What’s Next For Barrick Mining Stock?

Barrick Mining Corp (NYSE: B), one of the world’s largest gold and copper producers, has been one of the standout performers of 2025, with shares surging 121% year-to-date to trade near $35. The rally reflects record gold prices, strong earnings growth, and rising investor enthusiasm for miners as safe-haven demand and electrification themes converge. With the stock already more than doubling, investors are now weighing how much upside remains at current levels. Separately, see – Where Is Paypal Stock Headed?

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Revenue & Earnings Power

In 2024, Barrick generated revenues of around $10.8 billion, supported by realized gold prices averaging $2,250 per ounce and steady copper output. EBITDA came in at about $5.2 billion, with net earnings of $3.1 billion and free cash flow more than doubling from the prior year. The strong trajectory continued into 2025, where Q2 results underscored Barrick’s leverage to gold. Average realized prices reached $3,320 per ounce, gold production rose 5% sequentially, and copper output surged 34% on strength from Lumwana. Quarterly net income was $1.1 billion, with first-half operating cash flow climbing to $2.5 billion and free cash flow doubling to $770 million. With spot gold now hovering near $3,700 per ounce, Barrick’s earnings power remains robust, positioning it to post some of the strongest results in its history.

Valuation Multiples

At the current share price of $35, Barrick trades at roughly 12–13x forward earnings and around 7–8x EV/EBITDA. While these multiples are higher than earlier in the year, they are still broadly in line with peers such as Newmont, suggesting that the market is valuing Barrick fairly relative to fundamentals. Its dividend yield has compressed to around 1.5% due to the stock’s sharp appreciation, but capital returns remain a focus with over $750 million distributed via buybacks in the first half of 2025. The valuation implies investors are betting on gold prices staying elevated, though the stock does not yet look excessively overvalued compared to global mining majors.

Balance Sheet Strength

Barrick continues to benefit from a fortress balance sheet, with net debt close to zero against annual EBITDA. This financial strength allows the company to return capital while advancing large-scale growth initiatives such as the Pueblo Viejo expansion, the Lumwana copper project, and the world-class Reko Diq development in Pakistan. These projects position Barrick to not only sustain strong gold output but also grow its copper exposure, which is strategically important for long-term demand linked to electrification and energy transition.

The Verdict

Barrick’s climb to $35 per share highlights the market’s confidence in its earnings power and commodity leverage. While the 121% year-to-date rally leaves less margin of safety, the company’s low-cost production, strong balance sheet, and copper growth optionality continue to support the investment case. If gold prices remain near current record highs and copper volumes expand as planned, Barrick could still see another leg higher, perhaps a 10–15% re-rating. However, after such a sharp run, investors should also be prepared for bouts of volatility as sentiment and commodity prices inevitably fluctuate.

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