Barrick Gold’s North American IPO Faces Pushback From Partner Newmont

Barrick Gold is encountering unexpected resistance as it moves to carve out a partial listing of its North American assets. The planned IPO, designed to unlock value from key holdings, could be complicated or even blocked if the joint-venture partner Newmont exercises protective rights within their Nevada Gold Mines contract. Newmont has publicly questioned the improving performance at Barrick-managed mines, and now the potential muscle-flexing over operational standards in Nevada casts a shadow over the spin-off timetable.

Sources cited on Thursday indicate Newmont is weighing activation of specific protective clauses in the joint-venture agreement. Such a move could significantly hinder Barrick?s plan to float portions of its North American portfolio, or prevent the listing altogether. The friction comes as Newmont has voiced concerns about deteriorating mine performance under Barrick?s leadership, raising questions about whether the strategic reshaping can proceed as intended. For investors, the big question is whether the IPO timeline remains realistic given the ongoing negotiations.

Barrick?s quarterly performance provides support

Despite the partner tensions, Barrick reported solid operating results that bolster its underlying strategy. In Q4 2025, revenues reached $6.00 billion, materially above the consensus of $5.16 billion. Contributing factors included firmer commodity prices and steady production:

• Gold production rose 5% quarter over quarter to 871,000 ounces.
• Realized gold price increased by 21% sequentially.
• Year-end cash, improved by 65% to $6.71 billion.

Additionally, management unveiled a new dividend framework, aligning shareholder payouts with cash flow. The policy calls for distributing 50% of the distributable free cash flow to shareholders, comprised of a fixed quarterly base dividend of $0.175 per share plus a variable component tied to performance.

Should investors sell immediately? Or is it worth buying Barrick?

Analysts adjust price targets

The combination of strong results and ongoing strategic uncertainty prompted fresh assessments from research houses. Key moves include:

• Stifel lifted its target from CAD 65 to CAD 95 on February 10.
• Citi increased its target from USD 38 to USD 48.
• UBS trimmed its target from USD 59 to USD 55, while maintaining a Buy rating.

Barrick maintains its plan to progress with the spin-off, aiming to include stakes in Pueblo Viejo and the Fourmile deposit. The company targets the fourth quarter of 2026 for the North American IPO, though the schedule will largely hinge on the outcome of negotiations with Newmont.

Ad

Barrick Stock: New Analysis - 13 February

Fresh Barrick information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

Read our updated Barrick analysis...