The Revenue LinesThin moat

Barrick Mining (B) — moat facet

Two metals and one price-taker: gold is 91% of revenue, and copper is the part Barrick is trying to grow.

Barrick sells two metals and a little of everything its mines bring up with them. In 2025 gold sales were $15,147 million, copper sales $1,475 million and other by-product sales $334 million, out of $16,956 million 1. Gold, with the by-products its mines produce, was 91% of revenue 2.

Revenue by metal, 2025 ($16,956m)Gold — 89%Copper — 9%By-products — 2%Barrick year-end 2025 financial statements, note 6
Gold with its by-products is 91% of revenue.

Both lines are priced by the market, not by Barrick. Gold is sold mostly as refined metal at the spot price: $14,438 million of 2025 gold sales were spot sales and $674 million concentrate 3. Copper is sold as concentrate to smelters, on terms that follow the copper price 4.

The mix has swung over a decade. Copper sales were $1,002 million in 2015 5, fell to $393 million in 2019 6 and recovered to $1,475 million in 2025 7. Gold sales grew from $7,813 million in 2015 8 to $15,147 million, almost all of it on price and the 2019 Randgold merger.

Barrick does not report profit by metal; it reports by mine, and most mines produce one or the other. The company's margin is the price less the cost of production, and both lines sit mid-curve: gold all-in sustaining cost was $1,866 an ounce and copper $3.95 a pound in the June 2026 quarter 9.

The leaves follow the chart's two bands. The mine-by-mine arguments are under The Moat and the copper projects under The Future Bets; the leaves keep to each metal's revenue, price and cost. The test for the two together is whether copper's share of revenue, 8.7% in 2025 10, rises as Lumwana expands, because that is the only way Barrick becomes less of a single-price business.

The number that tests this moat
Moat Explorer calc
Copper share of revenue
8.7% in 2025 ($1,475M of $16,956M), from 6.6% in 2024

Rising only on the copper price would leave Barrick as much a single-price business as before.

How it's calculated: Copper sales / total revenue, 2025 and 2024
Source: Barrick year-end 2025 financial statements ↗
Dig deeper
DIG DEEPER 01
Gold
Gold sales nearly doubled in a decade on the price while production barely moved.
DIG DEEPER 02
Copper
Copper revenue rose 73% in 2025 on the price; the tonnes, not the dollars, will say whether the pivot is real.
References
  1. ReportedIn 2025 gold sales were $15,147 million, copper sales $1,475 million and other by-product sales $334 million, out of $16,956 million .
    Barrick year-end 2025 consolidated financial statements (40-F exhibit 99.3), revenue note - gold sales $15,147M (spot $14,438M, concentrate $674M), copper sales $1,475M, other $334M; 2024 comparatives — FY2024-FY2025 · publ. February 2026 · source ↗
  2. Moat Explorer calcGold, with the by-products its mines produce, was 91% of revenue .
    Moat Explorer calculation from Barrick's financial statements and Q2 2026 MD&A: shares of revenue, growth rates, margin per ounce — FY2015 to Q2 2026 · publ. 2026-09-23 · source ↗
  3. ReportedGold is sold mostly as refined metal at the spot price: $14,438 million of 2025 gold sales were spot sales and $674 million concentrate .
    Barrick year-end 2025 consolidated financial statements (40-F exhibit 99.3), revenue note - gold sales $15,147M (spot $14,438M, concentrate $674M), copper sales $1,475M, other $334M; 2024 comparatives — FY2024-FY2025 · publ. February 2026 · source ↗
  4. ReportedCopper is sold as concentrate to smelters, on terms that follow the copper price .
    Barrick year-end 2025 consolidated financial statements (40-F exhibit 99.3), revenue note - gold sales $15,147M (spot $14,438M, concentrate $674M), copper sales $1,475M, other $334M; 2024 comparatives — FY2024-FY2025 · publ. February 2026 · source ↗
  5. ReportedCopper sales were $1,002 million in 2015 , fell to $393 million in 2019 and recovered to $1,475 million in 2025 .
    Barrick year-end 2015 financial statements, revenue note - gold bullion, copper and other sales for 2015 and 2014 — FY2014-FY2015 · publ. March 2016 · source ↗
  6. ReportedCopper sales were $1,002 million in 2015 , fell to $393 million in 2019 and recovered to $1,475 million in 2025 .
    Barrick year-end 2019 financial statements, revenue note - gold, copper and other sales for 2019 and 2018 — FY2018-FY2019 · publ. March 2020 · source ↗
  7. ReportedCopper sales were $1,002 million in 2015 , fell to $393 million in 2019 and recovered to $1,475 million in 2025 .
    Barrick year-end 2025 consolidated financial statements (40-F exhibit 99.3), revenue note - gold sales $15,147M (spot $14,438M, concentrate $674M), copper sales $1,475M, other $334M; 2024 comparatives — FY2024-FY2025 · publ. February 2026 · source ↗
  8. ReportedGold sales grew from $7,813 million in 2015 to $15,147 million, almost all of it on price and the 2019 Randgold merger.
    Barrick year-end 2015 financial statements, revenue note - gold bullion, copper and other sales for 2015 and 2014 — FY2014-FY2015 · publ. March 2016 · source ↗
  9. ReportedThe company's margin is the price less the cost of production, and both lines sit mid-curve: gold all-in sustaining cost was $1,866 an ounce and copper $3.95 a pound in the June 2026 quarter .
    Barrick second quarter 2026 MD&A (Form 6-K exhibit 99.2) - realized prices, costs, production and 2026 guidance by metal and operation — Q2 2026 · publ. 11 August 2026 · source ↗
  10. Moat Explorer calcThe test for the two together is whether copper's share of revenue, 8.7% in 2025 , rises as Lumwana expands, because that is the only way Barrick becomes less of a single-price business.
    Moat Explorer calculation from Barrick's financial statements and Q2 2026 MD&A: shares of revenue, growth rates, margin per ounce — FY2015 to Q2 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026