Barrick Mining reported fourth-quarter earnings of $1.04 per share, comfortably ahead of the Zacks Consensus Estimate of $0.85 and more than double the $0.46 per share earned in the same period a year ago. Revenue performance, driven by robust production at Carlin and Kibali, contributed to a 30% year-over-year increase in operating cash flow, underpinning the stronger bottom line. The company’s cost of sales per ounce of gold declined by 8% sequentially thanks to lower sustaining capital expenditures and favorable foreign-exchange movements, further boosting its adjusted net income to $1.2 billion for the quarter.

On February 5, Barrick declared a $0.42 per share dividend for Q4 2025, a 140% increase over the prior quarter’s payout, payable March 16 to holders of record on February 27. Management also introduced a new dividend policy targeting a 50% annual payout of attributable free cash flow, comprising a fixed base quarterly dividend of $0.175 per share plus a year-end performance top-up. This structure aligns returns with cash-flow generation and allows flexibility based on capital needs and balance-sheet health. In support of shareholder returns, the company repurchased 12.11 million shares in Q4 and 51.90 million shares year-to-date under its 2025 buyback program, deploying $1.5 billion in cash, including $500 million during the fourth quarter.