Lyn Frans
Barrick Mining (NYSE: B) (TSX: ABX) has surged to its highest level in 13 years, fueled by a “game-changing” gold discovery in Nevada and the overall strength of the precious metals market.
The company’s shares listed in Toronto jumped as much as 6% to C$49.33, marking its best performance since early 2012. Similarly, its New York shares reached an intraday high of $35.70. The market capitalizations for Barrick stand at C$81.7 billion and $59.6 billion, respectively.
If Monday’s gains persist, it would represent Barrick’s strongest four-day performance since 2020, when the stock last traded in the high C$30s. The recent rally is attributed to a new study on the Fourmile project in Nevada, which indicates the potential to produce up to 750,000 ounces of gold annually, with plans for underground mine development set to begin in 2026.
In a press release dated September 16, CEO Mark Bristow referred to the project as a “multi-generational project” that could become the largest and highest-grade gold discovery of the century. This news has positively impacted Barrick’s share price, which has risen approximately 23% since the announcement.
The company’s gains have also been bolstered by a rising gold price, which has hit multiple records recently following the US Federal Reserve’s first rate cut of the year. A rebalancing of the GDX index last Friday further contributed to the increase in Barrick’s share price.
Analysts are echoing this positive sentiment, with many, including TD Cowen’s Steven Green, raising their price targets for Barrick despite ongoing disputes in Mali over one of its largest mines. Green believes the stock has significant room for valuation improvement due to its underperformance in recent years, raising his target to $38 per share. He emphasized that the Fourmile project will be a “game changer” for the company.
In separate analyses, Stifel analyst Ralph Profiti estimated the value of Fourmile at over $10 billion, while BMO Capital Markets’ Matthew Murphy valued the project at $9.2 billion.
Barrick Mining Corporation is a leading gold and copper producer with operations spanning 18 countries across four continents, including Argentina, Canada, Chile, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Ecuador, Egypt, Mali, Pakistan, Papua New Guinea, Peru, Saudi Arabia, Senegal, Tanzania, the US, and Zambia. In 2024, Barrick produced 3.91 million ounces of gold at all-in sustaining costs of $1,484 per ounce and 195,000 tonnes of copper at $3.45 per pound. As of December 31, 2024, the company reported proven and probable reserves of 89 million ounces of gold and 18 million tonnes of copper.
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Once the world’s largest gold mining company until Newmont’s acquisition of Goldcorp in 2019, Barrick expects to produce between 3.9 and 4.3 million ounces of gold and between 180 and 210 million tonnes of copper in 2024. The company has undergone several name changes over the years, previously known as Barrick Gold Corporation (1995-2025), American Barrick Resources Corporation (1985-1995), and Barrick Resources (1983-1985).
CEO Mark Bristow indicated in 2020 that Barrick is considering moving its primary stock listing from the Toronto Stock Exchange to the New York Stock Exchange to enhance its visibility to potential investors.
Source :Mining.com
