Key Takeaways Barrick advances major gold and copper projects like Goldrush, Lumwana and Reko Diq.Agnico Eagle boosts growth with Odyssey, Detour Lake, Hope Bay and Upper Beaver.B stock is up 105.2% in the past six months, while AEM has gained 36.6% amid soaring gold prices.Barrick Mining Corporation (B) and Agnico Eagle Mines Limited (AEM) are two leading players in the gold mining space with global operations and diversified portfolios. With gold prices continuing the bullish momentum, driven by geopoliti ...

Barrick Mining Corporation (NYSE:B) has resolved a long-running dispute with the government of Mali. After nearly two years, including almost a year of halted production, the firm restored control over Loulo-Gounkoto, one of its most important gold assets.Barrick agreed to pay about 244 billion CFA francs, or roughly $430 million, while authorities will return three metric tons of seized gold.The Conflict TimelineThe dispute began in 2023 when Mali revised its mining code. The military-led government wanted ...

Barrick Mining Corporation (NYSE:B) is one of the 12 cheap gold stocks to buy now. Barrick Mining (B) Trades Near Its 52-Week Amid Strong Share Price Surge in 2025 Pixabay/Public Domain On December 12, 2025, Barrick Mining Corporation (NYSE:B), one of the two largest gold producers, alongside Newmont Corporation, surged to its new 52-week high of $44.07 before closing at $43.09. The stock has seen a strong rally in the past year, returning roughly 180% in 2025 alone and over 20% in the past month. On ...

Deal Overview - Barrick Mining Corporation plans to evaluate an Initial Public Offering (IPO) of its North American assets, forming a subsidiary (NewCo) to house its highest-quality gold assets [2][4] - NewCo will include Barrick's 61.5% interest in the Nevada Gold Mines joint venture, a 60.0% stake in the Pueblo Viejo mine, and the 100%-owned Fourmile project in Nevada [2][4] Strategic Rationale - The move aims to address the valuation gap between Barrick and its North American peers, as Barrick currently trades at an EV/EBITDA multiple of 7-8x compared to 10-11x for pure-play North American producers [7] - By separating its North American operations, Barrick seeks to eliminate the conglomerate discount associated with its higher-risk assets in Africa and Asia, thereby attracting investors focused on stable, high-margin gold production [6][7] Asset Quality - NewCo will benefit from the high-quality asset base, including the Nevada Gold Mines complex, which is the largest gold-producing complex globally, and the Fourmile project, which has high ore grades (12-16 g/t) and significant production potential [8] - Fourmile is projected to produce 600,000–750,000 ounces annually over a 25+ year mine life, with all-in sustaining costs estimated at $650–$750 per ounce, making it a key contributor to Barrick's overall production [8] Market Conditions - The favorable backdrop of rising gold prices, driven by macroeconomic uncertainty and strong central bank demand, enhances the attractiveness of Barrick's proposed IPO [9] - Elevated gold prices are expected to drive margin expansion and increase the valuation premium for operations in low-risk jurisdictions, making this an opportune time for monetization [9] Parent Company Focus - Following the IPO, Barrick will continue to operate its diversified global portfolio, focusing on copper growth projects such as Reko Diq in Pakistan and Lumwana in Zambia, while leveraging cash flow from its gold mines [5][10] - This bifurcation clarifies the investment proposition for both entities, with NewCo offering stability and dividends, while RemainCo targets growth in copper and energy transition metals [10] Financial Implications - The IPO is expected to serve as an efficient capital-raising mechanism, with North American assets generating over $2.8 billion in EBITDA during 9MFY25 [11] - Proceeds from the offering could strengthen Barrick's balance sheet, enabling funding for capital-intensive projects or returning capital to shareholders without diluting equity [11] Company Overview - Barrick Mining Corporation is a leading global mining company focused on gold and copper production, with a strategic vision centered on owning Tier One assets [12][26] - The company operates in 18 countries and is the largest gold producer in the United States, with a diverse portfolio that includes twelve producing gold mines and three producing copper mines [13][26]

Core Insights - Barrick Mining Corporation's third-quarter profits increased due to higher gold prices, but higher unit costs negatively impacted results [1][7] - The company experienced a 12% year-over-year decline in consolidated gold production, attributed partly to the suspension of operations at the Loulo-Gounkoto mine [2][7] - Barrick's projected cash costs and all-in-sustaining costs (AISC) for 2025 indicate a year-over-year increase at the midpoint of the respective ranges [3][7] Financial Performance - Barrick's cash costs per ounce of gold rose approximately 3% year over year, while AISC increased around 2% year over year, with AISC reported at $1,538 [1][3] - The company's shares have surged 158.4% year to date, outperforming the Zacks Mining – Gold industry's increase of 134.1% [6] Peer Comparison - Agnico Eagle Mines Limited reported total cash costs per ounce of $994, an 8% increase year over year, with AISC at $1,373, reflecting a 7% year-over-year rise [4] - Newmont Corporation lowered its AISC to $1,566 per ounce, a 3% decrease from the prior year, while projecting an increase to $1,630 per ounce in 2025 [5] Earnings Estimates - The Zacks Consensus Estimate for Barrick's earnings in 2025 and 2026 suggests a year-over-year increase of 77.8% and 51.9%, respectively, with EPS estimates trending higher over the past 60 days [8] Valuation Metrics - Barrick is currently trading at a forward 12-month earnings multiple of 12.03, which is about a 7.5% discount compared to the industry average of 13.01X [9]

Core Viewpoint - Elliott Investment Management has taken a position in Barrick Mining and is advocating for the separation of North American assets from its higher-risk operations in Asia and Africa, which the Barrick board is now exploring [3][9][10]. Company Overview - Barrick Mining, formerly Barrick Gold Corporation, is a global mining company primarily focused on gold and copper production, with operations in various countries including Argentina, Canada, and the Democratic Republic of Congo [1][4]. - The company operates 14 gold mines and three copper mines, with significant assets in North America, particularly the Nevada Gold Mines joint venture with Newmont [4]. Recent Performance - Barrick's stock has more than doubled in the past six months, yet it trades at a price to net asset value ratio of 0.9, which is below its North American peers [5]. - The price of gold has increased by over 70%, contributing to Barrick's stock appreciation of more than 100% [10]. Management Changes - The abrupt departure of Barrick's CEO in September led to the appointment of Mark Hill as interim CEO, creating opportunities for activist investors like Elliott to influence the selection of a new CEO [6][7]. - The interim CEO status allows for the exploration of strategic alternatives, including the potential breakup of the company [8]. Strategic Considerations - Separating North American operations from higher-risk regions could help close the valuation gap between Barrick and its peers, such as Agnico Eagle, which trades at approximately 1.5 times its net asset value [9][10]. - Management has indicated that applying a peer-like multiple to Barrick's North American assets could unlock up to 49% of unrealized value [10]. Activist Investor Dynamics - Elliott Investment Management is known for its thorough due diligence and has likely held a position in Barrick for several months, benefiting from the recent stock appreciation [2][12]. - The presence of Elliott is expected to influence the board's decisions regarding the new CEO and the potential breakup of the company [11].

Core Insights - Barrick Mining Corporation has experienced a significant stock price increase of approximately 154% year-to-date in 2025, driven by rising gold and copper prices, strong operational performance, and strategic pivots that have regained investor trust [2][3][10] Group 1: Market Performance and Drivers - The surge in Barrick's stock is attributed to a combination of high commodity prices and effective corporate strategies, indicating a long-term growth outlook [2][3] - Gold prices have dramatically increased in 2025, leading to higher profit margins despite production challenges, while copper production is also rising, contributing to revenue diversification [3][4] Group 2: Financial Performance - In Q3 2025, Barrick reported gold production of approximately 829,000 ounces and copper production of 55,000 tonnes, generating revenues of US$4.1 billion, operating cash flow of US$2.4 billion, and free cash flow of US$1.5 billion [5] - The board has expanded its share buyback program by adding US$500 million to an existing US$1 billion authorization, reflecting strong cash generation and a commitment to returning value to shareholders [5] Group 3: Strategic Developments - Barrick's proven and probable gold reserves increased to 89 million ounces by the end of 2024, up from 77 million ounces in 2023, alongside growth in copper reserves and project development [6] - The company is exploring the feasibility of an IPO for its North American gold assets, which could create a more focused gold entity and unlock shareholder value [7] Group 4: Future Outlook - Sustained high metal prices and disciplined capital allocation could drive further gains for Barrick, with ongoing buybacks and potential increased dividends benefiting investors [8] - Successful execution of growth projects and reserve replacement could amplify long-term value beyond current commodity price cycles [8]

Core Viewpoint - Barrick Mining Corporation's shares have surged 101.1% over the past six months, driven by a significant increase in gold prices amid various economic and geopolitical uncertainties [1][7]. Performance Comparison - Barrick has outperformed the Zacks Mining – Gold industry's increase of 52.1% and the S&P 500's rise of 17.3% during the same period [2]. - Compared to its peers, Newmont Corporation, Kinross Gold Corporation, and Agnico Eagle Mines Limited have seen increases of 62.2%, 75.2%, and 36.9%, respectively [2]. Technical Analysis - 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 above the 200-day SMA since a golden crossover on April 9, 2025, suggesting a bullish trend [5]. Growth Projects - Key growth projects such as Goldrush, Lumwana, and Reko Diq are expected to enhance long-term gold and copper output [7][10]. - 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 in its second phase [11][12]. Financial Position - Barrick has a strong liquidity position with approximately $5 billion in cash and cash equivalents as of the end of Q3 2025, and generated operating cash flows of around $2.4 billion, up 105% year over year [13]. - The company returned $1.2 billion to shareholders in 2024 through dividends and share repurchases, with a new $1 billion repurchase program authorized in February 2025 [14]. Dividend and Valuation - Barrick offers a dividend yield of 1.7% with a payout ratio of 32%, indicating sustainability [15]. - The stock is trading at a forward price/earnings ratio of 12.72X, which is a discount to the industry average of 13.16X [22]. Production Outlook - For 2025, Barrick expects attributable gold production to be between 3.15-3.5 million ounces, a decline from 3.91 million ounces in 2024 [20]. - The production outlook is tempered by higher costs and reduced output from certain mines, which may impact overall performance [20]. Earnings Estimates - Earnings estimates for Barrick have been revised upward, with a projected year-over-year increase of 75.4% for 2025 and 50% for 2026 [21]. Investment Considerations - Barrick's solid financial position, growth projects, and favorable valuation present a positive investment outlook, although rising costs and a soft production forecast warrant caution [23].

Core Insights - Barrick Mining Corporation has completed the divestment of its interests in the Tongon gold mine and several exploration properties in Côte d'Ivoire to the Atlantic Group for a total consideration of $305 million [1][7] Financial Details - The total consideration includes a cash payment of $192 million, which consists of a $23 million shareholder loan repayment due within six months of closing, and contingent cash payments of up to $113 million based on gold prices over 2.5 years and resource conversions over five years [2][7] Company and Market Impact - The Atlantic Group, a privately held multisectoral Pan-African Group, will take over the ownership of Tongon, which is expected to enhance local stewardship and community benefits [3] - Barrick has successfully extended the life of the Tongon mine, which has generated over $2 billion in revenues for the Ivorian economy over the past 15 years [3] - The proceeds from the sale will be used to strengthen Barrick's balance sheet and deliver returns to shareholders, with the company's shares having increased by 141.2% over the past year, outperforming the industry's growth of 121% [4][7]

Core Insights - Appian Capital Advisory has provided a $150 million financing package to support Atlantic Group's acquisition of the Tongon gold mine from Barrick Mining [1][3] - The acquisition deal is valued at up to $305 million, with Barrick receiving an initial cash payment of $192 million and potential additional payments of $113 million based on gold prices and resource milestones [2] Financing Details - The financing package includes a senior secured debt facility and a gold stream agreement [3] - Atlantic Group will implement a downside gold price protection program to mitigate risks associated with Tongon's cash flows [3] Mine Overview - The Tongon mine has contributed over $2 billion to the Ivorian economy since its production began in 2010, through taxes, infrastructure projects, salaries, and local supplier payments [4] - The mine has proven and probable reserves of 620,000 ounces and measured and indicated resources of 700,000 ounces [5] Future Production - The Tongon mine is expected to produce approximately 140,000 ounces of gold in 2025, maintaining a similar output level to the previous year [7]