November 21st, 2025 | 07:05 CET
Exciting rumors surrounding Barrick Mining! How AJN Resources and B2Gold are unlocking Africa's gold potential
Global demand for gold is seeking new sources. Africa, with its high-purity gold and competitive production costs, is increasingly becoming the strategic epicenter. The continent already supplies one-third of the world's supply and generates billions in export revenues for its resource-rich nations. This dynamic mix of rich deposits and political reforms creates a unique investment climate that goes far beyond the pure commodity value. Three companies are positioning themselves particularly strategically in this growth area: the established giant Barrick Mining, the aggressive explorer AJN Resources, and the profitable producer B2Gold.
time to read: 4 minutes
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Author:
Armin Schulz
ISIN:
BARRICK MINING CORPORATION | CA06849F1080 , AJN RESOURCES INC. O.N. | CA00149L1058 , B2GOLD CORP. | CA11777Q2099
Table of contents:
Author
Armin Schulz
Born in Mönchengladbach, he studied business administration in the Netherlands. In the course of his studies he came into contact with the stock exchange for the first time. He has more than 25 years of experience in stock market business.
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Barrick Mining – Between a record quarter and strategic upheaval
The political turmoil in Mali continues to weigh heavily on Barrick. After the government took control of the lucrative Loulo-Gounkoto complex, attempts are being made to resolve the issues. The conflict with the Malian government over higher taxes and state participation has not only led to significant write-downs but also triggered international arbitration proceedings. This uncertainty in an important region is leaving deep scars on the Company's operational planning and prompting management to critically question its strategic direction.
This makes the latest quarterly figures presented by Barrick against this challenging backdrop all the more impressive. Gold production rose by 4% to 829,000 ounces in the third quarter, while costs fell. Driven by high gold prices, operating cash flow jumped to USD 2.4 billion and free cash flow to USD 1.5 billion. This financial strength allowed the Company to increase its base dividend by 25% and to increase its share buyback program by USD 500 million to a total of USD 1.5 billion.
At the same time, the Company is undergoing change. Following the surprise departure of CEO Mark Bristow, interim CEO Mark Hill has initiated a comprehensive operational review with a focus on safety and performance. In addition, there are increasing indications of a possible split of the Company to separate the North American business from the risky assets in Africa and Asia. This discussion is reinforced by the entry of activist investor Elliott Management, which has built up a significant position and is likely to drive change. The stock is currently trading at USD 37.73.
AJN Resources - Explorer focusing on Ethiopia's gold potential
While many explorers in Congo are vying for cobalt and lithium, AJN Resources, which also owns lithium projects in the region, is currently focusing primarily on gold. The strategic focus has clearly shifted. In addition to Congo, the Company is also active in Ethiopia and has recently concentrated on a promising gold project in the region. Under the leadership of CEO Klaus Eckhof, an experienced Africa expert, AJN is pooling its resources and expertise in this historically gold-rich region. This decision underscores the Company's ambition to establish itself as a serious gold explorer in an emerging destination.
The flagship Okote Gold Project is located in the high-grade Adola Belt, only about 100 km from the legendary Lega-Dembi mine with its estimated 4.5 million ounces of gold. Recent mapping work has confirmed several parallel mineralized shear zones with a cumulative width of over 60 m, extending for 1 km and open in both directions. The characteristic quartz-carbonate mineralization and pyrite and chalcopyrite mineralization are classic indicators of high-grade gold systems. A diamond drilling program with a total length of 1,500 m is set to start soon and will test these promising structures at depth.
AJN offers investors a clear story. Its immediate proximity to a large producing mine, defined target structures with significant development potential, and experienced management familiar with the African mining sector are fueling excitement. The latest financing gives the Company the breathing room it needs to carry out the upcoming drilling without delay. If the upcoming drill program yields positive results, the current valuation of around CAD 6.3 million could quickly appear undervalued, especially since the Company owns a whole series of projects in Africa. The stock is currently trading at CAD 0.10.
B2Gold – Operational strength in turbulent times
Canadian gold producer B2Gold delivered a solid third quarter, demonstrating impressive operational resilience. With production of 254,369 ounces, the established mines Fekola, Otjikoto (both in Africa) and Masbate (Philippines) exceeded expectations. This strong output pushed direct cash costs down to USD 780 per ounce, benefiting from higher production and lower fuel costs. All-in sustaining costs (AISC) of USD 1,479 were in line with guidance, and the Company remains on track for a strong final quarter, reaffirming its full-year outlook.
Important milestones were achieved in the growth projects. The Goose Mine in Canada has officially commenced commercial production, despite earlier technical start-up difficulties. While the 2024 guidance was trimmed to 50,000–80,000 ounces, the long-term ambition remains intact. From 2026 onwards, Goose is expected to deliver around 250,000 ounces annually. In addition, B2Gold gave the green light for the Antelope underground mine in Namibia, whose development can now be implemented more cost-effectively than initially assumed.
Financially, the Company remains well-positioned. Cash and cash equivalents stand at USD 367 million, while operating cash flow before working capital adjustments reached USD 180 million. The recent drawdown of a credit line further strengthened the balance sheet without compromising the rock-solid position. Management is allaying political concerns surrounding the Fekola mine in Mali. According to the Company, operations are running smoothly, and the mining licenses remain valid. Together with the announced quarterly dividend of USD 0.02, this underscores confidence in its overall position. The share price is currently trading at USD 3.97.
The African gold sector remains a landscape defined by both opportunity and risk. Barrick Mining is grappling with political upheaval in Mali, which may force a strategic realignment despite the Company's strong quarterly results. As an explorer, AJN Resources is focusing on discovering the next major gold deposit with its exploration activities in Ethiopia, a region with a long history of rich gold production. B2Gold, on the other hand, is showing how operational strength can pay off even in turbulent times - thanks to its robust mines, including in Mali, disciplined cost control, and ongoing dividend payments. The paths to success on the continent could hardly be more different.
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