Barrick soars to 12 year high on Fourmile gold discovery

September 23, 2025 (MLN): Barrick Mining Crop shares are on their biggest tear in five years on prospects that a U.S. project will become a major new gold mine, boosting the outlook of a company hit by setbacks in risky places

The Canadian metals producer is heading for its steepest four-day rally since early 2020 after a preliminary assessment of its Fourmile project in Nevada showed the potential for as much as 750,000 ounces of annual gold production, prompting analysts to raise price forecasts for the stock.

Barrick is trading at the highest price in 12 years after the company’s Sept. 16 statement touted Fourmile as “one of the century’s greatest gold discoveries.”

The find is noteworthy because new deposits are getting harder and more expensive to find and develop as shareholders pressure mining companies to maximize returns.

Gold finds are also gaining attention thanks to surging prices of the safe-haven metal, which hit a fresh record high, as reported by Bloomberg.

TD Cowen’s Steven Green was among analysts to raise price targets for Barrick, calling the project a “game changer.”

The glowing Fourmile update follows disruptions at Barrick’s projects in Mali, Papua New Guinea and Pakistan which, along with high costs, had weighed on valuations.

“We believe the stock still has significant room to catch up on valuation given its under-performance in recent years” as Fourmile improves the narrative for the company, Green wrote in a Monday note to clients.

In separate reports, Stifel analyst Ralph Profiti estimated that Fourmile is worth more than $10bn, while BMO Capital Markets’ Matthew Murphy projected its value at $9.2bn.

Barrick jumped as much as 8.2% to $35.70 a share in New York on Monday, its highest intraday since January 2013.

The stock, which was trading 4.2% higher as of 10:55 a.m., has rallied almost 20% since the Fourmile update was released last week.

Record high bullion prices are also helping the stock. 

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