Barrick Mining Corporation’s B attributable gold production rose 11% sequentially to 796,000 ounces in the second quarter, exceeding its guidance range of 730,000 to 770,000 ounces.
The company expects production to increase sequentially in the third quarter and again in the fourth quarter, driven by the Loulo-Gounkoto ramp-up, Goldrush and mine sequencing.
Production growth would be critical to sustain revenues and margins in the coming quarters. The consensus estimate implies gold production of roughly 823,000 ounces for the third quarter, indicating a roughly 3% rise from the prior quarter.
Barrick’s operating execution improved in the second quarter, but the full-year gold outlook implies no growth from 2025. It maintained 2026 attributable gold production guidance of 2.9-3.25 million ounces, versus 3.26 million ounces produced in 2025. This leaves full-year delivery dependent on continued second-half execution across several operations despite production tracking slightly ahead of plan at midyear.
Among Barrick’s major peers, Newmont Corporation NEM saw sequentially lower gold production for the second quarter. NEM reported a roughly 1% sequential decline in attributable gold production to 1.29 million ounces. Lower output from Cadia and reduced grades across certain mines impacted production. Newmont expects third-quarter 2026 production to be largely in line with the second-quarter level.
Agnico Eagle Mines Limited’s AEM gold production was 855,816 ounces in the second quarter, up around 4% sequentially. For full-year 2026, Agnico Eagle expects gold production near the lower end of its 3.3 million to 3.5 million ounces guidance, reflecting the preliminary redesign of the Barnat open pit. AEM expects the Barnat pit wall movement event to reduce gold production at Canadian Malartic by 60,000-80,000 ounces in the second half of 2026.
B’s Price Performance, Valuation & Estimates
Barrick’s shares have rallied 59% in the past year compared with the Zacks Mining – Gold industry’s increase of 49.2%.
From a valuation standpoint, B is currently trading at a forward 12-month earnings multiple of 11.04, a roughly 17% discount when stacked up with the industry average of 13.3X. It carries a Value Score of B.
The Zacks Consensus Estimate for B’s 2026 and 2027 earnings implies a year-over-year rise of 47.1% and 14.6%, respectively. The EPS estimates for 2026 and 2027 have been trending lower over the past 60 days.
B currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).