Barrick’s Q4 Earnings Beat Expectations – So, What Is Dragging The Stock Down In Premarket Today?

Barrick posted a substantial earnings increase in the fourth quarter but expects gold and copper production for 2026 to be slightly lower than 2025 levels.

• The company expects 2026 gold production to range between 2.90 million and 3.25 million ounces, just below the 3.26 million ounces produced in fiscal 2025.
• Management gets board approval for the IPO of NewCo, a subsidiary that would hold its North American gold assets, the company said.
• Fourth-quarter revenue surged 31% to $6 billion, significantly above analysts’ average of $5.16 billion.

Barrick Mining Corp. (B) said on Thursday it expects gold and copper production for 2026 to be slightly lower than full-year 2025 levels, on the back of a significant increase in fourth-quarter earnings.

The company expects 2026 gold production to range between 2.90 million and 3.25 million ounces, just below the 3.26 million ounces produced in fiscal 2025. That figure marked a 17% year-over-year decline but still met the company’s guidance.

Copper output is forecast at 190,000 to 220,000 tonnes for 2026. In 2025, copper production climbed 13% from 2024 to 220,000 tonnes, also in line with the company’s expectations.

Better-Than-Expected Q4 Earnings

Barrick delivered better-than-expected fourth-quarter (Q4) results, with net earnings of $2.41 billion, or $1.43 per share, and adjusted net earnings of $1.75 billion, or $1.04 per share. Analysts on average expected adjusted earnings of $0.87 per share, according to Koyfin data. Revenue surged 31% to $6 billion, significantly above analysts’ average of $5.16 billion. The board also approved a quarterly dividend of $0.42 per share.

As of Dec. 31, 2025, Barrick reported proven and probable gold reserves of 85 million ounces at an average grade of 0.98 g/t, down from 89 million ounces in 2024.

NewCo IPO Update

Barrick said that management has received approval to move forward with plans for an initial public offering (IPO) of NewCo, a subsidiary that would hold its North American gold assets. It stated that the completion is targeted for late 2026.

NewCo will include stakes in Nevada Gold Mines, Pueblo Viejo, and the wholly owned Fourmile discovery in Nevada. Barrick first announced the IPO plans in December last year.

How Did Stocktwits Users React?

Despite the upbeat fourth-quarter earnings, B stock was down over 2% in pre-market trading on Thursday. Peers Newmont Corp. (NEM) and Anglogold Ashanti (AU) were trading nearly 3% lower as spot gold (XAU/USD) prices sank 2.5% to $4,840 an ounce at the time of writing.

Retail sentiment on Stocktwits changed to ‘neutral’ from ‘bearish’ a day earlier, amid ‘high’ message volumes.

One user expects the declining gold prices to overshadow the robust earnings.

Another user raised questions on shareholding related to NewCo’s IPO.

Barrick’s shares have gained around 7% so far in 2026.

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