Barrick Gold Announces Major Dividend Increase and Strategic IPO Plans

Barrick Gold announces a 140% dividend surge to $0.42/share and plans a 2026 IPO for its key North American mines, fueled by strong 2025 financial results.

Barrick Gold Corporation has declared a substantial rise in its quarterly dividend, with shareholders also anticipating a significant initial public offering (IPO) for its North American assets. The record date for the enhanced payout is set for February 27, 2026.

Dividend Policy Overhaul Drives 140% Payout Surge

The mining giant's board has approved a quarterly dividend of $0.42 per share, representing a dramatic 140% increase compared to the dividend paid in the third quarter of 2025. To qualify, investors must be on the company's register by the close of business on February 27, 2026, with payment scheduled for March 16, 2026.

This decision stems from a revised shareholder returns framework introduced alongside Barrick's fourth-quarter 2025 results. The new policy commits to returning 50% of the company's free cash flow to investors. This comprises a raised base dividend of $0.175 per share per quarter—a 40% uplift—supplemented by a performance-linked bonus distribution at year-end.

Strong Q4 and Full-Year 2025 Results Underpin Decision

The robust dividend increase is supported by powerful financial and operational performance. For the final quarter of 2025, Barrick reported revenue of $6.00 billion. Operational cash flow advanced by 13% to $2.73 billion, while free cash flow grew 9% to $1.62 billion.

Adjusted earnings per share came in at $1.04, surpassing the analyst consensus estimate of $0.85. Gold production reached 871,000 ounces, a 5% improvement over the previous quarter. Copper output was 62,000 tonnes.

For the full 2025 year, the company posted revenue of $16.96 billion. Total gold production was 3.26 million ounces, with copper production at 220,000 tonnes, both figures meeting the company's annual guidance. Additionally, Barrick executed a $1.50 billion share buyback program, with $500 million of that total repurchased in the fourth quarter alone.

North American Assets IPO Receives Green Light

In a parallel strategic move, Barrick is advancing plans to list its key North American gold properties. The board authorized IPO preparations on February 5. The new entity is expected to hold Barrick's 61.5% stake in Nevada Gold Mines—the world's largest gold mining complex—along with the Pueblo Viejo mine in the Dominican Republic and the Fourmile project in Nevada.

Barrick intends to retain a majority stake in the newly listed company, with the public offering targeted for late 2026. At the Fourmile project, measured gold resources doubled for the second consecutive year to 2.6 million ounces, with an additional 13 million ounces classified as inferred. Exploration spending there is projected to rise to $150-$160 million in 2026.

Resolution in Mali and Operational Outlook

The company resolved a protracted dispute with the government of Mali in November 2025. The agreement extends the mining license for the Loulo operation by ten years and restores Barrick's full operational control. In return, Barrick withdrew its international arbitration claim.

Looking ahead to 2026, Barrick forecasts gold production between 2.90 and 3.25 million ounces and copper production in the range of 190,000 to 220,000 tonnes. The company's cost guidance is based on a gold price assumption of $4,500 per ounce. Current spot prices, near $5,121 per ounce, remain well above the projected all-in sustaining costs of $1,760 to $1,950 per ounce.

The market will next scrutinize the company's performance when first-quarter 2026 results are released on May 6. This report will offer an early indication of progress under the leadership of CEO Mark Hill, who was confirmed in the role on a permanent basis in February 2026.