Barrick Gold has reported net earnings of $295m for Q1 2024, a 145.8% rise from $120m in the same quarter of the previous year.

On an adjusted basis that excludes certain items such as foreign currency translation gains/losses, the mining giant’s net earnings in Q1 2024 were $333m, compared with $247m in the corresponding period of 2023.

Net earnings per share reached $0.17 in the quarter ended 31 March 2024, a 142.8% increase from $0.07 a year earlier, while adjusted net earnings per share rose to $0.19 from $0.14.

The company also recorded a 4% uptick in revenues, which reached $2.75bn in Q1 2024 from $2.64bn a year ago, while attributable earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased to $907m from $851m.

However, its gold production in the first three months of 2024 decreased to 940,000oz compared with 952,000oz in Q1 2023.

The realised gold price in the latest quarter was $2,075/oz, an increase from $1,902/oz recorded in the prior year.

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Copper production remained stable at 40,000 tonnes, while realised copper price dropped 8% from $3.86 per pound (lb) from $4.20/lb.

The miner’s free cash flow for the quarter stood at $32m, down from $88m in Q1 2023, while attributable capital expenditures rose 8.7% year-on-year to $572m.

Nonetheless, the company announced a quarterly dividend of $0.10 per share.

Barrick Gold president and CEO Mark Bristow said: “Barrick’s ability to grow its gold and copper production from its peerless asset base would amplify its profitability in the rising commodity markets.

“Our focus on exploration has placed Barrick in the unique position of more than replacing the reserves we mine year after year.

“Our key organic projects, such as the development of Reko Diq, the extension of Pueblo Viejo’s Tier One13 life by more than 20 years and the transformation of Lumwana into one of the world’s major copper mines will secure Barrick’s production profile well into the future.”

In a separate announcement, Barrick Gold revealed that its subsidiary, Barrick Gold (International Holdings), signed an exploration earn-in deal with Geophysx Jamaica regarding certain properties in Jamaica.

This agreement grants Barrick access to nearly 4,000km² of land with geological settings similar to those in the Dominican Republic, where the company operates the Pueblo Viejo mine.

Under the agreement, Barrick has the opportunity to earn up to an 80% joint venture interest in designated properties by meeting specific spending obligations and delivering on study milestones.

Barrick will serve as the operator, working in partnership with Geophysx and utilising the latter’s personnel, knowledge, facilities and equipment.