TORONTO: Global mining giant Barrick Mining Corporation has reported strong operational and financial performance for the third quarter of 2026, generating US$5.07 billion in revenue and US$1.80 billion in attributable operating cash flow, supported by higher gold prices and continued progress across its mining operations.
For the quarter ended September 30, 2026, the company produced 816,000 ounces of gold and 50,000 tonnes of copper, while delivering US$2.49 billion in operating cash flow and US$640 million in attributable free cash flow.
Barrick’s net earnings per share stood at US$0.80, while adjusted net earnings per share reached US$0.82, representing increases of five per cent and 41 per cent, respectively, compared with the corresponding period in 2025.
President and Chief Executive Officer Mark Hill said the results marked a full year of consistent operational delivery, following the company’s commitment to rebuilding trust and restoring its longstanding reputation for discipline and excellence.
“Twelve months ago, we set out to earn back trust and restore Barrick to its history of discipline and excellence. This quarter marks a full year of consistent delivery,” he said.
Hill noted that, for the fourth consecutive quarter, the company had improved safety, delivered on operational plans, strengthened Nevada Gold Mines, advanced key growth projects and returned significant capital to shareholders.
He added that Barrick remained on track to achieve its full-year production guidance, expressing confidence in the company’s operational momentum and growth prospects as it approaches the end of the year.
Strong Operational Performance
Barrick reported strong operational performance across its global portfolio, highlighted by record roaster throughput at Gold Quarry in Carlin, continued production ramp-up at Goldrush in Cortez, and strong performances from Loulo-Gounkoto, Bulyanhulu and Kibali.
North American operations contributed 497,000 ounces of gold, while Barrick International, comprising its Africa and Middle East (AME), South America and Asia-Pacific operations, produced 319,000 ounces of gold and 50,000 tonnes of copper.
However, attributable gold production declined by two per cent compared with the same period last year, largely due to extreme weather conditions at Veladero and delayed access to high-grade ore at North Mara.
The company expects to access the high-grade material at North Mara in the fourth quarter of 2026.
Gold cost of sales increased to US$1,950 per ounce from US$1,562 in the corresponding quarter of 2025, reflecting lower grades processed, higher royalties associated with increased realised gold prices and elevated diesel costs.
Total cash costs rose to US$1,386 per ounce from US$1,137, while all-in sustaining costs increased to US$1,911 per ounce from US$1,538, reflecting similar cost pressures alongside higher sustaining capital expenditure.
In the copper business, cost of sales, C1 cash costs and all-in sustaining costs increased to US$3.65, US$2.76 and US$4.52 per pound, respectively, mainly due to higher diesel prices and local currency appreciation, particularly in labour costs.
Revenue Rises 22 Per Cent
Barrick’s financial performance benefited from stronger metal prices and sustained operational delivery, enabling the company to increase revenue and profitability during the quarter.
Net earnings amounted to US$1.32 billion, equivalent to US$0.80 per share, compared with US$1.30 billion, or US$0.76 per share, recorded in the third quarter of 2025.
Adjusted net earnings rose to US$1.35 billion, or US$0.82 per share, from US$980 million, or US$0.58 per share, in the corresponding period last year.
Revenue increased by 22 per cent year-on-year to US$5.07 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 13 per cent to US$3.22 billion.
Attributable adjusted EBITDA increased by 22 per cent to US$2.47 billion, demonstrating the company’s ability to translate favourable market conditions into stronger financial returns.
Operating cash flow reached US$2.49 billion, including US$1.80 billion in attributable operating cash flow and US$640 million in attributable free cash flow.
Major Growth Projects Advance
Barrick also reported continued progress across its strategic growth projects, with developments in Nevada, Zambia and the Dominican Republic expected to strengthen its long-term production capacity.
In Nevada, the company is advancing exploration drilling along one of the region’s most prospective mineral corridors at Cortez, while at Carlin it is focusing on expanding the Leeville resource and optimising processing capacity.
The company is also assessing opportunities to improve infrastructure across Nevada Gold Mines, with open-pit growth potential at Carlin expected to extend the mine’s life beyond 2050.
At the Fourmile project, Barrick said ongoing exploration and advanced studies continued to demonstrate its potential to become a Tier One gold asset.
The studies incorporate drilling, metallurgical test work, geotechnical investigations and mine design, while infill and resource-definition drilling remain key priorities alongside exploration activities aimed at unlocking additional value across the project area.
In Zambia, the Lumwana copper mine expansion is progressing well and is expected to double copper production once completed.
The project remains on budget and on schedule to deliver first copper by the end of the first quarter of 2028, with 2026 capital expenditure expected to remain at the lower end of guidance.
Barrick reported that all major long-lead equipment had been procured, with mill shells and trunnions, the primary crusher and tailings thickener already delivered to the site.
Construction of the primary crusher’s third level is nearly complete, while the contract for expanding the tailings storage facility has been awarded, with work expected to begin in the fourth quarter of 2026.
The final lifts of the mill walls are also expected to be completed during the same quarter.
In the Dominican Republic, expansion activities at Pueblo Viejo are advancing, with the Naranjo tailings storage facility remaining the main area of focus.
Temporary water management structures are more than 20 per cent complete, while detailed design work remains on schedule to support submission of the full starter dam permit application in the first quarter of 2027.
Construction is also progressing on two of the four bridges along Haul Roads 17 and 19, while flotation improvement work is advancing through the prefeasibility stage.
The company further reported that resettlement activities were nearly complete, with 99 per cent of resettlement packages accepted.
Shareholders to Receive Dividend, US$761m Share Buyback
In line with its commitment to delivering value to shareholders, Barrick has declared a quarterly dividend of US$0.175 per share in respect of its third-quarter 2026 performance.
The dividend will be paid on December 15, 2026, to shareholders registered at the close of business on November 30, 2026.
The company’s dividend policy targets a total annualised payout equivalent to 50 per cent of attributable free cash flow, comprising a fixed quarterly dividend of US$0.175 per share and an additional year-end performance-based payment determined by the free cash flow generated during the year.
However, actual distributions may vary depending on cash flow performance, capital requirements, balance sheet considerations and other factors.
Beyond the dividend payment, Barrick repurchased US$761 million worth of its shares during the quarter under its previously announced US$3 billion share buyback programme.
The share repurchases reflect the company’s commitment to returning capital to shareholders and confidence in the underlying value of its assets and long-term growth opportunities.
Barrick Mining Corporation is among the world’s leading gold and copper mining, exploration and development companies, with a portfolio of major, long-life mineral assets spanning 17 countries across five continents.
The company is also the largest gold producer in the United States and says it remains committed to creating sustainable, long-term value for stakeholders through responsible mining, strong partnerships and disciplined investment in growth.
Its shares are traded on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.