Core Viewpoint - The article discusses the emergence of "The Magnificent Miners" as a new investment opportunity, contrasting them with the previously dominant "Magnificent Seven" tech stocks, highlighting a potential capital rotation towards hard assets like mining stocks as macroeconomic uncertainties rise [1]. Group 1: Valuation Comparisons - Newmont Corp (NYSE:NEM) is trading at a 19x TTM and 17x FWD P/E ratio, significantly lower than AI infrastructure stocks, despite having the largest gold reserve base [3]. - Barrick Mining Corp (NYSE:B) generates substantial free cash flow and returns capital to shareholders, trading at around 24x TTM and 15x FWD P/E, which appears modest compared to high-flying tech stocks [4]. - Agnico Eagle Mines Ltd (NYSE:AEM) has a higher valuation at 31x TTM and about 20x FWD P/E, yet it remains attractive due to low-cost production and growth projects, offering a blend of quality and growth without tech-like valuations [5]. Group 2: Market Implications - The current pricing of the Magnificent Seven reflects an optimistic AI future, while the Magnificent Miners are priced for indifference, suggesting potential for upside if economic conditions shift [6]. - The article notes that if interest rates decrease, deficits increase, or AI spending slows, miners could benefit from a capital rotation away from crowded tech investments, indicating a possible shift in market dynamics [6].

Core Viewpoint - The article discusses the emergence of "The Magnificent Miners" as a new investment opportunity, contrasting them with the previously dominant "Magnificent Seven" tech stocks, highlighting a potential capital rotation towards hard assets like mining stocks as macroeconomic uncertainties rise [1]. Group 1: Valuation Comparisons - Newmont Corp (NYSE:NEM) trades at a 19x TTM and 17x FWD P/E ratio, significantly lower than AI infrastructure stocks, despite having the largest gold reserve base [3]. - Barrick Mining Corp (NYSE:B) generates substantial free cash flow and returns capital to shareholders, trading at around 24x TTM and 15x FWD P/E, which appears modest compared to high-flying tech stocks [4]. - Agnico Eagle Mines Ltd (NYSE:AEM) has a P/E of 31x TTM and about 20x FWD, reflecting a premium among miners, yet still appears undervalued compared to growth stocks, offering low-cost production and growth potential [5]. Group 2: Market Implications - The Magnificent Seven are priced for an ideal AI future, while The Magnificent Miners are priced with indifference, suggesting that if economic conditions change, miners could present significant upside potential as capital shifts away from crowded tech sectors [6].

Group 1: Investment Performance - Investors in precious metals, particularly gold and silver, have seen substantial returns, with the SPDR Gold Shares ETF achieving a 135.7% return over three years, significantly outperforming the S&P 500 [1] - The bullish trend in gold prices is positively impacting mining companies, notably Barrick Mining, which is the second-largest gold producer globally and is expected to extract 4.5 million ounces annually through 2029 [2][5] Group 2: Company Outlook - Barrick Mining's status as a leading gold producer underpins its investment thesis, with rising bullion prices enhancing its growth potential [3][4] - There is speculation about a potential spinoff of Barrick's North American gold assets, which could unlock additional value for investors, as the company would retain a significant stake in the new entity focused on prime assets in Nevada and the Dominican Republic [7][8] Group 3: Market Predictions - Analysts predict that gold prices may rise significantly, with forecasts reaching between $4,900 and $5,000 per ounce, indicating substantial upside potential from the recent closing price of $4,601 [6] - The overall market sentiment remains optimistic for gold, supported by expectations of continued interest rate cuts by the Federal Reserve amid rising global government debt [6]

For investors who haven't been living under a rock for the past year, the soaring price of gold (and other precious metals for that matter) has become one of the most important story lines to watch in the markets this year. With the price of a single ounce of gold now currently hovering around $4,700 (right around its all-time high), the question of course is whether it's too late for investors to dive in. I'm of the view that this momentum rally is probably warranted. That's in part due to the underlying f ...

Core Insights - Barrick Mining Corporation and Newmont Corporation are leading gold mining companies with extensive global operations, making them relevant for investors amid rising gold prices driven by geopolitical tensions and economic uncertainties [1] Gold Market Overview - Gold prices reached record highs last year, driven by global trade tensions, increased demand for safe-haven assets, a weaker U.S. dollar, strong central bank buying, and expectations of interest rate cuts by the Federal Reserve [2][3] - Gold surged approximately 65% last year, currently trading above $4,700 per ounce, supported by sustained central bank purchases and geopolitical risks [3] Barrick Mining Corporation - Barrick is advancing key growth projects, including 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] - Barrick's liquidity position is strong, with cash and equivalents around $5 billion and operating cash flows of approximately $2.4 billion, up 105% year over year [8] - The company has authorized a $1 billion share repurchase program, reflecting confidence in its financial health [9] - Barrick's cash costs per ounce increased by around 3% year over year, with all-in-sustaining costs (AISC) rising to $1,538 due to lower production and higher costs [12][13] - The company offers a dividend yield of 1.4% with a payout ratio of 32%, indicating sustainability [11] Newmont Corporation - Newmont is investing in growth projects like Ahafo North and Cadia Panel Caves, which are expected to enhance production capacity [14][15] - Ahafo North achieved commercial production in October 2025, with an expected annual output of 275,000 to 325,000 ounces of gold [15] - Newmont has divested non-core assets, generating approximately $470 million in cash proceeds, and anticipates $3 billion from its 2025 divestiture program [16][17] - The company has a robust liquidity position with $9.6 billion in total liquidity and $5.6 billion in cash, alongside a free cash flow of $1.6 billion, more than doubling year over year [18] - Newmont has distributed over $5.7 billion to shareholders through dividends and share repurchases in the past two years, maintaining a low payout ratio of 17% [19] - However, Newmont experienced a 15% year-over-year decline in gold production for the third quarter, attributed to strategic divestments and operational challenges [20] Stock Performance and Valuation - Barrick's stock has surged 204.6% over the past year, while Newmont's stock has increased by 173.9%, both outperforming the Zacks Mining - Gold industry's growth of 153.9% [23] - Barrick is trading at a forward earnings multiple of 13.65, representing an 8.4% discount to the industry average, while Newmont trades at a premium with a multiple of 14.65 [24][25] Future Outlook - The Zacks Consensus Estimate projects Barrick's 2026 sales and EPS to rise by 20.9% and 57.2%, respectively, while Newmont's estimates imply growth of 10.5% and 22.7% [29][30] - Both companies are well-positioned to benefit from strong gold prices, but Barrick may have an edge due to its attractive valuation and higher growth projections [32][34]

Core Viewpoint - Barrick Mining Corporation has appointed Helen Cai as the new Senior Executive Vice President and Chief Financial Officer, effective March 1, 2026, following the departure of Graham Shuttleworth [1][2]. Group 1: Leadership Transition - Helen Cai will work alongside Graham Shuttleworth until his departure to ensure a smooth transition [1]. - Mark Hill, Group COO and Interim President and CEO, expressed confidence in Helen's financial expertise and mining sector experience, emphasizing the importance of her role in enhancing performance and shareholder value [2]. Group 2: Helen Cai's Background - Helen Cai has over two decades of experience in equity research, corporate finance, strategic planning, capital markets, and M&A, primarily with Goldman Sachs and China International Capital Corporation (CICC) [2]. - She has been a member of the Barrick Board since November 2021 and has received multiple accolades as a top-ranked research analyst [2]. Group 3: Company Overview - Barrick Mining Corporation is a leading global mining, exploration, and development company with a significant portfolio of gold and copper assets across 17 countries and five continents [4]. - The company is recognized as the largest gold producer in the United States and aims to create long-term value for stakeholders through responsible mining practices [4].

Core Viewpoint - Barrick Mining Corporation has appointed Helen Cai as the new Senior Executive Vice President and Chief Financial Officer, effective March 1, 2026, following the departure of Graham Shuttleworth [1][2]. Group 1: Leadership Transition - Helen Cai will work alongside Graham Shuttleworth until his departure to ensure a smooth transition [1]. - Mark Hill, Group COO and Interim President and CEO, expressed confidence in Helen's financial expertise and mining sector experience, emphasizing the importance of her role in enhancing performance and shareholder value [2]. Group 2: Helen Cai's Background - Helen Cai has over two decades of experience in equity research, corporate finance, strategic planning, capital markets, and M&A, primarily with Goldman Sachs and China International Capital Corporation (CICC) [2]. - She has been a member of the Barrick Board since November 2021 and has received multiple accolades as a top-ranked research analyst [2]. Group 3: Company Overview - Barrick Mining Corporation is a leading global mining, exploration, and development company with a significant portfolio of gold and copper assets across 17 countries and five continents [4]. - The company is recognized as the largest gold producer in the United States and aims to create long-term value for stakeholders through responsible mining practices [4].

Core Viewpoint - Barrick Mining is highlighted as a strong investment opportunity due to a significant gold discovery, potentially the most important of the century [1] Company Analysis - Barrick Mining has been confirmed to have made a major gold discovery, which is expected to enhance its market position and financial performance [1] - The analysis emphasizes a quantamental approach, combining data-driven models with fundamental research to assess Barrick's financial profile [1] Investment Thesis - The article aims to make unique investment ideas accessible to both retail and professional investors, focusing on the analytical depth of Barrick Mining's potential [1]

Group 1: Stock Market Trends - Approximately 18% of S&P 500 stocks have seen a year-to-date increase of 10% or more, doubling the average of 9.4% from the past five years [1] - The technology, financial, and metals mining sectors have seen dozens of stocks rise over 50% in the past year, with the total market capitalization of this "surging stock" group exceeding $4 trillion [1] - Notable examples include Micron Technology, Western Digital, and SanDisk, which have benefited from strong storage demand driven by the AI wave, with related storage stocks rising over 200% in the past year [1] Group 2: Semiconductor and Data Center Demand - The demand for computing power has surged as companies integrate AI agents into software systems, leading to an expansion of data centers and a direct increase in semiconductor demand [2] - Connector manufacturer Amphenol has seen its revenue from data centers rise significantly, with its stock price doubling in the past year [2] - Corning, a materials giant, has experienced an 88% increase in stock price due to rising demand from data center expansions [2] Group 3: Commodity Market Impact - Copper prices have risen approximately 30% in the past year, driven by increased demand from data centers, benefiting mining companies like Southern Copper, whose stock has increased by about 91% [2] - Gold mining stocks have also rebounded strongly, with Newmont Mining and Barrick Mining both doubling in stock price, coinciding with a 66% increase in gold prices [2] Group 4: Financial Sector Performance - Major U.S. investment banks, including Citigroup and Goldman Sachs, have seen stock prices rise over 50% in the past year, driven by expectations of a Fed rate cut and increased credit demand [3] - Regulatory changes, such as relaxed capital and reserve requirements, have boosted bank valuations and facilitated more lending and mergers [3] - The acceleration of merger review processes by the FTC and DOJ has reduced transaction costs and increased certainty in deal completions [3]

Core Insights - Barrick Mining Corporation experienced a 13% year-over-year decline in third-quarter 2025 gold sales volumes to 837,000 ounces, primarily due to lower production linked to the suspension of operations at the Loulo-Gounkoto mine [1][7] - The company forecasts gold production for 2025 to be between 3.15 million and 3.5 million ounces, a decrease from 3.91 million ounces in 2024, excluding the suspended Loulo-Gounkoto mine [2][7] - The consensus estimate for fourth-quarter gold production is approximately 881,000 ounces, indicating an 18% year-over-year decline, which may continue to affect sales volumes despite higher realized gold prices [3] Production and Sales Performance - Barrick's third-quarter production fell 12% year over year to 829,000 ounces, contributing to the decline in sales volumes [1][7] - The anticipated production increase from other mines like Pueblo Viejo, Turquoise Ridge, Porgera, and Kibali is expected to be offset by reduced output from Veladero and Phoenix, along with the impact of divestments [2] Industry Comparison - Newmont Corporation reported a 16% year-over-year decline in gold sales volumes and a 15% decrease in production, reflecting similar challenges in the industry [4] - In contrast, Agnico Eagle Mines Limited saw a 1% year-over-year increase in gold sales volumes, indicating a more favorable performance compared to Barrick and Newmont [5] Financial Metrics - Barrick's shares have appreciated by 133.9% over the past six months, outperforming the Zacks Mining – Gold industry's increase of 85.3% due to a rally in gold prices [6] - The company is currently trading at a forward 12-month earnings multiple of 14.97, which is about 3.2% lower than the industry average of 15.46 [8] - The Zacks Consensus Estimate for Barrick's 2025 earnings suggests a year-over-year increase of 79.4%, with stable EPS estimates over the past 60 days [9]