Positioning political selling, disclosed 2026-10-15
Options put/call open interest 0.51, read 2026-11-03
Ethical passes the values gate
Price37.05 USD
Fair value43.52
Ethical score70.0/100
Value readUndervaluedas of 3 Nov 2026
Our investment reviews on this name
2026-10-18Read Distribution40.55-8.6% to today ✓Markdown gives way to Distribution
2026-10-11Read Markdown41.24-10.2% to today ✓Distribution gives way to Markdown with results news in the headlines
2026-10-02Read Distribution41.24-10.2% to today ✓Markup gives way to Distribution after a 10% rise in 8 weeks
2026-08-06Read Markup37.38-0.9% to today Distribution gives way to Markup after a 7% rise in 2 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Barrick Mining Corp holds its Distribution at $37.05. The statistical read favours the sellers, held for 31 days.
As held on the ledger · 2026-11-03
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 31 days
Price at the screen
$37.05
Valuation
9.57 trailing · 8.81 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.20
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
10.10%
Below 33%
Interest-bearing debt is just 10.1% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
13.49%
Below 49%
Money owed to the company is 13.5% of assets, under the 49% limit.
Pass
Revenue purity
0.27%
Below 5%
Only 0.3% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Barrick Mining clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 10%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 3 Nov 2026: it trades at roughly a 15% discount to our $43.52 fair value, narrow competitive moat, 43.80% revenue growth.
Fair value range in USD, drawn from the 2026-11-03 screen. The gold marker is the market price at the same screen. A 14.9% discount to the base estimate.
Where our models see it going: fair-value estimate $43.52, with a range of $26.65 to $50.04, dated to the 2026-11-03 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Gold Prices Swing Like A Pendulum
Picture a miner chasing gold seams while the metal price lurches with every rate decision and crisis headline. Barrick shows 67 percent revenue growth, a 32 percent profit margin and 25 percent ROE, all at a forward multiple of just 7.7 times. Yet the cyclical nature of the industry means those peak earnings can vanish as quickly as they appeared, turning a low multiple into a warning rather than a bargain.
We pass because the narrow moat leaves the business exposed once metal prices normalise. Strong numbers today do not change the fact that gold miners have repeatedly destroyed capital at the top of cycles, and nothing in the current setup removes that pattern.
Analysts see upside to 57 dollars, yet history shows how quickly consensus targets follow the metal price down. Currency swings, rising costs and sudden demand drops remain live risks even with an ethical pass. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
B trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Distribution$37.01-8.5%Entry 17
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 8.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 91%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (16 analysts) rates it buy, with a mean price target of $56.
2026-10-25Distribution$40.44-0.3%Entry 16
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 91%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (16 analysts) rates it buy, with a mean price target of $56.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 1.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 91%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (16 analysts) rates it buy, with a mean price target of $56.
2026-10-11Markdown · changed$41.24+0.0%Entry 14
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 91%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (16 analysts) rates it buy, with a mean price target of $56.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 15.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 91%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (16 analysts) rates it buy, with a mean price target of $56.
2026-09-10Markup$48.87+18.1%Entry 12
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 18.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 91%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (16 analysts) rates it buy, with a mean price target of $56.
2026-08-11Markup$41.37+0.0%Entry 11
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 91%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (16 analysts) rates it buy, with a mean price target of $56. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-09Markup$41.37+0.0%Entry 10
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 91%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (16 analysts) rates it buy, with a mean price target of $56. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-08Markup$41.37+0.0%Entry 9
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 91%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (16 analysts) rates it buy, with a mean price target of $56. It reported earnings in this window, a natural checkpoint for the thesis.
2026-08-07Markup$41.37+10.7%Entry 8
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 10.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 8% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 91%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (16 analysts) rates it buy, with a mean price target of $56. It reported earnings in this window, a natural checkpoint for the thesis.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
