Barrick Mining Corporation (NYSE:B) reported first-quarter results on Monday that came in ahead of analyst expectations, supported by stronger gold output, lower costs and sharply higher cash flow.
The company posted adjusted earnings per share of $0.98, comfortably above the consensus forecast of $0.81.
Revenue and Production Rise Sharply
Quarterly revenue reached $5.22 billion, beating analyst estimates of $4.84 billion and rising 67% from $3.13 billion in the same quarter last year.
Barrick produced 719,000 ounces of gold during the quarter, exceeding its own guidance range of 640,000 to 680,000 ounces.
The stronger production performance was driven by solid underground mining and processing activity at Nevada Gold Mines, higher throughput and grades at Veladero, and a faster-than-anticipated ramp-up at Loulo-Gounkoto.
Gold all-in sustaining costs declined 4% year-over-year to $1,708 per ounce.
Copper production also increased, rising 11% year-over-year to 49,000 tonnes.
Cash Flow Surges on Higher Gold Prices
The operational strength translated into significantly improved profitability and cash generation.
Operating cash flow climbed 111% year-over-year to $2.55 billion, while attributable free cash flow rose 195% to $1.21 billion.
Shares of Barrick gained 0.6% in premarket trading following the earnings release.
“We started the year with another strong quarter. Building on momentum from Q4, we operated safely and outperformed our plan on both gold production and costs,” said President and Chief Executive Officer Mark Hill. “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.”
Company Maintains Full-Year Guidance
Barrick said it expects second-quarter gold production to range between 730,000 and 770,000 ounces, with the midpoint indicating another sequential increase in output.
The miner maintained its full-year 2026 gold production forecast of 2.90 million to 3.25 million ounces.
Copper production guidance was also unchanged at 190,000 to 220,000 tonnes for the year.
Dividend and Buyback Program Announced
Barrick declared a quarterly dividend of $0.175 per share, payable on June 15 to shareholders on record as of May 29.
The company also unveiled a new $3 billion share repurchase program.
In addition, Barrick confirmed that the planned initial public offering of North American Barrick remains on track for completion before year-end.
The new entity is expected to include the company’s stakes in Nevada Gold Mines and Pueblo Viejo, as well as the Fourmile project.