Barrick Mining posted Q2 adjusted earnings of $0.82 per share, falling short of the LSEG analyst consensus of $0.88 per share. U.S.-listed stock dropped nearly 6% in premarket trading on the news.
Revenue for the quarter came in at $5.29 billion, well above the Zacks consensus estimate, and up from $3.68 billion a year ago.
The realized gold price jumped 34% year-over-year to $4,417 per ounce. Gold output was flat at 796,000 ounces.
BARRICK MINING $B EARNINGS ARE OUT!
🔴 EPS: $0.82 | Est. $0.84
🟢 REV: $5.29B | Est. $5.08B
IMPLIED MOVE TODAY: ±5.54%!! pic.twitter.com/46OrfC0tGn— Schaeffer's Investment Research (@schaeffers) August 10, 2026
Costs were the main drag on the quarter. Gold cost of sales rose 20% to $1,993 per ounce, while all-in sustaining costs climbed 11% to $1,866 per ounce.
Barrick pointed to lower ore grades at Carlin, Cortez and North Mara, along with elevated fuel costs and higher royalties tied to the stronger gold price, as the key drivers.
Fuel costs are a growing concern across the sector. Ongoing U.S.-Israeli conflict with Iran is disrupting oil flows and keeping energy prices elevated, adding pressure to gold miners more broadly.
In a move that grabbed nearly as much attention as the earnings, Barrick and Newmont announced a $1.95 billion deal to settle long-running disputes over Nevada Gold Mines.
Newmont will pay Barrick $1.95 billion in cash within 30 days. In exchange, Barrick will transfer its Fourmile project into the Nevada Gold Mines joint venture, while Newmont contributes its Mike and Fiberline projects.
The combined Nevada complex is expected to hold nearly 100 million ounces of gold. As part of the agreement, Newmont also gave its consent to Barrick’s planned North American IPO.
The North American IPO will include Barrick’s interests in Nevada Gold Mines, Pueblo Viejo, the Fourmile project and other exploration properties, plus assets contributed by Newmont.
Barrick expects to complete the IPO by the end of 2026.
Year-to-date, Barrick stock is up about 0.3%, lagging the S&P 500’s 13.3% gain. Zacks currently rates the stock a Rank 4 (Sell), citing an unfavorable estimate revision trend heading into earnings.
Looking ahead, the current Zacks consensus for the next quarter stands at $0.85 EPS on $4.78 billion in revenue. Full-year 2026 consensus is $3.57 EPS on $19.43 billion in revenue.
Over the last four quarters, Barrick has beaten consensus EPS estimates four times.
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