Barrick Mining Corp

Barrick Mining (previously Barrick Gold) is a monster company (based in Canada) with 142M ounces of gold and projections to increase production steadily from 3.3M ounces to 4M (excluding copper, which is currently at 485M lbs production and projected to reach 1B lbs) over the next 5 years. They will spend more than $100M this year on exploration, an incredible sum. They are very aggressive in maintaining their status as one of the largest gold mining companies in the world.

I’m only valuing them as a future 3.6M oz gold producer to be conservative because of potential issues at some of their large mines. If they lose a tier one mine, that is 500,000 oz in lost production.

Inflation has increased their AISC to around $1550 per oz. But they will still generate around $7 billion in FCF at $4300 gold. Every $1 increase in copper will add about $500 million in FCF. So, they are leveraged for increases in copper. Their AISC for copper is around $3 per lb.

They are currently paying about a 2% dividend. Plus, they have plans to buy back $1 billion in shares.

Their red flags are high debt of $4.7 billion and a high-risk locations. The majority of their debt does not mature until 2032. With their cash flow, they will have no problem paying the interest until then. Plus, they currently have $5 billion in cash. Big dividends are coming if they don't pay off their debt early.

Now that Newmont has passed them up to be the market leader in gold production after their acquisition of Newcrest. I would expect Barrick to make a large acquisition soon.

They get a significant amount of their revenue from copper, so higher copper prices lower their AISC for gold production. They consider copper to be an offset revenue.

Barrick announced in Q4 2025 that it is considering splitting the company into two pieces and spinning out the African and Asian assets into a separate company.


DD