Barrick Plans to File North American Asset IPO Registration Statement in November
Key Facts
Barrick said in its third-quarter filing that it plans to file a registration statement for an initial public offering in November, paving the way for a listing of its North American gold assets. The company expects to complete the offering in the fourth quarter of 2026 or early 2027, subject to market conditions and regulatory approvals. Filing the statement marks a step in the offering process, while the completion date remains tied to the necessary terms and procedures. The proposed company, named "North American Barrick," includes assets in the Nevada Gold Mines complex and the Pueblo Viejo mine in the Dominican Republic. Barrick describes these assets as four Tier One gold mines in major North American mining regions.
The proposed assets include Carlin, Cortez and Turquoise Ridge within the Nevada Gold Mines complex, as well as the Pueblo Viejo mine. The primary listing is expected to be in New York, with a secondary listing in Toronto. Barrick said both listings remain subject to customary registration procedures with the U.S. Securities and Exchange Commission and prospectus qualification requirements in Canada. Gold production attributable to the proposed company's assets was about 2.0 million ounces in 2025, according to an earlier Barrick update on the offering. Mark Hill is set to become chief executive of the new company.
The planned offering is linked to Barrick's agreement with Newmont to expand the Nevada joint venture's assets and settle disputes between the companies. Under the agreement, Barrick's Fourmile projects and Newmont's Mike and Viperline projects will be added to the joint venture. Newmont will pay Barrick $1.95 billion in cash within 30 days of Fourmile's contribution. The companies said the agreement "ends all existing disputes between the parties relating to the joint venture." Newmont said it granted its approval for the proposed offering after the disputes were settled and the contribution of excluded assets was approved.
The three projects are expected to be contributed to Nevada Gold Mines during the fourth quarter of 2026. Barrick said its stake in the joint venture will remain at 61.5%, compared with 38.5% for Newmont, after the agreement. These arrangements show that the transfer of assets does not change the companies' stated ownership shares in the joint venture. The deal also retains contributions of new development assets by both parties, alongside the settlement of their existing disputes. According to the disclosures, the timing of completion of these contributions depends on the expected date during the fourth quarter of the year.
The offering plan follows Barrick's third-quarter results, with revenue rising 22% year over year to $5.073 billion. Gold production was about 816,000 ounces, up 3% from the previous quarter but down 2% from the same period last year. Meanwhile, gold's all-in sustaining cost rose to $1,911 an ounce, up 24% year over year. The company attributed the increase to lower grades, higher diesel prices and royalties tied to gold prices, and increased sustaining capital expenditures. The figures highlight a split in quarterly results: revenue growth and higher production on a quarterly basis on one hand, and annual pressure on gold production costs on the other.
Barrick maintained its guidance for gold production of 2.90 million to 3.25 million ounces in 2026 and copper production of 190,000 to 220,000 tons. After the results were announced, the company's shares rose 0.8%, according to Investing.com. The North American asset offering remains tied to the completion window the company set between the fourth quarter of 2026 and early 2027. Its completion also depends on market conditions and the necessary approvals, as well as completion of registration and qualification procedures in the United States and Canada. Barrick is expected to file the registration statement in November, according to its third-quarter filing.