Core Insights - Barrick Mining Corporation is implementing high-return growth projects that could significantly alter its production profile over the next decade, focusing on gold and copper production [1][4] Group 1: Key Projects - The Goldrush mine is expected to reach a production target of 400,000 ounces per annum by 2028, with the adjacent Fourmile project yielding grades double those of Goldrush and progressing to a pre-feasibility study [2] - The Reko Diq copper-gold project in Pakistan aims to produce 460,000 tons of copper and 520,000 ounces of gold annually by the end of 2028, while the Lumwana Super Pit expansion in Zambia, costing $2 billion, is set to double throughput and enhance mining volumes [3] Group 2: Production Growth and Financial Impact - These projects are anticipated to deliver significant low-cost production growth, improving Barrick's diversification and free cash flow profile if executed on schedule and within budget [4] - Successful execution of these projects will lead to a more diversified production profile, with copper contributing more significantly to revenue [4] Group 3: Market Performance and Valuation - Barrick's shares have increased by 35.1% year to date, compared to a 54.4% rise in the Zacks Mining – Gold industry, driven by a rally in gold prices [7] - The stock is currently trading at a forward 12-month earnings multiple of 10.51, which is approximately 24.8% lower than the industry average of 13.97 [9] - The Zacks Consensus Estimate indicates a year-over-year earnings rise of 43.7% for 2025 and 13.7% for 2026, with EPS estimates trending higher over the past 60 days [10]

Core Viewpoint - Barrick Mining Corporation and Agnico Eagle Mines Limited are leading gold producers with diversified portfolios, positioned to benefit from favorable gold prices and geopolitical tensions, making them relevant for investors in the precious metals sector [1][25]. Gold Price Dynamics - Gold prices have increased approximately 29% this year, reaching a peak of $3,500 per ounce in April 2025, driven by aggressive trade policies and central bank accumulation of gold reserves [2]. Barrick Mining Corporation - Barrick is advancing key growth projects, including Goldrush and the Reko Diq project, which are expected to significantly enhance production [4][5]. - The Goldrush mine aims for 400,000 ounces of production annually by 2028, while the Reko Diq project is projected to produce 460,000 tons of copper and 520,000 ounces of gold annually [5]. - Barrick's Lumwana copper mine expansion is a $2 billion project expected to double throughput and produce 240,000 tons of copper annually [6]. - As of Q1 2025, Barrick reported cash and cash equivalents of approximately $4.1 billion and generated operating cash flows of around $1.2 billion, a 59% increase year-over-year [7]. - Barrick's dividend yield is 1.9% with a payout ratio of 28% and a five-year annualized dividend growth rate of about 5.1% [8]. - However, Barrick faces challenges with rising costs, with cash costs per ounce of gold and all-in-sustaining costs increasing by approximately 16% and 20% year-over-year, respectively [10]. Agnico Eagle Mines Limited - Agnico Eagle is focused on growth projects such as the Odyssey project and the Hope Bay project, which is expected to generate significant cash flow [11][12]. - Following its merger with Kirkland Lake Gold, Agnico Eagle has established itself as a high-quality senior gold producer with a strong pipeline of projects [13]. - In Q1 2025, Agnico Eagle's operating cash flow increased by roughly 33% year-over-year to $1,044 million, with free cash flows of $594 million, up around 50% [14][15]. - Agnico Eagle has a lower long-term debt-to-capitalization ratio of about 5% compared to Barrick's 12.3%, indicating lower financial risk [15]. - The company offers a dividend yield of 1.3% with a payout ratio of 32% and a five-year annualized dividend growth rate of 10.3% [15]. - Agnico Eagle's total cash costs per ounce of gold were $903, with projections for 2025 indicating an increase in costs [16]. Stock Performance and Valuation - Year-to-date, Barrick's stock has increased by 36.3%, while Agnico Eagle's stock has risen by 56.8%, outperforming the Zacks Mining – Gold industry's increase of 55.4% [17]. - Barrick is trading at a forward 12-month earnings multiple of 10.73, representing a 23.8% discount to the industry average of 14.08X [20]. - Agnico Eagle trades at a premium with a forward earnings multiple of 20.27, above the industry average [21]. Growth Prospects - The consensus estimates for Barrick's 2025 sales and EPS imply year-over-year growth of 13.7% and 43.7%, respectively [22]. - Agnico Eagle's 2025 sales and EPS estimates suggest year-over-year growth of 23.6% and 43%, respectively [23]. - Both companies are well-positioned to capitalize on the current gold price environment, but Agnico Eagle's higher dividend growth rate and lower leverage may present better investment prospects [25].

Core Viewpoint - Barrick Mining is expected to face another disappointing year in 2024 due to production misses and rising costs [1] Group 1: Company Performance - The company is predicted to experience production misses in 2024, which will negatively impact its financial performance [1] - Higher operational costs are anticipated, further straining Barrick's profitability [1] Group 2: Analyst Background - The author has extensive experience in the investment sector, including roles as a hedge fund CIO and analyst [2]

Group 1 - Zacks Premium offers various tools for investors to enhance their stock market strategies, including daily updates, research reports, and stock screens [1][2] - The Zacks Style Scores are designed to help investors select stocks with the highest potential to outperform the market over the next 30 days, based on value, growth, and momentum characteristics [2][3] Group 2 - The Value Score identifies attractive and discounted stocks using ratios like P/E, PEG, and Price/Sales, appealing to value investors [3] - The Growth Score focuses on a company's financial strength and future outlook, analyzing projected and historical earnings, sales, and cash flow [4] - The Momentum Score helps investors capitalize on price trends by evaluating short-term price changes and earnings estimate adjustments [5] Group 3 - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors who utilize multiple investing strategies [6] - The Zacks Rank, a proprietary stock-rating model, uses earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks achieving an average annual return of +25.41% since 1988 [7][8] Group 4 - To maximize returns, investors should focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B, ensuring a higher probability of success [9][10] - Barrick Mining Corporation, a leading gold mining company, holds a 3 (Hold) Zacks Rank and a VGM Score of A, indicating potential for value investors [11] - Barrick Mining has a Value Style Score of A, with a forward P/E ratio of 12.16, and has seen upward revisions in earnings estimates, increasing the Zacks Consensus Estimate to $1.76 per share for fiscal 2025 [12]

Core Insights - Barrick Mining Corporation reported a significant increase in free cash flow, reaching $375 million in Q1 2025, a nearly 12-fold increase from $32 million in the same quarter last year, driven by higher operating cash flows from increased gold and copper prices [1][7] - Newmont Corporation achieved a record free cash flow of $1.2 billion in Q1 2025, a turnaround from a negative $74 million a year ago, attributed to improved operational efficiency and a strong Tier 1 portfolio [2] - Agnico Eagle Mines Limited generated free cash flows of $594 million in Q1 2025, up approximately 50% year over year, supported by strong gold prices and operational results [3] Financial Performance - Barrick's operating cash flows were approximately $1.2 billion in Q1 2025, reflecting a 59% year-over-year increase [1] - Newmont's substantial improvement in free cash flow positions it to strengthen its balance sheet and pursue strategic growth investments [2] - Agnico Eagle's net debt reduced by $212 million sequentially to just $5 million at the end of Q1 2025, demonstrating effective debt management [3] Strategic Focus - Barrick's strong cash flow performance enhances its ability to fund shareholder returns and invest in long-life, high-margin projects, positioning it well for future opportunities [4] - The company is executing major growth projects, including Goldrush and the Pueblo Viejo plant expansion, which are expected to lay the groundwork for profitable production [5] - Sustained discipline and reinvestment strategy will be vital for Barrick to maintain its competitive edge amidst strong performances from peers [5] Valuation Metrics - Barrick's shares have increased by 39.3% year to date, compared to a 58.5% rise in the Zacks Mining – Gold industry [6] - The company is currently trading at a forward 12-month earnings multiple of 10.99, which is approximately 23.7% lower than the industry average of 14.41 [9] - The Zacks Consensus Estimate for Barrick's earnings implies a year-over-year rise of 39.7% for 2025 and 25.3% for 2026, with EPS estimates trending higher over the past 60 days [10]

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Core Insights - Barrick Mining Corporation is facing challenges due to rising unit costs, with cash costs per ounce of gold increasing approximately 16% and all-in-sustaining costs (AISC) rising around 20% year over year in the first quarter [1][6] - The company projects total cash costs per ounce for 2025 to be between $1,050 and $1,130, and AISC to range from $1,460 to $1,560, indicating a year-over-year increase at the midpoint of these ranges [2][6] - Barrick's stock has increased by 31% year to date, although this is below the Zacks Mining – Gold industry's rise of 49% [5] Cost Analysis - The increase in AISC is attributed to higher total cash costs per ounce and increased minesite sustaining capital expenditures, along with lower production due to the suspension of operations at the Loulo-Gounkoto mine [1][2] - Newmont Corporation, a major peer, also reported a 15% year-over-year increase in AISC, projecting gold AISC for 2025 to be $1,630 per ounce, up from $1,516 in 2024 [3] - Agnico Eagle Mines Limited reported a modest increase in total cash costs per ounce to $903, with AISC declining 0.6% in the first quarter but expected to rise in the remainder of 2025 [4] Earnings Estimates - The Zacks Consensus Estimate for Barrick's earnings implies a year-over-year increase of 34.1% for 2025 and 26.6% for 2026, with EPS estimates trending higher over the past 60 days [8] - Current EPS estimates for Barrick are $1.69 for 2025 and $2.14 for 2026, reflecting stability in earnings expectations [9] Valuation Metrics - Barrick is currently trading at a forward 12-month earnings multiple of 10.75, which is approximately 20% lower than the industry average of 13.49 [10] - The company holds a Value Score of A, indicating favorable valuation metrics [10]

Company Overview - Barrick Mining shares have increased by approximately 6.2% over the past month, outperforming the S&P 500 [1] - Recent earnings report indicates a need to analyze important catalysts for future performance [1] Earnings Estimates - Fresh estimates for Barrick Mining have trended downward in the past month [2] - The stock has a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [4] VGM Scores - Barrick Mining has a Growth Score of B, a Momentum Score of C, and a Value Score of A, placing it in the top 20% for the value investment strategy [3] - The aggregate VGM Score for Barrick Mining is A, which is significant for investors not focused on a single strategy [3] Industry Performance - Barrick Mining is part of the Zacks Mining - Gold industry, where Kinross Gold has gained 4.7% over the past month [5] - Kinross Gold reported revenues of $1.5 billion for the last quarter, reflecting a year-over-year increase of 38.5% [5] - Kinross Gold's expected earnings for the current quarter are $0.25 per share, indicating a year-over-year change of 78.6% [6] - The Zacks Consensus Estimate for Kinross Gold has increased by 12.1% over the last 30 days, resulting in a Zacks Rank of 2 (Buy) [6]

Core Insights - Barrick Mining Corporation's stock has shown bullish momentum, breaking above its 50-day simple moving average (SMA) and gaining approximately 6% in a week due to rising gold prices driven by trade and geopolitical tensions [1][8] - The stock is also trading above its 200-day SMA, indicating a long-term uptrend, with a golden crossover occurring on April 9, 2025 [2] Stock Performance - Over the past year, Barrick's shares have increased by 20.3%, underperforming the Zacks Mining – Gold industry's 52.6% rise but outperforming the S&P 500's 10.8% increase [5] - Compared to peers, Newmont Corporation, Kinross Gold Corporation, and Agnico Eagle Mines Limited have seen gains of 34.6%, 97%, and 85.3%, respectively [5][6] Production and Projects - Key projects such as Goldrush and Lumwana are progressing on schedule and within budget, which is expected to enhance long-term output [8][11] - The Goldrush mine aims for 400,000 ounces of annual production by 2028, while the Reko Diq project in Pakistan is projected to produce 460,000 tons of copper and 520,000 ounces of gold annually starting in 2028 [12][13] Financial Performance - Barrick's liquidity is strong, with cash and cash equivalents around $4.1 billion and operating cash flows of approximately $1.2 billion in Q1 2025, a 59% increase year over year [17] - The company returned $1.2 billion to shareholders in 2024 through dividends and share repurchases, with a healthy dividend yield of 2% and a payout ratio of 28% [18] Cost Challenges - Barrick faces rising costs, with cash costs per ounce of gold and all-in-sustaining costs (AISC) increasing by approximately 16% and 20% year over year, respectively [19] - For 2025, total cash costs are projected to be between $1,050-$1,130 per ounce, and AISC is expected to range from $1,460-$1,560 per ounce, indicating a year-over-year increase [19][20] Production Outlook - The company forecasts attributable gold production for 2025 to be between 3.15-3.5 million ounces, a decline from 3.91 million ounces in 2024, primarily due to reduced output from certain mines [20] - Total gold production fell roughly 19% year over year to 758,000 ounces in Q1 2025 [20] Earnings Estimates - Earnings estimates for Barrick have been revised upward over the past 60 days, with the Zacks Consensus Estimate for 2025 and 2026 being adjusted higher [21] Valuation - Barrick's stock is currently trading at a forward price/earnings ratio of 10.67X, which is about 23.6% lower than the industry's average of 13.97X, indicating an attractive valuation [21] Investment Recommendation - The combination of production growth initiatives, strong financial health, rising earnings estimates, and a safe dividend yield suggests a positive outlook for Barrick, although caution is warranted due to high costs and a subdued production forecast [22]

Group 1: Company Performance - Barrick Mining Corporation experienced a significant decline in gold production in Q1 2025, producing 758,000 ounces, which is a 19% decrease year-over-year and a 30% decline from the previous quarter, marking the lowest quarterly output in recent years [1][7] - The decline in production was primarily due to the suspension of operations at the Loulo-Gounkoto mine amid a dispute with the Malian government, along with lower output from Carlin and Cortez [1][5] - The company expects 2025 gold production to be in the range of 3.15-3.5 million ounces, down from 3.91 million ounces in 2024, excluding potential restarts of the Loulo-Gounkoto mine [2][7] Group 2: Industry Comparison - Newmont Corporation reported an 8% year-over-year decline in gold production for Q1, reaching 1.54 million ounces, impacted by lower contributions from non-core operations [3] - Agnico Eagle Mines Limited saw a modest decline of around 0.5% in gold production to 873,794 ounces, but is on track to meet its 2025 target of 3.3-3.5 million ounces [4] Group 3: Financial Outlook - The Zacks Consensus Estimate for Barrick's earnings in 2025 and 2026 implies a year-over-year increase of 34.1% and 26.6%, respectively, with EPS estimates trending higher over the past 60 days [9] - Barrick is currently trading at a forward 12-month earnings multiple of 10.8, which is approximately a 21% discount compared to the industry average of 13.66X [10]