Barrick Mining Corp (B) (Q3 2026) Earnings Call Highlights: Strong Earnings Growth, $3. ... GuruFocus News Mon, November 9, 2026 at 6:04 PM EST 8 min read GC=F +0.91% B +4.49% HG=F +0.62% B +4.49% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Adjusted Net Earnings: $0.82 per share, up 41% year over year (37% increase in adjusted net earnings per Helen Cai).
Consolidated Adjusted EBITDA: $3.5 billion; attributable adjusted EBITDA up over 20% (22% per CFO).
Consolidated Free Cash Flow: $1.2 billion, with $154 million of additional growth-related CapEx versus prior year.
Gold Production: 816,000 ounces in Q3, higher than prior quarter; full-year guidance on track.
Copper Production: 50,000 tonnes in Q3; full-year guidance on track, with costs expected near top end of range.
Barrick International Gold Production: 319,000 ounces, up 60% on Q2.
Barrick International Adjusted EBITDA: Over $800 million attributable from gold operations, with 59% adjusted EBITDA margin.
North America EBITDA Margins: NGM at 67% and PV at 72%.
Operating Cash Flow: In line with last year.
Net Cash: $0.9 billion on balance sheet, up $586 million over prior year; undrawn $3 billion revolving credit facility.
Capital Returns: $0.8 billion of share buybacks in the quarter; $3.2 billion returned year-to-date (double last year); $10.4 billion returned since 2021.
Dividend: Quarterly base dividend of $0.175 per share, topped up at year-end to target 50% of attributable free cash flow.
Lumwana Expansion: $795 million spent to date; total expected project capital $2 billion; first copper expected end of Q1 2028; production to reach 240,000 tonnes/year with 30+ year mine life.
Safety: Recordable injury rate decreased quarter over quarter from 0.77 to 0.71; over 24,000 critical control verifications conducted.
Is B fairly valued? Test your thesis with our free DCF calculator.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Barrick Mining Corp (NYSE:B) delivered strong financial results with adjusted net earnings of $0.82 per share, up 41% year over year, and consolidated adjusted EBITDA of $3.5 billion.
The company achieved higher gold production of 816,000 ounces in Q3, with strong ramp-up at Goldrush and Loulo-Gounkoto offsetting weather disruptions.
Safety performance improved for the fourth consecutive quarter, with the recordable injury rate decreasing to 0.71 from 0.77.
Barrick Mining Corp (NYSE:B) remains on track to meet full-year production and cost guidance for both gold and copper.
The company returned $3.2 billion to shareholders year-to-date, double last year's amount, and maintains a strong balance sheet with $0.9 billion net cash.
Gold production at Veladero and Porgera was affected by severe weather, with Veladero experiencing 17 days of downtime, impacting costs and output.
Cost pressures persist in Africa from fuel, consumables, and foreign exchange, with copper costs expected at the top end of the range.
Pueblo Viejo recoveries continue to lag, and the third flotation train to improve recovery is still in engineering stage, with benefits beyond 2030.
The North American IPO may slip into January due to SEC review timeline, creating uncertainty around the completion date.
The Reko Diq project is under review, with reduced spending and a clearer path expected only by mid-next year, delaying potential development.
Q: With higher fourth-quarter production expected, could you give some indication on how the 2027 mine plans look? A: CEO Mark Hill declined to extrapolate 2026's stronger second-half performance into 2027, saying guidance will be provided with next year's outlook and investors should not assume the trend continues.
Q: How should we think about CapEx into next year, particularly for Pueblo Viejo's recovery projects and potential acceleration at NGM now that Fourmile is fully consolidated? A: CEO Mark Hill said the third flotation train at Pueblo Viejo remains at the engineering stage and will require capital, while other projects stay on schedule and budget. Barrick International CEO Sebastiaan Bock said Lumwana remains the biggest capital driver with a slight step-up from this year, plus some study spending at Kibali. A company representative said NGM expansion work is not expected to lift the 2027 capital profile.
Q: Can you update us on the Reko Diq carry costs and the direction of spending into next year? A: Barrick International CEO Sebastiaan Bock said spending has already been reduced this year and the run rate will hold near current levels as the company closes out commitments and social investment. A full review of the project is underway, with feedback to the market expected by mid-2027.
Q: On production guidance, is it fair to say the African operations beat expectations while South America remains under pressure, and how should we think about North America's strong third quarter carrying into the fourth? A: Barrick International CEO Sebastiaan Bock said the portfolio will be managed as one business unit and, despite 17 days of downtime at Veladero, the company remains comfortable it will meet guidance. A company representative said North America is deliberately leveling its production profile rather than the typical low-Q1-to-high-Q4 ramp, so Q4 will be strong but Q1 should be normal.
Q: What are the next milestones for the North American IPO? A: CEO Mark Hill said the S-1 and attached technical reports will be filed this month, after which the SEC will provide feedback. The company is still targeting completion this year, though it may slip into January.
Q: Is the February technical report still valid for Pueblo Viejo's recovery rate timeline, and what recovery should we use in the interim and longer term? A: COO Tim Cribb said the timeline remains consistent and updated S-K 1300 reports will be released this month. Longer-term recovery remains in the low-to-mid 80% range once the third train is in place, with interim ups and downs driven by feed blend; he advised using the upcoming report's numbers.
Q: Will the technical reports filed with the S-1 include updated reserves and resources, and anything on additional roasting or autoclave capacity and Fourmile? A: CEO Mark Hill said the reports are imminent and will give a better guide to NGM and Pueblo Viejo plans, but reserves and resources will be updated at year-end on the usual timeline. He declined further comment until the filings are finalized.
Q: You paid out slightly more than attributable free cash flow this quarter and have the Newmont cash incoming how do you feel about the pace of capital returns, and could Q4 be bigger? A: CFO Helen Cai said capital returns follow a holistic framework balancing shareholder rewards, balance sheet strength and growth, and that buybacks to date were not made in anticipation of the incoming proceeds.
Q: Should the Newmont payment be considered as potentially added to the February payout? A: CFO Helen Cai said the top-up dividend is based on 50% of attributable free cash flow, and any additional proceeds from the Fourmile sale, Fourmile vending and the IPO would be in addition to that top-up, pending final board decision.
Q: Has turnover improved from 14%, and what productivity gains are you seeing now that Nevada Gold Mines is stabilized? A: COO Tim Cribb said turnover is relatively flat, with some movement of people as new gold and critical minerals projects start up in Nevada. Productivity has improved, with roasters running at higher throughput, strong Turquoise Ridge underground performance, additional mining fronts and the road header recommenced, lifting development meters and tons.
Q: How should we think about the cost structure going into 2027 is 3% to 5% inflation a reasonable assumption? A: CEO Mark Hill said budgets are still being worked through and no update is available, but costs are well in hand, particularly in North America. Barrick International CEO Sebastiaan Bock added that the company is controlling the controllables and mitigating fuel, royalty and foreign exchange pressures where possible.
Q: At Fourmile, construction and decline development spending appears to have been throttled back and the PFS target pushed out a year what role did the new JV play, and what synergies are you realizing? A: CEO Mark Hill said the Newmont agreement combined the teams, added flexibility and synergies, and allows access to Fourmile from NGM properties such as Goldrush. COO Tim Cribb said permitting adjustments for the William Hill decline affected timing, with commencement expected this quarter, and engineering is being redone to access Fourmile from Goldrush, with more detail in the S-1 filings.
Q: How do you rank growth opportunities within the international portfolio, including the Reko Diq review and Kibali? A: Barrick International CEO Sebastiaan Bock said the portfolio of long-life, high-quality gold and copper assets has been reviewed, with a significant base in South America where the team is working to unlock and monetize value. Reko Diq will be reviewed with a best-path decision by next year, while Africa remains the operating engine with the Lumwana expansion on track to double production by 2028.
Q: What gives you confidence to hold the $2 billion Lumwana expansion budget despite OpEx cost inflation? A: Barrick International CEO Sebastiaan Bock said major long-lead items are already locked in, with pressure mainly from diesel and freight, and the company is comfortable managing within the $2 billion budget.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
