Barrick Gold Reports Record Q1 Output at Kibali as Congo Basin Deposits Reshape African Supply Outlook
May 7, 2026 — Barrick Gold Corporation disclosed Thursday that its Kibali gold mine in the Democratic Republic of Congo delivered record first-quarter production of 214,000 ounces, a 12 percent increase over the same period last year and the strongest quarterly result since the mine reached full commercial production. The announcement came alongside a separate geological disclosure: Barrick's exploration team has identified a substantial new deep-level ore body immediately adjacent to the existing Kibali underground workings, with early resource estimates pointing to between 3.5 million and 4.2 million additional recoverable ounces.
Kibali's Record Quarter Driven by Grade Improvement
The first-quarter output gain at Kibali was not driven by a step-up in ore tonnage processed — the concentrator and CIL plant ran at roughly the same throughput rate as prior quarters — but rather by a marked improvement in head grade. Ore sourced from the KCD underground ore body averaged 4.8 grams per tonne during the quarter, up from approximately 4.2 grams per tonne in the first quarter of 2025. Grade outperformance of this magnitude is meaningful in a large-scale underground operation: it flows almost directly to the bottom line because fixed processing costs are spread over a higher contained-gold throughput.
Barrick's operating costs at Kibali declined accordingly. All-in sustaining costs for the quarter came in at approximately $890 per ounce, well below the company's guidance range of $950 to $1,020 per ounce and among the lowest reported for any major gold operation globally. At current gold prices above $4,700 per ounce, that unit cost position generates operating margins that would have been considered exceptional even two years ago.
The mine, which Barrick operates in a joint venture with AngloGold Ashanti and a Congolese state entity, has consistently ranked among the top-performing assets in the Barrick portfolio since its 2013 commissioning. It is powered almost entirely by run-of-river hydroelectric generation from the Kibali River, giving it an unusually low carbon footprint by industry standards — a factor that has attracted positive attention from ESG-focused institutional investors in recent quarters.
New Deep-Level Discovery Extends Mine Life Significantly
The more consequential disclosure Thursday was geological rather than operational. Barrick announced that infill drilling conducted over the past eight months has delineated a new ore zone, designated KCD Deep Extension, beginning at approximately 1,200 metres below surface and extending at least 400 metres further down-plunge. The zone is characterized by high-grade shoots averaging between 5.5 and 6.1 grams per tonne based on assay results from 47 diamond drill holes completed to date.
The company has not yet filed a formal National Instrument 43-101-compliant resource estimate for KCD Deep Extension, but Barrick's president of African operations described the discovery as potentially transformative for the asset's long-term profile. The current Kibali mine plan extends to approximately 2032. If the deep-level resource is confirmed at the preliminary estimates, Barrick has indicated it would support an extension of active underground mining through at least 2040, representing a significant addition to the global gold supply pipeline at a time when greenfield discoveries of this scale have become increasingly uncommon.
Exploration geologists noted that the KCD Deep Extension shows structural continuity with the main ore body above it, suggesting the mineralized system remains open at depth. Further drilling to test the down-plunge extent is planned through the remainder of 2026, with a maiden resource estimate expected in the first half of 2027.
Broader Supply Implications for the Gold Market
The Kibali news arrives against a backdrop of tightening global gold mine supply. Industry-wide production has grown at less than one percent per year on average over the past five years, even as exploration spending has increased. The average grade of ore processed at operating gold mines has declined steadily over the same period as higher-grade near-surface deposits are exhausted and miners are forced deeper. Large-scale discoveries that can be brought into production at competitive costs — particularly in jurisdictions with established infrastructure — have become notably rarer.
The DRC, despite its well-documented governance challenges, has emerged as one of the few regions where major miners are finding significant new gold resources. The Congolese government has in recent years negotiated revised royalty and tax frameworks that, while more demanding than legacy agreements, provide greater legal clarity and have encouraged continued capital deployment by Barrick and its peers.
For gold investors monitoring supply-side dynamics, the Kibali development is a long-duration signal rather than a near-term price catalyst. The additional ounces from KCD Deep Extension will not meaningfully affect global supply for at least five to seven years. What it does signal, however, is that the best-in-class assets in the industry continue to surprise to the upside on mine life — a dynamic that supports valuations for major miners even at elevated gold prices. Barrick shares rose 3.4 percent in Toronto trading on Thursday, outpacing the broader gold equities index.
Silver, platinum, and palladium supply data from African operations are scheduled for release later this month as several producers report detailed quarterly figures.