• EBITDA Increase: 30% growth in EBITDA.
• Adjusted Net Earnings Per Share: Increased 50% year on year to $1.26.
• Quarterly Dividend: Maintained at $0.10 per share.
• Share Buybacks: $354 million in Q4, totaling almost $500 million for the year.
• Gold Reserves Addition: 12.7 million ounces from Lumwana and Reko Diq.
• Copper Reserves Addition: 13 million tons from Lumwana and Reko Diq.
• Gold Production Increase: 15% quarter on quarter.
• Cost of Sales Reduction: 3% decrease.
• Total Cash Costs Reduction: 5% decrease.
• Operating Cash Flow: Up 18% to $1.4 billion for the quarter, $4.5 billion for the year.
• Free Cash Flow: 104% increase to $1.3 billion for 2024.
• Net Debt: Just over $650 million.
• Gold Production Guidance: Achieved for both copper and gold.
• Reko Diq Project Budget: Estimated $5.6 billion to $6 billion for Phase 1.
• Reko Diq Free Cash Flow Estimate: Around $74 billion over 36 years.
• Super Pit Expansion: Feasibility study completed, significant reserve additions.
• Reserve Replacement: Replaced 180% of gold reserves depleted since 2019.
• Gold Equivalent Ounces Growth Target: 30% growth by the end of the decade.

• Warning! GuruFocus has detected 3 Warning Sign with GOLD.

Release Date: February 12, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Barrick Gold Corp (NYSE:GOLD) achieved a 30% increase in EBITDA and a 50% growth in adjusted net earnings per share year-on-year.
• The company maintained its quarterly dividend at $0.10 per share and repurchased $500 million worth of shares in 2024.
• Gold production increased by 15% quarter-on-quarter, with a 3% reduction in cost of sales and a 5% decrease in total cash costs.
• The company achieved the highest net earnings in a decade, with operating cash flow for the quarter up 18% to $1.4 billion.
• Barrick Gold Corp (NYSE:GOLD) continued its strong track record in reserve replacement, adding significant new reserves for both gold and copper.

Negative Points

• The company reported three fatalities in 2024, highlighting ongoing safety challenges.
• Gold sales were significantly impacted by export restrictions imposed by the Malian government.
• The company faced challenges with the unjust incarceration of team members in Mali, leading to operational disruptions.
• Pueblo Viejo's costs increased by 14% despite a 5% drop in production, primarily due to lower grades.
• The Loulo-Gounkoto mine in Mali is temporarily closed, impacting production and leading to a write-down of goodwill.

Q & A Highlights

Q: Can you explain the reduction in CapEx from the previous guidance? A: Graham Shuttleworth, CFO, explained that the majority of the CapEx reduction relates to the Loulo project, which has been excluded from guidance due to ongoing issues. There were also minor changes in Nevada, but Loulo was the primary factor.

Q: What are the standby costs at Loulo, and how are they reflected in the financials? A: Mark Bristow, CEO, stated that they are currently at a breakeven point, having removed all gold from the circuit. The company is reallocating experienced operators to other operations and maintaining a temporary care and maintenance process at Loulo.

Q: Does the outlook for 2027-2029 assume Loulo restarts? A: Yes, Mark Bristow confirmed that the outlook assumes Loulo will restart. He emphasized that Barrick's balance sheet is solid, and the company can support its long-term plan with or without Loulo.

Q: Can you provide an update on the Pueblo Viejo relocation efforts and the timeline for the dam construction? A: Mark Bristow explained that the relocation process is ongoing, with a focus on consulting and finalizing reimbursements. The starter dam is expected to be completed by 2029, with flexibility built into the timeline to manage the relocation process.

Q: What is the status of the potential sale of Barrick's interest in Zaldivar? A: Mark Bristow stated that while Zaldivar is not a core asset, the current focus is on securing the necessary permits to continue operations. No decision has been made regarding a sale, but it remains a valuable asset with potential options for the future.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.