Barrick Gold Corporation

Latest Results (28.08.2026):

Barrick Gold Corporation — Q1 2026: Barrick reported strong first-quarter 2026 results (per the company’s Q1 2026 report), producing 719,000 oz of gold and 49,000 tonnes of copper. Revenue was $5.22 billion with operating cash flow of $2.55 billion. Net earnings rose to $1.60 billion ($0.96 per share) and adjusted net earnings were $1.65 billion ($0.98 per share). The company declared a $0.175/share quarterly dividend, announced a $3.0 billion share buyback authorization, and said the planned North American Barrick IPO remains on track for completion by year‑end 2026.

Production vs. guidance

Gold production: 719,000 oz in Q1 2026, beating guidance (640k–680k oz). Copper: 49,000 tonnes (up 11% YoY). Q2 gold guidance: 730k–770k oz; full‑year gold guidance unchanged at 2.90–3.25 million oz.

Costs

Gold unit costs came in below plan: COS $1,922/oz, TCC $1,327/oz, AISC $1,708/oz (AISC down 4% YoY vs Q1 2025). Copper costs: COS $3.41/lb, C1 $2.57/lb, AISC $3.67/lb (all up vs prior year, driven by royalties and site costs).

Revenue and earnings

Revenue was $5.22 billion (+67% YoY). Net earnings attributable to holders were $1.60 billion ($0.96/share; +256% YoY); adjusted net earnings were $1.65 billion ($0.98/share; +180% YoY). Attributable EBITDA was $2.76 billion (66% attributable EBITDA margin).

Cash flow and balance sheet

Operating cash flow: $2.55 billion (+111% YoY). Attributable operating cash flow: $1.97 billion (+89% YoY). Attributable free cash flow: $1.21 billion (+195% YoY). Cash & equivalents: $7.13 billion; debt (current + long‑term) $4.73 billion — resulting in a net cash position of roughly $2.4 billion.

Shareholder returns

Declared quarterly dividend of $0.175/share (payable June 15, 2026). Board authorized repurchase of up to $3.0 billion of common shares (not obligatory to execute), complementing the dividend policy targeting ~50% of attributable free cash flow annually (base + performance top‑up).

Capital spending and projects

Q1 consolidated capex was $979 million (project capex $570M; sustaining $380M). Lumwana Super Pit Expansion progressing on time/budget (first copper from expansion on track for end of Q1 2028); Fourmile drilling and PFS work advancing toward potential resource growth.

2026 guidance and sensitivities

2026 guidance reaffirmed: gold 2.90–3.25M oz; gold COS $1,870–2,070/oz, TCC $1,330–1,470/oz, AISC $1,760–1,950/oz (based on $4,500/oz gold). Copper guidance: 190–220 kt at COS $3.05–3.35/lb, C1 $2.20–2.45/lb, AISC $3.45–3.75/lb (based on $5.50/lb copper). Oil sensitivity: ~$12/oz impact to gold costs per $10/bbl WTI change.

Corporate / strategic update

North American Barrick IPO (minority stake in North American gold assets including NGM, Pueblo Viejo and Fourmile) is proceeding as planned and targeted for completion by year‑end 2026, subject to market and regulatory conditions.