Core Viewpoint - Barrick Mining Corporation's shares have increased by 50.8% over the past three months, driven by a surge in gold prices due to geopolitical tensions, economic uncertainties, and a weaker U.S. dollar [1][7]. Performance Comparison - Barrick has outperformed the Zacks Mining – Gold industry's increase of 35.8% and the S&P 500's rise of 4.3% in the same period [2]. - Among peers, Newmont Corporation, Kinross Gold Corporation, and Agnico Eagle Mines Limited have seen increases of 48.6%, 48.2%, and 26.5%, respectively [2]. Stock Technicals - Barrick's stock broke above its 50-day simple moving average (SMA) on May 30, 2025, and is currently trading above its 200-day SMA, indicating a long-term uptrend [5]. - The 50-day SMA has been above the 200-day SMA since April 9, 2025, suggesting a bullish trend [5]. Production Growth Projects - Barrick is advancing key gold and copper projects, including Goldrush, Fourmile, Lumwana, and Reko Diq, which are expected to significantly boost production [8]. - The Goldrush mine aims for 400,000 ounces of production per annum by 2028, while the Fourmile project is anticipated to yield grades double those of Goldrush [9]. - The Reko Diq project is designed to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second phase, with first production expected by the end of 2028 [9]. - The $2 billion Super Pit Expansion Project at Lumwana is expected to deliver 240,000 tons of copper production annually [10]. Financial Position - Barrick has a strong liquidity position with cash and cash equivalents around $5 billion and generated operating cash flows of approximately $2.4 billion in the third quarter, up 105% year over year [11]. - Free cash flow surged to around $1.5 billion from $444 million in the prior-year quarter [11]. - The board authorized a share repurchase program of up to $1 billion, with $1 billion repurchased in the first nine months of 2025 [12]. Dividend and Valuation - Barrick offers a dividend yield of 1.5% with a payout ratio of 32%, indicating sustainability [14]. - The stock is currently trading at a forward price/earnings ratio of 13.74X, a premium to the industry's average of 13.24X, but at a discount to peers like Agnico Eagle, Newmont, and Kinross Gold [24]. Earnings Outlook - Earnings estimates for Barrick have been revised upward, with the Zacks Consensus Estimate for 2025 and 2026 indicating year-over-year rises of 80.2% and 58.4%, respectively [21]. Production Challenges - Barrick expects attributable gold production for 2025 to be in the range of 3.15-3.5 million ounces, a decline from 3.91 million ounces in 2024, primarily due to reduced production from certain mines [20]. - Higher production costs are anticipated, with cash costs per ounce of gold and all-in-sustaining costs (AISC) projected to increase year-over-year [18][19].

Core Viewpoint - The recent sell-off in gold and gold stocks presents a potential buying opportunity for investors, despite the volatility in gold prices and the impact of new Federal Reserve chair Kevin Warch's nomination on market sentiment [1][2]. Company Performance - Gold stocks, particularly Newmont and Barrick, experienced significant declines, with both companies' shares falling by double-digit percentages [2]. - Newmont's all-in sustaining costs (AISC) per ounce were $1,566 in Q3 2025, projected to rise to $1,760 in Q4, while Barrick's AISC was $1,538 in Q3, with Q4 guidance between $1,460 and $1,560 [3]. - As of February 3, 2026, spot gold prices were around $4,622 per ounce, allowing both companies to achieve gross profit margins exceeding 160%, a stark contrast to historical margins that rarely topped 50% [4]. Growth Drivers - The ongoing global demand for gold, driven by central banks increasing their gold reserves due to concerns about the U.S. dollar's stability, remains a key growth driver for Newmont and Barrick [8]. - Copper demand, particularly due to the expansion of AI infrastructure, is another significant growth driver. Data centers may require between 330,000 and 420,000 tonnes of copper annually by 2030 [9]. - Newmont produced 35,000 tonnes of copper in Q3, while Barrick produced 55,000 tonnes, benefiting from increased production at Lumwana mines in Zambia [10]. Market Sentiment - Some investors believe the sell-off in Newmont and Barrick was overdone, as both stocks are already showing signs of recovery [12]. - Despite potential volatility in gold prices, the fundamental demand for gold and copper is expected to persist, supporting continued profitability for both companies [13]. - Newmont's forward price-to-earnings ratio is 15.7, while Barrick's is approximately 12.5, indicating that neither stock is excessively priced despite recent market fluctuations [14].

Core Viewpoint - Barrick Mining Corporation is expected to report fourth-quarter 2025 results on February 5, with earnings anticipated to rise by 89.1% year-over-year, driven by higher gold prices despite production and cost challenges [1][6]. Group 1: Earnings Expectations - The Zacks Consensus Estimate for Barrick's fourth-quarter earnings is set at 87 cents per share, reflecting an increase from previous estimates over the last 60 days [1]. - Barrick has beaten the Zacks Consensus Estimate for earnings in three of the last four quarters, with an average earnings surprise of approximately 8.7% [2]. Group 2: Production and Costs - Higher gold prices are expected to support Barrick's performance, with gold prices closing nearly 13% higher in the fourth quarter and surging about 65% in 2025 [7]. - However, Barrick is facing weaker year-over-year production, with a projected 18% decline in gold production for the fourth quarter, estimated at around 889,000 ounces [9]. - The company experienced a 12% year-over-year decline in third-quarter gold production, primarily due to the suspension of operations at the Loulo-Gounkoto mine [8]. - Higher production costs are anticipated to impact fourth-quarter results, with cash costs per ounce of gold and all-in-sustaining costs (AISC) increasing by approximately 3% and 2% year-over-year, respectively [10][11]. Group 3: Market Performance and Valuation - Barrick's stock has increased by 176.5% over the past year, outperforming the Zacks Mining – Gold industry's increase of 127.3% and the S&P 500's rise of 18.1% [12]. - The company is currently trading at a forward 12-month earnings multiple of 13.56, which is about a 6% discount compared to the industry average of 14.43 [15]. Group 4: Strategic Positioning - Barrick is well-positioned to benefit from key growth projects that are on schedule and within budget, which should significantly contribute to future production [18]. - The company maintains a robust liquidity position and generates healthy cash flows, allowing it to pursue development, exploration, and acquisition opportunities [19]. - Despite challenges from higher costs and operational issues leading to lower production, Barrick's strong pipeline of growth projects and favorable gold market conditions support a positive outlook [21].

Group 1 - Barrick Mining Corporation is considered one of the most undervalued large-cap stocks currently, with a significant discount compared to its global peers [1] - JPMorgan initiated coverage of Barrick Mining with an Overweight rating and a price target of $68, citing strong demand for gold driven by central bank activities and US policy uncertainty [1] - Canaccord raised its price target for Barrick Mining to C$80 from C$70 while maintaining a Buy rating [2] - Bank of America increased its price target for Barrick Mining to $58 from $50, also maintaining a Buy rating, highlighting intensified macroeconomic factors affecting gold prices [3] Group 2 - Barrick Mining explores, develops, produces, and sells mineral properties, focusing on gold, copper, silver, and energy materials [4]

Core Viewpoint - The article discusses a significant drop in gold and silver prices, attributed to the market's reaction to Trump's nomination of Kevin Warsh as the Federal Reserve Chairman, which is perceived as a hawkish choice, leading to a stronger dollar and reduced appeal for dollar-denominated commodities [1][3][14]. Group 1: Market Reaction - Gold prices fell sharply after reaching a historical high, with a drop of nearly 13%, marking the largest intraday decline since the early 1980s [1][11]. - Silver, which had previously surged past $120, saw its price plummet over 35%, the largest recorded drop in history [1][11]. - The entire metals market was affected, with copper also experiencing a significant decline of nearly 6% after reaching record highs [1][11]. Group 2: Federal Reserve Policy Expectations - The market's sell-off was driven by a sudden shift in expectations regarding Federal Reserve policy, with Warsh's nomination seen as a signal against aggressive rate cuts [3][4]. - Analysts noted that Warsh's hawkish reputation, despite recent support for rate cuts, contributed to a rebound in the dollar, making dollar-denominated commodities less attractive [4][18]. Group 3: Market Vulnerability - The dramatic price drop highlighted the extreme vulnerability of the precious metals market, which had been characterized by crowded long positions and record levels of bullish options buying [7][8]. - Analysts indicated that the market had become highly speculative, with a potential for a "gamma squeeze" that could exacerbate price movements [20][22]. Group 4: Technical Indicators and Market Sentiment - Prior to the crash, technical indicators suggested that gold and silver were overbought, with the Relative Strength Index (RSI) for gold reaching a historic high of 90 [24]. - Despite the sharp decline, both gold and silver recorded substantial gains for January, with gold up approximately 9% and silver over 10% [24]. Group 5: Mining Stocks and ETFs - The drop in precious metals prices led to significant declines in major mining companies, with stocks like Newmont and Barrick Mining falling over 10% [26]. - Silver ETFs experienced even greater losses, with some funds seeing declines of over 60%, marking their worst single-day performance [26]. Group 6: Future Outlook - Some analysts view the recent pullback as a healthy correction, suggesting that the rapid price increases necessitated a consolidation phase [26]. - There are indications that buying opportunities may arise as prices stabilize, particularly for silver, which is expected to benefit from industrial demand and supply shortages [26].

Core Insights - The year 2026 has begun with notable cross-asset volatility due to rising geopolitical risks, late-cycle monetary uncertainty, and uneven earnings visibility, leading to sharp sector and asset-class rotations rather than broad sell-offs [1] Precious Metals - Gold has traded above $5,300/oz and silver exceeded $110/oz in January, marking one of the strongest monthly starts in decades, with gold up approximately 23% in January, its best monthly performance since the 1980s [2] - In 2025, gold rose 65.2% and silver more than 150%, significantly outperforming global equities, while gold-mining equities gained 166.4%, compared to a 23.1% increase in the FTSE All-World Index [3] Earnings Outlook - Despite macroeconomic stress, the mean earnings-per-share (EPS) estimate for the Zacks S&P 500 Composite indicates a growth of 29.3% in 2026, with capital rotating towards assets with pricing power and strong balance sheets [8] AI Capital Expenditure - Companies are increasing long-term investments in AI data centers, advanced semiconductors, and cloud infrastructure, making this spending a strategic necessity rather than a discretionary upgrade [9][10] Sector Positioning for 2026 - Selective sector allocation is recommended for 2026, focusing on three standout sectors: AI infrastructure and semiconductors, precious metals and gold-linked equities, and energy and critical materials [11] AI Infrastructure & Semiconductors - Capital is concentrating in companies with AI capacity, with NVIDIA and Micron Technology emerging as key beneficiaries, projected to report earnings growth of 57.1% and 298.7% respectively in their upcoming fiscal years [12] Precious Metals & Gold-linked Equities - Gold-mining equities are outperforming bullion due to higher realized prices and disciplined capital expenditure, with Newmont and Barrick projected to report earnings growth of 20.8% and 45% respectively in 2026 [14] Energy & Critical Materials - The demand for electricity and key inputs like copper and nickel is accelerating due to AI data centers, with utilities like NextEra expected to report earnings growth of 7.8% in 2026 [16]

Core Viewpoint - Barrick Mining Inc. (NYSE:B) has experienced a significant stock price decrease of 11.89% in the current market session, raising questions about its valuation despite a strong performance over the past year with a 176.87% increase [1]. Group 1: Stock Performance - The current stock price of Barrick Mining Inc. is $45.86 after a decrease of 11.89% [1]. - Over the past month, the stock has increased by 4.02% [1]. - In the past year, the stock has shown a remarkable increase of 176.87% [1]. Group 2: Valuation Metrics - The P/E ratio of Barrick Mining Inc. is 25.02, which is lower than the aggregate P/E ratio of 46.18 in the Metals & Mining industry [5][6]. - A lower P/E ratio may suggest that shareholders do not expect the stock to perform better in the future or that the company is undervalued [5][6].

Group 1 - Morgan Stanley initiated coverage on the North American gold sector, giving Barrick Gold (B.US) an "Overweight" rating with a target price of $68, and Agnico Eagle Mines (AEM.US) a "Neutral" rating with a target price of $248 [1] - The outlook for gold is bullish in both the short and long term, supported by central bank buying and uncertainty in U.S. policies [1] - Agnico Eagle is considered a leader in the sector due to its excellent operations, attractive cost structure, and low-risk regional positioning, although its valuation is currently seen as saturated [1] - Barrick Gold has a world-class reserve base and strong internal growth potential, but its performance record is mixed and it is undergoing a management transition [1] - Barrick's stock is currently trading at a significant discount compared to global peers, with potential positive catalysts such as the restart or sale of the Loulo-Gounkoto mine and resource updates from the Fourmile mine [1] Group 2 - Both Barrick Gold and Agnico Eagle Mines reached multi-year highs of $54.69 and $225 respectively in early trading, but subsequently fell, closing down 1.76% and 3.35% due to a pullback in gold futures prices from historical highs above $5500 per ounce [2]

Core Viewpoint - Barrick Mining is expected to report a year-over-year increase in earnings and revenues, with a consensus outlook indicating potential stock price movement based on actual results compared to estimates [1][2]. Earnings Expectations - The upcoming earnings report is anticipated to show quarterly earnings of $0.89 per share, reflecting a year-over-year increase of 93.5% [3]. - Revenues are projected to reach $4.78 billion, which is a 31.1% increase from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 15.87% higher in the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for Barrick Mining is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -0.56%, suggesting a bearish outlook from analysts [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict the likelihood of actual earnings deviating from consensus estimates, with positive readings being more reliable [9][10]. - Barrick Mining currently holds a Zacks Rank of 3, which complicates predictions of an earnings beat [12]. Historical Performance - In the last reported quarter, Barrick Mining had an earnings surprise of +1.75%, having posted earnings of $0.58 per share against an expectation of $0.57 [13]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [14]. Conclusion - While Barrick Mining does not appear to be a strong candidate for an earnings beat, investors should consider other factors influencing stock performance ahead of the earnings release [17].

Core Viewpoint - Gold is experiencing a resurgence in macro-dominance, with significant price increases for both bullion and miners, leading to a valuation divergence between Barrick Mining Corp and Agnico Eagle Mines Ltd [1] Group 1: Company Comparisons - Agnico Eagle is viewed as the "premier player" in the mining sector, characterized by strong operational execution, a clean cost profile, and a low-risk geographic footprint, resulting in a 37% premium over peers [2] - Barrick Mining, while having a world-class reserve base and potential for organic growth, faces jurisdictional risks, management transitions, and a mixed operational track record, leading to a 22% discount compared to peers [3] Group 2: Investment Ratings and Price Targets - JPMorgan's analysis suggests that Barrick's current discount may be overdone due to upcoming company-specific catalysts, justifying an Overweight rating and a price target of $68 [4] - Agnico is considered a long-duration growth story, with a valuation that is already "relatively full," leading to a Neutral rating as the company is seen as needing a better entry point for investment [4] Group 3: Macro Environment - Both companies are projected to maintain extraordinary profitability, with EBITDA margins around 75% expected into FY26-27, supported by strong free cash flow for capital expenditures and shareholder returns [5] - The macro backdrop for gold is bolstered by central bank buying, ETF inflows, and a structural reevaluation of gold's role in the financial system, contributing to a bullish long-term price outlook [5] Group 4: Market Perception - Agnico Eagle is priced as a flawless operator, while Barrick is perceived as a geopolitical problem; if risks normalize, the 22% discount on Barrick could present a significant trading opportunity [6]