Barrick Gold under pressure after Q2 miss, stock gap down, RBC downgrade

Barrick missed Q2 estimates (EPS $0.82 vs $0.94), stock fell 8%, and RBC cut target to $49. Official Q2 release confirms production beat (796k oz) but AISC at $1,866/oz pressures margins. The Newmont JV expansion ($1.95B) and consent to IPO are major strategic moves, but IPO spinoff controversy with major holders opposing adds governance risk. Investors are watching the earnings call and shareholder response.