Barrick Mining (B) Q2 2026 Earnings Report

The call reported strong operational and financial momentum: production beat guidance, adjusted EBITDA and net earnings rose ~50% YoY, growth projects are on time and on budget, capital returns and balance sheet position are robust, and the Newmont agreement plus IPO progress are material strategic positives. Notable negatives include safety incidents, a one‑time $400M Loulo‑Gounkoto payment that reduced quarterly free cash flow, weather‑related operational disruptions, and investor uncertainty due to limited disclosure on the $4B Newmont package and Fourmile technical details. On balance the positive operating and financial developments, project execution and capital returns materially outweigh the lowlights, though key disclosure and safety items require attention.

The company reiterated that 2026 production and cost guidance remain unchanged, expecting Q3 gold to be higher than Q2 and Q4 higher still, and copper production to increase in H2 versus H1; group 2026 attributable capital expenditure guidance was narrowed to $3.8–$4.2 billion (with Reko Diq reduced to $450–$500 million from $600–$700 million), Fourmile’s PFS targeted by end‑2028 and Lumwana expansion on track to deliver first copper by end Q1 2028 with 2026 capex expected at the lower end of guidance. Management expects the North America pure‑gold IPO to proceed by year‑end (initial ~10% minority), with the vast majority of net proceeds to be returned to shareholders; capital return policy remains a quarterly base dividend of $0.175/share plus a year‑end top‑up to target 50% of attributable free cash flow, a $3.0 billion buyback program (of which $1.2 billion was repurchased this quarter), and disciplined balance‑sheet management (Q2 net cash ~$1.2 billion, undrawn $3.0 billion RCF, no meaningful maturities until 2033).