Raymond James Reaffirms Outperform on Barrick, Ups Target to $32

Barrick Mining Corp. (NYSE:B) is one of the best precious metals stocks to buy now. On September 18, Raymond James analyst Brian MacArthur raised his price target on Barrick Mining to $32 from $30 while maintaining an Outperform rating. The move followed Barrick’s updated report on its assessment of the Fourmile project in Nevada, which suggests it could become one of the world’s top 10 gold mines.

MacArthur notes that Fourmile’s economics may improve further over time due to its nearness to existing infrastructure, favorable geology, and potential for additional resource growth.

Barrick President and Chief Executive Mark Bristow described Fourmile as an emerging multi-generational project and a discovery that may reset the industry’s cost curve. He further stated:

“With the ongoing exploration drilling results, we expect to double the resource by the end of this year and, even more excitingly, we are continuing to define significant high-grade orebody extensions underpinning the current exploration upside estimate of 32-34Mt @ 15-16g/t outside of our current 2024 mineral resource. As a result, Fourmile is rapidly competing to be the largest and highest-grade gold discovery this century.”

Barrick Mining Corp. (NYSE:B) is one of the world’s leading gold and copper producers, with operations and projects across North America, South America, Africa, and the Middle East.

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Disclosure: None. This article is originally published at Insider Monkey.