Barrick Mining Corporation reported mixed third-quarter results on Monday, missing earnings estimates but maintaining its full-year gold production guidance. The company posted adjusted earnings per share of 82 cents, falling short of the 85-cent analyst estimate. Revenue rose 22% year over year to $5.073 billion, though it also missed the $5.302 billion consensus forecast. Despite these shortfalls, shares rose 2.86% in premarket trading to $41.72.
Barrick produced 816,000 ounces of gold in the quarter, a 6% year-over-year increase excluding divested assets. Higher output at key mines like Cortez, Carlin, and Loulo-Gounkoto supported growth. However, total attributable gold production declined 2% year over year due to weather impacts at Veladero and delayed access to high-grade ore at North Mara. The company maintained its 2026 gold production guidance of 2.90-3.25 million ounces.
Production costs increased across the board, with gold cost of sales rising to $1,950 per ounce from $1,562 a year earlier. Total cash costs and all-in sustaining costs (AISC) also saw significant increases. Barrick attributed these rises to lower ore grades, higher royalties, diesel prices, and sustaining capital spending. The company maintained its 2026 outlook for both gold and copper production, with guidance based on assumed prices of $4,500 per ounce for gold and $5.50 per pound for copper.
Barrick returned $1.04 billion to shareholders in the quarter, including $761 million in share repurchases and its quarterly dividend of 17.5 cents per share. Despite Monday's gain, shares remain about 24% below their 52-week high and have underperformed most precious-metals peers over the past year. Analysts have grown more cautious, with recent downgrades from CIBC and Freedom Broker, though JPMorgan maintained an Overweight rating with an increased price target.