Barrick Mining

Barrick Mining (Barrick) mines gold and copper in 17 countries. Its largest assets are Nevada Gold Mines, a joint venture in which it owns 61.5% and Newmont owns 38.5%, and the Pueblo Viejo mine in the Dominican Republic, in which it owns 60%. Other mines include Loulo-Gounkoto in Mali, Kibali in the Democratic Republic of Congo, North Mara and Bulyanhulu in Tanzania, Veladero in Argentina and the Lumwana copper mine in Zambia. In Q3 2026, Barrick produced 816 thousand ounces of gold on an attributable basis, of which 497 thousand came from North America, and 50 thousand tonnes of copper.

Revenue was $5,073 million. Barrick reports in U.S. dollars. Its shares trade on the Toronto Stock Exchange and on the New York Stock Exchange. Barrick plans to list its North American gold assets as a separate company, North American Barrick, through an initial public offering.

The head office is in Toronto. Mark Hill is President and Chief Executive Officer.

Barrick trades above its intrinsic value because investors pay for the high gold price, its large buybacks and the planned listing of its North American gold assets. In Q3 2026, the realized gold price was $4,243 per ounce, revenue rose 22% to $5,073 million, and adjusted net earnings per share rose 41% to $0.82. Barrick bought back $1,970 million of shares in 2026 to the end of Q3 under its $3.0 billion program.

For the shares to earn this price, three things must be true. The gold price must stay near its 2026 level, because all-in sustaining costs rose to $1,911 per ounce in Q3 2026. The initial public offering of North American Barrick, expected in Q4 2026 or early 2027, must show a high value for those assets.

The mines outside North America, such as Loulo-Gounkoto in Mali, must keep their production without new disputes with governments. The registration statement for the offering, planned for November 2026, and the Q4 2026 report, expected in February 2027, are the next tests. A fall in the gold price can make the premium hard to keep.

1. Nov 9, 2026Passed

   Q3 2026 results: production and costsGold production above 800 thousand ounces and all-in sustaining costs within the 2026 guidance pass; a guidance cut fails.Outcome: Gold production was 816 thousand ounces, all-in sustaining costs were $1,911 per ounce, and Barrick kept its guidance.
2. Feb 9, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2026 gold production within 2.90 million to 3.25 million ounces and a year-end dividend top-up pass; a production miss fails.
3. Q1 2027 · est.Pending

   Initial public offering of North American BarrickAn offering completed by early 2027 passes; a delay to the second half of 2027 or later fails.

Every passed and failed checkpoint across all picks

• November 9, 2026Barrick reported Q3 2026 results. Gold production was 816 thousand ounces and copper production 50 thousand tonnes. Revenue rose 22% to $5,073 million, net earnings were $1,317 million, or $0.80 per share, and adjusted net earnings per share rose 41% to $0.82. All-in sustaining costs were $1,911 per ounce of gold. Barrick bought back $761 million of shares, declared a quarterly dividend of $0.175 per share and kept its 2026 guidance of 2.90 million to 3.25 million ounces of gold. It plans to file the registration statement for North American Barrick in November 2026.
• August 10, 2026Barrick agreed with Newmont to add the Fourmile project of Barrick and the Mike and Fiberline projects of Newmont to Nevada Gold Mines. Newmont agreed to pay Barrick $1.95 billion in cash, the agreement ends all disputes about the joint venture, and Newmont consents to the offering of North American Barrick. The interests stay at 61.5% for Barrick and 38.5% for Newmont. On the same day, Barrick reported Q2 2026 results, with gold production of 796 thousand ounces and adjusted net earnings per share of $0.82.
• May 11, 2026Barrick reported Q1 2026 results. Gold production was 719 thousand ounces, and adjusted net earnings per share rose 180% to $0.98. The board approved a new share buyback program of up to $3.0 billion over 12 months.

Next earnings

Expected about February 9, 2027. The company has not confirmed the date.

• 6-KInterim report for the period ended Jun 30, 2026Filed August 11, 2026 · Read it on sec.gov
• 40-FAnnual report for the period ended Dec 31, 2025Filed February 27, 2026 · Read it on sec.gov
• 6-KInterim report for the period ended Dec 31, 2025Filed February 5, 2026 · Read it on sec.gov
• 6-KInterim report for the period ended Jun 30, 2025Filed August 11, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 756894)

• Earnings move with the gold and copper prices. In Q3 2026, the realized gold price was $4,243 per ounce, and all-in sustaining costs were $1,911 per ounce. A lower gold price can cut earnings and cash flow fast.
• Many mines are in countries with political and security risks. The Loulo-Gounkoto mine in Mali was shut for close to 12 months from January 2025 during a dispute with the government, and Barrick slowed the Reko Diq project in Pakistan in 2026 because of security risks.
• The offering of North American Barrick depends on markets and approvals. After it, Barrick holds part of its best assets through another listed company, and the structure becomes more complex.
• Costs rise with diesel prices, royalties and local currencies. Barrick also spends heavily on projects such as the Lumwana expansion, with total attributable capital spending of $3.8 billion to $4.2 billion expected for 2026.
• The total estimated cost and timeline of the Reko Diq project can increase significantly. Capitalized spending on the project was $1,497 million to the end of Q3 2026, on a 100% basis.

Barrick funds itself mainly with cash flow and long-term notes. At September 30, 2026, debt was $4,680 million, and only $15 million of it was current. Read more

Dividend yield

2.2% (last 12 months, at today’s price of CA$59.76)

Paid per share

CA$1.305 in the last 12 months (4 payments)

Current annual rate

CA$0.972 (CA$0.243 × 4 a year)

Latest ex-dividend date

August 31, 2026, CA$0.243 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 10.3% a year. Over the last 10 years, the dividend grew by about 28.5% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.