Barrick Mining stock weighs earnings growth against rising costs

Barrick Mining Corporation reported stronger third-quarter results on Monday, November 9, 2026, but higher mining costs kept pressure on the operating picture. In its third-quarter results release, the company said revenue rose 22 percent year over year to 5.07 billion US dollars for the period ended September 30.

Profit growth faces rising costs

Adjusted net earnings increased 37 percent to 1.35 billion US dollars, lifting adjusted earnings per share 41 percent to 0.82 US dollars. Reported net earnings rose 1 percent to 1.32 billion US dollars, or 0.80 US dollars per share.

Gold production reached 816,000 ounces, up 3 percent from the second quarter but below the year-earlier level. Barrick cited extreme weather at Veladero and delayed access to higher-grade material at North Mara. The company expects that material to become available in the fourth quarter.

Cost inflation remains the main counterweight to the earnings advance. Gold all-in sustaining costs increased 24 percent year over year to 1,911 US dollars per ounce, compared with 1,538 US dollars a year earlier. Barrick pointed to lower grades, higher royalties, diesel prices and increased sustaining capital spending.

Guidance remains unchanged

Barrick retained its 2026 production outlook of 2.90 million to 3.25 million ounces of gold and 190,000 to 220,000 tonnes of copper. Gold all-in sustaining cost guidance also stayed at 1,760 to 1,950 US dollars per ounce. Management expects fourth-quarter gold production to be slightly higher than in the third quarter, while stockpiled material should support copper output at Lumwana.

Barrick Mining stock traded at 36.33 euros on Lang & Schwarz at 16:12 CET on Tuesday, November 10, 2026.

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