B Stock Forecast & Price Target

Barrick Mining, one of the largest gold producers globally, has demonstrated strong operational capacity by producing nearly 3.9 million attributable ounces of gold and approximately 195,000 metric tons of copper in 2024, which underscores its significant contribution to the resource sector. The company’s expansive portfolio includes about two decades of gold reserves and substantial copper reserves, enhanced by its strategic developments like the Lumwana mine in Zambia and the Reko Diq project in Pakistan. Barrick's commitment to improving production efficiency and leveraging existing infrastructure for projects such as Fourmile suggests a stable production outlook for the next decade, with exploration potential further solidifying the positive long-term growth trajectory of the company.

Barrick Mining's stock faces a negative outlook due to high EBITDA multiples for its Nevada Gold Mines and Copper segments, stemming from a lack of near-term production for the Fourmile and Reko Diq projects, which may hinder immediate profitability. Additionally, the company's shares trade at a slight discount to their worst-case breakup value, with non-Nevada assets valued at less than 0.4 times net asset value, indicating potential undervaluation concerns. Moreover, operations in regions with high geopolitical risk and terrorist activity, such as Papua New Guinea, pose significant challenges that could adversely affect employee and community safety, further complicating Barrick's operational stability.