(Adds analyst comment and updates shares.)

Barrick Gold (ABX.TO, GOLD) on Thursday said it raised its gold and copper reserves in 2024.

The miner said its attributable proven and probable mineral reserves now stand at 89-million ounces at 0.99 grams per tonne (g/t), increasing from 77 million ounces at 1.65 g/t in 2023.

Barrick attributed the reserves growth to the conversion resources at its Reko Diq copper-gold project in Pakistan to mineral reserves following the completion of a feasibility study.

Attributable measured and indicated gold resources for 2024 totaled 180 million ounces at 1.06 g/t, with a further 41 million ounces at 0.9 g/t of inferred resources, up 5% from 2023.

Copper reserves also grew by 224% on an attributable basis, at more than 13% higher grade to 18 million tonnes of copper at 0.45% g/t, from 5.6 million tonnes of copper at 0.39% in 2023.

The increase was driven by the Lumwana and Reko Diq feasibility studies, the company said.

Attributable measured and indicated copper resources for 2024 stood at 24 million tonnes of copper grading 0.39%.

National Bank of Canada maintained its sector-perform rating and $24.00 price target on the company after the update.

"Overall given the large increase in reserves, which were largely expected from the two feasibility studies that have yet to be released, we would expect shares of Barrick to trade in line with peers in today's trading," National Bank said.

Barrick shares were last seen up $0.04 to $24.59 on the Toronto Stock Exchange.