The explosive rise in gold prices during the last quarter of last year has not only reshaped valuation logic in the precious metals market but also directly propelled the performance of Barrick Gold, the world's second-largest gold miner, to new heights. According to analysis, the better-than-expected profit growth for the mining giant is a direct reflection of gold prices entering a "parabolic phase." Data shows the company's fourth-quarter operating cash flow reached $2.73 billion, with free cash flow at $1.62 billion, representing quarter-over-quarter increases of 13% and 9%, respectively. This historic level of profitability is seen as benefiting both from strong support from high gold prices and reflecting the superior operational resilience of established producers in a volatile cost environment.

From an operational perspective, Barrick ended the year solidly, with fourth-quarter gold production rising to 871,000 ounces and copper output increasing by 13% to 62,000 tonnes. Although full-year gold production of 3.26 million ounces was slightly lower than the previous year, higher realized prices successfully offset cost pressures from royalties and inflation. Analysis indicates that while the all-in sustaining cost for gold was around $1,637 per ounce, a year-over-year decline in copper costs demonstrates optimization in resource integration. Through a new dividend framework, Barrick has set a target to distribute 50% of its free cash flow as total annual dividends.

Beyond the strong financial metrics, Barrick's decision to spin off its premium North American assets for an IPO has garnered significant market attention. This strategy is viewed as aiming to further unlock the intrinsic value of flagship assets, such as the Nevada gold mines, through a new entity tentatively named "NewCo." According to company guidance, the production target for 2026 remains steady at around 3 million ounces, and cost budgets are based on a conservative gold price assumption of $4,500 per ounce. Considering the global monetary environment and inflation expectations, it is believed that as mining giants strengthen capital returns through IPOs and substantial dividends, the value reassessment process for the gold sector will continue to deepen alongside a sustained bull market for the metal.