Barrick Mining (B.US) Q3 results mixed: gold price tailwinds coexist with cost pressures.

Barrick Mining (B.US) released its Q3 2026 results before the U.S. market open on November 9. Quarterly revenue was US$5.073 billion, up 22% year-over-year and down 4% quarter-over-quarter; net profit attributable to shareholders was US$1.317 billion, up 1% year-over-year, with earnings per share of US$0.80; adjusted earnings per share were US$0.82, up 41% year-over-year. The market had previously expected adjusted earnings per share of US$0.79 and revenue of US$5.13 billion. Rising gold prices were the main driver of revenue growth: the realized gold price for the quarter was US$4,243/oz, up 23% year-over-year. But costs rose in tandem, with all-in sustaining costs (AISC) for gold rising to US$1,911/oz, up 24% year-over-year; total cash costs were US$1,386/oz, up 22%. The company said cost pressures came from lower mined grades, higher royalties driven by rising gold prices, as well as higher diesel and consumables prices and appreciation of some local currencies. On the production side, quarterly gold production was 816,000 oz, up 3% quarter-over-quarter and down 2% year-over-year, with the year-over-year decline mainly due to extreme weather at Veladero and the deferral of mining of the high-grade ore section at North Mara to the fourth quarter; excluding divested assets, gold production rose 6% year-over-year. Quarterly copper production was 50,000 tonnes, down 9% year-over-year and down 11% quarter-over-quarter. On cash flow, quarterly operating cash flow was US$2.489 billion, up 3% year-over-year; attributable free cash flow was US$642 million, down 44% year-over-year, mainly due to attributable capital expenditure rising 53% year-over-year to US$1.157 billion. The company repurchased US$761 million of shares during the quarter and declared a quarterly dividend of US$0.175 per share, returning a total of US$1.04 billion to shareholders, up 23% year-over-year; net cash at period end was US$900 million, compared with US$300 million in the same period last year. On guidance, the full-year targets of 2.9 million to 3.25 million oz of gold production and 190,000 to 220,000 tonnes of copper production remain unchanged; gold AISC guidance is US$1,760 to US$1,950/oz, based on an assumed gold price of US$4,500/oz. Full-year attributable capital expenditure guidance was lowered from US$4.0 billion to US$4.45 billion to US$3.8 billion to US$4.2 billion, mainly due to reduced expected spending as the Reko Diq project remains under review. After the results were announced, Barrick rose 0.5% in premarket trading.