How Barrick Defied Chaos In 2025 — And Delivered A Golden Run For Investors

• Barrick in the third quarter reported that it produced 829,000 ounces of gold and 55,000 tonnes of copper, generating $2.4 billion in operating cash flow and $1.5 billion in free cash flow.
• The company even dropped “gold” from its name, looking to focus on its copper mining operations as well.
• Jefferies said it expects gold companies to expand margins and generate more free cash flow in 2026 than in 2025.

Gold was not the only asset that glittered this year. A company that mines it has seen its stock nearly triple this year, even as it faced a slew of problems, including a sudden CEO change and the suspension of its operations in Mali.

At a whopping valuation of nearly $77 billion, Barrick Mining Corp. sits on $5 billion in cash and cash equivalents as of Sept. 30, with most of its revenue coming from gold and copper mining.

The company even dropped “gold” from its name and sharpened its focus on copper mining. Barrick also changed its ticker on the New York Stock Exchange from ‘GOLD’ to ‘B’, which became effective at the start of trading on May 9 this year.

Barrick in the third quarter reported that it produced 829,000 ounces of gold and 55,000 tonnes of copper, generating $2.4 billion in operating cash flow and $1.5 billion in free cash flow.

Gold – Barrick’s Growth Propeller

Gold prices this year have been hitting record highs, driven mainly by expectations of a U.S. Federal Reserve rate cut and safe-haven demand amid rising geopolitical tensions.

On Friday, gold hit $4,530 per ounce, its all-time high, according to Reuters, due to the ongoing imposition of a "blockade" by Washington last week on all sanctioned oil tankers entering or leaving Venezuela. U.S. President Donald Trump is trying to pressure Nicolás Maduro’s government by striking at its primary source of revenue.

Wall Street analysts have noted that the continuous rally in gold will boost the valuations of companies that mine it. Jefferies in early December said that it remains bullish on gold equities, citing attractive valuations, but is now more cautious on copper stocks given valuations heading into next year.

Jefferies said it expects gold companies to expand margins and generate more free cash flow in 2026 than in 2025. The longer gold prices remain elevated, the more investor attention will turn to growth, the firm said after raising its price target on Barrick Mining to $55 from $46.

The Unexpected CEO Change

In late September, Mark Bristow stepped down as CEO after nearly seven years with the company, having joined Barrick following its merger with Randgold in 2019. Bristow led the successful integration of the two companies and, during his tenure, made significant investments in Barrick’s world-class assets to better position the company to maintain profitable gold and copper growth, the company noted.

The company named Mark Hill as Group COO and interim head. Hill, who is currently responsible for Barrick’s Latam and Asia Pacific regions, is a mining executive with 30 years of experience. He joined Barrick in 2006 and has experience in strategy, corporate development, and leading major projects worldwide, and was also integral to the initial decision to undertake exploration at the Fourmile gold project in Nevada.

Mali Mine – Year-Long Issue

In December, the company resumed operational control of its Mali gold mine, and the company and the Mali government ended their dispute over Barrick's operations after two years of negotiations.

Since January, the company has suspended its operations following a disagreement regarding the implementation of a new mining code. Reuters reported in November that Mali has agreed to extend Barrick's mine permit for an additional 10 years, and Barrick has agreed to sign the 2023 mining code.

What Is Retail Thinking?

Retail sentiment on Barrick Mining improved to ‘neutral’ from ‘bearish’ territory a week ago, with message volumes at ‘low’ levels, according to data from Stocktwits.

Message volume about the stock jumped 900% in the past year, while followers soared by 2,800%, indicating intense interest in a miner amid the searing gold rally in 2025.

Shares of Barrick have jumped 198% over the past 12 months, while the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, has risen over 17% so far this year.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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