Updated: December 26, 2025
Barrick Mining Corporation stock is ending 2025 with a rare mix of tailwinds: record-high gold prices, a potential value-unlocking IPO/spin-out under review, and a major geopolitical overhang in Mali showing concrete signs of easing. On December 26, gold pushed to fresh all-time highs in early trading, reinforcing the “higher metal price → higher miner cash flow” narrative that has powered much of the sector’s momentum this year. [1]
But Barrick isn’t just a gold-price passenger right now. The company has also been reshaping itself through divestitures, stepping up shareholder returns, and signaling that its North American crown jewels may deserve their own market spotlight—moves that can matter just as much as bullion when investors decide what multiple to pay for a miner.
Below is what’s driving Barrick stock as of December 26, 2025, what analysts are forecasting, and the catalysts (and risks) investors are watching into early 2026.
Barrick stock price today: where shares stand heading into year-end
Barrick’s U.S.-listed shares (NYSE: B) most recently closed at $45.45 (December 24, 2025), with indications of trading activity into December 26 reflecting continued interest after the holiday-shortened week. [2]
Barrick trades in Canada on the TSX under ABX, and the company continues to position itself as a top-tier gold-and-copper producer with a portfolio spanning multiple continents. [3]
What’s moving Barrick Mining Corporation stock on Dec. 26, 2025
1) Gold just hit a new all-time high—and that’s a direct sentiment jolt for big miners
Gold surged to a new record in early Asian trading on December 26, with Reuters reporting spot gold reaching $4,530.60/oz intraday (and trading around $4,501/oz at one point). That kind of price action tends to lift large-cap miners broadly, especially in thin, post-holiday liquidity when momentum trades can dominate. [4]
Silver also punched through $75/oz for the first time, another sign that precious-metals speculation and safe-haven flows are running hot—often supportive of miners through sector rotation and ETF flows. [5]
2) The “NewCo” IPO idea: a valuation reset button (if executed well)
On December 1, Barrick announced its board authorized management to explore an IPO of a subsidiary that would hold its “premier North American Gold Assets,” informally framed as “NewCo.” If pursued, the entity would be anchored by:
- Barrick’s joint venture interests in Nevada Gold Mines
- Barrick’s joint venture interest in Pueblo Viejo (Dominican Republic)
- Barrick’s wholly owned Fourmile gold discovery in Nevada
Barrick said the IPO would be for a small minority interest, while Barrick would retain a significant controlling majority stake. The company also said it expects to update the market at Full Year 2025 results in February 2026. [6]
Why this matters for the stock: markets often assign higher valuations to “cleaner” stories—pure-play jurisdictional exposure, simpler asset sets, and more transparent segment economics. Even a minority IPO can act like a public price-tag for assets that investors may believe are undervalued inside a diversified global miner.
3) Mali risk is shifting from “frozen” to “restart”—but it’s still a headline variable
Barrick’s Loulo-Gounkoto situation in Mali has been one of the company’s most important uncertainty factors in 2025. In the last two weeks, the story has moved quickly:
- Reuters reported a Malian judge ordered the return of three metric tons of gold (estimated around $400 million) that had been seized earlier in 2025, following a settlement framework between Barrick and Mali’s military-led government. [7]
- Reuters then reported Barrick officially resumed operational control of the Mali mine complex, citing a company memo, with a gradual restart planned (and mandatory training emphasized). [8]
The investment takeaway: any sustained normalization in Mali can reduce the “political discount” investors apply to Barrick’s cash flows. But it also remains the kind of jurisdictional risk that can reprice a stock fast in either direction—because it’s driven by legal and sovereign decisions, not just ore grades and fuel costs.
4) Big cash flow, bigger capital returns: dividends + buybacks became central to the pitch
Barrick’s most recent quarterly reporting underscored why investors have been willing to pay up for the stock during the metals rally.
In its Q3 2025 results (period ending September 30, 2025), Barrick reported:
- $4.1 billion in revenue
- Record $2.4 billion operating cash flow and $1.5 billion free cash flow
- Net earnings per share of $0.76 (and adjusted EPS of $0.58)
- $1 billion in share repurchases year-to-date, with its buyback program expanded by $500 million to up to $1.5 billion
- A dividend reset: base quarterly dividend increased 25% to $0.125, plus a $0.05 performance dividend, totaling $0.175 per share for that quarter [9]
That combination—record cash generation, buybacks, and a dividend that flexes with performance—has been a powerful narrative in a year where investors have rewarded capital discipline.
Portfolio reshaping: Barrick’s divestitures are not just “cleanup”—they’re strategy
Barrick has also been actively pruning assets, consistent with the “focus on Tier One, long-life” approach highlighted repeatedly in its communications.
Two late-2025 transactions stand out:
- Hemlo (Canada): Barrick completed the divestiture of the Hemlo Gold Mine to Carcetti Capital Corp. (to be renamed Hemlo Mining Corp.) for total consideration of up to $1.09 billion (including $875 million cash, $50 million in shares, and up to $165 million in a production and gold-price-linked structure starting January 2027). [10]
- Tongon (Côte d’Ivoire): Barrick completed the divestiture of Tongon interests and certain exploration properties to the Atlantic Group for up to $305 million, including $192 million cash (with a loan repayment component) and up to $113 million contingent on gold price and resource conversion milestones. [11]
These deals do two things investors tend to like: (1) they generate liquidity for buybacks/dividends or balance sheet strength, and (2) they simplify the operational map—useful when a company is simultaneously talking about “NewCo” and potentially sharper regional focus.
The macro setup: gold forecasts for 2026 are still bullish (but not calm)
It’s hard to write about Barrick stock without talking about the metal that still drives a big chunk of its earnings sensitivity.
Goldman Sachs, for example, has projected gold could reach $4,900/oz by December 2026, citing structural demand (including central banks) and the potential for further Fed easing. [12]
And that’s the key nuance for miners in 2026:
- If gold stays elevated (or continues rising), miners with cost discipline can mint free cash flow and return it to shareholders.
- If gold mean-reverts sharply after a blow-off move, miner equities can get hit twice—lower realized prices plus multiple compression as “peak margins” fears grow.
December 26’s record print is bullish for sentiment, but it also raises the odds of volatility. Markets rarely go straight up forever without at least stopping to breathe.
Barrick stock forecast: what analysts are projecting (and what it implies)
Consensus targets are still generally constructive, but they’re not screaming “massive upside” after the run Barrick has already had.
Here’s the shape of mainstream, widely-cited consensus snapshots:
- MarketBeat shows a consensus “Buy” rating with an average price target around $47.17 (with a range reported from $38 to $57, depending on the analyst). [13]
- TipRanks shows a consensus “Strong Buy” and an average target around the mid-$46 area, with a similar high/low spread. [14]
- Finviz also lists an analyst target range broadly consistent with that picture (average target around the high-$40s). [15]
What that means in plain English: Wall Street is bullish—but more in a “hold-quality-exposure” way than a “this is still early” way. For Barrick to outperform meaningfully from here, investors will likely need one (or more) of the following:
- gold stays higher for longer than the market currently expects,
- the NewCo IPO plan convinces investors there’s hidden value,
- Mali restarts cleanly and the geopolitical risk premium fades,
- operational performance in Nevada / Dominican Republic improves enough to justify a higher multiple.
The “split” narrative: why Barrick’s structure is part of the stock story now
The IPO isn’t the only restructuring concept that has been in the air.
Reuters reported in November that Barrick’s board had raised the possibility of splitting the company into two entities—one focused on North America and another focused on Africa/Asia—according to sources familiar with the matter. Reuters also noted discussion of potential asset sales, including African assets and Pakistan’s Reko Diq, once financing is secured. [16]
Even if nothing formal happens beyond the NewCo exploration, the mere existence of these conversations tells investors something important: Barrick is aware that “complex conglomerate miner” can trade at a discount, especially when peers offer cleaner jurisdictional or single-metal exposure.
Copper optionality: Reko Diq and the longer-duration growth story
While Barrick is often treated like a gold proxy, it also has copper embedded in its longer-term plan—important in a world where electrification keeps copper strategically relevant.
Reuters reporting carried by regional press noted Barrick’s interim CEO said the company remains committed to Pakistan’s Reko Diq copper-gold project, which has been described as one of the world’s largest undeveloped copper deposits, with production expected by the end of 2028. [17]
This matters for the stock because copper can (in theory) diversify revenue away from pure gold dependence—though it also adds multi-year execution and permitting risk.
Key catalysts for Barrick stock to watch next
1) Full Year 2025 results (February 2026): Barrick explicitly said it will update the market then on progress exploring the NewCo IPO. [18]
2) Mali operational ramp: investors will be looking for evidence of stable production restart and absence of new disruptions. Reuters has already reported a formal resumption of operational control. [19]
3) Capital return follow-through: after highlighting buybacks and a higher dividend framework in Q3, the market will want confirmation that cash returns remain a priority—and sustainable—if gold prices wobble. [20]
4) Commodity volatility: gold at record highs is supportive—until it isn’t. With major banks projecting elevated levels into 2026, the macro debate is now less “is gold strong?” and more “how violent is the next pullback?” [21]
Bottom line: the bull case and the bear case for Barrick Mining stock
Barrick Mining Corporation stock is ending 2025 with a “three-engine” narrative:
- Macro engine: gold at record highs, with bullish 2026 forecasts still on the table. [22]
- Corporate engine: the NewCo IPO concept could re-rate the North American assets if investors buy the “pure-play deserves a premium” thesis. [23]
- Risk engine cooling: Mali appears to be moving toward normalization, which could reduce a major discount factor—if the restart holds. [24]
The bear case is the mirror image: a sharp gold correction, restructuring complexity that fails to translate into durable valuation uplift, and renewed jurisdictional shocks.
For readers tracking Barrick stock on December 26, 2025, the most practical way to think about it is this: Barrick is no longer just “a big miner that goes up with gold.” It’s also becoming a live test of whether corporate simplification (IPO/spin-out concepts, divestitures, sharper geographic focus) can unlock value on top of whatever bullion does next.
References
1. www.reuters.com, 2. www.macrotrends.net, 3. www.barrick.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.globenewswire.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.barrick.com, 10. www.barrick.com, 11. www.barrick.com, 12. www.reuters.com, 13. www.marketbeat.com, 14. www.tipranks.com, 15. finviz.com, 16. www.reuters.com, 17. www.dawn.com, 18. www.globenewswire.com, 19. www.reuters.com, 20. www.barrick.com, 21. www.reuters.com, 22. www.reuters.com, 23. www.globenewswire.com, 24. www.reuters.com
