Gold rush! Your portfolio for the USD 4,000 mark: Barrick Mining, Kobo Resources and Newmont

Barrick Mining – In transition

Barrick is currently undergoing a phase of strategic transformation. Central to this is the surprising change in leadership, with Mark Bristow stepping down as CEO after nearly seven years. His interim successor is long-standing executive Mark Hill. This change in leadership could signal a realignment, in particular a stronger focus on geopolitically stable regions. At the same time, Barrick is streamlining its portfolio. The Company has agreed to sell its stake in the Tongon mine in Côte d'Ivoire for up to USD 305 million, following the earlier divestment of the Hemlo mine in Canada. These moves underscore Barrick's ongoing strategy to shed non-core assets and strengthen operational focus.

Financially, the Company is on a solid footing. The latest quarterly figures were robust, with a significant increase in adjusted earnings per share. Buoyed by a continued high gold price and improved operating costs, operating cash flow rose noticeably. Revenues from ongoing operations are flowing directly into stabilizing the balance sheet and also benefiting shareholders. This is reflected not least in the recent dividend increase. This solid financial base gives Barrick the necessary breathing space to invest in growth projects and implement its strategy without putting itself under pressure.

The Fourmile project in Nevada is currently the great hope for the future. Initial investigations suggest that this could be one of the most significant gold discoveries of recent decades. What makes the project so attractive? On the one hand, the exceptionally high concentration of gold and, on the other, the prospect of long-term and cost-effective production. Of course, Barrick's presence in some politically unstable regions remains a risk that investors should keep in mind. However, the course it has set to streamline its portfolio and focus on the most promising assets appears to be the right way to manage these risks and create long-term value. The share price is currently trading at USD 34.03.

Kobo Resources – More than just promising drilling results

While many exploration companies are acting defensively, a Canadian explorer in Côte d'Ivoire is focusing on aggressive growth. The strategy concentrates on a region that is already known for significant gold deposits but still offers great discovery potential. Initial drilling results are already providing solid data that is catching the attention of investors. But the real appeal of this story may lie less in the rock itself than in a clever strategic positioning that sets the Company apart from other junior explorers. It is not only the geology that speaks in favor of the project, which is located in an established gold belt. The zones discovered to date show robust thicknesses and encouraging gold grades.

The current focus is on connecting these zones to demonstrate a continuous mineralization system of considerable length, approximately 3.5 km. An ongoing drilling program aims to confirm this continuity and test the depth extension. The next results are eagerly awaited to complete the picture. A key advantage is the excellent infrastructure. The project area is located in close proximity to the capital and is easily accessible via paved roads. Only a few kilometers separate the project from an active mine with an existing processing plant. These operational advantages not only save time and costs but are also a central component of the long-term strategy.

Kobo recently secured approximately CAD 4 million in capital. Politically, the country benefits from stable mining legislation. Additionally, the Company is favorably positioned due to a strategic situation affecting a neighboring producer. The neighbor will require new ore in the foreseeable future to operate its processing plant at full capacity, and there are no other significant resources within a relevant radius. This means that Kobo does not necessarily need to become a mining operator itself. Proof of a sufficiently large resource could make it an obvious takeover candidate, offering the potential for a strategic exit within a reasonable time frame. The share is currently trading at CAD 0.31, slightly above the private placement price.

Newmont – Strategic decisions under the microscope

Gold mining giant Newmont made several key decisions in the fall of 2025 that will take the Company into a new phase. Two events are the focus of attention. The planned resignation of CEO Tom Palmer at the end of the year and the simultaneous announcement that the Company will delist from the Toronto Stock Exchange (TSX). Both steps are expressions of strategic consolidation. While Palmer is leaving the Company after a phase of major acquisitions, such as Newcrest, the delisting is primarily intended to reduce bureaucratic ballast and cut costs.

Natascha Viljoen, currently President and COO, will assume operational management on January 1, 2026. She brings with her many years of mining experience and stands for continuity, but her performance will be closely watched. Will she maintain the Company's strict cost control and disciplined capital allocation? A smooth transition is crucial here to limit market uncertainty. The TSX delisting, by contrast, is primarily an administrative measure. Since the majority of trading volume already occurs on the NYSE, this change will have little impact for most investors.

The bottom line is that Newmont is operating from a position of strength. Driven by a robust gold price, the Company is generating strong cash flows, which it is using for extensive share buybacks and to finance growth projects. At the same time, gold mines are being sold to further sharpen the portfolio. For investors, the key question remains whether the new management can seamlessly continue this solid operating performance and meet the market's high expectations. The upcoming quarterly figures will provide the first important indications here. The share is currently trading at USD 88.51.

Gold fever is rising with the USD 4,000 mark in sight. Barrick Mining is streamlining its portfolio and focusing on future growth with the promising Fourmile project. Kobo Resources is scoring points as an explorer in the Ivory Coast, not only with its drilling results, but also with its strategic positioning as a potential takeover candidate. Industry giant Newmont, on the other hand, is facing a change in leadership and is consolidating strategically to capitalize further on its strong market position. For investors, these three companies offer different but promising levers for the continuing rise in the price of gold.