Barrick Mining Corp. (ABX:TSX; B:NYSE) announced that its board of directors has unanimously approved a plan to evaluate an initial public offering (IPO) of a subsidiary comprising its North American gold assets. The move comes as the company seeks to highlight the value of its operations in stable jurisdictions and respond to shareholder concerns about its exposure to riskier regions.
According to the company, the proposed subsidiary, tentatively referred to as "NewCo," would include Barrick's 61.5% interest in the Nevada Gold Mines joint venture, its 60% stake in the Pueblo Viejo mine in the Dominican Republic, and the wholly owned Fourmile gold project in Nevada. The IPO would involve a minority interest only, with Barrick retaining majority control.
Mark Hill, Barrick's group chief operating officer and interim president and CEO, said in a news release, "Barrick's gold operations in Nevada and the Dominican Republic are among the best in the world, located in some of the best gold mining jurisdictions. Adding our 100-per-cent-owned Fourmile project in Nevada, one of this century's most significant gold discoveries, could put NewCo in a league of its own."
The announcement follows years of investor pressure to reduce geopolitical risk in Barrick's portfolio, which includes copper and gold assets in Africa, the Middle East, and Papua New Guinea. The company stated that the IPO evaluation is part of a broader operational review aimed at enhancing shareholder value.
Barrick has retained American investment banks M. Klein & Company and Goldman Sachs to advise on the potential transaction. Any decision to move forward with the IPO is subject to board approval, market conditions, and other customary factors. Updates are expected at the company's full-year 2025 results in February 2026.
On December 2, Barrick Mining Corp. announced the completion of its previously disclosed sale of interests in the Tongon gold mine and related exploration properties in the Ivory Coast to the Atlantic Group. The total consideration for the divestiture is up to US$305 million, including US$192 million in cash. of which US$23 million represents a shareholder loan repayment due within six months — and up to US$113 million in contingent payments tied to gold prices and future resource conversion milestones.
Gold Strengthens as Investors Weigh Liquidity Risks and Currency Weakness
Gold prices surged to a six-week high in early December, buoyed by ongoing expectations of U.S. interest rate reductions and sustained weakness in the U.S. dollar. Reuters reported on December 1 that spot gold advanced to US$4,241.27 per ounce, while February gold futures settled at US$4,274.80. David Meger, director of metals trading at High Ridge Futures, attributed the gains to broader economic dynamics, noting, "The underlying environment of expectations of further rate cuts, along with inflationary pressure still above the Fed target . . . is still the underlying support in gold and silver."
Matthew Piepenburg, managing partner at Von Greyerz, underscored gold's role as a monetary refuge amid growing financial instability. "This is not a bull market in precious metals. It is a bear market in paper money," he said in a December 1 interview. Describing gold as a "monetary metal," Piepenburg argued that it continues to outperform fiat currencies as a store of value, citing escalating global debt and tightening liquidity — particularly in the repurchase agreement (repo) markets — as warning signs. "Spiking repo rates are a screaming indication that credit is tightening, liquidity is becoming drier. Those are shark fins in a market sustained by debt," he warned.
Piepenburg also pointed to a widening gap between overnight repo rates and the Federal Funds Rate as evidence of declining confidence among banks. Such a spread, he suggested, often triggers central bank interventions resembling quantitative easing, or what he called "mouseclick money" — a trend that has historically supported upward momentum in gold prices.
From a technical standpoint, Stewart Thomson commented on December 2 that gold's current positioning still reflects an overall bullish trajectory. He noted the metal was trading roughly US$200 below its recent US$4,380 peak and described the prevailing price zone as "a great price zone to book some profits." Thomson also observed strong technical patterns across gold, silver, and mining equities, highlighting buy signals in mining stock indexes and notable strength in junior miners during this phase of the market.
Independent Analysts Highlight Supportive Structural Moves and Asset Strength
According to Zacks Equity Research on September 8, Barrick Mining Corp. was identified as a long-term growth candidate with strong financial fundamentals and earnings momentum. Zacks assigned the company a Growth Style Score of B and a VGM Score of A, noting that earnings and sales were forecasted to increase by 56.4% and 19%, respectively, for fiscal 2025. Four analysts revised earnings estimates upward within 60 days of publication, and the Zacks Consensus Estimate rose by US$0.05 to US$1.97 per share. Zacks stated that Barrick "should be on investors' short lists," citing expected cash flow growth of 17.6% this year and an average earnings surprise of 6.7%.
In a November 17 earnings update, CIBC World Markets maintained its Outperformer rating and set a 12-to-18 month price target of US$50.00 for Barrick. The report followed the company's Q3 results and included insights from a conference call hosted by Interim CEO Mark Hill and CFO Graham Shuttleworth. CIBC noted that the company had entered into zero-cost gold collars as part of a potential acquisition that ultimately did not proceed.
The report emphasized a renewed operational focus, particularly on Pueblo Viejo and Nevada Gold Mines, and stated, "Management focus could be better utilized focusing on assets that provide the most bang for the buck." The firm cited improvements in cost efficiency, projected free cash flow of US$3.5 billion for 2025, and forecasted free cash flow growth of more than 130% from 2025 to 2027. CIBC's price target was based on a blended valuation of short-term cash flow and long-term asset value.
According to Global Analyst Adrian Day in a November 25 analysis, Barrick Mining Corp. was viewed as taking steps that could unlock additional value within its portfolio. Day cited a Reuters report indicating that the board was evaluating a potential separation of the company's North American assets from operations in other regions. He stated that such a move "would be a way of unlocking value in the company's assets," adding that management had reiterated the importance of its Nevada operations, which he described as producing more than half of Barrick's gold output. Day noted that the company generated record quarterly cash flow, increased its base dividend by 25%, paid a performance dividend of US$0.05, and expanded its share buyback program. He reported that Barrick repurchased US$589 million of shares during the quarter and ended the period with a net cash position of US$323 million. According to Day, the company remained "undervalued on an asset basis," with internal estimates suggesting that its North American unit could represent the majority of its net asset value.
In a subsequent December 1 report, Day wrote that internal organizational changes had further supported market speculation about a potential corporate restructuring. He noted that Barrick had moved the Pueblo Viejo joint venture into the same internal division as its Nevada assets and had implemented leadership changes to streamline oversight of its North American portfolio. Day also referenced market reports indicating that Elliott Management had established a stake of more than US$700 million in the company. He added that analyst discussions included commentary on potential CEO candidates, stating that "his appointment would be viewed as confirmation of some kind of corporate reorganization." Day further cited reports that Barrick was close to reaching an agreement with the Malian government regarding the Loulo-Gounkoto complex, remarking that regaining control of the mine could increase company revenues.
He stated that he continued to hold Barrick shares and observed that the company's ongoing shift toward lower-risk jurisdictions aligned with investor expectations. Day suggested the proposed North American IPO could unlock additional value and added that the recent sale of Barrick's interest in the Tongon mine reinforced its strategy of streamlining operations.
In a December 1 analysis, Chen Lin of What is Chen Buying? What is Chen Selling? commented on Barrick's planned IPO of its North American assets, describing it as a transaction likely to attract capital inflows. Lin compared the opportunity to similar scenarios in the sector and stated that the IPO would "attract money from other big gold miners." He noted that he would have taken a position if not for the relatively high cost of call options at the time.
Also on December 1, Robert Sinn of Goldfinger Capital highlighted Barrick's intent to unlock value through the IPO of its Americas-based gold assets, citing the company's interest in creating a jurisdictionally focused vehicle referred to as "NewCo." Sinn emphasized that the proposed structure would isolate low-risk, stable-region assets and reduce exposure to higher-risk regions such as Africa and Pakistan.
Sinn quoted Interim CEO Mark Hill as saying, "Adding our 100% owned Fourmile project in Nevada, one of this century's most significant gold discoveries, could put NewCo in a league of its own." Sinn suggested that Fourmile alone could be worth up to US$10 billion and believed that the full subsidiary might support a valuation of US$50 billion at current gold prices. He added that the transaction had the potential to highlight assets that were previously undervalued within Barrick's broader portfolio.
IPO Could Redefine Barrick's Footprint in the Americas
According to Barrick's third-quarter 2025 investor presentation, the proposed IPO would package assets with a combined value of approximately US$47 billion, all located in politically stable jurisdictions. The offering would isolate high-performing gold operations, potentially appealing to investors seeking jurisdictional clarity and focused exposure to North American gold production.
Barrick emphasized the strength of its North American portfolio during the quarter, citing a 4% increase in gold production from the second quarter and a 19% increase in attributable EBITDA. The Nevada Gold Mines joint venture delivered record tonnes mined underground, while the cost of sales, total cash costs, and all-in sustaining costs all declined across major sites.
The Fourmile project, which is wholly owned by Barrick, has also received attention as a potential growth driver. The company's presentation outlined drill results from 2025 that confirmed continuity of high-grade mineralization, with intercepts such as 19.5 meters grading 36.54 grams per tonne of gold. Barrick described Fourmile as having the potential to deliver one of the most significant gold discoveries of the century.
Streetwise Ownership Overview*
Barrick Mining Corp. (ABX:TSX; B:NYSE)
Barrick's strategy includes the continued development of Tier One gold assets, defined as those with a minimum 10-year life and production of at least 500,000 ounces annually at costs in the lower half of the industry curve. The company reported US$5 billion in operating cash flow year-to-date, including US$1.5 billion in free cash flow for the third quarter alone, and raised its base dividend by 25%.
With strong financial metrics, increased investor focus on jurisdictional stability, and ongoing development of its core projects, Barrick's North American IPO evaluation reflects a strategic response to market sentiment and a continued emphasis on operational and financial discipline, according to the company.
Ownership and Share Structure1
Strategic investors own 0.9% of Barrick, while Institutions hold 63.03%. The rest is retail.
Barrick Mining has 1.69 billion outstanding shares, and its market cap is US$95.36 billion. Its 52-week range is US$21.73–US$60.14 per share.
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- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Barrick Gold Corp.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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- Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
