Barrick Mining Corp Net Earnings Rise 256% in First Quarter
The gold and copper producer reported net earnings per share of 0.96 a share for the period ended March 31, 2026
Barrick Mining Corporation (B), a producer of gold and copper, reported net earnings of 1.60 billion for the first quarter ended March 31, 2026, compared to 474 million in the same period the previous year. The company said the results were driven by higher gold production, lower costs, and a supportive gold price.
Revenue for the quarter rose to 5.22 billion from 3.13 billion in the first quarter of 2025. This growth was supported by a higher realized gold price of 4,823 per ounce, up from 2,898 per ounce in the prior-year quarter. Net earnings per share rose 256% to 0.96 a share.
Gold production totaled 719,000 ounces, exceeding the company's guidance range of 640,000 to 680,000 ounces. The company attributed this performance to strong underground mining and processing at NGM, higher throughput and grades at Veladero, and a faster than expected ramp-up at Loulo-Gounkoto. Copper production rose 11% year-on-year to 49,000 tonnes.
Cost trajectories for gold and copper diverged. All-in sustaining costs for gold fell 4% to 1,708 per ounce. However, copper costs rose, with all-in sustaining costs increasing 20% to 3.67 per pound, which the company attributed to increased site operating costs and royalties tied to higher realized copper prices.
Cash generation accelerated significantly. Operating cash flow increased 111% year-on-year to 2.55 billion. Attributable free cash flow rose 195% to 1.21 billion. The company used 697 million for dividends and 979 million for capital expenditures during the quarter.
Barrick announced a new 3.0 billion share buyback program to be executed over the next 12 months. The company also declared a quarterly dividend of 0.175 per share.
Looking forward, the company expects gold production to increase sequentially throughout the year, with second quarter production projected between 730,000 and 770,000 ounces. The company is also progressing with a North American Barrick IPO, targeting completion by the end of the year.