Barrick achieves strong operational and financial results

Barrick continued to improve safety performance through visible leadership, consistent engagement, and a stronger focus on critical risk management.

Gold production in the second quarter totaled 796,000 ounces1, exceeding the guidance range of 730,000–770,000 ounces1. Three primary factors drove our performance: the ahead-of-schedule restart of Loulo-Gounkoto; a faster-than-expected recovery at Pueblo Viejo following planned Q1 maintenance; and record underground tonnes mined at Cortez, driven by the continued ramp-up of Goldrush. Gold cost of sales (“COS”)2 for Q2 was $1,993 per ounce, compared to COS2 of $1,654 in Q2 2025, primarily due to lower grades processed at Carlin, Cortez, and North Mara; higher fuel costs across the operations; and higher royalties associated with the stronger realized gold price3. Total cash costs (“TCC”)3 were $1,426 per ounce, compared to $1,239 in the prior-year quarter. All-in sustaining costs (“AISC”)3 were $1,866 per ounce, up 11% compared to Q2 2025.

Copper production decreased 5% year-on-year to 56,000 tonnes1 in the second quarter in line with plan. Copper COS4 of $3.39 per pound, C1 cash costs3 of $2.47 per pound, and AISC3 of $3.95 per pound, were up 32%, 37% and 36%, respectively, compared to the prior-year period. Higher royalties associated with the stronger realized copper price3, together with higher fuel prices across the operations, drove the cost increases.

Financial Highlights

A significant increase in earnings year-on-year was driven by higher realized gold and copper prices3. Net earnings totaled $1.22 billion ($0.73 per share), and adjusted net earnings3 totaled $1.36 billion ($0.82 per share), compared to net earnings of $0.81 billion ($0.47 per share), and adjusted net earnings3 of $0.80 billion ($0.47 per share) in the prior year quarter. Attributable adjusted EBITDA3 for the quarter totaled $2.55 billion, an increase of 51% year-over-year, with an attributable adjusted EBITDA margin3 of 60%.

Operating cash flow, attributable operating cash flow3, and attributable free cash flow3 in the second quarter were $1.70 billion, $1.12 billion, and $141 million, respectively, compared to operating cash flow of $1.33 billion, attributable operating cash flow3 of $929 million, and attributable free cash flow3 of $212 million in Q2 2025. Revenues of $5.29 billion increased 44% from $3.68 billion in the prior-year quarter.

Key Growth Projects

The Fourmile project in Nevada continued to demonstrate its potential to become a standalone Tier One Gold Asset.5 During the quarter, the Bullion Hill decline development contract was awarded to Barminco, and key infrastructure contracts were secured, such that we expect to begin decline development in Q3 2026. Drilling activity continued to ramp up, with 20 rigs now active on site, focused on resource conversion drilling for the prefeasibility study targeted for completion in 2028. Exploration drilling is also targeting northern extensions following the winter drilling program in the south.

The Lumwana Super Pit Expansion remains on schedule, with first copper production targeted for the end of Q1 2028. During the quarter, the second lift of the mill walls and roller slab was completed, primary crusher civil works advanced, and civil construction commenced on the overland conveyor transfer towers. Most major long-lead equipment is now on site, including the mill shells and trunnions, primary crusher, and tailings thickener.

Pueblo Viejo’s expansion advanced as focus shifted toward the Naranjo tailings storage facility, with temporary water management structures permits secured and starter dam permit approval targeted for Q1 2027. Construction remains underway for Haul Roads 17 and 19, the diorite crusher, and the new effluent treatment plant, alongside ongoing engineering for the reverse osmosis plant, flotation improvement pre-feasibility work, and planned H2 2026 water management scope definition. Meanwhile, resettlement activities achieved 95% package acceptance—with over 632 homes completed, and 570 families resettled—as design work advanced on a church, a polytechnical school, and 63 government houses.

2026 Guidance

Barrick is on track to meet 2026 production and cost guidance, with gold production guidance continuing to be 2.90–3.25 million ounces1. Gold cost guidance for 2026—including COS2 of $1,870–$2,070 per ounce, TCC3 of $1,330–$1,470 per ounce, and AISC3 of $1,760–$1,950 per ounce—is based on a gold price assumption of $4,500 per ounce.

Copper production guidance for 2026 remains unchanged at 190,000–220,000 tonnes1 at copper COS4 of $3.05–$3.35 per pound, C1 cash costs3 of $2.20–$2.45 per pound, and AISC3 of $3.45–$3.75 per pound. Copper cost guidance is based on a copper price assumption of $5.50 per pound.

2026 cost guidance is based on an oil price (WTI) assumption of $70 per barrel. For every $10 per barrel change in the oil price, the direct impact on costs associated with diesel consumption is $12 per ounce across our gold operations, and $0.04 per pound across our copper sites. 2026 total attributable capital expenditure has been reduced to $3.8 billion–$4.2 billion, from $4.0 billion–$4.45 billion previously, primarily reflecting decreased spending at the Reko Diq project