Barrick Crushes Q1 Gold Production, Free Cash Flow Surges 195%

Barrick Mining Corporation has reported stronger-than-planned gold production and sharply higher cash generation for the first quarter of 2026. The company produced 719,000 ounces of gold during the quarter, exceeding its guidance range of 640,000 to 680,000 ounces.

Attributing the outperformance to strong underground mining and processing at Nevada Gold Mines, higher throughput and grades at Veladero, and a faster-than-expected ramp-up at Loulo-Gounkoto, Barrick's gold costs were also better than its plan. Gold cost of sales was $1,922 per ounce, total cash costs were $1,327 per ounce, and all-in sustaining costs were $1,708 per ounce.

The operational performance combined with higher gold prices produced substantial earnings and cash-flow growth. Revenue increased 67% year-over-year to $5.22 billion. Net earnings reached $1.60 billion, or $0.96 per share, while adjusted net earnings were $1.65 billion, or $0.98 per share.