Barrick Mining reported adjusted third-quarter earnings of $0.82 per share, above analysts’ $0.79 estimate, as higher gold output and realized prices helped counter rising costs. The company kept its full-year production outlook unchanged and expects fourth-quarter gold production to be slightly higher than in the third.
Adjusted net earnings reached $1.35 billion, up from $0.58 per share a year earlier. Net earnings were $1.32 billion, or $0.80 per share, compared with $1.30 billion, or $0.76 per share, in the same period of 2025. Revenue rose 22% year over year to $5.07 billion, while attributable adjusted EBITDA increased 22% to $2.47 billion.
Barrick generated $2.49 billion in operating cash flow and $1.17 billion in consolidated free cash flow, which was down 21% from a year earlier. Attributable gold production climbed 3% from the second quarter and 6% year over year, excluding divested operations, to 816,000 ounces. Copper production totaled 50,000 tonnes.
Higher prices helped offset costs: the average realized gold price rose 23% to $4,243 an ounce from $3,457 a year earlier. Gold all-in sustaining costs increased 24% to $1,911 an ounce, and total cash costs reached $1,386 an ounce.
Barrick produced 497,000 ounces in North America, including 400,000 at Nevada Gold Mines. The company attributed growth at Cortez to the continued Goldrush ramp-up and said Gold Quarry’s roaster at Carlin posted record quarterly throughput. International production rose 6% from the previous quarter to 319,000 ounces, supported by Loulo-Gounkoto and Kibali; extreme weather at Veladero and Porgera weighed on output.
The company maintained its annual gold production guidance of 2.90 million to 3.25 million ounces and AISC guidance of $1,760 to $1,950 an ounce. CEO Mark Hill said Barrick had delivered consistently for a full year, citing safety improvements, execution against plans, progress at Nevada Gold Mines and growth projects, and returns to shareholders.
Jefferies called the operational performance encouraging but said free cash flow missed expectations. Production exceeded the bank’s 807,000-ounce estimate and consensus of about 811,000 ounces, while free cash flow fell short of its $1.22 billion forecast and the $1.29 billion consensus. Copper AISC was $4.52 a pound, above Jefferies’ $3.66 forecast. The bank kept its buy rating and $52 price target, which it said implied about 28% upside from the previous close.
Barrick returned $1.04 billion to shareholders through dividends and repurchases and ended September with about $909 million in net cash. Jefferies identified a planned IPO of North American gold assets as a potential catalyst; Barrick is targeting the fourth quarter of 2026 or early 2027. The Lumwana copper expansion in Zambia remains on schedule and within its approximately $2 billion budget. Reko Diq in Pakistan remains under review amid concerns about higher development costs and possible delays.
Comments (0)
No comments yet. Be the first!