B Stock Forecast & Price Target

Barrick Mining has demonstrated strong production metrics, with nearly 3.9 million attributable ounces of gold and approximately 195,000 metric tons of copper produced in 2024, alongside two decades of established gold reserves. The company is positioning itself for long-term growth through the development of the Fourmile project, which is expected to yield stable production from the North Gold Mountain (NGM) complex for around ten years, with exploration potential for additional upside. Furthermore, the cost efficiency of mining methods and the low capital intensity associated with utilizing existing infrastructure for Fourmile suggest improved profitability prospects, thus bolstering Barrick's positive outlook.

Barrick Mining's stock faces a negative outlook primarily due to high EBITDA multiples for its North American Mining (NGM) and Copper segments, which indicate a lack of near-term production from key projects like Fourmile and Reko Diq. Additionally, the company's shares reflect a slight discount to its worst-case breakup value, with its non-Nevada assets trading at an implied value of less than 0.4 times net asset value. Furthermore, the firm's operations are subject to elevated geopolitical risks and security concerns in regions like Papua New Guinea, which could adversely affect employee and community safety, thereby hindering operational stability.