| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 84 | 11.2x | 17.8x | Top tier | |
Growth | 95 | 49.4% | 7.1% | Top tier | |
Quality | 83 | 26.3% | 4.5% | Top tier | |
Safety | 89 | — | 2.6x | Top tier | |
Capital Return | 38 | 1.19% | 2.12% | Bottom tier | |
Momentum | 59 | 41.0% | 2.9% | Around median | |
Sentiment | 92 | 9 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Barrick Mining Corporation is a mining company focused on gold and copper production through a portfolio distributed across North America and other regions. It generates revenue from the sale of mineral production, while the Nevada Gold Mines and Pueblo Viejo assets form the cornerstone of its North American business, and its growth portfolio includes the Fourmile and Lumwana projects and the Pueblo Viejo expansion. In Q2 FY2026, North American assets contributed 53% of attributable adjusted EBITDA and achieved a 61% margin, while other regions recorded a 59% margin and copper achieved margins similar to the gold business.
According to the latest available annual EDGAR filings, FY2025 revenue increased to $17.0 billion from $12.9 billion in FY2024, and gross profit rose to $8.7 billion from $5.0 billion, representing a gross margin of approximately 51.2%. FY2025 net income was approximately $7.2 billion and earnings per share were $2.93, compared with net income of $3.1 billion and earnings per share of $1.22 in FY2024.
In Q2 FY2026, management reported net earnings of $1.2 billion, up 50% year over year, and adjusted earnings of $1.36 billion, or $0.82 per share. Attributable adjusted EBITDA reached $2.425 billion at a 59% margin, while gold production reached 976 thousand ounces, 3% above guidance and 11% above the previous quarter, and copper production totaled 56 thousand tonnes.
The analyst consensus rates Barrick Mining Corporation shares a “Buy,” with an average price target of $51.4 and a wide range of $42 to $57. The average target is below the 52-week high of $54.69, while the upper end of the target range exceeds that high, and the 52-week range extends from $26.14 to $54.69; the breadth of these reference points reflects differing estimates regarding the value of the North American asset offering, its execution risks, and cost pressures. The context does not provide a valid comparable earnings multiple, so the valuation assessment is based on the analyst target range and the 52-week range rather than an earnings-based valuation conclusion.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Barrick produced approximately 976 thousand ounces of gold, up 11% from the previous quarter and 3% above guidance. Management attributed the improvement to the ramp-up of Loulo-Gounkoto ahead of schedule, Pueblo Viejo's recovery following maintenance in the previous quarter, and Cortez achieving record underground tonnes as the Goldrush ramp-up continued. Copper production totaled 56 thousand tonnes, while net earnings increased 50% year over year to $1.2 billion. Adjusted earnings per share also reached $0.82, up 74% year over year and in line with the Bloomberg consensus cited on the call.
Barrick plans to offer a 10% stake in a U.S. gold company comprising high-quality North American assets, targeting completion of the transaction by the end of 2026. Management confirmed that at this stage it does not plan to exceed the 10% stake or distribute the assets directly to shareholders instead of proceeding with the offering. The company expects to return the vast majority of the net proceeds from the offering to shareholders. It also said the Newmont agreement reduced the friction costs associated with the transaction and allowed the structure to be reassessed before marketing begins.
Automated analysis for informational purposes only — not investment advice.
Management estimated the total value of the agreement package at approximately $4 billion, not $4 billion in addition to a separate $2 billion payment. The package includes Newmont's 38.5% stake in Fourmile, Barrick's acquisition of 61.5% of Mike and Fiberline, the settlement of historical disputes, and reduced offering costs. Barrick said Mike and Fiberline are associated with approximately 6.4 million ounces, without providing a final breakdown of the classification of these resources. Consolidating the assets allows both parties to evaluate increasing processing capacity at Nevada Gold Mines and reducing ore haulage by truck.
The company returned $1.5 billion to shareholders in Q2 FY2026, including $1.2 billion in share repurchases under a total authorization of $3 billion. The distribution policy provides a base quarterly dividend of $0.175 per share. An additional year-end performance payment targets increasing the total distribution to 50% of attributable free cash flow. During the three quarters since October 2025, total dividends and repurchases amounted to $3 billion, more than double the previous comparable period.
Barrick increased drilling activity at Fourmile to 20 rigs and is targeting completion of the preliminary feasibility study by the end of 2028. The Lumwana expansion aims to double copper production, with initial production from the expansion beginning by the end of Q1 FY2028, while the project remains within budget. The Pueblo Viejo expansion advanced work on the tailings facility, haul roads, and water treatment, with 90% of resettlement packages accepted. In contrast, the company decided not to begin construction of the Reko Diq plant during FY2026 and reduced its expected attributable capital expenditure to $450–$500 million.
Gold all-in sustaining costs increased 11% year over year in Q2 FY2026, although costs remained within guidance. Attributable free cash flow declined 33% due to the timing of taxes and interest and the nonrecurring $400 million Loulo-Gounkoto payment, with an additional request for $48 million in July 2026. Weather events also disrupted Veladero for approximately two weeks and halted Pueblo Viejo after the Wylie Creek dam dried up. In safety, the company recorded six lost-time injuries despite the total recordable injury frequency rate declining to 0.70 and investing more than $90 million in safety technologies during FY2026.
