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Barrick Mining
(NYSE:ABX)
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Rating:81Outperform
Price Target:
C$66.00
â–²(11.20% Upside)
Action:Reiterated
Date:06/23/26
The score is driven primarily by excellent financial performance (strong profitability, cash generation, and very low leverage) and a supportive valuation (low P/E plus dividend). The earnings call was constructive with reaffirmed guidance and significant capital returns, partially tempered by operational and project risks. Technical indicators are neutral, providing limited additional support.
Positive Factors
Balance sheet strength
A near-zero debt-to-equity position and large equity base provide durable financial flexibility, lowering refinancing and liquidity risk. This supports sustained capital allocation to projects, dividends and buybacks, and cushions cyclical commodity downturns over the next 2–6 months.
Negative Factors
Reko Diq uncertainty
Regulatory, contractor and security uncertainty at Reko Diq creates a sustained cash drag and project execution risk. Ongoing monthly holding costs and unresolved contracting elevate downside to capital returns and project timing until a contracting strategy or regulatory clarity is achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
A near-zero debt-to-equity position and large equity base provide durable financial flexibility, lowering refinancing and liquidity risk. This supports sustained capital allocation to projects, dividends and buybacks, and cushions cyclical commodity downturns over the next 2–6 months.
Read all positive factors
Barrick Mining (ABX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$85.13B
Dividend Yield1.17%
Average Volume (3M)4.82M
Price to Earnings (P/E)10.0
Beta (1Y)1.90
Revenue Growth42.43%
EPS Growth170.59%
CountryCA
Employees27,000
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)3.63
Shares Outstanding1,675,508,300
10 Day Avg. Volume3,003,335
30 Day Avg. Volume4,820,314
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$78.47Price Target Upside32.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)5.26
Revenue Forecast (FY)C$30.82B
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:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational delivery and a step-change in financial performance (production above guidance, double-digit EBITDA growth, materially higher free cash flow, $2.4B net cash, $3B buyback and a regular dividend) and outlined clear progress on key growth projects (Lumwana, Fourmile) and the North America IPO timeline. These positives were offset by important risks and challenges: safety has improved but is still short of targets, Reko Diq faces contractor and security-driven uncertainty with material holding costs (~$20M/month), throughput/recovery work remains at Pueblo Viejo, and there are contractor/country risks in parts of Africa. On balance the highlights and durable financial/operational improvements materially outweigh the cited issues, though management continues to monitor and address the lowlights.Positive Updates
Gold Production Above Guidance
Barrick produced 719,000 oz of gold in Q1 2026, above guidance and up 4% year-over-year, driven by a 10% YoY increase in North America and strong performance at Veladero and Loulo-Gounkoto.
Negative Updates
Safety Performance Still Short of Target
Management acknowledged safety remains below desired levels despite improvement: too many near misses, continued work required. While significant/high-severity injuries declined and 63% of injuries were classified as minor this quarter, leadership stressed zero-harm is not yet achieved.
Read all updates
Q1-2026 Updates
Positive
Negative
Gold Production Above Guidance
Barrick produced 719,000 oz of gold in Q1 2026, above guidance and up 4% year-over-year, driven by a 10% YoY increase in North America and strong performance at Veladero and Loulo-Gounkoto.
Read all positive updates
Company Guidance
Management said 2026 production and cost guidance remains unchanged and gave Q2 gold guidance of 730,000–770,000 oz (up from Q1’s 719,000 oz and with higher production expected in Q3 and Q4), with copper production expected to be stronger in H2 (Q1 copper was ~49,000 t). They reaffirmed Lumwana expansion on track for the original ~$2.0 billion budget and to lift mill throughput from 27 million to 52 million tpa and copper output from ~117,000 tpa to ~240,000 tpa (first copper from the expansion by Q1 2028), and Fourmile PFS is targeted for 2028 with expanded drilling through 2026. The North American gold IPO remains on track for completion by end‑2026 (filings/marketing late summer/fall), capital returns include a quarterly base dividend of $0.175/share plus a year‑end top‑up (targeting a payout ratio) and a $3.0 billion buyback authorization, and the company cited balance‑sheet flexibility with $2.4 billion net cash, an undrawn $3.0 billion revolver and no meaningful debt maturity until 2033.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 | 19.04B | 17.15B | 12.92B | 11.40B | 11.01B | 11.98B |
| Gross Profit | 10.49B | 8.27B | 4.96B | 3.46B | 3.52B | 4.90B |
| EBITDA | 11.80B | 10.78B | 7.01B | 5.54B | 3.70B | 6.65B |
| Net Income | 6.12B | 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
Negative
59.35
Price Trends
55.83
Negative
57.27
Negative
56.57
Negative
Market Momentum
-1.29
Positive
40.67
Neutral
35.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ABX, the sentiment is Negative. The current price of 59.35 is above the 20-day moving average (MA) of 54.23, above the 50-day MA of 55.83, and above the 200-day MA of 56.57, indicating a bearish trend. The MACD of -1.29 indicates Positive momentum. The RSI at 40.67 is Neutral, neither overbought nor oversold. The STOCH value of 35.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | C$85.13B | 10.04 | 23.48% | 1.17% | 42.43% | 170.59% | |
79 Outperform | C$103.57B | 13.55 | 22.02% | 0.91% | 50.46% | 123.62% | |
76 Outperform | C$54.69B | 28.54 | 18.68% | 0.72% | 70.06% | 119.01% | |
76 Outperform | C$39.66B | 10.13 | 34.46% | 0.43% | 41.92% | 138.48% | |
74 Outperform | C$69.33B | 27.40 | 21.33% | 0.55% | 86.33% | 186.98% | |
74 Outperform | C$18.55B | 14.48 | 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
51.26
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81.85%
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59.73%
TSE:WPM
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TSE:LUG
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27.14%
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.