Here are 1-2 brief analogies for Barrick Mining (Barrick Gold Corporation, symbol: GOLD):

• Barrick Mining is like Chevron for gold and copper.
• Think of Barrick as a global integrated oil major such as ExxonMobil or Shell, but focused on finding and producing gold.

• Gold: A precious metal primarily extracted for jewelry, investment, and industrial applications.
• Copper: An industrial metal used extensively in electrical wiring, plumbing, and various manufacturing sectors.

Barrick Gold Corporation (symbol: B) is a major global gold and copper mining company. Its primary business involves the exploration, development, mining, and sale of gold and copper assets.

Due to the nature of its products—gold and copper—which are globally traded commodities, Barrick Gold does not have a list of identifiable "major customers" in the traditional sense that a manufacturing or service company might have. Barrick sells its refined gold and copper concentrate into global commodity markets, where buyers are numerous and transactions are often anonymous or short-term, determined by market prices and demand.

The company's sales are made to a diverse range of participants in the global commodity markets, rather than to a few specific, named companies. These typically include:

• Metal Refiners and Traders: These companies purchase gold doré (a semi-purified alloy of gold and silver) and copper concentrate from Barrick. They then process these raw materials into refined metals (gold bullion, refined copper) for sale to end-users.
• Financial Institutions and Central Banks: For refined gold, these entities purchase it as an investment, reserve asset, or for various financial products.
• Industrial and Manufacturing Companies: While not direct customers of Barrick, these are the ultimate users of the refined metals (e.g., jewelry manufacturers, electronics companies, construction firms, automotive industry) that purchase from refiners or traders.

In essence, Barrick Gold's "customer" is the global commodity market itself, rather than a select group of named companies with long-term purchasing agreements.

• Caterpillar Inc. (NYSE: CAT)
• Komatsu Ltd. (OTCMKTS: KMTUY)
• Sandvik AB (OTCMKTS: SDVKY)
• Epiroc AB (OTCMKTS: EPOKY)
• Orica Limited (ASX: OCL)

Mark Hill, Group COO and Interim President and Chief Executive Officer

Mark Hill was appointed Group COO and Interim President and Chief Executive Officer of Barrick in September 2025. He joined Barrick in 2006 and has 30 years of experience in the mining industry. Prior to his current role, he was responsible for the Latin America and Asia Pacific region starting in January 2019. His background includes expertise in strategy, corporate development, and leading major projects globally. He was also integral in the initial decision to undertake exploration at the Fourmile gold project in Nevada.

Graham Shuttleworth, Senior Executive Vice-President & Chief Financial Officer

Graham Shuttleworth is a chartered accountant with over 29 years of experience in the mining industry. He joined Barrick as Senior Executive Vice-President and CFO in January 2019. Prior to this, he served as the Financial Director and Chief Financial Officer of Randgold Resources from 2007. Before his time at Randgold, he was the managing director and head of metals and mining for the Americas in the global investment banking division of HSBC.

Kevin Thomson, Senior Executive Vice-President, Strategic Matters

Kevin Thomson joined Barrick in 2014. He previously held a position as a senior partner at a leading Canadian law firm, where he specialized in mergers and acquisitions. He is responsible for all matters of strategic importance to Barrick, including the management of legal issues related to complex negotiations, corporate strategy, and governance.

Joel Holliday, Executive Vice-President, Exploration

Joel Holliday has an Honours degree in Geology and 25 years of experience in exploration. He assumed leadership of Barrick's global exploration team in November 2021. Since the merger with Randgold Resources in 2019, he served as Barrick's Senior Vice-President for Global Exploration. Before that, he worked in various exploration roles at Randgold for 15 years, where he managed teams that made multiple discoveries, including the world-class Gounkoto deposit in Mali.

Christine Keener, Chief Operating Officer, North America

Christine Keener was appointed Chief Operating Officer of Barrick's North American region in February 2022. She possesses a diversified background, having worked in finance, strategy, various commercial roles, and operations. Her previous experience includes serving as vice president of operations, Europe and North America, and vice president commercial and strategy, aluminum for Alcoa. Christine holds an MBA from Carnegie Mellon University and a Bachelor of Accounting from Grove City College.

Commodity Price Volatility

Barrick's business is significantly influenced by the fluctuating world market prices of gold and copper. A substantial and sustained decrease in these commodity prices would negatively impact the company's profitability and cash flow.

Geopolitical and Jurisdictional Risks

Operating in numerous countries, Barrick is exposed to geopolitical instability, including the risk of nationalization of resources, adverse government regulations, and political changes in countries such as Mali, Pakistan, and Papua New Guinea. Recent operational challenges, such as the temporary suspension of the Loulo-Gounkoto mine in Mali due to regulatory disputes, highlight the direct impact of these risks on production.

Operational and Environmental, Social, and Governance (ESG) Challenges

The company faces ongoing operational challenges including production declines due to planned maintenance, mine sequencing, and other disruptions. Additionally, Barrick is exposed to significant ESG risks. These include environmental concerns such as potential pollution and the safe management of Tailings Storage Facilities (TSFs), as well as social risks related to community relations and human rights in the areas surrounding its operations. Climate change also presents physical risks (e.g., water stress, extreme weather) and transitional risks (policy shifts) that could impact operations.

null

Barrick Mining's main products are gold and copper.

Gold Market

The global gold market size was valued at approximately USD 291.68 billion in 2024. This market is projected to grow to around USD 400 billion by the end of 2030, with a compound annual growth rate (CAGR) of 6.51% from 2025 to 2030. Other estimates indicate a growth to USD 457.91 billion by 2032 with a CAGR of 5.80% from 2024 to 2032. Asia-Pacific dominates both gold production and consumption, with China and India being significant drivers of demand.

Copper Market

The global copper market size was estimated at USD 241.88 billion in 2024. It is projected to reach USD 339.95 billion by 2030, growing at a CAGR of 6.5% from 2025 to 2030. Another source estimates the global copper market size at USD 333.15 billion in 2024, with a forecast to reach approximately USD 548.20 billion by 2034, expanding at a CAGR of 5.11% from 2025 to 2034. Asia Pacific held the largest revenue share in the copper market in 2024.

Barrick Gold Corporation (NYSE: GOLD) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market conditions:

1. Increased Production from Major Gold and Copper Growth Projects: Barrick is actively advancing and ramping up several significant projects. The Pueblo Viejo expansion in the Dominican Republic is progressing towards becoming an 800,000+ ounce per year producer. The Lumwana Super Pit Expansion in Zambia and the Reko Diq project in Pakistan are expected to contribute substantial new copper and gold reserves and production volumes, with Reko Diq projected to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second phase by the end of 2028, and Lumwana expanding to become a Tier One copper mine. Additionally, the Goldrush mine in Nevada is ramping up to a targeted 400,000 ounces per annum by 2028, and the adjacent Fourmile project, with its high-grade potential, is advancing to the prefeasibility stage. These projects are foundational to Barrick's goal of achieving 30% growth in gold equivalent ounces by the end of the decade.
2. Sustained Favorable Gold Prices: The company's revenue benefits significantly from a strong gold price environment. Gold prices have seen a substantial rally, with some analysts forecasting steady prices or raising price targets, such as UBS predicting $3,500/oz for the foreseeable future and Morningstar raising its target to an average of $3,170 USD/ounce. Higher gold prices directly translate to increased revenue per ounce sold, driving earnings and free cash flow.
3. Growing Copper Production and Favorable Copper Prices: Barrick is strategically expanding its copper business, recognizing the rising demand for this metal. The Lumwana Super Pit Expansion and the Reko Diq project are key to doubling copper production by the end of the decade. Increased copper production, coupled with a positive outlook for copper prices, is anticipated to significantly enhance Barrick's overall revenue profile.
4. Strategic Reserve Replacement and Development: Barrick has a robust track record of replacing its mined gold and copper reserves, ensuring the long-term sustainability of its operations and future production pipeline. The company successfully replaced all mined gold and copper in 2024, replenishing 4.6 million ounces of attributable gold mineral reserves at improved grades, and grew attributable proven and probable gold mineral reserves by 23% before 2024 depletion. This continuous replenishment and development of high-quality orebodies with industry-leading grades provide a solid foundation for sustained production volumes and, consequently, future revenue generation.

Share Repurchases

• In February 2025, Barrick authorized a new share repurchase program for up to $1.0 billion over the subsequent 12 months.
• As of Q2 2025, the company repurchased 21.19 million shares for a total of $411 million under the 2025 program, with $268 million spent in Q2 alone.
• Barrick repurchased $498 million in common shares during 2024 under a program announced in February 2024. In 2022, the company repurchased $424 million in common shares.

Share Issuance

• Information regarding the dollar amount of shares issued by Barrick Mining over the last 3-5 years is not available from the provided search results.

Inbound Investments

• There is no information available from the provided search results indicating large investments made in Barrick Mining by third parties during the specified period.

Outbound Investments

• In 2025, Barrick completed the sale of its Alturas Project in Chile for $50 million, retaining a 0.5% net smelter return royalty on future production.
• The company also announced the sale of its Tongon Mine in Ivory Coast for up to $305 million in 2025 and divested its 50% interest in the Donlin Gold Project for $1 billion.
• In 2022, Barrick acquired prospecting licenses in Tanzania for US$6 million, with potential contingent payments up to US$45 million and a commitment to invest at least US$9 million in the license area.

Capital Expenditures

• For 2025, total consolidated capital expenditures were $837 million in Q1.
• Barrick's total attributable capital expenditures were projected to be between $2,500 million and $2,900 million for 2024. For 2023, attributable gold & copper capital expenditures were expected to be in the same range.
• Major capital expenditures include the Lumwana Super Pit expansion in Zambia, estimated at almost $2 billion, which is expected to transform it into a major copper mine with projected annual production of around 240,000 tonnes over a 30-year life. The Reko Diq copper-gold project in Pakistan has an approved Phase 1 development capital cost of $5.6-6 billion.