<div id="readability-page-1">Money Markets What's Behind Barrick Mining's 154% Surge?  ByTrefis Team ,  Contributor.  Forbes contributors publish independent expert analyses and insights. Building a platform to do the job of 1 million analysts for  Great Speculations Follow Author Dec 05, 2025, 08:45am EST Share Save Comment  CHONGQING, CHINA - AUGUST 08: In this photo illustration, a smartphone displays the logo of Barrick Mining Corporation (NYSE: B), one of the world's leading gold and copper mining companies, in front of a screen showing the company's latest stock market chart on August 8, 2025 in Chongqing, China. (Photo illustration by Cheng Xin/Getty Images) Getty Images In 2025, Barrick Mining Corp (NYSE: B) has produced what many would describe as a breakout. The company’s stock has climbed approximately 154% YTD, showcasing a strong combination of increasing gold (and copper) prices, robust operational performance, and a strategic pivot that appears to have regained investor trust. What started as a tumultuous year for mining stocks has transformed into a robust upswing for Barrick, placing it among the leading gainers in the industry. Additionally, take a look at What’s Behind The 86% Surge In Wheaton Stock?  That increase is not solely due to rising commodity prices — it also involves execution, cash flow, and corporate strategies indicating that Barrick anticipates a long-term growth trajectory.  If you’re looking for an upside with lower volatility than owning a single stock, consider the High Quality Portfolio . It has consistently surpassed its benchmark, which is a blend of the S&amp;P 500, Russell, and S&amp;P MidCap indexes, and has delivered returns exceeding 105% since its inception. Also, see – Can Shopify Stock Double?  What’s driving the rally in 2025 Sky-high gold and copper prices + favorable macro environment  The main advantage for Barrick has been the increase in commodity prices. Recent data indicates that Barrick's realized gold prices have surged dramatically in 2025, allowing for significantly higher margins despite some production challenges. Concurrently, copper — which has been a secondary asset for Barrick — has begun to contribute substantially again: copper production is on the rise, enhancing revenue and diversifying the company's reliance beyond just gold.  This favorable backdrop of metals prices — itself driven by global economic instability, inflation worries, and a strong demand for safe-haven investments — has sparked widespread investor interest in mining companies like Barrick.  MORE FOR YOU Strong cash flow, disciplined capital returns &amp; growth pipeline  In Q3 2025, Barrick reported very strong outcomes: roughly 829,000 ounces of gold production, along with 55,000 tonnes of copper, generating US$4.1 billion in revenue, US$2.4 billion in operating cash flow, and US$1.5 billion in free cash flow. Recognizing this strength, Barrick’s board decided to expand its share buyback initiative — adding US$500 million to an existing US$1 billion repurchase authorization. These measures — robust cash generation, returns to shareholders, and stable operations — have bolstered confidence that Barrick is not merely riding a commodity wave, but is managing its business with prudence.  Portfolio quality, reserves growth &amp; strategic flexibility  Barrick has also enhanced its long-term fundamentals. As of the end of 2024, its proven and probable gold reserves totaled 89 million ounces, a significant increase from 77 million ounces in 2023. At the same time, copper reserves and project development (particularly at assets like the Lumwana mine) have gained momentum, providing a potentially diverse source of value beyond just gold.  Ultimately, the firm seems open to structural adaptation: it has recently started investigating the feasibility of an IPO for its North American gold assets (including major mines in Nevada and other stable regions). This indicates Barrick may be positioning itself to create a leaner, more “pure-play” gold entity — potentially unlocking value for its shareholders.  What could come next: potential upside — and watch-outs What may drive further gains  Sustained high metal prices: If gold remains robust (due to macroeconomic uncertainty, inflation, or safe-haven demand), Barrick should keep generating significant cash flows. Its dual gold-and-copper positioning could provide additional support if copper prices stay stable.  Further shareholder returns &amp; disciplined capital allocation: The expanded buyback reflects management’s confidence. Ongoing buybacks (or even increased dividends) could further benefit investors — particularly if production stabilizes or grows.  Value unlock from potential IPO / restructuring: Spinning off North American assets into a separate, potentially high-valuation entity could create clarity and attract new capital — which might enhance Barrick’s share rating.  Execution on growth projects and reserve replacement: The reserve base is strong and growing; if Barrick successfully achieves new production from existing or emerging mines, long-term value could amplify beyond current metals-price cycles.  Risks ahead  Volatile commodity prices: As is often the case with miners, a drop in gold or copper prices could significantly impact margins and cash flow. The increase this year may have already priced in a “best case” scenario.  Production &amp; cost pressures: Although current cash flow is strong, mining is capital-intensive, and costs (labor, energy, sustaining capital) remain unpredictable. Barrick has itself projected “all-in sustaining costs (AISC)” that might pressure margins if not carefully managed.  Geopolitical and operational risk: Some of Barrick’s assets are located in regions with political risks, and mining projects often encounter regulatory, environmental, or permitting obstacles. Any disruption could negatively affect output.  Execution risk for restructuring/spinoff: The concept of spinning off North American assets into a separate IPO is still in the exploratory stage. If management does not execute successfully, or if market conditions deteriorate, the anticipated “value unlock” may fall short.  Given how 2025 has progressed, Barrick appears to be executing many strategies effectively. It’s benefiting from a gold-and-copper rally, generating robust cash flow, rewarding shareholders, and establishing a strategic foundation through reserve growth and potential structural modifications. If metal prices remain strong and Barrick executes well — particularly with the potential IPO and cost control measures — this rally could be sustainable. Nevertheless, considering the cyclicality and inherent risks associated with mining, it may be prudent to view Barrick as a tactical high-upside opportunity rather than a low-volatility dividend stock. We value Barrick stock at $35, approximately 13% below the current market price.  Now, we apply a risk assessment framework while constructing the Trefis High Quality (HQ) Portfolio , which, with a collection of 30 stocks, has a track record of comfortably outperforming the S&amp;P 500 over the last 4-year period — and has achieved returns exceeding 105% since its inception. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk compared to the benchmark index; offering a less tumultuous experience as shown in HQ Portfolio performance metrics .  Editorial Standards Reprints &amp; Permissions LOADING VIDEO PLAYER... FORBES’ FEATURED Video</div>

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<p>Barrick Mining Corp's stock surged 154% in 2025 due to rising gold and copper prices, strong operational performance, and strategic pivots. The company reported robust Q3 outcomes, including high production and cash flow, leading to expanded share buybacks. Barrick's long-term fundamentals improved with increased reserves and potential IPO plans for North American assets, indicating a leaner gold entity. Sustained high metal prices and strategic moves could drive further gains, while volatile commodity prices pose risks.</p>