Barrick Mining Trading at a Discount: Should You Buy the Stock Now? - TradingView

AI desk brief

Barrick is trading at an 11.04x forward P/E, about a 15% discount to the gold-mining industry average of 12.97x and also at a discount to Agnico Eagle, Newmont and Kinross. The stock has pulled back nearly 6% over the past week as gold prices softened, but is still up 15.5% over the past month and is hovering near its 200-day SMA after briefly breaking above it in August.

The article argues Barrick’s valuation gap is backed by improving fundamentals: Goldrush is still ramping toward 400,000 oz/year by 2028, Fourmile is advancing with grades reportedly double Goldrush, and the Lumwana expansion is targeting 240,000 tonnes of copper annually with first production by end-Q1 2028. Barrick also has strong balance sheet support, with roughly $5.9bn cash, $4.7bn debt, $1.2bn net cash, an undrawn $3bn revolver, and no major maturities until 2033.

For the metals desk, the near-term read-through is that Barrick remains a leveraged equity proxy for gold sentiment: if bullion stabilizes, the shares could re-rate toward peers given the discount and capital-return profile. However, the technical backdrop is still fragile, with the 50-day below the 200-day after a June death cross and the stock vulnerable if higher oil prices and renewed rate-hike expectations keep pressure on gold.