Gold.com (NYSE:GOLD) executives highlighted record cash generation, higher dividends, and a proposed initial public offering (IPO) of its North American gold assets during the company’s fourth-quarter 2025 earnings call, while also acknowledging that safety performance remains a key concern following four fatalities in 2025.
Record cash flow and higher shareholder returns
President and CEO Mark Hill said the company “finished the year in very good condition,” delivering on its 2025 operating plan and posting “multiple financial records.” Hill pointed to a resolution of the company’s dispute in Mali that secured the release of detained colleagues and allowed the company to resume control of the Loulo-Gounkoto asset.
On a full-year basis, Shuttleworth said the company generated:
- $7.7 billion of cash flow from operations (up 71% year-over-year)
- $3.9 billion of free cash flow (up 194% year-over-year)
He noted those results came despite a 13% decline in gold sales volume in 2025, with one key asset not operating for much of the year.
The company ended 2025 with a net cash position of $2 billion. Shuttleworth said Barrick reinvested $3 billion into the business and repurchased $1.5 billion of stock during the year, reducing the share count by 3%.
New dividend framework replaces prior performance dividend
Management emphasized a shift toward dividends as the primary shareholder-return tool. Shuttleworth reminded listeners that the base dividend was raised in the third quarter to $0.125 per share, and the board authorized an additional 40% increase to $0.175 per quarter.
In addition, the board adopted a new policy targeting 50% of attributable free cash flow to be paid out, including a discretionary component to reach that target. Under the new approach, the board authorized a Q4 dividend of $0.42 per share, payable in March, which management said represented a 140% increase from the Q3 dividend.
Shuttleworth said the new policy replaces the prior performance dividend policy. He also said the board decided not to renew the annual share buyback program, citing a focus on cash returns through dividends. In the Q&A, management reiterated that the board is “very focused on dividends” at present, acknowledging that investor preferences vary between dividends and buybacks.
Operations: Q4 production strength, Nevada reset, PV recovery challenges
Hill said gold production rose 5% from Q3, driven by a 25% increase at Carlin and quarter-over-quarter increases across the Nevada Gold Mines (NGM) site. Full-year gold production was 3.26 million ounces, in line with guidance. Copper production rose 13% from Q3, driven by higher throughput at Lumwana.
Hill also detailed changes following an operational review announced in the prior quarter. The company restructured business units, placing PV in the North America region to bring key autoclave processing facilities under common leadership. He said operational ownership in Nevada is “back in the hand of the operator,” and mine plans have been rebuilt “from the bottom up,” leaving the company entering 2026 with “high confidence” in guidance.
In the Q&A, Hill and COO Tim Cribb said the mine plan reset was intended to improve certainty by using current productivity metrics rather than top-down assumptions unless supported by executable improvement plans. Cribb said this led to some reductions in certain mines, including Carlin, but with increased confidence in delivery.
Hill reported strong early 2026 performance indicators at NGM, including the Carlin Roaster’s highest January throughput in five years and what he described as the best 60-day processing performance since the joint venture’s formation. He also cited improved underground performance at Carlin, Turquoise Ridge, and Goldrush. Hill added that attracting and retaining talent at NGM has been challenging, and the company plans to adjust remuneration and simplify bonus structures to emphasize safety first, followed by production, costs, and growth.
At PV, Hill said throughput rose 12% and 2025 gold production increased 8% from 2024, but recoveries have underperformed expectations due to metallurgical inconsistency in weathered stockpiles. Management said extensive testing completed in 2025 will be reflected in an updated 43-101 report due at the end of February. Hill said the company is targeting an 84% recovery rate, up from current levels in the mid-70% range discussed on the call, with blending and improvement projects underway.
Mali restart and Lumwana expansion progress
On Mali, management said it regained operational control of Loulo-Gounkoto at the end of 2025 and is ramping up the most accretive areas. In response to analyst questions, management said the relationship with the government is “at a reset” and engagement has been positive. The site was “in much better shape” than expected upon taking control on Dec. 16, and the company has restarted all three underground mines while ramping the open pit, expected in the second half of the year. The company’s guidance for Loulo-Gounkoto was cited as 260,000 to 290,000 ounces attributable for 2026. When asked about a potential sale of the Mali asset, management said the focus is on ramp-up and restoring the relationship.
In copper, Hill said Lumwana ended 2025 with record annual production and posted an 11% increase versus Q3 due to higher throughput. He said C1 cash costs rose in Q4 due to higher maintenance and interim power costs, while the Super Pit expansion is tracking slightly ahead of schedule, with progress on the mill building described as on the project’s critical path.
2026 guidance, reserves/resources, and proposed North America IPO
For 2026, Hill guided gold production of 2.9 million to 3.25 million ounces. He noted 2025 production was 3.26 million ounces, but said a like-for-like comparison would be about 3 million ounces excluding Tongon and Hemlo, which was sold at year-end. The company expects Loulo-Gounkoto’s ramp-up to be the main contributor to 2026 increases, along with slightly higher production from PV. Carlin and Turquoise Ridge are expected to be marginally lower due to open-pit sequencing and grade. Hill said production is expected to be split about 45% in the first half and 55% in the second, with higher production in Q3 and Q4 tied to ramp-ups at Loulo-Gounkoto and Goldrush and the timing of an NGM shutdown.
Copper guidance was set at 190,000 to 220,000 tons, compared to 220,000 tons in 2025, with production expected to be highest in Q2 and Q3 and lowest in Q1 due to grade.
On reserves and resources, Hill said the company used gold price assumptions of $1,500 per ounce for reserves and $2,000 per ounce for resources, and copper price assumptions of $3.25 per pound for reserves and $4.50 per pound for resources. As of year-end, he reported attributable proven and probable gold reserves of 85 million ounces, measured and indicated gold resources of 150 million ounces, and inferred resources of 43 million ounces. Attributable proven and probable copper reserves were 18 million tons, with measured and indicated resources of 24 million tons plus more than 4 million tons inferred.
Hill also reiterated the board’s decision—first announced in December—to proceed with preparations for an IPO of the company’s North American gold assets, with a target of completion by late 2026. In Q&A, Shuttleworth said the board believes North America is “substantially undervalued within Barrick” and that an IPO would “shine a light” on valuation, potentially driving a re-rate for shareholders. Management said details including use of proceeds, domicile, governance, and exact terms remain under development, but indicated the IPO would likely involve a minority stake, described in response to one question as “more along the lines of 10%–15%.”
Separately, management said it is reviewing the security situation in Balochistan related to the Reko Diq project and indicated it needed to complete that review before closing project financing. When asked if divestment was possible, Hill said it was too early to say and that the board had asked management to review the project “across all areas.”
Shuttleworth said the call was his last earnings call and Hill noted that Helen Cai is expected to join as CFO on March 1.
About Gold.com (NYSE:GOLD)
A-Mark Precious Metals, Inc, together with its subsidiaries, operates as a precious metals trading company. It operates in three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. The Wholesale Sales & Ancillary Services segment sells gold, silver, platinum, and palladium in the form of bars, plates, powders, wafers, grains, ingots, and coins. This segment also offers various ancillary services, including financing, storage, consignment, logistics, and various customized financial programs; and designs and produces minted silver products.
