Barrick Mining Charts a Renewed Path Forward

Barrick Mining CA0679011084

As 2026 begins, Barrick Mining Corporation appears to be building significant momentum. The company, which navigated a leadership vacuum, a major conflict in Mali, and a strategic pivot last year, now seems to have addressed several critical challenges. The market's focus is on three core developments: the transition to interim leadership, the resolution of the Mali dispute, and the accelerated expansion of its copper business. The central question for investors is whether this combination of factors can sustain a fundamental re-rating of the stock.

A major overhang was removed in late 2025 when Barrick reached a settlement with the Malian government regarding the Loulo-Gounkoto complex. Following a temporary production halt and the seizure of gold, the company secured a new ten-year mining license based on the 2023 mining code. The full resumption of operations at this cornerstone asset is set to restore a key portion of free cash flow generation in Q1 2026.

This development is particularly impactful given the prevailing gold price environment. With average prices exceeding $4,300 per ounce in Q4 2025, the additional production volume is expected to contribute to exceptionally high margins, potentially offsetting some of the value adjustments taken during the crisis period.

Strategic Emphasis on Copper Gains Prominence

The corporate rebranding to Barrick Mining Corporation, accompanied by the new ticker symbol "B", formally underscores the elevated strategic importance of copper alongside gold. The company is actively advancing two major projects to build this second pillar: it is accelerating feasibility studies for the Reko Diq project in Pakistan and pushing forward with the expansion of the Lumwana super pit in Zambia.

This dual positioning in both precious and base metals is designed to appeal to institutional investors seeking a combined exposure to inflation hedging through gold and to electrification demand through copper.

Leadership and Operational Continuity

Since late September 2025, the company has been under the interim leadership of CEO Mark Hill, the former Chief Operating Officer for Latin America and Asia Pacific. Hill faces his first major test in February with the upcoming earnings release and strategy presentation.

His mandate is clear: to consistently execute the repositioning as "Barrick Mining" while maintaining the core principle of "value over volume." The recovery of the share price into the mid-$40 range suggests the market has largely digested the abrupt departure of long-time CEO Mark Bristow. Hill's proven operational track record and the commitment to strategic continuity appear to be bolstering investor confidence.

Valuation and Technical Positioning

The current valuation narrative resembles a "catch-up trade." While gold prices surged over 60% in 2025, mining equities initially lagged, held back by cost inflation and geopolitical risks like those seen in Mali.

Now, with stabilized All-in Sustaining Costs (AISC) and realized gold prices nearly double historical averages, profit margins are expanding significantly. This implies a level of profitability that is exceptionally robust.

This fundamental strength is reflected in the technical picture. Despite a sharp, sector-wide correction on December 29th—triggered by a short-term "flash crash" in the silver market—the stock defended key support at $44.00. This performance demonstrates a notable decoupling from the volatility of smaller mining equities and reinforces its status as a large, diversified producer.

Key Catalysts on the Horizon

Looking ahead, three near-term factors are coming into focus:

• February 2026 Strategy Update: The forthcoming quarterly results and accompanying presentation will provide Interim CEO Mark Hill a platform to clarify the long-term strategic direction and potentially offer clarity on the permanence of his leadership role.
• Technical Thresholds: A daily close above the record high of $46.45 would signal a fresh breakout, potentially opening a path toward the psychologically significant $50 level.
• Macroeconomic Backdrop: US monetary policy for 2026 remains data-dependent. Any further weakness in the US dollar could propel gold prices beyond $4,600 per ounce, providing additional tailwinds for Barrick's earnings.

Entering the new week, Barrick Mining presents as a substantially transformed entity. The conflicts of 2025 are largely resolved, its copper portfolio is gaining strategic weight, and its shares now offer pronounced leverage to a potential sustained metals supercycle.