Barrick Mining Corporation (B Quick QuoteB - Free Report) and Kinross Gold Corporation (KGC Quick QuoteKGC - Free Report) are two prominent players in the gold mining space with global operations. While gold prices have fallen sharply from their January 2026 highs, they remain supportive. Against this backdrop, comparing these two major gold producers is particularly relevant for investors seeking exposure to the precious metals sector.

Geopolitical tensions, a weaker U.S. dollar, tariff threats and concerns over the independence of the Federal Reserve propelled bullion to a record high of nearly $5,600 per ounce in late January. However, gold prices have retreated significantly from that level on mounting inflation worries stemming from a spike in crude oil prices amid lingering tensions in the Middle East and the blockade of the Strait of Hormuz, with the yellow metal currently trading below $4,500 per ounce. Uncertainties linked to the Middle East conflict and inflation woes have also fueled a hawkish shift in interest rate expectations. Notwithstanding the sharp pullback, bullion prices are still up roughly 40% year over year. 

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-positioned to capitalize on advancements across its key growth projects, which are expected to meaningfully boost production. Its major gold and copper initiatives, including Goldrush, the Pueblo Viejo plant expansion and mine life extension, Fourmile and Lumwana Super Pit, are progressing on schedule and within budget, setting the stage for the next wave of profitable output.  

The Goldrush mine is ramping up to the targeted 400,000 ounces of production per annum by 2028. Bordering Goldrush is the Fourmile project, which is yielding grades double those of Goldrush and is anticipated to become another Tier One mine. Barrick recently announced the advancement of its planned IPO (expected to be completed by the end of 2026) of a new company that will hold its North American gold assets and the Fourmile project, in which it will hold a significant controlling interest. 

The $2-billion Super Pit Expansion Project at Barrick’s 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 produce 240,000 tons of copper 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 the first quarter of 2026, Barrick’s cash and cash equivalents were around $7.1 billion. It generated strong operating cash flows of roughly $2.6 billion in the quarter, up 111% year over year. Attributable free cash flow shot up 195% year over year to around $1.2 billion.  

Barrick returned $2.4 billion to its shareholders in 2025 through dividends and repurchases. It repurchased shares worth $1.5 billion last year. The company’s board recently authorized a new $3 billion share buyback program. Its new dividend policy targets a total payout of 50% of attributable free cash flow on an annualized basis.
   
Barrick offers a dividend yield of 4.1% at the current stock price. Its payout ratio is 55% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of roughly 13.4%.

Barrick, however, is challenged by higher costs, which may weigh on its margins. It saw an 8% sequential increase in all-in-sustaining costs (AISC) — a critical cost metric for miners — in the first quarter, reaching $1,708 per ounce. For 2026, Barrick projects AISC in the range of $1,760-$1,950 per ounce, indicating a significant year-over-year increase at the midpoint compared with $1,637 in 2025. Cash costs per ounce are forecast to be $1,330-$1,470, up from $1,199 in 2025.

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 remain on track. These projects are expected to boost production and cash flow, and deliver significant value. The successful execution of these projects will position the company for a new wave of low-cost, long-life production.  

KGC is progressing with the construction of three organic growth projects to expand its U.S. portfolio. This is aimed at extending mine life and cost optimization. The projects are Round Mountain Phase X and Bald Mountain Redbird 2 in Nevada, and the Kettle River–Curlew project in Washington. Together, the projects are expected to contribute significantly to Kinross’ U.S. production profile. They are expected to contribute 3 million ounces of life-of-mine production to KGC’s portfolio, adding grades and mine lives.   

Tasiast and Paracatu, the company’s two biggest assets, remain the key contributors to KGC's cash flow generation and account for more than half of its production. Both Tasiast and Paracatu delivered solid performance in the first quarter of 2026, with production rising from the prior quarter and both operations remaining on track to meet the company’s 2026 guidance.   

KGC has strong liquidity of $3.9 billion and generates substantial cash flows, which allows it to finance its development projects, pay down debt and drive shareholder value. Kinross reactivated its share buyback program in April 2025. It completed a $600 million share repurchase program as of Dec. 31, 2025. The Toronto Stock Exchange, in March, accepted the notice to renew its normal course issuer bid program. KGC repurchased shares worth roughly $250 million in the first quarter and $300 million this year through April 29. 

KGC generated a record free cash flow of roughly $2.5 billion last year. It returned $752.4 million to its shareholders through dividends and buybacks in 2025. The company also logged attributable free cash flow of $837.5 million in the first quarter, marking the fourth straight quarter of record free cash flow. It ended the quarter with about $1.4 billion in net cash. 

In 2025, the company repaid $700 million of debt. With $1.7 billion in available credit (as of March 31, 2026) and no debt maturities until 2033, Kinross is well-positioned to support growth while strengthening its balance sheet and delivering shareholder value.  

KGC’s board has approved a 14% increase to its quarterly dividend, amounting to 16 cents per share on an annualized basis. Kinross is targeting to return 40% of its free cash flow through share buybacks and dividends in 2026. KGC offers a dividend yield of 0.6% at the current stock price. It has a payout ratio of 7% with a five-year annualized dividend growth rate of roughly 2.4%.

However, KGC is exposed to higher production costs. It saw first-quarter attributable AISC of $1,732 per ounce, marking a 28% increase from the year-ago quarter. Kinross expects AISC to be $1,730 per ounce (+/-5%) in 2026, indicating a year-over-year increase from $1,571 per ounce in 2025, partly due to inflationary impacts. AISC is expected to be impacted by cost inflation from elevated crude oil prices.

Price Performance and Valuation of B & KGC

B stock has popped 109.9% over the past year, while KGC stock has rallied 87.4% compared with the Zacks Mining – Gold industry’s increase of 69.3%.

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Barrick is currently trading at a forward 12-month earnings multiple of 10.11, lower than its five-year median. This represents a roughly 5.2% discount when stacked up with the industry average of 10.66X.

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Kinross is trading at a discount to Barrick. The KGC stock is currently trading at a forward 12-month earnings multiple of 9.41, below the industry.

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How Does Zacks Consensus Estimate Compare for B & KGC?

The Zacks Consensus Estimate for B’s 2026 sales and EPS implies a year-over-year rise of 17.3% and 52.9%, respectively. The EPS estimates for 2026 have been trending higher over the past 60 days.

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The consensus estimate for KGC’s 2026 sales and EPS implies year-over-year growth of 33.2% and 58.7%, respectively. The EPS estimates for 2026 have been trending northward over the past 60 days.

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B or KGC: Which Stock is the Better Pick Now?

Both B and KGC currently have a Zacks Rank #3 (Hold), so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Both Barrick and Kinross have a strong pipeline of development projects and solid financial health. They are seeing favorable estimate revisions and delivering incremental returns to their shareholders. Both, however, remain exposed to headwinds from higher production costs. Kinross appears to have an edge over Barrick due to its more attractive valuation and higher growth projections. Investors seeking exposure to the gold space might consider Kinross as the more favorable option at this time.