en.Wedoany.com Reported - Canada's Barrick Gold Corporation exceeded internal expectations for gold production in the first quarter of 2026, producing 719,000 ounces of gold during the period, surpassing the previously set production guidance range of 640,000 to 680,000 ounces. This production figure consolidates the company's operational position in gold and copper mining.
The operational performance is reflected in the financial data: the company generated $1.21 billion in attributable free cash flow, a year-on-year increase of 195%; net earnings per share reached $0.96, up 256% compared to the first quarter of 2025. Total revenue reached $5.22 billion, a year-on-year increase of 67%. Operating cash flow was $2.55 billion, and attributable free cash flow was $1.21 billion, both representing a 195% year-on-year increase.
Barrick President and Chief Executive Officer Mark Hill stated that this quarter exemplifies the company's disciplined execution in safety and operations. "We started the year with another solid quarter. We produced more gold than planned, controlled costs, and captured greater value from higher gold prices. Our operations grew alongside safety improvements," Hill said.
Despite inflationary pressures and higher royalties, Barrick kept costs below planned levels. Cost of sales for gold was $1,922 per ounce, total cash costs were $1,327 per ounce, and all-in sustaining costs (AISC) were $1,708 per ounce, a 4% decrease from the first quarter of 2025. The company attributed this cost performance to efficiency gains in mining and processing, particularly at Nevada Gold Mines (NGM), Veladero, and the accelerated ramp-up at Loulo-Gounkoto. Copper production reached 49,000 tonnes, an 11% year-on-year increase, but copper costs rose due to royalties associated with higher realized prices and on-site operating cost pressures.
The Fourmile project in Nevada, USA, continues to be viewed as a potential top-tier gold asset. The implementation of additional safety measures enabled continuous drilling through winter, gaining over three months of extra operational time. A comprehensive pre-feasibility study is expected to be completed in 2028 to support significant resource growth. The Lumwana Super Pit expansion project is progressing on schedule and on budget. The initial lift of the mill building walls was completed in the first quarter, with steel structure deliveries expected in the second quarter. Initial copper production is anticipated by the end of the first quarter of 2028, with 2026 capital expenditure expected at the lower end of the $750 million to $850 million range, against a total project capital of $2 billion.
Barrick declared a quarterly dividend of $0.175 per share and authorized a share buyback program of up to $3 billion, reflecting confidence in its valuation. The program is based on a dividend policy designed to distribute 50% of annualized attributable free cash flow. The company maintained its 2026 guidance unchanged: gold production of 2.9 million to 3.25 million ounces, with the second quarter expected at 730,000 to 770,000 ounces. Gold costs are expected to be between $1,870 and $2,070 per ounce (cost of sales), assuming a gold price of $4,500 per ounce. Copper production is maintained at 190,000 to 220,000 tonnes, with total cash costs expected between $2.20 and $2.45 per pound. Operating cash flow reached $2.55 billion, a year-on-year increase of 111%; attributable EBITDA was $2.76 billion, with a margin of 66%. These figures demonstrate the company's financial strength to execute its growth portfolio, sustain shareholder returns, and strengthen its competitive position amid high gold prices and copper demand driven by the global energy transition.
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