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Barrick Mining's Gold Sales Rise in Q4: Can It Keep Up in Q1?
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Key Takeaways
Barrick reported a 15% sequential Q4 gold sales rise to 960,000 ounces, with production up 5%.
Growth was driven by Nevada Gold Mines strength and the Loulo-Gounkoto restart after the return of control.
B's guidance signals softer 2026 output, which may pressure near-term sales volumes.
Barrick Mining Corporation (B - Free Report) saw a 15% increase in fourth-quarter 2025 gold sales volumes from the prior quarter to 960,000 ounces. This follows a 9% sequential increase in the third quarter of 2025. Barrick’s fourth-quarter production rose 5% from the prior quarter to 871,000 ounces.
The sequential increase in sales volumes was driven by stronger performance at Nevada Gold Mines (“NGM”), especially at Carlin and Turquoise Ridge, as well as the restart of production at Loulo-Gounkoto, following the return of control in December 2025.
The company provided a tepid production forecast for 2026, with attributable gold production expected to be in the range of 2.9-3.25 million ounces. While Loulo-Gounkoto is poised to deliver additional output along with modestly higher output from Pueblo Viejo, production is expected to be lower across Veladero, North Mara and Carlin in 2026. Turquoise Ridge is also projected to see lower grades.
The consensus estimate implies gold production of roughly 709,000 ounces for the first quarter of 2026, indicating around 19% decline from the prior quarter.
Gold sales volume growth underpins Barrick’s ability to leverage higher gold prices, maintain margin expansion and deliver on growth targets. Weaker production may impact sales volumes in the first quarter. Despite gains in realized gold prices, volume growth would be critical to sustain revenues and margins in the coming quarters.
Among Barrick’s major peers, Newmont Corporation’s (NEM - Free Report) gold sales volumes increased sequentially in the fourth quarter on higher production. Newmont’s attributable gold ounces sold rose roughly 4% from the prior quarter to 1.36 million ounces. Newmont's attributable gold production of 1.45 million ounces was up around 2% sequentially.
Agnico Eagle Mines Limited (AEM - Free Report) saw a decline in gold sales volumes in the fourth quarter. Agnico Eagle’s sales volumes fell 3% sequentially to 842,556 ounces on lower production. Agnico Eagle’s payable gold production was 840,608 ounces, down from 866,936 ounces in the third quarter.
B’s Price Performance, Valuation & Estimates
Barrick’s shares have popped 117.7% in the past year compared with the Zacks Mining – Gold industry’s growth of 93.6%, 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 10.78, a roughly 7.5% discount when stacked up with the industry average of 11.66X. It carries a Value Score of B.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for B’s 2026 earnings implies a year-over-year rise of 49.2%. The EPS estimates for 2026 have been trending higher over the past 60 days.
View the Zacks #1 Rank List
Image: Bigstock
Barrick Mining's Gold Sales Rise in Q4: Can It Keep Up in Q1?
Key Takeaways
Barrick Mining Corporation (B - Free Report) saw a 15% increase in fourth-quarter 2025 gold sales volumes from the prior quarter to 960,000 ounces. This follows a 9% sequential increase in the third quarter of 2025. Barrick’s fourth-quarter production rose 5% from the prior quarter to 871,000 ounces.
The sequential increase in sales volumes was driven by stronger performance at Nevada Gold Mines (“NGM”), especially at Carlin and Turquoise Ridge, as well as the restart of production at Loulo-Gounkoto, following the return of control in December 2025.
The company provided a tepid production forecast for 2026, with attributable gold production expected to be in the range of 2.9-3.25 million ounces. While Loulo-Gounkoto is poised to deliver additional output along with modestly higher output from Pueblo Viejo, production is expected to be lower across Veladero, North Mara and Carlin in 2026. Turquoise Ridge is also projected to see lower grades.
The consensus estimate implies gold production of roughly 709,000 ounces for the first quarter of 2026, indicating around 19% decline from the prior quarter.
Gold sales volume growth underpins Barrick’s ability to leverage higher gold prices, maintain margin expansion and deliver on growth targets. Weaker production may impact sales volumes in the first quarter. Despite gains in realized gold prices, volume growth would be critical to sustain revenues and margins in the coming quarters.
Among Barrick’s major peers, Newmont Corporation’s (NEM - Free Report) gold sales volumes increased sequentially in the fourth quarter on higher production. Newmont’s attributable gold ounces sold rose roughly 4% from the prior quarter to 1.36 million ounces. Newmont's attributable gold production of 1.45 million ounces was up around 2% sequentially.
Agnico Eagle Mines Limited (AEM - Free Report) saw a decline in gold sales volumes in the fourth quarter. Agnico Eagle’s sales volumes fell 3% sequentially to 842,556 ounces on lower production. Agnico Eagle’s payable gold production was 840,608 ounces, down from 866,936 ounces in the third quarter.
B’s Price Performance, Valuation & Estimates
Barrick’s shares have popped 117.7% in the past year compared with the Zacks Mining – Gold industry’s growth of 93.6%, courtesy of the gold price rally.
From a valuation standpoint, B is currently trading at a forward 12-month earnings multiple of 10.78, a roughly 7.5% discount when stacked up with the industry average of 11.66X. It carries a Value Score of B.
The Zacks Consensus Estimate for B’s 2026 earnings implies a year-over-year rise of 49.2%. The EPS estimates for 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.