Barrick Mining: Q1’26 earnings beat on higher gold sales. No Q1 buyback, but new $3bn authorized

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Barrick Mining: Q1’26 earnings beat on higher gold sales. No Q1 buyback, but new $3bn authorized

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Barrick Mining

Q1’26 earnings beat on higher gold sales.

No Q1 buyback, but new $3bn authorized

Maintain Rating: BUY | PO: 58.00 USD | Price: 43.13 USD

Q1’26 gold unit cash costs also better than expected 11 May 2026 Corrected

Barrick (B) reported strong Q1’26 results with adjusted consolidated EBITDA beating Equity

BofAe, Visible Alpha (VA) consensus, and Bloomberg (BBG) consensus. Adjusted EPS also

beat. Versus BofAe, gold sales beat, and gold unit costs were below forecast. Q1’26 gold LawsonResearch Winder,Analyst CFA >>

production volumes were in-line to slightly better. The 2026 guidance ranges were Merrill Lynch (Canada)

+1 416 369 7592

reaffirmed. B repurchased no shares in Q1 (vs. $500m in Q4’25), but today, announced lawson.winder@bofa.com

Board authorization for a new $3 billion (bn) buyback. Q1’26 free cash flow (FCF) was a Sathish Kasinathan

solid $1,575 million (m). We like B for its quality asset-base, exploration potential, a Research Analyst

BofAS

prospective operating turnaround, and possible strategic value creation. Maintain Buy. +1 646 855 2769

sathish.kasinathan@bofa.com

Adam Smiarowski, CFA >>Q1’26 adjusted EPS beat driven by higher gold sales Research Analyst

B reported Q1’26 adjusted EPS of $0.98, a beat vs BofAe at $0.74 and BBG / VA at Merrill Lynch (Canada)

$0.80/$0.83 consensus. Attributable gold production of 719koz was largely in-line with +1adam.smiarowski@bofa.com416 369 7780

BofAe at 714koz but above BBG/VA at 683koz/692koz. However, gold sales of 748koz

were 5% above BofAe at 714koz mainly due to higher sales at Kibali/other African mines

and were 8% above BBG/VA both at 694koz. Q1’26 gold total cash costs (TCC) were