7 Best Metal Stocks to Buy According to Analysts

4. Barrick Gold Corporation (NYSE:GOLD)

Average Upside Potential: 24.54%

Number of Hedge Fund Holders: 44

Barrick Gold Corporation (NYSE:GOLD) is a global mining company that operates in North America, South America, Africa, and the Middle East. With significant assets like Lumwana in Zambia and the Twiga joint venture in Tanzania, Barrick has solidified its position in the copper industry, despite its major focus on gold production. The company’s varied portfolio, which includes well-known mines like Nevada Gold Mines, Kibali in the Democratic Republic of the Congo, and Pueblo Viejo in the Dominican Republic, provides a well-rounded production base.

Strong operational success drove Barrick Gold Corporation (NYSE:GOLD)’s exceptional financial achievements in Q4 2024. While operational cash flow rose 18% to $1.4 billion for the quarter and $4.5 billion for the year, the company also reported a 50% rise in net earnings per share, hitting $1.26 per share. The company’s strong financial health was demonstrated by an increase of 104% in free cash flow, which reached $1.3 billion.

Barrick Gold Corporation (NYSE:GOLD)’s continued investments in its resource base, mainly from expansions at Lumwana and Reko Diq, contributed to the company’s growth by adding 12.7 million ounces of gold and 13 million tons of copper reserves. As a result of these efforts, the company’s profitability has increased even further. Mine efficiencies have resulted in a 3% decrease in the cost of sales and a 5% reduction in overall cash expenses.

Looking ahead, Barrick Gold Corporation (NYSE:GOLD) is advancing with its Reko Diq project in Pakistan, which is anticipated to begin producing 200,000 tons of copper per year in 2028. The project’s first phase is expected to cost between $5.6 billion and $6 billion, with an expected $74 billion in free cash flow to be generated over the following 36 years. Together, with Barrick’s continued growth in Zambia and Tanzania, this project solidifies the company’s long-term position in copper and gold sectors, extending its worldwide reach and guaranteeing its position as an important player in the metal market.