Barrick’s North American Spin-Off Targets NYSE Listing as Nevada Gold Find Takes Center Stage

Barrick Mining carves out North American assets into a $60B+ NYSE-listed spin-off, featuring the Fourmile project, amid activist pressure and Newmont partnership tensions.

Barrick Mining is pressing ahead with one of the most ambitious corporate restructurings in the gold sector, carving out its North American operations into a separate entity that could be worth more than $60 billion. The new company, tentatively named North American Barrick, will seek a primary listing on the New York Stock Exchange rather than Toronto, with a secondary listing in Canada to follow.

The decision to list in New York reflects a straightforward calculation: deeper liquidity and a broader investor base for gold producers. For Barrick, the move is about maximizing the valuation of its highest-quality assets at a time when activist investor Elliott Management has been pushing for change.

At the heart of the spin-off lies the Fourmile project in Nevada, a fully owned deposit that Barrick describes as one of the most significant gold discoveries of the century. The company doubled the project’s gold resources last year while reporting higher ore grades, making it the crown jewel of the new vehicle. Long-term plans call for Fourmile to be folded into Nevada Gold Mines, the sprawling joint venture with Newmont that ranks as the world’s largest gold-producing district.

That integration, however, introduces a potential complication. Newmont, Barrick’s partner in the joint venture, has signaled it wants a say in how Fourmile is handled. The company has raised concerns about what it sees as declining operational performance and a corresponding loss of value at the Nevada partnership over the past six years. Barrick insists it can proceed with the spin-off without formal approval from Newmont, but acknowledges the need for close coordination to avoid disrupting day-to-day operations. In the past, Newmont has expressed interest in acquiring Barrick’s Nevada assets outright.

The assets destined for North American Barrick form a formidable portfolio. Beyond Fourmile, the new entity will hold Barrick’s majority stake in Nevada Gold Mines — which includes the Carlin, Cortez, and Turquoise Ridge operations — plus the Pueblo Viejo mine in the Dominican Republic. Together, these operations delivered roughly two million ounces of attributable gold production in 2025.

The leadership team for the spin-off is already in place. Mark Hill, a Barrick veteran, will serve as CEO. Wessel Hamman takes the role of CFO, Tim Cribb becomes COO, and Joe Heckendorn will act as Chief Legal Officer. Megan Tibbals, Richard Barley, Javier Ortuzar, and Amanda Steensen round out the executive ranks in technical, human resources, exploration, and sustainability roles respectively. The rapid assembly of a full management suite signals that the IPO process is gathering momentum.

Barrick plans to list between 10% and 15% of North American Barrick shares by the end of 2026, retaining a controlling majority. The timeline remains subject to SEC registration and Canadian prospectus approval.

The market, however, has yet to reward the strategy. Barrick’s stock closed at C$53.21 in Toronto on Tuesday, down roughly 11% since the start of the year and about 26% below its January high of C$71.86. The shares also trade below their 50-day moving average, reflecting investor caution.

The first real test of whether the spin-off thesis holds water arrives on May 11, when Barrick reports first-quarter results for 2026. Management has guided for full-year gold production of around three million ounces, but warned that the first half will be weaker as new projects ramp up and output from established mines like Carlin edges lower. The quarterly numbers will offer the first concrete evidence of whether the operational momentum in North America can support the ambitious valuation targets attached to the spin-off.