1911 Gold Corporation (TSXV: AUMB; OTCQX: AUMBF)
1911 Gold is Manitoba’s Gold Standard - Ready, Permitted and High-Grade 1911 Gold is an Emerging Gold Producer, with Significant Cash Flow Generation and District-Scale Growth Potential
Shares of Barrick Mining Corp. (ABX.TO), one of the world’s largest gold producers, surged to a 52-week high above C$52 this week after the company reported stellar third-quarter earnings, extending its year-to-date rally to over 120%. The surge is particularly notable for a mining giant with a market capitalization exceeding C$80 billion.
The company has consistently outperformed the Toronto Stock Exchange’s composite index this year, largely driven by a sharp rise in global gold prices. Since the start of 2025, gold has climbed from just over $2,600 per ounce to nearly $4,200—a gain of roughly 60%.
Beyond the sector-wide tailwind, Barrick’s operational performance stood out. The miner generated robust free cash flow in Q3, enabling it to raise dividends and expand share buybacks.
Before markets opened on Monday, Barrick reported adjusted net earnings of $982 million, or $0.58 per share, a record high and a significant jump from $529 million ($0.30 per share) a year earlier. The results matched analyst expectations. Operating cash flow hit a record $2.4 billion, up 82% year-over-year, while free cash flow soared to $1.5 billion—a 274% increase from the same period in 2024.
Bolstered by its growing cash reserves, Barrick raised its quarterly base dividend by 25% to $0.125 per share and declared an additional performance dividend of $0.05 per share, bringing the total payout to $0.175 for the quarter. The company also revealed it has repurchased $1 billion in shares year-to-date and expanded its existing buyback program by another $500 million, bringing total planned repurchases for the year to $1.5 billion.
Barrick’s record performance was supported by improved output. Gold production reached 829,000 ounces in the July–September period, up 4% from the previous quarter, though down 12% year-over-year. Copper output fell 7% sequentially to 55,000 tonnes.
The company’s all-in sustaining costs (AISC) dropped to $1,538 per ounce of gold, down 9% from the prior quarter and only 2% higher than a year ago. Thanks to rising gold prices, Barrick’s average realized gold price in Q3 was $3,457 per ounce, up 39% from 2024.
Looking ahead, Barrick reaffirmed its full-year gold production guidance of 3.15 million to 3.50 million ounces. It expects actual output to land in the lower half of that range, with the fourth quarter set to be the strongest of the year.
“Higher gold production, lower costs, and strong commodity prices combined to deliver record cash flow for Barrick in the third quarter,” said Acting CEO Mark Hill. “This performance allows us to significantly increase share buybacks, advance key growth projects, and maintain an industry-leading balance sheet.”
