Barrick Mining Corporation: Newmont agreement valuation framing and absence of contingent exploration payments

Barrick Mining Corporation 2026 Q2: Financial Performance summary

• Attributable adjusted EBITDA was $2.425 billion, up 51% year over year, with a 59% margin.
• Copper production was 56 thousand tons, with comparable margins to the gold business.
• Earnings nearly doubled year over year, and quarterly shareholder return more than doubled to $1.5 billion.
• Gold costs were managed within guidance.
• Gold production was 976 thousand ounces in Q2, 3% above guidance and 11% over Q1, driven by faster-than-expected ramp-ups (Loulo-Gounkoto ahead of schedule; PV faster post-Q1 shutdown) and record underground tonnes at Cortez plus continued Goldrush ramp-up.
• North America anchored results with MGM and PV delivering year-over-year revenue growth; together they accounted for 53% of total attributable adjusted EBITDA at a 61% margin.
• Q2 earnings were 82¢ per share (adjusted earnings also 82¢/share) and cited as in line with Bloomberg consensus.