Barrick Gold (B) Stock Surges 3% on Stellar Q1 Results and $3B Buyback Plan

Key Highlights

• Q1 adjusted earnings per share reached $0.98, surpassing analyst expectations of $0.81
• Total revenue achieved $5.22 billion, representing a 67% increase compared to the previous year and exceeding the $4.84 billion forecast
• Gold output delivered 719,000 ounces, exceeding the company’s projected range of 640,000–680,000 ounces
• Cash flow from operations surged 111% year-over-year to $2.55 billion; free cash flow climbed 195% to $1.21 billion
• Company unveiled a new $3.0 billion share repurchase initiative while reaffirming its full-year production targets

Barrick Gold (NYSE: B) experienced a 3% increase on Monday following the release of first-quarter financial results that exceeded analyst projections across key metrics.

Barrick Mining Corporation, B

The mining giant delivered adjusted earnings per share of $0.98, surpassing the Wall Street consensus of $0.81. Total quarterly revenue reached $5.22 billion, marking a significant 67% climb from $3.13 billion in the comparable period last year and beating the anticipated $4.84 billion.

Shares initially gained approximately 0.6% during premarket hours following the earnings release before momentum accelerated throughout the session.

Gold prices hit an average of $4,673.50 per ounce throughout the quarter, representing roughly a 63% increase compared to the prior year. Barrick achieved an even more favorable realized gold price of $4,823 per ounce, substantially higher than the $2,898 per ounce recorded in last year’s first quarter.

The company’s gold output totaled 719,000 ounces during the three-month period ending March 31. While this figure represented a decline from the 758,000 ounces produced in the year-ago quarter, it significantly exceeded Barrick’s internal guidance range of 640,000–680,000 ounces.

Robust performance at Nevada Gold Mines, enhanced processing volumes at Veladero, and an expedited ramp-up at Loulo-Gounkoto were instrumental in exceeding expectations.

Financial Performance and Cost Management

Gold all-in sustaining costs registered at $1,708 per ounce, declining 4% from the previous year. This favorable mix of elevated realized prices combined with reduced costs translated directly into impressive cash generation.

Cash flow from operations climbed to $2.55 billion, representing a 111% year-over-year improvement. Attributable free cash flow surged to $1.21 billion, nearly tripling with a 195% increase compared to the first quarter of 2025.

The copper segment also delivered positive results, with production climbing 11% year-over-year to 49,000 tonnes.

Shareholder Returns and Forward Guidance

Barrick announced a quarterly dividend of $0.175 per share, scheduled for distribution on June 15 to shareholders of record as of May 29.

The company additionally unveiled a substantial $3.0 billion share repurchase program, demonstrating strong confidence in its financial position and future prospects.

Looking ahead to the second quarter, Barrick projects gold production within a range of 730,000–770,000 ounces. The 750,000-ounce midpoint suggests ongoing sequential production growth.

Full-year 2026 gold production targets remain unchanged at 2.90–3.25 million ounces. Copper production guidance similarly held steady at 190,000–220,000 tonnes.

The anticipated initial public offering of North American Barrick — encompassing the company’s Nevada Gold Mines and Pueblo Viejo interests alongside the Fourmile project — continues to progress toward the targeted year-end completion.

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