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B vs. KGC: Which Gold Mining Stock is the Better Pick Now?
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Key Takeaways
B expands production through projects like Goldrush, Fourmile and the Lumwana Super Pit.
KGC advances Great Bear and Round Mountain Phase X while boosting free cash flow.
B and KGC maintain solid liquidity and pursue development plans supported by firm gold prices.
Barrick Mining Corporation (B - Free Report) and Kinross Gold Corporation (KGC - Free Report) are two prominent players in the gold mining space with global operations. While gold prices have fallen from their October 2025 highs, they remain favorable and are currently hovering above the $4,000 per ounce level. Against this backdrop, comparing these two major gold producers is particularly relevant for investors seeking exposure to the precious metals sector.
Despite the recent pullback, gold prices have rocketed roughly 55% this year, largely attributable to aggressive trade policies, including the sweeping new import tariffs announced by President Donald Trump that have intensified global trade tensions and heightened investor anxiety. Also, central banks worldwide have been accumulating gold reserves, led by risks arising from Trump’s policies. Increased purchases by central banks and geopolitical and trade tensions are expected to help the yellow metal sustain the upswing in gold prices.
Let’s dive deep and closely compare the fundamentals of these two Canada-based gold miners to determine which one is a better investment now.
The Case for Barrick
Barrick is well-placed to benefit from the progress in key growth projects, which should significantly contribute to its production. Its major gold and copper growth projects, including Goldrush, the Pueblo Viejo plant expansion and mine life extension, Fourmile, Lumwana Super Pit and Reko Diq, are underway. These projects are advancing on schedule and within budget, laying the groundwork for the next generation of profitable production.
The Goldrush mine is ramping up to the targeted 400,000 ounces of production per annum by 2028. Bordering Goldrush is the 100% Barrick-owned Fourmile, which is yielding grades double those of Goldrush and is anticipated to become another Tier One mine. The project has progressed to a prefeasibility study on the back of a successful drilling program, which shows significant resource growth potential. The Reko Diq copper-gold project in Pakistan is designed to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second development phase. The first production is expected by the end of 2028.
Also, the $2-billion Super Pit Expansion Project at its Lumwana mine is progressing steadily, accelerating its shift into a Tier One copper mine. Barrick stated that the Lumwana expansion is the result of a significant turnaround, transforming the mine from an underperforming asset into a vital part of both its global copper portfolio and Zambia’s long-term development strategy. The expansion is expected to deliver 240,000 tons of copper production annually.
Barrick has a solid liquidity position and generates healthy cash flows, positioning it well to take advantage of attractive development, exploration and acquisition opportunities, drive shareholder value and reduce debt. At the end of third-quarter 2025, Barrick’s cash and cash equivalents were around $5 billion. It generated strong operating cash flows of roughly $2.4 billion in the quarter, up 105% year over year. Free cash flow surged to around $1.5 billion in the third quarter from $444 million in the prior-year quarter.
Barrick returned $1.2 billion to its shareholders in 2024 through dividends and repurchases. Barrick’s board, in February 2025, authorized a new program for the repurchase of up to $1 billion of its outstanding common shares. It repurchased shares worth $1 billion under this program during the first nine months of 2025, including $589 million in the third quarter.
Barrick offers a dividend yield of 1.6% at the current stock price. Its payout ratio is 32% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of roughly 3.8%.
Barrick, however, is challenged by higher costs, which may weigh on its margins. Its cash costs per ounce of gold and all-in-sustaining costs (AISC) — a critical cost metric for miners — increased around 3% and 2% year over year, respectively, in the third quarter, although declining from the previous quarter. AISC of $1,538 increased from the year-ago quarter due to higher total cash costs per ounce. Lower year-over-year production, partly due to the suspension of operations at the Loulo-Gounkoto mine, also contributed to the rise in its unit costs. Barrick’s consolidated gold production fell 12% year over year to 829,000 ounces in the third quarter.
For 2025, Barrick continues to see total cash costs per ounce of $1,050-$1,130 and AISC in the range of $1,460-$1,560 per ounce. These projections suggest a year-over-year increase at the midpoint of the respective ranges.
The Case for Kinross
Kinross has a strong production profile and boasts a promising pipeline of exploration and development projects. Its key development projects and exploration programs, including Great Bear in Ontario and Round Mountain Phase X in Nevada, remain on track. These projects are expected to boost production and cash flow and deliver significant value. The successful execution of these projects should position the company for a new wave of low-cost, long-life production.
KGC is making progress with Great Bear’s Advanced Exploration program, having already completed and commissioned the key infrastructure. Detailed engineering for the key infrastructure is also advancing for the Main Project. At Round Mountain Phase X, underground drilling during the third quarter confirmed strong grades in the primary target zones. Moreover, drilling at the Curlew basin continued to show high-grade intercepts, supporting high-margin production. At the Lobo-Marte project in Chile, KGC is progressing studies to support the Environmental Impact Assessment and remains committed to advancing this potentially long-life, low-cost mine.
Tasiast and Paracatu, the company’s two biggest assets, remain the key contributors to cash flow generation and production. Tasiast remains the lowest-cost asset within its portfolio, with a consistently strong performance. It achieved record annual production and cash flow in 2024 and is on track to meet its full-year 2025 guidance. Paracatu continues to deliver a strong performance, with third-quarter production rising year over year on higher grades. KGC also completed the commissioning of its Manh Choh project and commenced production during the third quarter of 2024, leading to a substantial increase in cash flow at the Fort Knox operation.
KGC has a strong liquidity position and generates substantial cash flows, which allows it to finance its development projects, pay down debt and drive shareholder value. KGC ended third-quarter 2025 with robust liquidity of roughly $3.4 billion, including cash and cash equivalents of roughly $1.7 billion. It delivered record free cash flow in the quarter, with attributable free cash flow surging approximately 66% year over year to $686.7 million, driven by the strength in gold prices and strong operating performance.
Kinross repaid $800 million of debt during 2024 and the remaining $200 million of its term loan in the first quarter of 2025. Moreover, KGC, earlier this month, announced the early redemption of its $500 million in senior notes due in 2027. After the redemption on Dec. 4, 2025, Kinross will have $750 million aggregate principal amount of senior notes outstanding. KGC also offers a dividend yield of 0.5% at the current stock price. It has a payout ratio of 9%.
Price Performance and Valuation of B & KGC
Year to date, Barrick stock has popped 143.3%, while KGC stock has rallied 175.6% compared with the Zacks Mining – Gold industry’s increase of 122%.
Image Source: Zacks Investment Research
Barrick is currently trading at a forward 12-month earnings multiple of 12.02, lower than its five-year median. This represents a roughly 6% discount when stacked up with the industry average of 12.79X.
Image Source: Zacks Investment Research
Kinross is trading at a modest premium to Barrick. The KGC stock is currently trading at a forward 12-month earnings multiple of 12.86, slightly above the industry.
Image Source: Zacks Investment Research
How Does Zacks Consensus Estimate Compare for B & KGC?
The Zacks Consensus Estimate for B’s 2025 sales and EPS implies a year-over-year rise of 21.5% and 77%, respectively. The EPS estimates for 2025 have been trending higher over the past 60 days.
Image Source: Zacks Investment Research
The consensus estimate for KGC’s 2025 sales and EPS implies year-over-year growth of 26.9% and 139.7%, respectively. The EPS estimates for 2025 have been trending northward over the past 60 days.
Image Source: Zacks Investment Research
B or KGC: Which Stock Should You Bet on Now?
Both Barrick and Kinross are well-positioned to capitalize on the current favorable gold price environment. Both have a strong pipeline of development projects, solid financial health and are seeing favorable estimate revisions. KGC’s higher growth projections suggest that it may offer better investment prospects in the current market environment. Investors seeking exposure to the gold space might consider Kinross as a more favorable option at this time.
Image: Bigstock
B vs. KGC: Which Gold Mining Stock is the Better Pick Now?
Key Takeaways
Barrick Mining Corporation (B - Free Report) and Kinross Gold Corporation (KGC - Free Report) are two prominent players in the gold mining space with global operations. While gold prices have fallen from their October 2025 highs, they remain favorable and are currently hovering above the $4,000 per ounce level. Against this backdrop, comparing these two major gold producers is particularly relevant for investors seeking exposure to the precious metals sector.
Despite the recent pullback, gold prices have rocketed roughly 55% this year, largely attributable to aggressive trade policies, including the sweeping new import tariffs announced by President Donald Trump that have intensified global trade tensions and heightened investor anxiety. Also, central banks worldwide have been accumulating gold reserves, led by risks arising from Trump’s policies. Increased purchases by central banks and geopolitical and trade tensions are expected to help the yellow metal sustain the upswing in gold prices.
Let’s dive deep and closely compare the fundamentals of these two Canada-based gold miners to determine which one is a better investment now.
The Case for Barrick
Barrick is well-placed to benefit from the progress in key growth projects, which should significantly contribute to its production. Its major gold and copper growth projects, including Goldrush, the Pueblo Viejo plant expansion and mine life extension, Fourmile, Lumwana Super Pit and Reko Diq, are underway. These projects are advancing on schedule and within budget, laying the groundwork for the next generation of profitable production.
The Goldrush mine is ramping up to the targeted 400,000 ounces of production per annum by 2028. Bordering Goldrush is the 100% Barrick-owned Fourmile, which is yielding grades double those of Goldrush and is anticipated to become another Tier One mine. The project has progressed to a prefeasibility study on the back of a successful drilling program, which shows significant resource growth potential. The Reko Diq copper-gold project in Pakistan is designed to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second development phase. The first production is expected by the end of 2028.
Also, the $2-billion Super Pit Expansion Project at its Lumwana mine is progressing steadily, accelerating its shift into a Tier One copper mine. Barrick stated that the Lumwana expansion is the result of a significant turnaround, transforming the mine from an underperforming asset into a vital part of both its global copper portfolio and Zambia’s long-term development strategy. The expansion is expected to deliver 240,000 tons of copper production annually.
Barrick has a solid liquidity position and generates healthy cash flows, positioning it well to take advantage of attractive development, exploration and acquisition opportunities, drive shareholder value and reduce debt. At the end of third-quarter 2025, Barrick’s cash and cash equivalents were around $5 billion. It generated strong operating cash flows of roughly $2.4 billion in the quarter, up 105% year over year. Free cash flow surged to around $1.5 billion in the third quarter from $444 million in the prior-year quarter.
Barrick returned $1.2 billion to its shareholders in 2024 through dividends and repurchases. Barrick’s board, in February 2025, authorized a new program for the repurchase of up to $1 billion of its outstanding common shares. It repurchased shares worth $1 billion under this program during the first nine months of 2025, including $589 million in the third quarter.
Barrick offers a dividend yield of 1.6% at the current stock price. Its payout ratio is 32% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of roughly 3.8%.
Barrick, however, is challenged by higher costs, which may weigh on its margins. Its cash costs per ounce of gold and all-in-sustaining costs (AISC) — a critical cost metric for miners — increased around 3% and 2% year over year, respectively, in the third quarter, although declining from the previous quarter. AISC of $1,538 increased from the year-ago quarter due to higher total cash costs per ounce. Lower year-over-year production, partly due to the suspension of operations at the Loulo-Gounkoto mine, also contributed to the rise in its unit costs. Barrick’s consolidated gold production fell 12% year over year to 829,000 ounces in the third quarter.
For 2025, Barrick continues to see total cash costs per ounce of $1,050-$1,130 and AISC in the range of $1,460-$1,560 per ounce. These projections suggest a year-over-year increase at the midpoint of the respective ranges.
The Case for Kinross
Kinross has a strong production profile and boasts a promising pipeline of exploration and development projects. Its key development projects and exploration programs, including Great Bear in Ontario and Round Mountain Phase X in Nevada, remain on track. These projects are expected to boost production and cash flow and deliver significant value. The successful execution of these projects should position the company for a new wave of low-cost, long-life production.
KGC is making progress with Great Bear’s Advanced Exploration program, having already completed and commissioned the key infrastructure. Detailed engineering for the key infrastructure is also advancing for the Main Project. At Round Mountain Phase X, underground drilling during the third quarter confirmed strong grades in the primary target zones. Moreover, drilling at the Curlew basin continued to show high-grade intercepts, supporting high-margin production. At the Lobo-Marte project in Chile, KGC is progressing studies to support the Environmental Impact Assessment and remains committed to advancing this potentially long-life, low-cost mine.
Tasiast and Paracatu, the company’s two biggest assets, remain the key contributors to cash flow generation and production. Tasiast remains the lowest-cost asset within its portfolio, with a consistently strong performance. It achieved record annual production and cash flow in 2024 and is on track to meet its full-year 2025 guidance. Paracatu continues to deliver a strong performance, with third-quarter production rising year over year on higher grades. KGC also completed the commissioning of its Manh Choh project and commenced production during the third quarter of 2024, leading to a substantial increase in cash flow at the Fort Knox operation.
KGC has a strong liquidity position and generates substantial cash flows, which allows it to finance its development projects, pay down debt and drive shareholder value. KGC ended third-quarter 2025 with robust liquidity of roughly $3.4 billion, including cash and cash equivalents of roughly $1.7 billion. It delivered record free cash flow in the quarter, with attributable free cash flow surging approximately 66% year over year to $686.7 million, driven by the strength in gold prices and strong operating performance.
Kinross repaid $800 million of debt during 2024 and the remaining $200 million of its term loan in the first quarter of 2025. Moreover, KGC, earlier this month, announced the early redemption of its $500 million in senior notes due in 2027. After the redemption on Dec. 4, 2025, Kinross will have $750 million aggregate principal amount of senior notes outstanding. KGC also offers a dividend yield of 0.5% at the current stock price. It has a payout ratio of 9%.
Price Performance and Valuation of B & KGC
Year to date, Barrick stock has popped 143.3%, while KGC stock has rallied 175.6% compared with the Zacks Mining – Gold industry’s increase of 122%.
Barrick is currently trading at a forward 12-month earnings multiple of 12.02, lower than its five-year median. This represents a roughly 6% discount when stacked up with the industry average of 12.79X.
Kinross is trading at a modest premium to Barrick. The KGC stock is currently trading at a forward 12-month earnings multiple of 12.86, slightly above the industry.
How Does Zacks Consensus Estimate Compare for B & KGC?
The Zacks Consensus Estimate for B’s 2025 sales and EPS implies a year-over-year rise of 21.5% and 77%, respectively. The EPS estimates for 2025 have been trending higher over the past 60 days.
The consensus estimate for KGC’s 2025 sales and EPS implies year-over-year growth of 26.9% and 139.7%, respectively. The EPS estimates for 2025 have been trending northward over the past 60 days.
B or KGC: Which Stock Should You Bet on Now?
Both Barrick and Kinross are well-positioned to capitalize on the current favorable gold price environment. Both have a strong pipeline of development projects, solid financial health and are seeing favorable estimate revisions. KGC’s higher growth projections suggest that it may offer better investment prospects in the current market environment. Investors seeking exposure to the gold space might consider Kinross as a more favorable option at this time.
B currently carries a Zacks Rank #3 (Hold), whereas KGC sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.