BARRICK (+) : Strong cash generation outlook

Research evidence excerpt

BARRICK (+) : Strong cash generation outlook

EQUITIES

METALS & MINING

BARRICK OUTPERFORMPRICE* USD44.9  TARGET PRICE USD60 (UPSIDE 34%) TARGET 2%PRICE EPS 1%26e EPS 2%27e

Strong cash generation outlook

More buybacks, strong outlook on cash generation for the year14 MAY 2026

Securities Research Report Alongside results, Barrick announced a new USD 3bn buyback program (now incorporated).

Production time: 05:19* (London time) Shareholder returns have been a key focus of the last five years, having returned USD 7.9bn since

Research Analysts & Publishing Entities 2021 (buybacks, dividends and extraordinary dividends), equivalent to 11% of current market cap.

Alan Spence Elevated gold prices have left Barrick now in the enviable position of having a very strong balance

BNP Paribas London Branch sheet (USD 2.4bn net cash) and the shareholder returns framework that will target returning 50% of(+44) 203 430 8554

alan.spence@uk.bnpparibas.com FCF, of which the announced buyback is on top of that returns target.

Qiang Zeng L-G ramp quicker than expectedBNP Paribas London Branch

(+44) 207 039 9441 Loulo-Gounkoto’s production of 64koz in 1Q26 (vs 11 koz in 4Q25) surpassed both market and

qiang.zeng@uk.bnpparibas.com management’s expectation, as expressed on the results call. The operations initially focused on the

higher-grade underground ore and the processing plant ran stronger-than-expected. The mine

remains on track to return to nameplate capacity by year-end (c600koz per annum run rate).

Safety improving but still more to go

LTIFRs have trended lower over recent years from eight in 1Q24 to two 1Q26. Unfortunately, there

were still four fatalities in 2025. Acknowledged by CEO Mark Hill on the results call, things are

improving but it isn’t yet where it needs to be.