Barrick Mining Shares Surge on Resolution of Mali Dispute and Strategic Moves

Shares of Barrick Mining Corporation have reached a new 52-week peak, trading at $44.73, fueled by a pivotal resolution in Mali and strong operational performance. The company has regained full operational control of its critical Loulo-Gounkoto gold complex, ending a two-year impasse that had clouded the asset's future.

The company is currently benefiting from a robust precious metals market. Gold has stabilized above $4,300 per ounce, while silver trades near $65. This favorable pricing environment was a key driver behind Barrick's record third-quarter 2025 operational cash flow of $2.4 billion and a free cash flow of $1.5 billion.

The resolution in Mali removes a significant overhang, allowing the miner to more fully capitalize on these high commodity prices without the threat of disruption at a site responsible for approximately 15% of its attributable gold production.

Details of the Mali Agreement

The conflict, which escalated following Mali's introduction of a new mining code in 2023, has been settled. The key terms of the agreement include:

• A payment of approximately 244 billion CFA francs ($436 million) to the Malian state.
• The immediate return of operational control over the Loulo-Gounkoto complex to Barrick.
• The release of four company employees detained since late 2024.
• The withdrawal of all arbitration proceedings before the World Bank's ICSID.

This settlement eliminates a major geopolitical risk factor and has been met with pronounced relief by the market.

Strategic Separation and IPO Plans

Concurrently, Barrick's management is advancing a strategic reorganization of its asset portfolio. Plans are underway for an initial public offering (IPO) of a new entity, tentatively referred to as "NewCo," which will house core North American gold assets.

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This vehicle is expected to include holdings such as the Nevada Gold Mines joint venture and the Pueblo Viejo mine. The strategic aim is to create a clearer separation between Barrick's operations in politically stable, Tier-1 jurisdictions in North America and its portfolio in higher-risk regions like Africa. Market observers anticipate that this standalone structure could command a valuation premium for the North American assets by making their distinct risk profile more transparent.

Corporate Context and Price Action

These developments occur within a broader phase of corporate repositioning for the company, which changed its name to Barrick Mining Corporation and adjusted its ticker symbol to "B" in May 2025 to underscore its focus on gold and copper.

The share's technical breakout above $44.73 is significant, representing a move out of a prior resistance zone. Despite a strong overall period for gold equities, as reflected in the NYSE Arca Gold Bugs Index, Barrick's performance in Q4 2025 has outpaced many of its peers, with its combined exposure to gold and copper acting as an additional lever.

Looking Ahead to 2026

Attention now turns to the ramp-up of operations at Loulo-Gounkoto. Management plans a phased restart with an emphasis on safety and workforce retraining. The speed at which the complex returns to full capacity will be closely watched.

The upcoming Q4 2025 report, expected in mid-February, will be a critical event. It will provide insight into how the one-time $436 million settlement payment impacts Barrick's capital allocation strategy, including dividends and share buybacks. Furthermore, the market will be looking for more concrete details and a timeline regarding the planned North American IPO. If Barrick can successfully execute the operational restart in Mali while making clear progress on the asset separation, the $50 per share mark emerges as the next key technical and psychological threshold.