Barrick’s North American IPO Faces headwinds as Newmont Leverages Nevada JV Protections

Barrick Gold is moving ahead with a planned listing of its North American gold assets later this year, but the process is facing resistance from partner Newmont, which is tying the spin-off to stronger operating performance at the Nevada Gold Mines JV. Newmont also signals it could activate contractual protections to influence the deal’s structure or timing, potentially delaying or reshaping the listing. Barrick, for its part, says it intends to maintain control post-IPO.

• IPO target: completion by year-end
• Core asset in the new entity: Barrick’s stake in Nevada Gold Mines
• Newmont’s leverage: warning that protective clauses in the JV agreement could be used to affect structure or timing
• Post-listing goal: Barrick wants to retain a controlling stake

The Nevada Gold Mines dispute sits at the heart of the transaction. Newmont is pushing Barrick to boost the joint venture’s operational performance before any assets are spun off to the public market. At the same time, Newmont signals it could rely on contractual safeguards to challenge or block Barrick’s plans if progress stalls.

Barrick doesn’t view the issue as a mere side battle. If Newmont formally objects to the move, the mechanics or even the viability of a spin-off or potential sale could be shaped, which would in turn influence how investors assess the value of Barrick’s stake.

Barrick reiterated earlier this month that work on listing the North American gold-assets portfolio remains underway, with a year-end close still targeted. The planned corporate structure would bring in Barrick’s interests in Pueblo Viejo (Dominican Republic) and the entirely Barrick-owned Fourmile project in Nevada to the new entity. Post-listing, Barrick intends to hold a majority stake. In corporate leadership news, Mark Hill was named permanent CEO and President after serving in an interim capacity since September 2025.

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

Results bolster the case—and Fourmile advances

The timing of the dispute coincides with a strong set of quarterly results. In Q4 2025, Barrick reported gold production of 871,000 ounces, up 5% from Q3, and revenue of $6.00 billion, topping consensus estimates of $5.16 billion. The company also posted an operating cash flow of $2.73 billion and free cash flow of $1.62 billion.

Dividend policy drew investor attention as well: Barrick raised its quarterly dividend by 140% to $0.42 per share and set a new target, aiming to distribute 50% of the attributable free cash flow going forward.

Meanwhile, progress on Fourmile continues to support the growth narrative. The declared gold resource at Fourmile has doubled for the second consecutive year, now estimated at 2.6 million ounces indicated and 13 million ounces inferred. planned drilling expenditure for the year sits at $150–$160 million, up from $91 million in the prior year.

Barrick’s roadmap still centers on completing the IPO by year-end, but the outcome may hinge on how quickly Nevada Gold Mines stabilizes its performance and whether Newmont pursues its contractual options. If the target proves achievable without concessions, the listing could proceed; otherwise, the JV protections could complicate or delay the listing timeline.