B Stock Forecast & Price Target

Barrick Gold's production metrics for 2024 highlight its significant output, with nearly 3.9 million ounces of attributable gold and approximately 195,000 metric tons of copper, underscoring its position as one of the largest gold miners globally. The company possesses approximately two decades of gold reserves and is actively expanding its copper exposure through projects such as the Lumwana mine and the Reko Diq project, suggesting a robust diversification strategy. Additionally, the anticipated improvements in production costs and stable output from the Nevada Gold Mines (NGM) over the next decade, combined with potential upside from the Fourmile project, indicate a favorable long-term growth trajectory for Barrick Gold.

Barrick Gold's stock outlook is negatively impacted by high EBITDA multiples for its Nevada Gold Mines and copper projects, particularly due to a lack of near-term production from the Fourmile and Reko Diq projects. The company's shares trade at a discount compared to its estimated breakup value, and its non-Nevada assets are trading at an implied value below 0.4 times net asset value, highlighting potential concerns regarding underlying asset valuation. Additionally, the company faces heightened geopolitical risks in operating regions, which could adversely affect employee and community safety, further complicating operational stability.