Toronto, May 11, 2026, 16:19 (EDT)
- Barrick topped first-quarter profit forecasts, with record gold prices offsetting a dip in production. The miner also announced a $3 billion share buyback alongside the results.
- The company left its full-year production and cost outlook steady, with the North American Barrick IPO still aimed for year-end, it said.
- Barrick shares in Toronto jumped 9.06% to close at C$64.40, putting the miner among Monday’s top performers in Canada.
Barrick Mining Corp topped analysts’ profit forecasts on Monday, thanks in part to record gold prices boosting earnings, even though output fell. The company also greenlit a buyback program of up to $3 billion—a notable capital return.
Timing is key here. Gold miners face scrutiny to prove this year’s bullion surge delivers more than just shiny numbers—investors want cash, dividends, fewer shares. Barrick framed the buyback as a way to hand money back to shareholders while it gears up for a U.S. listing of North American Barrick.
The IPO would open a clearer path for investors into Barrick’s North American holdings. It’s also shaping up as a test case for Barrick—can it finally close the valuation gap that’s trailed big diversified miners with stakes in riskier regions?
Barrick posted $5.22 billion in revenue for the quarter ended March 31, generating operating cash flow of $2.55 billion and attributable free cash flow at $1.21 billion. Net earnings landed at 96 cents per share, with adjusted earnings reaching 98 cents—well past the 78 cents analysts surveyed by LSEG were looking for.
Barrick turned out 719,000 ounces of gold, marking a 5% drop versus the same period last year, though the average realized price climbed to $4,823 an ounce. All-in sustaining costs slipped 4% to $1,708 an ounce, according to Reuters.
Chief Executive Mark Hill called it “another strong quarter” to kick off the year. Barrick’s gold production in the first quarter topped its guidance, with the company crediting output at Nevada Gold Mines, Veladero, and a quicker ramp-up at Loulo-Gounkoto in Mali. Barrick Mining Corporation
The board approved a quarterly dividend of 17.5 cents per share, set for payout on June 15 to holders of record as of May 29. Barrick’s policy aims for a total payout matching 50% of attributable free cash flow annually, combining a set base dividend with a potential top-up at year-end.
Hill told analysts Barrick wants to concentrate growth in “more stable areas” and seek “more certainty around the mining regime.” He didn’t mention any countries by name. Reuters, though, has reported Barrick is weighing strategic moves for its Mali assets and may consider Porgera in Papua New Guinea—where it holds a minority stake—as non-core. Reuters
BMO’s Matthew Murphy called it a strong kickoff to the year for Barrick, citing a free cash flow beat and solid results in North and Latin America, despite a miss from the African portfolio. Costs landed lower than projected, which cushioned the softer production numbers, he noted.
This isn’t just a one-off for the sector. Last month, rival Newmont topped first-quarter profit expectations as well—record gold prices made up for weaker production, showing just how tied this round of earnings is to bullion staying high.
Commodities gave Canadian stocks a boost. The S&P/TSX composite index was up close to a three-week high earlier Monday, lifted by gains across materials, gold, and energy names. Michael Dehal of Dehal Investment Partners flagged a risk: without a peace deal, drawn-out strikes could put more pressure on equities, thanks to the inflation threat.
There’s a catch: investors may not see the full cash return, and a rising gold price could end up driving more of the upside than improvements in Barrick’s own operations. The company made clear that the buyback plan isn’t a commitment to actually repurchase shares. Barrick’s own disclosures pointed to the usual risks—volatile commodity prices, regulatory shifts, operational hiccups, and supply chain snags could all alter the picture.
The guidance hasn’t changed. Barrick is looking for gold production of 730,000 to 770,000 ounces in the second quarter and says output should climb in the back half of the year. That puts the spotlight on whether the profit beat was purely a function of gold prices, or if there’s something more.
