Key Highlights

  • Barrick (NYSE:B) finished November 9, 2026 with a 4.22% gain, while adjusted net Earnings for the third quarter reached USD 1.35 billion, or USD 0.82 a share, a 41% increase from USD 0.58 twelve months prior.
  • Gold output reached 816,000 ounces, 3% higher than in the second quarter, with an All-In Sustaining Cost of USD 1,911 an ounce and a realized gold price of USD 4,243 an ounce.
  • Shareholder returns totaled USD 1.04 billion, made up of USD 761 million in share repurchases plus a quarterly Dividend of USD 0.175 a share.
  • The 2026 production outlook stayed in place, with gold targeted between 2.90 million and 3.25 million ounces and copper between 190,000 and 220,000 tonnes, while gold futures climbed 1.86% to around USD 4,150 that day.

Forces Behind the Quarter's Strength

Gold prices that stay well above last year's levels did the heavy lifting for Barrick (NYSE:B). Revenue jumped 22% to USD 5.07 billion, while attributable adjusted EBITDA rose 22% to USD 2.47 billion. Net earnings came to USD 1.32 billion, or USD 0.80 a share. Operating cash generation reached USD 2.49 billion, a 46% gain on the second quarter. Cost pressure was visible, as all-in sustaining costs rose 24% versus the prior-year period, fueled by royalties tied to gold, diesel and currency effects. At Nevada Gold Mines, the Cortez Goldrush ramp-up and a record roaster throughput at Carlin's Gold Quarry both helped. The Mali site Loulo-Gounkoto outpaced its plan with output up 16% on the prior quarter, while Kibali and Bulyanhulu contributed strongly. Veladero was hampered by weather, and North Mara's output fell short because high-grade ore could not be reached on schedule, a situation expected to improve in the fourth quarter.

Cash Generation, Buybacks and Project Funding

Attributable free Cash Flow was the soft spot, sliding 44% year over year to USD 642 million, though it recovered sharply from USD 141 million in the prior quarter. On a consolidated basis free cash flow totaled USD 1.17 billion, a 21% decline. Even so, the company continued returning Capital at a brisk pace. It repurchased USD 761 million of shares under a USD 3.0 billion plan, and the dividend will be distributed December 15 to holders of record as of November 30. Net cash now totals USD 909 million, against USD 323 million twelve months earlier, which leaves room for projects such as the Lumwana copper expansion in Zambia, with first output from the enlarged mill targeted for late in the first quarter of 2028. Capital Expenditure guidance attributable to the company had been trimmed to USD 3.8 billion to USD 4.2 billion, chiefly because of reduced spending at Reko Diq, a project that is still under review.

Price Assumptions, Cost Pressures and Jurisdictional Risk

Guidance assumes gold at USD 4,500 an ounce, which sits above the roughly USD 4,150 reached on November 9, so a prolonged drop in prices would squeeze margins and cash generation. Copper costs are projected at or just over the upper end of guidance due to diesel and currency factors. Barrick (NYSE:B) needs a robust fourth quarter to reach its production target, and that hinges on North Mara and Veladero. Political and regulatory uncertainty in Mali, Pakistan and Tanzania continues to be part of the Investment thesis. The envisioned restructuring with Newmont in Nevada, which includes a USD 1.95 billion payment to Barrick, is another near-term development to monitor.

Where Things Stand

Barrick climbed 4.22% after a quarter with higher adjusted earnings, robust Operating Cash Flow and ongoing buybacks, and production guidance was kept intact. Attributable free cash flow dropped 44% year over year, while costs moved up. Next signposts are fourth-quarter output at North Mara and Veladero, gold prices relative to the USD 4,500 planning figure, and progress on the Nevada arrangements.