Barrick Mining Corp. (NYSE:B) stock fell Monday despite better-than-expected second-quarter results and a $1.95 billion payment from Newmont Corp. (NYSE:NEM) to settle disputes involving their Nevada Gold Mines joint venture.
The decline may reflect profit-taking after Barrick shares rallied nearly 30% since mid-July. Despite Monday’s pullback, the stock remains up 78.06% over the past 12 months.
Earnings Snapshot
Barrick reported second-quarter adjusted earnings of 82 cents per share, beating the analyst estimate of 78 cents. Revenue of $5.29 billion topped the $4.53 billion consensus estimate, helped by higher realized gold and copper prices.
Operating cash flow rose 28% year over year to $1.70 billion. Net earnings increased 50% to $1.22 billion.
Barrick repurchased $1.2 billion of shares during the quarter. Total shareholder returns reached $1.50 billion, up 242% from a year earlier.
The company also declared a second-quarter dividend of 17.5 cents per share. The dividend is payable Sept. 15 to shareholders of record Aug. 31.
Gold Production Tops Guidance
Gold production rose 11% from the first quarter to 796,000 ounces, exceeding Barrick’s guidance of 730,000 to 770,000 ounces.
The increase reflected an earlier-than-expected ramp-up at Loulo-Gounkoto, a faster recovery at Pueblo Viejo following first-quarter maintenance and record underground tonnes at Cortez as Goldrush ramps up.
Gold cost of sales increased to $1,993 per ounce from $1,654 a year earlier. Barrick cited lower grades at Carlin, Cortez and North Mara, higher fuel costs and increased royalties tied to stronger gold prices.
Fuel has emerged as an added industry headwind as the U.S.-Israeli conflict with Iran disrupts oil flows and keeps energy prices elevated, Reuters reported.
Total cash costs rose to $1,426 per ounce from $1,239, while all-in sustaining costs increased 11% year over year to $1,866 per ounce.
Copper production fell 5% year over year to 56,000 tonnes, in line with the company’s plan. Copper cost of sales increased 32% to $3.39 per pound.
C1 cash costs climbed 37% to $2.47 per pound, while all-in sustaining costs rose 36% to $3.95 per pound. Barrick attributed the increases mainly to higher royalties and fuel costs.
President and CEO Mark Hill said Barrick continued to advance its Lumwana and Fourmile growth projects. The company also invested $90 million in safety technology during the year.
Newmont To Pay Barrick $1.95 Billion
In a separate announcement Monday, Barrick and Newmont agreed to expand their Nevada Gold Mines joint venture by adding Barrick’s Fourmile project and Newmont’s Mike and Fiberline properties.
The additions will create a Nevada gold complex containing nearly 100 million ounces.
Newmont will pay Barrick a $1.95 billion cash top-up within 30 days, resolving all outstanding disputes involving Nevada Gold Mines.
Newmont also approved Barrick’s planned initial public offering of its North American gold assets. The IPO remains on track for completion by year-end, with Hill set to become CEO of the new company.
Hill said the new company will operate as a pure-play gold producer with long-life assets concentrated in lower-risk jurisdictions.
During the earnings call, Barrick Mining said the planned initial public offering of its North American gold assets is nearing launch, with executives saying the process is “very close.”
Barrick Maintains Production Outlook, Cuts Capex
Barrick maintained its 2026 gold production guidance of 2.90 million to 3.25 million ounces.
The company expects gold cost of sales of $1,870 to $2,070 per ounce, total cash costs of $1,330 to $1,470 and all-in sustaining costs of $1,760 to $1,950. The outlook assumes a gold price of $4,500 per ounce.
Barrick also maintained copper production guidance of 190,000 to 220,000 tonnes.
The company expects copper cost of sales of $3.05 to $3.35 per pound, C1 cash costs of $2.20 to $2.45 and all-in sustaining costs of $3.45 to $3.75. The guidance assumes a copper price of $5.50 per pound.
Barrick’s 2026 cost outlook assumes West Texas Intermediate crude oil at $70 per barrel.
The company lowered its 2026 attributable capital spending forecast to $3.8 billion to $4.2 billion from $4.0 billion to $4.45 billion, mainly reflecting lower planned spending at Reko Diq.
B Price Action: Barrick Mining shares were down 7.33% at $41.21 at the time of publication on Monday, according to Benzinga Pro data.
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