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Barrick Mining's Gold Sales Volumes Rebound: Will It Sustain in Q3?
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Key Takeaways
Barrick's Q2 gold sales rose 3% sequentially to 770,000 ounces after a steep prior-quarter drop.
Higher volumes lifted revenues 18%, net earnings 71%, and operating cash flow by $117 million.
Production momentum is set to build with output weighted 54% in the second half of 2025.
Barrick Mining Corporation (B - Free Report) saw 3% sequential growth in second-quarter 2025 gold sales volumes to 770,000 ounces. This marked a turnaround from a 22% sequential decline in the prior quarter. The upside came as shutdowns at Carlin, Pueblo Viejo and Kibali impacted volumes in the prior quarter.
The uptick resulted in an 18% sequential increase in the top line and a 71% rise in net earnings. Higher volumes also contributed to a $117 million increase in operating cash flows in the second quarter.
Gold sales volume growth underpins Barrick’s ability to leverage higher gold prices, maintain margin expansion and deliver on growth targets for 2025 and beyond. Higher production may continue to drive sales volumes in the third quarter.
Barrick saw higher gold production in the second quarter, delivering 797,000 ounces, a 5% increase from the prior quarter. It is expected to continue the production momentum in the second half. B expects 2025 production to be 54% weighted in the second half, with the strongest output expected in the fourth quarter. The consensus estimates call for a production of 828,000 ounces and 940,000 ounces in the third and fourth quarters, respectively, reflecting a sequential increase.
Among Barrick’s major peers, Newmont Corporation’s (NEM - Free Report) gold sales volumes fell sequentially and year over year in the second quarter on lower production. Newmont’s attributable gold ounces sold declined roughly 11% year over year and 5% from the prior quarter to roughly 1.36 million ounces. Newmont's attributable gold production of 1.48 million ounces in the second quarter was 8% lower than the prior-year quarter’s figure.
Agnico Eagle Mines Limited (AEM - Free Report) saw a year-over-year decline in gold sales volumes in the second quarter. Agnico Eagle’s sales volumes fell 3% year over year to 846,835 ounces in the quarter. However, Agnico Eagle saw higher profits in the quarter despite lower sales volumes.
B’s Price Performance, Valuation & Estimates
Barrick’s shares have gained 71.8% year to date compared with the Zacks Mining – Gold industry’s rise of 85.5%, courtesy of the gold price rally.
Image Source: Zacks Investment Research
From a valuation standpoint, B is currently trading at a forward 12-month earnings multiple of 11.78, a roughly 18% discount when stacked up with the industry average of 14.37X. It carries a Value Score of A.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for B’s 2025 and 2026 earnings implies a year-over-year rise of 56.4% and 21.8%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days.
Image: Bigstock
Barrick Mining's Gold Sales Volumes Rebound: Will It Sustain in Q3?
Key Takeaways
Barrick Mining Corporation (B - Free Report) saw 3% sequential growth in second-quarter 2025 gold sales volumes to 770,000 ounces. This marked a turnaround from a 22% sequential decline in the prior quarter. The upside came as shutdowns at Carlin, Pueblo Viejo and Kibali impacted volumes in the prior quarter.
The uptick resulted in an 18% sequential increase in the top line and a 71% rise in net earnings. Higher volumes also contributed to a $117 million increase in operating cash flows in the second quarter.
Gold sales volume growth underpins Barrick’s ability to leverage higher gold prices, maintain margin expansion and deliver on growth targets for 2025 and beyond. Higher production may continue to drive sales volumes in the third quarter.
Barrick saw higher gold production in the second quarter, delivering 797,000 ounces, a 5% increase from the prior quarter. It is expected to continue the production momentum in the second half. B expects 2025 production to be 54% weighted in the second half, with the strongest output expected in the fourth quarter. The consensus estimates call for a production of 828,000 ounces and 940,000 ounces in the third and fourth quarters, respectively, reflecting a sequential increase.
Among Barrick’s major peers, Newmont Corporation’s (NEM - Free Report) gold sales volumes fell sequentially and year over year in the second quarter on lower production. Newmont’s attributable gold ounces sold declined roughly 11% year over year and 5% from the prior quarter to roughly 1.36 million ounces. Newmont's attributable gold production of 1.48 million ounces in the second quarter was 8% lower than the prior-year quarter’s figure.
Agnico Eagle Mines Limited (AEM - Free Report) saw a year-over-year decline in gold sales volumes in the second quarter. Agnico Eagle’s sales volumes fell 3% year over year to 846,835 ounces in the quarter. However, Agnico Eagle saw higher profits in the quarter despite lower sales volumes.
B’s Price Performance, Valuation & Estimates
Barrick’s shares have gained 71.8% year to date compared with the Zacks Mining – Gold industry’s rise of 85.5%, courtesy of the gold price rally.
From a valuation standpoint, B is currently trading at a forward 12-month earnings multiple of 11.78, a roughly 18% discount when stacked up with the industry average of 14.37X. It carries a Value Score of A.
The Zacks Consensus Estimate for B’s 2025 and 2026 earnings implies a year-over-year rise of 56.4% and 21.8%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days.
B stock currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.