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CEO Mark Bristow credited the company’s integrated resource and exploration strategy, saying it has built "a foundation that supports a projected 30% growth in gold-equivalent ounces out to the end of the decade."
Barrick Gold (GOLD) shares rose 1.6% in midday trading Friday after the company outlined its strategy for 30% growth in gold-equivalent ounces by the end of the decade. The update came as gold prices briefly crossed the $3,000 mark, boosting sentiment across the sector.
In its annual report, Barrick highlighted progress on two key Tier One projects – the Lumwana Super Pit Expansion in Zambia, which adds 8.3 million tonnes of copper reserves, and the Reko Diq project in Pakistan, which contributes 13 million ounces of gold and 7.3 million tonnes of copper reserves.
Barrick also replenished all mined gold and copper in 2024, replacing 4.6 million ounces of attributable gold mineral reserves at improved grades.
CEO Mark Bristow credited the company’s integrated resource and exploration strategy, saying it has built "a foundation that supports a projected 30% growth in gold-equivalent ounces out to the end of the decade."
The company replaced all mined gold and copper in 2024, replenishing 4.6 million ounces of attributable gold mineral reserves at improved grades.
Bristow emphasized that Barrick maintains a strong balance sheet, enabling it to fund the Lumwana and Reko Diq developments without issuing new shares or taking on excessive debt.
Beyond these two projects, Barrick is advancing its Pueblo Viejo expansion in the Dominican Republic, which is on track to exceed 800,000 ounces in annual production. Meanwhile, Nevada's operations continue to progress at Goldrush and Fourmile.
For 2025, Barrick reiterated its guidance for gold production between 3.15 million and 3.50 million ounces and copper production to be between 200,000 and 230,000 tonnes.
On Stocktwits, retail sentiment around Barrick Gold’s stock improved to ‘neutral’ from ‘bearish’ a day ago, accompanied by an uptick in chatter.
One user suggested that a "perfect storm" for the stock would involve resolving its challenges in Mali, stabilizing fuel prices, and keeping gold above the $3,000 threshold.
Others noted the absence of updates around Mali in the company’s annual report.
Barrick Gold Corporation continues to face challenges at its Loulo-Gounkoto mine in Mali, which has been closed since January 2025 due to regulatory disputes with the Malian government.
Earlier this month, Barrick announced that it had reached an agreement with the Malian government to resolve the dispute, pending formal approval. The deal includes a payment of $438 million to the government for releasing detained employees and returning seized gold.
Investors on Stocktwits are eager to hear news about Barrick Gold resuming operations at Loulo-Gounkoto and stabilizing its production outlook.
Barrick Gold’s stock has gained over 20% this year.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
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