Barrick Mining Corporation (GOLD)

Executive Summary

This report initiates T&T Capital Management’s coverage of Barrick Mining Corporation — the company Tim still calls by its old ticker, GOLD. A note on identity before anything else: in May 2025 Barrick Gold Corporation renamed itself Barrick Mining Corporation and changed its NYSE ticker from ‘GOLD’ to the single letter ‘B’ (effective May 9, 2025); the Toronto listing continues to trade as ‘ABX’. The rebrand is not cosmetic — it signals management’s intent to be valued as a gold-AND-copper major rather than a pure gold miner, and that pivot is central to our thesis.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers