B

ACCE thesis

Barrick operates five Tier One gold mines producing over 4 million ounces annually, with the Nevada Gold Mines joint venture accounting for 40% of output. The company controls some of the world's lowest-cost, longest-life gold assets including Cortez and Carlin, giving it structural cost advantages over peers who rely on shorter-life, higher-cost deposits. Management just guided 2024 production toward the upper end of 4.1-4.6 million ounces while maintaining all-in sustaining costs below $1,350 per ounce. With gold trading above $2,000 and free cash flow generation of $2.8 billion over the trailing twelve months, Barrick trades at just 6.2x enterprise value to EBITDA versus the sector average of 8.5x. The dividend yield sits at 2.1% with $1.2 billion in net cash providing flexibility for both shareholder returns and growth investment.

• high
  Momentum score collapse

  ACCE score dropped 8 points in 90 days (91→83), driven by Momentum sub-score of only 46/100, signalling deteriorating price trend.
• moderate
  Sequential revenue deceleration

  QoQ revenue growth is -13.0%, contrasting sharply with the strong YoY +66.7%, suggesting recent quarter momentum is fading.

Snapshot