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The Toronto-based miner said its board has authorized preparations for an IPO of a new entity that would house its premier North American gold operations, with the transaction targeted for completion by late 2026.
The proposed vehicle, referred to as NewCo, would hold Barrick’s joint venture interests in Nevada Gold Mines and Pueblo Viejo, as well as its wholly owned Fourmile discovery in Nevada.
Barrick said it intends to retain a significant controlling stake in the spun-out company while continuing to own and operate its other gold and copper assets globally.
“As we progress towards an IPO of our North America business to maximize value, we remain steadfast in our focus on operational performance and improving safety,” president and CEO Mark Hill said.
The IPO announcement came alongside Barrick’s fourth quarter and full-year 2025 results, which showed a sharp increase in cash generation and earnings amid higher realized metal prices.
The company reported record quarterly operating cash flow of US$2.73 billion and free cash flow of US$1.62 billion in the fourth quarter, up 13 percent and 9 percent, respectively, from the previous quarter.
Fourth-quarter gold production rose 5 percent from the third quarter to 871,000 ounces, while copper output increased 13 percent to 62,000 tons. For the full year, Barrick produced 3.26 million ounces of gold and 220,000 tons of copper, both in line with guidance.
Net earnings for the quarter reached US$2.41 billion, or US$1.43 per share, marking the highest quarterly earnings per share in the company’s history.
Operationally, Barrick highlighted progress at several growth projects, including a second consecutive year of resource growth at its Fourmile project in Nevada, where the declared gold resource was doubled.
The company said 2026 is expected to be a critical year for Fourmile, with drilling spending set to rise sharply.
Looking ahead, Barrick guided for gold production of 2.90 million to 3.25 million ounces in 2026 and copper production of 190,000 to 220,000 tons.
