GoldThin moat

Barrick Mining (B) — moat facet

Gold sales nearly doubled in a decade on the price while production barely moved.

Gold is Barrick. Gold sales were $15,147 million in 2025, from $11,820 million in 2024 1 and $7,813 million in 2015 2. With the by-products its mines produce, the line was 91% of revenue 3.

Gold sales ($m)$7,813m2015$6,600m2018$9,186m2019$9,920m2022$11,820m2024$15,147m2025Barrick financial statements FY2015-FY2025, revenue notes
Nearly double in ten years, on price and one merger.

What Barrick sells is an ounce at the spot price. In 2025, $14,438 million of gold sales were spot market sales and $674 million concentrate sales 4. The realized price tracks the market within a few percent: $4,417 an ounce in the June 2026 quarter against a market price of $4,506 5.

The history is mostly the gold price and one merger. Gold sales were $7,908 million in 2016 and $7,631 million in 2017 6, and $6,600 million in 2018 7, before the Randgold merger lifted them to $9,186 million in 2019 8. They were $11,670 million in 2020 9, $9,920 million in 2022 and $10,350 million in 2023 10, and then rose 28% in 2025 alone 11 as the price set record after record. Production did not move much: attributable gold output was 1,515,000 ounces in the first half of 2026 against 1,555,000 a year earlier 12.

Profit depends on the gap between the price and the cost of producing an ounce. Gold all-in sustaining cost was $1,866 an ounce in the June 2026 quarter against $1,684 a year earlier, and cost of sales per ounce $1,993 against $1,654 13. Costs are rising faster than production: higher fuel prices, lower grades at some mines and royalties that rise with the gold price itself.

The latest quarter shows the leverage in both directions. Gold production rose 11% from the first quarter to 796,000 ounces, but the realized price fell 8% and net earnings fell 24% 14. For 2026 Barrick guides to 2,900,000 to 3,250,000 attributable ounces at an all-in sustaining cost of $1,760 to $1,950 15.

A gold miner's revenue is a gold price multiplied by a production figure that barely changes. The number that decides whether this line is a business or a bet is the margin per ounce: the realized price less all-in sustaining cost was $2,551 in the June 2026 quarter against $3,115 in the first 16. If it keeps narrowing while the cost per ounce rises, this line's profit will fall much faster than its revenue.

The number that tests this moat
Moat Explorer calc
Gold margin per ounce, latest quarter
$2,551 in Q2 2026 ($4,417 realized less $1,866 AISC), from $3,115 in Q1

The gold line's profit depends on this gap; narrowing while costs rise means profit falls faster than revenue.

How it's calculated: Realized gold price less gold AISC, Q2 and Q1 2026
Source: Barrick Q2 2026 MD&A ↗
References
  1. ReportedGold sales were $15,147 million in 2025, from $11,820 million in 2024 and $7,813 million in 2015 .
    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. ReportedGold sales were $15,147 million in 2025, from $11,820 million in 2024 and $7,813 million in 2015 .
    Barrick year-end 2015 financial statements, revenue note - gold bullion, copper and other sales for 2015 and 2014 — FY2014-FY2015 · publ. March 2016 · source ↗
  3. Moat Explorer calcWith the by-products its mines produce, the line 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 ↗
  4. ReportedIn 2025, $14,438 million of gold sales were spot market sales and $674 million concentrate sales .
    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. ReportedThe realized price tracks the market within a few percent: $4,417 an ounce in the June 2026 quarter against a market price of $4,506 .
    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 ↗
  6. ReportedGold sales were $7,908 million in 2016 and $7,631 million in 2017 , and $6,600 million in 2018 , before the Randgold merger lifted them to $9,186 million in 2019 .
    Barrick year-end 2017 financial statements, revenue note - gold bullion, copper and other sales for 2017 and 2016 — FY2016-FY2017 · publ. March 2018 · source ↗
  7. ReportedGold sales were $7,908 million in 2016 and $7,631 million in 2017 , and $6,600 million in 2018 , before the Randgold merger lifted them to $9,186 million in 2019 .
    Barrick year-end 2019 financial statements, revenue note - gold, copper and other sales for 2019 and 2018 — FY2018-FY2019 · publ. March 2020 · source ↗
  8. ReportedGold sales were $7,908 million in 2016 and $7,631 million in 2017 , and $6,600 million in 2018 , before the Randgold merger lifted them to $9,186 million in 2019 .
    Barrick year-end 2019 financial statements, revenue note - gold, copper and other sales for 2019 and 2018 — FY2018-FY2019 · publ. March 2020 · source ↗
  9. ReportedThey were $11,670 million in 2020 , $9,920 million in 2022 and $10,350 million in 2023 , and then rose 28% in 2025 alone as the price set record after record.
    Barrick year-end 2021 financial statements, revenue note - gold, copper and other sales for 2021 and 2020 — FY2020-FY2021 · publ. March 2022 · source ↗
  10. ReportedThey were $11,670 million in 2020 , $9,920 million in 2022 and $10,350 million in 2023 , and then rose 28% in 2025 alone as the price set record after record.
    Barrick year-end 2023 financial statements, revenue note - gold, copper and other sales for 2023 and 2022 — FY2022-FY2023 · publ. March 2024 · source ↗
  11. Moat Explorer calcThey were $11,670 million in 2020 , $9,920 million in 2022 and $10,350 million in 2023 , and then rose 28% in 2025 alone as the price set record after record.
    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 ↗
  12. ReportedProduction did not move much: attributable gold output was 1,515,000 ounces in the first half of 2026 against 1,555,000 a year earlier .
    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 ↗
  13. ReportedGold all-in sustaining cost was $1,866 an ounce in the June 2026 quarter against $1,684 a year earlier, and cost of sales per ounce $1,993 against $1,654 .
    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 ↗
  14. ReportedGold production rose 11% from the first quarter to 796,000 ounces, but the realized price fell 8% and net earnings fell 24% .
    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 ↗
  15. ReportedFor 2026 Barrick guides to 2,900,000 to 3,250,000 attributable ounces at an all-in sustaining cost of $1,760 to $1,950 .
    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 ↗
  16. Moat Explorer calcThe number that decides whether this line is a business or a bet is the margin per ounce: the realized price less all-in sustaining cost was $2,551 in the June 2026 quarter against $3,115 in the first .
    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