Inside Barrick Mining Group's Strategic CFO Shift

Helen Cai has been appointed Senior Executive Vice President and Chief Financial Officer at Barrick Mining Corporation, joining one of the world's largest mining companies at a time of strong financial momentum.

Her arrival comes as the business works to enhance performance and deliver sustained value to shareholders through a disciplined approach to operations and growth.

Barrick operates across global mining, exploration and development, holding one of the industry's most substantial portfolios of world-class, long-life gold and copper assets. The company's footprint extends across 17 countries spanning five continents.

Helen's appointment follows particularly strong quarterly performance.

According to the company's Q3 2025 financial results, revenues increased 23% to reach US$4.1bn, while operating cash flow hit a record US$2.4bn and free cash flow reached US$1.5bn.

Net earnings for the quarter stood at US$1.3bn (US$0.76 per share), with adjusted net earnings of US$982m (US$0.58 per share). These figures were driven by higher realised gold prices, increased gold sales and reduced costs, whilst the company continued returning capital to shareholders through dividends and buybacks.

Creating value through responsible operations

Across its portfolio, Barrick's operational focus centres on creating genuine, long-term value for stakeholders. This is achieved through responsible mining practices, strong partnerships and a measured, disciplined approach to expansion.

The business pursues these objectives through a values-led strategy built around partnerships with local communities, accountability, agile decision making and establishing a sustainable legacy.

Environmental, social and governance principles form part of the company's core business approach. Barrick prioritises socio-economic development in host communities, workplace safety, respect for human rights and reducing environmental impact. The company's policies and reporting align with global frameworks including the United Nations Sustainable Development Goals and industry best practice standards.

This integrated approach ensures that operational excellence goes hand in hand with community development and environmental stewardship, creating shared value across all stakeholder groups.

Mark Hill, Group Chief Operating Officer and Interim President and Chief Executive, says: "I would like to welcome Helen to the executive team as CFO.

"Helen's deep financial expertise and decades of mining sector experience will be invaluable as we focus on driving improved performance and shareholder value.

"On behalf of everyone at Barrick, I would like to express our sincere thanks to Graham for his leadership and the significant contribution he has made to the Company over the past seven years. We wish him well for the future."

Transition at a critical juncture

Helen will assume the CFO role on 1 March 2026, succeeding current CFO Graham Shuttleworth. The two will collaborate to ensure a seamless transition period for the organisation.

"I am excited to be taking on this new executive role at such a pivotal time in Barrick's history," Helen says. "I look forward to partnering with Mark and the leadership team to deliver our strategy and drive sustainable value for our shareholders."

Helen joined the Barrick board in November 2021 and brings more than 20 years' experience across equity research, corporate finance, strategic planning, capital markets and mergers and acquisitions. Her career includes senior positions covering the mining, industrial and technology sectors, primarily at Goldman Sachs and China International Capital Corporation.

She has gained recognition as a leading research analyst by StarMine, Institutional Investor and Asiamoney, whilst transactions she advised on have received deal awards from Asiamoney and The Asset.

Strategic priorities through 2030

Barrick will report its full year and fourth quarter 2025 results on 2 February 2026. The company's annual report, published 31 December 2024, outlined a forward-looking strategy to 2030 focused on disciplined growth, portfolio quality and long-term value creation.

According to the report, the company plans to strengthen its position as a leading gold producer whilst significantly expanding its copper footprint, reflecting rising global demand linked to electrification and energy transition.

Key to this approach could be the advancement of major growth projects, including the Lumwana Super Pit expansion in Zambia and the Reko Diq project in Pakistan, both expected to play a central role in future production and cash flow.

Barrick has positioned copper as a strategic priority alongside gold, aiming to diversify revenues and enhance resilience across commodity cycles.

The company's dual-commodity strategy positions it to capitalise on both traditional precious metals demand and the accelerating global transition to renewable energy and electrification.