Barrick Reports First Quarter 2026 Results Disciplined execution drives strong operational and financial performance
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Barrick Reports First Quarter 2026 Results
Disciplined execution drives strong operational and financial performance
– Q1 gold production of 719,000 ounces1 beats guidance of 640,000–680,000 ounces1, driven
by strong performances at NGM and Veladero, and the ramp-up at Loulo-Gounkoto; copper
production of 49,000 tonnes1 in line with plan.
– Gold costs per ounce were better than plan, driven by efficiencies in mining and processing:
gold COS2 of $1,922 per ounce, TCC3 of $1,327 per ounce, and AISC3 of $1,708 per ounce.
– Operating cash flow of $2.55 billion increased 111% year-on-year, attributable operating
cash flow of $1.97 billion increased 89% year-on-year, and attributable free cash flow3 of
$1.21 billion was up 195% year-on-year.
– Strong earnings supported by a higher realized gold price3: net earnings per share of $0.96
rose 256% year-on-year, and adjusted net earnings per share3 of $0.98 rose 180% year-on-
year.
– Gold production expected to increase sequentially throughout the year with Q2 gold
production of 730,000–770,000 ounces1; full year production and cost guidance remains
unchanged.
– North American Barrick IPO progressing as planned, targeting completion by year end.
– $0.175 per share quarterly dividend declared and new $3.0 billion share buyback program
announced.
All amounts expressed in U.S. dollars
Toronto, May 11, 2026 – 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 cas h flow, $1.97 billion in attributable operating cash
flow3, and $1.21 billion in attributable free cash flow 3. 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 ounces 1. 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 COS 2 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 tonnes 1 in the first quarter. Copper COS 4 of $3.41
per pound, C1 cash costs 3 of $2.57 per pound and AISC 3 of $3.67 per po und were up 17%, 14% and
20%, respectively, compared to the prior-year period. Royalties tied to the higher realized copper price 3
and increased site operating costs drove the increases.
Financial Highlights
Higher gold production, lower costs , a n d a s u p p o r t i v e g o l d p r i c e d r o v e y e a r - o n - y e a r g r o w t h i n e a r n i n g s
and cash generation. Net earnings totaled $1.60 billion ( $0.96 per share) and adjusted net earnings 3
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 p e r s h a r e ) i n t h e p r i o r - y e a r q u a r t e r . Attributable EBITDA3 for
the quarter totaled $2.76 billion , an increase of 103% o v e r t h e p r i o r - y e a r q u a r t e r , w i t h a n a t t r i b u t a b l e
EBITDA margin3 of 66%.
Operating cash flow, attributable operating cash flow 3 and attributable free cash flow 3 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 Asset 5. 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
BARRICK FIRST QUARTER 2026 2 PRESS RELEASE
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 ounces 1 expected in the second quarter, further increasing in Q3
and Q4, in line with typical seasonality. Gold cost guidance for 2026, including COS 2 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 tonnes 1 at copper COS 4
of $3.05–$3.35 per pound, C1 cash costs 3 of $2.20–$2.45 per pound, and AISC 3 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 bar rel. 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.
BARRICK FIRST QUARTER 2026 3 PRESS RELEASE
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
Media Contact
Brunswick Group
Carole Cable, +44 (0) 20 7404 5959
BARRICK FIRST QUARTER 2026 4 PRESS RELEASE
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) %
a. Net earnings represents net earnings attributable to the equity holders of the Company.
b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release.
c. Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of all-in sustaining costs.
d. Total consolidated capital expenditures also includes capitalized interest of $29 million for Q1 2026 (Q4 2025: $19 million; Q1 2025: $4 million).
e. These amounts are presented on the same basis as our guidance.
f. Represents net cash provided by operating activities divided by revenue.
For the three months ended
3/31/26 12/31/25 % Change 3/31/25 % Change
Operating Results
Gold
Gold production (thousands of ounces)a 719 871 (17) % 758 (5) %
Gold sold (thousands of ounces)a 748 960 (22) % 751 0 %
Market gold price ($/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 %
a. On an attributable basis.
b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release.
c. 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).
d. 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).
BARRICK FIRST QUARTER 2026 5 PRESS RELEASE
Regional Summarya and 2026 Guidanceb
For the three months ended 2026
Guidance3/31/26 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
a. All figures in this table are on an attributable basis.
b. See “Outlook Assumptions and Economic Sensitivity Analysis” in endnote 6 of this press release.
c. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 3 of this press release.
d. 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).
e. 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).
BARRICK FIRST QUARTER 2026 6 PRESS RELEASE
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.
BARRICK FIRST QUARTER 2026 7 PRESS RELEASE
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
BARRICK FIRST QUARTER 2026 8 PRESS RELEASE