Barrick Mining Stock (B) Great Growth and Good Value in Q3 2025

As commodities markets continue to surge and global demand for precious metals like gold and copper remains robust, some mining companies stand out by delivering both strong operational results and compelling value for investors. One such company is Barrick Mining Corporation (NYSE:B), whose Q3 2025 earnings report reveals impressive growth across key financial metrics. For long-term investors looking for a mix of growth, cash flow and relative value, Barrick’s performance may signal a worthwhile opportunity. In this article we will dive into Barrick Mining recent earnings, stock performance & valuation, growth potential, and the risks investor should consider.

About Barrick Mining

Barrick Mining Corporation, founded in 1983 and rebranded from Barrick Gold in May 2025, is one of the world’s largest and most diversified mining companies. Operating long-life gold and copper assets across about 18 countries on five continents, it is also the largest gold producer in the United States. Its portfolio spans gold, copper, and other minerals, supporting global industrial and technological demand. This broad geographic reach and asset mix reduce risk while strengthening Barrick’s strategic shift toward diversified mineral production.

Barrick Mining Financial Performance

Barrick’s Q3 2025 financial performance shows strong momentum across all major metrics. Revenue for the quarter reached $4.14 billion, up from $3.36 billion in Q3 2024, marking a 23.16% increase. Quarterly EPS surged to $0.76 compared to $0.28 a year earlier, an impressive 175.68% jump. On a trailing-twelve-month basis, revenue rose to $14.6 billion from $12.33 billion, up 18.39%, while TTM EPS climbed to $2.08 from $0.92, an increase of 126.19%. Free cash flow per share (TTM) also improved significantly, reaching $1.60 versus $0.54 last year, up 196.3%. Profitability remains robust with a Gross profit margin of 48.06%, Net profit margin of 24.53%, and Free cash flow margin of 18.83%, supported by healthy Returns on assets of 8.93% and Return on Equity of 15.35% and a conservative 0.14 debt-to-equity ratio.

Over the past five years, Barrick has grown revenue at a 3.2% CAGR and net income at 9.5%. Its financial performance has fluctuated during this period but has shown meaningful improvement from 2023 to the present. Favorable gold prices have also served as a positive catalyst for Barrick’s overall results.

Barrick Mining Fiscal 2025 Financial Forecast

Looking forward, analysts forecast 2025 revenue of $15.8 billion, representing 22.26% growth from 2024’s $12.92 billion, along with expected 2025 Non-GAAP EPS of $2.27, an 80.32% increase from 2024 EPS of $1.26. Wall Street maintains a Buy rating with an average price target of $41.27 giving a potential upside of 0.71% and the highest target of $50, implying 22.01% potential upside.

B Stock Price Performance and Valuation

At the time this article was written Barrick Mining stock was trading at $40.98 per share. Barrick’s stock performance has been exceptionally strong over the past year delivering a remarkable 136.3% gain, far outperforming the 13.4% increase of the S&P 500 in the same period. Over the past five years, the stock has risen 82.1%, slightly below the S&P 500’s 87.9% gain, but its recent momentum reflects accelerating fundamentals. 

Barrick Mining’s stock trades at favorable valuation. Barrick’s stock gives dividend yield of 1.24% and trades at a Price to sales P/S ratio (TTM) of 4.93 and forward P/S of 4.47. The Non-GAAP Price to earnings P/E (TTM) of 22.23, forward P/E of 18.2, and Price to free cash flow P/FCF (TTM) of 25.66. 

Based on Fiscal.ai data, the five-year valuation trend shows that Barrick’s forward P/S is above its historical average, while its forward P/E is below the average. Although the stock has already risen significantly this year, the forward P/E suggests it is still undervalued relative to its historical norms. Combined with the uptrend in gold prices and strong forecast projections, Barrick remains attractive at current levels.

Barrick Mining Growth Potential

Barrick Mining growth prospect remains solid, driven by several factors.

• Exceptional Cash Flow Generation and Financial Strength
  Barrick achieved record quarterly operating cash flow of $2.4 billion and free cash flow of $1.5 billion in Q3 2025, marking 82% and 274% increases respectively from Q2, driven by gold production rising 4% to 829,000 ounces, realized prices averaging $3,457 per ounce (up 5%), and disciplined cost controls. Revenue reached $4.1 billion while all-in sustaining costs (AISC) fell 9% to $1,538 per ounce, showcasing strong operating leverage amid favorable gold prices. Year-to-date operating cash flow hit $5 billion, supported by a robust balance sheet with $5.037 billion in cash equivalents and adjusted net cash near $3.9 billion after flat debt of $4.714 billion. This financial strength enables funding of growth projects like Fourmile and Lumwana, enhanced shareholder returns via 25% dividend hikes and $1.5 billion buybacks, and sustained flexibility to navigate commodity cycles while executing strategic initiatives effectively.
• Fourmile as a Transformational Growth Driver
  Barrick’s Fourmile project in Nevada is among the century’s most significant gold discoveries and a key growth catalyst. The updated preliminary economic assessment projects annual production of 600,000 to 750,000 ounces for over 25 years with all-in sustaining costs of $650 to $750 per ounce, well below industry averages. The project holds 1.4 million ounces measured and indicated resources, plus 6.4 million inferred ounces, with exploration potential for up to 15 million additional ounces. Fourmile’s high average grades of 12 to 16 grams per tonne make it one of the richest large-scale gold deposits under development. It offers unique geometallurgical advantages, allowing simpler and less costly single refractory processing compared to complex ores nearby. With development capital estimated at $1.5–1.7 billion and proximity to Carlin–Cortez infrastructure, capital costs are optimized. Fourmile is poised to become a top global gold producer, driving Barrick’s long-term growth beyond this decade.
• Multi-Commodity Diversification Through Copper Expansion Projects
  Barrick's strategic copper expansions, including the $2 billion Lumwana Super Pit in Zambia and Reko Diq in Pakistan, are positioning the company as a major multi-commodity producer. Lumwana's project advances rapidly with construction underway, long-lead orders placed, and infrastructure upgrades progressing, aiming to double copper output to 240,000 tonnes annually by 2028 from current levels. These Tier One assets, combined with existing operations, promise 30% growth in total gold and copper production by decade's end. Amid copper's structural shortage from energy transition and infrastructure demands, Barrick has added over 20 million tonnes of proven/probable reserves since 2023, including Lumwana's 5.5 million tonnes at 0.52% grade and Reko Diq's 7.3 million tonnes at 0.48%. This diversification mitigates gold price risks and taps sustained electrification-driven demand through the 2020s.

Risks to Consider

Although Barrick Mining stock looks attractive, we should be mindful of potential risks.

• Production Declines
  Slumping gold output remains a primary risk for Barrick Mining, highlighted by Q1 2025's 19% year-over-year decline to 758,000 ounces, driven by suspensions at the Loulo-Gounkoto mine in Mali and weaker Nevada operations. Ongoing challenges persisted with a 12% drop in Q3 to 829,000 ounces, amid export blockades and geopolitical tensions. These inconsistencies threaten 2025 production guidance of 3.15-3.5 million ounces and overall revenue stability.​
• Geopolitical Tensions
  Barrick Mining faces significant geopolitical risks from operations in high-risk regions like Mali, where a dispute over taxes, royalties, and economic benefits under the 2023 mining code led to Loulo-Gounkoto suspensions, gold seizures, court-ordered administration, and arbitration threats. Similar vulnerabilities in the DRC underscore resource nationalism and alliances shifting toward non-Western partners, potentially disrupting production and assets. A November 2025 resolution with Mali ended disputes, but lingering uncertainties persist.
• Gold Price Volatility
  Barrick Mining, as a primary gold producer, stays highly sensitive to price volatility, where drops triggered by resolved U.S. fiscal uncertainties or broader economic stabilization could erode gains from current safe-haven demand. Such declines would intensify existing production shortfalls and escalating costs, severely pressuring short-term profitability and stock performance. Forecasts highlight ongoing risks amid gold's macroeconomic ties.

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Conclusion

Barrick Mining’s strong Q3 2025 results, rising earnings, expanding free cash flow, and disciplined balance sheet highlight a company positioned for long-term growth. Its diversified gold and copper portfolio, global footprint, and healthy margins support continued performance, while forward valuations remain reasonable despite significant stock gains. With analysts projecting strong revenue and EPS growth and price targets offering further upside, Barrick presents an attractive opportunity for investors seeking a combination of stability, growth potential, and solid value.

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