Disciplined execution drives Barrick’s strong performance in 2026’s first quarter
TORONTO: BARRICK Mining Corporation said its first quarter production of gold hit 719,000 ounces beating guidance of 640,000–680,000 ounces.
In their press release, Barrick Mining, who operates gold mines in North Mara and Bulyanhulu, said the success was driven by strong performances at NGM and Veladero, and the ramp-up at Loulo-Gounkoto; copper production of 49,000 tonnes in line with plan.
The statement said gold costs per ounce were better than plan, driven by efficiencies in mining and processing.
“Gold COS were 1,922 US dollars per ounce, TCC were 1,327 US dollars per ounce and AISC were 1,708 US dollars per ounce,” said the statement.
According to Barrick Mining Corporation, operating cash flow of 2.55bn US dollars increased by 111 percent year-on-year, attributable operating cash flow of 1.97bn US dollars increased 89 percent year-on-year, and attributable free cash flow of 1.21bn US dollars was up 195prcent year-on-year.
It went on to say the strong earnings supported by a higher realized gold price: net earnings per share of 0.96 US dollars rose 256 percent year-on-year, and adjusted net earnings per share of 0.98 US dollars rose 180 percent year-on-year.
According to the company’s statement,gold production is expected to increase sequentially throughout the year with the second quarter gold production of 730,000–770,000 ounces; full year production and cost guidance remains unchanged.
North American Barrick IPO progressing as planned, targeting completion by year end.
0.175 US dollars per share quarterly dividend declared and new 3.0bn US dollars share buyback program announced.
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Mark Hill, President and Chief Executive Officer, said: “We started the year with another strong quarter. Building on momentum from the fouth quarter, 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.”
“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.”
