B Stock Forecast & Price Target

Barrick Mining's production metrics reflect a strong operational performance, with nearly 3.9 million attributable ounces of gold and approximately 195,000 metric tons of copper generated in 2024. The company possesses a robust reserve portfolio, with about two decades of gold reserves and significant copper assets, including the expanding Lumwana mine in Zambia and the Reko Diq project in Pakistan. Furthermore, the strategic advantages of the Goldrush and Fourmile projects, characterized by low capital intensity and potential production improvements, contribute to a positive outlook for stable production and exploration growth over the coming years.

Barrick Mining's stock outlook is negatively impacted by a high EBITDA multiple for its Nevada Gold Mines (NGM) and copper operations, driven by a lack of near-term production from critical projects such as Fourmile and Reko Diq. Additionally, Barrick shares trade at a slight discount to their worst-case breakup value, with non-Nevada assets reflecting an implied valuation of less than 0.4 times net asset value (NAV), suggesting market concerns about asset performance. Finally, the company faces heightened geopolitical risks and instability in certain operational regions, particularly in Papua New Guinea, which could jeopardize employee and community safety and disrupt production.