Barrick Launches US$3 Billion Share Buyback Following Stellar First Quarter

Barrick Mining (TSX:ABX,NYSE:B) has authorized a US$3 billion share buyback program after a supportive gold market and expectation-beating production drove a near-tripling of its free cashflow in Q1.

Barrick produced 719,000 ounces of gold in the first three months of 2026, easily clearing its guidance range of 640,000 to 680,000 ounces. The operational beat was driven by strong underground mining and processing at its Nevada Gold Mines and Veladero sites, alongside an accelerated ramp up at Loulo-Gounkoto.

Quarterly revenues rose by 67 percent year-on-year to US$5.22 billion.

Flush with US$1.21 billion in attributable free cashflow, a 195 percent jump from the same period in 2025, the company is now moving aggressively to purchase its own stock.

"We started the year with another strong quarter," said President and CEO Mark Hill in the company's Monday (May 11) press release. "Building on momentum from Q4, we operated safely and outperformed our plan on both gold production and costs. Our performance allowed us to capture even more of the higher gold price, producing significantly higher earnings and cash flow compared to a year ago."

Barrick also reined in its all-in sustaining costs for gold to US$1,708 per ounce, a 4 percent drop from Q1 2025.

The company further reaffirmed that its North American initial public offering (IPO) is on track to close by the end of 2026. The firm originally began discussing the move toward the end of 2025.

"Our focus for the year is clear: continue to improve safety performance, deliver on production and cost guidance, advance our growth projects on time and on budget, and execute the North American Barrick IPO to unlock further shareholder value," Hill explained.

Beyond gold, the company’s copper portfolio also caught a tailwind. Quarterly production rose 11 percent to 49,000 metric tons, keeping the company on track for its annual targets.

However, copper all-in sustaining costs climbed 20 percent to US$3.67 per pound, largely attributable to royalties triggered by higher realized market prices and elevated site operating costs.

Barrick is holding its full-year 2026 guidance steady, projecting 2.9 million to 3.25 million ounces of gold and anticipating sequential quarter-on-quarter production increases as the year progresses.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.