Barrick Mining Corporation produced 796,000 ounces of gold and 56,000 tonnes of copper in the second quarter of 2026, generating $5.29 billion in revenue and $1.22 billion in net earnings.

The gold output exceeded guidance of 730,000 to 770,000 ounces, driven by an ahead-of-schedule ramp-up at Loulo-Gounkoto, a faster-than-expected recovery at Pueblo Viejo following planned first-quarter maintenance, and record underground tonnes mined at Cortez as Goldrush continues to ramp up. Gold production increased 11% over the first quarter, while gold cost of sales reached $1,993 per ounce and all-in sustaining costs rose to $1,866 per ounce. Copper production decreased 5% year-on-year to 56,000 tonnes in line with the operating plan, with copper cost of sales at $3.39 per pound and all-in sustaining costs at $3.95 per pound.

Alongside the quarterly figures, Barrick reached an agreement with Newmont to resolve all disputes related to the Nevada Gold Mines Joint Venture and expand the asset base by vending in excluded properties early. Under the agreement, Barrick contributes Fourmile, while Newmont contributes Mike and Fiberline, creating a nearly 100-million-ounce gold complex in Nevada. Newmont will pay Barrick a $1.95 billion cash top-up within 30 days and has consented to the initial public offering of Barrick's North American assets.

“We achieved an historic agreement with Newmont. Newmont has consented to the IPO and the parties have agreed to expand NGM with the early vend-in of our excluded properties, as well as settling all disputes. Through this agreement with our joint venture partner, we have substantially extended the asset base, and provided greater flexibility and value.”

— Mark Hill, President and Chief Executive Officer

The planned IPO of Barrick's North American gold assets remains on track for expected completion by the end of 2026, with Mark Hill set to serve as CEO of the new company upon separation. At the Fourmile project in Nevada, drilling activity continues to ramp up with 20 rigs active on site, supporting resource conversion drilling for a prefeasibility study targeted for completion in 2028.

Full-year production and cost guidance remain unchanged, while total attributable capital expenditure has been reduced to $3.8 billion to $4.2 billion, primarily reflecting decreased spending at the Reko Diq project. During the quarter, Barrick declared a quarterly dividend of $0.175 per share and repurchased $1.21 billion of shares, bringing total shareholder returns to $1.50 billion.

Gold is priced at $4,322.30 per ounce, representing a 4.93% increase over the 30-day period ending August 10, 2026.

Read the full announcement: Barrick Reports Second Quarter 2026 Results