Weekly Notes (2/11/2026)

Barrick Mining (2/5/2026: Q4 results. 871K oz at $1600 AISC. FCF at $1.6B. Cash balance $6.7B. Debt at $4.7B. Did not pay down any debt. Increased dividend to 50% of FCF. Increase buy-back to $1.5B for 2026. Guidance for 2026 at 3M oz at $1800 AISC. Ouch, big increase in costs. Why? Because they can with high gold prices. Current FCF run-rate at $7B. Cu…