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Barrick Mining
(TSX:ABX)
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Rating:79Outperform
Price Target:
C$75.00
â–²(10.98% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong financial performance (high and improving margins, low leverage, and robust operating/free cash flow) and a supportive earnings outlook with disciplined capital returns. Valuation is relatively attractive (P/E ~10.8 plus a ~2.19% yield). Technicals are positive but only moderately strong, and key risks include commodity-cycle sensitivity, one-off/regulatory cash impacts, and areas of disclosure and safety execution to monitor.
Positive Factors
Strong profitability and cash generation
Expanding margins and substantial operating and free cash flow provide funding for sustaining capital, growth projects, debt service and shareholder returns. This financial capacity strengthens resilience and supports investment through the mining cycle.
Negative Factors
Commodity-cycle earnings exposure
Revenue and margins depend heavily on realized gold and copper prices, mine grades, energy and labor costs. A weaker commodity environment or sustained cost inflation could reduce cash generation and delay capital-return or growth plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and cash generation
Expanding margins and substantial operating and free cash flow provide funding for sustaining capital, growth projects, debt service and shareholder returns. This financial capacity strengthens resilience and supports investment through the mining cycle.
Read all positive factors
Barrick Mining (ABX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$104.58B
Dividend Yield2.09%
Average Volume (3M)4.20M
Price to Earnings (P/E)11.6
Beta (1Y)1.98
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. Volume3,996,801
30 Day Avg. Volume4,203,887
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$72.58Price Target Upside7.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)5.04
Revenue Forecast (FY)C$30.28B
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 mainly by producing and selling commodities—primarily gold and, to a lesser extent, copper—from its operated mines and, in some cases, from its share of production in jointly owned operations. Revenue is recognized largely from...
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
90
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.66B | 16.96B | 12.92B | 11.40B | 11.01B | 11.98B |
| Gross Profit | 11.62B | 8.69B | 4.96B | 3.46B | 3.47B | 4.88B |
| EBITDA | 13.03B | 9.90B | 6.11B | 5.25B | 5.09B | 6.43B |
| Net Income | 6.53B | 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
67.58
Price Trends
55.46
Positive
56.10
Positive
58.20
Positive
Market Momentum
2.81
Negative
56.55
Neutral
49.31
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 67.58 is above the 20-day moving average (MA) of 60.55, above the 50-day MA of 55.46, and above the 200-day MA of 58.20, indicating a bullish trend. The MACD of 2.81 indicates Negative momentum. The RSI at 56.55 is Neutral, neither overbought nor oversold. The STOCH value of 49.31 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | C$146.10B | 17.45 | 22.64% | 0.68% | 48.77% | 96.65% | |
82 Outperform | C$51.59B | 11.70 | 35.75% | 0.72% | 38.09% | 110.34% | |
82 Outperform | C$24.25B | 18.42 | 81.63% | 2.08% | 35.61% | 49.78% | |
80 Outperform | C$71.36B | 34.35 | 19.08% | 0.75% | 71.54% | 85.90% | |
79 Outperform | C$104.58B | 11.60 | 24.57% | 2.41% | 48.57% | 142.08% | |
75 Outperform | C$96.86B | 33.37 | 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
62.16
25.74
70.68%
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Agnico Eagle
281.23
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39.04%
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Franco-Nevada
364.59
104.05
39.94%
TSE:K
Kinross Gold
42.44
13.03
44.29%
TSE:WPM
Wheaton Precious Metals
208.89
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50.18%
TSE:LUG
Lundin Gold
98.71
19.38
24.43%
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.