Barrick Gold Surges on Plans to Spin Off Premier North American Assets

Shares of Barrick Gold Corporation have reached a new 52-week peak, fueled by the mining giant's strategic announcement to explore a public listing for its most valuable North American operations. The Canadian company revealed on December 1 that it is considering an initial public offering (IPO) for a new entity housing its crown jewel assets, a move analysts interpret as a potential precursor to a major acquisition.

The company's restructuring plans are underpinned by exceptionally strong operational and financial results. For the third quarter of 2025, Barrick reported record figures: gold production climbed to 829,000 ounces, operational cash flow surged 82% to $2.4 billion, and free cash flow skyrocketed 274% to $1.5 billion. Adjusted earnings per share of $0.58 also set a new high.

Concurrently, Barrick raised its quarterly dividend by 25% to $0.125 per share and issued an additional performance dividend of $0.05. The board also expanded its share repurchase program by $500 million to a total of up to $1.5 billion, with $1 billion already deployed in buybacks. The company has been actively streamlining its portfolio, selling approximately $2.6 billion in non-core assets during 2025 alone, including the Tongon mine in Côte d'Ivoire (for up to $305 million) and the Hemlo mine (for up to $1.09 billion).

The Proposed Spin-Off: A Premier Collection

The proposed new publicly traded company would consolidate three top-tier operations:
* Nevada Gold Mines, the world's largest gold mining complex, operated as a joint venture with Newmont.
* The Pueblo Viejo mine in the Dominican Republic.
* The fully-owned Fourmile project in Nevada, which Barrick describes as one of the most significant gold discoveries of the century.

Mark Hill, Group Chief Operating Officer and Interim CEO, stated, "These assets are among the finest globally, located in some of the best mining jurisdictions. With the wholly-owned Fourmile project, the new company could compete in a league of its own."

Key structural details of the plan include:
* Barrick would retain a controlling majority stake in the new entity.
* Only a small minority interest would be offered to public investors.
* Financial advisors Goldman Sachs and Klein and Company are managing the proposed transaction.
* A further update on the plans is expected in February 2026 alongside the release of annual financial results.

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

Strategic Rationale and Market Speculation

Market experts view this maneuver as more than simple corporate restructuring. The strategy effectively bundles the most attractive North American assets into a discrete package, making them a more appealing target for potential buyers. This move would partially reverse the 2019 merger with Randgold Resources by separating premium North American operations from assets in Africa, Papua New Guinea, and Pakistan.

Shane Nagle of the National Bank of Canada noted, "The package consolidates precisely the parts of the business the market is most interested in currently. This makes the new company a likely acquisition target for Newmont." Analysts at Jefferies added that a smaller, spun-off entity would be significantly easier to acquire than the entire Barrick conglomerate, eliminating the need for a buyer to later divest non-core assets in challenging jurisdictions. Alongside Newmont, Agnico Eagle is also seen as a potential suitor.

The initiative responds to sustained investor pressure for Barrick to capitalize on the historic gold rally while reducing its exposure to geopolitically riskier regions.

Favorable Gold Market Backdrop

The broader environment for gold producers remains highly supportive, with the gold price currently trading above $4,200 per ounce—a historic high. Analysts project prices could reach between $4,500 and $5,000 in 2026, which should continue to bolster producer margins. Barrick's stock has significantly outperformed, gaining 151% since the start of the year.

Coverage among financial researchers is overwhelmingly positive: of the 18 analysts covering the stock, 14 recommend a "Buy" while four advise "Hold." The average price target stands at $42.90, approximately 15% above recent levels, with a target range spanning from $38 to $57.

Investors await the next quarterly report on February 11, 2026, when Barrick is expected to provide more concrete details on the IPO timeline. The full annual report will follow later that same month, which should also include an update on the search for a new permanent CEO following Mark Bristow's departure in September 2025.