Informing on business and economy news in Anguilla
Provided by AGPAll amounts expressed in U.S. dollars
TORONTO, May 11, 2026 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today reported first quarter operating and financial results for the period ended March 31, 2026. Barrick produced 719,000 ounces1 of gold and 49,000 tonnes1 of copper in the quarter. The Company generated $5.22 billion in revenue, $2.55 billion in operating cash flow, $1.97 billion in attributable operating cash flow3, and $1.21 billion in attributable free cash flow3. Net earnings per share for the quarter were $0.96, and adjusted net earnings per share3 were $0.98—up 256% and 180%, respectively, from Q1 2025.
Mark Hill, President and Chief Executive Officer, said: “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.” Mark Hill continued: "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.”
Operational Highlights
Firm in its belief that safe delivery and operational excellence are inseparable, Barrick continued to strengthen safety practices. Senior executives initiated a new practice of participating in on-site safety briefings every quarter.
Gold production in the first quarter totaled 719,000 ounces1, exceeding the guidance range of 640,000–680,000 ounces1. Three primary factors drove our performance: strong underground mining and processing at NGM, higher throughput and grades at Veladero, and a faster than expected ramp up at Loulo-Gounkoto. Gold costs per ounce increased year-on-year primarily due to higher royalties, less favorable production mix and inflationary pressure, but came in below our plan for the quarter. Gold cost of sales (“COS”)2 for Q1 were $1,922 per ounce, compared to COS2 of $1,629 in Q1 2025. Total cash costs (“TCC”)3 were $1,327 per ounce, compared to $1,220 in the prior-year quarter. All-in sustaining costs (“AISC”)3 were $1,708 per ounce, down 4% compared to Q1 2025.
Copper production rose 11% year-on-year to 49,000 tonnes1 in the first quarter. Copper COS4 of $3.41 per pound, C1 cash costs3 of $2.57 per pound and AISC3 of $3.67 per pound were up 17%, 14% and 20%, respectively, compared to the prior-year period. Royalties tied to the higher realized copper price3 and increased site operating costs drove the increases.
Financial Highlights
Higher gold production, lower costs, and a supportive gold price drove year‑on‑year growth in earnings and cash generation. Net earnings totaled $1.60 billion ($0.96 per share) and adjusted net earnings3 totaled $1.65 billion ($0.98 per share), compared to net earnings of $474 million ($0.27 per share) and adjusted net earnings3 of $603 million ($0.35 per share) in the prior‑year quarter. Attributable EBITDA3 for the quarter totaled $2.76 billion, an increase of 103% over the prior‑year quarter, with an attributable EBITDA margin3 of 66%.
Operating cash flow, attributable operating cash flow3 and attributable free cash flow3 in the first quarter were $2.55 billion, $1.97 billion and $1.21 billion—up 111%, 89% and 195% over Q1 2025, respectively. Revenues of $5.22 billion increased 67% from $3.13 billion in the prior-year quarter.
Key Growth Projects
The Fourmile project in Nevada continued to demonstrate its potential to become a standalone Tier One Gold Asset5. With the implementation of additional safety measures, drilling activity continued through winter, adding over three months of previously unavailable drilling time. The additional drilling time is helping accelerate progress on resource definition in the southern areas and extensional opportunities. Drilling is planned to be expanded throughout 2026. Ongoing PFS studies are expected to support the potential for significant resource growth, with a full PFS expected to be completed in 2028.
Construction at the Lumwana Super Pit Expansion continued to advance on time and on budget during the quarter. The initial lift of the mill building wall was completed in Q1, with mill shells delivered to site and the first loads of structural steel expected in Q2. Capital expenditure for 2026 is expected to come in at the lower end of the $750–$850 million guidance range, with total project capital anticipated at $2 billion. First copper production from the expansion remains on track for the end of Q1 2028.
Returns to Shareholders
A quarterly dividend of $0.175 per share has been declared in respect of performance for the first quarter of 2026. The Q1 2026 dividend will be paid on June 15, 2026 to shareholders of record at the close of business on May 29, 2026.
Barrick’s dividend policy targets a total payout of 50% of attributable free cash flow on an annualized basis, comprised of a fixed base quarterly dividend of $0.175 per share and a performance top-up component at each year-end based on the attributable free cash flow during the year. The dividend paid in any given year may be higher or lower than the 50% target based on the strength of cash flow, capital needs, balance sheet considerations, and other factors.
In addition to the quarterly dividend, and following solid Q1 execution and strong free cash flow, Barrick’s Board of Directors has authorized the repurchase of up to $3.0 billion of the Company’s outstanding common shares at prevailing market prices. This authorization is intended to return cash to shareholders at a time when Barrick sees exceptional value in its own shares, particularly in anticipation of the planned IPO of North American Barrick. The repurchase authorization does not oblige the Company to acquire common shares.
2026 Guidance
Barrick is on track to meet 2026 guidance. Gold production guidance for 2026 continues to be 2.90–3.25 million ounces1, with 730,000–770,000 ounces1 expected in the second quarter, further increasing in Q3 and Q4, in line with typical seasonality. Gold cost guidance for 2026, including COS2 of $1,870–$2,070 per ounce, TCC of $1,330–$1,470 per ounce, and AISC3 of $1,760–$1,950 per ounce, is based on a gold price assumption of $4,500 per ounce.
Copper production guidance for 2026 remains unchanged at 190,000–220,000 tonnes1 at copper COS4 of $3.05–$3.35 per pound, C1 cash costs3 of $2.20–$2.45 per pound, and AISC3 of $3.45–$3.75 per pound. Copper cost guidance is based on a copper price assumption of $5.50 per pound.
2026 cost guidance is based on an oil price (WTI) assumption of $70 per barrel. For every $10 per barrel change in the oil price, the direct impact on costs associated with diesel consumption is $12 per ounce across our gold operations, and $0.04 per pound across our copper sites.
North American IPO
On April 28, 2026, Barrick provided an update regarding the planned initial public offering (“IPO”) of a minority stake of a company that will hold Barrick’s North American gold assets, being Barrick’s stakes and operatorship of Nevada Gold Mines and Pueblo Viejo, as well as the Fourmile project. Barrick is on track to complete the IPO by the end of 2026, subject to market and other conditions and necessary approvals. The anticipated IPO will abide by all applicable commitments in Barrick’s Joint Venture Agreements and, while Barrick is free to pursue the IPO unilaterally, it is working closely with its Joint Venture partner, so that value is created and maximized for all.
Presentation and Webcast
The management team will host a live webcast and presentation today at 11:00 AM ET followed by a question-and-answer session with analysts. To join the webcast, please register here. Presentation materials will be available on Barrick’s website prior to the event with a replay available soon after.
About Barrick Mining Corporation
Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.
|
Investor Relations Contact Barrick Mining Corporation Cleve Rueckert, +1 775 397 5443 cleveland.rueckert@barrick.com |
Media Contact Brunswick Group Carole Cable, +44 (0) 20 7404 5959 barrick@brunswickgroup.com |
Financial and Operating Highlights
| For the three months ended |
|||||||||||
| 3/31/26 | 12/31/25 | % Change | 3/31/25 | % Change | |||||||
| Financial Results ($ millions) | |||||||||||
| Revenues | 5,218 | 5,997 | (13 | )% | 3,130 | 67 | % | ||||
| Cost of sales | 2,099 | 2,712 | (23 | )% | 1,785 | 18 | % | ||||
| Net earningsa | 1,602 | 2,406 | (33 | )% | 474 | 238 | % | ||||
| Adjusted net earningsb | 1,648 | 1,754 | (6 | )% | 603 | 173 | % | ||||
| Attributable EBITDAb | 2,760 | 3,084 | (11 | )% | 1,361 | 103 | % | ||||
| Attributable EBITDA marginb | 66 | % | 64 | % | 3 | % | 51 | % | 29 | % | |
| Minesite sustaining capital expendituresb,c | 380 | 458 | (17 | )% | 564 | (33 | )% | ||||
| Project capital expendituresb,c | 570 | 630 | (10 | )% | 269 | 112 | % | ||||
| Total consolidated capital expendituresc,d | 979 | 1,107 | (12 | )% | 837 | 17 | % | ||||
| Total attributable capital expenditurese | 755 | 906 | (17 | )% | 631 | 20 | % | ||||
| Net cash provided by operating activities | 2,554 | 2,726 | (6 | )% | 1,212 | 111 | % | ||||
| Net cash provided by operating activities marginf | 49 | % | 45 | % | 9 | % | 39 | % | 26 | % | |
| Attributable operating cash flowb | 1,968 | 1,966 | 0 | % | 1,042 | 89 | % | ||||
| Free cash flowb | 1,575 | 1,619 | (3 | )% | 375 | 320 | % | ||||
| Net earnings per share (basic and diluted) | 0.96 | 1.43 | (33 | )% | 0.27 | 256 | % | ||||
| Adjusted net earnings (basic)b per share | 0.98 | 1.04 | (6 | )% | 0.35 | 180 | % | ||||
| Weighted average diluted common shares (millions of shares) | 1,675 | 1,684 | (1 | )% | 1,725 | (3 | )% | ||||
| Debt (current and long-term) | 4,726 | 4,703 | 0 | % | 4,727 | 0 | % | ||||
| Cash and equivalents | 7,131 | 6,706 | 6 | % | 4,104 | 74 | % | ||||
| Debt, net of cash | (2,405 | ) | (2,003 | ) | 20 | % | 623 | (486 | )% | ||
| For the three months ended |
||||||||
| 3/31/26 | 12/31/25 | % Change | 3/31/25 | % Change | ||||
| Operating Results | ||||||||
| Gold | ||||||||
| Gold production (thousands of ounces)a | 719 | 871 | (17 | )% | 758 | (5 | )% | |
| Gold sold (thousands of ounces)a | 748 | 960 | (22 | )% | 751 | 0 | % | |
| Market gold price ($/oz) | 4,873 | 4,135 | 18 | % | 2,860 | 70 | % | |
| Realized gold pricea,b ($/oz) | 4,823 | 4,177 | 15 | % | 2,898 | 66 | % | |
| Gold COS (Barrick’s share)a,c ($/oz) | 1,922 | 1,904 | 1 | % | 1,629 | 18 | % | |
| Gold TCCa,b ($/oz) | 1,327 | 1,205 | 10 | % | 1,220 | 9 | % | |
| Gold AISCa,b ($/oz) | 1,708 | 1,581 | 8 | % | 1,775 | (4 | )% | |
| Revenue ($ millions)a | 3,682 | 4,111 | (10 | )% | 2,214 | 66 | % | |
| Attributable EBITDA ($ millions)b | 2,480 | 2,708 | (8 | )% | 1,136 | 118 | % | |
| Copper | ||||||||
| Copper production (thousands of tonnes)a | 49 | 62 | (21 | )% | 44 | 11 | % | |
| Copper sold (thousands of tonnes)a | 45 | 67 | (33 | )% | 51 | (12 | )% | |
| Market copper price ($/lb) | 5.83 | 5.03 | 16 | % | 4.24 | 38 | % | |
| Realized copper pricea,b ($/lb) | 5.79 | 5.42 | 7 | % | 4.51 | 28 | % | |
| Copper COS (Barrick’s share)a,d ($/lb) | 3.41 | 3.37 | 1 | % | 2.92 | 17 | % | |
| Copper C1 cash costsa,b ($/lb) | 2.57 | 2.45 | 5 | % | 2.25 | 14 | % | |
| Copper AISCa,b ($/lb) | 3.67 | 3.61 | 2 | % | 3.06 | 20 | % | |
| Revenue ($ millions)a | 556 | 769 | (28 | )% | 474 | 17 | % | |
| Attributable EBITDA ($ millions)b | 280 | 376 | (26 | )% | 199 | 41 | % | |
Regional Summarya and 2026 Guidanceb
| For the three months ended | 2026 Guidance |
||||
| 3/31/26 | 12/31/25 | 3/31/25 | |||
| Gold | |||||
| North America | |||||
| Gold produced (000s oz) | 457 | 595 | 454 | 1,770 - 1,980 | |
| Gold sold (000s oz) | 462 | 608 | 460 | ||
| COS ($/oz)d | 1,783 | 1,663 | 1,687 | 1,820 - 2,010 | |
| TCC ($/oz)c | 1,213 | 1,169 | 1,272 | 1,270 - 1,410 | |
| AISC ($/oz)c | 1,612 | 1,460 | 1,843 | 1,690 - 1,870 | |
| Revenue ($ millions) | 2,253 | 2,604 | 1,353 | ||
| Attributable EBITDA ($ millions)c | 1,552 | 1,730 | 668 | ||
| South America & Asia Pacific | |||||
| Gold produced (000s oz) | 74 | 72 | 92 | 630 - 730 | |
| Gold sold (000s oz) | 76 | 69 | 89 | ||
| COS ($/oz)d | 1,773 | 1,553 | 1,267 | 1,490 - 1,590 | |
| TCC ($/oz)c | 1,126 | 983 | 890 | 940 - 1,020 | |
| AISC ($/oz)c | 1,393 | 1,898 | 1,368 | 1,430 - 1,530 | |
| Revenue ($ millions) | 376 | 289 | 264 | ||
| Attributable EBITDA ($ millions)c | 261 | 155 | 162 | ||
| Africa & Middle East | |||||
| Gold produced (000s oz) | 188 | 204 | 212 | 820 - 910 | |
| Gold sold (000s oz) | 210 | 283 | 202 | ||
| COS ($/oz)d | 2,281 | 2,527 | 1,639 | 1,420 - 1,520 | |
| TCC ($/oz)c | 1,633 | 1,364 | 1,244 | 1,060 - 1,140 | |
| AISC ($/oz)c | 1,836 | 1,575 | 1,602 | 1,360 - 1,460 | |
| Revenue ($ millions) | 1,053 | 1218 | 597 | ||
| Attributable EBITDA ($ millions)c | 667 | 823 | 306 | ||
| Total Gold | |||||
| Gold produced (000s oz) | 719 | 871 | 758 | 2,900 - 3,250 | |
| Gold sold (000s oz) | 748 | 960 | 751 | ||
| COS ($/oz)d | 1,922 | 1,904 | 1,629 | 1,870 - 2,070 | |
| TCC ($/oz)c | 1,327 | 1,205 | 1,220 | 1,330 - 1,470 | |
| AISC ($/oz)c | 1,708 | 1,581 | 1,775 | 1,760 - 1,950 | |
| Revenue ($ millions) | 3,682 | 4,111 | 2,214 | ||
| Attributable EBITDA ($ millions)c | 2,480 | 2,708 | 1,136 | ||
| Total Copper | |||||
| Copper produced (kt) | 49 | 62 | 44 | 190 - 220 | |
| Copper sold (kt) | 45 | 67 | 51 | ||
| COS ($/lb)e | 3.41 | 3.37 | 2.92 | 3.05 - 3.35 | |
| C1 cash costs ($/lb)c | 2.57 | 2.45 | 2.25 | 2.20 - 2.45 | |
| AISC ($/lb)c | 3.67 | 3.61 | 3.06 | 3.45 - 3.75 | |
| Revenue ($ millions) | 556 | 769 | 474 | ||
| Attributable EBITDA ($ millions)c | 280 | 376 | 199 | ||
Technical Information
The scientific and technical information contained in this MD&A has been reviewed and approved by Jesse Clark, BSc (Hons), MSc, SMERM, Director, Geology; Richard Peattie, MPhil, FAusIMM, Chief Technical Officer; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration – each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2025.
Endnotes
Endnote 1
On an attributable basis.
Endnote 2
On an attributable basis. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).
Endnote 3 – Non-GAAP Financial Measures
Total cash costs per ounce and All-in sustaining costs per ounce
“Total cash costs” per ounce (TCC/oz) and “All-in sustaining costs” per ounce (AISC/oz) are non-GAAP financial performance measures which are calculated based on the definition published by the World Gold Council (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, the “WGC”). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and their ability to generate positive cash flow, both on an individual site basis and an overall company basis. TCC/oz start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and costs allocated to by-products. AISC/oz start with TCC/oz and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs related to the current mine plan and reclamation cost accretion and amortization. Barrick believes that the use of TCC/oz and AISC/oz will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from the gold operations portion of our business. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is generated by a mine and therefore Barrick believes these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of Barrick’s cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization. TCC/oz and AISC/oz are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.
Reconciliation of Gold Cost of Sales to Total cash costs and All-in sustaining costs, including on a per ounce basis
| ($ millions, except per oz information in dollars) | For the three months ended |
||||||
| Footnote | 3/31/26 | 12/31/25 | 3/31/25 | ||||
| COS applicable to gold production | 1,874 | 2,423 | 1,568 | ||||
| Depreciation | (449 | ) | (503 | ) | (342 | ) | |
| Total cash costs applicable to equity method investments | 128 | 111 | 109 | ||||
| Costs allocated to by-products | (119 | ) | (130 | ) | (60 | ) | |
| Other | a | (33 | ) | (258 | ) | 5 | |
| Non-controlling interests | b | (409 | ) | (487 | ) | (364 | ) |
| Total cash costs | 992 | 1,156 | 916 | ||||
| General & administrative costs | 39 | 64 | 42 | ||||
| Minesite exploration and evaluation costs | c | 4 | 8 | 5 | |||
| Minesite sustaining capital expenditures | d | 380 | 458 | 564 | |||
| Sustaining leases | 6 | 4 | 8 | ||||
| Rehabilitation - accretion and amortization (operating sites) | e | 16 | 16 | 17 | |||
| Non-controlling interest, copper operations and other | f | (159 | ) | (191 | ) | (217 | ) |
| All-in sustaining costs | 1,278 | 1,515 | 1,335 | ||||
| Ounces sold - attributable basis (koz) | g | 748 | 960 | 751 | |||
| COS/oz | h,i | 1,922 | 1,904 | 1,629 | |||
| TCC/oz | i | 1,327 | 1,205 | 1,220 | |||
| AISC/oz | i | 1,708 | 1,581 | 1,775 | |||
| a. | Other - Other adjustments mainly relate to treatment and refining charges. | |||
| b. |
Non-controlling interests - Non-controlling interests include non-controlling interests related to gold production of $600 million for Q1 2026, (Q4 2025: $741 million; Q1 2025: $487 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu. Refer to Note 5 to the Financial Statements for further information. |
|||
| c. |
Exploration and evaluation costs - Exploration, evaluation and project expenses are included in AISC if they support current mine operations. |
|||
| d. |
Capital expenditures - Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. |
|||
| e. |
Rehabilitation—accretion and amortization - Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites. |
|||
| f. |
Non-controlling interest and copper operations - Removes general and administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. The impact is summarized as the following: |
|||
| ($ millions) | For the three months ended |
||||||
| Non-controlling interest, copper operations and other | 3/31/26 | 12/31/25 | 3/31/25 | ||||
| General & administrative costs | (6 | ) | (10 | ) | (6 | ) | |
| Minesite exploration and evaluation expenses | (1 | ) | (3 | ) | 0 | ||
| Rehabilitation - accretion and amortization (operating sites) | (5 | ) | (5 | ) | (5 | ) | |
| Minesite sustaining capital expenditures | (147 | ) | (173 | ) | (206 | ) | |
| All-in sustaining costs total | (159 | ) | (191 | ) | (217 | ) | |
| g. | Ounces sold - attributable basis - Excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance. | |||
| h. |
COS/oz - Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). |
|||
| i. |
Per ounce figures - COS/oz, TCC/oz and AISC/oz may not calculate based on amounts presented in this table due to rounding. |
|||
Free Cash Flow, Attributable Free Cash Flow and Attributable Operating Cash Flow
“Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. “Attributable free cash flow” starts with free cash flow and adds our attributable share of free cash flow from our equity investees and subtracts the free cash flow attributable to the non-controlling interests. Management believes these to be useful indicators of our ability to operate without reliance on additional borrowing or usage of existing cash. Attributable operating cash flow starts with cash provided by operating activities and adds our attributable share of cash provided by operating activities from our equity investees and subtracts the cash provided by operating activities attributable to the non-controlling interests. Management believes this to be useful indicator of the amount of cash provided by operating activities to Barrick’s ownership share. Free cash flow, attributable free cash flow and attributable operating cash flow are intended to provide additional information only and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. Further details on this non-GAAP financial performance measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow, Attributable Free Cash Flow and Attributable Operating Cash Flow
| ($ millions) | For the three months ended |
|||||
| 3/31/26 | 12/31/25 | 3/31/25 | ||||
| Net cash provided by operating activities | 2,554 | 2,726 | 1,212 | |||
| Capital expenditures | (979 | ) | (1,107 | ) | (837 | ) |
| Free cash flow (consolidated) | 1,575 | 1,619 | 375 | |||
| Free cash flow applicable to equity investees | 330 | 172 | 156 | |||
| Non-controlling interests | (692 | ) | (731 | ) | (120 | ) |
| Attributable free cash flow | 1,213 | 1,060 | 411 | |||
| Attributable capital expenditures | 755 | 906 | 631 | |||
| Attributable operating cash flow | 1,968 | 1,966 | 1,042 | |||
Adjusted Net Earnings and Adjusted Net Earnings per Share
“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments; acquisition/disposition gains/losses; foreign currency translation gains/losses; significant tax adjustments; other items that are not indicative of the underlying operating performance of our core mining business; and tax effect and non-controlling interest of the above items. Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Furthermore, foreign currency translation gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented. The tax effect and non-controlling interest of the adjusting items are also excluded to reconcile the amounts to Barrick’s shares on a post-tax basis, consistent with net earnings. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share
| ($ millions, except per share amounts in dollars) | For the three months ended |
|||||
| 3/31/26 | 12/31/25 | 3/31/25 | ||||
| Net earnings attributable to equity holders of the Company | 1,602 | 2,406 | 474 | |||
| Impairment charges related to intangibles, goodwill, property, plant and equipment, and investmentsa | 0 | 5 | 4 | |||
| Acquisition/disposition (gains) lossesb | 1 | (1,146 | ) | 0 | ||
| (Gain) loss on currency translation | 20 | 6 | 2 | |||
| Significant tax adjustmentsc | 35 | 80 | (15 | ) | ||
| Other expense adjustmentsd | 18 | 559 | 173 | |||
| Non-controlling interest | (8 | ) | (101 | ) | (11 | ) |
| Tax effecte | (20 | ) | (55 | ) | (24 | ) |
| Adjusted net earnings | 1,648 | 1,754 | 603 | |||
| Net earnings per sharef | 0.96 | 1.43 | 0.27 | |||
| Adjusted net earnings per sharef | 0.98 | 1.04 | 0.35 | |||
C1 cash costs per pound and All-in sustaining costs per pound
“C1 cash costs” per pound (C1 cash costs/lb) and “All-in sustaining costs” per pound (AISC/lb) are non-GAAP financial performance measures related to our copper mine operations. We believe that C1 cash costs/lb enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. C1 cash costs/lb excludes royalties, production taxes and non-routine charges as they are not direct production costs. AISC/lb is similar to the gold AISC metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. AISC/lb includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, production taxes, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.
Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis
| ($ millions, except per lb information in dollars) | For the three months ended |
|||||
| 3/31/26 | 12/31/25 | 3/31/25 | ||||
| Cost of sales | 217 | 281 | 208 | |||
| Depreciation/amortization | (43 | ) | (88 | ) | (60 | ) |
| Treatment and refinement charges | 35 | 53 | 42 | |||
| C1 cash costs applicable to equity method investments | 95 | 174 | 90 | |||
| Less: royalties | (30 | ) | (37 | ) | (21 | ) |
| Costs allocated to by-products | (18 | ) | (22 | ) | (5 | ) |
| C1 cash costs of sales | 256 | 361 | 254 | |||
| General & administrative costs | 6 | 11 | 8 | |||
| Rehabilitation - accretion and amortization | 1 | 1 | 1 | |||
| Royalties | 30 | 37 | 21 | |||
| Minesite exploration and evaluation costs | 2 | 3 | 2 | |||
| Minesite sustaining capital expenditures | 66 | 116 | 57 | |||
| Sustaining leases | 1 | 2 | 3 | |||
| All-in sustaining costs | 362 | 531 | 346 | |||
| Tonnes sold - attributable basis (thousands of tonnes) | 45 | 67 | 51 | |||
| Pounds sold - attributable basis (millions pounds) | 99 | 147 | 112 | |||
| COS/lba,b | 3.41 | 3.37 | 2.92 | |||
| C1 cash costs per pounda | 2.57 | 2.45 | 2.25 | |||
| AISC/lba | 3.67 | 3.61 | 3.06 | |||
EBITDA, Adjusted EBITDA, Attributable EBITDA, Attributable EBITDA Margin and Net Leverage
EBITDA is a non-GAAP financial measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; and other expense adjustments. We also remove the impact of the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. Attributable EBITDA further removes the non-controlling interest portion. Barrick believes these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. Barrick believes this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and do not necessarily reflect the underlying operating results for the periods presented. Additionally, it is aligned with how we present our forward-looking guidance on gold ounces and copper pounds produced. Attributable EBITDA margin is calculated as attributable EBITDA divided by revenues - as adjusted. We believe this ratio will assist analysts, investors and other stakeholders of Barrick to better understand the relationship between revenues and EBITDA or operating profit. Net leverage is calculated as debt, net of cash divided by the sum of adjusted EBITDA of the last four consecutive quarters. We believe this ratio will assist analysts, investors and other stakeholders of Barrick in monitoring our leverage and evaluating our balance sheet. EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.
Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA
| ($ millions) | For the three months ended |
|||||
| 3/31/26 | 12/31/25 | 3/31/25 | ||||
| Net earnings | 2,481 | 3,213 | 781 | |||
| Income tax expense | 747 | 794 | 278 | |||
| Finance costs, neta | 19 | 42 | 39 | |||
| Depreciation | 499 | 599 | 411 | |||
| EBITDA | 3,746 | 4,648 | 1,509 | |||
| Impairment charges of non-current assetsb | 0 | 5 | 4 | |||
| Acquisition/disposition losses (gains)c | 1 | (1,146 | ) | 0 | ||
| (Gain) loss on currency translation | 20 | 6 | 2 | |||
| Other expense adjustmentsd | 18 | 559 | 173 | |||
| Income tax expense, net finance costsa and depreciation from equity investees | 148 | 238 | 141 | |||
| Adjusted EBITDA | 3,933 | 4,310 | 1,829 | |||
| Non-controlling Interests | (1,173 | ) | (1,226 | ) | (468 | ) |
| Attributable EBITDA | 2,760 | 3,084 | 1,361 | |||
| Revenues - as adjustede | 4,181 | 4,810 | 2,685 | |||
| Attributable EBITDA marginf | 66 | % | 64 | % | 51 | % |
| As at 3/31/26 | As at 12/31/25 | As at 3/31/25 | ||||
| Net leverageg | -0.2:1 | -0.2:1 | 0.1:1 | |||
Capital Expenditures
These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs per ounce/pound. Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS measure.
Reconciliation of the Classification of Capital Expenditures
| ($ millions) | For the three months ended | ||
| 3/31/26 | 12/31/25 | 3/31/25 | |
| Minesite sustaining capital expenditures | 380 | 458 | 564 |
| Project capital expenditures | 570 | 630 | 269 |
| Capitalized interest | 29 | 19 | 4 |
| Total consolidated capital expenditures | 979 | 1,107 | 837 |
Realized Price
“Realized price” is a non-GAAP financial performance measure which excludes from sales: treatment and refining charges; and cumulative catch-up adjustment to revenue relating to our streaming arrangements. We believe this provides investors and analysts with a more accurate measure with which to compare to market gold and copper prices and to assess our gold and copper sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our Company’s past performance and is a better indicator of its expected performance in future periods. The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles realized prices to the most directly comparable IFRS measure.
Reconciliation of Sales to Realized Price per ounce/pound
| ($ millions, except per oz/lb information in dollars) |
Gold | Copper | |||||||
| For the three months ended | |||||||||
| 3/31/26 | 12/31/25 | 3/31/25 | 3/31/26 | 12/31/25 | 3/31/25 | ||||
| Sales | 4,756 | 5,353 | 2,766 | 343 | 514 | 304 | |||
| Sales applicable to non-controlling interests | (1,591 | ) | (1,756 | ) | (848 | ) | 0 | 0 | 0 |
| Sales applicable to equity method investmentsa,b | 446 | 418 | 252 | 196 | 233 | 164 | |||
| Sales applicable to sites in closure or care and maintenancec | (13 | ) | (5 | ) | (1 | ) | 0 | 0 | 0 |
| Treatment and refinement charges | 9 | 10 | 6 | 35 | 53 | 42 | |||
| Otherd | 0 | (10 | ) | 0 | 0 | 0 | 0 | ||
| Revenues – as adjusted | 3,607 | 4,010 | 2,175 | 574 | 800 | 510 | |||
| Ounces/pounds sold (koz/Mlb)c | 748 | 960 | 751 | 99 | 147 | 113 | |||
| Realized gold/copper price per oz/lbe | 4,823 | 4,177 | 2,898 | 5.79 | 5.42 | 4.51 | |||
Endnote 4
On an attributable basis. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
Endnote 5
A Tier One Gold Asset is an asset with a $1,500/oz reserve with potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and with projected costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset/Project is an asset with a $3.25/lb reserve with potential for +5Mt contained copper in support at least 20 years life, annual production of at least 200ktpa, with costs per pound in the lower half of the industry cost curve. Tier One Assets must be located in a world-class geological district with potential for organic reserve growth and long-term geologically driven addition.
Endnote 6 – 2026 Outlook Assumptions and Economic Sensitivity Analysis
| 2026 guidance assumption |
Hypothetical change | Consolidated impact on EBITDA (millions) |
Attributable impact on EBITDA3(millions) |
Attributable impact on TCC3and AISC3 |
|
| Gold price sensitivity | $4,500/oz | +/- $100/oz | +/-$390 | +/-$270 | +/-$5/oz |
| Copper price sensitivity | $5.50/lb | +/-$0.25/lb | +/- $110 | +/- $110 | +/-$0.01/lb |
| Oil prices | $70/bbl WTI $75/bbl Brent |
+/- $10/bbl | +/- $61 | +/- $56 | +/- $12/oz |
| Key Outlook Assumptions | 2026 | ||
| Gold price ($/oz) | 4,500 | ||
| Copper price ($/lb) | 5.50 | ||
| Oil price (WTI) ($/barrel) | 70 | ||
| Oil price (Brent) ($/barrel) | 75 | ||
| AUD exchange rate (AUD:USD) | 0.75 | ||
| ARS exchange rate (USD:ARS) | 1,513 | ||
| CAD exchange rate (USD:CAD) | 1.30 | ||
| CLP exchange rate (USD:CLP) | 900 | ||
| EUR exchange rate (EUR:USD) | 1.10 |
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “plan”, “committed”, “guidance”, “project”, “progress”, “continue”, “progress”, “develop”, “on track”, “target”, “ongoing”, “estimate”, “growth”, “potential”, “future”, “extend”, “will”, “could”, “would”, “should”, “may” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in sustaining costs per ounce/pound; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; mine life and production rates, including anticipated production growth from Barrick’s organic project pipeline; the potential for Fourmile to become a standalone Tier One Gold Asset; Barrick’s global exploration strategy and planned exploration activities; Barrick’s copper strategy; our plans, and expected timing, completion and benefits of our growth projects, including the progress of the Lumwana Super Pit Expansion project; Barrick’s decision to slow development activity at Reko Diq; potential mineralization and metal or mineral recoveries; Barrick’s performance dividend policy; Barrick’s intention to pursue and the expected timing for and potential benefits of an initial public offering (“IPO”) of Barrick’s North American gold assets; the structure and the ability of the IPO to generate significant value for Barrick and Newmont; and expectations regarding future price assumptions, financial performance and other outlook or guidance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, including the status of value added tax refunds received in Chile in connection with the Pascua-Lama Project; expropriation or nationalization of property and political or economic developments in Canada, the United States, or other countries in which Barrick does or may carry on business in the future; risks relating to the proposed initial public offering of an entity that will hold Barrick’s North American assets; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas (“GHG”) emission levels, energy efficiency and reporting of risks; the Company’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which require reliance on entities within Barrick’s value chain, but outside of the Company’s direct control, to achieve such targets within the specified timeframes; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina and uncertainty related to Venezuela; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick’s existing operations and material growth projects; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets.
In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/ Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.