Barrick Mining – Solid Finances, but with Question Marks
Barrick Mining Corporation set financial records in 2025. Operating cash flow climbed to USD 2.73 billion in the final quarter, while free cash flow reached USD 1.62 billion. Over the full year, returns to shareholders totaled USD 2.39 billion, a combination of share buybacks and a significantly increased dividend. Going forward, management now plans to return half of the attributable free cash flow to shareholders. This shows clear capital discipline, even as the 2026 production forecast remains somewhat cautious.
The biggest strategic lever is the planned spin-off of the North American gold assets. Under the name “NewCo,” the stakes in Nevada Gold Mines, Pueblo Viejo, and the company’s own Fourmile deposit are to be bundled and taken public. The goal is a separate valuation of these assets, which are considered particularly stable. Analysts see potential for a significant increase in value. However, there is legal headwind from joint venture partner Newmont, which is questioning the transfer of the shares. Additionally, a previously undisclosed profit-sharing right held by Teck Resources over Fourmile has come to light.
The euphoria is currently being dampened by security risks in a key region. In Pakistan, the major Reko Diq project is undergoing an extended review. Due to the deteriorating security situation in Balochistan province and the broader Middle East, Barrick is scaling back development for 12 months. This pushes back the expected start of production. The case illustrates how quickly even strategic growth projects can stall due to external factors. For investors, this paints a mixed picture of a strong operational foundation, but also partly unpredictable geopolitical risks. The stock is currently trading at USD 38.59.
Kobo Resources – Aiming to Accelerate Exploration
Kobo Resources has announced a non-brokered private placement of up to 16.5 million shares at a price of CAD 0.335. The goal is to raise approximately CAD 5.5 million in gross proceeds. The fresh capital will go directly toward ongoing drilling at the Kossou Gold Project in Côte d’Ivoire. The first mineral resource estimate is targeted for mid-2026. With 41,000 m of drilling in the Jagger and Road Cut zones alone, as well as ongoing metallurgical tests, the technical foundation for this is already solid. At the same time, the financing enables a strategic step forward. Drilling is set to begin for the first time on the Kotobi property. There, the team has already identified four large-scale gold anomalies in the ground. A structured exploration corridor is in place, and drilling is scheduled for the second quarter.
What sets Kossou apart from many exploration projects is its immediate proximity to producing infrastructure. Perseus Mining’s mine is practically around the corner, complete with an asphalt road, power grid, and water supply. This not only reduces development risk but also directly impacts drilling costs. Even with the complexity of diamond drilling, costs are consistently kept under CAD 200 per meter. Rather than relying on quick, superficial hits, management focuses on structural understanding. The latest drill results support this approach. In the Road Cut Zone, mineralization was extended along a fault to a depth of more than 150 m. The Jagger Zone yielded broad zones with moderate grades interspersed with high-grade lenses. Both findings point to an extensive shear zone system capable of delivering both volume and local high-grade intersections.
The company deliberately chose Côte d’Ivoire. The country has tripled its gold production in recent years, and its mining code is considered investor-friendly. Kobo is pursuing a two-pillar strategy with Kossou as the core project within reach of existing milling capacity, plus a second exploration story featuring Kotobi and other licenses in the portfolio. With insiders holding approximately 35% of the shares, management is in the same boat as the shareholders. The current financing provides sufficient leeway to reach upcoming milestones, foremost among them the resource estimate and the first drill results from Kotobi. Exciting news is expected in the coming months. The stock is currently trading at CAD 0.305.
B2Gold – A Year of Transformation with Operational Setbacks
Following a record year with nearly 1 million ounces and USD 3 billion in revenue, B2Gold’s operational business is cooling off for the time being. The outlook for 2026 projects a production range of 820,000 to 970,000 ounces. The decline results from the scheduled end of open-pit mining in Namibia and increased overburden in Mali. Rising costs are a significant factor. AISC are estimated at up to USD 2,580 per ounce, nearly USD 1,000 above the previous year’s level. This is the price of a transition that is deeply eroding the company’s assets.
The new star in the portfolio, the Goose Mine in Canada, is still in the ramp-up phase. Problems with the crushing plant are currently dampening throughput, which management aims to resolve through technical improvements. In contrast, the latest drilling results stand out positively, indicating high-grade zones that remain open at depth and suggest the potential for extending the mine’s life beyond the previously planned 9 years. Once the technical hurdles are overcome, this site could become a growth driver.
The balance sheet looks very solid, with USD 380 million in cash and cash equivalents and a virtually untouched credit line. A significant liquidity boost is scheduled for the second half of the year when a gold prepayment obligation expires. Then the quantities reserved for this purpose can be sold at current market prices. At the same time, a CEO change is scheduled for June, another source of uncertainty that the market is viewing critically. Despite the short-term challenges, the long-term projects remain the key lever for emerging from the valley of transformation. The stock is currently trading at USD 4.25.
The recent gold correction presents a compelling entry opportunity for investors. Barrick Mining offers solid finances but is grappling with geopolitical and legal risks. Kobo Resources aims to raise capital to rapidly advance its promising exploration projects in Côte d’Ivoire. B2Gold is undergoing a challenging year of transformation, though its strong balance sheet and future growth projects justify investor confidence.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as “Relevant Persons”) currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. In this respect, they intend to sell or acquire shares or other financial instruments of the companies (hereinafter each referred to as a “Transaction”). Transactions may thereby influence the respective price of the shares or other financial instruments of the Company.
In this respect, there is a concrete conflict of interest in the reporting on the companies.
In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.
For this reason, there is also a concrete conflict of interest.
The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.
Risk notice
Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on news.financial. These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such.
The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user.
The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. Nevertheless, no liability is assumed for financial losses or a content-related guarantee for the topicality, correctness, appropriateness and completeness of the content provided here. Please also note our Terms of use.
Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.