(Bloomberg) — Most of the world’s top gold miners have seen their shares surge this year as bullion prices hit repeated record highs. Not Barrick Gold Corp.

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Missed production targets, higher operational costs and political turbulence at mines in Africa and Asia have investors turning increasingly sour on the world’s second-biggest gold producer. On Thursday, Barrick posted gold output that missed analysts’ estimates for the 11th straight quarter.

Barrick is one of several miners that have struggled to capitalize on the bullion boom amid higher mining costs and weaker output. But among the largest precious metal producers — Newmont Corp., Agnico Eagle Mines Ltd. and AngloGold Ashanti Ltd. — Barrick has routinely underperformed, with its shares virtually unchanged since the beginning of January. Gold, meanwhile, has soared 30% in the period.

Chief Executive Officer Mark Bristow’s explanation: “We’re rebuilding the business.”

Barrick has spent years working to improve its balance sheet after amassing debt from acquisitions. Bristow, who joined as CEO in 2019 as part of the Canadian company’s takeover of Randgold Resources Ltd., has paid down that debt while exercising restraint in dealmaking. He has also pursued diversification into copper.

Bristow’s explanation doesn’t seem to be winning over investors. Some of Barrick’s top investors have sold off shares while boosting stakes in competitors. Blackrock Inc., one of Barrick’s biggest shareholders, reduced its stake while buying into Agnico Eagle and Newmont, according to regulatory disclosures in November. Other major investors like Van Eck Associates Corp., First Eagle Investment Management LLC and Capital Group Inc. also trimmed their holdings in recent months.

Barrick isn’t alone in drawing scrutiny from shareholders whose expectations have been lifted by gold’s rally. Larger rival Newmont suffered its biggest one-day stock drop since 1997 last month after posting disappointing quarterly earnings.

Bristow said investors are undervaluing Barrick’s stock. “It’s our job as managers to make sure that the market properly understands us,” he said in an interview.

Barrick’s strengths lie in its complex of productive mines in the US, along with huge operations in Papua New Guinea and Mali. It has diversified through expanding in copper just as the global energy transition boosts demand for the wiring metal. The company has relatively little debt.

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