Barrick Gold Reports Record Q1 Output at Pueblo Viejo as Nevada Operations Beat Guidance; New Dominican Expansion Approved
June 1, 2026 — Barrick Gold Corporation disclosed on Monday that its Pueblo Viejo gold and silver mine in the Dominican Republic achieved record quarterly production during the first three months of 2026, processing approximately 1.95 million tonnes of ore and delivering attributable output of 143,000 ounces of gold to Barrick's account — the highest single-quarter figure since the mine reached commercial production in 2013. The announcement came alongside confirmation that Dominican authorities have granted final environmental and construction permits for the mine's long-planned processing plant expansion, clearing the last regulatory hurdle for a project that Barrick and joint venture partner Newmont have been pursuing for more than four years.
The expansion, which will add a second processing train and associated tailings storage capacity at a capital cost now estimated at $1.4 billion, is expected to boost Pueblo Viejo's annual attributable gold output to approximately 500,000 ounces once fully ramped up, compared with a current run-rate of roughly 300,000 to 320,000 ounces per year. Construction is scheduled to begin in the third quarter of 2026, with first ore through the expanded circuit targeted for late 2028. The project is also expected to extend the mine's operating life from a current end date in the early 2030s to approximately 2045, materially improving the long-term asset value of what is already one of the highest-grade open-pit gold mines in the Western Hemisphere.
Nevada Complex Also Exceeds Expectations
Separately, Barrick's Nevada Gold Mines joint venture — a 61.5 percent owned partnership with Newmont that encompasses the Carlin Trend, Cortez, Turquoise Ridge, and Phoenix operations — reported first-quarter attributable production of 912,000 ounces, approximately 4 percent above the midpoint of Barrick's internal quarterly plan. Improved ore grades at the Cortez Hills underground mine and better-than-forecast mill throughput at the Goldstrike roaster were cited as the primary drivers of the outperformance. Barrick's chief operating officer, Mark Bristow, said in a prepared statement that the Nevada complex was on track to deliver full-year production at the upper end of its guidance range of 3.3 to 3.6 million ounces on a 100-percent basis.
The Nevada results are significant not only for their volume but for their cost profile. All-in sustaining costs at the complex came in at $1,118 per ounce in Q1, roughly in line with the prior quarter and well below the $1,310 per ounce spot gold price prevailing during the period, preserving healthy margins even as the company absorbs higher energy and labour costs at its African and Latin American operations.
Supply Implications for the Broader Gold Market
The Pueblo Viejo expansion approval is among the more consequential supply-side developments in the gold sector so far in 2026. The World Gold Council's latest supply-demand modelling had assumed the expansion would remain in regulatory limbo through at least mid-year, and several buy-side analysts said Monday's confirmation would prompt them to revise their medium-term mine supply forecasts modestly upward. At 200,000 additional ounces of annual output ramping over a two- to three-year period, the incremental supply is not large enough to move the market on its own — global mine production runs at approximately 3,500 tonnes, or 112 million ounces, per year — but it removes a meaningful source of supply-side uncertainty for an asset that represents a large position in several major gold-focused funds.
Gold miners have struggled for the better part of a decade to replace reserves and sanction new projects, with permitting timelines, community relations challenges, and capital discipline all weighing on the development pipeline. The Pueblo Viejo expansion, in that context, stands out as a tangible example of a major asset receiving the regulatory green light to grow rather than simply sustain. Barrick shares rose 2.3 percent in early Toronto trading on Monday, outperforming a 0.6 percent gain in the broader VanEck Gold Miners ETF.
Silver By-Product Credit Adds to Economics
Pueblo Viejo is also a significant silver producer, with by-product silver credits contributing meaningfully to the mine's cost position. At record throughput levels in Q1, the operation generated approximately 1.8 million ounces of silver as a co-product, with credits applied against operating costs. At current silver spot prices near $32 per ounce, by-product credits are running at their highest level in more than a decade, providing an additional tailwind to Pueblo Viejo's already robust cash margins and reinforcing the case for proceeding with the expansion capital program at current metal prices.
Barrick is scheduled to release its full first-quarter financial results on May 7, at which point management will provide updated full-year production and cost guidance incorporating the expansion timeline and the strong start to the year at both Pueblo Viejo and Nevada.
Sarah Mitchell is Senior Markets Analyst at LiveMetalPrice.com. This article is for informational purposes only and does not constitute investment advice.