Barrick Mining Q1 Cash Flow Soars 111% While Reserves Value Exceeds $400B
Barrick Mining holds 89 million ounces of proven and probable gold reserves worth over $400 billion at current prices against a $75 billion market cap. Q1 operating cash flow jumped 111% year-over-year, free cash flow surged 195% to $1.21 billion, and EPS rose 256% to $0.96.
1. Reserve Valuation and Market Cap
Barrick holds 89 million ounces of proven and probable gold reserves valued at over $400 billion at current prices, while the company maintains a market capitalization near $75 billion.
2. Q1 Financial Performance
In Q1 2026, operating cash flow jumped 111% year-over-year, free cash flow surged 195% to $1.21 billion, and earnings per share climbed 256% to $0.96.
3. Copper Exposure and Future Projects
Barrick produced approximately 220,000 metric tonnes of copper in 2025 and is advancing the Reko Diq project in Pakistan, which could significantly boost output later this decade.
4. Valuation Outlook
With the stock trading at roughly 12 times earnings despite rising gold and copper exposure, Barrick appears undervalued relative to its long-term reserves and projected cash flows, supporting an intrinsic value estimate of $57 per share.