Barrick Mining stock weighs stronger earnings against rising costs

Barrick Mining Corporation reported stronger third-quarter earnings on Monday, November 9, 2026, as higher metal prices lifted revenue and adjusted profitability. In its third-quarter results release, the company said revenue increased 22 percent year over year to 5.07 billion US dollars for the period ended September 30.

Adjusted net earnings reached 1.35 billion US dollars, compared with 982 million US dollars a year earlier. Adjusted earnings per share rose 41 percent to 0.82 US dollars, while reported net earnings increased 1 percent to 1.32 billion US dollars, or 0.80 US dollars per share. The company generated 2.49 billion US dollars in operating cash flow and 642 million US dollars in attributable free cash flow.

Production improves sequentially

Attributable gold production rose 3 percent from the second quarter to 816,000 ounces, although it was 2 percent below the year-earlier quarter. Barrick produced 50,000 tonnes of copper, compared with 56,000 tonnes in the second quarter and 55,000 tonnes a year earlier.

Operational improvements included continued ramp-up at Goldrush in Nevada and stronger output at Loulo-Gounkoto. Barrick said extreme weather at Veladero and delayed access to high-grade material at North Mara weighed on year-on-year gold production, with the high-grade material expected to become available in the fourth quarter.

Costs remain the central test

Gold cost of sales increased to 1,950 US dollars per ounce from 1,562 US dollars in the prior-year quarter. All-in sustaining costs rose to 1,911 US dollars per ounce from 1,538 US dollars. Barrick attributed the pressure to lower grades processed, higher royalties linked to stronger realized gold prices, elevated diesel prices and higher sustaining capital spending.

The company kept its 2026 gold cost guidance unchanged, including an all-in sustaining cost range of 1,760 to 1,950 US dollars per ounce. Copper costs also rose year over year, with copper all-in sustaining costs reaching 4.52 US dollars per pound. Management said the full-year copper cost outlook remains within the existing range, although pressure from diesel, currencies, royalties and waste stripping remains relevant.

Guidance and shareholder returns

Barrick reaffirmed its 2026 production outlook of 2.90 million to 3.25 million ounces of gold and 190,000 to 220,000 tonnes of copper. The company expects fourth-quarter gold production to be slightly higher than in the third quarter, while copper output should benefit from stockpiled material at Lumwana.

The board declared a quarterly dividend of 0.175 US dollars per share, payable on December 15 to shareholders of record at the close of business on November 30. Barrick also repurchased 761 million US dollars of shares during the quarter and said it returned 1.04 billion US dollars to shareholders through buybacks and dividends.

Barrick Mining stock traded at 36.93 euros on Lang & Schwarz at 12:42 CET on Tuesday, November 10, 2026.

The broader US equity market can be followed through S&P 500 market coverage.

More reports and analysis on Barrick Mining stock are available on the company topic page.