Why Is Barrick Mining (B) Up 14.2% Since Last Earnings Report?

It has been about a month since the last earnings report for Barrick Mining (B). Shares have added about 14.2% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Barrick Mining due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Barrick’s Q3 Earnings Beat Estimates, Sales Up on Higher Prices

Barrick recorded profits (on a reported basis) of $1,302 million or 76 cents per share for third-quarter 2025, up from $483 million or 28 cents per share in the year-ago quarter.

Barring one-time items, adjusted earnings per share were 58 cents. The figure beat the Zacks Consensus Estimate of 57 cents. 

Barrick recorded total sales of $4,148 million, up 23% year over year. The metric missed the Zacks Estimate of $4,224 million.

Operational Highlights

Total gold production was 829,000 ounces in the reported quarter, down around 12% year over year. The average realized price of gold was $3,457 per ounce in the quarter, up around 39%.

The cost of sales increased around 6% year over year to $1,562 per ounce. All-in-sustaining costs (AISC) moved up 2% to $1,538 per ounce in the quarter.

Financial Position

At the end of the quarter, Barrick had cash and cash equivalents of $5,037 million, up 19% from the prior-year quarter. The company’s total debt was $4,714 million at the end of the quarter, flat year over year. 

The operating cash flow was $2,422 million for the quarter, whereas the free cash flow was $1,479 million.

Guidance

For 2025, Barrick continues to anticipate attributable gold production to be in the range of 3.15-3.5 million ounces. 

AISC is projected at $1,460- $1,560 per ounce for 2025. Cash costs per ounce are forecast to be $1,050-$1,130. The company also expects to see a cost of sales of $1,460-$1,560 per ounce. 

Barrick expects a copper production of 200,000-230,000 tons at AISC of $2.80-$3.10 per pound, cash costs per ounce of $1.80-$2.10 and cost of sales of $2.50-$2.80 per pound. 

Total attributable capital expenditures are projected in the range of $3,100-$3,600 million for 2025. 

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 34.38% due to these changes.

VGM Scores

Currently, Barrick Mining has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Barrick Mining has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Barrick Mining belongs to the Zacks Mining - Gold industry. Another stock from the same industry, B2Gold (BTG), has gained 11.2% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.

B2Gold reported revenues of $782.95 million in the last reported quarter, representing a year-over-year change of +74.7%. EPS of $0.14 for the same period compares with $0.02 a year ago.

For the current quarter, B2Gold is expected to post earnings of $0.22 per share, indicating a change of +2100% from the year-ago quarter. The Zacks Consensus Estimate has changed -20% over the last 30 days.

B2Gold has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.

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

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