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Josh Rales

Research Analyst at RFI Associates

Bethesda, MD, US

Josh Rales is the Founder and Managing Partner of RFI Associates, a real estate investment company focused on acquiring and renovating apartment communities across the mid-Atlantic and southeastern United States. Since establishing RFI Associates in 1984, he has led the firm in numerous high-value acquisitions and successful repositionings within the multifamily real estate sector. Rales holds a BA with distinction from the University of Virginia and a JD from Georgetown University Law Center, and he is admitted to the Maryland and District of Columbia bar associations. Prior to his current leadership, he has also held significant roles in philanthropic organizations and has served on several prominent nonprofit boards.

Josh Rales's questions to GOLD leadership

Question · Q1 2025

Asked for an explanation of Barrick's higher all-in sustaining costs compared to a peer like Agnico Eagle, and whether significant excess cash flow from high gold prices might fund new projects beyond the current capital allocation priorities.

Answer

Barrick's higher costs are attributed to being largely USD-based (lacking currency depreciation benefits of peers), and significant ongoing investment in assets (e.g., catch-up maintenance in Nevada) rather than harvesting them. Costs are expected to decline as production grows. The priority for excess cash remains strengthening the balance sheet, shareholder returns, and funding the existing organic growth pipeline, not seeking new M&A.

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