Barrick Gold Corporation announced a first-quarter profit of US$1.6 billion, a sharp rise from US$474 million in the same period last year. The Toronto-based mining giant attributed the strong performance to higher gold prices and improved operational efficiency across its mines.
Key Financial Highlights
The company reported revenue of US$3.2 billion for the quarter ended March 31, up from US$2.5 billion a year earlier. Adjusted net earnings per share came in at US$0.89, compared to US$0.27 in the prior-year quarter. Barrick's gold production totaled 1.05 million ounces, slightly lower than the 1.08 million ounces produced in Q1 2025, but higher average realized gold prices of US$2,350 per ounce boosted revenue.
Operational Improvements
Barrick highlighted cost reductions and productivity gains at its Nevada Gold Mines joint venture and at its operations in the Dominican Republic and Argentina. The company also benefited from a weaker US dollar, which lowered input costs in local currencies. Chief Executive Officer Mark Bristow said the results reflect Barrick's focus on operational excellence and disciplined capital allocation.
Outlook
Barrick maintained its full-year production guidance of 4.0 million to 4.4 million ounces of gold and reaffirmed its all-in sustaining cost target of US$1,300 to US$1,400 per ounce. The company also declared a quarterly dividend of US$0.15 per share, up from US$0.12 previously. Barrick shares rose 2.3% on the Toronto Stock Exchange following the earnings release.
The strong first-quarter performance positions Barrick well for the remainder of 2026, with gold prices expected to remain elevated amid global economic uncertainty and central bank buying.
