Barrick Mining's Q1 Gold Production Slips: Will It Rebound in Q2?

Barrick Mining’s Q1 2026 gold production fell to 719,000 ounces (down ~5% YoY and ~17% sequentially), hit by lower grades at Nevada Gold Mines, Pueblo Viejo, North Mara and Kibali. Management expects sequential improvement with Q2 production guided to 730,000–770,000 ounces (Zacks consensus ~754,000), driven by ramp-ups at Loulo‑Gounkoto and Goldrush and mine sequencing at NGM. The company reaffirmed 2026 attributable production guidance of 2.9–3.25 million ounces. The report notes peers Newmont and Agnico also saw weaker Q1 output, underscoring sector weakness in grades. Market implications: near-term revenue and margin pressure from lower grades, but guidance and ramp-ups point to potential sequential recovery; shares have outperformed modestly over six months, and valuation is roughly in line with peers.