Analysis of the Impact of Helen Cai's Appointment as CFO of Barrick Mining

Based on the latest data and news [1][2][3], the following is an analysis report by Jinling AI on Helen Cai’s appointment as Chief Financial Officer of Barrick Mining Corporation (New York Stock Exchange ticker: B).

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Item	Details
Appointee	Helen Cai (Cai Hong)
Position	Senior Executive Vice President and Chief Financial Officer (CFO)
Effective Date	March 1, 2026
Predecessor	Graham Shuttleworth
Transition Arrangement	Shuttleworth will assist in the handover to ensure a smooth transition [1][2]

This appointment is part of a major management reshuffle at Barrick Mining following the sudden departure of former CEO Mark Bristow in September 2025 [3]. Other recent executive departures include Senior Executive Vice President of Strategic Affairs Kevin Thomson, Chief Operating Officer for North America Christine Keener, and independent director Ben van Beurden.

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• Tsinghua University
• Massachusetts Institute of Technology (MIT) [1][2]

• Chartered Financial Analyst (CFA)
• Chartered Alternative Investment Analyst (CAIA) [1]

Institution	Position/Role	Field
Goldman Sachs	Equity Analyst	Research on Mining, Industrial, and Technology Sectors
China International Capital Corporation (CICC)	Investment Banker	Corporate Finance, M&A, Capital Markets
Barrick Mining Board of Directors	Director	Serving since November 2021

• Named a top analyst by StarMine, Institutional Investor, and Asiamoney for consecutive years
• Transaction projects led by her have won multiple transaction awards from Asiamoney and The Asset [1][2]

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Helen Cai’s investment banking experience accumulated at Goldman Sachs and CICC is expected to significantly enhance Barrick’s capital operation capabilities:

• M&A Transaction Expertise:
  Her rich experience in corporate finance and M&A will provide professional support for Barrick’s potential asset divestitures and strategic restructuring
• Capital Market Relationships:
  Deep relationships with global institutional investors and sovereign wealth funds will help the company maintain unobstructed financing channels during market volatility
• Valuation Optimization Capability:
  As a former top analyst, she has an in-depth understanding of valuation methods for mining companies, which will help achieve optimal pricing during asset sales or spin-offs [1][3]

Barrick is evaluating the possibility of an independent listing for its North American gold mining business, and Helen Cai’s professional background is highly aligned with this strategy [3]:

• IPO Execution Capability:
  She is familiar with the operating rules of capital markets and can effectively coordinate underwriters, legal teams, and auditors to ensure the smooth advancement of the IPO
• Investor Relations Management:
  Her reputation among institutional investors will help attract long-term value investors to participate in the IPO subscription
• Valuation Story Building:
  As a former analyst, she excels at constructing convincing investment narratives for investors

Shane Nagle of National Bank Financial believes that the independent entity of Barrick’s North American business may attract acquisition offers from competitors such as Newmont, which previously explored gaining control of Barrick’s assets in Nevada [3].

Elliott Investment Management accumulated $1 billion worth of Barrick shares in 2025 and is actively promoting changes at the company [3]. The addition of Helen Cai may bring about the following strategic adjustments:

Investor Demands	Potential Response Strategies
Reduce operational risk exposure	Optimize geographic layout and reduce reliance on high-risk regions
Unlock asset value	Advance North American business IPO or asset sales
Improve corporate governance	Enhance financial transparency and information disclosure
Enhance shareholder returns	Optimize capital structure and consider additional share repurchases

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Time Node	Stock Performance	Remarks
September 29, 2025 (CEO departure)	$33.14	Early stage of management turmoil
December 31, 2025	~$44.00	Market gradually digests the news
January 19, 2026 (Announcement Date)	Up 2.4% in pre-market trading in Toronto	Positive market reaction [3]
January 16, 2026 (Latest Data)	$48.73	81% year-to-date increase [0]

• Since the CEO change in September 2025, Barrick’s stock price has risen by approximately
  47%
  [0]
• The current stock price has risen by more than
  215%
  from the 52-week low ($15.47) [0]

Institution	Rating	Target Price/View
Jefferies	Buy (Bullish)	Raised target price from $46 to $55, optimistic about the performance of gold mining stocks in 2026
UBS	Buy	Maintained Buy rating
B of A Securities	Buy	Upgraded from Neutral
RBC Capital	Outperform	Maintained rating
Scotiabank	Sector Outperform	Upgraded from Sector Perform
Consensus Target Price	$47.00	Current price is slightly above the consensus target [0]

• Recognition of Professional Qualifications:
  Helen Cai’s CFA and CAIA qualifications, as well as her work experience at Goldman Sachs and CICC, send a signal of financial professionalism to the market
• Insider Perspective:
  As a board member, she has an in-depth understanding of the company’s operations and strategy, reducing transition uncertainty
• Smooth Transition Arrangement:
  The collaborative transition arrangement with the former CFO alleviates market concerns about leadership gaps
• Gold Price Support:
  The continuous rise in gold prices (significant increase in 2025) provides a favorable industry backdrop for Barrick

• Management Stability:
  Consecutive executive departures may trigger market doubts about internal governance
• Geographic Risk Exposure:
  The company’s operations are distributed in high-risk regions such as Africa, the Middle East, Pakistan, and Papua New Guinea, resulting in a valuation discount compared to competitor Agnico Eagle Mines [3]
• Mali Operations Disruption:
  The Mali operations closed in 2025 due to mining law disputes have not resumed, and the timeline remains unclear [3]
• Transition Challenges:
  The role transition from board member to executive requires an adaptation period

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Based on the latest financial data of Barrick Mining [0]:

Financial Indicator	Value	Assessment
Market Capitalization	$83.32 billion	One of the world’s largest gold mining companies
Price-to-Earnings Ratio (P/E)	23.16x	Reasonable level within the industry
Return on Equity (ROE)	14.51%	Healthy
Net Profit Margin	24.53%	Strong
Current Ratio	2.94	Financially sound
Quick Ratio	2.33	Strong short-term solvency
Debt Risk	Low Risk	Conservative accounting policies

• The latest annual report shows free cash flow of
  $1.317 billion
  [0]
• As of September 30, 2025, the company holds
  $5 billion in cash and cash equivalents
  [3]

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1. Value Unlock of North American Business:
   Unlock the value of undervalued North American assets through IPO or asset sales
2. Copper Business Integration:
   The company has simplified its name from “Barrick Gold” to “Barrick” and changed its stock ticker to “B”, reflecting its strategic transformation from a single gold producer to a diversified mining company
3. Gold Price Cycle:
   The continuous rise in gold prices is expected to drive margin expansion and free cash flow growth in 2026 (per Jefferies’ forecast) [3]

1. Geographic Concentration of Operations:
   Exposure to high-risk regions may continue to affect valuation
2. Activist Investor Intervention:
   Elliott Investment Management may promote more aggressive capital return or spin-off plans
3. Uncertainty of Mali Operations:
   Unclear timeline for resumption of operations may bring one-time expense risks
4. Gold Price Pullback Risk:
   If gold prices pull back from current highs, the company’s revenue and profits may come under pressure

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Helen Cai’s appointment as CFO of Barrick Mining is a positive signal of the company’s improved financial management capabilities. Her professional background (top-tier investment banking experience, analyst qualifications, and insider board perspective) is highly aligned with the company’s current strategic needs - advancing the North American business IPO, addressing activist investor pressure, and optimizing the capital structure.

Judging from the market reaction, investors have a positive attitude towards this appointment, and the stock price rose in response on the announcement date. Analysts generally maintain Buy or Outperform ratings, reflecting the market’s recognition of the management team adjustment.

• Specific policy directions after the official taking office on March 1, 2026
• Timeline and details of the North American business IPO
• Progress of resuming Mali operations
• Subsequent interactions with Elliott Investment Management

the Q4 2025 financial report to be released on February 5, 2026, when the new CFO may disclose more information about financial strategy adjustments [0].

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[1] Junior Mining Network - “Barrick Mining Announces Finance Leadership Transition” (https://www.juniorminingnetwork.com/junior-miner-news/press-releases/315-nyse/b/195247-barrick-announces-finance-leadership-transition.html)

[2] Business Insider - “Barrick Announces Finance Leadership Transition” (https://markets.businessinsider.com/news/stocks/barrick-announces-finance-leadership-transition-1035724252)

[3] Miningmx - “Barrick names new CFO as leadership shake up continues” (https://www.miningmx.com/top-story/63675-barrick-names-new-cfo-as-leadership-shake-up-continues/)

[0] Jinling AI Financial Database - Barrick Mining (B) Company Profile, Real-time Quotes and Financial Data