Core Viewpoint - The stock price of Barrick (NYSE: B) has increased from approximately $20.46 to the $25.5-26 range within a month, indicating a positive market response and potential for further growth [1]. Company Analysis - Barrick's stock was previously rated as a Strong Buy, reflecting strong investor confidence and expectations for future performance [1]. - The increase in stock price represents a significant appreciation, showcasing the company's solid long-term potential in the market [1]. Investor Insights - The analysis is provided by an individual investor with over five years of personal investing experience and a PhD in Economics, emphasizing a focus on value companies [1]. - The insights shared aim to support individual investors in making informed decisions based on thorough analysis [1].

Core Insights - Barrick Mining Corporation experienced a 3% sequential growth in gold sales volumes in Q2 2025, reaching 770,000 ounces, reversing a 22% decline from the previous quarter [1][7] - The increase in sales volumes led to an 18% rise in revenues and a 71% increase in net earnings, along with a $117 million boost in operating cash flows [2][7] - Barrick's gold production also rose by 5% sequentially to 797,000 ounces, with expectations of continued production momentum in the second half of 2025 [3][7] Sales and Production Performance - Barrick's gold sales volumes increased sequentially, contrasting with major peers like Newmont Corporation, which saw an 11% year-over-year decline in gold sales volumes [4] - Agnico Eagle Mines Limited reported a 3% year-over-year decline in gold sales volumes but achieved higher profits in the same quarter [5] Financial Metrics and Valuation - Barrick's shares have appreciated by 71.8% year-to-date, while the Zacks Mining – Gold industry has risen by 85.5% [6] - The Zacks Consensus Estimate predicts a year-over-year earnings rise of 56.4% for 2025 and 21.8% for 2026, with EPS estimates trending higher over the past 60 days [8] - Barrick is currently trading at a forward 12-month earnings multiple of 11.78, which is approximately 18% lower than the industry average of 14.37 [9]

Alluvial Gold Research offers in-depth research on my favorite miners ranked in order to aid in positioning in the most undervalued miners with upcoming catalysts to drive portfolio outperformance. Subscribers also get access to my current portfolios and real-time buy/sell alerts as well as the following:Analyst’s Disclosure:I/we have a beneficial long position in the shares of B, ABX:CA, AEM, AEM:CA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses ...

Core Viewpoint - Barrick Mining Corporation and Kinross Gold Corporation are significant players in the gold mining sector, with favorable gold prices currently above $3,300 per ounce despite recent declines from April 2025 highs, making them attractive for investors seeking exposure to precious metals [1][2]. Barrick Mining Corporation - Barrick is advancing key growth projects, including Goldrush, Pueblo Viejo expansion, Fourmile, Lumwana Super Pit, and Reko Diq, which are expected to enhance production significantly [4][5]. - The Goldrush mine aims for 400,000 ounces of annual production by 2028, while the Fourmile project is anticipated to yield double the grades of Goldrush [5]. - The Reko Diq project in Pakistan is projected to produce 460,000 tons of copper and 520,000 ounces of gold annually by its second development phase, with first production expected by the end of 2028 [5]. - Barrick's Lumwana mine is undergoing a $2 billion expansion, transforming it into a vital copper asset [6]. - As of Q2 2025, Barrick's cash and cash equivalents were approximately $4.8 billion, with operating cash flows of around $1.3 billion, a 15% increase year-over-year [7]. - Barrick returned $1.2 billion to shareholders in 2024 and has a new share repurchase program authorized for up to $1 billion [7]. - The company offers a dividend yield of 1.6% with a payout ratio of 25% and a five-year annualized dividend growth rate of about 3% [8]. - However, Barrick faces challenges with rising costs, with cash costs per ounce increasing by 17% and all-in-sustaining costs (AISC) rising by 12% year-over-year in Q2 [8][9]. - For 2025, Barrick projects cash costs per ounce of $1,050-$1,130 and AISC of $1,460-$1,560, indicating potential year-over-year increases [10]. Kinross Gold Corporation - Kinross has a strong production profile with key development projects like Great Bear and Round Mountain Phase X, which are expected to enhance production and cash flow [11]. - The Tasiast and Paracatu mines are significant contributors to cash flow, with Tasiast being the lowest-cost asset and achieving record production in 2024 [12]. - Kinross ended Q2 2025 with robust liquidity of approximately $2.8 billion, including over $1.1 billion in cash [13]. - The company repaid $800 million of debt in 2024 and improved its net debt position to around $100 million by the end of Q2 2025 [14]. - Kinross offers a dividend yield of 0.6% with a payout ratio of 10% [14]. Price Performance and Valuation - Year-to-date, Barrick's stock has increased by 64.7%, while Kinross's stock has risen by 110.6%, compared to the Zacks Mining – Gold industry's increase of 72.7% [15]. - Barrick is trading at a forward 12-month earnings multiple of 11.31, representing a 16.7% discount to the industry average of 13.57 [17]. - Kinross is trading at a forward earnings multiple of 13.98, slightly above the industry average [19]. Growth Projections - The Zacks Consensus Estimate for Barrick's 2025 sales and EPS implies year-over-year growth of 19% and 54.8%, respectively [21]. - Kinross's 2025 sales and EPS estimates suggest year-over-year growth of 23.4% and 102.9%, respectively [22]. Investment Consideration - Both Barrick and Kinross are well-positioned to benefit from favorable gold prices, with strong development pipelines and solid financial health [23]. - Kinross's higher growth projections may present better investment prospects in the current market environment, with a Zacks Rank of 1 (Strong Buy) compared to Barrick's 3 (Hold) [24].

Core Viewpoint - Barrick Mining Corporation experienced a 5% increase in gold production in Q2, reaching 797,000 ounces, following a significant decline in Q1 due to operational suspensions at the Loulo-Gounkoto mine [1][8]. Production Performance - The increase in Q2 production was primarily driven by Nevada Gold Mines, which saw an 11% rise, and Pueblo Viejo, which surged 28% due to higher throughput and ongoing expansion efforts [2][8]. - The company anticipates attributable gold production for 2025 to be between 3.15 million and 3.5 million ounces, excluding Loulo-Gounkoto, with expected increases from Pueblo Viejo, Turquoise Ridge, Porgera, and Kibali [3]. Future Production Outlook - Barrick expects to maintain production momentum in the second half of the year, with 54% of 2025 production weighted in this period, peaking in Q4 [4][8]. - Consensus estimates predict production of 828,000 ounces in Q3 and 940,000 ounces in Q4, indicating a sequential increase [4]. Industry Comparison - In comparison, Newmont Corporation reported a 4% decline in Q2 gold production to 1.48 million ounces, while Agnico Eagle Mines recorded a slight decrease of 0.9% to 866,029 ounces [5][6]. - Agnico Eagle is on track to meet its 2025 production target of approximately 3.3 to 3.5 million ounces [6]. Stock Performance and Valuation - Barrick's shares have increased by 64.7% year-to-date, compared to a 72.7% rise in the Zacks Mining – Gold industry, largely driven by a rally in gold prices [7]. - The Zacks Consensus Estimate for Barrick's earnings in 2025 and 2026 suggests year-over-year increases of 54.8% and 20.9%, respectively, with EPS estimates trending higher over the past 60 days [11]. - Currently, Barrick trades at a forward 12-month earnings multiple of 11.31, which is about 16.7% lower than the industry average of 13.57 [12].

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Company Overview - Barrick Mining currently has a Momentum Style Score of B, indicating a positive outlook based on recent price trends and earnings estimate revisions [2][11] - The company holds a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [3][11] Price Performance - Over the past week, Barrick Mining shares have increased by 9.64%, outperforming the Zacks Mining - Gold industry, which rose by 7.4% [5] - In the last month, the company's shares have risen by 11.74%, compared to the industry's 8.51% [5] - Over the past quarter, Barrick Mining shares have gained 25.87%, while the S&P 500 has only increased by 10.57% [6] - The stock has also seen a 22.84% increase over the past year, compared to the S&P 500's 21.94% [6] Trading Volume - The average 20-day trading volume for Barrick Mining is 12,677,611 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, four earnings estimates for Barrick Mining have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $1.76 to $1.97 [9] - For the next fiscal year, five estimates have also moved upwards, indicating a positive trend in earnings expectations [9]

Core Insights - Stock markets are currently facing significant volatility due to tariff-related headwinds, economic slowdown expectations, and rising inflation, posing challenges for retail investors in stock selection and return generation [2]. Company Summaries - **Ralph Lauren Corporation (RL)**: A major designer and distributor of premium lifestyle products, RL's fiscal 2026 earnings are projected to rise by 18.2% year over year. The company has seen a 5.6% upward revision in broker ratings over the past four weeks and currently holds a Zacks Rank of 1 [8][9]. - **CommScope Holding Company, Inc. (COMM)**: Specializing in infrastructure solutions, COMM's earnings for 2025 are expected to surge by 4,333.3% year over year. The company has experienced a 16.7% increase in broker ratings in the last four weeks and also holds a Zacks Rank of 1 [9][10]. - **Barrick Mining Corporation (B)**: One of the largest gold mining companies globally, Barrick's earnings for 2025 are anticipated to increase by 55.6% year over year. The company has seen a 5.9% upward revision in broker ratings over the past four weeks and currently has a Zacks Rank of 1 [9][11].

Barrick's Q2 AISC rose 12% year over year to $1,684 per ounce despite a quarterly decline. Higher costs stemmed from lower production and suspension at the Loulo-Gounkoto mine. B's 2025 AISC guidance of $1,460-$1,560 per ounce signals a rise at the midpoint from 2024. Image Source: Agnico Eagle Mines Limited's (AEM) AISC rose 10% year over year in the second quarter due to higher total cash costs and an uptick in sustaining capital expenditures and general and administrative expenses. Agnico Eagle's total c ...

Core Insights - Barrick Mining Corporation reported profits of $811 million or 47 cents per share for Q2 2025, a significant increase from $370 million or 21 cents per share in the same quarter last year [1][8] - Total sales reached $3,681 million, reflecting a year-over-year increase of 16.4% [1][8] Operational Highlights - Total gold production was 797,000 ounces, down approximately 15.9% year over year [2] - The average realized price of gold was $3,295 per ounce, up around 40.6% year over year [2] - Cost of sales increased by approximately 14.8% year over year to $1,654 per ounce [2] - All-in-sustaining costs (AISC) rose 12.4% to $1,684 per ounce [2] Financial Position - At the end of the quarter, Barrick had cash and cash equivalents of $4,802 million, up 19% year over year [3] - Total debt remained flat year over year at $4,729 million [3] - Operating cash flow for the quarter was $1,329 million, while free cash flow was $395 million [3] Guidance - For 2025, Barrick anticipates attributable gold production in the range of 3.15-3.5 million ounces [4][8] - AISC is projected to be between $1,460 and $1,560 per ounce, with cash costs per ounce forecasted at $1,050-$1,130 [4] - Copper production is expected to be between 200,000 and 230,000 tons, with AISC of $2.80-$3.10 per pound [4] Capital Expenditures - Total attributable capital expenditures are projected to be in the range of $3,100-$3,600 million for 2025 [5] Zacks Rank & Other Key Picks - Barrick currently holds a Zacks Rank 1 (Strong Buy) [6] - Other top-ranked stocks in the basic materials sector include Avino Silver & Gold Mines Ltd., Gold Fields Limited, and Vizsla Silver Corp. [6]