Barrick Mining (ABX) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 2026 results with net earnings up 50% year-over-year to $1.22 billion, robust cash flow, and shareholder returns, exceeding gold production guidance and delivering significant growth in key financial metrics.

• Advanced major growth projects (Lumwana, Fourmile, Pueblo Viejo) on schedule, with Lumwana mill expansion progressing and Fourmile ramping up drilling.

• Announced a $4 billion agreement with Newmont, resolving historical disputes, integrating key assets, and securing consent for a North American IPO.

• All milestones achieved for the planned North American IPO, expected by year-end, with Mark Hill named as CEO of the new entity; majority of proceeds to be returned to shareholders.

• Maintained focus on safety, with improved incident frequency, six LTIs reported, and $90 million invested in safety technology year-to-date.

Financial highlights

• Revenues for Q2 2026 were $5.29 billion, up 44% year-over-year; net earnings reached $1.22 billion, up 50%; adjusted net earnings were $1.36 billion, up 70% year-over-year.

• Gold production was 796,000 ounces, 3% above guidance and 11% over Q1; copper production was 56,000 tonnes.

• Adjusted EBITDA was $2.55 billion, up 51% year-over-year, with a 60% margin; attributable free cash flow for the quarter was $141 million, down 33% year-over-year due to a one-time $200 million payment.

• Gold cost of sales was $1,993/oz, AISC $1,866/oz, both up year-over-year due to higher fuel and royalty costs.

• Net cash position was $1.2 billion at quarter-end; undrawn $3 billion revolving credit facility; no meaningful debt due until 2033.

Outlook and guidance

• Full-year 2026 gold production guidance maintained at 2.90–3.25 million ounces; copper at 190,000–220,000 tonnes.

• Total attributable capital expenditure guidance for 2026 reduced to $3.8–$4.2 billion due to project timing and cost efficiencies.

• Sequential production increases expected, with Q4 as the highest quarter; guidance based on gold price of $4,500/oz, copper $5.50/lb, and oil (WTI) $70/bbl.

• IPO of North American assets remains on track for completion by year-end, with a 10% minority interest to be floated.