Which Gold Mining Giant Has More Glitter: Barrick or Newmont?

The hunt for investment glitter in the precious metals sector has intensified as gold prices continue their spectacular climb. Two major players—Barrick Mining Corporation (B) and Newmont Corporation (NEM)—stand out as primary beneficiaries of this bullish environment. Both companies command vast operations spanning multiple continents, possess diversified mineral portfolios, and maintain strong financial foundations. For investors seeking exposure to gold mining, understanding which company possesses more investment allure requires a thorough examination of their strategic positioning, financial capabilities, and operational performance.

Gold’s remarkable ascent stems from multiple factors: mounting geopolitical tensions, currency fluctuations, central-bank accumulation strategies, and shifts in monetary policy. These dynamics have transformed precious metals into haven assets for concerned investors. With bullion commanding prices above $4,700 per ounce and momentum showing no signs of dissipating, the question becomes less about whether to invest in gold mining and more about choosing between these two industry titans.

Growth Projects: Who’s Building the Better Pipeline?

Barrick demonstrates robust advancement across its development portfolio. The Goldrush mine is progressing toward its 400,000-ounce annual production target by 2028. Adjacent to this operation lies Fourmile, a fully owned property showcasing ore grades double those of Goldrush, with potential to achieve Tier One mine status. The company is also advancing the Reko Diq copper-gold complex in Pakistan, anticipated to deliver 460,000 tons of copper and 520,000 ounces of gold yearly when operations commence by late 2028. Additionally, Barrick’s $2-billion Lumwana expansion initiative aims to transform that asset into a premier copper producer, expected to generate 240,000 tons annually. The Pueblo Viejo plant expansion and mine life extension further bolster the company’s production outlook.

Newmont has executed a strategic pivot toward premium-tier assets through selective divestitures and focused development. The company recently achieved a pivotal moment at Ahafo North in Ghana, reaching commercial production in Q4 2025 following the initial gold pour. This operation is projected to produce 275,000-325,000 ounces annually across its 13-year mine life. Beyond Ghana, Newmont pursues expansions at Cadia Panel Caves and Tanami in Australia. However, the company’s recent divestiture of non-core operations—including its Akyem property in Ghana and Porcupine asset in Canada—has temporarily constrained near-term production despite freeing up approximately $3 billion in capital for strategic redeployment.

The project pipeline reveals contrasting strategies: Barrick pursues aggressive development across multiple geographies to maximize production ramp, while Newmont emphasizes quality-tier assets, accepting near-term production headwinds for longer-term operational excellence.

Financial Strength and Cash Generation: The Tale of Two Titans

Both companies maintain formidable liquidity positions and demonstrate robust cash-generation capabilities. As of Q3 2025, Barrick held approximately $5 billion in cash and cash equivalents, generating roughly $2.4 billion in operating cash flows during the quarter—a remarkable 105% year-over-year surge. Free cash flow reached approximately $1.5 billion, compared with $444 million in the prior-year period.

Newmont’s liquidity advantage appears more pronounced. The company maintained $9.6 billion in total liquidity at Q3 2025’s close, including $5.6 billion in cash, with free cash flow exceeding $1.6 billion—more than double the prior-year level. Operating cash generation reached $2.3 billion, reflecting a 40% year-over-year increase. Remarkably, Newmont has maintained near-zero net debt while returning more than $5.7 billion to shareholders over the past two years through dividends and buyback programs.

Regarding shareholder returns, Barrick authorized a $1-billion buyback program in early 2025 and repurchased $1 billion worth of shares during the first nine months, including $589 million in Q3 alone. The company offers a 1.4% dividend yield with a sustainable 32% payout ratio and demonstrates a 5.8% five-year annualized dividend-growth rate.

Newmont distributes a more conservative 0.9% dividend yield supported by a 17% payout ratio, yet has executed $2.1 billion in repurchases thus far in 2025 from a $6 billion authorization. The company’s deleveraging initiative achieved approximately $2 billion in debt reduction during Q3 2025.

Production Challenges and Cost Pressures: Where Each Stumbles

Barrick faces mounting cost headwinds that could compress profitability margins. All-in-sustaining costs (AISC) reached $1,538 per ounce in Q3 2025, reflecting increases of approximately 2% year-over-year despite improvements from the preceding quarter. The company’s all-in cash costs per ounce rose around 3% year-over-year. Production declined 12% year-over-year to 829,000 ounces during Q3, partly attributable to the suspension of operations at the Loulo-Gounkoto property in Mali. For 2025, Barrick projects total cash costs between $1,050-$1,130 per ounce and AISC guidance of $1,460-$1,560 per ounce—representing year-over-year escalation at the midpoint.

Newmont confronts production challenges stemming from its strategic asset rationalization efforts. Gold production declined approximately 15% year-over-year and 4% sequentially in Q3 2025, reaching 1.42 million ounces. This marks the third consecutive quarter of sequential production contraction. Contributing factors include reduced grades at specific operations, planned facility shutdowns at Penasquito and Lihir, and completion of mining activities at the Subika pit at Ahafo South. The company anticipates maintaining 2025 full-year production near 5.9 million ounces, with Q4 output expected around 1.415 million ounces—reflecting an approximate 25% year-over-year decline.

The production divergence highlights opposing near-term trajectories: Barrick grapples with persistent cost inflation, while Newmont sacrifices near-term output to optimize its asset portfolio composition.

Valuation and Growth Forecasts: Which Offers Better Value?

Barrick stock has appreciated 204.6% over the past year, outpacing Newmont’s 173.9% advance and the sector’s 153.9% growth. Currently trading at a forward 12-month earnings multiple of 13.65x—approximately 8.4% below the industry average of 14.9x—Barrick appears undervalued relative to its peer set and historical median.

Newmont commands a premium valuation, trading at a forward 12-month earnings multiple of 14.65x, which sits below both its five-year median and the broader industry average.

Consensus growth expectations amplify the valuation divergence. Analysts project Barrick’s 2026 sales and earnings per share will expand 20.9% and 57.2%, respectively, with recent revisions trending upward. Newmont faces more measured expectations, with 2026 sales anticipated to grow 10.5% and EPS expanding 22.7%, also reflecting positive recent sentiment shifts.

This analytical framework reveals that Barrick combines more attractive valuation metrics with superior growth projections, potentially offering greater investment sparkle at current levels.

The Verdict: Making Your Gold Mining Investment Choice

Both Barrick and Newmont possess the operational foundations and financial muscle to capitalize on gold’s sustained ascension. Each company boasts meaningful development projects that should extend operational relevance and generate profitability. Yet subtle differences in strategy and near-term trajectory merit consideration.

Barrick’s higher growth expectations and more favorable valuation position provide compelling investment appeal despite cost headwinds. The company’s ambitious project slate and strong free-cash-flow generation capacity suggest room for margin expansion as new production reaches targeted levels. Newmont’s divestiture-driven production declines and lower growth forecasts, combined with its premium valuation, warrant investor caution despite fortress-like financial positioning.

For those seeking precious-metals sector exposure, Barrick currently exhibits the more attractive glitter from both value and growth perspectives. However, investors should monitor execution on major projects and cost-management initiatives as the investment thesis plays out through 2026 and beyond.