On Monday, Barrick Mining Corporation Barrick Mining (B) reported strong first-quarter 2026 results and announced a new $3 billion share repurchase program, as higher production and stronger cash flow boosted earnings.

Strong Q1 Earnings And Cash Flow Growth

The mining company posted adjusted earnings of 98 cents per share, up 180% from a year earlier and ahead of Wall Street estimates of 69 cents per share. Revenue rose to $5.22 billion, topping analyst expectations of $3.89 billion.

Operating cash flow increased 111% year over year to $2.55 billion, while attributable free cash flow surged 195% to $1.21 billion.

Barrick also said its planned North American Barrick initial public offering remains on track for completion by the end of 2026.

Gold And Copper Production Performance

The company produced 719,000 ounces of gold during the quarter, exceeding guidance of 640,000 to 680,000 ounces, supported by strong performance from Nevada Gold Mines and Veladero, as well as continued ramp-up at Loulo-Gounkoto.

Gold cost of sales totaled $1,922 per ounce, while total cash costs came in at $1,327 per ounce. All-in sustaining costs, or AISC, were $1,708 per ounce. Copper production totaled 49,000 tonnes, in line with company expectations.

Major Mining Projects Advance

Barrick said development work continued across several major projects. The Fourmile gold project in Nevada advanced toward potential Tier One status, with extended winter drilling accelerating resource definition. Additional drilling is planned through 2026, and a full feasibility study remains on track for 2028.

At the Lumwana Super Pit Expansion project, the company said construction remains on schedule and within budget. Major mill installation milestones are underway, with 2026 capital spending expected at the lower end of the projected $750 million to $850 million range. Barrick estimates the total project cost at approximately $2 billion and expects first copper production in the first quarter of 2028.

2026 Production And Cost Outlook

Barrick reaffirmed its full-year 2026 guidance, maintaining gold production expectations of 2.90 million to 3.25 million ounces.

For the second quarter, the company expects gold production of 730,000 to 770,000 ounces, with production projected to increase further in the second half of the year due to seasonal trends.

The company maintained its 2026 gold cost guidance, forecasting cost of sales of $1,870 to $2,070 per ounce, total cash costs of $1,330 to $1,470 per ounce, and AISC of $1,760 to $1,950 per ounce, based on a gold price assumption of $4,500 per ounce.

Copper production guidance also remained unchanged at 190,000 to 220,000 tons. Barrick expects copper cost of sales of $3.05 to $3.35 per pound, C1 cash costs of $2.20 to $2.45 per pound, and AISC of $3.45 to $3.75 per pound, assuming a copper price of $5.50 per pound.

The company's 2026 cost guidance assumes West Texas Intermediate crude oil prices average $70 per barrel. A $10 change in oil prices would impact operating costs by about $12 per ounce for gold operations and $0.04 per pound for copper operations due to diesel consumption.

Barrick Stock Moves Higher

B Price Action: Barrick Mining shares were up 3.18% at $44.50 during premarket trading on Monday, according to market data.