Barrick Mining (ABX) investor relations material

Executive summary

• Achieved strong Q2 2026 results with net earnings up 50% year-over-year to $1.22 billion, robust cash flow, and shareholder returns, exceeding gold production guidance and delivering significant growth in key financial metrics.

• Advanced major growth projects including Fourmile, Lumwana, and Pueblo Viejo, with drilling and expansions progressing on schedule.

• Announced a $4 billion agreement with Newmont, resolving historical disputes, aligning joint venture interests, and securing consent for a North American IPO.

• Maintained focus on safety, investing over $90 million year-to-date in technology and automation, with improved incident frequency.

• All milestones achieved for the planned North American IPO, expected by year-end, with Mark Hill named as CEO of the new entity.

Financial highlights

• Revenues for Q2 2026 were $5.29 billion, up 44% year-over-year; net earnings reached $1.22 billion, up 50%; adjusted net earnings were $1.36 billion, up 70%.

• Gold production was 796,000 ounces, 3% above guidance and 11% higher than Q1; copper production was 56,000 tonnes.

• Adjusted EBITDA was $2.55 billion, up 51% year-over-year, with a 59–60% margin.

• Attributable free cash flow for the quarter was $141 million, down 33% year-over-year due to a one-time $200 million payment; year-to-date free cash flow totaled $1.4 billion, more than double the prior year.

• Gold AISC was $1,866/oz, up 11% year-over-year; copper AISC was $3.95/lb, up 36% year-over-year.

Outlook and guidance

• Full-year 2026 gold production guidance maintained at 2.90–3.25 million ounces; copper at 190,000–220,000 tonnes.

• 2026 production and cost guidance remain unchanged; gold and copper production expected to increase in the second half of the year.

• Total attributable capital expenditure guidance for 2026 reduced to $3.8–$4.2 billion.

• IPO of North American assets remains on track for completion by year-end, with most net proceeds to be returned to shareholders.

• Guidance based on gold price of $4,500/oz, copper $5.50/lb, and oil (WTI) $70/bbl.