B — Barrick Mining Corporation

Barrick Gold Q1 2026 Earnings Call Summary

1. Key Financial Results and Metrics:

• Gold Production: 719,000 ounces, exceeding guidance and up 4% year-over-year.
• Copper Production: 49,000 tons, in line with plans.
• Attributable EBITDA: Doubled year-over-year, increasing 103%.
• Adjusted Net Earnings: Rose 173% year-over-year.
• Free Cash Flow: Increased 320% year-over-year to $1.6 billion; attributable free cash flow was $1.2 billion.
• Net Cash: Ended the quarter with $2.4 billion.
• Dividend: Declared a quarterly dividend of $0.175 per share and announced a $3 billion share buyback program.

2. Strategic Updates and Business Highlights:

• Safety Initiatives: Improved safety performance with a focus on reducing serious injuries; 63% of injuries classified as minor.
• Operational Delivery: On track to meet production and cost guidance; cost per ounce came in better than planned.
• Growth Projects: Advancements in Fourmile, Lumwana (copper expansion), and Reko Diq projects. The IPO of North American gold assets is on track for completion by year-end 2026.
• Regional Performance: North America contributed significantly, with NGM and PV accounting for 57% of attributable EBITDA at nearly 70% margin.

3. Forward Guidance and Outlook:

• Q2 Production Guidance: Expected gold production between 730,000 oz to 770,000 oz, with higher production anticipated in Q3 and Q4.
• 2026 Guidance: Production and cost guidance remain unchanged; confident in achieving full-year commitments.

4. Bad News, Challenges, or Points of Concern:

• Safety Concerns: Although improvements were noted, the company acknowledged ongoing safety challenges with too many near misses.
• Reko Diq Project: Facing issues with contractors and security concerns, leading to a cautious approach on future capital commitments.
• Market Risks: Potential impacts from geopolitical issues in Mali and rising diesel costs, which could affect operational costs.
• Turnover Rates: Employee turnover in Nevada Gold Mines remains unchanged at 14%, indicating potential morale issues despite productivity improvements.

5. Notable Q&A Insights:

• Reko Diq CapEx: Monthly holding costs estimated at $20 million during the review period; ongoing discussions with the Pakistan government regarding contractor issues.
• Balance Sheet and Buyback Policy: The 50% free cash flow commitment for dividends remains independent of the buyback program; flexibility in capital allocation is emphasized.
• Operational Performance: Positive results at NGM are expected to continue, but management is cautious about projecting future performance based on Q1 results alone.
• Mali Operations: No significant operational impacts reported despite regional instability; supply chains remain secure.
• IPO Timeline: Expected to file necessary documents by late summer 2026, aiming for a public offering by year-end.

This summary encapsulates Barrick Gold's strong financial performance in Q1 2026 while highlighting ongoing challenges and strategic initiatives that will shape its future outlook.