Barrick Gold Corp (NYSE:GOLD) shares are trading higher on Wednesday after it reported first-quarter revenue of $3.13 billion, up 14% year over year (Y/Y), in line with the consensus.
Gold production stood at 758 thousand ounces (-19% Y/Y), and gold sales were 751 thousand ounces (-17% Y/Y).
The average realized gold price rose 40% Y/Y to $2,898 per ounce, and all-in sustaining costs (AISC) fell 20% Y/Y to $1,775 per ounce in the quarter.
Also Read: Barrick’s Canadian Exit Opens The Doors For US Redomiciliation
Copper production surged 10% Y/Y to 44 thousand tonnes. The average realized copper price declined 17% Y/Y to $4.51 per pound.
Adjusted EPS of 35 cents beat the consensus of 28 cents.
At the end of the quarter, cash and cash equivalents stood at $4.10 billion, and debt was $4.73 billion.
Capital expenditure increased 15% Y/Y to $837 million, and operating cash flow stood at $1.21 billion.
The Reko Diq and Lumwana projects will materially grow Barrick's copper and gold production, CEO Mark Bristow says.
The goal is to organically grow the firm’s gold-equivalent ounces by 30% by the end of the decade, he added.
Dividend: Barrick declared a fourth-quarter dividend per share of 10 cents. It will be payable on June 16 to shareholders of record as of May 30.
Barrick repurchased 7.69 million shares during the quarter.
FY25 Outlook: The company reiterated outlook for attributable gold production in the range of 3.15–3.5 million ounces and AISC in the range of 1,460 – 1,560 per ounce.
For 2025, attributable capital expenditure is expected to be $3.100 billion – $3.600 billion.
The company sees attributable copper production of 200,000–230,000 tonnes in 2025.
Investors can gain exposure to the stock via Sprott Gold Miners ETF (NYSE:SGDM) and VanEck Gold Miners ETF (NYSE:GDX).
Price Action: GOLD shares are up 0.9% at $19.42 at the last check Wednesday.
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