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Barrick Gold Corporation: How Is Copper Growth Quietly Reshaping Its Diversification Strategy?

In reviewing Barrick Gold Corporation’s latest quarterly earnings call, several elements emerge which are key to formulating an investment thesis. Barrick reported its fourth-quarter 2025 results, showing strong financial performance and strategic shifts, alongside challenges that warrant consideration. Starting with the positives, Barrick reached several financial milestones in the fourth quarter. The company delivered record free cash flow, enabled by an increase in both production volumes and realized gold prices, the latter rising by 21% compared to the previous quarter. This financial strength allowed Barrick to repurchase $1.5 billion of its shares and increase dividends by 40%, signaling a strong commitment to shareholder returns. Operationally, Barrick saw a significant uptick in production. Gold production was up 5% quarter-over-quarter, notably driven by increases at key sites such as Carlin and the Nevada Gold Mines (NGM). Similarly, copper production experienced a 13% rise, bolstered primarily by operations at Luwmana.