Barrick Mining (ABX) investor relations material

Executive summary

• Fourth consecutive quarter of improved safety and strong operational execution; gold and copper production and cost guidance remained on track.

• Higher realized metal prices supported revenue growth and higher adjusted earnings, while fuel, consumables, FX and weather pressured costs and production.

• Advanced Pueblo Viejo and Lumwana expansions, Nevada optimization and the planned North American gold-asset IPO.

Financial highlights

• Revenue rose 22% YoY to $5.07B; attributable adjusted EBITDA increased 22% to $2.475B.

• Net earnings attributable to equity holders were $1.317B, up 1% YoY; adjusted net earnings were $1.347B, up 37%, and adjusted EPS was $0.82, up 41%.

• Consolidated Adjusted EBITDA was $3.5B; consolidated free cash flow was $1.167B, down 21% YoY.

• Operating cash flow was $2.489B; attributable operating cash flow was $1.80B and attributable free cash flow was $642M.

• Gold production from continuing operations was 816 koz; attributable copper production was 50 kt, down 9% YoY.

Outlook and guidance

• FY26 attributable production guidance: 2.90–3.25 Moz gold and 190–220 kt copper; gold COS/TCC/AISC $1,870–$2,070/$1,330–$1,470/$1,760–$1,950 per oz, copper COS/C1/AISC $3.05–$3.35/$2.20–$2.45/$3.45–$3.75 per lb.

• Q4 gold production expected slightly above Q3; copper production expected in line with Q3. Copper costs likely at the top of guidance; full-year production and costs remain on track.

• Attributable capex guidance reduced to $3.8–$4.2B, primarily due to lower anticipated Reko Diq spending during the project review.

• Lumwana expansion remains on schedule and budget for first copper in late Q1 2028; 2026 spending expected at the lower end of guidance.

• North American gold-asset IPO targeted for 2026 or early 2027, subject to market conditions and regulatory review; S-1 filing planned for November.