Barrick Gold Corporation (GOLD): Business Model Canvas [Dec-2025 Updated]

You're looking at a mining giant that's successfully pivoted its strategy, and honestly, the Business Model Canvas for Barrick Gold Corporation (GOLD) clearly shows why they're commanding attention right now. Forget just gold; their dual focus on high-demand copper, backed by world-class Tier One assets, is key. We're talking about a company guiding for 2025 gold All-in Sustaining Costs (AISC) between $1,510-$1,610/oz while posting Q3 2025 free cash flow of $1.5 billion-that's precision capital allocation in action. If you want to see how they manage massive reserves of 89 million ounces of gold and maintain social license across 18 countries, dive into the nine building blocks below; it's a masterclass in modern resource management.

Barrick Gold Corporation (GOLD) - Canvas Business Model: Key Partnerships

Barrick Gold Corporation maintains critical alliances across its global portfolio, essential for both maintaining current production and advancing multi-billion dollar growth projects.

Nevada Gold Mines joint venture (JV) with Newmont Corporation

The Nevada Gold Mines LLC is a joint venture between Barrick Gold Corporation and Newmont Corporation, where Barrick holds a 61.5% ownership stake and operates the complex, with Newmont holding the remaining 38.5%. This partnership combines significant assets across Nevada to form the single largest gold-producing complex globally.

The contribution from this partnership is substantial to Barrick Gold Corporation's output:

• Barrick's attributable production from Nevada Gold Mines is approximately 1.6 million ounces annually.
• This represents nearly 40% of Barrick Gold Corporation's total gold output.
• The 2025 forecast attributable production for Barrick's 61.5% share is between 1.54 - 1.70 million ounces.
• For 2024, Barrick's 61.5% share produced 1.65 million ounces of gold.

The financial metrics associated with this key asset for Barrick Gold Corporation in 2025 include:

Metric	Value (Barrick's 61.5% Share)	Period/Basis
Forecast Cost of Sales	$1,470 - $1,570 /Ounce	2025 Outlook

Host governments in 18 countries for mining licenses and operations

Barrick Gold Corporation's global footprint involves operations and projects spanning 18 countries across five continents. The company is noted as the largest gold producer in the United States. Partnerships with host governments are fundamental to maintaining these licenses and operations.

For example, Barrick recently resolved a dispute with the Malian government, which resulted in the company regaining operational control of the Loulo-Gounkoto mine. This mine accounted for about 15% of Barrick Gold Corporation's gold output in 2024.

Strategic partners for major growth projects like Reko Diq in Pakistan

The Reko Diq copper-gold project in Pakistan involves a joint venture structure with the host governments. Barrick Gold Corporation holds a 50% stake and operates the mine, with the Pakistan government holding 25% and the Government of Balochistan holding the remaining 25%.

Advancement of the project's Phase 1 development capital is conditional upon securing up to $3 billion in limited recourse project financing. The total estimated capital expenditure for the project on a 100% basis is $8.83 billion. Phase 1 alone has an estimated total capital cost between $5.6 billion to $6 billion. Barrick Gold Corporation's equity contribution for Phase 1 is expected to be between $1.8 billion and $2 billion.

Key project partners selected for Reko Diq include:

• Fluor Corporation as the lead Engineering, Procurement and Construction Management (EPCM) partner.
• Metso, Weir, and Komatsu selected as key partners for processing and mining equipment.
• Knight Piesold, PRDW, and Vecturis as expert engineering consultants.
• Capital entered into a multi-year mining services agreement starting in early 2025.

The project's projected financial returns and scale are significant:

Metric	Value	Basis
Projected Internal Rate of Return (IRR)	21.32%	Based on copper at $4.03/lb and gold at $2,045/oz
Projected Cashflow over 37-year life	More than $70 billion-$74 billion	Total
Phase 1 Annual Copper Production Target	240,000 tonnes	100% basis
Phase 1 Annual Gold Production Target	297,000 ounces	100% basis

International precious metal refiners and bullion banks

While specific refiner or bullion bank contracts are not detailed with financial amounts, Barrick Gold Corporation's Q3 2025 performance was supported by higher realized gold prices, with revenues of $4.1 billion in the quarter. The company generated a record $2.4 billion in operating cash flow in Q3 2025.

Equipment and technology suppliers for large-scale mining

Key equipment and technology suppliers are integrated into major operations. For instance, Nevada Gold Mines launched an autonomous haulage partnership with Komatsu in July 2025. Furthermore, Metso, Weir, and Komatsu are selected as key partners for the Reko Diq project to provide the majority of processing and mining equipment.

Barrick Gold Corporation (GOLD) - Canvas Business Model: Key Activities

You're looking at the core engine of Barrick Mining Corporation-the things they absolutely must do well to keep the lights on and grow the business, especially given the volatile commodity environment we've seen through late 2025. It's all about execution on massive, long-life assets and managing the inherent country risks.

Operating six Tier One gold mines and major copper assets

Barrick Mining Corporation is intensely focused on its portfolio of world-class, long-life Tier One gold assets and building out its copper business. The company's operational output in 2025 reflects this focus, even with some assets temporarily suspended or undergoing expansion. For instance, Q3 2025 saw production of 829,000 ounces of gold and 55,000 tonnes (t) of copper. The full-year 2025 attributable gold production guidance remains set between 3.15 and 3.50 million ounces, though expectations lean toward the lower end of that range. Copper production guidance for 2025 is projected between 200,000-230,000 tonnes. The company's Tier One assets, like the Nevada Gold Mines complex, are critical, contributing 65% of total output in Q1 2025.

Here's a snapshot of the operational scale and cost discipline:

Metric	2025 Guidance/Period End	Value/Range
Attributable Gold Production (FY 2025 Guidance)	Full Year 2025	3.15-3.50 million ounces
Copper Production (FY 2025 Guidance)	Full Year 2025	200,000-230,000 tonnes
Gold AISC (FY 2025 Guidance)	Full Year 2025	$1,460-$1,560 per ounce
Copper AISC (FY 2025 Guidance)	Full Year 2025	$2.80-$3.10 per pound
Q3 2025 Gold Production	Third Quarter 2025	829,000 ounces

Global exploration and development, notably Fourmile and Reko Diq

A significant activity is advancing major growth projects to secure future production, which is key to the company's goal of organically growing gold-equivalent ounces by 30% by the end of the decade.

• Fourmile, in Nevada, is advancing to prefeasibility. The Preliminary Economic Assessment (PEA) targets production up to 750,000 ounces annually for 25 years at an estimated AISC of $750 per ounce. The initial capital investment for Fourmile is about $1.7 billion.
• Reko Diq in Pakistan is a massive copper-gold asset. Phase one development is a $6.5 billion undertaking, with a revised cost of $5.6 billion. It is designed to produce 240kt copper and 297koz gold p.a. from 2028.
• The Lumwana Super Pit expansion in Zambia is a $2 billion project aimed at transforming it into a Tier One copper mine.

Disciplined portfolio optimization through non-core asset sales

To sharpen the focus on these Tier One assets, Barrick Mining Corporation is actively pruning the portfolio. This activity is about streamlining the business and realizing capital from assets that no longer fit the core strategy. During Q1 2025, the company announced the sale of its 50% interest in the Donlin gold project. Furthermore, in Q3 2025, Barrick announced an agreement to sell the Hemlo gold mine in Canada for gross proceeds up to $1.09 billion. The company is also progressing with planned divestments of the Tongon mine.

Managing complex geopolitical and regulatory risks across 5 continents

Operating across multiple jurisdictions means managing significant country and regulatory risk is a constant, essential activity. Barrick has operations and development interests spanning North America, South America, Africa, and Asia-Pacific.

• In Pakistan, for Reko Diq, this involves emphasizing community engagement and security in Balochistan.
• In Chile, a key activity involves rebuilding the company's license to operate.
• In Mali, the Loulo-Gounkoto mine is temporarily suspended, requiring ongoing constructive engagement with the government to find a mutually beneficial solution for restart.

Maintaining industry-leading All-in Sustaining Costs (AISC)

Keeping costs low, especially when commodity prices are volatile, is paramount to delivering strong margins. While inflationary pressures are present, the company's guidance suggests a commitment to cost control. The projected AISC for gold for the full year 2025 is in the range of $1,460-$1,560 per ounce. To put that in perspective, the AISC for the high-potential Fourmile project is targeted at a very low $750 per ounce. For copper, the 2025 AISC guidance is $2.80-$3.10 per pound. The company achieved a strong 42% profit margin in Q1 2025, partly due to AISC remaining stable at $1,050 per ounce for that quarter. Finance: review the Q4 2025 AISC variance against guidance by January 20th.

Barrick Gold Corporation (GOLD) - Canvas Business Model: Key Resources

You're looking at the core assets that power Barrick Gold Corporation's operations right now, late in 2025. These aren't just line items; they are the physical and financial bedrock of the business.

The mineral resource base remains the most critical physical resource. Barrick Gold Corporation reported its attributable proven and probable gold reserves standing at 89 million ounces, reported at a grade of 0.99 g/t as of early 2025. This represents a significant increase from the 77 million ounces reported in 2023.

The copper reserves are also substantial, with attributable copper reserves reaching 18 million tonnes at a grade of 0.45%. This is a massive jump from the 5.6 million tonnes reported in 2023.

The quality of the resource base is defined by its Tier One asset portfolio. Barrick Gold Corporation operates six of the world's Tier One gold mines. Key assets driving this quality include:

• Cortez, which saw high-grade growth additions.
• Pueblo Viejo in the Dominican Republic, where expansion is progressing toward a target of plus 800,000 ounce per year production. You should note the required ownership stake here is 60%.
• Nevada Gold Mines, the largest gold mining complex on the planet.

The financial strength underpinning these physical assets is evident in the recent performance. Barrick Gold Corporation achieved a record quarterly free cash flow of $1.5 billion in the third quarter of 2025. This was up significantly from the $0.4 billion generated in the second quarter of 2025. As of Q3 2025, the company held approximately $5 billion in cash.

Here's a quick look at how the reserve figures are quantified, which speaks to the underlying data and technology used for valuation:

Metric	Gold Price Assumption	Copper Price Assumption
Attributable Proven & Probable Reserves	$1,400/oz	$3.00/lb
Attributable Resources (M&I)	$1,900/oz	$4.00/lb

The ability to consistently grow reserves is a key resource, supported by proprietary exploration technology and geological data. Barrick Gold Corporation has successfully added 111 million ounces of attributable gold equivalent reserves since the end of 2019, costing approximately $10 per ounce. This integrated resource and exploration strategy is designed to support a projected 30% growth in gold equivalent ounces out to the end of the decade.

The company's operational output in Q3 2025 also reflects the current utilization of these resources:

• Gold production: 829,000 ounces.
• Copper production: 55,000 tonnes.

The ongoing advancement of projects like Fourmile in Nevada, which has moved to the prefeasibility stage, is a direct result of leveraging this geological data advantage. That project's preliminary economic assessment highlighted world-class potential at nearly double the grade of Goldrush.

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.