Barrick Mining Q1 2026 Earnings Report

Barrick Mining EPS Results

• Actual EPS: $0.98
• Consensus EPS: $0.80
• Beat/Miss: Beat by +$0.19
• One Year Ago EPS: N/A

Barrick Mining Revenue Results

• Actual Revenue: $4.11 billion
• Expected Revenue: $4.75 billion
• Beat/Miss: Missed by -$642.09 million
• YoY Revenue Growth: +66.70%

Barrick Mining Announcement Details

• Quarter: Q1 2026
• Date: 5/11/2026
• Time: Before Market Opens
• Conference Call Date: Monday, May 11, 2026
• Conference Call Time: 11:00AM ET

Barrick Mining (NYSE:B), formerly known as Barrick Gold Corporation, is a global mining company focused primarily on the production of gold and copper. Its activities include the exploration, development, construction and operation of mines, as well as processing ore into refined metal products.

The company operates and holds interests in mining assets across several regions, including North America, South America, Africa, the Middle East and Papua New Guinea. Its portfolio includes gold operations such as Nevada Gold Mines in the United States, Pueblo Viejo in the Dominican Republic, Veladero in Argentina, Kibali in the Democratic Republic of the Congo, and North Mara and Bulyanhulu in Tanzania. Barrick also produces copper through assets including Lumwana in Zambia, Zaldívar in Chile and Jabal Sayid in Saudi Arabia.

Barrick traces its history to 1983, when it was founded as Barrick Resources Corporation, and grew through the acquisition and development of precious-metals assets worldwide. The company changed its name to Barrick Mining Corporation in 2025 to reflect its broader focus on both gold and copper. Mark Bristow serves as president and chief executive officer, while John Thornton is the company’s executive chairman. Barrick Mining is listed on the New York Stock Exchange under the symbol B.

Barrick Mining Q1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Barrick reported a strong Q1 with gold production of 719,000 oz (above guidance, +4% YoY), materially higher earnings and cash generation, and a net cash position of $2.4 billion.
• Positive Sentiment: The board approved a $3 billion share buyback and maintained the quarterly base dividend of $0.175/share (with a year‑end top‑up policy), signaling significant capital returned to shareholders.
• Positive Sentiment: Key growth projects advanced on schedule and budget: Lumwana expansion remains on the ~$2 billion plan with first expanded‑mill copper targeted by Q1 2028, Fourmile drilling and PFS work continue toward 2028, and the planned North American gold IPO is on track for completion by year‑end 2026.
• Negative Sentiment: Reko Diq is under a 12‑month review due to contractor and security issues, with an estimated ~$20 million/month holding (care & maintenance) cost and potential material uncertainty about committing remaining CAPEX.
• Neutral Sentiment: Management reported improving safety performance and fewer high‑severity injuries after refocusing on critical‑risk controls, but acknowledged continued near‑misses and that safety is not yet where it needs to be.

Presentation

[Operator]

Welcome everyone to Barrick's first quarter 2026 results presentation. At this time, all participants are in listen-only mode. As a reminder, this event is being recorded and a replay will be available on Barrick's website later today. I will now turn the call over to Cleve Rueckert, Head of Investor Relations. Please go ahead.

[Cleve Rueckert, Head of Investor Relations at Barrick]

Thank you and good morning, everyone. We hope you've had an opportunity to review the press release we issued before the markets opened this morning. This presentation deck is also now available to download on our website. Presenting our results today are Mark Hill, Barrick's President and CEO, and Helen Cai, Senior EVP and CFO. Other members of Barrick's management team will be available after our prepared remarks for Q&A. Before we begin, please note that we will be making forward-looking statements. This slide includes a summary of the significant risks and factors that could affect Barrick's future performance and our ability to deliver on these forward-looking statements. This material is also available on our website. I will now hand it over to Mark.

[Mark Hill, President and CEO at Barrick]

Thanks, Cleve, and thank you all for joining us. We had a strong Q1 with excellent operating and financial results. Before I go into detail, I want to review the priorities for 2026 that we set at the start of the year. These are our priorities for achieving safe, consistent, reliable delivery across our portfolio. The first is obviously safety. Our safety performance has not been where it needs to be, and we're taking action to improve it. The second is operational delivery. We are on track to meet our production and cost guidance. The third is growth. We are advancing our key organic opportunities, including PV, Lumwana and Fourmile. The fourth is the IPO of North American gold assets, which we believe will unlock significant value for our shareholders. In Q1, we made steady progress in all four of these areas.

[Mark Hill, President and CEO at Barrick]

It was the second quarter in a row of improved delivery across the board. Most importantly, we improved safety. We performed well operationally. We delivered gold production above guidance. Production increased 4% year-over-year. We also came in below guidance on our costs. Strong execution in the quarter allowed us to capture more of the high gold price and deliver strong financial results. Attributable EBITDA doubled year-over-year at a much higher margin. Free cash flow increased 320% year-over-year to $1.6 billion, and we ended the quarter with $2.4 billion of net cash. We advanced our growth projects. Our 100% owned Fourmile project continues to progress. The Lumwana expansion advanced slightly ahead of schedule and we are reviewing Reko Diq as previously disclosed.

[Mark Hill, President and CEO at Barrick]

We moved forward on the planned North American IPO, which we're on track to complete by the end of this year. Our North American assets have their own dedicated leadership team, which has been working together successfully. Okay, I'd like now to spend some time reviewing our work on safety. We believe our safety performance, operational performance are linked. Businesses perform better overall when they manage risk, have leaders in the field, and follow critical controls. Historically, Barrick focused on total recordable injuries. The company led the industry on that one metric, yet it did not adequately address the risks that can lead to serious injuries and fatalities. In Q4 of last year, we shifted our focus to identifying and eliminating the risks behind serious and fatal events. In Q1, we saw this change begin to work. There was a meaningful reduction in significant and high-severity injuries.

[Mark Hill, President and CEO at Barrick]

63% of all injuries during the quarter were classified as minor. Our reported lost time injuries also declined. Our leaders, all the way up to our executive committee, are spending more time in the field. They are focusing more on leading indicators, particularly critical control verifications. To be clear, though, we are still not where we need to be and had too many near misses during the quarter. We still have work to do, but we are making steady progress to fulfill our commitment to zero harm. It is now embedded in leadership behavior, operating routines, and decision-making at every level. Turning now to our Q1 highlights. Barrick produced 719,000 oz of gold in the quarter, above guidance and an increase of 4% from a year ago.

[Mark Hill, President and CEO at Barrick]

There were three drivers: a 10% year-on-year increase in production in North America, along with strong performance at both Veladero and Loulo-Gounkoto. On the copper side, we produced 49,000 tons in line with the plan. We managed costs with discipline. At gold, cost per ounce came in better than planned, reflecting solid cost control and efficiencies across both mining and processing. Copper production increased 11% year-over-year. C1 cash costs were lower than our plan. The combination of volume, cost discipline and favorable realized pricing drove a substantial increase in earnings and cash flow, which has meant that today we announced a quarterly dividend of $0.175 per share and a $3 billion share buyback. In Q1, we had strong performance across all our regions. North America continued to anchor our world-class portfolio.

[Mark Hill, President and CEO at Barrick]

NGM and PV both registered year-over-year growth. Together, they accounted for 57% of our attributable EBITDA at a margin of nearly 70%. Our other regions also delivered strong gold production with meaningful attributable EBITDA at margins of 65%. Copper is performing well and it is important part of the growth driver for Barrick. Our portfolio provides near-term cash flow and longer-term organic growth. As I mentioned, NGM is on track and performing well. It was a core contributor to our operational and financial performance. The productivity improvements we highlighted last quarter continued through Q1. Carlin, Cortez, and Turquoise Ridge underground mines delivered their highest tonnages since the joint venture was formed. We are now on track to achieve record underground tons mined for this year. That is an important leading indicator that speaks to both mine productivity and the reliability of execution underground.

[Mark Hill, President and CEO at Barrick]

Our processing plants performed equally well. The Carlin roasters achieved their highest Q1 production since 2022. The Sage autoclave achieved its highest quarterly throughput since 2021. We achieved these increases in both volume and productivity while continuing to improve safety. As I said, they work together. I also want to highlight that we remain in regular and constructive dialogue with Newmont, our NGM JV partner, about NGM performance, the timeline of the Fourmile and the IPO. Loulo-Gounkoto also had an excellent quarter. The ramp-up progressed ahead of schedule. Both mining and processing outperformed the restart plan, which speaks to the strengths of both the asset and our execution. We are prioritizing the high-grade underground ore that will contribute more in the near term. At the same time, we are preserving future optionality in the open pits.

[Mark Hill, President and CEO at Barrick]

The team reported zero safety and first-line environmental incidents during the quarter. Financially, Loulo-Gounkoto made an earlier than expected contribution to Barrick's quarterly attributable EBITDA, already a meaningful result at this stage of the ramp-up. Turning to our organic growth pipeline. Lumwana is our copper growth project in Zambia. Once complete, the mill expansion will increase throughput from 27,000,000-52,000,000 tons per year, increasing copper production by 100% from 117-240,000 tons annually. The project is on track to come in towards the lower end of the 2026 capital guidance and on track for the original budget of $2 billion. During the quarter, the initial lift of the mill building was completed, mill shells were delivered, and the first shipments of structural steel were on their way to site.

[Mark Hill, President and CEO at Barrick]

We expect to produce our first copper from the expansion by Q1 2028. Our Fourmile project in Nevada continued to demonstrate its potential to become a Tier One gold asset. Drilling activity continued throughout the winter. We plan to expand drilling through 2026 and to complete the PFS studies by 2028. You can see the quality of the interception grade outside of the existing resource on the slide. We are on track to complete the proposed IPO of our North American gold assets by the end of 2026. As I said, the region has a dedicated team and has been working together very well for several months. They can focus completely on North America without the competing priorities that came from running broader multinational portfolio. We believe that the focus should translate to further improvements in performance.

[Mark Hill, President and CEO at Barrick]

We will continue to update the market on the IPO as we make further progress. I would now like to introduce Helen Cai, our CFO, who will review our financial performance. Helen, over to you.

[Helen Cai, SEVP and CFO at Barrick]

Thank you, Mark, and good morning, everyone. At a high level, this was a quarter in which strong production, consistent cost performance, and a supportive gold price environment combined to deliver outstanding financial results. We saw substantial growth in earnings, significant margin expansion, and robust free cash flow generation, while also strengthening an already solid balance sheet. What is important is that these results were not driven by price alone. The higher gold price clearly helped, but it amplified improvements already occurring in the business. Better operating performance, cost discipline, portfolio optimization, and stronger capital efficiency. This is what gives these results real quality and durability. Turning to the numbers. Gold production from continuing operations increased 4% year-over-year. Combined with the 66% increase in our realized gold price, that drove the very strong financial performance Mark already touched on.

[Helen Cai, SEVP and CFO at Barrick]

Adjusted net earnings rose 173% year-over-year, and attributable EBITDA increased 103%. Attributable free cash flow, which is the measure we use as the basis for our dividend policy, increased 195% year-over-year to $1.2 billion in the quarter. These very strong results reflect both the operational progress in the business and the leverage our portfolio has to higher commodity prices when we execute well. We closed Q1 with $2.4 billion of net cash on the balance sheet, giving us flexibility to continue investing in our highest return opportunities. Taken together, I would describe the quarter as one of strong earnings quality with strong cash conversion. Capital allocation is a major priority, particularly in an environment where the business is generating significant free cash flow.

[Helen Cai, SEVP and CFO at Barrick]

We have a clear framework for deploying capital to sustain and grow our business and provide returns to shareholders, all while ensuring our balance sheet remains strong and flexible. This framework is designed to be sustainable through the cycle. Our first priority is balance sheet strength. With $2.4 billion of net cash and an undrawn $3 billion revolving credit facility and no meaningful debt due until 2033, we are already in a favorable position. Our second priority is earnings accretive growth, which includes sustaining and growth capital. Lumwana and Fourmile are two clear examples where we are deploying capital into organic opportunities that we believe will generate superior returns. More broadly, we intend to identify similarly earnings accretive opportunities in the future to strengthen our growth profile while remaining disciplined in how and when we deploy capital.

[Helen Cai, SEVP and CFO at Barrick]

This is not only about growth for its own sake, it is about creating value over time. Our third priority is returning cash to shareholders. Our new dividend policy, implemented last quarter, provides for a quarterly base dividend of $0.175 per share, topped up at year-end to target a total payout of 30% of attributable free cash flow. This quarter, following solid execution, strong free cash flow and the value in Barrick stock, the board also approved a $3 billion share buyback authorization that further amplifies our total return to shareholders. Since 2021, Barrick has returned $7.9 billion to shareholders, including $697 million in Q1 2026, and $2.4 billion in 2025. Our capital allocation framework is disciplined, flexible, and designed to work throughout the cycle.

[Helen Cai, SEVP and CFO at Barrick]

It supports reinvestment in the business, advances growth, protects the balance sheet, and creates a clear pathway for returning excess cash to shareholders. With that, I will turn the call back over to Mark.

[Mark Hill, President and CEO at Barrick]

Thank you, Helen Cai. Our 2026 production and cost guidance remain unchanged. For Q2, we expect gold production to be in the range of 730,000 oz-770,000 oz, which is above Q1 and consistent with our plan. We also expect higher production in Q3 and Q4, which is typical for our business. For copper, we expect higher production in the second half of the year than the first half. We will continue to focus on controlling costs, capital intensity, and productivity. Based on what we see today, we remain confident in our ability to deliver our full year commitments. To conclude, I want to reinforce our core priorities, all of which we have made steady progress on in Q1. We improved safety, although we do realize we still have a lot of work to do.

[Mark Hill, President and CEO at Barrick]

We improved operational consistency and cost discipline and delivered on guidance for Q1. We advanced PV, Lumwana, and Fourmile on schedule and on budget. We advanced our North American IPO on schedule. We are on track to execute successfully against all these four priorities by year-end. Barrick historically has been criticized for not delivering on its commitments. I just want to highlight that this is the second quarter that we have delivered on all of our commitments to our shareholders. Our portfolio is performing with increased resilience. Our strategic projects are advancing, our balance sheet is strong, and we're on track to achieve our 2026 guidance. I'll now hand back to the moderator for Q&A.

[Operator]

Thank you. For the Q&A session, we'll use the raise hand feature in Zoom. If you'd like to ask a question, click on the raise hand button at the bottom of your screen. Once prompted, please unmute yourself and go ahead. We'll now pause for a moment to assemble the queue. Our first question comes from Tanya Jakusconek at Scotiabank. Your line is open. Please unmute and ask your question. Tanya, your line is open. Please unmute and ask your question. We will move on to the next question. Tanya, please re-raise your hand if you would like to. Our next question comes from Daniel Major at UBS. Your line is open. Please unmute and ask your question.

[Daniel Major, Analyst at UBS]

Hi, can you hear me okay?

[Mark Hill, President and CEO at Barrick]

Yes, we can hear you.

[Daniel Major, Analyst at UBS]

Hello. Can you hear me? Great. Hi, Mark. Hi, Helen. A few questions. The first one, just on Reko Diq. You've pulled the guidance for the full year down to the lower end of the range in terms of CapEx. How should we be thinking about the kind of run rate of quarterly CapEx going through the balance of the year? Is the first part of the question. The second is, what is the estimated holding cost of the project on an annualized or a quarterly basis at care and maintenance? I guess the third part is, what would you need to see to conclude that this is a project that you feel comfortable committing the remaining CapEx to build the project?

[Mark Hill, President and CEO at Barrick]

Okay. Thanks, Daniel. On Reko Diq, look, the budget stays intact. We will be finishing some of those works that we've already started. Those contracts will continue on whilst we do this 12-month review. The year's budget will still come in on that range. Look, the run rate when we are doing this review on top is about $20 million a month, and that's probably a bit of a rough number at this stage, but we're still refining that. You can assume it's around that number. A good question, what do we need to see? What we did is when we went into this review, there were some things that we had to address right now.

[Mark Hill, President and CEO at Barrick]

We're having issues with the contractors on site, and we've had several force majeure notices. The first thing is we have to understand the contracting strategy and how we're gonna make this successful, because obviously we can't continue on that. That was due to some security concerns and what's going on in the region as well. We're working on how we'll rectify that with the Pakistan government. Our chairman was just there actually yesterday and making progress on those discussions. Obviously other thing is I just want to rerun the capital and see where we are with that and if there's been any large shifts in the capital. Once we get the answer to all that, I can make an informed decision.

[Mark Hill, President and CEO at Barrick]

I know I've been criticized for being overly cautious, but I think on a project like this, it's important for all the shareholders, including the ones in Pakistan, that we actually understand where we are so that we can be successful going forward. Does that answer everything you wanted to know?

[Daniel Major, Analyst at UBS]

Okay. Yeah, I think so. So just, yeah, to clarify that. If there's a situation beyond this year that you cannot commit to continuing, it would be about $20 million a month just to hold it on care and maintenance. Is that correct?

[Mark Hill, President and CEO at Barrick]

Yes. That's approximately what the number would be. Yes.

[Daniel Major, Analyst at UBS]

Yeah.

[Mark Hill, President and CEO at Barrick]

After we get through these contracts, I think we're winding up.

[Daniel Major, Analyst at UBS]

Yeah. Okay. My, my second question, maybe one to Helen, just on the balance sheet and the distribution policy. Nice to see you've added the buyback in, but a couple of elements to it. I'm assuming your 50% commitment to the dividend is independent of if you do buybacks or not, or is that 50% a cash return commitment? That's the first part. The second part, you've got $2 billion of cash on the balance sheet. What is the level at which you would be willing to commit 100% of free cash flow in capital returns? What is the disadvantage of setting the net cash target?

[Helen Cai, SEVP and CFO at Barrick]

Thank you, Dan. On your first question, the 50% attributable free cash flow policy was just introduced in 4Q last year, and we maintain that policy. That means at year-end, we will use attributable operating cash flow minus attributable CapEx to derive the attributable free cash flow, and then 50% of that will be used for top-up dividend in the fourth quarter. That will not affect or be impacted by any of the buyback program that we just announced today. Is that clear on that before I move to your second question?

[Daniel Major, Analyst at UBS]

Yeah, that's clear. Thank you.

[Helen Cai, SEVP and CFO at Barrick]

Okay. Your second question is about setting up a target on the balance sheet. We had a balance sheet-based target before, and we moved to the free cash flow-based policy last quarter. Right now we are taking just a flexible stance, given the strong cash flow and strong balance sheet. We announced this $3 billion, and we will see the market window. Whenever appropriate, we will execute on our, you know, buyback program. Is that clear?

[Daniel Major, Analyst at UBS]

Okay. Thank you.

[Helen Cai, SEVP and CFO at Barrick]

Yeah.

[Daniel Major, Analyst at UBS]

Yeah. Maybe just to I mean, in terms of the $3 billion, should we look at that as something that, you know, all else equal you would is it an option or is it kind of something we would expect you to be buying back stock, you know, through the year, if we're in the same kind of range as we are today?

[Helen Cai, SEVP and CFO at Barrick]

I think that decision is based on our strong balance sheets and cash flow generation as well as the value we see in Barrick's shares. We are, you know, launching this program to carry it on throughout the year.

[Daniel Major, Analyst at UBS]

Okay. Thank you.

[Helen Cai, SEVP and CFO at Barrick]

Thank you.

[Operator]

For our next question, we will return to Tanya Jakusconek from Scotiabank. Your line is open. Please unmute and ask your question. Tanya Jakusconek, your line is open. Please unmute and ask your question. All right. For now, we will move forward.

[Mark Hill, President and CEO at Barrick]

Sorry, can I just operate and just say, Tanya, if you wanna flick your questions, I don't know why we can't hear you, but if you wanna flick us your questions on email and I will answer them at the end.

[Operator]

Thank you. Our next question comes from Josh Wolfson at RBC. Your line is open. Please unmute and ask your question.

[Josh Wolfson, Analyst at RBC]

Yeah. Thank you very much, operator. Just going into some of the operating details. First off, at NGM, you sort of talked about a bunch of the factors that caused that performance in the first quarter. You know, I'm wondering what's the ability for the company to extend some of these positive results into second quarter and maybe the second half of the year and maybe embedded within the second quarter guidance, is there any additional information on how NGM fits in there? Thank you.

[Mark Hill, President and CEO at Barrick]

Okay. Thanks, Josh. Look, on the NGM performance. There is a thing I wanna highlight because we're discussing this about guidance. If you remember in Q4 when the team said, "Look, we're gonna try and not pull down all the inventory out of all the circuits at the end of the year." We didn't do that, which actually did give us a boost in Q1 that we didn't expect or we didn't plan for, I suppose, is the right way to put it. The increases in performance, some of them were already built in. I mean, Tim and the team have done a good job of realizing those, it doesn't change the outlook for the year. I don't know, Tim, if you wanna make any other comments on that.

[Tim Cribb, COO for North America at Barrick]

I think you've covered it, Mark. It's really that focus on operating discipline and conformance to plan. I do think if you can deliver on that, you do lead to delivering on efficiency improvements as it goes. As you said, the plan's where it stands for the rest of the year.

[Mark Hill, President and CEO at Barrick]

Josh, how are you doing?

[Josh Wolfson, Analyst at RBC]

Reasonably happy. I may have some follow-up questions for the team.

[Mark Hill, President and CEO at Barrick]

Look, Josh, hang on. Let me just say something else. Look, this process where we've given all the autonomy back to that region, and we've had a focus on it, and we have had separate management teams. I will admit the results have come quicker than I expected. Let us get through Q2 and just see where we're tracking after that.

[Josh Wolfson, Analyst at RBC]

Looking forward to that. On, on Loulo, you talked about the underground ramp up going faster than expected. You know, in light of some of the uncertainties in Mali and some of the news on contractor changes, I guess first, you know, should we expect to see improvements in the asset into the second quarter? More broadly, I mean, what should our expectations be under this new operating plan for this asset on a sustained year basis?

[Mark Hill, President and CEO at Barrick]

Okay. Well, I'll just give you the high level update. Yes, you're right. It ramped up quicker than expected, and it will reach its full potential by the end of the year as we planned, so that remains unchanged. Then once we get to steady state, then you can expect it 100%, I think 600,000 oz+, whatever it was before we went into the care and maintenance stage. Look, it's progressing well, and I'm just gonna hand over to Seb. I don't know if you've got some other comments for Josh there.

[Sebastiaan Bock, COO for Africa and Middle East at Barrick]

Maybe, Josh, on the contractor change, we were aware that DTP was planning to exit. It also tied into our strategy to replace it with a local contractor. We expect to replace that contract by the end of the year and resume that part of the open pit mine plan. As you say, our undergrounds have ramped up nicely. Our other open pits are performing, there's no impact to the plan, you will see a step up. I think just on the options, Loulo still remains a strong co-contributor to the bottom line, it's a strong contributor to our production profile. As we ramp this up, we'll of course continue to assess all the full range of the strategic alternatives on this asset.

[Mark Hill, President and CEO at Barrick]

Thanks, Seb.

[Operator]

As a reminder, if you would like to ask a question, please click on the Raise Hand button at the bottom of your screen. Our next question comes from Bennett Moore with JPMorgan. Your line is open. Please unmute and ask your question.

[Bennett Moore, Analyst at JPMorgan]

Hi. Good morning. Can you hear me all right?

[Mark Hill, President and CEO at Barrick]

Yeah, we can hear you, Bennett. Thanks.

[Bennett Moore, Analyst at JPMorgan]

Great. Thanks for taking my questions. Helen, congrats on the new role. I wanted to start with the broader shift in strategy outlined in the recent shareholder letter as it relates to reducing high risk exposure in those jurisdictions and targeted acquisitions. Could you speak a bit to your framework on both? How do you go about determining which assets might be best suited for divestment and vice versa for acquisitions? For the latter, is there any preference between gold and copper?

[Mark Hill, President and CEO at Barrick]

Okay. Bennett, I think on the de-risking, obviously, we're trying to focus our growth in more stable areas, right? Where we have more certainty around the mining regime and the ability to operate without a lot of interference. Without going through the actual list of the countries, I mean, obviously there, you can see with what's happened in Africa recently, which countries would obviously not be ideal for investment. About, I suppose non-core assets is what you meant by the second part of that question, Bennett.

[Bennett Moore, Analyst at JPMorgan]

Yep.

[Mark Hill, President and CEO at Barrick]

Non-core assets, I mean, things like Porgera, I mean, we have a minority stake in it at 24%, and we obviously spend a considerable amount of management time on it. Something like that would be considered non-core at this stage. From where we are now, that would be where I end it.

[Bennett Moore, Analyst at JPMorgan]

All right. Thanks for that. Appreciate the sensitivity on diesel. Wondering if you could remind us which operations are most exposed, what inventory buffers look like, so we can, I guess, get a better gauge for the cadence of potential impacts moving forward.

[Mark Hill, President and CEO at Barrick]

I can't remember where we are heading with that. The sensitivity obviously is $12 per ounce for every $10 move in the oil price. As far as supply, we went through this a bit yesterday as well. As far as supply goes, we are well covered everywhere. The supply is not going to be an issue. It is just going to be the knock-on effect on the cost per ounce. We are at no risk of running out of diesel, if that is what is the question.

[Bennett Moore, Analyst at JPMorgan]

Okay, much appreciated. Best of luck.

[Mark Hill, President and CEO at Barrick]

Thanks, Bennett.

[Operator]

Our next question comes from Anita Soni at CIBC World Markets. Your line is open. Please unmute and ask your question.

[Anita Soni, Analyst at CIBC World Markets]

Hi, can you hear me?

[Mark Hill, President and CEO at Barrick]

Yeah, we can hear you, Anita. Thanks.

[Anita Soni, Analyst at CIBC World Markets]

That's good. It's not hard to figure out the unmute button. A couple of questions. Firstly, have you experienced any issues with concentrate shipments coming out of Zambia at this point, like, in terms of port restrictions or things like that?

[Mark Hill, President and CEO at Barrick]

Not that I'm aware of, Seb, Could you answer that?

[Sebastiaan Bock, COO for Africa and Middle East at Barrick]

No. Look, all of our concentrate we smelt locally, so it hasn't been an issue. I'm not aware of any issues with the product export from there. No, we haven't had problems.

[Anita Soni, Analyst at CIBC World Markets]

Okay. Moving to PV. The tonnage there, I think I had only like a 15-day shutdown, but that tonnage was fairly low for the quarter too. Could you just talk about the tonnage of the throughput rate at PV?

[Mark Hill, President and CEO at Barrick]

Okay. Let me hand it over to Tim. Tim, can you answer?

[Tim Cribb, COO for North America at Barrick]

Thanks, Mark. Anita Soni, I think the important thing at Pueblo Viejo is, we updated the metallurgical model and we shared that in the updated technical report. Part of that work, and I mentioned it last quarter, is we're working with Hatch on how we can further improve this. In addition to the outages which happened during the month as well as some power interruptions which have been experienced, there is also a body of work going on with Hatch and with our team around how we can further optimize this recovery going forward. You're really seeing a combination of the power, the outage for the shutdown work and this improvement program work together in that number.

[Tim Cribb, COO for North America at Barrick]

As you can see, the recovery has come up from where it sat a year ago. I think, you know, we have some, you know, optimistic programs to try and lift our tails further from where we're at on that recovery from.

[Anita Soni, Analyst at CIBC World Markets]

Yeah. I mean, I was encouraged by the recovery rate at 74%. I mean, albeit the numbers have been reduced from what our prior expectations were. With the throughput, the combination of the throughput and the slightly higher grade, I was assuming that part of the improved recovery could be attributed to both those factors, right? Longer retention time, given the lower tonnage. I guess I'm just, like, are you expecting throughput next quarter to be up from where you are? I mean, you're halfway through the quarter at this point, so can you let us know how it's going at PV?

[Tim Cribb, COO for North America at Barrick]

Yeah. Throughput continues to increase over the year. I mean, I think your observation is exactly correct. It's about understanding that so that we can work out where we need to invest to either de-bottleneck the throughput or if the recovery at the throughput rate we run through. I think it's a correct observation and we continue to push throughput this quarter and into Q3 as well.

[Anita Soni, Analyst at CIBC World Markets]

Okay. Just a quick question on, could you just give us the key drivers of where you're seeing the production improve quarter-over-quarter from Q1-Q2 so we have an idea of which, you know, what the driver, like, which assets and what's driving that?

[Mark Hill, President and CEO at Barrick]

I think-

[Anita Soni, Analyst at CIBC World Markets]

Not every asset, but just maybe the movers. Yeah.

[Mark Hill, President and CEO at Barrick]

No, no. We see obviously improvements across the board as we go into the fourth quarter. Anita, a lot of that is just due to the fact, which I'm going to try and change this, where we punt all the maintenance and shutdowns into the first half of the year to try and bolster the fourth quarter, which I'm sure we're not the only ones who do that. As far as other changes maybe down in the weeds a bit, let me just ask each of the COOs to give you an answer. Can we start with you, Seb, if there's obviously Loulo-Gounkoto ramp up. Is there anything else Anita should know?

[Sebastiaan Bock, COO for Africa and Middle East at Barrick]

No. I think you'll see most of the sites, especially Kibali, we're also, you'll start seeing production improve. There's been a lot of, you know, some maintenance work in this first quarter. But Loulo and Gounkoto for us really, as you say, is the key one.

[Mark Hill, President and CEO at Barrick]

Okay. Tim?

[Tim Cribb, COO for North America at Barrick]

The key for us is that we keep continuing the Goldrush underground expansion. You'll see Cortez with that first quarter, and that's really the key driver there as we deliver that body of work.

[Mark Hill, President and CEO at Barrick]

Okay. Jay, Porgera has obviously improved.

[Company Representative at Barrick]

Exactly. Porgera experienced a challenging first quarter due to some sort of one-off events and also planned maintenance. We should see an uptick for Q2. And for Valeero should be broadly in line. No, no big change.

[Mark Hill, President and CEO at Barrick]

Yeah. For Ibero, mate, just so we're clear, because we do pull some ounces forward, as you would've seen, into Q1. It's just we're drawing down inventory on that pad. We'll have to pay for that in Q2 with Ibero.

[Anita Soni, Analyst at CIBC World Markets]

My final question. There was some a press release, I guess, came out April 28, update on the IPO process. I was intrigued by your comment about or commentary about bringing discussions on bringing Fourmile in into the fold, I guess. I'm not sure if it said earlier than planned or not, or maybe I was just reading into that and hoping for that. Could you give some color on what exactly, like how does Fourmile fit in? What are the nature of the discussions with Newmont at this stage?

[Mark Hill, President and CEO at Barrick]

Sure. Look, the relationship with Newmont has, well, completely changed. One of the things we did offer Newmont is, look, come in and have a look at Fourmile early, because eventually it has to come in the joint venture and Newmont will be part of that. The trigger, as you point out, is not now. It's not till, I think, the feasibility in 2029, where we have to actually reach agreement. They're seeing no reason to not give them full access to the data. We can have a discussion going forward about how we wanna manage it. They're still going through that data, so I really haven't got an update past that.

[Anita Soni, Analyst at CIBC World Markets]

I guess I was wondering, is there any possibility of it coming into the fold earlier than the feasibility study? You mentioned the PFS is due in or it will be done in 2028. I'm curious as to whether or not you can come to an agreement to bring it forward.

[Mark Hill, President and CEO at Barrick]

I mean, if we can reach an agreement, I mean, we would bring it in for sure. I mean, that's not an easy question to answer because obviously it's at PEA level who's comfortable on which parts of it and we'll have that discussion. Like I said, though, it will be an open discussion, and we'll just see if we can bring it in early, we will. If we can't, we'll leave it as per the current agreement.

[Anita Soni, Analyst at CIBC World Markets]

I will stop there and hopefully Tanya can get on and probably ask a question around the around the audit that Newmont is doing. Thanks.

[Mark Hill, President and CEO at Barrick]

Actually, operator, I have, Tanya. I've got your actual email. I'm not sure. Do you wanna try once more to see if you can actually ask the question? Otherwise, I'll read them out.

[Operator]

Sure. Tanya Jakusconek, you are allowed to speak now. Please go ahead and unmute yourself.

[Tanya Jakusconek, Analyst at Scotiabank]

Can you hear me now?

[Mark Hill, President and CEO at Barrick]

I can hear you now. Thank goodness. I thought you were going to get a complex in there.

[Tanya Jakusconek, Analyst at Scotiabank]

Oh, my God. Things are fine here. Oh, my goodness. Okay. Man, I feel like I've, you know, what's his name? Tom Hanks says, "Yes, Houston, we make contact here." Okay. All right. Thank you for trying to take comms. First of all, I do want to say, Mark, congrats on improving the safety at Nevada Gold Mines. I'm assuming that's a majority there. One of my first questions on Nevada Gold Mines is, you've seen that improvement in productivity. Have you also seen an improvement in the turnover?

[Mark Hill, President and CEO at Barrick]

That's a good question. The turnover hasn't changed as far as I am. I'm looking at Wessel and Tim, they're nodding. I think the Well, I'm just gonna say it. I think the morale and the excitement about NGM and where it's going is definitely evident on the ground. I mean, I was there actually with Natasha last week, and we went and did a line out, and everyone seems focused. I would hope that turnover number, I think, starts to improve, but no, it hasn't as yet.

[Tanya Jakusconek, Analyst at Scotiabank]

Can you remind me, was it 5%? Was that 5%?

[Mark Hill, President and CEO at Barrick]

Sorry, Tanya, I had trouble hearing you. I thought it was 12%, or is it 12% or 14%, Tim?

[Tim Cribb, COO for North America at Barrick]

14%.

[Mark Hill, President and CEO at Barrick]

14%.

[Tanya Jakusconek, Analyst at Scotiabank]

Okay. Okay. Thank you for that. Again, at Nevada Gold Mines, and I know I need to ask on bringing Newmont in earlier for Mali once it's included in stock. Is there anything in, you know, in your discussions with them, I know that you only have a PEA and, you know, they like to have a feasibility study 'cause you need to have reserves, I guess, for, you know, U.S. GAAP for them to kind of do any calculations. Is there a way that this could be also brought in, you know, over a period of time? Is that an option as well?

[Mark Hill, President and CEO at Barrick]

Actually, Tanya, I'm not sure. Like, I think Sorry, look, I don't wanna speak on behalf of Newmont either here, so I need to be a bit careful. Like I said, they have all the information now, including all the financial models. If we can bring it in early, I can't see how that is not a benefit to both of us. I really can't say much more than that, and I certainly can't speak to what they're thinking at this stage.

[Tanya Jakusconek, Analyst at Scotiabank]

Okay. Thank you for that. If I could ask on just Mali, you know, obviously a lot of, country, in-country issues that are occurring there, and I keep getting asked on the impact to you and your operations, supplies and other. Can you just give us an update on anything, any impacts that are happening to you because of, you know, country issues versus your own, you know, how you're doing your mine plans?

[Mark Hill, President and CEO at Barrick]

Sorry, Tanya. You're talking just specifically Mali, yes?

[Tanya Jakusconek, Analyst at Scotiabank]

Yes. Just specifically Mali.

[Mark Hill, President and CEO at Barrick]

Okay. Look, I'll start off, and then I'll gonna hand over to Seb. Obviously we've had a good run, as you've seen. We've been unimpeded in getting this thing up and running, which was a pleasant surprise. The roadblocks or the difficulties that Seb's facing, actually I'll hand over to Seb and let him speak for himself if there's anything he wants to highlight.

[Sebastiaan Bock, COO for Africa and Middle East at Barrick]

Look, Tanya, we haven't had any impact on our operations. Our supply chain is coming through Senegal, it doesn't really impact us, the roadblocks that's into Bamako. We've got at least five months of supplies on, you know, our key inventory holdings. Most of our contractors are local. Really, diesel's also not been an issue. We've secured about three months of stock, which with a strong pipeline. We're operating as normal at the moment, and there's been no impact.

[Tanya Jakusconek, Analyst at Scotiabank]

Okay. Mark, if I could just ask my final question, just on the IPO of the North American asset. Can you just review with us the timeline of all of the documentations that are required, sort of the timeline that you need them all filed and available to the public, so that you can make your year-end deadline? If we don't have it by X, you know, date, then do we slip into 2027? I'm just trying to understand documents that we need, I think audited, your financials, et cetera, and when do we get this in the market.

[Mark Hill, President and CEO at Barrick]

Okay, Tanya, look, obviously I know the high-level timeline, but let me hand it over to George, and he can probably give you a bit more granular detail.

[George Joannou, Chief Development Officer at Barrick]

Hey, Tanya. How are you?

[Tanya Jakusconek, Analyst at Scotiabank]

Okay.

[George Joannou, Chief Development Officer at Barrick]

All right. Just in terms of answering your question. We need to file with the SEC. We need to file with TSX. Those, you know, I know it's Australian, but our advisors tell me that I can't say much. Effectively what we're looking at is we'll be public sometime late in the summer, which then allows us to access the market in the fall, which is why we're confident that we can do this by year-end this year. Just to be clear, we've been working since the board gave us the approval at the last board meeting. We've been working on these documents. Like you said, the financials, et cetera, those have all been done. We're in the process of filing all of that. Like I said, it will be done by late summer.

[George Joannou, Chief Development Officer at Barrick]

You'll have all the information. We'll be able to answer all the questions.

[Tanya Jakusconek, Analyst at Scotiabank]

Am I correct that you need for your financial, you need to file technical reports on the Batagay mine, Fourmile, and Pueblo Viejo again? Is that correct assumption?

[George Joannou, Chief Development Officer at Barrick]

That's correct. The team has done like the perimeter is obviously, yeah, NGM, PV, plus Fourmile. That's what the financials will reflect.

[Tanya Jakusconek, Analyst at Scotiabank]

I look forward to getting those documents. Thank you for taking my questions, and thank you for your patience.

[Mark Hill, President and CEO at Barrick]

Thanks, Tanya. I'll see you from here.

[Operator]

Our next question comes from Martin Pradier at Veritas. Your line is open. Please unmute and ask your question.

[Martin Pradier, Analyst at Veritas]

Can you hear me?

[Mark Hill, President and CEO at Barrick]

Yeah, we can hear you, Martin.

[Martin Pradier, Analyst at Veritas]

Perfect. Can you explain how the equity pickup in Kibali was $204 million in Q1? This is similar to the equity pickup in the whole year, 2025.

[Mark Hill, President and CEO at Barrick]

I'm not sure I understand that question. Seb, can you answer that?

[Sebastiaan Bock, COO for Africa and Middle East at Barrick]

Sorry, just repeat it. I didn't get that.

[Mark Hill, President and CEO at Barrick]

No, I'm sorry. Can you hear okay?

[Martin Pradier, Analyst at Veritas]

The equity pickup in Q1 2026 for Kibali was $204 million, which is similar to the equity pickup that you had in the full 2025. What happened? I mean, it's much higher than the same quarter last year. What happened there? Is there any extraordinary things?

[Sebastiaan Bock, COO for Africa and Middle East at Barrick]

No. I mean, there's nothing extraordinary. I think, what I would suggest is to send us an email so that we can understand exactly what you, what you're pointing to.

[Mark Hill, President and CEO at Barrick]

Sorry, Bruce, do you wanna comment? He's not online. Okay. Sorry, Martin. Can we come back to you on that?

[Martin Pradier, Analyst at Veritas]

Yeah, sure.

[Mark Hill, President and CEO at Barrick]

I'm sorry, Helen.

[Martin Pradier, Analyst at Veritas]

Understood.

[Mark Hill, President and CEO at Barrick]

Hang on just one minute, Martin.

[Helen Cai, SEVP and CFO at Barrick]

Yeah. This is mainly the reversal of the super profit tax. That is our current answer to you. If there's anything more, we'll follow up with you offline.

[Martin Pradier, Analyst at Veritas]

The reversal of what?

[Helen Cai, SEVP and CFO at Barrick]

Super profit tax.

[Mark Hill, President and CEO at Barrick]

I can say.

[Martin Pradier, Analyst at Veritas]

Okay. How big that was?

[Mark Hill, President and CEO at Barrick]

I don't know, Martin. Look, can we follow up offline, I think, and we'll get you?

[Martin Pradier, Analyst at Veritas]

Okay. Fair enough. Fair enough. Maybe it is too detailed. That is fine. Thank you.

[Mark Hill, President and CEO at Barrick]

Oh, it's not too detailed. I just don't know the answer.

[Operator]

Our next question comes from Steven Green with TD Securities. Your line is open. Please unmute and ask your question.

[Steven Green, Analyst at TD Securities]

Yeah. Good morning, everyone. Just a quick follow-up. I guess this one's for Helen, regarding the NCIB. Are there any restrictions in buying back shares once the IPO process is underway?

[Helen Cai, SEVP and CFO at Barrick]

Hi. Thank you for your question. Yes, there will be like a period, according to all the regulations. Our buyback will be executed only when it is regulatory possible.

[Steven Green, Analyst at TD Securities]

Okay, great. Thank you.

[Helen Cai, SEVP and CFO at Barrick]

Thank you.

[Operator]

Our next question comes from Brian MacArthur at Raymond James. Your line is open. Please unmute and ask your question. Brian, your line is open. Please go ahead and unmute and ask your question.

[Mark Hill, President and CEO at Barrick]

It seems we have the same problem again, Brian. You're welcome to email the question, and we'll answer.

[Brian MacArthur, Analyst at Raymond James]

Sorry. Hi, Mark. Can you hear me?

[Mark Hill, President and CEO at Barrick]

I can hear you now, Brian. Yes.

[Brian MacArthur, Analyst at Raymond James]

Sorry about that. I'm just having a hard time here too. I'm just following up on one of your earlier questions about non-core assets. You mentioned Porgera. Is there anything on the copper side historically with some discussion that over time Porgera might be potentially divested? Can you comment on that at all, please?

[Mark Hill, President and CEO at Barrick]

Yeah. There's no, Brian, there's no process or anything going on at the moment to divest or sell the partner.

[Brian MacArthur, Analyst at Raymond James]

Thanks very much.

[Mark Hill, President and CEO at Barrick]

Thanks, Brian.

[Operator]

That concludes our Q&A session for today. Back to Cleve for any closing remarks.

[Cleve Rueckert, Head of Investor Relations at Barrick]

Great. Thank you everyone for joining us today. We look forward to speaking with you again on our second quarter results call in August. As always, please get in touch with us if you have any further follow-up questions. Thanks.

[Mark Hill, President and CEO at Barrick]

Thank you. Cheers.

Participants

Analysts

• Anita Soni, Analyst at CIBC World Markets
• Bennett Moore, Analyst at JPMorgan
• Brian MacArthur, Analyst at Raymond James
• Cleve Rueckert, Head of Investor Relations at Barrick
• Daniel Major, Analyst at UBS
• George Joannou, Chief Development Officer at Barrick
• Helen Cai, SEVP and CFO at Barrick
• Josh Wolfson, Analyst at RBC
• Mark Hill, President and CEO at Barrick
• Martin Pradier, Analyst at Veritas
• Sebastiaan Bock, COO for Africa and Middle East at Barrick
• Steven Green, Analyst at TD Securities
• Tanya Jakusconek, Analyst at Scotiabank
• Tim Cribb, COO for North America at Barrick
• Company Representative at Barrick