Barrick Mining Corporation (TSE:ABX)
NYSE:ABX
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Barrick Mining
(NYSE:ABX)
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Rating:77Outperform
Price Target:
C$65.00
â–²(9.52% Upside)
Action:Reiterated
Date:06/10/26
Score is driven primarily by very strong financial performance (high profitability, strong cash generation, and an excellent balance sheet). Valuation is supportive (low P/E and a moderate dividend), but the overall score is held back by weaker near-term technical momentum (below key moving averages with slightly negative MACD).
Positive Factors
Strong revenue and margin expansion
Significant multi-year revenue growth alongside materially higher margins demonstrates durable scale and improved operating leverage. Sustained profitability enhances internal funding for sustaining capex, exploration and shareholder returns, strengthening long-term financial resilience.
Negative Factors
Commodity-driven cyclical earnings
Earnings, margins and cash flows remain tightly linked to gold and copper prices and production mix; commodity cycles can reverse profitability quickly, complicating multi-year planning for capex, dividends and reinvestment and increasing cash-flow volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and margin expansion
Significant multi-year revenue growth alongside materially higher margins demonstrates durable scale and improved operating leverage. Sustained profitability enhances internal funding for sustaining capex, exploration and shareholder returns, strengthening long-term financial resilience.
Read all positive factors
Barrick Mining (ABX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$95.64B
Dividend Yield1.17%
Average Volume (3M)5.75M
Price to Earnings (P/E)11.1
Beta (1Y)1.87
Revenue Growth42.43%
EPS Growth170.59%
CountryCA
Employees22,100
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)3.63
Shares Outstanding1,675,508,300
10 Day Avg. Volume6,407,455
30 Day Avg. Volume5,754,839
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)2.80
Price to Sales (P/S)4.33
P/FCF Ratio17.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$78.67Price Target Upside32.55% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)5.36
Revenue Forecast (FY)C$31.29B
Barrick Mining Business Overview & Revenue Model
Company Description
Barrick Gold Corporation specializes in the comprehensive process of gold and copper mining, encompassing exploration, mine development, production, and sales. The company maintains significant ownership stakes in operational gold mines situated i...
How the Company Makes Money
Barrick makes money primarily by producing and selling gold and copper from its owned and operated mining operations.
Key revenue streams include:
- Gold sales: The largest contributor to revenue is generally the sale of gold produced from Barric...
Barrick Mining Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive message: management reported multiple record financial metrics (revenues, cash flow, free cash flow, EBITDA growth, net cash), strong shareholder returns (buybacks and materially increased dividends), operational momentum in key regions (North America, copper), and progress on growth assets (Fourmile, Kibali). Material challenges were also acknowledged—most notably safety incidents, PV metallurgical/recovery shortfalls, a 13% decline in gold sales volume in 2025, talent shortages in Nevada, and some near‑term cost pressures and financing reviews. On balance, the positive financial performance, balance sheet strength, and concrete plans (including an announced North America IPO process and updated capital allocation policy) outweigh the operational and safety issues raised, though those issues require active management going forward.Positive Updates
Record Financial Performance
Quarterly and annual records: revenues up 45% QoQ, realized gold price up 21% QoQ, record quarterly cash flow, free cash flow, adjusted EPS and cash balance. Annual cash flow from operations of $7.7 billion and free cash flow of $3.9 billion (free cash flow up 194% YoY). Net cash position of $2.0 billion.
Negative Updates
Safety Failures and Fatalities
Company acknowledged four fatalities at Fort Huge (referenced during call) in the prior year; safety remains highest priority and Q4 performance on safety 'was not where we needed it to be,' prompting remuneration and bonus-structure changes to emphasize safety.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Financial Performance
Quarterly and annual records: revenues up 45% QoQ, realized gold price up 21% QoQ, record quarterly cash flow, free cash flow, adjusted EPS and cash balance. Annual cash flow from operations of $7.7 billion and free cash flow of $3.9 billion (free cash flow up 194% YoY). Net cash position of $2.0 billion.
Read all positive updates
Company Guidance
Management guided 2026 gold production of 2.9–3.25 million ounces (2025: 3.26M; like‑for‑like ~3.0M excluding Tongon and Hemlo) with a ~45%/55% H1/H2 split as ramp‑ups at Lulu/Kuncutta, Goldrush and PV offset marginally lower output at Carlin/Turquoise Ridge, and copper production of 192,000–220,000 tonnes (2025: 220k) with Q1 the weakest and Q2–Q3 the strongest quarters; they left detailed cost/CapEx guidance unspecified (management suggested costs broadly flat). 2025 year‑end balance‑sheet and resource metrics underpin the outlook: $7.7 billion operating cash flow and $3.9 billion free cash flow (up 194% YoY), $2 billion net cash, $1.5 billion of buybacks (3% reduction in share count), attributable P&P gold reserves of 85 million ounces and M&I resources of 150 million ounces (plus ~43 million inferred), and attributable P&P copper reserves of 18 million tonnes and M&I resources of 24 million tonnes (plus ~4 million inferred), using 2025 price assumptions of $1,500/oz (reserves) and $2,000/oz (resources) for gold and $3.25/lb (reserves) and $4.54/lb (resources) for copper. The board introduced a new capital return framework targeting a 50% payout of attributable free cash flow, raised the base dividend to 17.5¢/quarter (Q4 special dividend $0.42/share), will not renew the buyback program, and is preparing an IPO of North American assets aimed at late‑2026 with an initial float in the order of 10–15%.Barrick Mining Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.02B | 17.15B | 12.92B | 11.40B | 11.01B | 11.98B |
| Gross Profit | 10.15B | 8.27B | 4.96B | 3.46B | 3.52B | 4.90B |
| EBITDA | 12.95B | 10.78B | 7.01B | 5.54B | 3.70B | 6.65B |
| Net Income | 6.09B | 5.08B | 2.14B | 1.27B | 432.00M | 2.02B |
Balance Sheet | ||||||
| Total Assets | 52.62B | 51.48B | 47.63B | 45.81B | 45.97B | 46.89B |
| Cash, Cash Equivalents and Short-Term Investments | 7.14B | 6.69B | 4.07B | 4.15B | 4.44B | 5.28B |
| Total Debt | 4.73B | 4.74B | 5.26B | 5.22B | 5.25B | 5.47B |
| Total Liabilities | 15.82B | 15.63B | 14.37B | 13.81B | 14.68B | 14.58B |
| Stockholders Equity | 27.36B | 26.51B | 24.29B | 23.34B | 22.77B | 23.86B |
Cash Flow | ||||||
| Free Cash Flow | 5.28B | 4.19B | 1.32B | 646.00M | 432.00M | 1.94B |
| Operating Cash Flow | 9.24B | 8.08B | 4.49B | 3.73B | 3.48B | 4.38B |
| Investing Cash Flow | -1.05B | -1.15B | -2.76B | -2.82B | -1.71B | -1.90B |
| Financing Cash Flow | -5.15B | -4.26B | -1.79B | -1.21B | -2.60B | -2.39B |
Barrick Mining Technical Analysis
Neutral
59.35
Price Trends
56.97
Positive
59.03
Negative
55.60
Positive
Market Momentum
0.09
Negative
50.10
Neutral
73.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ABX, the sentiment is Neutral. The current price of 59.35 is above the 20-day moving average (MA) of 57.12, above the 50-day MA of 56.97, and above the 200-day MA of 55.60, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 50.10 is Neutral, neither overbought nor oversold. The STOCH value of 73.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:ABX.
Barrick Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | C$118.04B | 15.61 | 22.02% | 0.91% | 50.46% | 123.62% | |
77 Outperform | C$95.64B | 11.09 | 23.48% | 1.17% | 42.43% | 170.59% | |
76 Outperform | C$59.83B | 30.84 | 18.68% | 0.72% | 70.06% | 119.01% | |
76 Outperform | C$45.02B | 11.18 | 34.46% | 0.43% | 41.92% | 138.48% | |
74 Outperform | C$78.57B | 30.91 | 21.33% | 0.55% | 86.33% | 186.98% | |
74 Outperform | C$19.46B | 15.07 | 68.29% | 2.47% | 49.56% | 67.17% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:ABX
Barrick Mining
57.08
28.93
102.78%
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310.22
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36.99%
TSE:K
Kinross Gold
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78.49%
TSE:WPM
Wheaton Precious Metals
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TSE:LUG
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23.56%
Barrick Mining Corporate Events
Business Operations and StrategyFinancial Disclosures
Barrick Sets Date for First-Quarter 2026 Results and Investor Webcast
Neutral
Apr 10, 2026
Barrick Mining Corporation will publish its first quarter 2026 financial results before the market opens on May 11, 2026, followed by a live webcast and presentation later that morning, with a question-and-answer session for analysts. The schedule...
Regulatory Filings and ComplianceShareholder Meetings
Barrick Publishes 2026 Circular and Sets Fully Virtual Annual Meeting
Neutral
Apr 8, 2026
Barrick Mining Corporation has published its 2026 Information Circular and related materials for shareholders ahead of its upcoming annual meeting, making them available on key regulatory platforms and the company’s website. The documents pr...
Business Operations and StrategyLegal Proceedings
Barrick Wins Ontario Appeal in Tanzanian Human Rights Case Tied to North Mara Mine
Positive
Apr 8, 2026
Barrick Mining has welcomed a ruling by the Ontario Court of Appeal that dismissed an appeal by Tanzanian residents over alleged human rights abuses by the Tanzanian Police Force near the North Mara gold mine, confirming that such claims should be...
Business Operations and Strategy
Barrick Slows Reko Diq Development Amid Rising Security Risks and Cost Pressures
Negative
Apr 2, 2026
Barrick Mining has slowed development of its Reko Diq copper-gold project in Pakistan, extending a comprehensive review of the asset until mid-2027 amid escalating security risks in the country and wider region. The company continues to view Reko ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.