Barrick Gold Charts a Transformative Course Amid Record Performance

The final quarter of 2025 marks a period of significant strategic action for Barrick Gold Corporation. The company is distributing an increased dividend, actively reshaping its portfolio, and has successfully resolved a major international dispute, all against the backdrop of a year characterized by exceptional share price strength.

Investors are now receiving an enhanced quarterly dividend of $0.175 per share for Q3 2025. This payment follows a November announcement of a 25% hike in the base dividend to $0.125 per share, supplemented by a performance-linked component of $0.05.

Concurrently, Barrick is executing a substantial share repurchase initiative. The third quarter saw the buyback of approximately 18.60 million shares. Since the start of the year, the total repurchases amount to roughly 39.79 million shares, equating to about 2.3% of the outstanding share capital, at a cash cost of $1.0 billion.

Key Shareholder Return Metrics:
* Q3 2025 Quarterly Dividend: $0.175 per share
* Increased Base Dividend: $0.125 per share (up 25%)
* Performance Dividend Component: $0.05 per share
* 2025 Share Buybacks: ~39.79 million shares (~2.3% of capital)
* Total Buyback Expenditure: $1.0 billion

Strategic Portfolio Reshaping and a Potential Spin-Off

A major strategic development emerged in early December when Barrick’s board unanimously directed management to explore an initial public offering (IPO) for its North American gold assets. A potential new entity ("NewCo") would house key properties, including:
* A 61.5% stake in the Nevada Gold Mines joint venture.
* A 60% interest in the Pueblo Viejo mine in the Dominican Republic.
* 100% ownership of the Fourmile gold discovery in Nevada.

Barrick intends to retain majority control post-IPO, floating only a minority stake. The company plans to provide a further update on this process alongside its full-year 2025 results in February 2026.

This strategic review has prompted positive reactions from market analysts. RBC Capital Markets raised its price target to $51 from $40, reaffirming an "Outperform" rating. Similarly, BNP Paribas Exane upgraded the stock to "Outperform" with a target of C$69.74, reflecting a view that a separate listing could unlock value.

Resolution of Mali Dispute Removes Major Overhang

A protracted conflict in Mali has been decisively settled. A Malian judge has ordered the return of 3 tons of gold, valued at approximately $400 million, to Barrick. The gold had been seized and stored in a Bamako bank following a military order in January 2025.

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

The comprehensive agreement includes several key elements:
* A $430 million settlement reached in November 2025.
* The release of four Barrick employees detained since November 2024.
* The return of operational control of the Loulo-Gounkoto complex to Barrick.
* In return, Barrick will withdraw its international arbitration proceedings against Mali.

This resolution substantially mitigates a significant political and operational risk in a key mining jurisdiction.

Operational Momentum and Financial Strength

Barrick’s third-quarter 2025 results provide a solid operational foundation for its current market valuation. The company reported adjusted net earnings of $0.58 per share and net earnings of $0.76 per share on revenue of $4.15 billion.

Furthermore, Barrick has reaffirmed its full-year production guidance for both gold and copper. The Nevada Gold Mines and Pueblo Viejo operations collectively contributed over $2.8 billion in EBITDA during the first nine months of 2025. The company maintains its goal of increasing production by 30% by 2030, supported by a global portfolio of Tier-One assets across 18 countries.

Sustained Share Price Rally in Favorable Climate

Barrick’s equity has delivered an extraordinary performance in 2025, appreciating by approximately 170% year-to-date. Over the past twelve months, the share price has traded between $15.11 and $43.08, recently hovering near the upper end of that range. This rally coincides with a period of historically high gold prices, with spot gold trading around $4,285.50 per ounce. The company also highlights its robust balance sheet, featuring a net cash position, which strengthens its standing relative to industry peers.

Continued Portfolio Optimization

Beyond the potential North American IPO, Barrick has advanced its portfolio restructuring through several transactions this year:
* Completed the sale of the Tongon mine in Côte d'Ivoire for up to $305 million.
* Announced the sale of the Hemlo mine for up to $1.09 billion.
* Agreed to divest its interest in the Donlin Gold project for up to $1.1 billion.
* Finalized the sale of the Alturas project in Chile.

Key growth drivers within the retained portfolio include the Lumwana copper expansion in Zambia and the Reko Diq project in Pakistan.