Barrick Mining Corporation (TSE:ABX)
NYSE:ABX
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Barrick Mining
(NYSE:ABX)
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Rating:73Outperform
Price Target:
C$60.00
â–˛(12.30% Upside)
Action:ReiteratedDate:02/07/26
The score is driven primarily by strong financial performance (material margin expansion, improving leverage, and stronger cash generation) and a constructive earnings outlook with an enhanced shareholder-return framework. These positives are tempered by weak near-term technical momentum (oversold/bearish indicators) and operational risks flagged on the call (safety and PV recovery issues), while valuation appears reasonable but not a major catalyst.
Positive Factors
Improved cash generation and FCF
Sustained, materially stronger operating cash flow and higher free cash flow increase financial flexibility to fund sustaining and growth capex, support a predictable dividend framework, and absorb cyclical commodity swings, strengthening resilience over the medium term.
Negative Factors
Safety failures and fatalities
Fatal incidents and weak safety performance create structural risks: higher regulatory scrutiny, potential operational stoppages, insurance and compliance costs, and reputational damage that can reduce workforce morale and slow execution if not permanently remedied.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation and FCF
Sustained, materially stronger operating cash flow and higher free cash flow increase financial flexibility to fund sustaining and growth capex, support a predictable dividend framework, and absorb cyclical commodity swings, strengthening resilience over the medium term.
Read all positive factors
Barrick Mining (ABX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$89.51B
Dividend Yield1.17%
Average Volume (3M)7.92M
Price to Earnings (P/E)14.6
Beta (1Y)1.82
Revenue Growth21.76%
EPS Growth129.56%
CountryCA
Employees22,100
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)1.42
Shares Outstanding1,675,360,400
10 Day Avg. Volume7,407,328
30 Day Avg. Volume7,921,572
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$82.78Price Target Upside54.93% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)4.86
Revenue Forecast (FY)C$31.50B
Barrick Mining Business Overview & Revenue Model
Company Description
Barrick 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, CĂ´te d'Ivoire, the Democratic Repu...
How the Company Makes Money
Barrick primarily makes money by producing and selling refined gold and copper from its operated mines. Revenue is recognized largely from the sale of these metals to customers (typically via market-linked pricing tied to prevailing commodity benc...
Barrick Mining Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 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
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
79
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 17.15B | 12.92B | 11.40B | 11.01B | 11.98B |
| Gross Profit | 8.27B | 4.96B | 3.46B | 3.52B | 4.90B |
| EBITDA | 10.78B | 7.01B | 5.54B | 3.70B | 6.65B |
| Net Income | 5.08B | 2.14B | 1.27B | 432.00M | 2.02B |
Balance Sheet | |||||
| Total Assets | 51.48B | 47.63B | 45.81B | 45.97B | 46.89B |
| Cash, Cash Equivalents and Short-Term Investments | 6.69B | 4.07B | 4.15B | 4.44B | 5.28B |
| Total Debt | 4.74B | 5.26B | 5.22B | 5.25B | 5.47B |
| Total Liabilities | 15.63B | 14.37B | 13.81B | 14.68B | 14.58B |
| Stockholders Equity | 26.51B | 24.29B | 23.34B | 22.77B | 23.86B |
Cash Flow | |||||
| Free Cash Flow | 4.19B | 1.32B | 646.00M | 432.00M | 1.94B |
| Operating Cash Flow | 8.08B | 4.49B | 3.73B | 3.48B | 4.38B |
| Investing Cash Flow | -1.15B | -2.76B | -2.82B | -1.71B | -1.90B |
| Financing Cash Flow | -4.26B | -1.79B | -1.21B | -2.60B | -2.39B |
Barrick Mining Technical Analysis
Negative
53.43
Price Trends
62.90
Negative
60.07
Negative
48.13
Positive
Market Momentum
-3.25
Positive
36.81
Neutral
28.97
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 53.43 is below the 20-day moving average (MA) of 58.26, below the 50-day MA of 62.90, and above the 200-day MA of 48.13, indicating a neutral trend. The MACD of -3.25 indicates Positive momentum. The RSI at 36.81 is Neutral, neither overbought nor oversold. The STOCH value of 28.97 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | C$134.39B | 18.74 | 19.25% | 0.91% | 38.72% | 250.70% | |
80 Outperform | C$62.51B | 35.28 | 16.25% | 0.72% | 44.76% | ― | |
78 Outperform | C$47.76B | 14.12 | 30.66% | 0.43% | 36.41% | 144.79% | |
78 Outperform | C$78.39B | 23.53 | 18.53% | 0.55% | 54.48% | 68.44% | |
78 Outperform | C$23.71B | 24.83 | 60.01% | 2.47% | 57.32% | 126.96% | |
73 Outperform | C$89.51B | 14.63 | 19.79% | 1.17% | 21.76% | 129.56% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:ABX
Barrick Mining
53.43
26.14
95.79%
TSE:AEM
Agnico Eagle
268.22
113.90
73.81%
TSE:FNV
Franco-Nevada
324.25
99.67
44.38%
TSE:K
Kinross Gold
39.81
21.79
120.95%
TSE:WPM
Wheaton Precious Metals
172.65
61.81
55.76%
TSE:LUG
Lundin Gold
98.11
55.86
132.21%
Barrick Mining Corporate Events
Business Operations and StrategyExecutive/Board Changes
Barrick Bolsters Executive Ranks With New Legal and Global Affairs Chiefs
Positive
Feb 24, 2026
Barrick Mining has strengthened its senior leadership team with the appointment of James J. McGuire as Chief Legal and Policy Officer and Woo Lee as Chief Global Affairs Officer, both joining the executive committee and reporting to President and ...
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing Changes
Barrick Strengthens Board and Names New CEO Ahead of North American Gold IPO
Positive
Feb 5, 2026
Barrick Mining Corporation has strengthened its leadership bench with the appointment of former McKinsey Company senior partner Robert Samek to its Board of Directors and key Audit Risk and Compensation committees, adding deep global experience ...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Barrick Boosts Dividend 140% and Unveils Cash Flow–Linked Payout Policy
Positive
Feb 5, 2026
Barrick Mining Corporation has declared a sharply higher fourth-quarter 2025 dividend of $0.42 per share, a 140% increase over the prior quarter, and detailed a new capital returns framework that also reflects heavy use of share buybacks. The comp...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Barrick Posts Record 2025 Results, Boosts Payouts and Plans IPO of North American Gold Assets
Positive
Feb 5, 2026
Barrick Mining reported record financial results for the fourth quarter and full year 2025, with Q4 gold output rising 5% sequentially to 871,000 ounces and copper production up 13%, driving quarterly revenue to $6.0 billion and free cash flow to ...
Business Operations and StrategyExecutive/Board Changes
Barrick Names Helen Cai as New Chief Financial Officer
Positive
Jan 19, 2026
Barrick Mining Corporation has appointed Helen Cai as Senior Executive Vice President and Chief Financial Officer, effective March 1, 2026, succeeding long-serving CFO Graham Shuttleworth following the company’s year-end results. Cai, who ha...
Financial Disclosures
Barrick Mining Sets February 5 Date for Full-Year and Q4 2025 Results
Neutral
Jan 7, 2026
Barrick Mining Corporation announced it will publish its full-year and fourth-quarter 2025 financial results before the market opens on February 5, 2026, followed by a live webcast and management presentation later that morning. The scheduled webc...
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.