…with that, I will pause to adding PM stocks.  If the market doesn’t reward way overperformance, I suspect the PM’s may be dragged down by the general market, similar to GFC in 2007 and 2008.  They bounced back after that, but it was still painful to go thru.  Gold production was lower year after year, but not sure if that had anything to do with non-reactionary performance.

SVM reports on Monday, but I don’t consider them a bellweather silver stock.  Let’s see if the market punishes them for a great quarter as well.

Toronto – Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today reported fourth quarter operating and financial results for the period ending December 31, 2025. Barrick produced 871,000 ounces1 of gold and 62,000 tonnes1 of copper in the quarter and the Company generated $6.00 billion in revenue, as well as $2.73 billion in operating cash flow and $1.62 billion in free cash flow.2 Net earnings per share for the quarter of $1.43 and adjusted net earnings per share2 of $1.04 increased 88% and 79%, respectively, from Q3.

For the full year 2025, Barrick reported revenues of $16.96 billion, operating cash flow of $7.69 billion and free cash flow2 of $3.87 billion, increasing 31%, 71% and 194%, respectively, from 2024. Net earnings per share of $2.93 and adjusted net earnings per share2 of $2.42 for the full year increased 140% and 92%, respectively, from 2024. Full-year gold production was 3.26 million ounces1 while full-year copper production was 220,000 tonnes1, consistent with the guidance provided at the start of the year.

Full year 2025 gold production was 17% lower than 2024 at 3.26 million ounces1, in line with guidance, with COS4 of $1,697 per ounce, TCC2 of $1,199 per ounce and AISC2 of $1,637 per ounce—all slightly above guidance due to higher royalites driven by the higher realized gold price.2 TCC2 and AISC2 were also affected by higher consumable prices, partially driven by tariff impacts.