Barrick Mining (TSX: ABX) opened 2026 with another strong quarter, as a soaring gold price kept earnings and cash flow near the record levels set in the fourth quarter.
The miner reported first quarter revenue of $5.22 billion, down 13% from $6.00 billion in the fourth quarter of 2025. Net earnings came in at $1.60 billion, or $0.96 per share, compared with $2.41 billion, or $1.43, in the prior quarter, though that earlier figure was flattered by gains tied to asset sales. Adjusted net earnings of $0.98 per share slipped 6% from $1.04 in Q4.
Operating cash flow of $2.55 billion was down 6% sequentially, while attributable free cash flow held essentially flat at $1.21 billion. Attributable EBITDA of $2.76 billion came in 11% below the fourth quarter mark, though the EBITDA margin widened to 66% from 64%, helped by a realized gold price of $4,823 an ounce, up from $4,177 in Q4.
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For broader context, Barrick generated full year 2025 revenue of $16.96 billion and free cash flow of $3.87 billion, with net earnings per share of $2.93.
In terms of the balance sheet, debt edged higher, moving from $4.70 billion in the fourth quarter to $4.73 billion at the end of Q1. Cash and equivalents however rose from $6.71 billion to $7.13 billion, resulting in Barrick’s net cash position improving 20% quarter over quarter to $2.41 billion.
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On the operating side, Barrick produced 719,000 ounces of gold in the quarter, comfortably above its own 640,000–680,000 ounce guidance range but below the 871,000 ounces delivered in Q4. Management credited strong underground performance at Nevada Gold Mines, higher grades at Veladero and a faster than expected ramp up at Loulo-Gounkoto. Copper output came in at 49,000 tonnes, down from 62,000 tonnes in the prior quarter.
Costs ticked higher across the board. Gold cost of sales came in at $1,922 per ounce, roughly flat with Q4’s $1,904, while total cash costs rose to $1,327 from $1,205. All in sustaining costs climbed 8% to $1,708 per ounce. On the copper side, AISC edged up to $3.67 per pound from $3.61.
The board declared a quarterly dividend of $0.175 per share and authorized a new $3.0 billion share buyback. The company also said its planned IPO of a minority stake in its North American gold assets remains on track to close by year end.
Full year 2026 guidance of 2.90–3.25 million ounces of gold was also confirmed.
Barrick Mining last traded at $59.05 on the TSX.
Information for this briefing was found via Bloomberg and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
