Valued at a market cap of $114 billion, Barrick Mining (TSX:ABX) is among the largest gold mining companies in the world. The ongoing rally in gold prices has led ABX stock to triple investor wealth over the last 12 months. So, let’s see if Barrick Mining stock can continue to deliver outsized returns in 2026.
Source: Getty Images
Is Barrick Mining stock still a good buy?
Barrick Mining is engaged in the exploration, development, production, and sale of mineral properties. It explores for gold, copper, silver, and energy materials.
Barrick Mining has positioned itself as one of the most compelling opportunities in the gold and copper sector. In the third quarter (Q3) of 2025, Barrick Mining reported record-breaking financial performance.
- Gold production rose 4% sequentially, driven by higher grades at Kibali and improved throughput at Cortez and Turquoise Ridge.
- This translated into a 25% quarter-over-quarter increase in attributable gold EBITDA (earnings before interest, taxes, depreciation, and amortization), indicating high operating leverage.
- Barrick also raised its base dividend by 25% and announced an expanded US$1.5 billion share buyback program following the sale of non-core assets.
Nevada Gold Mines remains the foundation of Barrick’s business, given that it contributed over half of total production from low-risk jurisdictions with long resource lives.
Management is excited about Fourmile, which could be the most significant gold discovery this century. The updated preliminary economic assessment reveals potential for Fourmile to rank among the top 10 global gold producers with industry-leading operating cash flows.
With 16 drill rigs currently on site and plans to double the existing resource by year-end, the project shows remarkable upside potential, with grades significantly higher than those of historical Goldstrike production.
The company is advancing multiple tier-one projects simultaneously.
- Goldrush is ramping toward 400,000 ounces annually by 2028.
- Lumwana’s expansion will lift copper production to 240,000 tons per year.
- Reko Diq, one of the world’s largest copper-gold projects, remains on track for production by late 2028.
Together, these projects underpin over 30% growth in gold equivalent ounces by 2029.
Management has launched a bottom-up operational review to improve safety and predictability at Nevada operations. The goal is to eliminate unexpected disruptions through better planned maintenance while maintaining consistent quarter-over-quarter delivery.
Three workplace fatalities have prompted renewed emphasis on safety culture and leadership across all levels of the organization.
Is ABX stock still undervalued?
Barrick offers investors a leveraged exposure to gold and copper markets in 2026. Barrick is armed with a strong balance sheet as it focuses on disciplined capital allocation and organic growth from existing assets.
Analysts tracking ABX stock forecast revenue to increase from US$16.2 billion in 2025 to US$23.30 billion in 2028. In this period, adjusted earnings per share are projected to expand from US$2.28 to US$4.50. Moreover, free cash flow is projected to increase from US$3.5 billion in 2025 to US$6.64 billion in 2028.
Currently, ABX stock trades at 13.2 times forward earnings, which is below its 10-year average of 20 times. At the current multiple, it could gain 10% over the next 12 months and 25% over the next two years.
In addition to capital gains, investors will benefit from a growing dividend payout, estimated to increase from US$0.58 per share in 2025 to US$0.85 per share in 2028.
