Barrick Q1 Gold Beats Guidance, EPS Up 256%, Declares $0.175 Dividend and $3B Buyback
B•Barrick produced 719,000 ounces of gold in Q1, exceeding 640,000–680,000 guidance range, with gold COS of $1,922 and AISC of $1,708 per ounce. Operating cash flow rose 111% to $2.55 billion, net EPS surged 256%, and the company declared a $0.175 per share dividend and $3 billion buyback.
1. Operational Performance
Barrick produced 719,000 ounces of gold in Q1, exceeding its 640,000–680,000 ounce guidance range, driven by strong underground mining at North Mara, higher throughput at Veladero and a faster ramp-up at Loulo-Gounkoto. Copper output was 49,000 tonnes, in line with plan, while gold cost of sales was $1,922 per ounce and AISC was $1,708 per ounce.
2. Financial Highlights
The company reported $5.22 billion in revenue, with operating cash flow of $2.55 billion up 111% year-on-year and attributable free cash flow of $1.21 billion up 195%. Net earnings per share reached $0.96, a 256% increase, and adjusted EPS rose to $0.98, up 180% from Q1 2025.
3. Capital Returns
Barrick declared a $0.175 per share quarterly dividend payable June 15 to shareholders of record May 29 and initiated a new $3.0 billion share buyback program. The dividend policy targets an annualized payout of 50% of attributable free cash flow, with year-end performance top-up adjustments.
4. Outlook and IPO
Full-year production and cost guidance remains unchanged, with Q2 gold output expected between 730,000–770,000 ounces and sequential increases planned throughout the year. The North American spin-off IPO is progressing on schedule for completion by year-end to unlock further shareholder value.
