Investors in gold have experienced significant gains, with the precious metal appreciating by 72% over the past year. This surge has been attributed to various factors, including geopolitical tensions stemming from the U.S. blockade of Venezuela and the ongoing conflict in Ukraine. Additionally, easing monetary policies from the Federal Reserve are fostering a more favorable environment for gold, leading to a bullish outlook for 2026. As noted by Trevor Yates, senior investment analyst at Global X ETFs, “the latest leg of the rally has been driven by the market pricing in an increasingly gold-friendly 2026 outlook, with lower rates and a potentially softer dollar acting as tailwinds for the bullion.”
Against this backdrop, Barrick Mining has emerged as a notable performer in the gold sector. Headquartered in Toronto, Canada, Barrick is a leading mining and development company with operations spanning 17 countries across five continents. The company primarily focuses on gold and copper mining, with gold operations located in regions such as Nevada, Tanzania, the Democratic Republic of the Congo, Mali, Papua New Guinea, Argentina, and the Dominican Republic. Barrick’s market capitalization currently stands at $76.5 billion.
In 2025, Barrick’s shares have skyrocketed by an impressive 184%, significantly outpacing the S&P 500, which has risen nearly 16% this year, and the VanEck Gold Miners ETF, up 164%. The stock’s performance has resulted in a price-to-earnings (P/E) ratio of 21.8, indicating that shares are now trading at a premium compared to earlier this year, when the P/E hovered around 15.
Barrick Mining also offers a modest dividend yield of 1.5%, equating to $0.70 annually per share. The company’s payout ratio of 20.7% suggests that this dividend is sustainable, especially following a recent increase of 16% announced on December 15. The company’s robust performance in the third quarter further supports this outlook, with revenues reaching $4.18 billion, marking a 23% year-over-year increase. Net earnings soared to $1.3 billion, a remarkable 170% rise compared to the previous year, while free cash flow surged by 233% to $1.47 billion. Earnings per share also improved to $0.58, exceeding analysts’ expectations.
Despite these encouraging financial results, Barrick Mining has faced turbulence due to a leadership change. On September 29, Mark Bristow stepped down as CEO following what has been described as a “power struggle” with Chairman John Thornton. Industry experts have noted that the relationship between Bristow and Thornton had been strained for several years. Following Bristow’s departure, Chief Operating Officer Mark Hill has assumed the role of interim CEO, prioritizing improvements in the company’s mining operations in Nevada and the Dominican Republic.
In addition to increasing its dividend, Barrick repurchased shares worth $589 million during the quarter and reiterated its full-year production guidance for gold, forecasting between 3.15 million and 3.5 million ounces—currently tracking near the lower end of this range.
Analysts surveyed by Barchart have given Barrick Mining a “Strong Buy” rating, reflecting a positive sentiment that has strengthened over recent months. Out of 18 analysts covering the stock, 13 have rated it as a “Strong Buy,” while three others suggest a “Moderate Buy.” Only two analysts recommend holding, with no “Sell” ratings issued.
Looking ahead, however, caution is warranted. Analysts do not foresee significant upward movement in the stock price, with a mean target of $47.84, representing a modest 8.5% increase from current levels. The most optimistic forecast stands at $56.16, suggesting a potential 27% gain.
Despite a stellar performance in 2025, some analysts express skepticism about Barrick’s prospects for 2026. The investment firm Capital Economics has projected that gold prices may decline from $4,500 to $3,500 by the end of next year. Such a dramatic change would likely have a substantial negative impact on Barrick’s revenues and profits. Given these forecasts, investors might want to consider taking profits from Barrick Mining as the market outlook becomes increasingly uncertain.
