Barrick Mining remains a Buy despite recent gains, with strong balance sheet and value unlock from upcoming IPO.

Barrick Mining Corporation is still rated a Buy as its valuation does not fully reflect its potential for re-rating despite a recent 20% rise in its stock price. The company's Q2 results were mixed, with gold production exceeding guidance but all-in sustaining costs rising 11% year-over-year and free cash flow affected by a one-time payment in Mali. However, its strong balance sheet is a key positive. The upcoming North American IPO, enabled by a joint venture with Newmont, aims to unlock value by separating high-quality assets and returning most net proceeds to shareholders. Risks include commodity price fluctuations and fuel costs, but long-term gold market drivers and disciplined capital allocation support a favorable risk-reward profile.