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(Kitco News) - Barrick Mining Corporation (NYSE: B, TSX: ABX) reported weaker-than-expected third-quarter earnings as rising operating costs continued to weigh on the mining giant's financial performance. However, stronger gold production and higher realized prices helped support revenue growth as the company maintained its full-year production guidance.
The Canadian mining company reported adjusted net earnings of $1.35 billion, or $0.82 per share, for the third quarter, up 41% from $0.58 per share reported during the same period last year. However, the results missed consensus estimates, as analysts had expected earnings of $0.86 per share.
The company said its revenue increased 22% year-over-year to $5.07 billion, while attributable adjusted EBITDA rose 22% to $2.47 billion. The company generated $2.49 billion in operating cash flow and $1.17 billion in consolidated free cash flow, down 21% from the same period last year.
Despite the earnings miss, Barrick reported its fourth consecutive quarter of improved operational performance.
Attributable gold production totaled 816,000 ounces, an increase of 3% from the second quarter and 6% compared to the same period last year, excluding divested operations. The company also produced 50,000 tonnes of copper.
However, higher operating costs continued to weigh on profitability. All-in sustaining costs (AISC) for gold production increased 24% year-over-year to $1,911 per ounce, while total cash costs rose to $1,386 per ounce.
These higher costs were partially offset by stronger gold prices, with Barrick reporting an average realized price of $4,243 per ounce, up 23% from $3,457 per ounce last year.
In a statement accompanying the earnings report, Mark Hill, President and CEO of Barrick, said that the company continues to make progress in restoring operational consistency.
“This quarter marks a full year of consistent delivery. For the fourth consecutive quarter, we improved safety, executed against our plans, strengthened Nevada Gold Mines, advanced our growth projects, and returned significant capital to shareholders,” he said.
Looking at individual operations, Barrick reported North American gold production of 497,000 ounces, including 400,000 ounces from Nevada Gold Mines.
The company said production growth at Cortez was supported by the continued ramp-up of Goldrush, while Carlin's Gold Quarry roaster achieved record quarterly throughput.
Outside North America, Barrick International produced 319,000 ounces of gold, up 6% from the previous quarter, supported by stronger production at Loulo-Gounkoto and Kibali. However, extreme weather conditions at Veladero and Porgera weighed on production.
Despite these challenges, Barrick maintained its full-year gold production guidance of between 2.90 million and 3.25 million ounces, with AISC expected to range between $1,760 and $1,950 per ounce. Management expects fourth-quarter gold production to be slightly higher than in the third quarter.
In a research note published Monday, analysts at Jefferies, said Barrick's operational performance was encouraging, even as free cash flow missed expectations.
Jefferies noted that gold production exceeded its estimate of 807,000 ounces and consensus expectations of approximately 811,000 ounces. However, consolidated free cash flow of $1.17 billion fell short of the bank's $1.22 billion forecast and the $1.29 billion consensus estimate.
The bank also highlighted rising copper production costs, with AISC reaching $4.52 per pound, significantly above its forecast of $3.66 per pound.
Despite the cost pressures, Jefferies maintained its buy rating on Barrick, with a $52 price target, representing approximately 28% upside from the previous closing price.
Looking ahead, Jefferies said Barrick's planned initial public offering of its North American gold assets remains a significant potential catalyst. The company is targeting an IPO in the fourth quarter of 2026 or early 2027.
Meanwhile, Barrick continues to advance its Lumwana copper expansion in Zambia, which remains on schedule and within its approximately $2 billion capital budget. However, its Reko Diq project in Pakistan remains under review amid concerns about rising development costs and potential delays.
Barrick also returned $1.04 billion to shareholders during the quarter through dividends and share repurchases, ending September with a net cash position of approximately $909 million.
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