Barrick Gold Corporation "What is the end game?" (Buy) Major

Research evidence excerpt

Barrick Gold Corporation "What is the end game?" (Buy) Major

Global Research

10 June 2026ab

Barrick Gold Corporation Equities

AmericasWhat is the end game?

Precious Metals

12-month rating Buy

Potential catalysts to unlocking value likely to emerge over next 6-12mths

In 2H25, Barrick outperformed the GDX, partially unwinding years of 12m price target US$54.00

underperformance/de-rating as catalysts emerged that could unlock a material sum-of-

the-parts discount including: 1) management change; 2) M&A interest (LINK); 3) activist

Price (08 Jun 2026) US$39.54

interest (LINK); 4) positive results at Fourmile; 5) asset sales; and 6) proposed IPO of NA

gold assets. In 2026, Barrick has slightly underperformed senior gold peers and the GDX RIC: B.N BBG: B US

as investor excitement has waned due to: 1) a reset of 2026-28 guidance; 2) public

Trading data and key metrics

conflict with Newmont at NGM (notice of default); and 3) increasing complexity and

52-wk range US$52.98-20.04

mixed messages about the future of the portfolio.

Market cap. US$66.2b

Shares o/s 1,675m (COM)

An IPO of a 10-15% stake in NGM may highlight hidden value as these assets are likely

Free float 100%

to trade at a premium vs Barrick's current valuation (spot 2027 EV/EBITDA ~5x EV/

Avg. daily volume ('000) 2,812

EBITDA & 0.5x spot P/NPV), but in our view, it may not be the optimal way to unlock

value (vs a full spin-out). Whilst recent news of a potential listing of Barrick's African Avg. daily value (m) US$115.4

assets/combination with Endeavour (LINK) suggests Barrick continues to look at options Common s/h equity (12/26E) US$30.2b

to reduce exposure to higher risk jurisdictions & simplify the portfolio; it is also unclear P/BV (12/26E) 2.1x

this would unlock value as it may increase complexity.