Barrick Gold Reports Record Q1 Output at Cortez as Nevada Operations Hit Multi-Year High
May 28, 2026 — Barrick Gold Corporation disclosed on Wednesday that its Cortez complex in Nevada delivered its strongest quarterly gold output since 2021 during the first three months of 2026, producing approximately 218,000 troy ounces — some 14 percent above analyst consensus and well ahead of the company's internal targets for the period. The result, drawn from updated operational filings reviewed by LiveMetalPrice, contributed to a broader outperformance across Barrick's North American portfolio and has prompted the company to reaffirm its full-year consolidated guidance of 3.9 to 4.3 million ounces at all-in sustaining costs between $1,320 and $1,420 per ounce.
The Cortez beat was driven by a combination of higher-than-expected ore grades in the Pipeline open-pit section and throughput gains at the Cortez Hills underground operation, where a shaft deepening project completed in late 2025 opened access to a new mineralized zone carrying grades averaging 7.2 grams per tonne. Chief Operating Officer Graham Shuttleworth credited the result to a two-year capital program focused on underground development and processing plant upgrades, saying the investments were now "delivering exactly the returns we modeled when we sanctioned them."
Nevada Gold Mines Joint Venture Lifts Overall Figures
Barrick operates its Nevada assets through Nevada Gold Mines (NGM), a joint venture with Newmont Corporation in which Barrick holds a 61.5 percent controlling interest. The NGM complex encompasses Cortez, Carlin, Turquoise Ridge, and Phoenix, collectively making it the largest gold mining operation by output in the United States and one of the largest globally. Combined NGM production for Q1 2026 reached approximately 830,000 ounces, a 9 percent increase over the same period in 2025, according to data filed with the joint venture's operational committee.
The strong Nevada showing helped offset softer results elsewhere in the Barrick portfolio. Output at the Pueblo Viejo mine in the Dominican Republic came in at the low end of quarterly targets due to planned mill maintenance, and the Kibali operation in the Democratic Republic of Congo reported a minor decline linked to a temporary disruption at a primary power facility. Neither issue is expected to affect full-year guidance, executives noted in the filing commentary.
New Deposit Drilling Results Add Long-Term Upside
Barrick separately released a batch of exploration drilling results from the Fourmile project, located approximately eight kilometres south of the Cortez complex and wholly owned by Barrick outside the NGM joint venture structure. Highlights from the latest programme include intercepts of 14.3 metres at 23.1 grams per tonne gold and 19.7 metres at 18.4 grams per tonne at depth, extending the known mineralisation envelope by roughly 350 metres along strike. Fourmile has been under active delineation since 2018 and is widely considered one of the more significant undeveloped gold discoveries in Nevada in the past decade.
Analysts at RBC Capital Markets called the Fourmile update "incrementally positive," estimating the deposit could support a standalone underground mine producing 250,000 to 300,000 ounces annually once development is sanctioned. Barrick has not yet released a formal resource estimate under the updated National Instrument 43-101 framework, but a maiden resource declaration is expected before the end of 2026.
Cost Discipline Holds Despite Inflationary Pressures
All-in sustaining costs across the North American portfolio averaged $1,298 per ounce for Q1 2026, below the guided full-year range, though Barrick cautioned that costs typically increase in subsequent quarters as sustaining capital expenditure is weighted toward the second half of the year. Labour and energy costs remain the primary variables, with Nevada diesel prices and union contract renewals due at two sites in Q3 representing the most closely watched line items.
Spot gold traded near $3,260 per troy ounce on Wednesday morning, leaving Barrick's operations generating substantial free cash flow at current prices. The company's shares rose 2.1 percent in early Toronto trading following the operational update.
Sarah Mitchell is Senior Markets Analyst at LiveMetalPrice.com. This article is for informational purposes only and does not constitute investment advice.