Barrick Mining (ABX) Q3 2026 Earnings Report

The call was strongly positive overall. Barrick reported higher gold production, robust earnings and free cash flow, improved safety, strong shareholder returns, a solid balance sheet, and continued progress on major growth projects while maintaining full-year gold and copper production guidance. The principal challenges were weather-related disruptions, higher fuel, diesel, royalty, currency, and other operating costs, softer Pueblo Viejo production, and ongoing review or timing uncertainty around Reko Diq, Fourmile, NGM optimization, and the IPO.

For 2026, production and cost guidance remain unchanged: fourth quarter gold production is expected to be slightly higher than Q3, copper production is also expected to increase, and costs are expected to remain within the full year guidance range; gold production is expected to be around the midpoint or slightly above the guidance for this year, while copper cost is expected to be around the top end of the range. Lumwana expansion capital is expected to see a slight step-up next year but remain at very much the same kind of run rate, with production reaching 240,000 tonnes a year, a mine life of more than 30 years, first copper from the expansion at the end of Q1 2028, and total expected project capital remaining on target at $2 billion. Longer-term Pueblo Viejo recovery remains similar to low to mid-80%, with timing consistent with the technical report, while the Naranjo changeover is expected in late 2029, early 2030, with approximately a 6- to 12-month buffer. The North America IPO is expected by the end of this year or early next year, subject to market conditions and regulatory review, with the S-1 to be filed this month and completion potentially sliding into January; the dividend policy includes a quarterly base dividend of $0.175 per quarter topped up at year-end to target a total payout of 50% of attributable free cash flow.