B vs. KGC: Which Gold Mining Stock Should You Bet on Now? - The Globe and Mail

AI desk brief

Gold is hovering around $4,350/oz after slipping from a late-August high near $4,650, with the recent pullback driven by higher Treasury yields, a stronger dollar and an oil-led inflation spike; the metal remains up about 18% YoY despite the correction. The article frames Barrick and Kinross as leveraged ways to express that backdrop, with both miners offering strong liquidity and growth pipelines but facing rising costs and AISC inflation.

Barrick’s key positives are project execution and balance-sheet strength: Goldrush is targeted to reach 400,000 oz/year by 2028, Fourmile is advancing as a higher-grade follow-on, and the $2bn Lumwana expansion is expected to lift copper output to 240,000 tons/year by Q1 2028. Offsetting that, Barrick’s Q2 AISC rose to $1,866/oz and 2026 AISC is guided at $1,760-$1,950/oz, versus $1,637 in 2025, with fuel inflation pressuring margins.

Kinross is also leaning on growth projects, including Round Mountain Phase X, Bald Mountain Redbird 2, Kettle River–Curlew, Great Bear and Lobo-Marte, while maintaining net cash of about $1.9bn and returning capital via buybacks/dividends. Its Q2 AISC was $1,821/oz, up 22% YoY, and 2026 AISC is guided at $1,730/oz (+/-5%), so the investment case hinges on execution and whether gold stays elevated enough to offset cost inflation.