Barrick Mining Corporation reported a 22% increase in third-quarter revenue as realized gold and copper prices rose. Attributable free cash flow fell 44% to $642 million; attributable gold production declined and gold costs increased.
Revenue totaled $5.073 billion for the quarter ended Sept. 30. Barrick produced 816,000 ounces of gold and 50,000 tonnes of copper. Attributable gold production was down 2% from a year earlier, while output excluding divested assets rose 6%.
Net earnings increased 1% to $1.317 billion. Diluted earnings rose 5% to $0.80 per share. Adjusted net earnings were $1.347 billion, and adjusted earnings reached $0.82 per share, up 41% year over year.
The company recorded a realized gold price of $4,243 per ounce, 23% higher than a year earlier, and a realized copper price of $6.54 per pound, up 49%. Gold all-in sustaining costs (AISC) reached $1,911 per ounce, 24% above the year-earlier level of $1,538. Barrick said lower ore grades, royalties that rose with gold prices, diesel expenses and increased spending on sustaining capital contributed to the higher cost. Productivity improvements eased some of the pressure.
Barrick linked lower gold production chiefly to severe weather at Veladero and delayed access to higher-grade material at North Mara. The company expects to reach that material in the fourth quarter. It also reported record quarterly performance at Carlin’s Gold Quarry roaster, continued ramp-up at Goldrush and higher production at Loulo-Gounkoto than in the second quarter.
Operating cash flow reached $2.489 billion, while attributable adjusted EBITDA totaled $2.475 billion, up 22% year over year. Attributable free cash flow was $642 million, down 44%.
Barrick maintained its 2026 guidance of 2.90 million to 3.25 million ounces of gold and 190,000 to 220,000 tonnes of copper. It repurchased $761 million of shares during the quarter and declared a quarterly dividend of $0.175 per share, payable Dec. 15 to shareholders of record Nov. 30.
Barrick President and CEO Mark Hill said the quarter marked “a full year of consistent delivery.” The company scheduled its results webcast for 11 a.m. ET Monday, Nov. 9.
