B Stock Forecast & Price Target

Barrick Mining's strong production figures in 2024, with approximately 3.9 million attributable ounces of gold and about 195,000 metric tons of copper, reflect its status as one of the largest gold miners globally. The company's strategic focus on projects like Fourmile is expected to yield stable production for around a decade while also offering exploration upside, which could enhance long-term output sustainability. Furthermore, the development of Fourmile, leveraging existing infrastructure, is anticipated to be capital-efficient, supporting a positive outlook for the company's financial performance and potential value appreciation.

Barrick Gold's stock outlook is negatively influenced by high EBITDA multiples for its Nevada Gold Mines and copper assets, primarily due to a lack of near-term production from the Fourmile and Reko Diq projects. Additionally, the company's shares are currently trading at a slight discount to their worst-case breakup value, with non-Nevada/PV assets reflecting a concerning implied net asset value of less than 0.4x. Furthermore, Barrick's operations are overshadowed by heightened geopolitical risks and the uncertainty surrounding safety and operational stability in regions such as Papua New Guinea, potentially impacting both employee and community safety.