TORONTO, August 10, 2026, 06 EDT — US regular equity trading was in the pre-market session.
- Barrick Mining fell 4.99% pre-market to $41.50 after Friday’s $43.68 close.
- Adjusted earnings were $0.82 a share, below the $0.88 LSEG consensus.
- Newmont will pay Barrick $1.95 billion under a Nevada joint-venture settlement.
Barrick Mining Corporation NYSE:B slid 4.99% before Monday’s open. Higher production costs and Mali tax penalties outweighed better gold output.
The reaction matters because a major Nevada settlement landed simultaneously. Newmont Corporation NYSE:NEM agreed to pay Barrick $1.95 billion and support its planned North American listing.
The earnings scorecard was mixed. Revenue beat the FactSet estimate, while adjusted profit missed both FactSet and LSEG expectations.
| Q2 measure | Reported | Consensus | Variance |
|---|---|---|---|
| Adjusted EPS | $0.82 | $0.88 LSEG | -6.8% |
| Revenue | $5.29 billion | $5.17 billion FactSet | +2.3% |
| Pre-market price | $41.50 | $43.68 Friday close | -4.99% |
Net earnings reached about $1.2 billion, up 50% yearly. They fell 24% from the first quarter as gold prices eased and costs increased.
That sequential decline contrasts with broadly stable revenue. Barrick had reported $5.22 billion of first-quarter sales and $1.60 billion of net earnings.
| Financial comparison | Q2 2026 | Q1 2026 | Change |
|---|---|---|---|
| Revenue | $5.29 billion | $5.22 billion | +1.3% |
| Net earnings | $1.20 billion | $1.60 billion | -25.0% |
| Adjusted EPS | $0.82 | $0.98 | -16.3% |
The table uses rounded reported figures. The 24% company comparison reflects unrounded results, while the displayed calculation rounds net earnings to two decimals.
The Nevada agreement changes Barrick’s valuation debate. Newmont consented to the IPO and Barrick will contribute Fourmile to Nevada Gold Mines.
Fourmile could eventually produce up to 750,000 ounces annually. The settlement also resolves earlier disputes between the Nevada partners.
The market’s initial arithmetic was harsher. A $2.18 share-price drop across 1.68 billion shares implies about $3.66 billion of lost equity value.
| Deal-versus-market calculation | Value | Method |
|---|---|---|
| Newmont cash payment | $1.95 billion | Announced settlement |
| Payment per Barrick share | $1.16 | $1.95bn / 1.68bn shares |
| Pre-market loss per share | $2.18 | $43.68 – $41.50 |
| Implied equity-value loss | $3.66 billion | $2.18 × 1.68bn shares |
| Loss versus payment | 1.88 times | $3.66bn / $1.95bn |
The calculation is preliminary because pre-market liquidity was thin. Google Finance showed only about 59,000 shares traded at the observation point.
Analysts entered the report with eight buy and three hold ratings. Their average 12-month target was $54.22, 24.1% above Friday’s close.
| Analyst | Firm | Recommendation | Target | Date |
|---|---|---|---|---|
| Josh Wolfson | RBC Capital | Buy, maintained | $49 | Aug. 3 |
| Alexander Hacking | Citi | Hold, maintained | $41 | July 26 |
| Bennett Moore | J.P. Morgan | Buy, maintained | $50 | July 21 |
| Richard Garchitorena | Barclays | Hold, reiterated | $39 | July 16 |
These recommendations predate Monday’s results. The $39-to-$50 range captures the split between cost concerns and potential IPO value.
Newmont shares gained 0.93% pre-market after rising 7.16% Friday. That divergence suggests investors initially assigned more value to Newmont’s expanded Nevada exposure.
Risks remain concentrated in costs, taxes and execution. Further Mali charges or weaker gold prices could delay margin recovery and reduce the IPO valuation.
Investors next face management’s 11:00 EDT webcast. They will seek cost guidance, settlement timing and the final structure of the North American listing.
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