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Barrick Mining (TSE:ABX)
TSX:ABX
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Barrick Mining (ABX) AI Stock Analysis

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TSE:ABX

Barrick Mining

(TSX:ABX)

Rating:79Outperform
Price Target:
C$41.00
▲(8.87% Upside)
Barrick Mining's overall stock score is driven by its strong financial performance and positive earnings call, which highlight robust profitability, operational efficiency, and strategic capital allocation. While technical indicators suggest overbought conditions, the company's reasonable valuation and promising outlook support a favorable score.
Positive Factors
Copper production and costs
The copper business looks good with production above the midpoint and costs at the low end of guidance.
Gold discovery
Fourmile is rapidly competing to be the largest and highest grade gold discovery in the industry, with potential for a significant increase in resource.
Negative Factors
Mali shutdown
The shutdown in Mali is costing the company ~$15M per month in cash.
Unit costs
Unit costs are coming in above guidance.

Barrick Mining (ABX) vs. iShares MSCI Canada ETF (EWC)

Barrick Mining Business Overview & Revenue Model

Company DescriptionBarrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties. It has ownership interests in producing gold mines that are located in Argentina, Canada, Côte d'Ivoire, the Democratic Republic of Congo, Dominican Republic, Mali, Tanzania, and the United States. The company also has ownership interests in producing copper mines located in Chile, Saudi Arabia, and Zambia; and various other projects located throughout the Americas and Africa. Barrick Gold Corporation was founded in 1983 and is headquartered in Toronto, Canada.
How the Company Makes MoneyBarrick Gold generates revenue primarily through the sale of gold and copper produced from its mining operations. The company employs a revenue model based on the extraction and processing of these minerals, which are sold in global commodity markets. Key revenue streams include gold production, which constitutes the majority of Barrick's earnings, and copper production, which provides additional income. The company also benefits from strategic partnerships and joint ventures that enhance its operational efficiency and market reach. Additionally, fluctuations in gold and copper prices significantly impact Barrick's revenue; thus, the company closely monitors market trends and engages in risk management to protect against price volatility. Furthermore, Barrick's focus on cost management and operational excellence helps maintain profitability even in challenging market conditions.

Barrick Mining Earnings Call Summary

Earnings Call Date:Aug 11, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Positive
The earnings call highlighted a strong performance with record earnings per share, a robust net cash position, and operational improvements. Despite some challenges in Mali and stockpile management, the company's outlook appears promising.
Q2-2025 Updates
Positive Updates
Earnings Per Share Surge
Earnings per share more than doubled compared to last year with adjusted earnings per share at $0.47, marking the highest since 2013.
Net Cash Position
The company finished the quarter in a net cash position, allowing continued share buybacks and strengthening of the balance sheet.
Significant Dividend Announcement
A total dividend of $0.15 per share was approved, including a $0.05 performance top-up.
Operational Improvements
Production improved across the portfolio with solid contributions from Nevada Gold Mines, Pueblo Viejo, Kibali, and Lumwana.
Reduction in All-In Sustaining Costs
Attributable gold production increased and there was a continued reduction in all-in sustaining costs.
Successful Sale of Donlin Gold Project
Completed the sale of interest in the Donlin Gold project for $1 billion, reflecting a disciplined approach to capital allocation.
Record Adjusted Earnings Per Share
Achieved the best quarterly adjusted earnings per share in over a decade, supported by improved operating performance and a stronger gold price.
Significant Safety Improvements
Achieved a 50% decrease in Lost Time injuries and a 37% decrease in Total Injuries year-to-date compared to the same period last year.
Negative Updates
Operational Challenges in Mali
Complications in Mali with activities affecting the process, though arbitration and negotiations are ongoing.
Loulo-Gounkoto Asset Impairment
Partial impairment of the Loulo-Gounkoto asset due to loss of control after the government appointed an administrator.
Challenges with Stockpile Deterioration
Some stockpiles, particularly at Pueblo Viejo, are deteriorating, affecting the blend and cash flow.
Company Guidance
In Barrick's second quarter of 2025 results call, President and CEO Mark Bristow highlighted several key metrics and strategic moves. The company's adjusted earnings per share soared to $0.47, the highest since 2013, with net cash provided by operating activities reaching $1.33 billion, a 35% increase from the previous quarter. Barrick maintained a net cash position, enabling continued share buybacks and a total dividend of $0.15 per share, including a $0.05 performance top-up. The company reported improved production across its portfolio, notably from Nevada Gold Mines, Pueblo Viejo, and Lumwana, with a focus on reducing all-in sustaining costs. Barrick completed the sale of its interest in the Donlin Gold project for $1 billion as part of its disciplined capital allocation strategy. Safety improvements were also notable, with a 50% decrease in Lost Time injuries year-to-date. The guidance for the second half of the year aligns with Barrick's initial projections, expecting higher production volumes and lower costs.

Barrick Mining Financial Statement Overview

Summary
Barrick Mining demonstrates strong financial health with robust profitability, a solid balance sheet, and effective cash flow management. The company maintains low leverage and showcases operational efficiency, although revenue growth is moderate.
Income Statement
85
Very Positive
Barrick Mining exhibits strong profitability with a Gross Profit Margin of 40.4% and a Net Profit Margin of 17.5% for TTM. Revenue grew by 3% from the previous year, indicating stable growth. The EBIT Margin is healthy at 36.4%, and the EBITDA Margin is robust at 54.8%, reflecting operational efficiency.
Balance Sheet
78
Positive
The company maintains a solid financial position with a Debt-to-Equity Ratio of 0.19, indicating low leverage. The Return on Equity stands at 9.5%, showcasing efficient use of equity. The Equity Ratio is strong at 50.8%, emphasizing a balanced capital structure.
Cash Flow
82
Very Positive
Barrick Mining demonstrates strong cash flow management with a Free Cash Flow growth of 29% from the previous year. The Operating Cash Flow to Net Income Ratio is 2.1, highlighting cash-generating capability. The Free Cash Flow to Net Income Ratio is 0.73, indicating effective cash conversion.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue13.30B12.92B11.40B11.01B11.98B12.60B
Gross Profit5.37B4.96B3.46B3.52B4.90B5.18B
EBITDA7.30B7.01B5.16B3.70B6.65B7.73B
Net Income2.32B2.14B1.27B432.00M3.29B3.61B
Balance Sheet
Total Assets48.14B47.63B45.81B45.97B46.89B46.51B
Cash, Cash Equivalents and Short-Term Investments4.10B4.07B4.15B4.44B5.28B5.19B
Total Debt4.73B5.26B5.22B5.25B5.47B5.36B
Total Liabilities14.58B14.37B13.81B14.68B14.58B14.80B
Stockholders Equity24.45B24.29B23.34B22.77B23.86B23.34B
Cash Flow
Free Cash Flow1.70B1.32B646.00M432.00M1.94B3.36B
Operating Cash Flow4.98B4.49B3.73B3.48B4.38B5.42B
Investing Cash Flow-2.83B-2.76B-2.82B-1.71B-1.90B-1.29B
Financing Cash Flow-1.98B-1.79B-1.21B-2.60B-2.39B-2.25B

Barrick Mining Technical Analysis

Technical Analysis Sentiment
Positive
Last Price37.66
Price Trends
50DMA
31.22
Positive
100DMA
29.01
Positive
200DMA
26.73
Positive
Market Momentum
MACD
1.90
Negative
RSI
79.63
Negative
STOCH
93.74
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ABX, the sentiment is Positive. The current price of 37.66 is above the 20-day moving average (MA) of 34.58, above the 50-day MA of 31.22, and above the 200-day MA of 26.73, indicating a bullish trend. The MACD of 1.90 indicates Negative momentum. The RSI at 79.63 is Negative, neither overbought nor oversold. The STOCH value of 93.74 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ABX.

Barrick Mining Peers Comparison

Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
79
Outperform
$64.25B16.9511.41%1.86%20.13%90.22%
62
Neutral
$10.28B6.210.76%2.84%3.10%-36.03%
$74.11B25.0613.92%1.05%
$36.68B46.6112.61%0.78%
$26.25B17.5222.05%0.54%
$46.70B58.9110.60%0.62%
$13.26B38.1810.18%0.31%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:ABX
Barrick Mining
39.37
13.80
53.95%
AEM
Agnico Eagle
151.85
75.26
98.26%
FNV
Franco-Nevada
193.79
74.65
62.66%
KGC
Kinross Gold
22.11
13.67
161.97%
WPM
Wheaton Precious Metals
104.24
46.16
79.48%
AGI
Alamos Gold
32.19
14.11
78.04%

Barrick Mining Corporate Events

Stock BuybackDividendsBusiness Operations and Strategy
Barrick Mining Enhances Dividend and Expands Share Buyback Program
Positive
Aug 11, 2025

Barrick Mining Corporation has announced an enhanced dividend of $0.15 per share for the second quarter of 2025, in line with its Performance Dividend Policy. Additionally, the company repurchased 13.50 million shares during Q2 as part of its share buyback program, totaling approximately 21.19 million shares repurchased this year. These actions reflect Barrick’s strategy to provide significant returns to shareholders while maintaining a strong balance sheet, supported by solid operating performance and strategic initiatives.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$28.50 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Stock BuybackDividendsBusiness Operations and StrategyFinancial Disclosures
Barrick Mining Reports Strong Q2 2025 Performance with Increased Production and Shareholder Returns
Positive
Aug 11, 2025

Barrick Mining Corporation reported a robust second quarter in 2025, with increased production of gold and copper, leading to higher free cash flow and net earnings per share. The company has made significant progress on its Tier One projects and returned substantial capital to shareholders through dividends and share buybacks. The improved performance is attributed to operational enhancements and higher commodity prices, positioning Barrick for a strong second half of the year. Additionally, Barrick has made strides in sustainability initiatives, including a reduction in lost time injuries and the safe closure of tailings storage facilities.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$28.50 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Executive/Board ChangesBusiness Operations and Strategy
Barrick Mining Appoints Ben van Beurden as Lead Director
Positive
Aug 11, 2025

Barrick Mining Corporation has appointed Ben van Beurden as the new Lead Independent Director of the Board, succeeding Brett Harvey. Van Beurden, former CEO of Shell, brings extensive experience in the energy and natural resources sectors, which is expected to enhance Barrick’s strategic direction and governance. His appointment is part of Barrick’s ongoing initiative to refresh its board composition to better navigate industry dynamics and deliver sustainable value to shareholders.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$28.50 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

M&A TransactionsBusiness Operations and Strategy
Barrick Mining Sells Alturas Project to Boroo for $50 Million
Positive
Aug 8, 2025

Barrick Mining Corporation has announced the sale of its Alturas Project in Chile to Boroo Pte Ltd for $50 million, along with a 0.5% net smelter return royalty on gold and silver produced from the project. The sale aligns with Barrick’s strategy to optimize its asset portfolio by focusing on long-life, sustainable Tier One gold and copper operations. The transaction is expected to strengthen Barrick’s balance sheet and support its growth projects, while Boroo is anticipated to effectively manage the Alturas Project, benefiting stakeholders.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$28.50 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Business Operations and StrategyRegulatory Filings and Compliance
Barrick Mining Enhances Transparency with New TSF Disclosures
Positive
Aug 5, 2025

Barrick Mining Corporation has published additional disclosures for its tailings storage facilities (TSFs) in line with the Global Industry Standard on Tailings Management (GISTM), underscoring its commitment to transparency and responsible operations. The company is actively working on bringing inactive TSFs to Safe Closure, with 13 facilities already closed and five more targeted for next year, ensuring long-term environmental and human health safety.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$28.50 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Product-Related AnnouncementsBusiness Operations and Strategy
Nevada Gold Mines and Komatsu Launch Autonomous Haulage Partnership
Positive
Aug 4, 2025

Nevada Gold Mines and Komatsu have launched a groundbreaking partnership to implement Komatsu’s FrontRunner Autonomous Haulage System in the U.S., marking a significant advancement in mining operations. This initiative aims to enhance safety and efficiency by automating haul trucks, supported by a 5G network from Sedna and Nokia, setting a new standard for the industry and demonstrating a commitment to innovative, sustainable mining practices.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$28.50 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Business Operations and Strategy
Barrick Mining Highlights Six Years of Sustainability Achievements
Positive
Aug 1, 2025

Barrick Mining Corporation recently held its Annual Sustainability Update, emphasizing its commitment to sustainability and stakeholder engagement. The company released a new Summary Sustainability Report, highlighting achievements such as transitioning to renewable energy, distributing over $70 billion to various stakeholders, and forming local partnerships to build essential infrastructure. These efforts underscore Barrick’s dedication to transparent reporting and advancing its sustainability strategy globally.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$40.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Financial Disclosures
Barrick Mining to Announce Q2 2025 Results on August 11
Neutral
Jul 17, 2025

Barrick Mining Corporation announced that it will release its second quarter 2025 results on August 11, 2025, before the market opens. The release will be followed by a webcast hosted by President and CEO Mark Bristow, which will include a presentation and a Q&A session with analysts. This announcement is significant for stakeholders as it provides insights into the company’s financial performance and strategic direction.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$27.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Business Operations and Strategy
Barrick Mining Advances $2 Billion Lumwana Expansion to Boost Copper Production
Positive
Jul 10, 2025

Barrick Mining Corporation is advancing the $2 billion Super Pit Expansion Project at its Lumwana mine in Zambia, aiming to transform it into a Tier One copper mine. This expansion is expected to double copper production and significantly contribute to Zambia’s economy through local procurement and employment. The project aligns with Zambia’s Mining and Minerals 2031 policy, fostering regional development and environmental sustainability through initiatives like a REDD+ forest conservation program. Barrick’s efforts at Lumwana underscore its commitment to sustainable mining and strengthening partnerships with local communities and the Zambian government.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$33.50 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Business Operations and Strategy
Barrick’s Twiga Partnership Celebrates Five Years of Growth in Tanzania
Positive
Jul 7, 2025

The Twiga partnership between Barrick Mining Corporation and the Tanzanian government has marked its fifth anniversary, showcasing significant contributions to the country’s economy and infrastructure. Barrick has invested $4.79 billion in Tanzania since 2019, with a strong focus on local procurement and workforce development. The partnership has led to advancements in mining operations, education, and community relations, positioning Barrick as a key economic contributor and a model for sustainable mining practices.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$27.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Business Operations and Strategy
Barrick Mining’s Kibali Mine Shows Promising Growth and Sustainability Initiatives
Positive
Jul 2, 2025

Barrick Mining Corporation has announced promising drilling results from the ARK-KCD corridor at its Kibali mine, indicating potential for significant reserve growth and extended mine life. The Kibali mine is a major economic contributor to the DRC, with over $6.3 billion invested locally. Barrick emphasizes sustainable practices, with 85% renewable energy use and biodiversity initiatives, including the introduction of white rhinos into Garamba National Park. The company continues to focus on local partnerships and capacity building, reinforcing its commitment to long-term sustainable growth in the region.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$27.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Legal ProceedingsBusiness Operations and Strategy
Barrick Mining Engages in Arbitration Amid Mali Dispute
Negative
Jun 16, 2025

Barrick Mining Corporation is currently involved in an arbitration process with the State of Mali, following a court ruling that placed its Loulo-Gounkoto complex under provisional administration. This move by the Malian government, which included blocking gold exports and seizing stocks, has led to operational disruptions and employee detentions, which Barrick views as unjustified. Despite these challenges, Barrick remains committed to resolving the dispute through dialogue and arbitration, emphasizing the need for mutual respect and legal certainty to maintain Mali’s credibility as an investment destination.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$27.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

M&A TransactionsBusiness Operations and Strategy
Barrick Mining Sells 50% Stake in Donlin Gold Project for $1 Billion
Neutral
Jun 3, 2025

Barrick Mining Corporation has finalized the sale of its 50% stake in the Donlin Gold Project in Alaska to Paulson Advisers LLC and NOVAGOLD Resources Inc. for $1 billion in cash. This divestiture is a strategic move that could impact Barrick’s operational focus and financial positioning, potentially allowing the company to reallocate resources to other projects or investments, thereby influencing its market strategy and stakeholder interests.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$27.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Legal ProceedingsBusiness Operations and Strategy
Barrick Mining Challenges Malian Government’s Move on Loulo-Gounkoto Operations
Negative
May 26, 2025

Barrick Mining Corporation is currently opposing the Malian government’s attempt to take over the day-to-day operations of the Loulo-Gounkoto mining complex. The government has requested a court-appointed provisional administration, which Barrick argues is unjustified and contrary to Malian law and existing agreements. Despite the suspension of operations and the detention of employees, Barrick continues to support its workforce and seeks a fair resolution through international arbitration. The company’s actions highlight its commitment to protecting its investments and ensuring the long-term viability of its operations in Mali.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$27.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

Business Operations and Strategy
Barrick Mining Advances Sustainable Development Goals with New Report
Positive
May 19, 2025

Barrick Mining Corporation has released its 2024 Sustainability Report, ‘Beyond the Horizon,’ highlighting its commitment to the United Nations’ Sustainable Development Goals. The report details Barrick’s efforts in economic growth, social progress, and environmental protection, including over $100 billion distributed in economic value and $200 million invested in community-led projects since its 2019 merger. The company is also recalibrating its greenhouse gas emissions profile to align with its expanding production base and renewable energy initiatives, aiming for a Net Zero target by 2050. Barrick’s new site-level Sustainable Development Goal performance framework underscores its dedication to transparent, community-focused progress, with significant investments in local economies and infrastructure.

The most recent analyst rating on (TSE:ABX) stock is a Buy with a C$27.00 price target. To see the full list of analyst forecasts on Barrick Mining stock, see the TSE:ABX Stock Forecast page.

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.Date of analysis: Aug 23, 2025