Barrick Gold Corporation (GOLD): BCG Matrix [Dec-2025 Updated]

As a seasoned analyst, you need to know where Barrick Gold Corporation is placing its bets for 2026, and their current asset map, viewed through the BCG Matrix, lays it out clearly. We're seeing the Nevada Gold Mines joint venture, a clear Star, pushing production toward 3.5 million ounces annually, while established giants like Cortez and Kibali keep the cash flowing reliably from the Cash Cow quadrant. But the real strategic tension lies with the high-cost Dogs and the massive capital needs of Question Marks like Reko Diq; check out the full breakdown below to see which assets command investment and which ones are just taking up space.

Background of Barrick Gold Corporation (GOLD)

You're looking at Barrick Gold Corporation, which, as of late 2025, is actively signaling a shift in its identity, proposing a name change to Barrick Mining Corporation to better reflect its growing copper exposure. This company boasts an industry-leading balance sheet and significant liquidity, which it's using to fund a pipeline of organic growth projects aimed at achieving a planned 30% growth in gold equivalent ounces by the end of the decade.

Financially, the momentum has been strong; for instance, 2024 saw net earnings jump by 69%-the best result in a decade-alongside 20% growth in operating cash flow and a doubling of free cash flow compared to 2023. This strength continued into 2025; for the third quarter ending September 30, 2025, Barrick Mining Corporation reported record quarterly operating cash flow of $2.4 billion and free cash flow of $1.5 billion.

The operational performance in Q3 2025 saw the company produce 829,000 ounces of gold and 55,000 tonnes of copper, keeping it on track to meet its full-year guidance of 3.15-3.50 million ounces of gold and 200,000-230,000 tons of copper. The company is focused on maintaining cost discipline, with its 2025 All-In Sustaining Cost (AISC) guidance for gold set between $1,460-$1,560 per ounce based on a gold price assumption of $2,400 per ounce.

Barrick Mining Corporation is heavily invested in developing its portfolio of Tier One assets and projects. Key among these is the Goldrush mine, which is ramping up to a targeted annual production of 400,000 ounces by 2028, and the adjacent Fourmile project, which shows grades double those of Goldrush. Furthermore, the company completed feasibility studies for the massive Reko Diq copper-gold deposit and the Lumwana Expansion project, which is set to become one of the world's largest copper mines.

To streamline the portfolio and return capital, the company executed significant divestitures in late 2025, including the sale of the Hemlo Gold Mine for a total consideration of $1.09 billion in the fourth quarter. This focus on capital management is evident in its shareholder returns; for Q3 2025, the Board approved a total dividend of $0.175 per share (base of $0.125 plus $0.05 performance), and the company had repurchased $1 billion of its shares year-to-date.

Barrick Gold Corporation (GOLD) - BCG Matrix: Stars

You're analyzing the core growth engine for Barrick Gold Corporation, which, in the BCG framework, is clearly the Nevada Gold Mines (NGM) joint venture. This asset combination represents the definition of a Star: high market share in a region that continues to yield significant production growth, making it a leader that demands continued investment.

The NGM joint venture is Barrick Gold Corporation's flagship North American operation, securing a dominant position in one of the world's premier gold districts. For 2025, Barrick Gold Corporation's total attributable gold production guidance sits in the range of 3.15 to 3.50 million ounces, and NGM is the primary driver of this output. The asset is demonstrating strong momentum, evidenced by its Q2 2025 gold production increasing 11% quarter-on-quarter, driven by operational improvements.

The low All-in Sustaining Costs (AISC) at NGM are crucial to its Star status, as they directly translate into high margins, even when factoring in inflationary pressures across the sector. While Barrick Gold Corporation's total company adjusted AISC guidance for 2025 is between $1,510 and $1,610 per ounce, the NGM segment itself is forecast with a Cost of Sales (COS) between $1,470 and $1,570 per ounce, suggesting it operates at the lower end of the cost curve for the entire portfolio.

This operational efficiency is underpinned by a substantial resource base, which ensures its long-term dominance. As of the end of 2024, Barrick Gold Corporation held about two decades of gold reserves across its portfolio, with NGM contributing significantly to this longevity. Specifically, the probable gold reserves attributable to Barrick Gold Corporation from the NGM complex include approximately 9.3 million ounces from Carlin and 8.2 million ounces from Cortez.

Here's a quick look at how the NGM segment stacks up against the total company 2025 outlook:

The Star classification is validated by the operational metrics that position NGM as a leader ready to transition into a Cash Cow once the high-growth phase moderates. Investing in Stars like NGM is key to Barrick Gold Corporation's growth strategy.

The key characteristics supporting NGM's Star status include:

• NGM production increased 11% quarter-on-quarter in Q2 2025.
• It is the primary contributor to the total company 2025 production guidance ceiling of 3.50 million ounces.
• NGM's COS range of $1,470-$1,570 per ounce is competitive.
• The asset has substantial probable reserves totaling over 17.5 million ounces at Carlin and Cortez alone.
• It is a leader in a key gold-producing region, Nevada.

Sustaining this success means Barrick Gold Corporation must continue to fund the necessary capital to maintain operational excellence and resource conversion at NGM. Finance: draft 13-week cash view by Friday.

Barrick Gold Corporation (GOLD) - BCG Matrix: Cash Cows

Cash Cows represent the bedrock of Barrick Gold Corporation's financial stability, characterized by high market share in mature segments and superior cash generation with minimal reinvestment needs. These assets are market leaders that consume less capital than they generate, providing the necessary liquidity to fund the company's growth pipeline, administrative overhead, and shareholder returns.

The primary assets fitting this description within Barrick Gold Corporation's portfolio are the established, high-volume gold operations that consistently deliver low-cost production. These mines benefit from prior large-scale capital deployment, now allowing for operational efficiency and maximum cash extraction.

The following table details the third quarter of 2025 attributable operational performance for these key Cash Cow assets, demonstrating their high-margin contribution based on the latest reported figures.

The Cortez mine in Nevada, a mature, world-class asset operating within the Nevada Gold Mines joint venture, showed strong operational momentum, increasing its Q3 2025 production by 15% over the second quarter. Its Total Cash Costs (TCC) for the quarter were $1,242 per ounce, reflecting the benefits of scale and established infrastructure.

The Kibali mine in the Democratic Republic of Congo, an established large-scale producer, is Africa's largest gold operation and is executing a new 10-year plan to secure its Tier One status. Kibali's Q3 2025 TCC was exceptionally low at $1,019 per ounce, and its production increased by 15% quarter-on-quarter, driven by higher open pit mining volumes and grades as it heads into its expected strong fourth quarter.

Pueblo Viejo mine in the Dominican Republic, where Barrick Gold Corporation holds a 60% interest, is a long-life, high-volume operation that achieved record-high throughput in Q3 2025. This asset delivered the lowest TCC among the three at $929 per ounce in Q3 2025, underscoring its high-margin profile. The mine is currently undergoing a life-of-mine expansion project, with an estimated total capital cost around US$2.6 billion on a 100% basis, which is designed to extend its operational life beyond 2040.

These assets collectively generate substantial, reliable cash flow, as evidenced by the total company Q3 2025 Operating Cash Flow reaching a record $2.4 billion and Free Cash Flow hitting $1.5 billion. The company's 2025 full-year Total Cash Costs guidance for all gold operations is set between $1,050 to $1,130 per ounce, assuming a gold price of $2,400 per ounce, which these low-cost producers help anchor.

The strategy for these Cash Cows involves minimal major capital reinvestment relative to their cash generation, focusing instead on efficiency improvements to further boost cash flow. For instance, the company's 2025 guidance targets an All-In Sustaining Cost (AISC) range of $1,460 to $1,560 per ounce, a level that these core assets are positioned to significantly undercut.

• Cortez is advancing the Goldrush underground development, expected to produce over 400,000 ounces per annum (100% basis) by 2028.
• Kibali is integrating a 16MW solar plant, increasing renewable power contribution to 85% to reduce fuel consumption by 53%.
• Pueblo Viejo has completed over 500 homes for its resettlement program as part of its ongoing expansion.

Barrick Gold Corporation (GOLD) - BCG Matrix: Dogs

You're looking at the assets Barrick Mining Corporation is actively pruning from its portfolio, the ones that don't fit the Tier One mold. These are the units that require capital or management focus without delivering the outsized, low-cost returns the company now prioritizes. Honestly, this is where the strategy of portfolio optimization becomes crystal clear.

The core thesis for identifying Dogs at Barrick Mining Corporation centers on the aggressive divestiture of assets that do not meet the internal criteria for a Tier One operation. A Tier One asset is generally defined by criteria that include annual production exceeding 500,000 gold equivalent ounces. Assets falling short of this scale, or those burdened by higher operating costs or jurisdictional complexity, become prime candidates for disposal.

The following table summarizes the financial context surrounding these strategic exits and the cost profile of the remaining business, which helps frame why certain assets are classified as Dogs and are being shed.

Certain smaller, higher-cost legacy mines nearing the end of their life-of-mine (LOM) plans are being systematically removed. This is evident in the company's strategic exit from Canada and Alaska. The sale of the Hemlo gold mine in September 2025 marked the end of Barrick Mining Corporation's Canadian gold production era. Similarly, the divestment of the stake in the Donlin Gold Project in Alaska occurred in April 2025.

Non-core assets that have limited expansion potential in a competitive market are being monetized to focus capital elsewhere. The divestiture program in 2025 generated over $2 billion from non-core asset sales, including Hemlo, Donlin, and Alturas properties, illustrating a disciplined commitment to building value through Tier One gold and copper portfolios. These proceeds are being directed toward balance sheet strengthening and accelerating development at core projects like Reko Diq and Lumwana expansion.

Assets in regions with elevated geopolitical risk that do not contribute significantly to the overall production volume are also targets for divestiture or structural separation. While the Loulo-Gounkoto complex in Mali saw a resolution to its dispute, the board has discussed splitting the company into North America focused and Africa/Asia focused entities. This potential split would reverse the 2019 merger with Randgold and could include the sale of African assets, signaling a move to minimize exposure to volatile political regions.

Operations with AISC consistently above the industry average, acting as a drag on overall margins, are implicitly the assets being sold or de-emphasized. The company's stated goal is to prioritize assets with sub-$1,000/oz AISC, which means any operation trending toward the 2025 guidance range of $1,460 to $1,610 per ounce, or higher, is under review if it lacks Tier One status.

The actions taken in 2025 clearly define the Dog category:

• Divested the last Canadian gold mine (Hemlo) in September 2025.
• Sold 50% stake in Donlin Gold Project for $1 billion.
• Total divestitures expected to reach $2.6 billion in 2025.
• Exploring structural split to isolate higher-risk African/Asian assets.
• Focusing capital on Tier One assets like Nevada and Pueblo Viejo.

The company is actively managing down its exposure to these units. Finance: finalize the list of assets excluded from Q4 production due to the Hemlo and Tongon sales by next Tuesday.

Barrick Gold Corporation (GOLD) - BCG Matrix: Question Marks

You're hiring before product-market fit... that's what these assets feel like sometimes-massive cash consumption for a payoff that isn't guaranteed yet. Question Marks for Barrick Gold Corporation are those high-growth potential ventures where market share is currently low, or where significant investment is needed to even reach a steady state of operation. They drain cash now, but they hold the potential to become the next generation of Stars.

Reko Diq Copper-Gold Project in Pakistan

The Reko Diq project in Pakistan's Balochistan province is the quintessential Question Mark. It is one of the world's largest undeveloped copper and gold deposits, but it requires billions in capital expenditure before it can generate returns. Barrick Gold Corporation, as the 50% operating partner, is heavily invested in this high-growth market potential. The project is central to Pakistan's mineral sector revival, but the sheer scale of the required outlay places it squarely in this quadrant.

Here's the quick math on the capital commitment for Phase 1:

The success of Reko Diq hinges on navigating the development phase and converting its massive reserves-proven and probable gross reserves stand at 3.0bn tons of copper and 2.9bn tons of gold as of the February 2025 feasibility study-into operational output. If development stalls or costs overrun significantly beyond the current $7.72 billion estimate, this asset could quickly become a Dog.

Projects Facing Political and Regulatory Hurdles

Assets that have been held back by external factors, even if they have proven high-grade potential, fit the Question Mark profile due to their low current market share contribution relative to their potential. The Porgera mine in Papua New Guinea is a prime example of an asset that required a massive political/regulatory realignment before it could contribute reliably.

The mine recommenced operations in the first quarter of 2024 after a complex ownership restructuring. Barrick Niugini Limited (BNL) now holds 49% of the new entity, New Porgera Limited, with PNG stakeholders holding 51%.

• 2025 Attributable Production Forecast: 70,000 - 95,000 Ounces.
• 2025 Forecast Cost of Sales: $1,510 - $1,610 /Ounce.
• The mine has the potential to join Barrick's portfolio of Tier One gold mines.
• The company is focused on replacing mineral reserves in 2025, driven in part by contributions from Reko Diq and the Lumwana expansion, suggesting Porgera's contribution is still being stabilized.

Still, the need to manage complex host-country agreements and operational challenges, such as those from landslides in 2024, means its path to consistent, high-return production is not yet fully secured.

Early-Stage Exploration Targets

The classic high-risk, high-reward exploration programs are the purest form of Question Marks. These consume cash for geological work with no guarantee of a reserve conversion. Barrick Gold Corporation's strategy includes greenfields programs to maintain its discovery rate, which requires substantial upfront funding.

You see this investment across their global portfolio:

• Exploration in North America is advancing copper projects in the Superior Craton and Western US, with initial drill testing likely to begin in the second half of 2025.
• In Peru, drilling is planned for the second half of 2025 at the Ccoropuro copper-gold porphyry target.
• The company secured four exploration licenses for 19 blocks in Egypt's Eastern Desert, part of the Arabian-Nubian Shield, back in 2021, representing a long-term commitment to an underexplored belt.

These exploration efforts are essential to support the company's vision to grow gold equivalent ounces by 30% by the end of the decade (2030). However, the capital spent on these early targets-which are not yet included in the 2025 guidance of 3.15moz to 3.5moz attributable gold production-is pure cash burn until a discovery is made and advanced to a development stage.