Barrick Appoints New Finance Chief as Strategic Shift Gains Momentum

Barrick CA06849F1080

Barrick Mining has moved to solidify its executive leadership team, naming Helen Cai as its next Chief Financial Officer. The appointment, effective March 1, 2026, brings a capital markets specialist to the role and has prompted a leading financial institution to revise its outlook on the company’s stock significantly upward.

The mining giant announced Tuesday evening that Helen Cai will assume the CFO position. Cai, who has served on Barrick’s board since 2021, succeeds Graham Shuttleworth. Her background includes more than twenty years in capital markets and mergers & acquisitions, with previous tenure at firms like Goldman Sachs and CICC. Shuttleworth’s tenure oversaw the return of over $5 billion to shareholders.

Investors responded favorably to the news. On the Toronto Stock Exchange, shares closed Tuesday’s session at C$69.12, a gain of 0.17 percent. The U.S.-listed stock performed more strongly, finishing the day up 2.47 percent at $49.94 and subsequently breaking above the $50 mark in after-hours trading.

The optimism was echoed by analysts at BofA Securities. On Wednesday morning, the firm raised its price target for Barrick substantially from $48 to $58 per share, reiterating its Buy rating. Analyst Lawson Winder cited the company’s operational stability and a favorable market environment for precious metals as key drivers.

Solid Financial Foundation and Valuation

This leadership transition occurs against a backdrop of robust financial performance. Barrick reported an operating cash flow of $2.4 billion for the third quarter of 2025. For the full year 2024, the metric stood at approximately $4.5 billion, providing a solid foundation for the ongoing $1 billion share buyback program.

Despite a share price rally exceeding 200 percent over the past twelve months, the valuation does not appear stretched. The stock trades at a price-to-earnings ratio of roughly 23.5, which remains below the industry average of 27. Furthermore, discounted cash flow models suggest the shares may be undervalued by more than 60 percent, indicating that the current gold price of nearly $4,734 per ounce may not yet be fully reflected in the stock.

Copper Expansion and Geopolitical Context

The selection of a CFO with a strong M&A background aligns with Barrick’s strategic pivot. Since rebranding from "Barrick Gold" to "Barrick Mining" in May 2025, the company has accelerated its expansion into copper. A central project is the $2 billion expansion of the Lumwana mine, aimed at doubling annual copper production to 240,000 tonnes.

This strategic focus comes with regional challenges. In Mali, industrial gold production fell by 23 percent in 2025, primarily due to a dispute between the government and Barrick that led to temporary shutdowns at the Loulo-Gounkoto complex. Although the conflict was resolved in November 2025 with a $430 million payment, the production figures underscore ongoing geopolitical uncertainties.

Looking Ahead to 2026

As Cai’s official start date in March 2026 approaches, market attention will center on how she will manage capital allocation between an aggressive copper expansion strategy and shareholder returns. The analyst community remains optimistic, with the average price target implying further upside potential for the stock.