Barrick Mining, one of the world's largest gold producers, reported second-quarter adjusted earnings of $0.82 per share, missing the LSEG consensus estimate of $0.88 but topping Zacks' forecast of $0.81. The softer-than-expected profit pushed U.S.-traded shares down nearly 6% in premarket trading.

The company posted quarterly revenue of $5.29 billion, well ahead of Zacks' estimate and up from $3.68 billion a year earlier. Barrick said the average realized gold price climbed 34% year over year to $4,417 per ounce, while production held steady at 796,000 ounces.

BARRICK MINING $B EARNINGS ARE OUT! EPS: $0.82 | Est. $0.84 REV: $5.29B | Est. $5.08B IMPLIED MOVE TODAY: ±5.54%!! pic.twitter.com/46OrfC0tGn — Schaeffer's Investment Research (@schaeffers) August 10, 2026

Rising costs weighed on the quarter. Barrick said the cost of sales for gold production rose 20% to $1,993 per ounce, while all-in sustaining costs increased 11% to $1,866 per ounce. Management attributed the higher expenses to lower ore quality at key operations including Carlin, Cortez and North Mara, as well as higher fuel costs and increased royalty payments tied to stronger gold prices. The cost increases partially offset the benefit of surging bullion prices, a margin dynamic that major gold producers have contended with as inflation in mining inputs, labor and energy persists across the sector.

The company also pointed to industry-wide energy pressures. Ongoing tensions in the Middle East involving the U.S. and Israel against Iran have constrained oil supply and helped keep energy prices elevated, creating a headwind for gold producers.

Alongside the earnings report, Barrick and Newmont announced a $1.95 billion settlement to resolve long-running disputes over Nevada Gold Mines, the joint venture the two companies formed in 2019 and which ranks among the world's largest gold mining complexes. Under the agreement, Newmont will pay Barrick $1.95 billion in cash within 30 days. Barrick will transfer its Fourmile development into the Nevada Gold Mines partnership, while Newmont will contribute its Mike and Fiberline assets.

The combined Nevada operation is expected to hold about 100 million ounces of gold reserves. The settlement also includes Newmont's approval for Barrick's planned North American public offering.

Barrick said the proposed public listing will include its interests in Nevada Gold Mines, Pueblo Viejo, the Fourmile development and other exploration assets, along with properties contributed by Newmont. The company expects to complete the initial public offering before the end of 2026. The listing would create a separately traded vehicle anchored by some of Barrick's highest-grade North American assets, giving investors a distinct way to value those operations alongside Barrick's broader portfolio spanning Africa, the Caribbean and South America.

Barrick shares are up about 0.3% so far this year, lagging the S&P 500's 13.3% gain. Zacks Investment Research currently rates the stock a Rank 4, or Sell, citing negative earnings estimate revisions ahead of the report.

For the next quarter, Zacks expects earnings of $0.85 per share on revenue of $4.78 billion. For full-year 2026, the consensus forecast calls for earnings of $3.57 per share on revenue of $19.43 billion.

Barrick has beaten consensus profit expectations in each of the last four quarters.