- Barrick Mining Corporation (ABX:CA) Q1 2026 Earnings Call Transcript
May 11, 2026 · seekingalpha.com
Barrick Mining Corporation (ABX:CA) Q1 2026 Earnings Call Transcript
- Barrick Gold reports strong Q1 earnings, driven by higher production and lower costs
May 11, 2026
Barrick Gold reports strong Q1 earnings, driven by higher production and lower costs Proactive uses images sourced from Shutterstock
Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) shares climbed nearly 7% following the release of its first quarter 2026 results, after the company reported earnings, production, and cash flow that significantly exceeded analyst expectations.
For the quarter ended March 31, Barrick posted adjusted earnings per share of $0.98, beating the consensus estimate of $0.74.
Revenue rose to $5.22 billion, surpassing expectations of approximately $4.53 billion and increasing from $3.13 billion in the prior-year period.
The stronger performance was driven by higher-than-expected gold production and improved operational efficiency, supported by elevated realized gold prices. Barrick produced 719,000 ounces of gold during the quarter, exceeding its guidance range of 640,000 to 680,000 ounces. Copper production totaled 49,000 tonnes, in line with expectations.
All-in sustaining costs (AISC) for gold were $1,708 per ounce, down 4% year-over-year and below internal expectations for the quarter, while total cash costs rose to $1,327 per ounce.
Looking ahead, the company reiterated full-year guidance, with gold production expected between 2.9 million and 3.25 million ounces and copper production between 190,000 and 220,000 tonnes. Second-quarter gold production is forecast at 730,000 to 770,000 ounces, with sequential improvement expected through the remainder of the year.
Barrick also declared a quarterly dividend of $0.175 per share and announced a new $3 billion share buyback program.
The company said its North American Barrick IPO remains on track for completion by year-end 2026.
“We started the year with another strong quarter. Building on momentum from Q4, we operated safely and outperformed our plan on both gold production and costs,” Barrick Gold CEO Mark Hill said.
“Our performance allowed us to capture even more of the higher gold price, producing significantly higher earnings and cash flow compared to a year ago.”
Jefferies analysts said Barrick’s first-quarter results came in ahead of expectations across earnings, production, and cash flow, driven by stronger output and lower costs.
The firm noted that the market had been expecting gold production in the 640,000 to 680,000 ounce range, while actual production reached 719,000 ounces.
Jefferies added that production is expected to strengthen through the year, including roughly 750,000 ounces in the second quarter, supported by ramp-ups at key operations and improved mine sequencing.
The firm noted that adjusted earnings per share of $0.98 exceeded its $0.80 estimate and consensus forecasts, while EBITDA and free cash flow also came in ahead of expectations at $3.93 billion and $1.58 billion, respectively.
Story Continues
The analysts attributed the earnings beat to higher gold sales and lower production costs, with particularly strong contributions from Nevada Gold Mines and Loulo-Gounkoto.
Jefferies reiterated its view that Barrick remains undervalued, noting the stock trades at roughly 0.6 times net asset value.
However, it said a more meaningful re-rating would likely depend on asset portfolio simplification in higher-risk jurisdictions and progress on the North American IPO, alongside continued capital returns.
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- Barrick Mining beats Q1 estimates on strong gold output
May 11, 2026
Investing.com -- On Monday, Barrick Mining Corporation (NYSE:B)(TSX:ABX) reported first-quarter results that exceeded analyst expectations, with adjusted earnings per share of $0.98 compared to the consensus estimate of $0.81.
Revenue reached $5.22 billion, surpassing the $4.84 billion estimate and rising 67% YoY from $3.13 billion in the prior-year quarter.
The company's gold production of 719,000 ounces beat its own guidance range of 640,000-680,000 ounces, driven by strong underground mining and processing at Nevada Gold Mines, higher throughput and grades at Veladero, and a faster-than-expected ramp-up at Loulo-Gounkoto.
Gold all-in sustaining costs of $1,708 per ounce declined 4% YoY. Copper production rose 11% YoY to 49,000 tonnes. The strong operational performance contributed to operating cash flow of $2.55 billion, up 111% YoY, and attributable free cash flow of $1.21 billion, up 195% YoY.
Shares rose 0.6% premarket following the announcement.
"We started the year with another strong quarter. Building on momentum from Q4, we operated safely and outperformed our plan on both gold production and costs," said Mark Hill, President and Chief Executive Officer. "Our performance allowed us to capture even more of the higher gold price, producing significantly higher earnings and cash flow compared to a year ago."
For the second quarter, Barrick expects gold production of 730,000-770,000 ounces. The midpoint of 750,000 ounces suggests continued sequential improvement. The company maintained its full-year 2026 gold production guidance of 2.90-3.25 million ounces and copper production guidance of 190,000-220,000 tonnes.
Barrick declared a quarterly dividend of $0.175 per share, payable June 15 to shareholders of record on May 29. The company also announced a new $3.0 billion share buyback program. The planned initial public offering of North American Barrick, which will hold the company's Nevada Gold Mines and Pueblo Viejo stakes along with the Fourmile project, remains on track for completion by year end.
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- Barrick Reports First Quarter 2026 Results
May 11, 2026
Barrick Mining Corporation
Disciplined execution drives strong operational and financial performance
Q1 gold production of 719,000 ounces1 beats guidance of 640,000–680,000 ounces1, driven by strong performances at NGM and Veladero, and the ramp-up at Loulo-Gounkoto; copper production of 49,000 tonnes1 in line with plan. Gold costs per ounce were better than plan, driven by efficiencies in mining and processing: gold COS2 of $1,922 per ounce, TCC3 of $1,327 per ounce, and AISC3 of $1,708 per ounce. Operating cash flow of $2.55 billion increased 111% year-on-year, attributable operating cash flow of $1.97 billion increased 89% year-on-year, and attributable free cash flow3 of $1.21 billion was up 195% year-on-year. Strong earnings supported by a higher realized gold price3: net earnings per share of $0.96 rose 256% year-on-year, and adjusted net earnings per share3 of $0.98 rose 180% year-on-year. Gold production expected to increase sequentially throughout the year with Q2 gold production of 730,000–770,000 ounces1; full year production and cost guidance remains unchanged. North American Barrick IPO progressing as planned, targeting completion by year end. $0.175 per share quarterly dividend declared and new $3.0 billion share buyback program announced.
All amounts expressed in U.S. dollars
TORONTO, May 11, 2026 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today reported first quarter operating and financial results for the period ended March 31, 2026. Barrick produced 719,000 ounces1 of gold and 49,000 tonnes1 of copper in the quarter. The Company generated $5.22 billion in revenue, $2.55 billion in operating cash flow, $1.97 billion in attributable operating cash flow3, and $1.21 billion in attributable free cash flow3. Net earnings per share for the quarter were $0.96, and adjusted net earnings per share3 were $0.98—up 256% and 180%, respectively, from Q1 2025.
Mark Hill, President and Chief Executive Officer, said: “We started the year with another strong quarter. Building on momentum from Q4, we operated safely and outperformed our plan on both gold production and costs. Our performance allowed us to capture even more of the higher gold price, producing significantly higher earnings and cash flow compared to a year ago. Our growth pipeline advanced, with good progress at Lumwana and Fourmile. Most importantly, we continued to improve safety.” Mark Hill continued: "Our focus for the year is clear: continue to improve safety performance, deliver on production and cost guidance, advance our growth projects on time and on budget, and execute the North American Barrick IPO to unlock further shareholder value.”
Story Continues
Operational Highlights
Firm in its belief that safe delivery and operational excellence are inseparable, Barrick continued to strengthen safety practices. Senior executives initiated a new practice of participating in on-site safety briefings every quarter.
Gold production in the first quarter totaled 719,000 ounces1, exceeding the guidance range of 640,000–680,000 ounces1. Three primary factors drove our performance: strong underground mining and processing at NGM, higher throughput and grades at Veladero, and a faster than expected ramp up at Loulo-Gounkoto. Gold costs per ounce increased year-on-year primarily due to higher royalties, less favorable production mix and inflationary pressure, but came in below our plan for the quarter. Gold cost of sales (“COS”)2 for Q1 were $1,922 per ounce, compared to COS2 of $1,629 in Q1 2025. Total cash costs (“TCC”)3 were $1,327 per ounce, compared to $1,220 in the prior-year quarter. All-in sustaining costs (“AISC”)3 were $1,708 per ounce, down 4% compared to Q1 2025.
Copper production rose 11% year-on-year to 49,000 tonnes1 in the first quarter. Copper COS4 of $3.41 per pound, C1 cash costs3 of $2.57 per pound and AISC3 of $3.67 per pound were up 17%, 14% and 20%, respectively, compared to the prior-year period. Royalties tied to the higher realized copper price3 and increased site operating costs drove the increases.
Financial Highlights
Higher gold production, lower costs, and a supportive gold price drove year‑on‑year growth in earnings and cash generation. Net earnings totaled $1.60 billion ($0.96 per share) and adjusted net earnings3 totaled $1.65 billion ($0.98 per share), compared to net earnings of $474 million ($0.27 per share) and adjusted net earnings3 of $603 million ($0.35 per share) in the prior‑year quarter. Attributable EBITDA3 for the quarter totaled $2.76 billion, an increase of 103% over the prior‑year quarter, with an attributable EBITDA margin3 of 66%.
Operating cash flow, attributable operating cash flow3 and attributable free cash flow3 in the first quarter were $2.55 billion, $1.97 billion and $1.21 billion—up 111%, 89% and 195% over Q1 2025, respectively. Revenues of $5.22 billion increased 67% from $3.13 billion in the prior-year quarter.
Key Growth Projects
The Fourmile project in Nevada continued to demonstrate its potential to become a standalone Tier One Gold Asset5. With the implementation of additional safety measures, drilling activity continued through winter, adding over three months of previously unavailable drilling time. The additional drilling time is helping accelerate progress on resource definition in the southern areas and extensional opportunities. Drilling is planned to be expanded throughout 2026. Ongoing PFS studies are expected to support the potential for significant resource growth, with a full PFS expected to be completed in 2028.
Construction at the Lumwana Super Pit Expansion continued to advance on time and on budget during the quarter. The initial lift of the mill building wall was completed in Q1, with mill shells delivered to site and the first loads of structural steel expected in Q2. Capital expenditure for 2026 is expected to come in at the lower end of the $750–$850 million guidance range, with total project capital anticipated at $2 billion. First copper production from the expansion remains on track for the end of Q1 2028.
Returns to Shareholders
A quarterly dividend of $0.175 per share has been declared in respect of performance for the first quarter of 2026. The Q1 2026 dividend will be paid on June 15, 2026 to shareholders of record at the close of business on May 29, 2026.
Barrick’s dividend policy targets a total payout of 50% of attributable free cash flow on an annualized basis, comprised of a fixed base quarterly dividend of $0.175 per share and a performance top-up component at each year-end based on the attributable free cash flow during the year. The dividend paid in any given year may be higher or lower than the 50% target based on the strength of cash flow, capital needs, balance sheet considerations, and other factors.
In addition to the quarterly dividend, and following solid Q1 execution and strong free cash flow, Barrick’s Board of Directors has authorized the repurchase of up to $3.0 billion of the Company’s outstanding common shares at prevailing market prices. This authorization is intended to return cash to shareholders at a time when Barrick sees exceptional value in its own shares, particularly in anticipation of the planned IPO of North American Barrick. The repurchase authorization does not oblige the Company to acquire common shares.
2026 Guidance
Barrick is on track to meet 2026 guidance. Gold production guidance for 2026 continues to be 2.90–3.25 million ounces1, with 730,000–770,000 ounces1 expected in the second quarter, further increasing in Q3 and Q4, in line with typical seasonality. Gold cost guidance for 2026, including COS2 of $1,870–$2,070 per ounce, TCC of $1,330–$1,470 per ounce, and AISC3 of $1,760–$1,950 per ounce, is based on a gold price assumption of $4,500 per ounce.
Copper production guidance for 2026 remains unchanged at 190,000–220,000 tonnes1 at copper COS4 of $3.05–$3.35 per pound, C1 cash costs3 of $2.20–$2.45 per pound, and AISC3 of $3.45–$3.75 per pound. Copper cost guidance is based on a copper price assumption of $5.50 per pound.
2026 cost guidance is based on an oil price (WTI) assumption of $70 per barrel. For every $10 per barrel change in the oil price, the direct impact on costs associated with diesel consumption is $12 per ounce across our gold operations, and $0.04 per pound across our copper sites.
North American IPO
On April 28, 2026, Barrick provided an update regarding the planned initial public offering (“IPO”) of a minority stake of a company that will hold Barrick’s North American gold assets, being Barrick’s stakes and operatorship of Nevada Gold Mines and Pueblo Viejo, as well as the Fourmile project. Barrick is on track to complete the IPO by the end of 2026, subject to market and other conditions and necessary approvals. The anticipated IPO will abide by all applicable commitments in Barrick’s Joint Venture Agreements and, while Barrick is free to pursue the IPO unilaterally, it is working closely with its Joint Venture partner, so that value is created and maximized for all.
Presentation and Webcast
The management team will host a live webcast and presentation today at 11:00 AM ET followed by a question-and-answer session with analysts. To join the webcast, please register here. Presentation materials will be available on Barrick’s website prior to the event with a replay available soon after.
About Barrick Mining Corporation
Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.
Investor Relations Contact
Barrick Mining Corporation
Cleve Rueckert, +1 775 397 5443
cleveland.rueckert@barrick.com Media Contact
Brunswick Group
Carole Cable, +44 (0) 20 7404 5959
barrick@brunswickgroup.com
Financial and Operating Highlights
For the three months ended 3/31/26 12/31/25 % Change 3/31/25 % Change Financial Results ($ millions) Revenues 5,218 5,997 (13 )% 3,130 67 % Cost of sales 2,099 2,712 (23 )% 1,785 18 % Net earningsa 1,602 2,406 (33 )% 474 238 % Adjusted net earningsb 1,648 1,754 (6 )% 603 173 % Attributable EBITDAb 2,760 3,084 (11 )% 1,361 103 % Attributable EBITDA marginb 66 % 64 % 3 % 51 % 29 % Minesite sustaining capital expendituresb,c 380 458 (17 )% 564 (33 )% Project capital expendituresb,c 570 630 (10 )% 269 112 % Total consolidated capital expendituresc,d 979 1,107 (12 )% 837 17 % Total attributable capital expenditurese 755 906 (17 )% 631 20 % Net cash provided by operating activities 2,554 2,726 (6 )% 1,212 111 % Net cash provided by operating activities marginf 49 % 45 % 9 % 39 % 26 % Attributable operating cash flowb 1,968 1,966 % 1,042 89 % Free cash flowb 1,575 1,619 (3 )% 375 320 % Net earnings per share (basic and diluted) 0.96 1.43 (33 )% 0.27 256 % Adjusted net earnings (basic)b per share 0.98 1.04 (6 )% 0.35 180 % Weighted average diluted common shares (millions of shares) 1,675 1,684 (1 )% 1,725 (3 )% Debt (current and long-term) 4,726 4,703 % 4,727 % Cash and equivalents 7,131 6,706 6 % 4,104 74 % Debt, net of cash (2,405 ) (2,003 ) 20 % 623 (486 )%
Net earnings represents net earnings attributable to the equity holders of the Company. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release. Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of all-in sustaining costs. Total consolidated capital expenditures also includes capitalized interest of $29 million for Q1 2026 (Q4 2025: $19 million; Q1 2025: $4 million). These amounts are presented on the same basis as our guidance. Represents net cash provided by operating activities divided by revenue.
For the three months ended 3/31/26 12/31/25 % Change 3/31/25 % Change Operating Results Gold Gold production (thousands of ounces)a 719 871 (17 )% 758 (5 )% Gold sold (thousands of ounces)a 748 960 (22 )% 751 % Market gold price ($/oz) 4,873 4,135 18 % 2,860 70 % Realized gold pricea,b ($/oz) 4,823 4,177 15 % 2,898 66 % Gold COS (Barrick’s share)a,c ($/oz) 1,922 1,904 1 % 1,629 18 % Gold TCCa,b ($/oz) 1,327 1,205 10 % 1,220 9 % Gold AISCa,b ($/oz) 1,708 1,581 8 % 1,775 (4 )% Revenue ($ millions)a 3,682 4,111 (10 )% 2,214 66 % Attributable EBITDA ($ millions)b 2,480 2,708 (8 )% 1,136 118 % Copper Copper production (thousands of tonnes)a 49 62 (21 )% 44 11 % Copper sold (thousands of tonnes)a 45 67 (33 )% 51 (12 )% Market copper price ($/lb) 5.83 5.03 16 % 4.24 38 % Realized copper pricea,b ($/lb) 5.79 5.42 7 % 4.51 28 % Copper COS (Barrick’s share)a,d ($/lb) 3.41 3.37 1 % 2.92 17 % Copper C1 cash costsa,b ($/lb) 2.57 2.45 5 % 2.25 14 % Copper AISCa,b ($/lb) 3.67 3.61 2 % 3.06 20 % Revenue ($ millions)a 556 769 (28 )% 474 17 % Attributable EBITDA ($ millions)b 280 376 (26 )% 199 41 %
On an attributable basis. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
Regional Summarya and 2026 Guidanceb
For the three months ended 2026
Guidance 3/31/26 12/31/25 3/31/25 Gold North America Gold produced (000s oz) 457 595 454 1,770 - 1,980 Gold sold (000s oz) 462 608 460 COS ($/oz)d 1,783 1,663 1,687 1,820 - 2,010 TCC ($/oz)c 1,213 1,169 1,272 1,270 - 1,410 AISC ($/oz)c 1,612 1,460 1,843 1,690 - 1,870 Revenue ($ millions) 2,253 2,604 1,353 Attributable EBITDA ($ millions)c 1,552 1,730 668 South America & Asia Pacific Gold produced (000s oz) 74 72 92 630 - 730 Gold sold (000s oz) 76 69 89 COS ($/oz)d 1,773 1,553 1,267 1,490 - 1,590 TCC ($/oz)c 1,126 983 890 940 - 1,020 AISC ($/oz)c 1,393 1,898 1,368 1,430 - 1,530 Revenue ($ millions) 376 289 264 Attributable EBITDA ($ millions)c 261 155 162 Africa & Middle East Gold produced (000s oz) 188 204 212 820 - 910 Gold sold (000s oz) 210 283 202 COS ($/oz)d 2,281 2,527 1,639 1,420 - 1,520 TCC ($/oz)c 1,633 1,364 1,244 1,060 - 1,140 AISC ($/oz)c 1,836 1,575 1,602 1,360 - 1,460 Revenue ($ millions) 1,053 1218 597 Attributable EBITDA ($ millions)c 667 823 306 Total Gold Gold produced (000s oz) 719 871 758 2,900 - 3,250 Gold sold (000s oz) 748 960 751 COS ($/oz)d 1,922 1,904 1,629 1,870 - 2,070 TCC ($/oz)c 1,327 1,205 1,220 1,330 - 1,470 AISC ($/oz)c 1,708 1,581 1,775 1,760 - 1,950 Revenue ($ millions) 3,682 4,111 2,214 Attributable EBITDA ($ millions)c 2,480 2,708 1,136 Total Copper Copper produced (kt) 49 62 44 190 - 220 Copper sold (kt) 45 67 51 COS ($/lb)e 3.41 3.37 2.92 3.05 - 3.35 C1 cash costs ($/lb)c 2.57 2.45 2.25 2.20 - 2.45 AISC ($/lb)c 3.67 3.61 3.06 3.45 - 3.75 Revenue ($ millions) 556 769 474 Attributable EBITDA ($ millions)c 280 376 199
All figures in this table are on an attributable basis. See “Outlook Assumptions and Economic Sensitivity Analysis” in endnote 6 of this press release. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in endnote 3 of this press release. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
Technical Information
The scientific and technical information contained in this MD&A has been reviewed and approved by Jesse Clark, BSc (Hons), MSc, SMERM, Director, Geology; Richard Peattie, MPhil, FAusIMM, Chief Technical Officer; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration – each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2025.
Endnotes
Endnote 1
On an attributable basis.
Endnote 2
On an attributable basis. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).
Endnote 3 – Non-GAAP Financial Measures
Total cash costs per ounce and All-in sustaining costs per ounce
“Total cash costs” per ounce (TCC/oz) and “All-in sustaining costs” per ounce (AISC/oz) are non-GAAP financial performance measures which are calculated based on the definition published by the World Gold Council (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, the “WGC”). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and their ability to generate positive cash flow, both on an individual site basis and an overall company basis. TCC/oz start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and costs allocated to by-products. AISC/oz start with TCC/oz and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs related to the current mine plan and reclamation cost accretion and amortization. Barrick believes that the use of TCC/oz and AISC/oz will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from the gold operations portion of our business. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is generated by a mine and therefore Barrick believes these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of Barrick’s cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization. TCC/oz and AISC/oz are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.
Reconciliation of Gold Cost of Sales to Total cash costs and All-in sustaining costs, including on a per ounce basis
($ millions, except per oz information in dollars) For the three months ended Footnote 3/31/26 12/31/25 3/31/25 COS applicable to gold production 1,874 2,423 1,568 Depreciation (449 ) (503 ) (342 ) Total cash costs applicable to equity method investments 128 111 109 Costs allocated to by-products (119 ) (130 ) (60 ) Other a (33 ) (258 ) 5 Non-controlling interests b (409 ) (487 ) (364 ) Total cash costs 992 1,156 916 General & administrative costs 39 64 42 Minesite exploration and evaluation costs c 4 8 5 Minesite sustaining capital expenditures d 380 458 564 Sustaining leases 6 4 8 Rehabilitation - accretion and amortization (operating sites) e 16 16 17 Non-controlling interest, copper operations and other f (159 ) (191 ) (217 ) All-in sustaining costs 1,278 1,515 1,335 Ounces sold - attributable basis (koz) g 748 960 751 COS/oz h,i 1,922 1,904 1,629 TCC/oz i 1,327 1,205 1,220 AISC/oz i 1,708 1,581 1,775
a. Other - Other adjustments mainly relate to treatment and refining charges. b. Non-controlling interests - Non-controlling interests include non-controlling interests related to gold production of $600 million for Q1 2026, (Q4 2025: $741 million; Q1 2025: $487 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu. Refer to Note 5 to the Financial Statements for further information. c. Exploration and evaluation costs - Exploration, evaluation and project expenses are included in AISC if they support current mine operations. d. Capital expenditures - Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. e. Rehabilitation—accretion and amortization - Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites. f. Non-controlling interest and copper operations - Removes general and administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. The impact is summarized as the following:
($ millions) For the three months ended Non-controlling interest, copper operations and other 3/31/26 12/31/25 3/31/25 General & administrative costs (6 ) (10 ) (6 ) Minesite exploration and evaluation expenses (1 ) (3 ) Rehabilitation - accretion and amortization (operating sites) (5 ) (5 ) (5 ) Minesite sustaining capital expenditures (147 ) (173 ) (206 ) All-in sustaining costs total (159 ) (191 ) (217 )
g. Ounces sold - attributable basis - Excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance. h. COS/oz - Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). i. Per ounce figures - COS/oz, TCC/oz and AISC/oz may not calculate based on amounts presented in this table due to rounding.
Free Cash Flow, Attributable Free Cash Flow and Attributable Operating Cash Flow
“Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. “Attributable free cash flow” starts with free cash flow and adds our attributable share of free cash flow from our equity investees and subtracts the free cash flow attributable to the non-controlling interests. Management believes these to be useful indicators of our ability to operate without reliance on additional borrowing or usage of existing cash. Attributable operating cash flow starts with cash provided by operating activities and adds our attributable share of cash provided by operating activities from our equity investees and subtracts the cash provided by operating activities attributable to the non-controlling interests. Management believes this to be useful indicator of the amount of cash provided by operating activities to Barrick’s ownership share. Free cash flow, attributable free cash flow and attributable operating cash flow are intended to provide additional information only and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. Further details on this non-GAAP financial performance measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow, Attributable Free Cash Flow and Attributable Operating Cash Flow
($ millions) For the three months ended 3/31/26 12/31/25 3/31/25 Net cash provided by operating activities 2,554 2,726 1,212 Capital expenditures (979 ) (1,107 ) (837 ) Free cash flow (consolidated) 1,575 1,619 375 Free cash flow applicable to equity investees 330 172 156 Non-controlling interests (692 ) (731 ) (120 ) Attributable free cash flow 1,213 1,060 411 Attributable capital expenditures 755 906 631 Attributable operating cash flow 1,968 1,966 1,042
Adjusted Net Earnings and Adjusted Net Earnings per Share
“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments; acquisition/disposition gains/losses; foreign currency translation gains/losses; significant tax adjustments; other items that are not indicative of the underlying operating performance of our core mining business; and tax effect and non-controlling interest of the above items. Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Furthermore, foreign currency translation gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented. The tax effect and non-controlling interest of the adjusting items are also excluded to reconcile the amounts to Barrick’s shares on a post-tax basis, consistent with net earnings. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share
($ millions, except per share amounts in dollars) For the three months ended 3/31/26 12/31/25 3/31/25 Net earnings attributable to equity holders of the Company 1,602 2,406 474 Impairment charges related to intangibles, goodwill, property, plant and equipment, and investmentsa 5 4 Acquisition/disposition (gains) lossesb 1 (1,146 ) (Gain) loss on currency translation 20 6 2 Significant tax adjustmentsc 35 80 (15 ) Other expense adjustmentsd 18 559 173 Non-controlling interest (8 ) (101 ) (11 ) Tax effecte (20 ) (55 ) (24 ) Adjusted net earnings 1,648 1,754 603 Net earnings per sharef 0.96 1.43 0.27 Adjusted net earnings per sharef 0.98 1.04 0.35
There were no significant impairment charges or reversals in the current period or prior periods. Acquisition/disposition gains for Q4 2025 relate to gain on sale of our Hemlo gold mine, our interest in the Tongon gold mine and the Alturas project. Q4 2025 was further impacted by the accounting impact of regaining control of the Loulo-Gounkoto complex on December 16, 2025. For Q1 2026, significant tax adjustments include the re-measurement of current and deferred tax balances and the impact of uncertain tax positions. For Q4 2025, significant tax adjustments include the resolution of uncertain tax positions, the impact of prior year adjustments and the recognition of deferred tax assets. Significant tax adjustments for Q1 2025 include the re-measurement of deferred tax balances. Other expense for Q1 2026 period mainly related to the fair value increment on inventory resulting from the purchase price allocation when we regained control of Loulo-Gounkoto, reduced operations costs at Mali, legal and consulting costs related to our North America IPO project and revaluation of contingent consideration for Hemlo. Other expense for 2025 periods mainly related to the reduced operations costs relating to Mali in Q1 2025, the settlement payment to the Government of Mali in November 2025, the fair value increment on inventory resulting from the purchase price allocation when we regained control of Loulo-Gounkoto and severance costs incurred Tax effect for Q1 2026 mainly relates to Mali other expense adjustments, Q4 2025 primarily relates to acquisition/disposition losses (gains) and Q1 2025 primarily relates to other expense adjustments Calculated using weighted average number of shares outstanding under the basic method of earnings per share.
C1 cash costs per pound and All-in sustaining costs per pound
“C1 cash costs” per pound (C1 cash costs/lb) and “All-in sustaining costs” per pound (AISC/lb) are non-GAAP financial performance measures related to our copper mine operations. We believe that C1 cash costs/lb enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. C1 cash costs/lb excludes royalties, production taxes and non-routine charges as they are not direct production costs. AISC/lb is similar to the gold AISC metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. AISC/lb includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, production taxes, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.
Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis
($ millions, except per lb information in dollars) For the three months ended 3/31/26 12/31/25 3/31/25 Cost of sales 217 281 208 Depreciation/amortization (43 ) (88 ) (60 ) Treatment and refinement charges 35 53 42 C1 cash costs applicable to equity method investments 95 174 90 Less: royalties (30 ) (37 ) (21 ) Costs allocated to by-products (18 ) (22 ) (5 ) C1 cash costs of sales 256 361 254 General & administrative costs 6 11 8 Rehabilitation - accretion and amortization 1 1 1 Royalties 30 37 21 Minesite exploration and evaluation costs 2 3 2 Minesite sustaining capital expenditures 66 116 57 Sustaining leases 1 2 3 All-in sustaining costs 362 531 346 Tonnes sold - attributable basis (thousands of tonnes) 45 67 51 Pounds sold - attributable basis (millions pounds) 99 147 112 COS/lba,b 3.41 3.37 2.92 C1 cash costs per pounda 2.57 2.45 2.25 AISC/lba 3.67 3.61 3.06
COS/lb, C1 cash costs/lb and AISC/lb may not calculate based on amounts presented in this table due to rounding. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
EBITDA, Adjusted EBITDA, Attributable EBITDA, Attributable EBITDA Margin and Net Leverage
EBITDA is a non-GAAP financial measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; and other expense adjustments. We also remove the impact of the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. Attributable EBITDA further removes the non-controlling interest portion. Barrick believes these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. Barrick believes this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and do not necessarily reflect the underlying operating results for the periods presented. Additionally, it is aligned with how we present our forward-looking guidance on gold ounces and copper pounds produced. Attributable EBITDA margin is calculated as attributable EBITDA divided by revenues - as adjusted. We believe this ratio will assist analysts, investors and other stakeholders of Barrick to better understand the relationship between revenues and EBITDA or operating profit. Net leverage is calculated as debt, net of cash divided by the sum of adjusted EBITDA of the last four consecutive quarters. We believe this ratio will assist analysts, investors and other stakeholders of Barrick in monitoring our leverage and evaluating our balance sheet. EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.
Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA
($ millions) For the three months ended 3/31/26 12/31/25 3/31/25 Net earnings 2,481 3,213 781 Income tax expense 747 794 278 Finance costs, neta 19 42 39 Depreciation 499 599 411 EBITDA 3,746 4,648 1,509 Impairment charges of non-current assetsb 5 4 Acquisition/disposition losses (gains)c 1 (1,146 ) (Gain) loss on currency translation 20 6 2 Other expense adjustmentsd 18 559 173 Income tax expense, net finance costsa and depreciation from equity investees 148 238 141 Adjusted EBITDA 3,933 4,310 1,829 Non-controlling Interests (1,173 ) (1,226 ) (468 ) Attributable EBITDA 2,760 3,084 1,361 Revenues - as adjustede 4,181 4,810 2,685 Attributable EBITDA marginf 66 % 64 % 51 % As at 3/31/26 As at 12/31/25 As at 3/31/25 Net leverageg -0.2:1 -0.2:1 0.1:1
Finance costs exclude accretion. There were no significant impairment charges or reversals in the current period or prior periods. Acquisition/disposition gains for Q4 2025 relate to gain on sale of our Hemlo gold mine, our interest in the Tongon gold mine and the Alturas project. Q4 2025 was further impacted by the accounting impact of regaining control of the Loulo-Gounkoto complex on December 16, 2025. Other expense for Q1 2026 period mainly related to the fair value increment on inventory resulting from the purchase price allocation when we regained control of Loulo-Gounkoto, reduced operations costs at Mali, legal and consulting costs related to our North America IPO project and revaluation of contingent consideration for Hemlo. Other expense for 2025 periods mainly related to the reduced operations costs relating to Mali in Q1 2025, the settlement payment to the Government of Mali in November 2025, the fair value increment on inventory resulting from the purchase price allocation when we regained control of Loulo-Gounkoto and severance costs incurred Refer to Reconciliation of Sales to Realized Price per oz/pound on the next page of this press release. Represents attributable EBITDA divided by revenues - as adjusted. Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.
Capital Expenditures
These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs per ounce/pound. Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS measure.
Reconciliation of the Classification of Capital Expenditures
($ millions) For the three months ended 3/31/26 12/31/25 3/31/25 Minesite sustaining capital expenditures 380 458 564 Project capital expenditures 570 630 269 Capitalized interest 29 19 4 Total consolidated capital expenditures 979 1,107 837
Realized Price
“Realized price” is a non-GAAP financial performance measure which excludes from sales: treatment and refining charges; and cumulative catch-up adjustment to revenue relating to our streaming arrangements. We believe this provides investors and analysts with a more accurate measure with which to compare to market gold and copper prices and to assess our gold and copper sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our Company’s past performance and is a better indicator of its expected performance in future periods. The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles realized prices to the most directly comparable IFRS measure.
Reconciliation of Sales to Realized Price per ounce/pound
($ millions, except per oz/lb information in dollars) Gold Copper For the three months ended 3/31/26 12/31/25 3/31/25 3/31/26 12/31/25 3/31/25 Sales 4,756 5,353 2,766 343 514 304 Sales applicable to non-controlling interests (1,591 ) (1,756 ) (848 ) Sales applicable to equity method investmentsa,b 446 418 252 196 233 164 Sales applicable to sites in closure or care and maintenancec (13 ) (5 ) (1 ) Treatment and refinement charges 9 10 6 35 53 42 Otherd (10 ) Revenues – as adjusted 3,607 4,010 2,175 574 800 510 Ounces/pounds sold (koz/Mlb)c 748 960 751 99 147 113 Realized gold/copper price per oz/lbe 4,823 4,177 2,898 5.79 5.42 4.51
Represents sales of $341 million for Q1 2026 (Q4 2025: $327 million; Q1 2025: $191 million) applicable to our 45% equity method investment in Kibali and $105 million (Q4 2025: $91 million; Q1 2025: $61 million) applicable to our 24.5% equity method investment in Porgera for gold. Represents sales of $110 million for Q1 2026 (Q4 2025: $151 million; Q1 2025: $95 million) applicable to our 50% equity method investment in Zaldívar and $86 million (Q4 2025: $83 million; Q1 2025: $72 million), applicable to our 50% equity method investment in Jabal Sayid for copper. Sales applicable to equity method investments are net of treatment and refinement charges. On an attributable basis. Excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance. Represents cumulative catch-up adjustment to revenue relating to our streaming arrangements. Refer to note 2e of the 2025 Annual Financial Statements for more information. Realized price per oz/lb may not calculate based on amounts presented in this table due to rounding.
Endnote 4
On an attributable basis. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
Endnote 5
A Tier One Gold Asset is an asset with a $1,500/oz reserve with potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and with projected costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset/Project is an asset with a $3.25/lb reserve with potential for +5Mt contained copper in support at least 20 years life, annual production of at least 200ktpa, with costs per pound in the lower half of the industry cost curve. Tier One Assets must be located in a world-class geological district with potential for organic reserve growth and long-term geologically driven addition.
Endnote 6 – 2026 Outlook Assumptions and Economic Sensitivity Analysis
2026 guidance
assumption Hypothetical change Consolidated impact
on EBITDA (millions) Attributable impact on
EBITDA3(millions) Attributable impact on
TCC3and AISC3 Gold price sensitivity $4,500/oz +/- $100/oz +/-$390 +/-$270 +/-$5/oz Copper price sensitivity $5.50/lb +/-$0.25/lb +/- $110 +/- $110 +/-$0.01/lb Oil prices $70/bbl WTI
$75/bbl Brent +/- $10/bbl +/- $61 +/- $56 +/- $12/oz
Key Outlook Assumptions 2026 Gold price ($/oz) 4,500 Copper price ($/lb) 5.50 Oil price (WTI) ($/barrel) 70 Oil price (Brent) ($/barrel) 75 AUD exchange rate (AUD:USD) 0.75 ARS exchange rate (USD:ARS) 1,513 CAD exchange rate (USD:CAD) 1.30 CLP exchange rate (USD:CLP) 900 EUR exchange rate (EUR:USD) 1.10
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “plan”, “committed”, “guidance”, “project”, “progress”, “continue”, “progress”, “develop”, “on track”, “target”, “ongoing”, “estimate”, “growth”, “potential”, “future”, “extend”, “will”, “could”, “would”, “should”, “may” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance; estimates of future cost of sales per ounce for gold and per pound for copper, total cash costs per ounce and C1 cash costs per pound, and all-in sustaining costs per ounce/pound; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; mine life and production rates, including anticipated production growth from Barrick’s organic project pipeline; the potential for Fourmile to become a standalone Tier One Gold Asset; Barrick’s global exploration strategy and planned exploration activities; Barrick’s copper strategy; our plans, and expected timing, completion and benefits of our growth projects, including the progress of the Lumwana Super Pit Expansion project; Barrick’s decision to slow development activity at Reko Diq; potential mineralization and metal or mineral recoveries; Barrick’s performance dividend policy; Barrick’s intention to pursue and the expected timing for and potential benefits of an initial public offering (“IPO”) of Barrick’s North American gold assets; the structure and the ability of the IPO to generate significant value for Barrick and Newmont; and expectations regarding future price assumptions, financial performance and other outlook or guidance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, including the status of value added tax refunds received in Chile in connection with the Pascua-Lama Project; expropriation or nationalization of property and political or economic developments in Canada, the United States, or other countries in which Barrick does or may carry on business in the future; risks relating to the proposed initial public offering of an entity that will hold Barrick’s North American assets; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas (“GHG”) emission levels, energy efficiency and reporting of risks; the Company’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which require reliance on entities within Barrick’s value chain, but outside of the Company’s direct control, to achieve such targets within the specified timeframes; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina and uncertainty related to Venezuela; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick’s existing operations and material growth projects; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets.
In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/ Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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- Barrick Board Authorizes $3.0 Billion Share Repurchase
May 11, 2026
Barrick Mining Corporation
All amounts expressed in U.S. dollars
TORONTO, May 11, 2026 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) announced today that its Board of Directors has authorized the repurchase of up to $3.0 billion of the Company’s outstanding common shares at prevailing market prices.
Following solid execution and strong free cash flow, this authorization is intended to return cash to shareholders at a time when Barrick sees exceptional value in its own shares, particularly in anticipation of the planned IPO of North American Barrick.
The repurchase authorization does not oblige the Company to acquire common shares. Repurchases can be made through published markets in the United States, such as the New York Stock Exchange, using a variety of methods, including open market purchases, as well as by any other means permitted under the rules of the U.S. Securities and Exchange Commission and other applicable legal requirements.
About Barrick Mining Corporation
Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.
Investor Relations Contact
Barrick Mining Corporation
Cleve Rueckert, +1 775 397 5443
cleveland.rueckert@barrick.com
Media Contact
Brunswick Group
Carole Cable, +44 (0) 20 7404 5959
barrick@brunswickgroup.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “plans”, “will”, “believes”, “can”, “may” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to Barrick’s operating and financial performance, liquidity, the potential of repurchasing common shares under Barrick’s share buyback program, and the potential renewal of Barrick’s share buyback program in May 2027.
Story Continues
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in jurisdictions in which the Company or its affiliates do or may carry on business in the future; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; assumptions relating to the trading price of the Company’s common shares; changes in mineral production performance, exploitation, and exploration successes; disruption of supply routes which may cause delays in construction and mining activities at Barrick’s more remote properties; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact trade relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick’s existing operations and material growth projects; the impact of inflation; fluctuations in the currency markets; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; risks related to the failure of internal controls; risks related to the impairment of the Company’s goodwill and assets; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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- Barrick Declares Q1 Dividend
May 11, 2026
Barrick Mining Corporation
All amounts expressed in U.S. dollars
TORONTO, May 11, 2026 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today announced the declaration of a $0.175 per share dividend in respect of performance for the first quarter of 2026.
The Q1 2026 dividend will be paid on June 15, 2026 to shareholders of record at the close of business on May 29, 2026.
The Company’s dividend policy targets a total payout of 50% of attributable free cash flow on an annualized basis, comprised of a fixed base quarterly dividend of $0.175 per share and a performance top-up component at each year end based on the attributable free cash flow during the year. The dividend paid in any given year may be higher or lower than the 50% target based on the strength of cash flow, capital needs, balance sheet considerations, and other factors.
About Barrick Mining Corporation
Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.
Investor Relations Contact
Barrick Mining Corporation
Cleve Rueckert, +1 775 397 5443
cleveland.rueckert@barrick.com
Media Contact
Brunswick Group
Carole Cable, +44 (0) 20 7404 5959
barrick@brunswickgroup.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “will”, “perform”, “target”, “may” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, the Company’s dividend policy and ability and amount that may be paid out to shareholders, including based on cash flow, capital needs, balance sheet considerations and other factors.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in jurisdictions in which the Company or its affiliates do or may carry on business in the future; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; assumptions relating to the trading price of the Company’s common shares; changes in mineral production performance, exploitation, and exploration successes; disruption of supply routes which may cause delays in construction and mining activities at Barrick’s more remote properties; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact trade relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick’s existing operations and material growth projects; the impact of inflation; fluctuations in the currency markets; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; risks related to the failure of internal controls; risks related to the impairment of the Company’s goodwill and assets; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
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Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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- Why Barrick (TSX:ABX) Is Up 7.2% After North America Spin-Off Moves And Nevada JV Deal
May 10, 2026
Barrick Mining Corporation recently appointed a dedicated executive leadership team for its planned North American Barrick spin-off and advanced an initial public offering of a minority stake in the new company holding its North American gold assets. At the same time, a staged earn-in and joint venture with GreenLight Metals at the Kalium Canyon gold project in Nevada deepens Barrick’s North American growth pipeline and reinforces its role in gold and copper exposure that some investors use as a hedge against macroeconomic risks. We’ll now examine how the Kalium Canyon earn-in and joint venture help shape Barrick Mining’s broader investment narrative and risk profile.
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Barrick Mining Investment Narrative Recap
To own Barrick Mining, you generally need to be comfortable with a large, global gold and copper producer that many investors view as partial insurance against macro uncertainty. Right now, the most important short term catalyst is how effectively Barrick executes its North American spin off plan, while key risks remain concentrated in geopolitical exposure, ESG pressures, and rising costs at maturing assets. The Kalium Canyon earn in does not materially alter those near term drivers.
The most relevant recent announcement here is Barrick’s planned IPO of a minority stake in “North American Barrick,” backed by a newly appointed regional leadership team. For investors, that IPO could become a near term focus for reassessing Barrick’s risk profile and valuation, especially as the Kalium Canyon joint venture adds another North American project into the mix.
Yet investors should also recognize how ESG rules, permitting delays, and higher compliance costs could weigh on Barrick’s margins and project economics over time...
Read the full narrative on Barrick Mining (it's free!)
Barrick Mining's narrative projects $25.9 billion revenue and $7.4 billion earnings by 2029.
Uncover how Barrick Mining's forecasts yield a CA$71.61 fair value, a 25% upside to its current price.
Exploring Other PerspectivesTSX:ABX 1-Year Stock Price Chart
By contrast, the most pessimistic analysts see more pressure, even before this news, with revenue only reaching about US$22.7 billion and earnings about US$5.7 billion, so you may want to compare that cautious view with the potential impact of the North American spin off and Kalium Canyon news.
Explore 10 other fair value estimates on Barrick Mining - why the stock might be worth 13% less than the current price!
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The Verdict Is Yours
Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.
A great starting point for your Barrick Mining research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision. Our free Barrick Mining research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Barrick Mining's overall financial health at a glance.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include ABX.TO.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Abacus Global (ABX) Q1 2026 Earnings Transcript
May 8, 2026
Image source: The Motley Fool.
Date
Thursday, May 7, 2026 at 5:00 p.m. ET
Call participants
Chairman and Chief Executive Officer — Jay Jackson Chief Investment Officer — Elena Plesco Chief Financial and Chief Operating Officer — William McCauley Head of Investor Relations — Robert Phillips
Need a quote from a Motley Fool analyst? Email pr@fool.com
Full Conference Call Transcript
Robert Phillips: Thank you, operator, and thank you, everyone, for joining Abacus Global Management's first quarter earnings call. Here with me today are Jay Jackson, Chairman and Chief Executive Officer; Elena Plesco, Chief Investment Officer; and Bill McCauley, Chief Financial and Chief Operating Officer. This afternoon at 4:15 p.m. Eastern Time, Abacus Global Management released our first quarter 2026 results. This afternoon's call will allow participants to ask questions about our results. Before we begin, Abacus Global Management refers participants on this call to the Investor web page, ir.abacusgm.com, for the press release, investor information and filings with the SEC for a discussion of the risks that can affect the business.
Abacus Global Management specifically refers participants to the presentation furnished today on Form 8-K with the Securities and Exchange Commission and to remind listeners that some of the comments today may contain forward-looking statements and as such, will be subject to risks and uncertainties, which, if they materialize, could materially affect results. For more information on the risks, uncertainties and assumptions relating to forward-looking statements, please refer to Abacus Global Management's public filings. During the call, we will reference certain non-GAAP financial measures. Although we believe these measures provide useful supplemental information about our financial performance, they are not recognized measures and do not have standardized meanings under U.S. generally accepted accounting principles or GAAP.
Please see our public filings for additional information regarding our non-GAAP financial measures, including references to comparable GAAP measures. With that, I'd now like to turn the call over to Jay Jackson, Abacus Global Management's Chairman and Chief Executive Officer.
Jay Jackson: Thank you, Rob, and good afternoon, everyone. Having had the pleasure of speaking with many of you in the weeks following our fourth quarter earnings call, I will keep my remarks focused and direct. I want to lead with the headline. Based on what we are seeing in the business today, we are raising our full year 2026 adjusted net income guidance from a range of $96 million to $104 million to a new range of $100 million to $106 million, lifting both the low end and the high end of our range. The new range translates into $1 to $1.05 in adjusted EPS. The conviction behind that decision comes from a few drivers we are seeing in real time.
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We raised $288 million into our longevity funds this quarter on top of the $275 million in Q4. By way of context, we raised $630 million across all of 2025. The step change in fundraising we saw at year-end has carried cleanly into the new year, and our pipeline continues to grow. In Q1 alone, we reviewed nearly 9,000 qualified policies compared to roughly 11,000 across all of 2025. The flywheel is working exactly as designed. Increased assets under management drives origination and our infrastructure is meeting that demand. That near-term visibility is what gives us the confidence to provide a forward quarter guide alongside our full year range.
For Q2 2026, we expect adjusted net income of $24 million to $26 million or $0.24 to $0.26 in adjusted EPS. I want to spend a moment in the shape of the year because the pace of our growth over the past several years has obscured a normal dynamic in how we operate. Revenue does not flow evenly across quarters. January is typically our lightest month with activity picking up through February and March, then running robustly through spring and summer. August is generally a slower month for both deployment and fundraising before momentum picks back up in the fall and builds through a strong fourth quarter finish. Q1 ANI came in at $20 million.
Q2 is guided to $24 million to $26 million. The back half is historically our strongest, and that is the path to our raised full year range. Bill will walk you through business operations and financial results, and you will see that strength reflected across the metrics that matter. Elena will cover our KPIs and capital allocation. But first, let me set up the 2 dynamics that I believe define this moment for Abacus. The first is the current macro environment and what it means for our asset class. The uncertainty that has characterized Q1 has created a defining moment across the alternatives landscape. Investors are reassessing where they allocate capital.
They are moving toward assets that are genuinely uncorrelated from market sentiment and credit cycles. That is precisely what Abacus offers. Our yield is mortality-driven, not rates driven. That means our returns are structurally uncorrelated. And this quarter, that distinction drove capital to us in a meaningful way. Assets under management grew substantially in Q1, fueled by capital inflows from investors who understand that we are not private credit, we are the alternative to it. Now, I want to address something that is important for investors to understand clearly, the relationship between increased demand and purchase discount rates. As more institutional capital has flowed into the asset class, buyers are competing more aggressively for policies.
That competition means buyers are paying more for each policy, which translates directly into lower purchase discount rates. I want to be emphatic about this. A lower purchase discount rate in our business is a positive outcome. It reflects rising asset values and expanded long-term spreads on the contracts we already hold, and we believe this dynamic will continue through 2026. The second thing I want to highlight is what I consider one of the most important proof points this company has ever delivered, and it happened this quarter. Our LMA Income II Fund reached the end of its initial term. This is a fund we launched 3 years ago that grew to approximately $115 million in assets under management.
At conclusion of its term, we returned capital to every single investor who requested it, 100% on time as promised. Returning investor capital at the end of a fund's term should be the norm. Across the alternatives industry today, it is not. At a moment when restrictions on investor capital have been commonplace, when redemption gates have become accepted norms, Abacus did what we said we would do. And here is what makes it even more meaningful. Approximately 1/3 of those investors chose to extend their investment and another 1/3 reinvested their capital into our new products. This is not just capital retention. That is an affirmation.
Investors who had full optionality evaluated this asset, evaluated these funds and chose to put more capital to work with us. That is the strongest endorsement we can receive. Bill will address the balance sheet impact in detail, but I will note that this event reduces debt on our balance sheet by more than $75 million, further strengthening our capital position as we move through the remainder of the year. Looking ahead, I want to highlight 2 transformational growth opportunities that I believe will define the next chapter for Abacus. The first is our investment in Manning & Napier. This relationship continues to progress with real momentum.
The strategic alliance and distribution agreements are both taking shape, and we are already working to integrate our respective platforms. Manning's existing infrastructure is robust and well suited to support what we are building together. This is not a passive investment. It is a distribution partnership that we expect to materially expand the reach of our products to a broader base of advisers and their clients. We expect early results from that alliance in Q2, and we'll have more to say as that relationship matures. The second is our securitization program. Following the success of our first securitization, we are actively targeting a second significant securitization in late Q2 or early Q3. Securitization is a powerful tool for us.
It allows us to recycle capital efficiently, diversify our funding sources and demonstrate to institutional markets the quality and consistency of the assets we originate. A second transaction in this time frame would represent a meaningful acceleration of that program and further validate the institutional credibility of this asset class. We will provide updates as that process advances. With that, I will turn it over to Bill.
William McCauley: Thanks, Jay. I want to cover 2 things. First, how the business operated during the quarter; and second, what our financial results reflect about the momentum Jay described. Then I'll turn it over to Elena for KPIs and capital allocation. Jay covered the headline drivers for the quarter. I want to get into the operational detail underneath them. The deployment volume Jay referenced ran through an origination process that remained highly selective. We reviewed a substantial number of qualified policies in Q1 and closed at a rate consistent with our historical standards. We did not relax underwriting to meet demand. The higher inbound flow simply gave us more to choose from.
Elena will take you through the specific metrics, but the headline is that volume went up and quality held. The most direct evidence of how the operational pieces came together this quarter is the cash flow statement. We generated $91.7 million in operating cash flow in Q1 2026 compared to negative $61.6 million in Q1 2025, a swing of more than $153 million year-over-year. That reflects 3 things converging at once: policies on our balance sheet, generating cash through trading and maturities, the LMA Income II Fund completing its initial term and releasing capital and the underlying operating leverage of the platform as we scale revenue without a commensurate increase in cash costs.
Cash conversion is the ultimate test of whether the model is working and Q1 passed that test decisively. On the portfolio, the short version is that quality and margin are both tracking ahead of target. Realized gains for the quarter exceeded our 20% long-term benchmark, and our seasoned assets continue to appreciate in line with actuarial expectations. Elena will walk through the detailed KPIs of turnover, weighted average life expectancy and insured age, but the directional read is clean across the board. On LMA Income II, Jay described the fund outcome and what it means for investor confidence. I want to add the financial reporting dimension.
Because of the fund's initial structure, we were required under GAAP to consolidate it as debt on our balance sheet. With the conclusion of the fund's initial term this quarter, that obligation unwinds. The result is a reduction in reported balance sheet debt of more than $75 million. I want to be precise about this. It is not a corporate deleveraging event. It is the reduction of a fund level consolidation from our balance sheet. The practical effect is that our reported leverage ratios improved significantly without any change in our underlying capital structure. I will address the specific metrics next in the financial section. Turning to our financial results.
Total revenue in the first quarter grew 34.6% to $59.4 million compared to $44.1 million in the prior year period. Growth was primarily driven by strong performance in Life Solutions, which generated $50.6 million, along with continued expansion in asset management fees, which reached $8.5 million, reflecting the growth in fee-paying AUM across our longevity fund strategies. Technology Services contributed $0.4 million, consistent with our continued early-stage build-out of that segment. Turning to expenses. Total operating expenses for the first quarter were approximately $34.8 million compared to $19.6 million in the prior year when excluding the impact of gain on change in fair value of debt and gain on equity securities.
The year-over-year increase was primarily driven by higher sales and marketing spend in support of our distribution build-out, along with increased G&A expenses associated with our platform investments, business acquisition and special project expenses. These are deliberate investments in the growth profile of the business. On an adjusted basis, excluding noncash stock compensation, business acquisition and special project costs, amortization and changes in the fair value of investments, adjusted net income for the first quarter grew by 16.6% to $20.1 million compared to $17.3 million in the prior year. Adjusted EBITDA for the quarter grew 33.3% to $32.7 million compared to $24.5 million in the prior year.
Adjusted EBITDA margin was 55% for the quarter compared to 56% in the prior year. We are committed to growing the business responsibly, which is demonstrated by our ability to grow revenue and EBITDA by over 30% while sustaining margins in that range. GAAP net income attributable to Abacus Global Management for the quarter was $7.3 million or $0.07 per diluted share compared to $4.6 million or $0.05 per diluted share in the prior year period, representing growth of 59%. Turning to our balance sheet. For Q1, adjusted return on equity was 19% and adjusted return on invested capital was 17%, both improvements from Q1 2025.
As of March 31, 2026, the company had cash of $37.2 million, balance sheet policy assets of $392.8 million, and outstanding long-term debt of approximately $330 million. The reduction in reported debt from $405.8 million at year-end reflects the conclusion of the initial term for the LMA Income II Fund I described earlier, which removed approximately $76.7 million in fund level reporting obligations from our balance sheet. In summary, we are very pleased with our strong start to 2026. We delivered meaningful top line growth, sustained profitability and strengthened our balance sheet, all while continuing to invest in the platform initiatives that will drive the next chapter of this company's growth. With that, I'll turn it over to Elena.
Elena Plesco: Thanks, Bill. I want to use my time today to walk through 2 things: how our balance sheet performed during the quarter and how we think about capital allocation at Abacus. Turning to the performance of our balance sheet. For Q1, our annualized portfolio turnover was 1.9x, in line with our long-term target of 1.5x to 2x. Our average realized gain was 26% for the quarter. These margins reflect rigorous origination, precise actuarial targets and patience, exceeding our target of 20%. Portfolio quality continues to be strong. Assets seasoned beyond 365 days had a weighted average life expectancy of 46 months and a weighted average insured age of 88 years compared to 45 months and 88 years last quarter.
These positions reflect conviction in our underwriting, and we expect them to generate attractive returns as they continue to season. During Q1, we deployed $163.6 million in capital off our balance sheet. Our origination platform reviewed more than 9,000 qualified policies during the quarter, and we remain highly selective. This metric underpins the depth of our pipeline as last year, we have reviewed a little under 11,000 policies total. I want to spend the balance of my time on how we think about capital allocation because I believe it's one of the most important things for our shareholders to understand about this business. We think about capital allocation in 2 categories: operating and investing.
Operating capital supports the day-to-day engine of the business. That means purchasing policies, acquiring other operating assets and funding organic growth across our platform. Investing capital is effectively everything else, returning capital to shareholders through dividends and buybacks, pursuing strategic M&A and supporting the growth of our asset management business, whether that means seeding new fund strategies, supporting our securitization program or providing the infrastructure for AUM expansion. These are not competing priorities. They are sequenced deliberately, and our goal is to ensure we always have the flexibility to do both well. When we look at where our capital comes from, the starting point is our balance sheet.
We view our active balance sheet, our managed assets, as approximately $450 million in cash and liquid assets that we convert into cash in short order through our normal origination to monetization cycle. That is the core funding mechanism of the business, and it is self-sustaining. We do not need incremental balance sheet capital to grow our core Life Solutions business. Beyond that, we have 2 external levers, debt and equity. On debt, we're currently meaningfully under-levered. Our recourse debt-to-EBITDA ratio stands at around 2x compared to capacity, we believe extends to 4x. That gives us significant incremental borrowing ability to deploy into high-returning opportunities without diluting shareholders.
On equities, we're not looking to raise primary capital outside of any potential M&A activity. Our business generates the cash flow to fund its own growth, and we intend to keep it that way. When I step back and look at the business today, the story is straightforward. We have a core origination engine in Life Solutions that continues to perform at a high level, supported by disciplined underwriting and consistent monetization. On top of that, we're building a scalable asset management platform designed to generate growing fee-related earnings for our longevity funds, our ETFs, our asset-based finance strategy and continued expansion of our distribution capability.
Since inception, the new vintage of longevity funds has attracted nearly $1 billion in investor capital. Growing fee-related earnings remains a central priority. As we scale fee-paying assets across our strategies, we generate contractual high-margin management fee income without requiring additional balance sheet capital. And our capital allocation framework is designed to ensure that every dollar we deploy, whether into operations or investments is building toward that outcome. We're executing on this deliberately step-by-step with a long-term perspective. And we believe that approach will continue to create value for our shareholders. With that, I'll turn it over to Jay for closing remarks.
Jay Jackson: As I reflect on this quarter, what stands out is not any single result, but the convergence of everything we have been building toward. Capital is flowing into this asset class because investors are seeking exactly what we provide: consistent, predictable, uncorrelated returns. Our operational infrastructure is meeting that demand. Our funds are performing, and our strategic initiatives are positioning us to capture a much larger share of the opportunity in front of us. The foundation is strong and the trajectory is clear. These initiatives represent the kind of strategic scaling that moves the company from small cap to mid-cap. We are executing with both urgency and conviction.
I want to thank our investors for their continued confidence, our team for their exceptional execution this quarter and our partners for their commitment to what we are building. We look forward to updating you on our progress and delivering on the opportunity this moment represents. We will now turn it over to the operator for any questions.
Operator:[Operator Instructions] Our first question will come from Patrick Davitt with Autonomous Research.
Patrick Davitt: First on flows. Since you say in the release that the second securitization could slip into 3Q, if that did fall in 2Q, would that be incremental to the $500 million first half inflow expectation?
Jay Jackson: Patrick, yes, that would be in addition to that $500 million.
Patrick Davitt: Okay. Great. And could you update us on where we are in the SEC process for the interval fund?
Jay Jackson: Sure. Thanks for asking. We've been working diligently with the SEC. And while we can't specifically state where and how their specific process timing is, we feel good about potentially being able to make an announcement in Q2.
Operator: Our next question will come from Andrew Kligerman with TD Cowen.
Andrew Kligerman: Looking at your Slide 11, I thought that was pretty interesting. So it implies that wealth advisers would move from 0 to about 25% of revenue over the next few years. Could you walk us through kind of like a little road map as to how you get to 25% of revenue? Is it Manning & Napier? Is it existing advisers? Do you expect a fair amount of deals? Just curious as to the road map there on that.
Jay Jackson: Thanks for asking that, Andrew, and great to hear from you. Yes, our road map to the financial advisory/really private wealth division is really consistent with the premise that it's the build it or buy it. And we have a number of opportunities that we think will come to fruition and help us meet those targets. The Manning & Napier initial investment here, I think, made a ton of sense for us to demonstrate and show the synergies that we've talked about between sourcing contracts, sending them and processing potentially lead gen for them, and then kind of operating those synergies with additional cash flow from both entities.
And we're already seeing some success there and very close to kind of finalizing our strategic alliance agreement and the go-forward agreement. And we have a number of additional opportunities in place of registered investment advisers that I think are seeking that same type of partnership, whether that's in a minority position or a full position, full acquisition. And so we're really excited about the pipeline for that. I think we'll see more of that through year-end and certainly more heavily into '27.
Andrew Kligerman: Got it. Makes a lot of sense. And then just looking at Slide 27, I thought it was a nice trend to see the days held on the sold policies increased really significantly to 290, which maybe you could share with us the kinds of gains that you have by holding that for quite a bit of time. And then on the flip side, the days held on the owned policies kind of decreased meaningfully to 209. So what are you thinking about both of those metrics as we move forward? Are they right in the band where they should be? Or do you see one of them moving up or down? What are your thoughts going forward?
Jay Jackson: Thank you. And I think you nailed it on the last part of the question was that we believe we're in kind of the band where we target. If you look at kind of historically where that's been at, whether it's days held and/or days held via transactions, we're finding a little bit of a sweet spot there. And there was -- in the prior quarter, we saw a little bit of shift where we had taken advantage of some contracts that were very opportunistic and moved a larger percentage of those.
But I think historically, where we're trading at right now is kind of where you should see those numbers start to kind of think about modeling going forward, right? I think in the quarter, we were somewhere around 1.9x to 2x on an annual basis related to our book turnover. And I think that's reflective of the opportunities we see in the market. One of the things I'll highlight, though, is that we are seeing significant increased demand for the underlying asset, driven by certainly uncorrelated nature.
But if you consider some of the volatility that we've seen in other kind of adjacent asset classes, if you will, this opportunity, I think, in this asset class has certainly been more appealing to institutional investors who are looking for maybe a little bit less yield, but they want that uncorrelated stability nature that these policies represent.
Operator: Our next question will come from Mike Grondahl with Northland Securities.
Mike Grondahl: I just wanted to ask about the 9,000 policies you reviewed in 1Q '26 versus the 11,000 in 2025. Would you say that's all organic growth, all inbound? Any extra marketing or anything to drive that?
Jay Jackson: Sure. Thanks, Mike. It's a very astute pickup. Yes, it is organic. It's also, I would argue, a bit opportunistic from our perspective. And then we're seeing opportunities out there as we continue to have demand and increased capital related to our own funds and certainly other funds, that's driving up supply. And I think what I'm really trying to highlight there is that as we continue to raise capital on our funds, securitizations and some of these other products, sometimes that leads to the question of do we have the policies to support that demand. And I think clear evidence shows in Q1, we do. And some of that's carrying over into Q2, and we're excited about that.
So that is organic. We're not necessarily turning up the advertising budget. I think the budget year-over-year was fairly stable in Q1. But instead, I also believe that the work of '25, where we did increase our budget, right, particularly Q3, Q4, you start to see that paying off in Q1 and Q2 and Q3.
Mike Grondahl: Got it. And then you talked about rising asset value and the demand for those policies resulting in that lower purchase discount rate. Can you quantify that for us a little bit, Jay? Like, is that worth a point or 2? Or how do we measure that or get a sense?
Jay Jackson: Sure. I think the best way to think about it, right, is when you look at the slide related to our gross trade spread margin, right? When you see that number, I think we're plus or minus around 26% for the quarter. That's the best way to quantify it. So even though you might see demand increase, which in most markets, when you have demand increase driving prices up, you would historically see those discount rates or the forecasted purchase rates compressing. In our case, what we're stating is that can actually be a good event for us, right? Because prices go up, we sell at a higher price and that demand then drives additional revenue.
And my point is I believe we're going to see more of that, right? When you just look at the cash flows into our owned funds, but then demand from investors who are seeking capital sources that, again, are less volatile and correlated, those kinds of attributes, it becomes a positive outcome for us. So to be specific, if you were to kind of quantify this to kind of a percentage point, I think that's a bit of a challenge because we'll see that happen in any given quarter. But my point is that whether it's 100 basis points or 200 basis points, it's ultimately a positive outcome for us.
Operator: Our next question will come from Crispin Love with Piper Sandler.
Benjamin Graham: This is Ben Graham in for Crispin Love. I'm just wondering if you could share a little bit more about your current thoughts on M&A, just specifically what types of assets you're most interested in currently? And basically, would it be more on the RIA side, technology or some other areas?
Jay Jackson: Yes, sure. Great question. The pipeline is fairly robust right now. And the areas that we're most interested in, you nailed it on the RIA side. We think that there are some very interesting opportunities there. And for us, we're also super selective. We want to make sure that this is the type of platform that meets our expectations culturally, that is profitable. And most importantly, and I think this is the biggest takeaway for any of our M&A, it's got to be accretive. right? It's super important that these opportunities are accretive to us both from an EPS basis, but in addition to that, accretive in relationship to our synergies.
We want to show that this is the type of acquisition that's going to help grow the business into '27, '28 because I think that's what our shareholders want us to do. So we're very disciplined in that. We want accretive businesses. When we look at our technology platforms, we're still developing, I think, some very exciting things in-house that in the next probably 60 days, we're going to start announcing certainly at our Investor Day, we're going to roll some of those out that are going to fundamentally have a significant transformative shift in private wealth management.
And those types of programs where we're incorporating lifespan into financial planning is starting to happen in real time and adopting different AI platforms to assist with that to accelerate that process is all happening in real time. So if we're looking at technology-type platforms, it's the type of platforms that can provide data and information to our clients that is incredibly useful for a customized solution of whether it's insurance or financial planning, but all related to their longevity data. I just spoke to the Milken Institute on this. And this was a huge, huge talking point because there's $1 trillion of wealth transferring. Our point is, wouldn't the world like to know when that's going to transfer.
And you can know that better if you better understand the longevity and lifespan data behind it. So those companies are super interesting to us.
Benjamin Graham: Awesome. And then just briefly on the carrier buyback program. I'm just wondering if there's anything new to call out here, new announcements, expectations for the year? And just if anything's baked into the guide there?
Jay Jackson: There still continues to be a very high level of interest and structure that we're working directly with carriers on. I think in addition to the buyback, we're also working and speaking with carriers about new product issuance related to our underwriting. So it's amazing how this is really coming full circle in our partnerships and strategic partnerships with carriers as well as reinsurance companies. And when I talk about structure in relationship to a buyback, there's some structural advantages that we're working through with some of our carrier partners that can actually make that buyback more affordable as well as easier to execute on. So we're continuing that program through 2026.
And we're also, in addition to that, adding to some of our carrier relationships, even potentially new product sales.
Operator: Our next question will come from Timothy D'Agostino with B. Riley Securities.
Timothy D'Agostino: I joined a bit late here, so apologies if anything is repeated. Looking at capital deployed for policy originations on Slide 26, that number for 1Q continues or was ahead again of what we were forecasting. I guess trying to understand in 2025 in the beginning part, it was about $120 million. At these current levels of $230 million in the fourth quarter and $163 million in the first quarter, are you comfortable with this kind of being the run rate? Or are you taking advantage of opportunities?
Jay Jackson: Great question. And yes, certainly opportunistic. But I would also add that we had capital demand to meet that capital deployment. Now, if we're modeling to what we think a closer range will be, we have a couple of analysts who have tracked us at a really high number, which isn't necessarily the right way to think about it either. I think where we're tracking is in that [ $130 million to $150 million ] range and certainly had a really nice quarter in Q1.
The one kind of KPI we take into consideration is that you could see that number increase over $150 million like we did in Q1, if you see our capital -- gross capital inflows higher, right? So the way that I would think about it is that, that number can be correlated to the amount of demand and capital that we have to put to work. And so I'm hesitant to come out and say, "Oh, model this at [ $200 million" ] because in any given quarter, as I have highlighted, that could change a little bit. And so we're much more comfortable in this kind of guiding to that $130 million to $150 million number.
And then if we surpass that by a little bit like we did in Q1, that's great. That's always our target is to exceed expectations. It's also why we raised our guidance. right? We kind of tried to put an indicator out there that says, look, we feel pretty good about what's going to happen in the remainder of '26, including capital deployed. We're comfortable in maybe the higher range of the $130 million to $150 million, and therefore, we'll increase our guidance to reflect that.
Timothy D'Agostino: Okay. Great. And then if I can ask a second question on AUM, relatively flat quarter-over-quarter. I understand it's a short period just the first quarter. But as we look at the 2028 guide of $30 billion of AUM, I guess, could you walk us through again how much of that is coming from like organically and how much is inorganic?
Jay Jackson: Yes. The purpose there is to get pretty close to like a 50-50 number as we get out to 2028 on organic versus inorganic. And the inorganic would be acquisition and whether that's through some very exciting opportunities on the asset management side in addition to the private wealth side, as I've spoken about before. So that's the way that we're mapping that. We see more of that taking place as we come into '27. But based upon some of the opportunities we have in our pipeline, I will tell you that we believe we're tracking at that number.
Operator: Our next question will come from Patrick Davitt with Autonomous Research.
Patrick Davitt: I don't think I saw it in the materials, but how much is left on the repurchase authorization? And through the lens of this M&A conversation, could you update us on how you're thinking about the stock here and repurchases from here?
Jay Jackson: Sure. Thank you, Patrick. We've deployed plus or minus around 50% of the last $20 million Board-approved buyback. So we still have, I think, some -- a decent amount of powder left to execute on. And we look closely at that. I mean, what you touched on is really important because we look at where we sit on a multiple basis based upon where our earnings are, our kind of consistent performance here, certainly in relationship to our recent -- we just announced we're raising again our EPS targets for '26 and then forecasted into the '27, '28. So when we look at would we consider more stock repurchase, the answer is yes.
I think that we still very much see the pricing of our stock is a very discounted price. And when we measure that against what -- where we may deploy other assets, right, we're looking at ROICs and ROEs in the high teens, low 20s. And we think that even based upon price targets from our analysts that, that is -- we're currently trading at a pretty significant discount to that. So buybacks are still very much what we believe is an important piece to -- of our kind of things that we might deploy. When that is related to M&A, you're right, right? The stock price is important to that.
And I think that in most M&A transactions, a percentage of that is related to the stock. And I think what's interesting to me is that the deals that we're looking at now in our pipeline are accretive even at this pricing. And so imagine if we pick up another 10%, 15%, 20%, 30% in stock valuation, these deals even become more accretive. And so when we're looking at a deal now, we're assuming in that M&A that, hey, this is at a very favorable stock price. Is this deal still accretive? As the stock price continues to carry some upward momentum, these deals will look even better.
So we're -- we think we're in a great spot on the M&A side.
Operator: This concludes our question-and-answer session. I would now like to turn the meeting back over to Jay Jackson for any additional or closing remarks.
Jay Jackson: Thank you. Again, we just want to express our gratitude to our partners, our analysts, our shareholders and certainly, each and every one of our employees where nearly all of them are shareholders. I think it speaks volumes into the production of our company and our ability to continue to meet these consistent goals that we have set out. We raised our targets in 2026. Our expectations are we're going to continue to push through those through '27 and through '28, and we're tracking to our $250 million EBITDA of '28. And so we are grateful and thankful for all of you to be on our journey together and look forward to our next call.
Operator: Thank you. That brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.
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Abacus Global Management (NYSE:ABX) has reported higher first quarter revenue and earnings and raised its full-year adjusted net income guidance as growth in its longevity-focused investment business continued to drive results. The Orlando-based financial services company posted first-quarter revenue of $59.4 million, up 35% from $44.1 million a year earlier, driven primarily by growth in its Life Solutions segment.
