Gold.com NYSE: GOLD reported a stronger first quarter for 2026, with executives saying improved operating performance, higher gold prices and cost discipline contributed to a sharp rise in cash flow and earnings.
President and CEO Mark Bristow said the company made progress against four priorities set for the year: safety, operational delivery, organic growth and the planned initial public offering of its North American gold assets. “It was the second quarter in a row of improved delivery across the board,” Bristow said.
The company produced 719,000 ounces of gold in the quarter, above guidance and up 4% from a year earlier. Bristow attributed the increase to a 10% year-over-year rise in North American production and strong performances at Veladero and Loulo-Gounkoto. Copper production totaled 49,000 tons, in line with plan, and rose 11% from the prior year.
Bristow said gold costs came in better than planned, reflecting cost control and efficiencies in mining and processing. Copper C1 cash costs were also lower than plan.
Cash Flow Rises as Balance Sheet Strengthens
Senior EVP and CFO Helen Cai said the quarter reflected “strong earnings quality with strong cash conversion,” adding that the higher gold price amplified improvements already occurring in the business.
According to Cai, gold production from continuing operations rose 4% year-over-year, while the company’s realized gold price increased 66%. Adjusted net earnings rose 173%, and attributable EBITDA increased 103%. Bristow said attributable EBITDA doubled year-over-year at a much higher margin, while free cash flow increased 320% to $1.6 billion.
Cai said attributable free cash flow, which the company uses as the basis for its dividend policy, increased 195% to $1.2 billion. The company ended the quarter with $2.4 billion of net cash, an undrawn $3 billion revolving credit facility and no meaningful debt due until 2033.
The board announced a quarterly dividend of $0.175 per share and authorized a $3 billion share buyback. Cai said Barrick has returned $7.9 billion to shareholders since 2021, including $697 million in the first quarter of 2026 and $2.4 billion in 2025. During the Q&A session, Cai said the buyback would be executed when permitted under regulatory rules and would not affect the company’s dividend framework.
Safety Remains a Major Focus
Bristow said safety performance “has not been where it needs to be,” but reported progress in the first quarter after the company shifted its focus in late 2025 toward identifying and eliminating risks that could lead to serious injuries and fatalities.
He said there was a meaningful reduction in significant and high-severity injuries in the quarter, with 63% of all injuries classified as minor. Lost-time injuries declined, and leaders across the company, including members of the executive committee, are spending more time in the field focused on 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,” Bristow said.
North America and Loulo-Gounkoto Drive Operating Performance
North America remained the largest contributor to results. Bristow said Nevada Gold Mines and Pueblo Viejo both posted year-over-year growth and together accounted for 57% of attributable EBITDA at a margin of nearly 70%.
At Nevada Gold Mines, productivity improvements continued through the quarter. Bristow said the Carlin, Cortez and Circle Ridge underground mines delivered their highest tonnages since the joint venture was formed, putting the operation on track for record underground tons mined this year. The Carlin roasters achieved their highest first-quarter production since 2022, while the Sage Orbit lab recorded its highest quarterly throughput since 2021.
In response to a question from Scotiabank’s Tanya Jakusconek, Bristow said employee turnover at Nevada Gold Mines had not yet improved and was about 14%, though he said morale and focus at the operation appeared stronger.
Loulo-Gounkoto also outperformed its restart plan. Bristow said mining and processing ramped up ahead of schedule, and the operation made an earlier-than-expected contribution to quarterly attributable EBITDA. In response to questions from RBC’s Josh Wolfson and Scotiabank’s Jakusconek, executives said Loulo-Gounkoto is expected to reach full potential by the end of the year and has not been affected by broader country issues in Mali. Management said the site has at least five months of key supplies and about three months of diesel stock.
Growth Projects Advance, Reko Diq Under Review
Bristow said the Lumwana copper expansion in Zambia remains on track toward the lower end of 2026 capital guidance and within the original $2 billion budget. The expansion is expected to raise mill throughput from 27 million tons to 52 million tons per year and increase annual copper production from 117,000 tons to 240,000 tons. First copper from the expansion is expected in the first quarter of 2028.
The Fourmile project in Nevada also continued to advance, with drilling continuing through the winter. Bristow said the company plans to expand drilling in 2026 and complete prefeasibility studies by 2028. He said Newmont, Barrick’s partner at Nevada Gold Mines, has been given access to Fourmile data as part of discussions about how the project may ultimately fit into the joint venture.
On Reko Diq, Bristow told UBS analyst Daniel Major that the project budget remains intact while the company conducts a 12-month review. He said the company is dealing with contractor issues, including force majeure notices tied to security concerns in the region, and is working with the Pakistan government. Bristow said the review run rate is roughly $20 million per month.
Guidance Unchanged and IPO Timeline Reaffirmed
The company left its 2026 production and cost guidance unchanged. Bristow said second-quarter gold production is expected to range from 730,000 to 770,000 ounces, above the first-quarter level, with higher gold production expected in the third and fourth quarters. Copper production is expected to be higher in the second half than in the first half.
Bristow also reaffirmed that the planned IPO of North American gold assets remains on track for completion by the end of 2026. In the Q&A session, George, a company executive, said filings with the SEC and TSX are expected to be public by late summer, allowing the company to access the market in the fall. The planned perimeter includes Nevada Gold Mines, Pueblo Viejo and Fourmile.
“Barrick historically has been criticized for not delivering on its commitments,” Bristow said near the end of the call. “This is the second quarter that we have delivered on all of our commitments to our shareholders.”
About Gold.com NYSE: GOLD
A-Mark Precious Metals, Inc, together with its subsidiaries, operates as a precious metals trading company. It operates in three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. The Wholesale Sales & Ancillary Services segment sells gold, silver, platinum, and palladium in the form of bars, plates, powders, wafers, grains, ingots, and coins. This segment also offers various ancillary services, including financing, storage, consignment, logistics, and various customized financial programs; and designs and produces minted silver products.
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