Barrick Gold Option Alert: Jan 16 $20 Puts at the Ask: 2500 vs 18798 OI; Earnings 4/30 Before Open [est] 

Barrick Gold Option Alert: Jan 16 $20 Puts at the Ask: 2500 @ $2.32 vs 18798 OI; Earnings 4/30 Before Open [est] Ref=$19.3303

Barrick Mining (NYSE:GOLD) Bolsa

Barrick Gold

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Based in Toronto, Barrick Gold is one of the world's largest gold miners. In 2024, the firm produced nearly 3.9 million attributable ounces of gold and about 430 million pounds of copper. At year-end 2024, Barrick had about two decades of gold reserves along with significant copper reserves. After buying Randgold in 2019 and combining its Nevada mines in a joint venture with competitor Newmont later that year, it operates mines in 19 countries in the Americas, Africa, the Middle East, and Asia. The company also has growing copper exposure. Its potential Reko Diq project in Pakistan, if developed, could double copper production by the end of the decade.

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The top gold producer, Barrick Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>), is rapidly advancing its flagship Reko Diq copper-gold project in Pakistan. While <a href="https://www.benzinga.com/25/05/45262684/barricks-q1-higher-prices-lower-costs-drive-earnings-beat-despite-production-dip">discussing Q1 earnings</a>, CEO Mark Bristow noted the project&#8217;s positive momentum and strategic significance as a cornerstone asset for Barrick's future copper growth pipeline.
"This is a world-class copper-gold project that will deliver enormous value, not just for Barrick, but equally for our partners in Pakistan and particularly in Balochistan," Bristow said. He noted that the project's immense value is still not fully recognized in Barrick's current share price, which has gained 21.5% year-to-date.
Reko Diq, located in Balochistan near Pakistan's western border with Iran, is one of the world's largest undeveloped porphyry copper-gold systems. According to the updated <a href="https://s25.q4cdn.com/322814910/files/doc_downloads/reko_diq/Barrick_RekoDiq_TechnicalReport_20241231.pdf">feasibility study</a> approved last month, the project hosts probable reserves of 7.3 million tons of copper and 13 million ounces of gold attributable to Barrick.
The project will be developed in two phases, with Phase 1 (2025–2029) requiring between $5.6 billion and $6.0 billion on a 100% basis, of which Barrick's equity share is estimated at $1.4 billion to $1.7 billion. Total development across both phases is expected to cost approximately $10 billion. Once operational, Phase 1 will deliver 240,000 tons of copper and 297,000 ounces of gold annually, ramping up in Phase 2 (2034–2043) to 460,000 tons of copper and 520,000 ounces of gold annually.
Bristow said construction activities are accelerating, with Fluor Corporation appointed as the lead engineering, procurement and construction management partner. Heavy equipment is already being mobilized. Bristow drew parallels with the firm's projects in Mali and the Democratic Republic of Congo from decades ago, pointing to the firm's phased and partnership-driven approach.
"While others pursue shortcuts through M&amp;A, we continue to invest in our own future—by building and not just buying—thereby creating real value for our shareholders," he <a href="https://www.barrick.com/English/news/news-details/2025/q1-2025-results/default.aspx">said</a>.
Barrick has invested approximately $228 million into Reko Diq (on a 100% basis), including $100 million in Q1 2025 alone. Total capex for this year is expected to remain under $1 billion. In Q1, the project cleared a key regulatory milestone by securing environmental approvals from the Balochistan Environmental Protection Agency.
In addition to its 37-year reserve life, Bristow pointed to significant expansion potential, highlighting the Bukit Pasir discovery just 4 km north of the main orebody, returning thick intercepts of near-surface mineralization. "Even before we've started production, we are already adding life and value," he said.
Although Pakistan's long-standing dispute with India over territorial disputes <a href="https://www.benzinga.com/markets/equities/25/05/45259806/indian-missiles-hit-pakistan-buying-on-u-s-china-talks-will-the-fed-bow-to-trump">recently escalated</a>, Reko Diq's proximity to the Iranian border offers geographic insulation, providing a clear road ahead for what may become one of the most important global copper assets.
Read Next: <a href="https://www.benzinga.com/news/financing/25/05/45252106/private-equity-deals-in-mining-expected-to-accelerate">Private Equity Deals In Mining Expected To Accelerate</a>
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Barrick's World-Class Mining Project Proceeds As Planned, 'Building Not Only Buying' CEO Says

Barrick Mining Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) shares are trading higher on Wednesday after it reported first-quarter revenue of $3.13 billion, up 14% year over year (Y/Y), <a href="https://www.benzinga.com/pressreleases/25/05/g45246787/barrick-reports-solid-q1-results-and-progress-on-strategic-growth-objectives" target="_blank" rel="noreferrer noopener">in line with the consensus</a>. 
Gold production stood at 758 thousand ounces (-19% Y/Y), and gold sales were 751 thousand ounces (-17% Y/Y).
The average realized gold price rose&nbsp;40%&nbsp;Y/Y&nbsp;to&nbsp;$2,898 per ounce, and all-in sustaining costs (AISC) fell&nbsp;20% Y/Y to&nbsp;$1,775 per ounce in the quarter.
Also Read: <a href="https://www.benzinga.com/news/rumors/25/04/44947306/barricks-canadian-exit-opens-the-doors-for-us-redomiciliation" target="_blank" rel="noreferrer noopener">Barrick&#8217;s Canadian Exit Opens The Doors For US Redomiciliation</a>
Copper production surged&nbsp;10% Y/Y to 44 thousand tonnes. The average realized copper price declined&nbsp;17%&nbsp;Y/Y&nbsp;to&nbsp;$4.51 per pound.
Adjusted EPS of&nbsp;35 cents beat&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;28 cents</a>.
At the end of the quarter, cash and cash equivalents stood at&nbsp;$4.10 billion, and debt was&nbsp;$4.73 billion.
Capital expenditure increased&nbsp;15% Y/Y to&nbsp;$837 million, and operating cash flow stood at&nbsp;$1.21 billion.&nbsp;
The Reko Diq and Lumwana projects will materially grow Barrick's copper and gold production, CEO&nbsp;Mark Bristow says.
The goal is to organically grow the firm&#8217;s gold-equivalent ounces by 30% by the end of the decade, he added.&nbsp;
Dividend: Barrick declared a&nbsp;fourth-quarter dividend per share of&nbsp;10 cents. It will be payable on June 16 to shareholders <a href="https://www.benzinga.com/pressreleases/25/05/g45246771/barrick-reports-share-repurchases-and-declares-q1-dividend" target="_blank" rel="noreferrer noopener">of&nbsp;record&nbsp;as of May 30</a>.
Barrick repurchased 7.69&nbsp;million shares during the quarter.&nbsp;
FY25&nbsp;Outlook: The company reiterated outlook for attributable gold production in the range of 3.15–3.5 million ounces and AISC in the range of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">1,460 – 1,560&nbsp;per ounce</a>.
For 2025, attributable capital expenditure&nbsp;is expected <a target="_blank" href="https://s25.q4cdn.com/322814910/files/doc_financial/quarterly_results/2025/01/Barrick_Q1_2025_MD-A.pdf" rel="noreferrer noopener">to </a>be&nbsp;$3.100 billion&nbsp;–&nbsp;$3.600 billion.
The company sees attributable copper production of <a target="_blank" href="https://www.benzinga.com//node/43672890" rel="noreferrer noopener">200,000–230,000 tonnes in 2025</a>.
Investors can gain exposure to the stock via&nbsp;Sprott Gold Miners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGDM#NYSE">SGDM</a>) and&nbsp;VanEck Gold Miners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>).
Price Action: GOLD shares are up 0.9% at $19.42&nbsp;at the last check Wednesday.
Read Next:
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<li><a href="https://www.benzinga.com/content/45183597/analysts-see-4-000-gold-3-ways-to-invest-at-varied-risk-levels" target="_blank" rel="noreferrer noopener">Analysts See $4,000 Gold: 3 Ways to Invest at Varied Risk Levels</a></li>
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Gold Shines, Output Dims: Barrick Delivers Mixed Q1 As Production Slips

Barrick Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) reported quarterly earnings of $0.35 per share which beat the analyst consensus estimate of $0.28 by 25 percent. This is a 84.21 percent increase over earnings of $0.19 per share from the same period last year. The company reported quarterly sales of $3.13 billion which met the analyst consensus estimate. This is a 13.94 percent increase over sales of $2.75 billion the same period last year.

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Barrick Gold Q1 Adj. EPS $0.35 Beats $0.28 Estimate, Sales $3.13B Inline

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