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.

Equity Bottom-Up

<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!

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

<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

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We maintain our near-term bullish outlook on SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM), which has remained in place since 4/22/25, aside from one week(11/19/25-11/25/25) when we went neutral.</li>
<li>We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $245 on IWM continue to hold. Intermediate-term, still bullish above 6480-6520</li>
<li>SPX gap down (resistance at 6910-6940, Staples at 4-month RS highs, and more are giving us reason for caution in the near-term, though we still view pullbacks as a buy</li>
</ul>


We maintain our near-term bullish outlook on SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM), which has remained in place since 4/22/25, aside from one week(11/19/25-11/25/25) when we went neutral.
We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $245 on IWM continue to hold. Intermediate-term, still bullish above 6480-6520
SPX gap down (resistance at 6910-6940, Staples at 4-month RS highs, and more are giving us reason for caution in the near-term, though we still view pullbacks as a buy


Reason for Near-Term Caution? 10Y Treasury Yield Above 4.20%; Upgrading Energy and Staples

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Barrick Mining (B US)

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

Reason for Near-Term Caution? 10Y Treasury Yield Above 4.20%; Upgrading Energy and Staples

Reason for Near-Term Caution? $SPX $QQQ 10-Year Treasury Yield Breaking Above 4.20%; Upgrading Energy $XLE $RSPG and Staples $XLP to market weight,...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)