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Newmont vs. Barrick Mining: Which Gold Giant Is Shining Brighter?

Newmont Corporation NEM and Barrick Mining Corporation B are two of the biggest gold mining companies, each with extensive operations across multiple continents and diversified portfolios.

Gold prices are regaining momentum following a significant downward correction, with bullion recently climbing to a three-month high near $4,650 per ounce. The rally has been fueled by a weakening U.S. dollar, which fell to multi-month lows amid concerns over U.S. Treasury bond buybacks aimed at containing rising long-term borrowing costs and improving liquidity. Central bank purchases and strong investment demand have provided additional support to gold prices.

Let’s dive deep and closely compare the fundamentals of these two mining giants to determine which one is the better investment now.

The Case for Newmont

Newmont continues to invest in growth projects in a calculated manner. The company is pursuing several projects, including the Cadia Panel Caves and Tanami Expansion 2 in Australia. These projects should expand Newmont’s production capacity and extend mine life, driving revenues and profits. NEM has recommenced work at the Cadia panel cave project following the seismic event in April. The Tanami expansion is progressing with an expected completion of all underground infrastructure by the end of the third quarter of 2026.

In October 2025, NEM achieved commercial production at Ahafo North, which followed the first gold pour in September 2025. Ahafo North is expected to produce between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years.

NEM has also received key regulatory approvals from the Province of British Columbia for its Red Chris Block Cave Project, marking a major milestone in the planned transformation of the Red Chris Mine from an open-pit operation to a large-scale block-cave mine. The approvals take the project closer to the final investment decision.

Newmont has a strong liquidity position and generates substantial cash flows, which allow it to fund its growth projects, meet short-term debt obligations and drive shareholder value. At the end of the second quarter of 2026, Newmont had robust liquidity of roughly $13 billion, including cash and cash equivalents of around $9 billion. Net cash provided by operating activities amounted to $2.9 billion, up roughly 23% from the year-ago quarter. Its free cash flow climbed 29% year over year to a record $2.2 billion, led by an increase in net cash from operating activities.

Newmont distributed $3.4 billion to its shareholders through dividends and share repurchases in 2025. It has returned $1.9 billion to its shareholders since April 23, 2026. Newmont has executed buybacks under the current $6 billion authorized share repurchase program, with $4.3 billion remaining under it. NEM offers a dividend yield of 0.8% at the current stock price. Its payout ratio is 11%.

Newmont also remains committed to deleveraging, reducing debt by roughly $3.4 billion in 2025. It ended the second quarter with a strong net cash position of $3.4 billion and remains actively focused on managing its debt.

NEM saw lower gold production for the second quarter, partly linked to its strategic divestment of non-core assets. The company reported a roughly 13% year-over-year and 1% sequential decline in attributable gold production to 1.29 million ounces. Lower output from Cadia and reduced grades across certain mines impacted production. Newmont expects third-quarter 2026 production to be largely in line with the second-quarter level.

The company anticipates gold production at about 5.26 million ounces for 2026, indicating a year-over-year decline from 5.89 million ounces in 2025. NEM expects lower production from Penasquito and Cadia in 2026 due to site transitions. It also sees lower-than-expected production from Nevada Gold Mines and Pueblo Viejo. These will be partly offset by contributions from the newly commissioned Ahafo North mine.

Lower production is expected to lead to higher unit costs in 2026. NEM expects all-in-sustaining costs (AISC) — a critical cost metric for miners — to be $1,680 per ounce on a by-product basis, indicating a notable increase from $1,358 per ounce in 2025. The expected increase is due to lower sales volumes as a result of planned mine sequencing, higher royalties and production taxes, deferral of sustaining capital from 2025 into 2026 and inventory changes. Newmont also sees a sequential rise in unit costs in the third quarter, mainly due to increased sustaining capital spending and higher oil prices. The production decline and higher costs could undercut the profitability goals.

The Case for Barrick

Barrick is well-positioned to capitalize on advancements across its key growth projects, which are expected to meaningfully boost production. Its major gold and copper initiatives, including Goldrush, the Pueblo Viejo plant expansion and mine life extension, Fourmile and Lumwana Super Pit, are progressing on schedule and within budget, setting the stage for the next wave of profitable output.

The Goldrush mine is ramping up to the targeted 400,000 ounces of production per annum by 2028. Bordering Goldrush is the Fourmile project, which is yielding grades double those of Goldrush and is anticipated to become another Tier One mine. Barrick has announced the advancement of its planned IPO (expected to be completed by the end of 2026) of a new company that will hold its North American gold assets and the Fourmile project, in which it will hold a significant controlling interest. Newmont also consented to Barrick’s planned North American IPO.

The $2-billion Super Pit Expansion Project at Barrick’s Lumwana mine is progressing steadily, accelerating its shift into a Tier One copper mine. Barrick stated that the Lumwana expansion is the result of a significant turnaround, transforming the mine from an underperforming asset into a vital part of both its global copper portfolio and Zambia’s long-term development strategy. The expansion is expected to produce 240,000 tons of copper annually. First copper from the expansion is targeted by the end of the first quarter of 2028.

Barrick has a solid liquidity position and generates healthy cash flows, positioning it well to take advantage of attractive development, exploration and acquisition opportunities, drive shareholder value and reduce debt. As of June 30, 2026, the company held roughly $5.9 billion of cash against $4.7 billion of debt, leaving $1.2 billion of net cash. It also had an undrawn $3 billion revolving credit facility and no meaningful debt maturities until 2033.

Attributable free cash flow reached $1.35 billion in the first half of 2026, up 211% year over year. Barrick returned $1.5 billion to its shareholders in the second quarter, including $1.21 billion of share repurchases under its $3 billion authorization.

Barrick offers a dividend yield of 1.5% at the current stock price. Its payout ratio is 20%, with a five-year annualized dividend growth rate of roughly 14.3%.

Barrick is, however, challenged by higher costs, which may weigh on its margins. Its total cash costs per ounce of gold and AISC increased around 15% and 11% year over year, respectively, in the second quarter. Both also rose sequentially. AISC of $1,866 increased from the year-ago quarter due to higher total cash costs per ounce. Higher fuel prices began affecting costs in the second quarter, although management said operating efficiencies mitigated some of the impact.

For 2026, Barrick projects AISC in the range of $1,760-$1,950 per ounce, indicating a significant year-over-year increase at the midpoint compared with $1,637 in 2025. Cash costs per ounce are forecast to be $1,330-$1,470, up from $1,199 in 2025.

Price Performance and Valuation of NEM & B

NEM stock has surged 86.7% in a year, while B stock has racked up a gain of 84.9% compared with the Zacks Mining – Gold industry’s growth of 66.4%.