Barrick Gold’s market cap remains at $75 billion while holding 89 million ounces of gold reserves worth over $400 billion at current prices.
Barrick Gold Corp (NYSE: GOLD) holds 89 million ounces of proven and probable gold reserves, valued at over $400 billion at gold prices near $4,700 per ounce. The company’s market capitalization stands at roughly $75 billion, reflecting a significant discount to its reserve value.
In Q1 2026, Barrick produced 719,000 ounces of gold at all-in sustaining costs of $1,708 per ounce. Operating cash flow surged 111% year over year, while attributable free cash flow jumped 195% to $1.21 billion. Earnings per share rose 256% to $0.96, driven by a 31% revenue increase to $16.96 billion in 2025.
Gold prices have climbed from $2,000 per ounce two years ago to nearly $4,700, yet Barrick trades at around 12 times earnings. Analysts cite short-term concerns over production costs, political risks in Mali, and heavy capital expenditures as reasons for the valuation gap.