06:41 AM EDT, 05/11/2026 (MT Newswires) -- Barrick Gold (ABX.TO) reported a 173% jump in adjusted net earnings year over year in the first quarter, citing higher gold production, lower costs and a supportive gold price.

Adjusted net earnings were US$1.65 billion, or $0.98 per share, surging from $603 million, or $0.35 per share. The result exceeded the earnings per share consensus estimate of $0.81 as compiled by FactSet.

Revenues were $5.22 billion, up from $3.13 billion. The result beat the sales consensus estimate of $4.83 billion as compiled by FactSet.

Gold production was 719,000 ounces, down from 758,000 ounces but exceeding the guidance range of 640,000-680,000 ounces. Realized gold price rose 66% to $4,823/ounce.

Copper production was 49,000 tonnes, up from 44,000 tonnes.

Gold production is expected to increase sequentially throughout the year. Second-quarter gold production is forecast at 730,000 to 770,000 ounces.

Full-year 2026 gold production guidance was maintained at 2.90 million to 3.25 million ounces. Copper production guidance also remains unchanged at 190,000 to 220,000 tonnes.

Barrick's planned initial public offering of a minority stake of a company that will hold its North American gold assets is on track for completion by the end of 2026, subject to market conditions and necessary approvals.

The assets include Barrick's stakes and operatorship of Nevada Gold Mines and Pueblo Viejo, as well as the Fourmile project.

Additionally, Barrick has declared a first-quarter dividend of $0.175 per share. The dividend will be paid on June 15 to shareholders of record at the close of business on May 29.

The dividend represents a decrease from the $0.42 per share dividend announced for the fourth quarter of 2025.

Barrick's board has also authorized the repurchase of up to $3.0 billion of the company's outstanding common shares at prevailing market prices.