Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>At gold prices of 4,500 USD/oz (vs. current price &gt;4,700 USD/oz), the stock trades at 9x PE and 4.2x EV-EBITDA, with a 3.5% dividend yield (50% payout on FCF). </li>
<li>
The North America IPO could be a catalyst for a structural re-rating, comprising holdings in NGM (61.5%), Pueblo Viejo (60%), and 100%-owned Fourmile, targeting completion by late 2026.</li>
<li>
This is a diversified 14-asset miner, with 85 million ounces of reserves (more than 17-year mine life) that provides a good, large-cap/liquid option geared to the gold price. </li>
</ul>


At gold prices of 4,500 USD/oz (vs. current price &gt;4,700 USD/oz), the stock trades at 9x PE and 4.2x EV-EBITDA, with a 3.5% dividend yield (50% payout on FCF). 

The North America IPO could be a catalyst for a structural re-rating, comprising holdings in NGM (61.5%), Pueblo Viejo (60%), and 100%-owned Fourmile, targeting completion by late 2026.

This is a diversified 14-asset miner, with 85 million ounces of reserves (more than 17-year mine life) that provides a good, large-cap/liquid option geared to the gold price. 


Barrick Gold (B US): An Option For Investors Looking At Diversified Asset, Large-Cap Gold Exposure

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Summary earnings estimate for <a href="https://www.smartkarma.com/entities/barrick-gold-corp-d9063e6c-833b-4429-a123-2deceb2fe823" target="_blank" data-smartkarma-citation="entities:25341:1" rel="noopener">Barrick Gold (ABX CN)</a> as per Zacks: (a) EPS: $0.87 (+78.1% YoY), and (b) Revenue: $5.1B (+41.6% YoY).</li>
<li>For the quarter ending Sep 25, the firm registered free cash flow growth of 246% QoQ, with EPS jumping 61% QoQ, and Cash Flow from Operations at 80% QoQ.</li>
<li>All Eyes on Blockbuster results, Cost Discipline, Leadership Change, Strategy of Value-over-Volumes, Copper Pivot, Share Buyback &amp; Dividends.</li>
</ul>


Summary earnings estimate for Barrick Gold (ABX CN) as per Zacks: (a) EPS: $0.87 (+78.1% YoY), and (b) Revenue: $5.1B (+41.6% YoY).
For the quarter ending Sep 25, the firm registered free cash flow growth of 246% QoQ, with EPS jumping 61% QoQ, and Cash Flow from Operations at 80% QoQ.
All Eyes on Blockbuster results, Cost Discipline, Leadership Change, Strategy of Value-over-Volumes, Copper Pivot, Share Buyback &amp; Dividends.


Can Barrick Deliver Blockbuster Earnings To Offload Jurisdictional Baggage Discount?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul>
<li>As of November 2025, Barrick Mining Corp. is undergoing a transformation driven by leadership overhaul, activist investor pressure, and heightened speculation about a corporate breakup or acquisition.</li>
<li>Mark Hill, the new interim CEO following Mark Bristow’s abrupt departure in September, has launched a sweeping operational review, just as Elliott Investment Management disclosed a significant stake in the underperforming gold producer.</li>
<li>Barrick has struggled with inconsistent delivery, safety failures including three fatalities this year, and cost overruns—all while its peers have outpaced it in a rising gold price environment.</li>
</ul>


As of November 2025, Barrick Mining Corp. is undergoing a transformation driven by leadership overhaul, activist investor pressure, and heightened speculation about a corporate breakup or acquisition.
Mark Hill, the new interim CEO following Mark Bristow’s abrupt departure in September, has launched a sweeping operational review, just as Elliott Investment Management disclosed a significant stake in the underperforming gold producer.
Barrick has struggled with inconsistent delivery, safety failures including three fatalities this year, and cost overruns—all while its peers have outpaced it in a rising gold price environment.


Barrick Battles Chaos: Elliott’s Stake, CEO Exit & M&A Buzz Explained!

<ul>
<li>At a gold price of USD 4,200/oz, miners are generating cash flow well in excess of sustaining capital and operating requirements, supporting balance sheet deleveraging and shareholder returns.</li>
<li>Following our prior insight, <a href="https://www.smartkarma.com/insights/gold-equities-a-detailed-look-at-the-capital-allocation-plans-of-our-universe-barrick-gold-b-us" target="_blank" data-smartkarma-citation="insights:273679" rel="noopener">Gold Equities: A Detailed Look At The Capital Allocation Plans Of Our Universe - Barrick Gold (B US)</a>, we follow up on <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a>  </li>
<li>We like <a href="https://www.smartkarma.com/entities/oceanagold-philippines-inc" target="_blank" data-smartkarma-citation="entities:40897:1" rel="noopener">OceanaGold Philippines (OGP PM)</a> for its 11% dividend yield. For the large caps, <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> and <a href="https://www.smartkarma.com/entities/barrick-mining-corporation" target="_blank" data-smartkarma-citation="entities:21023:1" rel="noopener">Barrick Mining (B US)</a>  have impressive capital return programs.</li>
</ul>


At a gold price of USD 4,200/oz, miners are generating cash flow well in excess of sustaining capital and operating requirements, supporting balance sheet deleveraging and shareholder returns.
Following our prior insight, Gold Equities: A Detailed Look At The Capital Allocation Plans Of Our Universe - Barrick Gold (B US), we follow up on Newmont Mining (NEM US)  
We like OceanaGold Philippines (OGP PM) for its 11% dividend yield. For the large caps, Newmont Mining (NEM US) and Barrick Mining (B US)  have impressive capital return programs.


Gold Equities: A Detailed Look At The Capital Allocation Plans Of Our Universe - Newmont (NEM US)

Equity & Credit Research

Duncan Chan

Commodities

<ul>
<li>Gold has pulled back from record highs near US$5,594/oz in January 2026, but supply remains inelastic and structural demand persists, suggesting downside is constrained.</li>
<li>Short-Term price moves are shaped by real yields, the US dollar and positioning. Higher real yields raise the opportunity cost of holding gold and limit near-term upside.</li>
<li>Official sector buying remains positive and absorbs supply, providing a structural floor, but its pace is uneven and insufficient to offset macro-driven outflows in the short term.</li>
</ul>


Gold has pulled back from record highs near US$5,594/oz in January 2026, but supply remains inelastic and structural demand persists, suggesting downside is constrained.
Short-Term price moves are shaped by real yields, the US dollar and positioning. Higher real yields raise the opportunity cost of holding gold and limit near-term upside.
Official sector buying remains positive and absorbs supply, providing a structural floor, but its pace is uneven and insufficient to offset macro-driven outflows in the short term.


Gold: The Floor Is Clear, Weakness Is an Opportunity

United States

Barrick Mining Corporation is a mining company. The Company produces gold and copper, as well as operating mines and development projects. Barrick Mining serves customers worldwide.

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Barrick Mining (B US)

Barrick Gold (B US): An Option For Investors Looking At Diversified Asset, Large-Cap Gold Exposure

Barrick: net cash $2B, 9x P/E,4.2x EV-EBITDA at $4,500 gold. IPO of North American assets the re-rating catalyst. Fourmile — 13Moz at 17g/t — is...

Sameer Taneja

Can Barrick Deliver Blockbuster Earnings To Offload Jurisdictional Baggage Discount?

Blockbuster results vs. jurisdictional baggage: can record cash flow & a new leadership team finally erase Barrick’s "risk discount" as gold hits...

Mint Finance

Barrick Battles Chaos: Elliott’s Stake, CEO Exit & M&A Buzz Explained!

As of November 2025, Barrick Mining Corp. is undergoing a transformation driven by leadership overhaul, activist investor pressure, and heightened...

Baptista Research

Gold Equities: A Detailed Look At The Capital Allocation Plans Of Our Universe - Newmont (NEM US)

Newmont now returns ~75% of free cash flow: a fixed $1.1bn dividend plus formula buybacks ($7.7bn done, $4.3bn left), with $3.4bn net cash. Gold...

Sameer Taneja

Gold: The Floor Is Clear, Weakness Is an Opportunity

Gold has a structural floor from constrained supply and central bank demand, but real yields cap upside, making weakness a more attractive entry...

Duncan Chan

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