Energy Fuels Inc. press release

Barrick Reports First Quarter 2026 Results

2026-05-11

NYSE - New York Stock Exchange · Uranium · Vanadium · Rare Earth Elements · Titanium · Zirconium · United States · Production & Operations

Disciplined execution drives strong operational and financial performance

Q1 gold production of 719,000 ounces1beats guidance of 640,000–680,000 ounces1, driven by strong performances at NGM and Veladero, and the ramp-up at Loulo-Gounkoto; copper production of 49,000 tonnes1in line with plan.

Gold costs per ounce were better than plan, driven by efficiencies in mining and processing: gold COS2of $1,922 per ounce, TCC3of $1,327 per ounce, and AISC3of $1,708 per ounce.

Operating cash flow of $2.55 billion increased 111% year-on-year, attributable operating cash flow of $1.97 billion increased 89% year-on-year, and attributable free cash flow3of $1.21 billion was up 195% year-on-year.

Strong earnings supported by a higher realized gold price3: net earnings per share of $0.96 rose 256% year-on-year, and adjusted net earnings per share3of $0.98 rose 180% year-on-year. Gold production expected to increase sequentially throughout the year with Q2 gold production of 730,000–770,000 ounces1; full year production and cost guidance remains unchanged. North American Barrick IPO progressing as planned, targeting completion by year end. $0.175 per share quarterly dividend declared and new $3.0 billion share buyback program announced.

All amounts expressed in U.S. dollars

TORONTO, May 11, 2026 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today reported first quarter operating and financial results for the period ended March 31, 2026. Barrick produced 719,000 ounces1of gold and 49,000 tonnes1of copper in the quarter. The Company generated $5.22 billion in revenue, $2.55 billion in operating cash flow, $1.97 billion in attributable operating cash flow3, and $1.21 billion in attributable free cash flow3. Net earnings per share for the quarter were $0.96, and adjusted net earnings per share3were $0.98—up 256% and 180%, respectively, from Q1 2025.

Mark Hill, President and Chief Executive Officer, said:_“We started the year with another strong quarter. 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. Our growth pipeline advanced, with good progress at Lumwana and Fourmile. Most importantly, we continued to improve safety.” _Mark Hill continued:_"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.”_

Operational Highlights

Firm in its belief that safe delivery and operational excellence are inseparable, Barrick continued to strengthen safety practices. Senior executives initiated a new practice of participating in on-site safety briefings every quarter.

Gold production in the first quarter totaled 719,000 ounces1, exceeding the guidance range of 640,000–680,000 ounces1. Three primary factors drove our performance: strong underground mining and processing at NGM, higher throughput and grades at Veladero, and a faster than expected ramp up at Loulo-Gounkoto. Gold costs per ounce increased year-on-year primarily due to higher royalties, less favorable production mix and inflationary pressure, but came in below our plan for the quarter. Gold cost of sales (“COS”)2for Q1 were $1,922 per ounce, compared to COS2of $1,629 in Q1 2025. Total cash costs (“TCC”)3were $1,327 per ounce, compared to $1,220 in the prior-year quarter. All-in sustaining costs (“AISC”)3were $1,708 per ounce, down 4% compared to Q1 2025.

Copper production rose 11% year-on-year to 49,000 tonnes1in the first quarter. Copper COS4of $3.41 per pound, C1 cash costs3of $2.57 per pound and AISC3of $3.67 per pound were up 17%, 14% and 20%, respectively, compared to the prior-year period. Royalties tied to the higher realized copper price3and increased site operating costs drove the increases.

Financial Highlights

Higher gold production, lower costs, and a supportive gold price drove year‑on‑year growth in earnings and cash generation. Net earnings totaled $1.60 billion ($0.96 per share) and adjusted net earnings3totaled $1.65 billion ($0.98 per share), compared to net earnings of $474 million ($0.27 per share) and adjusted net earnings3of $603 million ($0.35 per share) in the prior‑year quarter. Attributable EBITDA3for the quarter totaled $2.76 billion, an increase of 103% over the prior‑year quarter, with an attributable EBITDA margin3of 66%.

Operating cash flow, attributable operating cash flow3and attributable free cash flow3in the first quarter were $2.55 billion, $1.97 billion and $1.21 billion—up 111%, 89% and 195% over Q1 2025, respectively. Revenues of $5.22 billion increased 67% from $3.13 billion in the prior-year quarter.

Key Growth Projects

The Fourmile project in Nevada continued to demonstrate its potential to become a standalone Tier One Gold Asset5. With the implementation of additional safety measures, drilling activity continued through winter, adding over three months of previously unavailable drilling time. The additional drilling time is helping accelerate progress on resource definition in the southern areas and extensional opportunities. Drilling is planned to be expanded throughout 2026. Ongoing PFS studies are expected to support the potential for significant resource growth, with a full PFS expected to be completed in 2028.

Construction at the Lumwana Super Pit Expansion continued to advance on time and on budget during the quarter. The initial lift of the mill building wall was completed in Q1, with mill shells delivered to site and the first loads of structural steel expected in Q2. Capital expenditure for 2026 is expected to come in at the lower end of the $750–$850 million guidance range, with total project capital anticipated at $2 billion. First copper production from the expansion remains on track for the end of Q1 2028.

Returns to Shareholders

A quarterly dividend of $0.175 per share has been declared in respect of performance for the first quarter of 2026. The Q1 2026 dividend will be paid on June 15, 2026 to shareholders of record at the close of business on May 29, 2026.

Barrick’s dividend policy targets a total payout of 50% of attributable free cash flow on an annualized basis, comprised of a fixed base quarterly dividend of $0.175 per share and a performance top-up component at each year-end based on the attributable free cash flow during the year. The dividend paid in any given year may be higher or lower than the 50% target based on the strength of cash flow, capital needs, balance sheet considerations, and other factors.

In addition to the quarterly dividend, and following solid Q1 execution and strong free cash flow, Barrick’s Board of Directors has authorized the repurchase of up to $3.0 billion of the Company’s outstanding common shares at prevailing market prices. This authorization is intended to return cash to shareholders at a time when Barrick sees exceptional value in its own shares, particularly in anticipation of the planned IPO of North American Barrick. The repurchase authorization does not oblige the Company to acquire common shares.

2026 Guidance

Barrick is on track to meet 2026 guidance. Gold production guidance for 2026 continues to be 2.90–3.25 million ounces1, with 730,000–770,000 ounces1expected in the second quarter, further increasing in Q3 and Q4, in line with typical seasonality. Gold cost guidance for 2026, including COS2of $1,870–$2,070 per ounce, TCC of $1,330–$1,470 per ounce, and AISC3of $1,760–$1,950 per ounce, is based on a gold price assumption of $4,500 per ounce.

Copper production guidance for 2026 remains unchanged at 190,000–220,000 tonnes1at copper COS4of $3.05–$3.35 per pound, C1 cash costs3of $2.20–$2.45 per pound, and AISC3of $3.45–$3.75 per pound. Copper cost guidance is based on a copper price assumption of $5.50 per pound.

2026 cost guidance is based on an oil price (WTI) assumption of $70 per barrel. For every $10 per barrel change in the oil price, the direct impact on costs associated with diesel consumption is $12 per ounce across our gold operations, and $0.04 per pound across our copper sites.

North American IPO

On April 28, 2026, Barrick provided an updateregarding the planned initial public offering (“IPO”) of a minority stake of a company that will hold Barrick’s North American gold assets, being Barrick’s stakes and operatorship of Nevada Gold Mines and Pueblo Viejo, as well as the Fourmile project. Barrick is on track to complete the IPO by the end of 2026, subject to market and other conditions and necessary approvals. The anticipated IPO will abide by all applicable commitments in Barrick’s Joint Venture Agreements and, while Barrick is free to pursue the IPO unilaterally, it is working closely with its Joint Venture partner, so that value is created and maximized for all.

Presentation and Webcast

The management team will host a live webcast and presentation today at 11:00 AM ET followed by a question-and-answer session with analysts. To join the webcast, please register here. Presentation materials will be available on Barrick’s website prior to the event with a replay available soon after.

About Barrick Mining Corporation

Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.

| Investor Relations Contact Barrick Mining Corporation Cleve Rueckert, +1 775 397 5443 cleveland.rueckert@barrick.com | Media Contact Brunswick Group Carole Cable, +44 (0) 20 7404 5959 barrick@brunswickgroup.com |

Financial and Operating Highlights

| | For the three months ended | | | | | | | | | | | | | 3/31/26 | | 12/31/25 | | % Change | | | 3/31/25 | | % Change | | | Financial Results($ millions) | | | | | | | | | | | | | Revenues | 5,218 | | 5,997 | | (13 | )% | | 3,130 | | 67 | % | | Cost of sales | 2,099 | | 2,712 | | (23 | )% | | 1,785 | | 18 | % | | Net earningsa | 1,602 | | 2,406 | | (33 | )% | | 474 | | 238 | % | | Adjusted net earningsb | 1,648 | | 1,754 | | (6 | )% | | 603 | | 173 | % | | Attributable EBITDAb | 2,760 | | 3,084 | | (11 | )% | | 1,361 | | 103 | % | | Attributable EBITDA marginb | 66 | % | 64 | % | 3 | % | | 51 | % | 29 | % | | Minesite sustaining capital expendituresb,c | 380 | | 458 | | (17 | )% | | 564 | | (33 | )% | | Project capital expendituresb,c | 570 | | 630 | | (10 | )% | | 269 | | 112 | % | | Total consolidated capital expendituresc,d | 979 | | 1,107 | | (12 | )% | | 837 | | 17 | % | | Total attributable capital expenditurese | 755 | | 906 | | (17 | )% | | 631 | | 20 | % | | Net cash provided by operating activities | 2,554 | | 2,726 | | (6 | )% | | 1,212 | | 111 | % | | Net cash provided by operating activities marginf | 49 | % | 45 | % | 9 | % | | 39 | % | 26 | % | | Attributable operating cash flowb | 1,968 | | 1,966 | | 0 | % | | 1,042 | | 89 | % | | Free cash flowb | 1,575 | | 1,619 | | (3 | )% | | 375 | | 320 | % | | Net earnings per share (basic and diluted) | 0.96 | | 1.43 | | (33 | )% | | 0.27 | | 256 | % | | Adjusted net earnings (basic)b per share | 0.98 | | 1.04 | | (6 | )% | | 0.35 | | 180 | % | | Weighted average diluted common shares (millions of shares) | 1,675 | | 1,684 | | (1 | )% | | 1,725 | | (3 | )% | | Debt (current and long-term) | 4,726 | | 4,703 | | 0 | % | | 4,727 | | 0 | % | | Cash and equivalents | 7,131 | | 6,706 | | 6 | % | | 4,104 | | 74 | % | | Debt, net of cash | (2,405 | ) | (2,003 | ) | 20 | % | | 623 | | (486 | )% |

1. Net earnings represents net earnings attributable to the equity holders of the Company. 2. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release. 3. Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of all-in sustaining costs. 4. Total consolidated capital expenditures also includes capitalized interest of $29 million for Q1 2026 (Q4 2025: $19 million; Q1 2025: $4 million). 5. These amounts are presented on the same basis as our guidance. 6. Represents net cash provided by operating activities divided by revenue.

| | For the three months ended | | | | | | | | | | 3/31/26 | 12/31/25 | % Change | | | 3/31/25 | % Change | | | Operating Results | | | | | | | | | | Gold | | | | | | | | | | Gold production (thousands of ounces)a | 719 | 871 | (17 | )% | | 758 | (5 | )% | | Gold sold (thousands of ounces)a | 748 | 960 | (22 | )% | | 751 | 0 | % | | Market gold price ($/oz) | 4,873 | 4,135 | 18 | % | | 2,860 | 70 | % | | Realized gold pricea,b($/oz) | 4,823 | 4,177 | 15 | % | | 2,898 | 66 | % | | Gold COS (Barrick’s share)a,c($/oz) | 1,922 | 1,904 | 1 | % | | 1,629 | 18 | % | | Gold TCCa,b($/oz) | 1,327 | 1,205 | 10 | % | | 1,220 | 9 | % | | Gold AISCa,b($/oz) | 1,708 | 1,581 | 8 | % | | 1,775 | (4 | )% | | Revenue ($ millions)a | 3,682 | 4,111 | (10 | )% | | 2,214 | 66 | % | | Attributable EBITDA ($ millions)b | 2,480 | 2,708 | (8 | )% | | 1,136 | 118 | % | | Copper | | | | | | | | | | Copper production (thousands of tonnes)a | 49 | 62 | (21 | )% | | 44 | 11 | % | | Copper sold (thousands of tonnes)a | 45 | 67 | (33 | )% | | 51 | (12 | )% | | Market copper price ($/lb) | 5.83 | 5.03 | 16 | % | | 4.24 | 38 | % | | Realized copper pricea,b($/lb) | 5.79 | 5.42 | 7 | % | | 4.51 | 28 | % | | Copper COS (Barrick’s share)a,d($/lb) | 3.41 | 3.37 | 1 | % | | 2.92 | 17 | % | | Copper C1 cash costsa,b($/lb) | 2.57 | 2.45 | 5 | % | | 2.25 | 14 | % | | Copper AISCa,b($/lb) | 3.67 | 3.61 | 2 | % | | 3.06 | 20 | % | | Revenue ($ millions)a | 556 | 769 | (28 | )% | | 474 | 17 | % | | Attributable EBITDA ($ millions)b | 280 | 376 | (26 | )% | | 199 | 41 | % |

1. On an attributable basis. 2. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release. 3. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). 4. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

Regional Summaryaand 2026 Guidanceb

| | For the three months ended | | 2026 Guidance | | | | | 3/31/26 | 12/31/25 | 3/31/25 | | | | Gold | | | | | | | North America | | | | | | | Gold produced (000s oz) | 457 | 595 | 454 | | 1,770 - 1,980 | | Gold sold (000s oz) | 462 | 608 | 460 | | | | COS ($/oz)d | 1,783 | 1,663 | 1,687 | | 1,820 - 2,010 | | TCC ($/oz)c | 1,213 | 1,169 | 1,272 | | 1,270 - 1,410 | | AISC ($/oz)c | 1,612 | 1,460 | 1,843 | | 1,690 - 1,870 | | Revenue ($ millions) | 2,253 | 2,604 | 1,353 | | | | Attributable EBITDA ($ millions)c | 1,552 | 1,730 | 668 | | | | South America & Asia Pacific | | | | | | | Gold produced (000s oz) | 74 | 72 | 92 | | 630 - 730 | | Gold sold (000s oz) | 76 | 69 | 89 | | | | COS ($/oz)d | 1,773 | 1,553 | 1,267 | | 1,490 - 1,590 | | TCC ($/oz)c | 1,126 | 983 | 890 | | 940 - 1,020 | | AISC ($/oz)c | 1,393 | 1,898 | 1,368 | | 1,430 - 1,530 | | Revenue ($ millions) | 376 | 289 | 264 | | | | Attributable EBITDA ($ millions)c | 261 | 155 | 162 | | | | Africa & Middle East | | | | | | | Gold produced (000s oz) | 188 | 204 | 212 | | 820 - 910 | | Gold sold (000s oz) | 210 | 283 | 202 | | | | COS ($/oz)d | 2,281 | 2,527 | 1,639 | | 1,420 - 1,520 | | TCC ($/oz)c | 1,633 | 1,364 | 1,244 | | 1,060 - 1,140 | | AISC ($/oz)c | 1,836 | 1,575 | 1,602 | | 1,360 - 1,460 | | Revenue ($ millions) | 1,053 | 1218 | 597 | | | | Attributable EBITDA ($ millions)c | 667 | 823 | 306 | | | | Total Gold | | | | | | | Gold produced (000s oz) | 719 | 871 | 758 | | 2,900 - 3,250 | | Gold sold (000s oz) | 748 | 960 | 751 | | | | COS ($/oz)d | 1,922 | 1,904 | 1,629 | | 1,870 - 2,070 | | TCC ($/oz)c | 1,327 | 1,205 | 1,220 | | 1,330 - 1,470 | | AISC ($/oz)c | 1,708 | 1,581 | 1,775 | | 1,760 - 1,950 | | Revenue ($ millions) | 3,682 | 4,111 | 2,214 | | | | Attributable EBITDA ($ millions)c | 2,480 | 2,708 | 1,136 | | | | Total Copper | | | | | | | Copper produced (kt) | 49 | 62 | 44 | | 190 - 220 | | Copper sold (kt) | 45 | 67 | 51 | | | | COS ($/lb)e | 3.41 | 3.37 | 2.92 | | 3.05 - 3.35 | | C1 cash costs ($/lb)c | 2.57 | 2.45 | 2.25 | | 2.20 - 2.45 | | AISC ($/lb)c | 3.67 | 3.61 | 3.06 | | 3.45 - 3.75 | | Revenue ($ millions) | 556 | 769 | 474 | | | | Attributable EBITDA ($ millions)c | 280 | 376 | 199 | | |

1. All figures in this table are on an attributable basis. 2. See “Outlook Assumptions and Economic Sensitivity Analysis” in endnote 6 of this press release. 3. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 3 of this press release. 4. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). 5. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).

Technical Information

The scientific and technical information contained in this MD&A has been reviewed and approved by Jesse Clark, BSc (Hons), MSc, SMERM, Director, Geology; Richard Peattie, MPhil, FAusIMM, Chief Technical Officer; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration – each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2025.

Endnotes

Endnote 1 On an attributable basis.

Endnote 2 On an attributable basis. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).

Endnote 3– Non-GAAP Financial Measures

Total cash costs per ounce and All-in sustaining costs per ounce “Total cash costs” per ounce (TCC/oz) and “All-in sustaining costs” per ounce (AISC/oz) are non-GAAP financial performance measures which are calculated based on the definition published by the World Gold Council (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, the “WGC”). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and their ability to generate positive cash flow, both on an individual site basis and an overall company basis. TCC/oz start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and costs allocated to by-products. AISC/oz start with TCC/oz and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs related to the current mine plan and reclamation cost accretion and amortization. Barrick believes that the use of TCC/oz and AISC/oz will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from the gold operations portion of our business. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is generated by a mine and therefore Barrick believes these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of Barrick’s cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization. TCC/oz and AISC/oz are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.