As January 2026 comes to a close, the financial world is reeling from an unprecedented market movement in the basic materials sector. Barrick Gold (NYSE: GOLD) has recorded a staggering 173% increase in its share price over the last 30 days, a move that has catapulted the company into a new echelon of valuation. This historic rally is not merely a byproduct of soaring bullion prices but the result of a calculated, multi-year pivot toward a "dual-commodity strategy" that has fundamentally altered the company’s DNA.

By early 2026, Barrick has successfully integrated massive copper production into its core financial identity, with the red metal now contributing nearly 30% of the firm's total EBITDA. This diversification has positioned Barrick as the premier beneficiary of the "Great Revaluation," a structural shift in global markets where precious and industrial metals are being repriced as the ultimate safeguards against fiscal instability and the primary fuel for the global energy transition.

The Dual-Commodity Pivot: From Bullion to Base Metals

The seeds of this January surge were planted years ago when CEO Mark Bristow began championing the idea that a "Tier One" gold mine must also have a significant copper component to be truly resilient. Throughout 2025, Barrick aggressively accelerated its "Super Pit" expansion at the Lumwana mine in Zambia. This $2 billion project, which reached a critical operational milestone in December 2025, is on track to double the site's copper output to 240,000 tonnes annually. The market’s realization that Lumwana is transforming into a long-life, high-margin copper powerhouse was a primary catalyst for the stock’s parabolic move this month.

Simultaneously, the Reko Diq project in Pakistan—long considered a high-risk, high-reward venture—has finally achieved financial close and begun mobilizing heavy equipment. As one of the world's largest undeveloped copper-gold porphyry deposits, Reko Diq is no longer a "potential" asset on the balance sheet; it is now viewed by analysts as a "generational" asset. With Phase 1 construction underway, the project is slated to provide a massive secondary stream of 240,000 tonnes of copper and nearly 300,000 ounces of gold per year, reinforcing Barrick’s narrative as a "Gold and Copper" titan.

Winners and Losers in the Great Revaluation

Barrick Gold (NYSE: GOLD) stands as the undisputed winner of this transition, but its success has created a widening gap between diversified miners and pure-play gold producers. Companies like Newmont (NYSE: NEM) and Agnico Eagle Mines (NYSE: AEM) are now facing intense pressure from institutional investors to follow Barrick's lead or risk being left behind in a market that increasingly favors industrial metal exposure alongside gold. While Newmont has its own copper projects, the speed and scale of Barrick’s execution in Zambia and Pakistan have given it a definitive first-mover advantage in the "dual-commodity" space.

Conversely, the "losers" in this environment appear to be traditional fixed-income portfolios and short-sellers who bet against the "Great Revaluation." As gold prices shattered the $5,100 per ounce barrier and silver cleared $110 earlier this month, the "super-margin" environment created for Barrick has made shorting the stock a ruinous proposition. Additionally, smaller mid-tier miners that lack the capital to develop massive copper-gold deposits are finding themselves at a disadvantage, unable to offer the same level of diversified growth that is currently driving the 173% rally in GOLD.

A Structural Shift: The Global Context

The 173% surge in Barrick’s stock is a symptom of a much larger trend: the "Great Revaluation" of tangible assets. As of January 2026, the global financial landscape is defined by aggressive central bank buying from BRICS+ nations and a structural deficit in industrial metals. Gold is no longer just a "fear trade"; it is being treated as the primary engine of equity growth in a world where de-dollarization has moved from a theoretical risk to a practical reality.

This event fits into a broader industry trend where the lines between "precious" and "industrial" mining are blurring. The rapid expansion of AI data centers and renewable energy grids has created a floor for copper prices that ensures Barrick’s copper EBITDA is not just a secondary byproduct but a high-growth pillar. Historically, miners were valued either for their dividends (gold) or their cyclicality (copper). Barrick has managed to merge these two valuations, creating a unique value proposition that has effectively broken traditional mining valuation models.

The Road Ahead: Can the Momentum Hold?

In the short term, the primary challenge for Barrick will be maintaining the breakneck pace of construction at Lumwana and Reko Diq. Geopolitical risks remain a factor, particularly in Pakistan, where the company must navigate a complex federal and provincial partnership. However, with the "Great Revaluation" providing such massive cash flows—Barrick reported record free cash flow of $1.5 billion in the final quarter of 2025—the company has the "war chest" necessary to self-fund these expansions without diluting shareholders.

Looking further out, the potential strategic pivot toward a full rebranding—rumored to be "Barrick Mining Corporation"—could signal an even deeper move into other strategic metals like lithium or nickel. Market analysts are watching closely to see if Barrick will use its newly inflated stock currency to acquire smaller, copper-heavy competitors. The main challenge will be managing the "super-cycle" expectations; if copper or gold prices see a significant correction from their January peaks, Barrick’s stock could face volatility, though its lower cost of production provides a significant safety net.

Final Assessment: A New Era for Mining

The 173% rise of Barrick Gold (NYSE: GOLD) in January 2026 marks a turning point in the history of the mining industry. It is the moment the market fully priced in the reality that gold miners can no longer survive on bullion alone. By aggressively pursuing a 30% EBITDA contribution from copper, Barrick has insulated itself against the volatility of any single commodity while capturing the upside of both the monetary and industrial revolutions currently sweeping the globe.

Investors should watch for the upcoming Q1 2026 earnings report, where more specific data on the Lumwana expansion’s progress and initial Reko Diq milestones will be revealed. For now, Barrick Gold has set a new standard, proving that in the era of the Great Revaluation, the most successful "gold" company might just be the one that also mines the most copper.

This content is intended for informational purposes only and is not financial advice.