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ExxonMobil for gold and copper.

A 'Rio Tinto' or 'BHP' focused mainly on gold and copper.

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• Gold: The company explores for and mines gold deposits.
• Copper: The company explores for and mines copper deposits.
• Nickel: The company explores for and mines nickel deposits.

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The company described, trading under the symbol GOLD, is Barrick Gold Corporation. Based on its description as a company engaged in the exploration and development of mineral properties, primarily for gold, copper, and nickel deposits, Barrick Gold Corporation is a mining company that extracts raw materials.

Barrick Gold Corporation sells its extracted minerals primarily to other companies in the metals industry, rather than directly to individuals. While specific customer names are typically not publicly disclosed due to the nature of business-to-business (B2B) contracts in the mining sector, the major categories of customers they serve include:

• Metal Refineries and Smelters: These companies purchase unrefined gold dore bars, as well as copper and nickel concentrates, for further processing, purification, and transformation into investment-grade bullion or refined industrial metals. These refined products are then sold to downstream manufacturers, investors, or jewelers.
• Bullion Banks and Commodity Trading Firms: Large financial institutions and commodity traders buy significant quantities of precious and base metals for their own portfolios, for hedging purposes, or to facilitate sales to end-users and other market participants.
• Industrial Consumers: While often purchasing through intermediaries, some large-scale industrial manufacturers may directly procure refined metals for use in electronics, automotive components, jewelry manufacturing, and other industrial applications.

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Mark Hill President and Chief Executive Officer

Mark Hill was appointed President and Chief Executive Officer of Barrick in February 2026, following his appointment as Group Chief Operating Officer and Interim President and Chief Executive Officer in September 2025. He is a seasoned mining executive with 30 years of experience, having joined Barrick in 2006. Mr. Hill has experience in strategy, corporate development, and leading major projects globally, and was integral in the initial decision to undertake exploration at the Fourmile gold project in Nevada. He previously oversaw Barrick’s Latin America and Asia Pacific regions.

Helen Cai Senior Executive Vice President, Chief Financial Officer

Helen Cai was appointed Senior Executive Vice President and Chief Financial Officer, effective March 1, 2026, replacing Graham Shuttleworth. She had served on Barrick's board since November 2021. Ms. Cai brings over two decades of experience in equity research, corporate finance, strategic planning, capital markets, and mergers and acquisitions, with a focus on the mining, industrial, and technology sectors, primarily with Goldman Sachs and China International Capital Corporation (CICC). She holds Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) designations and studied at the Massachusetts Institute of Technology and Tsinghua University.

George Joannou Chief Development Officer

George Joannou was appointed Chief Development Officer of Barrick in November 2025. He previously served as Senior Vice President, Strategic Matters since 2014. Mr. Joannou joined Barrick in 2002 as an accountant and has also held the roles of Assistant Treasurer, CFO Australia Pacific, and head of Planning and Capital Allocation. He has played a pivotal role in significant transactions and shaping Barrick's strategy. George is a Chartered Accountant and holds a Bachelor of Commerce (Honours) degree from the University of the Witwatersrand in South Africa.

James J. McGuire Chief Legal and Policy Officer

James J. McGuire was appointed Chief Legal and Policy Officer in February 2026. He brings over 30 years of legal experience in civil and criminal matters, representing corporations, financial institutions, and individuals in complex legal and policy cases. In his role, he oversees Barrick's legal, compliance, regulatory, and public policy functions. Mr. McGuire joined Barrick from Greenspoon Marder LLP, where he was a Litigation Partner and Managing Partner of the New York office. He previously served as a federal criminal prosecutor in the Southern District of New York and as a law clerk to a U.S. District Judge. He was educated at Harvard Law School (cum laude), the London School of Economics (Rhodes Scholar), University of Oxford (Rhodes Scholar), and Yale University (cum laude with distinction).

Woo Lee Chief Global Affairs Officer

Woo Lee was appointed Chief Global Affairs Officer in March 2026. He has been with Barrick for over 11 years, most recently serving as Senior Vice President and Head of Government & Corporate Affairs, Asia Pacific, where he worked with government officials, business, and community leaders to advance the company's strategic objectives. As Chief Global Affairs Officer, he leads Barrick's global government affairs strategy and manages government and sovereign relationships. Mr. Lee has over 30 years of experience in Washington, China, and East Asia, and previously worked as a U.S. diplomat in the State Department, holding senior posts at American embassies and consulates across the APAC region.

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The key risks to Barrick Gold Corporation (symbol: GOLD) are:

1. Gold Price Volatility: Barrick Gold's financial performance, including revenue and profitability, is highly dependent on and sensitive to fluctuations in the market price of gold. Prolonged declines in gold prices can significantly pressure the company's margins, even with strong cost management.
2. Geopolitical and Operational Risks: Operating globally, Barrick Gold faces inherent risks associated with labor relations, energy costs, environmental regulations, and political conditions in the various jurisdictions where it operates. Specific instances, such as disputes with governments (e.g., Mali) and the complexities of projects in politically volatile regions (e.g., Reko Diq in Pakistan), highlight the potential for operational disruptions and regulatory uncertainty to impact production and profitability.
3. Rising Production Costs: Barrick Gold is challenged by higher operating and all-in sustaining costs (AISC). These increases can be attributed to inflationary pressures and ongoing investments in development initiatives, which can weigh on the company's profit margins even during periods of favorable gold prices.

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• Heightened Environmental, Social, and Governance (ESG) scrutiny and regulation: There is a clear and accelerating trend of increased investor, public, and regulatory pressure on mining companies to improve their environmental performance (e.g., water usage, waste management, biodiversity protection), uphold robust social standards (e.g., community engagement, labor rights, indigenous peoples' rights), and maintain transparent governance practices. Failure to meet these evolving expectations can lead to significant delays in permitting, project cancellations, loss of social license to operate, increased compliance costs, and divestment by major institutional investors. This is a fundamental shift in the operating environment for the extractive industry, demanding significant adaptation.
• Decarbonization Pressures and Energy Transition: As global efforts to combat climate change intensify, mining operations, which are typically energy-intensive, face increasing pressure to reduce their carbon footprint. This includes demands for transitioning to renewable energy sources, electrifying fleets, and adopting less carbon-intensive processing methods. While Barrick also mines copper, which benefits from the energy transition, the pressure to decarbonize its own operations poses a significant cost and operational challenge. Companies that lag in these efforts risk higher operational costs, regulatory penalties, and a diminishing competitive advantage.

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Addressable Markets for Barrick Gold Corporation's Main Products

Barrick Gold Corporation (formerly Gold.com and trading as GOLD, now Barrick Mining Corporation with NYSE symbol B) primarily focuses on the exploration and production of gold and copper. While the company's background also mentioned nickel deposits, recent information highlights gold and copper as its main products.

Gold Market

The global gold market is substantial. In terms of volume, the global gold market size was 4,890.0 Tons in 2025 and is expected to grow to 7,424.4 Tons by 2034. In monetary value, the global gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. Another estimate places the global gold market at USD 4.75 kilotons in 2025, expanding to 7.25 kilotons by 2031. Historically, an estimated 209,000 tonnes of gold, valued at US$12 trillion, have been mined.

Copper Market

The global copper market is also a significant addressable market. The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030. Other projections indicate the global copper market size was USD 349.14 billion in 2025 and is expected to reach around USD 573.24 billion by 2035. Another report valued the global copper market at USD 291.12 billion in 2025, anticipating it to reach USD 442.04 billion by 2034.

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1. Favorable Gold and Copper Prices: Barrick Gold's revenue is highly sensitive to the market prices of gold and copper. Analysts and company statements consistently highlight that sustained or increased commodity prices, driven by factors such as inflation hedging, economic uncertainty, and demand from sectors like AI data centers and renewable energy, will be a significant driver of revenue growth.
2. Increased Production Volumes from Key Assets and Growth Projects: The company anticipates higher production of both gold and copper from its existing tier-one assets, along with contributions from various growth projects. Projects such as the Pueblo Viejo expansion, the Reko Diq copper-gold mine, the Lumwana Super Pit expansion, and the Fourmile gold mine are expected to significantly boost gold equivalent ounces by 2029. Although 2026 gold production guidance is slightly lower than 2025 due to planned mine sequencing, the overall trajectory of increased production volumes from these developments is a key growth driver for the subsequent years.
3. Operational Efficiencies and Cost Optimization: Barrick's ongoing initiatives to enhance operational efficiencies and reduce production costs per ounce are expected to contribute to revenue growth by improving profit margins. These efforts include investments in technological innovation, automation, advanced mineral extraction techniques, and disciplined capital allocation.
4. Strategic Portfolio Management, Including North American Gold Assets IPO: The company's focus on its "Tier One" gold and copper portfolio, coupled with strategic moves like the planned initial public offering (IPO) of a minority stake in its North American gold assets by the end of 2026, is expected to unlock shareholder value. This strategic management and potential capital realization from the IPO can provide financial flexibility and support future growth initiatives.

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Share Repurchases

• Barrick repurchased $1.50 billion of shares in 2025, representing approximately 3.0% of its issued and outstanding shares.
• In February 2025, Barrick authorized a new share repurchase program of up to $1.0 billion, which was then increased by $500 million in November 2025, allowing for potential further repurchases.
• The company repurchased $498 million in common shares under its 2024 share repurchase program.

Share Issuance

• Barrick financed acquisitions in 2022 using internal cash resources and its revolving credit facility, without issuing any new shares, consistent with its preference for non-dilutive financing.

Outbound Investments

• In 2025, Barrick completed the sale of its final Canadian gold mine and its stake in an Alaskan gold project, contributing to $2.6 billion in proceeds from non-core asset sales that year, including Donlin and Alturas.
• Barrick acquired a 45% stake in Argentina's Veladero mine in 2025, securing access to 9 million ounces of reserves.
• The company added several long-life gold assets to its portfolio in 2022.

Capital Expenditures

• Total attributable capital expenditures are expected to be between US$2.6 and $3.0 billion for 2026, including growth capital.
• In 2025, Barrick reinvested $3.0 billion into its business, allocating funds to sustaining capital, growth capital, and mine exploration and development.
• Significant focus areas for capital expenditures include the Fourmile project in Nevada, with drilling spend expected to increase to $150–$160 million in 2026 for resource growth, and the ongoing plant expansion and mine life extension project at Pueblo Viejo.