Despite Barrick’s poor operating performance, Bristow once again emphasised Barrick’s share buybacks in an attempt to raise the share price. Miners often do this to create stock momentum and make their stock more investable for institutions. Moreover, significant share price rises allows for capital raising at higher share prices to facilitate their M&A cycle, debt is also raised cheaper when share prices are higher.

Another example of the disconnect between company performance and share price.

Sources: Theory (CFA Curriculum), Share Buyback Emphasis (Barrick Gold’s Earnings Transcript)