Barrick Mining (formerly Barrick Gold) is one of the world's premier senior gold mining companies, distinguished by its portfolio of Tier 1 gold and copper assets. Following the strategic acquisition of Newmont Corporation's assets outside Nevada, Barrick has solidified its position as a globally diversified industry leader. The company's core operations are anchored by high-margin, long-life mines in favorable jurisdictions, including the Caribbean (Pueblo Viejo), South America (Veladero, Cerro Vanguardia), and Africa (Kibali, Loulo-Gounkoto).
Operationally, Barrick demonstrates robust financial health, characterized by strong free cash flow generation, a manageable debt profile, and a commitment to returning capital to shareholders via dividends and share buybacks. The company's cost structure remains competitive within the senior producer peer group, providing healthy margins even in fluctuating commodity price environments. Management's focus on operational excellence and disciplined capital allocation continues to drive steady reserve replacement and mine-life extensions across its portfolio.
Looking forward, Barrick's development pipeline is anchored by the highly anticipated Reko Diq copper-gold project in Pakistan and the Lumwana copper mine expansion in Zambia. These projects position the company to significantly increase its copper exposure, diversifying its revenue streams and participating in the structural demand cycle for critical minerals. The transition of corporate leadership from Mark Bristow to a new generation of executives marks a pivotal moment, requiring careful execution to maintain the operational and strategic momentum built over recent years.
Overall, Barrick represents a high-quality, lower-risk investment vehicle for gaining exposure to precious and base metals. While its sheer size limits exponential growth potential, the company offers stability, strong cash yields, and significant optionality in the copper sector, making it a foundational holding for resource-focused portfolios.
Data Quality
Market Cap
$61.03B
Total valuation
Stock Price
$36.36
▼ 0.90% today
Free Cash Flow
N/A
Annual
Financial Position
-$3.03B
Net debt position
PEG Ratio
ⓘN/M
Not meaningful
Hover any criterion below to reveal its full rationale, key metrics, strengths, concerns, and source documentation.
Barrick Mining (B) is a highly attractive investment for those seeking leveraged exposure to the gold price with the added bonus of significant copper growth optionality. The company's portfolio of Tier 1 assets generates robust free cash flow, supporting a strong balance sheet and consistent capital returns.
| Criterion | Severity | Score | Description |
|---|---|---|---|
| jurisdiction | Medium | 6.50 | Significant exposure to Tier 3, 4, and 5 jurisdictions (DRC, Mali, Pakistan) introduces ongoing geopolitical and regulatory risks. |
| management_team | Low | 8.50 | Upcoming CEO transition from Mark Bristow introduces a period of uncertainty regarding future strategic direction. |
Gold prices sustain above $2,800/oz and copper prices rally above $5.00/lb. Reko Diq project advances on schedule, receiving key permits and financing. The market re-rates Barrick as a dual-precious/base metal producer, expanding the valuation multiple.
Gold prices remain stable around $2,600/oz. Barrick successfully integrates the newly acquired Newmont assets, achieving targeted synergies. Copper projects advance but face typical developmental delays.
Gold prices retreat below $2,200/oz due to a strong US dollar and rising real rates. Geopolitical tensions in Mali or DRC disrupt operations, leading to production downgrades and increased operational costs.
| # | Source |
|---|---|
| 1 | 10-K Annual Report (2024): Financial statements, properties, share structure |
| 2 | NI 43-101 Technical Reports: Resource estimates for Pueblo Viejo, Kibali, Reko Diq |
| 3 | Proxy Statement (2024): Executive compensation, insider ownership |
| 4 | Q4 2024 Results: Current financial position and operational metrics |
Annual Production
N/A
Troy oz per year
Revenue
$16.50B
Fiscal year 2026
Net Income
$3.27B
Annual
Enterprise Value
$64.07B
Net debt: $2.50B
Adj. EBITDA
$6.50B
EV/EBITDA 9.86x
Waterfall · Revenue to Free Cash Flow
Key P&L Ratios
N/A
Free Cash Flow Generated
Capital Structure
Leverage & Coverage
$2.50B
Net Debt (Strong)
Cash Uses & Returns
Returns
Margins
Liquidity & Coverage
Yield
Valuation Multiples
Share Structure
Per-Share & Buyback Metrics
$500.00M
Remaining Buyback Capacity
Strength across all solvency and liquidity metrics
23.0% of 1.0x threshold
12.8% of 3.0x threshold
93.3% of 3.0x target
75.0% of 48 months target
15.3% of 15% threshold
Geographic distribution of mining properties · Equal-weighted (no NPV data)
Distribution across development stages · Equal-weighted (no NPV data)
All-in Sustaining Cost (AISC) breakdown • Peer-leading efficiency
Legal Entity
Barrick Mining Corporation
Sector
Precious Metal
Founded
February 13, 1985
Employees
6,500
Reporting Currency
USD
Contact Phone
416 861 9911
Website
www.barrick.comHeadquarters Address
Brookfield Place, TD Canada Trust Tower , Toronto , ON M5J 2S1 , CA
Identifiers
Chief Executive Officer
Specialization: Former President & CEO | Barrick Gold Corporation | Gold Mining Industry Leader
Mark Bristow is a South African geologist and mining executive who served as President and CEO of Barrick Gold Corporation, the world's second-largest gold mining company, from January 2019 until his sudden departure in September 2025. He assumed the role following Barrick's $6.5 billion acquisition of Randgold Resources, the company he founded and led since its incorporation in 1995. His career spans over three decades of building and operating gold mines across Africa, making him one of the most influential figures in the global gold mining industry. A geologist by training with a PhD from the University of Natal in South Africa, Bristow built Randgold Resources from a startup into a FTSE 250-listed gold mining powerhouse. His pioneering exploration work in West Africa provided the foundation for Randgold's success, which included the discovery and development of major gold deposits in Mali, Côte d'Ivoire, and the Democratic Republic of Congo. Under his leadership, Randgold developed and operated world-class assets including the Loulo-Gounkoto complex in Mali and the Kibali mine in the DRC, which became Africa's largest gold mine. At Barrick, Bristow pursued an aggressive strategy of portfolio optimization, divesting non-core assets and focusing on tier-one gold mines. He championed the concept of partnership-based mining, most notably negotiating a landmark joint venture with the government of Tanzania to resolve a long-standing dispute over the North Mara and Bulyanhulu mines. He also oversaw the creation of the Nevada Gold Mines joint venture with Newmont Corporation, the world's largest gold mining complex. His approach emphasized sustainable value creation, host-country partnerships, and operational discipline. Bristow was known for his straight-talking, no-nonsense approach to the gold business and was a regular presence at major mining conferences and investment forums. He frequently spoke on the importance of real discovery, reserve replacement, and the dangers of gold miners destroying value through poor capital allocation. His abrupt departure from Barrick in September 2025 raised significant questions across the industry, given his outsized influence on the company's strategic direction and his role as one of the gold sector's most recognizable leaders.
Insider Ownership
50.00%
Chief Financial Officer
Specialization: Former Chief Financial Officer & Senior Executive Vice President | Barrick Gold Corporation | Senior Gold Mining Executive
Graham Shuttleworth served as Chief Financial Officer and Senior Executive Vice President at Barrick Gold Corporation, one of the world's largest gold mining companies. During his tenure at the helm of Barrick's financial operations, Shuttleworth played a central role in steering the company through a period of significant transformation, including navigating the complex merger with Randgold Resources in 2019 and managing the financial integration that followed. His responsibilities spanned financial strategy, capital allocation, treasury management, and investor relations for a company with operations spanning multiple continents. Shuttleworth's career at Barrick placed him at the nexus of some of the most consequential financial decisions in the gold mining sector. As CFO, he oversaw the company's balance sheet during periods of both gold price volatility and strategic portfolio optimization. He served as Chairman of the Treasury Committee and as a member of Barrick's Executive Committee, giving him direct influence over how one of the world's premier gold producers deployed capital across its portfolio of assets. His tenure coincided with Barrick's efforts to streamline operations, reduce debt, and refocus on tier-one gold assets. In November 2024, Shuttleworth presented at Barrick's Investor Day at the New York Stock Exchange, where he articulated the company's financial framework and supply chain strategy to institutional investors and analysts. His departure from Barrick was announced as part of a broader leadership shakeup at the company, reported by The Globe and Mail, as Barrick worked with activist shareholders to reinvigorate its operational and financial performance. For mining investors, Shuttleworth's insights carry weight because of his firsthand experience managing the financial complexities of a major gold producer during a transformative era. His perspective on gold sector capital allocation, cost management, and the financial metrics that matter most in evaluating mining companies offers valuable context for investors assessing gold producers and the broader precious metals sector.
Insider Ownership
5.00%
Operating Agreement
Project: Loulo-Gounkoto
Ownership: 80.0%
Source: 10-K, Partnership Agreements
Joint Venture
Project: Reko Diq
Ownership: 50.0%
Source: 10-K, Partnership Agreements
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The guest argues US deficit spending structurally requires inflation, making a return to the Fed's 2% target unlikely regardless of who chairs the Fed. This week's CPI and PPI readings plus Kevin Warsh's Thailand speech could reset rate expectations just before next week's FOMC meeting. Gold holding above $4,000 and silver oscillating around $60 after two huge up-years is consolidation, not weakness; gold is down only about 4% year to date. Gold seasonality turns favorable from November through January, driven by Indian festival demand, holiday jewelry buying, and year-end portfolio repositioning. Q3 margins for gold and silver producers remain historically strong, pointing to a solid earnings season, potential M&A, dividends, and buybacks.
TRX Gold is expanding Buckreef plant capacity from 2,000 to 5,500 tonnes per day, funded from operating cash flow rather than dilutive equity raises. Recovery rates improved from the mid-70s to mid-80s percent, driving consecutive quarterly production records even before the new mill arrives. An updated PEA (Preliminary Economic Assessment — a mid-stage economics study) is due in Q4 2026 with higher throughput and a longer open pit. Exploration is ramping to four or five drill rigs across ten geophysics targets, with Stamford Bridge already yielding the best intercept in Buckreef history. The CEO says execution, not marketing, will close the valuation gap, while Tanzania's 55/45 government joint venture framework remains the slow-moving overhang.
Hycroft's large Nevada gold-silver resource comes with a $2.4 billion mill bill against a $2 billion market cap and heavy dilution. 1911 Gold is hitting True North restart milestones for about CAD 59 million in initial capital, but is restarting without a feasibility study. Vizsla Silver's Panucco project is fully funded with permitting progressing, but January's abduction that killed nine workers is the real overhang. K92 Mining's fully funded expansion targets 400,000 ounces, but 2026 guidance of 190,000 to 225,000 means the ramp is still a promise. The host argues US deficits and interest costs make eventual Fed stimulus inevitable, so now is the time to accumulate quality juniors.
Reopening the McCabe mine through its ventilation raise cuts planned drilling costs about 95% — 60 holes for $200,000 instead of $9.6 million from surface. Arizona Eagle Mining's historic estimate is about 887,000 ounces at 11.7 g/t (grams per tonne), and lower modern cut-off grades should expand it. CEO Kevin Reid says C$5.5 million in cash covers the US$3.7 million underground re-entry budget, with drilling guided for May or June. Phase 1 surface drilling hit two economic intersections in seven wildcat holes, including a zinc-rich VMS (volcanogenic massive sulfide) copper discovery. The panel flags narrow veins, illiquidity and tax-loss season as near-term risks, while insiders hold roughly half the company.
Solidcore Resources, the renamed Polymetal, commits US$50 million to Japan Gold across an earn-in on five projects, premium equity, and a royalty top-up. The deal funds up to 34,000 metres of drilling versus about 3,000 under Barrick, with a written earn-in path through pre-feasibility and bankable feasibility. Japan Gold keeps 22 projects at 100%, retires its convertible debt, and adds cash — but shareholders absorb roughly 36% dilution and Solidcore takes control levers. Implied earn-in value of about C$71 million for five projects is roughly 2.6 times Japan Gold's entire enterprise value, yet the stock still trades below Solidcore's entry price.
Kingfisher's first 2026 assay — 8.8 metres of 38.50 g/t AuEq (gold-equivalent: combined value of all metals) — signals a fertile system. The CEO says the vein was hit serendipitously while drilling toward the porphyry target, boding well for undiscovered veins across the district. Early holes did not vector into the porphyry's core; 3D modeling of oriented drill core now redirects drilling north of the discovery hole. Epithermal alteration above a buried porphyry can mask it in IP (induced polarization geophysics) and magnetic data, complicating target selection. With four drill rigs and roughly 9,500 metres drilled, the CEO says over 30 million on hand keeps next year fully funded.
Rob McLeod sees investors rotating toward US-domiciled critical minerals companies, with copper at all-time highs driving institutional inbound interest. Cambria's new management is rebuilding the Premier Gold Complex restart around denser infill drilling, pushing its feasibility study to Q1 2027. Red Mountain is positioned as the early-years profit driver, with access road construction underway and underground development starting within months. The Mount Margaret spinout was deferred after shareholders backed keeping the copper-gold deposit, which remains open in virtually all directions. Mount Margaret sat idle for decades after the Mount St. Helens eruption halted exploration, despite over a century-spanning history of drilling.
Japan Gold's new $35 million alliance with Solidcore commits real dollars over three years — a structure the guest prefers over option-style deals. The deal covers five of Japan Gold's 27 projects, with Solidcore earning from 49 to 70 to 80 percent as it funds successive studies. Japan Gold is carried through bankable feasibility and can fund its 20 percent, sell half for cash plus a 1 percent royalty, or exit fully. Solidcore, formerly FTSE 100-listed Polymetall and now 30 percent owned by Oman's government, brings a $5.5 billion market cap and 120 geologists. First drilling under the alliance, Japan Gold's largest program ever, should start within 60 days using low-footprint rigs with water recycling.
The guest keeps gold's bull case intact through a painful consolidation, with $3,900–$4,000 support and $3,600 the next test if it breaks. He argues the Federal Reserve has no more bullets for aggressive hikes, calling current bond yields the highest since 2002. His portfolio uses GDX and GDXJ (gold miner sector ETFs) as a hub, then adds juniors and developers seen as eventual takeover targets. Critical minerals now make up roughly a quarter of his book, anchored by tungsten names as China supplies 81% of world output. He favours Nevada and Colombian explorers over riskier jurisdictions like the Congo, where nationalization concerns warrant a bigger discount.
StrikePoint agreed to pay Newmont $70 million US cash for Northumberland, adding 2.57 million indicated and 1.72 million inferred ounces. Closing is expected in early-to-mid September, with $25 million US more due after a feasibility study and after commercial production. A 15,000-metre October drill program, two-thirds reverse circulation, targets resource upgrade and expansion, with a PEA targeted for early 2028. The guest says the undrilled eastern limb and the Rockwell gap could support 8 to 10 million ounces; the last public estimate dates to 2010. A Canaccord-led $100 million US raise funds the purchase, leaving about $15 million, with a 10-for-1 consolidation ahead of a $2 unit.
President Shawn Khunkhun says Manh Choh's high-grade output self-funds growth, generating roughly $100 million in yearly free cash flow at his $3,700 budgeted gold price. Manh Choh's 2027 guidance: 75,000-80,000 ounces at $1,213-$1,300 cash costs (the direct cost to mine an ounce) as mining shifts into the richer South Pit. The guest argues 2025's rally - gold up 70%, silver 200% - and supportive governments make this mining's best financing market in a century. Management frames the portfolio at about 10 grams per tonne (metal content per tonne), with the new KB estimate lifting indicated silver ounces 93%. Direct shipping ore (DSO - ore sold without on-site processing) needs infrastructure and simple permitting; the guest credits it for Manh Choh's two-and-a-half-year feasibility-to-production timeline.
C3 Metals reports broad copper-gold drill intercepts in Peru, with a mineralized zone running from surface to 500 meters and still open. Best grades sit in magnetite skarn (iron-rich rock where copper concentrates); fresh drone magnetics and gravity surveys flag a larger anomaly two kilometers northeast. Freeport-McMoRan is funding 11,000 meters of deep drilling at Jamaica's Bellas Gate, chasing the higher-grade core of porphyry systems. The 50/50 Superblock joint venture drills below a historic pit that ran 20 grams per tonne gold, with assays due in the fourth quarter. About CAD 22 million goes across the three projects this year; C3 Metals funds 13.5 million and partners carry the balance.
Gold Royalty targets 28,000-34,000 gold equivalent ounces by 2030 — a six-fold rise — with 70% of that growth already permitted and built. The president projects about $100 million of free cash flow by 2030 at spot prices against flat G&A near $8 million and no debt. Growth is spread across Cote, REN, Vares, Borborema and Agnico's Odyssey, so no single asset carries the ramp and geopolitical risk stays low. The Vares copper stream reached commercial production under DPM Metals after a six-month mine-plan pause and could soon make copper a quarter of revenue. About $200 million of debt-free dry powder supports busy deal flow, while a sustainable, growable dividend is under internal discussion ahead of buybacks.
Palisades Goldcorp holds 1.7 billion warrants (rights to buy shares at set prices) across roughly 330 junior companies, or about 22 warrants per PALI share. Kettell says those warrants' intrinsic value rose 25-fold, from $2.5 million to $125 million, during the junior bull market's first innings. Weighted average warrant expiry is November 2028, giving shareholders about 26 months for the junior market recovery to play out. Palisades also founded New Found Gold, holds 90% of Nevada's largest junior claimholder Made in America Gold, and owns the Eco Ridge uranium project. Host Chen Lin argues the private assets could cover the share price, making Palisades' warrant exposure effectively free upside with no management or performance fees.
A2 Gold's Castle zone in Nevada returned 141.1 g/t gold over 0.9 m, the company's highest-grade Eastside intercept to date. The CEO credits new exploration leadership for shifting strategy toward high-grade feeder zones that materially improve deposit economics. Taylor, acquired in May, returned 200 g/t silver with gold and unexpectedly high-grade antimony in its first four drill results. Permitting for Taylor's skarn and porphyry targets could take 12 to 18 months, leaving Eastside as the 2027 focus. The guest argues public juniors must pursue district scale, since majors only buy multi-million-ounce, preferably higher-grade projects.
U.S. Gold Corp's fully permitted CK Gold Project in Wyoming offers near-term production potential, with CEO George Bee targeting output around 2029. The March feasibility study (the qualified document banks lend against) plans a 10-year mine on about 1.6 million gold-equivalent ounces. Bee cites roughly 20 percent IRR (internal rate of return — an annualized project return measure) and near-two-year payback at the study's $3,250 gold price. With about $31 million in cash and a tightly held share register, management prefers debt, offtakes, and a possible silver stream over equity dilution. Exploration upside sits at the Keystone project, 11 miles on trend from the Nevada Gold Mines Cortez complex, said to host over 50 million ounces.
Emperor Metals paid for this interview, so every project figure here is the company's own promotional case, not independent verification. The guest says machine-learning grade models added 20% more gold through Detour Lake's mill at the same rock tonnage. Lac Pelletier sits at 227,000 ounces; the guest targets 400,000 and pushed production to late 2028 after a Quebec engineer strike. Duquesne West's 1.46 million ounces are all inferred; the guest's deeper vision shifts from three-to-five million ounces to two-to-three times, then three-to-ten. Treasury holds about $5 million, drilling restarts mid-October, and roughly 40% of the last program's assays remain outstanding.
TRX Gold is expanding Buckreef from 2,000 to 5,500 tonnes per day using operating cash flow, targeting growth without shareholder dilution. The CEO cites roughly 30,000 ounces produced last year, $120 million run-rate revenue, and $80 million run-rate adjusted EBITDA. An updated economic study is due within about a quarter, with throughput and EBITDA expected well above the May 2025 study. Stamford Bridge drilling delivered the project's best intercepts, over 200 gram-tonne-metres, pointing to higher-grade ounces that could lower costs. Tanzania hosts major gold mines from AngloGold Ashanti, Perseus and Barrick, supplying experienced workers while TRX discusses a framework agreement with the government.
Two Papua New Guinea copper-gold projects anchor the pitch: Osina, beside K92's K-9-2 mine, and Kiliteke's 4.2 Moz gold-equivalent inferred resource. Management's Megaby drilling: 300+ m of strike open in all directions, a 38.7 g/t peak assay, and high-grade zones still open down plunge. Kiliteke's first assay batch found a massive sulfide body extending over 200 m, with outcrop samples to 12% copper; 600 kg await assays. An unfiltered stage pitch: no analyst pushback, a mid-presentation 'Standard disclosure' line, and every figure is management's own claim. Funding is staged: roughly 70 million shares, 45% with insiders, and a BMO-led marketed financing of up to 15 million.
Carlin Gold's Cortez Summit project borders the Four Mile gold structure near Elko, the Barrick and Newmont district the guest calls the world's most robust. Shareholders will receive a spun-out 5% royalty as a dividend, with a plan to list it next year as Summit Royalties. A $21.5 million Electrum financing at $1.30 a share, with a Canaccord component, would leave about $37 million in the treasury to fund drilling. A 12-to-15-hole drill program awaits permitting; a 2017 Barrick joint-venture hole hit the pathfinder elements (thallium, antimony, mercury, arsenic). The historic Ivy copper skarn north of Elko averaged 4.2% copper from 1870 to 1949, and a 3,000-metre drill program is planned.
Barrick's Q2 2026 beat operationally — gold production above guidance, costs inside — but attributable free cash flow collapsed to $141 million against $1.5 billion in shareholder returns, while the market fixated on the contested Newmont Nevada deal and pushed the stock down.
Barrick Got the Gold Right and the Strategy Wrong? - Q2 2026 Earnings Read article Barrick Mining delivered record Q4 revenue of $6 billion and adjusted EPS of $1.04, beating consensus, yet the stock fell as much as 6% as investors focused on declining 2026 production guidance and the planned IPO of its North American Gold assets.
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