Canada's Barrick Mining Q1 revenue surges, adjusted EPS beats expectations

Barrick Mining

11/05/2026 11:12

Overview

Canada mining giant's Q1 adjusted EPS rose 180% yr/yr, beating analyst expectations

Q1 revenue increased 67% yr/yr, driven by higher gold production and prices

Company announced $3 bln share buyback program and quarterly dividend

Outlook

Barrick expects Q2 gold production of 730,000–770,000 ounces

Company maintains 2026 gold production guidance of 2.90–3.25 mln ounces

2026 copper production guidance unchanged at 190,000–220,000 tonnes

Result Drivers

GOLD PRODUCTION OUTPERFORMANCE - Gold output exceeded guidance, driven by strong performance at NGM and Veladero, and ramp-up at Loulo-Gounkoto

HIGHER GOLD PRICE - Higher realized gold price contributed to increased earnings and cash flow

OPERATIONAL EFFICIENCIES - Gold costs per ounce were better than plan, attributed to efficiencies in mining and processing

Company press release: ID:nGNX4s2Vlt

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenues
Beat
$5.22 bln
$4.53 bln (2 Analysts)
Q1 Adjusted EPS
Beat
$0.98
$0.78 (9 Analysts)
Q1 Adjusted Net Income
$1.65 bln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the gold peer group is "buy"

Wall Street's median 12-month price target for Barrick Mining Corp is C$86.00, about 45.6% above its May 8 closing price of C$59.05

The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 13 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)