Barrick Mining (B) surges 7.18% on Fourmile gold discovery, Fed rate cut boost

Barrick Mining (B) surged 7.18% in the latest session, marking a four-day rally with a cumulative gain of 22.61%. The stock reached its highest level since September 2025, with an intraday jump of 8.21%, signaling renewed investor confidence in the gold miner’s strategic momentum.

The surge was driven by a “game-changing” gold discovery at Barrick’s Fourmile project in Nevada, which could produce up to 750,000 ounces annually. CEO Mark Bristow described the site as a “multi-generational” asset, emphasizing its potential to bolster the company’s reserve base and address concerns over aging operations. Development plans for underground mining are set to begin in 2026, creating a clear timeline for future production growth.

Broader macroeconomic conditions also supported the rally. The U.S. Federal Reserve’s first rate cut of 2023 reduced the opportunity cost of gold, while inflationary pressures and geopolitical uncertainties strengthened demand for the metal. Barrick’s earnings are closely tied to gold prices, amplifying the stock’s response to market dynamics. This alignment created a self-reinforcing cycle of revenue optimism and share price appreciation.

The GDX index rebalancing on September 15 further amplified demand. As a key gold miner, Barrick’s improved position within the index attracted passive and active investment flows. This structural shift, combined with the Fourmile announcement, created a synergistic impact on the stock’s performance.

Analyst upgrades reinforced the bullish narrative. TD Cowen’s Steven Green raised Barrick’s price target to $38, citing the project’s transformative potential. Independent valuations from Stifel and BMO Capital Markets placed the Fourmile asset at over $9 billion, providing concrete validation for its economic viability. These upgrades reduced skepticism among investors, encouraging further buying and validating the stock’s upward trajectory.

Barrick’s strategic narrative shifted from operational headwinds, such as high-cost projects in Mali, to a growth story centered on high-margin, sustainable production. The Fourmile discovery positioned the company as a leader in a sector where exploration success is rare. This repositioning attracted investor attention, particularly as gold equities gained traction in a market favoring resilient assets.

From a technical perspective, Barrick’s stock exhibited strong momentum, reaching a 13-year high on both the TSX and NYSE. The four-day rally was the strongest since 2020, reflecting a shift in investor sentiment toward the company’s long-term potential. With a market capitalization exceeding $59 billion, Barrick is now valued at a premium, signaling confidence in its future cash flows and strategic direction.