Thanks, George
EPS of 27c beat estimates of 22c. Revenue of $3.05B slightly missed estimates. The midpoint of Barrick's gold-output guidance of 3.9-4.3 million ounces looks well within reach, keeping production flat vs. 2023. Improving output from low-cost Pueblo Vieja (PV), as commissioning setbacks are remedied, can offset the dip in Barrick's Cortez mine (part of the Nevada Gold Mine complex), where a fault in the Crossroad open-pit mine reduced the availability of high-grade ore. Total cash costs could average slightly above the midpoint of guidance of $940-$1,020 an ounce, amid sticky expenses and higher royalties. Should gold hold at the current spot price of $2,000 an ounce, Barrick's full-year Ebitda could reach $6.2 billion, with the larger contributions from Barrick's low-cost mines the main drivers of year-over-year earnings momentum. With the stock down 18% YTD, this one is getting more attractive.