Q2 2026 Barrick Mining Corp Earnings Call Transcript
Key Points
- Barrick Mining Corp (B) delivered its third consecutive quarter of strong operational and financial results, with gold production 3% above guidance and 11% higher quarter-over-quarter.
- The company reached a $4 billion agreement with Newmont, resolving disputes, consolidating key assets like Fourmile, Mike, and Fiberline, and reducing friction costs for the planned IPO.
- Barrick Mining Corp (B) is on track to complete the IPO of its North American assets by year-end, creating a pure-play gold company in low-risk jurisdictions, with proceeds largely returned to shareholders.
- Growth projects, including Fourmile, Lumwana, and the PV expansion, remain on time and on budget, with Lumwana on track for first copper by Q1 2028.
- The company returned $1.5 billion to shareholders in Q2, including $1.2 billion in share repurchases, and has returned $3 billion since October 2025, more than double the prior period.
- Safety performance remains a concern, with six lost-time injuries (LTIs) in Q2, despite a reduction in the frequency rate to 0.77.
- Free cash flow declined 33% year-over-year in Q2, partly due to a one-time $200 million payment related to Loulo-Gounkoto and timing of tax and interest payments.
- The company faces operational disruptions from natural events, including a two-week shutdown at Veladero due to weather and a plant shutdown at Porgera due to a dried-up dam.
- There is uncertainty and lack of detailed disclosure on the breakdown of the $4 billion Newmont agreement, leading to investor concerns and a 7% share price drop.
- Barrick Mining Corp (B) incurred additional costs from the retrospective application of Mali's 2023 Mining Code, including a $200 million payment and a further $48 million demand.
Welcome to Barrick's second-quarter 2026 results presentation. (Operator Instructions) As a reminder, this event is being recorded, and a replay will be available on Barrick's website later today.
I will now turn the call over to Emily Chieng, Vice President of Investor Relations. Please go ahead.
Thank you, and good morning, everyone. We hope you've had an opportunity to review the press releases issued before the market opened this morning. The presentation deck we'll review is also available to download on our website.
Presenting our results today are Mark Hill, Barrick's President and CEO; and Helen Cai, Senior EVP and CFO. Other members of Barrick management team will be available after our prepared remarks for Q&A.
Before we begin, please note that there will be forward-looking statements. This slide includes a summary of the significant risks and factors that could affect Barrick's future performance and our ability to deliver on those forward-looking
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