Barrick’s Gold Rally Bypasses the Stock as a $60 Billion Spin-Off Takes Shape

Barrick Mining shares fall 11% despite gold at $4,500; Reko Diq delay and North American spin-off target 2026 listing.

The gold price has been on a tear, smashing through $4,500 an ounce in recent weeks. Yet Barrick Mining’s shares have failed to catch fire. The stock trades at C$53.37 on the Toronto Stock Exchange, down roughly 11% since the start of the year and about 26% below its January peak of C$71.86. Even with a near-115% gain over the longer term, technical indicators are flashing red, pointing to further selling pressure.

A major reason for the market’s caution is unfolding in Pakistan. Barrick’s Reko Diq copper-gold project has hit a security-related delay, pushing the review phase out by 12 months. That slows the development pace considerably. Raymond James analysts have flagged that the setback will strain existing budgets and timelines. Barrick had originally penciled in up to $6 billion for the first construction phase.

A Spin-Off to Unlock Value

Despite the operational headwinds, Barrick is pressing ahead with a corporate restructuring that could reshape its valuation. The miner plans to spin off its North American gold assets into a new entity called “North American Barrick,” targeting a dual listing on the NYSE and Toronto’s TSX by the end of 2026.

The new company will be anchored by the Nevada Gold Mines complex—including Carlin, Cortez, and Turquoise Ridge—plus the Pueblo Viejo mine in the Dominican Republic. Together, these operations churned out roughly 2.0 million ounces of gold in fiscal 2025. The high-grade Fourmile project in Nevada, which could eventually feed into the Nevada joint venture, adds a growth kicker.

Barrick will retain a controlling majority stake in the spin-off, ensuring it remains the primary beneficiary of long-term cash flows while letting the market assign a standalone value to the North American portfolio.

A dedicated leadership team is already in place. Wessel Hamman will serve as chief financial officer, Joe Heckendorn as general counsel, and Megan Tibbals as chief technical officer. CEO Mark Hill will keep operational oversight of both entities. The company is currently working through regulatory requirements, including SEC registration in the U.S. and prospectus approval in Canada.

Earnings Expectations and Key Dates

Analysts remain broadly bullish despite the near-term stock weakness. Nine out of nine covering the name rate it a strong buy, with a consensus price target near $52 U.S. For the first quarter, the market expects earnings of $0.74 per share—more than double the year-ago figure, thanks to the elevated gold price.

Barrick’s management has guided for full-year production of roughly 3 million ounces, with the first half traditionally accounting for the smaller share. Income investors are being cushioned by a dividend yield of just over 4%, which helps offset the current share price slide.

Clarity comes in May. Barrick hosts a virtual annual general meeting on May 8, 2026, followed by the first-quarter earnings release on May 11. A webcast afterward will give analysts a chance to grill management on whether record gold prices can compensate for the Reko Diq delay—and whether the spin-off timeline remains on track.