Canada's Barrick Mining Q1 revenue surges, adjusted EPS beats expectations

Overview

• Canada mining giant's Q1 adjusted EPS rose 180% yr/yr, beating analyst expectations

• Q1 revenue increased 67% yr/yr, driven by higher gold production and prices

• Company announced $3 bln share buyback program and quarterly dividend

Outlook

• Barrick expects Q2 gold production of 730,000–770,000 ounces

• Company maintains 2026 gold production guidance of 2.90–3.25 mln ounces

• 2026 copper production guidance unchanged at 190,000–220,000 tonnes

Result Drivers

• GOLD PRODUCTION OUTPERFORMANCE - Gold output exceeded guidance, driven by strong performance at NGM and Veladero, and ramp-up at Loulo-Gounkoto

• HIGHER GOLD PRICE - Higher realized gold price contributed to increased earnings and cash flow

• OPERATIONAL EFFICIENCIES - Gold costs per ounce were better than plan, attributed to efficiencies in mining and processing

Company press release: ID:nGNX4s2Vlt

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the gold peer group is "buy"

• Wall Street's median 12-month price target for Barrick Mining Corp is C$86.00, about 45.6% above its May 8 closing price of C$59.05

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 13 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.