Key Highlights

  • Barrick (NYSE:B) closed up 4.22% on November 9, 2026, after third-quarter adjusted net Earnings of USD 1.35 billion, or USD 0.82 per share, up 41% from USD 0.58 a year earlier.
  • Gold production was 816,000 ounces, up 3% from the second quarter, at an All-In Sustaining Cost of USD 1,911 per ounce and a realized gold price of USD 4,243 per ounce.
  • The company returned USD 1.04 billion to shareholders, including USD 761 million of share repurchases and a quarterly Dividend of USD 0.175 per share.
  • Full-year 2026 guidance was reiterated at 2.90 million to 3.25 million ounces of gold and 190,000 to 220,000 tonnes of copper, while gold futures rose 1.86% to about USD 4,150 on the day.

What Drove the Quarter

Barrick (NYSE:B) benefited from gold prices that remain far above last year's levels. Revenue rose 22% to USD 5.07 billion, and attributable adjusted EBITDA increased 22% to USD 2.47 billion. Net earnings were USD 1.32 billion, or USD 0.80 per share. Operating Cash Flow reached USD 2.49 billion, up 46% from the second quarter. Costs moved higher, with all-in sustaining costs up 24% from a year earlier, reflecting higher royalties linked to the gold price, diesel and local currency effects. Operationally, Nevada Gold Mines benefited from the ramp-up at Cortez Goldrush and record roaster throughput at Carlin's Gold Quarry. Loulo-Gounkoto in Mali produced 16% more than in the second quarter, ahead of schedule, and Kibali and Bulyanhulu also performed well. Weather at Veladero and delayed access to high-grade ore at North Mara held output back, with North Mara expected to recover in the fourth quarter.

Cash Returns and the Balance Sheet

The main area of weakness was attributable free cash flow, which fell 44% from a year earlier to USD 642 million, although it improved sharply from USD 141 million in the second quarter. Consolidated free cash flow was USD 1.17 billion, down 21%. Despite that, the company kept returning cash at a high rate. Share repurchases of USD 761 million were made under a USD 3.0 billion program, and the dividend is payable on December 15 to holders of record on November 30. Net cash rose to USD 909 million from USD 323 million a year earlier, giving room to fund projects such as the Lumwana copper expansion in Zambia, where first production from the expanded mill is expected at the end of the first quarter of 2028. Attributable Capital spending guidance was earlier reduced to USD 3.8 billion to USD 4.2 billion, mainly on lower spending at Reko Diq, which remains under review.

Risks and What to Watch

Guidance is based on gold at USD 4,500 per ounce, above the roughly USD 4,150 level reached on November 9, so a sustained lower price would compress margins and cash flow. Copper costs are expected at or slightly above the top of their guidance range because of diesel and currency effects. Barrick (NYSE:B) also needs a strong fourth quarter to land within its production range, which depends on North Mara and Veladero. Political and Regulatory Risk in Mali, Pakistan and Tanzania remains part of the Investment case. The planned restructuring with Newmont in Nevada, including a USD 1.95 billion payment to Barrick, is a further near-term catalyst to watch.

Where Things Stand

Barrick rose 4.22% after a quarter with higher adjusted earnings, strong operating cash flow and continued buybacks, while production guidance was left unchanged. Attributable free cash flow fell 44% from a year earlier, and costs rose. The next markers are fourth-quarter output at North Mara and Veladero, the gold price relative to the USD 4,500 planning level, and progress on the Nevada transactions.