Core Viewpoint - Barrick Mining Corporation has appointed Mark Hill as Group COO and Interim President and CEO following the departure of Mark Bristow, with a search underway for a permanent successor [2][3][4]. Group 1: Leadership Changes - Mark Hill, with 30 years of mining experience and a history with Barrick since 2006, will lead the company during this transitional period [3]. - Mark Bristow has stepped down after nearly seven years, during which he successfully integrated Barrick and Randgold, returning $6.7 billion to shareholders and reducing net debt by $4 billion [4][5]. Group 2: Company Performance - Barrick has maintained solid operational performance, strong cash flows, and an enhanced quarterly dividend, positioning itself well for future growth [4][6]. - The company continues to align with its full-year expectations as outlined in the Q2 results [6]. Group 3: Company Overview - Barrick is a leading global mining company with a significant portfolio of gold and copper assets, operating in 18 countries across five continents [7]. - The company is recognized as the largest gold producer in the United States and focuses on creating long-term value through responsible mining practices [7].

Core Insights - Barrick Mining Corporation has seen a significant stock price increase of 121% year-to-date, reaching approximately $35, driven by high gold prices and strong earnings growth [2] - The company produced revenues of about $10.8 billion in 2024, with gold prices averaging $2,250 per ounce, and continued strong performance into 2025 with Q2 results showing average realized prices of $3,320 per ounce [3] - Barrick's current valuation multiples are approximately 12–13x forward earnings and 7–8x EV/EBITDA, indicating a fair market valuation relative to peers [4] Revenue & Earnings Power - In 2024, Barrick's EBITDA was roughly $5.2 billion, with net earnings of $3.1 billion and free cash flow more than doubling from the previous year [3] - For Q2 2025, Barrick reported a quarterly net income of $1.1 billion, with first-half operating cash flow reaching $2.5 billion and free cash flow doubling to $770 million [3] - Spot gold prices are stabilizing around $3,700 per ounce, enhancing Barrick's earning potential [3] Valuation Multiples - Barrick's share price of $35 translates to valuation multiples of approximately 12–13x forward earnings and 7–8x EV/EBITDA, which are higher than earlier in the year but still align with industry peers [4] - The company's dividend yield has contracted to around 1.5% due to stock appreciation, with over $750 million allocated to buybacks in the first half of 2025 [4] Balance Sheet Strength - Barrick maintains a strong balance sheet with net debt close to zero relative to annual EBITDA, allowing for capital returns and investment in growth projects [5] - Key growth initiatives include the Pueblo Viejo expansion, Lumwana copper project, and Reko Diq development in Pakistan, enhancing both gold production and copper exposure [5] Market Sentiment - The rise to $35 per share reflects market confidence in Barrick's profit potential and commodity leverage, with expectations of continued high gold prices and increased copper volumes [6] - Despite the rapid stock price increase, there may be potential for an additional 10–15% re-rating if market conditions remain favorable [6]

Vladimir Dimitrov, CFA is a former strategy consultant within the field of brand and intangible assets valuation. During his career in the City of London he has been working with some of the largest global brands within the technology, telecom and banking sectors. He graduated from the London School of Economics and is interested in finding reasonably priced businesses with sustainable long-term competitive advantages.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of t ...

Core Insights - Barrick Mining Corporation and Agnico Eagle Mines Limited are leading gold producers benefiting from soaring gold prices driven by geopolitical tensions and central bank purchases [1][2][3] - Gold prices have increased approximately 43% this year, reaching over $3,700 per ton, influenced by the Federal Reserve's interest rate cuts and trade uncertainties [3][4] Barrick Mining Corporation - Barrick is advancing key growth projects such as Goldrush, Pueblo Viejo expansion, and Reko Diq, which are expected to significantly boost production [5][6] - The Goldrush mine aims for 400,000 ounces of annual production by 2028, while the Reko Diq project is projected to produce 460,000 tons of copper and 520,000 ounces of gold annually [6][7] - Barrick's liquidity is strong, with cash and equivalents around $4.8 billion and operating cash flows of approximately $1.3 billion, up 15% year-over-year [8] - The company returned $1.2 billion to shareholders in 2024 and has a dividend yield of 1.8% with a payout ratio of 25% [9][10] - However, Barrick faces challenges with rising costs, with cash costs per ounce increasing by 17% and AISC rising to $1,684, reflecting higher operational costs [11][12] Agnico Eagle Mines Limited - Agnico Eagle is focused on growth projects like Odyssey, Detour Lake, and Hope Bay, which are expected to enhance production and cash flows [13][14] - The Hope Bay Project has proven reserves of 3.4 million ounces and is anticipated to generate significant cash flow [14] - AEM's operating cash flow for the second quarter was approximately $1.85 billion, a 92% increase from the previous year, with free cash flow of $1.3 billion [18][19] - The company has reduced long-term debt by $550 million, ending the quarter with a net cash position of $963 million, and offers a dividend yield of 1% with a payout ratio of 27% [20] - AEM's AISC was $1,289 per ounce, marking a 9% increase from the prior quarter, indicating rising production costs [21][22] Comparative Analysis - Year-to-date, Barrick's stock has surged 128.2%, while Agnico Eagle's stock has increased by 106.1%, both outperforming the industry average [23] - Barrick trades at a forward earnings multiple of 14.74, which is a discount compared to the industry average, while AEM trades at a premium with a multiple of 22.22 [24][25] - The Zacks Consensus Estimate projects Barrick's 2025 sales and EPS to rise by 19% and 62.7%, respectively, while AEM's estimates imply growth of 30.6% in sales and 67.4% in EPS [30][31] - AEM's return on equity stands at 13.8%, higher than Barrick's 8.2%, indicating more efficient use of shareholder funds [32] Investment Considerations - Both companies are well-positioned to benefit from the current gold price environment, with strong project pipelines and financial health [34] - AEM's higher dividend growth rate and lower leverage suggest it may offer better investment prospects compared to Barrick in the current market [34]

Core Viewpoint - Barrick Mining has experienced a significant stock price increase due to the promising potential of its Fourmile project in Nevada, which is expected to become a major new gold mine, enhancing the company's outlook after facing challenges in high-risk regions [1][2] Group 1: Stock Performance - Barrick Mining's stock has risen for four consecutive trading days, marking the largest four-day gain since early 2020, with a 7.2% increase on September 16, reaching $35.36 per share, the highest level since January 2013 [1] - The stock has accumulated a 23% increase since the announcement of the Fourmile project [1] Group 2: Project Significance - The Fourmile project has a potential annual gold production of up to 750,000 ounces and is described by the company as "one of the greatest gold discoveries of the century" [1] - The discovery is particularly noteworthy amid increasing pressures on mining companies to maximize shareholder returns, as exploration and development of new deposits become more challenging and costly [1] Group 3: Analyst Insights - Analysts have raised price forecasts for Barrick Mining, with TD Cowen's Steven Green labeling the Fourmile project a "game changer" and noting significant valuation recovery potential due to the stock's poor performance in recent years [2] - Stifel analyst Ralph Profiti estimates the value of the Fourmile project to exceed $10 billion, while BMO Capital Markets analyst Matthew Murphy estimates its value at $9.2 billion [2]

Core Viewpoint - Barrick Mining has experienced a significant rally in its stock price, reaching a 13-year high, driven by a major gold discovery in Nevada and favorable market conditions for precious metals [1][4]. Group 1: Stock Performance - Barrick's Toronto-listed shares increased by up to 6% to C$49.33, marking the highest level since early 2012, while New York-listed shares peaked at $35.70, with market capitalizations of C$81.7 billion and $59.6 billion respectively [1]. - If the gains from Monday are sustained, it would represent Barrick's best four-day performance since 2020, when shares last traded in the high C$30s [3]. Group 2: Project Developments - A new study on Barrick's Fourmile project in Nevada indicates the potential to produce up to 750,000 ounces of gold annually, with plans for underground mine development set to begin in 2026 [3]. - CEO Mark Bristow described the Fourmile project as a "multi-generational project" with the potential to be the largest and highest-grade gold discovery of the century, contributing to a 23% increase in share price since the announcement [4]. Group 3: Market Influences - The recent stock gains were bolstered by rising gold prices, which have reached multiple records following the US Federal Reserve's first rate cut of the year, along with a rebalancing of the GDX index [5]. - Analysts have responded positively, with upgrades to price targets for Barrick, despite ongoing disputes in Mali regarding one of its largest mines [6]. Group 4: Analyst Insights - TD Cowen's analyst Steven Green raised the price target for Barrick to $38 per share, citing the Fourmile project as a "game changer" that could enhance the company's narrative [7]. - Stifel analyst Ralph Profiti estimated the value of the Fourmile project at over $10 billion, while BMO Capital Markets' Matthew Murphy valued it at $9.2 billion [7].

Core Viewpoint - Gold mining stocks experienced a significant increase, driven by a rise in spot gold prices, which reached a historical high and has seen a 42% increase this year [1] Group 1: Company Performance - Paramount Gold Nevada (PZG.US) rose over 6% [1] - Barrick Gold (B.US) increased by more than 5% [1] - Harmony Gold (HMY.US) saw an increase of over 4% [1] Group 2: Market Trends - Spot gold prices rose nearly 1%, continuing to set historical highs [1] - Year-to-date, gold prices have increased by 42% [1]

Core Viewpoint - The gold sector is shifting focus from acquisitions to maximizing output from existing tier-one assets, with major companies emphasizing disciplined growth and profitability over sheer volume [1][2][6]. Group 1: Company Strategies - AngloGold Ashanti aims for 85% of its output to come from tier-one assets by the mid-2030s, currently at 75% [1][14]. - Franco-Nevada and Wheaton Precious Metals advocate for selective growth and shareholder returns, emphasizing early-stage streaming to mitigate risks [3][4]. - Barrick Mining highlights the importance of high-quality mines for future production, with a focus on profitable growth rather than expansion for its own sake [4][10]. Group 2: Production and Financial Outlook - Barrick's Fourmile project is projected to produce 600,000-750,000 ounces of gold annually at all-in sustaining costs of approximately $650-750 per ounce [9]. - Agnico Eagle Mines expects five major projects to add 1.3-1.5 million ounces of annual production by 2030 [11]. - Kinross Gold forecasts about 500,000 ounces per year from the Great Bear project, with potential annual free cash flow nearing $1 billion at current prices [18]. Group 3: Market Conditions and Challenges - Despite record gold prices above $3,700, miners face challenges such as permitting delays and rising construction costs [6]. - The industry has historically struggled with maintaining discipline during bull markets, often leading to costly acquisitions [6]. - Companies are exploring partnerships and creative financing to navigate development challenges [7]. Group 4: Future Growth and Investments - Northern Star Resources plans a significant expansion of its KCGM mill, aiming to double output to 900,000 ounces by fiscal 2029 [20]. - Gold Fields' acquisition of Gold Road Resources will shift a significant portion of production to OECD countries, focusing on high-quality output [19]. - Zijin Mining is bundling eight non-Chinese producing gold mines into a major IPO, indicating a strategic move towards international cooperation [15][16].

Core Viewpoint - The gold sector experienced a significant increase in stock prices, indicating a positive market sentiment towards gold investments [1] Company Performance - Barrick Mining (B.US) saw its stock price rise by over 8% [1] - Gold Fields (GFI.US) increased by more than 6% [1] - Kinross Gold (KGC.US) rose by over 4.5% [1] - Newmont Corporation (NEM.US) gained over 4% [1] - Royal Gold (RGLD.US) experienced an increase of over 1.3% [1] Gold Price Movement - Spot gold prices rose by 0.84%, reaching $3,674.8 [1]

Group 1 - U.S. stocks experienced an upward trend, with the Nasdaq Composite increasing by over 100 points on Friday [1] - CoreWeave, Inc. (CRWV) saw a significant rise in shares, jumping 4.8% to $127.15 after Loop Capital initiated coverage with a Buy rating and set a price target of $165 [1] - Quantum Computing Inc. (QUBT) shares surged by 22.5% to $22.47, indicating strong market interest [3] Group 2 - WhiteFiber, Inc. (WYFI) gained 17.6% to $27.53, with Roth Capital analyst maintaining a Buy rating and raising the price target from $25 to $28 [3] - Serve Robotics Inc. (SERV) rose 17% to $15.09, reflecting positive investor sentiment [3] - Aquestive Therapeutics, Inc. (AQST) increased by 16.5% to $5.75 after receiving news from the FDA that an advisory committee meeting is not required for its product [3] Group 3 - PureTech Health plc (PRTC) gained 16.2% to $17.08, showing strong performance in the market [3] - NANO Nuclear Energy Inc. (NNE) rose 15.3% to $44.10, indicating robust investor confidence [3] - Newegg Commerce, Inc. (NEGG) jumped 15% to $53.51, reflecting a positive market reaction [3] Group 4 - Oklo Inc. (OKLO) gained 14.4% to $120.13, continuing a remarkable 60% rally over the past month [3] - NuScale Power Corporation (SMR) rose 12.6% to $42.99, indicating strong market interest [3] - Centrus Energy Corp. (LEU) gained 9.4% to $287.38, reflecting positive investor sentiment [3] Group 5 - Symbotic Inc. (SYM) shares rose 8.5% to $55.59, indicating strong market performance [3] - Rigetti Computing, Inc. (RGTI) gained 8.5% to $26.98 after being awarded a three-year $5.8 million contract from the Air Force Research Laboratory [3] - Barrick Mining Corporation (B) rose 7% to $32.17, with B of A Securities analyst maintaining a Neutral rating and raising the price target from $29 to $34 [3] Group 6 - FedEx Corporation (FDX) gained 2.4% to $231.98 after reporting better-than-expected first-quarter EPS and sales, leading multiple analysts to raise their price targets [3]