On May 7 (Wednesday), Barrick Mining Corporation announced its Q1 results. The company had a strong start to the fiscal year, making significant progress in its long-term strategy and advancing its gold and copper asset portfolios.
The company reported gold production of 758,000 ounces in Q1, at the high end of the guidance range of 700,000-750,000 ounces. Copper production increased to 44,000 mt due to improved costs. Despite ongoing expansion work at Pueblo Viejo and planned maintenance at Nevada Gold Mines, the average realized gold price for the quarter was $2,898 per ounce, up from $2,657 in the previous quarter and a 40% increase year-over-year, supporting higher profit margins.
The average realized copper price for Q1 was $4.51 per pound, up from $3.96 in the previous quarter.
The company's full-year guidance for gold and copper remains unchanged.
