Full Breakdown
Barrick Mining Corp. Q1 2026 Earnings, Share Buyback, and North American IPO Plans
5/11/2026, 10:44:09 PM
Q1 2026 Performance Highlights
On May 7, 2026 Barrick Mining Corp. posted Q1 earnings of $1.60 billion, or $0.96 per share, with adjusted EPS of $0.98 beating the $0.81 consensus. Revenue fell 13 % to $5.22 billion. Gold output was 719,000 ounces, above the 640,000-680,000 ounce guidance range. Shares rose as much as 9.2 % in New York trading, the largest intraday gain since September.
Financial and Production Metrics
Operating cash flow reached $2.55 billion and free cash flow $1.21 billion, a 195 % year-over-year increase. Copper production was 49,000 tonnes, down from 62,000 tonnes in Q4. All-in sustaining cost for gold was $1,708 per ounce; total cash costs rose to $1,327 per ounce. The board approved a $0.175 per share dividend and a $3 billion share buyback.
Shareholder Returns and Capital Allocation
Management said the $3 billion repurchase and dividend reflect a strong balance sheet of $7.13 billion cash and $2.41 billion net cash. Barrick reiterated it can proceed with the planned IPO of a minority stake in its North American assets “unilaterally,” while coordinating with joint-venture partner Newmont.
Cost Management and Operational Outlook
Rising energy, labor and consumable costs have lifted gold AISC above the FY2025 level of $1,637 per ounce, pressuring margins despite high gold prices. Barrick’s 2026 guidance targets 2.90-3.25 million ounces of gold and 190,000-220,000 tonnes of copper, with AISC projected at $1,870-$2,070 per ounce for gold and $3.45-$3.75 per pound for copper. The company expects gold AISC to stay within this range, a modest increase from FY2025.
Criticism and Opposition
Newmont Corp., Barrick’s partner in the Nevada Gold Mines joint venture, has urged operational improvements before any separation and issued a notice of default alleging that Barrick diverted resources from the Nevada venture to advance the Fourmile project. Newmont previously warned that operational improvements were a prerequisite for any separation. The dispute underscores tension over the upcoming spin-off.
Conflicting Reports and Gaps
Production figures differ across reports: Barrick’s filing cites 719,000 ounces of gold for Q1, while another source lists 1.05 million ounces for the same period. AISC estimates also vary, ranging from $1,708 per ounce (company data) to $1,250 per ounce (analyst commentary), indicating a need for clarification.
Verbatim Quotes
- “one of the century’s greatest gold discoveries,” — Barrick Mining Corp.
- “In Monday’s statement, Barrick reiterated that it can move ahead with the IPO “unilaterally,” while noting ongoing coordination with Newmont.” — Barrick Mining Corp.
- “We operated safely and outperformed our plan on both gold production and costs,” — Mark Hill, CEO, Barrick Mining Corp.
Upcoming Developments
The North American asset IPO is targeted for completion by year-end, subject to regulatory approval. Barrick will issue quarterly production updates, with Q2 guidance of 730,000-770,000 ounces of gold. Management will monitor cost inflation and Newmont’s concerns as the spin-off proceeds.
