Key Takeaways B's Q3 gold production fell 12% year over year to 829,000 ounces, pressuring sales volumes and unit costs.The company now sees full-year 2025 output tracking near the low end of its 3.15-3.5M-ounce range.Barrick expects Q4 to be its highest-producing quarter, though Hemlo and Tongon divestments will weigh.Barrick Mining Corporation (B) saw a 12% year-over-year decline in third-quarter 2025 gold production to 829,000 ounces. This follows a roughly 16% year-over-year decline in the prior quarter ...

Core Viewpoint - Activist investor Elliott Management has acquired a significant stake in Barrick Mining, prompting the company to evaluate the potential for splitting its operations [1] Company Summary - Elliott Management is pressuring Barrick Mining, a producer of gold and copper, to consider a strategic separation of its business segments [1]

Core Insights - Gold prices have surged to over $4,000 per ounce in October, marking a 144% increase since 2022, driven by geopolitical tensions and demand for safe-haven assets [1] - Barrick Mining Corporation's share price has increased over 140% year-to-date, supported by a strong balance sheet and solid North American assets [1][5] - Elliott Management has acquired a stake of at least $700 million in Barrick, indicating significant interest in the company's operations and potential restructuring [2][3] Company Performance - Barrick Mining, a major gold and copper producer, has seen its stock rise by 112% over the last year, with a 143% increase since January, reflecting renewed investor interest [5] - The company trades at a forward price-to-earnings (P/E) ratio of 16.60x, slightly above the sector average of 15.54x, indicating investor willingness to pay a premium for its growth prospects [6] Dividend Strategy - Barrick has increased its base quarterly dividend by 25% to $0.125 per share, with an additional performance dividend of $0.05, totaling $0.175 per share quarterly [7] - The annual yield stands at 1.22%, and the forward payout ratio is just 24.17%, suggesting potential for continued dividend growth without hindering other projects [8]

Core Viewpoint - Defiance ETFs has launched the Defiance Daily Target 2X Long B ETF (BU), aimed at active traders seeking amplified exposure to Barrick Mining Corporation, a major player in the gold and copper production industry [1][2]. Investment Objective - The Fund aims to achieve daily investment results of 200% of the daily percentage change in Barrick Mining's share price, focusing solely on short-term trading [3]. Underlying Stock - Barrick Mining Corporation is a leading international mining company, primarily engaged in gold and copper production, with operations across North America, South America, Africa, and the Middle East. The company is recognized for its sustainable mining practices and operational efficiency [4]. Company Performance Influencers - Barrick's performance is affected by commodity price fluctuations, particularly in gold and copper, as well as global economic conditions, inflation trends, interest rates, and geopolitical developments. The company's strategy emphasizes high-quality assets and disciplined cost management [5]. Fund Suitability - The Fund is designed for knowledgeable investors who understand the risks associated with leveraged investments and are willing to actively monitor their portfolios. It is not suitable for all investors [6][7]. Risks Associated with the Fund - The Fund's leveraged strategy may lead to significant losses if Barrick's share price declines. It is subject to various risks, including indirect investment risks, commodity market risks, and single issuer risks [10][12][13]. Daily Performance and Compounding - The Fund's performance over periods longer than a single day will be influenced by compounded daily returns, which may differ from the expected 200% of Barrick's performance due to market volatility [14]. Investment Strategy - The Fund utilizes swap contracts and options to achieve its leveraged exposure to Barrick, which introduces additional risks related to derivatives and counterparty obligations [16][18]. New Fund Considerations - As a newly organized investment company, the Fund has a limited operating history, which may present unique challenges and risks for investors [20].

Barrick Mining(B.US)周二盘前上涨4.5%，此前埃利奥特管理公司(Elliott Management)已对该公司建立大 量持仓。据了解，Elliott的持股规模将使其跻身Barrick Mining前十大投资者之列，这意味着该对冲基金 的持仓总额至少达7亿美元，不过具体持股规模尚不清楚。 据上周报道，Barrick Mining董事会近期已讨论过分拆业务，以及直接出售其非洲和巴基斯坦资产的计 划。 Elliott在华尔街被视为最具实力的激进投资者，其对矿业领域颇为熟悉。该机构持有英美资源集团大量 股份，该公司近期已同意与泰克资源(TECK.US)合并，此前Elliott还曾将目标对准金罗斯黄金 (KGC.US)，最终促使后者加大了股票回购力度。 目前这家全球第二大黄金生产商正艰难应对未能充分受益于金价上涨的局面。尽管黄金价格已创下历史 新高，但Barrick Mining的股价表现一直落后于同行，并面临诸多挫折，包括失去了对马里一个关键矿 场的控制权。但Elliott对Barrick Mining可能分拆为两家公司的前景感到鼓舞，拟将其增长较高的北美业 务与遍布亚非风险较高地区的矿场分离。 ...

Core Insights - The gold mining sector is experiencing significant price increases, with GDX and GDXJ both doubling in value, while spot gold surpassed $4,000, indicating strong market performance [1][3][10] - Despite the price gains, approximately $5 billion has exited mining ETFs, suggesting that the market is under-owned and that institutional investors are taking profits rather than retail investors fully participating [1][7][45] - Central banks are major players in the gold market, consistently purchasing over 1,000 tonnes of gold annually since 2022, which is double the average of the previous decade, contributing to a structural supply-demand imbalance [11][12][45] Market Dynamics - Gold prices reached historic highs around $4,000 per ounce, with GDX and GDXJ showing year-to-date gains of 115% and 117% respectively, significantly outperforming physical gold [3][17] - The GDX/GLD ratio improved by 40.7% in 2025, indicating a stronger performance of miners relative to gold [5] - Central banks are absorbing 24-29% of annual gold output, while mine supply is only expected to grow by 1%, creating a tight supply situation [13][14] Investment Strategies - A three-tier investment strategy is proposed for retail traders, focusing on core holdings, momentum plays, and premium growth stocks [23][48] - Newmont (NEM) is highlighted as a core holding with a P/E ratio of 13.65x and significant free cash flow potential, while Barrick (B) and Agnico Eagle (AEM) are recommended for momentum and premium growth respectively [24][28][32] - Entry points and stop-loss levels are suggested for each tier to manage risk effectively [27][31][34] Technical Analysis - The technical picture shows that GDX peaked on October 16, 2025, and has since retraced about 9.8%, while GLD has also seen a slight decline [18][19] - Key support levels for GDX are identified around $59.51 and $34.58, which have not been seriously challenged during recent price movements [21] - The current pullback is viewed as a potential opportunity for disciplined buyers rather than a sign of a market breakdown [22][46] Future Outlook - The upcoming December FOMC meeting is a key event to watch, as it may influence central bank behavior regarding gold purchases [47] - The relationship between slow supply growth and steady official demand is expected to persist, providing a favorable environment for gold miners [45][49]

Core Viewpoint - Barrick Mining Corporation is reportedly considering a potential breakup into two separate companies, one focused on North America and the other on operations in Africa and Asia [1][3]. Group 1: Company Structure and Strategy - The split is in exploratory stages, with discussions including the possibility of selling African mines and divesting the Reko Diq copper-gold project in Balochistan once financing is secured [3]. - The North America-focused entity would include the Fourmile gold discovery in Nevada, which is expected to begin test production in 2029 [4]. - A potential split could help re-price Barrick's North American assets and protect the company from takeover bids while new leadership determines the best strategic direction [8]. Group 2: Asset Performance and Challenges - Barrick's stock has increased over 138% year-to-date, driven by record gold prices, although the company has underperformed compared to peers like Newmont Corporation and Agnico Eagle Mines Limited in the long term [7]. - The future of key assets is uncertain, particularly in Mali, where the company lost control of the Loulo-Gounkoto complex, which produced 723,000 ounces of gold in 2024 [5]. - The Reko Diq project in Pakistan, despite being one of the largest undeveloped copper-gold deposits, faces challenges due to political instability in Balochistan, complicating financing efforts [6].

Core Viewpoint - Barrick Mining's board is exploring the possibility of splitting the company into two independent entities, focusing on North America and Africa/Asia respectively [1] Group 1: Company Strategy - One entity will concentrate on the North American market, while the other will manage operations in Africa and Asia [1] - The split may involve the direct sale of Barrick's African assets and the Reko Diq copper-gold mine in Pakistan, contingent on securing financing [1] - The temporary CEO, Mark Hill, stated that the company does not comment on market speculation regarding the potential split [1] Group 2: Market Reaction - Following the news, Barrick's stock rose by 3% on the Toronto Stock Exchange and nearly 2% in the U.S. market [3] - Investors have expressed concerns that Barrick's stock is undervalued and have urged the company to better capitalize on the historic rise in gold prices [3] - Despite a 130% increase in Barrick's stock this year, its five-year return remains lower than peers, with a 52% increase compared to 142% for Agnico Eagle Mines [3] Group 3: Asset Management - Investors have previously suggested splitting the company into two divisions: one holding stable assets like the Nevada mines and the other encompassing higher-risk assets in Africa and Papua New Guinea [3] - Barrick's operations include assets in the Democratic Republic of Congo, Tanzania, the Dominican Republic, and Papua New Guinea, in addition to Nevada and Mali [4] - The Nevada assets are perceived to hold significant value, with potential for high market capitalization if listed independently [4]

Group 1: Ariel Focus Fund Performance - The Ariel Focus Fund increased by 20.76% in the third quarter, outperforming the Russell 1000 Value Index's gain of 5.33% and the S&P 500 Index's return of 8.12% [1] - The significant increase in US equities was driven by the Federal Reserve's first rate cut, strong corporate earnings growth, and broadening market participation [1] Group 2: Barrick Mining Corporation Overview - Barrick Mining Corporation's stock gained 7.64% in one month and 122.33% over the last 52 weeks, closing at $37.33 per share with a market capitalization of $62.992 billion on November 12, 2025 [2] - The company reported strong financial results supported by rising gold prices and announced the divestiture of its Hemlo Gold Mine for $1.09 billion to streamline its asset portfolio [3] Group 3: Leadership and Strategic Moves - Barrick Mining Corporation's President and CEO Mark Bristow will step down after nearly seven years, with a formal search for his successor initiated [3] - The company's solid liquidity position supports its commitment to shareholder returns through ongoing dividends and share repurchase activities [3] Group 4: Hedge Fund Interest - Barrick Mining Corporation was held by 53 hedge fund portfolios at the end of the second quarter, an increase from 46 in the previous quarter [4] - Despite its potential, the company is not listed among the 30 Most Popular Stocks Among Hedge Funds, with certain AI stocks considered to offer greater upside potential [4]

Core Insights - Chicago is emerging as a central hub for the next wave of crypto ETFs, leveraging its historical strengths in options trading and market infrastructure [1][9] - The panelists emphasized the importance of bridging traditional finance with digital assets through innovative ETF strategies [1][9] Group 1: ETF Strategies - Cyber Hornet's S&P 500 and Bitcoin 75/25 Strategy ETF combines 75% S&P 500 exposure with 25% Bitcoin, targeting investors who are cautious about Bitcoin's volatility while still seeking upside potential [2] - Amplify's Bitcoin option-writing strategies generate steady income by selling calls on Bitcoin, Ethereum, and Solana, yielding 2% to 3% monthly [3][4] - Quantify's BTGD ETF offers a dual-asset strategy with 100% Bitcoin exposure stacked on 100% gold, providing diversification and a smoother risk profile [6][7] Group 2: Market Dynamics - The volatility of Bitcoin, historically ranging between 40% and 70%, presents both challenges and opportunities for income generation through structured products [5] - The panelists concluded that the future of crypto adoption hinges on ETF innovations that align with the needs of financial advisers, focusing on regulation, yield, and risk management [9]