Barrick Mining Corporation B used its second-quarter 2026 earnings call to frame the Newmont agreement as a reset for Nevada Gold Mines and a key step toward its planned North American gold IPO.
Management kept full-year production and cost guidance unchanged while outlining a higher second-half production cadence and lower capital spending range.
B Resets NGM With Newmont
President and CEO Mark Hill said the Newmont package carries a total value of about $4 billion, including Fourmile, Newmont's Mike and Fiberline properties, dispute resolution and reduced IPO friction costs.
Newmont will pay Barrick $1.95 billion in cash, and the agreement brings the contributed properties into Nevada Gold Mines, creating a complex with nearly 100 million ounces of gold.
Hill said the reset lets the partners focus on processing capacity, ore movement and infrastructure. He wants the joint venture to reduce ore trucking and optimize future processing.
Barrick Holds IPO at 10%
Hill said the North American IPO remains targeted for completion by year-end, with him selected to lead the new company as CEO after separation.
In Q&A, Hill said Barrick still plans to float a 10% minority interest and has no current plan to increase that stake. He also rejected a shareholder spinout.
Chief development officer George Joannou said the company will revisit structural options after Newmont's consent to identify friction-cost savings. Management confirmed that a marketing process will be part of the IPO.
B Keeps Guidance Despite Weather Disruptions
President and CEO Mark Hill kept 2026 gold production guidance at 2.90 million to 3.25 million ounces and copper guidance at 190,000 to 220,000 tons.
The company expects third-quarter gold output to exceed second-quarter and fourth-quarter production to rise again. Copper production is also expected to increase in the second half versus the first half.
Second-quarter gold production reached 796,000 ounces, above guidance of 730,000 to 770,000 ounces. Adjusted earnings of $0.82 per share topped the Zacks Consensus Estimate of $0.81. Revenues of $5.29 billion also surpassed the $4.49 billion estimate.
Barrick Mining Corporation Price, Consensus and EPS Surprise
Barrick Mining Corporation price-consensus-eps-surprise-chart | Barrick Mining Corporation Quote
During Q&A, Hill said guidance is not conservative, citing weather-related downtime at Veladero and a water-related shutdown at Porgera. He remained confident in the full-year targets.
Barrick Pushes Fourmile and Trims Capex
Barrick reduced 2026 total attributable capital expenditure guidance to $3.8 billion to $4.2 billion from $4.0 billion to $4.45 billion, mainly because of lower spending at Reko Diq.
The CEO said Fourmile's prefeasibility study remains targeted for completion by the end of 2028, while management intends to accelerate development and evaluate added Nevada processing capacity.
A CIBC analyst pressed management for more Fourmile disclosure to help investors model the project. Hill acknowledged the concern and said the company would work on improving the information available.
B Maintains Capital Returns
Senior EVP and CFO Hongyu Cai said Barrick ended the quarter with $1.2 billion of net cash, an undrawn $3 billion revolver and no meaningful debt due until 2033.
Attributable free cash flow was $141 million in the second quarter, pressured by annual tax and interest timing and a one-time $400 million Loulo-Gounkoto payment. Cai said excluding that payment, attributable free cash flow would have been more than 60% higher year over year.
Barrick repurchased $1.209 billion of shares during the quarter and maintained its $0.175 quarterly base dividend. Its policy targets an annualized payout of 50% of attributable free cash flow.
Barrick's Priorities for the Second Half
President and CEO Mark Hill's closing message centered on safety, operational consistency, full-year guidance, growth projects and completion of the North American IPO.
The second-half agenda remains focused on those priorities while management continues efforts to improve safety and keep major growth projects on schedule and on budget.
B's Zacks Rank Tempers Strong Style Scores
B currently carries a Zacks Rank #4 (Sell), reflecting an unfavorable earnings estimate revision trend under the Zacks methodology. Under the Style Score framework, that rank carries more weight than the favorable scores.
The stock has a Value Score of B, Growth Score of A, Momentum Score of A and VGM Score of A. Those grades indicate strong style characteristics, but Style Scores are designed to complement top Zacks Ranks rather than override a weak one. The Zacks Rank can change as analysts revise estimates following the just-reported results.
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