Barrick Surpasses Gold Production Guidance, Posts Strong Q1 Earnings

Barrick Mining Corporation reported strong first-quarter results, exceeding its gold production guidance and delivering significant earnings and cash-flow growth.

The company produced 719,000 ounces of gold during the quarter, outperforming its plan due 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. Copper production totaled 49,000 tonnes and was in line with Barrick's plan.

Barrick also saw improved gold costs, with the gold cost of sales at $1,922 per ounce, total cash costs at $1,327 per ounce, and all-in sustaining costs decreasing 4% from the first quarter of 2025 to $1,708 per ounce. Higher gold prices combined with operational performance to produce substantial earnings and cash-flow growth.

Barrick's revenue increased 67% year-over-year to $5.22 billion, while net earnings reached $1.60 billion or $0.96 per share. Attributable EBITDA increased 103% to $2.76 billion, representing a 66% attributable EBITDA margin.

Barrick also advanced two significant growth projects during the quarter, including construction of the Lumwana Super Pit Expansion and resource definition at Fourmile in Nevada. The company's strong cash generation is supporting shareholder returns, with Barrick declaring a quarterly dividend of $0.175 per share.