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B · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Barrick Mining Corporation (B) stock moving?
Barrick's Q3 2026 results on Nov 9 showed revenue up 22% year over year to $5.07B and attributable adjusted EBITDA up 22% to $2.47B, but adjusted EPS of $0.82 and revenue of $5.07B both missed consensus ($0.85 and $5.30B). Management reiterated full-year gold guidance of 2.90-3.25 million ounces, returned $1.04B to shareholders, and ended the quarter with net cash of $0.9B, up from $0.3B a year earlier. Gold all-in sustaining cost of $1,911 per ounce and cost pressures from fuel and consumables were noted. On Nov 10, Barrick filed an S-1 for the IPO of American Barrick Gold, which holds its North American gold assets. The registration is not yet effective, so terms and timing remain open. JP Morgan kept its Overweight rating but cut its price target to $53. The price rose from $37.05 on Nov 3 to $42.27 on Nov 9 on heavy volume, then fell 6.1% to $39.69 on Nov 10 on 9.6M shares, with the close below the VWAP of about $40.07. The 30-day range is $36.27 to $42.86.
News behind the analysis
- Barrick Mining To Name Its New Listed Company Holding Its North American Gold Assets As American Barrick Gold; Submits Form S-1 With SEC For Initial Public OfferingBarrick submitted a Form S-1 for an initial public offering of American Barrick Gold, the company holding its North American gold assets. The registration statement has not yet been declared effective.
- JP Morgan Maintains Overweight on Barrick Mining, Lowers Price Target to $53JP Morgan kept its Overweight rating on Barrick Mining but lowered its price target to $53. The target remains well above the $39.69 close on Nov 10.
- Barrick To File S-1 Registration Statement For Proposed North American IPO This MonthBarrick said it would file an S-1 registration statement for a proposed North American IPO during November. The planned listing is the separation of its North American gold assets.
- Barrick Misses Q3 Estimates but Holds Gold Output Guidance; Shares RiseBarrick reported Q3 adjusted EPS of 82 cents, below estimates, while revenue rose 22% year over year to $5.073 billion. Full-year gold output guidance was held, and shares rose on the day.
- Barrick Mining Q3 Adj. EPS $0.82 Misses $0.85 Estimate, Sales $5.073B Miss $5.302B EstimateBarrick's Q3 adjusted EPS of $0.82 and sales of $5.073B both came in below consensus estimates of $0.85 and $5.302B. Net cash rose to $0.9B.
- Barrick Mining Q3 2026 Earnings Call TranscriptBarrick published the transcript of its Q3 2026 earnings call, held on Nov 9. It covers the quarterly results and management commentary.
About Barrick Mining Corporation
Barrick Mining Corporation, called Barrick Gold until May 2025, is one of the world's biggest gold miners. It is based in Toronto, also trades in Toronto as ABX, and mines both gold and copper. Its key assets include the Nevada Gold Mines joint venture with Newmont, mines in Africa and Latin America, and copper projects such as Reko Diq in Pakistan and Lumwana in Zambia.
How it makes money
Barrick makes money by mining and selling gold, which brings in most of its revenue (very roughly 85-90%). Most of the rest comes from copper, plus smaller amounts of silver and other by-products. Trailing-twelve-month revenue is about $21 billion. Profit depends mostly on the gap between metal prices and the cost of mining each ounce or pound. The company has also said it plans to list part of its North American (Nevada) business in a separate public share offering.
What usually moves B
- Gold price
- Copper price and electrification demand
- Production volumes and mining costs versus guidance
- Political and regulatory risk in countries such as Mali and Pakistan
- Project execution and the planned Nevada share listing