Barrick Mining (ABX) investor relations material

Executive summary

• Q1 2026 delivered strong operational and financial performance, with gold production reaching 719,000 ounces, exceeding guidance, and copper production at 49,000 tonnes, up 11% year-over-year, driven by North America, Veladero, and Loulo-Gounkoto.

• Attributable EBITDA doubled year-over-year to $2.76 billion, and free cash flow rose up to 320% to $1.6 billion.

• Net earnings rose 238% to $1.60 billion, with net earnings per share up 256% year-over-year.

• Advanced key growth projects at Pueblo Viejo, Lumwana, and Fourmile, and progressed the planned North American gold assets IPO, targeted for completion by year-end.

• Safety performance improved, with a reduction in significant injuries and increased executive engagement, though further progress is needed.

Financial highlights

• Revenues for Q1 2026 were $5.22 billion, up 67% year-over-year.

• Adjusted net earnings increased 173% year-over-year to $1.65 billion; attributable EBITDA up 103% to $2.76 billion.

• Attributable free cash flow rose 195% year-over-year to $1.21 billion.

• Ended Q1 with $2.4 billion net cash and an undrawn $3 billion credit facility.

• Announced a $0.175/share quarterly dividend and a $3 billion share buyback.

Outlook and guidance

• 2026 production and cost guidance reaffirmed; gold production expected at 2.90–3.25 million ounces and copper at 190,000–220,000 tonnes.

• Q2 gold production expected at 730,000–770,000 ounces, with higher output in Q3 and Q4.

• Gold cost guidance for 2026: COS $1,870–$2,070/oz, TCC $1,330–$1,470/oz, AISC $1,760–$1,950/oz.

• Capital expenditures for 2026 expected at $4.0–$4.45 billion.

• North American gold assets IPO on track for completion by year-end 2026.