Barrick Maintained at Sector Perform by National Bank of Canada

11:06 AM EDT, 08/12/2025 (MT Newswires) -- Barrick Gold (B) kept its Sector Perform rating and C$36 price target at National Bank of Canada, according to a note published Monday, after incorporating Q2 financial results

National kept Barrick's rating unchanged due to its heightened geopolitical risk compared to senior peers as it continues to discount the company's operations in Mali from its target derivation. A resolution of issues in that country would serve as a meaningful near-term catalyst to support a re-rating, the bank said.

"While we see near-term headwinds to the valuation as a result of these headline risks and elevated capital spending on copper growth pipeline, these efforts remain supportive of the longer-term optionality of the company expanding the portfolio ahead of improving copper market fundamentals," National Bank said.

The bank derived the price target from a 100% weighted 5.0x NTM EV/EBITDA target multiple, implying a P/NAV multiple of 0.95x.

The miner retained its rating and price target despite the bank's updated estimates for the company that reflected its second-quarter results.

Barrick reported an adjusted EBITDA of US$2.32 billion, beating the National Bank forecast of US$2.20 billion and the consensus forecast of US$2.27 billion, due to higher copper sales and lower costs.

Barrick's adjusted earnings of US$0.47 per share was also above the bank's estimate of US$0.48 and the consensus forecast of US$0.46.

Barrick traded near 2% higher at last look Tuesday around $32 per share on the TSX.

Price: 32.03, Change: +0.57, Percent Change: +1.81

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