The mining giant produced 719,000 ounces of gold and 49,000 tonnes of copper during the quarter ended March 31, 2026, generating revenue of $5.22 billion
Toronto. Barrick Mining Corporation has reported a sharp rise in first-quarter earnings and cash flow, driven by higher gold prices, increased production and lower operating costs.
The mining giant produced 719,000 ounces of gold and 49,000 tonnes of copper during the quarter ended March 31, 2026, generating revenue of $5.22 billion.
Net earnings rose to $1.60 billion, or $0.96 per share, compared to $474 million, or $0.27 per share, recorded during the same period last year.
Barrick president and chief executive officer Mark Hill said the company had started the year strongly after exceeding production targets for both gold output and costs.
“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,” he said.
Gold production exceeded the company’s guidance range of between 640,000 and 680,000 ounces, supported by strong underground mining and processing at Nevada Gold Mines (NGM), improved throughput at Veladero and faster-than-expected ramp-up at Loulo-Gounkoto.
Copper production increased by 11 percent year-on-year to 49,000 tonnes.
Barrick also reported strong cash generation, with operating cash flow rising to $2.55 billion and attributable free cash flow reaching $1.21 billion during the quarter.
The company said construction of the Lumwana Super Pit Expansion project remained on schedule and within budget, with first copper production expected by the end of the first quarter of 2028.
Meanwhile, Barrick’s Fourmile project in Nevada continued to advance, with additional drilling expected throughout 2026 as the company seeks to expand its resource base.
Barrick declared a quarterly dividend of $0.175 per share payable on June 15, 2026.
The company also announced plans to repurchase up to $3 billion worth of its outstanding common shares, citing strong free cash flow and confidence in the value of its shares ahead of the planned North American Barrick initial public offering (IPO).
Barrick said it remains on track to complete the IPO by the end of 2026, subject to market conditions and regulatory approvals.
For 2026, the company maintained its gold production guidance at between 2.90 million and 3.25 million ounces, while copper production is expected to range between 190,000 and 220,000 tonnes. (Agencies)
