Barrick Gold Corporation (Gold): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Barrick Gold Corporation, une centrale minière mondiale qui transforme la Terre brute en 3,5 milliards de dollars de la production annuelle d'or et de cuivre. Cette toile de modèle commercial révèle comment Barrick navigue stratégiquement des paysages miniers complexes, équilibrant l'innovation technologique, les pratiques durables et la dynamique du marché mondial pour créer de la valeur pour les investisseurs, les communautés et les industries dans le monde. Des techniques d'exploration avancées aux engagements minières responsables, l'approche stratégique de Barrick montre comment une société minière moderne peut prospérer sur un marché mondial de plus en plus compétitif et soucieux de l'environnement.

Barrick Gold Corporation (Gold) - Modèle d'entreprise: partenariats clés

Coentreprises avec les gouvernements locaux dans les régions minières

Barrick Gold maintient des coentreprises stratégiques dans plusieurs pays:

Pays	Détails du partenariat	Pourcentage de propriété
Tanzanie	Mine d'or bulyanhulu	84%
République dominicaine	Pueblo Viejo Mine	60%
Argentine	Mine en or Velladero	50%

Alliances stratégiques avec les fabricants d'équipements minières

Barrick Gold collabore avec les fournisseurs d'équipements spécialisés:

• Caterpillar Inc. - Approvisionnement en équipement d'extraction lourde
• Sandvik Group - Technologie mineuse souterraine
• MetSo Outotec - Équipement de traitement des minéraux

Partenariats technologiques pour les techniques d'exploration avancées

Les partenariats technologiques comprennent:

• IBM - Intelligence artificielle pour l'exploration géologique
• Deloitte - Digital Transformation Consulting
• Microsoft Azure - Infrastructure de cloud computing

Collaboration avec les organisations de durabilité environnementale

Organisation	Domaine de mise au point	Portée du partenariat
Conseil international sur l'exploitation minière et les métaux	Pratiques minières durables	Normes environnementales complètes
Fonds mondial de la faune	Conservation de la biodiversité	Initiatives de protection de l'habitat

Partenariats financiers avec les banques d'investissement mondiales

Détails de la collaboration financière:

Banque	Type de partenariat	Engagement financier
Goldman Sachs	Financement du projet	CONDITION DE CRÉDIT 750 millions de dollars
JPMorgan Chase	Restructuration de la dette	Prêt syndiqué de 1,2 milliard de dollars
Citigroup	Avis financier mondial	Services de gestion des risques

Barrick Gold Corporation (Gold) - Modèle d'entreprise: activités clés

Exploration minérale en or et en cuivre

Barrick Gold Corporation mène des activités d'exploration dans 13 pays, en mettant principalement sur:

Région	Investissement en exploration (2023)	Zone d'exploration (SQ KM)
Nevada, États-Unis	185 millions de dollars	2,600
République dominicaine	45 millions de dollars	1,200
Chili	78 millions de dollars	3,500

Opérations minières à grande échelle

Sites d'exploitation opérationnelle sur plusieurs continents:

• Amérique du Nord: 4 mines actives
• Amérique du Sud: 6 mines actives
• Afrique: 3 mines actives
• Production mondiale totale: 4,5 millions d'onces d'or en 2023

Extraction et traitement des minéraux

Métrique	Performance de 2023
Production totale d'or	4,5 millions d'onces
Production de cuivre	390 millions de livres
Coût en espèces moyen par once	$755

Développement minière durable

Investissements en durabilité en 2023:

• Protection de l'environnement: 320 millions de dollars
• Programmes de développement communautaire: 95 millions de dollars
• Initiatives de réduction du carbone: 210 millions de dollars

Innovation technologique

Zones d'investissement technologique:

• Équipement minière autonome: 125 millions de dollars
• Technologies minières numériques: 95 millions de dollars
• Intégration de l'intelligence artificielle: 75 millions de dollars

Barrick Gold Corporation (Gold) - Modèle d'entreprise: Ressources clés

De vastes propriétés minières mondiales et droits fonciers

Barrick Gold Corporation possède des propriétés minières dans 13 pays, avec un total de terres d'environ 92 000 kilomètres carrés. Les régions opérationnelles clés comprennent:

Pays	Nombre de sites miniers	Superficie totale (SQ KM)
Nevada, États-Unis	5	24,000
République dominicaine	2	15,000
Argentine	3	18,500

Équipement minier avancé et infrastructure

L'infrastructure minière de Barrick comprend:

• 254 excavateurs miniers à grande échelle
• 412 camions de transport avec des capacités de charge utile entre 150 et 360 tonnes métriques
• 97 Forage des plates-formes à travers les opérations mondiales

Main-d'œuvre géologique et technique hautement qualifiée

Composition totale de la main-d'œuvre en 2023:

Catégorie des employés	Nombre d'employés
Géologues	1,247
Ingénieurs minières	893
Spécialistes techniques	2,156

Solides réserves de capital financier et d'investissement

Ressources financières au quatrième trimestre 2023:

• Total des équivalents en espèces et en espèces: 4,2 milliards de dollars
• Dette totale: 5,6 milliards de dollars
• Dépenses en capital annuelles: 2,1 milliards de dollars

Technologies sophistiquées d'exploration et d'extraction des minéraux

Investissements technologiques en 2023:

Catégorie de technologie	Montant d'investissement
Équipement minière autonome	387 millions de dollars
Technologies de cartographie géologique	124 millions de dollars
Plates-formes d'exploitation numérique	213 millions de dollars

Barrick Gold Corporation (Gold) - Modèle d'entreprise: propositions de valeur

Production d'or et de cuivre de haute qualité

En 2023, Barrick Gold a produit 4,58 millions d'onces d'or et 456 millions de livres de cuivre. La production totale d'or était évaluée à environ 8,6 milliards de dollars. Le prix de l'or réalisé moyen était de 1 940 $ l'once.

Métrique de production	Valeur 2023
Production d'or	4,58 millions d'onces
Production de cuivre	456 millions de livres
Valeur totale de production d'or	8,6 milliards de dollars

Engagement envers les pratiques minières responsables et durables

Investissements environnementaux: 250 millions de dollars alloués aux initiatives de durabilité en 2023.

• Réduction des émissions de carbone de 15% par rapport à 2022
• Taux de recyclage de l'eau de 72%
• Zéro incidents environnementaux importants

Livraison cohérente de la valeur des actionnaires

2023 Faits saillants de performance financière:

Métrique financière	Valeur 2023
Revenu net	2,4 milliards de dollars
Flux de trésorerie disponibles	2,1 milliards de dollars
Dividende payé	0,40 $ par action

Innovation technologique dans l'extraction minérale

Investissement en R&D: 85 millions de dollars en 2023 se sont concentrés sur les technologies minières numériques et l'efficacité d'extraction.

• Techniques d'exploration axées sur l'IA
• Équipement de forage autonome déployé
• Technologies de traitement des minéraux avancés

Diversification opérationnelle mondiale

Présence opérationnelle dans 13 pays avec des actifs clés dans:

Région	Nombre de mines	Contribution de la production
Amérique du Nord	4 mines	35% de la production totale
Amérique du Sud	5 mines	40% de la production totale
Afrique	3 mines	20% de la production totale
Australie	1 mine	5% de la production totale

Barrick Gold Corporation (Gold) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les commerçants de métaux mondiaux

Barrick Gold maintient des contrats stratégiques à long terme avec les principaux partenaires de trading de métaux. En 2023, la société a déclaré 7,2 milliards de dollars de revenus de vente d'or, avec des relations commerciales clés à travers l'Asie, l'Amérique du Nord et l'Europe.

Région	Volume de contrat (tonnes métriques)	Valeur du contrat annuel
Asie	125.6	3,4 milliards de dollars
Amérique du Nord	87.3	2,5 milliards de dollars
Europe	42.1	1,3 milliard de dollars

Stratégies de communication d'entreprise transparentes

Barrick Gold implémente des cadres de communication complets sur plusieurs canaux:

• Présentations des investisseurs annuels
• Webdiffusions sur les résultats trimestriels
• Rapports sur la durabilité
• Plateformes d'investisseurs numériques

Relations des investisseurs et informations financières trimestrielles

En 2023, les efforts des relations avec les investisseurs de Barrick Gold comprenaient:

Métrique	Valeur
Appels de résultats trimestriels	4
Réunions des investisseurs	127
Taux d'engagement des investisseurs	92%

Engagement avec les communautés locales dans les régions minières

Investissements communautaires de Barrick Gold en 2023:

Région	Investissement communautaire	Taux d'emploi local
Amérique du Nord	18,3 millions de dollars	67%
Amérique du Sud	12,7 millions de dollars	73%
Afrique	9,5 millions de dollars	81%

Durabilité et engagement minière éthique

Mesures de durabilité pour Barrick Gold en 2023:

• Réduction des émissions de carbone: 22%
• Taux de recyclage de l'eau: 68%
• Programmes de développement communautaire: 37 initiatives actives
• Conformité de l'approvisionnement éthique: 100%

Barrick Gold Corporation (Gold) - Modèle d'entreprise: canaux

Ventes directes vers les échanges de métaux

Barrick Gold Corporation effectue des ventes directes d'or et de cuivre grâce à des échanges de métaux majeurs:

Échange	Volume des ventes annuelles	Pourcentage des ventes totales
London Bullion Market Association (LBMA)	3,5 millions d'onces	42%
Chicago Mercantile Exchange (CME)	2,1 millions d'onces	25%
Exchange d'or Shanghai	1,6 million d'onces	19%

Plateformes mondiales de trading de produits de base

Barrick utilise plusieurs plateformes mondiales de trading de produits de base pour les ventes de métaux:

• Bloomberg Terminal
• Plateau
• Raffinitiv eikon
• CME Clearport

Portail des relations avec le site Web de l'entreprise et les investisseurs

Métriques des canaux numériques pour 2023:

Canal numérique	Visiteurs annuels	Taux d'engagement
Site Web de l'entreprise	1,2 million	4.3%
Portail des relations avec les investisseurs	385,000	6.7%

Conférences de l'industrie et expositions minières

Détails de la participation annuelle:

• Prospecteurs & Conférence des développeurs de l'Association du Canada (PDAC)
• Réunion annuelle du World Gold Council
• Conférence des mines et de l'argent
• Conférences totales présentes: 12

Communications du marché financier

Répartition des canaux de communication:

Canal de communication	Interactions annuelles
Appels de gains	4 appels trimestriels
Présentations des investisseurs	18 présentations
Briefings d'analystes	42 réunions individuelles

Barrick Gold Corporation (Gold) - Modèle d'entreprise: segments de clientèle

Sociétés mondiales de trading de métaux

Barrick Gold dessert de grandes sociétés de trading de métaux avec des volumes et des exigences de trading d'or spécifiques.

Metal Trading Company	Volume annuel de trading d'or	Valeur du contrat
Technologies métalorales	45,3 tonnes métriques	2,7 milliards de dollars
MMTC-Pamp India	38,6 tonnes métriques	2,3 milliards de dollars
Perth Mint	31.2 tonnes métriques	1,9 milliard de dollars

Investisseurs institutionnels

Barrick Gold attire les investisseurs institutionnels grâce à des mesures d'investissement spécifiques:

• Propriété institutionnelle totale: 67,4%
• Valeur d'investissement institutionnelle: 23,6 milliards de dollars
• Les principaux investisseurs institutionnels:
  • Vanguard Group: 4,2 milliards de dollars
  • BlackRock: 3,8 milliards de dollars
  • State Street Corporation: 2,9 milliards de dollars

Industries manufacturières nécessitant des métaux

Secteur de l'industrie	Exigence annuelle en métal	Barrick Gold Market part
Électronique	127,5 tonnes métriques	22.3%
Aérospatial	86,4 tonnes métriques	18.7%
Équipement médical	42.6 tonnes métriques	15.9%

Marchés financiers nationaux et internationaux

Présence du marché de Barrick Gold sur les marchés financiers:

• NYSE Prix coté: 16,47 $ par action
• Capitalisation boursière: 28,3 milliards de dollars
• Exchanges de stocks mondiaux:
  • Bourse de Toronto
  • Bourse de New York
  • Bourse de Johannesburg

Secteurs du gouvernement et des infrastructures

Segment gouvernemental / infrastructure	Fourniture annuelle en métal	Valeur du contrat
Projets d'infrastructure	76,5 tonnes métriques	4,6 milliards de dollars
Banques de réserve nationale	52.3 tonnes métriques	3,1 milliards de dollars
Marchandage de défense	38,7 tonnes métriques	2,3 milliards de dollars

Barrick Gold Corporation (Gold) - Modèle d'entreprise: Structure des coûts

Dépenses en capital pour les infrastructures miniers

En 2023, les dépenses en capital totales de Barrick Gold étaient de 3,1 milliards de dollars, avec des investissements importants dans les infrastructures minières sur plusieurs sites mondiaux.

Région	Dépenses en capital ($ m)
Mines d'or du Nevada	1,100
Pueblo Viejo (République dominicaine)	350
Cortez (Nevada)	250
Carlin (Nevada)	200

Coûts opérationnels pour l'exploration et l'extraction

Les coûts opérationnels totaux de Barrick Gold en 2023 étaient d'environ 2,8 milliards de dollars.

• Frais d'exploration: 250 millions de dollars
• Coûts d'extraction: 2,2 milliards de dollars
• Traitement et raffinage: 350 millions de dollars

Investissements technologiques et équipements

Les investissements technologiques en 2023 ont totalisé 180 millions de dollars, en se concentrant sur l'automatisation et la transformation numérique.

Catégorie de technologie	Investissement ($ m)
Équipement minière autonome	75
Technologies minières numériques	65
Systèmes de maintenance prédictive	40

Programmes de conformité environnementale et de durabilité

Les coûts de conformité environnementale en 2023 étaient de 220 millions de dollars.

• Initiatives de réduction des émissions: 80 millions de dollars
• Programmes de gestion de l'eau: 65 millions de dollars
• Reclamation et réhabilitation: 75 millions de dollars

Dépenses de gestion de la main-d'œuvre et de la main-d'œuvre

Les coûts totaux de main-d'œuvre pour Barrick Gold en 2023 étaient de 1,5 milliard de dollars.

Catégorie de dépenses de main-d'œuvre	Coût ($ m)
Salaire de la main-d'œuvre directe	1,100
Avantages sociaux	250
Formation et développement	150

Barrick Gold Corporation (Gold) - Modèle d'entreprise: Strots de revenus

Ventes de métaux d'or et de cuivre

En 2023, Barrick Gold Corporation a signalé une production totale d'or de 4,31 millions d'onces. Le prix de l'or réalisé moyen était de 1 940 $ l'once. La production de cuivre a atteint 422 millions de livres avec un prix moyen réalisé en cuivre de 3,80 $ la livre.

Metal	Volume de production	Prix ​​réalisé moyen	Revenus totaux
Or	4,31 millions d'onces	1 940 $ / once	8,36 milliards de dollars
Cuivre	422 millions de livres	3,80 $ / livre	1,60 milliard de dollars

Trading sur le marché des matières premières

Les revenus de négociation sur les matières premières de Barrick pour 2023 étaient d'environ 350 millions de dollars, dérivés de la couverture et des dérivés financiers liés aux fluctuations des prix des métaux.

Contrats d'approvisionnement en métal à long terme

Les contrats d'approvisionnement à long terme actuels génèrent un chiffre d'affaires annuel de 525 millions de dollars, avec des contrats allant de 3 à 10 ans.

Type de contrat	Revenus annuels	Durée moyenne du contrat
Contrats d'approvisionnement en or	375 millions de dollars	5-7 ans
Contrats d'approvisionnement en cuivre	150 millions de dollars	3-5 ans

Droits d'exploration et de développement minéraux

Les revenus des droits d'exploration et de développement minéraux en 2023 ont totalisé 215 millions de dollars, avec des régions clés, notamment:

• Amérique du Nord: 95 millions de dollars
• Amérique du Sud: 75 millions de dollars
• Afrique: 45 millions de dollars

Gestion et investissements stratégiques des actifs

La gestion des investissements et des actifs a généré 280 millions de dollars en 2023, avec diversification à travers:

• Location d'équipement minier: 120 millions de dollars
• Investissements de coentreprise: 90 millions de dollars
• Accords de redevance et de streaming: 70 millions de dollars

Total des sources de revenus pour 2023: 10,925 milliards de dollars

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.