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Barrick Mining
(NYSE:ABX)
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Rating:85Outperform
Price Target:
C$72.00
â–²(37.56% Upside)
Action:Reiterated
Date:08/10/26
Overall score is driven primarily by excellent financial performance (strong profitability, cash generation, and very low leverage). The latest earnings call supports the outlook with reiterated guidance, robust shareholder returns, and strategic progress, partially offset by safety/one-off cash flow impacts and disclosure gaps. Technicals are bullish but near overbought, while valuation remains supportive with a ~12 P/E and ~2.1% yield.
Positive Factors
Strong balance sheet
Very low leverage and a large equity base provide durable financial flexibility to fund growth, return capital, and withstand commodity cyclicality. With net cash and an undrawn revolver, the company can pursue capex, buybacks or weather price shocks without forcing short-term asset sales.
Negative Factors
Regulatory cash hit (Loulo‑Gounkoto)
A retroactive regulatory payment highlights sovereign and policy risk in certain jurisdictions. Such charges can recur or signal broader fiscal reinterpretations, creating cash volatility, increasing required reserves and complicating long-term project economics and planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet
Very low leverage and a large equity base provide durable financial flexibility to fund growth, return capital, and withstand commodity cyclicality. With net cash and an undrawn revolver, the company can pursue capex, buybacks or weather price shocks without forcing short-term asset sales.
Read all positive factors
Barrick Mining (ABX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$95.13B
Dividend Yield2.19%
Average Volume (3M)3.99M
Price to Earnings (P/E)10.8
Beta (1Y)2.07
Revenue Growth48.57%
EPS Growth142.08%
CountryCA
Employees27,000
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)3.87
Shares Outstanding1,645,884,400
10 Day Avg. Volume3,352,740
30 Day Avg. Volume3,988,118
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)2.80
Price to Sales (P/S)4.38
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$72.86Price Target Upside39.21% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)5.08
Revenue Forecast (FY)C$30.25B
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:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call reported strong operational and financial momentum: production beat guidance, adjusted EBITDA and net earnings rose ~50% YoY, growth projects are on time and on budget, capital returns and balance sheet position are robust, and the Newmont agreement plus IPO progress are material strategic positives. Notable negatives include safety incidents, a one‑time $400M Loulo‑Gounkoto payment that reduced quarterly free cash flow, weather‑related operational disruptions, and investor uncertainty due to limited disclosure on the $4B Newmont package and Fourmile technical details. On balance the positive operating and financial developments, project execution and capital returns materially outweigh the lowlights, though key disclosure and safety items require attention.Positive Updates
Strategic Newmont Agreement (~$4 billion package)
Announced a comprehensive agreement with Newmont valued at approximately $4.0 billion that resolves historical disputes, vends Fourmile and includes Mike and Fiberline (management cited ~6.4m ounces), reduces IPO friction and is expected to unlock additional shareholder value with the majority of net proceeds to be returned to shareholders.
Negative Updates
Safety Incidents Persist
While frequency rate improved Q/Q from 0.92 to 0.70, the company reported 6 lost‑time injuries (LTRs) in the quarter and emphasized continued focus on achieving zero harm.
Read all updates
Q2-2026 Updates
Positive
Negative
Strategic Newmont Agreement (~$4 billion package)
Announced a comprehensive agreement with Newmont valued at approximately $4.0 billion that resolves historical disputes, vends Fourmile and includes Mike and Fiberline (management cited ~6.4m ounces), reduces IPO friction and is expected to unlock additional shareholder value with the majority of net proceeds to be returned to shareholders.
Read all positive updates
Company Guidance
The company reiterated that 2026 production and cost guidance remain unchanged, expecting Q3 gold to be higher than Q2 and Q4 higher still, and copper production to increase in H2 versus H1; group 2026 attributable capital expenditure guidance was narrowed to $3.8–$4.2 billion (with Reko Diq reduced to $450–$500 million from $600–$700 million), Fourmile’s PFS targeted by end‑2028 and Lumwana expansion on track to deliver first copper by end Q1 2028 with 2026 capex expected at the lower end of guidance. Management expects the North America pure‑gold IPO to proceed by year‑end (initial ~10% minority), with the vast majority of net proceeds to be returned to shareholders; capital return policy remains a quarterly base dividend of $0.175/share plus a year‑end top‑up to target 50% of attributable free cash flow, a $3.0 billion buyback program (of which $1.2 billion was repurchased this quarter), and disciplined balance‑sheet management (Q2 net cash ~$1.2 billion, undrawn $3.0 billion RCF, no meaningful maturities 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 | 20.54B | 16.96B | 12.92B | 11.40B | 11.01B | 11.98B |
| Gross Profit | 11.37B | 8.69B | 4.96B | 3.46B | 3.47B | 4.88B |
| EBITDA | 12.96B | 9.90B | 6.11B | 5.25B | 5.09B | 6.43B |
| Net Income | 6.50B | 4.99B | 2.14B | 1.27B | 432.00M | 2.02B |
Balance Sheet | ||||||
| Total Assets | 52.26B | 51.48B | 47.63B | 45.81B | 45.97B | 46.89B |
| Cash, Cash Equivalents and Short-Term Investments | 5.92B | 6.69B | 4.07B | 4.15B | 4.44B | 5.28B |
| Total Debt | 4.67B | 4.74B | 5.26B | 5.22B | 5.25B | 5.47B |
| Total Liabilities | 15.47B | 15.63B | 14.37B | 13.81B | 14.68B | 14.58B |
| Stockholders Equity | 27.26B | 26.51B | 24.29B | 23.34B | 22.77B | 23.86B |
Cash Flow | ||||||
| Free Cash Flow | 5.55B | 4.19B | 1.32B | 646.00M | 432.00M | 1.94B |
| Operating Cash Flow | 9.74B | 8.08B | 4.49B | 3.73B | 3.48B | 4.38B |
| Investing Cash Flow | -2.10B | -1.15B | -2.76B | -2.82B | -1.71B | -1.90B |
| Financing Cash Flow | -6.46B | -4.26B | -1.79B | -1.21B | -2.60B | -2.39B |
Barrick Mining Technical Analysis
Positive
52.34
Price Trends
54.08
Positive
55.42
Positive
57.47
Positive
Market Momentum
1.30
Negative
58.09
Neutral
58.33
Neutral
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 52.34 is below the 20-day moving average (MA) of 54.11, below the 50-day MA of 54.08, and below the 200-day MA of 57.47, indicating a bullish trend. The MACD of 1.30 indicates Negative momentum. The RSI at 58.09 is Neutral, neither overbought nor oversold. The STOCH value of 58.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
85 Outperform | C$95.13B | 10.76 | 24.45% | 2.41% | 48.57% | 142.08% | |
82 Outperform | C$131.88B | 16.02 | 22.64% | 0.68% | 48.77% | 96.65% | |
82 Outperform | C$21.86B | 16.83 | 81.63% | 2.08% | 35.61% | 49.78% | |
76 Outperform | C$62.73B | 30.74 | 19.08% | 0.75% | 71.54% | 85.90% | |
75 Outperform | C$44.95B | 10.42 | 35.75% | 0.72% | 38.09% | 110.34% | |
75 Outperform | C$84.59B | 29.69 | 22.96% | 0.64% | 88.63% | 156.74% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:ABX
Barrick Mining
57.80
25.05
76.47%
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TSE:WPM
Wheaton Precious Metals
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TSE:LUG
Lundin Gold
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25.52%
Barrick Mining Corporate Events
Business Operations and StrategyDividends
Barrick Mining Declares Q2 2026 Dividend and Reaffirms Flexible Payout Policy
Positive
Aug 10, 2026
Barrick Mining Corporation has declared a dividend of $0.175 per share for the second quarter of 2026, payable on September 15 to shareholders of record as of August 31. The announcement underscores the company’s continued commitment to shar...
Business Operations and StrategyDelistings and Listing Changes
Barrick and Newmont Reshape Nevada Gold Mines JV, Clearing Path for Barrick IPO
Positive
Aug 10, 2026
Barrick Mining and Newmont have amended their Nevada Gold Mines joint venture agreement to fold previously excluded assets, including Barrick’s Fourmile and Newmont’s Fiberline and Mike developments, into the partnership. The revised s...
Business Operations and StrategyExecutive/Board Changes
Barrick bolsters corporate affairs and investor relations with senior hires
Positive
Aug 7, 2026
Barrick Mining Corporation has announced a series of senior appointments to strengthen its corporate affairs and investor relations capabilities across its global operations. The company named Sarah Ball Teslik as Chief Corporate Affairs Officer, ...
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.