Canadian miner Barrick (B) has reported that its first-quarter profit more than tripled from a year earlier due to rising gold prices.
The Toronto-based company said it earned $1.60 billion U.S., or $0.96 U.S. per share, for the quarter ended March 31.
The result was three times the profit of $474 million U.S., or $0.27 U.S. a share, reported in the same quarter a year ago.
Revenue in the year’s first three months totalled $5.22 billion U.S., up 67% from $3.13 billion U.S. in the first quarter of 2025.
However, management at Barrick said that gold production in Q1 totalled 719,000 ounces, down from 758,000 ounces a year ago.
Gold sales during the quarter totaled 748,000 ounces, down from 751,000 ounces a year earlier.
But the company’s realized gold price was $4,823 U.S. per ounce, up from $2,898 U.S. in the same quarter of 2025.
B stock was up 3% in premarket trading on news of the company’s latest print. Over the last 12 months, Barrick’s share price has risen 137% to trade at $43.13 U.S.
The price of gold hit an all-time high of $5,589.38 U.S. per ounce on January 28 of this year.
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