Barrick Mining (B)
Market Price (9/4/2026): $45.66 | Market Cap: $76.1 BilSector: Materials | Industry: Gold
Barrick Mining (B)
Market Price (9/4/2026): $45.66Market Cap: $76.1 BilSector: MaterialsIndustry: Gold
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.3%, FCF Yield is 6.8% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 9.4 Bil, FCF LTM is 5.2 Bil Stock buyback supportStock Buyback 3Y Total is 3.2 Bil Low stock price volatilityVol 12M is 49% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Battery Technology & Metals, and Electrification of Everything. Themes include Solar Energy Generation, Show more. | Key risksB key risks include [1] geopolitical and jurisdictional instability in key operating countries such as Mali, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.3%, FCF Yield is 6.8% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 49% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%, CFO LTM is 9.4 Bil, FCF LTM is 5.2 Bil |
| Stock buyback supportStock Buyback 3Y Total is 3.2 Bil |
| Low stock price volatilityVol 12M is 49% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Battery Technology & Metals, and Electrification of Everything. Themes include Solar Energy Generation, Show more. |
| Key risksB key risks include [1] geopolitical and jurisdictional instability in key operating countries such as Mali, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/3/2026
Barrick Mining (B) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Barrick reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, significantly exceeding market expectations.
Net earnings surged 50% year-on-year to $1.22 billion, with adjusted net earnings per share reaching $0.82, a 74% increase year-on-year and a beat against the consensus estimate of $0.81. Gold production in Q2 fiscal 2026 increased 11% over Q1 fiscal 2026 to 796,000 ounces, surpassing its guidance of 730,000–770,000 ounces. Operating cash flow also rose by 28% year-on-year to $1.70 billion. The company maintained its full-year 2026 gold production guidance of 2.90–3.25 million ounces and reduced its total attributable capital expenditure to $3.8 billion–$4.2 billion.
2. The company advanced its strategic North American IPO plans and resolved a significant dispute with Newmont regarding the Nevada Gold Mines Joint Venture.
Barrick reached an agreement with Newmont to expand the Nevada Gold Mines Joint Venture, which included Newmont paying Barrick $1.95 billion in cash. This agreement also cleared a key procedural hurdle for Barrick's planned initial public offering (IPO) of a minority stake in a new entity that will hold its North American gold assets, including Nevada Gold Mines, Pueblo Viejo, and the Fourmile project. The IPO is targeted for completion by the end of 2026, a move expected to unlock significant shareholder value.
Show more
Barrick Mining (B) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Barrick reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, significantly exceeding market expectations.
Net earnings surged 50% year-on-year to $1.22 billion, with adjusted net earnings per share reaching $0.82, a 74% increase year-on-year and a beat against the consensus estimate of $0.81. Gold production in Q2 fiscal 2026 increased 11% over Q1 fiscal 2026 to 796,000 ounces, surpassing its guidance of 730,000–770,000 ounces. Operating cash flow also rose by 28% year-on-year to $1.70 billion. The company maintained its full-year 2026 gold production guidance of 2.90–3.25 million ounces and reduced its total attributable capital expenditure to $3.8 billion–$4.2 billion.
2. The company advanced its strategic North American IPO plans and resolved a significant dispute with Newmont regarding the Nevada Gold Mines Joint Venture.
Barrick reached an agreement with Newmont to expand the Nevada Gold Mines Joint Venture, which included Newmont paying Barrick $1.95 billion in cash. This agreement also cleared a key procedural hurdle for Barrick's planned initial public offering (IPO) of a minority stake in a new entity that will hold its North American gold assets, including Nevada Gold Mines, Pueblo Viejo, and the Fourmile project. The IPO is targeted for completion by the end of 2026, a move expected to unlock significant shareholder value.
Show more
Updated on 9/3/2026
Barrick Mining (B) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Barrick reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, significantly exceeding market expectations.
Net earnings surged 50% year-on-year to $1.22 billion, with adjusted net earnings per share reaching $0.82, a 74% increase year-on-year and a beat against the consensus estimate of $0.81. Gold production in Q2 fiscal 2026 increased 11% over Q1 fiscal 2026 to 796,000 ounces, surpassing its guidance of 730,000–770,000 ounces. Operating cash flow also rose by 28% year-on-year to $1.70 billion. The company maintained its full-year 2026 gold production guidance of 2.90–3.25 million ounces and reduced its total attributable capital expenditure to $3.8 billion–$4.2 billion.
2. The company advanced its strategic North American IPO plans and resolved a significant dispute with Newmont regarding the Nevada Gold Mines Joint Venture.
Barrick reached an agreement with Newmont to expand the Nevada Gold Mines Joint Venture, which included Newmont paying Barrick $1.95 billion in cash. This agreement also cleared a key procedural hurdle for Barrick's planned initial public offering (IPO) of a minority stake in a new entity that will hold its North American gold assets, including Nevada Gold Mines, Pueblo Viejo, and the Fourmile project. The IPO is targeted for completion by the end of 2026, a move expected to unlock significant shareholder value.
3. Barrick significantly increased shareholder returns through dividends and a substantial share buyback program.
In fiscal Q2 2026, total shareholder returns amounted to $1.50 billion, representing a 242% increase year-on-year. This included $1.2 billion in share repurchases as part of a $3 billion program initiated in May 2026, alongside a declared quarterly dividend of $0.175 per share.
4. A generally supportive, albeit volatile, gold price environment contributed to the positive stock trend.
While gold prices experienced volatility, including a dip below $4,000/ounce in late June 2026, they also saw a rise of approximately 10% in August 2026. Analyst forecasts from Goldman Sachs Research predict gold prices could reach $4,900 per ounce by the end of 2026, with J.P. Morgan Global Research projecting an average of $6,000/ounce by fiscal Q4 2026. This upward outlook is supported by sustained central bank demand, which accelerated to 100 tonnes per month in June 2026, and scaled-back expectations for U.S. interest rate hikes. Barrick's 2026 gold cost guidance is based on an assumption of $4,500 per ounce, implying favorable margins with higher prices.
Show less
Barrick Mining (B) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Barrick reported robust financial results for fiscal Q2 2026, which ended June 30, 2026, significantly exceeding market expectations.
Net earnings surged 50% year-on-year to $1.22 billion, with adjusted net earnings per share reaching $0.82, a 74% increase year-on-year and a beat against the consensus estimate of $0.81. Gold production in Q2 fiscal 2026 increased 11% over Q1 fiscal 2026 to 796,000 ounces, surpassing its guidance of 730,000–770,000 ounces. Operating cash flow also rose by 28% year-on-year to $1.70 billion. The company maintained its full-year 2026 gold production guidance of 2.90–3.25 million ounces and reduced its total attributable capital expenditure to $3.8 billion–$4.2 billion.
2. The company advanced its strategic North American IPO plans and resolved a significant dispute with Newmont regarding the Nevada Gold Mines Joint Venture.
Barrick reached an agreement with Newmont to expand the Nevada Gold Mines Joint Venture, which included Newmont paying Barrick $1.95 billion in cash. This agreement also cleared a key procedural hurdle for Barrick's planned initial public offering (IPO) of a minority stake in a new entity that will hold its North American gold assets, including Nevada Gold Mines, Pueblo Viejo, and the Fourmile project. The IPO is targeted for completion by the end of 2026, a move expected to unlock significant shareholder value.
3. Barrick significantly increased shareholder returns through dividends and a substantial share buyback program.
In fiscal Q2 2026, total shareholder returns amounted to $1.50 billion, representing a 242% increase year-on-year. This included $1.2 billion in share repurchases as part of a $3 billion program initiated in May 2026, alongside a declared quarterly dividend of $0.175 per share.
4. A generally supportive, albeit volatile, gold price environment contributed to the positive stock trend.
While gold prices experienced volatility, including a dip below $4,000/ounce in late June 2026, they also saw a rise of approximately 10% in August 2026. Analyst forecasts from Goldman Sachs Research predict gold prices could reach $4,900 per ounce by the end of 2026, with J.P. Morgan Global Research projecting an average of $6,000/ounce by fiscal Q4 2026. This upward outlook is supported by sustained central bank demand, which accelerated to 100 tonnes per month in June 2026, and scaled-back expectations for U.S. interest rate hikes. Barrick's 2026 gold cost guidance is based on an assumption of $4,500 per ounce, implying favorable margins with higher prices.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 8.0% change in B stock from 5/31/2026 to 9/3/2026 was primarily driven by a 8.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.39 | 45.76 | 8.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19,044 | 20,655 | 8.5% |
| Net Income Margin (%) | 32.1% | 31.6% | -1.7% |
| P/E Multiple | 11.6 | 11.7 | 0.7% |
| Shares Outstanding (Mil) | 1,675 | 1,666 | 0.5% |
| Cumulative Contribution | 8.0% |
Market Drivers
5/31/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| B | 8.0% | |
| Market (SPY) | 2.2% | 51.2% |
| Sector (XLB) | 2.9% | 52.3% |
Fundamental Drivers
The -9.1% change in B stock from 2/28/2026 to 9/3/2026 was primarily driven by a -31.2% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 50.33 | 45.76 | -9.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,956 | 20,655 | 21.8% |
| Net Income Margin (%) | 29.4% | 31.6% | 7.3% |
| P/E Multiple | 17.0 | 11.7 | -31.2% |
| Shares Outstanding (Mil) | 1,683 | 1,666 | 1.0% |
| Cumulative Contribution | -9.1% |
Market Drivers
2/28/2026 to 9/3/2026| Return | Correlation | |
|---|---|---|
| B | -9.1% | |
| Market (SPY) | 13.0% | 54.4% |
| Sector (XLB) | -1.0% | 61.5% |
Fundamental Drivers
The 75.4% change in B stock from 8/31/2025 to 9/3/2026 was primarily driven by a 58.0% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.08 | 45.76 | 75.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,824 | 20,655 | 49.4% |
| Net Income Margin (%) | 20.0% | 31.6% | 58.0% |
| P/E Multiple | 16.2 | 11.7 | -27.9% |
| Shares Outstanding (Mil) | 1,716 | 1,666 | 3.0% |
| Cumulative Contribution | 75.4% |
Market Drivers
8/31/2025 to 9/3/2026| Return | Correlation | |
|---|---|---|
| B | 75.4% | |
| Market (SPY) | 20.9% | 43.8% |
| Sector (XLB) | 15.7% | 52.4% |
Fundamental Drivers
The 201.7% change in B stock from 8/31/2023 to 9/3/2026 was primarily driven by a 91.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9032026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.17 | 45.76 | 201.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,777 | 20,655 | 91.7% |
| P/S Multiple | 2.5 | 3.7 | 49.4% |
| Shares Outstanding (Mil) | 1,755 | 1,666 | 5.3% |
| Cumulative Contribution | 201.7% |
Market Drivers
8/31/2023 to 9/3/2026| Return | Correlation | |
|---|---|---|
| B | 201.7% | |
| Market (SPY) | 77.7% | 31.3% |
| Sector (XLB) | 34.0% | 44.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| B Return | -13% | -7% | 8% | -12% | 187% | 3% | 125% |
| Peers Return | 5% | -10% | 23% | 19% | 119% | 28% | 289% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| B Win Rate | 58% | 50% | 67% | 33% | 92% | 44% | |
| Peers Win Rate | 50% | 43% | 58% | 48% | 78% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| B Max Drawdown | -29% | -48% | -30% | -28% | -15% | -33% | |
| Peers Max Drawdown | -33% | -48% | -28% | -27% | -23% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEM, FCX, AEM, SCCO, KGC. See B Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/3/2026 (YTD)
How Low Can It Go
| Event | B | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.6% | -9.5% |
| % Gain to Breakeven | 22.8% | 10.5% |
| Time to Breakeven | 56 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.6% | -6.7% |
| % Gain to Breakeven | 14.4% | 7.1% |
| Time to Breakeven | 8 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.7% | -24.5% |
| % Gain to Breakeven | 29.4% | 32.4% |
| Time to Breakeven | 99 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -25.1% | -33.7% |
| % Gain to Breakeven | 33.6% | 50.9% |
| Time to Breakeven | 27 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.2% | -3.7% |
| % Gain to Breakeven | 28.5% | 3.9% |
| Time to Breakeven | 40 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.3% | -12.2% |
| % Gain to Breakeven | 32.1% | 13.9% |
| Time to Breakeven | 21 days | 62 days |
In The Past
Barrick Mining's stock fell -6.2% during the 2025 US Tariff Shock. Such a loss loss requires a 6.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | B | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.7% | -24.5% |
| % Gain to Breakeven | 29.4% | 32.4% |
| Time to Breakeven | 99 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -25.1% | -33.7% |
| % Gain to Breakeven | 33.6% | 50.9% |
| Time to Breakeven | 27 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.2% | -3.7% |
| % Gain to Breakeven | 28.5% | 3.9% |
| Time to Breakeven | 40 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.3% | -12.2% |
| % Gain to Breakeven | 32.1% | 13.9% |
| Time to Breakeven | 21 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -67.2% | -6.8% |
| % Gain to Breakeven | 204.9% | 7.3% |
| Time to Breakeven | 219 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -27.6% | -0.2% |
| % Gain to Breakeven | 38.1% | 0.2% |
| Time to Breakeven | 41 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -54.3% | -53.4% |
| % Gain to Breakeven | 119.0% | 114.4% |
| Time to Breakeven | 88 days | 1085 days |
In The Past
Barrick Mining's stock fell -6.2% during the 2025 US Tariff Shock. Such a loss loss requires a 6.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Barrick Mining (B)
Barrick Gold Corporation is a global mining company primarily engaged in the exploration and development of mineral properties. Its core business involves identifying, extracting, and processing valuable mineral deposits, with a particular focus on gold, copper, and nickel. As of December 31, 2016, the company reported substantial proven and probable reserves, including 85.9 million ounces of gold and 11.1 billion pounds of copper.
Headquartered in Toronto, Canada, Barrick Gold boasts a wide international operational footprint. The company conducts its exploration and development activities across numerous countries, including the United States, Canada, Australia, Argentina, Chile, Peru, the Dominican Republic, Papua New Guinea, Tanzania, Zambia, and Saudi Arabia. With principal properties like Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, and Veladero, Barrick Gold serves the global commodity markets by supplying essential raw materials—gold, copper, and nickel—to various industries worldwide.
AI Analysis | Feedback
Barrick Mining is like the ExxonMobil of gold and copper mining.
AI Analysis | Feedback
- Gold: Barrick Gold Corporation primarily explores for, develops, and produces gold from its mineral properties globally.
- Copper: The company engages in the exploration, development, and production of copper deposits.
- Nickel: Barrick also explores for nickel deposits as part of its mineral property development activities.
AI Analysis | Feedback
Barrick Mining (symbol: B) sells primarily to other companies.
As a global producer of commodities such as gold, copper, and nickel, Barrick Gold Corporation sells its products on international markets to a diverse range of industrial buyers, refiners, and financial institutions. Due to the nature of commodity trading, where products are often sold on exchanges or through numerous supply agreements, and to maintain competitive advantage, Barrick Gold Corporation does not publicly disclose the names of specific major customer companies.
AI Analysis | Feedback
null
AI Analysis | Feedback
The search results indicate some recent changes in Barrick Gold Corporation's leadership.
Mark Bristow was the President and CEO until September 2025, when Mark Hill was appointed as Group Chief Operating Officer and Interim President & CEO. Then in February 2026, Mark Hill was appointed President and Chief Executive Officer.
Helen Cai was appointed Senior Executive Vice President and Chief Financial Officer, effective in March 2026. Graham Shuttleworth was previously the CFO.
Given the current date (March 14, 2026), the information about Mark Hill as CEO and Helen Cai as CFO should be the most up-to-date.
Let's gather the information for the top 5 management members, including the current CEO and CFO.
**CEO:** Mark Hill
* **Title:** President and Chief Executive Officer
* **Background:** Mark Hill was appointed President and Chief Executive Officer of Barrick in February 2026, following his appointment as Group Chief Operating Officer and Interim President and Chief Executive Officer in September 2025. He was previously the executive responsible for the Latin America and Asia Pacific region, a role he assumed in January 2019. Hill is a seasoned mining executive with 30 years of experience and joined Barrick in 2006. He has experience in strategy, corporate development, and leading major projects across the world.
**CFO:** Helen Cai
* **Title:** Senior Executive Vice President, Chief Financial Officer
* **Background:** Helen Cai was appointed Senior Executive Vice President and Chief Financial Officer, effective in March 2026. She has served on the Barrick Board since November 2021 and brings over two decades of experience in equity research, corporate finance, strategic planning, capital markets, and M&A across the mining, industrial, and technology sectors, primarily with Goldman Sachs and China International Capital Corporation (CICC).
Now, I need to find up to three other management members. I will look for recent executive appointments or prominent roles.
Based on search result and, James J. McGuire and Woo Lee were recently appointed. George Joannou is also listed as Chief Development Officer.
1. **James J. McGuire**
* **Title:** Chief Legal and Policy Officer
* **Background:** James J. McGuire was appointed Chief Legal and Policy Officer in February 2026. He has over 30 years of legal experience representing leading corporations, financial institutions, and individuals. Prior to joining Barrick, he was a Litigation Partner and Managing Partner of the New York office at Greenspoon Marder LLP. He also served as a federal criminal prosecutor in the Southern District of New York.
2. **Woo Lee**
* **Title:** Chief Global Affairs Officer
* **Background:** Woo Lee was appointed Chief Global Affairs Officer in March 2026. He joined Barrick in 2014 and most recently served as Senior Vice President and Head of Government & Corporate Affairs, Asia Pacific. He has over 30 years of experience in Washington, China, and East Asia, and previously worked as a U.S. diplomat in the State Department, holding senior posts at American embassies and consulates across the APAC region.
3. **George Joannou**
* **Title:** Chief Development Officer
* **Background:** George Joannou was appointed Chief Development Officer of Barrick in November 2025. He had been Senior Vice President, Strategic Matters since 2014. George joined Barrick in 2002 as an accountant and has also held the roles of Assistant Treasurer, CFO Australia Pacific, and head of Planning and Capital Allocation. He is a Chartered Accountant and holds a Bachelor of Commerce (Honours) degree from the University of the Witwatersrand in South Africa.
The user specifically asked for information on whether the CEO or CFO founded or managed other companies, or sold companies, or managed companies backed by private equity firms.
* **Mark Hill (CEO):** The search results do not explicitly state if he founded or managed other companies outside of Barrick. His background primarily mentions his experience within Barrick and prior to that "30 years of experience" in mining, but no details of founding or selling companies.
* **Helen Cai (CFO):** Her background mentions experience with Goldman Sachs and China International Capital Corporation (CICC), but no information about founding, selling companies, or managing companies backed by private equity firms.
The prompt requires HTML output. I will structure the response accordingly.
Double-checking the company: The company is Barrick Mining Corporation, which is Barrick Gold Corporation that recently changed its name and NYSE symbol to 'B'. The background information provided in the prompt about gold and copper reserves, founding year, and headquarters matches Barrick Gold Corporation. The management team found is for Barrick Gold Corporation. So the company is correct.
I need to make sure I include up to 5 members and definitely the CEO and CFO. I have Mark Hill (CEO), Helen Cai (CFO), James J. McGuire, Woo Lee, and George Joannou. This is 5 members.
AI Analysis | Feedback
Barrick Mining (formerly Barrick Gold Corporation) faces several significant risks inherent to the global mining industry, amplified by its extensive operations in diverse geopolitical and environmental landscapes.
The most prominent risk is political and geopolitical instability, coupled with resource nationalism. Barrick operates in numerous countries, many of which are prone to political upheaval, changes in mining regulations, and disputes over taxation and resource ownership. This risk has manifested in severe ways, such as the temporary suspension of operations and seizure of gold stocks at its Loulo-Gounkoto mine in Mali due to a revenue dispute with the Malian government, resulting in a reported $1 billion revenue write-off. Ongoing negotiations regarding tax and royalty frameworks in the Dominican Republic and the need for stable government support for projects like Reko Diq in Pakistan further underscore this vulnerability, which can directly impact license security, operational stability, and financial performance.
Another key risk is related to environmental and social impacts, particularly concerning waste management and water contamination. Barrick has faced accusations of extensive environmental degradation, notably regarding riverine tailings disposal at the Porgera mine in Papua New Guinea, leading to heavy metals contamination. In Argentina, the Veladero mine has been linked to multiple toxic spills involving cyanide, arsenic, and mercury, forcing local communities to rely on bottled water and raising human rights concerns. Furthermore, the proposed Naranjo Tailings Storage Facility in the Dominican Republic has sparked significant opposition from local communities due to environmental and human rights concerns, with an estimated "Extreme" consequence (over 100 fatalities) in the event of a dam failure. Such incidents can lead to operational disruptions, legal actions, and severe reputational damage.
Finally, operational inconsistency and challenges in cost management present a significant business risk. While gold and copper prices are critical drivers of profitability, Barrick's financial performance is also heavily influenced by its ability to manage operational costs, specifically its All-in Sustaining Costs (AISC). The company has experienced operational inconsistencies and has been noted for having slightly higher AISC compared to some top-tier peers, indicating challenges in maintaining optimal operational efficiency. Poor capital allocation decisions, coupled with unexpected disruptions such as labor issues or energy cost fluctuations, can further impact production volumes and overall profitability.
AI Analysis | Feedback
null
AI Analysis | Feedback
For Barrick Mining (symbol: B), whose main products include gold, copper, and nickel, the addressable markets are as follows:
- Gold: The global gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. Asia-Pacific dominated the global gold market in 2025 with a market share of 65.54%.
- Copper: The global copper market size was approximately USD 291.12 billion in 2025 and is anticipated to reach USD 442.04 billion by 2034. Asia-Pacific held 55.6% of the global market share in 2024.
- Nickel: The global nickel market size was USD 47.8 billion in 2025 and is projected to grow to USD 78.3 billion by 2034. Asia Pacific dominated the nickel market with an 83.40% share in 2025.
AI Analysis | Feedback
null
AI Analysis | Feedback
null
Peer Outperformance in Gold
B has outperformed 55% of its 33 Gold peers over 5Y. Among the peers that beat it is FSM. Gold ranks 3rd of 15 industries in Materials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Gold constituents that B has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
78%
of 40 industry peers · 72.3% return
3Y
46%
of 39 industry peers · 203.4% return
5Y
55%
of 33 industry peers · 154.7% return
Gold peers with revenue growth within 4pp of B's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| B | Barrick Mining | 25.3% | 11.7x | 72.3% | 203.4% | 154.7% | — |
| FSM | Fortuna Mining | 23.4% | 10.1x | 62.7% | 323.4% | 177.0% | +22pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Materials sector, ranked by 5Y. Gold is B's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 103.8% | 77.4% | 292.7% | COPR 1030% · HBM 342% · TGB 335% |
| Silver | 6 | 147.1% | 353.6% | 163.7% | AYA 268% · HL 238% · SVM 198% |
| Gold ← | 34 | 44.6% | 210.2% | 152.5% | IAG 773% · CNL 603% · KGC 456% |
| Steel | 13 | 31.0% | 52.4% | 147.9% | AMR 408% · HCC 363% · NWPX 329% |
| Aluminum | 3 | 114.4% | 129.2% | 57.2% | CENX 274% · KALU 57% · AA 14% |
| Construction Materials | 7 | -16.4% | 18.8% | 41.6% | USLM 303% · CRH 86% · VMC 50% |
| Diversified Metals & Mining | 24 | -1.0% | -15.3% | 23.3% | ATLX 234900% · USAR 59262% · SGML 955% |
| Metal, Glass & Plastic Containers | 10 | -1.3% | 10.0% | 3.2% | KRT 159% · MYE 60% · GEF 46% |
| Paper & Plastic Packaging Products & Materials | 7 | 9.5% | 8.9% | -8.8% | PKG 78% · CCK 9% · SON -3% |
| Specialty Chemicals | 41 | 10.1% | -4.2% | -15.3% | ODC 471% · NEU 189% · CMT 75% |
| Commodity Chemicals | 12 | 27.3% | -14.2% | -26.0% | HWKN 269% · LXU 76% · MEOH 70% |
| Diversified Chemicals | 4 | 4.5% | -30.1% | -29.5% | CBT 71% · ASH -14% · CC -45% |
| Precious Metals & Minerals | 8 | 41.8% | 161.3% | -30.8% | ASM 625% · PPTA 387% · MTA 33% |
| Fertilizers & Agricultural Chemicals | 10 | -5.8% | -3.8% | -32.8% | CF 237% · CTVA 109% · NTR 57% |
| Paper Products | 3 | -18.4% | -55.2% | -96.2% | CLW -40% · ITP -96% · MERC -96% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 101.50 |
| Mkt Cap | 104.1 |
| Rev LTM | 18,221 |
| Op Inc LTM | 8,729 |
| FCF LTM | 4,824 |
| FCF 3Y Avg | 2,765 |
| CFO LTM | 7,077 |
| CFO 3Y Avg | 5,677 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 36.1% |
| Rev Chg 3Y Avg | 27.4% |
| Rev Chg Q | 32.3% |
| QoQ Delta Rev Chg LTM | 6.8% |
| Op Inc Chg LTM | 82.4% |
| Op Inc Chg 3Y Avg | 72.8% |
| Op Mgn LTM | 53.7% |
| Op Mgn 3Y Avg | 38.1% |
| QoQ Delta Op Mgn LTM | 1.3% |
| CFO/Rev LTM | 47.3% |
| CFO/Rev 3Y Avg | 38.8% |
| FCF/Rev LTM | 31.8% |
| FCF/Rev 3Y Avg | 24.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 104.1 |
| P/S | 4.9 |
| P/Op Inc | 11.0 |
| P/EBIT | 11.1 |
| P/E | 16.9 |
| P/CFO | 12.5 |
| Total Yield | 6.7% |
| Dividend Yield | 0.8% |
| FCF Yield 3Y Avg | 5.2% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 27.0% |
| 3M Rtn | 9.0% |
| 6M Rtn | 3.4% |
| 12M Rtn | 65.5% |
| 3Y Rtn | 229.2% |
| 1M Excs Rtn | 17.2% |
| 3M Excs Rtn | 6.8% |
| 6M Excs Rtn | -10.0% |
| 12M Excs Rtn | 45.3% |
| 3Y Excs Rtn | 155.0% |
Comparison Analyses
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA090977 | LANTHANUM CARBONATE | lanthanum carbonate | tablet, chewable | 1272022 | 20.4% | -15.7% | 7.8% | -12.8% | 173.1% |
| ANDA090095 | DUTASTERIDE | dutasteride | capsule | 12212010 | -2.6% | -14.1% | -9.5% | -33.0% | 15.9% |
| ANDA078965 | NORETHINDRONE AND ETHINYL ESTRADIOL AND FERROUS FUMARATE | ethinyl estradiol | tablet | 8052010 | 15.7% | 14.5% | 8.4% | -21.5% | 40.9% |
| ANDA079193 | ESTRADIOL AND NORETHINDRONE ACETATE | estradiol | tablet | 5112010 | -4.8% | 11.7% | 0.5% | -15.8% | 31.9% |
| ANDA090360 | BUPRENORPHINE HYDROCHLORIDE | buprenorphine hydrochloride | tablet | 5072010 | 1.8% | 15.8% | 10.7% | -9.4% | 41.3% |
| ANDA076237 | FLUOXETINE HYDROCHLORIDE | fluoxetine hydrochloride | capsule, delayed rel pellets | 3242010 | 20.7% | 27.7% | 40.3% | 20.3% | 62.5% |
| ANDA090591 | PHENTERMINE HYDROCHLORIDE | phentermine hydrochloride | capsule | 3182010 | 13.2% | 16.2% | 25.7% | 13.1% | 52.1% |
| ANDA090470 | PHENTERMINE HYDROCHLORIDE | phentermine hydrochloride | tablet | 8312009 | 23.6% | 11.3% | 36.4% | 49.4% | 75.2% |
| ANDA078804 | ASPIRIN AND DIPYRIDAMOLE | aspirin | capsule, extended release | 8142009 | 26.4% | 8.7% | 27.7% | 48.9% | 79.2% |
| ANDA078515 | DROSPIRENONE AND ETHINYL ESTRADIOL | drospirenone | tablet | 3302009 | 8.6% | 13.1% | 18.2% | 63.3% | 89.3% |
| ... | |||||||||
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA090977 | LANTHANUM CARBONATE | lanthanum carbonate | tablet, chewable | 1272022 | 20.4% | -15.7% | 7.8% | -12.8% | 173.1% |
| ANDA090095 | DUTASTERIDE | dutasteride | capsule | 12212010 | -2.6% | -14.1% | -9.5% | -33.0% | 15.9% |
| ANDA078965 | NORETHINDRONE AND ETHINYL ESTRADIOL AND FERROUS FUMARATE | ethinyl estradiol | tablet | 8052010 | 15.7% | 14.5% | 8.4% | -21.5% | 40.9% |
| ANDA079193 | ESTRADIOL AND NORETHINDRONE ACETATE | estradiol | tablet | 5112010 | -4.8% | 11.7% | 0.5% | -15.8% | 31.9% |
| ANDA090360 | BUPRENORPHINE HYDROCHLORIDE | buprenorphine hydrochloride | tablet | 5072010 | 1.8% | 15.8% | 10.7% | -9.4% | 41.3% |
| ANDA076237 | FLUOXETINE HYDROCHLORIDE | fluoxetine hydrochloride | capsule, delayed rel pellets | 3242010 | 20.7% | 27.7% | 40.3% | 20.3% | 62.5% |
| ANDA090591 | PHENTERMINE HYDROCHLORIDE | phentermine hydrochloride | capsule | 3182010 | 13.2% | 16.2% | 25.7% | 13.1% | 52.1% |
| ANDA090470 | PHENTERMINE HYDROCHLORIDE | phentermine hydrochloride | tablet | 8312009 | 23.6% | 11.3% | 36.4% | 49.4% | 75.2% |
| ANDA078804 | ASPIRIN AND DIPYRIDAMOLE | aspirin | capsule, extended release | 8142009 | 26.4% | 8.7% | 27.7% | 48.9% | 79.2% |
| ANDA078515 | DROSPIRENONE AND ETHINYL ESTRADIOL | drospirenone | tablet | 3302009 | 8.6% | 13.1% | 18.2% | 63.3% | 89.3% |
| ANDA078189 | GALANTAMINE HYDROBROMIDE | galantamine hydrobromide | capsule, extended release | 9152008 | 18.7% | 6.7% | 37.5% | 65.0% | 120.3% |
| ANDA077605 | GALANTAMINE HYDROBROMIDE | galantamine hydrobromide | tablet | 8282008 | -16.4% | -9.9% | 2.4% | 36.1% | 75.8% |
| ANDA077527 | DROSPIRENONE AND ETHINYL ESTRADIOL | drospirenone | tablet | 5092008 | -10.2% | -38.9% | -12.5% | 11.1% | 57.0% |
| ANDA078221 | GRANISETRON HYDROCHLORIDE | granisetron hydrochloride | tablet | 12312007 | 3.3% | 8.7% | -12.6% | -3.8% | 47.1% |
| ANDA076105 | TRI-LEGEST FE | ethinyl estradiol | tablet | 10262007 | 21.6% | -7.5% | -53.4% | -10.9% | 44.2% |
| ANDA076405 | TRI-LEGEST 21 | ethinyl estradiol | tablet | 10262007 | 21.6% | -7.5% | -53.4% | -10.9% | 44.2% |
| ANDA076693 | ONDANSETRON | ondansetron | tablet, orally disintegrating | 6252007 | 37.9% | 36.5% | 42.8% | 18.6% | 114.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Carlin | 4,024 | 3,041 | 2,760 | 2,848 | 2,687 |
| Cortez | 2,686 | 1,725 | 1,737 | 1,316 | 1,485 |
| Other Mines | 2,392 | 2,076 | 1,591 | 1,553 | 2,659 |
| Pueblo Viejo | 2,300 | 1,429 | 1,118 | 1,303 | 1,514 |
| Turquoise Ridge | 1,984 | 1,177 | 1,008 | 814 | 987 |
| Lumwana | 1,487 | 855 | 795 | 868 | |
| Kibali | 1,040 | 743 | 670 | 598 | 661 |
| North Mara | 1,024 | 770 | 591 | 570 | 552 |
| Bulyanhulu | 659 | 495 | 442 | 463 | 361 |
| Loulo-Gounkoto | 505 | 1,346 | 1,335 | 1,236 | 1,249 |
| Other revenue | -105 | 8 | 20 | 42 | 109 |
| Share of equity investee | -1,040 | -743 | -670 | -598 | -661 |
| Veladero | 382 | ||||
| Total | 16,956 | 12,922 | 11,397 | 11,013 | 11,985 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Carlin | 2,116 | 1,189 | 938 | 1,114 | 1,189 |
| Cortez | 1,460 | 705 | 542 | 450 | 547 |
| Pueblo Viejo | 1,255 | 493 | 316 | 461 | 759 |
| Other Mines | 1,234 | 727 | 286 | 109 | 809 |
| Turquoise Ridge | 1,131 | 388 | 280 | 160 | 371 |
| Lumwana | 596 | 135 | 37 | 180 | |
| North Mara | 566 | 318 | 165 | 209 | 254 |
| Kibali | 527 | 316 | 243 | 142 | 278 |
| Bulyanhulu | 336 | 193 | 147 | 140 | 147 |
| Loss on currency translation | 3 | -39 | -93 | ||
| Gain (loss) on non-hedge derivatives | 1 | ||||
| Other cost of sales/amortization | -56 | ||||
| Loulo-Gounkoto | -126 | 525 | 484 | 426 | 474 |
| Finance costs, net (includes non-segment accretion) | -176 | -179 | -265 | -329 | |
| Exploration, evaluation and project expenses not attributable to segments | -335 | -351 | -249 | ||
| Share of equity investee | -527 | -316 | -243 | -142 | -278 |
| Closed mine rehabilitation | -59 | ||||
| Gain on non-hedge derivatives | 13 | 7 | 2 | ||
| General and administrative expenses | -115 | -159 | |||
| Income from equity investees | 241 | ||||
| Impairment reversals (charges) | -312 | ||||
| Other revenue | 20 | 42 | |||
| Other income (expense) not attributable to segments | 396 | ||||
| Veladero | 118 | ||||
| Total | 8,005 | 4,184 | 2,810 | 3,021 | 4,341 |
| $ Mil | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|
| Goodwill | 5,835 | 8,837 | |||
| Pueblo Viejo | 4,836 | 4,799 | |||
| Other current assets | 3,485 | 3,660 | |||
| Cortez | 3,042 | 2,938 | |||
| Other Mines - Copper | 3,018 | 3,799 | |||
| Other items not allocated to segments | 2,792 | 3,782 | |||
| Pascua-Lama | 2,593 | 6,270 | |||
| Cash and equivalents | 2,404 | 2,097 | |||
| Goldstrike | 2,222 | 1,876 | |||
| Australia Pacific | 1,669 | 2,869 | |||
| North America - Other | 1,525 | 1,696 | |||
| African Barrick Gold | 1,515 | 2,295 | |||
| Veladero | 634 | 1,058 | |||
| Lagunas Norte | 614 | 534 | |||
| Deferred income tax assets | 501 | 437 | |||
| Assets of held for sale | 323 | ||||
| Intangible assets | 320 | 453 | |||
| Other investments | 120 | 78 | |||
| Barrick Energy | 1,104 | 808 | 4,017 | ||
| Copper | 12,398 | 1,231 | 1,239 | ||
| Gold | 17,365 | 10,591 | 11,053 | ||
| Other | 18,017 | 20,692 | 10,766 | ||
| Total | 37,448 | 47,478 | 48,884 | 33,322 | 27,075 |
Price Behavior
Price Behavior
| Market Price | $45.76 | |
| Market Cap ($ Bil) | 76.2 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -12.2% | |
| 50 Days | 200 Days | |
| DMA Price | $39.81 | $42.10 |
| DMA Trend | up | up |
| Distance from DMA | 14.9% | 8.7% |
| 3M | 1YR | |
| Volatility | 50.3% | 48.8% |
| Downside Capture | 167.30 | 187.67 |
| Upside Capture | 184.54 | 209.99 |
| Correlation (SPY) | 49.5% | 43.6% |
B Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.96 | 1.24 | 1.78 | 1.90 | 1.63 | 0.79 |
| Up Beta | 0.30 | 1.37 | 1.26 | 1.59 | 1.30 | 0.53 |
| Down Beta | -3.94 | 0.80 | 2.46 | 1.88 | 1.19 | 0.70 |
| Up Capture | 325% | 212% | 196% | 198% | 356% | 143% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 14 | 22 | 30 | 59 | 140 | 407 |
| Down Capture | -26% | 45% | 154% | 195% | 143% | 98% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 7 | 20 | 33 | 67 | 108 | 336 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with B | |
|---|---|---|---|---|
| B | 72.6% | 48.8% | 1.27 | - |
| Sector ETF (XLB) | 17.4% | 17.9% | 0.75 | 52.5% |
| Equity (SPY) | 21.2% | 12.8% | 1.23 | 43.8% |
| Gold (GLD) | 25.1% | 29.1% | 0.77 | 76.0% |
| Commodities (DBC) | 42.9% | 20.4% | 1.64 | 4.9% |
| Real Estate (VNQ) | 10.7% | 13.6% | 0.50 | 20.3% |
| Bitcoin (BTCUSD) | -31.0% | 43.5% | -0.73 | 30.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with B | |
|---|---|---|---|---|
| B | 21.5% | 37.1% | 0.61 | - |
| Sector ETF (XLB) | 6.4% | 19.1% | 0.23 | 40.3% |
| Equity (SPY) | 13.1% | 17.2% | 0.58 | 27.8% |
| Gold (GLD) | 19.6% | 18.8% | 0.85 | 72.7% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | 22.4% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 27.6% |
| Bitcoin (BTCUSD) | 10.5% | 52.6% | 0.38 | 17.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with B | |
|---|---|---|---|---|
| B | 11.8% | 36.9% | 0.41 | - |
| Sector ETF (XLB) | 10.1% | 20.7% | 0.43 | 29.2% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 21.3% |
| Gold (GLD) | 12.5% | 16.3% | 0.63 | 71.2% |
| Commodities (DBC) | 8.0% | 18.1% | 0.36 | 21.2% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 21.2% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 6-K |
| 12/31/2025 | 02/27/2026 | 40-F |
| 09/30/2025 | 11/10/2025 | 6-K |
| 03/31/2025 | 05/07/2025 | 6-K |
| 12/31/2024 | 03/14/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/12/2024 | 6-K |
| 03/31/2024 | 05/02/2024 | 6-K |
| 12/31/2023 | 03/15/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/08/2023 | 6-K |
| 03/31/2023 | 05/03/2023 | 6-K |
| 12/31/2022 | 03/17/2023 | 40-F |
| 09/30/2022 | 11/04/2022 | 6-K |
| 06/30/2022 | 08/08/2022 | 6-K |
| 03/31/2022 | 05/05/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 6-K |
| 12/31/2025 | 02/27/2026 | 40-F |
| 09/30/2025 | 11/10/2025 | 6-K |
| 03/31/2025 | 05/07/2025 | 6-K |
| 12/31/2024 | 03/14/2025 | 40-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/12/2024 | 6-K |
| 03/31/2024 | 05/02/2024 | 6-K |
| 12/31/2023 | 03/15/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 08/08/2023 | 6-K |
| 03/31/2023 | 05/03/2023 | 6-K |
| 12/31/2022 | 03/17/2023 | 40-F |
| 09/30/2022 | 11/04/2022 | 6-K |
| 06/30/2022 | 08/08/2022 | 6-K |
| 03/31/2022 | 05/05/2022 | 6-K |
| 12/31/2021 | 03/18/2022 | 40-F |
| 09/30/2021 | 11/05/2021 | 6-K |
| 06/30/2021 | 08/09/2021 | 6-K |
| 03/31/2021 | 05/05/2021 | 6-K |
| 12/31/2020 | 03/19/2021 | 40-F |
| 09/30/2020 | 11/06/2020 | 6-K |
| 06/30/2020 | 08/11/2020 | 6-K |
| 03/31/2020 | 05/06/2020 | 6-K |
| 12/31/2019 | 03/26/2020 | 40-F |
| 09/30/2019 | 11/06/2019 | 6-K |
| 06/30/2019 | 08/12/2019 | 6-K |
| 03/31/2019 | 05/09/2019 | 6-K |
Investor Activity (13F)
Updated Sep 4, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Scheer, Rowlett & Associates Investment Management Ltd. | $83.6 Mil | 6.0% | 33 | TRIM -12.8% | 13F |
| Gemsstock Ltd. | $55.6 Mil | 5.9% | 28 | ADD +17.7% | 13F |
| Evergreen Quality Fund GP, Ltd. | $168.9 Mil | 3.9% | 40 | TRIM -10.2% | 13F |
| Kopernik Global Investors, LLC | $22.8 Mil | 1.6% | 27 | TRIM -5.1% | 13F |
| FengHe Fund Management Pte. Ltd. | $5.7 Mil | 0.8% | 31 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Maple Rock Capital Partners Inc. | $86.7 Mil | 2.9% | 38 | Exited | Dec 31, 2025 | 13F |
| Drummond Knight Asset Management Pty Ltd | $60.3 Mil | 16.9% | 11 | Exited | Dec 31, 2025 | 13F |
| Sound Shore Management Inc /CT/ | $50.3 Mil | 1.6% | 37 | Exited | Dec 31, 2025 | 13F |
| Encompass Capital Advisors LLC | $17.4 Mil | 0.8% | 48 | Exited | Dec 31, 2025 | 13F |
| Wealth High Governance Capital Ltda | $5.3 Mil | 1.0% | 46 | Exited | Dec 31, 2025 | 13F |
| Scheer, Rowlett & Associates Investment Management Ltd. | $83.6 Mil | 6.0% | 33 | TRIM -12.8% | Mar 31, 2026 | 13F |
| Evergreen Quality Fund GP, Ltd. | $168.9 Mil | 3.9% | 40 | TRIM -10.2% | Mar 31, 2026 | 13F |
| Kopernik Global Investors, LLC | $22.8 Mil | 1.6% | 27 | TRIM -5.1% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Evergreen Quality Fund GP, Ltd. | $168.9 Mil | 3.9% | 40 | TRIM -10.2% | 13F |
| Scheer, Rowlett & Associates Investment Management Ltd. | $83.6 Mil | 6.0% | 33 | TRIM -12.8% | 13F |
| Gemsstock Ltd. | $55.6 Mil | 5.9% | 28 | ADD +17.7% | 13F |
| Kopernik Global Investors, LLC | $22.8 Mil | 1.6% | 27 | TRIM -5.1% | 13F |
| FengHe Fund Management Pte. Ltd. | $5.7 Mil | 0.8% | 31 | New | 13F |
Barrick Mining — Investor Video Playlist
Products & Services
Nevada Gold Mines 2026: Powering the Future of Gold Mining 🏆⚒️
Investor / Analyst
Barrick Mining Q4 2025 Results Conference Call | Presentation & Analyst Q&A
Investor / Analyst
Barrick Mining (NYSE: B) (TSX: ABX) | Q3 2025 Results Presentation and Management Discussion
Investor / Analyst
Joel Holliday | Exploration | Barrick Investor Day 2024
Leadership
Mark Bristow | Introduction | Barrick Investor Day 2024
Leadership
Graham Shuttleworth | Finance & Supply Chain | Barrick Investor Day 2024
Leadership
Questions & Answers | Barrick Executive Team | Barrick Investor Day 2024
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Gold Resources |
| Kitco News |
| World Gold Council |
| Mining Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 9/3/2026