Company Name: Barrick Gold Corporation

Highlights Newmont’s shares are up 20%, and Barrick’s shares are up 21% since our previous report...

The world’s two largest producers, Newmont and Barrick, recorded record revenue and EBITDA in 2020 due to stronger gold prices. Although both companies’ revenues were almost in line with our forecasts, their EPS fell below expectations due to higher than expected costs.

Despite y/y production declines amid the COVID-19 pandemic in Q2, the top three gold producers reported top line and bottom line growth, primarily attributable to higher realized gold prices. Additionally, all three producers maintained their production guidance for 2020.