Barrick Reports Strong Q1 Gold Output as Cortez Underground Ramp-Up Accelerates; Nevada Complex Hits 18-Month High
June 3, 2026 — Barrick Gold Corporation has published first-quarter production data confirming that its Nevada Gold Mines joint venture delivered its strongest quarterly gold output in eighteen months, with the Cortez underground expansion driving ore grade improvements that outpaced internal projections. The complex produced 410,000 attributable ounces of gold during the quarter, a 9 percent increase from the 376,000 ounces reported in Q4 2025 and a meaningful recovery from the weather and equipment-related disruptions that weighed on output through much of last year.
Nevada Gold Mines, a joint venture in which Barrick holds a 61.5 percent operating interest alongside Newmont Corporation's 38.5 percent stake, is the largest gold mining complex in the world by annual output. The Q1 result places the partnership firmly on track to achieve its full-year guidance of between 1.55 and 1.70 million attributable ounces, a target that had attracted modest skepticism from analysts following two consecutive quarters of below-trend performance in 2025.
Cortez Underground Grades Ahead of Schedule
The primary driver of the improved quarterly result was the Cortez underground expansion, a capital project initiated in 2023 to access higher-grade ore bodies at depth beneath the existing open-pit operation. Barrick said in its quarterly operations update that development headings reached the Phase 2 extraction level ahead of the original schedule, allowing the mine to blend materially higher-grade underground ore into the processing circuit from mid-February onward. The mine recorded average head grades of 4.3 grams per tonne gold equivalent during March, the highest monthly average since the underground project began contributing meaningfully to the feed blend.
Capital expenditure on the Cortez underground is now approximately 78 percent complete, and Barrick said it expects the expansion to reach full design throughput by the third quarter of this year. Once at steady-state production, the underground component is expected to add between 150,000 and 170,000 ounces per year on a sustained basis, effectively extending the mine's productive life by an estimated twelve years beyond what the open-pit reserve base alone would support.
Goldstrike Mill Throughput Improves After Maintenance Delays
Production gains at Cortez were complemented by improved performance at the Goldstrike processing facility, where throughput recovered to approximately 8,400 tonnes per day in March following the completion of a scheduled semi-autogenous grinding mill reline that had reduced capacity in January and February. The reline, which is conducted on a roughly eighteen-month cycle, took three days longer than planned due to liner supply delays, but Barrick said operations returned to design rates within the expected recovery window and that no material inventory of ore had accumulated at the ROM pad as a result of the temporary throughput constraint.
All-in sustaining costs for Nevada Gold Mines in Q1 came in at $1,248 per ounce, modestly above the $1,190 per ounce recorded in the year-ago period, reflecting higher diesel costs and increased royalty payments tied to the substantially higher prevailing gold price. At current spot prices near $4,520 per ounce, the operation is generating operating margins well in excess of $3,200 per ounce — among the highest in the company's history.
Broader Portfolio Performing to Plan
Beyond Nevada, Barrick reported solid results from its Pueblo Viejo mine in the Dominican Republic, where the plant expansion completed in late 2024 continued to demonstrate its ability to sustain throughput above 27,000 tonnes per day. Pueblo Viejo contributed 115,000 attributable ounces in Q1, in line with the annual run-rate implied by the expanded infrastructure.
The company's African operations, including the Kibali mine in the Democratic Republic of Congo and the Loulo-Gounkoto complex in Mali, combined to deliver approximately 200,000 ounces, roughly in line with Q4 2025 despite an extended rainy season that affected haulage efficiency at Loulo in January. Barrick said it remains in constructive dialogue with the Malian government regarding the renewal of the Loulo-Gounkoto mining convention, which expired in March. No disruption to operations has occurred pending the conclusion of those discussions.
Full-Year Guidance Reaffirmed
Barrick reaffirmed its company-wide production guidance of between 3.9 and 4.3 million ounces of gold for the full year 2026, as well as its copper guidance of between 420 and 470 million pounds from its Lumwana and Reko Diq interests. The company said the strong Nevada result and the Cortez underground ramp-up trajectory give it confidence that full-year gold output will track toward the upper half of the guided range, assuming no material operational disruptions in the remaining three quarters.
Shares of Barrick rose 1.8 percent in early Toronto trading following the release of the quarterly data, outperforming a gold sector index that was broadly flat on the day. Several analysts, including those at National Bank Financial and RBC Capital Markets, upgraded their production estimates for the full year following the Q1 release, citing the Cortez underground acceleration as the key positive variance against prior models.
Sarah Mitchell is Senior Markets Analyst at LiveMetalPrice.com. This article is for informational purposes only and does not constitute investment advice.