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 cash flow 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 (NGM) and Veladero sites, alongside an accelerated ramp-up at Loulo-Gounkoto. Quarterly revenues also rose by 67 per cent year-on-year to US$5.22 billion.

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

"We started the year with another strong quarter," President and CEO Mark Hill said in the earnings 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 managed to rein in its all-in sustaining costs (AISC) for gold to US$1,708 per ounce, a 4 per cent drop from Q1 2025.

The company further reaffirmed that its North American IPO remains on track to close by the end of 2026.

"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 added.

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

However, copper AISC climbed 20 per cent to US$3.67 per pound, largely attributed to royalties triggered by higher realized market prices and elevated site operating costs.

Barrick held its full-year 2026 guidance steady, projecting 2.90 to 3.25 million ounces of gold and anticipating sequential quarter-over-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.