Barrick Mining (NYSE: B) (TSX: ABX) rallied to its highest in 13 years, as it builds off the momentum of a “game-changing” gold find in Nevada as well as the broader strength of the precious metals market.
The miner’s Toronto-listed shares shot up by as much as 6% to C$49.33 apiece, its best since early 2012. Its New York-listed shares followed similar moves, with an intraday high of $35.70. The company’s market capitalizations on the respective markets are C$81.7 billion and $59.6 billion.
Should Monday’s gains hold, this would be Barrick’s best four-day stretch since 2020, when the stock last traded in the high C$30’s before this year.
Behind the recent rally was a new study on the company’s Fourmile project in Nevada that showed the potential to produce as much as 750,000 oz. of gold annually. Plans are in place to start underground mine development in 2026.
In a press release dated Sept. 16, Barrick CEO Mark Bristow called it “multi-generational project” that has the chance to become the largest and highest-grade gold discovery of the century. The market reacted positively to this news, with Barrick’s share price rising by about 23% since that news release.
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