Barrick Mining FCF yield valuation

Sources

1. FY2025 consolidated free cash flow was $3.868 billion versus $1.317 billion in FY2024; FY2025 EBITDA $10.494 billion, revenue $16.956 billion, operating cash flow $7.689 billion, capex $3.821 billion. Year-end 2025 cash $6.706 billion and long-term debt $4.647 billion. Peak 2025 FCF is not capitalized as a perpetuity; the base uses $3.1 billion normalized attributable FCF. — sec.gov
2. Q2 2026 gold production 796 koz (above 730-770 koz guidance) and copper 56 kt. H1 2026 attributable FCF $1.354 billion (Q2 only $141 million after seasonal tax/interest and a $200 million Loulo-Gounkoto payment). Q2 cash $5.927 billion, debt $4.682 billion, net cash $1.245 billion. Diluted weighted-average shares 1,666 million in Q2 and 1,671 million in H1. — sec.gov
3. 2026 guidance unchanged at 2.90-3.25 million ounces of gold (AISC $1,760-$1,950/oz at a $4,500/oz gold assumption) and 190-220 kt copper. Attributable capex cut to $3.8-$4.2 billion from $4.0-$4.45 billion as Reko Diq development is slowed. Newmont will pay $1.95 billion cash within 30 days; North American IPO remains targeted for year-end 2026. Base quarterly dividend $0.175/share; $1.209 billion of a $3.0 billion buyback completed in Q2. — barrick.com
4. Q2 2026 MD&A discusses Reko Diq project review after security incidents, reduced 2026 attributable Reko Diq spend to $450-500 million (50% basis), Lumwana Super Pit first copper targeted end-Q1 2028, and Fourmile PFS targeted for 2028. — sec.gov
5. SEC EDGAR company filings index for Barrick Mining Corporation (CIK 0000756894), including the 10 August 2026 Form 6-K for Q2 2026 and the 27 February 2026 Form 40-F for FY2025. — sec.gov