JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
Introduction & Market Context
Barrick Gold (NYSE:B) Corporation (NYSE:GOLD)(TSX:ABX) reported its strongest quarterly earnings in over a decade according to its Q2 2025 presentation released on August 11, 2025. The mining giant posted adjusted earnings per share of $0.47, marking its highest level since 2013 and representing a 47% year-over-year increase. This performance comes amid a transformative period for the company as it continues to balance its gold-focused portfolio with growing copper operations.
Quarterly Performance Highlights
Barrick’s Q2 2025 results showed substantial financial improvements across key metrics. Net earnings per share reached $0.47, up 124% year-over-year, while attributable EBITDA climbed to $1.69 billion, representing a 31% increase from the same period last year. The company maintained a strong balance sheet with $4.8 billion in cash and achieved a net cash position of $73 million.
Revenue for the quarter rose to $3.68 billion, up from $3.13 billion in Q1 2025 and $3.16 billion in Q2 2024. Operating cash flow increased by 35% quarter-over-quarter to $1.33 billion, while free cash flow reached $395 million, compared to $375 million in the previous quarter.
The company’s operational performance showed mixed results between its gold and copper segments. Gold production reached 797,000 ounces in Q2, up 5% from the previous quarter but down from 948,000 ounces in Q2 2024. Meanwhile, copper production surged to 59,000 tonnes, representing a 34% increase from Q1 2025 and a significant improvement over the 43,000 tonnes produced in Q2 2024.
Detailed Financial Analysis
Barrick’s financial strength enabled continued shareholder returns, with the company declaring a quarterly dividend of $0.15 per share and executing $268 million in share buybacks during Q2. For the first half of 2025, Barrick returned $753 million to shareholders through dividends and buybacks, underscoring its commitment to capital return objectives despite ongoing investments in growth projects.
The company’s disciplined capital allocation strategy is evident in its distribution of funds. For H1 2025, Barrick allocated $805 million to sustaining capital, $524 million to growth capital, $342 million to dividends, and $411 million to share buybacks, demonstrating a balanced approach between maintaining current operations, investing in future growth, and rewarding shareholders.
Operational Highlights
Nevada Gold Mines, Barrick’s flagship operation, showed significant improvement with gold production increasing by 17% quarter-over-quarter to 381,000 ounces. This was driven primarily by higher underground volumes, which helped reduce costs per ounce. Income from the operation reached $624 million, up from $453 million in Q1 2025.
Pueblo Viejo in the Dominican Republic also demonstrated strong performance, with gold production increasing 28% quarter-over-quarter to 95,000 ounces. This improvement was driven by a 24% increase in throughput and better recovery rates. Cost of sales per ounce declined by 8% quarter-over-quarter to $1,715.
The standout performer in Barrick’s portfolio was the Lumwana copper mine in Zambia, which saw production surge by 63% quarter-over-quarter to 44,000 tonnes. This dramatic improvement was accompanied by significant cost reductions, with cost of sales declining 20% and C1 cash costs falling 29% quarter-over-quarter. These improvements drove a substantial increase in income to $144 million, up from $95 million in the previous quarter.
Strategic Initiatives
Barrick highlighted several key growth projects that are expected to drive a 30% increase in Gold Equivalent Ounces by 2029. The Fourmile project in Nevada is poised to double its mineral resource in 2025, with current resources standing at 1.4 million ounces indicated and 6.4 million ounces inferred at high grades of 11.76g/t and 14.1g/t respectively.
The Reko Diq project in Pakistan continues to advance, with all major contracts signed and early works progressing on site infrastructure. Once completed, Phase 1 is expected to produce 240,000 tonnes of copper and 297,000 ounces of gold annually, with Phase 2 increasing this to 460,000 tonnes of copper and 520,000 ounces of gold per year (on a 100% basis).
Barrick also reported significant progress in its portfolio optimization efforts, with sales processes advancing for non-core assets Tongon and Hemlo. Additionally, the company unlocked $1 billion in value from the sale of its Donlin project, further strengthening its financial position.
Forward-Looking Statements
Looking ahead, Barrick reaffirmed that all regions are on track to deliver their 2025 production and AISC guidance. The company’s strategic focus remains on its five pillars: maintaining a premier portfolio of Tier One assets, ensuring resource sustainability, making disciplined investments, maintaining balance sheet strength, and pursuing global excellence through industry-leading exploration programs.
The company also emphasized its commitment to health and safety, reporting a 50% decrease in Lost Time Injuries and a 37% decrease in Total (EPA:TTEF) Injuries compared to 2024 year-to-date. This improvement reflects Barrick’s focus on sustainable and responsible mining practices.
Analyst Perspectives
Despite the strong quarterly results, Barrick faces some challenges ahead. According to the recent earnings call transcript, the company’s stock is currently trading significantly below its 52-week high, with a concerning year-to-date return of -48%. The Financial Health Score of 1.56 reported by InvestingPro suggests potential headwinds despite the positive operational updates.
Analysts have focused their questions on the exploration potential at Fourmile and the company’s capital allocation strategy, indicating investor interest in Barrick’s growth prospects and financial discipline. Discussions during the earnings call also covered the arbitration process in Loulo-Gounkoto and tax loss positions in Canada, reflecting broader concerns about regulatory and fiscal challenges in some operating regions.
CEO Mark Bristow has positioned Barrick as "a peerless opportunity to invest in a world-class gold and copper business," emphasizing the company’s long-term strategic focus on optimizing ore bodies and delivering sustainable value. With copper production surging and gold operations showing sequential improvement, Barrick’s diversified approach appears to be gaining traction, though market sentiment remains cautious given the stock’s recent performance.
Full presentation:
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.