This Resources Stock Posted Strong Q2 2025 Results, Setting Stage for Healthy H2

Production gains, surging cash flows, and higher price forecasts bolster growth outlook

Barrick Mining Corporation (TSX: ABX) — a global leader in gold and copper production — delivered an impressive second quarter, marked by higher output across both metals, strong free cash flow generation, and meaningful progress on its Tier One project pipeline. The results build on a solid first-quarter performance and position the company for an even stronger second half of the year.

Net earnings per share climbed to $0.47, with adjusted EPS matching that figure. Operating cash flow for the first half of the year reached $2.5 billion, up 32% year-over-year, while free cash flow surged 107% to $770 million, supported by firm commodity prices.

Production growth was broad-based:

• Gold output rose 5% quarter-over-quarter, led by an 11% increase at Nevada Gold Mines.
• Copper production jumped 34%, driven by Lumwana’s strong contribution.
• Pueblo Viejo posted a 28% production increase, supported by higher throughput and steady progress on its expansion.

Looking ahead, Barrick expects 2025 gold production to remain within 3.15–3.50 million ounces, with standout contributions from Pueblo Viejo, Turquoise Ridge, Porgera, and Kibali. Copper production is guided between 200,000–230,000 tonnes, with volumes weighted towards the final three quarters of the year. Cost guidance remains on track, based on an LME copper price assumption of $4.00/lb.

Analyst Upgrades Reflect Bullish Commodity Outlook

CIBC raised Barrick Mining’s price target to $50 from $38, maintaining an Outperformer rating. The move reflects higher gold and silver price forecasts, with CIBC now projecting $4,500/oz gold and $55/oz silver in 2026 and 2027. While part of this revision reflects catching up with recent gold price strength, it underscores a favorable macro backdrop for producers like Barrick.

Stock Rating

A “Buy” rating has been given on the company’s stock at the closing market price of CAD 46.80 per share as of 14 October 2025. The key growth drivers include:

• Rising production at key Tier One assets (Pueblo Viejo, Turquoise Ridge, Porgera, Kibali).
• Robust free cash flow generation, enabling continued shareholder returns.
• Leverage to higher gold and copper prices, supported by CIBC’s bullish commodity forecasts.
• A well-advanced project pipeline, strengthening long-term production visibility.

With improving fundamentals, operational momentum, and sector tailwinds, Barrick is well-positioned to deliver earnings growth and capital returns through 2025 and beyond.