Barrick Mining Corporation reported stronger-than-planned gold production and sharply higher cash generation for the first quarter of 2026, with attributable free cash flow jumping 195% year-over-year to $1.21 billion.
Barrick produced 719,000 ounces of gold during the quarter, exceeding its guidance range of 640,000 to 680,000 ounces. The company attributed the outperformance to strong underground mining and processing at Nevada Gold Mines, higher throughput and grades at Veladero, and a faster-than-expected ramp-up at Loulo-Gounkoto. Copper production totaled 49,000 tonnes and was in line with the company’s plan.
Gold costs were also better than Barrick’s plan. Gold cost of sales was $1,922 per ounce, total cash costs were $1,327 per ounce, and all-in sustaining costs were $1,708 per ounce. AISC decreased 4% from the first quarter of 2025 despite higher royalties, production mix effects, and inflationary pressure.
The operational performance combined with higher gold prices produced substantial earnings and cash-flow growth. Revenue increased 67% year-over-year to $5.22 billion. Net earnings reached $1.60 billion, or $0.96 per share, while adjusted net earnings were $1.65 billion, or $0.98 per share. Net earnings per share increased 256%, and adjusted net earnings per share rose 180%.
Attributable EBITDA increased 103% to $2.76 billion, representing a 66% attributable EBITDA margin. Operating cash flow increased 111% to $2.55 billion, attributable operating cash flow increased 89% to $1.97 billion, and attributable free cash flow increased 195% to $1.21 billion.
Barrick also advanced two significant growth projects during the quarter. At Fourmile in Nevada, additional winter drilling is accelerating resource definition and exploration of extensions, with drilling expected to expand throughout 2026 and a full pre-feasibility study targeted for 2028. Construction of the Lumwana Super Pit Expansion also remained on time and on budget. Barrick expects 2026 capital spending for Lumwana to be at the lower end of its $750 million to $850 million guidance range, with first copper from the expansion targeted for the end of the first quarter of 2028.
Strong cash generation is also supporting shareholder returns. Barrick declared a quarterly dividend of $0.175 per share. Its dividend policy targets an annualized payout equal to 50% of attributable free cash flow through a base dividend and potential year-end performance component. The board also authorized a new share repurchase program of up to $3 billion.
Full-year guidance remains unchanged. Barrick expects 2026 gold production of 2.90 million to 3.25 million ounces, with production expected to increase sequentially through the year. Copper production guidance remains 190,000 to 220,000 tonnes.
The company is also progressing toward an initial public offering of a minority interest in a business holding its North American gold assets, including stakes and operatorship in Nevada Gold Mines and Pueblo Viejo and the Fourmile project. Completion remains targeted for the end of 2026, subject to market conditions and approvals.
KEY QUOTES:
“We started the year with another strong quarter. Building on momentum from Q4, we operated safely and outperformed our plan on both gold production and costs. Our performance allowed us to capture even more of the higher gold price, producing significantly higher earnings and cash flow compared to a year ago. Our growth pipeline advanced, with good progress at Lumwana and Fourmile. Most importantly, we continued to improve safety.”
“Our focus for the year is clear: continue to improve safety performance, deliver on production and cost guidance, advance our growth projects on time and on budget, and execute the North American Barrick IPO to unlock further shareholder value.”
Mark Hill, President and CEO of Barrick Mining Corporation
