Barrick Mining Maintained at Buy at Stifel Canada After Q1 Results; Price Target Kept at C$95.00

MT Newswires Live05-13

Stifel Canada on Tuesday maintained its buy rating on the shares of Barrick Mining (ABX.TO, B) and its C$95.00 price target following the company's first-quarter results.

"Barrick reported stronger Q1/26 adjusted EPS of $0.98 vs. our $0.75 (consensus $0.81) and adjusted EBITDA of $3.93Bln vs. our $3.38Bln (consensus: $3.26Bln) on attributable gold production of 719Koz vs. our 658Koz and higher vs. Q1/26 guidance of 640-680Koz as well as copper production of 49Kt vs. our 42Kt. Q1/26 total cash cost (TCC) of $1,327/oz vs. our $1,453/oz and AISC of $1,708/oz vs. our $1,904/oz are both tracking at the low-end and below FY26 guidance and Q1/26 consolidated FCF of $1.58Bln vs our $1.14Bln (+38% QoQ) results in FCF/GEO of $1,750 FCF/GEO (+35% QoQ). Barrick reiterated FY26 guidance (incl Q2/26 gold production of 730-770Koz or +4.3% QoQ) and sequential growth through H2/26 driven by the Loulo-Gounkoto ramp-up, Goldrush, Kibali, and NGM. A new $3.0Bln NCIB was authorized over 12 months. We estimate at spot gold and copper prices, the NCIB is 2.0% accretive to our Barrick NAVPS," analyst Ralph Profiti wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 61.81, Change: -2.59, Percent Change: -4.02

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