RY 178.58 1.4486% SHOP 171.86 2.0183% TD 83.41 0.6759% ENB 64.32 0.7203% BN 89.59 2.6819% TRI 244.25 1.4327% CNQ 44.79 1.1975% CP 117.1 3.0447% CNR 152.71 0.3153% BMO 144.63 -0.6799% BNS 75.37 0.6141% CSU 4799.855 1.5842% CM 92.97 0.2913% MFC 44.15 0.7531% ATD 77.27 1.6309% NGT 62.27 3.8179% TRP 65.83 0.5499% SU 56.02 0.6106% WCN 268.2 2.7153% L 183.42 -0.8165%

Resources Report

Barrick Gold Corporation

Jan 31, 2025

ABX:TSX
Investment Type
Large-cap
Risk Level
Action
Rec. Price (CA$)

Section1: Commodity Update:

Gold is Canada’s most valuable mined commodity, with a production value of $15.1 billion in 2023. Gold is mined in ten Canadian provinces and territories, mostly in Ontario and Quebec, which together accounted for 70% of Canada’s total gold output in 2023. In 2023, Canada ranked as the fourth-largest gold producer globally, with its mines yielding nearly 200 tonnes of gold. In 2023, the value of Canadian gold exports reached $30.2 billion, a 34% increase from $22.5 billion in 2022. This surge was fueled by rising gold prices and strong demand from central banks seeking to diversify reserves and hedge against inflation and geopolitical risks. The market outlook suggests that if inflation stabilizes and interest rates fall, demand for gold could grow further as lower rates reduce the opportunity cost of holding non-yielding assets like gold, making it more attractive compared to interest-bearing investments such as bonds.

Data Source: Government of Canada

Section 2: Company Overview and Fundamental Insights:

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