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CIBC has upgraded Barrick Mining Corporation's rating from Neutral to Outperform, keeping the price target at $30.01. The upgrade follows strong Q2 FY2025 results, with earnings per share reaching $0.47, the highest since 2013, driven by higher production across gold and copper output. Barrick Mining engages in the exploration, development, production, and sale of mineral properties, including gold, copper, silver, and energy materials.

CIBC has upgraded Barrick Mining Corporation's rating from Neutral to Outperform, with a price target of $30.01. The upgrade follows strong Q2 FY2025 results, with earnings per share (EPS) reaching $0.47, the highest since 2013. The increase in EPS was driven by higher production across gold and copper output, reaching 797,000 ounces and 59,000 metric tons, respectively [1].

Barrick Mining Corporation, a leading gold mining company, reported a significant quarterly performance. Despite a $1 billion charge related to its Loulo-Gounkoto operations in Mali, the company's Q2 net income jumped to $811 million, or $0.47 per share. Revenue rose by 16% to $3.68 billion, driven by record-high gold prices and a $745 million gain from the sale of its 50% stake in the Donlin gold project in Alaska [2].

The company's average realized gold price surged to $3,295 per ounce in the quarter, but gold production fell 16% year-over-year to 797,000 ounces, primarily due to the suspension of operations in Mali. Copper output, however, soared by 37% year-over-year to 59,000 metric tons. Barrick's CEO, Mark Bristow, highlighted the promise of its Fourmile project, which is poised to double its mineral resource in 2025 [3].

Despite the Mali mine charge, Barrick's board approved a $0.15 per share dividend for the latest quarter, including a $0.05 per share performance dividend. The company expects H2 to show improved output and full-year gold production to hit a target of 3.15 million to 3.5 million ounces, excluding production from Loulo-Gounkoto. FY 2025 copper production is forecast at the top end of guidance of 200,000 to 230,000 metric tons, thanks to increased mining rates at the Lumwana mine in Zambia [1].

National Bank of Canada continues to rate Barrick as Sector Perform, citing heightened geopolitical risk and discounting Mali operations from its target. CIBC, however, upgraded Barrick Mining to Outperformer from Neutral with a price target of $30. Analysts' opinions are mixed, with a moderate buy rating consensus. The average price target is C$39.19, representing a 21.62% upside from the last price of C$32.22 [3].

References:
[1] https://www.ainvest.com/news/barrick-mining-corporation-q2-earnings-call-sector-perform-maintained-strong-financials-dividend-lifted-2508/
[2] https://finance.yahoo.com/news/cibc-upgrades-rating-barrick-mining-070333055.html
[3] https://za.investing.com/news/company-news/barrick-gold-q2-2025-slides-record-eps-since-2013-amid-copper-production-surge-93CH-3832798