Barrick Stock Eyes Extending Winning Streak To 5 Days As Retail Bets On $60 Breakout
A gold rally and a copper push have boosted Barrick’s shares in the last 12 months, as they entered 2026 with full steam.
- In the third quarter, Barrick said that copper production year-to-date was 21% higher than the first nine months of 2024, driven by a 42% increase at Lumwana.
- In December, the company said that it was exploring an initial public offering of a subsidiary that will hold Barrick’s premier North American Gold Assets.
- Gold prices have been on a continuous rally throughout last year and have continued into 2026.
Barrick Mining’s stock soared more than 186% last year and has extended its momentum into 2026, with shares on track for a fifth straight session of gains on Wednesday as retail interest continues to build.
The rally comes as the company sharpens its focus on copper mining alongside its crown-jewel business, gold. Barrick shares were up about 1.2% in overnight trading, according to Yahoo Finance, positioning the stock for a fifth consecutive day of gains if the momentum holds through Wednesday’s session
The Copper Push
The company’s attempt to expand into copper comes at a time when the Trump Administration has imposed tariffs on the red metal as well, to boost domestic development and capitalize on demand for artificial intelligence (AI) and electric vehicles.
In 2023, the company said that it would invest nearly $2 billion at its Lumwana mine in Zambia, Africa’s second-largest copper producer. This was one of the first attempts by Barrick to boost copper production, and the company planned to extend the mine’s life to 2057.
In the third quarter, Barrick said that copper production year-to-date was 21% higher than the first nine months of 2024, driven by a 42% increase at Lumwana. According to Investing.com, copper futures were up over 1% at $6.08 per pound as of 1:00 am ET on Wednesday, trading at their highest levels in more than a year.
The Gold Rally
Gold prices have been on a continuous rally throughout last year and have continued into 2026, driven by safe-haven demand amid rising geopolitical tensions and expectations of a U.S. Federal Reserve rate cut.
In December, Jefferies said it expects gold companies to expand margins and generate more free cash flow in 2026 than in 2025. The longer gold prices remain elevated, the more investor attention will turn to growth, the firm added.
As per Reuters, Spot gold rose 1% to $4,633.40 per ounce as of 12:25 a.m. ET GMT, after hitting a record high of $4,639.42 earlier in the session.
In the third quarter, Barrick reported gold production was 4% higher than the prior quarter at 829,000 ounces, while copper production was at 55,000 tonnes, in line with plans.
IPO Of North American Gold Assets
In December, the company said that it was exploring an initial public offering of a subsidiary that will hold Barrick’s premier North American Gold Assets. The new company would be anchored by Barrick’s joint venture interests in Nevada Gold Mines and Pueblo Viejo, as well as Barrick’s wholly owned Fourmile gold discovery in Nevada.
Barrick said that after the IPO, it would intend to retain a significant controlling majority interest in the new company. The company’s board has instructed it to explore this initiative through early 2026.
What Is Retail Thinking?
Retail sentiment on Barrick changed to ‘neutral’ from ‘bullish’ territory a day ago, with message volumes at ‘high’ levels, according to data from Stocktwits. In the last year alone, Barrick saw a 2800% spike in followers on the platform.
While sentiment on SPDR Gold Shares ETF (GLD) was in the ‘bearish’ territory compared to ‘bullish’ a month ago, on Global X Funds – Global X Copper Miners ETF (COPX), retail sentiment remained unchanged in the ‘bullish’ area.
A bullish user on Stocktwits noted it would be best to hold on to Barrick stock till $60.
Shares of Barrick have more than tripled in the last 12 months.
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