Barrick Mining Corporation Common Shares
B · NYSE
Sep 2026
Next quarter
Expected to report Nov 9, 2026 — estimated from last year’s reporting date.
Consensus is $0.74 EPS for Sep 2026 across 5 estimates, ranging $0.61 to $0.89.
B Jun 2026
- 1.23%
- $0.81
- $0.82
- —
- —
Highlights
- Adjusted EPS: Q2 adjusted EPS was $0.82, ahead of the $0.81 consensus by 1.23%; adjusted net earnings were $1.363 billion, up 70% year over year but down 17% from Q1.
- Commodity pricing: Realized gold price was $4,417/oz, up 34% year over year but down 8% sequentially; realized copper was $6.15/lb, up 41% year over year and 6% from Q1.
- Production: Attributable gold production rose 11% sequentially to 796,000 ounces and was broadly flat year over year; copper production increased 14% sequentially to 56,000 tonnes but declined 5% year over year.
- Costs: Gold AISC increased 9% sequentially to $1,866/oz and 11% year over year; copper AISC was $3.95/lb, up 8% sequentially and 36% year over year.
- Cash generation: Operating cash flow was $1.704 billion and free cash flow was $515 million, compared with $2.554 billion and $1.575 billion in Q1; attributable free cash flow was $141 million.
- Capital returns: Barrick repurchased $1.209 billion of shares in Q2 under its new $3 billion, 12-month authorization, while total attributable capital expenditure rose 30% sequentially to $978 million.
- Nevada transaction: Barrick agreed to add Fourmile to Nevada Gold Mines alongside Newmont’s Mike and Fiberline properties, receiving a $1.95 billion cash top-up and resolving outstanding NGM disputes.
- Guidance: Gold and copper production guidance was maintained at 2.90-3.25 million ounces and 190,000-220,000 tonnes, respectively, while 2026 attributable capital guidance was reduced to $3.8-$4.2 billion from $4.0-$4.45 billion, mainly because of Reko Diq.
Analysis
Barrick’s Q2 2026 was a modest EPS beat against a strong but less favorable commodity backdrop. Adjusted EPS of $0.82 exceeded the $0.81 consensus, while revenue of $5.292 billion rose 44% from Q2 2025 but increased only 1% from Q1. Adjusted net earnings grew 70% year over year to $1.363 billion, supported by realized gold and copper prices that were 34% and 41% higher, respectively, but fell 17% sequentially as gold prices declined 8% and costs rose. Net earnings were $1.217 billion, versus $811 million a year ago and $1.602 billion in Q1.
The quarter was defined by improving volumes, inflationary cost pressure and heavy capital deployment. Gold production increased 11% sequentially to 796,000 ounces, helped by Pueblo Viejo, Loulo-Gounkoto, Kibali and Cortez, while copper production rose 14% to 56,000 tonnes after Lumwana’s mill-reline shutdown. However, gold AISC rose to $1,866/oz and attributable free cash flow fell to $141 million as sustaining and project capital increased. Strategically, Barrick secured a $1.95 billion NGM payment, advanced plans for a North American gold IPO, and reduced 2026 capital guidance as the Reko Diq review and security concerns continued.
Financial performance
- Revenue and earnings: Revenue was $5.292 billion, up 44% from Q2 2025 and 1% from Q1. Adjusted net earnings were $1.363 billion, compared with $800 million a year ago and $1.648 billion in Q1; adjusted EPS was $0.82 versus $0.47 and $0.98, respectively.
- Reported earnings: Net earnings attributable to Barrick equity holders were $1.217 billion, or $0.73 per share, versus $811 million, or $0.47, in Q2 2025 and $1.602 billion, or $0.96, in Q1.
- Sequential pressure: The decline from Q1 reflected the 8% lower realized gold price, higher gold unit costs and $209 million of other expense. The latter mainly comprised royalties, penalties and interest tied to the retrospective application of Mali’s 2023 Mining Code and Loulo-Gounkoto remobilization costs.
- Year-to-date context: First-half adjusted net earnings reached $3.011 billion, up 115% year over year, while adjusted EPS was $1.80 versus $0.82 in the prior-year period.
Production and costs
- Gold operations: Gold production increased 11% sequentially to 796,000 ounces, driven by higher throughput at Pueblo Viejo and Loulo-Gounkoto, improved grades at Kibali, stronger Cortez oxide volumes and higher grade and throughput at Bulyanhulu. Production was essentially flat year over year.
- Copper operations: Copper production rose 14% sequentially to 56,000 tonnes as Lumwana recovered from its February mill-reline shutdown, but was 5% below Q2 2025 because of lower throughput and grades.
- Gold margins: Realized gold price was $4,417/oz, compared with $4,823/oz in Q1 and $3,295/oz a year earlier. Gold total cash costs increased to $1,426/oz from $1,327/oz in Q1 and $1,239/oz a year earlier; AISC rose to $1,866/oz from $1,708/oz and $1,684/oz.
- Copper margins: Realized copper price was $6.15/lb, versus $5.79/lb in Q1 and $4.36/lb in Q2 2025. Copper C1 cash costs were $2.47/lb and AISC was $3.95/lb, compared with $2.57/lb and $3.67/lb sequentially and $1.80/lb and $2.90/lb a year earlier.
- Cost drivers: Higher fuel prices, local-currency appreciation, royalties linked to higher metal prices, tariffs and planned maintenance weighed on unit costs, particularly at Nevada Gold Mines, North Mara and Lumwana.
Cash flow and capital
- Cash generation: Net operating cash flow fell 33% sequentially to $1.704 billion but was 28% above Q2 2025. Free cash flow was $515 million, down from $1.575 billion in Q1 and up from $395 million a year earlier; attributable free cash flow was $141 million versus $1.213 billion and $212 million, respectively.
- Capital spending: Total consolidated capital expenditure was $1.189 billion, up 21% from Q1 and 27% year over year. Attributable capital expenditure was $978 million, including $500 million of sustaining and $654 million of project capital on a consolidated basis.
- Share repurchases: Barrick bought back $1.209 billion of shares in Q2 under its new authorization to repurchase up to $3 billion over 12 months. Shares outstanding declined to 1.646 billion at June 30 from 1.675 billion at December 31.
- Balance sheet: Cash was $5.927 billion against $4.682 billion of debt, leaving net cash of $1.245 billion. Net cash declined from $2.405 billion at March 31, reflecting buybacks, capital spending and other uses of cash.
Nevada strategy
- NGM expansion: Barrick and Newmont agreed to add Barrick’s Fourmile and Newmont’s Mike and Fiberline properties to Nevada Gold Mines. Newmont will pay Barrick a $1.95 billion cash top-up, and the agreement resolves outstanding NGM disputes.
- Fourmile development: Fourmile had 20 rigs active in Q2, with $41 million spent during the quarter and $69 million year to date. The preliminary economic assessment indicated potential production of 600,000-750,000 ounces per year, with a feasibility study expected in 2028.
- North American IPO: Barrick expects to complete an IPO of its North American gold assets by year-end 2026, subject to market conditions, approvals and listing requirements. The portfolio includes Carlin, Cortez, Turquoise Ridge, Pueblo Viejo and the NGM-adjacent projects once contributed.
- Growth pipeline: Goldrush remains on track for more than 400,000 ounces of annual production at full production in 2028, while Ren is expected to produce about 140,000 ounces annually from 2027.
Guidance and projects
- Production outlook: Barrick maintained 2026 gold production guidance of 2.90-3.25 million ounces and copper guidance of 190,000-220,000 tonnes. Gold production was tracking slightly ahead of plan at the halfway point, with sequential increases expected through the year.
- Capital outlook: Total attributable 2026 capital guidance was reduced to $3.8-$4.2 billion from $4.0-$4.45 billion. Reko Diq attributable capital guidance was reduced to $450-$500 million, from the prior $600-$700 million, while the project review remains ongoing.
- Reko Diq: Barrick has slowed development because of regional security concerns and is reassessing security, financing, scope, capital requirements and timing. Capitalized spend reached $1.338 billion by June 30, including $255 million in Q2; management warned that the previously disclosed $5.6-$6.0 billion Phase 1 budget and end-2028 first-production target could increase or move.
- Lumwana: The Super Pit Expansion remains on schedule for first copper at the end of Q1 2028 and is expected to deliver 240,000 tonnes of annual copper production. Spend was $610 million through June 30, and 2026 expenditure is expected at the low end of the $750-$850 million range.
