On August 10, gold mining giants Barrick Mining Corporation (NYSE:B) and Newmont Corporation (NYSE:NEM) reached a landmark agreement to resolve all outstanding disputes regarding their Nevada Gold Mines (NGM) joint venture. Under the deal, previously excluded properties, Barrick’s high-grade Fourmile project and Newmont’s Fiberline and Mike developments, will be contributed directly into NGM. To reflect the contribution of these assets, Newmont will pay Barrick $1.95 billion in cash top-up consideration within 30 days. Crucially, the agreement modernizes NGM’s governance and secures Newmont’s consent for Barrick’s proposed initial public offering (IPO) of its North American gold assets, positioning both miners to maximize long-term asset value.
In tandem with the JV agreement, Barrick announced on August 10 that Mark Hill will serve as CEO of the newly formed North American standalone company upon separation, which remains on track to launch by year-end 2026. Following these developments, Wall Street analysts updated their models. On August 13, Barclays raised its price target on Barrick Mining to $42 from $39 with an Equal Weight rating, noting continuous operational delivery. On August 14, CIBC raised Newmont’s price target to $170 from $168 with an Outperformer rating, updating its financial model to incorporate Newmont’s attributable stake in Fourmile and in-situ valuation for Fiberline and Mike.
Photo from Orla Mining website
Financial Benchmarking: Who Is Winning the Q2 Numbers Game?
Both gold miners posted strong Q2 2026 operational performance, but Newmont holds a noticeable upper hand in absolute financial scale and cash generation. Barrick Mining Corporation (NYSE:B) reported Q2 revenue of $5.29 billion, producing 796,000 ounces of gold at an All-In Sustaining Cost (AISC) of $1,866 per ounce. Barrick generated $1.70 billion in operating cash flow ($1.12 billion attributable) and $141 million in attributable free cash flow, while recording adjusted net earnings of $0.82 per share. It also reduced its full-year capex guidance to $3.8B–$4.2B and returned $1.5 billion to shareholders via buybacks and dividends.
Newmont Corporation (NYSE:NEM) delivered an even larger financial quarter. Generating $2.9 billion in operating cash flow and a record Q2 free cash flow of $2.20 billion, Newmont produced 1.29 million attributable gold ounces at a lower AISC of $1,621 per ounce (by-product basis). Adjusted net income came in at $2.2 billion ($2.10 per share) alongside $3.8 billion in Adjusted EBITDA. Newmont ended the quarter with $9.0 billion in cash and a net cash balance of $3.4 billion, returning $1.9 billion to shareholders via dividends and aggressive share repurchases. Comparatively, Newmont is outperforming Barrick on gold output volume, cost efficiency per ounce, and free cash…
Source: finance.yahoo.com
