Barrick says Fourmile could produce up to 750,000 ounces of gold annually

Barrick (NYSE: B) says its Fourmile project in Nevada has the potential to produce as much as 750,000 ounces of gold per year, positioning it as one of the most significant discoveries of the century.

According to the company, updated studies released this week confirm that Fourmile combines exceptionally high grades with long mine life and access to existing infrastructure through the Nevada Gold Mines joint venture with Newmont.

The latest resource estimate outlines 1.4 million ounces in the measured and indicated category and 6.4 million ounces inferred, with exploration suggesting up to 15 million additional ounces may be delineated. Average grades of 12 to 16 grams per tonne make Fourmile one of the richest large-scale gold deposits in development, Barrick CEO Mark Bristow said.

“Fourmile is rapidly competing to be the largest and highest-grade gold discovery this century,” Bristow stated.

Barrick expects the mine to operate for more than 25 years, with annual output between 600,000 and 750,000 ounces. Life-of-mine all-in sustaining costs are projected at just $650 to $750 per ounce, well below current industry averages. Development capital is estimated at $1.5–1.7 billion, moderated by Fourmile’s location next to existing mills and infrastructure at Carlin–Cortez.

According to the company, the orebody is hosted in a steeply dipping breccia zone that offers favorable geotechnical conditions for large-scale mining. Metallurgical studies indicate that much of the ore will be “single refractory,” allowing for simpler and less costly processing than Nevada’s more complex “double refractory” ores.

Barrick is advancing permitting and plans to begin underground development in 2026, alongside an expanded drilling program to convert resources and further expand the deposit.

Shares of Barrick were down 0.12% Tuesday morning in New York, giving the company a market capitalization of $49.4 billion.