My Take on Barrick Mining's Pullback: This Is a Buying Window, Not a Red Flag.

Shares of Barrick Mining (NYSE: B) are down around 0.5% so far this year and off roughly 20% from their 52-week high of $54.69. Based on those numbers, you would think the Canadian mining company is having a bad year, but that's far from the case.

The company reported gold production of 719,000 ounces in the first quarter, up from its guidance of 640,000 to 680,000 ounces. Copper production rose 11%, year over year, to 49,000 tonnes. That increased production, along with elevated prices for gold and copper, is leading to better financials.

Barrick's share price presents an opportunity. Here are three reasons why the stock may be a buy now.

Image source: Getty Images.

Gold may be back on the rise

After falling from its all-time high of $5,590 per troy ounce in January, gold is back on the rebound. In June, it had tumbled to below $4,000 per troy ounce for the first time since November 2025, but now it is back over $4,300 per ounce.

While gold is typically viewed as a safe-haven play, its gains during 2025 made gold holdings an obvious asset for liquidity-hit investors to sell once the conflict in Iran broke out at the end of February. On top of that, the rising oil costs stemming from that conflict raised concerns about inflation and potentially higher interest rates, which can make investing in gold less attractive.

As of Aug. 7, though, the precious metal was back up to $4,340 per ounce, up more than 5% over the past month. Some analysts think a new gold run may just be beginning. JPMorgan Chase Global Research forecasts prices per ounce to average $6,000 per ounce by the final quarter of 2026, rising toward $6,300 per ounce by the end of 2027.

And gold is only part of the equation. Copper, increasingly seen as important for technology for its electrical and thermal conductivity, is up more than 38% so far this year.

Barrick's situation in Mali has improved

Barrick appears to have settled its problems in the West African nation of Mali. One of the company's largest mines in Africa is Loulo-Gounkoto in Mali. However, after coups in 2020 and 2021, Mali reformed its mining regulations, scrapping stability clauses, adding mid-cycle tax audits with draconian penalties, and requiring companies to agree to a greater local-company ownership dilution, from 20% to 35%.

None of this was good for Barrick, and operations at Loulo-Gounkoto were shut down in 2023 during the dispute. Since late last year, though, the company has been back in control of the mine. Up to 750,000 ounces of gold can be produced there annually, and a return to full operational control is boosting the company's cash flows.

In the first quarter, the company saw increased gold and copper production, leading to better financials. Earnings per share (EPS) were $0.96, up 256%, year over year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 103% over the same period last year to $2.76 billion and EBITDA margin was up 29%, year over year, to 66%. Revenue was reported as $5.22 billion, up 67%, over the same period in 2025.

The proposed spinoff of its North American operations could add value

The company has said it plans an initial public offering (IPO) of its North American operations by 2026, retaining control through a 10% to 15% minority stake. The move would make the company's business segments more transparent.

It also could be a boon for investors. Its Tier One North American mining assets would likely command higher enterprise value/EBITDA multiples than Barrick's combined current multiples due to lower geopolitical risk, more stable regulatory frameworks, and stronger institutional investor appetite.

Those plans look more workable now that Barrick has settled its dispute with its venture partner, Newmont (NYSE: NEM), which had filed a formal dispute in February 2026 over production declines at Nevada Gold Mines. Under the terms of the deal, Newmont will pay Barrick $1.95 billion and has consented to Barrick's IPO of its North American mines. It remains to be seen whether strategic advantages and operational efficiency gains will justify such a complex restructuring.

One last reminder

Barrick's investors can afford to be patient because of the company's shareholder-friendly actions. After a $1.5 billion share repurchase plan in 2025, it approved a new stock repurchase plan of up to $3 billion in the first quarter of 2026.

Its dividend yield is about 2.11% at the stock's current price. That dividend would grow with better performance. In November, Barrick raised its quarterly base dividend by 25% to $0.125 per share, with the additional amount tied to a performance system.

JPMorgan Chase is an advertising partner of Motley Fool Money. James Halley has positions in Newmont. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.