Barrick Gold Corp (NYSE:GOLD) reported Q2 2023 revenue decline of 1% Y/Y to $2.83 billion, missing the consensus of $3.40 billion.

In Q2, gold production stood at 1.01 million ounces (-3% Y/Y). Gold sales were 1.00 million ounces (-4% Y/Y).

The company witnessed improved performances at Carlin, Kibali and Lumwana assets in the quarter.

The Average realized gold price rose 6% Y/Y to $1,972 per ounce, and All-in sustaining costs (AISC) increased 12% Y/Y to $1,355 per ounce in Q2.

Copper production declined 11% Y/Y to 107 million pounds, and the Average realized copper price was $3.70 per pound (-1% Y/Y).

Adjusted EPS of $0.19 exceeded the consensus of $0.17.

At the end-Q2, cash and cash equivalents stood at $4.16 billion, and debt was $4.77 billion.

Capital expenditure rose 2% Y/Y to $769 million, and operating cash flow declined 10% Y/Y to $832 million. 

Dividend: GOLD declared a Q2 dividend per share of $0.10, payable on September 15, 2023, to shareholders of record as on August 31, 2023.

2023 Outlook Reiterated: The company expects attributable gold production in the range of 4.2-4.6 million ounces and AISC in the range of $1,170-$1,250 per ounce.

The company projects copper production in the range of 420-470 million pounds and an AISC of $2.95-$3.25 per pound in 2023.

For 2023, capital expenditures are expected to be within $2.20 billion-$2.60 billion.

Price Action: GOLD shares are trading lower by 1.64% at $16.24 on the last check Tuesday.