Q1 2026 Barrick Mining Corp Earnings Call Transcript
Key Points
- Barrick Mining Corp (B) reported a strong Q1 with gold production exceeding guidance and a 4% year-over-year increase.
- Free cash flow increased by 320% year-over-year to $1.6 billion, ending the quarter with $2.4 billion of net cash.
- The company advanced key growth projects, including the Lumwana expansion and the Fourmile project, both progressing ahead of schedule.
- Barrick Mining Corp (B) announced a quarterly dividend of $0.175 per share and a $3 billion share buyback, reflecting strong financial performance.
- Operational improvements and cost discipline led to a substantial increase in earnings and cash flow, with attributable EBITDA doubling year-over-year.
- Safety performance, although improved, still requires significant work, with too many near misses reported during the quarter.
- The Reko Diq project faces challenges, including contractor issues and security concerns, leading to a cautious approach before committing further capital.
- The company has been criticized for historically not delivering on commitments, although it has met its commitments for two consecutive quarters.
- There are ongoing discussions with Newmont regarding the integration of the Fourmile project into the joint venture, with no immediate resolution.
- Potential geopolitical risks in regions like Mali could impact operations, although no current disruptions have been reported.
Welcome, everyone, to Barrick's First 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 Cleve Rueckert, Head of Investor Relations. Please go ahead.
Thank you, and good morning, everyone. We hope you've had an opportunity to review the press release we issued before the markets opened this morning. This presentation deck is also now available to download on our website. Presenting our results today are Mark Hill, Barrick's President and CEO; and and Helen Cai, Senior EVP and CFO. Other members of Barrick's management team will be available after our prepared remarks for Q&A.
Before we begin, please note that we will be making 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 these forward-looking statements. This
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