Barrick Mining Corp

ABX: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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We Raise Barrick's Fair Value Estimate by 6% on Increased Gold Prices

Jon Mills

Oct 3, 2025

Business Strategy and Outlook

Barrick Gold is the world’s second-largest gold miner by production, operating mines in the Americas, Africa, the Middle East, and Asia. Its large portfolio is a result of the 2019 acquisition of Randgold and the combination of its crown jewel Nevada assets with Newmont in a joint venture called Nevada Gold Mines that same year. With Barrick, the operator and owner of 61.5% of the partnership, NGM has been able to reduce costs thanks to the proximity of mines owned by the joint venture.

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Barrick Mining Corp

We Raise Barrick's Fair Value Estimate by 6% on Increased Gold Prices

Business Strategy and Outlook

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