Gold Mining Stocks: Time to Buy? Barrick Mining, B2Gold and Desert Gold in Focus

Desert Gold: Could the Rally Start Tomorrow?

Tomorrow will be an exciting day for gold mining investors. Jared Scharf, CEO of Desert Gold, will present at the virtual IIF investor conference click here to register for free. Investors are likely waiting, above all, for statements on the planned start of production. The company is transitioning from explorer to gold producer in western Mali. An update on this could provide fresh momentum for the stock. GBC Research analysts have set a price target of CAD 0.93. Desert Gold's stock is currently trading at CAD 0.13.

In a recently published interview, Jared Scharf reported that the gravity processing plant, with a capacity of 200 metric tons per day, has now arrived at the Barani site. The team had previously had to overcome challenges such as transportation delays and fuel shortages, and the rainy season also hampered operations. Barani is a sub-area of the SMSZ project with a current resource of approximately 1.2 million ounces of gold. The compact plant is scheduled to begin operations in October.

The first mining area is expected to provide practical insights that drilling and modelling alone cannot provide. These include the spatial characteristics of the ore body and whether the gold yield during operations confirms the laboratory results. This data is intended to help assess the larger scenario with a processing capacity of 1,200 metric tons per day. It combines gravity processing with a carbon-in-leach (CIL) process and is the subject of the preliminary economic assessment (PEA) from November 2025.

Desert Gold is financing the first project phase with its own funds, without debt, royalties to financing partners, or streaming agreements. Scharf sees a vision for Barani that extends beyond the initial open-pit mine. A central processing plant is intended to extract gold from multiple deposits within the SMSZ project in the future. This would eliminate the need for Desert Gold to build a separate plant for each deposit. The start of production at Barani could thus pave the way for the economic development of additional portions of the project, which is wholly owned by the company.

https://youtu.be/C02KuigThho?si=YXCdhuRR26XeE7Px

Barrick Mining: IPO Delayed?

Barrick Mining has yet to take off. This investor favourite has fallen from nearly EUR 42 at the end of August to its current level of EUR 36. This short-term downward trend remains intact. The IPO of its North American gold operations could become a catalyst for the share price. However, it could take a little longer before the company goes public. Barrick CEO Mark Hill hinted at a postponement to January 2027 during the Mining Forum Americas in Colorado. While the company still aims to close by the end of 2026, outstanding formalities could delay the timeline. Hill does not expect a longer delay.

Barrick recently reported long-term planning certainty for the North Mara gold mine. The Tanzanian government has extended the special mining licenses for another 15 years. This allows the company to continue investing in the site. North Mara, like the Bulyanhulu mine, is operated through the Twiga Minerals partnership, which was founded in 2019. The government holds a 16% stake in each of the two mines. Barrick and Tanzania share the economic benefits equally.

According to the company, approximately USD 5.3 billion has flowed into the Tanzanian economy since 2019 through taxes, fees, and other payments, as well as local procurement, including USD 1.2 billion in 2025. Of the approximately 3,000 employees in the country, 96% are Tanzanian citizens; 47% come from communities surrounding the mines. More than 90% of procurement is sourced from companies registered in Tanzania. Through local development committees, the communities also have a say in which infrastructure projects receive priority support.

B2Gold: Has the Catch-Up Begun?

While Barrick Mining's stock has lost slightly in value this year, B2Gold's stock has gained nearly 20%. However, this means B2Gold is only making up for part of its underperformance in recent years.

Most recently, the gold producer reported progress in repairing the fire damage at the Goose Gold Mine in Nunavut, Canada. Since mid-August, the mobile crushing plants have averaged more than 3,000 metric tons of ore per day. Following repairs and an initial modernization, the stationary plant is expected to reach 3,200 metric tons per day starting in mid-October. The company is therefore reaffirming its 2026 production forecast of 170,000 to 200,000 ounces of gold. With higher processing volumes and strong gold grades, the final quarter is expected to be the strongest of the year.

In the first half of 2027, B2Gold plans to expand the stationary crushing capacity to 4,000 metric tons per day. A shutdown of up to 10 weeks is planned for the work. Ore reserves and the mobile plant are expected to ensure the mill's supply during this time. The mobile crushing plant, purchased for approximately USD 16 million along with additional equipment, will remain at the site even after the expansion is complete. It is intended to provide additional capacity and make operations more flexible during future disruptions.

Meanwhile, exploration in the Back River Gold District is providing evidence for a longer mine life. At Llama, among other findings, 19.12 g/t of gold was intersected over a drill core length of 21.23 m. West of the Nuvuyak structure, B2Gold discovered the new Tattuk zone with 10.94 g/t over 9.95 m. The George project also yielded high grades, including 26.49 g/t over 9.40 m. The results are expected to help better define existing resources and identify additional drill targets. The company has allocated a USD 51 million budget for the 2026 exploration program.

Against the backdrop of the start of gold production, Desert Gold's stock has significantly outperformed Barrick Mining and B2Gold so far this year. The chances of a new rally once production actually begins are good. Analysts see plenty of room for growth. At Barrick Mining, more and more investors are asking whether it is a gold or copper stock. In any case, the equity story is anything but clear. After a prolonged period of underperformance, B2Gold appears to be back among investors' favourites in the gold sector.