Barrick Gold Pursues Major Corporate Split to Unlock North American Value

Barrick Gold accelerates spin-off of its core North American mines into a new public company, 'NewCo,' to unlock value and separate from higher-risk international operations.

In a decisive move to separate its core North American assets from higher-risk international operations, Barrick Gold Corporation is accelerating plans for a multi-billion dollar spin-off. The Canadian mining giant has mandated Goldman Sachs and veteran investment banker Michael Klein to lead the initial public offering (IPO) of a new subsidiary, internally dubbed "NewCo." This entity, which could command a valuation exceeding USD 60 billion, represents the company's most significant strategic overhaul in years and has garnered notable backing from Wall Street.

A Strategic Pivot Following Leadership Transition

This restructuring initiative follows a period of operational challenges and the unexpected departure of long-time CEO Mark Bristow in September of last year. The planned separation is designed to crystallize the standalone value of Barrick's premier assets located in the United States and the Dominican Republic. Concurrently, it will distance these stable operations from more complex jurisdictions, including Mali and Pakistan.

Operational preparations are already well advanced. A dedicated leadership team has been assembled to steer the new North America-focused company. In an internal communication, CEO Mark Hill underscored the critical need for a focused management structure. The executive lineup for NewCo includes:
* Tim Cribb as Chief Operating Officer
* Wessel Hamman taking the role of Chief Financial Officer
* Megan Tibbals appointed Chief Technical Officer

Nevada's Fourmile Project: The Core Growth Engine

Central to the new entity's value proposition is the 100%-owned Fourmile project in Nevada. For the second consecutive year, Barrick's exploration team has successfully doubled the defined gold resources at the site. To further accelerate this growth trajectory, the company has slated a substantial increase in the drilling budget for 2026, raising it to between USD 150 million and USD 160 million.

Barrick intends to float a minority stake of 10% to 15% in NewCo through the IPO while retaining majority control and ongoing financial participation. The formal completion of the listing is scheduled by the board for late 2026. In the interim, the operational focus will remain on aggressively expanding the Nevada drilling programs. The objective is to underpin the targeted multi-billion dollar valuation at the market debut with substantial, proven resource data.

Market Performance and Long-Term Outlook

The market has responded favorably to the fundamental strategic shift over the longer term. Barrick's share price has recorded a gain of approximately 117% over a twelve-month period, despite some near-term consolidation. The stock concluded trading on Friday at CAD 58.04. This performance reflects investor optimism regarding the potential value unlocked by segregating the company's high-quality North American portfolio into a distinct, market-traded vehicle.