EPS of $1.04 beat estimates of 89c; revenue of $5.99B beat estimates of $5.16B. EBITDA of $4.31B beat estimates by 14%. The dividend was raised 140% and a new dividend policy based on earnings was established. Elevated gold prices should continue to support Barrick's profit momentum, though cost pressures are rising. Unit costs at Lumwana will increase due to interim power solutions, while labor retention issues at Nevada Gold Mines and lower recoveries at Pueblo Viejo are lifting costs per ounce. Reko Diq financing is under review amid a worsening security backdrop, highlighting execution challenges in higher-risk jurisdictions. Even so, consensus Ebitda of about $15 billion looks conservative by $2.5-$3 billion as gold price assumptions move closer to spot. Flat 2026 guidance of 2.9-3.25 million ounces is back-end weighted as Loulo-Gounkoto's restarts, but is achievable. Barrick's new dividend framework could imply a 4Q payout above $2.10 a share if the 50% free-cash-flow policy payout is maintained. The Reko Diq copper-gold project in Pakistan's Balochistan province, one of the world's largest undeveloped copper deposits. The project targets first production by the end of 2028. The split should be very positive, we think. Investors love N. American focused companies and we think this should bring out more value in the stock with a higher valuation attributed to its 'safe' assets.
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