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What this page is: Delvantic's full research page for BARRICK MINING CORP Common Stock (ABR0) (B) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Our current read (analysis of 2026-08-23): Designation Low · Gem Score -23 (−100…+100 Quality+Value blend) · Quality 36 · Value -72 · Sentiment 44 (timing only, not weighted)
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BARRICK MINING CORP Common Stock (ABR0)
B NYSEBarrick Mining Corp Common Stock represents an ownership stake in Barrick Mining Corporation, a major global mining company focused on precious and base metals. The company primarily engages in the exploration, development, extraction, and production of gold, complemented by significant copper operations. Barrick Mining Corporation operates a diversified portfolio of large-scale mines and projects across the Americas, Africa, the Middle East, and Asia, supplying metal to industrial users, refiners, and global commodity markets. Its activities span the full mining value chain, from geological exploration and project development to active mining and associated processing facilities. Headquartered in Toronto, Canada and founded in 1983, Barrick Mining Corporation plays a prominent role in the basic materials sector, particularly within the gold industry, and is widely followed by institutional and retail investors as a key participant in global metals production and supply.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
BARRICK MINING CORP Common Stock (ABR0) is a foreign private issuer — it reports to the U.S. SEC once a year (on Form 20-F or 40-F) rather than filing the quarterly statements (10-Q) that U.S.-domiciled companies must submit. Our financial statements are read directly from SEC filings, so for this company only annual figures exist at the source.
This is a property of how the company files, not missing or broken data — its filing history shows 12 annual reports, the latest filed 2026-02-27, and no quarterly filings . The company may still publish quarterly results on its own investor-relations site.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 2.93
Total Equity: $35.92B
Shares: 1,707,000,000
Total Debt: $4.70B
Cash: $6.71B
EBITDA: $5.06B
Total Debt: $4.70B
Cash: $6.71B
Revenue: $16.96B
Revenue: $16.96B
Revenue: $16.96B
Total Equity: $35.92B
Tax Rate: 18.8%
Equity: $35.92B
Total Debt: $4.70B
Cash: $6.71B
Current Liabilities: $3.50B
Long-Term Debt: $4.65B
Total Debt: $4.70B
Total Equity: $35.92B
Shares: 1,707,000,000
Shares: 1,707,000,000
CapEx: -$3.82B
Shares: 1,707,000,000
Stock Price: $40.77
Net Income: $4.99B
Industry Benchmarks
Income Statement (Annual)
Last updated: Aug 11, 2026 12:27pm (12d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $12.0B | $11.0B | $11.4B | $12.9B | $17.0B |
| Cost of Revenue | $7.1B | $7.5B | $7.9B | $8.0B | $8.3B |
| Gross Profit | $4.9B | $3.5B | $3.5B | $5.0B | $8.7B |
| Operating Expenses | $4.5B | $5.0B | $5.4B | $5.5B | $5.5B |
| Operating Income | $412.0M | -$1.5B | -$2.0B | -$574.0M | $3.2B |
| Net Income | $2.0B | $432.0M | $1.3B | $2.1B | $5.0B |
| EBITDA | $2.5B | $499.0M | $92.0M | $1.3B | $5.1B |
| EPS | $1.14 | $0.24 | $0.72 | $1.22 | $2.93 |
| EPS (Diluted) | $1.14 | $0.24 | $0.72 | $1.22 | $2.93 |
Balance Sheet (Annual)
Last updated: Aug 11, 2026 12:27pm (12d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $5.3B | $4.4B | $4.1B | $4.1B | $6.7B |
| Total Current Assets | $8.2B | $8.5B | $7.4B | $7.6B | $10.2B |
| Total Assets | $46.9B | $46.0B | $45.8B | $47.6B | $51.6B |
| Current Liabilities | $2.1B | $3.1B | $2.4B | $2.6B | $3.5B |
| Long-Term Debt | $5.1B | $4.8B | $4.7B | $4.7B | $4.6B |
| Total Liabilities | $14.6B | $14.7B | $13.8B | $14.4B | $15.7B |
| Total Equity | $32.3B | $31.3B | $32.0B | $33.3B | $35.9B |
| Retained Earnings | -$6.6B | -$7.3B | -$6.7B | -$5.3B | -$1.2B |
Cash Flow (Annual)
Last updated: Aug 11, 2026 12:27pm (12d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $4.4B | $3.5B | $3.7B | $4.5B | $7.7B |
| Capital Expenditure | -$2.4B | -$3.0B | -$3.1B | -$3.2B | -$3.8B |
| Free Cash Flow | $1.9B | $432.0M | $646.0M | $1.3B | $3.9B |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | -$7.0M | -$375.0M | -$43.0M | $0 | -$14.0M |
| Dividends Paid | -$634.0M | -$1.1B | -$700.0M | -$696.0M | -$890.0M |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | $92.0M | -$840.0M | -$292.0M | -$74.0M | $2.6B |
Growth Trends (YoY %)
Last updated: Aug 11, 2026 12:27pm (12d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -8.1% | +3.5% | +13.4% | +31.2% |
| Gross Profit Growth | -28.2% | -1.5% | +43.2% | +75.2% |
| Operating Income Growth | -463.6% | -30.2% | +70.6% | +650.2% |
| Net Income Growth | -78.6% | +194.4% | +68.6% | +132.9% |
| EBITDA Growth | -80.2% | -81.6% | +1,357.6% | +277.6% |
Dividend History (Last 20)
Last updated: Aug 11, 2026 12:27pm (12d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-29 | $0.18 | — | — | — |
| 2026-02-27 | $0.42 | — | — | — |
| 2025-11-28 | $0.18 | — | — | — |
| 2025-08-29 | $0.15 | — | — | — |
| 2025-05-30 | $0.10 | — | — | — |
| 2025-02-28 | $0.10 | — | — | — |
| 2024-11-29 | $0.10 | — | — | — |
| 2024-08-30 | $0.10 | — | — | — |
| 2024-05-31 | $0.10 | — | — | — |
| 2024-02-28 | $0.10 | — | — | — |
| 2023-11-29 | $0.10 | — | — | — |
| 2023-08-30 | $0.10 | — | — | — |
| 2023-05-30 | $0.10 | — | — | — |
| 2023-02-27 | $0.10 | — | — | — |
| 2022-11-29 | $0.15 | — | — | — |
| 2022-08-30 | $0.20 | — | — | — |
| 2022-05-26 | $0.20 | — | — | — |
| 2022-02-25 | $0.10 | — | — | — |
| 2021-11-29 | $0.23 | — | — | — |
| 2021-08-30 | $0.23 | — | — | — |
Deep Analysis
Narrative Economics
market-narrative step).
AI Lens 4th lens · how AI reaches this business · 5-yr
2026-08-11Barrick is a price-taker on output, so any AI-driven reduction in cost per tonne — predictive maintenance on mills and haul fleets, grade-control and blending optimisation, drill-target ranking across a century of Nevada/African geological data — drops straight into margin rather than being competed into price in the short run.
AI does nothing about the variable that actually determines Barrick's cash flows: the gold price and host-government behaviour. If cheap intelligence eventually flattens the whole industry's cost curve and accelerates discovery-to-production, incremental supply erodes the very margin AI helped create.
Whether copper becomes a material earnings pillar (Lumwana super-pit, Reko Diq) inside the AI electrification cycle, or Barrick stays a pure gold-price proxy. Observable: copper share of EBITDA and capex milestones versus schedule.
Tier-1 orebodies, mining licences, decades of proprietary drill and assay data, water and power rights, and functioning relationships with sovereign hosts — none of which cheap software can synthesise.
AI Lens thesis
The monetised unit is an ounce of gold or a pound of copper priced by exogenous markets, so there is no interface to disintermediate, no seat count to shrink, and no customer who could DIY the product; AI therefore enters only through the cost line (autonomous haulage, throughput optimisation, energy and reagent control, exploration targeting — realistically low single-digit to high single-digit percentage of operating cost, not a step change) and through demand, where AI datacenter construction and grid buildout is one of the few genuinely new copper demand vectors and Barrick holds unusually large undeveloped copper optionality; the offsetting risks are non-AI (Mali, Pakistan, Zambia jurisdictional exposure) plus two AI-specific second-order effects: an AI productivity boom that undercuts the debasement/hedge case for gold, and automation that strips the local-employment argument underpinning social licence in host countries.
What the market may be underestimating
Upside The market prices Barrick as a gold proxy while its copper pipeline is being commissioned into an AI-driven electrification shortage — a re-rating channel that does not require the gold thesis to work.
Downside Automation and remote operations centres reduce local headcount precisely in the jurisdictions where employment is the informal price of the mining licence; AI efficiency can therefore raise expropriation and royalty-renegotiation risk rather than lower cost.
Outcome range spread 32
Claude Reading
Starting from the raw numbers: Barrick printed $16.96B revenue in 2025 vs $11-13B in the prior four years — a 31% YoY jump that is almost entirely gold price, not volume. Operating income swung from -$1.95B (2023) and -$574M (2024) to +$3.16B (2025); net income of $4.99B against a five-year average closer to $2.0B. Those prior operating losses in 2022-2024 despite $11B+ revenue are the tell — this business earns nothing at ~$1,800 gold and mints money at $2,600+. Gross margin went from 30-31% to 51% in one year on flat-ish production. That is textbook operating leverage on a commodity, not structural improvement. The 13.9x P/E on peak-cycle earnings is a classic value trap setup: cheap on TTM, expensive on mid-cycle. Balance sheet is genuinely strong ($6.7B cash, $4.7B debt, 0.13 D/E, current ratio 2.9), and $3.87B FCF is real. ROIC of 7.6% on a boom year is unimpressive — that's what tells you gold miners destroy capital across the cycle.
On the prior models: the synthesis $28-30 fair value looks directionally right but the methodology matters. If DCF is normalizing to $1,700-1,800 gold as the narrative layer suggests, that's arguably too punitive — spot is ~$2,600 and central bank buying has structurally shifted the demand curve since 2022. A more defensible mid-cycle assumption is $2,000-2,200, which probably lifts fair value to the mid-$30s, not $28. So I partially dissent from the synthesis: the direction (overvalued) is right, the magnitude (-25%) is overstated. The pre-flight commentary that P/B of 1.94x reflects skepticism about reserves is sensible; the "Lagging Sector Peers" signal deserves more weight than the models gave it — Newmont and Agnico have outperformed on operational execution, and Barrick's Mali/Pakistan/PNG exposure is a real discount driver, not a temporary headwind. The market-forces "peak-cycle earnings mask structural deterioration" call is the sharpest of the bunch.
The contrarian case worth taking seriously: gold's regime has changed. Central bank buying hit record levels in 2022-2024 and shows no sign of reversing as BRICS de-dollarization accelerates. If $2,400+ gold is the new floor rather than the ceiling, then 2025 earnings aren't peak — they're the new baseline, and 13.9x is genuinely cheap. Barrick's Reko Diq copper project (first production ~2028) also isn't in TTM numbers and adds a non-gold optionality worth $3-5/share that the DCF likely underweights. Additionally, at 2.26% dividend yield with 17.8% payout ratio, there's substantial room for buyback/dividend escalation if FCF holds. The 144% FCF CAGR is optically absurd but reflects the swing from negative to $3.87B — sustainable at current gold, catastrophic at $1,800.
Where the data is thin: no quarterly revenue trajectory is shown, so I can't verify whether Q4 2025 momentum is accelerating or already rolling over — critical for a commodity name where gold peaked around October 2025. No insider activity disclosed. No AISC (all-in sustaining cost) per ounce, which is THE metric for gold miners and would tell me exactly where Barrick sits on the cost curve — my guess is $1,400-1,500/oz, middle of the pack. No reserve life or replacement ratio data, and for a depleting-asset business that's a serious gap. The "Good Revenue Confidence" with "insufficient_data" quarterly trend is a contradiction the models papered over.
GPT Reading
The raw numbers say Barrick is not a broken miner riding accounting smoke; 2025 was a genuine earnings and cash-flow step-up. Revenue jumped from $12.92B to $16.96B, gross profit from $4.96B to $8.69B, operating income swung from -$574M to +$3.16B, and operating cash flow hit $7.69B with $3.87B of free cash flow after a still-heavy $3.82B of capex. On the balance sheet, this is unusually clean for a cyclical miner: $6.71B of cash against $4.70B of debt, current ratio near 2.9, and debt/equity just 0.13. That matters because gold miners usually get punished when investors suspect they’ll need equity or debt to sustain production; Barrick plainly does not. At roughly $68.7B market cap and about $66.6B enterprise value net of cash, investors are paying about 17.7x free cash flow and 13.9x earnings on what are likely very favorable commodity conditions. That is not absurd, but it is also not cheap for a reserve-depleting business with geopolitical and operating risk.
What stands out most is the disconnect between accounting volatility and underlying profitability. Barrick posted negative operating income in 2022, 2023, and 2024 despite positive net income every year, then suddenly reported a healthy 18.6% operating margin and 29.5% net margin in 2025. That pattern strongly suggests large non-operating and/or non-cash swings rather than a stable earning engine, which makes a simple trailing P/E flattering. Even if 2025 is “real” in cash terms, the multi-year record says normalized profitability is well below this year’s print. Over five years, revenue only moved from $11.99B in 2021 to $16.96B in 2025, while net income moved from $2.02B to $4.99B; the operating line is the warning label here, because a miner with repeated negative EBIT is not a compounder just because one year of gold prices and mix turns the income statement beautiful. A 1.94x price/book is not expensive for a high-quality industrial, but for a mining company where book includes assets that must be replaced and reserves that deplete, it already assumes solid reserve value and continued commodity support.
That is why I lean against the “mature earner” framing. Barrick has mature assets and real scale, but the valuation the market is granting today looks more like a cyclical quality premium at close to peak conditions. The market is effectively capitalizing 2025 as if the business now deserves a steady teens multiple on nearly $5B of earnings, yet ROIC is only 7.6% and EV/EBITDA is already 13.3x. For a miner, that EV/EBITDA is rich unless one believes 2025 is a new base rather than a high-water mark. With a 2.3% dividend yield and sub-20% payout ratio, there is room for returns to shareholders, but that low payout also signals management knows cash generation must cover capex and portfolio maintenance first. At $40.77, I think the stock embeds a gold price regime and operating consistency that the longer operating history does not fully support. My bias is that fair value is lower, in the low-to-mid $30s, unless gold remains structurally elevated.
The strongest pushback is obvious and respectable: Barrick’s latest year is so much better than prior years that “normalization” may be the wrong instinct. Gross margin expanded to 51.3%, net margin to 29.5%, free cash flow to $3.87B, and net cash gives management resilience if gold remains bid. If central bank buying, fiscal deficits, and geopolitical fragmentation keep gold high for several years, then using 2022-2024 as the template would understate sustainable earnings power. In that world, 13.9x trailing earnings is not expensive at all, especially relative to a broad market that trades much richer on lower free-cash-flow yields and often weaker balance sheets. A smart bull would also argue that Barrick deserves a premium to weaker peers precisely because it can survive downturns without dilution and has optionality to convert strong commodity pricing directly into buybacks, dividends, or accretive project investment.
What would change my mind is not another quarter of high realized gold prices alone; I’d want evidence that Barrick can hold something like $3B+ of operating income and at least $3.5B of annual free cash flow through a less exuberant gold tape, while keeping capex around current levels rather than starving the asset base. If the next annual read shows revenue still above $16B, operating margin holding in the mid-teens or better, and net cash preserved despite shareholder returns, then I would accept that 2025 was a reset upward in normalized earnings rather than a peak. Conversely, if revenue slips back toward $13B-$14B and EBIT reverts toward breakeven or losses, the current multiple will look plainly too high for a cyclical miner.
Grok Reading
The 2025 income statement is the entire story, and it is a cyclical blow-off rather than a structural re-rating. Revenue jumped from a multi-year plateau of $11–13B to $16.96B (+31% YoY), gross profit nearly doubled to $8.69B, and net income surged to $4.99B from $2.14B. Operating income finally flipped hard positive at $3.16B after three years of operating losses. That produces a trailing P/E of 13.9x and an FCF yield of roughly 5.6% on $3.87B free cash flow—optically reasonable until you notice ROIC is only 7.6% and the prior four years never generated anything close to this earnings power. The balance sheet is genuinely fortress-like: $6.71B cash against $4.70B debt, D/E of 0.13, current ratio 2.9. Barrick is not financially fragile. It is, however, a pure torque vehicle on the gold price, and 2025’s 51% gross margin and 29% net margin embed a gold regime that the market is already capitalizing as permanent.
The valuation synthesis calling fair value near $30 (signal-adjusted $30.38) versus the $40.77 print is directionally correct. At 1.94x book and 13.3x EV/EBITDA on what look like peak-cycle numbers, the stock is not pricing mean reversion; it is pricing sustained $2,100–2,300 gold and continued central-bank bid. Revenue CAGR of 22% and earnings CAGR of 98% over the recent window are real, but they are the arithmetic of a commodity spike, not volume or cost-curve conquest. Capex of $3.82B roughly matches FCF generation, so the “shareholder returns” story still requires the gold tape to stay elevated just to keep the machine running. The modest 2.3% dividend and 18% payout leave dry powder, yet they also signal management is not treating 2025 earnings as a new baseline.
The strongest opposing case is straightforward: gold’s macro bid is not obviously cyclical-late. Central-bank accumulation, geopolitical fragmentation, and fiscal dominance arguments have kept the metal bid for years, and Barrick’s Tier-one assets plus net-cash balance sheet mean it survives and compounds if the regime persists. A bull can argue that 14x peak earnings for a clean gold major is actually cheap if gold stays above $2,000 and that the DCF anchor at $1,700–1,800 is the outdated assumption. The 132% earnings jump and 145% FCF CAGR give that camp recent momentum. I weigh it less because ROIC remains mediocre, operating income has been negative or thin for most of the last half-decade, and the premium to the $30 normalized anchor is already ~35%. You are not underpaying for optionality; you are paying up for the consensus gold-bull narrative with fragile durability.
I would flip if gold holds above roughly $2,200 through a full Fed easing cycle while Barrick prints another year of >$4B FCF and ROIC moves sustainably above 12%, or if a clear reserve/production beat demonstrates volume growth independent of price. A sharp break in gold back toward $1,800 with margins compressing toward the 2022–23 structure would confirm the overvaluation call faster.
Big-3 Panel — where each AI stands
Advanced Analysis Forensic deep-dive · separate lenses
The 2025 numbers show a meaningful step-change: revenue up to $16.96B from $12.92B, gross margin expanding to 51.3% from 38.4%, operating margin turning solidly positive at 18.6% after three years of negative or thin operating results, and net income of $4.99B with FCF of $3.87B. Liquidity is sound with $6.71B cash and $2.00B net cash, and the earnings-quality checks are clean (OCF/NI 3.36x, accruals -5.4% of assets, Beneish -2.75, Altman Z 3.29). Diluted shares have fallen from 1.78B to 1.71B, with SBC at only 1.6% of revenue - per-share value is being concentrated, not eroded. The setup is that of a self-funding mature gold producer with no immediate solvency question. That said, the multi-year record is uneven: operating margin was -13.6% in 2022 and -17.1% in 2023, and FCF was only $432M and $646M in those years. Gold miners are inherently price-takers, and the 2025 margin expansion is heavily leveraged to a favorable commodity backdrop rather than clear structural moat improvement. The current strength is real but cyclically flattered, which caps the quality grade even though the mechanical forensics come back clean.
Verify before trusting this (5)
- All-in sustaining cost per ounce trend and how much of 2025 margin expansion is price vs. cost discipline
- Reserve life and reserve replacement rate across major mines
- Jurisdictional exposure (Mali, DRC, Pakistan) and any disputed asset or tax situations
- Capex guidance and whether current FCF is after full sustaining plus growth capex
- Insider transaction pattern and any large recent equity issuance or convertible instruments
The e2e composite fair value sits at $28.27 and the signal-adjusted FV at $30.38, both meaningfully below the $40.38 print - implying roughly -25% downside rather than upside. The DCF ($35.50) and anchored-PE ($37.33) are the friendliest methods and even they land below spot; the EPV floor at $4.74 is a runaway low-end that I discount as a stripped-down no-growth artifact for a commodity producer, not a real anchor. Averaging the two credible methods gets you to roughly $36 - still below today's price.
Verify before trusting this (4)
- Realized gold price assumption embedded in sell-side FY25/26 estimates
- All-in sustaining cost (AISC) trajectory and whether 2024 margins are sustainable or peak
- Capex guidance and reserve replacement - are they underinvesting to flatter FCF
- Buyback pace vs dilution from stock comp
The tape is risk-on and the VIX is subdued, but what really matters for Barrick is the gold narrative itself, and right now that narrative is doing the work: central-bank buying, currency debasement chatter, and geopolitical fragmentation are keeping the cyclical-late-stage story warm. Momentum confirms it - 31% recent vs 22% long-term CAGR, +18pp over three years - meaning the market is already leaning in. Beta 1.11 is modest enough that a risk-off flare would sting but not maul this name; gold's safe-haven bid partially offsets equity-beta drag. News flow this week is unambiguously supportive: the Nevada Gold Mines dispute with Newmont is resolved with UBS flagging it positive for cash returns, a $4B Newmont deal is front-and-center on the Q2 call, a year-end North American gold IPO is teed up as a catalyst, and management is refreshing the operating bench. Analyst tone around the JV resolution is constructive. The main non-fundamental pressure against the name is the fragile durability of the narrative - it hinges on gold holding $2,100-2,300, which is a rates- and Fed-sensitive assumption with the 10y at 4.65% and market PE at 26. Net: real, ongoing tailwind, but not a mania - a crack in gold or a hawkish Fed pivot would flip it quickly.
Verify before trusting this (5)
- Spot gold holding the $2,100-2,300 zone that underwrites the current multiple
- Fed path and 10y yield direction - a hawkish repricing would hit gold-equity sentiment
- Execution and timing of the year-end North American gold IPO as a sentiment catalyst
- Analyst target revisions following the Newmont JV resolution and Q2 call
- Any softening in central-bank gold buying data or easing geopolitical tensions
The monetised unit is an ounce of gold or a pound of copper priced by exogenous markets, so there is no interface to disintermediate, no seat count to shrink, and no customer who could DIY the product; AI therefore enters only through the cost line (autonomous haulage, throughput optimisation, energy and reagent control, exploration targeting — realistically low single-digit to high single-digit percentage of operating cost, not a step change) and through demand, where AI datacenter construction and grid buildout is one of the few genuinely new copper demand vectors and Barrick holds unusually large undeveloped copper optionality; the offsetting risks are non-AI (Mali, Pakistan, Zambia jurisdictional exposure) plus two AI-specific second-order effects: an AI productivity boom that undercuts the debasement/hedge case for gold, and automation that strips the local-employment argument underpinning social licence in host countries.
None surfaced.
Verify before trusting this (8)
- Reko Diq and Lumwana execution
- Reserve life and grade replacement
- Copper share of group EBITDA
- Production volume guidance reliability
- Realised price versus spot
- Copper versus gold revenue mix
- Central bank net gold purchases
- Copper demand from datacenter/grid buildout
This lens hasn't been run for this ticker yet.
Prediction unavailable. valuation-synthesis has no result for B — the prediction needs its fair-value anchors.