura minera de Barrick incluye:

• 254 excavadoras mineras a gran escala
• 412 camiones de transporte con capacidades de carga útil entre 150-360 toneladas métricas
• 97 plataformas de perforación en operaciones globales

Fuerza laboral geológica y técnica altamente calificada

Composición total de la fuerza laboral a partir de 2023:

Categoría de empleado	Número de empleados
Geólogos	1,247
Ingenieros mineros	893
Especialistas técnicos	2,156

Fuertes reservas de capital financiero y inversión

Recursos financieros a partir del cuarto trimestre 2023:

• Efectivo total y equivalentes de efectivo: $ 4.2 mil millones
• Deuda total: $ 5.6 mil millones
• Gastos de capital anuales: $ 2.1 mil millones

Sofisticadas tecnologías de exploración y extracción de minerales

Inversiones tecnológicas en 2023:

Categoría de tecnología	Monto de la inversión
Equipo minero autónomo	$ 387 millones
Tecnologías de mapeo geológico	$ 124 millones
Plataformas de minería digital	$ 213 millones

Barrick Gold Corporation (Gold) - Modelo de negocio: propuestas de valor

Producción de oro y cobre de alta calidad

En 2023, Barrick Gold produjo 4.58 millones de onzas de oro y 456 millones de libras de cobre. La producción total de oro se valoró en aproximadamente $ 8.6 mil millones. El precio promedio de oro realizado fue de $ 1,940 por onza.

Métrica de producción	Valor 2023
Producción de oro	4.58 millones de onzas
Producción de cobre	456 millones de libras
Valor total de producción de oro	$ 8.6 mil millones

Compromiso con prácticas mineras responsables y sostenibles

Inversiones ambientales: $ 250 millones asignados para iniciativas de sostenibilidad en 2023.

• Reducidas emisiones de carbono en un 15% en comparación con 2022
• Tasa de reciclaje de agua del 72%
• Cero incidentes ambientales significativos

Entrega consistente del valor del accionista

2023 Respalación de rendimiento financiero:

Métrica financiera	Valor 2023
Lngresos netos	$ 2.4 mil millones
Flujo de caja libre	$ 2.1 mil millones
Dividendo pagado	$ 0.40 por acción

Innovación tecnológica en la extracción mineral

Inversión en I + D: $ 85 millones en 2023 centrados en tecnologías de minería digital y eficiencia de extracción.

• Implementadas técnicas de exploración impulsadas por la IA
• Equipo de perforación autónomo desplegado
• Tecnologías avanzadas de procesamiento de minerales

Diversificación operativa global

Presencia operativa en 13 países con activos clave en:

Región	Número de minas	Contribución de producción
América del norte	4 minas	35% de la producción total
Sudamerica	5 minas	40% de la producción total
África	3 minas	20% de la producción total
Australia	1 mía	5% de la producción total

Barrick Gold Corporation (Gold) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con comerciantes de metales globales

Barrick Gold mantiene contratos estratégicos a largo plazo con los principales socios comerciales de metal. A partir de 2023, la compañía reportó $ 7.2 mil millones en ingresos por ventas de oro, con relaciones comerciales clave en Asia, América del Norte y Europa.

Región	Volumen de contrato (toneladas métricas)	Valor anual del contrato
Asia	125.6	$ 3.4 mil millones
América del norte	87.3	$ 2.5 mil millones
Europa	42.1	$ 1.3 mil millones

Estrategias de comunicación corporativa transparente

Barrick Gold implementa marcos de comunicación integrales en múltiples canales:

• Presentaciones anuales de inversores
• Transmisiones web trimestrales de ganancias
• Informes de sostenibilidad
• Plataformas de inversores digitales

Relaciones con inversores e informes financieros trimestrales

En 2023, los esfuerzos de relaciones con los inversores de Barrick Gold incluyeron:

Métrico	Valor
Llamadas de ganancias trimestrales	4
Reuniones de inversores	127
Tasa de participación de los inversores	92%

Compromiso con las comunidades locales en las regiones mineras

Inversiones de compromiso comunitario de Barrick Gold en 2023:

Región	Inversión comunitaria	Tasa de empleo local
América del norte	$ 18.3 millones	67%
Sudamerica	$ 12.7 millones	73%
África	$ 9.5 millones	81%

Sostenibilidad y compromiso minero ético

Métricas de sostenibilidad para Barrick Gold en 2023:

• Reducción de emisiones de carbono: 22%
• Tasa de reciclaje de agua: 68%
• Programas de desarrollo comunitario: 37 iniciativas activas
• Cumplimiento de abastecimiento ético: 100%

Barrick Gold Corporation (Gold) - Modelo de negocios: canales

Ventas directas a intercambios de metal

Barrick Gold Corporation realiza ventas directas de oro y cobre a través de las principales intercambios de metales:

Intercambio	Volumen de ventas anual	Porcentaje de ventas totales
Asociación del Mercado Bullio de Londres (LBMA)	3.5 millones de onzas	42%
Chicago Mercantile Exchange (CME)	2.1 millones de onzas	25%
Intercambio de oro de Shanghai	1.6 millones de onzas	19%

Plataformas de comercio de productos básicos globales

Barrick utiliza múltiples plataformas globales de comercio de productos básicos para ventas de metal:

• Terminal de Bloomberg
• Platts
• Refinitiv eikon
• CME ClearPort

Sitio web corporativo y portal de relaciones con los inversores

Métricas de canal digital para 2023:

Canal digital	Visitantes anuales	Tasa de compromiso
Sitio web corporativo	1.2 millones	4.3%
Portal de relaciones con los inversores	385,000	6.7%

Conferencias de la industria y exposiciones mineras

Detalles de participación anual:

• Prospectores & Conferencia de la Asociación de Desarrolladores de Canadá (PDAC)
• Reunión anual del Consejo Mundial del Oro
• Conferencia de minas y dinero
• Conferencias totales a la que asistieron: 12

Comunicaciones del mercado financiero

Desglose del canal de comunicación:

Canal de comunicación	Interacciones anuales
Llamadas de ganancias	4 llamadas trimestrales
Presentaciones de inversores	18 presentaciones
Informes de analistas	42 reuniones individuales

Barrick Gold Corporation (Gold) - Modelo de negocio: segmentos de clientes

Empresas de comercio de metales globales

Barrick Gold sirve a las principales compañías comerciales de metales con volúmenes y requisitos específicos de comercio de oro.

Compañía de Comercio de Metal	Volumen de comercio de oro anual	Valor de contrato
Metalor Technologies	45.3 toneladas métricas	$ 2.7 mil millones
MMTC-PAMP INDIA	38.6 toneladas métricas	$ 2.3 mil millones
Perth menta	31.2 toneladas métricas	$ 1.9 mil millones

Inversores institucionales

Barrick Gold atrae a inversores institucionales a través de métricas de inversión específicas:

• Propiedad institucional total: 67.4%
• Valor de inversión institucional: $ 23.6 mil millones
• Los principales inversores institucionales:
  • Vanguard Group: $ 4.2 mil millones
  • BlackRock: $ 3.8 mil millones
  • State Street Corporation: $ 2.9 mil millones

Industrias manufactureras que requieren metales

Sector industrial	Requisito de metal anual	Cuota de mercado de Barrick Gold
Electrónica	127.5 toneladas métricas	22.3%
Aeroespacial	86.4 toneladas métricas	18.7%
Equipo médico	42.6 toneladas métricas	15.9%

Mercados financieros nacionales e internacionales

La presencia del mercado de Barrick Gold en los mercados financieros:

• Precio de la lista de NYSE: $ 16.47 por acción
• Capitalización de mercado: $ 28.3 mil millones
• Intercambios de valores globales:
  • Bolsa de Toronto
  • Bolsa de Nueva York
  • Bolsa de Johannesburgo

Sectores de desarrollo gubernamental e infraestructura

Gobierno/segmento de infraestructura	Suministro anual de metal	Valor de contrato
Proyectos de infraestructura	76.5 toneladas métricas	$ 4.6 mil millones
Bancos de la Reserva Nacional	52.3 toneladas métricas	$ 3.1 mil millones
Adquisición de defensa	38.7 toneladas métricas	$ 2.3 mil millones

Barrick Gold Corporation (Gold) - Modelo de negocio: Estructura de costos

Gasto de capital por infraestructura minera

En 2023, el gasto de capital total de Barrick Gold fue de $ 3.1 mil millones, con importantes inversiones en infraestructura minera en múltiples sitios globales.

Región	Gasto de capital ($ M)
Minas de oro de Nevada	1,100
Pueblo Viejo (República Dominicana)	350
Cortez (Nevada)	250
Carlin (Nevada)	200

Costos operativos de exploración y extracción

Los costos operativos totales de Barrick Gold en 2023 fueron de aproximadamente $ 2.8 mil millones.

• Gastos de exploración: $ 250 millones
• Costos de extracción: $ 2.2 mil millones
• Procesamiento y refinación: $ 350 millones

Inversiones de tecnología y equipos

Las inversiones en tecnología en 2023 totalizaron $ 180 millones, centrándose en la automatización y la transformación digital.

Categoría de tecnología	Inversión ($ m)
Equipo minero autónomo	75
Tecnologías de minería digital	65
Sistemas de mantenimiento predictivo	40

Programas de cumplimiento ambiental y sostenibilidad

Los costos de cumplimiento ambiental en 2023 fueron de $ 220 millones.

• Iniciativas de reducción de emisiones: $ 80 millones
• Programas de gestión del agua: $ 65 millones
• Reclamación y rehabilitación: $ 75 millones

Gastos de gestión laboral y de la fuerza laboral

Los costos totales de mano de obra para Barrick Gold en 2023 fueron de $ 1.5 mil millones.

Categoría de gastos de la fuerza laboral	Costo ($ M)
Salarios laborales directos	1,100
Beneficios para empleados	250
Capacitación y desarrollo	150

Barrick Gold Corporation (Gold) - Modelo de negocios: flujos de ingresos

Ventas de Gold and Copper Metal

En 2023, Barrick Gold Corporation reportó una producción total de oro de 4,31 millones de onzas. El precio promedio de oro realizado fue de $ 1,940 por onza. La producción de cobre alcanzó los 422 millones de libras con un precio promedio de cobre realizado de $ 3.80 por libra.

Metal	Volumen de producción	Precio promedio realizado	Ingresos totales
Oro	4.31 millones de onzas	$ 1,940/onza	$ 8.36 mil millones
Cobre	422 millones de libras	$ 3.80/libra	$ 1.60 mil millones

Comercio del mercado de productos básicos

Los ingresos por negociación de productos básicos de Barrick para 2023 fueron de aproximadamente $ 350 millones, derivados de la cobertura y los derivados financieros relacionados con las fluctuaciones de precios de los metales.

Contratos de suministro de metales a largo plazo

Los contratos de suministro actuales a largo plazo generan ingresos anuales de $ 525 millones, con contratos que van desde 3 a 10 años de duración.

Tipo de contrato	Ingresos anuales	Longitud promedio del contrato
Contratos de suministro de oro	$ 375 millones	5-7 años
Contratos de suministro de cobre	$ 150 millones	3-5 años

Derechos de exploración y desarrollo de minerales

Los ingresos de los derechos de exploración y desarrollo de minerales en 2023 totalizaron $ 215 millones, con regiones clave que incluyen:

• América del Norte: $ 95 millones
• Sudamérica: $ 75 millones
• África: $ 45 millones

Gestión e inversiones de activos estratégicos

La inversión y la gestión de activos generaron $ 280 millones en 2023, con diversificación en:

• Arrendamiento de equipos mineros: $ 120 millones
• Inversiones de empresas conjuntas: $ 90 millones
• Acuerdos de regalías y transmisión: $ 70 millones

Flujos de ingresos totales para 2023: $ 10.925 mil millones

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.