We Were Bullish on Barrick Mining 10 Months Ago: It’s Nearly Tripled Since — Now Valuation Is Stretched

NYSE: B (Barrick Mining Corporation) ⛏️💰
$52.05
-0.93 (-1.76%)
As of Jan 29, 2026 · 4:10 PM ET

🎯 FunStock Index™: 7 / 10 🎯
Great company, great assets, great long-term story — but at today’s price, much of the gold may already be polished.

Déjà Vu, but With Better Jewelry 💍

Back in March 2025, when Barrick Mining shares were trading at $18.87, we struck gold — figuratively and financially. We published a bullish piece arguing that the world’s appetite for hard assets, central-bank hoarding, and Barrick’s tier-one mines made the stock a compelling contrarian bet.

Fast-forward ten months: the stock has nearly tripled, sentiment is glowing, analysts are loud, and gold bugs are feeling invincible.

Which is usually when we pause.

We still love gold.
We just don’t love overpaying for it.

A Quick Refresher: Who Is Barrick? 🏗️

Barrick Mining Corporation explores, develops, and produces gold and copper across some of the world’s most prolific mining regions. Formerly Barrick Gold Corporation, the company rebranded in May 2025 to reflect its growing copper ambitions — a smart move in a world electrifying fast.

Founded in 1983 and headquartered in Toronto, Barrick owns a portfolio of long-life, world-class assets, including Nevada Gold Mines, Pueblo Viejo, and major copper growth projects like Reko Diq and Lumwana.

This is not a speculative junior miner. This is mining royalty.

🚨 Trigger #1: Valuation Is No Longer Your Friend

Let’s start with the elephant in the pit.

Barrick’s valuation has expanded dramatically:

• Trailing P/E: ~25 → no longer cheap

• Forward P/E: ~14 → reasonable, but optimistic

• Price/Sales: ~6.2 → stretched

• Price/Book: ~3.5 → fully priced

• EV/EBITDA: ~10 → rich for a miner

This is no longer a “buy it and forget it” valuation. It’s a “you’d better be right” valuation.

🐻 Trigger #2: Shorts Have Left the Building

Short interest sits around 1.36%. Translation?
No one is betting against Barrick anymore.

That’s comforting… until it isn’t.

Markets tend to get dangerous when skepticism disappears.

👔 Trigger #3: Insider Silence & Meh Institutional Weight

Insiders hold less than 1% of shares. Institutional ownership, while large in absolute terms, is not screaming “must-own.”

Yes, Vanguard and BlackRock are here.
No, insiders aren’t buying aggressively at these levels.

That asymmetry matters.

🔍 For Barrick Mining (B)'s Institutional Ownership breakdown, see here. 

📈 Trigger #4: Technicals Are Flashing “Catch Your Breath”

Barrick is approaching levels last seen in 2011, near its all-time high of ~$56.

Momentum is strong — but stocks don’t move in straight lines forever. Even gold needs to cool before it shines again.

⚠️ Trigger #5: Risks Are Very Real

Barrick isn’t risk-free just because gold is shiny:

• Cost pressure: AISC projected at $1,460–$1,560/oz

• Geopolitics: Mali remains a headline risk

• Production volatility: Temporary declines and maintenance cycles

• Gold price sensitivity: Obvious, but crucial

• Execution risk: Management transitions + large projects

Several DCF models suggest the stock could be 40%+ overvalued relative to conservative assumptions.

That doesn’t mean “sell everything.”
It does mean “don’t chase.”

💡💡💡 Curious about another deep oil exploration play?
Check our take on UnitedHealth Group.

🌍 Trigger #6: The Long-Term Gold Thesis Is Still Strong

Here’s the nuance.

Central banks are buying ~60 tons of gold per month — more than 3x pre-2022 levels. Copper demand is accelerating with electrification. Silver demand is rising in tech.

Barrick sits squarely at the intersection of these forces.

The story is intact.
The price may be ahead of itself.

🧠 Trigger #7: When Everyone Agrees… Be Careful

Wall Street loves Barrick right now:

• Majority Buy / Strong Buy

• Price targets as high as $68

• JPMorgan is bullish

• Everyone sounds confident

Remember when everyone loved PayPal at $300?

Exactly.

✅ What Barrick Still Does Exceptionally Well

Let’s be clear — this is a high-quality company:

• 🏆 Tier-one assets with long reserve lives

• 💰 Strong balance sheet (~$5B cash) 

• 🔁 Capital returns: dividends + buybacks

• ⚙️ Operational discipline based on conservative gold assumptions

• 🔌 Copper optionality for the electrification era

Recent results were solid, with strong cash flow, rising EPS, and progress across key growth projects.

This is not a broken story.

👉 Want the full picture? Dive into Barrick Mining (B)'s financials here.

🧾 Quick Take / TL;DR

• Barrick has been a fantastic call over the past year

• The business remains strong

• The valuation is no longer forgiving

• Risk/reward at $52 is far less attractive than at $19

👉 We’d wait. Let the stock digest its gains. Gold shines longer when it cools.

❓ FAQ

Is Barrick still a good long-term investment?
Yes — but long-term investors should be patient with entry points.

Would you buy at current levels?
Not here. We’d prefer pullbacks or consolidation.

Is gold still a hedge?
Yes — but even hedges can be overpriced.

Dividend safe?
Appears sustainable given current cash flows.

About the Author

Frédéric Marsanne is the founder of FUNanc1al — part market analyst, part storyteller, part accidental comedian. A longtime investor, entrepreneur, and venture-builder across tech, biotech, and fintech, he blends sharp insights with humor to help readers laugh, learn, live better lives, and invest a little wiser. When not decoding insider buys or poking fun at earnings calls, he’s building Cl1Q, writing fiction, painting, or discovering new passions to FUNalize.

🧾⚠️📢 Fun(anc1al) but Serious Disclaimer: 🧾⚠️📢

We love gold — but we do mind the carats and the sticks. Either you buy high… ore you lose.

Buying any stock carries significant risk. Mining stocks can be volatile, dilutive, and long-dated. Always DYOR, resist FOMO, and never invest money you can’t afford to lose. 

We are not financial advisors, and this is not investment advice. This article is for informational and entertainment purposes only.

We laugh, we analyze, we meme. 
We’re FUNancial advisors — not financial advisors. 😄📉📈
Consult a qualified financial professional if you must.

Invest at your own risk.🌪️📉 Love at any pace. Laugh at every turn. 😄📈🚀
Be Happy. 😄😄

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