Barrick Produces 816,000 Ounces of Gold, Reaffirms 2026 Guidance Amid IPO Plans
Key Facts
Barrick reported on November 9 results for the third quarter ended September 30, 2026, recording gold production of 816,000 ounces, up 3% from the second quarter and 6% year on year excluding assets the company sold. The company reaffirmed its expectations for annual gold production of 2.90–3.25 million ounces and copper production of 190,000–220,000 tonnes. The figures come as the company advances plans for an initial public offering of an entity comprising assets from its North American portfolio. But Barrick's filing with the U.S. Securities and Exchange Commission said an S-1 registration statement was planned for November, and did not establish that the filing had already been made. Chief Executive Mark Hill also linked performance to the annual production plan, saying: "We remain on track to achieve our full-year production guidance."
Barrick reported quarterly revenue of $5.07 billion, up 22% from the same period a year earlier, while adjusted earnings before interest, taxes, depreciation and amortization attributable to the company rose 22% to $2.47 billion. The company said its average realized gold price reached $4,243 per ounce, up 23% year on year, and attributed revenue growth in part to higher realized prices. Net income was $1.317 billion, while adjusted net earnings came to $1.347 billion, up 37% from the third quarter of 2025. The figures highlight broader revenue and earnings growth alongside the higher gold price realized by the company during the period. By contrast, cost metrics rose year on year, putting extraction costs and sustaining expenditure among the results' key details.
All-in cash costs for gold rose to $1,386 per ounce in the third quarter, compared with $1,137 in the same period of 2025. All-in sustaining costs also climbed to $1,911 per ounce, from $1,538 a year earlier. Barrick attributed the increase to cost pressures and higher sustaining capital expenditure. It said fuel, consumables and stronger local currencies contributed to cost pressures. The company added that productivity improvements softened the impact of those pressures without reversing the reported increase in per-ounce costs.
On liquidity, operating cash flow reached $2.489 billion in the third quarter, compared with $1.704 billion in the second quarter of 2026. Free cash flow was $1.167 billion, versus $1.479 billion in the third quarter of 2025. The company returned $1.04 billion to shareholders during the period, including $761 million in share buybacks and a quarterly cash dividend of $0.175 per share. Barrick said total shareholder returns rose 23% year on year. The figures show different trends in operating cash flow, which increased from the previous quarter, and free cash flow, which declined from the year-earlier period.
The proposed plan includes the Carlin, Cortez and Turquoise Ridge gold assets within the Nevada Gold Mines complex, as well as the Pueblo Viejo mine in the Dominican Republic. Barrick's filing described these as four Tier One gold assets in major mining regions in North America, although Pueblo Viejo is in the Dominican Republic. According to the company's update, the proposed entity will include Barrick's interests and operations in Nevada Gold Mines and Pueblo Viejo, alongside the Fourmile project. Barrick said it will retain a significant controlling interest in the entity. The proposed assets produced about 2.0 million ounces of gold in 2025 on a basis reflecting Barrick's interests, and the company expected a primary listing in New York and a secondary listing in Toronto, subject to regulatory processes.
The plan stems from an agreement between Barrick and Newmont on August 10, 2026, under which Newmont agreed to the proposed IPO after disputes over the Nevada Gold Mines joint venture were resolved and excluded properties were brought into the project. In its filing with the U.S. Securities and Exchange Commission, Barrick said it planned to file an S-1 in November. The company expects to complete the IPO in the fourth quarter of 2026 or early 2027, subject to market conditions and required approvals. The filing said a New York Stock Exchange listing was expected, subject to listing requirements and registration procedures. The filing did not specify the percentage of shares to be offered, while the timing of completion remains subject to those conditions and approvals.