Barrick Mining's Gold Output Dips Y/Y in Q3: Will It Rebound in Q4?

Barrick Mining Corporation B saw a 12% year-over-year decline in third-quarter 2025 gold production to 829,000 ounces. This follows a roughly 16% year-over-year decline in the prior quarter. Lower year-over-year production, mainly due to the suspension of operations at the Loulo-Gounkoto mine, also contributed to the year-over-year rise in its unit costs. Lower production also negatively impacted gold sales volumes, which fell roughly 13% year over year.  

The company reiterated its attributable gold production outlook in the range of 3.15-3.5 million ounces for full-year 2025, excluding production from Loulo-Gounkoto, and expects production to track in the lower end of the range. The projection suggests a year-over-year decline from 3.91 million ounces in 2024. 

Barrick expects production to be the highest in the fourth quarter. Divestments of Hemlo and Tongon, expected to conclude in the fourth quarter, are anticipated to negatively impact production for the full year. A portion of the output from these assets for the fourth quarter is projected to be excluded from the consolidated output.

Among Barrick’s major peers, Newmont Corporation’s NEM gold production fell sequentially and year over year in the third quarter. Newmont's attributable gold production of 1.42 million ounces was 4% lower than the prior quarter’s figure and down 15% year over year. Newmont anticipates maintaining its expected gold production for 2025 at about 5.9 million ounces.

Agnico Eagle Mines Limited's AEM payable gold production was 866,963 ounces in the third quarter, up from 863,445 ounces in the prior-year quarter. For full-year 2025, Agnico Eagle maintained gold production expectations between 3.3 million and 3.5 million ounces. Production in the first nine months of 2025 was roughly 77% of the midpoint of Agnico Eagle’s full-year guidance.

B’s Price Performance, Valuation & Estimates

Barrick’s shares have popped 132.3% year to date compared with the Zacks Mining – Gold industry’s rally of 124.1%, courtesy of the gold price rally.

From a valuation standpoint, B is currently trading at a forward 12-month earnings multiple of 11.46, a roughly 11.2% discount when stacked up with the industry average of 12.9X. It carries a Value Score of A.

The Zacks Consensus Estimate for B’s 2025 and 2026 earnings implies a year-over-year rise of 77% and 46.3%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days.

B stock currently carries a Zacks Rank #3 (Hold). 

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This article originally published on Zacks Investment Research (zacks.com).

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