Barrick Mining stock weighs stronger Q3 profit against higher costs

Published on 11/12/2026 at 12:44 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Barrick Mining stock faces stronger quarterly earnings alongside higher gold costs. Management kept its 2026 production outlook unchanged.

Profit growth meets higher mining costs

Third-quarter revenue rose 22 percent year over year as adjusted earnings per share increased 41 percent.
Gold all-in sustaining costs climbed 24 percent, while management cited fuel, royalties, grades and currency effects.
Barrick maintained its 2026 gold and copper production ranges and expects fourth-quarter gold output to edge higher.
The company returned 1.04 billion US dollars to shareholders through buybacks and a quarterly dividend.

Barrick Mining, CA06849F1080, Illustration mit AI erstellt.

Barrick Mining reported stronger third-quarter earnings on Monday, November 9, after higher realized metal prices lifted revenue despite rising production costs. The results covered the three months ended September 30, 2026, and the company kept its full-year gold and copper production guidance unchanged, according to Barrick Mining.

Revenue increased 22 percent from the prior-year quarter to 5.07 billion US dollars. Adjusted net earnings rose 37 percent to 1.35 billion US dollars, while adjusted earnings per share climbed 41 percent to 0.82 US dollars from 0.58 US dollars. Reported net earnings reached 1.32 billion US dollars, or 0.80 US dollars per share, compared with 1.30 billion US dollars and 0.76 US dollars a year earlier.

Production held steady against cost pressure

Barrick produced 816,000 attributable ounces of gold, up 3 percent from the second quarter and 6 percent from the year-earlier quarter when divested assets are excluded. Copper production totaled 50,000 tonnes. Total attributable gold production was 2 percent below the prior-year period, with extreme weather at Veladero and delayed access to higher-grade material at North Mara weighing on output.

Gold all-in sustaining costs increased to 1,911 US dollars per ounce from 1,538 US dollars a year earlier. Barrick attributed the increase to lower grades processed, higher royalties linked to stronger realized gold prices, elevated diesel prices and higher sustaining capital spending. Copper all-in sustaining costs rose to 4.52 US dollars per pound from 3.14 US dollars.

Management maintained its 2026 gold production range of 2.90 million to 3.25 million ounces and its copper target of 190,000 to 220,000 tonnes. Gold cost guidance also remained unchanged, with all-in sustaining costs targeted at 1,760 to 1,950 US dollars per ounce. Barrick expects fourth-quarter gold production to be slightly higher than in the third quarter and plans to process stockpiled material at Lumwana to support copper output.

Cash returns remain a shareholder focus

Barrick generated 2.49 billion US dollars of operating cash flow and 642 million US dollars of attributable free cash flow in the quarter. The company returned 1.04 billion US dollars to shareholders through 761 million US dollars of share repurchases and a quarterly dividend of 0.175 US dollars per share. The dividend is scheduled for payment on December 15 to shareholders recorded on November 30.

Management said the quarter marked a fourth consecutive period of operational delivery and pointed to progress at Nevada Gold Mines, Loulo-Gounkoto and the Lumwana expansion. The latter remains scheduled for first copper at the end of the first quarter of 2028, while 2026 attributable capital spending is expected to fall at the lower end of the company's revised 3.8 billion to 4.2 billion US dollar range.

Barrick Mining stock traded at 34.75 euros on Lang & Schwarz at 12:38 CET on Thursday, November 12.