Why Is Barrick Mining (B) Up 9.9% Since Last Earnings Report?

A month has gone by since the last earnings report for Barrick Mining (B). Shares have added about 9.9% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Barrick Mining due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Barrick Mining Corporation before we dive into how investors and analysts have reacted as of late.

Barrick's Q2 Earnings & Sales Top Estimates on Higher Prices

Barrick recorded profits (on a reported basis) of $1,217 million or 73 cents per share for second-quarter 2026, up 50% from $811 million or 47 cents per share in the year-ago quarter.

Barring one-time items, adjusted earnings per share were 82 cents. The figure beat the Zacks Consensus Estimate of 81 cents and increased around 74% year over year.

Barrick recorded total sales of $5,292 million, up 44% year over year. The top line surpassed the Zacks Consensus Estimate of $4,487.7 million.

Operational Highlights

Total gold production was 796,000 ounces in the reported quarter, essentially flat year over year compared with 797,000 ounces. The metric beat the consensus estimate of 764,000 ounces. The average realized price of gold was $4,417 per ounce in the quarter, up around 34%.

The cost of sales increased around 20% year over year to $1,993 per ounce. AISC rose around 11% to $1,866 per ounce in the quarter.

Financial Position

At the end of the quarter, Barrick had cash and cash equivalents of $5,927 million, up 23% from the prior-year quarter. The company’s total debt was $4,682 million at the end of the quarter, down around 1% year over year.

The operating cash flow was $1.7 billion for the quarter, up 28% year over year, whereas the free cash flow was $515 million, up 30%.

Guidance

For 2026, Barrick continues to anticipate attributable gold production in the range of 2.9-3.25 million ounces. The company reduced total attributable capital expenditure guidance to $3.8-$4.2 billion from $4-$4.45 billion previously. 

AISC is projected at $1,760-$1,950 per ounce for 2026. Cash costs per ounce are forecast to be $1,330-$1,470. The company also expects cost of sales of $1,870-$2,070 per ounce.

Barrick expects copper production of 190,000-220,000 tons at AISC of $3.45-$3.75 per pound, C1 cash costs of $2.20-$2.45 per pound and cost of sales of $3.05-$3.35 per pound for 2026.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -9.22% due to these changes.

VGM Scores

Currently, Barrick Mining has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a grade of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Barrick Mining has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Barrick Mining is part of the Zacks Mining - Gold industry. Over the past month, Royal Gold (RGLD), a stock from the same industry, has gained 11.9%. The company reported its results for the quarter ended June 2026 more than a month ago.

Royal Gold reported revenues of $450.54 million in the last reported quarter, representing a year-over-year change of +114.9%. EPS of $2.56 for the same period compares with $1.81 a year ago.

Royal Gold is expected to post earnings of $2.20 per share for the current quarter, representing a year-over-year change of +6.8%. Over the last 30 days, the Zacks Consensus Estimate has changed -3.7%.

Royal Gold has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.

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This article originally published on Zacks Investment Research (zacks.com).

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