Group 1 - Gold has been recognized as a significant asset for thousands of years, showcasing a remarkable ability to maintain its value [1] Group 2 - The focus is on identifying small cap companies with strong fundamentals and growth potential, large cap companies experiencing temporary setbacks, and stable companies with solid dividend yields and growth potential [2]

Summary of North American Metals & Mining Conference Call Industry Overview - **Industry**: North American Precious Metals - **Key Commodities**: Gold and Silver Core Insights and Arguments 1. **Price Forecasts**: - Gold is projected to reach **$5,000/oz** and silver to **$65/oz** in the next 12-18 months, with 2026 average forecasts for gold raised by **18%** to **$4,329/oz** and silver by **29%** to **$54.88/oz** [1][10][11] - Investment demand for gold is expected to increase by **14%** in 2026, similar to the current year [2] 2. **Market Dynamics**: - Key conditions supporting gold price strength include: - US structural deficit - Inflationary pressures from deglobalization - Threats to the independence of the US central bank - Ongoing global geopolitical tensions [1] 3. **Investment Trends**: - ETF purchases of gold surged by **880% YoY** in September, reaching an all-time high of **$14 billion** [2] - Total physical and paper gold investment has nearly doubled, exceeding **5%** of global equity and fixed income markets [2] 4. **Risks to Monitor**: - Supreme Court ruling on President Trump's tariffs - Potential hawkish pivot from the Federal Reserve if economic data improves - Outcomes of the US mid-term elections affecting economic policy implementation [2] Company-Specific Updates 1. **Net Asset Value (NAV) and Price Objectives (PO)**: - NAV estimates for North American Precious Metals coverage increased by **10%**, with average POs raised by **16%** [3][19] - IAMGOLD (IAG) saw the largest PO increase of **49%** to **$16.75** per share, reflecting improved jurisdictional risk [3][15] - SSR Mining (SSRM) PO raised by **41%** to **$18.00** per share, despite an Underperform rating due to uncertainties regarding Çöpler mine [3][15] 2. **Top Picks**: - Agnico Eagle Mines (AEM) is highlighted as the top pick due to its strong track record and growth projects [4] - Pan American Silver (PAAS) is favored for balanced exposure to silver and gold [4] 3. **EBITDA Revisions**: - Average EBITDA estimates for 2026 and 2027 increased by **25%** and **18%**, respectively, driven by revised commodity price forecasts [20] 4. **Valuation Multiples**: - Target multiples for IAMGOLD and SSR Mining adjusted to **1.60x** and **1.00x**, respectively, reflecting improved performance and market conditions [15][16] Additional Important Information - The report indicates potential conflicts of interest due to BofA Securities' business relationships with covered issuers [6] - The document includes various disclosures and certifications relevant to the research [5][6] This summary encapsulates the key points from the conference call, focusing on industry trends, company-specific updates, and potential investment opportunities and risks.

Core Viewpoint - Barrick Mining Corporation is positioned as a strong investment opportunity as gold prices rise, highlighted by its recent agreement to sell its stake in the Tongon gold mine for up to $305 million [1][2]. Group 1: Transaction Details - Barrick agreed to sell its interest in the Tongon gold mine and associated exploration properties in Côte d'Ivoire to Atlantic Group for up to $305 million, with an initial cash payment of $192 million [1]. - The deal includes a repayment of a $23 million shareholder loan due within six months after the transaction closes, along with contingent payments of up to $113 million over the next five years, contingent on gold prices and resource conversions [1]. - The transaction is expected to close by the end of 2025, pending regulatory approvals from the Ivorian government and other customary closing conditions [1]. Group 2: Ownership Structure - Following the transaction, Atlantic Group will become the full owner of the Tongon mine, which has been operational since 2010 [2]. - Prior to the sale, Barrick held an 89.7% stake in the Tongon mine, while the Ivorian government owned 10% and local investors held approximately 0.3% [2]. Group 3: Company Overview - Barrick Mining Corporation, formerly known as Barrick Gold Corporation until May 2025, is a Canadian mining company focused on acquiring, exploring, developing, and operating gold and copper properties [3]. - The company primarily operates through its Nevada Gold Mines joint venture in the United States, the Pueblo Viejo mine in the Dominican Republic, and the Loulo-Gounkoto and Kibali mines in Africa [3]. - Barrick's main products include gold bullion and copper concentrate, extracted from both open-pit and underground mining operations [3].

Core Viewpoint - Barrick Mining Corporation is transitioning from a pure gold producer to a leader in precious metals and copper, supported by a significant growth pipeline and strategic projects [1][3]. Group 1: Price Target and Ratings - Freedom Capital Markets raised the price target for Barrick Mining Corporation from $20.50 to $42.00 while maintaining a Buy rating [1]. - The firm highlighted a $12 billion growth pipeline that could enable a 30% increase in production by 2030 [1]. Group 2: Upcoming Developments - Important upcoming developments include the Fourmile project approval expected in Q1 2026, which will initiate underground construction [2]. - The Reko Diq and Lumwana expansion projects are planned to start production in 2028, creating a synchronized growth inflection that will enhance production levels and cash flow [3]. Group 3: Company Overview - Barrick Mining Corporation is recognized as a leading mining, exploration, and development company with a strong portfolio of gold and copper assets [3].

Core Insights - Barrick Mining Corporation has agreed to sell its interests in the Tongon gold mine and certain exploration properties in Côte d'Ivoire for total consideration of up to $305 million, including $192 million in cash [1][10] Group 1: Transaction Details - Barrick holds an 89.7% interest in the Tongon mine, which produced 148,000 ounces of gold in 2024 and has contributed over $2 billion to the Ivorian economy since 2010 [2] - The transaction is expected to be completed in late 2025, subject to customary closing conditions [2] Group 2: Strategic Focus - Barrick has been divesting non-core assets to concentrate on Tier 1 assets, having sold its 50% interest in the Donlin Gold Project in Alaska and the Alturas Project in Chile, among others [3] - The sale of the Hemlo Gold Mine in Canada for up to $1.09 billion is also part of this strategy, expected to conclude in Q4 2025 [4] Group 3: Financial Implications - Proceeds from these asset sales will support Barrick's capital allocation strategy, aimed at strengthening its balance sheet and funding key growth initiatives [5] - Barrick's shares have increased by 111.2% year to date, slightly underperforming the Zacks Mining – Gold industry's rise of 115.1% [8] Group 4: Earnings and Valuation - The Zacks Consensus Estimate for Barrick's earnings in 2025 and 2026 indicates a year-over-year rise of 67.5% and 13.8%, respectively, with EPS estimates trending higher [11] - Barrick is currently trading at a forward 12-month earnings multiple of 14.02, which is approximately 12.8% lower than the industry average of 16.07 [12]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market engagement and confidence [1] - The Zacks Style Scores are designed to complement the Zacks Rank, aiding investors in selecting stocks likely to outperform the market in the short term [2] Zacks Style Scores Overview - Stocks are rated A, B, C, D, or F based on value, growth, and momentum characteristics, with higher scores indicating better performance potential [3] - The Style Scores are categorized into four types: Value Score, Growth Score, Momentum Score, and VGM Score [3][4][5][6] Value Score - The Value Score identifies attractive and discounted stocks using ratios like P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - The Growth Score focuses on a company's financial strength and future outlook, analyzing projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Score assesses stocks based on price trends and earnings outlook changes, helping investors identify optimal buying times [5] VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive indicator for evaluating stocks based on value, growth, and momentum [6] Zacks Rank Integration - The Zacks Rank utilizes earnings estimate revisions to guide investors in building successful portfolios, with 1 (Strong Buy) stocks historically yielding an average annual return of +23.81% since 1988 [7] - There can be over 800 top-rated stocks available daily, making the Style Scores essential for stock selection [8] Investment Strategy - For optimal returns, investors should focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B [9] - Stocks with lower ranks but high Style Scores may still face downward price pressure due to negative earnings outlooks [10] Company Spotlight: Barrick Mining - Barrick Mining Corporation is a leading gold mining company with extensive exploration and development projects across five continents [11] - The company holds a 3 (Hold) Zacks Rank and a VGM Score of A, indicating solid performance potential [11] - Barrick Mining is projected to achieve year-over-year earnings growth of 65.9% for the current fiscal year, supported by positive earnings estimate revisions [12]

Core Insights - Copper prices have surged past $11,000 per ton for the first time since May 2024, driven by a combination of regulatory pressure, political instability, and a narrow supply base, resulting in a year-to-date increase of approximately 21% [1][2] Supply Constraints - Major copper producers are facing challenges, with environmental disputes halting some of the best mines and projects, leading to millions of tons of untapped supply being locked up due to ESG regulations [2][3] - Approximately 6.4 million tons of copper capacity, about 25% of global output, is currently stalled or suspended due to political and social issues rather than geological ones [3][4] - Key blocked projects include La Granja in Peru, Resolution Copper in the U.S., and El Pachón in Argentina, which have faced local opposition and regulatory hurdles [4][5] Operational Risks - The copper sector is experiencing operational risks due to a narrow resource base, with production setbacks reported at Codelco in Chile, Freeport-McMoRan's Grasberg mine in Indonesia, and Teck Resources' Quebrada Blanca project [7] - A recent mudslide at Grasberg resulted in a significant drop of over 15% in Freeport's share price in a single day, highlighting the fragility of the supply chain [7] Political Influence - Political factors are adding volatility to mining investments, particularly in Argentina, where midterm elections have caused a pause in projects like McEwen Copper's Los Azules [8][9] - Los Azules has proven and probable reserves of 10.2 billion pounds and a projected production of 204,800 tons in the first five years, but investor confidence is contingent on political stability [9] Emerging Opportunities - Zambia is positioned to potentially benefit from the supply vacuum left by risks in other copper-rich nations, with a record output of one million tons expected this year and a goal of reaching 3 million tons annually by 2030 [10] - The country has attracted around $10 billion in new investments from major companies like Barrick, First Quantum, and Sinomine Resource Group, indicating a strong investment climate [11]

Core Viewpoint - Barrick Mining Corporation is set to release its third quarter 2025 results on November 10, 2025, with a management webcast scheduled to follow the announcement [1][2]. Group 1: Q3 Results Release - The third quarter results will be available before markets open at 6:00 AM ET on November 10, 2025 [1][2]. - A live presentation and webcast will take place at 11:00 AM ET on the same day, with registration available for attendees [2]. Group 2: Company Overview - Barrick Mining Corporation is a leading global mining, exploration, and development company with a significant portfolio of gold and copper assets [3]. - The company operates six Tier One gold mines and has projects across 18 countries and five continents, making it the largest gold producer in the United States [3]. - Barrick aims to create long-term value for stakeholders through responsible mining practices and disciplined growth strategies [3].

Core Insights - Barrick Mining Corporation's shares have surged 114.4% year to date, primarily driven by record gold prices amid economic and geopolitical uncertainties [1][7][16] - The company's stock performance has outpaced the S&P 500's 15.6% increase but lagged behind the Zacks Mining – Gold industry's 124.4% rise [2] Stock Performance - Barrick's stock broke above its 50-day simple moving average (SMA) on May 30, 2025, and is currently trading above its 200-day SMA, indicating a long-term uptrend [5] - The 50-day SMA has been higher than the 200-day SMA since a golden crossover on April 9, 2025, suggesting a bullish trend [5] Production and Growth Projects - Key projects such as Goldrush, Lumwana, and Reko Diq are on track to enhance gold and copper output [7][10] - The Goldrush mine aims for 400,000 ounces of production annually by 2028, while the Reko Diq project is expected to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second phase [11][12] Financial Health - Barrick has a strong liquidity position with cash and cash equivalents around $4.8 billion as of Q2 2025, and operating cash flows of approximately $1.3 billion, up 15% year over year [13] - The company returned $1.2 billion to shareholders in 2024 through dividends and share repurchases, with a new repurchase program authorized for up to $1 billion [14] Cost Challenges - Barrick faces higher production costs, with cash costs per ounce of gold and all-in-sustaining costs (AISC) increasing by approximately 17% and 12% year over year, respectively [18] - For 2025, total cash costs are projected to be between $1,050-$1,130 per ounce, and AISC between $1,460-$1,560 per ounce, indicating a year-over-year increase [19] Production Outlook - The company expects attributable gold production to be between 3.15-3.5 million ounces for 2025, a decline from 3.91 million ounces in 2024, primarily due to the suspension of operations at the Loulo-Gounkoto mine [20] Earnings Estimates - Earnings estimates for Barrick have been revised upward, with the Zacks Consensus Estimate for 2025 and 2026 indicating year-over-year increases of 65.9% and 17.8%, respectively [21] Valuation - Barrick's stock is trading at a forward price/earnings ratio of 14.35X, which is about 14.4% lower than the industry's average of 16.76X [23] Investment Recommendation - The combination of production growth initiatives, strong financial health, rising earnings estimates, and attractive valuation suggests a positive outlook for Barrick, although high costs and a subdued production forecast warrant caution [26]

Core Insights - Barrick Mining Corporation is a leading global gold and copper mining company with a significant presence worldwide, operating 6 Tier One gold mines and 3 copper mines [1] Company Overview - The company focuses on fundamental analysis and disciplined market research, emphasizing the identification of small cap companies with strong fundamentals and growth potential, large cap companies experiencing temporary setbacks, and stable companies with solid dividend yields and growth potential [1]