Barrick Gold Corp's stock soared 5.48% on Wednesday after the company reported better-than-expected fourth quarter adjusted earnings and announced a $1 billion share buyback program.

The surge in Barrick's shares was driven by the company's strong operational and financial performance in Q4 and full year 2024, buoyed by higher gold and copper prices. Despite missing revenue estimates slightly, Barrick's adjusted earnings of $0.46 per share in Q4 exceeded analysts' expectations of $0.41.

For the full year 2024, Barrick's net earnings jumped 69% to $2.14 billion, while adjusted net earnings rose 51% to $2.21 billion compared to 2023. This impressive growth was fueled by higher realized prices for gold and copper. The company's revenue for 2024 climbed 13% year-over-year to $12.92 billion.

Barrick also reported a significant increase in its gold and copper reserves, further driving investor optimism. The company grew its attributable proven and probable gold reserves by 23% before depletion, adding 17.4 million ounces. Copper reserves saw an even more substantial increase of 224% year-over-year, driven by the completion of feasibility studies for the Lumwana and Reko Diq projects.

Reflecting its strong financial position, Barrick announced a new $1 billion share buyback program, highlighting the company's commitment to returning capital to shareholders. This follows the repurchase of $498 million worth of shares under the previous buyback program in 2024.