Barrick reports Q3 revenue up 22%, reiterates 2026 gold and copper output guidance

Barrick Mining Corporation reported third-quarter results on Monday, November 9, 2026, showing revenue up 22% year over year to $5.07 billion on higher realized gold prices, while production costs rose sharply and revenue fell short of analyst estimates. The Toronto-based gold and copper miner said it remained on track to meet its full-year production guidance.

Revenue rise on higher metal prices, with estimates missed

Revenue increased 22% year over year to $5.07 billion, which the company attributed to higher realized gold prices, partly offsetting lower year-over-year production volumes. Net earnings rose 1% to $1.32 billion, or $0.80 per share, while adjusted net earnings per share, a non-GAAP measure Barrick said it uses, increased 41% to $0.82. Adjusted net earnings rose 37% to $1.35 billion, and attributable adjusted EBITDA rose 22% to $2.47 billion.

The size of the revenue miss was reported differently across outlets. One report put Wall Street expectations at $5.13 billion, another at $5.302 billion, and a third said revenue fell short of a $5.13 billion estimate. Estimates for adjusted EPS also differed: two reports said $0.82 exceeded consensus estimates of $0.79, while another said the result missed an analyst estimate of $0.85. An Associated Press earnings snapshot said adjusted earnings of 82 cents topped the expectations of five analysts surveyed by Zacks Investment Research, which averaged 74 cents per share.

Gold and copper output, and why attributable volumes fell

Barrick produced 816 thousand ounces of gold and 50 thousand tonnes of copper in the quarter. Gold output rose 3% from the second quarter of 2026 and was up 6% year over year excluding divested assets, but total attributable gold production was 2% lower than the prior-year period. The company attributed that decline largely to extreme weather at Veladero in Argentina and delayed access to high-grade material at North Mara in Tanzania, which Barrick expects to access in the fourth quarter of 2026.

Regional output was 497 thousand ounces of gold in North America and 319 thousand ounces of gold plus 50 thousand tonnes of copper in what the company now calls Barrick International. Operational contributors cited included the continued Goldrush ramp-up at Cortez, record throughput at Carlin's Gold Quarry roaster, and a 16% sequential increase at Loulo-Gounkoto in Mali, whose ramp-up remains ahead of schedule.

Costs climbed alongside realized prices

Gold cost of sales rose to $1,950 per ounce from $1,562 a year earlier, total cash costs increased to $1,386 per ounce from $1,137, and all-in sustaining costs rose to $1,911 per ounce from $1,538. Barrick attributed the increases primarily to lower grades processed, higher royalties associated with elevated realized gold prices, and elevated diesel prices, with productivity improvements mitigating cost pressures from fuel, consumables and local currency appreciation. Copper cost of sales, C1 cash costs and AISC were reported at $3.65, $2.76 and $4.52 per pound, respectively, with the increases attributed mainly to higher diesel prices and local currency appreciation.

Guidance reiterated, capital returned, balance sheet strengthened

Barrick maintained full-year 2026 guidance of 2.90 million to 3.25 million ounces of gold, a midpoint of about 3.08 million ounces, and 190,000 to 220 thousand tonnes of copper, with the gold guidance assuming a $4,500 per ounce gold price and $70 per barrel West Texas Intermediate oil price, and the copper guidance assuming $5.50 per pound. The company also reiterated attributable capital expenditure guidance of $3.8 billion to $4.2 billion, reduced from $4.0 billion to $4.45 billion, primarily due to lower anticipated spending on the Reko Diq project, which remains under review.

The company generated $2.49 billion in operating cash flow, including $1.80 billion in attributable operating cash flow and $640 million in attributable free cash flow, and ended September with net cash of about $900 million, up from $300 million a year earlier. Barrick returned $1.04 billion to shareholders through $761 million of share repurchases under its $3 billion buyback and a quarterly dividend of $0.175 per share, payable December 15 to shareholders of record on November 30.

Market reaction and management commentary

Shares rose after the release, with reports citing gains of about 0.8% initially and 3.72% to $42.07 in regular trading at 10:44 a.m. ET on November 9, and one market note said the stock broke its 200-day moving average for the first time since September 25. The same note said Barrick shares were still about 24% below their 52-week high of $54.69, set in late January. Separately, investors were tracking Barrick's proposed IPO of its North American gold assets, which could slip to January 2027 from its original year-end target.

Mark Hill, president and CEO, said the company had improved safety, executed against plans, strengthened Nevada Gold Mines and advanced growth projects for a fourth consecutive quarter, and that it remained on track to achieve its full-year production guidance. The company said access to high-grade material at North Mara was expected in the fourth quarter of 2026.

Keywords: Barrick Mining, third-quarter results, gold production, copper production, production guidance

Tags: Barrick Mining, gold, copper, mining, earnings, Nevada Gold Mines, Reko Diq, Cortez