Key Highlights
- Q1 adjusted EPS reached $0.98, surpassing Wall Street’s $0.81 projection
- Quarterly revenue totaled $5.22 billion, reflecting a 67% increase compared to the prior year and exceeding the $4.84 billion forecast
- Gold output of 719,000 ounces exceeded company guidance of 640,000–680,000 ounces
- Operating cash flow surged 111% year-over-year to $2.55 billion; free cash flow climbed 195% to $1.21 billion
- Management unveiled a $3.0 billion share repurchase initiative while reaffirming full-year production targets
Barrick Mining (NYSE: B) shares advanced 3% on Monday following the release of first-quarter financial results that exceeded analyst projections across key metrics.
The mining giant reported adjusted earnings per share of $0.98, outperforming the analyst consensus of $0.81. Quarterly revenue reached $5.22 billion, representing a 67% climb from the $3.13 billion recorded in the year-ago period and surpassing the Street estimate of $4.84 billion.
Shares showed initial gains of approximately 0.6% during premarket hours following the earnings release, with momentum building throughout the trading session.
Gold prices averaged $4,673.50 per ounce throughout the quarter, marking a roughly 63% increase from the comparable period last year. Barrick captured an even more favorable realized gold price of $4,823 per ounce, compared to $2,898 per ounce during the same quarter of the previous year.
Gold output totaled 719,000 ounces during the three-month period ending March 31. While this figure fell short of the 758,000 ounces produced in the prior-year quarter, it significantly exceeded Barrick’s internal guidance range of 640,000–680,000 ounces.
CEO Mark Hill highlighted underground mining efficiency and accelerated ramp-up schedules at strategic locations. “We operated safely and outperformed our plan on both gold production and costs,” Hill stated.
Superior output at Nevada Gold Mines, enhanced throughput at Veladero, and an accelerated ramp-up timeline at Loulo-Gounkoto all played key roles in exceeding expectations.
Cash Generation and Cost Management
Gold all-in sustaining costs measured $1,708 per ounce, declining 4% versus the prior year. The favorable combination of elevated realized prices alongside reduced costs translated directly into robust cash generation.
Operating cash flow totaled $2.55 billion, representing a 111% year-over-year improvement. Attributable free cash flow reached $1.21 billion, climbing 195% compared to the first quarter of 2025.
Copper operations also delivered solid performance, with production rising 11% year-over-year to 49,000 tonnes.
Shareholder Returns and Forward Guidance
Barrick’s board declared a quarterly dividend of $0.175 per share, scheduled for distribution on June 15 to investors of record as of May 29.
Management also authorized a new $3.0 billion share repurchase program, demonstrating strong confidence in the company’s financial position and cash generation capabilities.
Looking ahead to Q2, Barrick projects gold production in the range of 730,000–770,000 ounces. The 750,000-ounce midpoint suggests ongoing sequential growth.
Full-year 2026 gold production guidance remains unchanged at 2.90–3.25 million ounces. Copper production targets were similarly maintained at 190,000–220,000 tonnes.
The anticipated initial public offering of North American Barrick — encompassing the company’s Nevada Gold Mines and Pueblo Viejo interests alongside the Fourmile development project — continues progressing toward a targeted completion by year-end.
