Barrick Mining Stock Jumps as Elliott’s $700 Million Stake Fuels Breakup Speculation

Meta description: Barrick Mining stock (NYSE: B, TSX: ABX) climbed on November 18, 2025 after activist fund Elliott Investment Management built a top‑10 stake, intensifying talk of a potential breakup and fresh deals in Québec.

Elliott Investment Management Moves In

Barrick Mining Corporation’s stock was back in the spotlight today, 18 November 2025, after reports that activist investor Elliott Investment Management has quietly built a major position in the Canadian gold and copper giant.

According to Reuters, Elliott has accumulated a “significant stake” in Barrick Mining (TSX: ABX), large enough to rank the fund among the miner’s ten biggest shareholders. ^[1] Reporting from the Financial Times, cited by several outlets, puts the estimated value of the stake at more than $700 million. ^[2] Barrick has not yet commented publicly on Elliott’s involvement. ^[3]

For Barrick Mining stock, the arrival of one of Wall Street’s most aggressive activist investors immediately raised expectations of a strategic shake‑up.

Why Elliott Cares About Barrick Now

Elliott is no stranger to the mining sector. The Florida‑based hedge fund manages roughly $76 billion in assets and has recently pushed for change at companies like Anglo American and Triple Flag Precious Metals, often with transformative outcomes. ^[4]

So why Barrick, and why now?

Over the past year, Barrick Mining’s share price has surged alongside record gold prices. On the New York Stock Exchange, Barrick’s “B” shares have more than doubled over 12 months, with a 52‑week range of $15.11 to $38.16and a one‑year gain of about 112%, according to Investing.com data. ^[5] Yet over a longer five‑year horizon, Barrick has lagged several peers despite that gold bull market, with one analysis noting a five‑year gain of only 55% versus more than 200% for Kinross and over 140% for Agnico Eagle. ^[6]

That combination — a strong gold price, sizeable but underwhelming long‑term performance and now a soaring stock — is classic activist territory.

Breakup Talk: North America vs. Rest of World

Today’s headlines also crystallize something that has been brewing behind the scenes: board‑level discussions about splitting Barrick into two companies.

Reuters reported last week that Barrick’s board has been weighing a separation of its “safer” North American mines from its operations in Africa and Asia, effectively creating two listed groups. ^[7] The North American business would centre on assets such as the Nevada complex — including the high‑potential Fourmile project — while the second company would hold mines in jurisdictions like Mali, Zambia and Pakistan. ^[8]

Coverage from Mining.com and Miningmx indicates that Elliott is “encouraged” by the breakup idea, viewing a North America–focused Barrick as a cleaner, lower‑risk vehicle that could command a higher valuation. ^[9]

An in‑depth piece from The Deep Dive goes further, suggesting that a split could become the market’s unofficial precondition for any future mega‑deal with rival Newmont, potentially revisiting long‑rumoured combinations of their Nevada assets. ^[10] Barrick’s management has so far dismissed all merger talk as speculation.

Barrick Mining Stock Today: Near Highs in Toronto and New York

Against this backdrop, Barrick Mining stock traded higher on Tuesday:

On NYSE, Barrick’s B shares closed at $37.59, up 1.70% on the day, after trading between $37.15 and $38.02 on volume of about 12.6 million shares. ^[11]
On the Toronto Stock Exchange (TSX: ABX), the stock finished essentially flat but near record territory, ending the session at C$51.98, just below its recent 52‑week high of C$52.32 set on 13 November 2025. ^[12]

Over the last year, ABX has gained roughly 137% from its 52‑week low of C$21.91, underscoring how sharply sentiment has shifted since late 2024. ^[13]

Some coverage noted that Barrick’s U.S.-listed shares briefly spiked more than 2% in pre‑market trading after the first Financial Times reports about Elliott’s stake, before settling into more moderate gains by the closing bell. ^[14]

A Tough Year: Mali, Reko Diq and a Sudden CEO Change

Today’s activist drama sits on top of a genuinely difficult year for Barrick.

In late September, Reuters detailed how a bitter mining dispute with Mali’s government over the Loulo‑Gounkoto complex ultimately pushed the board to part ways with long‑time CEO Mark Bristow. ^[15] The company lost control of the Mali mine, saw three tonnes of gold seized by authorities, and took a $1 billion write‑off, while also selling two mines in the U.S. and Canada. ^[16]

Barrick then appointed its operations chief Mark Hill as interim president and CEO, launching a wider executive search. ^[17] Meanwhile, investors continue to debate the risk profile of Barrick’s large, roughly $9 billion Reko Diq copper‑gold project in Pakistan’s Balochistan region, given local political and security challenges. ^[18]

Put together, those issues help explain why even with gold prices at record highs, Barrick’s longer‑term share performance has disappointed many shareholders — and why an activist like Elliott may see room to unlock value via portfolio simplification.

Capital Returns Are Already Ramping Up

Well before today’s news, Barrick had started to sweeten the pot for shareholders.

On 10 November 2025, the company announced a 25% increase in its quarterly base dividend, raising it to $0.125 per share, and declared a total Q3 2025 dividend of $0.175 per share under its performance dividend policy. ^[19] That payout is scheduled for 15 December 2025 for shareholders of record as of 28 November. ^[20]

On the same day, Barrick also revealed that it had fully used a previously authorized $1.0 billion share repurchase program and that its board had approved an additional $500 million increase, extending the scope for buybacks into early 2026. ^[21]

Management has argued that Barrick’s shares periodically trade below intrinsic value and that buybacks, combined with growing dividends, are an efficient way to return surplus cash. ^[22] Elliott’s arrival could intensify pressure to keep that capital‑return story going — or even push for more aggressive distributions if a breakup frees up cash from asset sales.

Fresh Québec Deals: La Roncière and Lewis Gold Properties

Today’s Barrick Mining stock narrative is not just about Elliott and boardroom strategy; there’s also real asset‑level deal flow in one of the world’s safest mining jurisdictions.

1. Scandium Canada’s La Roncière Gold Project

On 18 November, Mining.com.au reported that Scandium Canada (TSX‑V: SCD) has entered into a definitive agreement to sell its La Roncière gold project in Québec to Barrick Mining for up to C$590,000 in cash. ^[23]

Barrick will pay C$390,000 upfront, with an additional C$200,000 contingent on it publishing a prefeasibility study that confirms a minimum gold resource threshold. ^[24]
Scandium Canada framed the deal as a way to generate non‑dilutive financing while refocusing on its flagship Crater Lake scandium project. ^[25]

For Barrick, the acquisition is tiny in dollar terms but fits with a broader strategy of seeding exploration options in Québec, where infrastructure and political risk are relatively favourable.

2. Midland’s Lewis Gold Property Option

A day earlier, Midland Exploration (TSX‑V: MD) announced a definitive option agreement granting Barrick the right to earn up to a 75% interest in the Lewis gold property, about 60 km southwest of Chapais, Québec. ^[26]

Key terms include:

Potential C$750,000 in cash payments to Midland and C$12 million in exploration spending by Barrick by the end of 2032. ^[27]
Barrick can first earn 51% by funding C$3 million in work and paying C$250,000 in cash by December 2028, forming a joint venture at that point. ^[28]
Additional stages allow Barrick to move to 60% and then 75% ownership with further cash payments and drilling commitments. ^[29]

The Lewis property sits in a well‑known gold belt not far from established deposits such as IAMGOLD’s Nelligan resource and the historic Lac Shortt mine, highlighting Barrick’s desire to deepen its North American growth pipelineeven as it debates the future of certain African and Asian assets. ^[30]

What Today’s News Means for Barrick Mining Stock Investors

For traders and longer‑term investors tracking Barrick Mining stock on 18 November 2025, a few themes stand out:

Activist Pressure Is Now a Real Catalyst
Elliott’s top‑10 stake, worth upwards of $700 million, significantly increases the odds of strategic change, whether via a breakup, asset sales, governance tweaks or heightened capital returns. ^[31]
A Potential Breakup Could Re‑Rate the Shares — Up or Down
A North America–only Barrick could command a higher multiple, but investors would need to weigh that against what happens to the more politically exposed assets and any tax or transaction costs from restructuring. ^[32]
Operational and Political Risk Remain Front and Centre
The Mali dispute, the $1 billion write‑off and ongoing concerns about Reko Diq show that Barrick’s global footprint cuts both ways: it brings scale and optionality, but also volatile geopolitics. ^[33]
Capital Returns Are Becoming a Bigger Part of the Story
A higher base dividend, performance top‑ups and an enlarged buyback program mean total cash returned to shareholders is rising — something activists often push even harder. ^[34]
Exploration Deals Show Ongoing Long‑Term Growth Focus
Even while it debates a split, Barrick is still locking up early‑stage projects in Québec, hinting that organic growth in Tier‑1 jurisdictions will remain a core element of any future structure. ^[35]

Bottom Line

Barrick Mining stock today is trading near multi‑year highs, powered by a mix of record gold prices, stepped‑up shareholder payouts and now the arrival of one of the world’s most influential activist investors. ^[36]

Whether Elliott ultimately pushes Barrick into a formal breakup, a major asset sale, or simply a more focused North American strategy, the fund’s stake virtually guarantees that strategic decisions at Barrick will face intense market scrutiny in the months ahead.

As always, this article is for information purposes only and does not constitute financial advice. Anyone considering an investment in Barrick Mining (NYSE: B, TSX: ABX) should carefully review the company’s filings, monitor ongoing news about Mali, Reko Diq and any breakup proposals, and consider speaking with a qualified financial adviser.

Is Barrick Mining Ready for a breakout?