Barrick Mining issues letter to shareholders, plans change to structure

In a letter to shareholders, Chairman John Thornton said, “What will our next chapter look like? Some things will change, while the essentials will stay the same. The primary change will be to our structure. For many years, we have viewed our shares as undervalued… We are in a unique position to take bold and creative steps to unlock even more value and optimize the whole. The first such step is to pursue an IPO of a company that will hold Barrick’s premier North American gold assets: our joint venture interests in Nevada Gold Mines and Pueblo Viejo, and our wholly-owned Fourmile discovery. We will retain a significant controlling majority interest in North American Barrick and continue to benefit financially from it. We expect the IPO to be completed by the end of 2026. In our view North American Barrick will be the most attractive pure gold company in the world, located in the most attractive jurisdiction, with the strongest proven growth pipeline. We would expect to see that value reflected over time in its share price and in the share price of the Barrick parent company. Of our remaining portfolio, we will reduce our exposure to today’s higher-risk jurisdictions, enhance the value of our remaining assets through disciplined investment and strategic initiatives, and strengthen the whole with targeted acquisitions. The resulting structure will attract new shareholders and give our existing owners more tailored exposure to different jurisdictions, metals, and portfolio growth opportunities.”