Gold prices rose to $4,124.10/oz on Monday as central bank buying surged 42% year-on-year, while major miners like Barrick and Agnico Eagle confirmed they remain on track to meet full-year production targets.
Barrick reported Q3 results this morning with net earnings of $1.32 billion, adjusted EPS up 41% to $0.82, net cash of $0.9 billion and $1.04 billion returned via $761 million of buybacks plus a $0.175 dividend. Gold output rose 6% year over year and full-year guidance of 2.90-3.25 million ounces was reiterated.
Q3 results from Nov. 5 show EBITDA up 12% to $1.57 billion, free cash flow of $722 million, net cash of $1.26 billion and a $361 million interim dividend of 71 US cents per share. Year-to-date production of 2,164,000 ounces is tracking to reaffirmed annual guidance, supporting the shares into year-end.
Q3 payable production of 814,012 ounces came in line with plan at $1,648/oz AISC, net income was $1,353 million and free cash flow $852 million, with net cash of $3,416 million at Sept. 30. The company is on track for 2026 guidance, though full-year output is expected near the lower end of the 3.3-3.5 million ounce range.
Q3 net earnings of $88.7 million ($0.46/share), on-track 2026 production guidance and a lowered full-year AISC forecast for Mount Milligan on strong copper by-product credits support the shares. Record quarterly buybacks of $53.0 million and $998 million total liquidity add to the positive picture.
December gold rose 1.21% to $4,124.10/oz on Monday after Friday's $4,074.90 settle, backed by central bank buying of a net 321 tonnes in Q3, up 42% year on year, and record ETF holdings of 4,256 tonnes. The World Gold Council still calls the year-end outlook finely balanced, citing rising rates as a headwind.
Q3 production of 119,000 ounces met guidance with record Island Gold District output and net earnings of $165.6 million, and Q4 output of 140,000-160,000 ounces is expected. However, commissioning of the Phase 3+ shaft is delayed by about one quarter to mid-2027, offsetting the operational strength.
Gold futures climbed 1.21% to $4,124.10 an ounce on Monday, buoyed by strong central bank demand and record ETF holdings of 4,256 tonnes. Major gold producers, including Barrick Mining and AngloGold Ashanti, reported solid third-quarter results and reaffirmed their annual production guidance, signaling operational stability despite a finely balanced year-end outlook.
Barrick produced 816,000 ounces of gold, earned $1.32 billion in net earnings, grew adjusted EPS 41% to $0.82, and returned $1.04 billion to shareholders while reiterating full-year guidance.
Yes, the company reiterated full-year guidance of 2.90 to 3.25 million ounces of gold.
Yes, the board declared an interim dividend of $361 million, or 71 US cents per share, for the third quarter.
The company reaffirmed its annual guidance, with year-to-date production of 2,164,000 ounces tracking to achieve it.
Yes, the company says it is on track for its 2026 production and cost guidance, though full-year payable gold production is expected near the lower end of its 3.3 to 3.5 million ounce range.
It remains on track for its 2026 gold production guidance and lowered Mount Milligan's full-year all-in sustaining cost guidance, citing strong copper by-product credits.
Gold futures rose 1.21% to $4,124.10 an ounce on Monday, supported by strong central bank buying of 321 tonnes in the third quarter and record ETF holdings of 4,256 tonnes.
The World Gold Council describes the outlook through year-end as finely balanced, with rising interest rates and mixed inflation expectations as potential headwinds.
No, completion of commissioning of the Phase 3+ shaft is delayed by approximately one quarter to mid-2027, though Lynn Lake construction remains on track for initial production in the first half of 2029.