TLDR
- Barrick Mining posted Q1 adjusted EPS of $0.98, beating the $0.81 consensus estimate
- Revenue hit $5.22 billion, up 67% year-over-year, topping the $4.84 billion estimate
- Gold production of 719,000 ounces beat guidance of 640,000–680,000 ounces
- Operating cash flow jumped 111% YoY to $2.55 billion; free cash flow up 195% to $1.21 billion
- Barrick announced a new $3.0 billion share buyback program and maintained full-year production guidance
Barrick Mining (NYSE: B) rose 3% on Monday after reporting first-quarter results that beat Wall Street expectations on both earnings and revenue.
The company posted adjusted EPS of $0.98, ahead of the $0.81 analyst consensus. Revenue came in at $5.22 billion, up 67% year-over-year from $3.13 billion, and above the $4.84 billion estimate.
The stock was up around 0.6% in premarket trading immediately following the announcement before extending gains.
Gold prices averaged $4,673.50 per ounce during the quarter, up roughly 63% from a year earlier. Barrick’s own realized gold price was even higher, at $4,823 per ounce, compared to $2,898 per ounce in the same period last year.
Gold production came in at 719,000 ounces for the three months ended March 31. That was below the 758,000 ounces produced a year earlier, but well above Barrick’s own guidance range of 640,000–680,000 ounces.
CEO Mark Hill credited underground mining performance and faster-than-expected ramp-ups at key sites. “We operated safely and outperformed our plan on both gold production and costs,” Hill said.
Strong production at Nevada Gold Mines, higher throughput at Veladero, and a faster ramp-up at Loulo-Gounkoto all contributed to the beat.
Cash Flow and Costs
Gold all-in sustaining costs came in at $1,708 per ounce, down 4% year-over-year. That combination of higher realized prices and lower costs fed directly into the cash flow numbers.
Operating cash flow reached $2.55 billion, up 111% year-over-year. Attributable free cash flow hit $1.21 billion, up 195% from the same quarter in 2025.
Copper also had a solid quarter. Production rose 11% year-over-year to 49,000 tonnes.
Capital Returns and Outlook
Barrick declared a quarterly dividend of $0.175 per share, payable June 15 to shareholders on record as of May 29.
The company also announced a new $3.0 billion share buyback program, signaling confidence in its cash position.
For Q2, Barrick expects gold production of 730,000–770,000 ounces. The midpoint of 750,000 ounces points to continued sequential improvement.
Full-year 2026 gold production guidance was maintained at 2.90–3.25 million ounces. Copper guidance also held at 190,000–220,000 tonnes.
The planned IPO of North American Barrick — which will hold the company’s Nevada Gold Mines and Pueblo Viejo stakes along with the Fourmile project — remains on track for completion by year end.
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