Barrick Mining Corporation (NYSE:B) shares came under pressure in pre-market trading on Monday after the gold producer reported second-quarter earnings and revenue below Wall Street expectations, despite delivering higher production and substantial year-on-year growth.
Adjusted earnings per share came in at $0.82, below the analyst consensus of $0.94. Revenue reached $5.29 billion, also missing expectations of $5.67 billion.
Despite falling short of forecasts, quarterly revenue increased 44% year-on-year from $3.68 billion in the corresponding period of 2025.
Gold production beats Barrick guidance
Barrick produced 796,000 ounces of gold during the quarter, exceeding its guidance range of 730,000 to 770,000 ounces. The stronger performance was supported by a faster-than-planned ramp-up at Loulo-Gounkoto and a quicker-than-anticipated recovery at Pueblo Viejo.
Net earnings increased 50% year-on-year to $1.22 billion, equivalent to $0.73 per share, compared with $810 million, or $0.47 per share, in the second quarter of 2025.
Barrick shares fell following the announcement, with the stock under notable pressure in pre-market trading as investors focused on the earnings and revenue misses.
“We delivered our third quarter in a row with excellent operational and financial performance. We beat the top end of our gold production guidance and generated much higher earnings and cash flow than a year ago,” said Mark Hill, President and Chief Executive Officer.
Higher costs weigh despite stronger cash flow
Operating cash flow increased 28% from the same period last year to $1.70 billion, providing further evidence of the benefit from higher production and stronger realised gold prices.
However, production costs also increased. Gold cost of sales reached $1,993 per ounce, compared with $1,654 per ounce a year earlier. Barrick attributed the increase primarily to lower processed grades at Carlin, Cortez and North Mara, alongside higher fuel expenses and increased royalties associated with stronger realised gold prices.
All-in sustaining costs climbed 11% year-on-year to $1,866 per ounce, highlighting continued cost pressures despite the improvement in production.
Barrick maintains production outlook and cuts capital spending forecast
Barrick also announced an agreement with Newmont covering an expansion of Nevada Gold Mines, under which Newmont will pay $1.95 billion in cash within 30 days.
The company maintained its full-year gold production forecast of between 2.90 million and 3.25 million ounces. At the same time, Barrick lowered its expected total attributable capital expenditure to between $3.8 billion and $4.2 billion, compared with its previous forecast of $4.0 billion to $4.45 billion.
Shareholder returns remained a priority during the quarter. Barrick declared a quarterly dividend of $0.175 per share and repurchased $1.2 billion of its own shares.
The miner also continues to target completion of the planned initial public offering of its North American gold assets by the end of the year.
While Barrick delivered stronger production, earnings, revenue and cash flow compared with the previous year, the weaker-than-expected headline results and rising production costs weighed on investor sentiment following the second-quarter update.
Barrick Mining stock price
