Barrick's Resilient Quarter: Gold Production Up 4%, Free Cash Flow Soars 320% as Company Prioritizes Safety and Growth
May 11, 2026 - In its first quarter results presentation, Barrick announced a strong Q1 with excellent operating and financial performance. The company's President and CEO, Mark Bristow, outlined the priorities for 2026, which include achieving safe, consistent, reliable delivery across the portfolio.
The four key areas of focus are safety, operational delivery, growth, and unlocking value through the IPO of North American gold assets. In Q1, Barrick made steady progress in all these areas, with notable improvements in safety performance and strong execution on operational and financial fronts.
Safety Priorities
Barrick's President and CEO, Mark Bristow, emphasized that the company's safety performance has not been where it needs to be. However, the company is taking action to improve it by focusing on identifying and eliminating risks behind serious and fatal events. This shift in focus began to yield positive results in Q1, with a meaningful reduction in significant and high-severity injuries. 63% of all injuries during the quarter were classified as minor.
The leaders at Barrick are now spending more time in the field, focusing on leading indicators, particularly critical control verifications. While there is still work to be done, the company's commitment to zero harm is embedded in leadership behavior, operating routines, and decision-making at every level.
Operational Highlights
Barrick produced 719,000 ounces of gold in Q1, above guidance and an increase of 4% from a year ago. The three drivers behind this growth were a 10% year-on-year increase in production in North America, along with strong performance at both Veladero and Loulo-Gounkoto.
On the copper side, the company produced 49,000 tons in line with the plan. Discipline was exercised on costs, resulting in better-than-planned cost per ounce for gold. Copper production increased 11% year-over-year, while C1 cash costs were lower than planned.
Financial Performance
The combination of volume, cost discipline, and favorable realized pricing drove a substantial increase in earnings and cash flow. Attributable EBITDA doubled year-over-year at a much higher margin, and free cash flow increased 320% year-over-year to $1.6 billion. The company ended the quarter with $2.4 billion of net cash.
Barrick's Senior EVP and CFO, Helen Cai, noted that strong execution in the quarter allowed the company to capture more of the high gold price and deliver strong financial results.
Growth Initiatives
The company advanced its growth projects during Q1. The 100% owned Fourmile project continues to progress, with the Lumwana expansion advancing slightly ahead of schedule. Reko Diq is being reviewed as previously disclosed.
Barrick also moved forward on the planned North American IPO, which is expected to be completed by the end of this year. The company's dedicated leadership team for its North American assets has been working together successfully, ensuring a smooth transition of responsibilities.
