Barrick Mining Corporation (NYSE: B) shares fell in Monday trading after the gold producer reported second-quarter results that included revenue above expectations, earnings in line with forecasts and production that exceeded its guidance range.
The stock was down around 6.4% following the report.
Adjusted earnings came in at $0.82 per share, matching the analyst consensus, while quarterly revenue reached $5.29 billion, ahead of expectations for $5.192 billion.
Revenue increased 44% year-on-year from $3.68 billion in the second quarter of 2025.
Gold production exceeds guidance
Barrick produced 796,000 ounces of gold during the quarter, surpassing its guidance range of 730,000 to 770,000 ounces.
The stronger performance was supported by an earlier-than-planned ramp-up at Loulo-Gounkoto and a faster recovery than expected at Pueblo Viejo.
Net earnings climbed 50% year-on-year to $1.22 billion, equivalent to $0.73 per share, compared with $0.81 billion, or $0.47 per share, in the same period last year.
“We delivered our third quarter in a row with excellent operational and financial performance. We beat the top end of our gold production guidance and generated much higher earnings and cash flow than a year ago,” said Mark Hill, President and Chief Executive Officer.
Cash flow improves as gold costs rise
Operating cash flow increased 28% from a year earlier to $1.70 billion, reflecting the improvement in Barrick’s financial performance.
However, production costs moved higher. Gold cost of sales increased to $1,993 per ounce from $1,654 per ounce in the prior-year period.
Barrick attributed the increase primarily to lower grades processed at Carlin, Cortez and North Mara, alongside higher fuel expenses and increased royalties associated with stronger realised gold prices.
All-in sustaining costs reached $1,866 per ounce, an 11% increase compared with the second quarter of 2025.
Newmont agreement expands Nevada Gold Mines
Barrick also announced an agreement with Newmont covering an expansion of Nevada Gold Mines.
Under the arrangement, Newmont will pay Barrick $1.95 billion in cash within 30 days.
The company maintained its full-year gold production guidance at between 2.90 million and 3.25 million ounces.
At the same time, Barrick lowered its forecast for total attributable capital expenditure to between $3.8 billion and $4.2 billion, compared with its previous range of $4.0 billion to $4.45 billion.
Barrick maintains shareholder returns and IPO plans
Barrick declared a quarterly dividend of $0.175 per share and said it repurchased $1.2 billion of its own shares during the quarter.
The company also continues to expect to complete an initial public offering of its North American gold assets by the end of the year.
While Barrick delivered stronger revenue, production and cash generation, rising production costs remained a notable feature of the quarter as investors assessed the company’s latest operating performance and outlook.