Episode Details

Surging commodity prices completely masked a 17% sequential drop in production as Barrick Mining Corporation reported a chaotic yet highly profitable Q1 2026.

In ~10 minutes:

• How record $4,823/oz gold drove $1.2B in attributable free cash flow.

• Navigating the literal $92M state seizure of physical gold in Mali.

• Eating a $20M monthly burn rate during the Pakistan force majeure.

• Why the autonomous North American assets are tracking toward a 2026 IPO.

Barrick is currently a tale of two entirely different companies operating under one ticker. Management is launching a massive $3.0B buyback and a new 50% free cash flow dividend policy, betting that peak gold margins 🌍 will outlast the staggering geopolitical headaches currently erupting across their emerging markets portfolio.

Barrick Mining Corporation (B) | Q1 FY2026

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