Barrick Gold Reports Record Q1 Output at Carlin Complex as Nevada Operations Drive Production Beat

May 11, 2026 — Barrick Gold Corporation reported first-quarter 2026 attributable gold production of 1.24 million troy ounces on Monday, surpassing the analyst consensus estimate of approximately 1.17 million ounces and marking the company's strongest quarterly output since the third quarter of 2023. The beat was driven primarily by record throughput and unexpectedly high ore grades at the Carlin Complex in northeastern Nevada, the cornerstone of Barrick's North American portfolio. The company simultaneously raised its full-year 2026 gold production guidance to a range of 4.9 to 5.2 million ounces, up from a prior range of 4.85 to 5.15 million ounces.

Carlin produced approximately 340,000 ounces in the quarter, its highest single-quarter figure since the Nevada Gold Mines joint venture between Barrick and Newmont was restructured in 2024. Chief Operating Officer Catherine Walsh attributed the performance to the successful ramp-up of the Goldrush underground mine, which reached design mining rates in February ahead of schedule, and to a campaign of targeted grade-control drilling that delivered ore blends averaging 3.2 grams per tonne — roughly 15 percent above the life-of-mine plan. The Gold Quarry and Carlin East open pits also contributed above-plan ounces after Barrick accelerated waste stripping in late 2025 to access higher-grade benches.

Broader Portfolio Performance

Outside Nevada, performance was more mixed but broadly in line with expectations. Barrick's Pueblo Viejo mine in the Dominican Republic produced 112,000 ounces in Q1, in line with guidance, following the completion of a plant expansion that increased processing capacity from 24,000 to 30,000 tonnes per day. Management indicated that Pueblo Viejo is now operating at its expanded nameplate capacity and is expected to contribute meaningfully to the second half of the year as the operation transitions to higher-grade ore zones identified in its most recent reserve update.

The Lumwana copper mine in Zambia, while not a gold producer, remains strategically significant given Barrick's push to grow its copper portfolio as a hedge against energy-transition demand. Lumwana produced 42,000 tonnes of copper in Q1, slightly below the prior-year comparable period, after a scheduled maintenance shutdown extended by approximately five days due to supply delays on replacement mill liners. Barrick said the lost production would be partially recovered in Q2.

Kibali, Barrick's joint-venture operation in the Democratic Republic of Congo, produced 84,000 attributable ounces, a 7 percent year-over-year decline reflecting planned mining of lower-grade stopes in the underground operation as the deposit transitions between ore lenses. Management reiterated that Kibali's production profile is expected to recover in the second half of 2026 as development advances into the KCD3 zone.

Cost Guidance and Balance Sheet

All-in sustaining costs for the quarter came in at $1,342 per ounce, below the company's guided range of $1,380 to $1,440 for the full year, benefiting from the higher-than-expected production volumes at low-cost Nevada assets and from a modestly weaker Canadian dollar and Chilean peso, which reduced reported costs at Barrick's non-U.S. operations. The company did not revise its AISC guidance range, citing uncertainty around diesel prices and labour costs in sub-Saharan Africa for the remainder of the year, but noted that cost performance in Q1 provides meaningful buffer against potential headwinds.

Barrick ended the quarter with $4.8 billion in cash and equivalents and no near-term debt maturities, positioning it among the strongest balance sheets in the senior gold producer peer group. The company repurchased approximately 12 million shares in Q1 under its standing buyback authorization and declared a quarterly dividend of $0.12 per share, payable in June.

Market Reaction and Outlook

Barrick shares rose 3.2 percent in early Toronto Stock Exchange trading on the production beat and guidance raise, outperforming the VanEck Gold Miners ETF (GDX), which gained 1.4 percent in sympathy. Analysts at RBC Capital Markets and Scotiabank both reiterated outperform ratings following the release, with Scotiabank raising its 12-month price target by C$3.00 to C$38.50. The production update does not include full financial results, which are scheduled for release on May 28.

The broader significance of Barrick's quarter extends beyond company-specific dynamics. A production beat of this magnitude from the world's second-largest gold miner provides a data point that North American mine supply remains resilient, which may modestly temper the supply-scarcity narrative that has underpinned some of gold's recent price strength. However, with all-in sustaining costs still well below prevailing spot prices near $4,665 per ounce, the economics of existing operations remain exceptionally favourable, and the incentive price for new project development continues to attract capital into the sector.