Executive shakeups, an activist investor, a review that could split up the company, and a report of a nine-figure payment to a West African government under a military regime. Barrick Mining (ABX.TO)(B) has racked up an hefty volume of headlines in recent weeks, leaving shareholders to guess at what the company will look like when the dust settles.
Despite the chaos, Barrick’s Toronto-listed stock is up over 150 per cent year-to-date, owing largely to gold’s (GC=F) ripping run in 2025. Of course, shares of smaller and less newsworthy peers like Kinross Gold (K.TO)(KGC) have risen nearly 200 per cent.
Canadian money managers say this gap, rallying gold prices, and the potential for transformational changes at Barrick, from the boardroom to boots on the ground, create a compelling investment opportunity in one of the world’s top gold producers.
Colin Cieszynski, chief market strategist at Calgary-based SIA Wealth Management, says Barrick’s stock is known as a perpetual laggard. Much to his surprise, a technical breakout, when a stock moves decisively above a key resistance level, put the stock on his radar as a buy in September.
“The very first thing we were saying in our investment committee was, ‘I can’t believe this. But we think Barrick is a buy for the first time in forever,’” Cieszynski told Yahoo Finance Canada. “Clearly, there has been a major change in sentiment toward Barrick. It has broken out to its highest levels in at least 15 years, and continues to rally.”
The stock’s recent rise has been coupled with big changes in Barrick’s boardroom, and beyond.
On Wednesday, the company provided no reason for the announcement of the departure of Ben van Beurden, a lead independent director who had joined in May. In September, Barrick abruptly cut ties with CEO Mark Bristow. Company veteran Mark Hill is leading on an interim basis.
Craig Aucoin, a portfolio manager at ValueTrend Wealth Management, calls Bristow’s sudden departure “concerning.” He says he purchased Barrick shares for clients eight months ago.
“We reduced the position in half about a month ago. That was just based on the price movement. We’re keeping half thinking that there’s still opportunity there,” Aucoin said in an interview.
Earlier this month, Barrick announced a companywide operational review of its assets. This followed pressure from activist investor Elliott Investment Management to unlock value for shareholders by splitting up the company’s North American assets from its riskier international mines. Florida-based Elliott reportedly has a roughly $1 billion stake in Barrick.
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“With these initiatives that they’re taking, the stock will get a boost,” Aucoin said.
“They have a greater asset base to break up to recognize value than in the past,” he added. “I think the bankers will have some fun with Barrick, and recognize some value for shareholders.”
On Tuesday, Bloomberg News reported Barrick will pay US$430 million to settle a dispute with the government of Mali in order to resume operations at its mines in the West African country, which have been shuttered for two years.
“All charges brought against Barrick, its affiliates and employees will be dropped and the legal steps for the release of the four detained Barrick employees will be undertaken,” Barrick stated in a Nov. 24 news release, without confirming a financial settlement.
Ross Healy, chairman at Toronto-based research firm Strategic Analysis Corporation, says Barrick’s troubled Mali operation has been extremely costly for the company.
“Barrick has lagged way, way, way behind the other gold companies,” he told Yahoo Finance Canada. “Mali has been an enormous drag.”
Healy holds no Barrick shares for clients. He says regardless of the company’s actions, shareholders can count on gold prices pushing higher, as the Federal Reserve continues to raise America’s national debt to record highs.
“My suspicion is that most of the gain the company has had so far this year is on gold. Never mind all the other bits and pieces,” Healy said.
“If Barrick can shuck off the baggage of Mali, the stock would do well,” he added. “My inclination would be very strong to hold on, and hope the Barrick board does the right thing.”
On Wednesday, TD Cowen analyst Steven Green published a research note on Barrick, declaring it a “top idea for 2026.” He has a $46 price target on New York-listed shares, with a “buy” rating.
“We believe there is significant value to be unlocked at Barrick, as it undergoes a management transition, through potential portfolio streamlining or reorganizing, increased capital returns, and renewed focus on North America,” Green wrote.
“The stock continues to trade at a discount to peers, which is unwarranted given the strategic value and upside in their Fourmile discovery and in Nevada in general.”
Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on X @jefflagerquist.
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