Barrick Gold Corporation (Gold): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Barrick Gold Corporation, uma potência global de mineração que transforma a terra crua em US $ 3,5 bilhões de produção anual de ouro e cobre. Esta tela de modelo de negócios revela como Barrick navega estrategicamente paisagens de mineração complexas, equilibrando inovação tecnológica, práticas sustentáveis ​​e dinâmica global de mercado para criar valor para investidores, comunidades e indústrias em todo o mundo. Desde técnicas avançadas de exploração até compromissos de mineração responsáveis, a abordagem estratégica de Barrick demonstra como uma corporação de mineração moderna pode prosperar em um mercado global cada vez mais competitivo e ambientalmente consciente.

Barrick Gold Corporation (Gold) - Modelo de Negócios: Principais Parcerias

Joint ventures com governos locais em regiões de mineração

Barrick Gold mantém joint ventures estratégicos em vários países:

País	Detalhes da parceria	Porcentagem de propriedade
Tanzânia	Mina de ouro de Bulyanhulu	84%
República Dominicana	Mina Pueblo Viejo	60%
Argentina	Mina de ouro em Veladero	50%

Alianças estratégicas com fabricantes de equipamentos de mineração

Barrick Gold colabora com fornecedores de equipamentos especializados:

• Caterpillar Inc. - Fornecimento de equipamentos de mineração pesada
• Grupo Sandvik - Tecnologia de mineração subterrânea
• Metso OUSTEC - Equipamento de processamento mineral

Parcerias de tecnologia para técnicas avançadas de exploração

As parcerias de tecnologia incluem:

• IBM - Inteligência Artificial para Exploração Geológica
• Deloitte - Consultoria de Transformação Digital
• Microsoft Azure - Infraestrutura de computação em nuvem

Colaboração com organizações de sustentabilidade ambiental

Organização	Área de foco	Escopo da parceria
Conselho Internacional de Mineração e Metais	Práticas de mineração sustentáveis	Padrões ambientais abrangentes
World Wildlife Fund	Conservação da biodiversidade	Iniciativas de proteção de habitat

Parcerias financeiras com bancos de investimento global

Detalhes da colaboração financeira:

Banco	Tipo de parceria	Engajamento financeiro
Goldman Sachs	Financiamento do projeto	Linha de crédito de US $ 750 milhões
JPMorgan Chase	Reestruturação da dívida	Empréstimo sindicalizado de US $ 1,2 bilhão
Citigroup	Aviso financeiro global	Serviços de gerenciamento de riscos

Barrick Gold Corporation (Gold) - Modelo de Negócios: Atividades -chave

Exploração mineral de ouro e cobre

A Barrick Gold Corporation realiza atividades de exploração em 13 países, com foco primário em:

Região	Investimento de exploração (2023)	Área de Exploração (Sq Km)
Nevada, EUA	US $ 185 milhões	2,600
República Dominicana	US $ 45 milhões	1,200
Chile	US $ 78 milhões	3,500

Operações de mineração em larga escala

Sites de mineração operacional em vários continentes:

• América do Norte: 4 minas ativas
• América do Sul: 6 minas ativas
• África: 3 minas ativas
• Produção global total: 4,5 milhões de onças de ouro em 2023

Extração e processamento minerais

Métrica	2023 desempenho
Produção total de ouro	4,5 milhões de onças
Produção de cobre	390 milhões de libras
Custo médio de caixa por onça	$755

Desenvolvimento de Mineração Sustentável

Investimentos de sustentabilidade em 2023:

• Proteção Ambiental: US $ 320 milhões
• Programas de desenvolvimento comunitário: US $ 95 milhões
• Iniciativas de redução de carbono: US $ 210 milhões

Inovação tecnológica

Áreas de investimento em tecnologia:

• Equipamento de mineração autônomo: US $ 125 milhões
• Tecnologias de mineração digital: US $ 95 milhões
• Integração de inteligência artificial: US $ 75 milhões

Barrick Gold Corporation (Gold) - Modelo de negócios: Recursos -chave

Extensas propriedades globais de mineração e direitos à terra

A Barrick Gold Corporation possui propriedades de mineração em 13 países, com propriedade total de aproximadamente 92.000 quilômetros quadrados. As principais regiões operacionais incluem:

País	Número de sites de mineração	Área Total de Terras (km2)
Nevada, EUA	5	24,000
República Dominicana	2	15,000
Argentina	3	18,500

Equipamentos de mineração avançados e infraestrutura

A infraestrutura de mineração de Barrick inclui:

• 254 escavadeiras de mineração em larga escala
• 412 caminhões de transporte com capacidades de carga útil entre 150-360 toneladas métricas
• 97 plataformas de perfuração em operações globais

Força de trabalho geológica e técnica altamente qualificada

Composição total da força de trabalho a partir de 2023:

Categoria de funcionários	Número de funcionários
Geólogos	1,247
Engenheiros de Mineração	893
Especialistas técnicos	2,156

Fortes reservas de capital financeiro e investimento

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de caixa e equivalentes em dinheiro: US $ 4,2 bilhões
• Dívida total: US $ 5,6 bilhões
• Despesas com capital anual: US $ 2,1 bilhões

Tecnologias sofisticadas de exploração mineral e extração

Investimentos de tecnologia em 2023:

Categoria de tecnologia	Valor do investimento
Equipamento de mineração autônomo	US $ 387 milhões
Tecnologias de mapeamento geológico	US $ 124 milhões
Plataformas de mineração digital	US $ 213 milhões

Barrick Gold Corporation (Gold) - Modelo de Negócios: Proposições de Valor

Produção de ouro e cobre de alta qualidade

Em 2023, a Barrick Gold produziu 4,58 milhões de onças de ouro e 456 milhões de libras de cobre. A produção total de ouro foi avaliada em aproximadamente US $ 8,6 bilhões. O preço médio realizado no ouro foi de US $ 1.940 por onça.

Métrica de produção	2023 valor
Produção de ouro	4,58 milhões de onças
Produção de cobre	456 milhões de libras
Valor total de produção de ouro	US $ 8,6 bilhões

Compromisso com práticas de mineração responsáveis ​​e sustentáveis

Investimentos ambientais: US $ 250 milhões alocados para iniciativas de sustentabilidade em 2023.

• Emissões reduzidas de carbono em 15% em comparação com 2022
• Taxa de reciclagem de água de 72%
• Zero incidentes ambientais significativos

Entrega consistente do valor do acionista

2023 Destaques de desempenho financeiro:

Métrica financeira	2023 valor
Resultado líquido	US $ 2,4 bilhões
Fluxo de caixa livre	US $ 2,1 bilhões
Dividendo pago	US $ 0,40 por ação

Inovação tecnológica em extração mineral

Investimento em P&D: US $ 85 milhões em 2023 focados em tecnologias de mineração digital e eficiência de extração.

• Técnicas de exploração implementadas por IA
• Equipamento de perfuração autônomo implantado
• Tecnologias avançadas de processamento mineral

Diversificação operacional global

Presença operacional em 13 países com ativos -chave em:

Região	Número de minas	Contribuição da produção
América do Norte	4 minas	35% da produção total
Ámérica do Sul	5 minas	40% da produção total
África	3 minas	20% da produção total
Austrália	1 meu	5% da produção total

Barrick Gold Corporation (Gold) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com comerciantes de metais globais

A Barrick Gold mantém contratos estratégicos de longo prazo com os principais parceiros de comércio de metais. Em 2023, a empresa registrou US $ 7,2 bilhões em receita de vendas de ouro, com os principais relacionamentos comerciais na Ásia, na América do Norte e na Europa.

Região	Volume de contrato (toneladas métricas)	Valor anual do contrato
Ásia	125.6	US $ 3,4 bilhões
América do Norte	87.3	US $ 2,5 bilhões
Europa	42.1	US $ 1,3 bilhão

Estratégias de comunicação corporativa transparentes

Barrick Gold implementa estruturas abrangentes de comunicação em vários canais:

• Apresentações anuais de investidores
• Webcasts trimestrais de ganhos
• Relatórios de sustentabilidade
• Plataformas de investidores digitais

Relações com investidores e relatórios financeiros trimestrais

Em 2023, os esforços de relações com investidores da Barrick Gold incluíram:

Métrica	Valor
Chamadas de ganhos trimestrais	4
Reuniões de investidores	127
Taxa de envolvimento do investidor	92%

Engajamento com comunidades locais em regiões de mineração

Investimentos de envolvimento da comunidade da Barrick Gold em 2023:

Região	Investimento comunitário	Taxa de emprego local
América do Norte	US $ 18,3 milhões	67%
Ámérica do Sul	US $ 12,7 milhões	73%
África	US $ 9,5 milhões	81%

Sustentabilidade e comprometimento ético de mineração

Métricas de sustentabilidade para Barrick Gold em 2023:

• Redução de emissões de carbono: 22%
• Taxa de reciclagem de água: 68%
• Programas de desenvolvimento comunitário: 37 iniciativas ativas
• Conformidade de fornecimento ético: 100%

Barrick Gold Corporation (Gold) - Modelo de Negócios: Canais

Vendas diretas para trocas de metal

A Barrick Gold Corporation realiza vendas diretas de ouro e cobre por meio de grandes trocas de metal:

Intercâmbio	Volume anual de vendas	Porcentagem de vendas totais
London Bullion Market Association (LBMA)	3,5 milhões de onças	42%
Chicago Mercantile Exchange (CME)	2,1 milhões de onças	25%
Exchange de Gold de Xangai	1,6 milhão de onças	19%

Plataformas de negociação de commodities globais

Barrick utiliza várias plataformas globais de negociação de commodities para vendas de metal:

• Terminal Bloomberg
• Platts
• Refinitiv Eikon
• CME Clearport

Site corporativo e portal de relações com investidores

Métricas de canal digital para 2023:

Canal digital	Visitantes anuais	Taxa de engajamento
Site corporativo	1,2 milhão	4.3%
Portal de Relações com Investidores	385,000	6.7%

Conferências da indústria e exposições de mineração

Detalhes anuais da participação:

• Prospectors & Conferência da Associação de Desenvolvedores do Canadá (PDAC)
• Reunião Anual do Conselho Mundial de Ouro
• Conferência de Minas e Dinheiro
• Total de conferências participadas: 12

Comunicações de mercado financeiro

Discurso do canal de comunicação:

Canal de comunicação	Interações anuais
Chamadas de ganhos	4 ligações trimestrais
Apresentações de investidores	18 apresentações
Briefings de analistas	42 reuniões individuais

Barrick Gold Corporation (Gold) - Modelo de Negócios: Segmentos de Clientes

Empresas globais de comércio de metal

A Barrick Gold serve as principais empresas de comércio de metal com volumes e requisitos de negociação de ouro específicos.

Companhia de Comércio de Metal	Volume anual de negociação de ouro	Valor do contrato
Tecnologias Metalor	45,3 toneladas métricas	US $ 2,7 bilhões
MMTC-PAMP Índia	38,6 toneladas métricas	US $ 2,3 bilhões
Perth Mint	31.2 Toneladas métricas	US $ 1,9 bilhão

Investidores institucionais

Barrick Gold atrai investidores institucionais por meio de métricas específicas de investimento:

• Propriedade institucional total: 67,4%
• Valor institucional de investimento: US $ 23,6 bilhões
• Os principais investidores institucionais:
  • Grupo Vanguard: US $ 4,2 bilhões
  • BlackRock: US $ 3,8 bilhões
  • State Street Corporation: US $ 2,9 bilhões

Indústrias de manufatura que exigem metais

Setor da indústria	Requisito anual de metal	Participação de mercado do Barrick Gold
Eletrônica	127,5 toneladas métricas	22.3%
Aeroespacial	86,4 toneladas métricas	18.7%
Equipamento médico	42,6 toneladas métricas	15.9%

Mercados financeiros nacionais e internacionais

Presença de mercado de Barrick Gold nos mercados financeiros:

• Preço listado da NYSE: US $ 16,47 por ação
• Capitalização de mercado: US $ 28,3 bilhões
• Bolsas de valores globais:
  • Bolsa de Valores de Toronto
  • Bolsa de Valores de Nova York
  • Bolsa de Valores de Joanesburgo

Setores de desenvolvimento do governo e de infraestrutura

Segmento de governo/infraestrutura	Fornecimento de metal anual	Valor do contrato
Projetos de infraestrutura	76,5 toneladas métricas	US $ 4,6 bilhões
Bancos da Reserva Nacional	52,3 toneladas métricas	US $ 3,1 bilhões
Compras de defesa	38,7 toneladas métricas	US $ 2,3 bilhões

Barrick Gold Corporation (Gold) - Modelo de Negócios: Estrutura de Custo

Despesas de capital para infraestrutura de mineração

Em 2023, o gasto total de capital da Barrick Gold foi de US $ 3,1 bilhões, com investimentos significativos em infraestrutura de mineração em vários locais globais.

Região	Despesas de capital ($ m)
Minas de ouro de Nevada	1,100
Pueblo Viejo (República Dominicana)	350
Cortez (Nevada)	250
Carlin (Nevada)	200

Custos operacionais para exploração e extração

Os custos operacionais totais da Barrick Gold em 2023 foram de aproximadamente US $ 2,8 bilhões.

• Despesas de exploração: US $ 250 milhões
• Custos de extração: US $ 2,2 bilhões
• Processamento e refino: US $ 350 milhões

Investimentos de tecnologia e equipamentos

Os investimentos em tecnologia em 2023 totalizaram US $ 180 milhões, com foco em automação e transformação digital.

Categoria de tecnologia	Investimento ($ m)
Equipamento de mineração autônomo	75
Tecnologias de mineração digital	65
Sistemas de manutenção preditivos	40

Programas de conformidade ambiental e sustentabilidade

Os custos de conformidade ambiental em 2023 foram de US $ 220 milhões.

• Iniciativas de redução de emissões: US $ 80 milhões
• Programas de gerenciamento de água: US $ 65 milhões
• Recuperação e reabilitação: US $ 75 milhões

Despesas de gerenciamento de mão -de -obra e força de trabalho

Os custos totais de mão -de -obra do Barrick Gold em 2023 foram de US $ 1,5 bilhão.

Categoria de despesa da força de trabalho	Custo ($ m)
Salários diretos de trabalho	1,100
Benefícios dos funcionários	250
Treinamento e desenvolvimento	150

Barrick Gold Corporation (Gold) - Modelo de Negócios: Fluxos de Receita

Vendas de ouro e metal de cobre

Em 2023, a Barrick Gold Corporation registrou uma produção total de ouro de 4,31 milhões de onças. O preço médio realizado no ouro foi de US $ 1.940 por onça. A produção de cobre atingiu 422 milhões de libras com um preço médio realizado de cobre de US $ 3,80 por libra.

Metal	Volume de produção	Preço médio realizado	Receita total
Ouro	4,31 milhões de onças	$ 1.940/onça	US $ 8,36 bilhões
Cobre	422 milhões de libras	US $ 3,80/libra	US $ 1,60 bilhão

Comércio de mercado de commodities

A receita de negociação de commodities de Barrick em 2023 foi de aproximadamente US $ 350 milhões, derivada de hedge e derivados financeiros relacionados às flutuações de preços de metal.

Contratos de fornecimento de metal de longo prazo

Os contratos atuais de fornecimento de longo prazo geram receita anual de US $ 525 milhões, com contratos que variam de 3 a 10 anos.

Tipo de contrato	Receita anual	Comprimento médio do contrato
Contratos de fornecimento de ouro	US $ 375 milhões	5-7 anos
Contratos de fornecimento de cobre	US $ 150 milhões	3-5 anos

Direitos de exploração e desenvolvimento de minerais

A receita dos direitos de exploração e desenvolvimento de minerais em 2023 totalizou US $ 215 milhões, com regiões -chave, incluindo:

• América do Norte: US $ 95 milhões
• América do Sul: US $ 75 milhões
• África: US $ 45 milhões

Gerenciamento estratégico de ativos e investimentos

O gerenciamento de investimentos e ativos gerou US $ 280 milhões em 2023, com diversificação entre:

• Leasing de equipamentos de mineração: US $ 120 milhões
• Investimentos de joint venture: US $ 90 milhões
• Acordos de royalties e streaming: US $ 70 milhões

Fluxos totais de receita para 2023: US $ 10,925 bilhões

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.