Gold price forecast of USD 10,000: The strategies of Barrick Mining, Kobo Resources, and Agnico Eagle

Barrick Mining – Ahead of the quarterly figures

On Monday, November 10, Barrick Mining will present its figures for the third quarter. Analysts' expectations are high. Earnings per share (EPS) of USD 0.61 are expected, which would be more than double the previous year's figure. At the same time, revenues are expected to grow to USD 4.36 billion. Historically, Barrick has exceeded its EPS estimates in 88% of cases. But instead of focusing solely on the figures, investors are eagerly watching the recent turmoil in the executive suite and the Company's continued underperformance compared to its industry peers. This could dampen the reaction to what are actually strong figures.

The operating situation is mixed. On the one hand, progress on the Fourmile project in Nevada, described as a "game-changer," caused euphoria and drove the stock to a 13-year high. On the other hand, real problems are weighing on the group. The conflict over the Loulo-Gounkoto mine in Mali, one of the Company's most important assets, led to a write-down of USD 1 billion. Although the government recently resumed operations there, geopolitical risks remain a constant threat to production stability. The recent sale of the Tongon mine fits into the pattern of portfolio adjustments.

Despite a share price increase of over 100% over the course of the year, the valuation appears moderate with an expected price-to-earnings ratio of less than 15. High gold prices, combined with projected total costs of around USD 1,500 per ounce, are generating strong margins and cash flows, which have already been used to increase the dividend. However, the sudden dismissal of CEO Mark Bristow raises questions about strategic continuity. For investors, the key question is whether the Company can leverage its operational strength amid high precious metal prices to overcome internal uncertainties. The stock is currently trading at USD 33.09.

Kobo Resources - Confirms robust gold discoveries in Côte d'Ivoire

Kobo Resources' latest drill results from the Kossou Gold Project in Côte d'Ivoire provide substantial evidence of a growing gold system. The data obtained from the ongoing diamond drilling program confirms the continuity of mineralization along the Contact Zone Fault. The Road Cut and Jagger zones in particular have once again proven to be promising structures. For investors who are betting on exploration companies, these consistent results point to a solid project with recognizable expansion potential, without giving rise to excessive optimism.

In detail, the results are impressive due to their breadth and continuity. In the Road Cut Zone, for example, drill hole KDD0109 stands out with 10.0 m at 2.50 g/t gold from a depth of 41.0 m, including a high-grade segment of 6.0 m at 3.77 g/t gold. Drill hole KDD0104 returned, among other things, 13.0 m at 1.49 g/t gold. These values confirm excellent continuity of the mineralized zone along a 300 m section of the Contact Zone Fault. Significant intersections were also found in the Jagger Zone, including 1.0 m at 17.30 g/t gold in drill hole KDD0100, indicating productive, high-grade veins within the shear zone corridor.

This systematic progress has also convinced analysts at Atrium Research. The analysts have issued a "Buy" recommendation and set a price target of CAD 0.55 for Kobo Resources shares. This valuation reflects increased confidence in the geological consistency of the Kossou project and the potential for significant resource expansion through further drilling campaigns. The recent listing in Frankfurt under the ticker symbol "Q1Z" also improves accessibility for European investors, which will strengthen the Company's liquidity and visibility. The share price has not yet benefited from the good results and is currently trading at CAD 0.235.

Agnico Eagle - Shining in the gold rush

Record-high gold prices have brought Agnico Eagle Mines spectacular results in the third quarter. The Company mined an impressive 867,000 ounces last year and was able to sell its production at a record price of USD 3,476 per ounce on average. This strong operating performance brought Agnico Eagle revenues of USD 3.1 billion. The bottom line was adjusted earnings of USD 1.1 billion, or USD 2.16 per share. Free cash flow of USD 1.2 billion underscores the Company's financial strength. This puts it fully on track and confirms the annual forecast of 3.4 million ounces. However, high gold prices are also having an impact on costs as royalty-related expenses rise.

Despite the rise in gold prices, which is affecting royalties, Agnico Eagle demonstrated solid cost control. Production and processing costs before royalty costs amounted to USD 933 per ounce, well below the midpoint of the cost forecast. For the full year, the Company now expects to be at the upper end of its cost guidance. At the same time, the Company is working intensively on its five most important pipeline projects, which contain around 1.3–1.5 million ounces of gold. The Company is pursuing two strategies to increase production. On the one hand, it is focusing on organic growth through investment, and on the other hand, it is driving productivity forward with state-of-the-art technology. This dual strategy is intended to put long-term production on a stable footing and ensure sustainable success.

Incidentally, the recent robust performance has significantly strengthened the balance sheet. This gives the Company the breathing room it needs for future projects. Net cash position rose to USD 2.2 billion after USD 400 million in debt was repaid. This financial flexibility allows Agnico Eagle to combine capital discipline with attractive shareholder returns. In the last quarter, USD 350 million was returned to investors through dividends and share buybacks. Moody's recent upgrade of the credit rating to A3 underscores the Company's solid financial position. While the Company is opening up to critical minerals with its new subsidiary Avenir Minerals, CEO Ammar Al-Joundi emphasizes that Agnico will remain a gold company. The share price is currently trading at USD 161.41.

The gold boom offers massive opportunities. Despite strong cash flows, Barrick Mining faces a test to overcome leadership instability and geopolitical risks. Kobo Resources confirms a promising gold system in Côte d'Ivoire with consistent drilling results, even though the share price has lagged so far. Meanwhile, Agnico Eagle shines with operational strength and a robust balance sheet, demonstrating how record gold prices can translate into outstanding financial results.