Uncover Barrick’s Hidden Potential Amidst Market Shadows!

Company Overview and Recent Performance

Barrick Mining Corporation (NYSE:B) – formerly Barrick Gold Corporation – is one of the world’s largest gold producers (moneyweek.com). Barrick operates a global portfolio of mines, including six “Tier One” gold mines (assets capable of 500,000+ oz annual production for 10+ years at low cost) which underpin a rolling 10-year plan and substantial free cash flow generation (www.barrick.com). 2025 was a breakout year: gold prices surged over 60% to record highs above $4,300/oz (moneyweek.com), which transformed miners’ finances. Barrick’s Q4 2025 results reflected this windfall – adjusted earnings per share jumped 79% year-on-year to $1.04 (moneyweek.com), the highest quarterly profit in its history. Operating cash flow hit $2.73 billion in Q4 (free cash flow $1.62 billion), up 13% and 9% sequentially (www.barrick.com), demonstrating the earnings power at elevated gold prices.

This strong performance has propelled Barrick’s stock to its highest levels since 2012, vastly outperforming bullion itself (www.axios.com) (moneyweek.com). Over the 12 months to early 2026, Barrick’s share price soared 210%, handily beating gold’s ~75% gain (moneyweek.com). The market’s enthusiasm, however, has also drawn activist interest. In late 2025, Elliott Investment Management disclosed a stake worth at least $700 million in Barrick – placing it among Barrick’s top ten shareholders (www.axios.com) (www.miningweekly.com). Elliott’s involvement coincides with calls to unlock even more value: Barrick has raised the possibility of splitting into two businesses, one focused on its stable North American gold assets and the other on its African/Asian operations (www.miningweekly.com). In fact, Barrick announced it is exploring an IPO for a subsidiary holding the North American mines (www.axios.com). This strategic pivot suggests significant “hidden” value could be realized by separating the low-risk and higher-risk assets – a move encouraged by activists eyeing a valuation gap (www.miningweekly.com) (discoveryalert.com.au). These developments set the stage for our deep dive into Barrick’s dividend strategy, financial footing, valuation, and the risks and open questions that remain.

Dividend Policy, History & Yield

Dividend Growth and 2021 Capital Return: Under CEO Mark Bristow’s tenure, Barrick prioritized increasing shareholder returns. In early 2021, Barrick proposed a special return of capital of $0.42/share (paid in tranches) on top of its regular dividend (www.barrick.com). At the time, the quarterly base dividend was $0.09 per share (www.barrick.com). This set the stage for a more structured policy linking payouts to financial performance. By 2022, Barrick established a new Performance Dividend Policy that effectively doubled the potential payout: the quarterly base dividend was set at $0.10 per share, with a supplemental performance dividend tied to the company’s net cash (cash minus debt) position (www.sec.gov) (www.sec.gov). Specifically, if Barrick’s balance sheet net cash exceeds certain thresholds, additional dividends kick in on a sliding scale. For example, at net cash above $0.5 billion, the performance dividend is $0.10 (making a $0.20 total quarterly dividend), and at net cash over $1 billion, the performance dividend reaches $0.15 (for a $0.25 total quarterly dividend) (www.sec.gov) (www.sec.gov). This policy was first implemented in Q1 2022 – Barrick’s net cash of $743 million that quarter resulted in a $0.20 dividend ($0.10 base + $0.10 performance) (www.barrick.com), the inaugural performance-based payout. Barrick’s CFO highlighted that this framework provides transparency on “future dividend streams” to shareholders (www.barrick.com) (www.barrick.com).

Recent Dividend Track Record: After 2022’s strong start, Barrick’s net cash position fluctuated with gold prices and internal investments. By 2024, the company carried modest net debt, so only the base $0.10 quarterly dividend was paid throughout that year (www.otcmarkets.com). In total, 2024 dividends were $0.40 per share (about a 2–3% yield based on the 2024 share price range). As gold markets and cash flows improved in 2025, Barrick resumed dividend growth. In May 2025, with net cash back above zero, the Board declared an “enhanced” Q2 2025 dividend of $0.15 per share (www.barrick.com). This included a $0.05 performance component on top of the $0.10 base, reflecting a net cash position of about $73 million (www.globenewswire.com). Simultaneously, Barrick was aggressively returning capital via buybacks – repurchasing $268 million in shares in Q2 alone (www.globenewswire.com). By Q3 2025, management’s confidence in Barrick’s cash generation led to a 25% increase in the quarterly base dividend, from $0.10 to $0.125 (www.barrick.com). The company then declared a $0.175 dividend for Q3 2025, which included a $0.05 performance uplift (net cash remained in the Level II band) (www.barrick.com).

New 50% FCF Payout Framework: In its Q4 2025 results, Barrick unveiled a further dividend policy evolution. The base dividend was hiked by another 40%, rising from $0.125 to $0.175 per quarter (www.barrick.com). More significantly, the company announced that going forward it targets total annual shareholder payouts of ~50% of attributable free cash flow (www.barrick.com). To implement this, Barrick introduced a year-end “top-up” dividend in addition to the regular quarterlies. For Q4 2025, this yielded a huge $0.42/share dividend – a 140% jump from the previous quarter’s $0.175 (www.barrick.com). The $0.42 comprised the new $0.175 base plus a large performance top-up to reach the 50% cash flow payout target. This extraordinary dividend underscores Barrick’s commitment to share the spoils of high commodity prices with investors.

Dividend Yield: With the stock’s substantial appreciation, Barrick’s dividend yield has compressed somewhat. Based on the new $0.175 quarterly base (annualized at $0.70) and the recent share price, the base yield is roughly on the order of 1.5–2%. Including the sizable Q4 top-up, the trailing twelve-month yield was higher – on the order of ~4% relative to a year-ago stock price before the rally. Going forward, the actual yield will depend on performance dividends and potential buybacks. Barrick’s flexible policy means payouts could increase further if strong cash flows persist, but could also retreat to the base level in weaker periods. Notably, Barrick’s target 50% FCF payout ratio implies it will return half its cash generation to owners (via dividends and possibly buybacks), while retaining the other half to reinvest or strengthen the balance sheet. This disciplined approach, combined with the Dividend Reinvestment Plan (which issued ~255,000 shares from 2024–Q1’25 dividends) (www.otcmarkets.com), positions shareholders to continue benefiting from Barrick’s success. Overall, Barrick’s dividend policy has evolved into a shareholder-friendly framework, offering a predictable base yield with upside linked to business performance.

Leverage, Debt Maturities & Liquidity

Conservative Leverage: Barrick’s financial leverage is modest, reflecting management’s focus on a strong balance sheet. As of mid-2025, Barrick’s total debt stood at ~$4.7 billion, essentially unchanged from 2024 (www.sec.gov). However, thanks to robust cash accumulation, net debt flipped to a net cash position. Barrick held $4.8 billion in cash at June 30, 2025 against $4.7 billion of debt, resulting in net cash of $73 million (versus net debt of $655 million at 2024 year-end) (www.sec.gov). This net cash equates to a zero-net-debt capital structure – indeed Barrick’s net debt-to-total capitalization ratio was 0.00:1 by mid-2025 (down from a still-conservative 0.02:1 at end-2024) (www.sec.gov). The company’s debt-to-equity ratio stands at only 0.14:1 (www.sec.gov), underscoring a healthy equity cushion. Credit rating agencies view Barrick’s debt as solidly investment-grade – Moody’s rates it A3 and S&P BBB+, reflecting the company’s prudent financial management (www.sec.gov). Barrick also maintains ample liquidity: it has a $3.0 billion undrawn credit facility available (www.sec.gov), which can serve as a backstop for short-term needs or opportunistic growth, if required. Management asserts that Barrick has sufficient financial resources to meet foreseeable business requirements, from capital investments and mine remediation to dividends and buybacks (www.sec.gov) (www.sec.gov). This is a crucial strength that enables the aggressive shareholder returns policy while still funding growth projects.

Debt Maturity Profile: Barrick’s debt maturity schedule is very favorable, with minimal payments due in the near term. According to the company’s filings, no significant debt comes due until 2030 (www.sec.gov). In fact, the principal repayments scheduled are trivial for the next few years: only about $12 million in the remainder of 2025, $47 million in 2026, and zero maturities in 2027–2029 (www.sec.gov). The vast majority of Barrick’s ~$4.7 billion debt consists of long-term notes that mature 2030 and beyond (about $4.63 billion is due in 2030 or later) (www.sec.gov). This means Barrick faces no refinancing risk in the mid-term and can ride out commodity cycles without pressure from looming debt walls. Interest obligations are similarly manageable – annual interest payments are roughly $280 million per year through 2029 based on the current debt (all fixed-rate and investment-grade) (www.sec.gov). To put this in context, $280 million is only about 4% of 2025 operating cash flow. The company’s interest coverage is extremely high: Barrick’s EBITDA and operating cash flow cover its annual interest expense dozens of times over. For example, in 2025 Barrick generated $7.7 billion in operating cash flow (www.barrick.com), which is more than 25× its ~$0.28 billion interest outlay – a testament to the low-risk financial leverage. With a fortress balance sheet (net cash position) and sparse debt maturities for the next ~5+ years, Barrick’s financial flexibility is excellent. This low leverage not only provides resilience if gold prices pull back, but also gives Barrick capacity to raise funds for large projects or acquisitions should compelling opportunities arise.

Cash Flows and Dividend Coverage

Barrick’s strong cash generation comfortably covers its financial obligations and shareholder payouts, providing confidence in the sustainability of its dividend policy. Free cash flow has expanded dramatically with higher gold prices – industry-wide, gold miners delivered around 50% more FCF than expected in recent quarters (moneyweek.com). Barrick exemplifies this trend. During 2025, Barrick’s operating cash flow was $7.69 billion (up 71% vs. 2024) (www.barrick.com), and free cash flow topped an estimated $4–5 billion for the full year after capital expenditures. This easily funded the roughly $1.4 billion in cash dividends paid for 2025 (including the large year-end top-up) as well as $1.5 billion in share buybacks (www.barrick.com). In total, Barrick returned nearly $3.0 billion to shareholders in 2025, which amounted to about 50–60% of annual free cash flow – consistent with the new payout target. Importantly, even after these generous distributions, Barrick still added to its cash reserves (moving into a net cash position). This indicates that dividend coverage is robust. The regular quarterly dividend (excluding buybacks and extras) represented a relatively moderate payout ratio of cash flow – for instance, the $0.10 base dividend in 2024 was roughly 30% of that year’s free cash flow, and even the richer payouts in 2025 remained near ~50% of free cash flow, leaving a healthy buffer. Barrick’s policy of tying dividends to cash generation helps maintain coverage: in leaner periods the payout would scale down to the base level (conserving cash), and in boom times like 2025 the higher cash flows fund the enhanced distributions.

From a credit standpoint, Barrick’s cash flow easily covers fixed charges. As noted, interest expense is under $300 million per year, which is trivial relative to multi-billion-dollar operating profits. In 2025, EBITDA (earnings before interest, taxes, depreciation) was well above $8 billion (given $4+ billion net earnings and hefty depreciation), implying interest coverage on the order of 30× or more. Even if gold prices normalize lower, Barrick’s interest coverage and dividend coverage would remain solid thanks to the low debt and flexible dividend policy. Furthermore, Barrick can draw on its $3 billion credit facility if needed to bridge any short-term cash gaps (for example, if a large capital project and a dip in metal prices coincided). Analysts note that miners are being prudent with their windfall – rather than embark on aggressive expansion, they are generally not rushing to spend the cash influx (moneyweek.com). Barrick exemplifies this balanced approach by returning substantial cash to shareholders (half of FCF) while retaining the remainder to reinvest in its mines and projects. The result is that Barrick’s dividend is well-covered by underlying cash flows, and the company retains ample capacity to fund operations, expansions, and debt service. This conservative financial management underpins Barrick’s investment-grade ratings and suggests the dividend is on a sound footing – as long as commodity prices remain in a reasonable range.

Valuation and Comparative Metrics

Despite the recent stock surge, Barrick’s valuation still appears reasonable relative to its earnings and cash flow – and may even underestimate some of its asset value, hence the “hidden potential” theme. The gold mining sector as a whole has seen multiple expansion lag behind the rise in gold prices. Over the past decade, gold prices have more than doubled, yet gold miners’ average price/earnings multiples have roughly halved in the same period (moneyweek.com). In other words, many gold stocks remain cheaper in valuation terms than a decade ago, even with far higher gold prices. This reflects years of investor caution and underperformance, but it also suggests a potential value opportunity as fundamentals improve. Barrick’s own experience illustrates this: at the start of 2025, the stock was languishing around the mid-teens (dollars per share), implying a modest valuation. After climbing over 200% to recent levels (moneyweek.com), Barrick’s market capitalization now stands around $70+ billion, putting it nearly on par with its rival Newmont. Yet much of that gain was simply earnings catch-up. Based on 2025 results, Barrick trades around the mid-teens P/E multiple (roughly 13–15× trailing earnings) and about ~10× enterprise value to EBITDA (EV/EBITDA). Those metrics are not stretched for a debt-free company with strong cash flow visibility. By comparison, in past gold bull cycles mining giants often traded at higher multiples once investors grew confident in the sustainability of higher gold prices.

It’s also instructive to look at free cash flow yield. Using 2025 figures, Barrick’s free cash flow yield (FCF per share divided by share price) was in the high single-digits (on the order of 6–8% based on an estimated ~$2.50–$3.00 FCF per share and a ~$40 share price). Such a FCF yield is attractive, especially given Barrick’s commitment to return 50% of that cash to shareholders. This implies a forward shareholder yield (dividends + buybacks) of ~3–4% at current prices, which could be higher if gold stays elevated. In addition, Barrick’s sum-of-parts value may not be fully reflected in the stock. The company’s low-risk assets (like its Nevada and North American mines) could arguably warrant a premium valuation (closer to royalty companies or senior producers), while its higher-risk emerging market assets drag on the overall multiple. This is a key reason activists see upside: splitting Barrick into regional entities might unlock value by allowing the market to value the stable North American business separately at a higher multiple (www.miningweekly.com). Indeed, Barrick’s shares have already risen on speculation of such restructuring, but there may be further room to re-rate. Executive Chairman John Thornton has emphasized that Barrick’s core Tier One assets and 10-year plan provide reliable cash flows for the next decade (www.barrick.com) – a profile that could attract income-oriented investors if presented as a standalone unit. At the same time, Barrick’s growth projects (e.g. copper development in Pakistan and Zambia) are not yet contributing to earnings, which means the current stock price perhaps undervalues future growth potential in copper. In summary, Barrick’s valuation metrics are undemanding relative to its fundamentals, and strategic moves (like the potential asset IPO/split) could help close any remaining valuation gap. The stock’s strong recent performance shows the market is starting to appreciate Barrick’s improvements, but by some metrics miners remain cheaper than historical norms (moneyweek.com) – suggesting further upside if execution remains strong.

Key Risks and Red Flags

While Barrick’s outlook is bright, investors should remain mindful of several risks and red flags that could shadow its potential. First and foremost, Barrick is a commodity business, so its fortunes rise and fall with the prices of gold and copper. A significant drop in gold prices would squeeze Barrick’s margins and cash flows. The company explicitly warns that fluctuations in metal prices (gold, copper, silver) and key input costs (fuel, electricity) are inherent risks to its financial performance (www.sec.gov). The current high gold price environment is a tailwind; a reversal could force tough choices on spending and dividends.

Another major risk is geopolitical and regulatory exposure, since many of Barrick’s operations are in emerging or unstable jurisdictions. Barrick itself acknowledges the “political instability in certain…jurisdictions” and risks around permits or license renewals as key uncertainties (www.sec.gov). We’ve seen this risk manifest concretely: in 2025 Barrick effectively lost control of its Mali gold mines, after a protracted dispute with the government, leading to a shocking $1 billion asset write-off (discoveryalert.com.au). This write-down in Mali – where a new mining code and tax conflict upended Barrick’s ownership – underscores how quickly resource nationalism or political changes can destroy value. It also left Barrick’s Africa unit with a big hole, and was a factor in CEO Mark Bristow’s departure (as it came on his watch) (www.miningweekly.com). More broadly, operating in countries like Mali, DRC, Papua New Guinea, or Pakistan introduces elevated sovereign risks, ranging from fiscal/regulatory changes to unrest or expropriation. Even community relations and environmental issues can pose red flags; mining is an industry prone to local opposition if not managed responsibly (www.sec.gov). Any major incident (tailings dam failure, for example) could damage Barrick’s reputation or result in costly litigation and shutdowns. Barrick works hard on sustainability and partnerships, but these non-financial risks are ever-present in mining.

Management and strategic uncertainty is another consideration, especially at this juncture. CEO Mark Bristow – a celebrated mining executive who led the Randgold merger – is stepping down after nearly seven years at Barrick’s helm (discoveryalert.com.au). His departure amid the Mali stumble and activist pressures adds a layer of uncertainty to Barrick’s future direction (discoveryalert.com.au). A new CEO will face the challenge of maintaining operational excellence while potentially executing a breakup or major strategic shift. Execution risk around any such restructuring or asset spin-off is significant – separating a large company’s assets, management teams, and capital structure is complex, and there’s no guarantee it will unlock value quickly. Elliott and other activists may push for bold moves, but there is the risk of organizational disruption or loss of synergies if Barrick splits into multiple entities. Investors should watch for clear communication on the IPO/split plan (if it proceeds) and how Barrick will allocate costs and debt between any new companies. Until a plan is finalized, the mere prospect could create an overhang on the stock, as markets handicap whether a breakup will actually materialize.

Additionally, operational risks are ever-present. Barrick must continually replace and expand reserves depleted by mining. There is a risk that exploration successes fall short or that new projects face delays/cost overruns. For instance, the massive Reko Diq copper-gold project in Pakistan – while potentially game-changing – must navigate political agreements, financing, and construction in a remote region. Any slippage there could affect future growth. Similarly, Barrick’s expansion at Lumwana (Zambia) and other projects need to stay on schedule; technical challenges or supply chain issues can always emerge (www.sec.gov) (www.sec.gov). The company also operates joint ventures (like the Nevada Gold Mines JV with Newmont); partner risks and coordination issues can impact these operations (www.sec.gov). Finally, cost inflation in mining (labor, equipment, energy) can erode margins. While 2025’s revenue surge overshadowed higher costs, prolonged inflation would pressure profits if gold prices stagnate. In summary, Barrick faces a matrix of risks: commodity price volatility, geopolitical/regulatory hurdles, execution and leadership transitions, and classic mining operational hazards. Any of these factors could cast a shadow over Barrick’s performance. Investors should monitor developments in these areas – e.g. political news in host countries, the appointment of a new CEO, and progress on key growth projects – as early indicators of risk or relief.

Open Questions and Outlook

Looking ahead, several open questions will determine whether Barrick’s “hidden potential” is fully realized or remains lurking in the shadows:

– Will Barrick Split Its Operations? The biggest strategic question is the outcome of the mooted North American assets IPO/spin-off. Barrick has confirmed it’s studying an IPO for a unit holding its North American gold mines (www.axios.com), which include some of its crown jewels (Nevada Gold Mines complex, Ontario operations, etc.). Such a move could unlock value by giving the market a pure-play, lower-risk gold company and a separate higher-growth international company. Activist shareholders are clearly intrigued – Elliott reportedly “was encouraged” by the idea of a split (www.miningweekly.com). However, details are scant: How exactly will Barrick split its portfolio? Which assets go to the new entity, and will Barrick retain a stake? Will it be a full de-merger to existing shareholders or a partial IPO to raise capital? And crucially, what valuation multiples will each new company garner? There is a scenario where the sum-of-parts valuation exceeds the current integrated valuation (unlocking hidden value), but it depends on market sentiment. Until a concrete proposal is unveiled, this remains uncertain. Investors will be watching for Barrick’s management and board’s decision on the split in 2026 – a positive confirmation could be a catalyst, while a rejection or delay might disappoint those banking on restructuring.

– Leadership and Strategy Under New Management: With Mark Bristow’s exit, Barrick will have new leadership (a successor CEO has yet to be formally announced). How will the new CEO steer Barrick? Bristow was known for strict cost discipline and focus on Tier One assets; will his replacement continue on the same path of prioritizing profitability and shareholder returns, or pivot toward more aggressive expansion? The new management’s stance on the Elliott proposals will be telling – are they on board with breaking up the company, or will they defend the benefits of scale and diversification? Additionally, how will the change at the top affect Barrick’s culture and execution? There is an opportunity for “fresh perspective” as well as a risk of strategic drift (discoveryalert.com.au). This transition comes at a critical time, so the market will be seeking clues in early public comments by the incoming CEO on priorities (whether it’s advancing the split, accelerating projects, M&A, etc.).

– Sustainability of Gold Prices and Impact on Strategy: Barrick’s recent windfall is largely due to historically high gold (and silver) prices. The company’s new 50%-FCF payout policy effectively assumes robust cash flows will continue. What if gold retraces from record highs? Management will then face tough choices: do they cut the performance dividend/top-up to preserve cash or even trim the base dividend? Will growth projects be slowed to maintain payouts? Conversely, if gold continues to climb or stays elevated around ~$4,000/oz, Barrick could be generating record cash for years – how will it deploy the other 50% of FCF not paid out? Share buybacks could accelerate (beyond the $1.5 billion already repurchased in 2025 (www.barrick.com)), or Barrick might consider strategic acquisitions to bolster reserves. This balance between growth and yield is an open question. Thus far, Barrick has signaled restraint on empire-building, but with coffers full, investor expectations will be high to either see production growth or even larger cash returns. The gold price trajectory in 2026–2027 will heavily influence these choices.

– Project Development and Reserve Replacement: Barrick’s long-term outlook relies on successfully executing key development projects – notably the Reko Diq copper-gold project in Pakistan and the Lumwana expansion in Zambia – and on continuing exploration success. There are questions about execution and timelines: Barrick aims for first production from Reko Diq by 2028 (www.sec.gov), a tight schedule given the scale. The project, described as a “Tier One copper and gold asset in the making” by Barrick (www.barrick.com), is a cornerstone of Barrick’s future diversification into copper. Can Barrick and its partners navigate the technical, political, and financing challenges to deliver Reko Diq on time and budget? Similarly, can the Lumwana super-pit expansion ramp up without hitches (Barrick noted that at current copper prices it is self-funding) (www.sec.gov)? Any delays or cost overruns could force reallocation of capital or dent production forecasts. Another open question is whether Barrick needs to pursue external growth (M&A) to replenish its gold reserves. The company has been steadfast in focusing on organic growth and prudent deals (Bristow famously shunned high-premium acquisitions). However, industry consolidation is ongoing (e.g., Newmont’s mega-acquisition of Newcrest in 2023/24). Will Barrick remain on the sidelines, or could it consider a transformative deal – perhaps in copper, given its ambitions there? If the stock remains strong, Barrick could use its equity or cash to make opportunistic acquisitions, but any such move would raise questions about strategic focus and risk.

– Resolution of Outstanding Disputes and Asset Optimizations: Lastly, investors will watch how Barrick resolves remaining issues and optimizes its portfolio. For example, the situation in Mali – where Barrick wrote off its investment – raises the question of whether Barrick will attempt to re-negotiate terms or cut its losses permanently in that country. The recent resolution of the tax dispute in Mali (apnews.com) was a positive step, but the loss of control implies Barrick’s future in Mali (and similarly high-risk locales) is uncertain. Additionally, Barrick’s mines in Tanzania (North Mara and Bulyanhulu), once troubled, have been running under a joint venture with the government – will those continue to ramp up and possibly be spun into a separate vehicle (Tanzanian Gold Mines IPO perhaps)? How about the Nevada Gold Mines JV with Newmont – any changes contemplated there if Barrick splits its North American unit (since NGM is co-owned)? Each of these moving parts – from JV structures to country-specific arrangements – presents an open question on optimization. There’s also the question of exploration upside: Barrick has highlighted “significant new potential” in its existing districts like Nevada, Argentina, and Africa’s Loulo district (www.barrick.com) (www.barrick.com). How much of that potential can be converted into new reserves or mines? Positive exploration results could extend mine lives or lead to new projects, further boosting value.

In conclusion, Barrick Mining Corporation stands at an inflection point. The company has reinvigorated its financial performance and balance sheet, instituted an innovative dividend policy, and earned a stock re-rating – yet the market may not fully recognize the inherent value of its asset base and future prospects. The coming year or two should provide answers to the open questions: whether Barrick will fundamentally reshape itself to unlock value, and whether it can continue navigating the unique risks of mining while capitalizing on high commodity prices. For investors, Barrick’s story encapsulates both the upside of a lean, high-cash-flow mining business and the complex challenges that come with operating across diverse regions and executing bold strategic moves. Uncovering Barrick’s hidden potential will require skillful management of these factors – a balance of returning cash to shareholders, investing in growth, and mitigating risks. If successful, Barrick could continue to shine even if broader market shadows linger. The next chapters – from boardroom decisions on a breakup to drill results in Nevada and Pakistan – will be crucial in determining just how much value Barrick can deliver from behind those shadows. (discoveryalert.com.au) (discoveryalert.com.au)

For informational purposes only; not investment advice.