Barrick Mining stock balances stronger earnings against rising costs

Barrick Mining reported stronger third-quarter earnings on November 9, 2026, but higher production costs kept pressure on the operating picture. The results were published in the company's third-quarter results release.

Barrick Mining stock traded at 35.50 euros on Lang & Schwarz at 15:39 CET on Wednesday, November 11, 2026. That was 2.01 percent below the 36.23 euros recorded in the latest relevant report published earlier the same day at 12:44 CET, a move that qualifies this second main share-price edition.

Quarterly growth meets cost pressure

Revenue for the period ended September 30 rose 22 percent year over year to 5.07 billion US dollars. Adjusted net earnings increased 37 percent to 1.35 billion US dollars, lifting adjusted earnings per share 41 percent to 0.82 US dollars. Reported net earnings rose 1 percent to 1.32 billion US dollars, or 0.80 US dollars per share.

Gold production reached 816,000 ounces, up 3 percent from the second quarter but 2 percent below the year-earlier period. Barrick attributed the annual comparison partly to extreme weather at Veladero and delayed access to higher-grade material at North Mara, where access is expected to improve in the fourth quarter.

Costs shape the next test

Gold all-in sustaining costs rose 24 percent year over year to 1,911 US dollars per ounce from 1,538 US dollars. Barrick cited lower grades processed, higher royalties linked to stronger realized gold prices, elevated diesel costs and higher sustaining capital spending. Copper all-in sustaining costs reached 4.52 US dollars per pound.

The company kept its 2026 production guidance at 2.90 million to 3.25 million ounces of gold and 190,000 to 220,000 tonnes of copper. Gold all-in sustaining cost guidance also remains at 1,760 to 1,950 US dollars per ounce. Management expects fourth-quarter gold production to be slightly higher than in the third quarter, while stockpiled material should support copper output at Lumwana.

Barrick also declared a quarterly dividend of 0.175 US dollars per share, payable on December 15, 2026, to shareholders of record on November 30. The company repurchased 761 million US dollars of shares during the quarter.

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