Barrick Gold reports Q1 adjusted EPS 35c, consensus 30c

Reports Q1 revenue $3.13B, consensus $3.13B. Gold production of 758,000 ounces was at the top end of guidance with copper production increasing to 44,000 tonnes year-over-year on improved costs. The average realized gold price for the quarter of $2,898 per ounce, up 40% from the prior year, supported stronger margins despite ongoing expansion work at Pueblo Viejo and planned maintenance at Nevada Gold Mines-initiatives that will position both mines for a stronger output next quarter and the rest of the year. Full-year guidance for both gold and copper remains unchanged. President and CEO Mark Bristow said that during the quarter, Barrick significantly advanced several key growth projects. “At Reko Diq and Lumwana, owner teams have been mobilized, long-lead items secured, and Fluor and Hatch appointed as engineering partners, respectively. These projects will materially grow Barrick’s copper and gold production and support our goal to organically grow our gold-equivalent ounces by 30% by the end of the decade.7 We also progressed with the Pueblo Viejo ramp up and tailings expansion-critical to unlocking its full value-and transitioned Fourmile to prefeasibility with 16 rigs now active, targeting high-confidence substantial resource additions,” he said.