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].